FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedges, Assets [Abstract]

Summary of aggregate notional amount of the Company's outstanding foreign currency forward and swap contracts

As of December 31, 2021, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $11.2 billion as summarized below: 

	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy		Sell
	(In millions)
Cash Flow Hedges
CNY	3,458	—	$	543	$	—
HUF	141,043	—	438		—
JPY	33,525	—	300		—
MXN	6,660	—	324		—
MYR	461	226	110		54
Other	N/A	N/A	272		62
			1,987		116
Other Foreign Currency Contracts
BRL	—	647	—		114
CAD	98	61	77		48
CNY	5,378	1,843	840		290
EUR	2,548	2,355	2,893		2,674
GBP	66	89	89		120
HUF	59,796	48,268	183		148
ILS	318	25	102		8
MXN	7,605	5,731	370		279
MYR	958	305	229		73
SEK	642	736	71		81
SGD	105	58	77		43
Other	N/A	N/A	216		106
			5,147		3,984
Total Notional Contract Value in USD			$	7,134	$	4,100

Schedule of fair value of the derivative instruments utilized for foreign currency risk management purposes

The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes:

	Fair Values of Derivative Instruments
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	December 31, 2021		March 31, 2021		Balance Sheet Location	December 31, 2021		March 31, 2021
	(In millions)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	19	$	23	Other current liabilities	$	19	$	16
Foreign currency contracts	Other assets	$	—	$	5	Other liabilities	$	37	$	—
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	19	$	31	Other current liabilities	$	11	$	32