FINANCIAL INSTRUMENTS

3 Months Ended

Jun. 26, 2015

Derivative Instruments and Hedges, Assets [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

Foreign Currency Contracts

The Company primarily enters into forward contracts and foreign currency swap contracts to manage the foreign currency risk associated with monetary accounts and anticipated foreign currency denominated transactions. The Company hedges committed exposures and does not engage in speculative transactions. As of June 26, 2015, the aggregate notional amount of the Company’s outstanding foreign currency contracts was $5.2 billion as summarized below:

	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy		Sell
	(In thousands)
Cash Flow Hedges
CNY	2,449,000	—	$	394,542	$	—
HUF	14,186,000	—	51,001		—
ILS	112,700	—	30,024		—
MXN	1,560,700	—	101,021		—
MYR	220,000	—	58,640		—
Other	N/A	N/A	53,595		6,704
			688,823		6,704
Other Foreign Currency Contracts
BRL	—	581,000	—		188,020
CAD	63,479	56,866	50,900		45,685
CHF	7,709	36,309	8,234		38,829
CNY	540,765	—	86,937		—
DKK	196,400	155,700	29,448		23,346
EUR	1,514,440	1,353,824	1,692,028		1,513,387
GBP	29,331	56,807	46,063		89,114
HUF	13,076,000	14,330,000	47,011		51,519
ILS	84,400	53,600	22,484		14,279
JPY	3,935,864	2,966,700	31,855		24,060
MXN	1,326,660	506,980	85,872		32,816
MYR	278,081	22,750	74,121		6,064
SEK	444,196	801,591	53,694		96,277
SGD	34,644	5,774	25,754		4,292
Other	N/A	N/A	70,483		36,708
			2,324,884		2,164,396
Total Notional Contract Value in USD			$	3,013,707	$	2,171,100

As of June 26, 2015, the fair value of the Company’s short-term foreign currency contracts was not material and is included in other current assets or other current liabilities, as applicable, in the condensed consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company’s exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of interest and other, net in the condensed consolidated statements of operations. As of June 26, 2015 and March 31, 2015, the Company also has included net deferred losses in accumulated other comprehensive loss, a component of shareholders’ equity in the condensed consolidated balance sheets, relating to the effective portion of changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. These deferred losses totaled $3.1 million as of June 26, 2015, and are expected to be recognized primarily as a component of cost of sales in the condensed consolidated statements of operations primarily over the next twelve-month period. The gains and losses recognized in earnings due to hedge ineffectiveness were not material for all fiscal periods presented and are included as a component of interest and other, net in the condensed consolidated statements of operations.

The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes:

	Fair Values of Derivative Instruments
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	June 26, 2015		March 31, 2015		Balance Sheet Location	June 26, 2015		March 31, 2015
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	4,498	$	2,896	Other current liabilities	$	6,160	$	19,729
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	16,369	$	22,933	Other current liabilities	$	21,606	$	11,328

The Company has financial instruments subject to master netting arrangements, which provides for the net settlement of all contracts with a single counterparty. The Company does not offset fair value amounts for assets and liabilities recognized for derivative instruments under these arrangements, and as such, the asset and liability balances presented in the table above reflect the gross amounts of derivatives in the condensed consolidated balance sheets. The impact of netting derivative assets and liabilities is not material to the Company’s financial position for any period presented.