BANK BORROWINGS AND LONG-TERM DEBT (Tables)

12 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of bank borrowings and long-term debt

Bank borrowings and long-term debt are as follows:

	Maturity Date	As of March 31,
		2023		2022
		(In millions)
5.000% Notes ("2023 Notes") (1)(2)(3)	February 2023	$	—	$	500
4.750% Notes ("2025 Notes") (1)(2)	June 2025	599		598
3.750% Notes ("2026 Notes") (1)(2)	February 2026	686		690
6.000% Notes ("2028 Notes") (1)(2)(3)	January 2028	396		—
4.875% Notes ("2029 Notes") (1)(2)	June 2029	658		659
4.875% Notes ("2030 Notes") (1)(2)	May 2030	685		690
Euro Term Loans (4)	December 2023	—		389
JPY Term Loan (5)	April 2024	253		273
Delayed Draw Term Loan (6)	November 2023	150		—
Nextracker Term Loan (7)	February 2028	150		—
3.600% HUF Bonds (8)	December 2031	284		301
India Facilities (9)	May 2023 and June 2023	—		84
Other		1		31
Debt issuance costs		(21)		(18)
		3,841		4,197
Current portion, net of debt issuance costs		(150)		(949)
Non-current portion		$	3,691	$	3,248

(1)The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs.

(2)The notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.

(3)In December 2022, the Company issued $400 million of 6.000% Notes due 2028. The Company received proceeds of approximately $396 million, net of discount, from the issuance which were used, together with cash on hand, for general corporate purposes, which included redeeming its 2023 notes in December 2022, and for working capital requirements.

(4)In December 2021, the Company borrowed €350 million under a 1-year term loan agreement. The proceeds of the term loan were used to refinance certain other outstanding debt and for other general corporate purposes. During fiscal year 2023, the Company repaid all outstanding Euro term loans.

(5)In April 2019, the Company entered into a JPY 33.5 billion term loan agreement at three-month TIBOR plus 0.430%, which was then swapped to U.S. dollars. The term loan, which is subject to quarterly interest payments, was used to fund general operations and refinance certain other outstanding debt.

(6)In September 2022, the Company entered into a $450 million delayed draw term loan credit agreement, under which $300 million was repaid during fiscal year 2023, and $150 million of borrowings was outstanding as of March 31, 2023. Borrowings under the delayed draw term loan may be used for working capital, capital expenditures, refinancing of current debt, and other general corporate purposes. Interest is based on either (a) a Term SOFR-based formula plus a margin of 100.0 basis points to 162.5 basis points, depending on the Company's credit ratings, or (b) a Base Rate (the greatest of the agent's prime rate, the federal funds rate plus 0.50%, and the Term SOFR plus 1.00%) formula plus a margin of 0.0 basis point to 62.5 basis points, depending on the Company's credit ratings.

(7)In February 2023, Nextracker LLC borrowed $150 million under a five-year term loan credit facility to finance the cash distribution in connection with the initial public offering of the Nextracker Inc. $3 million in debt issuance costs were incurred to obtain the term loan financing. The Nextracker term loan requires quarterly principal payments beginning on June 30, 2024 in an amount equal to 0.625% of the original aggregate principal amount of the Nextracker term loan. From June 30, 2025, the quarterly principal payment will increase to 1.25% of the original aggregate principal amount of the Nextracker term loan. The remaining balance of the Nextracker term loan will be repayable on February 11, 2028. The interest rate of the Nextracker term loan is 5.12% (SOFR rate of 3.49% plus a margin of 1.63%).

(8)In December 2021, the Company issued HUF 100 billion (approximately $284 million as of March 31, 2023) in aggregate principal amount of bonds under the National Bank of Hungary’s Bond Funding for Growth Scheme. The bonds are unsecured and unsubordinated obligations of the Company and rank equally with all of the Company’s other existing and future unsecured and unsubordinated obligations. The outstanding principal amount of the bonds bear interest at 3.60% per annum. The proceeds of the bonds were used for general corporate purposes.

(9)In July 2018, a subsidiary of the Company entered into a $200 million term loan facility (the "India Facilities"). The India Facility was used to fund capital expenditures to support the Company's expansion plans for India. The Company repaid all outstanding borrowings during fiscal year 2023.

Schedule of the company's repayments of long-term debt

Scheduled repayments of the Company's bank borrowings and long-term debt are as follows:

Fiscal Year Ending March 31,	Amount
	(In millions)
2024	$	150
2025	253
2026	1,285
2027	—
2028	546
Thereafter	1,628
Total	$	3,862