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v3.21.1

Pension Benefits (Tables) | 12 Months Ended
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Mar. 31, 2021
Retirement Benefits [Abstract] |
Schedule of net periodic expense for pension plans | The net periodic expense for the Company’s pension plans is as follows:
| U.S. Plans |  | Non-U.S. Plans
| Years Ended March 31, |  | Years Ended March 31,
(In millions) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost - benefits earned during the year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | 16 |  |  | $ | 15 |
Interest cost on projected benefit obligation | — |  |  | 6 |  |  | 14 |  |  | 19 |  |  | 19 |  |  | 21 |
Expected return on assets | — |  |  | (4) |  |  | (16) |  |  | (20) |  |  | (22) |  |  | (23) |
Amortization of unrecognized actuarial loss and prior service costs | — |  |  | 2 |  |  | 5 |  |  | 5 |  |  | 6 |  |  | 4 |
Curtailment/settlement loss | — |  |  | 127 |  |  | 4 |  |  | — |  |  | — |  |  | 1 |
Net periodic pension expense | $ | — |  |  | $ | 131 |  |  | $ | 7 |  |  | $ | 19 |  |  | $ | 19 |  |  | $ | 18 |
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 is as follows:
| U.S. Plans |  | Non-U.S. Plans
| Years Ended March 31, |  | Years Ended March 31,
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligations |  |  |  |  |  |  |
Benefit obligation at beginning of period (1) | $ | 10 |  |  | $ | 439 |  |  | $ | 896 |  |  | $ | 990 |
Service cost | — |  |  | — |  |  | 15 |  |  | 16 |
Interest cost | — |  |  | 6 |  |  | 19 |  |  | 19 |
Actuarial loss (gain) | — |  |  | 20 |  |  | 89 |  |  | (36) |
Benefits paid | (1) |  |  | (179) |  |  | (34) |  |  | (43) |
Annuity Premium Transfer | — |  |  | (276) |  |  | — |  |  | — |
Divestiture (2) | — |  |  | — |  |  | (187) |  |  | — |
Acquisitions | — |  |  | — |  |  | — |  |  | 2 |
Foreign exchange impact and other | — |  |  | — |  |  | 77 |  |  | (52) |
Benefit obligation at end of period (1) | $ | 9 |  |  | $ | 10 |  |  | $ | 875 |  |  | $ | 896 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | $ | — |  |  | $ | 322 |  |  | $ | 594 |  |  | $ | 642 |
Actual return on plan assets | — |  |  | 27 |  |  | 87 |  |  | 3 |
Employer and participant contributions | 1 |  |  | 116 |  |  | 27 |  |  | 28 |
Benefits paid | (1) |  |  | (179) |  |  | (34) |  |  | (43) |
Annuity Premium Transfer | — |  |  | (276) |  |  | — |  |  | — |
Foreign exchange impact and other | — |  |  | (10) |  |  | 61 |  |  | (36) |
Fair value of plan assets at end of period | $ | — |  |  | $ | — |  |  | $ | 735 |  |  | $ | 594 |
Funded status at end of period | $ | (9) |  |  | $ | (10) |  |  | $ | (140) |  |  | $ | (302) |
Amounts recognized on the balance sheet |  |  |  |  |  |  |
Assets | $ | — |  |  | $ | — |  |  | $ | 54 |  |  | $ | 49 |
Current liabilities (2) | (1) |  |  | (1) |  |  | (9) |  |  | (162) |
Long-term liabilities | (8) |  |  | (9) |  |  | (185) |  |  | (189) |
Total | $ | (9) |  |  | $ | (10) |  |  | $ | (140) |  |  | $ | (302) |
(1)The benefit obligation is the projected benefit obligation. (2)The divestiture relates to the contribution of the Company’s German pharmaceutical wholesale business to a joint venture in 2021 as discussed in more detail in Financial Note 3, “Held for Sale.” These amounts were included within current liabilities and totaled $151 million at March 31, 2020.
