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Derivative Financial Instruments (Tables) | 9 Months Ended
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Dec. 28, 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 December 28, 2019 and March 30, 2019 (in millions):
|  |  |  |  | Fair Values |  |  |  |  |  |  |
| Notional Amounts |  |  |  | Assets |  |  |  | Liabilities |  |  |
| December 28, 2019 |  | March 30, 2019 |  | December 28, 2019 |  | March 30, 2019 |  | December 28, 2019 |  | March 30, 2019 |
Designated forward foreign currency exchange contracts | $ | 162 |  |  | $ | 166 |  |  | $ | 1 |  | (1) | $ | 5 |  | (1) | $ | 1 |  | (3) | $ | — |  |
Designated net investment hedge | 3,234 |  |  | 2,234 |  |  | 58 |  | (2) | 37 |  | (2) | — |  |  | — |  |
Total designated hedges | 3,396 |  |  | 2,400 |  |  | 59 |  |  | 42 |  |  | 1 |  |  | — |  |
Undesignated derivative contracts (4) | 15 |  |  | 199 |  |  | 1 |  | (1) | — |  |  | — |  |  | 5 |  | (3)
Total | $ | 3,411 |  |  | $ | 2,599 |  |  | $ | 60 |  |  | $ | 42 |  |  | $ | 1 |  |  | $ | 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 accrued expenses and other current liabilities in the Company’s 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 December 28, 2019 and March 30, 2019 would be as follows (in millions):
| Forward Currency Exchange Contracts |  |  |  | Net Investment Hedges |  |
| December 28, 2019 |  | March 30, 2019 |  | December 28, 2019 |  | March 30, 2019
Assets subject to master netting arrangements | $ | 2 |  |  | $ | 5 |  |  | $ | 58 |  |  | $ | 37 |
Liabilities subject to master netting arrangements | $ | 1 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |
Derivative assets, net | $ | 1 |  |  | $ | 5 |  |  | $ | 58 |  |  | $ | 37 |
Derivative liabilities, net | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the gains and losses on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions):
| Three Months Ended |  |  |  | Nine Months Ended |  |
| December 28, 2019 |  | December 29, 2018 |  | December 28, 2019 |  | December 29, 2018
| Losses Recognized in OCI |  |  | Gains Recognized in OCI |  |  | Gains Recognized in OCI |  |  | Gains Recognized in OCI |
Designated forward foreign currency exchange contracts | $ | (2) |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 12 |
Designated net investment hedges | $ | (51) |  |  | $ | 10 |  |  | $ | 53 |  |  | $ | 15 |
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 and nine months ended December 28, 2019 and December 29, 2018 (in millions):
| Three Months Ended |  |  |  |  |  |  |  |  |  |
| Gain Reclassified from Accumulated OCI |  |  |  | Location of (Gain) Loss recognized |  |  |  | Total Cost of goods sold |  |
| December 28, 2019 |  | December 29, 2018 |  |  |  |  |  | December 28, 2019 |  | December 29, 2018
Designated forward foreign currency exchange contracts | $ | (3) |  |  | $ | (1) |  |  | Cost of goods sold |  |  |  |  | $ | 639 |  |  | $ | 565 |
| Nine Months Ended |  |  |  |  |  |  |  |  |  |
| (Gain) Loss Reclassified from Accumulated OCI |  |  |  | Location of (Gain) Loss recognized |  |  |  | Total Cost of goods sold |  |
| December 28, 2019 |  | December 29, 2018 |  |  |  |  |  | December 28, 2019 |  | December 29, 2018
Designated forward foreign currency exchange contracts | $ | (8) |  |  | $ | 6 |  |  | Cost of goods sold |  |  |  |  | $ | 1,719 |  |  | $ | 1,507 |

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