Leases (Tables)

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of assets and liabilities related to operating and financing leases

The table below presents the classification of leasing assets and liabilities within our consolidated balance sheets.

		March 31,
in millions	Consolidated Balance Sheet Classification	2024		2023
ASSETS
Operating lease right-of-use assets	Other long–term assets	$	124	$	127
Finance lease assets(1)	Property, plant and equipment, net	25		31
Total lease assets		$	149	$	158
LIABILITIES
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	23	$	24
Finance lease liabilities	Current portion of long–term debt	9		16
Long-term:
Operating lease liabilities	Other long–term liabilities	81		82
Finance lease liabilities	Long–term debt, net of current portion	14		14
Total lease liabilities		$	127	$	136

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(1)Finance lease assets are recorded net of accumulated depreciation of $21 million and $18 million as of March 31, 2024 and March 31, 2023, respectively.

Lease, Cost

in millions	Income Statement Classification	Fiscal 2024		Fiscal 2023		Fiscal 2022
Operating lease costs(1)	Selling, general and administrative expenses	$	59	$	61	$	57

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(1)Operating lease costs include short-term leases and variable lease costs.

Schedule of lease information

The following table presents the weighted-average remaining lease term and discount rates.

	March 31,
	2024		2023
Weighted-average remaining lease term
Operating leases	8.6 years		9.2 years
Finance leases	3.4 years		2.0 years
Weighted-average discount rate
Operating leases	4.71	%	4.35	%
Finance leases	4.32	%	2.48	%

Schedule of Cash Flow, Supplemental Disclosures, Leases

in millions	Fiscal 2024		Fiscal 2023		Fiscal 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	65	$	72	$	59
Financing cash flows from finance leases	8		8		5
Leased assets obtained in exchange for new finance lease liabilities	11		6		16
Leased assets obtained in exchange for new operating lease liabilities	11		28		16

Finance Lease, Liability, Fiscal Year Maturity

Future minimum lease payments as of March 31, 2024, for our operating and finance leases having an initial or remaining non-cancelable lease term in excess of one year are as follows (in millions).

Fiscal Year Ending March 31,	Operating leases(1)		Finance leases(2)
2025	$	30	$	9
2026	19		6
2027	13		5
2028	10		3
2029	7		1
Thereafter	51		1
Total minimum lease payments	130		25
Less: interest	26		2
Present value of lease liabilities	$	104	$	23

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(1)Operating lease payments related to options to extend lease terms that are reasonably certain of being exercised are immaterial as of March 31, 2024.

(2)Finance lease payments related to options to extend lease terms that are reasonably certain of being exercised are immaterial, and we do not have leases signed but not yet commenced as of March 31, 2024.

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments as of March 31, 2024, for our operating and finance leases having an initial or remaining non-cancelable lease term in excess of one year are as follows (in millions).

Fiscal Year Ending March 31,	Operating leases(1)		Finance leases(2)
2025	$	30	$	9
2026	19		6
2027	13		5
2028	10		3
2029	7		1
Thereafter	51		1
Total minimum lease payments	130		25
Less: interest	26		2
Present value of lease liabilities	$	104	$	23

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(1)Operating lease payments related to options to extend lease terms that are reasonably certain of being exercised are immaterial as of March 31, 2024.

(2)Finance lease payments related to options to extend lease terms that are reasonably certain of being exercised are immaterial, and we do not have leases signed but not yet commenced as of March 31, 2024.