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Share-Based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2023
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 were as follows:
| Years Ended March 31,
(In millions) | 2023 |  | 2022 |  | 2021
Restricted stock unit awards (1) | $ | 149 |  |  | $ | 148 |  |  | $ | 137 |
Stock options | — |  |  | 2 |  |  | 4 |
Employee stock purchase plan | 13 |  |  | 11 |  |  | 10 |
Share-based compensation expense | 162 |  |  | 161 |  |  | 151 |
Tax benefit for share-based compensation expense (2) | (87) |  |  | (35) |  |  | (23) |
Share-based compensation expense, net of tax | $ | 75 |  |  | $ | 126 |  |  | $ | 128 |
(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 benefit for fiscal 2023, fiscal 2022, and fiscal 2021 included discrete income tax benefit of $58 million and $10 million, and discrete income tax expense of $1 million, respectively.
Schedule of assumptions used to estimate fair value of PSUs | The weighted-average assumptions used in the Monte Carlo valuations were as follows:
| Years Ended March 31,
| 2023 |  | 2022 |  | 2021
Expected stock price volatility | 34 | % |  | 35 | % |  | 36 | %
Expected dividend yield | 0.6 | % |  | 0.9 | % |  | 1.1 | %
Risk-free interest rate | 2.7 | % |  | 0.3 | % |  | 0.2 | %
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 fiscal 2023:
(In millions, except per share data) | Shares (1) |  | Weighted- Average Grant Date Fair Value Per Share
Nonvested, March 31, 2022 | 3 |  |  | $ | 160.47 |
Granted | — |  |  | 332.86 |
Cancelled | — |  |  | 201.79 |
Vested | (1) |  |  | 149.11 |
Nonvested, March 31, 2023 | 2 |  |  | $ | 238.77 |
(1)Amounts less than a million are shown as zero in the table above.
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) | 2023 |  | 2022 |  | 2021
Total fair value of shares vested | $ | 200 |  |  | $ | 144 |  |  | $ | 79 |
Total compensation cost, net of estimated forfeitures, related to nonvested restricted stock unit awards not yet recognized, pre-tax | $ | 192 |  |  | $ | 165 |  |  | $ | 147 |
Weighted-average period in years over which restricted stock unit award cost is expected to be recognized | 2 |  | 2 |  | 2
Summary of options outstanding | The following is a summary of stock options outstanding at March 31, 2023:
|  | 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 | — | $182.78 |  | — |  |  | 1 |  | $ | 154.36 |  |  | — |  |  | $ | 154.36 |
Summary of stock option activity | The following table summarizes stock option activity during fiscal 2023:
(In millions, except per share data) | Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (2)
Outstanding, March 31, 2022 | 1 |  |  | $ | 175.23 |  |  | 2 |  | $ | 114 |
Granted | — |  |  | — |  |  |  |  |
Cancelled | — |  |  | 125.02 |  |  |  |  |
Exercised | (1) |  |  | 191.12 |  |  |  |  |
Outstanding, March 31, 2023 | — |  |  | 154.36 |  |  | 1 |  | 73 |
Vested and expected to vest (1) | — |  |  | 154.36 |  |  | 1 |  | 73 |
Vested and exercisable, March 31, 2023 | — |  |  | 154.36 |  |  | 1 |  | 73 |
(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) | 2023 |  | 2022 |  | 2021
Weighted-average grant date fair value per stock option | $ | — |  |  | $ | — |  |  | $ | — |
Aggregate intrinsic value on exercise | $ | 69 |  |  | $ | 28 |  |  | $ | 5 |
Cash received upon exercise | $ | 93 |  |  | $ | 157 |  |  | $ | 38 |
Tax benefits realized related to exercise | $ | 4 |  |  | $ | 5 |  |  | $ | 4 |
Total fair value of stock options vested | $ | 1 |  |  | $ | 5 |  |  | $ | 10 |
Total compensation cost, net of estimated forfeitures, related to unvested stock options not yet recognized, pre-tax | $ | — |  |  | $ | — |  |  | $ | 2 |
Weighted-average period in years over which stock option compensation cost is expected to be recognized | 0 |  | 0 |  | 2

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