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Derivative Financial Instruments (Tables) | 9 Months Ended
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Dec. 28, 2024
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 on the consolidated balance sheets as of December 28, 2024 and March 30, 2024 (in millions):
|  |  |  |  | Fair Value |  |
| Notional Amounts |  | Assets |  | Liabilities |  |
| December 28, 2024 |  | March 30, 2024 |  | December 28, 2024 |  | March 30, 2024 |  | December 28, 2024 |  | March 30, 2024 |  |
Designated net investment hedges | $ | 5,334 |  |  | $ | 3,850 |  |  | $ | 17 |  | (1) | $ | 12 |  | (1) | $ | 161 |  | (2) | $ | 88 |  | (2) |
Designated interest rate swaps | 834 |  |  | — |  |  | — |  |  | — |  |  | 14 |  | (2) | — |  |  |
Total | $ | 6,168 |  |  | $ | 3,850 |  |  | $ | 17 |  |  | $ | 12 |  |  | $ | 175 |  |  | $ | 88 |  |  |
(1)Recorded within other assets on the Company’s consolidated balance sheets. (2)As of December 28, 2024, the Company recorded $9 million within accrued expenses and current liabilities and $166 million within other long-term liabilities on the Company’s consolidated balance sheets. As of March 30, 2024, the Company recorded $3 million within accrued expenses and current liabilities and $85 million within other long-term liabilities on 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 December 28, 2024 and March 30, 2024 would be as follows (in millions):
|  |  | Net Investment Hedges |  | Interest Rate Swaps |  |  |  |
|  |  |  |  | December 28, 2024 |  | March 30, 2024 |  | December 28, 2024 |  | March 30, 2024 |  |  |  |  |  |  |  |
Assets subject to master netting arrangements |  |  |  |  | $ | 17 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Liabilities subject to master netting arrangements |  |  |  |  | $ | 161 |  |  | $ | 88 |  |  | $ | 14 |  |  | $ | — |  |  |  |  |  |  |  |  |
Derivative assets, net |  |  |  |  | $ | 9 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Derivative liabilities, net |  |  |  |  | $ | 153 |  |  | $ | 84 |  |  | $ | 14 |  |  | $ | — |  |  |  |  |  |  |  |  |
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 net investment hedges, fair value hedges and interest rate swaps (in millions):
| Three Months Ended |  | Nine Months Ended
| December 28, 2024 |  | December 30, 2023 |  | December 28, 2024 |  | December 30, 2023
| Pre-Tax Gains Recognized in OCI |  | Pre-Tax (Losses) Gains Recognized in OCI |  | Pre-Tax Losses Recognized in OCI |  | Pre-Tax Losses Recognized in OCI
Designated net investment hedges | $ | 240 |  |  | $ | (238) |  |  | $ | (26) |  |  | $ | (213) |
Designated interest rate swaps | $ | 1 |  |  | $ | — |  |  | $ | (14) |  |  | $ | — |
Designated fair value hedge | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | (5) |
For the three months ended December 28, 2024 and December 30, 2023, there was no pre-tax activity recorded within the consolidated statements of operations and comprehensive (loss) income related to designated forward foreign currency exchange contracts. The following table summarizes the pre-tax impact of the gains within the consolidated statements of operations and comprehensive (loss) income related to designated forward foreign currency exchange contracts for the nine months ended December 28, 2024 and December 30, 2023 (in millions):
| Nine Months Ended
| Pre-Tax Gain Reclassified from Accumulated OCI |  | Location of Gain Recognized
| December 28, 2024 |  | December 30, 2023 |
Designated forward foreign currency exchange contracts | $ | — |  |  | $ | 4 |  |  | Cost of goods sold

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