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Financial Instruments (Tables) | 12 Months Ended
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Apr. 02, 2022
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 April 2, 2022 and March 27, 2021:
|  | Notional Amounts |  | Derivative Assets |  | Derivative Liabilities
Derivative Instrument(a) |  | April 2, 2022 |  | March 27, 2021 |  | April 2, 2022 |  | March 27, 2021 |  | April 2, 2022 |  | 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 |  | $ | 236.5 |  |  | $ | 168.9 |  |  | PP |  | $ | 6.6 |  |  | PP |  | $ | 5.0 |  |  |  |  | $ | — |  |  |  |  | $ | — |
Net investment hedges(c) |  | 700.0 |  |  | 723.2 |  |  | ONCA |  | 23.7 |  |  | ONCA |  | 10.2 |  |  | ONCL |  | 18.1 |  |  | ONCL |  | 55.1 |
Total Designated Hedges |  | 936.5 |  |  | 892.1 |  |  |  |  | 30.3 |  |  |  |  | 15.2 |  |  |  |  | 18.1 |  |  |  |  | 55.1 |
Undesignated Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FC — Undesignated hedges(d) |  | 225.0 |  |  | 242.4 |  |  | PP |  | 2.1 |  |  | PP |  | 0.6 |  |  | AE |  | 0.2 |  |  | AE |  | 0.3 |
Total Hedges |  | $ | 1,161.5 |  |  | $ | 1,134.5 |  |  |  |  | $ | 32.4 |  |  |  |  | $ | 15.8 |  |  |  |  | $ | 18.3 |  |  |  |  | $ | 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 April 2, 2022 and March 27, 2021 would be adjusted from the current gross presentation as detailed in the following table:
|  | April 2, 2022 |  | 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 |  | $ | 32.4 |  |  | $ | (0.2) |  |  | $ | 32.2 |  |  | $ | 15.8 |  |  | $ | (0.3) |  |  | $ | 15.5 |
Derivative liabilities |  | 18.3 |  |  | (0.2) |  |  | 18.1 |  |  | 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 fiscal years presented:
|  | Gains (Losses) Recognized in OCI
|  | Fiscal Years Ended
|  | April 2, 2022 |  | March 27, 2021 |  | March 28, 2020
|  | (millions)
Designated Hedges: |  |  |  |  |  |
FC — Cash flow hedges |  | $ | 9.0 |  |  | $ | (3.5) |  |  | $ | 24.0 |
Net investment hedges — effective portion |  | 46.8 |  |  | (35.5) |  |  | 7.7 |
Net investment hedges — portion excluded from assessment of hedge effectiveness |  | 3.6 |  |  | (50.8) |  |  | 30.7 |
Total Designated Hedges |  | $ | 59.4 |  |  | $ | (89.8) |  |  | $ | 62.4 |
|  | Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
|  | Fiscal Years Ended
|  | April 2, 2022 |  | March 27, 2021 |  | March 28, 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
|  | (millions)
Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded |  | $ | (2,071.0) |  |  | $ | 4.7 |  |  | $ | (1,539.4) |  |  | $ | 7.6 |  |  | $ | (2,506.5) |  |  | $ | (7.4) |
Effects of cash flow hedging: |  |  |  |  |  |  |  |  |  |  |  |
FC — Cash flow hedges |  | 3.8 |  |  | — |  |  | 12.6 |  |  | (0.3) |  |  | 24.9 |  |  | 1.1 |
|  | Gains (Losses) from Net Investment Hedges Recognized in Earnings |  | Location of Gains (Losses) Recognized in Earnings
|  | Fiscal Years Ended |
|  | April 2, 2022 |  | March 27, 2021 |  | March 28, 2020 |
|  | (millions) |  |
Net Investment Hedges: |  |  |  |  |  |  |  |
Net investment hedges — portion excluded from assessment of hedge effectiveness(a) |  | $ | 11.9 |  |  | $ | 11.3 |  |  | $ | 19.0 |  |  | Interest expense
Total Net Investment Hedges |  | $ | 11.9 |  |  | $ | 11.3 |  |  | $ | 19.0 |  |  |
(a)Amounts recognized in 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 fiscal years presented:
|  | Gains (Losses) Recognized in Earnings |  | Location of Gains (Losses) Recognized in Earnings
|  | Fiscal Years Ended |
|  | April 2, 2022 |  | March 27, 2021 |  | March 28, 2020 |
|  | (millions) |  |
Undesignated Hedges: |  |  |  |  |  |  |  |
FC — Undesignated hedges |  | $ | 6.9 |  |  | $ | (0.8) |  |  | $ | 16.0 |  |  | Other income (expense), net
Total Undesignated Hedges |  | $ | 6.9 |  |  | $ | (0.8) |  |  | $ | 16.0 |  |  |

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- 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. + References No definition available. + Details
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- Definition 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 + Details
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