XML 55 R37.htm IDEA: XBRL DOCUMENT
v3.23.1

Debt (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Components of Long-Term Debt | The following table summarizes components of our debt:
| March 31, 2023 |  | April 1, 2022
(In millions, except percentages) | Amount |  | Effective Interest Rate |  | Amount |  | Effective Interest Rate
3.95% Senior Notes due June 15, 2022 | — |  |  | N/A |  | 400 |  |  | 4.05 | %
New 2.00% Convertible Unsecured Notes due August 15, 2022 | — |  |  | N/A |  | 525 |  |  | 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 | — |  |  | N/A |  | 1,010 |  |  | LIBOR plus (2)
Delayed Term Loan due May 7, 2026 | — |  |  | N/A |  | 703 |  |  | LIBOR plus (2)
Term A Facility due September 12, 2027 | 3,861 |  |  | SOFR + % (3) |  | — |  |  | N/A
6.75% Senior Notes due September 30, 2027 | 900 |  |  | 6.75 | % |  | — |  |  | N/A
Term B Facility due September 12, 2029 | 3,431 |  |  | SOFR + % (4) |  | — |  |  | N/A
1.29% Avira Mortgage due December 30, 2029 (1) | 4 |  |  | 1.29 | % |  | 5 |  |  | 1.29 | %
7.125% Senior Notes due September 30, 2030 | 600 |  |  | 7.13 | % |  | — |  |  | N/A
0.95% Avira Mortgage due December 30, 2030 (1) | 3 |  |  | 0.95 | % |  | 4 |  |  | 0.95 | %
Total principal amount | 9,899 |  |  |  |  | 3,747 |  |  |
Less: unamortized discount and issuance costs | (137) |  |  |  |  | (11) |  |  |
Total debt | 9,762 |  |  |  |  | 3,736 |  |  |
Less: current portion | (233) |  |  |  |  | (1,000) |  |  |
Total long-term portion | $ | 9,529 |  |  |  |  | $ | 2,736 |  |  |
(1) The Avira Mortgages are denominated in a foreign currency so the balances of these mortgages may fluctuate based on changes in foreign currency exchange rates. (2) 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. (3) Term A Facility due 2027 bears interest at a rate equal to Term SOFR plus a credit spread adjustment (CSA) 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. (4) Term B Facility due 2029 bears interest at a rate equal to Term SOFR plus CSA plus 2.00%. The interest rates for the outstanding term loans are as follows:
| March 31, 2023 |  | April 1, 2022
Term A Facility due September 12, 2027 | 6.66 | % |  | N/A
Term B Facility due September 12, 2029 | 6.91 | % |  | N/A
Initial Term Loan due May 7, 2026 | N/A |  | 1.75 | %
Delayed Term Loan due May 7, 2026 | N/A |  | 1.75 | %
As of April 1, 2022, the Convertible Senior Notes consisted of the following:
| April 1, 2022
(In millions) | New 2.0% Convertible Notes
Liability component: |
Principal | $ | 525 |
Unamortized discount and issuance costs | (1) |
Net carrying amount | $ | 524 |
Equity component, net of tax | $ | 56 |
Schedule of Long-Term Debt for Each of the Next Five Years and Thereafter | As of March 31, 2023, the future contractual maturities of debt by fiscal year are as follows:
(In millions) |
2024 | $ | 233 |
2025 | 234 |
2026 | 1,333 |
2027 | 233 |
2028 | 4,017 |
Thereafter | 3,849 |
Total future maturities of debt | $ | 9,899 |
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) | March 31, 2023 |  | April 1, 2022 |  | April 2, 2021
Contractual interest expense | $ | 4 |  |  | $ | 12 |  |  | $ | 20 |
Amortization of debt discount and issuance costs | $ | — |  |  | $ | 4 |  |  | $ | 4 |
Payments in lieu of conversion price adjustments (1) | $ | 1 |  |  | $ | 8 |  |  | $ | 12 |
(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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration