v3.25.4
Financial Instruments and Fair Value Measurements
 9 Months Ended
Jan. 02, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements Financial Instruments and Fair Value Measurements
For financial instruments measured at fair value, fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value,
we consider the principal or most advantageous market in which we would transact, and we consider assumptions that market participants would use when pricing the asset or liability.
The three levels of inputs that may be used to measure fair value are:
•Level 1: Quoted prices in active markets for identical assets or liabilities.
•Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities.
•Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help ensure the fair value measurements are reasonable and consistent with market experience in similar asset classes.
Assets measured and recorded at fair value on a recurring basis
The following table summarizes our financial instruments measured at fair value on a recurring basis:
January 2, 2026March 28, 2025
(In millions)Fair ValueLevel 1Level 2Fair ValueLevel 1Level 2
Assets:
Money market funds$264 $264 $— $544 $544 $— 
Time deposits20 — 20 — — — 
Interest rate swaps (1)
— — — 3 — 3 
Total assets
$284 $264 $20 $547 $544 $3 
(1)    The fair value of the interest rate swaps are less than $1 million as of January 2, 2026.
Financial instruments not recorded at fair value on a recurring basis include our non-marketable equity investments and long-term debt.
Non-marketable equity investments
As of January 2, 2026 and March 28, 2025, the carrying value of our non-marketable equity investments was $16 million and $109 million, respectively, and is included in Other long-term assets in our Condensed Consolidated Balance Sheets.
During the three and nine months ended January 2, 2026, we sold an equity interest in a non-marketable equity investment. In connection with the sale, we received both cash proceeds and non-cash proceeds in the form of an equity investment. We recognized a gain of $11 million, which is included in Other income (expense), net in our Condensed Consolidated Statement of Operations. We also recognized other immaterial losses on sale of our non-marketable equity investments during the three and nine months ended January 2, 2026, in Other income (expense), net in our Condensed Consolidated Statement of Operations.
We recognized impairments of $10 million and $90 million on our non-marketable equity investments during the three and nine months ended January 2, 2026, respectively, in Other income (expense), net in our Condensed Consolidated Statement of Operations. We recognized an impairment of $30 million on our non-marketable equity investments during the three and nine months ended December 27, 2024, in Other income (expense), net in our Condensed Consolidated Statement of Operations.
Current and long-term debt
As of January 2, 2026 and March 28, 2025, the total fair value of our current and long-term fixed rate debt was $2,514 million and $2,475 million, respectively. The fair value of our variable rate debt approximated their carrying value. The fair values of all our debt obligations were based on Level 2 inputs.