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Pension Benefits (Tables)
 12 Months Ended
Mar. 31, 2023
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)202320222021
Service cost - benefits earned during the year$5 $11 $15 
Interest cost on projected benefit obligation7 14 19 
Expected return on assets(5)(19)(20)
Amortization of unrecognized actuarial loss and prior service costs
1 3 5 
Curtailment/settlement gain(1)(5)— 
Net periodic pension expense$7 $4 $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 was as follows:
Years Ended March 31,
(In millions)20232022
Change in benefit obligations
Benefit obligation at beginning of period (1)
$701 $875 
Service cost5 11 
Interest cost7 14 
Actuarial gain(65)(55)
Benefits paid(11)(35)
Curtailment/settlement(3)(32)
Expenses paid(1)(1)
Divestitures (2)
(408)(43)
Foreign exchange impact and other(53)(33)
Benefit obligation at end of period (1)
$172 $701 
Change in plan assets
Fair value of plan assets at beginning of period$681 $735 
Actual return on plan assets(51)(4)
Employer and participant contributions7 43 
Benefits paid(11)(35)
Expenses paid(1)(1)
Settlements(3)(24)
Divestitures (2)
(393)— 
Foreign exchange impact and other(55)(33)
Fair value of plan assets at end of period$174 $681 
Funded status at end of period$2 $(20)
Amounts recognized on the balance sheet
Current assets (3)
$— $49 
Long-term assets24 40 
Current liabilities (3)
(1)(90)
Long-term liabilities(21)(19)
Total$2 $(20)
(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 and the completed divestiture of the Company’s Austrian business in fiscal 2022 as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures.”
(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, which was divested in fiscal 2023. 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, which was divested in fiscal 2023. Refer to Financial Note 2, “Business Acquisitions and Divestitures” 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:
March 31,
(In millions)20232022
Projected benefit obligation$172 $701 
Accumulated benefit obligation171 689 
Fair value of plan assets174 681 
Schedule of defined benefit plan amounts recognized in other comprehensive loss
Amounts recognized in accumulated other comprehensive loss consist of:
March 31,
(In millions)20232022
Net actuarial loss$49 $70 
Prior service cost (credit)1 (2)
Total$50 $68 
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income
Other changes in accumulated other comprehensive loss were as follows:
Years Ended March 31,
(In millions)202320222021
Net actuarial gain$(7)$(32)$(9)
Prior service cost1 — — 
Amortization of:
Net actuarial loss(9)(14)(35)
Prior service credit2 1 1 
Foreign exchange impact and other(5)(5)15 
Total recognized in other comprehensive income $(18)$(50)$(28)
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,
202320222021
Net periodic pension expense
Discount rates2.67 %1.89 %1.89 %
Rate of increase in compensation3.67 3.20 3.20 
Expected long-term rate of return on plan assets1.63 2.56 2.56 
Benefit obligation
Discount rates4.54 %2.67 %1.89 %
Rate of increase in compensation3.21 3.67 3.20 
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, 2023 and 2022, using the fair value hierarchy by asset class:
March 31, 2023March 31, 2022
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$7 $— $— $7 $15 $— $— $15 
Equity securities:
Equity commingled funds— 18 — 18 — 38 — 38 
Fixed income securities:
Government securities— — — — — 6 — 6 
Corporate bonds— — — — — 11 — 11 
Fixed income commingled funds— 7 — 7 336 25 — 361 
Other:
Annuity contracts— — 110 110 — — 173 173 
Real estate funds and Other— 2 — 2 31 4 2 37 
Total$7 $27 $110 $144 $382 $84 $175 $641 
Assets held at NAV practical expedient (1):
Other30 40 
Total plan assets$174 $681 
(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, 2023 and 2022:
(In millions)Level 3
Balance, March 31, 2021
$4 
Purchases196 
Return on assets(25)
Balance, March 31, 2022
$175 
Purchases— 
Return on assets(65)
Balance, March 31, 2023
$110