Fair Value Measurements

6 Months Ended

Sep. 30, 2011

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE K — FAIR VALUE MEASUREMENTS

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2011 and March 31, 2011:

	At September 30, 2011							At March 31, 2011
	Fair Value				Estimated			Fair Value				Estimated
	Measurement Using				Fair			Measurement Using				Fair
	Input Types				Value			Input Types				Value
(in millions)	Level 1		Level 2		Total			Level 1		Level 2		Total
Assets:
Money market funds	$	795	$	—	$	795	(1)	$	2,009	$	—	$	2,009	(2)
Marketable securities(3)		—		179		179			—		179		179
Foreign exchange derivatives(4)		—		22		22			—		7		7
Interest rate derivatives(4)		—		30		30			—		15		15
Total Assets	$	795	$	231	$	1,026		$	2,009	$	201	$	2,210
Liabilities:
Foreign exchange derivatives(4)	$	—	$	12	$	12		$	—	$	1	$	1
Total Liabilities	$	—	$	12	$	12		$	—	$	1	$	1

(1)	At September 30, 2011, the Company had approximately $745 million and $50 million of investments in money market funds classified as “Cash and cash equivalents” and “Other noncurrent assets, net” for restricted cash amounts, respectively, on its Condensed Consolidated Balance Sheet.
(2)	At March 31, 2011, the Company had approximately $1,959 million and $50 million of investments in money market funds classified as “Cash and cash equivalents” and “Other noncurrent assets, net” for restricted cash amounts, respectively, on its Condensed Consolidated Balance Sheet.
(3)	See Note E, “Marketable Securities” for additional information.
(4)	See Note J, “Derivatives” for additional information.

At September 30, 2011 and March 31, 2011, the Company did not have any assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis at September 30, 2011 and March 31, 2011:

	At September 30, 2011				At March 31, 2011
	(in millions)				(in millions)
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Liabilities:
Total debt(1)	$	1,310	$	1,416	$	1,551	$	1,619
Facilities abandonment reserve(2)	$	45	$	52	$	52	$	59

(1)

Estimated fair value of total debt was 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.

(2)

Estimated fair value for the facilities abandonment reserve was determined using the Company’s current incremental borrowing rate. At September 30, 2011 and March 31, 2011, the facilities abandonment reserve included approximately $12 million and $15 million, respectively, in “Accrued expenses and other current liabilities” and approximately $33 million and $37 million, respectively, in “Other noncurrent liabilities” on the Company’s Condensed Consolidated Balance Sheets.

The carrying values of financial instruments classified as current assets and current liabilities, such as cash and cash equivalents, accounts payable, accrued expenses, and short-term debt, approximate fair value due to the short-term maturity of the instruments. The fair values of total debt, including current maturities, have been based on quoted market prices.