Debt and Financing Activities

6 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt and Financing Activities

Debt and Financing Activities

Long-Term Debt

Our long-term debt includes both U.S. dollar and foreign currency (primarily Euro) denominated borrowings. At September 30, 2016 and March 31, 2016, $8,107 million of total long-term debt was outstanding, of which $2,166 million and $1,610 million were included under the caption “Current portion of long-term debt” within the condensed consolidated balance sheets. On October 18, 2016, we repaid €350 million of a Euro-denominated bond (or, approximately $385 million) at its maturity.

During the second quarter of 2016, we repaid $400 million of floating rate notes at maturity.

Revolving Credit Facilities

We have a syndicated $3.5 billion senior unsecured revolving credit facility (the “Global Facility”), which has a $3.15 billion aggregate sublimit of availability in Canadian dollars, British pound sterling and Euros. The Global facility matures on October 22, 2020. Borrowings under the Global Facility bear interest based upon the London Interbank Offered Rate, Canadian Dealer Offered Rate, a prime rate, or alternative overnight rates as applicable, and agreed margins. The Global Facility contains a financial covenant which obligates the Company to maintain a debt to capital ratio of no greater than 65% and other customary investment grade covenants. If we do not comply with these covenants, our ability to use the Global Facility may be suspended and repayment of any outstanding balances under the Global Facility may be required. At September 30, 2016, we were in compliance with all covenants. There were no borrowings outstanding under this facility during the second quarter and first six months of 2017, and as of September 30, 2016.

We also maintain bilateral credit lines primarily denominated in Euros with a total committed and uncommitted balance of $339 million. Borrowings and repayments were not material during the first six months of 2017. During the first six months of 2016, we borrowed $618 million and repaid $616 million under these credit lines primarily related to short-term borrowings. These credit lines have interest rates ranging from 0.18% to 2.75% plus the relevant floating reference rate. As of September 30, 2016, there was no amount outstanding under bilateral credit lines.

Accounts Receivable Facilities

We previously maintained accounts receivable factoring facilities (the “Factoring Facilities”) denominated in foreign currencies. During the first six months of 2017 and 2016, we borrowed $6 million and $883 million and repaid $13 million and $887 million in short-term borrowings under these facilities. The Factoring Facilities expired in April 2016. At September 30, 2016 and March 31, 2016, there were nil and $7 million in secured borrowings outstanding under these facilities.

Commercial Paper

We maintain a commercial paper program to support our working capital requirements and for other general corporate purposes. Under the program, the Company can issue up to $3.5 billion in outstanding notes. There were no material commercial paper issuances during the first six months ended September 30, 2016 and 2015, and no amounts outstanding at September 30, 2016 and March 31, 2016.