XML 58 R43.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
BANK BORROWINGS AND LONG-TERM DEBT (Tables)
 12 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of bank borrowings and long-term debt
Bank borrowings and long-term debt are as follows:
Maturity DateAs of March 31,
20242023
(In millions)
4.750% Notes ("2025 Notes") (1)(2)
June 2025584 599 
3.750% Notes ("2026 Notes") (1)(2)
February 2026682 686 
6.000% Notes ("2028 Notes") (1)(2)
January 2028397 396 
4.875% Notes ("2029 Notes") (1)(2)
June 2029657 658 
4.875% Notes ("2030 Notes") (1)(2)
May 2030681 685 
JPY Term Loan (3)April 2024— 253 
Delayed Draw Term Loan (4)November 2023— 150 
3.600% HUF Bonds (5)
December 2031274 284 
Other1 1 
Debt issuance costs(15)(18)
3,261 3,694 
Current portion, net of debt issuance costs— (150)
Non-current portion$3,261 $3,544 
(1)The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs.
(2)The notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.
(3)In April 2019, the Company entered into a JPY 33.5 billion term loan agreement at three-month TIBOR plus 0.430%, which was then swapped to U.S. dollars. The term loan, which is subject to quarterly interest payments, was used to fund general operations and refinance certain other outstanding debt. During fiscal year 2024, the Company repaid the outstanding balance.
(4)In September 2022, the Company entered into a $450 million delayed draw term loan credit agreement, under which $300 million was repaid during fiscal year 2023. Borrowings under the delayed draw term loan may be used for working capital, capital expenditures, refinancing of current debt, and other general corporate purposes. Interest is based on either (a) a Term SOFR-based formula plus a margin of 100.0 basis points to 162.5 basis points, depending on the Company's credit ratings, or (b) a Base Rate (the greatest of the agent's prime rate, the federal funds rate plus 0.50%, and the Term SOFR plus 1.00%) formula plus a margin of 0.0 basis point to 62.5 basis points, depending on the Company's credit ratings. During fiscal year 2024, the Company repaid the remaining $150 million outstanding balance.
(5)In December 2021, the Company issued HUF 100 billion (approximately $274 million as of March 31, 2024) in aggregate principal amount of bonds under the National Bank of Hungary’s Bond Funding for Growth Scheme. The bonds are unsecured and unsubordinated obligations of the Company and rank equally with all of the Company’s other existing and future unsecured and unsubordinated obligations. The outstanding principal amount of the bonds bear interest at 3.60% per annum. The proceeds of the bonds were used for general corporate purposes.
Schedule of the company's repayments of long-term debt
Scheduled repayments of the Company's bank borrowings and long-term debt are as follows:
Fiscal Year Ending March 31,Amount
(In millions)
2025$— 
20261,266 
2027— 
2028397 
202927 
Thereafter1,586 
Total$3,276