Fair Value

3 Months Ended

Jun. 30, 2022

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 7 – “Derivative Instruments” for information about derivative assets and liabilities. Note 10 – “Debt” includes information about the estimated fair value of the Company’s long-term debt. There were no transfers between any of the levels during the periods presented.


	Fair Value Hierarchy
(in millions)	June 30, 2022
Assets:	Fair Value		Level 1		Level 2		Level 3
Money market funds and money market deposit accounts	$	10	$	10	$	—	$	—
Time deposits(1)	46		46		—		—
Other securities(2)	46		—		44		2
Total assets	$	102	$	56	$	44	$	2

Liabilities:
Contingent consideration	$	2	$	—	$	—	$	2
Total liabilities	$	2	$	—	$	—	$	2


	March 31, 2022
Assets:	Fair Value		Level 1		Level 2		Level 3
Money market funds and money market deposit accounts	$	5	$	5	$	—	$	—
Time deposits(1)	51		51		—		—
Other securities(2)	51		—		49		2
Total assets	$	107	$	56	$	49	$	2

Liabilities:
Contingent consideration	$	8	$	—	$	—	$	8
Total liabilities	$	8	$	—	$	—	$	8

(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 $50 million and $53 million, and accumulated (losses) of $(6) million and $(4) million, as of June 30, 2022 and March 31, 2022, respectively. (Loss) gain included in other income, net in the Company’s statements of operations was $(2) million and $1 million for the three months ended June 30, 2022 and June 30, 2021, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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