FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Jun. 30, 2023

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and March 31, 2023:


	Fair Value Measurements as of June 30, 2023
	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)	$	—	$	1,266	$	—	$	1,266

Foreign currency contracts (Note 8)	—		99		—		99

Deferred compensation plan assets:							0
Mutual funds, money market accounts and equity securities	—		40		—		40
Liabilities:
Foreign currency contracts (Note 8)	$	—	$	(79)	$	—	$	(79)



	Fair Value Measurements as of March 31, 2023
	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)	$	—	$	2,324	$	—	$	2,324

Foreign currency contracts (Note 8)	—		72		—		72
Deferred compensation plan assets:							0
Mutual funds, money market accounts and equity securities	—		37		—		37
Liabilities:							0
Foreign currency contracts (Note 8)	$	—	$	(129)	$	—	$	(129)

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


	As of June 30, 2023				As of March 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In millions)
JPY Term Loan due April 2024	$	—	$	—	$	253	$	253	Level 2
4.750% Notes due June 2025	597		585		599		590		Level 1
3.750% Notes due February 2026	685		654		686		657		Level 1
6.000% Notes due January 2028	397		404		396		399		Level 1
4.875% Notes due June 2029	658		630		658		631		Level 1
4.875% Notes due May 2030	684		663		685		661		Level 1
Delayed Draw Term Loan due November 2023	150		150		150		150		Level 2
Nextracker Term Loan due February 2028	150		146		150		150		Level 2
3.600% HUF Bonds due December 2031	294		215		284		196		Level 2