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v3.23.1

Pension Benefits (Tables) | 12 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
Schedule of net periodic expense for pension plans | The net periodic expense for the Company’s pension plans were as follows:
| Years Ended March 31,
(In millions) | 2023 |  | 2022 |  | 2021
Service cost - benefits earned during the year | $ | 5 |  |  | $ | 11 |  |  | $ | 15 |
Interest cost on projected benefit obligation | 7 |  |  | 14 |  |  | 19 |
Expected return on assets | (5) |  |  | (19) |  |  | (20) |
Amortization of unrecognized actuarial loss and prior service costs | 1 |  |  | 3 |  |  | 5 |
Curtailment/settlement gain | (1) |  |  | (5) |  |  | — |
Net periodic pension expense | $ | 7 |  |  | $ | 4 |  |  | $ | 19 |
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 was as follows:
|  | Years Ended March 31,
(In millions) |  |  |  | 2023 |  | 2022
Change in benefit obligations |  |  |  |  |  |
Benefit obligation at beginning of period (1) |  |  |  | $ | 701 |  |  | $ | 875 |
Service cost |  |  |  | 5 |  |  | 11 |
Interest cost |  |  |  | 7 |  |  | 14 |
Actuarial gain |  |  |  | (65) |  |  | (55) |
Benefits paid |  |  |  | (11) |  |  | (35) |
Curtailment/settlement |  |  |  | (3) |  |  | (32) |
Expenses paid |  |  |  | (1) |  |  | (1) |
Divestitures (2) |  |  |  | (408) |  |  | (43) |
Foreign exchange impact and other |  |  |  | (53) |  |  | (33) |
Benefit obligation at end of period (1) |  |  |  | $ | 172 |  |  | $ | 701 |
Change in plan assets |  |  |  |  |  |
Fair value of plan assets at beginning of period |  |  |  | $ | 681 |  |  | $ | 735 |
Actual return on plan assets |  |  |  | (51) |  |  | (4) |
Employer and participant contributions |  |  |  | 7 |  |  | 43 |
Benefits paid |  |  |  | (11) |  |  | (35) |
Expenses paid |  |  |  | (1) |  |  | (1) |
Settlements |  |  |  | (3) |  |  | (24) |
Divestitures (2) |  |  |  | (393) |  |  | — |
Foreign exchange impact and other |  |  |  | (55) |  |  | (33) |
Fair value of plan assets at end of period |  |  |  | $ | 174 |  |  | $ | 681 |
Funded status at end of period |  |  |  | $ | 2 |  |  | $ | (20) |
Amounts recognized on the balance sheet |  |  |  |  |  |
Current assets (3) |  |  |  | $ | — |  |  | $ | 49 |
Long-term assets |  |  |  | 24 |  |  | 40 |
Current liabilities (3) |  |  |  | (1) |  |  | (90) |
Long-term liabilities |  |  |  | (21) |  |  | (19) |
Total |  |  |  | $ | 2 |  |  | $ | (20) |
(1)The benefit obligation is the projected benefit obligation. (2)Relates to the completed divestitures of the E.U. disposal group and U.K. disposal group in fiscal 2023 and the completed divestiture of the Company’s Austrian business in fiscal 2022 as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures.” (3)Current assets at March 31, 2022 include $49 million reclassified from long-term assets to assets held for sale as part of the Company’s U.K. disposal group, which was divested in fiscal 2023. Current liabilities at March 31, 2022 include $85 million reclassified from long-term liabilities to liabilities held for sale as part of the Company’s E.U. disposal group, which was divested in fiscal 2023. Refer to Financial Note 2, “Business Acquisitions and Divestitures” for additional information.
