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Debt (Tables)
 3 Months Ended
Jul. 03, 2020
Debt Disclosure [Abstract]  
Schedule of Components of Debt
The following table summarizes components of our debt:
(In millions, except percentages)
July 3, 2020April 3, 2020
Effective
Interest Rate
4.2% Senior Notes due September 15, 2020
$750  $750  4.25 %
New 2.5% Convertible Senior Notes due April 1, 2022
250  250  2.63 %
3.95% Senior Notes due June 15, 2022
400  400  4.05 %
2.0% Convertible Senior Notes due August 15, 2022
—  625  2.66 %
New 2.0% Convertible Senior Notes due August 15, 2022
625  625  2.62 %
Term Loan due November 4, 2024500  500  
LIBOR plus (1)
5.0% Senior Notes due April 15, 2025
1,100  1,100  5.23 %
Total principal amount
3,625  4,250  
Less: unamortized discount and issuance costs
(21) (29) 
Total debt3,604  4,221  
Less: current portion(763) (756) 
Total long-term debt$2,841  $3,465  
(1)The term loan bears interest at a rate equal to the London Interbank Offered Rate (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. The interest rate for the outstanding term loan is as follows:
July 3, 2020April 3, 2020
Term Loan due November 4, 20241.69 %2.88 %
Schedule of Maturities of Long-term Debt
As of July 3, 2020, the future contractual maturities of debt by fiscal year are as follows:
(In millions)
Remainder of 2021$756  
2022275  
20231,050  
202425  
2025419  
Thereafter1,100  
Total future maturities of debt$3,625  
Schedule of Convertible Debt
As of July 3, 2020 and April 3, 2020, the Convertible Senior Notes consisted of the following:
July 3, 2020April 3, 2020
(In millions)New 2.5% Convertible NotesNew 2.0% Convertible NotesNew 2.5% Convertible NotesNew 2.0% Convertible Notes2.0% Convertible Notes
Liability components:
Principal$250  $625  $250  $625  $625  
Unamortized discount and issuance costs(1) (8) (1) (9) (6) 
Net carrying amount$249  $617  $249  $616  $619  
Equity component net of tax$43  $56  $43  $56  $12  
Schedule of Interest Expense
The following table sets forth total interest expense recognized related to our Convertible Senior Notes:
Three Months Ended
(In millions)July 3, 2020July 5, 2019
Contractual interest expense$6  $10  
Amortization of debt discount and issuance costs$1  $4  
Payments in lieu of conversion price adjustments (1)
$2  $—  
(1) Payments in lieu of conversion price adjustments include $2 million paid to holders of the Convertible Senior Notes because our dividend of $0.125 per share to our common stockholders that was paid in June 2020 exceeded the amounts defined in the Convertible Senior Notes agreements.