Share-Based Compensation (Tables)
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12 Months Ended |
Mar. 31, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Components of Share-Based Compensation Expense and Related Tax Benefits |
The components of share-based compensation expense and related tax benefits were as follows: | | | | | | | | | | | | | | | | | | | Years Ended March 31, | | (In millions) | 2024 | | 2023 | | 2022 | Restricted stock unit awards (1) | $ | 168 | | | $ | 149 | | | $ | 148 | | | Stock options | — | | | — | | | 2 | | | Employee stock purchase plan | 14 | | | 13 | | | 11 | | | Share-based compensation expense | 182 | | | 162 | | | 161 | | Tax benefit for share-based compensation expense (2) | (72) | | | (87) | | | (35) | | | Share-based compensation expense, net of tax | $ | 110 | | | $ | 75 | | | $ | 126 | |
(1)Includes share-based compensation expense recognized for RSUs and PSUs. (2)Income tax benefit is computed using the tax rates of applicable tax jurisdictions. Additionally, a portion of share-based compensation expense is not tax-deductible. Income tax benefit for fiscal 2024, fiscal 2023, and fiscal 2022 included discrete income tax benefits of $37 million, $58 million, and $10 million, respectively.
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| Schedule of Assumptions Used to Estimate Fair Value of PSUs |
The weighted-average assumptions used in the Monte Carlo valuations were as follows: | | | | | | | | | | | | | | | | | | | Years Ended March 31, | | 2024 | | 2023 | | 2022 | | Expected stock price volatility | 24 | % | | 34 | % | | 35 | % | Expected dividend yield | 0.6 | % | | 0.6 | % | | 0.9 | % | | Risk-free interest rate | 3.9 | % | | 2.7 | % | | 0.3 | % | Expected life (in years) | 3 | | 3 | | 3 |
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| Summary of Restricted Stock Unit Award Activity |
The following table summarizes activity for RSUs and PSUs during fiscal 2024: | | | | | | | | | | | | | (In millions, except per share data) | Shares | | Weighted-
Average
Grant Date Fair
Value Per Share | Nonvested, March 31, 2023 | 1.7 | | | $ | 238.77 | | | Granted | 0.5 | | | 405.03 | | | Cancelled | (0.1) | | | 314.09 | | | Vested | (0.7) | | | 203.55 | | Nonvested, March 31, 2024 | 1.4 | | | $ | 307.73 | |
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| Schedule of Data Related to Restricted Stock Unit Award Activity |
The following table provides data related to RSU and PSU award activity: | | | | | | | | | | | | | | | | | | | Years Ended March 31, | | (In millions) | 2024 | | 2023 | | 2022 | | Total fair value of shares vested | $ | 143 | | | $ | 200 | | | $ | 144 | | Total compensation cost, net of estimated forfeitures, related to nonvested restricted stock unit awards not yet recognized, pre-tax | $ | 205 | | | $ | 192 | | | $ | 165 | | Weighted-average period in years over which restricted stock unit award cost is expected to be recognized | 2 | | 2 | | 2 |
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| Summary of Options Outstanding |
The following is a summary of stock options outstanding at March 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | $124.12 | — | $159.00 | | 0.1 | | | 1 | | $ | 145.78 | | | 0.1 | | | $ | 145.78 | |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity during fiscal 2024: | | | | | | | | | | | | | | | | | | | | | | | | | (In millions, except per share data) | Shares | | Weighted-
Average
Exercise
Price | | Weighted-
Average
Remaining
Contractual
Term (Years) | | Aggregate Intrinsic Value (2) | Outstanding, March 31, 2023 | 0.4 | | | $ | 154.36 | | | 1 | | $ | 73 | | | Granted | — | | | — | | | | | | | Cancelled | — | | | — | | | | | | | Exercised | (0.3) | | | 157.99 | | | | | | Outstanding, March 31, 2024 | 0.1 | | | 145.78 | | | 1 | | 42 | | Vested and expected to vest (1) | 0.1 | | | 145.78 | | | 1 | | 42 | | Vested and exercisable, March 31, 2024 | 0.1 | | | 145.78 | | | 1 | | 42 | |
(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.
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| 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) | 2024 | | 2023 | | 2022 | | Weighted-average grant date fair value per stock option | $ | — | | | $ | — | | | $ | — | | | Aggregate intrinsic value on exercise | $ | 77 | | | $ | 69 | | | $ | 28 | | | Cash received upon exercise | $ | 40 | | | $ | 93 | | | $ | 157 | | | Tax benefits realized related to exercise | $ | 16 | | | $ | 4 | | | $ | 5 | | | Total fair value of stock options vested | $ | — | | | $ | 1 | | | $ | 5 | | Total compensation cost, net of estimated forfeitures, related to unvested stock options not yet recognized, pre-tax | $ | — | | | $ | — | | | $ | — | | Weighted-average period in years over which stock option compensation cost is expected to be recognized | 0 | | 0 | | 0 |
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