Revenue (Tables)

9 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

A summary of the Company’s disaggregated revenue is as follows:

	Three Months Ended December 31,
	External Customers				Related Parties				Total
(in millions)	2023		2022		2023		2022		2023		2022
License and Other Revenue (1)	$	211	$	159	$	143	$	140	$	354	$	299
Royalty Revenue	365		374		105		51		470		425
	$	576	$	533	$	248	$	191	$	824	$	724

(1)    Includes over-time revenue of $37 million and $29 million and point-in-time revenue of $317 million and $270 million for the three months ended December 31, 2023 and 2022, respectively.

	Nine Months Ended December 31,
	External Customers				Related Parties				Total
(in millions)	2023		2022		2023		2022		2023		2022
License and Other Revenue (1)	$	685	$	401	$	332	$	344	$	1,017	$	745
Royalty Revenue	1,070		1,125		218		176		1,288		1,301
	$	1,755	$	1,526	$	550	$	520	$	2,305	$	2,046

(1)    Includes over-time revenue of $84 million and $77 million and point-in-time revenue of $933 million and $668 million for the nine months ended December 31, 2023 and 2022, respectively.

Revenue from External Customers by Geographic Areas

The following table summarizes information pertaining to revenue from customers based on the principal headquarters address by geographic regions:

	Three Months Ended December 31,				Nine Months Ended December 31,
(in millions)	2023		2022		2023		2022
United States	$	387	$	296	$	1,010	$	804
PRC (1)	206		191		525		521
Taiwan	100		86		381		283
Republic of Korea	50		71		157		185
Other countries	81		80		232		253
Total	$	824	$	724	$	2,305	$	2,046

(1)    “PRC” means the People’s Republic of China, including the Hong Kong Special Administrative Region and the Macau Special Administrative Region, but excluding Taiwan.

Schedule of Accounts Receivable

A summary of the components of accounts receivable, net is as follows:

(in millions)	As of December 31, 2023		As of March 31, 2023
Trade receivables	$	417	$	625
Royalty receivables	385		377
Total gross receivables	802		1,002
Allowance for current expected credit losses	(3)		(3)
Total accounts receivables, net	$	799	$	999

Reconciliation of Contract Liabilities

A reconciliation of the movement in contract liabilities is as follows:

(in millions)	Total
Current Contract Liabilities	$	293
Non-Current Contract Liabilities	807
Balance as of March 31, 2023	$	1,100
Customer prepayment and billing in advance of performance	169
Revenue recognized in the period that was included in the contract liability balance at the beginning of the period	(213)
Revenue recognized in the period that was included in the contract liability balance during the period	(99)
Balance as of December 31, 2023	$	957
Current portion of contract liabilities	$	223
Non-current portion of contract liabilities	$	734