Financial Instruments (Tables)

12 Months Ended

Mar. 29, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Company's outstanding derivative instruments on a gross basis as recorded on its consolidated balance sheets

The following table summarizes the Company's outstanding derivative instruments on a gross basis as recorded in the consolidated balance sheets as of March 29, 2014 and March 30, 2013:



	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument^(a)	March 29, 2014		March 30, 2013		March 29, 2014			March 30, 2013			March 29, 2014				March 30, 2013
					Balance Sheet Line^(b)	Fair Value		Balance Sheet Line^(b)	Fair Value		Balance Sheet Line^(b)	Fair Value			Balance Sheet Line^(b)	Fair Value
	(millions)
Designated Hedges:
FC — Inventory purchases	$	476	$	366	^(c)	$	2	PP	$	14	AE	$	(5	)	AE	$	(2	)
FC — Other^(d)	223		25		—	—		—	—		AE	(2		)	AE	(1		)
NI — Euro Debt	—		140		—	N/A		—	^(e)		—	N/A			—	^(e)
Total Designated Hedges	$	699	$	531		$	2		$	14		$	(7	)		$	(3	)
Undesignated Hedges:
FC — Other^(f)	$	280	$	270	^(g)	$	6	PP	$	1	—	$	—		AE	$	(2	)
Total Hedges	$	979	$	801		$	8		$	15		$	(7	)		$	(5	)


^(a)	FC = Forward foreign currency exchange contracts; NI = Net Investment Hedge; Euro Debt = Euro-denominated 4.5% notes that matured on October 4, 2013.


^(b)	PP = Prepaid expenses and other current assets; AE = Accrued expenses and other current liabilities.


^(c)	$1 million included within prepaid expenses and other current assets and $1 million included within other non-current assets.


^(d)	Primarily designated hedges of foreign currency-denominated intercompany royalty payments, marketing contributions, and other net operational exposures.

^(e)

As of March 30, 2013, a portion of the previously outstanding Euro Debt's €209 million principal amount was designated as a hedge of the Company's net investment in certain of its European subsidiaries. The entire principal amount of this hedge was de-designated prior to the Euro Debt's maturity on October 4, 2013. See Note 15 for a summary of the carrying value and the estimated fair value of the Euro Debt as of March 30, 2013.


^(f)	Primarily undesignated hedges of foreign currency-denominated intercompany loans.


^(g)	$2 million included within prepaid expenses and other current assets and $4 million included within other non-current assets.

Offsetting Assets

The Company records and presents the fair values of all of its derivative assets and liabilities in its consolidated balance sheets on a gross basis, even though they are subject to master netting arrangements. However, if the Company were to offset and record the asset and liability balances of all of its forward foreign currency exchange contracts on a net basis in accordance with the terms of each of its master netting arrangements, spread across eight separate counterparties, the amounts presented in the consolidated balance sheets as of March 29, 2014 and March 30, 2013 would be adjusted from the current gross presentation as detailed in the following table:



	March 29, 2014									March 30, 2013
Derivative Instrument	Gross Amounts Presented in the Consolidated Balance Sheet			Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements			Net Amount			Gross Amounts Presented in the Consolidated Balance Sheet			Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements			Net Amount
	(millions)
FC — Derivative assets	$	8		$	(1	)	$	7		$	15		$	(3	)	$	12
FC — Derivative liabilities	$	(7	)	$	1		$	(6	)	$	(5	)	$	3		$	(2	)

Gains (losses) recognized in AOCI and gains (losses) reclassified from AOCI to Earnings

The following tables summarize the pretax impact of the effective portion of gains and losses from the Company's derivative instruments on its consolidated financial statements for the fiscal years presented:



	Gains (Losses) Recognized in OCI								Gains (Losses) Reclassified from AOCI to Earnings							Location of Gains (Losses) Reclassified from AOCI to Earnings
	Fiscal Years Ended								Fiscal Years Ended
Derivative Instrument	March 29, 2014			March 30, 2013			March 31, 2012		March 29, 2014		March 30, 2013		March 31, 2012
	(millions)
Designated Cash Flow Hedges:
FC — Inventory purchases	$	(10	)	$	21		$	29	$	10	$	32	$	(2	)	Cost of goods sold
FC — Other	—			(1		)	5		—		4		(3		)	Foreign currency gains (losses)
	$	(10	)	$	20		$	34	$	10	$	36	$	(5	)
Designated Hedge of Net Investment:
Euro Debt^(a)	$	—		$	11		$	16	$	—	$	—	$	—
Total Designated Hedges	$	(10	)	$	31		$	50	$	10	$	36	$	(5	)


^(a)	Amounts recognized in OCI relate to remeasurement of the Euro Debt, which was repaid in October 2013, and would be recognized in earnings only upon the sale or liquidation of the hedged net investment.

Derivative gains (losses) recognized in earnings

The following table summarizes the impact of gains and losses from the Company's undesignated hedge contracts on its consolidated financial statements for the fiscal years presented:



	Gains (Losses) Recognized in Earnings							Location of Gains (Losses) Recognized in Earnings
	Fiscal Years Ended
Derivative Instrument	March 29, 2014		March 30, 2013			March 31, 2012
	(millions)
Undesignated Hedges:
FC — Other	$	20	$	(4	)	$	1	Foreign currency gains (losses)
Total Undesignated Hedges	$	20	$	(4	)	$	1

Company's short-term and non-current investments recorded in the consolidated balance sheets

The following table summarizes the Company's short-term and non-current investments recorded in the consolidated balance sheets as of March 29, 2014 and March 30, 2013:



	March 29, 2014						March 30, 2013
Type of Investment	Short-term < 1 year		Non-current 1 - 3 years		Total		Short-term < 1 year		Non-current 1 - 3 years		Total
					(millions)
Available-for-sale:
Government bonds — U.S.	$	1	$	—	$	1	$	21	$	8	$	29
Government bonds — non-U.S.	—		—		—		67		25		92
Corporate bonds — non-U.S.	—		—		—		36		46		82
Variable rate municipal securities — U.S.	—		—		—		17		—		17
Auction rate securities^(a)	—		2		2		—		2		2
Total available-for-sale investments	$	1	$	2	$	3	$	141	$	81	$	222
Other:
Time deposits	$	487	$	—	$	487	$	184	$	—	$	184
Total investments	$	488	$	2	$	490	$	325	$	81	$	406


^(a)	Auction rate securities have characteristics similar to short-term investments. However, the Company has classified these securities as non-current investments in its consolidated balance sheets as current market conditions call into question its ability to redeem these investments for cash within the next twelve months.