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Financial Instruments (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2016 and April 2, 2016:

		Notional Amounts								Derivative Assets												Derivative Liabilities
Derivative Instrument(a)		December 31, 2016				April 2, 2016				December 31, 2016						April 2, 2016						December 31, 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 — Cash flow hedges		$	594			$	742			(d)		$	35			PP		$	1			ONCL		$	1			AE		$	23
IRS — Fixed-rate debt		600				600				—		—				ONCA		2				ONCL		8				ONCL		2
CCS — NI		577				630				ONCA		15				—		—				—		—				ONCL		31
Total Designated Hedges		$	1,771			$	1,972					$	50					$	3					$	9					$	56
Undesignated Hedges:
FC — Undesignated hedges(c)		$	539			$	541			PP		$	29			(e)		$	19			AE		$	9			AE		$	3
Total Hedges		$	2,310			$	2,513					$	79					$	22					$	18					$	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 undesignated hedges of foreign currency-denominated intercompany loans and other intercompany balances.

^(d)  $31 million included within prepaid expenses and other current assets and $4 million included within other non-current assets.

^(e)  $15 million included within prepaid expenses and other current assets and $4 million included within other non-current assets.

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 December 31, 2016 and April 2, 2016 would be adjusted from the current gross presentation as detailed in the following table:

		December 31, 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		$	79			$	(15	)		$	64			$	22			$	(11	)		$	11
Derivative liabilities		$	18			$	(15	)		$	3			$	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 and nine-month periods ended December 31, 2016 and December 26, 2015:

		Gains (Losses) Recognized in OCI
		Three Months Ended								Nine Months Ended
Derivative Instrument		December 31, 2016				December 26, 2015				December 31, 2016				December 26, 2015
		(millions)
Designated Hedges:
FC — Cash flow hedges		$	58			$	4			$	47			$	4
CCS — NI(a)		38				6				45				(7		)
Total Designated Hedges		$	96			$	10			$	92			$	(3	)

		Gains (Losses) Reclassified from AOCI to Earnings																Location of Gains (Losses) Reclassified from AOCI to Earnings
		Three Months Ended								Nine Months Ended
Derivative Instrument		December 31, 2016				December 26, 2015				December 31, 2016				December 26, 2015
		(millions)
Designated Hedges:
FC — Cash flow hedges		$	(3	)		$	13			$	(4	)		$	29			Cost of goods sold
FC — Cash flow hedges		9				—				3				—				Foreign currency gains (losses)
Total Designated Hedges		$	6			$	13			$	(1	)		$	29

^(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 and nine-month periods ended December 31, 2016 and December 26, 2015:

		Gains (Losses) Recognized in Earnings																Location of Gains (Losses) Recognized in Earnings
		Three Months Ended								Nine Months Ended
Derivative Instrument		December 31, 2016				December 26, 2015				December 31, 2016				December 26, 2015
		(millions)
Undesignated Hedges:
FC — Undesignated hedges		$	14			$	2			$	3			$	4			Foreign currency gains (losses)
Total Undesignated Hedges		$	14			$	2			$	3			$	4

X

- 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.

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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

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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

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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

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