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:
| U.S. Plans |  | Non-U.S. Plans
| March 31, |  | March 31,
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Projected benefit obligation | $ | 9 |  |  | $ | 10 |  |  | $ | 875 |  |  | $ | 896 |
Accumulated benefit obligation | 9 |  |  | 10 |  |  | 847 |  |  | 856 |
Fair value of plan assets | — |  |  | — |  |  | 735 |  |  | 594 |
Schedule of defined benefit plan amounts recognized in other comprehensive income (loss) | Amounts recognized in accumulated other comprehensive income consist of:
| U.S. Plans |  | Non-U.S. Plans
| March 31, |  | March 31,
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Net actuarial loss | $ | 1 |  |  | $ | 1 |  |  | $ | 120 |  |  | $ | 149 |
Prior service credit | — |  |  | — |  |  | (2) |  |  | (3) |
Total | $ | 1 |  |  | $ | 1 |  |  | $ | 118 |  |  | $ | 146 |
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income | Other changes in accumulated other comprehensive income were as follows:
| U.S. Plans |  | Non-U.S. Plans
| Years Ended March 31, |  | Years Ended March 31,
(In millions) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Net actuarial loss (gain) | $ | — |  |  | $ | (3) |  |  | $ | 8 |  |  | $ | (9) |  |  | $ | (24) |  |  | $ | 42 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | — |  |  | (129) |  |  | (9) |  |  | (35) |  |  | (6) |  |  | (5) |
Prior service credit (cost) | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Foreign exchange impact and other | — |  |  | — |  |  | — |  |  | 15 |  |  | (6) |  |  | (12) |
Total recognized in other comprehensive loss (income) | $ | — |  |  | $ | (132) |  |  | $ | (1) |  |  | $ | (28) |  |  | $ | (36) |  |  | $ | 25 |
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,
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Net periodic pension expense |  |  |  |  |  |  |  |  |  |  |
Discount rates | 3.08% |  | 3.66% |  | 3.83% |  | 1.89% |  | 2.03% |  | 2.35%
Rate of increase in compensation | N/A (1) |  | N/A (1) |  | N/A (1) |  | 3.20 |  | 2.93 |  | 3.13
Expected long-term rate of return on plan assets | N/A |  | 4.00 |  | 5.25 |  | 2.56 |  | 3.01 |  | 3.71
Benefit obligation |  |  |  |  |  |  |  |  |  |  |
Discount rates | 2.35% |  | 3.08% |  | 3.65% |  | 1.89% |  | 2.03% |  | 2.13%
Rate of increase in compensation | N/A (1) |  | N/A (1) |  | N/A (1) |  | 3.20 |  | 2.93 |  | 3.18
(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 the Company’s pension plan assets as of March 31, 2021 and 2020, using the fair value hierarchy by asset class:
| Non-U.S. Plans
| March 31, 2021 |  | March 31, 2020
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity commingled funds | 64 |  |  | 117 |  |  | — |  |  | 181 |  |  | 53 |  |  | 75 |  |  | — |  |  | 128 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities | 5 |  |  | 144 |  |  | — |  |  | 149 |  |  | 6 |  |  | 139 |  |  | — |  |  | 145 |
Corporate bonds | 6 |  |  | 30 |  |  | — |  |  | 36 |  |  | 14 |  |  | 17 |  |  | — |  |  | 31 |
Fixed income commingled funds | 51 |  |  | 222 |  |  | 1 |  |  | 274 |  |  | 107 |  |  | 101 |  |  | — |  |  | 208 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate funds and Other | 31 |  |  | 4 |  |  | 3 |  |  | 38 |  |  | 22 |  |  | 2 |  |  | 3 |  |  | 27 |
Total | $ | 162 |  |  | $ | 517 |  |  | $ | 4 |  |  | $ | 683 |  |  | $ | 215 |  |  | $ | 334 |  |  | $ | 3 |  |  | $ | 552 |
Assets held at NAV practical expedient (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity commingled funds |  |  |  |  |  |  | 10 |  |  |  |  |  |  |  |  | 8 |
Other |  |  |  |  |  |  | 42 |  |  |  |  |  |  |  |  | 34 |
Total plan assets |  |  |  |  |  |  | $ | 735 |  |  |  |  |  |  |  |  | $ | 594 |
(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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