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Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 28, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 28, 2020 and March 30, 2019 (in millions):

															Fair Values
			Notional Amounts																		Assets																		Liabilities (2)
			March 28, 2020						March 30, 2019						March 28, 2020						March 30, 2019						March 28, 2020						March 30, 2019
Designated forward foreign currency exchange contracts			$	161					$	166					$	1		(1)			$	5		(1)			$	—					$	—
Designated net investment hedge			44						2,234						3			(3)			37			(3)			—						—
Total designated hedges			205						2,400						4						42						—						—
Undesignated derivative contracts (4)			—						199						—						—						—						5
Total			$	205					$	2,599					$	4					$	42					$	—					$	5

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

⁽²⁾Recorded within accrued expenses and other current liabilities in the Company’s audited consolidated balance sheets.

⁽³⁾Recorded within other assets in the Company’s audited consolidated balance sheets.

⁽⁴⁾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 set-off amounts for similar transactions denominated in the same currencies, the resulting impact as of March 28, 2020 and March 30, 2019 would be as follows (in millions):

			Forward Currency Exchange Contracts																		Net Investment Hedges
			March 28, 2020						March 30, 2019						March 28, 2020						March 30, 2019
Assets subject to master netting arrangements			$	1					$	5					$	3					$	37
Liabilities subject to master netting arrangements			$	—					$	5					$	—					$	—
Derivative assets, net			$	1					$	5					$	3					$	37
Derivative liabilities, net			$	—					$	5					$	—					$	—

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):

			Fiscal Year Ended March 28, 2020						Fiscal Year Ended March 30, 2019						Fiscal Year Ended March 31, 2018
			Pre-Tax Gains Recognized in OCI						Pre-Tax Gains Recognized in OCI						Pre-Tax Loss Recognized in OCI
Designated forward foreign currency exchange contracts			$	6					$	16					$	(22)
Designated net investment hedges			$	264					$	47					$	—

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 Fiscal 2020 and Fiscal 2019 (in millions):

			Fiscal Year Ended
			Pre-Tax Losses (Gains) Reclassified from Accumulated OCI																														Location of Losses (Gains) Recognized																		Total Cost of Sales
			March 28, 2020						March 30, 2019						March 31, 2018																											March 28, 2020						March 30, 2019						March 31, 2018
Designated forward currency exchange contracts			$	(10)					$	4					$	4					Cost of Sales																		$	2,280					$	2,058					$	1,860

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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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