Derivative Financial Instruments (Tables)

3 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets

The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis on the consolidated balance sheets as of June 29, 2024 and March 30, 2024 (in millions):

					Fair Value
	Notional Amounts				Assets						Liabilities
	June 29, 2024		March 30, 2024		June 29, 2024			March 30, 2024			June 29, 2024			March 30, 2024
Designated net investment hedges	$	4,834	$	3,850	$	23	(1)	$	12	(1)	$	125	(2)	$	88	(2)

(1)Recorded within other assets on the Company’s consolidated balance sheets.

(2)As of June 29, 2024, the Company recorded $4 million within accrued expenses and current liabilities and $121 million within other long-term liabilities on the Company’s consolidated balance sheets. As of March 30, 2024, the Company recorded $3 million within accrued expenses and current liabilities and $85 million within other long-term liabilities on the Company’s consolidated balance sheets.

Schedule of Derivative Instruments on The Balance Sheets, Net Basis

However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to set-off amounts for similar transactions denominated in the same currencies and with the same banks, the resulting impact as of June 29, 2024 and March 30, 2024 would be as follows (in millions):

	Net Investment Hedges
	June 29, 2024		March 30, 2024
Assets subject to master netting arrangements	$	23	$	12
Liabilities subject to master netting arrangements	$	125	$	88
Derivative assets, net	$	16	$	8
Derivative liabilities, net	$	118	$	84

Schedule of Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the pre-tax impact of the losses on the Company’s designated net investment hedges and fair value hedges (in millions):

	Three Months Ended
	June 29, 2024		July 1, 2023
	Pre-Tax Losses Recognized in OCI		Pre-Tax Losses Recognized in OCI
Designated net investment hedges	$	(26)	$	(54)
Designated fair value hedge	$	—	$	(25)

The following tables summarize the pre-tax impact of the gains within the consolidated statements of operations and comprehensive (loss) income related to the designated forward foreign currency exchange contracts for the three months ended June 29, 2024 and July 1, 2023 (in millions):

	Three Months Ended
	Pre-Tax Gain Reclassified from Accumulated OCI				Location of Gain Recognized
	June 29, 2024		July 1, 2023
Designated forward foreign currency exchange contracts	$	—	$	3	Cost of goods sold