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Derivative Financial Instruments (Tables)

3 Months Ended

Jun. 29, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets

The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of June 29, 2019 and March 30, 2019 (in millions):

									Fair Values
	Notional Amounts								Assets								Liabilities
	June 29, 2019				March 30, 2019				June 29, 2019				March 30, 2019				June 29, 2019				March 30, 2019
Designated forward foreign currency exchange contracts	$	156			$	166			$	2		(1)	$	5		(1)	$	—			$	—
Designated net investment hedge	3,234				2,234				12			(2)	37			(2)	24			(3)	—
Total designated hedges	$	3,390			$	2,400			$	14			$	42			$	24			$	—
Undesignated derivative contracts (5)	191				199				1			(1)	—				4			(4)	5			(4)
Total	$	3,581			$	2,599			$	15			$	42			$	28			$	5

⁽¹⁾  Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets.

⁽²⁾  Recorded within other assets in the Company’s consolidated balance sheets.

⁽³⁾ Recorded within other long-term liabilities in the Company’s consolidated balance sheets.

⁽⁴⁾  Recorded within accrued expenses and other current liabilities in the Company’s consolidated balance sheets.

⁽⁵⁾ 

Primarily includes undesignated hedges of foreign currency denominated intercompany balances and inventory purchases.

Schedule of Derivative Instruments on The Balance Sheets, Net Basis

However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to setoff amounts for similar transactions denominated in the same currencies, the resulting impact as of June 29, 2019 and March 30, 2019 would be as follows (in millions):

	Forward Currency Exchange Contracts								Net Investment Hedges
	June 29, 2019				March 30, 2019				June 29, 2019				March 30, 2019
Assets subject to master netting arrangements	$	3			$	5			$	12			$	37
Liabilities subject to master netting arrangements	$	4			$	5			$	24			$	—
Derivative assets, net	$	3			$	5			$	7			$	37
Derivative liabilities, net	$	4			$	5			$	19			$	—

Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the pre-tax impact of the gains and losses on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions):

	Three Months Ended
	June 29, 2019				June 30, 2018
	Pre-Tax Losses Recognized in OCI				Pre-Tax Gains Recognized in OCI
Designated forward foreign currency exchange contracts	$	—			$	9
Designated net investment hedges	$	(25	)		$	5

The following tables summarize the impact of the gains and losses within the consolidated statements of operations and comprehensive income related to the designated forward foreign currency exchange contracts for the three months ended June 29, 2019 and June 30, 2018 (in millions):

	Three Months Ended
	Pre-Tax (Gain) Loss Reclassified from Accumulated OCI								Location of (Gain) Loss recognized				Total Cost of Sales
	June 29, 2019				June 30, 2018								June 29, 2019				June 30, 2018
Designated forward currency exchange contracts	$	(3	)		$	5			Cost of Sales				$	512			$	452

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959

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