The Company is exposed to changes in foreign currency exchange rates, primarily relating to certain anticipated cash flows and the value of the reported net assets of its international operations, as well as changes in the fair value of its fixed-rate debt obligations attributed to changes in a benchmark interest rate. Consequently, the Company uses derivative financial instruments to manage and mitigate such risks. The Company does not enter into derivative transactions for speculative or trading purposes.



	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument^(a)	June 29, 2019		March 30, 2019		June 29, 2019			March 30, 2019			June 29, 2019			March 30, 2019
					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	$	646.2	$	636.3	PP	$	13.4	PP	$	19.5	^(e)	$	5.1	AE	$	2.3
IRS — Fixed-rate debt	300.0		300.0			—			—		ONCL	3.2		ONCL	5.9
Net investment hedges^(c)	704.5		695.3		ONCA	9.6		ONCA	12.2		ONCL	10.9		ONCL	6.0
Total Designated Hedges	1,650.7		1,631.6			23.0			31.7			19.2			14.2
Undesignated Hedges:
FC — Undesignated hedges^(d)	171.3		146.6		PP	1.0		PP	0.3		AE	0.2		AE	1.3
Total Hedges	$	1,822.0	$	1,778.2		$	24.0		$	32.0		$	19.4		$	15.5

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 29, 2019 and March 30, 2019 would be adjusted from the current gross presentation as detailed in the following table:



	June 29, 2019							March 30, 2019
	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	$	24.0	$	(7.9	)	$	16.1	$	32.0	$	(4.8	)	$	27.2
Derivative liabilities	19.4		(7.9		)	11.5		15.5		(4.8		)	10.7

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 29, 2019 and June 30, 2018:



	Gains (Losses) Recognized in OCI
	Three Months Ended
	June 29, 2019			June 30, 2018
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	(4.4	)	$	26.1
Net investment hedges — effective portion	(10.0		)	37.4
Net investment hedges — portion excluded from assessment of hedge effectiveness	2.5			1.8
Total Designated Hedges	$	(11.9	)	$	65.3



	Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
	Three Months Ended
	June 29, 2019						June 30, 2018
	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	$	(508.0	)	$	(4.1	)	$	(494.9	)	$	(2.0	)
Effects of cash flow hedging:
FC — Cash flow hedges	6.2			0.2			(6.2		)	1.4



	Gains (Losses) from Net Investment Hedges Recognized in Earnings				Location of Gains (Losses) Recognized in Earnings
	Three Months Ended
	June 29, 2019		June 30, 2018
	(millions)
Net Investment Hedges
Net investment hedges — portion excluded from assessment of hedge effectiveness^(a)	$	5.0	$	4.3	Interest expense
Total Net Investment Hedges	$	5.0	$	4.3

As of June 29, 2019, it is estimated that $13.6 million of pretax net gains on both outstanding and matured derivative instruments designated as qualifying cash flow hedges deferred in AOCI will be recognized in earnings over the next twelve months. Amounts ultimately recognized in earnings will depend on exchange rates in effect when outstanding derivative instruments are settled.

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 29, 2019 and June 30, 2018:



	Gains (Losses) Recognized in Earnings				Location of Gains (Losses) Recognized in Earnings
	Three Months Ended
	June 29, 2019		June 30, 2018
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	1.9	$	3.1	Other expense, net
Total Undesignated Hedges	$	1.9	$	3.1

The Company uses forward foreign currency exchange contracts to mitigate its risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency, the settlement of foreign currency-denominated balances, and the translation of certain foreign operations' net assets into U.S. dollars. As part of its overall strategy to manage the level of exposure to the risk of foreign currency exchange rate fluctuations, primarily to changes in the value of the Euro, the Japanese Yen, the South Korean Won, the Australian Dollar, the Canadian Dollar, the British Pound Sterling, the Swiss Franc, the Swedish Krona, the Chinese Renminbi, the New Taiwan Dollar, and the Hong Kong Dollar, the Company hedges a portion of its foreign currency exposures anticipated over a two-year period. In doing so, the Company uses forward foreign currency exchange contracts that generally have maturities of two months to two years to provide continuing coverage throughout the hedging period of the respective exposure.

During Fiscal 2016, the Company entered into a pay-floating rate, receive-fixed rate interest rate swap contract which it designated as a hedge against changes in the fair value of its fixed-rate 2.625% Senior Notes, attributed to changes in a benchmark interest rate (the "2.625% Interest Rate Swap"). The 2.625% Interest Rate Swap, which matures on August 18, 2020 and has a notional amount of $300 million, swaps the fixed interest rate on the 2.625% Senior Notes for a variable interest rate based on the 3-month London Interbank Offered Rate ("LIBOR") plus a fixed spread. Changes in the fair value of the 2.625% Interest Rate Swap were offset by changes in the fair value of the 2.625% Senior Notes attributed to changes in the benchmark interest rate, with no resulting net impact reflected in earnings during any of the fiscal periods presented. The following table summarizes the carrying value of the 2.625% Senior Notes and the impacts of the related fair value hedging adjustments as of June 29, 2019 and March 30, 2019:



		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 29, 2019		March 30, 2019		June 29, 2019			March 30, 2019
		(millions)
$300 million 2.625% Senior Notes	Long-term debt	$	296.2	$	293.4	$	(3.2	)	$	(5.9	)

During Fiscal 2016, the Company entered into a pay-floating rate, receive-floating rate cross-currency swap contract with a notional amount of €274 million that was designated as a hedge of its net investment in certain of its European subsidiaries. This cross-currency swap, which matures on August 18, 2020, swaps the U.S. Dollar-denominated variable interest rate payments based on 3-month LIBOR plus a fixed spread (as paid under the 2.625% Interest Rate Swap discussed above) for Euro-denominated variable interest rate payments based on 3-month Euro Interbank Offered Rate ("EURIBOR") plus a fixed spread, which, in conjunction with the 2.625% Interest Rate Swap, economically converts the Company's $300 million fixed-rate 2.625% Senior Notes obligation to a €274 million floating-rate Euro-denominated obligation.

Additionally, in August 2018, the Company entered into pay-fixed rate, receive-fixed rate cross-currency swap contracts with an aggregate notional amount of €346 million that were designated as hedges of its net investment in certain of its European subsidiaries. These contracts, which mature on September 15, 2025, swap the U.S. Dollar-denominated fixed interest rate payments on the Company's 3.750% Senior Notes for Euro-denominated 1.29% fixed interest rate payments, thereby economically converting the Company's $400 million fixed-rate 3.750% Senior Notes obligation to a €346 million fixed-rate 1.29% Euro-denominated obligation.

As of June 29, 2019, the Company's short-term investments consisted of $1.093 billion of time deposits and $187.7 million of commercial paper, and its non-current investments consisted of $34.1 million of time deposits. As of March 30, 2019, the Company's short-term investments consisted of $1.167 billion of time deposits and $236.0 million of commercial paper, and its non-current investments consisted of $44.9 million of time deposits.