| Schedule of debt |
Debt consists of the following. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | March 31, 2024 | | in millions | Interest Rates(1) | | Principal | | Unamortized Carrying Value Adjustments(2) | | Carrying Value | | Principal | | Unamortized Carrying Value Adjustments(2) | | Carrying Value | | Short-term borrowings | 6.54 | % | | $ | 348 | | | $ | — | | | $ | 348 | | | $ | 759 | | | $ | — | | | $ | 759 | | | Floating rate Term Loans, due September 2026 | | | — | | | — | | | — | | | 746 | | | (4) | | | 742 | | | Floating rate Term Loans, due March 2028 | | | — | | | — | | | — | | | 485 | | | (5) | | | 480 | | Floating rate Term Loans, due March 2032 | 6.29 | % | | 1,250 | | | (16) | | | 1,234 | | | — | | | — | | | — | | 3.250% Senior Notes, due November 2026 | 3.250 | % | | 750 | | | (3) | | | 747 | | | 750 | | | (6) | | | 744 | | 3.375% Senior Notes, due April 2029 | 3.375 | % | | 540 | | | (7) | | | 533 | | | 540 | | | (7) | | | 533 | | 4.750% Senior Notes, due January 2030 | 4.750 | % | | 1,600 | | | (15) | | | 1,585 | | | 1,600 | | | (18) | | | 1,582 | | 6.875% Senior Notes, due January 2030 | 6.875 | % | | 750 | | | (11) | | | 739 | | | — | | | — | | | — | | 3.875% Senior Notes, due August 2031 | 3.875 | % | | 750 | | | (7) | | | 743 | | | 750 | | | (8) | | | 742 | | | China Bank Loans, due August 2027 | 2.75 | % | | 41 | | | — | | | 41 | | | 53 | | | — | | | 53 | | | China Loan, due September 2027 | 2.80 | % | | 13 | | | — | | | 13 | | | — | | | — | | | — | | | China Loan, due November 2027 | 2.70 | % | | 21 | | | — | | | 21 | | | — | | | — | | | — | | | China Loan, due December 2027 | 2.60 | % | | 21 | | | — | | | 21 | | | — | | | — | | | — | | | Sierre Loan, due October 2027 | 0.71 | % | | 113 | | | — | | | 113 | | | — | | | — | | | — | | Finance lease obligations and other debt, due through December 2031(3) | 4.61 | % | | 15 | | | — | | | 15 | | | 23 | | | — | | | 23 | | | Total debt | | | $ | 6,212 | | | $ | (59) | | | $ | 6,153 | | | $ | 5,706 | | | $ | (48) | | | $ | 5,658 | | | Less: Short-term borrowings | | | (348) | | | — | | | (348) | | | (759) | | | — | | | (759) | | | Current portion of long-term debt | | | (32) | | | — | | | (32) | | | (33) | | | — | | | (33) | | | Long-term debt, net of current portion | | | $ | 5,832 | | | $ | (59) | | | $ | 5,773 | | | $ | 4,914 | | | $ | (48) | | | $ | 4,866 | |
_________________________ (1)Interest rates are the stated rates of interest on the debt instrument (not the effective interest rate) as of March 31, 2025, and therefore exclude the effects of related interest rate swaps and accretion and amortization of debt issuance costs related to refinancing transactions and additional borrowings. We present stated rates of interest because they reflect the rate at which cash will be paid for future debt service, except for the Sierre loan, for which interest is assessed in arrears. (2)Amounts include unamortized debt issuance costs, fair value adjustments, and debt discounts.
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| Principal repayment requirements for total debt over the next five years and thereafter |
Principal repayment requirements for our total debt over the next five years and thereafter using exchange rates as of March 31, 2025 for our debt denominated in foreign currencies are as follows (in millions). | | | | | | | | | | | | As of March 31, 2025 | | Amount | | Short-term borrowings and current portion of long-term debt due within one year | | $ | 380 | | | 2 years | | 784 | | | 3 years | | 193 | | | 4 years | | 14 | | | 5 years | | 2,903 | | | Thereafter | | 1,938 | | | Total debt | | $ | 6,212 | | | | |
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