Pension Benefits

9 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Pension Benefits

Pension Benefits

The net periodic expense for defined benefit pension plans was approximately $2 million and $4 million for the three and nine months ended December 31, 2021, respectively, and $4 million and $17 million for the three and nine months ended December 31, 2020, respectively.

Cash contributions to these plans were $18 million and $35 million for the three and nine months ended December 31, 2021, respectively, and $8 million and $19 million for the three and nine months ended December 31, 2020, respectively. The cash contributions for the three and nine months ended December 31, 2021 included a $17 million payment to a U.K. pension plan. 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 European divestiture activities discussed in more detail in Financial Note 2, “Held for Sale,” pension assets of $52 million and pension liabilities of $148 million were included under the captions “Assets held for sale” and “Liabilities held for sale,” respectively, in the Condensed Consolidated Balance Sheet as of December 31, 2021.