v3.25.4

Derivatives | 9 Months Ended
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Jan. 02, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flow associated with changes in foreign currency exchange rates and interest rates. These hedging contracts reduce, but do not entirely eliminate the impact of adverse foreign exchange rates and interest rate movements. We do not use our derivative instruments for speculative trading purposes. By using derivative financial instruments to hedge exposures to changes in foreign exchange and interest rates, we are exposed to credit risk; however, we mitigate this risk by entering into hedging instruments with highly rated institutions that can be expected to fully perform under the terms of the applicable contracts. Foreign currency exchange forward contracts We 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 monthly foreign exchange forward contracts to hedge foreign currency balance sheet exposure. These forward contracts are not designated as hedging instruments. We do not hedge our foreign currency exposure in a manner that entirely offsets the effects of the changes in foreign exchange rates. As of January 2, 2026 and March 28, 2025, the notional amounts of foreign exchange contracts not designated as hedging instruments were $279 million and $230 million, respectively. Interest rate swap In March 2023, we entered into interest rate swap agreements to mitigate risks associated with the variable interest rate of our Term A Facility. These pay-fixed, receive-floating rate interest rate swaps have the economic effect of hedging the variability of forecasted interest payments until their maturity on March 31, 2026. Pursuant to the agreements, we have effectively converted $1 billion of our variable rate borrowings under our Term A Facility to fixed rates, with $500 million at a fixed rate of 3.762% and $500 million at a fixed rate of 3.55%. These arrangements are designated as cash flow hedges for accounting purposes and as such, we will recognize the changes in the fair value of these interest rate swaps in Accumulated other comprehensive income (loss) (AOCI), and the periodic settlements or accrued settlements of the swap will be recognized within or against interest expense in our Condensed Consolidated Statements of Operations. Cash flows related to these hedges are classified under operating activities in our Condensed Consolidated Statements of Cash Flows. As of January 2, 2026 and March 28, 2025, the notional amount of interest rate swap contracts designated as cash flow hedges were $1,000 million. As of January 2, 2026, we estimate that an immaterial amount of net deferred losses related to our interest rate hedges will be recognized in earnings over the next 12 months. Summary The activity related to our foreign currency exchange forward contracts and interest rate swaps was immaterial as of January 2, 2026 and March 28, 2025, and for the three and nine months ended January 2, 2026 and December 27, 2024.

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