Fair Value (Tables)

3 Months Ended

Jun. 30, 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 June 30, 2026								As of March 31, 2026
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	2,487	$	—	$	—	$	2,487	$	2,456	$	—	$	—	$	2,456
Short-term investments (1)	830		—		—		830		850		—		—		850
Equity investments (2)	290		—		52		342		96		—		57		153
Available-for-sale debt securities	—		—		18		18		—		—		13		13


Total financial assets	$	3,607	$	—	$	70	$	3,677	$	3,402	$	—	$	70	$	3,472

Financial liabilities
Foreign currency forward contracts	$	—	$	9	$	—	$	9	$	—	$	10	$	—	$	10
Total financial liabilities	$	—	$	9	$	—	$	9	$	—	$	10	$	—	$	10

(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. See below for a description of the valuation techniques and inputs used in the fair value measurement of Level 3 equity method investments.

Equity Method Investments


	Three Months Ended June 30,
(in millions)	2026		2025
Fair value of financial assets at the beginning of the period	$	57	$	200

Fair value gains (losses) recognized in the Condensed Consolidated Income Statements	(5)		—


Fair value at the end of the period	$	52	$	200

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 June 30, 2026

(in millions)

Fair Value

Valuation Technique

Unobservable Inputs

Range of Estimates

Equity Method Investments

$52

Acetone Limited – Market-Calibration or discounted cash flow

LTM Revenue Multiple

0.8x - 1.0x

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

- 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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