Pension Benefits (Tables)

12 Months Ended

Mar. 31, 2017

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule of net periodic expense for pension plans

The net periodic expense for our pension plans is as follows:



	U.S. Plans									Non-U.S. Plans
	Years Ended March 31,									Years Ended March 31,
(In millions)	2017			2016			2015			2017			2016			2015
Service cost - benefits earned during the year	$	5		$	4		$	1		$	15		$	20		$	16
Interest cost on projected benefit obligation	13			18			19			23			24			34
Expected return on assets	(15		)	(19		)	(21		)	(26		)	(30		)	(30		)
Amortization of unrecognized actuarial loss and prior service costs	11			42			19			4			3			3
Curtailment/settlement loss (gain)	—			2			—			(2		)	—			6
Net periodic pension expense	$	14		$	47		$	18		$	14		$	17		$	29

The net periodic expense for our postretirement welfare benefits is as follows:



	Years Ended March 31,
(In millions)	2017			2016		2015
Service cost - benefits earned during the year	$	1		$	1	$	1
Interest cost on accumulated benefit obligation	2			4		5
Amortization of unrecognized actuarial gain and prior service credit	(1		)	—		(4		)
Net periodic postretirement expense	$	2		$	5	$	2

Schedule of changes in benefit obligations and plan assets for pension plans

Information regarding the changes in benefit obligations and plan assets for our pension plans is as follows:



	U.S. Plans						Non-U.S. Plans
	Years Ended March 31,						Years Ended March 31,
(In millions)	2017			2016			2017			2016
Change in benefit obligations
Benefit obligation at beginning of period ⁽¹⁾	$	535		$	583		$	899		$	963
Service cost	5			4			15			20
Interest cost	13			18			23			24
Actuarial loss (gain)	(11		)	(13		)	98			(64		)
Benefits paid	(26		)	(54		)	(34		)	(35		)
Expenses paid	(3		)	(3		)	(1		)	—
Amendments	—			—			—			(2		)
Acquisitions	—			—			37			—
Foreign exchange impact and other	—			—			(94		)	(7		)
Benefit obligation at end of period ⁽¹⁾	$	513		$	535		$	943		$	899

Change in plan assets
Fair value of plan assets at beginning of period	$	262		$	298		$	607		$	612
Actual return on plan assets	22			(3		)	76			2
Employer and participant contributions	38			24			16			44
Benefits paid	(26		)	(54		)	(34		)	(35		)
Expenses paid	(3		)	(3		)	(1		)	—
Acquisitions	—			—			35			—
Foreign exchange impact and other	—			—			(76		)	(16		)
Fair value of plan assets at end of period	$	293		$	262		$	623		$	607

Funded status at end of period	$	(220	)	$	(273	)	$	(320	)	$	(292	)

Amounts recognized on the balance sheet
Assets	$	—		$	—		$	4		$	21
Current liabilities	(17		)	(2		)	(7		)	(11		)
Long-term liabilities	(203		)	(271		)	(317		)	(302		)
Total	$	(220	)	$	(273	)	$	(320	)	$	(292	)


(1)	The benefit obligation is the projected benefit obligation.

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 our pension plans with an accumulated benefit obligation in excess of plan assets.



	U.S. Plans				Non-U.S. Plans
	March 31,				March 31,
(In millions)	2017		2016		2017		2016
Projected benefit obligation	$	513	$	535	$	943	$	899
Accumulated benefit obligation	513		535		902		855
Fair value of plan assets	293		262		623		607

Schedule of defined benefit plan amounts recognized in other comprehensive income (loss)

Amounts recognized in accumulated other comprehensive income (pre-tax) consist of:



	U.S. Plans				Non-U.S. Plans
	March 31,				March 31,
(In millions)	2017		2016		2017			2016
Net actuarial loss	$	157	$	185	$	160		$	133
Prior service credit	—		—		(3		)	(11		)
Total	$	157	$	185	$	157		$	122

Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income

Other changes in accumulated other comprehensive income (pre-tax) were as follows:



	U.S. Plans									Non-U.S. Plans
	Years Ended March 31,									Years Ended March 31,
(In millions)	2017			2016			2015			2017			2016			2015
Net actuarial loss (gain)	$	(17	)	$	9		$	58		$	47		$	(38	)	$	117
Prior service credit	—			—			—			—			(5		)	(8		)
Amortization of:
Net actuarial loss	(11		)	(44		)	(27		)	(4		)	(5		)	(5		)
Prior service credit (cost)	—			—			8			2			2			2
Foreign exchange impact and other	—			—			—			(10		)	(1		)	(8		)
Total recognized in other comprehensive loss (income)	$	(28	)	$	(35	)	$	39		$	35		$	(47	)	$	98

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. Plans						Non-U.S. Plans
	Years Ended March 31,						Years Ended March 31,
	2017		2016		2015		2017		2016		2015
Net periodic pension expense
Discount rates	3.40	%	3.36	%	3.74	%	2.72	%	2.36	%	3.85	%
Rate of increase in compensation	4.00		4.00		4.00		2.76		2.80		3.11
Expected long-term rate of return on plan assets	6.25		6.75		7.25		4.51		4.87		5.39
Benefit obligation
Discount rates	3.39	%	3.27	%	3.18	%	2.35	%	2.84	%	2.50	%
Rate of increase in compensation	4.00		4.00		4.00		3.18		2.98		3.24

Summary of pension plan assets using fair value hierarchy by asset class

The following tables represent our pension plan assets as of March 31, 2017 and 2016, using the fair value hierarchy by asset class. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on unadjusted quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs.



	U.S. Plans								Non-U.S. Plans
	March 31, 2017								March 31, 2017
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	8	$	—	$	—	$	8	$	2	$	—	$	—	$	2
Equity securities:
Common and preferred stock	17		—		—		17		—		—		—		—
Equity commingled funds	—		—		—		—		13		40		—		53
Fixed income securities:
Government securities	—		27		—		27		24		68		—		92
Corporate bonds	—		12		—		12		69		120		10		199
Mortgage-backed securities	—		10		—		10		—		—		—		—
Asset-backed securities and other	—		19		—		19		—		—		—		—
Fixed income commingled funds	—		—		—		—		20		29		—		49
Other:
Real estate funds	—		—		—		—		2		—		6		8
Other	—		—		—		—		—		—		—		—
Total	$	25	$	68	$	—	$	93	$	130	$	257	$	16	$	403
Assets held at NAV practical expedient ⁽¹⁾
Equity commingled funds							131								94
Fixed income commingled funds							59								53
Real estate funds							10								13
Other							—								60
Total plan assets							$	293							$	623



	U.S. Plans								Non-U.S. Plans
	March 31, 2016								March 31, 2016
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	4	$	—	$	—	$	4	$	4	$	—	$	—	$	4
Equity securities:
Common and preferred stock	16		—		—		16		—		—		—		—
Equity commingled funds	—		—		—		—		6		59		—		65
Fixed income securities:
Government securities	—		12		—		12		22		68		—		90
Corporate bonds	—		12		—		12		1		14		—		15
Mortgage-backed securities	—		14		—		14		—		—		—		—
Asset-backed securities and other	—		22		—		22		—		—		—		—
Fixed income commingled funds	—		—		—		—		67		64		—		131
Other:
Real estate funds	—		—		—		—		—		—		8		8
Other	—		—		—		—		21		95		—		116
Total	$	20	$	60	$	—	$	80	$	121	$	300	$	8	$	429
Assets held at NAV practical expedient ⁽¹⁾
Equity commingled funds							165								91
Fixed income commingled funds							—								56
Real estate funds							17								16
Other							—								15
Total plan assets							$	262							$	607


(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.