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BALANCE SHEET ITEMS | 3 Months Ended
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Jun. 28, 2024
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 June 28, 2024 |  | As of March 31, 2024
| (In millions)
Raw materials | $ | 4,858 |  |  | $ | 5,045 |
Work-in-progress | 516 |  |  | 623 |
Finished goods | 465 |  |  | 537 |
| $ | 5,839 |  |  | $ | 6,205 |
Goodwill and Other Intangible Assets During the three-month period ended June 28, 2024, the activity in the Company's goodwill account included approximately $4 million of foreign currency translation, offset by an approximately $8 million goodwill addition from an acquisition in the first quarter of fiscal year 2025. For more information, see note 17 "Business Acquisition". The components of acquired intangible assets are as follows:
| As of June 28, 2024 |  | As of March 31, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (In millions)
Intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer-related intangibles | $ | 317 |  |  | $ | (194) |  |  | $ | 123 |  |  | $ | 316 |  |  | $ | (186) |  |  | $ | 130 |
Licenses and other intangibles | 296 |  |  | (189) |  |  | 107 |  |  | 298 |  |  | (183) |  |  | 115 |
Total | $ | 613 |  |  | $ | (383) |  |  | $ | 230 |  |  | $ | 614 |  |  | $ | (369) |  |  | $ | 245 |
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)
2025 (1) |  | $ | 47 |
2026 |  | 43 |
2027 |  | 36 |
2028 |  | 27 |
2029 |  | 25 |
Thereafter |  | 52 |
Total amortization expense |  | $ | 230 |
____________________________________________________________ (1)Represents estimated amortization for the remaining fiscal nine-month period ending March 31, 2025. Customer Working Capital Advances Customer working capital advances were $1.9 billion and $2.2 billion, as of June 28, 2024 and March 31, 2024, 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 Non-Current Assets Other non-current assets include deferred tax assets of $652 million and $644 million as of June 28, 2024 and March 31, 2024, respectively. Other Current Liabilities Other current liabilities include customer-related accruals of $242 million and $277 million as of June 28, 2024 and March 31, 2024, 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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