Derivative Financial Instruments (Tables)

3 Months Ended

Jun. 28, 2025

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 in the consolidated balance sheets as of June 28, 2025 and March 29, 2025 (in millions):

					Fair Value
	Notional Amounts				Assets				Liabilities
	June 28, 2025		March 29, 2025		June 28, 2025		March 29, 2025		June 28, 2025			March 29, 2025
Designated forward foreign currency exchange contracts	$	79	$	50	$	—	$	—	$	6	(1)	$	2	(1)
Designated net investment hedges	5,864		5,864		—		—		874		(2)	289		(2)
Total	$	5,943	$	5,914	$	—	$	—	$	880		$	291

(1)Recorded within accrued expenses and other current liabilities on the Company’s consolidated balance sheets.

(2)As of June 28, 2025, the Company recorded $46 million within accrued expenses and other current liabilities and $828 million within other long-term liabilities on the Company’s consolidated balance sheets. As of March 29, 2025, the Company recorded $12 million within accrued expenses and other current liabilities and $277 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 28, 2025 and March 29, 2025 would be as follows (in millions):

	Forward Currency Exchange Contracts				Net Investment Hedges
	June 28, 2025		March 29, 2025		June 28, 2025		March 29, 2025
Liabilities subject to master netting arrangements	$	6	$	2	$	874	$	289
Derivative liabilities, net	$	6	$	2	$	874	$	289

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 (in millions):

	Three Months Ended
	June 28, 2025		June 29, 2024
	Pre-Tax Losses Recognized in OCI		Pre-Tax Losses Recognized in OCI
Designated net investment hedges	$	(585)	$	(26)

For the three months ended June 28, 2025 and June 29, 2024, there was no pre-tax activity recorded within the consolidated statements of operations and comprehensive income (loss) related to designated forward foreign currency exchange contracts.