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Debt and Financing Activities | 6 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt and Financing Activities | Debt and Financing Activities Long-term debt consisted of the following:
(In millions) | September 30, 2020 |  | March 31, 2020
U.S. Dollar notes (1) (2) |  |  |
3.65% Notes due November 30, 2020 | $ | 700 |  |  | $ | 700 |
4.75% Notes due March 1, 2021 | 323 |  |  | 323 |
2.70% Notes due December 15, 2022 | 400 |  |  | 400 |
2.85% Notes due March 15, 2023 | 400 |  |  | 400 |
3.80% Notes due March 15, 2024 | 1,100 |  |  | 1,100 |
7.65% Debentures due March 1, 2027 | 167 |  |  | 167 |
3.95% Notes due February 16, 2028 | 600 |  |  | 600 |
4.75% Notes due May 30, 2029 | 400 |  |  | 400 |
6.00% Notes due March 1, 2041 | 282 |  |  | 282 |
4.88% Notes due March 15, 2044 | 411 |  |  | 411 |
Foreign currency notes (1) (3) |  |  |
0.63% Euro Notes due August 17, 2021 | 703 |  |  | 662 |
1.50% Euro Notes due November 17, 2025 | 700 |  |  | 659 |
1.63% Euro Notes due October 30, 2026 | 586 |  |  | 552 |
3.13% Sterling Notes due February 17, 2029 | 597 |  |  | 557 |
Lease and other obligations | 239 |  |  | 174 |
Total debt | 7,608 |  |  | 7,387 |
Less: Current portion | 1,760 |  |  | 1,052 |
Total long-term debt | $ | 5,848 |  |  | $ | 6,335 |
(1)These notes are unsecured and unsubordinated obligations of the Company. (2)Interest on these notes is payable semi-annually. (3)Interest on these foreign currency notes is payable annually. Long-Term Debt The Company’s long-term debt includes both U.S. dollar and foreign currency-denominated borrowings. Debt outstanding totaled $7.6 billion and $7.4 billion at September 30, 2020 and March 31, 2020, respectively, of which $1.8 billion and $1.1 billion, respectively, was included under the caption “Current portion of long-term debt” within the Company’s Condensed Consolidated Balance Sheets. Revolving Credit Facilities In the second quarter of 2020, the Company entered into a syndicated $4 billion five-year senior unsecured credit facility (the “2020 Credit Facility”), which has a $3.6 billion aggregate sublimit of availability in Canadian dollars, British pound sterling and Euro. The 2020 Credit Facility matures in September 2024 and had no borrowings during the three and six months ended September 30, 2020 and no amounts outstanding as of September 30, 2020 and March 31, 2020. The remaining terms and conditions of the 2020 Credit Facility are substantially similar to those previously in place under the $3.5 billion five-year senior unsecured revolving credit facility (the “Global Facility”), which was scheduled to mature in October 2020. The Global Facility was terminated in connection with the execution of the 2020 Credit Facility in September 2019. Borrowings under the 2020 Credit Facility bear interest based upon the London Interbank Offered Rate (“LIBOR”), Canadian Dealer Offered Rate for credit extensions denominated in Canadian dollars, a prime rate, or alternative overnight rates as applicable, plus agreed margins. The 2020 Credit 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 the Company does not comply with these covenants, its ability to use the 2020 Credit Facility may be suspended and repayment of any outstanding balances under the 2020 Credit Facility may be required. At September 30, 2020, the Company was in compliance with all covenants. The Company also maintains bilateral credit facilities primarily denominated in Euro with a committed amount of $9 million and an uncommitted amount of $176 million as of September 30, 2020. Borrowings and repayments were not material during the three and six months ended September 30, 2020 and 2019, and amounts outstanding under these credit lines were not material as of September 30, 2020 and March 31, 2020. Commercial Paper The Company maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company can issue up to $4.0 billion in outstanding commercial paper notes. During the six months ended September 30, 2020 and 2019, the Company borrowed $5.3 billion and $8.7 billion, respectively, and repaid $5.3 billion and $8.1 billion, respectively, under the program. At September 30, 2020 and March 31, 2020, there were no commercial paper notes outstanding.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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