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Debt
 6 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of the Company’s debt:

(in millions)Interest RatesFiscal Year Maturities
9/30/2022(1)
3/31/2022(1)
Short-term debt and
current maturities of long-term debt
Commercial paper(2)
(0.38)% - 0.97%
2023$367 $362 
Current maturities of long-term debtVarious2023 - 2024232 249 
Current maturities of finance lease liabilities
0.34% - 14.01%
2023 - 2024235 289 
Short-term debt and current maturities of long-term debt$834 $900 
Long-term debt, net of current maturities
€650 million Senior notes
1.75%2026635 720 
$700 million Senior notes
1.80%2027695 694 
€750 million Senior notes
0.45%2028730 828 
$650 million Senior notes
2.375%2029645 644 
€600 million Senior notes
0.95%2032582 661 
Finance lease liabilities
0.34% - 14.01%
2023 - 2028529 643 
Borrowings for assets acquired under long-term financing
0.00% - 6.78%
2023 - 2027280 344 
Mandatorily redeemable preferred stock outstanding6.00%202363 63 
Other borrowingsVarious2023 - 20243 6 
Long-term debt4,162 4,603 
Less: current maturities 467 538 
Long-term debt, net of current maturities$3,695 $4,065 
        

(1)The carrying amounts of the senior notes as of September 30, 2022 and March 31, 2022, include the remaining principal outstanding of $3,309 million and $3,575 million, respectively, net of total unamortized debt (discounts) and premiums, and deferred debt issuance costs of $(22) million and $(28) million respectively.
(2)At DXC’s option, DXC can borrow up to a maximum of €1 billion or its equivalent in €, £, and $.

Term Loan

During the second quarter of fiscal 2023, the Company entered into a $500 million term loan credit agreement (the “USD Term Loan”) with certain unaffiliated financial institutions that matures on September 1, 2024, unless the Company exercises its option to extend for one year until September 1, 2025. The USD Term Loan is required to be drawn down by March 1, 2023. The Company did not draw on the USD Term Loan as of September 30, 2022.

Fair Value of Debt

The estimated fair value of the Company’s long-term debt, excluding finance lease liabilities, was $3.1 billion and $3.7 billion as of September 30, 2022 and March 31, 2022, respectively, compared with carrying value of $3.6 billion and $4.0 billion as of September 30, 2022 and March 31, 2022, respectively.