Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2015

Assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities that were measured at fair value on a recurring basis at March 31, 2015 and 2014:



	At March 31, 2015						At March 31, 2014
	Fair Value Measurement Using Input Types				Estimated Fair Value		Fair Value Measurement Using Input Types				Estimated Fair Value
(in millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Assets:
Money market funds ⁽¹⁾	$	749	$	—	$	749	$	1,277	$	—	$	1,277
Foreign exchange derivatives ⁽²⁾	—		5		5		—		2		2
Interest rate derivatives ⁽²⁾	—		—		—		—		8		8
Total assets	$	749	$	5	$	754	$	1,277	$	10	$	1,287
Liabilities:
Foreign exchange derivatives ⁽²⁾	$	—	$	3	$	3	$	—	$	1	$	1
Total liabilities	$	—	$	3	$	3	$	—	$	1	$	1


(1)	The Company's investments in money market funds are classified as “Cash and cash equivalents” in its Consolidated Balance Sheets.


(2)	See Note 9, “Derivatives” for additional information. Interest rate derivatives fair value excludes accrued interest.

Carrying amounts and estimated fair values of other financial instruments not measured at fair value on a recurring basis

The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments that were not measured at fair value on a recurring basis at March 31, 2015 and 2014:



	At March 31, 2015				At March 31, 2014
(in millions)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Liabilities:
Total debt ⁽¹⁾	$	1,263	$	1,376	$	1,766	$	1,884
Facility exit reserve ⁽²⁾	$	21	$	23	$	29	$	33


(1)	Estimated fair value of total debt is based on quoted prices for similar liabilities for which significant inputs are observable except for certain long-term lease obligations, for which fair value approximates carrying value (Level 2).

(2)

Estimated fair value for the facility exit reserve is determined using the Company’s incremental borrowing rate at March 31, 2015 and 2014. At March 31, 2015 and 2014, the facility exit reserve included approximately $4 million and $11 million, respectively, in “Accrued expenses and other current liabilities” and approximately $17 million and $18 million, respectively, in “Other noncurrent liabilities” in the Company’s Consolidated Balance Sheets (Level 3).

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details