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Share-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of components of share-based compensation expense and related tax benefits
The components of share-based compensation expense and related tax benefits are as follows:
 
Years Ended March 31,
(In millions)
2019
 
2018
 
2017
Restricted stock unit awards (1)
$
75

 
$
46

 
$
79

Stock options
12

 
14

 
24

Employee stock purchase plan
8

 
9

 
12

Share-based compensation expense
95

 
69

 
115

Tax benefit for share-based compensation expense (2)
(12
)
 
(28
)
 
(92
)
Share-based compensation expense, net of tax
$
83

 
$
41

 
$
23


(1)
Includes compensation expense recognized for RSUs, PeRSUs and PSUs.
(2)
Income tax benefit is computed using the tax rates of applicable tax jurisdictions. Additionally, a portion of pre-tax compensation expense is not tax-deductible. Income tax expense for 2019 included discrete income tax expense of $4 million, 2018 and 2017 included discrete income tax benefits of $8 million and $54 million related to the adoption of the amended accounting guidance on share-based compensation.
Schedule of weighted-average assumptions used to estimate the fair value
Weighted-average assumptions used to estimate the fair value of employee stock options were as follows:
 
Years Ended March 31,
 
2019
 
2018
 
2017
Expected stock price volatility
26%
 
25%
 
21%
Expected dividend yield
0.9%
 
0.8%
 
0.7%
Risk-free interest rate
2.8%
 
1.7%
 
1.1%
Expected life (in years)
4.6
 
4.5
 
4
Summary of options outstanding
The following is a summary of stock options outstanding at March 31, 2019:
 
 
Options Outstanding
 
Options Exercisable
Range of Exercise
Prices
 
Number of
Options
Outstanding
at Year End
(In millions)
 
Weighted-
Average
Remaining
Contractual
Life (Years)
 
Weighted-
Average
Exercise Price
 
Number of
Options
Exercisable at
Year End
(In millions)
 
Weighted-
Average
Exercise Price
$
87.24

–
$
162.55

 
1
 
4
 
$
133.54

 
1
 
$
119.65

162.56

–
239.93

 
2
 
3
 
197.98

 
1
 
199.08

 
 
 
 
3
 
 
 
 
 
2
 
 
Summary of stock option activity
The following table summarizes stock option activity during 2019:
(In millions, except per share data)
Shares
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic
Value (2)
Outstanding, March 31, 2018
3
 
$
161.27

 
4
 
$
36

Granted
1
 
141.93

 
 
 
 
Cancelled
—
 
167.37

 
 
 
 
Exercised
(1)
 
86.65

 
 
 
 
Outstanding, March 31, 2019
3
 
$
166.72

 
3
 
$
4

Vested and expected to vest (1)
3
 
$
166.88

 
3
 
$
3

Vested and exercisable, March 31, 2019
2
 
167.27

 
2
 
4


(1)
The number of options expected to vest takes into account an estimate of expected forfeitures.
(2)
The intrinsic value is calculated as the difference between the period-end market price of the Company’s common stock and the exercise price of “in-the-money” options.
Summary of data related to stock option activity
The following table provides data related to stock option activity:
 
Years Ended March 31,
(In millions, except per share data)
2019
 
2018
 
2017
Weighted-average grant date fair value per stock option
$
34.98

 
$
34.24

 
$
32.19

Aggregate intrinsic value on exercise
$
16

 
$
60

 
$
97

Cash received upon exercise
$
29

 
$
77

 
$
54

Tax benefits realized related to exercise
$
4

 
$
22

 
$
38

Total fair value of stock options vested
$
16

 
$
20

 
$
18

Total compensation cost, net of estimated forfeitures, related to unvested stock options not yet recognized, pre-tax
$
15

 
$
15

 
$
21

Weighted-average period in years over which stock option compensation cost is expected to be recognized
2

 
2

 
2
Schedule of assumptions used to estimate fair value of PSUs
The weighted-average assumptions used in the Monte Carlo valuations are as follows:
 
Years Ended March 31,
 
2019
 
2018
 
2017
Expected stock price volatility
31%
 
29%
 
23%
Expected dividend yield
0.9%
 
0.8%
 
0.7%
Risk-free interest rate
2.6%
 
1.5%
 
1.1%
Expected life (in years)
3
 
3
 
3
Summary of restricted stock unit award activity
The following table summarizes activity for restricted stock unit awards (RSUs, PeRSUs, and PSUs) during 2019:
(In millions, except per share data)
Shares
 
Weighted-
Average
Grant Date Fair
Value Per Share
Nonvested, March 31, 2018
2
 
$
176.74

Granted
1
 
143.94

Cancelled
—
 
147.88

Vested
(1)
 
210.30

Nonvested, March 31, 2019
2
 
$
142.77
Schedule of data related to restricted stock unit award activity
The following table provides data related to restricted stock unit award activity:
 
Years Ended March 31,
(In millions)
2019
 
2018
 
2017
Total fair value of shares vested
$
59

 
$
156

 
$
109

Total compensation cost, net of estimated forfeitures, related to nonvested restricted stock unit awards not yet recognized, pre-tax
$
119

 
$
97

 
$
99

Weighted-average period in years over which restricted stock unit award cost is expected to be recognized
2

 
2

 
2