XML 72 R46.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Pension Benefits (Tables)
 12 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Periodic Expense for Pension Plans The net periodic expense for the Company’s pension plans were as follows:
Years Ended March 31,
(In millions)202420232022
Service cost - benefits earned during the year$2 $5 $11 
Interest cost on projected benefit obligation8 7 14 
Expected return on assets(7)(5)(19)
Amortization of unrecognized actuarial loss and prior service costs
2 1 3 
Curtailment/settlement gain— (1)(5)
Net periodic pension expense$5 $7 $4 
Schedule of Changes in Benefit Obligations and Plan Assets for Pension Plans
Information regarding the changes in benefit obligations and plan assets for the Company’s pension plans was as follows:
Years Ended March 31,
(In millions)20242023
Change in benefit obligations
Benefit obligation at beginning of period (1)
$172 $701 
Service cost2 5 
Interest cost8 7 
Actuarial gain— (65)
Benefits paid(9)(11)
Curtailment/settlement— (3)
Expenses paid— (1)
Divestitures (2)
— (408)
Foreign exchange impact and other1 (53)
Benefit obligation at end of period (1)
$174 $172 
Change in plan assets
Fair value of plan assets at beginning of period$174 $681 
Actual return on plan assets(1)(51)
Employer and participant contributions5 7 
Benefits paid(9)(11)
Expenses paid— (1)
Settlements— (3)
Divestitures (2)
— (393)
Foreign exchange impact and other2 (55)
Fair value of plan assets at end of period$171 $174 
Funded status at end of period$(3)$2 
Amounts recognized on the balance sheet
Current assets$— $— 
Long-term assets18 24 
Current liabilities(1)(1)
Long-term liabilities(20)(21)
Total$(3)$2 
(1)The benefit obligation is the projected benefit obligation.
(2)Relates to the completed divestitures of the E.U. disposal group and U.K. disposal group in fiscal 2023 as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures.”
Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for Pension Plans
The following table provides the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for all the Company’s pension plans, including accumulated benefit obligation in excess of plan assets:
March 31,
(In millions)20242023
Projected benefit obligation$174 $172 
Accumulated benefit obligation172 171 
Fair value of plan assets171 174 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive loss consist of:
March 31,
(In millions)20242023
Net actuarial loss$57 $49 
Prior service cost 1 1 
Total$58 $50 
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Other changes in accumulated other comprehensive loss were as follows:
Years Ended March 31,
(In millions)202420232022
Net actuarial (gain) loss$9 $(7)$(32)
Prior service cost— 1 — 
Amortization of:
Net actuarial loss(2)(9)(14)
Prior service credit— 2 1 
Foreign exchange impact and other1 (5)(5)
Total recognized in other comprehensive (income) loss$8 $(18)$(50)
Schedule of Weighted-Average Assumptions Used to Estimate Net Periodic Pension Expense and Actuarial Present Value of Benefit Obligations
Weighted-average assumptions used to estimate the net periodic pension expense and the actuarial present value of benefit obligations were as follows:
Years Ended March 31,
202420232022
Net periodic pension expense
Discount rates4.54 %2.67 %1.89 %
Rate of increase in compensation3.21 3.67 3.20 
Expected long-term rate of return on plan assets4.05 1.63 2.56 
Benefit obligation
Discount rates4.55 %4.54 %2.67 %
Rate of increase in compensation3.21 3.21 3.67 
Summary of Pension Plan Assets Using Fair Value Hierarchy by Asset Class The following tables represent the Company’s plan assets as of March 31, 2024 and 2023, using the fair value hierarchy by asset class:
March 31, 2024March 31, 2023
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$7 $— $— $7 $7 $— $— $7 
Equity securities:
Equity commingled funds— 20 — 20 — 18 — 18 
Fixed income securities:
Government securities— 4 — 4 — — — — 
Corporate bonds— 4 — 4 — — — — 
Fixed income commingled funds— — — — — 7 — 7 
Other:
Annuity contracts— — 103 103 — — 110 110 
Real estate funds and other— 3 — 3 — 2 — 2 
Total$7 $31 $103 $141 $7 $27 $110 $144 
Assets held at NAV practical expedient (1):
Other30 30 
Total plan assets$171 $174 
(1)    Equity commingled funds, fixed income commingled funds, real estate funds, and other investments for which fair value is measured using the NAV per share as a practical expedient are not leveled within the fair value hierarchy and are included as a reconciling item to total investments.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following table presents the changes in the Level 3 plan assets measured on a recurring basis for the years ended March 31, 2024 and 2023:
(In millions)Level 3
Balance, March 31, 2022
$175 
Return on assets(65)
Balance, March 31, 2023
$110 
Return on assets(7)
Balance, March 31, 2024
$103