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BALANCE SHEET ITEMS
 9 Months Ended
Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]  
BALANCE SHEET ITEMS BALANCE SHEET ITEMS 
Inventories 
The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: 
As of December 31, 2023As of March 31, 2023
 (In millions)
Raw materials$5,303 $6,140 
Work-in-progress697 709 
Finished goods815 681 
 $6,815 $7,530 
Goodwill and Other Intangible Assets
During the nine-month period ended December 31, 2023, there was no material activity in the Company's goodwill account for each of its reportable segments, other than foreign currency translation adjustments of approximately $6 million, which primarily impacted the FRS segment, and a write-off of approximately $1 million as a result of the divestiture of a non-strategic immaterial business within the FRS segment during the third quarter of fiscal year 2024.
The components of acquired intangible assets are as follows:
 As of December 31, 2023As of March 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
 (In millions)
Intangible assets:      
Customer-related intangibles$334 $(194)$140 $373 $(204)$169 
Licenses and other intangibles306 (180)126 299 (152)147 
Total$640 $(374)$266 $672 $(356)$316 
The gross carrying amounts of intangible assets are removed when fully amortized.
The estimated future annual amortization expense for intangible assets is as follows:
Fiscal Year Ending March 31,Amount
 (In millions)
2024 (1)$17 
202564 
202643 
202736 
202828 
Thereafter78 
Total amortization expense$266 
____________________________________________________________
(1)Represents estimated amortization for the remaining fiscal three-month period ending March 31, 2024. 
Customer Working Capital Advances
Customer working capital advances were $1.9 billion and $2.3 billion, as of December 31, 2023 and March 31, 2023, respectively. The customer working capital advances are not interest-bearing, do not generally have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production or the customer working capital advance agreement is terminated.
Other Current Liabilities
Other current liabilities include customer-related accruals of $248 million and $313 million as of December 31, 2023 and March 31, 2023, respectively.