Postretirement Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Contributions to employee benefit plans

We contributed the following amounts (in millions) to all plans.

	Year Ended March  31,
	2017		2016		2015
Funded pension plans	$	26	$	28	$	28
Unfunded pension plans	15		12		13
Savings and defined contribution pension plans	25		24		18
Total contributions	$	66	$	64	$	59

Schedule of changes in projected benefit obligations

The following tables present the change in benefit obligation, change in fair value of plan assets and the funded status for pension and other benefits (in millions).

	Pension Benefits						Other Benefits
	Year Ended March  31,						Year Ended March  31,
	2017			2016			2017			2016
Benefit obligation at beginning of period	$	1,868		$	1,863		$	151		$	139
Service cost	45			47			6			5
Interest cost	59			59			6			5
Members’ contributions	4			5			—			—
Benefits paid	(74		)	(65		)	(8		)	(10		)
Amendments	2			—			—			—
Curtailments, settlements and special termination benefits	(4		)	(1		)	—			—
Actuarial losses (gains)	35			(43		)	(3		)	11
Other	(4		)	(1		)	—			—
Currency (gains) losses	(66		)	4			1			1
Benefit obligation at end of period	$	1,865		$	1,868		$	153		$	151
Benefit obligation of funded plans	$	1,594		$	1,578		$	—		$	—
Benefit obligation of unfunded plans	271			290			153			151
Benefit obligation at end of period	$	1,865		$	1,868		$	153		$	151

Schedule of changes in fair value of plan assets

	Pension Benefits
	Year Ended March 31,
	2017			2016
Change in fair value of plan assets
Fair value of plan assets at beginning of period	$	1,177		$	1,233
Actual return on plan assets	106			(21		)
Members’ contributions	4			5
Benefits paid	(74		)	(65		)
Company contributions	37			39
Settlements	(4		)	(1		)
Other	(3		)	(1		)
Currency	(43		)	(12		)
Fair value of plan assets at end of period	$	1,200		$	1,177

Schedule of net funded status

	March 31,
	2017						2016
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Funded status
Funded status at end of period:
Assets less the benefit obligation of funded plans	$	(394	)	$	—		$	(401	)	$	—
Benefit obligation of unfunded plans	(271		)	(153		)	(290		)	(151		)
	$	(665	)	$	(153	)	$	(691	)	$	(151	)
As included in our consolidated balance sheets within Total assets / (Total liabilities)
Other non- current assets	$	2		$	—		$	—		$	—
Accrued expenses and other current liabilities	(12		)	(10		)	(13		)	(9		)
Accrued postretirement benefits	(655		)	(143		)	(678		)	(142		)
	$	(665	)	$	(153	)	$	(691	)	$	(151	)

Schedule of amounts recognized in other comprehensive income (loss)

The postretirement amounts recognized in “Accumulated other comprehensive loss,” before tax effects, are presented in the table below (in millions), and includes the impact related to our equity method investments. Amounts are amortized to net periodic benefit cost over the group’s average future service life of the employees or the group's average life expectancy.

	March 31,
	2017						2016
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Net actuarial losses	$	(375	)	$	(16	)	$	(444	)	$	(22	)
Prior service credit	4			7			9			6
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income	$	(371	)	$	(9	)	$	(435	)	$	(16	)

Schedule of defined benefit plan amounts recognized in other comprehensive income (loss)

The postretirement changes recognized in “Accumulated other comprehensive loss,” before tax effects, are presented in the table below (in millions), and include the impact related to our equity method investments.

	March 31,
	2017						2016
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Beginning balance in Accumulated other comprehensive (loss) income	$	(435	)	$	(16	)	$	(439	)	$	18
Curtailments, settlements, and special termination benefits	1			—			—			—
Net actuarial gain (loss)	11			2			(25		)	(11		)
Prior service cost	(2		)	—			—			—
Amortization of:
Prior service credits	(2		)	1			(2		)	(27		)
Actuarial losses (gains)	43			4			41			4
Effect of currency exchange	13			—			(10		)	—
Total postretirement amounts recognized in Accumulated other comprehensive (loss) income	$	(371	)	$	(9	)	$	(435	)	$	(16	)

Schedule of accumulated benefit obligations in excess of fair value of plan assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets are presented in the table below (in millions).

