FINANCIAL ASSETS AND LIABILITIES (Tables)

12 Months Ended

Mar. 31, 2024

FINANCIAL ASSETS AND LIABILITIES

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

	Fair Value
	Hierarchy	At March 31, 2024						At March 31, 2023
(Dollars in millions)	Level	Assets		Liabilities		Fair Value		Assets		Liabilities		Fair Value
Derivatives designated as hedging instruments:
Foreign exchange contracts	2	$	2	$	1	$	1	$	4	$	3	$	1
Cross-currency swap contracts	2		1		11		(9)		—		—		—
Derivatives not designated as hedging instruments:
Foreign exchange contracts	2		2		6		(4)		11		5		6
Total		$	5	$	18	$	(13)	$	15	$	9	$	6

Summary of notional amounts of outstanding derivatives

	At March 31, 2024				At March 31, 2023
(Dollars in millions)	Foreign Exchange Contracts		Cross-currency Swap Contracts		Foreign Exchange Contracts		Cross-currency Swap Contracts
Derivatives designated as hedging instruments
Cash flow hedges	$	281	$	—	$	283	$	—
Net investment hedges		—		500		—		—
Derivatives not designated as hedging instruments	$	1,624	$	—	$	1,506	$	—

Effect of derivative instruments in the Consolidated Income Statement - designated

	Gain (Loss) Recognized in Consolidated Income Statement
	and Other Comprehensive Income
					Three
	Year Ended		Year Ended		Months Ended		Year Ended
	March 31,		March 31,		March 31,		December 31,
(Dollars in millions)	2024		2023		2022		2021
Derivative instruments in cash flow hedges:	Recognized in OCI *
Foreign exchange contracts	$	22	$	(4)	$	1	$	4
Derivative instruments in net investment hedges:
Cross-currency swaps **	$	(11)	$	—	$	—	$	—
Total	$	11	$	(4)	$	1	$	4
Consolidated Income Statement line item	Reclassified from AOCI *
Cost of services	$	21	$	(2)	$	1	$	1
Interest expenses **		1		—		—		—
Total	$	23	$	(2)	$	1	$	1

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

** For the year ended March 31, 2024, the Company recognized a gain of $1 million in interest expense on components excluded from the assessment of the hedge effectiveness for net investment hedges. There were no net investment hedges in the year ended March 31, 2023, the three months ended March 31, 2022 and the year ended December 31, 2021.

Effect of derivative instruments in the Consolidated Income Statement- Not designated

	Gain (Loss) Recognized in Consolidated Income Statement
						Three
	Consolidated	Year Ended		Year Ended		Months Ended		Year Ended
	Income Statement	March 31,		March 31,		March 31,		December 31,
(Dollars in millions)	Line Item	2024		2023		2022		2021
Derivative instruments not designated as hedging instruments:
Foreign exchange contracts	Other expense	$	(48)	$	20	$	(1)	$	4
Total		$	(48)	$	20	$	(1)	$	4