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Pension and Other Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2020

Estimated Future Contributions and Benefits Payments

Projected Benefit Obligations



	As of
(in millions)	March 31, 2020			March 31, 2019
Projected benefit obligation at beginning of year	$	11,016		$	11,384
Service cost	92			88
Interest cost	237			253
Plan participants’ contributions	30			13
Amendments	—			27
Business/contract acquisitions/divestitures	12			—
Contractual termination benefits	10			3
Settlement/curtailment	(60		)	(49		)
Actuarial loss (gain)	(362		)	286
Benefits paid	(359		)	(344		)
Foreign currency exchange rate changes	(457		)	(818		)
Other	(9		)	173
Projected benefit obligation at end of year	$	10,150		$	11,016

The following table summarizes the weighted average rates used in the determination of the Company’s benefit obligations:



	Fiscal Years Ended
	March 31, 2020		March 31, 2019
Discount rate	2.4	%	2.4	%
Rates of increase in compensation levels	1.6	%	2.0	%

Fair Value of Plan Assets and Funded Status



	As of
(in millions)	March 31, 2020			March 31, 2019
Fair value of plan assets at beginning of year	$	11,343		$	11,574
Actual return on plan assets	526			700
Employer contribution	108			78
Plan participants’ contributions	30			13
Benefits paid	(359		)	(344		)
Business/contract acquisitions/divestitures	7			—
Contractual termination benefits	15			17
Plan settlement	(63		)	(38		)
Foreign currency exchange rate changes	(507		)	(837		)
Other	(10		)	180
Fair value of plan assets at end of year	$	11,090		$	11,343

Funded status at end of year	$	940		$	327

The weighted-average rates used to determine net periodic pension cost were:



	Fiscal Years Ended
	March 31, 2020		March 31, 2019		March 31, 2018
Discount or settlement rates	2.4	%	2.5	%	2.5	%
Expected long-term rates of return on assets	5.8	%	5.3	%	4.9	%
Rates of increase in compensation levels	2.0	%	2.1	%	2.7	%

Selected Information



	As of
(in millions)	March 31, 2020			March 31, 2019
Other assets	$	1,735		$	1,157
Accrued expenses and other current liabilities	(16		)	(20		)
Non-current pension obligations	(761		)	(790		)
Other long-term liabilities - OPEB	(18		)	(20		)
Net amount recorded	$	940		$	327

Accumulated benefit obligation	$	10,072		$	10,893



	Benefit Plans with Projected Benefit Obligation in Excess of Plan Assets				Benefit Plans with Accumulated Benefit Obligation in Excess of Plan Assets
(in millions)	March 31, 2020		March 31, 2019		March 31, 2020		March 31, 2019
Projected benefit obligation	$	2,191	$	2,329	$	2,159	$	2,070
Accumulated benefit obligation	$	2,131	$	2,230	$	2,108	$	2,004
Fair value of plan assets	$	1,397	$	1,494	$	1,369	$	1,255

Net Periodic Pension Cost



	Fiscal Years Ended
(in millions)	March 31, 2020			March 31, 2019			March 31, 2018
Service cost	$	92		$	88		$	121
Interest cost	237			253			249
Expected return on assets	(651		)	(570		)	(534		)
Amortization of transition obligation	—			—			1
Amortization of prior service costs	(9		)	(15		)	(18		)
Contractual termination benefit	10			3			13
Settlement/curtailment gain	7			(10		)	(42		)
Recognition of actuarial (gain) loss	(252		)	153			(178		)
Net periodic pension (income) expense	$	(566	)	$	(98	)	$	(388	)

The following is a summary of amounts in AOCI, before tax effects:

Fair Value of Plan Assets

The tables below set forth the fair value of plan assets by asset category within the fair value hierarchy:



		As of March 31, 2020
(in millions)		Level 1		Level 2		Level 3		Total
Equity:
	US Domestic Stocks	$	—	$	3	$	—	$	3
	Global Stocks	—		3		—		3
	Global/International Equity commingled funds	315		1,763		—		2,078
	Global equity mutual funds	8		—		—		8
	U.S./North American Equity commingled funds	1		4		—		5
Fixed Income:
	Non-U.S. Government funds	136		—		—		136
	Fixed income commingled funds	55		71		—		126
	Fixed income mutual funds	3		—		—		3
	Corporate bonds	1		4,807		—		4,808
Alternatives:
	Other Alternatives ⁽¹⁾	—		2,038		1,297		3,335
	Hedge Funds⁽²⁾	2		7		2		11
Other Assets		87		229		59		375
Insurance contracts		—		136		—		136
Cash and cash equivalents		61		2		—		63
Totals		$	669	$	9,063	$	1,358	$	11,090



		As of March 31, 2019
(in millions)		Level 1		Level 2		Level 3		Total
Equity:
	US Domestic Stocks	$	1	$	—	$	—	$	1
	Global Stocks	10		13		—		23
	Global/International Equity commingled funds	399		2,156		—		2,555
	Global equity mutual funds	49		325		—		374
	U.S./North American Equity commingled funds	1		10		—		11
Fixed Income:
	Non-U.S. Government funds	215		29		—		244
	Fixed income commingled funds	6		4,807		—		4,813
	Fixed income mutual funds	2		1		—		3
	Corporate bonds	—		2		—		2
Alternatives:
	Other Alternatives ⁽¹⁾	6		1,880		982		2,868
	Hedge Funds⁽²⁾	—		8		—		8
Other Assets		—		—		36		36
Insurance contracts		—		108		14		122
Cash and cash equivalents		99		184		—		283
Totals		$	788	$	9,523	$	1,032	$	11,343

⁽¹⁾ Represents real estate and other commingled funds consisting mainly of equities, bonds, or commodities.

⁽²⁾ Represents investments in diversified fund of hedge funds.

Changes in fair value measurements of level 3 investments for the defined benefit plans were as follows:



(in millions)
Balance as of April 1, 2018	$	887
Actual return on plan assets held at the reporting date	(13		)
Purchases, sales and settlements	217
Transfers in and / or out of Level 3	5
Changes due to exchange rates	(64		)
Balance as of March 31, 2019	1,032
Actual return on plan assets held at the reporting date	83
Purchases, sales and settlements	282
Transfers in and / or out of Level 3	8
Changes due to exchange rates	(47		)
Balance as of March 31, 2020	$	1,358