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Derivative Financial Instruments (Tables) | 12 Months Ended
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Apr. 01, 2023
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 1, 2023 and April 2, 2022 (in millions):
|  |  |  |  | Fair Values
| Notional Amounts |  | Assets |  | Liabilities
| April 1, 2023 |  | April 2, 2022 |  | April 1, 2023 |  | April 2, 2022 |  | April 1, 2023 |  | April 2, 2022
Designated forward foreign currency exchange contracts | $ | — |  |  | $ | 119 |  |  | $ | — |  |  | $ | 4 |  | (1) | $ | — |  |  | $ | — |
Designated net investment hedges | 1,378 |  |  | 4,194 |  |  | 1 |  | (2) | 44 |  | (2) | 36 |  | (3) | 37 |
Designated fair value hedges | 1,084 |  |  | — |  |  | — |  |  | — |  |  | 3 |  | (3) | — |
Total designated hedges | 2,462 |  |  | 4,313 |  |  | 1 |  |  | 48 |  |  | 39 |  |  | 37 |
Undesignated derivative contracts (4) | — |  |  | 38 |  |  | — |  |  | 4 |  |  | — |  |  | — |
Total | $ | 2,462 |  |  | $ | 4,351 |  |  | $ | 1 |  |  | $ | 52 |  |  | $ | 39 |  |  | $ | 37 |
(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 other long-term liabilities in the Company’s consolidated balance sheets. (4)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 1, 2023 and April 2, 2022 would be as follows (in millions):
| Forward Currency Exchange Contracts |  | Net Investment Hedges |  | Fair Value Hedges
| April 1, 2023 |  | April 2, 2022 |  | April 1, 2023 |  | April 2, 2022 |  | April 1, 2023 |  | April 2, 2022
Assets subject to master netting arrangements | $ | — |  |  | $ | 8 |  |  | $ | 1 |  |  | $ | 44 |  |  | $ | — |  |  | $ | — |
Liabilities subject to master netting arrangements | $ | — |  |  | $ | — |  |  | $ | 36 |  |  | $ | 37 |  |  | $ | 3 |  |  | $ | — |
Derivative assets, net | $ | — |  |  | $ | 8 |  |  | $ | 1 |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |
Derivative liabilities, net | $ | — |  |  | $ | — |  |  | $ | 36 |  |  | $ | 35 |  |  | $ | 3 |  |  | $ | — |
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 1, 2023 |  | Fiscal Year Ended April 2, 2022 |  | Fiscal Year Ended March 27, 2021
| Pre-Tax Gains/(Losses) Recognized in OCI |  | Pre-Tax Gains Recognized in OCI |  | Pre-Tax (Losses) Recognized in OCI
Designated forward foreign currency exchange contracts | $ | 8 |  |  | $ | 11 |  |  | $ | (2) |
Designated net investment hedges | $ | 338 |  |  | $ | 435 |  |  | $ | (263) |
Designated fair value hedges | $ | (6) |  |  | $ | — |  |  | $ | — |
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 (Gains) Losses Reclassified from Accumulated OCI |  | Location of (Gains) Losses Recognized |
| April 1, 2023 |  | April 2, 2022 |  | March 27, 2021 |  |
Designated forward foreign currency exchange contracts | $ | (14) |  |  | $ | 1 |  |  | $ | (2) |  |  | Cost of goods sold |

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