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Pension Benefits (Tables)
 12 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]  
Schedule of net periodic expense for pension plans The net periodic expense for the Company’s pension plans is as follows:
U.S. PlansNon-U.S. Plans
Years Ended March 31, Years Ended March 31,
(In millions)202120202019202120202019
Service cost - benefits earned during the year$— $— $— $15 $16 $15 
Interest cost on projected benefit obligation— 6 14 19 19 21 
Expected return on assets— (4)(16)(20)(22)(23)
Amortization of unrecognized actuarial loss and prior service costs
— 2 5 5 6 4 
Curtailment/settlement loss— 127 4 — — 1 
Net periodic pension expense
$— $131 $7 $19 $19 $18 
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 is as follows:
U.S. PlansNon-U.S. Plans
Years Ended March 31, Years Ended March 31,
(In millions)2021202020212020
Change in benefit obligations
Benefit obligation at beginning of period (1)
$10 $439 $896 $990 
Service cost— — 15 16 
Interest cost— 6 19 19 
Actuarial loss (gain)— 20 89 (36)
Benefits paid(1)(179)(34)(43)
Annuity Premium Transfer— (276)— — 
Divestiture (2)
— — (187)— 
Acquisitions— — — 2 
Foreign exchange impact and other— — 77 (52)
Benefit obligation at end of period (1)
$9 $10 $875 $896 
Change in plan assets
Fair value of plan assets at beginning of period$— $322 $594 $642 
Actual return on plan assets— 27 87 3 
Employer and participant contributions1 116 27 28 
Benefits paid(1)(179)(34)(43)
Annuity Premium Transfer— (276)— — 
Foreign exchange impact and other— (10)61 (36)
Fair value of plan assets at end of period
$— $— $735 $594 
Funded status at end of period$(9)$(10)$(140)$(302)
Amounts recognized on the balance sheet
Assets$— $— $54 $49 
Current liabilities (2)
(1)(1)(9)(162)
Long-term liabilities(8)(9)(185)(189)
Total
$(9)$(10)$(140)$(302)
(1)The benefit obligation is the projected benefit obligation.
(2)The divestiture relates to the contribution of the Company’s German pharmaceutical wholesale business to a joint venture in 2021 as discussed in more detail in Financial Note 3, “Held for Sale.” These amounts were included within current liabilities and totaled $151 million at March 31, 2020.
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:
U.S. PlansNon-U.S. Plans
March 31, March 31,
(In millions)2021202020212020
Projected benefit obligation$9 $10 $875 $896 
Accumulated benefit obligation9 10 847 856 
Fair value of plan assets— — 735 594 
Schedule of defined benefit plan amounts recognized in other comprehensive income (loss)
Amounts recognized in accumulated other comprehensive income consist of:
U.S. PlansNon-U.S. Plans
March 31, March 31,
(In millions)2021202020212020
Net actuarial loss$1 $1 $120 $149 
Prior service credit— — (2)(3)
Total
$1 $1 $118 $146 
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income
Other changes in accumulated other comprehensive income were as follows:
U.S. PlansNon-U.S. Plans
Years Ended March 31, Years Ended March 31,
(In millions)202120202019202120202019
Net actuarial loss (gain)$— $(3)$8 $(9)$(24)$42 
Amortization of:
Net actuarial loss
— (129)(9)(35)(6)(5)
Prior service credit (cost)
— — — 1 — — 
Foreign exchange impact and other— — — 15 (6)(12)
Total recognized in other comprehensive loss (income)
$— $(132)$(1)$(28)$(36)$25 
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:
U.S. PlansNon-U.S. Plans
Years Ended March 31, Years Ended March 31,
202120202019202120202019
Net periodic pension expense
Discount rates3.08%3.66%3.83%1.89%2.03%2.35%
Rate of increase in compensation
N/A (1)
N/A (1)
N/A (1)
3.202.933.13
Expected long-term rate of return on plan assetsN/A4.005.252.563.013.71
Benefit obligation
Discount rates2.35%3.08%3.65%1.89%2.03%2.13%
Rate of increase in compensation
N/A (1)
N/A (1)
N/A (1)
3.202.933.18
(1)    This assumption is no longer needed in actuarial valuations as U.S. plans are frozen or have fixed benefits for the remaining active participants.
Summary of pension plan assets using fair value hierarchy by asset class The following tables represent the Company’s pension plan assets as of March 31, 2021 and 2020, using the fair value hierarchy by asset class:
Non-U.S. Plans
March 31, 2021March 31, 2020
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$5 $— $— $5 $13 $— $— $13 
Equity securities:
Equity commingled funds
64 117 — 181 53 75 — 128 
Fixed income securities:
Government securities
5 144 — 149 6 139 — 145 
Corporate bonds
6 30 — 36 14 17 — 31 
Fixed income commingled funds
51 222 1 274 107 101 — 208 
Other:
Real estate funds and Other31 4 3 38 22 2 3 27 
Total
$162 $517 $4 $683 $215 $334 $3 $552 
Assets held at NAV practical expedient (1)
Equity commingled funds10 8 
Other42 34 
Total plan assets$735 $594 
(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.