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Debt and Financing Activities
 6 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt and Financing Activities Debt and Financing Activities
Long-term debt consisted of the following:
(In millions)September 30, 2022March 31, 2022
U.S. Dollar notes (1) (2)
2.70% Notes due December 15, 2022
$400 $400 
2.85% Notes due March 15, 2023
360 360 
3.80% Notes due March 15, 2024
918 918 
0.90% Notes due December 3, 2025
500 500 
1.30% Notes due August 15, 2026
498 498 
7.65% Debentures due March 1, 2027
150 150 
3.95% Notes due February 16, 2028
343 343 
4.75% Notes due May 30, 2029
196 196 
6.00% Notes due March 1, 2041
217 217 
4.88% Notes due March 15, 2044
255 255 
Foreign currency notes (1) (3)
1.50% Euro Notes due November 17, 2025
586 662 
1.63% Euro Notes due October 30, 2026
490 554 
3.13% Sterling Notes due February 17, 2029
503 582 
Lease and other obligations197 244 
Total debt5,613 5,879 
Less: Current portion800 799 
Total long-term debt$4,813 $5,080 
(1)These notes are unsecured and unsubordinated obligations of the Company.
(2)Interest on these notes is payable semi-annually.
(3)Interest on these foreign currency notes is payable annually.
Long-Term Debt
The Company’s long-term debt includes both U.S. dollar and foreign currency-denominated borrowings. Debt outstanding totaled $5.6 billion and $5.9 billion at September 30, 2022 and March 31, 2022, respectively, of which $800 million and $799 million, was included under the caption “Current portion of long-term debt” within the Company’s Condensed Consolidated Balance Sheets at September 30, 2022 and March 31, 2022, respectively.
On July 23, 2021, the Company completed a cash tender offer for a portion of its existing outstanding (i) 2.85% Notes due 2023, (ii) 3.80% Notes due 2024, (iii) 7.65% Debentures due 2027, (iv) 3.95% Notes due 2028, (v) 4.75% Notes due 2029, (vi) 6.00% Notes due 2041, and (vii) 4.88% Notes due 2044 (collectively referred to herein as the “Tender Offer Notes”). In connection with the tender offer, the Company paid an aggregate consideration of $1.1 billion to redeem $922 million principal amount of the notes at a redemption price equal to 100% of the principal amount and premiums of $182 million, plus accrued and unpaid interest of $14 million. The redemption of the Tender Offer Notes was accounted for as a debt extinguishment. As a result of the redemption, the Company incurred a pre-tax loss on debt extinguishment of $191 million, which included premiums of $182 million as well as the write-off of unamortized debt issuance costs and transaction fees incurred totaling $9 million.
Revolving Credit Facilities
The Company has a Credit Agreement, dated as of September 25, 2019, as amended (the “2020 Credit Facility”), that provides a syndicated $4.0 billion five-year senior unsecured credit facility with a $3.6 billion aggregate sublimit of availability in Canadian dollars, British pound sterling, and Euro. Borrowings under the 2020 Credit Facility bear interest based upon the London Interbank Offered Rate (“LIBOR”), Canadian Dealer Offered Rate for credit extensions denominated in Canadian dollars, a prime rate, or alternative overnight rates as applicable, plus agreed upon margins. The 2020 Credit Facility matures in September 2024 and had no borrowings during the six months ended September 30, 2022 and 2021 and no amounts outstanding as of September 30, 2022 and March 31, 2022.
The 2020 Credit Facility contains various customary investment grade covenants, including a financial covenant which obligates the Company to maintain a maximum Total Debt to Consolidated EBITDA ratio, as defined in the amended credit agreement. If the Company does not comply with these covenants, its ability to use the 2020 Credit Facility may be suspended and repayment of any outstanding balances under the 2020 Credit Facility may be required. At September 30, 2022, the Company was in compliance with all covenants.
The Company also maintains bilateral credit facilities primarily denominated in Euros with no committed amount and an uncommitted amount of $99 million as of September 30, 2022. Borrowings and repayments were not material during the six months ended September 30, 2022 and 2021. Amounts outstanding under these credit lines were not material as of September 30, 2022 and March 31, 2022.
Commercial Paper
The Company maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company can issue up to $4.0 billion in outstanding commercial paper notes. During the six months ended September 30, 2022, the Company borrowed $100 million and repaid $100 million under the program. During the six months ended September 30, 2021, the Company borrowed $3.0 billion and repaid $3.0 billion under the program. At September 30, 2022 and March 31, 2022, there were no commercial paper notes outstanding.