BANK BORROWINGS AND LONG-TERM DEBT

3 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

BANK BORROWINGS AND LONG-TERM DEBT

BANK BORROWINGS AND LONG-TERM DEBT

Bank borrowings and long-term debt as of June 30, 2023 and March 31, 2023 are as follows:

	Maturity Date	As of June 30, 2023		As of March 31, 2023
		(In millions)
4.750% Notes (1)	June 2025	$	597	$	599
3.750% Notes (1)	February 2026	685		686
6.000% Notes (1)	January 2028	397		396
4.875% Notes (1)	June 2029	658		658
4.875% Notes (1)	May 2030	684		685
JPY Term Loan (2)	April 2024	—		253
Delayed Draw Term Loan	November 2023	150		150
Nextracker Term Loan	February 2028	150		150
3.600% HUF Bonds	December 2031	294		284
Other		—		1
Debt issuance costs		(20)		(21)
		3,595		3,841
Current portion, net of debt issuance costs		(151)		(150)
Non-current portion		$	3,444	$	3,691

(1)The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs. These notes represent the Company’s senior unsecured obligations and hold equal ranking with all other existing and future senior unsecured debt obligations.

(2)During the first quarter of fiscal year 2024, the Company repaid the JPY Term Loan for approximately $241 million. In addition, the Company also settled the associated USD JPY cross currency swap for approximately $60 million.

The weighted-average interest rate for the Company's long-term debt was 4.6% and 4.7% as of June 30, 2023 and March 31, 2023, respectively.

Scheduled repayments of the Company's bank borrowings and long-term debt as of June 30, 2023 are as follows:

Fiscal Year Ending March 31,	Amount
	(In millions)
2024 (1)	$	151
2025	—
2026	1,282
2027	—
2028	547
Thereafter	1,635
Total	$	3,615

(1)Represents estimated repayments for the remaining fiscal nine-month period ending March 31, 2024.