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Fair Value
9 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair Value Measurements on a Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, excluding pension assets and derivative assets and liabilities. See Note 9 – “Derivative Instruments” for information about these excluded assets and liabilities. There were no transfers between any of the levels during the periods presented.

Fair Value Hierarchy
(in millions)December 31, 2021
Assets:Fair ValueLevel 1Level 2Level 3
Money market funds and money market deposit accounts$14 $14 $— $— 
Time deposits(1)
63 63 — — 
Other securities(2)
55 — 53 
Total assets$132 $77 $53 $
Liabilities:
Contingent consideration$13 $— $— $13 
Total liabilities$13 $— $— $13 
March 31, 2021
Assets:Fair ValueLevel 1Level 2Level 3
Money market funds and money market deposit accounts$12 $12 $— $— 
Time deposits(1)
78 78 — — 
Other securities(2)
57 — 55 
Total assets$147 $90 $55 $
Liabilities:
Contingent consideration$27 $— $— $27 
Total liabilities$27 $— $— $27 
        

(1) Cost basis approximated fair value due to the short period of time to maturity.
(2) Other securities include available-for-sale equity security investments with Level 2 inputs that have a cost basis of $55 million and $57 million, and losses of $2 million and $2 million, as of December 31, 2021 and March 31, 2021, respectively, included in other income, net in the Company’s statements of operations.

The fair value of money market funds, money market deposit accounts, U.S. Treasury bills with less than three months maturity and time deposits, included in cash and cash equivalents, are based on quoted market prices. The fair value of other debt securities, included in other long-term assets, is based on actual market prices. The fair value of contingent consideration, included in other liabilities, is based on contractually defined targets of financial performance in connection with earn outs and other considerations.

Other Fair Value Disclosures

The carrying amounts of the Company’s financial instruments with short-term maturities, primarily accounts receivable, accounts payable, short-term debt, and financial liabilities included in other accrued liabilities, are deemed to approximate their market values due to their short-term nature. If measured at fair value, these financial instruments would be classified as Level 2 or Level 3 within the fair value hierarchy.

The Company estimates the fair value of its long-term debt, primarily by using quoted prices obtained from third-party providers such as Bloomberg, and by using an expected present value technique that is based on observable market inputs for instruments with similar terms currently available to the Company. The estimated fair value of the Company’s long-term debt, excluding finance lease liabilities, was $4.0 billion and $4.7 billion as of December 31, 2021 and March 31, 2021, respectively, compared with carrying value of $4.0 billion and $4.4 billion as of December 31, 2021 and March 31, 2021, respectively. Long-term debt, excluding finance lease liabilities, is classified as Level 1 or Level 2 within the fair value hierarchy.

Non-financial assets such as goodwill, tangible assets, intangible assets, and other contract related long-lived assets are recorded at fair value in the period they are initially recognized, and such fair value may be adjusted in subsequent periods if an event occurs or circumstances change that indicate that the asset may be impaired. The fair value measurements in such instances would be classified as Level 3 within the fair value hierarchy. There were no significant impairments recorded during the nine months ended December 31, 2021.