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Fair Value Measurements (Tables)

3 Months Ended

Jun. 29, 2019

Fair Value Disclosures [Abstract]

Fair value of financial assets and liabilities measured and recorded at fair value on recurring basis

The following table summarizes the Company's financial assets and liabilities that are measured and recorded at fair value on a recurring basis, excluding accrued interest components:

		June 29, 2019				March 30, 2019
		(millions)
Investments in commercial paper(a)(b)		$	187.7			$	290.7
Derivative assets(a)		24.0				32.0
Derivative liabilities(a)		19.4				15.5

^(a)  Based on Level 2 measurements.

^(b) 

Amount as of June 29, 2019 was included within short-term investments in the consolidated balance sheet. As of March 30, 2019, $54.7 million was included within cash and cash equivalents and $236.0 million was included within short-term investments in the consolidated balance sheet.

Carrying value and the estimated fair value of the Company's debt obligations

The following table summarizes the carrying values and the estimated fair values of the Company's debt instruments:

		June 29, 2019								March 30, 2019
		Carrying Value(a)				Fair Value(b)				Carrying Value(a)				Fair Value(b)
		(millions)
$300 million 2.625% Senior Notes		$	296.2			$	300.8			$	293.4			$	299.1
$400 million 3.750% Senior Notes		395.9				423.4				395.7				410.0

^(a)  See Note 10 for discussion of the carrying values of the Company's senior notes.

^(b) 

Based on Level 2 measurements.

Fair value measurements, nonrecurring

The following table summarizes non-cash impairment adjustments recorded by the Company during the fiscal periods presented in order to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date:

		Three Months Ended
		June 29, 2019								June 30, 2018
Long-Lived Asset Category		Fair Value As of Impairment Date				Total Impairments				Fair Value As of Impairment Date				Total Impairments
		(millions)
Property and equipment, net		$	—			$	0.9			$	—			$	1.3
Operating lease right-of-use assets		92.9				225.4			(a)	N/A				N/A

^(a) 

Includes $225.1 million recorded in connection with the Company's adoption of ASC 2016-02 as of the beginning of the first quarter of Fiscal 2020, which, net of related income tax benefits, reduced its opening retained earnings balance by $169.4 million (see Note 4).

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Publisher FASB
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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