OTHER CHARGES (INCOME), NET

12 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

Other charges (income), net for the fiscal years ended March 31, 2022, 2021 and 2020 are primarily comprised of the following:


	Fiscal Year Ended March 31
	2022		2021		2020
	(In millions)

Gain on foreign exchange transactions	$	(32)	$	(21)	$	(10)
Equity in earnings (1)	(61)		(83)		(5)
Impairments and (gain) loss on sale of investments (2)	2		37		98
Brazil tax credit (3)	(150)		—		—

(1)Represents gains on strategic investments in privately held companies accounted under equity method. During fiscal years 2022 and 2021, the Company recognized $61 million and $83 million of equity in earnings, respectively, driven by the value increase in certain investment funds primarily resulting from discrete market events such as initial public offerings of certain companies included in the funds. Out of the total gain on investments recorded in fiscal years 2022 and 2021, the Company realized approximately $17 million and $48 million of cash proceeds as it sold certain shares received as a distribution from one of its funds' investments.

(2)During fiscal years 2022, 2021 and 2020, and in connection with the Company’s ongoing assessment of recoverability of its investment portfolio, the Company concluded that the carrying amounts of certain non-core investments were other than temporarily impaired and recognized $3.0 million, $36.5 million and $97.7 million of total impairment charges, respectively (See note 2 for additional information).

(3)The Company recognized a $150.0 million gain related to a certain tax credit upon approval of a "Credit Habilitation" request by the relevant Brazil tax authorities for fiscal year 2022. Refer to note 14 for further information.