XML 44 R31.htm IDEA: XBRL DOCUMENT v3.25.2
Hedging Activities (Tables)
 3 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivatives
At June 30, 2025 and March 31, 2025, the notional amounts of the Company’s outstanding derivatives were as follows:
June 30, 2025March 31, 2025
(In millions)Currency
Maturity Date (1)
Notional
Derivatives designated as net investment hedges: (2)
Cross-currency swaps (3)
CADDec-26 to Mar-27C$6,500 C$6,500 
Derivatives designated as fair value hedges: (2)
Cross-currency swaps (3)
GBPNov-28£450 £450 
Cross-currency swaps (3)
EURAug-25 to Jul-26€1,100 €1,100 
Floating interest rate swaps (4)
USDAug-27 to Sep-29$750 $750 
Derivatives designated as cash flow hedges: (2)
Foreign currency forwards (5)
GBPJul-25£2 £11 
Interest rate swap locks (6)
USD$— $850 
(1)The maturity date reflected is for outstanding derivatives as of June 30, 2025.
(2)There was no ineffectiveness in these hedges for the three months ended June 30, 2025 and 2024.
(3)Represents cross-currency fixed-to-fixed interest rate swaps to mitigate the foreign currency exchange fluctuations on its foreign currency-denominated notes.
(4)Represents fixed-to-floating interest rate swaps to hedge the changes in fair value caused by fluctuations in the benchmark interest rates.
(5)The Company entered into agreements with financial institutions to hedge the variability of foreign currency exchange fluctuations in future cash payments due to a third party in the United Kingdom for capital expenditures.
(6)The Company entered into additional agreements with financial institutions to hedge cash flows associated with interest payments on upcoming financing activities.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Gains (losses) from derivatives included in other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income were as follows:
Three Months Ended June 30,
(In millions)20252024
Derivatives designated as net investment hedges:
Cross-currency swaps$(233)$7 
Derivatives designated as cash flow and other hedges:
Cross-currency swaps (1)
$5 $— 
Interest rate swap locks, Foreign currency forwards and Other14 — 
(1)Includes other comprehensive income (loss) related to the excluded component of certain fair value hedges.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Gains (losses) from derivatives included in other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income were as follows:
Three Months Ended June 30,
(In millions)20252024
Derivatives designated as net investment hedges:
Cross-currency swaps$(233)$7 
Derivatives designated as cash flow and other hedges:
Cross-currency swaps (1)
$5 $— 
Interest rate swap locks, Foreign currency forwards and Other14 — 
(1)Includes other comprehensive income (loss) related to the excluded component of certain fair value hedges.
Schedule of Fair Value of Derivatives
Information regarding the fair value of derivatives on a gross basis were as follows:
Balance Sheet
Caption		June 30, 2025March 31, 2025
Fair Value of
Derivative		U.S. Dollar NotionalFair Value of
Derivative		U.S. Dollar Notional
(In millions)AssetLiabilityAssetLiability
Derivatives designated for hedge accounting:
Cross-currency swaps (current)Prepaid expenses and other$113 $— $595 $54 $— $595 
Cross-currency swaps (non-current)Other non-current assets/liabilities155 251 5,550 66 18 5,550 
Interest rate swaps (non-current)Other non-current liabilities— 12 750 — 18 750 
Interest Rate Swap LocksOther non-current liabilities— — — — 6 850 
Foreign currency forwards (current)Prepaid expenses and other— — 3 1 — 14 
Total$268 $263 $121 $42