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Hedging Activities (Tables) | 6 Months Ended
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Sep. 30, 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 Condensed Consolidated Statements of Comprehensive Income were as follows:
| Three Months Ended September 30, |  | Six Months Ended September 30,
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Non-derivatives designated as net investment hedges: (1) |  |  |  |  |  |  |
Euro-denominated notes | $ | — |  |  | $ | 75 |  |  | $ | — |  |  | $ | 139 |
(1)There was no ineffectiveness in these hedges for the three and six months ended September 30, 2022.
Schedule of Notional Amounts of Outstanding Derivative Positions | At September 30, 2023 and March 31, 2023, the notional amounts of the Company’s outstanding derivatives were as follows:
|  |  |  |  | September 30, 2023 |  | March 31, 2023
(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$ | 1,500 |
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 |  |  | € | 1,100 |
Floating interest rate swaps (5) | USD |  | Feb-26 to Sep-29 |  | $ | 1,250 |  |  | $ | 1,250 |
Derivatives designated as cash flow hedges: (2) |  |  |  |  |  |  |
Cross-currency swaps (3) | CAD |  | Jan-24 |  | C$ | 400 |  |  | C$ | 400 |
Fixed interest rate swaps (6) | USD |  | Jun-23 |  | $ | — |  |  | $ | 450 |
(1)The maturity date reflected is for outstanding derivatives as of September 30, 2023. (2)There was no ineffectiveness in these hedges for the three and six months ended September 30, 2023 and 2022. (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)Represents cross-currency fixed-to-fixed interest rate swaps to mitigate the foreign currency exchange fluctuations on its foreign currency-denominated notes. (5)Represents 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, which were terminated during the first quarter of fiscal 2024 as discussed further below.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Gains (losses) from derivatives 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) | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives designated as net investment hedges: |  |  |  |  |  |  |
Cross-currency swaps | $ | 27 |  |  | $ | 21 |  |  | $ | 7 |  |  | $ | 33 |
Derivatives designated as cash flow and other hedges: |  |  |  |  |  |  |
Cross-currency swaps (1) | $ | 33 |  |  | $ | (3) |  |  | $ | 27 |  |  | $ | (5) |
Fixed interest rate swaps | — |  |  | 28 |  |  | 16 |  |  | 55 |
(1)Includes other comprehensive income (loss) 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 in the Condensed Consolidated Statements of Comprehensive Income were as follows:
| Three Months Ended September 30, |  | Six Months Ended September 30,
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives designated as net investment hedges: |  |  |  |  |  |  |
Cross-currency swaps | $ | 27 |  |  | $ | 21 |  |  | $ | 7 |  |  | $ | 33 |
Derivatives designated as cash flow and other hedges: |  |  |  |  |  |  |
Cross-currency swaps (1) | $ | 33 |  |  | $ | (3) |  |  | $ | 27 |  |  | $ | (5) |
Fixed interest rate swaps | — |  |  | 28 |  |  | 16 |  |  | 55 |
(1)Includes other comprehensive income (loss) related to the excluded component of certain fair value hedges.
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, 2023 |  | March 31, 2023
| 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 | $ | 6 |  |  | $ | — |  |  | $ | 301 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 301 |
Cross-currency swaps (non-current) | Other non-current assets/liabilities | 73 |  |  | 1 |  |  | 2,760 |  |  | 74 |  |  | 2 |  |  | 2,760 |
Interest rate swaps (non-current) | Other non-current assets/liabilities | — |  |  | 51 |  |  | 1,250 |  |  | 1 |  |  | 15 |  |  | 1,700 |
Total |  | $ | 79 |  |  | $ | 52 |  |  |  |  | $ | 80 |  |  | $ | 17 |  |  |

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