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Derivative Financial Instruments (Tables) | 9 Months Ended
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Dec. 31, 2022
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 31, 2022 and April 2, 2022 (in millions):
|  |  |  |  | Fair Value |  |
| Notional Amounts |  | Assets |  | Liabilities |  |
| December 31, 2022 |  | April 2, 2022 |  | December 31, 2022 |  | April 2, 2022 |  | December 31, 2022 |  | April 2, 2022 |  |
Designated forward foreign currency exchange contracts | $ | 18 |  |  | $ | 119 |  |  | $ | — |  |  | $ | 4 |  | (1) | $ | — |  |  | $ | — |  |  |
Designated net investment hedges | 1,364 |  |  | 4,194 |  |  | — |  |  | 44 |  | (2) | 41 |  | (3) | 37 |  | (3) |
Total designated hedges | 1,382 |  |  | 4,313 |  |  | — |  |  | 48 |  |  | 41 |  |  | 37 |  |  |
Undesignated derivative contracts (4) | — |  |  | 38 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  |
Total | $ | 1,382 |  |  | $ | 4,351 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 41 |  |  | $ | 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)Represents 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 December 31, 2022 and April 2, 2022 would be as follows (in millions):
| Forward Currency Exchange Contracts |  | Net Investment Hedges |  |
| December 31, 2022 |  | April 2, 2022 |  | December 31, 2022 |  | April 2, 2022 |  |  |  |
Assets subject to master netting arrangements | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 44 |  |  |  |  |
Liabilities subject to master netting arrangements | $ | — |  |  | $ | — |  |  | $ | 41 |  |  | $ | 37 |  |  |  |  |
Derivative assets, net | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 42 |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | — |  |  | $ | 41 |  |  | $ | 35 |  |  |  |  |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the pre-tax impact of the gains on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions):
| Three Months Ended |  | Nine Months Ended
| December 31, 2022 |  | December 25, 2021 |  | December 31, 2022 |  | December 25, 2021
| Pre-Tax Losses Recognized in OCI |  | Pre-Tax Gains Recognized in OCI |  | Pre-Tax Gains Recognized in OCI |  | Pre-Tax Gains Recognized in OCI
Designated forward foreign currency exchange contracts | $ | (3) |  |  | $ | 5 |  |  | $ | 8 |  |  | $ | 7 |
Designated net investment hedges | $ | (33) |  |  | $ | 155 |  |  | $ | 332 |  |  | $ | 327 |
Designated interest rate swaps | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
The following tables summarize the pre-tax 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 31, 2022 and December 25, 2021 (in millions):
| Three Months Ended
| Pre-Tax (Gain) Loss Reclassified from Accumulated OCI |  | Location of (Gain) Loss Recognized
| December 31, 2022 |  | December 25, 2021 |
Designated forward foreign currency exchange contracts | $ | (3) |  |  | $ | — |  |  | Cost of goods sold
| Nine Months Ended
| Pre-Tax (Gain) Loss Reclassified from Accumulated OCI |  | Location of (Gain) Loss Recognized
| December 31, 2022 |  | December 25, 2021 |
Designated forward foreign currency exchange contracts | $ | (10) |  |  | $ | 2 |  |  | 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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 + Details
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