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Debt and Other Commitments (Tables)

12 Months Ended

Jan. 02, 2022

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Summary of Term Debt Obligations

In millions			January 2, 2022
Principal amount of 2031 Term Notes outstanding			$	500
Principal amount of 2023 Term Notes outstanding			500
Unamortized discounts and debt issuance costs			(7)
Net carrying amount of term notes			993
Less: current portion			—
Term notes, non-current			$	993
Fair value of term notes outstanding (Level 2)			$	996

Summary of Convertible Debt Obligations

In millions			January 2, 2022						January 3, 2021
Principal amount of 2023 Convertible Senior Notes outstanding			$	750					$	750
Principal amount of 2021 Convertible Senior Notes outstanding			—						517
Unamortized discount of liability component of convertible senior notes			(48)						(83)
Net carrying amount of liability component of convertible senior notes			702						1,184
Less: current portion			—						(511)
Convertible senior notes, non-current			$	702					$	673
Carrying value of equity component of convertible senior notes, net of debt issuance costs			$	126					$	213
Fair value of convertible senior notes outstanding (Level 2)			$	854					$	1,595
Weighted-average remaining amortization period of discount on the liability component of convertible senior notes			1.6 years						2.4 years

Interest expense recognized on the Convertible Senior Notes, which included amortization of debt discounts and issuance costs, was $36 million, $46 million, and $51 million in 2021, 2020, and 2019, respectively.

Schedule of Debt Conversions

The following table summarizes information about the conversions during 2021:

In millions			2021 Notes
Cash paid for principal of notes converted			$	517
Conversion value over principal amount, paid in shares of common stock			$	313
Number of shares of common stock issued upon conversion			0.7
Loss on extinguishment of debt			$	1

Schedule of Leases

As of January 2, 2022, the maturities of our operating lease liabilities were as follows:

In millions
2022			$	103
2023			101
2024			112
2025			105
2026			103
Thereafter			517
Total remaining lease payments (1)			1,041
Less: imputed interest			(196)
Total operating lease liabilities			845
Less: current portion			(71)
Long-term operating lease liabilities			$	774
Weighted-average remaining lease term			9.9 years
Weighted-average discount rate			4.1		%

_____________

(1)Total remaining lease payments exclude $8 million of legally binding minimum lease payments for leases signed but not yet commenced.

Schedule of Components of Lease Costs

The components of our lease costs were as follows:

In millions			2021						2020						2019
Operating lease costs			$	99					$	84					$	84
Sublease income			(16)						(11)						(12)
Total lease costs			$	83					$	73					$	72

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

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Tabular disclosure of information on an original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. The information may be presented entirely or partially in this block of text or in the associated elements.

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