FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Dec. 31, 2022

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, 2022 and March 31, 2022:


	Fair Value Measurements as of December 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)	$	—	$	1,392	$	—	$	1,392

Foreign currency contracts (Note 8)	—		77		—		77

Deferred compensation plan assets:							0
Mutual funds, money market accounts and equity securities	—		37		—		37
Liabilities:
Foreign currency contracts (Note 8)	$	—	$	(181)	$	—	$	(181)



	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)

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, 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	$	511	Level 1
Term Loan due April 2024 - three-month TIBOR plus 0.436%	250		250		273		273		Level 2
4.750% Notes due June 2025	599		590		598		615		Level 1
3.750% Notes due February 2026	687		650		690		690		Level 1
6.000% Notes due January 2028	396		397		—		—		Level 1
4.875% Notes due June 2029	658		621		659		687		Level 1
4.875% Notes due May 2030	687		644		690		713		Level 1
Euro Term Loans	265		265		389		389		Level 2
Delayed Draw Term Loan	150		150		—		—		Level 2
3.600% HUF Bonds due December 2031	264		190		301		301		Level 2
India Facilities	79		79		84		84		Level 2