Financial Instruments

6 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Financial Instruments

5 - Financial Instruments

Loans and Other Receivables

Loans and other receivables carried at amortized cost, included in other non-current assets on the Condensed Consolidated Balance Sheets, is as follows:

	As of
(in millions)	September 30, 2024		March 31, 2024
Loans and other receivables carried at amortized cost
Loans receivable	$	27	$	26
Other receivables	10		12
Allowance for current expected credit losses	(20)		(19)
Loans and other receivables carried at amortized cost, net	$	17	$	19

The allowance for current expected credit losses reflects the Company’s best estimate of expected credit losses of the receivables portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions.

Loans receivable

As of September 30, 2024 and March 31, 2024, the Company had a loan receivable of $16.4 million and $16.2 million, respectively, from Arduino SA (“Arduino”), a related party, that was fully impaired for the periods presented.

As of September 30, 2024 and March 31, 2024, the Company had a four-year loan of $3.2 million and $3.1 million, respectively, issued to Cerfe Labs, Inc, a related party, that was fully impaired for the periods presented.

The remaining balance of loans receivables as of September 30, 2024 and March 31, 2024 comprised two five-year loans totaling $7.4 million and $6.9 million, respectively, issued to Allia Limited.

Other receivables

As of September 30, 2024 and March 31, 2024, balances included in other receivables pertain to lease deposits and other receivables.

Convertible Loans Receivable

In December 2021, the Company acquired a $29.0 million principal balance convertible loan in Ampere, which is included in other non-current assets on the Condensed Consolidated Balance Sheets. The Company elected the fair value option to measure this convertible loan receivable for which changes in fair value are recorded in other non-operating income (loss), net in the Condensed Consolidated Income Statements. For the three months ended September 30, 2024, the Company did not recognize any gains on this convertible loan receivable. For the three months ended September 30, 2023, the Company recognized gains on this convertible loan receivable of $1.0 million. For the six months ended September 30, 2024 and 2023, the Company recognized gains on this convertible loan receivable of $1.0 million and $1.0 million, respectively.