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Fair Value Measurements (Tables)

12 Months Ended

Mar. 30, 2019

Fair Value Disclosures [Abstract]

Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy

All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):

	Fair value at March 30, 2019, using:												Fair value at March 31, 2018, using:
	Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Derivative assets:
Forward foreign currency exchange contracts	$	—			$	5			$	—			$	—			$	—			$	—
Net investment hedges	—				37				—				—				—				—
Total derivative assets	$	—			$	42			$	—			$	—			$	—			$	—
Derivative liabilities:
Other undesignated derivative contracts	$	—			$	5			$	—			$	—			$	8			$	—

Fair Value Measurement of Long-term Debt

The following table summarizes the carrying values and estimated fair values of the Company’s short- and long-term debt, based on Level 2 measurements (in millions):

		March 30, 2019								March 31, 2018
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
4.000% Senior Notes		$	445			$	438			$	445			$	448
Term Loan		$	1,570			$	1,574			$	229			$	231
Revolving Credit Facilities		$	550			$	550			$	200			$	200

Carrying Value and Fair Values of Impaired Long-Lived Assets

The following table details the carrying values and fair values of the Company’s long-lived assets that have been impaired (in millions):

	Carrying Value Prior to Impairment				Fair Value				Impairment Charge
Fiscal 2019:
Fixed Assets	$	26			$	7			$	19
Lease Rights	3				1				2
Total	$	29			$	8			$	21
Fiscal 2018:
Fixed Assets	$	31			$	3			$	28
Lease Rights	5				1				4
Customer relationships	1				—				1
Total	$	37			$	4			$	33
Fiscal 2017:
Fixed Assets	$	187			$	18			$	169
Lease Rights	33				3				30
Total	$	220			$	21			$	199

Please refer to Note 7 and Note 8 for additional information.

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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