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BALANCE SHEET ITEMS | 9 Months Ended
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Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract] |
BALANCE SHEET ITEMS | BALANCE SHEET ITEMS Inventories The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows:
| As of December 31, 2023 |  | As of March 31, 2023
| (In millions)
Raw materials | $ | 5,303 |  |  | $ | 6,140 |
Work-in-progress | 697 |  |  | 709 |
Finished goods | 815 |  |  | 681 |
| $ | 6,815 |  |  | $ | 7,530 |
Goodwill and Other Intangible Assets During the nine-month period ended December 31, 2023, there was no material activity in the Company's goodwill account for each of its reportable segments, other than foreign currency translation adjustments of approximately $6 million, which primarily impacted the FRS segment, and a write-off of approximately $1 million as a result of the divestiture of a non-strategic immaterial business within the FRS segment during the third quarter of fiscal year 2024. The components of acquired intangible assets are as follows:
| As of December 31, 2023 |  | As of March 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (In millions)
Intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer-related intangibles | $ | 334 |  |  | $ | (194) |  |  | $ | 140 |  |  | $ | 373 |  |  | $ | (204) |  |  | $ | 169 |
Licenses and other intangibles | 306 |  |  | (180) |  |  | 126 |  |  | 299 |  |  | (152) |  |  | 147 |
Total | $ | 640 |  |  | $ | (374) |  |  | $ | 266 |  |  | $ | 672 |  |  | $ | (356) |  |  | $ | 316 |
The gross carrying amounts of intangible assets are removed when fully amortized. The estimated future annual amortization expense for intangible assets is as follows:
Fiscal Year Ending March 31, |  | Amount
|  | (In millions)
2024 (1) |  | $ | 17 |
2025 |  | 64 |
2026 |  | 43 |
2027 |  | 36 |
2028 |  | 28 |
Thereafter |  | 78 |
Total amortization expense |  | $ | 266 |
____________________________________________________________ (1)Represents estimated amortization for the remaining fiscal three-month period ending March 31, 2024. Customer Working Capital Advances Customer working capital advances were $1.9 billion and $2.3 billion, as of December 31, 2023 and March 31, 2023, respectively. The customer working capital advances are not interest-bearing, do not generally have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production or the customer working capital advance agreement is terminated. Other Current Liabilities Other current liabilities include customer-related accruals of $248 million and $313 million as of December 31, 2023 and March 31, 2023, respectively.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//210/tableOfContent + Details
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