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Hedging Activities (Tables) | 3 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | At June 30, 2024 and March 31, 2024, the notional amounts of the Company’s outstanding derivatives were as follows:
|  |  |  |  | June 30, 2024 |  | March 31, 2024
(In millions) | Currency |  | Maturity Date (1) |  | Notional
Derivatives designated as net investment hedges: (2) |  |  |  |  |  |  |
Cross-currency swaps (3) | CAD |  | Apr-25 to Jun-26 |  | C$ | 2,500 |  |  | 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) |  |  |  |  |  |  |
Foreign currency forwards (6) | GBP |  | Jul-24 to Jul-25 |  | £ | 35 |  |  | £ | 39 |
(1)The maturity date reflected is for outstanding derivatives as of June 30, 2024. (2)There was no ineffectiveness in these hedges for the three months ended June 30, 2024 and 2023. (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 hedge the variability of foreign currency exchange fluctuations in future cash payments due to a third party in the United Kingdom for capital expenditures.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Gains (losses) from derivatives included in other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income were as follows:
|  |  | Three Months Ended June 30,
(In millions) |  |  |  |  | 2024 |  | 2023
Derivatives designated as net investment hedges: |  |  |  |  |  |  |
Cross-currency swaps |  |  |  |  | $ | 7 |  |  | $ | (20) |
Derivatives designated as cash flow and other hedges: |  |  |  |  |  |  |
Cross-currency swaps (1) |  |  |  |  | $ | — |  |  | $ | (6) |
Foreign currency forwards |  |  |  |  | — |  |  | — |
Fixed interest rate swaps |  |  |  |  | — |  |  | 16 |
(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 (loss) in the Condensed Consolidated Statements of Comprehensive Income were as follows:
|  |  | Three Months Ended June 30,
(In millions) |  |  |  |  | 2024 |  | 2023
Derivatives designated as net investment hedges: |  |  |  |  |  |  |
Cross-currency swaps |  |  |  |  | $ | 7 |  |  | $ | (20) |
Derivatives designated as cash flow and other hedges: |  |  |  |  |  |  |
Cross-currency swaps (1) |  |  |  |  | $ | — |  |  | $ | (6) |
Foreign currency forwards |  |  |  |  | — |  |  | — |
Fixed interest rate swaps |  |  |  |  | — |  |  | 16 |
(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 | June 30, 2024 |  | March 31, 2024
| 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 | $ | — |  |  | $ | 3 |  |  | $ | 1,095 |  |  | $ | 13 |  |  | $ | 1 |  |  | $ | 1,122 |
Cross-currency swaps (non-current) | Other non-current assets/liabilities | 100 |  |  | 3 |  |  | 2,366 |  |  | 108 |  |  | — |  |  | 1,638 |
Interest rate swaps (non-current) | Other non-current liabilities | — |  |  | 36 |  |  | 1,250 |  |  | — |  |  | 35 |  |  | 1,250 |
Foreign currency forwards (current) | Prepaid expenses and other/Other accrued liabilities | — |  |  | — |  |  | 41 |  |  | — |  |  | — |  |  | 35 |
Foreign currency forwards (non-current) | Other non-current assets | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 15 |
Total |  | $ | 100 |  |  | $ | 42 |  |  |  |  | $ | 121 |  |  | $ | 36 |  |  |

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