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Financial Instruments (Tables) | 6 Months Ended
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Sep. 27, 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 its consolidated balance sheets as of September 27, 2014 and March 29, 2014:
|  | Notional Amounts |  | Derivative Assets |  | Derivative Liabilities
Derivative Instrument(a) |  | September 27, 2014 |  | March 29, 2014 |  | September 27, 2014 |  | March 29, 2014 |  | September 27, 2014 |  | March 29, 2014
|  |  |  |  |  | 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 |  | $ | 482 |  |  | $ | 476 |  |  | (c) |  | $ | 25 |  |  | (d) |  | $ | 2 |  |  | AE |  | $ | 3 |  |  | AE |  | $ | 5 |
FC — Other(e) |  | 220 |  |  | 223 |  |  | PP |  | 8 |  |  | — |  | — |  |  | AE |  | 1 |  |  | AE |  | 2 |
Total Designated Hedges |  | $ | 702 |  |  | $ | 699 |  |  |  |  | $ | 33 |  |  |  |  | $ | 2 |  |  |  |  | $ | 4 |  |  |  |  | $ | 7 |
Undesignated Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FC — Other(f) |  | $ | 301 |  |  | $ | 280 |  |  | (g) |  | $ | 11 |  |  | (h) |  | $ | 6 |  |  | AE |  | $ | 1 |  |  | — |  | $ | — |
Total Hedges |  | $ | 1,003 |  |  | $ | 979 |  |  |  |  | $ | 44 |  |  |  |  | $ | 8 |  |  |  |  | $ | 5 |  |  |  |  | $ | 7 |
(a) | FC = Forward foreign currency exchange contracts.
(b) | PP = Prepaid expenses and other current assets; AE = Accrued expenses and other current liabilities.
(c) | $20 million included within prepaid expenses and other current assets and $5 million included within other non-current assets.
(d) | $1 million included within prepaid expenses and other current assets and $1 million included within other non-current assets.
(e) | Primarily designated hedges of foreign currency-denominated intercompany royalty payments, marketing contributions, and other operational exposures.
(f) | Primarily related to undesignated hedges of foreign currency-denominated intercompany loans.
(g) | $5 million included within prepaid expenses and other current assets and $6 million included within other non-current assets.
(h) | $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 September 27, 2014 and March 29, 2014 would be adjusted from the current gross presentation as detailed in the following table:
|  | September 27, 2014 |  | March 29, 2014
Derivative Instrument |  | Gross Amounts Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements |  | Net Amount |  | Gross Amounts Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements |  | Net Amount
|  | (millions)
FC — Derivative assets |  | $ | 44 |  |  | $ | (5 | ) |  | $ | 39 |  |  | $ | 8 |  |  | $ | (1 | ) |  | $ | 7 |
FC — Derivative liabilities |  | $ | 5 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 7 |  |  | $ | (1 | ) |  | $ | 6 |
Derivative gains (losses) recognized in AOCI | The following tables summarize the pretax impact of the effective portion of gains and losses from the Company's derivative instruments on its unaudited interim consolidated financial statements for the three-month and six-month periods ended September 27, 2014 and September 28, 2013:
|  | Gains (Losses) Recognized in OCI
|  | Three Months Ended |  | Six Months Ended
Derivative Instrument |  | September 27, 2014 |  | September 28, 2013 |  | September 27, 2014 |  | September 28, 2013
|  |  |  | (millions) |  |
Designated Cash Flow Hedges: |  |  |  |  |  |  |  |
FC — Inventory purchases |  | $ | 21 |  |  | $ | (7 | ) |  | $ | 22 |  |  | $ | (8 | )
FC — Other |  | 11 |  |  | (1 | ) |  | 9 |  |  | (1 | )
|  | $ | 32 |  |  | $ | (8 | ) |  | $ | 31 |  |  | $ | (9 | )
Designated Hedge of Net Investment: |  |  |  |  |  |  |  |
Euro Debt(a) |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Total Designated Hedges |  | $ | 32 |  |  | $ | (7 | ) |  | $ | 31 |  |  | $ | (9 | )
(a) | Relates to remeasurement of the Euro Debt, which was repaid in October 2013.
