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Debt and Credit Facility
 12 Months Ended
Apr. 03, 2021
Debt Disclosure [Abstract]  
Debt and Credit Facility Debt and Credit Facility
2021 Notes

On March 12, 2014, the Company issued the 2021 Notes at a discounted price of 99.281% of par. Interest on the 2021 Notes is payable semi-annually on March 15 and September 15. The effective interest rate of the 2021 Notes is 3.115%. The coupon interest rate of the 2021 Notes is 3.000%. The Company retired the matured the 2021 Notes in March 2021.

The Company received net proceeds of $495.4 million from issuance of the 2021 Notes, after the debt discounts and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2021 Notes.

The following table summarizes the carrying value of the 2021 Notes in the Company's consolidated balance sheets:
(In thousands)April 3, 2021March 28, 2020
Principal amount of the 2021 Notes$— $500,000 
Unamortized discount of the 2021 Notes— (517)
Unamortized debt issuance costs associated with the 2021 Notes— (223)
Carrying value of the 2021 Notes$— $499,260 

Interest expense related to the 2021 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows:
Years Ended
(In thousands)April 3, 2021March 28, 2020March 30, 2019
Contractual coupon interest$14,416 $15,000 $15,000 
Amortization of debt discount, net517 546 530 
Amortization of debt issuance costs223 244 244 
Total interest expense related to the 2021 Notes$15,156 $15,790 $15,774 

2024 Notes

On May 30, 2017, the Company issued the 2024 Notes at a discounted price of 99.887% of par. Interest on the 2024 Notes is payable semi-annually on June 1 and December 1. The effective interest rate of the 2024 Notes is 2.968%. The coupon interest rate of the 2024 Notes is 2.950%.

The Company received net proceeds of $745.2 million from the issuance of the 2024 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2024 Notes. As of April 3, 2021, the remaining term of the 2024 Notes is approximately 3.2 years.

The following table summarizes the carrying value of the 2024 Notes in the Company's consolidated balance sheets:
(In thousands)April 3, 2021March 28, 2020
Principal amount of the 2024 Notes$750,000 $750,000 
Unamortized discount of the 2024 Notes(405)(525)
Unamortized debt issuance costs associated with the 2024 Notes(1,797)(2,365)
Carrying value of the 2024 Notes$747,798 $747,110 

Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows:
Years Ended
(In thousands)April 3, 2021March 28, 2020March 30, 2019
Contractual coupon interest$21,773 $22,873 $25,875 
Amortization of debt discount120 117 113 
Amortization of debt issuance costs568 567 568 
Total interest expense related to the 2024 Notes$22,461 $23,557 $26,556 

2030 Notes

On May 19, 2020, the Company issued the 2030 Notes at a discounted price of 99.973% of par. Interest on the 2030 Notes is payable semi-annually on June 1 and December 1. The effective interest rate of the 2030 Notes is 2.378%. The coupon interest rate of the 2030 Notes is 2.375%.

The Company received $744.4 million from the issuance of the 2030 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2030 Notes. As of April 3, 2021, the remaining term of the 2030 Notes is approximately 9.2 years.

The following table summarizes the carrying value of the 2030 Notes as of April 3, 2021:

(In thousands)April 3, 2021
Principal amount of the 2030 Notes$750,000 
Unamortized discount of the 2030 Notes(187)
Unamortized debt issuance costs associated with 2030 Notes(4,923)
Carrying Value of the 2030 Notes$744,890 


Interest expense related to the 2030 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows:

Years Ended
(In thousands)April 3, 2021
Contractual coupon interest$15,608 
Amortization of debt discount, net16 
Amortization of debt issuance costs448 
Total interest expense related to the 2030 Notes$16,072 

Revolving Credit Facility
On December 7, 2016, the Company entered into a $400.0 million senior unsecured revolving credit facility that, upon certain conditions, may be extended by an additional $150.0 million, with a syndicate of banks (expiring in December 2021). Borrowings under the credit facility bore interest at a benchmark rate plus an applicable margin based upon the Company's credit rating. In connection with the credit facility, the Company was required to maintain certain financial and non-financial covenants. On December 1, 2020, the Company terminated the senior unsecured revolving credit facility. The Company had made no borrowings under this credit facility and was not in violation of any of the covenants before the termination.