FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)

12 Months Ended

Mar. 31, 2023

The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and 2022:


	Fair Value Measurements as of March 31, 2023
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Money market funds and time deposits (Note 2)	$	—	$	2,324	$	—	$	2,324
Foreign currency contracts (Note 10)	—		72		—		72
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities	—		37		—		37
Liabilities:
Foreign currency contracts (Note 10)	$	—	$	(129)	$	—	$	(129)


	Fair Value Measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Money market funds and time deposits (Note 2)	$	—	$	2,285	$	—	$	2,285
Foreign currency contracts (Note 10)	—		43		—		43
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities	—		39		—		39
Liabilities:
Foreign currency contracts (Note 10)	$	—	$	(122)	$	—	$	(122)

The following table presents the Company's major debts not carried at fair value as of March 31, 2023 and 2022:


	As of March 31, 2023				As of March 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In millions)				(In millions)

5.000% Notes due February 2023	$	—	$	—	$	500	$	511	Level 1
JPY Term Loan due April 2024 - three-month TIBOR plus 0.430%	253		253		273		273		Level 2
4.750% Notes due June 2025	599		590		598		615		Level 1
3.750% Notes due February 2026	686		657		690		690		Level 1
6.000% Notes due January 2028	396		399		—		—		Level 1
4.875% Notes due June 2029	658		631		659		687		Level 1
4.875% Notes due May 2030	685		661		690		713		Level 1
Euro Term Loans	—		—		389		389		Level 2
Delayed Draw Term Loan	150		150		—		—		Level 2
Nextracker Term Loan	150		150		—		—		Level 2
3.600% HUF Bonds due December 2031	284		196		301		301		Level 2
India Facilities	—		—		84		84		Level 2