Debt

The following is a summary of the Company's debt:



			As of
(in millions)	Interest Rates	Fiscal Year Maturities	March 31, 2019		March 31, 2018
Short-term debt and current maturities of long-term debt
Euro-denominated commercial paper⁽¹⁾	(0.1) - 0.02%⁽²⁾	2020	$	694	$	863
Current maturities of long-term debt	Various	2020	766		439
Current maturities of capitalized lease liabilities	1.0% - 12.0%	2020	482		616
Short-term debt and current maturities of long-term debt			$	1,942	$	1,918

Long-term debt, net of current maturities
GBP term loan	1.3% -1.5%⁽³⁾	2019	$	—	$	260
EUR term loan	1.75%⁽⁴⁾	2019	—		493
AUD term loan	2.7% - 2.9%⁽⁵⁾	2021	567		—
AUD term loan	2.9% - 3.3%⁽⁶⁾	2022	—		210
GBP term loan	1.60%⁽⁷⁾	2022	583		—
EUR term loan	0.90%⁽⁸⁾	2022	—		187
USD term loan	3.1% - 3.3%⁽⁹⁾	2022	—		899
$500 million Senior notes	2.875%	2020	502		502
$500 million Senior notes	3.0% - 3.8%⁽¹⁰⁾	2021	498		646
$274 million Senior notes	4.45%	2023	277		278
$171 million Senior notes	4.45%	2023	172		173
$500 million Senior notes	4.25%	2025	506		507
£250 million Senior notes	2.75%	2025	322		346
€650 million Senior notes	1.75%	2026	725		—
$500 million Senior notes	4.75%	2028	508		509
$234 million Senior notes	7.45%	2030	273		277
Lease credit facility	2.2% - 3.5%	2020 - 2023	25		46
Capitalized lease liabilities	1.0% - 12.0%	2020 - 2024	1,127		1,235
Borrowings for assets acquired under long-term financing	2.3% - 4.5%	2020 - 2024	462		405
Mandatorily redeemable preferred stock outstanding	6.00%	2023	62		61
Other borrowings	0.5% - 7.4%	2020 - 2022	109		113
Long-term debt			6,718		7,147
Less: current maturities			1,248		1,055
Long-term debt, net of current maturities			$	5,470	$	6,092


⁽¹⁾	At DXC's option, DXC can borrow up to a maximum of €1 billion.


⁽²⁾	Approximate weighted average interest rate.

⁽³⁾ Three-month LIBOR rate plus 0.65%.

⁽⁴⁾Three-month EURIBOR rate plus 1.75%.

⁽⁵⁾ Variable interest rate equal to the bank bill swap bid rate for a one-, two-, three- or six-month interest period plus 0.60% to 0.95% based on the published credit ratings of DXC.

⁽⁶⁾ Variable interest rate equal to the bank bill swap bid rate for a one, two, three or six-month interest period plus 0.95% to 1.45% based on the published credit ratings of DXC.

⁽⁷⁾ Three-month LIBOR plus 0.80%.

⁽⁸⁾ At DXC’s option, the EUR term loan bears interest at the Eurocurrency Rate for a one-, two-, three-, or six-month interest period, plus a margin of between 0.75% and 1.35%, based on published credit ratings of DXC.

⁽⁹⁾ At DXC’s option, the USD term loan bears interest at the Eurocurrency Rate for a one-, two-, three-, or six-month interest period, plus a margin of between 1.00% and 1.75%, based on published credit ratings of DXC or the Base Rate plus a margin of between 0.00% and 0.75%, based on published credit ratings of DXC.

⁽¹⁰⁾ Three-month LIBOR plus 0.95%.

Senior Notes and Term Loans

Interest on the Company's term loans is payable monthly or quarterly in arrears at the election of the borrowers. The Company fully and unconditionally guarantees term loans issued by its 100% owned subsidiaries. Interest on the Company's senior notes is payable semi-annually in arrears, except for interest on the £250 million Senior notes due 2025 and €650 million Senior Notes due 2026 which is payable annually in arrears, and interest on the $500 million Senior notes due 2021 which is payable quarterly in arrears. Generally, the Company's notes are redeemable at the Company's discretion at the then-applicable redemption premium plus accrued interest.

Capital Lease and Financing Obligations

Capitalized lease liabilities represent obligations due under capital leases for the use of computers and other equipment. The gross amount of assets recorded under capital leases was $2.2 billion with accumulated amortization of $1.0 billion as of March 31, 2019, and $3.5 billion with accumulated amortization of $2.3 billion as of March 31, 2018. The future minimum lease payments required to be made under the capital leases as of March 31, 2019, are as follows:



Fiscal Year	(in millions)
2020	$	509
2021	310
2022	212
2023	128
2024	36
Thereafter	—
Total minimum lease payments	1,195
Less: Amount representing interest and executory costs	(68		)
Present value of net minimum lease payments	1,127
Less: Current maturities of capital lease obligations	(482		)
Long-term capitalized lease liabilities	$	645

Future Maturities of Long-term Debt

Expected maturities of long-term debt, including borrowings for asset financing but excluding minimum capital lease payments, for fiscal years subsequent to March 31, 2019, are as follows:



Fiscal Year	(in millions)
2020	$	766
2021	1,221
2022	722
2023	547
2024	21
Thereafter	2,314
Total	$	5,591