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Fair Value Measurements (Tables)

12 Months Ended

Apr. 02, 2022

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:

						April 2, 2022						March 27, 2021
						(millions)
Derivative assets(a)						$	32.4					$	15.8
Derivative liabilities(a)						18.3						55.4

(a)Based on Level 2 measurements.

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:

						April 2, 2022												March 27, 2021
						Carrying Value(a)						Fair Value(b)						Carrying Value(a)						Fair Value(b)
						(millions)
$400 million 3.750% Senior Notes						$	397.7					$	407.9					$	397.1					$	443.4
$500 million 1.700% Senior Notes						499.8						500.5						498.4						507.8
$750 million 2.950% Senior Notes						738.8						721.0						737.4						779.4

(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 to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date:

						Fiscal Years Ended
						April 2, 2022												March 27, 2021												March 28, 2020
Long-Lived Asset Category						Total Impairments(a)						Fair Value as of Impairment Date						Total Impairments(a)						Fair Value as of Impairment Date						Total Impairments(a)						Fair Value as of Impairment Date
						(millions)
Property and equipment, net						$	1.0					$	—					$	44.1					$	23.5					$	16.8					$	2.4
Operating lease right-of-use assets(b)						20.3						27.8						51.9						84.3						239.9						120.8
Equity method investment						—						N/A						—						N/A						7.1						1.3

(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 2020 includes $225.1 million recorded in connection with the Company's adoption of ASU No. 2016-02, "Leases" as of the beginning of Fiscal 2020 which, net of related income tax benefits, reduced its opening retained earnings balance by $169.4 million.

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- 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)
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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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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