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Derivative Financial Instruments (Tables) | 3 Months Ended
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Jun. 26, 2021
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 26, 2021 and March 27, 2021 (in millions):
|  |  |  |  | Fair Values |  |
| Notional Amounts |  | Assets |  | Liabilities |  |
| June 26, 2021 |  | March 27, 2021 |  | June 26, 2021 |  | March 27, 2021 |  | June 26, 2021 |  | March 27, 2021 |  |
Forward foreign currency exchange contracts | $ | 154 |  |  | $ | 155 |  |  | $ | 1 |  | (1) | $ | 2 |  | (1) | $ | — |  | (2) | $ | 1 |  | (2) |
Net investment hedges | 4,194 |  |  | 3,194 |  |  | 13 |  | (3) | 3 |  | (3) | 190 |  | (4) | 263 |  | (4) |
Interest rate swap | 500 |  |  | 500 |  |  | — |  |  | — |  |  | — |  |  | 1 |  | (4) |
Total designated hedges | 4,848 |  |  | 3,849 |  |  | 14 |  |  | 5 |  |  | 190 |  |  | 265 |  |  |
Undesignated derivative contracts (5) | 30 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total | $ | 4,878 |  |  | $ | 3,862 |  |  | $ | 14 |  |  | $ | 5 |  |  | $ | 190 |  |  | $ | 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 June 26, 2021 and March 27, 2021 would be as follows (in millions):
| Forward Currency Exchange Contracts |  | Net Investment Hedges |  | Interest Rate Swaps
| June 26, 2021 |  | March 27, 2021 |  | June 26, 2021 |  | March 27, 2021 |  | June 26, 2021 |  | March 27, 2021
Assets subject to master netting arrangements | $ | 1 |  |  | $ | 2 |  |  | $ | 13 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Liabilities subject to master netting arrangements | $ | — |  |  | $ | 1 |  |  | $ | 190 |  |  | $ | 263 |  |  | $ | — |  |  | $ | 1 |
Derivative assets, net | $ | 1 |  |  | $ | 1 |  |  | $ | 12 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Derivative liabilities, net | $ | — |  |  | $ | — |  |  | $ | 189 |  |  | $ | 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):
| Three Months Ended |  |
| June 26, 2021 |  | June 27, 2020 |  |  |  |
| Pre-Tax Gains (Losses) Recognized in OCI |  | Pre-Tax Losses Recognized in OCI |  |  |  |
Designated forward foreign currency exchange contracts | $ | (1) |  |  | $ | — |  |  |  |  |
Designated net investment hedges | $ | 83 |  |  | $ | — |  |  |  |  |
Designated interest rate swaps | $ | — |  |  | $ | (1) |  |  |  |  |
The following tables summarize the pre-tax impact of the gains and losses within the consolidated statements of operations and comprehensive income (loss) related to the designated forward foreign currency exchange contracts for the three months ended June 26, 2021 and June 27, 2020 (in millions):
| Three Months Ended
| Pre-Tax Loss (Gain) Reclassified from Accumulated OCI |  | Location of Gain Recognized
| June 26, 2021 |  | June 27, 2020 |
Designated forward foreign currency exchange contracts | $ | 1 |  |  | $ | (1) |  |  | Cost of goods sold

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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=125515794&loc=SL5624163-113959 + Details
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- Definition 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=125515794&loc=SL5618551-113959 + Details
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