Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2016

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:



	December 31, 2016		April 2, 2016
	(millions)
Financial assets recorded at fair value:
Corporate bonds — non-U.S.^(a)	$	7	$	8
Derivative financial instruments^(b)	79		22
Total	$	86	$	30
Financial liabilities recorded at fair value:
Derivative financial instruments^(b)	$	18	$	59
Total	$	18	$	59


^(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:



	December 31, 2016					April 2, 2016
	Carrying Value			Fair Value^(a)		Carrying Value			Fair Value^(a)
	(millions)
$300 million 2.125% Senior Notes	$	298	^(b)	$	303	$	301	^(b)	$	306
$300 million 2.625% Senior Notes	291		^(b)	303		296		^(b)	308
Commercial paper notes	—			—		90			90
Borrowings outstanding under credit facilities	—			—		26			26


^(a)	Based on Level 2 measurements.


^(b)	See Note 10 for discussion of the carrying values of the Company's Senior Notes as of December 31, 2016 and April 2, 2016.