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Derivative Financial Instruments (Tables) | 6 Months Ended
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Sep. 30, 2023
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 September 30, 2023 and April 1, 2023 (in millions):
|  |  |  |  | Fair Value |  |
| Notional Amounts |  | Assets |  | Liabilities |  |
| September 30, 2023 |  | April 1, 2023 |  | September 30, 2023 |  | April 1, 2023 |  | September 30, 2023 |  | April 1, 2023 |  |
Designated net investment hedges | $ | 5,360 |  |  | $ | 1,378 |  |  | $ | 40 |  | (1) | $ | 1 |  | (2) | $ | 49 |  | (3) | $ | 36 |  | (3) |
Designated fair value hedges | 1,057 |  |  | 1,084 |  |  | 5 |  | (2) | — |  |  | — |  |  | 3 |  | (3) |
Total | $ | 6,417 |  |  | $ | 2,462 |  |  | $ | 45 |  |  | $ | 1 |  |  | $ | 49 |  |  | $ | 39 |  |  |
(1)As of September 30, 2023, the Company recorded $1 million within prepaid expenses and other current assets and $39 million within other 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.
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 September 30, 2023 and April 1, 2023 would be as follows (in millions):
|  |  | Net Investment Hedges |  | Fair Value Hedges |  |
|  |  |  |  | September 30, 2023 |  | April 1, 2023 |  | September 30, 2023 |  | April 1, 2023 |  |  |  |
Assets subject to master netting arrangements |  |  |  |  | $ | 40 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | — |  |  |  |  |
Liabilities subject to master netting arrangements |  |  |  |  | $ | 49 |  |  | $ | 36 |  |  | $ | — |  |  | $ | 3 |  |  |  |  |
Derivative assets, net |  |  |  |  | $ | 30 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | — |  |  |  |  |
Derivative liabilities, net |  |  |  |  | $ | 39 |  |  | $ | 36 |  |  | $ | — |  |  | $ | 3 |  |  |  |  |
Schedule of 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 and net investment hedges (in millions):
| Three Months Ended |  | Six Months Ended
| September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
| Pre-Tax Gains Recognized in OCI |  | Pre-Tax Gains Recognized in OCI |  | Pre-Tax Gains (Losses) Recognized in OCI |  | Pre-Tax Gains Recognized in OCI
Designated forward foreign currency exchange contracts | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 11 |
Designated net investment hedges | $ | 79 |  |  | $ | 152 |  |  | $ | 25 |  |  | $ | 365 |
Designated fair value hedge | $ | 16 |  |  | $ | — |  |  | $ | (9) |  |  | $ | — |
The following tables summarize the pre-tax impact of the gains within the consolidated statements of operations and comprehensive income related to the designated forward foreign currency exchange contracts for the three and six months ended September 30, 2023 and October 1, 2022 (in millions):
| Three Months Ended
| Pre-Tax Gain Reclassified from Accumulated OCI |  | Location of Gain Recognized
| September 30, 2023 |  | October 1, 2022 |
Designated forward foreign currency exchange contracts | $ | 1 |  |  | $ | 3 |  |  | Cost of goods sold
| Six Months Ended
| Pre-Tax Gain Reclassified from Accumulated OCI |  | Location of Gain Recognized
| September 30, 2023 |  | October 1, 2022 |
Designated forward foreign currency exchange contracts | $ | 4 |  |  | $ | 7 |  |  | Cost of goods sold

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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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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