BANK BORROWINGS AND LONG-TERM DEBT

9 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

BANK BORROWINGS AND LONG-TERM DEBT

BANK BORROWINGS AND LONG-TERM DEBT

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

	Maturity Date	As of December 31, 2023		As of March 31, 2023
		(In millions)
4.750% Notes (1)	June 2025	$	592	$	599
3.750% Notes (1)	February 2026	683		686
6.000% Notes (1)	January 2028	397		396
4.875% Notes (1)	June 2029	657		658
4.875% Notes (1)	May 2030	682		685
JPY Term Loan (2)	April 2024	—		253
Delayed Draw Term Loan (3)	November 2023	—		150
Nextracker Term Loan	February 2028	150		150
3.600% HUF Bonds	December 2031	290		284
Other		1		1
Debt issuance costs		(18)		(21)
		3,434		3,841
Current portion, net of debt issuance costs		(3)		(150)
Non-current portion		$	3,431	$	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.

(3)During the second quarter of fiscal year 2024, the Company repaid the Delayed Draw Term Loan for approximately $150 million.

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

Scheduled repayments of the Company's bank borrowings and long-term debt as of December 31, 2023 are as follows:

Fiscal Year Ending March 31,	Amount
	(In millions)
2024 (1)	$	—
2025	3
2026	1,275
2027	—
2028	544
Thereafter	1,630
Total	$	3,452

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