Fair Value Measurements

3 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE H – FAIR VALUE MEASUREMENTS

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2012 and March 31, 2012:

	At June 30, 2012							At March 31, 2012
	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	$	1,418	$	—	$	1,418	(1)	$	1,374	$	—	$	1,374	((2)
Foreign exchange derivatives ( 3 )		—		14		14			—		2		2
Interest rate derivatives ( 3 )		—		25		25			—		27		27
Total Assets	$	1,418	$	39	$	1,457		$	1,374	$	29	$	1,403
Liabilities:
Foreign exchange derivatives ( 3 )	$	—	$	17	$	17		$	—	$	4	$	4
Total Liabilities	$	—	$	17	$	17		$	—	$	4	$	4

⁽¹⁾  At June 30, 2012, the Company had approximately $1,368 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, in its Condensed Consolidated Balance Sheet.

⁽²⁾  At March 31, 2012, the Company had approximately $1,324 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, in its Condensed Consolidated Balance Sheet.

⁽³⁾  See Note G, “Derivatives” for additional information.

At June 30, 2012 and March 31, 2012, 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 June 30, 2012 and March 31, 2012:

	At June 30, 2012				At March 31, 2012
(in millions)	Carrying   Value		Estimated Fair Value		Carrying   Value		Estimated Fair Value
Liabilities:
Total debt (1)	$	1,298	$	1,422	$	1,301	$	1,408
Facilities abandonment reserve (2)	$	37	$	43	$	42	$	48

⁽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 facilities abandonment reserve is determined using the Company’s incremental borrowing rate at June 30, 2012 and March 31, 2012. At June 30, 2012 and March 31, 2012, the facilities abandonment reserve included approximately $15 million and $16 million, respectively, in “Accrued expenses and other current liabilities” and approximately $22 million and $26 million, respectively, in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets (Level 3).

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.