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Debt (Tables)
 3 Months Ended
Jul. 02, 2021
Debt Disclosure [Abstract]  
Schedule of Components of Debt
The following table summarizes components of our debt:
(In millions, except percentages)
July 2, 2021April 2, 2021
Effective
Interest Rate
New 2.50% Convertible Senior Notes due April 1, 2022
$— $250 2.63 %
3.95% Senior Notes due June 15, 2022
400 400 4.05 %
New 2.00% Convertible Unsecured Notes due August 15, 2022
625 625 2.62 %
5.00% Senior Notes due April 15, 2025
1,100 1,100 5.00 %
Initial Term Loan due May 7, 20261,010 494 
LIBOR plus (1)
Delayed Term loan due May 7, 2026731 741 
LIBOR plus (1)
0.95% Avira Mortgage due December 30, 2030
5 5 0.95 %
1.29% Avira Mortgage due December 30, 2029
5 5 1.29 %
Total principal amount
3,876 3,620 
Less: unamortized discount and issuance costs
(16)(19)
Total debt3,860 3,601 
Less: current portion(438)(313)
Total long-term debt$3,422 $3,288 
(1) The term loans bear interest at a rate equal to 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:
July 2, 2021April 2, 2021
Term Loan due May 7, 20261.50 %1.50 %
Delayed Term Loan due May 7, 20261.50 %1.50 %
Schedule of Maturities of Long-term Debt
As of July 2, 2021, the future contractual maturities of debt by fiscal year are as follows:
(In millions)
Remainder of 2022$29 
20231,101 
202489 
202589 
20261,189 
Thereafter1,379 
Total future maturities of debt$3,876 
Schedule of Convertible Debt
As of July 2, 2021 and April 2, 2021, our Convertible Senior Notes consisted of the following:
July 2, 2021April 2, 2021
(In millions)
New 2.00% Convertible Notes
New 2.50% Convertible Notes
New 2.00% Convertible Notes
Liability components:
Principal$625 $250 $625 
Unamortized discount and issuance costs(4)— (5)
Net carrying amount$621 $250 $620 
Equity component net of tax$56 $43 $56 
Schedule of Interest Expense
The following table sets forth total interest expense recognized related to our Convertible Senior Notes:
Three Months Ended
(In millions)July 2, 2021July 3, 2020
Contractual interest expense$3 $6 
Amortization of debt discount and issuance costs$1 $1 
Payments in lieu of conversion price adjustments (1)
$2 $2 
(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.