FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Jul. 01, 2022

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of July 1, 2022 and March 31, 2022:


	Fair Value Measurements as of July 1, 2022
	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)	$	—	$	2,142	$	—	$	2,142

Foreign currency contracts (Note 8)	—		44		—		44

Deferred compensation plan assets:							0
Mutual funds, money market accounts and equity securities	—		35		—		35
Liabilities:
Foreign currency contracts (Note 8)	$	—	$	(206)	$	—	$	(206)



	Fair Value Measurements as of March 31, 2022
	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)	$	—	$	2,285	$	—	$	2,285

Foreign currency contracts (Note 8)	—		43		—		43
Deferred compensation plan assets:							0
Mutual funds, money market accounts and equity securities	—		39		—		39
Liabilities:							0
Foreign currency contracts (Note 8)	$	—	$	(122)	$	—	$	(122)

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


	As of July 1, 2022				As of March 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In millions)
5.000% Notes due February 2023	$	500	$	504	$	500	$	511	Level 1
Term Loan due April 2024 - three-month TIBOR plus 0.430%	245		245		273		273		Level 2
4.750% Notes due June 2025	598		601		598		615		Level 1
3.750% Notes due February 2026	689		659		690		690		Level 1
4.875% Notes due June 2029	659		636		659		687		Level 1
4.875% Notes due May 2030	689		659		690		713		Level 1
Euro Term Loans	367		367		389		389		Level 2
3.600% HUF Bonds due December 2031	266		266		301		301		Level 2
India Facilities	79		79		84		84		Level 2