FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Dec. 31, 2020

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and March 31, 2020:


	Fair Value Measurements as of December 31, 2020
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$	—	$	1,755	$	—	$	1,755

Foreign currency contracts (Note 8)	—		108		—		108

Deferred compensation plan assets:							0
Mutual funds, money market accounts and equity securities	—		50		—		50
Liabilities:
Foreign currency contracts (Note 8)	$	—	$	(39)	$	—	$	(39)



	Fair Value Measurements as of March 31, 2020
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$	—	$	404	$	—	$	404

Foreign currency contracts (Note 8)	—		104		—		104
Deferred compensation plan assets:							0
Mutual funds, money market accounts and equity securities	—		49		—		49
Liabilities:							0
Foreign currency contracts (Note 8)	$	—	$	(149)	$	—	$	(149)

Schedule of debt not carried at fair value

The following table presents the Company’s major debts not carried at fair value:


	As of December 31, 2020				As of March 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In millions)
Term Loan, including current portion, due in installments through June 2022	$	—	$	—	$	433	$	414	Level 1
5.000% Notes due February 2023	500		541		500		500		Level 1
Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%	324		324		310		310		Level 2
4.750% Notes due June 2025	598		680		597		613		Level 1
3.750% Notes due February 2026	695		771		—		—		Level 1
4.875% Notes due June 2029	661		786		662		628		Level 1
4.875% Notes due May 2030	696		826		—		—		Level 1
Euro Term Loans	175		175		208		208		Level 2
India Facilities	136		136		138		138		Level 2