FINANCIAL ASSETS AND LIABILITIES (Tables)

12 Months Ended

Mar. 31, 2023

FINANCIAL ASSETS AND LIABILITIES

Financial assets and financial liabilities measured at fair value on a recurring basis

	Fair Value
	Hierarchy	At March 31, 2023				At March 31, 2022				At December 31, 2021
(Dollars in millions)	Level	Assets		Liabilities		Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts	2	$	4	$	3	$	4	$	—	$	4	$	—
Derivatives not designated as hedging instruments:
Foreign exchange contracts	2		11		5		5		2		5		—
Total		$	15	$	9	$	9	$	2	$	9	$	1

Effect of Derivative Instruments in the Consolidated Income Statement

	Gain (Loss) Recognized in Consolidated Income Statement
				Three
	Consolidated	Year Ended		Months Ended		Year Ended		Year Ended
	Income Statement	March 31,		March 31,		December 31,		December 31,
(Dollars in millions)	Line Item	2023		2022		2021		2020
Derivative instruments not designated as hedging instruments:		Recognized on Derivatives
Foreign exchange contracts	Other expense	$	20	$	(1)	$	4	$	6
Total		$	20	$	(1)	$	4	$	6

The effects of derivatives designated as hedging instruments on the Consolidated Income Statement and Other Comprehensive Income are as follows:

	Gain (Loss) Recognized in Consolidated Income Statement
	and Other Comprehensive Income
			Three
	Year Ended		Months Ended		Year Ended		Year Ended
	March 31,		March 31,		December 31,		December 31,
(Dollars in millions)	2023		2022		2021		2020
Derivative instruments in cash flow hedges:	Recognized in OCI *
Foreign exchange contracts	$	(4)	$	1	$	4	$	—
Total	$	(4)	$	1	$	4	$	—
Consolidated Income Statement Line Item	Reclassified from AOCI *
Cost of services	$	(2)	$	1	$	1	$	7
Selling, general and administrative expenses		—		—		—		(1)
Total	$	(2)	$	1	$	1	$	6

* Pre-Separation, hedging activity was allocated from the former Parent to the Consolidated Income Statement, resulting in no gain (loss) either recognized in other comprehensive income or reclassified from accumulated other comprehensive income.