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Fair Value Measurements (Tables)

6 Months Ended

Sep. 28, 2019

Fair Value Disclosures [Abstract]

Schedule of 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 September 28, 2019 using:												Fair value at March 30, 2019 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	$	—			$	6			$	—			$	—			$	5			$	—
Net investment hedges	—				109				—				—				37				—
Other undesignated derivative contracts	—				1				—				—				—				—
Total derivative assets	$	—			$	116			$	—			$	—			$	42			$	—
Derivative liabilities:
Other undesignated derivative contracts	$	—			$	4			$	—			$	—			$	5			$	—
Total derivative liabilities	$	—			$	4			$	—			$	—			$	5			$	—

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):

	September 28, 2019								March 30, 2019
	Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
4.000% Senior Notes	$	445			$	459			$	445			$	438
Term Loan	$	1,428			$	1,438			$	1,570			$	1,574
Revolving Credit Facilities	$	523			$	523			$	550			$	550

Schedule of Long-lived Assets, Nonrecurring

As a result of this determination, in the first quarter of Fiscal 2020, the Company identified impairment indicators at certain premier retail store locations and recorded operating lease right-of-use asset and property and equipment impairment charges of $68 million and $11 million, respectively, which are included in the impairment charges detailed in the table below (in millions):

	Three Months Ended September 28, 2019												Six Months Ended September 28, 2019
	Carrying Value Prior to Impairment				Fair Value				Impairment Charge				Carrying Value Prior to Impairment				Fair Value				Impairment Charge
Operating Lease Right-of-Use Assets	$	174			$	81			$	93			$	306			$	134			$	172
Property and Equipment	24				14				10				44				21				23
Key Money	2				1				1				10				4				6
Total	$	200			$	96			$	104			$	360			$	159			$	201

	Three Months Ended September 29, 2018												Six Months Ended September 29, 2018
	Carrying Value Prior to Impairment				Fair Value				Impairment Charge				Carrying Value Prior to Impairment				Fair Value				Impairment Charge
Property and Equipment	$	9			$	3			$	6			$	14			$	5			$	9
Lease Rights	2				1				1				4				2				2
Total	$	11			$	4			$	7			$	18			$	7			$	11

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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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