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:
|  | March 31,
(In millions) |  |  |  | 2023 |  | 2022
Projected benefit obligation |  |  |  | $ | 172 |  |  | $ | 701 |
Accumulated benefit obligation |  |  |  | 171 |  |  | 689 |
Fair value of plan assets |  |  |  | 174 |  |  | 681 |
Schedule of defined benefit plan amounts recognized in other comprehensive loss | Amounts recognized in accumulated other comprehensive loss consist of:
|  | March 31,
(In millions) |  |  |  | 2023 |  | 2022
Net actuarial loss |  |  |  | $ | 49 |  |  | $ | 70 |
Prior service cost (credit) |  |  |  | 1 |  |  | (2) |
Total |  |  |  | $ | 50 |  |  | $ | 68 |
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income | Other changes in accumulated other comprehensive loss were as follows:
|  | Years Ended March 31,
(In millions) |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Net actuarial gain |  |  |  |  |  | $ | (7) |  |  | $ | (32) |  |  | $ | (9) |
Prior service cost |  |  |  |  |  | 1 |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  |  |  |  |  | (9) |  |  | (14) |  |  | (35) |
Prior service credit |  |  |  |  |  | 2 |  |  | 1 |  |  | 1 |
Foreign exchange impact and other |  |  |  |  |  | (5) |  |  | (5) |  |  | 15 |
Total recognized in other comprehensive income |  |  |  |  |  | $ | (18) |  |  | $ | (50) |  |  | $ | (28) |
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:
|  | Years Ended March 31,
|  |  |  |  |  | 2023 |  | 2022 |  | 2021
Net periodic pension expense |  |  |  |  |  |  |  |  |  |
Discount rates |  |  |  |  |  | 2.67 | % |  | 1.89 | % |  | 1.89 | %
Rate of increase in compensation |  |  |  |  |  | 3.67 |  |  | 3.20 |  |  | 3.20 |
Expected long-term rate of return on plan assets |  |  |  |  |  | 1.63 |  |  | 2.56 |  |  | 2.56 |
Benefit obligation |  |  |  |  |  |  |  |  |  |
Discount rates |  |  |  |  |  | 4.54 | % |  | 2.67 | % |  | 1.89 | %
Rate of increase in compensation |  |  |  |  |  | 3.21 |  |  | 3.67 |  |  | 3.20 |
Summary of pension plan assets using fair value hierarchy by asset class | The following tables represent the Company’s plan assets as of March 31, 2023 and 2022, using the fair value hierarchy by asset class:
| March 31, 2023 |  | March 31, 2022
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity commingled funds | — |  |  | 18 |  |  | — |  |  | 18 |  |  | — |  |  | 38 |  |  | — |  |  | 38 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Corporate bonds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |
Fixed income commingled funds | — |  |  | 7 |  |  | — |  |  | 7 |  |  | 336 |  |  | 25 |  |  | — |  |  | 361 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annuity contracts | — |  |  | — |  |  | 110 |  |  | 110 |  |  | — |  |  | — |  |  | 173 |  |  | 173 |
Real estate funds and Other | — |  |  | 2 |  |  | — |  |  | 2 |  |  | 31 |  |  | 4 |  |  | 2 |  |  | 37 |
Total | $ | 7 |  |  | $ | 27 |  |  | $ | 110 |  |  | $ | 144 |  |  | $ | 382 |  |  | $ | 84 |  |  | $ | 175 |  |  | $ | 641 |
Assets held at NAV practical expedient (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  | 30 |  |  |  |  |  |  |  |  | 40 |
Total plan assets |  |  |  |  |  |  | $ | 174 |  |  |  |  |  |  |  |  | $ | 681 |
(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.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table presents the changes in the Level 3 plan assets measured on a recurring basis for the years ended March 31, 2023 and 2022:
(In millions) | Level 3 |
Balance, March 31, 2021 | $ | 4 |  |
Purchases | 196 |  |
Return on assets | (25) |  |
Balance, March 31, 2022 | $ | 175 |  |
Purchases | — |  |
Return on assets | (65) |  |
Balance, March 31, 2023 | $ | 110 |  |

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