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Fair Value | 9 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value | Fair Value Fair Value Measurements on a Recurring Basis The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis excluding pension assets and derivative assets and liabilities. See Note 9 - "Derivative and Hedging Activities" for information about the fair value of the Company's derivative assets and liabilities. There were no transfers among any of the levels during the periods presented.
|  | Fair Value Hierarchy
(in millions) |  | December 31, 2020
Assets: |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Money market funds and money market deposit accounts |  | $ | 262 |  |  | $ | 262 |  |  | $ | — |  |  | $ | — |
U.S. treasury bills(1) |  | 250 |  |  | 250 |  |  | — |  |  | — |
Time deposits(1) |  | 349 |  |  | 349 |  |  | — |  |  | — |
Other debt securities(2) |  | 62 |  |  | — |  |  | 59 |  |  | 3 |
Total assets |  | $ | 923 |  |  | $ | 861 |  |  | $ | 59 |  |  | $ | 3 |
Liabilities: |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 40 |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |
Total liabilities |  | $ | 40 |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |
|  | March 31, 2020
Assets: |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Money market funds and money market deposit accounts |  | $ | 156 |  |  | $ | 156 |  |  | $ | — |  |  | $ | — |
Time deposits(1) |  | 595 |  |  | 595 |  |  | — |  |  | — |
Other debt securities(2) |  | 51 |  |  | — |  |  | 48 |  |  | 3 |
Deferred purchase price receivable |  | 103 |  |  | — |  |  | — |  |  | 103 |
Total assets |  | $ | 905 |  |  | $ | 751 |  |  | $ | 48 |  |  | $ | 106 |
Liabilities: |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 46 |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |
Total liabilities |  | $ | 46 |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |
(1) Cost basis approximated fair value due to the short period of time to maturity. (2) Other debt securities include available-for-sale investments with Level 2 inputs with cost bases of $59 million and $37 million, and unrealized gains of $0 million and $11 million, as of December 31, 2020 and March 31, 2020, respectively. During the quarter, previously held investments were sold and the proceeds were used to purchase new investments. The gain of $17 million from the sale was included in other income, net. The fair value of money market funds, money market deposit accounts, U.S. Treasury bills with less than three months maturity and time deposits, included in cash and cash equivalents are based on quoted market prices. The fair value of other debt securities included in other long-term assets is based on actual market prices. The fair value of the DPPs included in receivables, net is determined by calculating the expected amount of cash to be received and is principally based on unobservable inputs consisting primarily of the face amount of the receivables adjusted for anticipated credit losses. The fair value of contingent consideration included in other liabilities is based on contractually defined targets of financial performance in connection with earn outs and other considerations. Other Fair Value Disclosures The carrying amounts of the Company’s financial instruments with short-term maturities, primarily accounts receivable, accounts payable, short-term debt, and financial liabilities included in other accrued liabilities are deemed to approximate their market values due to their short-term nature. If measured at fair value, these financial instruments would be classified as Level 2 or Level 3 within the fair value hierarchy. The Company estimates the fair value of its long-term debt primarily by using quoted prices obtained from third-party providers such as Bloomberg and by using an expected present value technique that is based on observable market inputs for instruments with similar terms currently available to the Company. The estimated fair value of the Company's long-term debt excluding finance lease liabilities was $5.5 billion and $8.2 billion as of December 31, 2020 and March 31, 2020, respectively as compared with carrying value of $5.2 billion and $8.4 billion as of December 31, 2020 and March 31, 2020, respectively. Long-term debt excluding finance lease liabilities is classified as Level 1 or Level 2 within the fair value hierarchy. Non-financial assets such as goodwill, tangible assets, intangible assets and other contract related long-lived assets are recorded at fair value in the period they are initially recognized, and such fair value may be adjusted in subsequent periods if an event occurs or circumstances change that indicate that the asset may be impaired. The fair value measurements in such instances would be classified as Level 3 within the fair value hierarchy. There were no significant impairments recorded during the fiscal period covered by this report.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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