Debt (Tables)

6 Months Ended

Jul. 03, 2020

Debt Disclosure [Abstract]

Schedule of notes payable and long-term debt

Our debt consisted of the following:

	Stated interest rate	Effective interest rate	July 3, 2020(1)		January 3, 2020(1)
			(in millions)
Senior unsecured term loans:
$300 million Term Loan, due June 2021	2.18%	2.52%	$	299	$	—
$1,925 million Term Loan, due January 2025	1.56%	1.81%	1,883		—
Senior secured term loans:
$690 million Term Loan A, due August 2023	3.31%	3.74%	—		581
$310 million Term Loan A, due August 2023	3.31%	3.76%	—		242
$1,131 million Term Loan B, due August 2025	3.56%	3.91%	—		1,075
Senior unsecured notes:
$450 million notes, due December 2020(2)	4.45%	4.53%	452		452
$500 million notes, due May 2023	2.95%	3.17%	496		—
$500 million notes, due May 2025	3.63%	3.76%	495		—
$750 million notes due May 2030	4.38%	4.50%	736		—
$250 million notes, due July 2032	7.13%	7.43%	247		247
$300 million notes, due July 2033	5.50%	5.88%	158		158
$300 million notes, due December 2040	5.95%	6.03%	216		216
Notes payable and finance leases due on various dates through fiscal 2030	2.15%-5.49%	Various	20		15
Total long-term debt			5,002		2,986
Less: current portion			(854)		(61)
Total long-term debt, net of current portion			$	4,148	$	2,925

⁽¹⁾ The carrying amounts of the senior term loans and notes as of July 3, 2020, and January 3, 2020, include the remaining principal outstanding of $5,030 million and $3,004 million, respectively, less total unamortized debt discounts and deferred debt issuances costs of $50 million and $35 million, respectively, and a $2 million asset for both periods related to the fair value interest rate swaps (see "Note 9–Derivative Instruments").

⁽²⁾ As of January 3, 2020, the carrying value of the $450 million senior notes maturing in December 2020 was reflected within “Long-term debt, net of current portion” as we had the ability to consummate and intention to refinance the existing debt. During the three months ended April 3, 2020, we determined that it was more beneficial to repay our $450 million senior notes maturing in December 2020 as contractually obligated rather than to refinance the debt based on current financial market conditions. As a result, the carrying value was reclassified into the current portion of long-term debt.