	March 31,
	2017		2016
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans:
Projected benefit obligation	$	1,865	$	1,868
Accumulated benefit obligation	$	1,711	$	1,692
Pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation	$	1,769	$	1,868
Fair value of plan assets	$	1,103	$	1,177
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation	$	1,581	$	1,567
Fair value of plan assets	$	1,049	$	1,039
Pension plans with projected benefit obligations less than plan assets:
Projected benefit obligation	$	96	$	—
Fair value of plan assets	$	97	$	—

Schedule of expected benefit payments

Expected benefit payments to be made during the next ten fiscal years are listed in the table below (in millions).

	Pension Benefits		Other Benefits
2018	$	67	$	6
2019	71		6
2020	76		7
2021	79		8
2022	84		9
2023 through 2027	481		52
Total	$	858	$	88

Components of net periodic benefit cost for all significant postretirement benefit plans

The components of net periodic benefit cost for the respective periods are listed in the table below (in millions).

	Pension Benefits									Other Benefits
	Year Ended March 31,									Year Ended March 31,
	2017			2016			2015			2017		2016			2015
Net periodic benefit costs
Service cost	$	45		$	47		$	43		$	6	$	5		$	5
Interest cost	59			59			66			6		5			5
Expected return on assets	(61		)	(67		)	(69		)	—		—			—
Amortization — losses	40			37			22			4		4			5
Amortization — prior service credit	(2		)	(2		)	(2		)	2		(27		)	(37		)
Curtailment, settlement, and special termination losses (gains)	1			—			1			—		—			(1		)
Net periodic benefit cost (income)	$	82		$	74		$	61		$	18	$	(13	)	$	(23	)
Proportionate share of non-consolidated affiliates’ pension costs	8			9			7			—		—			—
Total net periodic benefit costs (income) recognized	$	90		$	83		$	68		$	18	$	(13	)	$	(23	)

Schedule of assumptions used

The weighted average assumptions used to determine benefit obligations and net periodic benefit costs for the respective periods are listed in the table below.

	Pension Benefits						Other Benefits
	Year Ended March 31,						Year Ended March 31,
	2017		2016		2015		2017		2016		2015
Weighted average assumptions used to determine benefit obligations
Discount rate	3.2	%	3.3	%	3.1	%	4.1	%	4.0	%	3.6	%
Average compensation growth	3.1	%	3.1	%	3.1	%	3.5	%	3.5	%	3.5	%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate	3.3	%	3.1	%	4.0	%	4.0	%	3.6	%	4.1	%
Average compensation growth	3.1	%	3.1	%	3.1	%	3.5	%	3.5	%	3.5	%
Expected return on plan assets	5.4	%	5.6	%	6.1	%	—	%	—	%	—	%

Schedule of effect of one-percentage-point change in assumed health care cost trend rates

A change of one percentage point in the assumed health care cost trend rates would have the following effects on our other benefits (in millions).

	1% Increase		1% Decrease
Sensitivity Analysis
Effect on service and interest costs	$	2	$	(2	)
Effect on benefit obligation	$	15	$	(13	)

Target and actual allocation of plan assets

The targeted allocation ranges by asset class, and the actual allocation percentages for each class are listed in the table below.

Asset Category	Target Allocation  Ranges	Allocation in Aggregate as of March 31,
		2017	2016
Equity	15-55%	32%	32%
Fixed income	45-77%	49%	62%
Real estate	0-15%	3%	2%
Other	0-16%	17%	5%

Schedule of fair value of pension and postretirement plan assets table

The following pension plan assets are measured and recognized at fair value on a recurring basis (in millions). Please see Note 17— Fair value measurements for a description of the fair value hierarchy. The U.S. and Canadian pension plan assets are invested exclusively in commingled funds and classified in Level 2, and the U.K., Switzerland, and South Korea pension plan assets are invested in both direct investments (Levels 1 and 2) and commingled funds (Level 2).

Pension Plan Assets

	March 31, 2017 Fair  Value Measurements Using								March 31, 2016 Fair  Value Measurements Using
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity	—		—		—		—		—		—		—		—
Fixed income	136		54		—		190		131		44		—		175
Real estate	—		—		—		—		—		—		—		—
Cash and cash equivalents	8		—		—		8		9		—		—		9
Other	—		—		—		—		—		—		—		—
Investments measured at net asset value (A)	—		—		—		1,002		—		—		—		993
Total	$	144	$	54	$	—	$	1,200	$	140	$	44	$	—	$	1,177