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Financing Arrangement | 9 Months Ended
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Dec. 31, 2020
Debt Instruments [Abstract] |
Financing Arrangement | (11) FINANCING ARRANGEMENTS Senior Notes In February 2016, we issued $600 million aggregate principal amount of 3.70% Senior Notes due March 1, 2021 (the “2021 Notes”) and $400 million aggregate principal amount of 4.80% Senior Notes due March 1, 2026 (the “2026 Notes,” and together with the 2021 Notes, the “Senior Notes”). Our proceeds were $989 million, net of discount of $2 million and issuance costs of $9 million. Both the discount and issuance costs are being amortized to interest expense over the respective terms of the 2021 Notes and the 2026 Notes using the effective interest rate method. The effective interest rate is 3.94% for the 2021 Notes and 4.97% for the 2026 Notes. Interest is payable semiannually in arrears, on March 1 and September 1 of each year. The carrying and fair values of the Senior Notes are as follows (in millions):
| As of December 31, 2020 |  | As of March 31, 2020
Senior Notes: |  |  |
3.70% Senior Notes due 2021 | $ | 600 |  |  | $ | 600 |
4.80% Senior Notes due 2026 | 400 |  |  | 400 |
Total principal amount | $ | 1,000 |  |  | $ | 1,000 |
Unaccreted discount | (1) |  |  | (1) |
Unamortized debt issuance costs | (2) |  |  | (3) |
Net carrying value of Senior Notes | $ | 997 |  |  | $ | 996 |
Fair value of Senior Notes (Level 2) | $ | 1,078 |  |  | $ | 1,030 |
As of December 31, 2020, the remaining life of the 2021 Notes and 2026 Notes is approximately 0.2 years and 5.2 years, respectively. The Senior Notes are senior unsecured obligations and rank equally with all our other existing and future unsubordinated obligations and any indebtedness that we may incur from time to time under our Credit Facility. The 2026 Notes are redeemable at our option at any time prior to December 1, 2025, subject to a make-whole premium. Within three months of maturity, we may redeem the 2026 Notes, at a redemption price equal to 100% of the aggregate principal amount plus accrued and unpaid interest. In addition, upon the occurrence of a change of control repurchase event, the holders of the Senior Notes may require us to repurchase all or a portion of the Senior Notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The Senior Notes also include covenants that limit our ability to incur liens on assets and to enter into sale and leaseback transactions, subject to certain allowances. We redeemed $600 million aggregate principal amount of the 2021 Notes on February 1, 2021 plus accrued and unpaid interest of $9 million. Credit Facility On August 29, 2019, we entered into a $500 million unsecured revolving credit facility (“Credit Facility”) with a syndicate of banks. The Credit Facility terminates on August 29, 2024 unless the maturity is extended in accordance with its terms. The Credit Facility contains an option to arrange with existing lenders and/or new lenders to provide up to an aggregate of $500 million in additional commitments for revolving loans. Proceeds of loans made under the Credit Facility may be used for general corporate purposes. The credit agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our ability to, among other things, incur subsidiary indebtedness, grant liens, and dispose of all or substantially all assets, in each case subject to customary exceptions for a credit facility of this size and type. We are also required to maintain compliance with a debt to EBITDA ratio. As of December 31, 2020, we were in compliance with the debt to EBITDA ratio. As of December 31, 2020, no amounts were outstanding under the Credit Facility. $2 million of debt issuance costs that were paid in connection with obtaining this credit facility are being amortized to interest expense over the 5-year term of the Credit Facility. Interest Expense The following table summarizes our interest expense recognized for the three and nine months ended December 31, 2020 and 2019 that is included in interest and other income (expense), net on our Condensed Consolidated Statements of Operations (in millions):
| Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Amortization of debt issuance costs | $ | (1) |  |  | $ | — |  |  | $ | (2) |  |  | $ | (1) |
Coupon interest expense | (10) |  |  | (10) |  |  | (31) |  |  | (31) |
Total interest expense | $ | (11) |  |  | $ | (10) |  |  | $ | (33) |  |  | $ | (32) |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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