XML 51 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt (Tables)
 12 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Debt Instruments
Debt consists of the following:
 
 
March 31,
2018
 
April 1,
2017
 
 
(millions)
$300 million 2.125% Senior Notes(a)
 
$
298.1

 
$
298.1

$300 million 2.625% Senior Notes(b)
 
288.0

 
290.1

Borrowings outstanding under credit facilities
 
10.1

 
—

Total debt
 
596.2

 
588.2

Less: short-term debt and current portion of long-term debt
 
308.2

 
—

Total long-term debt
 
$
288.0

 
$
588.2


 
 
(a) 
During Fiscal 2016, the Company entered into an interest rate swap contract which it designated as a hedge against changes in the fair value of its fixed-rate 2.125% Senior Notes (see Note 13). Accordingly, the carrying value of the 2.125% Senior Notes as of March 31, 2018 and April 1, 2017 reflects adjustments of $1.6 million and $1.2 million, respectively, for the change in fair value attributable to the benchmark interest rate. The carrying value of the 2.125% Senior Notes is also net of unamortized debt issuance costs and discount of $0.3 million and $0.7 million as of March 31, 2018 and April 1, 2017, respectively.
(b) 
During Fiscal 2016, the Company entered into an interest rate swap contract which it designated as a hedge against changes in the fair value of its fixed-rate 2.625% Senior Notes (see Note 13). Accordingly, the carrying value of the 2.625% Senior Notes as of March 31, 2018 and April 1, 2017 reflects adjustments of $10.8 million and $8.2 million, respectively, for the change in fair value attributable to the benchmark interest rate. The carrying value of the 2.625% Senior Notes is also net of unamortized debt issuance costs and discount of $1.2 million and $1.7 million as of March 31, 2018 and April 1, 2017, respectively.