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Financial Instruments (Tables) | 3 Months Ended
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Jul. 02, 2016
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 July 2, 2016 and April 2, 2016:
|  | Notional Amounts |  | Derivative Assets |  | Derivative Liabilities
Derivative Instrument(a) |  | July 2, 2016 |  | April 2, 2016 |  | July 2, 2016 |  | April 2, 2016 |  | July 2, 2016 |  | April 2, 2016
|  |  |  |  |  | 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 |  | $ | 492 |  |  | $ | 532 |  |  | (e) |  | $ | 8 |  |  | PP |  | $ | 1 |  |  | AE |  | $ | 5 |  |  | AE |  | $ | 14 |
FC — Other(c) |  | 194 |  |  | 210 |  |  | — |  | — |  |  | — |  | — |  |  | (f) |  | 23 |  |  | AE |  | 9 |
IRS — Fixed-rate debt |  | 600 |  |  | 600 |  |  | ONCA |  | 5 |  |  | ONCA |  | 2 |  |  | — |  | — |  |  | ONCL |  | 2 |
CCS — NI |  | 615 |  |  | 630 |  |  | — |  | — |  |  | — |  | — |  |  | ONCL |  | 18 |  |  | ONCL |  | 31 |
Total Designated Hedges |  | $ | 1,901 |  |  | $ | 1,972 |  |  |  |  | $ | 13 |  |  |  |  | $ | 3 |  |  |  |  | $ | 46 |  |  |  |  | $ | 56 |
Undesignated Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FC — Other(d) |  | $ | 581 |  |  | $ | 541 |  |  | (g) |  | $ | 19 |  |  | (g) |  | $ | 19 |  |  | (h) |  | $ | 7 |  |  | AE |  | $ | 3 |
Total Hedges |  | $ | 2,482 |  |  | $ | 2,513 |  |  |  |  | $ | 32 |  |  |  |  | $ | 22 |  |  |  |  | $ | 53 |  |  |  |  | $ | 59 |
(a) | FC = Forward foreign currency exchange contracts; IRS = Interest rate swap contracts; CCS = Cross-currency swap contracts; NI = Net investment hedges.
(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) | $6 million included within prepaid expenses and other current assets and $2 million included within other non-current assets.
(f) | $17 million included within accrued expenses and other current liabilities and $6 million included within other non-current liabilities.
(g) | $15 million included within prepaid expenses and other current assets and $4 million included within other non-current assets as of both periods presented.
(h) | $5 million included within accrued expenses and other current liabilities and $2 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 July 2, 2016 and April 2, 2016 would be adjusted from the current gross presentation as detailed in the following table:
|  | July 2, 2016 |  | April 2, 2016
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 |  | $ | 32 |  |  | $ | (27 | ) |  | $ | 5 |  |  | $ | 22 |  |  | $ | (11 | ) |  | $ | 11 |
Derivative liabilities |  | $ | 53 |  |  | $ | (27 | ) |  | $ | 26 |  |  | $ | 59 |  |  | $ | (11 | ) |  | $ | 48 |
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 consolidated financial statements for the three-month periods ended July 2, 2016 and June 27, 2015:
|  | Gains (Losses) Recognized in OCI |  |
|  | Three Months Ended |  |
Derivative Instrument |  | July 2, 2016 |  | June 27, 2015 |  |
|  | (millions) |  |
Designated Cash Flow Hedges: |  |  |  |  |  |
FC — Inventory purchases |  | $ | 11 |  |  | $ | (2 | ) |  |
FC — Other |  | (16 | ) |  | 1 |  |  |
|  | $ | (5 | ) |  | $ | (1 | ) |  |
Designated Hedges of Net Investments: |  |  |  |  |  |
CCS(a) |  | $ | 13 |  |  | $ | (12 | ) |  |
Total Designated Hedges |  | $ | 8 |  |  | $ | (13 | ) |  |
|  | Gains (Losses) Reclassified from AOCI to Earnings |  | Location of Gains (Losses) Reclassified from AOCI to Earnings
|  | Three Months Ended |
Derivative Instrument |  | July 2, 2016 |  | June 27, 2015 |
|  | (millions) |  |
Designated Cash Flow Hedges: |  |  |  |  |  |
FC — Inventory purchases |  | $ | 3 |  |  | $ | 7 |  |  | Cost of goods sold
FC — Other |  | (5 | ) |  | — |  |  | Foreign currency gains (losses)
|  | $ | (2 | ) |  | $ | 7 |  |  |
(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 consolidated financial statements for the three-month periods ended July 2, 2016 and June 27, 2015:
|  | Gains (Losses) Recognized in Earnings |  | Location of Gains (Losses) Recognized in Earnings
|  | Three Months Ended |
Derivative Instrument |  | July 2, 2016 |  | June 27, 2015 |
|  | (millions) |  |
Undesignated Hedges: |  |  |  |  |  |
FC — Other |  | $ | (8 | ) |  | $ | 4 |  |  | Foreign currency gains (losses)
Total Undesignated Hedges |  | $ | (8 | ) |  | $ | 4 |  |  |

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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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