Debt

9 Months Ended

Dec. 31, 2019

The following is a summary of the Company's debt:



(in millions)	Interest Rates	Fiscal Year Maturities	December 31, 2019		March 31, 2019
Short-term debt and current maturities of long-term debt
Commercial paper⁽¹⁾	(0.23)% - 2.76%	2020	$	809	$	694
Current maturities of long-term debt	Various	2020 - 2021	297		766
Current maturities of finance lease liabilities	.62% - 17.68%	2020 - 2021	475		482
Short-term debt and current maturities of long-term debt			$	1,581	$	1,942

Long-term debt, net of current maturities
AUD term loan	1.68% - 2.66%⁽²⁾	2022	562		567
GBP term loan	1.57 - 1.63%⁽³⁾	2022	595		583
EUR term loan	0.65%⁽⁴⁾	2022	840		—
EUR term loan	0.80%⁽⁵⁾	2023	840		—
USD term loan	2.95% - 3.67%⁽⁶⁾	2025	486		—
$500 million Senior notes	2.88%	2020	—		502
$500 million Senior notes	3.08% - 3.69%	2021	—		498
$274 million Senior notes	4.45%	2023	276		277
$171 million Senior notes	4.45%	2023	172		172
$500 million Senior notes	4.25%	2025	505		506
£250 million Senior notes	2.75%	2025	328		322
€650 million Senior notes	1.75%	2026	725		725
$500 million Senior notes	4.75%	2028	508		508
$234 million Senior notes	7.45%	2030	272		273
Lease credit facility	2.70% - 3.50%	2020 - 2023	15		25
Finance lease liabilities	.62% - 17.68%	2020 - 2025	1,114		1,127
Borrowings for assets acquired under long-term financing	0.38% - 5.78%	2020 - 2026	718		462
Mandatorily redeemable preferred stock outstanding	6.00%	2023	62		62
Other borrowings	0.50% - 7.40%	2020 - 2022	69		109
Long-term debt			8,087		6,718
Less: current maturities			772		1,248
Long-term debt, net of current maturities			$	7,315	$	5,470


⁽¹⁾	At DXC's option, DXC can borrow up to a maximum of €1 billion or its equivalent in U.S. dollars.

⁽²⁾ Variable interest rate equal to the bank bill swap bid rate for a one-, two-, three- or six-month interest period plus 0.60% to 0.95% based on the published credit ratings of DXC.

⁽³⁾ Three-month LIBOR rate plus 0.80%.

⁽⁴⁾ 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 0.40% and 0.9%, based on published credit ratings of DXC.

⁽⁵⁾ 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.

⁽⁶⁾ At DXC's option, the USD term loan bears interest at the Eurocurrency Rate for a one-, two-, three-, or six-month interest period, plus a margin between 1.00% and 1.50%, based on published credit ratings of DXC or the Base Rate plus a margin between 0.00% and 0.50%, based on published credit ratings of DXC.

Senior Notes and Term Loans

Interest on the Company's term loans is payable monthly or quarterly in arrears at the election of the borrowers. The Company fully and unconditionally guarantees term loans issued by its 100% owned subsidiaries. Interest on the Company's senior notes is payable semi-annually in arrears, except for interest on the £250 million Senior Notes due 2025 and the €650 million Senior Notes due 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 interest.