Debt

12 Months Ended

Mar. 31, 2020

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



			As of
(in millions)	Interest Rates	Fiscal Year Maturities	March 31, 2020		March 31, 2019
Short-term debt and current maturities of long-term debt
Commercial paper⁽¹⁾	(0.23) - 2.76%	2021	$	542	$	694
Current maturities of long-term debt	Various	2021	290		766
Current maturities of capitalized lease liabilities	0.62% - 17.68%	2021	444		482
Short-term debt and current maturities of long-term debt			$	1,276	$	1,942

Long-term debt, net of current maturities
AUD term loan	1.65% - 2.66%⁽²⁾	2022	489		567
GBP term loan	1.50 - 1.63%⁽³⁾	2022	556		583
EUR term loan	0.65%⁽⁴⁾	2022	822		—
EUR term loan	0.80%⁽⁵⁾	2023	821		—
USD term loan	2.85% - 3.67%⁽⁶⁾	2025	480		—
$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	307		322
€650 million Senior notes	1.75%	2026	709		725
$500 million Senior notes	4.75%	2028	507		508
$234 million Senior notes	7.45%	2030	271		273
Revolving credit facility	2.06%	2024 - 2025	1,500		—
Lease credit facility	1.70% - 3.50%	2021 - 2023	11		25
Finance lease liabilities	0.62% - 17.68%	2021 - 2025	1,046		1,127
Borrowings for assets acquired under long-term financing	0.48% - 5.78%	2021 - 2028	802		462
Mandatorily redeemable preferred stock outstanding	6.00%	2023	62		62
Other borrowings⁽⁷⁾	Various	2021 - 2022	70		109
Long-term debt			9,406		6,718
Less: current maturities			734		1,248
Long-term debt, net of current maturities			$	8,672	$	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 of between 0.40% and 0.90%, 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 of 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 of between 1.00% and 1.50%, based on published credit ratings of DXC or the Base Rate plus a margin of between 0.00% and 0.50%, based on published credit ratings of DXC.

⁽⁷⁾ Other borrowings consist mostly of 7.4% USD Senior Note.

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 €650 million Senior Notes due 2026 which is 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.

Revolving Credit Facility

During fiscal 2020, the Company borrowed $1.5 billion from its credit facility agreement ("Credit Agreement") in order to eliminate the Company's reliance on commercial paper markets. The Company may repay amounts any time without penalty.

Subsequent Borrowings

See Note 23 - "Subsequent Events" for details.

Future Maturities of Long-term Debt

Expected maturities of long-term debt, including borrowings for asset financing but excluding minimum capital lease payments, for fiscal years subsequent to March 31, 2020, are as follows:



Fiscal Year	(in millions)
2021	$	290
2022	2,199
2023	1,514
2024	182
2025	2,698
Thereafter	1,477
Total	$	8,360