Financial Instruments (Tables)

12 Months Ended

Mar. 30, 2019

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 30, 2019 and March 31, 2018:



	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument^(a)	March 30, 2019		March 31, 2018		March 30, 2019			March 31, 2018			March 30, 2019			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	$	636.3	$	514.5	PP	$	19.5	PP	$	1.1	AE	$	2.3	^(e)	$	13.5
IRS — Fixed-rate debt	300.0		600.0			—			—		ONCL	5.9		^(f)	12.4
Net investment hedges^(c)	695.3		1,081.2		ONCA	12.2		PP	0.1		ONCL	6.0		^(g)	82.6
Total Designated Hedges	1,631.6		2,195.7			31.7			1.2			14.2			108.5
Undesignated Hedges:
FC — Undesignated hedges^(d)	146.6		459.2		PP	0.3		PP	11.1		AE	1.3		AE	1.5
Total Hedges	$	1,778.2	$	2,654.9		$	32.0		$	12.3		$	15.5		$	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; 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 30, 2019 and March 31, 2018 would be adjusted from the current gross presentation as detailed in the following table:



	March 30, 2019							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	$	32.0	$	(4.8	)	$	27.2	$	12.3	$	(10.7	)	$	1.6
Derivative liabilities	15.5		(4.8		)	10.7		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 fiscal years presented:



	Gains (Losses) Recognized in OCI
	Fiscal Years Ended
	March 30, 2019		March 31, 2018			April 1, 2017
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	47.5	$	(45.5	)	$	30.4
Net investment hedges — effective portion	64.5		(90.9		)	37.7
Net investment hedges — portion excluded from assessment of hedge effectiveness	1.6		—			—
Total Designated Hedges	$	113.6	$	(136.4	)	$	68.1



	Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
	Fiscal Years Ended
	March 30, 2019					March 31, 2018						April 1, 2017
	Cost of goods sold			Other income (expense), net		Cost of goods sold			Other income (expense), net			Cost of goods sold			Other income (expense), net
	(millions)
Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded	$	(2,427.0	)	$	0.6	$	(2,430.6	)	$	(3.1	)	$	(3,001.7	)	$	(7.5	)
Effects of cash flow hedging:
FC — Cash flow hedges	5.0			1.7		(8.2		)	(2.9		)	0.5			0.5



	Gains (Losses) from Net Investment Hedges Recognized in Earnings						Location of Gains (Losses) Recognized in Earnings
	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
	(millions)
Net Investment Hedges:
Net investment hedges — portion excluded from assessment of hedge effectiveness^(a)	$	19.0	$	10.5	$	12.2	Interest expense
Total Net Investment Hedges	$	19.0	$	10.5	$	12.2


^(a)	Amounts recognized in OCI related to the effective portion of the Company's net investment 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 fiscal years presented:



	Gains (Losses) Recognized in Earnings							Location of Gains (Losses) Recognized in Earnings
	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	3.1	$	2.4	$	(3.6	)	Other income (expense), net
Total Undesignated Hedges	$	3.1	$	2.4	$	(3.6	)

Fair Value Hedging Adjustments

The following table summarizes the carrying values of the 2.125% and 2.625% Senior Notes and the impacts of the related fair value hedging adjustments as of March 30, 2019 and March 31, 2018, as applicable:



		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	March 30, 2019		March 31, 2018		March 30, 2019			March 31, 2018
		(millions)
$300 million 2.125% Senior Notes	Current portion of long-term debt	N/A		$	298.1	N/A			$	(1.6	)
$300 million 2.625% Senior Notes	Long-term debt	$	293.4	288.0		$	(5.9	)	(10.8		)