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Debt (Tables)
 6 Months Ended
Oct. 02, 2020
Debt Disclosure [Abstract]  
Schedule of Components of Debt
The following table summarizes components of our debt:
(In millions, except percentages)
October 2, 2020April 3, 2020
Effective
Interest Rate
4.2% Senior Notes due September 15, 2020
$— $750 4.25 %
New 2.5% Convertible Senior Notes due April 1, 2022
250 250 2.63 %
3.95% Senior Notes due June 15, 2022
400 400 4.05 %
2.0% Convertible Senior Notes due August 15, 2022
— 625 2.66 %
New 2.0% Convertible Senior Notes due August 15, 2022
625 625 2.62 %
Term Loan due November 4, 2024500 500 
LIBOR plus (1)
Delayed Draw Term Loan due November 4, 2024750 — 
LIBOR plus (1)
5.0% Senior Notes due April 15, 2025
1,100 1,100 5.23 %
Total principal amount
3,625 4,250 
Less: unamortized discount and issuance costs
(22)(29)
Total debt3,603 4,221 
Less: current portion(47)(756)
Total long-term debt$3,556 $3,465 
(1)The term loans bear interest at a rate equal to the London Interbank Offered Rate (LIBOR) plus a margin based either on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt or consolidated adjusted leverage as defined in the underlying loan agreement. The interest rates for the outstanding term loans are as follows:
October 2, 2020April 3, 2020
Term Loan due November 4, 20241.56 %2.88 %
Delayed Draw Term Loan due November 4, 20241.56 %N/A
Schedule of Maturities of Long-term Debt
As of October 2, 2020, the future contractual maturities of debt by fiscal year are as follows:
(In millions)
Remainder of 2021$16 
2022312 
20231,088 
202462 
20251,047 
Thereafter1,100 
Total future maturities of debt$3,625 
Schedule of Convertible Debt
As of October 2, 2020 and April 3, 2020, the Convertible Senior Notes consisted of the following:
October 2, 2020April 3, 2020
(In millions)New 2.5% Convertible NotesNew 2.0% Convertible NotesNew 2.5% Convertible NotesNew 2.0% Convertible Notes2.0% Convertible Notes
Liability components:
Principal$250 $625 $250 $625 $625 
Unamortized discount and issuance costs— (7)(1)(9)(6)
Net carrying amount$250 $618 $249 $616 $619 
Equity component net of tax$43 $56 $43 $56 $12 
Schedule of Interest Expense
The following table sets forth total interest expense recognized related to our Convertible Senior Notes:
Three Months EndedSix Months Ended
(In millions)October 2, 2020October 4, 2019October 2, 2020October 4, 2019
Contractual interest expense$4 $9 $10 $19 
Amortization of debt discount and issuance costs$1 $4 $2 $8 
Payments in lieu of conversion price adjustments (1)
$3 $— $5 $— 
(1) Payments in lieu of conversion price adjustments consist of amounts paid to holders of the Convertible Senior Notes when our quarterly dividend to our common stockholders exceeds the amounts defined in the Convertible Senior Notes agreements.