BORROWINGS (Tables)

12 Months Ended

Mar. 31, 2023

BORROWINGS

Summary of components of debt

			March 31,		March 31,		December 31,
(Dollars in millions)	Interest Rate	Maturity	2023		2022		2021
Unsecured floating-rate term loan	5.83%*	November 2024	$	500	$	500	$	500
Commercial loan agreement	3.00%	July 2026		96		123		129
Unsecured senior notes due 2026	2.05%	October 2026		700		700		700
Unsecured senior notes due 2028	2.70%	October 2028		500		500		500
Unsecured senior notes due 2031	3.15%	October 2031		650		650		650
Unsecured senior notes due 2041	4.10%	October 2041		550		550		550
Finance lease obligations **	3.36%	2023-2028		242		219		222
			$	3,238	$	3,242	$	3,251
Less: Unamortized discount				5		5		5
Less: Unamortized debt issuance costs				13		15		15
Less: Current maturities of long-term debt				110		96		103
Total long-term debt			$	3,111	$	3,127	$	3,128

* Floating rate was calculated as of March 31, 2023, using a rate equal to one-month U.S. dollar LIBOR plus 1.125%.

** Finance lease obligations were presented using the weighted-average incremental borrowing rate.

Schedule of contractual obligations of long-term debt outstanding

(Dollars in millions)*	Principal
Year ending March 31:
2024	$	28
2025		529
2026		29
2027		710
2028		—
Thereafter		1,700
Total	$	2,996

*    Contractual obligations approximate scheduled repayments.