FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Dec. 31, 2021

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, 2021 and March 31, 2021:


	Fair Value Measurements as of December 31, 2021
	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)	$	—	$	1,620	$	—	$	1,620

Foreign currency contracts (Note 8)	—		38		—		38

Deferred compensation plan assets:							0
Mutual funds, money market accounts and equity securities	—		45		—		45
Liabilities:
Foreign currency contracts (Note 8)	$	—	$	(67)	$	—	$	(67)



	Fair Value Measurements as of March 31, 2021
	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)	$	—	$	1,507	$	—	$	1,507

Foreign currency contracts (Note 8)	—		59		—		59
Deferred compensation plan assets:							0
Mutual funds, money market accounts and equity securities	—		48		—		48
Liabilities:							0
Foreign currency contracts (Note 8)	$	—	$	(48)	$	—	$	(48)

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, 2021				As of March 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In millions)
5.000% Notes due February 2023	$	500	$	521	$	500	$	537	Level 1
Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%	292		292		305		305		Level 2
4.750% Notes due June 2025	598		651		598		670		Level 1
3.750% Notes due February 2026	691		738		694		756		Level 1
4.875% Notes due June 2029	660		747		661		756		Level 1
4.875% Notes due May 2030	691		785		694		800		Level 1
Euro Term Loans	560		560		168		168		Level 2
3.600% HUF Bonds due December 2031	306		306		—		—		Level 2
India Facilities	117		117		133		133		Level 2