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Pension Benefits (Tables) | 12 Months Ended
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Mar. 31, 2018
Defined Benefit Plan [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) | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Service cost - benefits earned during the year | $ | 3 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | 20 |
Interest cost on projected benefit obligation | 14 |  |  | 13 |  |  | 18 |  |  | 22 |  |  | 23 |  |  | 24 |
Expected return on assets | (19 | ) |  | (15 | ) |  | (19 | ) |  | (26 | ) |  | (26 | ) |  | (30 | )
Amortization of unrecognized actuarial loss and prior service costs | 6 |  |  | 11 |  |  | 42 |  |  | 5 |  |  | 4 |  |  | 3 |
Curtailment/settlement loss (gain) | 2 |  |  | — |  |  | 2 |  |  | 1 |  |  | (2 | ) |  | — |
Net periodic pension expense | $ | 6 |  |  | $ | 14 |  |  | $ | 47 |  |  | $ | 17 |  |  | $ | 14 |  |  | $ | 17 |
The net periodic (credit) expense for our postretirement welfare benefits is as follows:
| Years Ended March 31,
(In millions) | 2018 |  | 2017 |  | 2016
Service cost - benefits earned during the year | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost on accumulated benefit obligation | 2 |  |  | 2 |  |  | 4 |
Amortization of unrecognized actuarial gain and prior service credit | (6 | ) |  | (1 | ) |  | — |
Net periodic postretirement (credit) expense | $ | (3 | ) |  | $ | 2 |  |  | $ | 5 |
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) | 2018 |  | 2017 |  | 2018 |  | 2017
Change in benefit obligations |  |  |  |  |  |  |
Benefit obligation at beginning of period (1) | $ | 513 |  |  | $ | 535 |  |  | $ | 943 |  |  | $ | 899 |
Service cost | 3 |  |  | 5 |  |  | 15 |  |  | 15 |
Interest cost | 14 |  |  | 13 |  |  | 22 |  |  | 23 |
Actuarial loss (gain) | 1 |  |  | (11 | ) |  | (15 | ) |  | 98 |
Benefits paid | (44 | ) |  | (26 | ) |  | (42 | ) |  | (34 | )
Expenses paid | (2 | ) |  | (3 | ) |  | (1 | ) |  | (1 | )
Amendments | — |  |  | — |  |  | (2 | ) |  | — |
Acquisitions | — |  |  | — |  |  | — |  |  | 37 |
Foreign exchange impact and other | — |  |  | — |  |  | 115 |  |  | (94 | )
Benefit obligation at end of period (1) | $ | 485 |  |  | $ | 513 |  |  | $ | 1,035 |  |  | $ | 943 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | $ | 293 |  |  | $ | 262 |  |  | $ | 623 |  |  | $ | 607 |
Actual return on plan assets | 35 |  |  | 22 |  |  | 21 |  |  | 76 |
Employer and participant contributions | 53 |  |  | 38 |  |  | 17 |  |  | 16 |
Benefits paid | (44 | ) |  | (26 | ) |  | (42 | ) |  | (34 | )
Expenses paid | (2 | ) |  | (3 | ) |  | (1 | ) |  | (1 | )
Acquisitions | — |  |  | — |  |  | — |  |  | 35 |
Foreign exchange impact and other | — |  |  | — |  |  | 69 |  |  | (76 | )
Fair value of plan assets at end of period | $ | 335 |  |  | $ | 293 |  |  | $ | 687 |  |  | $ | 623 |
Funded status at end of period | $ | (150 | ) |  | $ | (220 | ) |  | $ | (348 | ) |  | $ | (320 | )
Amounts recognized on the balance sheet |  |  |  |  |  |  |
Assets | $ | 10 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 4 |
Current liabilities | (39 | ) |  | (17 | ) |  | (7 | ) |  | (7 | )
Long-term liabilities | (121 | ) |  | (203 | ) |  | (360 | ) |  | (317 | )
Total | $ | (150 | ) |  | $ | (220 | ) |  | $ | (348 | ) |  | $ | (320 | )
(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) | 2018 |  | 2017 |  | 2018 |  | 2017
Projected benefit obligation | $ | 485 |  |  | $ | 513 |  |  | $ | 1,035 |  |  | $ | 943 |
Accumulated benefit obligation | 485 |  |  | 513 |  |  | 990 |  |  | 902 |
Fair value of plan assets | 335 |  |  | 293 |  |  | 687 |  |  | 623 |
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) | 2018 |  | 2017 |  | 2018 |  | 2017
Net actuarial loss | $ | 134 |  |  | $ | 157 |  |  | $ | 162 |  |  | $ | 160 |
Prior service credit | — |  |  | — |  |  | (5 | ) |  | (3 | )
