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Hedging Activities (Tables) | 12 Months Ended
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Mar. 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 Consolidated Statements of Comprehensive Income were as follows:
| Years Ended March 31,
(In millions) | 2023 |  | 2022 |  | 2021
Non-derivatives designated as net investment hedges: (1) |  |  |  |  |
Euro-denominated notes (2) | $ | 7 |  |  | $ | 73 |  |  | $ | (118) |
(1)There was no ineffectiveness in these hedges for the years ended March 31, 2023, 2022 and 2021. (2)For the year ended March 31, 2023, includes amounts reclassified to earnings of $112 million.
Schedule of Notional Amounts of Outstanding Derivative Positions | At March 31, 2023 and 2022, the notional amounts of the Company’s outstanding derivatives were as follows:
|  |  |  |  | March 31, 2023 |  | March 31, 2022
(In millions) | Currency |  | Maturity Date (1) |  | Notional
Derivatives designated as net investment hedges: (2) |  |  |  |  |  |  |
Cross-currency swaps (3) | CAD |  | Nov-24 to Mar-25 |  | C$ | 1,500 |  |  | C$ | 500 |
Derivatives designated as fair value hedges: (2) |  |  |  |  |  |  |
Cross-currency swaps (4) | GBP |  | Nov-28 |  | £ | 450 |  |  | £ | 450 |
Cross-currency swaps (4) | EUR |  | Aug-25 to Jul-26 |  | € | 1,100 |  |  | € | — |
Floating interest rate swaps (5) | USD |  | Feb-26 to Sep-29 |  | $ | 1,250 |  |  | $ | — |
Derivatives designated as cash flow hedges: (2) |  |  |  |  |  |  |
Cross-currency swaps (3) | CAD |  | Jan-24 |  | C$ | 400 |  |  | C$ | 1,678 |
Fixed interest rate swaps (6) | USD |  | Jun-33 |  | $ | 450 |  |  | $ | 500 |
(1)The maturity date reflected is for outstanding derivatives as of March 31, 2023. (2)There was no ineffectiveness in these hedges for the years ended March 31, 2023, 2022, and 2021. (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)In fiscal 2023, represents cross-currency fixed-to-fixed interest rate swaps to mitigate the foreign currency exchange fluctuations on its foreign currency-denominated notes. In fiscal 2022, represents fixed interest payments in British pound sterling for floating interest payments in U.S. dollars based on three-month LIBOR plus a spread. (5)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. (6)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) from derivatives included in other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income (Loss) were as follows:
| Years Ended March 31,
(In millions) | 2023 |  | 2022 |  | 2021
Derivatives designated as net investment hedges: |  |  |  |  |
Cross-currency swaps | $ | 28 |  |  | $ | (4) |  |  | $ | (119) |
Derivatives designated as cash flow and other hedges: |  |  |  |  |
Cross-currency swaps (1) | $ | (54) |  |  | $ | (18) |  |  | $ | (33) |
Fixed interest rate swaps | (30) |  |  | 39 |  |  | (9) |
(1)Includes other comprehensive income 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 (loss) in the Consolidated Statements of Comprehensive Income (Loss) were as follows:
| Years Ended March 31,
(In millions) | 2023 |  | 2022 |  | 2021
Derivatives designated as net investment hedges: |  |  |  |  |
Cross-currency swaps | $ | 28 |  |  | $ | (4) |  |  | $ | (119) |
Derivatives designated as cash flow and other hedges: |  |  |  |  |
Cross-currency swaps (1) | $ | (54) |  |  | $ | (18) |  |  | $ | (33) |
Fixed interest rate swaps | (30) |  |  | 39 |  |  | (9) |
(1)Includes other comprehensive income related to the excluded component of certain fair value hedges.
Schedule of Information Regarding Fair Value of Derivatives on a Gross Basis | Information regarding the fair value of derivatives on a gross basis were as follows:
| Balance Sheet Caption | March 31, 2023 |  | 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 | $ | 5 |  |  | $ | — |  |  | $ | 301 |  |  | $ | 30 |  |  | $ | 39 |  |  | $ | 1,537 |
Cross-currency swaps (non-current) | Other non-current assets/liabilities | 74 |  |  | 2 |  |  | 2,760 |  |  | — |  |  | 36 |  |  | 679 |
Interest rate swaps (current) | Prepaid expenses and other | — |  |  | — |  |  | — |  |  | 31 |  |  | — |  |  | 500 |
Interest rate swaps (non-current) | Other non-current assets/liabilities | 1 |  |  | 15 |  |  | 1,700 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 80 |  |  | $ | 17 |  |  |  |  | $ | 61 |  |  | $ | 75 |  |  |

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