Debt (Tables)

9 Months Ended

Oct. 02, 2020

Debt Disclosure [Abstract]

Schedule of notes payable and long-term debt

Our debt consisted of the following:

	Stated interest rate	Effective interest rate	October 2, 2020(1)		January 3,  2020(1)
			(in millions)
Senior unsecured term loans:
$300 million Term Loan, due June 2021	2.15%	2.41%	$	299	$	—
$1,925 million Term Loan, due January 2025	1.53%	1.78%	1,860		—
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	4.45%	4.53%	—		452
$500 million notes, due May 2023	2.95%	3.17%	497		—
$500 million notes, due May 2025	3.63%	3.76%	496		—
$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	17		15
Total long-term debt			4,526		2,986
Less: current portion			(401)		(61)
Total long-term debt, net of current portion			$	4,125	$	2,925

(1) The carrying amounts of the senior term loans and notes as of October 2, 2020, and January 3, 2020, include the remaining principal outstanding of $4,556 million and $3,004 million, respectively, less total unamortized debt discounts and deferred debt issuances costs of $47 million and $35 million, respectively, and a $2 million asset as of January 3, 2020 related to the fair value interest rate swaps (see "Note 9–Derivative Instruments").