Debt (Tables)

12 Months Ended

Mar. 31, 2024

Debt consists of the following.


			March 31, 2024						March 31, 2023
in millions	Interest Rates(1)		Principal		Unamortized Carrying Value Adjustments(2)		Carrying Value		Principal		Unamortized Carrying Value Adjustments(2)		Carrying Value
Short-term borrowings	5.78	%	$	759	$	—	$	759	$	671	$	—	$	671
Floating rate Term Loans, due January 2025			—		—		—		752		(7)		745
Floating rate Term Loans, due September 2026	6.96	%	746		(4)		742		—		—		—
Floating rate Term Loans, due March 2028	7.46	%	485		(5)		480		490		(6)		484
3.250% Senior Notes, due November 2026	3.250	%	750		(6)		744		750		(8)		742
3.375% Senior Notes, due April 2029	3.375	%	540		(7)		533		543		(8)		535
4.750% Senior Notes, due January 2030	4.750	%	1,600		(18)		1,582		1,600		(22)		1,578
3.875% Senior Notes, due August 2031	3.875	%	750		(8)		742		750		(9)		741
3.90% China Bank Loans, due August 2027	3.90	%	53		—		53		64		—		64
1.80% Brazil Loan, due June 2023			—		—		—		30		—		30
1.80% Brazil Loan, due December 2023			—		—		—		20		—		20
Finance lease obligations and other debt, due through December 2031(3)	4.32	%	23		—		23		30		—		30
Total debt			$	5,706	$	(48)	$	5,658	$	5,700	$	(60)	$	5,640
Less: Short-term borrowings			(759)		—		(759)		(671)		—		(671)
Current portion of long-term debt			(33)		—		(33)		(88)		—		(88)
Long-term debt, net of current portion			$	4,914	$	(48)	$	4,866	$	4,941	$	(60)	$	4,881

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(1)Interest rates are the stated rates of interest on the debt instrument (not the effective interest rate) as of March 31, 2024, and therefore exclude the effects of accretion and amortization of debt issuance costs related to refinancing transactions and additional borrowings. We present stated rates of interest because they reflect the rate at which cash will be paid for future debt service.

(2)Amounts include unamortized debt issuance costs, fair value adjustments, and debt discounts.

(3)See Note 10 – Leases for more information.

Principal repayment requirements for total debt over the next five years and thereafter

Principal repayment requirements for our total debt over the next five years and thereafter using exchange rates as of March 31, 2024 for our debt denominated in foreign currencies are as follows (in millions).



As of March 31, 2024	Amount
Short-term borrowings and current portion of long-term debt due within one year	$	792
2 years	32
3 years	1,509
4 years	482
5 years	1
Thereafter	2,890
Total debt	$	5,706