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Pension Benefits (Tables)
 12 Months Ended
Mar. 31, 2022
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)202220212020202220212020
Service cost - benefits earned during the year$— $— $— $11 $15 $16 
Interest cost on projected benefit obligation— — 6 14 19 19 
Expected return on assets— — (4)(19)(20)(22)
Amortization of unrecognized actuarial loss and prior service costs
— — 2 3 5 6 
Curtailment/settlement loss (gain)— — 127 (5)— — 
Net periodic pension expense$— $— $131 $4 $19 $19 
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)2022202120222021
Change in benefit obligations
Benefit obligation at beginning of period (1)
$9 $10 $875 $896 
Service cost— — 11 15 
Interest cost— — 14 19 
Actuarial loss (gain)— — (55)89 
Benefits paid(1)(1)(35)(34)
Curtailment/settlement— — (32)— 
Expenses paid— — (1)— 
Divestiture (2)
— — (43)(187)
Foreign exchange impact and other— — (33)77 
Benefit obligation at end of period (1)
$8 $9 $701 $875 
Change in plan assets
Fair value of plan assets at beginning of period$— $— $735 $594 
Actual return on plan assets— — (4)87 
Employer and participant contributions1 1 43 27 
Benefits paid(1)(1)(35)(34)
Expenses paid— — (1)— 
Settlements— — (24)— 
Foreign exchange impact and other— — (33)61 
Fair value of plan assets at end of period$— $— $681 $735 
Funded status at end of period$(8)$(9)$(20)$(140)
Amounts recognized on the balance sheet
Current assets (3)
$— $— $49 $— 
Long-term assets— — 40 54 
Current liabilities (3)
(1)(1)(90)(9)
Long-term liabilities(7)(8)(19)(185)
Total$(8)$(9)$(20)$(140)
(1)The benefit obligation is the projected benefit obligation.
(2)The divestiture relates to the sale of the Company’s Austrian business in 2022 and 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 2, “Held for Sale.”
(3)Current assets at March 31, 2022 include $49 million reclassified from long-term assets to assets held for sale as part of the Company’s U.K. disposal group. Current liabilities at March 31, 2022 include $85 million reclassified from long-term liabilities to liabilities held for sale as part of the Company’s E.U. disposal group. Refer to Financial Note 2, “Held for Sale” for additional information.
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)2022202120222021
Projected benefit obligation$8 $9 $701 $875 
Accumulated benefit obligation8 9 689 847 
Fair value of plan assets— — 681 735 
Schedule of defined benefit plan amounts recognized in other comprehensive loss
Amounts recognized in accumulated other comprehensive loss consist of:
U.S. PlansNon-U.S. Plans
March 31, March 31,
(In millions)2022202120222021
Net actuarial loss$1 $1 $70 $120 
Prior service credit— — (2)(2)
Total$1 $1 $68 $118 
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income
Other changes in accumulated other comprehensive income were as follows:
U.S. PlansNon-U.S. Plans
Years Ended March 31, Years Ended March 31,
(In millions)202220212020202220212020
Net actuarial loss (gain)$— $— $(3)$(32)$(9)$(24)
Amortization of:
Net actuarial loss— — (129)(14)(35)(6)
Prior service credit (cost)— — — 1 1 — 
Foreign exchange impact and other— — — (5)15 (6)
Total recognized in other comprehensive loss (income) $— $— $(132)$(50)$(28)$(36)
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,
202220212020202220212020
Net periodic pension expense
Discount rates2.35%3.08%3.66%1.89 %1.89 %2.03 %
Rate of increase in compensation
N/A (1)
N/A (1)
N/A (1)
3.20 3.20 2.93 
Expected long-term rate of return on plan assetsN/AN/A4.002.56 2.56 3.01 
Benefit obligation
Discount rates3.35%2.35%3.08%2.67 %1.89 %2.03 %
Rate of increase in compensation
N/A (1)
N/A (1)
N/A (1)
3.67 3.20 2.93 
(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, 2022 and 2021, using the fair value hierarchy by asset class:
Non-U.S. Plans
March 31, 2022March 31, 2021
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$15 $— $— $15 $5 $— $— $5 
Equity securities:
Equity commingled funds— 38 — 38 64 117 — 181 
Fixed income securities:
Government securities— 6 — 6 5 144 — 149 
Corporate bonds— 11 — 11 6 30 — 36 
Fixed income commingled funds336 25 — 361 51 222 1 274 
Other:
Annuity contracts— — 173 173 — — — — 
Real estate funds and Other31 4 2 37 31 4 3 38 
Total$382 $84 $175 $641 $162 $517 $4 $683 
Assets held at NAV practical expedient (1):
Other40 52 
Total plan assets$681 $735 
(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 year ended March 31, 2022:
(In millions)Level 3
Balance as of March 31, 2021
$4 
Purchases196 
Return on assets(25)
Balance as of March 31, 2022
$175