Debt (Tables)

6 Months Ended

Jul. 03, 2015

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		July 3, 2015		January 30, 2015
	(dollars in millions)
Leidos Holdings, Inc. senior unsecured notes:
$450 million notes, which mature in December 2020 (1)	4.45	%	4.53	%	$	454	$	466
$300 million notes, which mature in December 2040	5.95	%	6.03	%	221		232
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	%	5.86	%	170		182
Capital leases and other notes payable due on various dates through fiscal 2020	0%-3.7%		Various		36		38
Total notes payable and long-term debt					$	1,129	$	1,166
Less current portion					2		2
Total notes payable and long-term debt, net of current portion					$	1,127	$	1,164
Fair value of notes payable and long-term debt					$	1,114	$	1,152

(1) As a result of executing the interest rate swap agreements, the carrying values of $454 million and $466 million include fair value adjustments of $5 million and $17 million, respectively, attributable to changes in the benchmark interest rate, the six-month LIBOR rate, from the inception of the interest rate swap agreements to July 3, 2015 and January 30, 2015, respectively.