Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2017

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 December 31, 2017 and March 31, 2017:



	At December 31, 2017						At March 31, 2017
	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⁾	$	1,063	$	—	$	1,063	$	1,077	$	—	$	1,077
Foreign exchange derivatives ⁽²⁾	—		8		8		—		2		2
Total assets	$	1,063	$	8	$	1,071	$	1,077	$	2	$	1,079
Liabilities:
Foreign exchange derivatives ⁽²⁾	$	—	$	12	$	12	$	—	$	1	$	1
Total liabilities	$	—	$	12	$	12	$	—	$	1	$	1


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


(2)	Refer to Note E, “Derivatives” for additional information.

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 December 31, 2017 and March 31, 2017:



	At December 31, 2017				At March 31, 2017
(in millions)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Liabilities:
Total debt ⁽¹⁾	$	2,787	$	2,874	$	2,791	$	2,903
Facility exit reserves ⁽²⁾	$	8	$	9	$	11	$	12


(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 reserves is determined using the Company’s incremental borrowing rate at December 31, 2017 and March 31, 2017. At December 31, 2017 and March 31, 2017, the facility exit reserves included carrying values of approximately $2 million and $3 million, respectively, in “Accrued expenses and other current liabilities” and approximately $6 million and $8 million, respectively, in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets (Level 3).