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Debt (Tables) | 9 Months Ended
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Jan. 01, 2021
Debt Disclosure [Abstract] |
Schedule of Components of Debt | The following table summarizes components of our debt:
(In millions, except percentages) | January 1, 2021 |  | April 3, 2020 |  | Effective Interest Rate
4.2% Senior Notes due September 15, 2020 | $ | — |  |  | $ | 750 |  |  | 4.25 | %
New 2.5% Convertible Senior Notes due April 1, 2022 | 250 |  |  | 250 |  |  | 2.63 | %
3.95% Senior Notes due June 15, 2022 | 400 |  |  | 400 |  |  | 4.05 | %
2.0% Convertible Senior Notes due August 15, 2022 | — |  |  | 625 |  |  | 2.66 | %
New 2.0% Convertible Senior Notes due August 15, 2022 | 625 |  |  | 625 |  |  | 2.62 | %
Term Loan due November 4, 2024 | 500 |  |  | 500 |  |  | LIBOR plus (1)
Delayed Draw Term Loan due November 4, 2024 | 750 |  |  | — |  |  | LIBOR plus (1)
5.0% Senior Notes due April 15, 2025 | 1,100 |  |  | 1,100 |  |  | 5.23 | %
Total principal amount | 3,625 |  |  | 4,250 |  |  |
Less: unamortized discount and issuance costs | (20) |  |  | (29) |  |  |
Total debt | 3,605 |  |  | 4,221 |  |  |
Less: current portion | (63) |  |  | (756) |  |  |
Total long-term debt | $ | 3,542 |  |  | $ | 3,465 |  |  |
(1)The term loans bear interest at a rate equal to the London Interbank Offered Rate (LIBOR) plus a margin based either on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt or consolidated adjusted leverage as defined in the underlying loan agreement. The interest rates for the outstanding term loans are as follows:
| January 1, 2021 |  | April 3, 2020
Term Loan due November 4, 2024 | 1.56 | % |  | 2.88 | %
Delayed Draw Term Loan due November 4, 2024 | 1.56 | % |  | N/A
Schedule of Maturities of Long-term Debt | As of January 1, 2021, the future contractual maturities of debt by fiscal year are as follows:
(In millions) |
Remainder of 2021 | $ | 16 |
2022 | 312 |
2023 | 1,088 |
2024 | 62 |
2025 | 1,047 |
Thereafter | 1,100 |
Total future maturities of debt | $ | 3,625 |
Schedule of Convertible Debt | As of January 1, 2021 and April 3, 2020, the Convertible Senior Notes consisted of the following:
| January 1, 2021 |  | April 3, 2020
(In millions) | New 2.5% Convertible Notes |  | New 2.0% Convertible Notes |  | New 2.5% Convertible Notes |  | New 2.0% Convertible Notes |  | 2.0% Convertible Notes
Liability components: |  |  |  |  |  |  |  |  |
Principal | $ | 250 |  |  | $ | 625 |  |  | $ | 250 |  |  | $ | 625 |  |  | $ | 625 |
Unamortized discount and issuance costs | — |  |  | (6) |  |  | (1) |  |  | (9) |  |  | (6) |
Net carrying amount | $ | 250 |  |  | $ | 619 |  |  | $ | 249 |  |  | $ | 616 |  |  | $ | 619 |
Equity component net of tax | $ | 43 |  |  | $ | 56 |  |  | $ | 43 |  |  | $ | 56 |  |  | $ | 12 |
Schedule of Interest Expense | The following table sets forth total interest expense recognized related to our Convertible Senior Notes:
| Three Months Ended |  | Nine Months Ended
(In millions) | January 1, 2021 |  | January 3, 2020 |  | January 1, 2021 |  | January 3, 2020
Contractual interest expense | $ | 5 |  |  | $ | 9 |  |  | $ | 15 |  |  | $ | 28 |
Amortization of debt discount and issuance costs | $ | 1 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 11 |
Payments in lieu of conversion price adjustments (1) | $ | 2 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 5 |
(1) Payments in lieu of conversion price adjustments consist of amounts paid to holders of the Convertible Senior Notes when our quarterly dividend to our common stockholders exceeds the amounts defined in the Convertible Senior Notes agreements.

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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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