Debt (Tables)

12 Months Ended

Jan. 03, 2020

Debt Disclosure [Abstract]

Schedule of company's debt

The Company's debt consisted of the following:

	Stated interest rate		Effective interest rate		January 3, 2020(1)			December 28, 2018(1)
					(in millions)
Senior secured notes:
$450 million notes, due December 2020	4.45	%	4.53	%	$	452		$	447
$300 million notes, due December 2040	5.95	%	6.03	%	216			216
Senior secured term loans:
$690 million Term Loan A, due August 2023	3.31	%	3.74	%	581			617
$310 million Term Loan A, due August 2023	3.31	%	3.76	%	242			258
$1,131 million Term Loan B, due August 2025	3.56	%	3.91	%	1,075			1,085
Senior unsecured notes:
$250 million notes, due July 2032	7.13	%	7.43	%	247			246
$300 million notes, due July 2033	5.50	%	5.88	%	158			158
Notes payable and finance leases due on various dates through fiscal 2022	2.85%-5.49%		Various		15			97
Total long-term debt					2,986			3,124
Less: current portion					(61		)	(72		)
Total long-term debt, net of current portion					$	2,925		$	3,052

⁽¹⁾ 

The carrying amounts of the senior secured term loans and notes and unsecured notes as of January 3, 2020, and December 28, 2018, include the remaining principal outstanding of $3,004 million and $3,073 million, respectively, less total unamortized debt discounts and deferred debt issuance costs of $35 million and $43 million, respectively, and a $2 million asset and a $3 million liability, respectively, related to the fair value of the interest rate swaps (see "Note 15—Derivative Instruments").

Schedule of future minimum payments of debt

Future minimum payments of debt are as follows:

Fiscal Year Ending
	(in millions)
2020	$	519
2021	103
2022	102
2023	619
2024	11
2025 and thereafter	1,667
Total principal payments	3,021
Less: unamortized debt discount and issuance costs	(35		)
Total long-term debt	$	2,986