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Debt Obligations | 6 Months Ended
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Sep. 28, 2019
Debt Disclosure [Abstract] |
Debt Obligations | Debt Obligations The following table presents the Company’s debt obligations (in millions):
| September 28, 2019 |  | March 30, 2019
Term Loan | $ | 1,435 |  |  | $ | 1,580 |
Revolving Credit Facilities | 523 |  |  | 550 |
4.000% Senior Notes due 2024 | 450 |  |  | 450 |
Other | 3 |  |  | 1 |
Total debt | 2,411 |  |  | 2,581 |
Less: Unamortized debt issuance costs | 10 |  |  | 13 |
Less: Unamortized discount on long-term debt | 2 |  |  | 2 |
Total carrying value of debt | 2,399 |  |  | 2,566 |
Less: Short-term debt | 603 |  |  | 630 |
Total long-term debt | $ | 1,796 |  |  | $ | 1,936 |
Senior Unsecured Revolving Credit Facility The 2018 Credit Facility requires the Company to maintain a leverage ratio as of the end of each fiscal quarter of no greater than 3.75 to 1. Such leverage ratio is calculated as the ratio of the sum of total indebtedness as of the date of the measurement plus six times the consolidated rent expense for the last four consecutive fiscal quarters, to Consolidated EBITDAR (as defined below) for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined as consolidated net income plus income tax expense, net interest expense, depreciation and amortization expense, consolidated rent expense and other non-cash charges, subject to certain additions and deductions. The 2018 Credit Facility also includes covenants that limit additional indebtedness, guarantees, liens, acquisitions and other investments and cash dividends that are customary for financings of this type. As of September 28, 2019, the Company was in compliance with all covenants related to this agreement. As of September 28, 2019 and March 30, 2019, the Company had borrowings of $513 million and $539 million, respectively, outstanding under the 2018 Revolving Credit Facility, which were recorded within short-term debt in its consolidated balance sheets. In addition, stand-by letters of credit of $16 million were outstanding as of September 28, 2019. At September 28, 2019, the amount available for future borrowings under the 2018 Revolving Credit Facility was $471 million. As of September 28, 2019 and March 30, 2019, the carrying value of borrowings outstanding under the 2018 Term Loan Facility was $1.428 billion and $1.570 billion, respectively, of which $80 million was recorded within short-term debt in each period and $1.348 billion and $1.490 billion, respectively, was recorded within long-term debt in its consolidated balance sheets. See Note 11 to the Company’s Fiscal 2019 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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