Total | $ | 134 |  |  | $ | 157 |  |  | $ | 157 |  |  | $ | 157 |
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) | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Net actuarial loss (gain) | $ | (15 | ) |  | $ | (17 | ) |  | $ | 9 |  |  | $ | (11 | ) |  | $ | 47 |  |  | $ | (38 | )
Prior service credit | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | (5 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | (8 | ) |  | (11 | ) |  | (44 | ) |  | (6 | ) |  | (4 | ) |  | (5 | )
Prior service credit (cost) | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Foreign exchange impact and other | — |  |  | — |  |  | — |  |  | 19 |  |  | (10 | ) |  | (1 | )
Total recognized in other comprehensive loss (income) | $ | (23 | ) |  | $ | (28 | ) |  | $ | (35 | ) |  | $ | — |  |  | $ | 35 |  |  | $ | (47 | )
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,
| 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Net periodic pension expense |  |  |  |  |  |  |  |  |  |  |
Discount rates | 3.55 | % |  | 3.40 | % |  | 3.36 | % |  | 2.34 | % |  | 2.72 | % |  | 2.36 | %
Rate of increase in compensation | 4.00 |  |  | 4.00 |  |  | 4.00 |  |  | 2.72 |  |  | 2.76 |  |  | 2.80 |
Expected long-term rate of return on plan assets | 6.25 |  |  | 6.25 |  |  | 6.75 |  |  | 4.03 |  |  | 4.51 |  |  | 4.87 |
Benefit obligation |  |  |  |  |  |  |  |  |  |  |
Discount rates | 3.69 | % |  | 3.39 | % |  | 3.27 | % |  | 2.35 | % |  | 2.35 | % |  | 2.84 | %
Rate of increase in compensation | N/A (1) |  |  | 4.00 |  |  | 4.00 |  |  | 2.59 |  |  | 3.18 |  |  | 2.98 |
(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 our pension plan assets as of March 31, 2018 and 2017, 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, 2018 |  | March 31, 2018
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 39 |  |  | $ | — |  |  | $ | — |  |  | $ | 39 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common and preferred stock | 7 |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |
Equity commingled funds | — |  |  | — |  |  | — |  |  | — |  |  | 41 |  |  | 94 |  |  | — |  |  | 135 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities | — |  |  | 85 |  |  | — |  |  | 85 |  |  | 5 |  |  | 113 |  |  | — |  |  | 118 |
Corporate bonds | — |  |  | 58 |  |  | — |  |  | 58 |  |  | 114 |  |  | 136 |  |  | — |  |  | 250 |
Mortgage-backed securities | — |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |
Asset-backed securities and other | — |  |  | 21 |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | — |
Fixed income commingled funds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 64 |  |  | — |  |  | 64 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate funds | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 4 |  |  | 26 |
Total | $ | 46 |  |  | $ | 171 |  |  | $ | — |  |  | $ | 217 |  |  | $ | 187 |  |  | $ | 407 |  |  | $ | 4 |  |  | $ | 598 |
Assets held at NAV practical expedient (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity commingled funds |  |  |  |  |  |  | 54 |  |  |  |  |  |  |  |  | 27 |
Fixed income commingled funds |  |  |  |  |  |  | 53 |  |  |  |  |  |  |  |  | — |
Real estate funds |  |  |  |  |  |  | 11 |  |  |  |  |  |  |  |  | — |
Other |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 62 |
Total plan assets |  |  |  |  |  |  |  |  |  | $ | 335 |  |  |  |  |  |  |  |  |  |  |  | $ | 687 |
| 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 |
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 |
(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.

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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2439-114920 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2410-114920 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=77993564&loc=d3e4179-114921 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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