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Debt (Tables) | 12 Months Ended
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Apr. 01, 2022
Debt Disclosure [Abstract] |
Schedule of Components of Long-Term Debt | The following table summarizes components of our debt:
| April 1, 2022 |  | April 2, 2021
(In millions, except percentages) | Amount |  | Effective Interest Rate |  | Amount |  | Effective Interest Rate
New 2.50% Convertible Senior Notes due April 1, 2022 | $ | — |  |  | 2.63 | % |  | $ | 250 |  |  | 2.63 | %
3.95% Senior Notes due June 15, 2022 | 400 |  |  | 4.05 | % |  | 400 |  |  | 4.05 | %
New 2.00% Convertible Unsecured Notes due August 15, 2022 | 525 |  |  | 2.62 | % |  | 625 |  |  | 2.62 | %
5.0% Senior Notes due April 15, 2025 | 1,100 |  |  | 5.00 | % |  | 1,100 |  |  | 5.00 | %
Initial Term Loan due May 7, 2026 | 1,010 |  |  | LIBOR plus (1) |  | 494 |  |  | LIBOR plus (1)
Delayed Term Loan due May 7, 2026 | 703 |  |  | LIBOR plus (1) |  | 741 |  |  | LIBOR plus (1)
0.95% Avira Mortgage due December 30, 2030 | 4 |  |  | 0.95 | % |  | 5 |  |  | 0.95 | %
1.29% Avira Mortgage due December 30, 2029 | 5 |  |  | 1.29 | % |  | 5 |  |  | 1.29 | %
Total principal amount | 3,747 |  |  |  |  | 3,620 |  |  |
Less: unamortized discount and issuance costs | (11) |  |  |  |  | (19) |  |  |
Total debt | 3,736 |  |  |  |  | 3,601 |  |  |
Less: current portion | (1,000) |  |  |  |  | (313) |  |  |
Total long-term portion | $ | 2,736 |  |  |  |  | $ | 3,288 |  |  |
(1)The term loans bear interest at a rate equal to the LIBOR plus a margin based on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt, and our underlying loan agreements. The interest rates for the outstanding term loans are as follows:
| April 1, 2022 |  | April 2, 2021
Initial Term Loan due May 7, 2026 | 1.75 | % |  | 1.50 | %
Delayed Term Loan due May 7, 2026 | 1.75 | % |  | 1.50 | %
As of April 1, 2022 and April 2, 2021, the Convertible Senior Notes consisted of the following:
| April 1, 2022 |  | April 2, 2021
(In millions) | New 2.0% Convertible Notes |  | New 2.5% Convertible Notes |  | New 2.0% Convertible Notes
Liability component: |  |  |  |  |
Principal | $ | 525 |  |  | $ | 250 |  |  | $ | 625 |
Unamortized discount and issuance costs | (1) |  |  | — |  |  | (5) |
Net carrying amount | $ | 524 |  |  | $ | 250 |  |  | $ | 620 |
Equity component, net of tax | $ | 56 |  |  | $ | 43 |  |  | $ | 56 |
Schedule of Long-Term Debt for Each of the Next Five Years and Thereafter | As of April 1, 2022, the future contractual maturities of debt by fiscal year are as follows:
(In millions) |
2023 | $ | 1,001 |
2024 | 89 |
2025 | 89 |
2026 | 1,189 |
2027 | 1,376 |
Thereafter | 3 |
Total future maturities of debt | $ | 3,747 |
Schedule of Interest Income and Interest Expense Disclosure | The following table sets forth total interest expense recognized related to our convertible notes:
| Year Ended
(In millions) | April 1, 2022 |  | April 2, 2021 |  | April 3, 2020
Contractual interest expense | $ | 12 |  |  | $ | 20 |  |  | $ | 37 |
Amortization of debt discount and issuance costs | $ | 4 |  |  | $ | 4 |  |  | $ | 13 |
Payments in lieu of conversion price adjustments (1) | $ | 8 |  |  | $ | 12 |  |  | $ | 11 |
(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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