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Hedging Activities (Tables)
 9 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Foreign Currency Gains and (Losses) from Non-Derivative Instruments
Foreign currency gains (losses) from non-derivative instruments included in other comprehensive income in the Condensed Consolidated Statements of Comprehensive Income were as follows:
Three Months Ended December 31, Nine Months Ended December 31,
(In millions)2023202220232022
Non-derivatives designated as net investment hedges: (1)
Euro-denominated notes (2)
$— $(132)$— $7 
(1)There was no ineffectiveness in these hedges for the three and nine months ended December 31, 2022.
(2)Includes amounts reclassified to earnings of $112 million for the three and nine months ended December 31, 2022.
Schedule of Notional Amounts of Outstanding Derivative Positions
At December 31, 2023 and March 31, 2023, the notional amounts of the Company’s outstanding derivatives were as follows:
December 31, 2023March 31, 2023
(In millions)Currency
Maturity Date (1)
Notional
Derivatives designated as net investment hedges: (2)
Cross-currency swaps (3)
CADNov-24 to Mar-25C$1,500 C$1,500 
Derivatives designated as fair value hedges: (2)
Cross-currency swaps (4)
GBPNov-28£450 £450 
Cross-currency swaps (4)
EURAug-25 to Jul-26€1,100 €1,100 
Floating interest rate swaps (5)
USDFeb-26 to Sep-29$1,250 $1,250 
Derivatives designated as cash flow hedges: (2)
Cross-currency swaps (3)
CADJan-24C$400 C$400 
Foreign currency forwards (6)
GBPJan-24 to Jul-25£45 £— 
Fixed interest rate swaps (7)
USDJun-23$— $450 
(1)The maturity date reflected is for outstanding derivatives as of December 31, 2023.
(2)There was no ineffectiveness in these hedges for the three and nine months ended December 31, 2023 and 2022.
(3)The Company agreed with third parties to exchange fixed interest payments in one currency for fixed interest payments in another currency at specified intervals and to exchange principal in one currency for principal in another currency, calculated by reference to agreed-upon notional amounts.
(4)Represents cross-currency fixed-to-fixed interest rate swaps to mitigate the foreign currency exchange fluctuations on its foreign currency-denominated notes.
(5)Represents fixed-to-floating interest rate swaps to hedge the changes in fair value caused by fluctuations in the benchmark interest rates.
(6)The Company entered into agreements with financial institutions to hedge the variability of foreign currency exchange fluctuations in future cash payments due to a third party in the United Kingdom for capital expenditures.
(7)The Company entered into agreements with financial institutions to lock in the fixed benchmark interest rate for a future bond issuance, which were terminated during the first quarter of fiscal 2024 as discussed further below.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Gains (losses) from derivatives included in other comprehensive income in the Condensed Consolidated Statements of Comprehensive Income were as follows:
Three Months Ended December 31, Nine Months Ended December 31,
(In millions)2023202220232022
Derivatives designated as net investment hedges:
Cross-currency swaps$(27)$(7)$(20)$26 
Derivatives designated as cash flow and other hedges:
Cross-currency swaps (1)
$9 $(1)$36 $(6)
Foreign currency forwards(1)— (1)— 
Fixed interest rate swaps
(1)(85)15 (30)
(1)Includes other comprehensive income (loss) related to the excluded component of certain fair value hedges.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Gains (losses) from derivatives included in other comprehensive income in the Condensed Consolidated Statements of Comprehensive Income were as follows:
Three Months Ended December 31, Nine Months Ended December 31,
(In millions)2023202220232022
Derivatives designated as net investment hedges:
Cross-currency swaps$(27)$(7)$(20)$26 
Derivatives designated as cash flow and other hedges:
Cross-currency swaps (1)
$9 $(1)$36 $(6)
Foreign currency forwards(1)— (1)— 
Fixed interest rate swaps
(1)(85)15 (30)
(1)Includes other comprehensive income (loss) related to the excluded component of certain fair value hedges.
Schedule of Fair Value of Derivatives
Information regarding the fair value of derivatives on a gross basis were as follows:
Balance Sheet
Caption		December 31, 2023March 31, 2023
Fair Value of
Derivative		U.S. Dollar NotionalFair Value of
Derivative		U.S. Dollar Notional
(In millions)AssetLiabilityAssetLiability
Derivatives designated for hedge accounting:
Cross-currency swaps (current)Prepaid expenses and other/Other accrued liabilities$— $2 $679 $5 $— $301 
Cross-currency swaps (non-current)Other non-current assets/liabilities138 10 2,382 74 2 2,760 
Interest rate swaps (non-current)Other non-current assets/liabilities— 22 1,250 1 15 1,700 
Foreign currency forwards (current)Other accrued liabilities— 1 33 — — — 
Foreign currency forwards (non-current)Other non-current liabilities— — 24 — — — 
Total$138 $35 $80 $17