Equity Investments (Tables)

9 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Equity Investments

A summary of the components of equity investments is as follows:

(in millions)	As of December 31, 2023		As of March 31, 2023
Equity method investments under fair value option	$	576	$	592
Equity method investments under equity method	10		9
Non-marketable equity securities	162		122
Total equity investments	$	748	$	723

Income (loss) from equity investments, net is as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
(in millions)	2023		2022		2023		2022
Equity method investments (1)	$	(1)	$	(2)	$	(15)	$	(82)
Non-marketable equity securities (includes NAV)	—		(4)		2		2
Total loss from equity investments, net	$	(1)	$	(6)	$	(13)	$	(80)

(1)Includes equity method investments where the Company elected the fair value option, including those under the net asset value (“NAV”) practical expedient, along with investments accounted for under the equity method.

Unrealized Gain (Loss) on Investments

The components of gains and (losses) which primarily include unrealized gains and losses on non-marketable securities inclusive of those measured under the NAV practical expedient are as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
(in millions)	2023		2022		2023		2022
Observable price adjustments on non-marketable equity securities (includes NAV)	$	—	$	(4)	$	2	$	3
Impairment of non-marketable equity securities	—		—		—		(1)
Sale of non-marketable equity securities	—		—		—		—
Total income (loss) from equity investments in non-marketable securities, net	$	—	$	(4)	$	2	$	2

Realized Gain (Loss) on Investments

The components of gains and (losses) which primarily include unrealized gains and losses on non-marketable securities inclusive of those measured under the NAV practical expedient are as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
(in millions)	2023		2022		2023		2022
Observable price adjustments on non-marketable equity securities (includes NAV)	$	—	$	(4)	$	2	$	3
Impairment of non-marketable equity securities	—		—		—		(1)
Sale of non-marketable equity securities	—		—		—		—
Total income (loss) from equity investments in non-marketable securities, net	$	—	$	(4)	$	2	$	2