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Equity Investments (Tables) | 6 Months Ended
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Sep. 30, 2025
Investments, All Other Investments [Abstract] |
Schedule of Equity Investments | A summary of the components of equity investments is as follows:
|  | As of
(in millions) |  | September 30, 2025 |  | March 31, 2025
Equity method investments under fair value option |  | $ | 294 |  |  | $ | 300 |
Equity investments in publicly listed companies |  | 94 |  |  | 98 |
Equity method investments under equity method |  | 17 |  |  | 16 |
Non-marketable equity securities |  | 151 |  |  | 151 |
Total equity investments |  | $ | 556 |  |  | $ | 565 |
Income (loss) from equity investments, net is as follows:
|  | Three Months Ended September 30, |  | Six Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Equity investments in publicly listed companies |  | $ | (12) |  |  | $ | 2 |  |  | $ | (8) |  |  | $ | 29 |
Equity method investments (1) |  | (4) |  |  | (12) |  |  | (5) |  |  | (12) |
Non-marketable equity securities (includes NAV) |  | — |  |  | — |  |  | 1 |  |  | (3) |
Total income (loss) from equity investments, net |  | $ | (16) |  |  | $ | (10) |  |  | $ | (12) |  |  | $ | 14 |
(1)Includes equity method investments where the Company elected the fair value option, including those under the net asset value (“NAV”) practical expedient, along with investments accounted for under the equity method.
Schedule of Unrealized Gain (Loss) on Investments | The components of gains and (losses), which primarily include unrealized gains and losses on non-marketable securities inclusive of those measured under the NAV practical expedient, are as follows:
|  | Three Months Ended September 30, |  | Six Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Observable price adjustments on non-marketable equity securities (includes NAV) |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | (2) |
Impairment of non-marketable equity securities |  | — |  |  | — |  |  | — |  |  | (1) |
Total income (loss) from equity investments in non-marketable securities, net |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | (3) |
Schedule of Realized Gain (Loss) on Investments | The components of gains and (losses), which primarily include unrealized gains and losses on non-marketable securities inclusive of those measured under the NAV practical expedient, are as follows:
|  | Three Months Ended September 30, |  | Six Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Observable price adjustments on non-marketable equity securities (includes NAV) |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | (2) |
Impairment of non-marketable equity securities |  | — |  |  | — |  |  | — |  |  | (1) |
Total income (loss) from equity investments in non-marketable securities, net |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | (3) |

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