Financial Instruments (Tables)

12 Months Ended

Mar. 28, 2015

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 March 28, 2015 and March 29, 2014:



	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument^(a)	March 28, 2015		March 29, 2014		March 28, 2015			March 29, 2014			March 28, 2015			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	$	587	$	476	PP	$	49	^(c)	$	2	AE	$	9	AE	$	5
FC — Other^(d)	118		223		PP	5		—	—		AE	1		AE	2
Total Designated Hedges	$	705	$	699		$	54		$	2		$	10		$	7
Undesignated Hedges:
FC — Other^(e)	$	464	$	280	^(f)	$	33	^(g)	$	6	^(h)	$	9	—	$	—
Total Hedges	$	1,169	$	979		$	87		$	8		$	19		$	7


^(a)	FC = Forward foreign currency exchange contracts.


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


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


^(f)	$11 million included within prepaid expenses and other current assets and $22 million included within other non-current assets.


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


^(h)	$8 million included within accrued expenses and other current liabilities and $1 million included within other non-current liabilities.

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 28, 2015 and March 29, 2014 would be adjusted from the current gross presentation as detailed in the following table:



	March 28, 2015							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 Arrangements			Net Amount		Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Arrangements			Net Amount
	(millions)
FC — Derivative assets	$	87	$	(14	)	$	73	$	8	$	(1	)	$	7
FC — Derivative liabilities	$	19	$	(14	)	$	5	$	7	$	(1	)	$	6

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 28, 2015		March 29, 2014			March 30, 2013			March 28, 2015		March 29, 2014		March 30, 2013
	(millions)
Designated Cash Flow Hedges:
FC — Inventory purchases	$	50	$	(10	)	$	21		$	3	$	10	$	32	Cost of goods sold
FC — Other	19		—			(1		)	14		—		4		Foreign currency gains (losses)
	$	69	$	(10	)	$	20		$	17	$	10	$	36
Designated Hedge of Net Investment:
Euro Debt^(a)	$	—	$	—		$	11		$	—	$	—	$	—
Total Designated Hedges	$	69	$	(10	)	$	31		$	17	$	10	$	36


^(a)	Amounts recognized in OCI relate to remeasurement of the Euro Debt (see Note 14), which was repaid in October 2013, and would be recognized in earnings only upon the sale or liquidation of the hedged net investment.

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 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 28, 2015		March 29, 2014		March 30, 2013
	(millions)
Undesignated Hedges:
FC — Other	$	18	$	20	$	(4	)	Foreign currency gains (losses)
Total Undesignated Hedges	$	18	$	20	$	(4	)