BORROWINGS

3 Months Ended

Jun. 30, 2024

BORROWINGS

BORROWINGS

NOTE 10. BORROWINGS

Debt

The following table presents the components of our debt:

			June 30,		March 31,
(Dollars in millions)	Interest Rate	Maturity	2024		2024
Commercial loan agreement	3.00%	July 2026	$	61	$	68
Unsecured senior notes due 2026	2.05%	October 2026		700		700
Unsecured senior notes due 2028	2.70%	October 2028		500		500
Unsecured senior notes due 2031	3.15%	October 2031		650		650
Unsecured senior notes due 2034	6.35% *	February 2034		500		500
Unsecured senior notes due 2041	4.10%	October 2041		550		550
Finance lease obligations	5.68% **	2024-2029		299		291
			$	3,260	$	3,259
Less: Unamortized discount				5		5
Less: Unamortized debt issuance costs				16		16
Less: Current portion of long-term debt				130		126
Total long-term debt			$	3,109	$	3,112

* Including the cross-currency swaps that the Company entered into subsequent to the issuance of the unsecured senior notes due 2034, the effective interest rate on such notes was approximately 3.84% at the time of issuance. For more information, see Note 7 – Financial Assets and Liabilities.

** Weighted-average discount rate.

Contractual obligations of long-term debt outstanding at June 30, 2024, exclusive of finance lease obligations, are as follows:

(Dollars in millions)*	Principal
Year ending March 31:
2025 (remaining nine months)	$	21
2026		29
2027		710
2028		—
2029		500
Thereafter		1,700
Total	$	2,961

*    Contractual obligations approximate scheduled repayments.

As of June 30, 2024, there were no borrowings under the Company’s revolving credit agreement. The Company is in compliance with its debt covenants in all periods presented.