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Derivative Financial Instruments (Tables) | 12 Months Ended
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Mar. 27, 2021
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 27, 2021 and March 28, 2020 (in millions):
|  |  |  |  | Fair Values
| Notional Amounts |  | Assets |  | Liabilities
| March 27, 2021 |  | March 28, 2020 |  | March 27, 2021 |  | March 28, 2020 |  | March 27, 2021 |  | March 28, 2020
Designated forward foreign currency exchange contracts | $ | 155 |  |  | $ | 161 |  |  | $ | 2 |  | (1) | $ | 1 |  | (1) | $ | 1 |  | (2) | $ | — |
Designated net investment hedge | 3,194 |  |  | 44 |  |  | 3 |  | (3) | 3 |  | (3) | 263 |  | (4) | — |
Designated interest rate swap | 500 |  |  | — |  |  | — |  |  | — |  |  | 1 |  | (4) | — |
Total designated hedges | 3,849 |  |  | 205 |  |  | 5 |  |  | 4 |  |  | 265 |  |  | — |
Undesignated derivative contracts (5) | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 3,862 |  |  | $ | 205 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 265 |  |  | $ | — |
(1)Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets. (2)Recorded within accrued expenses and other current liabilities in the Company’s consolidated balance sheets. (3)Recorded within other assets in the Company’s consolidated balance sheets. (4)Recorded within other long-term liabilities in the Company’s consolidated balance sheets. (5)Primarily includes undesignated hedges of 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 27, 2021 and March 28, 2020 would be as follows (in millions):
| Forward Currency Exchange Contracts |  | Net Investment Hedges |  | Interest Rate Swap
| March 27, 2021 |  | March 28, 2020 |  | March 27, 2021 |  | March 28, 2020 |  | March 27, 2021 |  | March 28, 2020
Assets subject to master netting arrangements | $ | 2 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Liabilities subject to master netting arrangements | $ | 1 |  |  | $ | — |  |  | $ | 263 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Derivative assets, net | $ | 1 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Derivative liabilities, net | $ | — |  |  | $ | — |  |  | $ | 263 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
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, net investment hedges and interest rate swaps (in millions):
| Fiscal Year Ended March 27, 2021 |  | Fiscal Year Ended March 28, 2020 |  | Fiscal Year Ended March 30, 2019
| Pre-Tax Losses Recognized in OCI |  | Pre-Tax Gains Recognized in OCI |  | Pre-Tax Gains Recognized in OCI
Designated forward foreign currency exchange contracts | $ | (2) |  |  | $ | 6 |  |  | $ | 16 |
Designated net investment hedges | $ | (263) |  |  | $ | 264 |  |  | $ | 47 |
Designated interest rate swaps | $ | (1) |  |  | $ | — |  |  | $ | — |
The following tables summarize the impact of the gains and losses within the consolidated statements of operations and comprehensive (loss) income related to the designated forward foreign currency exchange contracts (in millions):
| Fiscal Year Ended
| Pre-Tax (Gains) Losses Reclassified from Accumulated OCI |  | Location of (Gains) Losses Recognized |
| March 27, 2021 |  | March 28, 2020 |  | March 30, 2019 |  |
Designated forward currency exchange contracts | $ | (2) |  |  | $ | (10) |  |  | $ | 4 |  |  | Cost of Sales |

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