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Debt (Tables) | 3 Months Ended
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Jul. 02, 2021
Debt Disclosure [Abstract] |
Schedule of Components of Debt | The following table summarizes components of our debt:
(In millions, except percentages) | July 2, 2021 |  | April 2, 2021 |  | Effective Interest Rate
New 2.50% Convertible Senior Notes due April 1, 2022 | $ | — |  |  | $ | 250 |  |  | 2.63 | %
3.95% Senior Notes due June 15, 2022 | 400 |  |  | 400 |  |  | 4.05 | %
New 2.00% Convertible Unsecured Notes due August 15, 2022 | 625 |  |  | 625 |  |  | 2.62 | %
5.00% Senior Notes due April 15, 2025 | 1,100 |  |  | 1,100 |  |  | 5.00 | %
Initial Term Loan due May 7, 2026 | 1,010 |  |  | 494 |  |  | LIBOR plus (1)
Delayed Term loan due May 7, 2026 | 731 |  |  | 741 |  |  | LIBOR plus (1)
0.95% Avira Mortgage due December 30, 2030 | 5 |  |  | 5 |  |  | 0.95 | %
1.29% Avira Mortgage due December 30, 2029 | 5 |  |  | 5 |  |  | 1.29 | %
Total principal amount | 3,876 |  |  | 3,620 |  |  |
Less: unamortized discount and issuance costs | (16) |  |  | (19) |  |  |
Total debt | 3,860 |  |  | 3,601 |  |  |
Less: current portion | (438) |  |  | (313) |  |  |
Total long-term debt | $ | 3,422 |  |  | $ | 3,288 |  |  |
(1) The term loans bear interest at a rate equal to 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:
| July 2, 2021 |  | April 2, 2021
Term Loan due May 7, 2026 | 1.50 | % |  | 1.50 | %
Delayed Term Loan due May 7, 2026 | 1.50 | % |  | 1.50 | %
Schedule of Maturities of Long-term Debt | As of July 2, 2021, the future contractual maturities of debt by fiscal year are as follows:
(In millions) |
Remainder of 2022 | $ | 29 |
2023 | 1,101 |
2024 | 89 |
2025 | 89 |
2026 | 1,189 |
Thereafter | 1,379 |
Total future maturities of debt | $ | 3,876 |
Schedule of Convertible Debt | As of July 2, 2021 and April 2, 2021, our Convertible Senior Notes consisted of the following:
|  |  | July 2, 2021 |  | April 2, 2021
(In millions) |  |  | New 2.00% Convertible Notes |  | New 2.50% Convertible Notes |  | New 2.00% Convertible Notes
Liability components: |  |  |  |  |  |  |
Principal |  |  | $ | 625 |  |  | $ | 250 |  |  | $ | 625 |
Unamortized discount and issuance costs |  |  | (4) |  |  | — |  |  | (5) |
Net carrying amount |  |  | $ | 621 |  |  | $ | 250 |  |  | $ | 620 |
Equity component net of tax |  |  | $ | 56 |  |  | $ | 43 |  |  | $ | 56 |
Schedule of Interest Expense | The following table sets forth total interest expense recognized related to our Convertible Senior Notes:
| Three Months Ended |  |
(In millions) | July 2, 2021 |  | July 3, 2020 |  |  |  |
Contractual interest expense | $ | 3 |  |  | $ | 6 |  |  |  |  |
Amortization of debt discount and issuance costs | $ | 1 |  |  | $ | 1 |  |  |  |  |
Payments in lieu of conversion price adjustments (1) | $ | 2 |  |  | $ | 2 |  |  |  |  |
(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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