The Company is exposed to changes in foreign currency exchange rates, primarily relating to certain anticipated cash flows and the value of the reported net assets of its international operations, as well as changes in the fair value of its fixed-rate debt obligations attributed to changes in benchmark interest rates. Accordingly, based on its assessment thereof, the Company may use derivative financial instruments to manage and mitigate such risks. The Company does not use derivatives for speculative or trading purposes.


	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument(a)	April 1, 2023		April 2, 2022		April 1, 2023			April 2, 2022			April 1, 2023			April 2, 2022
					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	$	345.1	$	236.5	PP	$	1.4	PP	$	6.6	AE	$	5.0		$	—

Net investment hedges(c)	700.0		700.0		ONCA	42.8		ONCA	23.7			—		ONCL	18.1
Total Designated Hedges	1,045.1		936.5			44.2			30.3			5.0			18.1
Undesignated Hedges:
FC — Undesignated hedges(d)	164.8		225.0		PP	0.3		PP	2.1		AE	0.7		AE	0.2
Total Hedges	$	1,209.9	$	1,161.5		$	44.5		$	32.4		$	5.7		$	18.3

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 1, 2023 and April 2, 2022 would be adjusted from the current gross presentation as detailed in the following table:


	April 1, 2023						April 2, 2022
	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	$	44.5	$	(4.5)	$	40.0	$	32.4	$	(0.2)	$	32.2
Derivative liabilities	5.7		(4.5)		1.2		18.3		(0.2)		18.1

The Company's master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties. See Note 3 for further discussion of the Company's master netting arrangements.

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 1, 2023		April 2, 2022		March 27, 2021
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	18.1	$	9.0	$	(3.5)
Net investment hedges — effective portion	10.6		46.8		(35.5)
Net investment hedges — portion excluded from assessment of hedge effectiveness	26.6		3.6		(50.8)
Total Designated Hedges	$	55.3	$	59.4	$	(89.8)


	Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
	Fiscal Years Ended
	April 1, 2023				April 2, 2022				March 27, 2021
	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	$	(2,277.8)	$	(4.1)	$	(2,071.0)	$	4.7	$	(1,539.4)	$	7.6
Effects of cash flow hedging:
FC — Cash flow hedges	23.8		—		3.8		—		12.6		(0.3)


	Gains (Losses) from Net Investment Hedges Recognized in Earnings						Location of Gains (Losses) Recognized in Earnings
	Fiscal Years Ended
	April 1, 2023		April 2, 2022		March 27, 2021
	(millions)
Net Investment Hedges:
Net investment hedges — portion excluded from assessment of hedge effectiveness(a)	$	13.0	$	11.9	$	11.3	Interest expense
Total Net Investment Hedges	$	13.0	$	11.9	$	11.3

(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.

As of April 1, 2023, it is estimated that $4.2 million of pretax net gains on both outstanding and matured derivative instruments designated and qualifying as cash flow hedges deferred in AOCI will be recognized in earnings over the next twelve months. Amounts ultimately recognized in earnings will depend on exchange rates in effect when outstanding derivative instruments are settled.

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 1, 2023		April 2, 2022		March 27, 2021
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	13.0	$	6.9	$	(0.8)	Other income (expense), net
Total Undesignated Hedges	$	13.0	$	6.9	$	(0.8)

The Company uses forward foreign currency exchange contracts to mitigate its risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency, the settlement of foreign currency-denominated balances, and the translation of certain foreign operations' net assets into U.S. Dollars. As part of its overall strategy for managing the level of exposure to such exchange rate risk, relating primarily to the Euro, the Japanese Yen, the South Korean Won, the Australian Dollar, the Canadian Dollar, the British Pound Sterling, the Swiss Franc, and the Chinese Renminbi, the Company generally hedges a portion of its related exposures anticipated over the next twelve months using forward foreign currency exchange contracts with maturities of two months to one year to provide continuing coverage over the period of the respective exposure.

The Company periodically designates pay-fixed rate, receive fixed-rate cross-currency swap contracts as hedges of its net investment in certain of its European subsidiaries. These contracts swap U.S. Dollar-denominated fixed interest rate payments based on the contract's notional amount and the fixed rate of interest payable on certain of the Company's senior notes for Euro-denominated fixed interest rate payments, thereby economically converting a portion of its fixed-rate U.S. Dollar-denominated senior note obligations to fixed-rate Euro-denominated obligations.