Derivative Financial Instruments (Tables)

9 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

Total gross notional amounts and fair values for currency derivatives with cash flow hedge accounting designation are as follows (in millions):

	As of December 31, 2023						As of March 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Forward contracts to purchase	$	301	$	8	$	—	$	371	$	2	$	9
Forward contracts to sell	$	1,634	$	9	$	43	$	2,255	$	23	$	46

Total gross notional amounts and fair values for currency derivatives that are not designated as hedging instruments are accounted for as follows (in millions):

	As of December 31, 2023						As of March 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Forward contracts to purchase	$	1,018	$	15	$	—	$	504	$	4	$	—
Forward contracts to sell	$	976	$	—	$	22	$	587	$	—	$	10

Derivative Instruments, Gain (Loss)

The effects of cash flow hedge accounting in our Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2023 and 2022 are as follows (in millions):

	Three Months Ended December 31,								Nine Months Ended December 31,
	2023				2022				2023				2022
	Net revenue		Research and development		Net revenue		Research and development		Net revenue		Research and development		Net revenue		Research and development
Total amounts presented in our Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$	1,945	$	584	$	1,881	$	556	$	5,783	$	1,782	$	5,552	$	1,693
Gains (losses) on foreign currency forward contracts designated as cash flow hedges	$	13	$	(2)	$	67	$	(6)	$	54	$	(9)	$	147	$	(14)

The effect of foreign currency forward contracts not designated as hedging instruments in our Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2023 and 2022 was as follows (in millions):

	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
	Interest and other income (expense), net
Total amounts presented in our Condensed Consolidated Statements of Operations in which the effects of balance sheet hedges are recorded	$	17	$	(7)	$	45	$	(12)
Gains (losses) on foreign currency forward contracts not designated as hedging instruments	$	(11)	$	(53)	$	5	$	(26)