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Financial Instruments (Tables) | 6 Months Ended
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Sep. 26, 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 September 26, 2015 and March 28, 2015:
|  | Notional Amounts |  | Derivative Assets |  | Derivative Liabilities
Derivative Instrument(a) |  | September 26, 2015 |  | March 28, 2015 |  | September 26, 2015 |  | March 28, 2015 |  | September 26, 2015 |  | March 28, 2015
|  |  |  |  |  | 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 |  | $ | 542 |  |  | $ | 587 |  |  | PP |  | $ | 24 |  |  | PP |  | $ | 49 |  |  | AE |  | $ | 4 |  |  | AE |  | $ | 9 |
FC — Other(c) |  | 111 |  |  | 118 |  |  | PP |  | 2 |  |  | PP |  | 5 |  |  | AE |  | 1 |  |  | AE |  | 1 |
IRS — 2.125% Senior Notes |  | 300 |  |  | — |  |  | ONCA |  | 1 |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
CCS — NI |  | 314 |  |  | — |  |  | — |  | — |  |  | — |  | — |  |  | ONCL |  | 13 |  |  | — |  | — |
Total Designated Hedges |  | $ | 1,267 |  |  | $ | 705 |  |  |  |  | $ | 27 |  |  |  |  | $ | 54 |  |  |  |  | $ | 18 |  |  |  |  | $ | 10 |
Undesignated Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FC — Other(d) |  | $ | 678 |  |  | $ | 464 |  |  | (e) |  | $ | 26 |  |  | (f) |  | $ | 33 |  |  | (g) |  | $ | 6 |  |  | (h) |  | $ | 9 |
Total Hedges |  | $ | 1,945 |  |  | $ | 1,169 |  |  |  |  | $ | 53 |  |  |  |  | $ | 87 |  |  |  |  | $ | 24 |  |  |  |  | $ | 19 |
(a) | FC = Forward foreign currency exchange contracts; IRS = Interest rate swap contract; CCS = Cross-currency swap contract; NI = Net investment hedge.
(b) | PP = Prepaid expenses and other current assets; AE = Accrued expenses and other current liabilities; ONCA = Other non-current assets; ONCL = Other non-current liabilities.
(c) | Primarily includes designated hedges of foreign currency-denominated intercompany royalty payments and other operational exposures.
(d) | Primarily includes undesignated hedges of foreign currency-denominated intercompany loans and other intercompany balances.
(e) | $2 million included within prepaid expenses and other current assets and $24 million included within other non-current assets.
(f) | $11 million included within prepaid expenses and other current assets and $22 million included within other non-current assets.
(g) | $5 million included within accrued expenses and other current liabilities and $1 million included within other non-current liabilities.
(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 derivative instruments 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 26, 2015 and March 28, 2015 would be adjusted from the current gross presentation as detailed in the following table:
|  | September 26, 2015 |  | March 28, 2015
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)
Derivative assets |  | $ | 53 |  |  | $ | (22 | ) |  | $ | 31 |  |  | $ | 87 |  |  | $ | (14 | ) |  | $ | 73 |
Derivative liabilities |  | $ | 24 |  |  | $ | (22 | ) |  | $ | 2 |  |  | $ | 19 |  |  | $ | (14 | ) |  | $ | 5 |
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 designated derivative instruments on its unaudited interim consolidated financial statements for the three-month and six-month periods ended September 26, 2015 and September 27, 2014:
|  | Gains (Losses) Recognized in OCI
|  | Three Months Ended |  | Six Months Ended
Derivative Instrument |  | September 26, 2015 |  | September 27, 2014 |  | September 26, 2015 |  | September 27, 2014
|  |  |  | (millions) |  |
Designated Cash Flow Hedges: |  |  |  |  |  |  |  |
FC — Inventory purchases |  | $ | 4 |  |  | $ | 21 |  |  | $ | 2 |  |  | $ | 22 |
FC — Other |  | (3 | ) |  | 11 |  |  | (2 | ) |  | 9 |
|  | $ | 1 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 31 |
Designated Hedge of Net Investment:(a) |  |  |  |  |  |  |  |
CCS |  | $ | (1 | ) |  | $ | — |  |  | $ | (13 | ) |  | $ | — |
Total Designated Hedges |  | $ | — |  |  | $ | 32 |  |  | $ | (13 | ) |  | $ | 31 |
|  | 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 26, 2015 |  | September 27, 2014 |  | September 26, 2015 |  | September 27, 2014 |
|  |  |  | (millions) |  |  |  |
Designated Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |
FC — Inventory purchases |  | $ | 9 |  |  | $ | (1 | ) |  | $ | 16 |  |  | $ | (2 | ) |  | Cost of goods sold
FC — Other |  | — |  |  | 7 |  |  | — |  |  | 5 |  |  | Foreign currency gains (losses)
|  | $ | 9 |  |  | $ | 6 |  |  | $ | 16 |  |  | $ | 3 |  |  |
(a) | Amounts recognized in OCI would be recognized in earnings only upon the sale or liquidation of the hedged net investment.
Gains (losses) recognized in earnings from derivatives not designated as hedging instruments | The following table summarizes the pretax impact of gains and losses from the Company's undesignated derivative instruments on its unaudited interim consolidated financial statements for the three-month and six-month periods ended September 26, 2015 and September 27, 2014:
|  | Gains (Losses) Recognized in Earnings |  | Location of Gains (Losses) Recognized in Earnings
|  | Three Months Ended |  | Six Months Ended |
Derivative Instrument |  | September 26, 2015 |  | September 27, 2014 |  | September 26, 2015 |  | September 27, 2014 |
|  | (millions) |  |
Undesignated Hedges: |  |  |  |  |  |  |  |  |  |
FC — Other |  | $ | (2 | ) |  | $ | 8 |  |  | $ | 2 |  |  | $ | 6 |  |  | Foreign currency gains (losses)
Total Undesignated Hedges |  | $ | (2 | ) |  | $ | 8 |  |  | $ | 2 |  |  | $ | 6 |  |  |

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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period and derivative instruments gain loss reclassified from accumulated other comprehensive income into income. + References No definition available. + Details
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- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 + Details
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