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Leases (Tables)

12 Months Ended

Mar. 31, 2023

The components of lease expenses for the fiscal years ended March 31, 2023, 2022, and 2021 are as follows (in millions):


	Year Ended March 31,
	2023		2022		2021
Operating lease costs	$	138	$	98	$	87
Variable lease costs	22		21		21
Short-term lease costs	7		2		2
Total lease expense	$	167	$	121	$	110

During the fiscal year ended March 31, 2023, we recorded accelerated amortization of certain ROU Assets of $34 million within the operating lease costs and accelerated deprecation of property, plant and equipment for $10 million as part of our 2023 Restructuring Plan. See Note 8 — Restructuring Activities for additional information.

Supplemental cash and noncash information related to our operating leases for the fiscal years ended March 31, 2023, 2022, and 2021 are as follows (in millions):


	Year Ended March 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liability	$	97	$	97	$	85
ROU assets obtained in exchange for new lease obligations	$	97	$	150	$	90

Weighted average remaining lease term and discount rate at March 31, 2023 and 2022 are as follows:


	At March 31, 2023		At March 31, 2022
Lease term	7.5 years		6.8 years
Discount rate	3.3	%	2.5	%

AssetsandLiabilitiesLesseeTableTextBlock

Operating lease ROU assets and liabilities recorded on our Consolidated Balance Sheets as of March 31, 2023 and 2022 are as follows (in millions):


	As of March 31,				Balance Sheet Classification
	2023		2022
Operating lease ROU assets	$	276	$	314	Other assets

Operating lease liabilities	$	66	$	81	Accrued and other current liabilities
Noncurrent operating lease liabilities	277		272		Other liabilities
Total operating lease liabilities	$	343	$	353

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments under operating leases as of March 31, 2023 were as follows (in millions):


Fiscal Years Ending March 31,
2024	$	73
2025	69
2026	56
2027	41
2028	32
Thereafter	116
Total future lease payments	387
Less imputed interest	(44)
Total operating lease liabilities	$	343