v3.26.1
Fair Value Measurements
 12 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
There are various valuation techniques used to estimate fair value, the primary one being the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability. We measure certain financial and nonfinancial assets and liabilities at fair value on a recurring and nonrecurring basis.
Fair Value Hierarchy
The three levels of inputs that may be used to measure fair value are as follows:
•Level 1. Quoted prices in active markets for identical assets or liabilities.
•Level 2. Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities.
•Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
As of March 31, 2026 and 2025, our assets and liabilities that were measured and recorded at fair value on a recurring basis were as follows (in millions):
  Fair Value Measurements at Reporting Date Using 
 
As of
March 31, 2026
Quoted Prices in
Active Markets for Identical
Financial Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		 
 (Level 1)(Level 2)(Level 3)Balance Sheet Classification
Assets
Bank and time deposits$33 $33 $— $— Cash equivalents
Money market funds502 502 — — Cash equivalents
Available-for-sale securities:
Corporate bonds52 — 52 — Short-term investments
U.S. Treasury securities33 33 — — Short-term investments
U.S. agency securities
2 — 2 — Short-term investments
Foreign government securities
5 — 5 — Short-term investments
Asset-backed securities24 — 24 — Short-term investments
Foreign currency derivatives35 — 35 — Other current assets and other assets
Deferred compensation plan assets (a)
46 46 — — Other assets
Total assets at fair value$732 $614 $118 $— 
Liabilities
Foreign currency derivatives$25 $— $25 $— Accounts payable, accrued, and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)
46 46 — — Other liabilities
Total liabilities at fair value$71 $46 $25 $— 
  Fair Value Measurements at Reporting Date Using 
 As of
March 31,
2025		Quoted Prices in
Active Markets for Identical
Financial Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		 
 (Level 1)(Level 2)(Level 3)Balance Sheet Classification
Assets
Bank and time deposits$58 $58 $— $— Cash equivalents
Money market funds904 904 — — Cash equivalents
Available-for-sale securities:
Corporate bonds46 — 46 — Short-term investments
U.S. Treasury securities12 12 — — Short-term investments
Foreign government securities4 — 4 — Short-term investments
Asset-backed securities50 — 50 — Short-term investments
Foreign currency derivatives28 — 28 — Other current assets and other assets
Deferred compensation plan assets (a)
36 36 — — Other assets
Total assets at fair value$1,138 $1,010 $128 $— 
Liabilities
Foreign currency derivatives$26 $— $26 $— Accounts payable, accrued, and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)
36 36 — — Other liabilities
Total liabilities at fair value$62 $36 $26 $— 
(a)The Deferred Compensation Plan consists of various mutual funds. See Note 14 for additional information regarding our Deferred Compensation Plan.