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Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [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)			2022						2021						2020
Restricted stock unit awards (1)			$	148					$	137					$	104
Stock options			2						4						7
Employee stock purchase plan			11						10						8
Share-based compensation expense			161						151						119
Tax benefit for share-based compensation expense (2)			(35)						(23)						(18)
Share-based compensation expense, net of tax			$	126					$	128					$	101

(1)Includes 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 compensation expense is not tax-deductible. Income tax expense for 2022, 2021, and 2020 included discrete income tax expense of $10 million, $2 million, and $2 million, respectively.

Schedule of assumptions used to estimate fair value of PSUs

The weighted-average assumptions used in the Monte Carlo valuations are as follows:

			Years Ended March 31,
			2022						2021						2020
Expected stock price volatility			35		%				36		%				30		%
Expected dividend yield			0.9		%				1.1		%				1.3		%
Risk-free interest rate			0.3		%				0.2		%				2.2		%
Expected life (in years)			3						3						3

Summary of restricted stock unit award activity

The following table summarizes activity for restricted stock unit awards (RSUs and PSUs) during 2022:

(In millions, except per share data)			Shares						Weighted- Average Grant Date Fair Value Per Share
Nonvested, March 31, 2021			3						$	142.13
Granted			1						200.64
Cancelled			—						142.40
Vested			(1)						141.16
Nonvested, March 31, 2022			3						$	160.47

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)			2022						2021						2020
Total fair value of shares vested			$	144					$	79					$	67
Total compensation cost, net of estimated forfeitures, related to nonvested restricted stock unit awards not yet recognized, pre-tax			$	165					$	147					$	155
Weighted-average period in years over which restricted stock unit award cost is expected to be recognized			2						2						3

Summary of options outstanding

The following is a summary of stock options outstanding at March 31, 2022:

												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
$123.98			—			$159.00						1						3						$	150.35					1						$	152.20
159.00			—			237.86						—						1						201.56						—						201.56
												1																		1

Summary of stock option activity

The following table summarizes stock option activity during 2022:

(In millions, except per share data)			Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (2)
Outstanding, March 31, 2021			2						$	183.29					2						$	36
Granted			—						—
Cancelled			—						207.92
Exercised			(1)						190.96
Outstanding, March 31, 2022			1						$	175.23					2						$	114
Vested and expected to vest (1)			1						$	175.23					2						$	114
Vested and exercisable, March 31, 2022			1						178.48						2						101

(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)			2022						2021						2020
Weighted-average grant date fair value per stock option			$	—					$	—					$	—
Aggregate intrinsic value on exercise			$	28					$	5					$	17
Cash received upon exercise			$	157					$	38					$	66
Tax benefits realized related to exercise			$	5					$	4					$	4
Total fair value of stock options vested			$	5					$	10					$	16
Total compensation cost, net of estimated forfeitures, related to unvested stock options not yet recognized, pre-tax			$	—					$	2					$	6
Weighted-average period in years over which stock option compensation cost is expected to be recognized			0						2						2

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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