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Debt and Financing Activities
 3 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt and Financing Activities Debt and Financing Activities
Long-term debt consisted of the following:
(In millions)June 30, 2022March 31, 2022
U.S. Dollar notes (1) (2)
2.70% Notes due December 15, 2022
$400 $400 
2.85% Notes due March 15, 2023
360 360 
3.80% Notes due March 15, 2024
918 918 
0.90% Notes due December 3, 2025
500 500 
1.30% Notes due August 15, 2026
498 498 
7.65% Debentures due March 1, 2027
150 150 
3.95% Notes due February 16, 2028
343 343 
4.75% Notes due May 30, 2029
196 196 
6.00% Notes due March 1, 2041
217 217 
4.88% Notes due March 15, 2044
255 255 
Foreign currency notes (1) (3)
1.50% Euro Notes due November 17, 2025
627 662 
1.63% Euro Notes due October 30, 2026
524 554 
3.13% Sterling Notes due February 17, 2029
548 582 
Lease and other obligations239 244 
Total debt5,775 5,879 
Less: Current portion799 799 
Total long-term debt$4,976 $5,080 
(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 $5.8 billion and $5.9 billion at June 30, 2022 and March 31, 2022, respectively, of which $799 million, was included under the caption “Current portion of long-term debt” within the Company’s Condensed Consolidated Balance Sheets at each of June 30, 2022 and March 31, 2022.
Revolving Credit Facilities
The Company has a Credit Agreement, dated as of September 25, 2019, as amended (the “2020 Credit Facility”), that provides a syndicated $4.0 billion five-year senior unsecured credit facility with a $3.6 billion aggregate sublimit of availability in Canadian dollars, British pound sterling, and Euro. 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 matures in September 2024 and had no borrowings during the three months ended June 30, 2022 and 2021 and no amounts outstanding as of June 30, 2022 and March 31, 2022.
The 2020 Credit Facility contains various customary investment grade covenants, including a financial covenant which obligates the Company to maintain a maximum Total Debt to Consolidated EBITDA ratio, as defined in the amended credit agreement. 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 June 30, 2022, the Company was in compliance with all covenants.
The Company also maintains bilateral credit facilities primarily denominated in Euros with a committed amount of $1 million and an uncommitted amount of $105 million as of June 30, 2022. Borrowings and repayments were not material during the three months ended June 30, 2022 and 2021. Amounts outstanding under these credit lines were not material as of June 30, 2022 and March 31, 2022.
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 three months ended June 30, 2022 and 2021, there were no material borrowings under the program. At June 30, 2022 and March 31, 2022, there were no commercial paper notes outstanding.