Fair Value (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s fair value hierarchy for assets and liabilities measured and recognized at fair value, excluding investments where the NAV practical expedient has been elected, on a recurring basis:


	As of March 31, 2026								As of March 31, 2025
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	2,456	$	—	$	—	$	2,456	$	1,914	$	—	$	—	$	1,914
Short-term investments (1)	850		—		—		850		740		—		—		740
Equity investments (2)	96		—		57		153		98		—		200		298
Available-for-sale debt securities	—		—		13		13		—		—		—		—
Convertible loans receivable	—		—		—		—		—		—		34		34
Foreign currency forward contracts	—		—		—		—		—		7		—		7
Total financial assets	$	3,402	$	—	$	70	$	3,472	$	2,752	$	7	$	234	$	2,993

Financial liabilities
Foreign currency forward contracts	$	—	$	10	$	—	$	10	$	—	$	2	$	—	$	2
Total financial liabilities	$	—	$	10	$	—	$	10	$	—	$	2	$	—	$	2

(1)Short-term investments represent term deposits with banks with a maturity between 3 and 12 months.

(2)In accordance with ASC Subtopic 820-10, Fair Value Measurements, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize changes in the fair value, along with other activity associated with the Company’s Level 3 financial assets and liabilities. See below for a description of the valuation techniques and inputs used in the fair value measurement of Level 3 investments including equity method investments, convertible loans receivable, and currency exchange contracts.

Equity Method Investments


	Fiscal Year Ended March 31,
(in millions)	2026		2025		2024
Fair value of financial assets at the beginning of the period	$	200	$	466	$	482

Fair value losses recognized in the Consolidated Income Statements	—		(266)		(16)

Sale of equity investments	(143)		—		—
Fair value at the end of the period	$	57	$	200	$	466

Convertible Loans Receivable


	Fiscal Year Ended March 31,
(in millions)	2026		2025		2024
Fair value of financial assets at the beginning of the period	$	34	$	32	$	31


Settlement of convertible note receivable	(39)		—		—
Fair value gains recognized in the Consolidated Income Statements	5		2		1
Fair value at the end of the period	$	—	$	34	$	32

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables provide quantitative information related to certain key assumptions utilized in the valuation of equity method investments accounted for under the fair value option:

As of March 31, 2026

(in millions)

Fair Value

Valuation Technique

Unobservable Inputs

Range of Estimates

Equity Method Investments

$57

Acetone Limited – Market-Calibration or discounted cash flow

LTM Revenue Multiple

0.9x - 1.1x

As of March 31, 2025

(in millions)

Fair Value

Valuation Technique

Unobservable Inputs

Range of Estimates

Equity Method Investments

$200

Acetone Limited – Market-Calibration or discounted cash flow

LTM Revenue Multiple

1.1x - 1.3x

Ampere – PWER

Probability of exit event

100%

Time to future exit scenario

0.8 years

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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