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Derivative Financial Instruments (Tables)

12 Months Ended

Apr. 02, 2022

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 April 2, 2022 and March 27, 2021 (in millions):

															Fair Values
			Notional Amounts												Assets												Liabilities
			April 2, 2022						March 27, 2021						April 2, 2022						March 27, 2021						April 2, 2022						March 27, 2021
Designated forward foreign currency exchange contracts			$	119					$	155					$	4		(1)			$	2		(1)			$	—		(2)			$	1
Designated net investment hedge			4,194						3,194						44			(3)			3			(3)			37			(4)			263
Designated interest rate swap			—						500						—						—						—			(4)			1
Total designated hedges			4,313						3,849						48						5						37						265
Undesignated derivative contracts (5)			38						13						4						—						—						—
Total			$	4,351					$	3,862					$	52					$	5					$	37					$	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 and with the same banks, the resulting impact as of April 2, 2022 and March 27, 2021 would be as follows (in millions):

			Forward Currency Exchange Contracts												Net Investment  Hedges												Interest Rate Swap
			April 2, 2022						March 27, 2021						April 2, 2022						March 27, 2021						April 2, 2022						March 27, 2021
Assets subject to master netting arrangements			$	8					$	2					$	44					$	3					$	—					$	—
Liabilities subject to master netting arrangements			$	—					$	1					$	37					$	263					$	—					$	1
Derivative assets, net			$	8					$	1					$	42					$	3					$	—					$	—
Derivative liabilities, net			$	—					$	—					$	35					$	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 April 2, 2022						Fiscal Year Ended March 27, 2021						Fiscal Year Ended March 28, 2020
			Pre-Tax Gains Recognized in OCI						Pre-Tax Losses Recognized in OCI						Pre-Tax Gains Recognized in OCI
Designated forward foreign currency exchange contracts			$	11					$	(2)					$	6
Designated net investment hedges			$	435					$	(263)					$	264
Designated interest rate swaps			$	—					$	(1)					$	—

The following tables summarize the 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 (in millions):

			Fiscal Year Ended
			Pre-Tax Losses (Gains) Reclassified from Accumulated OCI																		Location of Losses (Gains) Recognized
			April 2, 2022						March 27, 2021						March 28, 2020
Designated forward currency exchange contracts			$	1					$	(2)					$	(10)					Cost of goods sold

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- References

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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=125515794&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=125515794&loc=SL5618551-113959

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