Derivative gains (losses) reclassified from AOCI to earnings |
|  | Gains (Losses) Reclassified from AOCI to Earnings |  | Location of Gains (Losses) Reclassified from AOCI to Earnings
|  | Three Months Ended |  | Six Months Ended |
Derivative Instrument |  | September 27, 2014 |  | September 28, 2013 |  | September 27, 2014 |  | September 28, 2013 |
|  |  |  | (millions) |  |  |  |
Designated Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |
FC — Inventory purchases |  | $ | (1 | ) |  | $ | 1 |  |  | $ | (2 | ) |  | $ | 6 |  |  | Cost of goods sold
FC — Other |  | 7 |  |  | (1 | ) |  | 5 |  |  | (1 | ) |  | Foreign currency gains (losses)
|  | $ | 6 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 5 |  |  |
The following table presents reclassifications from AOCI to earnings for derivative financial instruments, by component:
|  | Three Months Ended |  | Six Months Ended |  | Location of Gains (Losses) Reclassified from AOCI to Earnings
|  | September 27, 2014 |  | September 28, 2013 |  | September 27, 2014 |  | September 28, 2013 |
|  | (millions) |  |
Gains (losses) on derivative financial instruments(a): |  |  |  |  |  |  |  |  |  |
FC — Inventory purchases |  | $ | (1 | ) |  | $ | 1 |  |  | $ | (2 | ) |  | $ | 6 |  |  | Cost of goods sold
FC — Other |  | 7 |  |  | (1 | ) |  | 5 |  |  | (1 | ) |  | Foreign currency gains (losses)
Tax effect |  | (1 | ) |  | — |  |  | — |  |  | (1 | ) |  | Provision for income taxes
Net of tax |  | $ | 5 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4 |  |  |
(a) | FC = Forward foreign currency exchange contracts.
Schedule of other derivatives not designated as hedging instruments, location and amounts recognized in earnings | The following table summarizes the impact of gains and losses from the Company's undesignated hedge contracts on its unaudited interim consolidated financial statements for the three-month and six-month periods ended September 27, 2014 and September 28, 2013:
|  | Gains (Losses) Recognized in Earnings |  | Location of Gains (Losses) Recognized in Earnings
|  | Three Months Ended |  | Six Months Ended |
Derivative Instrument |  | September 27, 2014 |  | September 28, 2013 |  | September 27, 2014 |  | September 28, 2013 |
|  | (millions) |  |
Undesignated Hedges: |  |  |  |  |  |  |  |  |  |
FC — Other |  | $ | 8 |  |  | $ | 10 |  |  | $ | 6 |  |  | $ | 18 |  |  | Foreign currency gains (losses)
Total Undesignated Hedges |  | $ | 8 |  |  | $ | 10 |  |  | $ | 6 |  |  | $ | 18 |  |  |
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 its consolidated balance sheets as of September 27, 2014 and March 29, 2014:
|  | September 27, 2014 |  | March 29, 2014
Type of Investment |  | Short-term |  | Non-current |  | Total |  | Short-term |  | Non-current |  | Total
|  |  |  |  |  | (millions) |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
Government bonds |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Auction rate securities(a) |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |  |  | 2 |
Total available-for-sale investments |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |
Other: |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 708 |  |  | $ | — |  |  | $ | 708 |  |  | $ | 487 |  |  | $ | — |  |  | $ | 487 |
Total Investments |  | $ | 708 |  |  | $ | 2 |  |  | $ | 710 |  |  | $ | 488 |  |  | $ | 2 |  |  | $ | 490 |
(a) | Auction rate securities have characteristics similar to short-term investments. However, the Company has recorded these securities within other non-current assets 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.

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