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Financial Instruments (Tables)

6 Months Ended

Sep. 25, 2021

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 recorded on its consolidated balance sheets as of September 25, 2021 and March 27, 2021:

						Notional Amounts												Derivative Assets																								Derivative Liabilities
Derivative Instrument(a)						September 25, 2021						March 27, 2021						September 25, 2021												March 27, 2021												September 25, 2021												March 27, 2021
																		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						$	86.9					$	168.9					PP						$	3.2					PP						$	5.0											$	—											$	—
Net investment hedges(c)						721.6						723.2						ONCA						12.9						ONCA						10.2						ONCL						40.7						ONCL						55.1
Total Designated Hedges						808.5						892.1												16.1												15.2												40.7												55.1
Undesignated Hedges:
FC — Undesignated hedges(d)						198.6						242.4												—						PP						0.6						AE						0.4						AE						0.3
Total Hedges						$	1,007.1					$	1,134.5											$	16.1											$	15.8											$	41.1											$	55.4

(a)FC = Forward foreign currency exchange 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 designated as hedges of the Company's net investment in certain foreign operations.

(d)Relates to third-party and intercompany foreign currency-denominated exposures and balances.

Offsetting Assets

The Company presents the fair values of its derivative assets and liabilities recorded on 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 nine separate counterparties, the amounts presented in the consolidated balance sheets as of September 25, 2021 and March 27, 2021 would be adjusted from the current gross presentation as detailed in the following table:

						September 25, 2021																		March 27, 2021
						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						$	16.1					$	(0.3)					$	15.8					$	15.8					$	(0.3)					$	15.5
Derivative liabilities						41.1						(0.3)						40.8						55.4						(0.3)						55.1

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 and six-month periods ended September 25, 2021 and September 26, 2020:

						Gains (Losses) Recognized in OCI
						Three Months Ended												Six Months Ended
						September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
						(millions)
Designated Hedges:
FC — Cash flow hedges						$	1.6					$	(3.6)					$	0.2					$	(6.6)
Net investment hedges — effective portion						14.4						(25.0)						5.2						(24.3)
Net investment hedges — portion excluded from assessment of hedge effectiveness						1.2						(4.5)						11.8						(21.3)
Total Designated Hedges						$	17.2					$	(33.1)					$	17.2					$	(52.2)

						Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
						Three Months Ended																								Six Months Ended
						September 25, 2021												September 26, 2020												September 25, 2021												September 26, 2020
						Cost of goods sold						Other income (expense), net						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						$	(488.9)					$	(1.4)					$	(394.1)					$	1.8					$	(897.1)					$	(0.5)					$	(532.9)					$	3.9
Effects of cash flow hedging:
FC — Cash flow hedges						0.2						—						4.8						—						0.1						—						6.5						(0.3)

						Gains (Losses) from Net Investment Hedges Recognized in Earnings																								Location of Gains (Losses) Recognized in Earnings
						Three Months Ended												Six Months Ended
						September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
						(millions)
Net Investment Hedges
Net investment hedges — portion excluded from assessment of hedge effectiveness(a)						$	2.9					$	2.9					$	5.7					$	5.6					Interest expense
Total Net Investment Hedges						$	2.9					$	2.9					$	5.7					$	5.6

(a)Amounts recognized in other comprehensive income (loss) ("OCI") relating 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 three-month and six-month periods ended September 25, 2021 and September 26, 2020:

						Gains (Losses) Recognized in Earnings																								Location of Gains (Losses) Recognized in Earnings
						Three Months Ended												Six Months Ended
						September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
						(millions)
Undesignated Hedges:
FC — Undesignated hedges						$	1.5					$	(0.8)					$	0.5					$	3.9					Other income (expense), net
Total Undesignated Hedges						$	1.5					$	(0.8)					$	0.5					$	3.9

X

- 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.

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959

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