XML 43 R32.htm IDEA: XBRL DOCUMENT v3.22.2
Debt (Tables)
 3 Months Ended
Jul. 01, 2022
Debt Disclosure [Abstract]  
Schedule of Components of Debt
The following table summarizes components of our debt:
(In millions, except percentages)
July 1, 2022April 1, 2022
Effective
Interest Rate
3.95% Senior Notes due June 15, 2022
$— $400 4.05 %
New 2.00% Convertible Unsecured Notes due August 15, 2022
525 525 2.62 %
5.00% Senior Notes due April 15, 2025
1,100 1,100 5.00 %
Initial Term Loan due May 7, 20261,009 1,010 
LIBOR plus (1)
Delayed Term loan due May 7, 2026694 703 
LIBOR plus (1)
0.95% Avira Mortgage due December 30, 2030
4 4 0.95 %
1.29% Avira Mortgage due December 30, 2029
4 5 1.29 %
Total principal amount
3,336 3,747 
Less: unamortized discount and issuance costs
(8)(11)
Total debt3,328 3,736 
Less: current portion(614)(1,000)
Total long-term debt$2,714 $2,736 
(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 1, 2022April 1, 2022
Initial Term Loan due May 7, 20262.94 %1.75 %
Delayed Term Loan due May 7, 20262.94 %1.75 %
Schedule of Maturities of Long-term Debt
As of July 1, 2022, the future contractual maturities of debt by fiscal year are as follows:
(In millions)
Remainder of 2023$592 
202489 
202589 
20261,189 
20271,374 
Thereafter3 
Total future maturities of debt$3,336 
Schedule of Convertible Debt
As of July 1, 2022 and April 1, 2022, our Convertible Senior Notes consisted of the following:
July 1, 2022April 1, 2022
(In millions)
New 2.00% Convertible Notes
New 2.00% Convertible Notes
Liability components:
Principal$525 $525 
Unamortized debt discount— (1)
Net carrying amount$525 $524 
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 1, 2022July 2, 2021
Contractual interest expense$3 $3 
Amortization of debt discount$— $1 
Payments in lieu of conversion price adjustments (1)
$1 $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.