v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Jun. 27, 2026
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 June 27, 2026 and March 28, 2026 (in millions):
Fair Value
Notional AmountsAssetsLiabilities
June 27,
2026		March 28,
2026		June 27,
2026		March 28,
2026		June 27,
2026		March 28,
2026
Designated forward foreign currency exchange contracts$78 $108 $3 
(1)
$2 
(1)
$— $— 
Designated net investment hedges5,864 5,864 — — 809 
(2)
840 
(2)
Total$5,942 $5,972 $3 $2 $809 $840 
(1)Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets.
(2)As of June 27, 2026, the Company recorded $48 million within accrued expenses and other current liabilities and $761 million within other long-term liabilities on the Company’s consolidated balance sheets. As of March 28, 2026, the Company recorded $30 million within accrued expenses and other current liabilities and $810 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 June 27, 2026 and March 28, 2026 would be as follows (in millions):
Forward Currency
Exchange Contracts		Net Investment Hedges
June 27,
2026		March 28,
2026		June 27,
2026		March 28,
2026
Assets subject to master netting arrangements$3 $2 $— $— 
Liabilities subject to master netting arrangements$— $— $809 $840 
Derivative assets, net$3 $2 $— $— 
Derivative liabilities, net$— $— $809 $840 
Schedule of Pre-tax Impact of Losses on Derivative
The following tables summarize the losses recognized within the consolidated statements of operations and comprehensive (loss) income related to the Company’s hedge contracts for the three months ended June 27, 2026 and June 28, 2025 (in millions):
Three Months Ended
June 27,
2026		June 28,
2025		Location of Losses Recognized
Designated forward foreign currency exchange contracts$1 $— Cost of goods sold
Designated interest rate swaps$— $2 Interest expense, net
The following table summarizes the pre-tax impact of the gains and losses recorded to other comprehensive income (“OCI”) related to the Company’s designated hedges (in millions):
Three Months Ended
June 27,
2026		June 28,
2025
Pre-Tax Gains
Recognized in OCI		Pre-Tax Losses
Recognized in OCI
Designated forward foreign currency exchange contracts$1 $— 
Designated net investment hedges$31 $(585)