Debt (Tables)

9 Months Ended

Oct. 31, 2014

Debt Disclosure [Abstract]

Schedule of Notes Payable and Long-Term Debt

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

	Stated interest rate		Effective interest rate		October 31, 2014		January 31, 2014
	(dollars in millions)
Leidos Holdings, Inc. senior unsecured notes:
$450 million notes, which mature in December 2020 (1)	4.45	%	4.53	%	$	451	$	449
$300 million notes, which mature in December 2040	5.95	%	6.03	%	291		300
Leidos, Inc. senior unsecured notes:
$250 million notes, which mature in July 2032	7.13	%	7.43	%	248		248
$300 million notes, which mature in July 2033	5.50	%	5.83	%	201		296
Capital leases and other notes payable due on various dates through fiscal 2021	0%-3.7%		Various		38		40
Total notes payable and long-term debt					$	1,229	$	1,333
Less current portion					2		2
Total notes payable and long-term debt, net of current portion					$	1,227	$	1,331
Fair value of notes payable and long-term debt					$	1,228	$	1,350

(1) As a result of executing the interest rate swap agreements, the carrying value of $451 million includes a fair value adjustment of $2 million attributable to changes in the benchmark interest rate, the six-month LIBOR rate, from the inception of the interest rate swap agreements to October 31, 2014.