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Share-Based Compensation (Tables)
 12 Months Ended
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)202320222021
Restricted stock unit awards (1)
$149 $148 $137 
Stock options— 2 4 
Employee stock purchase plan13 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,
202320222021
Expected stock price volatility34 %35 %36 %
Expected dividend yield
0.6 %0.9 %1.1 %
Risk-free interest rate2.7 %0.3 %0.2 %
Expected life (in years)
333
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)202320222021
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
222
Summary of options outstanding
The following is a summary of stock options outstanding at March 31, 2023:
Options OutstandingOptions 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)SharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value (2)
Outstanding, March 31, 2022
1 $175.23 2$114 
Granted— — 
Cancelled— 125.02 
Exercised(1)191.12 
Outstanding, March 31, 2023
— 154.36 173 
Vested and expected to vest (1)
— 154.36 173 
Vested and exercisable, March 31, 2023
— 154.36 173 
(1)The number of options expected to vest takes into account an estimate of expected forfeitures.
(2)The intrinsic value is calculated as the difference between the period-end market price of the Company’s common stock and the exercise price of “in-the-money” options.
Summary of data related to stock option activity
The following table provides data related to stock option activity:
Years Ended March 31,
(In millions, except per share data)202320222021
Weighted-average grant date fair value per stock option$— $— $— 
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
002