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Fair Value Measurements (Tables)

6 Months Ended

Sep. 26, 2015

Fair value of financial assets and liabilities measured and recorded at fair value on recurring basis

The following table summarizes the Company's financial assets and liabilities that are measured and recorded at fair value on a recurring basis, excluding accrued interest components:



	September 26, 2015		March 28, 2015
	(millions)
Financial assets recorded at fair value:
Corporate bonds — non-U.S.^(a)	$	8	$	8
Derivative financial instruments^(b)	53		87
Total	$	61	$	95
Financial liabilities recorded at fair value:
Derivative financial instruments^(b)	$	24	$	19
Total	$	24	$	19


^(a)	Based on Level 1 measurements.


^(b)	Based on Level 2 measurements.

Carrying value and the estimated fair value of the Company's debt obligations

The following table summarizes the carrying values and the estimated fair values of the Company's debt instruments:



	September 26, 2015					March 28, 2015
	Carrying Value			Fair Value^(a)		Carrying Value			Fair Value^(a)
	(millions)
$300 million 2.125% Senior Notes	$	300	^(b)	$	303	$	298	^(b)	$	304
$300 million 2.625% Senior Notes	297		^(b)	303		—			—
Commercial paper notes	130			130		234			234


^(a)	Based on Level 2 measurements.


^(b)	See Note 11 for discussion of the carrying values of the Company's Senior Notes as of September 26, 2015 and March 28, 2015.

Fair value measurements, nonrecurring

The following table summarizes the impairment charges recorded during the three-month and six-month periods ended September 26, 2015 and September 27, 2014:



	Three Months Ended						Six Months Ended
	September 26, 2015			September 27, 2014			September 26, 2015			September 27, 2014
	(millions)
Aggregate carrying value of long-lived assets written down to fair value	$	7		$	1		$	15		$	2
Impairment charges (see Note 8)	(7		)	(1		)	(15		)	(2		)