Fair Value Measurements (Tables)

9 Months Ended

Dec. 27, 2025

Schedule of Fair Value Measured and Recorded on a Recurring Basis

All derivative contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):


	Fair value at December 27, 2025 using:						Fair value at March 29, 2025 using:
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivative assets:



Undesignated forward foreign currency exchange contracts	$	—	$	4	$	—	$	—	$	—	$	—
Total derivative assets	$	—	$	4	$	—	$	—	$	—	$	—

Derivative liabilities:
Designated forward foreign currency exchange contracts	$	—	$	1	$	—	$	—	$	2	$	—
Net investment hedges	—		891		—		—		289		—


Total derivative liabilities	$	—	$	892	$	—	$	—	$	291	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt, Based on Level 2 Measurements

The following table summarizes the carrying values and estimated fair values of the Company’s debt, based on Level 2 measurements (in millions):


	December 27, 2025				March 29, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Revolving Credit Facilities	$	221	$	221	$	755	$	755
2025 Term Loans	$	—	$	—	$	706	$	699

Schedule of Carrying Values and Fair Values of Assets Impaired

The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three and nine months ended December 27, 2025 and the three and nine months ended December 28, 2024 (in millions):


	Three Months Ended December 27, 2025						Three Months Ended December 28, 2024
	Carrying Value Prior to Impairment		Fair Value		Impairment Charge		Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Operating lease right-of-use assets	$	—	$	—	$	—	$	—	$	—	$	—
Goodwill	—		—		—		159		93		66

Brands	—		—		—		213		198		15
Property and equipment, net	—		—		—		—		—		—
Total	$	—	$	—	$	—	$	372	$	291	$	81


	Nine Months Ended December 27, 2025						Nine Months Ended December 28, 2024
	Carrying Value Prior to Impairment		Fair Value		Impairment Charge		Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Operating lease right-of-use assets	$	43	$	27	$	16	$	42	$	24	$	18
Goodwill	—		—		—		159		93		66

Brands	—		—		—		213		198		15
Property and equipment, net	8		3		5		3		1		2
Total	$	51	$	30	$	21	$	417	$	316	$	101