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Debt | 9 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt The following is a summary of the Company's debt:
| (in millions) |  | Interest Rates |  | Fiscal Year Maturities |  | December 31, 2020 |  | March 31, 2020
| Short-term debt and current maturities of long-term debt |  |  |  |  |  |  |  |
| Commercial paper(1) |  | (0.22)% - 0.44% |  | 2021 - 2022 |  | $ | 112 |  |  | $ | 542 |
| Current maturities of long-term debt |  | Various |  | 2021 - 2022 |  | 252 |  |  | 290 |
| Current maturities of finance lease liabilities |  | 0.62% - 18.47% |  | 2021 - 2022 |  | 431 |  |  | 444 |
| Short-term debt and current maturities of long-term debt |  |  |  |  |  | $ | 795 |  |  | $ | 1,276 |
| Long-term debt, net of current maturities |  |  |  |  |  |  |  |
| AUD term loan |  | 0.94% - 0.96% |  | 2022 |  | — |  |  | 489 |
| GBP term loan |  | 0.88% - 1.46% |  | 2022 |  | — |  |  | 556 |
| EUR term loan |  | 0.65% |  | 2022 - 2023 |  | — |  |  | 822 |
| EUR term loan |  | 0.80%(2) |  | 2023 - 2024 |  | 488 |  |  | 821 |
| USD term loan |  | 1.40% - 2.24% |  | 2025 |  | — |  |  | 480 |
| $274 million Senior notes |  | 4.45% |  | 2023 |  | 276 |  |  | 276 |
| $171 million Senior notes |  | 4.45% |  | 2023 |  | 172 |  |  | 172 |
| $500 million Senior notes |  | 4.25% |  | 2025 |  | 504 |  |  | 505 |
| $500 million Senior notes |  | 4.00% |  | 2024 |  | 497 |  |  | — |
| $500 million Senior notes |  | 4.13% |  | 2026 |  | 496 |  |  | — |
| £250 million Senior notes |  | 2.75% |  | 2025 |  | 339 |  |  | 307 |
| €650 million Senior notes |  | 1.75% |  | 2026 |  | 792 |  |  | 709 |
| $500 million Senior notes |  | 4.75% |  | 2028 |  | 507 |  |  | 507 |
| $234 million Senior notes |  | 7.45% |  | 2030 |  | 269 |  |  | 271 |
| Revolving credit facility |  | 1.26% - 2.08% |  | 2024 - 2025 |  | — |  |  | 1,500 |
| Lease credit facility |  | 1.15% - 1.99% |  | 2021 - 2023 |  | — |  |  | 11 |
| Finance lease liabilities |  | 0.62% - 18.47% |  | 2021 - 2027 |  | 976 |  |  | 1,046 |
| Borrowings for assets acquired under long-term financing |  | 0.00% - 6.39% |  | 2021 - 2027 |  | 742 |  |  | 802 |
| Mandatorily redeemable preferred stock outstanding |  | 6.00% |  | 2023 |  | 63 |  |  | 62 |
| Other borrowings |  | Various |  | 2021 - 2022 |  | 6 |  |  | 70 |
| Long-term debt |  |  |  |  |  | 6,127 |  |  | 9,406 |
| Less: current maturities |  |  |  |  |  | 683 |  |  | 734 |
| Long-term debt, net of current maturities |  |  |  |  |  | $ | 5,444 |  |  | $ | 8,672 |
(1)At DXC's option, DXC can borrow up to a maximum of €1 billion or its equivalent in €, £, and $. (2) At DXC's option, the EUR term loan bears interest at the Eurocurrency Rate for a one-, two-, three-, or six-month interest period, plus a margin between 0.55% and 1.05%, based on published credit ratings of DXC. Senior Notes and Term Loans During the first quarter of fiscal 2021, the Company issued two senior notes with an aggregate principal of $1.0 billion consisting of (i) $500 million of 4.00% Senior Notes due fiscal 2024 and (ii) $500 million of 4.13% Senior Notes due fiscal 2026. The proceeds from these notes were applied towards the early prepayment of DXC's term loan facilities including prepayment of €500 million of Euro Term Loan due fiscal 2023, £150 million of GBP Term Loan due fiscal 2022, A$300 million of AUD Term Loan due fiscal 2022, and $100 million of USD Term Loan due fiscal 2025. During the second quarter of fiscal 2021, the Company repaid the remaining £300 million GBP Term Loan due fiscal 2022. During the third quarter of fiscal 2021, the Company used the proceeds from the sale of HHS Business to prepay approximately $1,441 million of term loan facilities detailed below under the heading "HHS Sale Use of Proceeds." Interest on the Company's remaining term loan is payable monthly at DXC's election. The Company fully and unconditionally guarantees term loans issued by its 100% owned subsidiaries. The interest on the Company's senior notes is payable semi-annually in arrears except for interest on the £250 million Senior Notes due fiscal 2025 and the €650 million Senior Notes due fiscal 2026, which are payable annually in arrears. Generally, the Company's notes are redeemable at the Company's discretion at the then-applicable redemption premium plus accrued and unpaid interest. Revolving Credit Facility During fiscal 2021, the Company borrowed the remaining $2.5 billion under the $4.0 billion credit facility agreement ("Credit Agreement") as a precautionary measure to increase its cash position and increase financial flexibility in light of continuing uncertainty in the global economy and financial capital markets resulting from COVID-19. The Company repaid the full $4.0 billion during the first nine months of fiscal 2021, which became available under the revolving credit facility for redraw at the request of the Company. HHS Sale Use of Proceeds In October 2020, DXC sold the HHS business and used approximately $3.5 billion of the proceeds to prepay $1,250 million of Revolver Credit Facility, £600 million of GBP commercial paper (approximately $772 million), and the following term loan facilities: €350 million of Euro Term Loan due fiscal 2024 (approximately $410 million), $381 million of USD Term loan due fiscal 2025, A$500 million of AUD Term Loan due fiscal 2022 (approximately $358 million), and €250 million of Euro Term Loan due fiscal 2022 and 2023 (approximately $292 million).

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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