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Financial Instruments (Tables) | 3 Months Ended
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Jun. 30, 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 June 30, 2018 and March 31, 2018:
|  | Notional Amounts |  | Derivative Assets |  | Derivative Liabilities
Derivative Instrument(a) |  | June 30, 2018 |  | March 31, 2018 |  | June 30, 2018 |  | March 31, 2018 |  | June 30, 2018 |  | March 31, 2018
|  |  |  |  |  | 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 |  | $ | 523.6 |  |  | $ | 514.5 |  |  | (e) |  | $ | 15.1 |  |  | PP |  | $ | 1.1 |  |  | AE |  | $ | 2.4 |  |  | (f) |  | $ | 13.5 |
IRS — Fixed-rate debt |  | 600.0 |  |  | 600.0 |  |  |  |  | — |  |  |  |  | — |  |  | (g) |  | 11.9 |  |  | (h) |  | 12.4 |
Net investment hedges(c) |  | 640.7 |  |  | 1,081.2 |  |  |  |  | — |  |  | PP |  | 0.1 |  |  | (i) |  | 44.5 |  |  | (j) |  | 82.6 |
Total Designated Hedges |  | 1,764.3 |  |  | 2,195.7 |  |  |  |  | 15.1 |  |  |  |  | 1.2 |  |  |  |  | 58.8 |  |  |  |  | 108.5 |
Undesignated Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FC — Undesignated hedges(d) |  | 187.3 |  |  | 459.2 |  |  | PP |  | 0.9 |  |  | PP |  | 11.1 |  |  | AE |  | 0.7 |  |  | AE |  | 1.5 |
Total Hedges |  | $ | 1,951.6 |  |  | $ | 2,654.9 |  |  |  |  | $ | 16.0 |  |  |  |  | $ | 12.3 |  |  |  |  | $ | 59.5 |  |  |  |  | $ | 110.0 |
(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.
(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) | $13.8 million included within prepaid expenses and other current assets and $1.3 million included within other non-current assets.
(f) | $12.9 million included within accrued expenses and other current liabilities and $0.6 million included within other non-current liabilities.
(g) | $0.9 million included within accrued expenses and other current liabilities and $11.0 million included within other non-current liabilities.
(h) | $1.6 million included within accrued expenses and other current liabilities and $10.8 million included within other non-current liabilities.
(i) | $26.2 million included within accrued expenses and other current liabilities and $18.3 million included within other non-current liabilities.
(j) | $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 June 30, 2018 and March 31, 2018 would be adjusted from the current gross presentation as detailed in the following table:
|  | June 30, 2018 |  | March 31, 2018
|  | 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 |  | $ | 16.0 |  |  | $ | (4.9 | ) |  | $ | 11.1 |  |  | $ | 12.3 |  |  | $ | (10.7 | ) |  | $ | 1.6 |
Derivative liabilities |  | 59.5 |  |  | (4.9 | ) |  | 54.6 |  |  | 110.0 |  |  | (10.7 | ) |  | 99.3 |
Gains (losses) recognized in AOCI or earnings from derivatives designated as hedging instruments | The following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the three-month periods ended June 30, 2018 and July 1, 2017:
|  | Gains (Losses) Recognized in OCI
|  | Three Months Ended
|  | June 30, 2018 |  | July 1, 2017
|  | (millions)
Designated Hedges: |  |  |  |
FC — Cash flow hedges |  | $ | 26.1 |  |  | $ | (19.1 | )
Net investment hedges - effective portion |  | 37.4 |  |  | (40.3 | )
Net investment hedges - portion excluded from assessment of hedge effectiveness |  | 1.8 |  |  | — |
Total Designated Hedges |  | $ | 65.3 |  |  | $ | (59.4 | )
|  | Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
|  | Three Months Ended
|  | June 30, 2018 |  | July 1, 2017
|  | Cost of goods sold |  | Other expense, net |  | Cost of goods sold |  | Other expense, net
|  | (millions)
Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded |  | $ | (494.9 | ) |  | $ | (2.0 | ) |  | $ | (495.9 | ) |  | $ | (0.5 | )
Effects of cash flow hedging: |  |  |  |  |  |  |  |
FC — Cash flow hedges |  | (6.2 | ) |  | 1.4 |  |  | 4.0 |  |  | (0.6 | )
|  | Gains (Losses) from Net Investment Hedges Recognized in Earnings |  | Location of Gains (Losses) Recognized in Earnings
|  | Three Months Ended |
|  | June 30, 2018 |  | July 1, 2017 |
|  | (millions) |  |
Net Investment Hedges |  |  |  |  |  |
Net investment hedges — portion excluded from assessment of hedge effectiveness(a) |  | $ | 4.3 |  |  | $ | 1.8 |  |  | Interest expense
Total Net Investment Hedges |  | $ | 4.3 |  |  | $ | 1.8 |  |  |
(a) | Amounts recognized in other comprehensive income (loss) ("OCI") related to the effective portion of the Company's net hedges 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 periods ended June 30, 2018 and July 1, 2017:
|  | Gains (Losses) Recognized in Earnings |  | Location of Gains (Losses) Recognized in Earnings
|  | Three Months Ended |
|  | June 30, 2018 |  | July 1, 2017 |
|  | (millions) |  |
Undesignated Hedges: |  |  |  |  |  |
FC — Undesignated hedges |  | $ | 3.1 |  |  | $ | 2.6 |  |  | Other expense, net
Total Undesignated Hedges |  | $ | 3.1 |  |  | $ | 2.6 |  |  |
Fair Value Hedging Adjustments | The following table summarizes the carrying values of the Senior Notes and the impacts of the related fair value hedging adjustments as of June 30, 2018 and March 31, 2018:
|  |  |  | Carrying Value of the Hedged Item |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Item
Hedged Item |  | Balance Sheet Line in which the Hedged Item is Included |  | June 30, 2018 |  | March 31, 2018 |  | June 30, 2018 |  | March 31, 2018
|  |  |  | (millions)
$300 million 2.125% Senior Notes |  | Current portion of long-term debt |  | $ | 299.0 |  |  | $ | 298.1 |  |  | $ | (0.9 | ) |  | $ | (1.6 | )
$300 million 2.625% Senior Notes |  | Long-term debt |  | 288.0 |  |  | 288.0 |  |  | (11.0 | ) |  | (10.8 | )

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- 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. + References No definition available. + Details
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