Pension Benefits

6 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Pension Benefits

Pension Benefits

The net periodic expense for defined benefit pension plans was approximately $2 million for the three and six months ended September 30, 2021 and $7 million and $14 million for the three and six months ended September 30, 2020, respectively.

Cash contributions to these plans were $3 million and $17 million for the three and six months ended September 30, 2021, respectively, and $4 million and $11 million for the three and six months ended September 30, 2020, respectively. The projected unit credit method is utilized in measuring net periodic pension expense over the employees’ service life for the pension plans. Unrecognized actuarial losses exceeding 10% of the greater of the projected benefit obligation or the market value of assets are amortized on a straight-line basis over the average remaining future service periods and expected life expectancy.

As part of the E.U. disposal group, as discussed in more detail in Financial Note 2, “Held for Sale,” pension liabilities of approximately $108 million were included under the caption “Liabilities held for sale” in the Condensed Consolidated Balance Sheet as of September 30, 2021.