Leases (Tables)

12 Months Ended

Mar. 31, 2025

Schedule of assets and liabilities related to operating and financing leases

The table below presents the classification of leasing assets and liabilities within our consolidated balance sheets.


		March 31,
in millions	Consolidated Balance Sheet Classification	2025		2024
ASSETS
Operating lease right-of-use assets	Other long–term assets	$	115	$	124
Finance lease assets(1)	Property, plant and equipment, net	16		25
Total lease assets		$	131	$	149

LIABILITIES
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	21	$	23
Finance lease liabilities	Current portion of long–term debt	6		9
Long-term:
Operating lease liabilities	Other long–term liabilities	89		81
Finance lease liabilities	Long–term debt, net of current portion	9		14
Total lease liabilities		$	125	$	127

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(1)Finance lease assets are recorded net of accumulated depreciation of $26 million and $21 million as of March 31, 2025 and March 31, 2024, respectively.

Lease, Cost


in millions	Income Statement Classification	Fiscal 2025		Fiscal 2024		Fiscal 2023
Operating lease costs(1)	Selling, general and administrative expenses	$	70	$	59	$	61

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(1)Operating lease costs include short-term leases and variable lease costs.

Schedule of lease information

The following table presents the weighted-average remaining lease term and discount rates.


	March 31,
	2025		2024
Weighted-average remaining lease term
Operating leases	9.5 years		8.6 years
Finance leases	3.6 years		3.4 years
Weighted-average discount rate
Operating leases	5.29	%	4.71	%
Finance leases	4.61	%	4.32	%

Schedule of Cash Flow, Supplemental Disclosures, Leases


in millions	Fiscal 2025		Fiscal 2024		Fiscal 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	67	$	65	$	72
Financing cash flows from finance leases	6		8		8
Leased assets obtained in exchange for new finance lease liabilities	4		11		6
Leased assets obtained in exchange for new operating lease liabilities	22		11		28

Finance Lease, Liability, Fiscal Year Maturity

Future minimum lease payments as of March 31, 2025, for our operating and finance leases having an initial or remaining non-cancelable lease term in excess of one year are as follows (in millions).


Fiscal Year Ending March 31,	Operating leases(1)		Finance leases(2)
2026	$	25	$	6
2027	18		4
2028	15		3
2029	14		2
2030	8		1
Thereafter	63		—
Total minimum lease payments	143		16
Less: interest	33		1
Present value of lease liabilities	$	110	$	15

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(1)Operating lease payments related to options to extend lease terms that are reasonably certain of being exercised are immaterial as of March 31, 2025.

(2)Finance lease payments related to options to extend lease terms that are reasonably certain of being exercised are immaterial, and we do not have leases signed but not yet commenced as of March 31, 2025.

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments as of March 31, 2025, for our operating and finance leases having an initial or remaining non-cancelable lease term in excess of one year are as follows (in millions).


Fiscal Year Ending March 31,	Operating leases(1)		Finance leases(2)
2026	$	25	$	6
2027	18		4
2028	15		3
2029	14		2
2030	8		1
Thereafter	63		—
Total minimum lease payments	143		16
Less: interest	33		1
Present value of lease liabilities	$	110	$	15

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(1)Operating lease payments related to options to extend lease terms that are reasonably certain of being exercised are immaterial as of March 31, 2025.