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Stock-Based Compensation (Tables)
6 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Assumptions Used In Monte Carlo Simulation Model
The estimated assumptions used in the Black-Scholes valuation model to value our ESPP purchase rights were as follows:
 Three Months Ended
September 30,
20232022
Risk-free interest rate
5.4 - 5.5%
3.1 - 3.3%
Expected volatility
23 - 24%
30 - 31%
Weighted-average volatility24 %
30%
Expected term
6 - 12 months
6 - 12 months
Expected dividends0.8 %
0.7%
Schedule of Repurchase Agreements The following table summarizes total shares repurchased during the three and six months ended September 30, 2023 and 2022:
November 2020 ProgramAugust 2022 ProgramTotal
(In millions)SharesAmountShares
Amount(a)
SharesAmount
Three months ended September 30, 2023
— $— 2.6 $325 2.6 $325 
Six months ended September 30, 2023
— $— 5.2 $650 5.2 $650 
Three months ended September 30, 2022
2.6$325 — $— 2.6 $325 
Six months ended September 30, 2022
5.1$645 — $— 5.1 $645 
(a)Amount excludes excise taxes. Accrued excise taxes are included in accrued and other current liabilities and additional paid-in capital on the Condensed Consolidated Balance Sheets.
Disclosure Of Stock-Based Compensation Arrangements By Stock-Based Payment Award The following table summarizes our stock option activity for the six months ended September 30, 2023:
Options
(in thousands)
Weighted-
Average
Exercise Prices
Weighted-
Average
Remaining
Contractual
Term  (in years)
Aggregate
Intrinsic Value
(in millions)
Outstanding as of March 31, 2023
121 $40.43 
Granted131.62 
Exercised(10)58.71 
Outstanding as of September 30, 2023
112 $40.07 1.36$
Vested and expected to vest112 $40.07 1.36$
Exercisable as of September 30, 2023
112 $40.07 1.36$
The following table summarizes our restricted stock units activity for the six months ended September 30, 2023:
Restricted
Stock Units
(in thousands)
Weighted-
Average Grant
Date Fair Values
Outstanding as of March 31, 20237,502 $128.54 
Granted4,174 128.33 
Vested(2,523)129.47 
Forfeited or cancelled(489)129.74 
Outstanding as of September 30, 20238,664 $128.10 
The following table summarizes our performance-based restricted stock unit activity, presented with the maximum number of shares that could potentially vest, for the six months ended September 30, 2023:
Performance-
Based Restricted
Stock Units
(in thousands)
Weighted-
Average Grant
Date Fair Value
Outstanding as of March 31, 2023557 $130.03 
Granted682 128.66 
Vested(73)127.98 
Forfeited or cancelled(242)128.77 
Outstanding as of September 30, 2023924 $129.51 
The following table summarizes our market-based restricted stock unit activity, presented with the maximum number of shares that could potentially vest, for the six months ended September 30, 2023:
Market-Based
Restricted  Stock
Units
(in thousands)
Weighted-
Average  Grant
Date Fair Value
Outstanding as of March 31, 2023822 $149.98 
Granted143 152.92 
Vested(17)145.78 
Forfeited or cancelled(445)148.09 
Outstanding as of September 30, 2023503 $152.63 
The following table summarizes stock-based compensation expense resulting from stock options, restricted stock units, market-based restricted stock units, performance-based restricted stock units, and the ESPP purchase rights included in our Condensed Consolidated Statements of Operations (in millions):
 Three Months Ended
September 30,
Six Months Ended
September 30,
 2023202220232022
Cost of revenue$$$$
Research and development113 95 206 176 
Marketing and sales13 16 24 29 
General and administrative27 28 51 57 
Stock-based compensation expense$155 $140 $285 $265