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Fair Value Measurements (Tables)
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements
The financial instruments measured at fair value on a recurring basis in the accompanying consolidated balance sheets consist of the following:
Recurring Fair Value Measurements
as of March 31, 2025
Level 1Level 2Total
Assets:
Current derivative instruments (1)
$— $1 $1 
Long term deferred compensation plan asset (2)
35 — 35 
Total Assets$35 $1 $36 
Liabilities:
Current derivative instruments (1)
— 1 1 
Long-term derivative instruments (1)
— 2 2 
Long term deferred compensation plan liability (2)
35 — 35 
Total Liabilities$35 $3 $38 
Recurring Fair Value Measurements
as of March 31, 2024
Level 1Level 2Total
Assets:
Current derivative instruments (1)
$— $9 $9 
Long-term derivative instruments (1)
— 1 1 
Long term deferred compensation plan asset (2)
$29 $— $29 
Total Assets$29 $10 $39 
Liabilities:
Long term deferred compensation plan liability (2)
29 — 29 
Total liabilities$29 $— $29 
(1) The Company’s interest rate swaps are considered over-the-counter derivatives which are recorded in the consolidated balance sheet on a gross basis at estimated fair value. Fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 11, “Derivatives,” to the consolidated financial statements for further information on the Company’s derivative instruments designated as cash flow hedges.
(2) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets are recorded in other long-term assets and represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan, which is recorded in other long-term liabilities on our consolidated balance sheets.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The carrying amount and estimated fair value of debt consists of the following:
March 31, 2025March 31, 2024
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Term Loan A$1,526 $1,521 $1,588 $1,582 
3.875% Senior Notes due 2028
700 666 700 657 
4.000% Senior Notes due 2029
500 471 500 465 
5.950% Senior Notes due 2033
650 651 650 673 
5.950% Senior Notes due 2035
650 645 — —