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Hedging Activities (Tables) | 6 Months Ended
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Sep. 30, 2022
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 September 30, |  | Six Months Ended September 30,
(In millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Non-derivatives designated as net investment hedges: (1) |  |  |  |  |  |  |
Euro-denominated notes | $ | 75 |  |  | $ | 33 |  |  | $ | 139 |  |  | $ | 11 |
(1)There was no ineffectiveness in these hedges for the three and six months ended September 30, 2022 and 2021.
Schedule of Notional Amounts of Outstanding Derivative Positions | At September 30, 2022 and March 31, 2022, the notional amounts of the Company’s outstanding derivatives were as follows:
|  |  |  |  | September 30, 2022 |  | March 31, 2022
(In millions) | Currency |  | Maturity Date |  | Notional
Derivatives designated as net investment hedges: (1) |  |  |  |  |  |  |
Cross-currency swaps (2) | CAD |  | Nov-24 |  | $ | 500 |  |  | $ | 500 |
Derivatives designated as fair value hedges: (1) |  |  |  |  |  |  |
Cross-currency swaps (3) | GBP |  | Feb-23 |  | £ | 450 |  |  | £ | 450 |
Floating interest rate swaps (4) | USD |  | Aug-27 to Sep-29 |  | $ | 750 |  |  | $ | — |
Derivatives designated as cash flow hedges: (1) |  |  |  |  |  |  |
Cross-currency swaps (2) | CAD |  | Jul-22 to Jan-24 |  | $ | 1,532 |  |  | $ | 1,678 |
Fixed interest rate swaps (5) | USD |  | Mar-23 |  | $ | 500 |  |  | $ | 500 |
(1)There was no ineffectiveness in these hedges for the three and six months ended September 30, 2022 and 2021. (2)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. (3)The Company agreed with third parties to exchange fixed interest payments in British pound sterling for floating interest payments in U.S. dollars based on three-month LIBOR plus a spread. (4)The Company entered into fixed-to-floating interest rate swaps to hedge the changes in fair value caused by fluctuations in the benchmark interest rates. (5)The Company entered into agreements with financial institutions to lock into the fixed benchmark interest rates for future bond issuance.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Gains (losses) of derivatives included in other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income were as follows:
| Three Months Ended September 30, |  | Six Months Ended September 30,
(In millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Derivatives designated as net investment hedges: |  |  |  |  |  |  |
Cross-currency swaps | $ | 21 |  |  | $ | 10 |  |  | $ | 33 |  |  | $ | 5 |
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |
Cross-currency swaps | $ | (3) |  |  | $ | 1 |  |  | $ | (5) |  |  | $ | (1) |
Fixed interest rate swaps | 28 |  |  | 10 |  |  | 55 |  |  | 12 |
Schedule of Fair Value of Derivatives | Information regarding the fair value of derivatives on a gross basis were as follows:
| Balance Sheet Caption | September 30, 2022 |  | March 31, 2022
| Fair Value of Derivative |  | U.S. Dollar Notional |  | Fair Value of Derivative |  | U.S. Dollar Notional
(In millions) | Asset |  | Liability |  |  | Asset |  | Liability |
Derivatives designated for hedge accounting:
Cross-currency swaps (current) | Prepaid expenses and other/Other accrued liabilities | $ | 43 |  |  | $ | 62 |  |  | $ | 1,417 |  |  | $ | 30 |  |  | $ | 39 |  |  | $ | 1,537 |
Cross-currency swaps (non-current) | Other non-current assets/liabilities | 26 |  |  | — |  |  | 679 |  |  | — |  |  | 36 |  |  | 679 |
Fixed interest rate swaps (current) | Prepaid expenses and other | 85 |  |  | — |  |  | 500 |  |  | 31 |  |  | — |  |  | 500 |
Floating interest rate swaps (non-current) | Other non-current liabilities | — |  |  | 34 |  |  | 750 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 154 |  |  | $ | 96 |  |  |  |  | $ | 61 |  |  | $ | 75 |  |  |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | Gains (losses) of derivatives included in other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income were as follows:
| Three Months Ended September 30, |  | Six Months Ended September 30,
(In millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Derivatives designated as net investment hedges: |  |  |  |  |  |  |
Cross-currency swaps | $ | 21 |  |  | $ | 10 |  |  | $ | 33 |  |  | $ | 5 |
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |
Cross-currency swaps | $ | (3) |  |  | $ | 1 |  |  | $ | (5) |  |  | $ | (1) |
Fixed interest rate swaps | 28 |  |  | 10 |  |  | 55 |  |  | 12 |

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