Derivatives (Tables)

9 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the notional amounts of the Company’s outstanding derivative instruments:

(in millions)	As of December 31, 2023		As of March 31, 2023
Designated as cash flow hedges
Foreign currency forward contracts	$	428	$	411

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair value of the Company’s outstanding derivative instruments:

	Derivative Assets				Derivative Liabilities
(in millions)	As of December 31, 2023		As of March 31, 2023		As of December 31, 2023		As of March 31, 2023
Designated as cash flow hedges
Foreign currency forward contracts	$	10	$	10	$	1	$	1

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents net gains (losses) on foreign currency forward contracts designated as cash flow hedges:

	Three Months Ended December 31,				Nine Months Ended December 31,
(in millions)	2023		2022		2023		2022
Condensed Consolidated Statements of Comprehensive Income:
Gains (losses) recognized in Accumulated other comprehensive income on cash flow hedge derivatives	$	17	$	31	$	15	$	(1)
(Gains) losses reclassified from Accumulated other comprehensive income into income	—		2		(16)		6
Tax benefit (expense) on cash flow hedges	(4)		(8)		—		(1)
Net change in fair value of the effective portion of designated cash flow hedges, net of tax (1)	$	13	$	25	$	(1)	$	4
Condensed Consolidated Income Statements, before tax:			—
Research and development	$	—	$	(1)	$	9	$	(3)
Selling, general and administrative expenses	$	—	$	(1)	$	7	$	(3)

(1)    All amounts reported in accumulated other comprehensive income at the reporting date are expected to be reclassified into earnings within the next 12 months.

Derivatives Not Designated as Hedging Instruments

The following table presents net gains (losses) on derivatives not designated as hedging instruments recorded in non-operating income (loss), net on the Condensed Consolidated Income Statements:

	Three Months Ended December 31,				Nine Months Ended December 31,
(in millions)	2023		2022		2023		2022
Foreign currency forward contracts	$	—	$	—	$	—	$	(30)