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Derivatives | 9 Months Ended
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Jan. 01, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | DerivativesWe conduct business in numerous currencies throughout our worldwide operations, and our entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than the entity’s functional currency. As a result, we are exposed to foreign exchange gains or losses which impacts our operating results. As part of our foreign currency risk mitigation strategy, we have entered into foreign exchange forward contracts with up to twelve months in duration. We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure in a manner that entirely offsets the effects of the changes in foreign exchange rates. We enter into foreign currency forward contracts to hedge foreign currency balance sheet exposure. These forward contracts are not designated as hedging instruments. As of January 1, 2021 and April 3, 2020, the fair value of these contracts was insignificant. The related gain (loss) recognized in Other income, net in our Condensed Consolidated Statements of Operations was as follows:
| Three Months Ended |  | Nine Months Ended
(In millions) | January 1, 2021 |  | January 3, 2020 |  | January 1, 2021 |  | January 3, 2020
Foreign exchange forward contracts gain (loss) | $ | 7 |  |  | $ | 7 |  |  | $ | 18 |  |  | $ | 1 |
The fair value of our foreign exchange forward contracts is presented on a gross basis in our Condensed Consolidated Balance Sheets. To mitigate losses in the event of nonperformance by counterparties, we have entered into master netting arrangements with our counterparties that allow us to settle payments on a net basis. The effect of netting on our derivative assets and liabilities was not material as of January 1, 2021 and April 3, 2020. The notional amount of our outstanding foreign exchange forward contracts in U.S. dollar equivalent was as follows:
(In millions) | January 1, 2021 |  | April 3, 2020
Foreign exchange forward contracts purchased | $ | 307 |  |  | $ | 362 |
Foreign exchange forward contracts sold | $ | 133 |  |  | $ | 57 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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