Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2017

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 30, 2017 and April 1, 2017:



	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument^(a)	September 30, 2017		April 1, 2017		September 30, 2017			April 1, 2017			September 30, 2017			April 1, 2017
					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	$	503.2	$	533.2	^(d)	$	3.9	PP	$	17.7	^(e)	$	12.1	AE	$	3.7
IRS — Fixed-rate debt	600.0		600.0			—			—		^(f)	7.7		ONCL	9.4
CCS — NI	652.7		591.2			—		ONCA	9.6		^(g)	55.0			—
Total Designated Hedges	1,755.9		1,724.4			3.9			27.3			74.8			13.1
Undesignated Hedges:
FC — Undesignated hedges^(c)	400.2		375.1		PP	11.8		PP	5.3		AE	4.6		AE	8.6
Total Hedges	$	2,156.1	$	2,099.5		$	15.7		$	32.6		$	79.4		$	21.7


^(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)	$3.5 million included within prepaid expenses and other current assets and $0.4 million included within other non-current assets.


^(e)	$12.0 million included within accrued expenses and other current liabilities and $0.1 million included within other non-current liabilities.


^(f)	$1.0 million included within accrued expenses and other current liabilities and $6.7 million included within other non-current liabilities.


^(g)	$30.9 million included within accrued expenses and other current liabilities and $24.1 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 when 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 30, 2017 and April 1, 2017 would be adjusted from the current gross presentation as detailed in the following table:



	September 30, 2017							April 1, 2017
	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	$	15.7	$	(9.1	)	$	6.6	$	32.6	$	(18.3	)	$	14.3
Derivative liabilities	79.4		(9.1		)	70.3		21.7		(18.3		)	3.4

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 six-month periods ended September 30, 2017 and October 1, 2016:



	Gains (Losses) Recognized in OCI
	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	(6.8	)	$	(6.3	)	$	(25.9	)	$	(11.5	)
CCS — NI^(a)	(22.4		)	(5.9		)	(62.7		)	7.1
Total Designated Hedges	$	(29.2	)	$	(12.2	)	$	(88.6	)	$	(4.4	)



	Gains (Losses) Reclassified from AOCI to Earnings												Location of Gains (Losses) Reclassified from AOCI to Earnings
	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	(2.4	)	$	(4.8	)	$	1.6		$	(1.5	)	Cost of goods sold
FC — Cash flow hedges	(0.4		)	(1.3		)	(1.0		)	(6.0		)	Foreign currency gains (losses)
Total Designated Hedges	$	(2.8	)	$	(6.1	)	$	0.6		$	(7.5	)


^(a)	Amounts recognized in other comprehensive income (loss) ("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 six-month periods ended September 30, 2017 and October 1, 2016:



	Gains (Losses) Recognized in Earnings											Location of Gains (Losses) Recognized in Earnings
	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017		October 1, 2016
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	(0.5	)	$	(3.8	)	$	2.1	$	(11.3	)	Foreign currency gains (losses)
Total Undesignated Hedges	$	(0.5	)	$	(3.8	)	$	2.1	$	(11.3	)