Derivatives (Tables)

3 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes our outstanding derivative instruments as of June 30, 2023 and March 31, 2023:

	Notional Amount				Fair Value of Derivative Assets				Fair Value of Derivative Liabilities
(In millions)	June 30, 2023		March 31, 2023		June 30, 2023		March 31, 2023		June 30, 2023		March 31, 2023
Foreign exchange contracts not designated as hedging instrument (1)	$	249	$	291	$	—	$	—	$	—	$	—
Interest rate swap contracts designed as cash flow hedge	1,000		1,000		19		1		—		2
Total	$	1,249	$	1,291	$	19	$	1	$	—	$	2

(1) The fair values of the foreign exchange contracts are less than $1 million as of June 30, 2023 and March 31, 2023.

Schedule of Effect of Cash Flow Hedges on AOCI

The following table summarizes the effect of our cash flow hedges on AOCI during the periods indicated:

	Three Months Ended
(In millions)	June 30, 2023		July 1, 2022
Interest rate swap contracts designed as cash flow hedge	$	(22)	$	—

Schedule of Derivative Instruments, Gain (Loss)

The related gain (loss) recognized in our Condensed Consolidated Statements of Operations, with presentation location was as follows:

	Three Months Ended				Condensed Consolidated Statements of Operations Classification
(In millions)	June 30, 2023		July 1, 2022
Foreign exchange contracts not designated as hedging instrument	$	(3)	$	(7)	Other income (expense), net
Interest rate swap contracts designed as cash flow hedge	3		—		Interest expense
Total	$	—	$	(7)