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Share-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2016
Share-based Compensation [Abstract]  
Schedule of components of share-based compensation expense and related tax benefits
The components of share-based compensation expense and related tax benefits are as follows:
 
Years Ended March 31,
(In millions)
2016
 
2015
 
2014
Restricted stock unit awards (1)
$
88

 
$
137

 
$
126

Stock options
22

 
24

 
22

Employee stock purchase plan
13

 
13

 
12

Share-based compensation expense (2)
123

 
174

 
160

Tax benefit for share-based compensation expense (3)
(41
)
 
(61
)
 
(55
)
Share-based compensation expense, net of tax
$
82

 
$
113

 
$
105


(1)
Includes compensation expense recognized for RSUs, PeRSUs and TSRUs. Our TSRUs were awarded beginning in 2015.
(2)
2016 includes non-cash credits of $14 million representing the reversal of previously recognized share-based compensation, which was recorded due to employee terminations associated with the March 2016 restructuring plan.
(3)
Income tax benefit is computed using the tax rates of applicable tax jurisdictions. Additionally, a portion of pre-tax compensation expense is not tax-deductible.
Schedule of weighted-average assumptions used to estimate the fair value
The weighted-average assumptions used to estimate the fair value of TSRUs are as follows:
 
Years Ended March 31,
 
2016
 
2015
Expected stock price volatility
18%
 
21%
Expected dividend yield
0.4%
 
0.5%
Risk-free interest rate
0.9%
 
0.7%
Expected life (in years)
3
 
3
Weighted-average assumptions used to estimate the fair value of employee stock options were as follows:
 
Years Ended March 31,
 
2016
 
2015
 
2014
Expected stock price volatility
21%
 
22%
 
22%
Expected dividend yield
0.4%
 
0.6%
 
0.7%
Risk-free interest rate
1.4%
 
1.3%
 
0.7%
Expected life (in years)
4
 
4
 
4
Summary of options outstanding
The following is a summary of stock options outstanding at March 31, 2016:
 
 
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
$
40.46

–
$
140.19

 
3
 
2
 
$
83.62

 
2
 
$
78.01

140.20

–
239.93

 
1
 
6
 
206.58

 
—
 
180.24

 
 
 
 
4
 
 
 
 
 
2
 
 
Summary of stock option activity
The following table summarizes stock option activity during 2016:
(In millions, except per share data)
Shares
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic
Value (2)
Outstanding, March 31, 2015
5
 
$
95.01

 
4
 
$
539

Granted
1
 
236.77

 
 
 
 
Cancelled
(1)
 
149.19

 
 
 
 
Exercised
(1)
 
63.75

 
 
 
 
Outstanding, March 31, 2016
4
 
$
118.95

 
3
 
$
201

 
 
 
 
 
 
 
 
Vested and expected to vest (1)
3
 
$
118.21

 
3
 
$
200

Vested and exercisable, March 31, 2016
2
 
85.15

 
2
 
173


(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.
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)
2016
 
2015
 
2014
Weighted-average grant date fair value per stock option
$
44.04

 
$
35.49

 
$
21.45

Aggregate intrinsic value on exercise
$
107

 
$
153

 
$
144

Cash received upon exercise
$
47

 
$
76

 
$
111

Tax benefits realized related to exercise
$
42

 
$
60

 
$
55

Total fair value of stock options vested
$
18

 
$
20

 
$
24

Total compensation cost, net of estimated forfeitures, related to unvested stock options not yet recognized, pre-tax
$
20

 
$
22

 
$
29

Weighted-average period in years over which stock option compensation cost is expected to be recognized
2

 
2

 
1
Summary of restricted stock unit award activity
The following table summarizes restricted stock unit award activity during 2016:
(In millions, except per share data)
Shares
 
Weighted-
Average
Grant Date Fair
Value Per Share
Nonvested, March 31, 2015
4
 
$
129.57

Granted
1
 
240.35

Cancelled
(1)
 
159.17

Vested
(1)
 
89.44

Nonvested, March 31, 2016
3
 
$
176.59
Schedule of data related to restricted stock unit award activity
The following table provides data related to restricted stock unit award activity:
 
Years Ended March 31,
(In millions)
2016
 
2015
 
2014
Total fair value of shares vested
$
104

 
$
126

 
$
184

Total compensation cost, net of estimated forfeitures, related to nonvested restricted stock unit awards not yet recognized, pre-tax
$
144

 
$
206

 
$
236

Weighted-average period in years over which restricted stock unit award cost is expected to be recognized
2

 
2

 
2