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Fair Value Measurements | 6 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS There are various valuation techniques used to estimate fair value, the primary one being the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability. We measure certain financial and nonfinancial assets and liabilities at fair value on a recurring and nonrecurring basis. Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: •Level 1. Quoted prices in active markets for identical assets or liabilities. •Level 2. Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. •Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis As of September 30, 2025 and March 31, 2025, our assets and liabilities that were measured and recorded at fair value on a recurring basis were as follows (in millions):
|  |  | Fair Value Measurements at Reporting Date Using |  |
| As of September 30, 2025 |  | Quoted Prices in Active Markets for Identical Financial Instruments |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  | Balance Sheet Classification
|  | (Level 1) |  | (Level 2) |  | (Level 3) |
Assets |  |  |  |  |  |  |  |  |
Bank and time deposits | $ | 32 |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  | Cash equivalents
Money market funds | 128 |  |  | 128 |  |  | — |  |  | — |  |  | Cash equivalents
Available-for-sale securities: |  |  |  |  |  |  |  |  |
Corporate bonds | 47 |  |  | — |  |  | 47 |  |  | — |  |  | Short-term investments and cash equivalents
U.S. Treasury securities | 21 |  |  | 21 |  |  | — |  |  | — |  |  | Short-term investments
Foreign government securities | 7 |  |  | — |  |  | 7 |  |  | — |  |  | Short-term investments
Asset-backed securities | 38 |  |  | — |  |  | 38 |  |  | — |  |  | Short-term investments
Foreign currency derivatives | 12 |  |  | — |  |  | 12 |  |  | — |  |  | Other current assets and other assets
Deferred compensation plan assets (a) | 44 |  |  | 44 |  |  | — |  |  | — |  |  | Other assets
Total assets at fair value | $ | 329 |  |  | $ | 225 |  |  | $ | 104 |  |  | $ | — |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Foreign currency derivatives | $ | 88 |  |  | $ | — |  |  | $ | 88 |  |  | $ | — |  |  | Accounts payable, accrued, and other current liabilities and other liabilities
Deferred compensation plan liabilities (a) | 45 |  |  | 45 |  |  | — |  |  | — |  |  | Other liabilities
Total liabilities at fair value | $ | 133 |  |  | $ | 45 |  |  | $ | 88 |  |  | $ | — |  |  |
|  |  | Fair Value Measurements at Reporting Date Using |  |
| As of March 31, 2025 |  | Quoted Prices in Active Markets for Identical Financial Instruments |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  | Balance Sheet Classification
| (Level 1) |  | (Level 2) |  | (Level 3) |
Assets |  |  |  |  |  |  |  |  |
Bank and time deposits | $ | 58 |  |  | $ | 58 |  |  | $ | — |  |  | $ | — |  |  | Cash equivalents
Money market funds | 904 |  |  | 904 |  |  | — |  |  | — |  |  | Cash equivalents
Available-for-sale securities: |  |  |  |  |  |  |  |  |
Corporate bonds | 46 |  |  | — |  |  | 46 |  |  | — |  |  | Short-term investments
U.S. Treasury securities | 12 |  |  | 12 |  |  | — |  |  | — |  |  | Short-term investments
Foreign government securities | 4 |  |  | — |  |  | 4 |  |  | — |  |  | Short-term investments
Asset-backed securities | 50 |  |  | — |  |  | 50 |  |  | — |  |  | Short-term investments
Foreign currency derivatives | 28 |  |  | — |  |  | 28 |  |  | — |  |  | Other current assets and other assets
Deferred compensation plan assets (a) | 36 |  |  | 36 |  |  | — |  |  | — |  |  | Other assets
Total assets at fair value | $ | 1,138 |  |  | $ | 1,010 |  |  | $ | 128 |  |  | $ | — |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Foreign currency derivatives | $ | 26 |  |  | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | Accounts payable, accrued, and other current liabilities and other liabilities
Deferred compensation plan liabilities (a) | 36 |  |  | 36 |  |  | — |  |  | — |  |  | Other liabilities
Total liabilities at fair value | $ | 62 |  |  | $ | 36 |  |  | $ | 26 |  |  | $ | — |  |  |
(a)The Deferred Compensation Plan consists of various mutual funds. See Note 15 in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, for additional information regarding our Deferred Compensation Plan.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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