Debt (Tables)

11 Months Ended

Jan. 01, 2016

Debt Disclosure [Abstract]

Schedule of Notes Payable and Long-Term Debt

The Company’s notes payable and long-term debt consisted of the following for the years presented:

	Stated interest rate		Effective interest rate		January 1, 2016		January 30, 2015
	(dollars in millions)
Leidos Holdings, Inc. senior unsecured notes:
$450 million notes issued in fiscal 2011, which mature in December 2020 (1)	4.45	%	4.53	%	$	457	$	466
$300 million notes issued in fiscal 2011, which mature in December 2040	5.95	%	6.03	%	218		232
Leidos, Inc. senior unsecured notes:
$250 million notes issued in fiscal 2003, which mature in July 2032	7.13	%	7.43	%	248		248
$300 million notes issued in fiscal 2004, which mature in July 2033	5.50	%	5.88	%	159		182
Capital leases and other notes payable due on various dates through fiscal 2020	0%-5.55%		Various		6		38
Total notes payable and long-term debt					1,088		1,166
Less current portion					2		2
Total notes payable and long-term debt, net of current portion					$	1,086	$	1,164
Fair value of notes payable and long-term debt					$	1,060	$	1,152

⁽¹⁾ As a result of executing the interest rate swap agreements, the carrying values of $457 million and $466 million include fair value adjustments of $9 million and $17 million, respectively, attributable to changes in the benchmark interest rate, the six-month LIBOR rate, for the 11-month period ended January 1, 2016, and the fiscal year ended January 30, 2015, respectively.

Schedule of Maturities of Notes Payable and Long-Term Debt

Maturities of notes payable and long-term debt are as follows:

Fiscal Year Ending
	(in millions)
2016	$	2
2017	2
2018	1
2019	1
2020	—
2021 and thereafter	1,087
Total principal payments	1,093
Less unamortized discount	5
	$	1,088