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v3.25.1

SUMMARY OF ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Mar. 31, 2025
Accounting Policies [Abstract] |
Summary of the activity in the Company's allowance for doubtful accounts | The following table summarizes the activity in the Company's allowance for doubtful accounts during fiscal years 2025, 2024 and 2023:
| Balance at Beginning of Year |  | Charges (Recoveries) to Costs and Expenses(1) |  | Deductions/ Write-Offs (2) |  | Balance at End of Year
| (In millions)
Allowance for doubtful accounts: |  |  |  |  |  |  |
Year ended March 31, 2023 | $ | 52 |  |  | $ | 4 |  |  | $ | (50) |  |  | $ | 6 |
Year ended March 31, 2024 | 6 |  |  | 9 |  |  | (3) |  |  | 12 |
Year ended March 31, 2025 | 12 |  |  | (1) |  |  | (4) |  |  | 7 |
(1)Charges and recoveries incurred during fiscal years 2025, 2024 and 2023 are primarily for costs and expenses or bad debt recoveries related to various distressed customers. (2)Deductions and write-offs during fiscal year 2023 is primarily as a result of a settlement reached with a certain former customer.
Schedule of cash and cash equivalents | Cash and cash equivalents consisted of the following:
| As of March 31,
| 2025 |  | 2024
| (In millions)
Cash and bank balances | $ | 754 |  |  | $ | 1,715 |
Money market funds and time deposits | 1,535 |  |  | 759 |
| $ | 2,289 |  |  | $ | 2,474 |
Schedule of components of inventories | The components of inventories, net of applicable lower of cost or net realizable value write-downs, were as follows:
| As of March 31,
| 2025 |  | 2024
| (In millions)
Raw materials | $ | 4,092 |  |  | $ | 5,045 |
Work-in-progress | 485 |  |  | 623 |
Finished goods | 494 |  |  | 537 |
| $ | 5,071 |  |  | $ | 6,205 |
Schedule of property and equipment, net | Property and equipment is comprised of the following:
| Depreciable Life (In Years) |  | As of March 31,
|  | 2025 |  | 2024
|  |  | (In millions)
Machinery and equipment | 2 - 10 |  | $ | 3,978 |  |  | $ | 3,960 |
Buildings | 30 |  | 1,342 |  |  | 1,212 |
Leasehold improvements | Shorter of lease term or useful life of the improvement |  | 669 |  |  | 651 |
Furniture, fixtures, computer equipment and software, and other | 3 - 7 |  | 564 |  |  | 549 |
Land | — |  | 126 |  |  | 123 |
Construction-in-progress | — |  | 271 |  |  | 214 |
|  |  | 6,950 |  |  | 6,709 |
Accumulated depreciation and amortization |  |  | (4,620) |  |  | (4,440) |
Property and equipment, net |  |  | $ | 2,330 |  |  | $ | 2,269 |
Schedule of goodwill | The following table summarizes the activity in the Company's goodwill during fiscal years 2025 and 2024:
|  | FAS |  | FRS |  |  |  | Total
|  | (In millions)
Balance at March 31, 2023 |  | $ | 371 |  |  | $ | 768 |  |  |  |  | $ | 1,139 |
Divestitures (1) |  | — |  |  | (1) |  |  |  |  | (1) |
Foreign currency translation adjustments |  | — |  |  | (3) |  |  |  |  | (3) |
Balance at March 31, 2024 |  | 371 |  |  | 764 |  |  |  |  | 1,135 |
Acquisitions (2) |  | 39 |  |  | 170 |  |  |  |  | 209 |
Foreign currency translation adjustments |  | — |  |  | (3) |  |  |  |  | (3) |
Balance at March 31, 2025 |  | $ | 410 |  |  | $ | 931 |  |  |  |  | $ | 1,341 |
(1)A reduction of approximately $1 million as a result of the divestiture of a non-strategic immaterial business within the FRS segment in fiscal year 2024. (2)Represents goodwill of $170 million from the Crown acquisition, $31 million from the JetCool acquisition and $8 million from an acquisition completed in the first quarter of fiscal year 2025. Refer to Note 19 for further details.
Schedule of components of acquired intangible assets | The components of acquired intangible assets are as follows:
| As of March 31, 2025 |  | As of March 31, 2024
| Weighted-Average Remaining Useful life (in Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
|  |  | (In millions)
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Customer-related intangibles | 8.3 |  | $ | 383 |  |  | $ | (186) |  |  | $ | 197 |  |  | $ | 316 |  |  | $ | (186) |  |  | $ | 130 |
Licenses and other intangibles | 6.7 |  | 365 |  |  | (219) |  |  | 146 |  |  | 298 |  |  | (183) |  |  | 115 |
Total |  |  | $ | 748 |  |  | $ | (405) |  |  | $ | 343 |  |  | $ | 614 |  |  | $ | (369) |  |  | $ | 245 |
Schedule of estimated future annual amortization expense for intangible assets | The estimated future annual amortization expense for acquired intangible assets is as follows:
Fiscal Year Ending March 31, | Amount
| (In millions)
2026 | $ | 67 |
2027 | 57 |
2028 | 43 |
2029 | 40 |
2030 | 35 |
Thereafter | 101 |
Total amortization expense | $ | 343 |
Schedule of supplier finance program | The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance programs for the fiscal years ended March 31, 2025 and March 31, 2024 are as follows:
|  | Fiscal Year Ended
|  | March 31, 2025 |  | March 31, 2024
|  | (In millions)
Confirmed obligations outstanding at the beginning of the year |  | $ | 123 |  |  | $ | 157 |
Invoices confirmed during the year |  | 574 |  |  | 604 |
Confirmed invoices paid during the year |  | (569) |  |  | (643) |
Foreign currency exchange impact |  | (9) |  |  | 5 |
Confirmed obligations outstanding at the end of the year |  | $ | 119 |  |  | $ | 123 |

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