Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2018

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 March 31, 2018 and April 1, 2017:



	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument^(a)	March 31, 2018		April 1, 2017		March 31, 2018			April 1, 2017			March 31, 2018			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	$	514.5	$	533.2	PP	$	1.1	PP	$	17.7	^(e)	$	13.5	AE	$	3.7
IRS — Fixed-rate debt	600.0		600.0			—			—		^(f)	12.4		ONCL	9.4
Net investment hedges^(c)	1,081.2		591.2		PP	0.1		ONCA	9.6		^(g)	82.6			—
Total Designated Hedges	2,195.7		1,724.4			1.2			27.3			108.5			13.1
Undesignated Hedges:
FC — Undesignated hedges^(d)	459.2		375.1		PP	11.1		PP	5.3		AE	1.5		AE	8.6
Total Hedges	$	2,654.9	$	2,099.5		$	12.3		$	32.6		$	110.0		$	21.7


^(a)	FC = Forward foreign currency exchange contracts; IRS = Interest rate swap contracts.


^(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)	Includes cross-currency swaps and forward foreign currency exchange contracts designated as hedges of the Company's net investment in certain foreign operations.


^(d)	Primarily includes undesignated hedges of foreign currency-denominated intercompany loans and other intercompany balances.


^(e)	$12.9 million included within accrued expenses and other current liabilities and $0.6 million included within other non-current liabilities.


^(f)	$1.6 million included within accrued expenses and other current liabilities and $10.8 million included within other non-current liabilities.


^(g)	$44.8 million included within accrued expenses and other current liabilities and $37.8 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 March 31, 2018 and April 1, 2017 would be adjusted from the current gross presentation as detailed in the following table:



	March 31, 2018							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	$	12.3	$	(10.7	)	$	1.6	$	32.6	$	(18.3	)	$	14.3
Derivative liabilities	110.0		(10.7		)	99.3		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 fiscal years presented:



	Gains (Losses) Recognized in OCI
	Fiscal Years Ended
	March 31, 2018			April 1, 2017		April 2, 2016
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	(45.5	)	$	30.4	$	(20.5	)
Net investment hedges^(a)	(90.9		)	37.7		(28.4		)
Total Designated Hedges	$	(136.4	)	$	68.1	$	(48.9	)



	Gains (Losses) Reclassified from AOCI to Earnings								Location of Gains (Losses) Reclassified from AOCI to Earnings
	Fiscal Years Ended
	March 31, 2018			April 1, 2017		April 2, 2016
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	(8.2	)	$	0.5	$	43.7		Cost of goods sold
FC — Cash flow hedges	(2.9		)	0.5		(4.7		)	Other expense, net
Total Designated Hedges	$	(11.1	)	$	1.0	$	39.0


^(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 fiscal years presented:



	Gains (Losses) Recognized in Earnings								Location of Gains (Losses) Recognized in Earnings
	Fiscal Years Ended
	March 31, 2018		April 1, 2017			April 2, 2016
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	2.4	$	(3.6	)	$	(6.6	)	Other expense, net
Total Undesignated Hedges	$	2.4	$	(3.6	)	$	(6.6	)