Fair Value (Tables)

9 Months Ended

Dec. 31, 2022

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, excluding pension assets and derivative assets and liabilities. See Note 7 – “Derivative Instruments” for information about the Company’s derivative instruments. Note 10 – “Debt” includes information about the estimated fair value of the Company’s long-term debt. There were no transfers between any of the levels during the periods presented.


	Fair Value Hierarchy
(in millions)	December 31, 2022
Assets:	Fair Value		Level 1		Level 2		Level 3
Money market funds and money market deposit accounts	$	28	$	28	$	—	$	—
Time deposits(1)	36		36		—		—
Other securities(2)	46		—		44		2
Total assets	$	110	$	64	$	44	$	2

Liabilities:
Contingent consideration	$	1	$	—	$	—	$	1
Total liabilities	$	1	$	—	$	—	$	1


	March 31, 2022
Assets:	Fair Value		Level 1		Level 2		Level 3
Money market funds and money market deposit accounts	$	5	$	5	$	—	$	—
Time deposits(1)	51		51		—		—
Other securities(2)	51		—		49		2
Total assets	$	107	$	56	$	49	$	2

Liabilities:
Contingent consideration	$	8	$	—	$	—	$	8
Total liabilities	$	8	$	—	$	—	$	8

(1) Cost basis approximated fair value due to the short period of time to maturity.

(2) Other securities include available-for-sale equity security investments with Level 2 inputs that have a cost basis of $51 million and $53 million as of December 31, 2022 and March 31, 2022, respectively. For the periods presented, gains and losses are insignificant and are included in other income, net in the Company’s statements of operations