v3.25.4
Debt (Tables)
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of debt
Debt consists of the following:
December 31, 2025March 31, 2025
in millions
Interest Rates(1)
Principal
Unamortized Carrying 
Value Adjustments(2)
Carrying ValuePrincipal
Unamortized Carrying
Value Adjustments(2)
Carrying Value
Short-term borrowings4.73 %$592 $— $592 $348 $— $348 
Floating rate Term Loans, due March 20325.42 %1,241 (15)1,226 1,250 (16)1,234 
3.25% Senior Notes, due November 2026
3.25 %13 — 13 750 (3)747 
3.375% Senior Notes, due April 2029
3.375 %587 (5)582 540 (7)533 
4.75% Senior Notes, due January 2030
4.75 %1,600 (13)1,587 1,600 (15)1,585 
6.875% Senior Notes, due January 2030
6.875 %750 (10)740 750 (11)739 
3.875% Senior Notes, due August 2031
3.875 %750 (6)744 750 (7)743 
6.375% Senior Notes, due August 2033
6.375 %750 (11)739 — — — 
China Bank Loans, due August 20272.65 %37 — 37 41 — 41 
China Loan, due September 20272.45 %14 — 14 13 — 13 
China Loan, due November 20272.60 %21 — 21 21 — 21 
China Loan, due December 20272.50 %21 — 21 21 — 21 
Sierre Loan, due October 20270.42 %126 — 126 113 — 113 
Series 2025A Bonds, due June 2032(3)
5.00 %400 (6)394 — — — 
Series 2025B Bonds, due June 2032(4)
4.625 %100 (2)98 — — — 
Finance lease obligations and other debt, due through April 20404.87 %27 — 27 15 — 15 
Total debt$7,029 $(68)$6,961 $6,212 $(59)$6,153 
Less: Short-term borrowings
(592)— (592)(348)— (348)
Less: Current portion of long-term debt
(52)— (52)(32)— (32)
Long-term debt, net of current portion$6,385 $(68)$6,317 $5,832 $(59)$5,773 
____________________
(1)Interest rates are the stated rates of interest on the debt instrument (not the effective interest rate) as of December 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.
(3)The Series 2025A Bonds, as defined below, accrue interest at a fixed annual rate of 5%, ending with a mandatory tender for purchase on June 1, 2032. The Series 2025A Bonds will mature on June 1, 2055.
(4)The Series 2025B Bonds, as defined below, accrue interest at a fixed annual rate of 4.625%, ending with a mandatory tender for purchase on June 1, 2032. The Series 2025B Bonds will mature on June 1, 2055.
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 December 31, 2025, for our debt denominated in foreign currencies are as follows (in millions):
As of December 31, 2025
Amount
Short-term borrowings and current portion of long-term debt due within one year$644 
2 years94 
3 years143 
4 years602 
5 years2,364 
Thereafter3,182 
Total$7,029