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Derivative Financial Instruments (Tables)

9 Months Ended

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

X

- References

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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

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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
-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

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