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Fair Value Measurements (Tables)

12 Months Ended

Mar. 27, 2021

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:

						March 27, 2021						March 28, 2020
						(millions)
Investments in commercial paper(a)(b)						$	—					$	243.6
Derivative assets(a)						15.8						62.3
Derivative liabilities(a)						55.4						6.9

(a)Based on Level 2 measurements.

(b)Amounts are 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:

						March 27, 2021												March 28, 2020
						Carrying Value(a)						Fair Value(b)						Carrying Value(a)						Fair Value(b)
						(millions)
$300 million 2.625% Senior Notes						$	—					$	—					$	299.6					$	299.8
$400 million 3.750% Senior Notes						397.1						443.4						396.4						415.1
$500 million 1.700% Senior Notes						498.4						507.8						—						—
$750 million 2.950% Senior Notes						737.4						779.4						—						—
Borrowings outstanding under credit facilities						—						—						475.0						473.0

(a)See Note 11 for discussion of the carrying values of the Company's senior notes.

(b)Based on Level 2 measurements.

Fair value measurements, nonrecurring

The following tables summarize non-cash impairment charges recorded by the Company during the fiscal years presented in order to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date:

						Fiscal Years Ended
						March 27, 2021												March 28, 2020												March 30, 2019
Long-Lived Asset Category						Fair Value As of Impairment Date						Total Impairments(a)						Fair Value As of Impairment Date						Total Impairments(a)						Fair Value As of Impairment Date						Total Impairments(a)
						(millions)
Property and equipment, net(b)						$	23.5					$	44.1					$	2.4					$	16.8					$	20.8					$	25.8
Operating lease right-of-use assets(c)						84.3						51.9						120.8						239.9						N/A						N/A
Equity method investment						N/A						—						1.3						7.1						N/A						—

(a)Impairment of equity method investment is recorded within other income (expense), net in the consolidated statements of operations. All other impairment charges are recorded within impairments of assets in the consolidated statements of operations, unless otherwise noted.

(b)Total impairment charges for Fiscal 2019 includes $4.6 million recorded to reduce the carrying value of the Company's corporate jet being held-for-sale to its estimated fair value, less costs to sell of $20.8 million as of March 30, 2019. This balance was reclassified from property and equipment, net to prepaid expenses and other current assets in the consolidated balance sheet upon being classified as an asset held-for-sale. The asset was subsequently sold during Fiscal 2020.

(c)Total impairment charges for Fiscal 2020 includes $225.1 million recorded in connection with the Company's adoption of ASU 2016-02 as of the beginning of Fiscal 2020 which, net of related income tax benefits, reduced its opening retained earnings balance by $169.4 million.

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (a)
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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- Definition

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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