v3.25.4
BANK BORROWINGS AND LONG-TERM DEBT
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
BANK BORROWINGS AND LONG-TERM DEBT BANK BORROWINGS AND LONG-TERM DEBT
Bank borrowings and long-term debt as of December 31, 2025 and March 31, 2025 are as follows:
 Maturity DateAs of December 31, 2025As of March 31, 2025
(In millions)
4.750% Notes (1)
June 2025$— $531 
3.750% Notes (1)
February 2026675 678 
6.000% Notes (1)
January 2028398 398 
4.875% Notes (1)
June 2029654 655 
4.875% Notes (1)
May 2030672 676 
5.250% Notes (1) (2)
January 2032651 499 
5.375% Notes (1) (2)
November 2035598 — 
Delayed Draw Term Loan (3)December 2027500 — 
3.600% HUF Bonds (4)
December 2031305 269 
Debt issuance costs(18)(14)
4,435 3,692 
Current portion, net of debt issuance costs(675)(1,209)
Non-current portion$3,760 $2,483 
(1)The notes are carried at the principal amount of each note less any unamortized discount and unamortized debt issuance costs and inclusive of any unamortized premium. The notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.
(2)In November 2025, the Company issued $600 million of 5.375% Notes due November 2035 and $150 million of 5.250% Notes due January 2032.
(3)In March 2025, the Company entered into a $500 million Delayed Draw Term Loan agreement and drew down the funds in June 2025 at the Secured Overnight Financing Rate ("SOFR") plus 100 basis points.
(4)The bonds mature in December 2031 with annual payments equal to 10% of the original principal amount thereof on each of the seventh, eighth, and ninth anniversaries of the bonds, with the remaining 70% due upon maturity.
The weighted-average interest rate for the Company's long-term debt was 4.7% and 4.6% as of December 31, 2025 and March 31, 2025, respectively.
Scheduled repayments of the Company's bank borrowings and long-term debt as of December 31, 2025 are as follows:
Fiscal Year Ending March 31,Amount
(In millions)
2026 (1)$675 
2027— 
2028898 
202930 
2030685 
Thereafter2,165 
Total$4,453 
(1)Represents estimated repayments for the remaining fiscal three-month period ending March 31, 2026. On February 2, 2026, the Company repaid the 3.750% Notes due February 2026.
Notes due January 2032 and November 2035
In November 2025, the Company issued $600 million of 5.375% Notes ("2035 Notes") due November 2035 at 99.732% of face value and as a further issuance of the existing Notes due January 2032, the Company issued under the same terms an additional $150 million of 5.250% Notes ("additional 2032 Notes") due January 2032 at 101.561% of face value. Interest on the 2035 Notes is payable on May 13 and November 13 of each year, beginning on May 13, 2026, until maturity on November 13, 2035. Interest on the additional 2032 Notes is payable on January 15 and July 15 of each year, beginning on January 15, 2026, until maturity on January 15, 2032. Immediately after the issuance of the additional 2032 Notes, the Company had $650 million aggregate principal amount of 5.250% Notes due 2032 outstanding. The Company received proceeds in aggregate of $746 million, net of discount, certain issuance costs, and prepaid interest and inclusive of premium for the issuances in November 2025. The Company incurred and capitalized $7 million of costs in conjunction with the Note issuances in November 2025 as a direct reduction to the carrying amount of the Notes presented on the balance sheet. Proceeds from issuances in November 2025 may be used for general corporate purposes, including repaying, redeeming or repurchasing outstanding debt including repayment or redemption of the 3.750% Notes due February 2026, and for working capital, capital expenditures and acquisitions. The Notes are senior unsecured obligations of the Company and rank equally with all of the Company's other existing and future senior and unsecured debt obligations.
As of December 31, 2025, the Company was in compliance with all covenants in the indentures governing the Notes.
The 2030 Credit Facility
In July 2025, the Company entered into a new $2.75 billion credit facility (“2030 Credit Facility”) which matures in July 2030 and consists of a $2.75 billion revolving credit facility with a sub-limit of $400 million available for swing line loans and a sub-limit of $200 million available for the issuance of letters of credit. The 2030 Credit Facility replaced the previous $2.5 billion credit facility, which was due to mature in July 2027. Borrowings under the 2030 Credit Facility bear interest at the Company’s option at various market based rates, adjusted for the Company’s credit rating, or at the SOFR or similar non-reporting currency benchmarks based on the underlying borrowing currency, adjusted for the Company’s credit rating. The Company is required to pay a quarterly commitment fee on the unutilized portion of the 2030 Credit Facility ranging from 0.100% to 0.275% per annum, based on the Company’s credit ratings. The Company is also required to pay letter of credit usage fees ranging from 1.00% to 1.750% per annum, based on the Company’s credit ratings, on the daily average amount of outstanding letters of credit and a fronting fee of 0.125% per annum on the undrawn and unexpired amount of each letter of credit.
Term Loan due December 2027
In March 2025, the Company entered into a $500 million delayed draw term loan agreement. Borrowings under the delayed draw term loan may be used for working capital, capital expenditures, refinancing of current debt, and other general purposes. All borrowings on the delayed draw term loan will come due on December 31, 2027. Interest is based on a Term SOFR-based formula plus a margin of 100 basis points. The Company had $500 million in borrowings outstanding under the loan agreement as of December 31, 2025.