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v3.25.1

Pension Benefits (Tables) | 12 Months Ended
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Mar. 31, 2025
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) | 2025 |  | 2024 |  | 2023
Service cost - benefits earned during the year | $ | 2 |  |  | $ | 2 |  |  | $ | 5 |
Interest cost on projected benefit obligation | 7 |  |  | 8 |  |  | 7 |
Expected return on assets | (7) |  |  | (7) |  |  | (5) |
Amortization of unrecognized actuarial loss and prior service costs | 2 |  |  | 2 |  |  | 1 |
Curtailment/settlement loss (gain) | 56 |  |  | — |  |  | (1) |
Net periodic pension expense | $ | 60 |  |  | $ | 5 |  |  | $ | 7 |
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) | 2025 |  | 2024
Change in benefit obligations |  |  |
Benefit obligation at beginning of period (1) | $ | 174 |  |  | $ | 172 |
Service cost | 2 |  |  | 2 |
Interest cost | 7 |  |  | 8 |
Actuarial loss | 2 |  |  | — |
Benefits paid | (8) |  |  | (9) |
Curtailment/settlement (2) | (96) |  |  | — |
Divestitures (3) | (6) |  |  | — |
Foreign exchange impact and other | 2 |  |  | 1 |
Benefit obligation at end of period (1) | $ | 77 |  |  | $ | 174 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of period | $ | 171 |  |  | $ | 174 |
Actual return on plan assets | — |  |  | (1) |
Employer and participant contributions | 4 |  |  | 5 |
Benefits paid | (8) |  |  | (9) |
Settlement (2) | (96) |  |  | — |
Divestitures (3) | (6) |  |  | — |
Foreign exchange impact and other | 1 |  |  | 2 |
Fair value of plan assets at end of period | $ | 66 |  |  | $ | 171 |
Funded status at end of period | $ | (11) |  |  | $ | (3) |
Amounts recognized on the balance sheet |  |  |
Current assets | $ | 7 |  |  | $ | — |
Long-term assets | 2 |  |  | 18 |
Current liabilities | (1) |  |  | (1) |
Long-term liabilities | (19) |  |  | (20) |
Total | $ | (11) |  |  | $ | (3) |
(1)The benefit obligation is the projected benefit obligation. (2)Relates to the buy-out of the U.K. Plan described above. (3)Relates to the Canadian divestiture activities discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures.”
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) | 2025 |  | 2024 |  | 2023
Net actuarial (gain) loss | $ | 9 |  |  | $ | 9 |  |  | $ | (7) |
Prior service cost | 2 |  |  | — |  |  | 1 |
Amortization of: |  |  |  |  |
Net actuarial loss | (57) |  |  | (2) |  |  | (9) |
Prior service credit | — |  |  | — |  |  | 2 |
Foreign exchange impact and other | — |  |  | 1 |  |  | (5) |
Total recognized in other comprehensive (income) loss | $ | (46) |  |  | $ | 8 |  |  | $ | (18) |
Summary of Expected Benefit Payments | Expected benefit payments for the Company’s pension plans were as follows:
(In millions) | Expired Benefit Payments
Fiscal 2026 | $ | 4 |
Fiscal 2027 | $ | 5 |
Fiscal 2028 | $ | 5 |
Fiscal 2029 | $ | 5 |
Fiscal 2030 | $ | 17 |
Fiscal 2031 through 2035 | $ | 22 |
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,
| 2025 |  | 2024 |  | 2023
Net periodic pension expense |  |  |  |  |
Discount rates | 4.55 | % |  | 4.54 | % |  | 2.67 | %
Rate of increase in compensation | 3.21 |  |  | 3.21 |  |  | 3.67 |
Expected long-term rate of return on plan assets | 4.37 |  |  | 4.05 |  |  | 1.63 |
Benefit obligation |  |  |  |  |
Discount rates | 4.48 | % |  | 4.55 | % |  | 4.54 | %
Rate of increase in compensation | 3.47 |  |  | 3.21 |  |  | 3.21 |
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, 2025 and 2024, using the fair value hierarchy by asset class:
| March 31, 2025 |  | March 31, 2024
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity commingled funds | — |  |  | 12 |  |  | — |  |  | 12 |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities | 1 |  |  | 5 |  |  | — |  |  | 6 |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Corporate bonds | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annuity contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 103 |  |  | 103 |
Real estate funds and other | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total | $ | 8 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 32 |  |  | $ | 7 |  |  | $ | 31 |  |  | $ | 103 |  |  | $ | 141 |
Assets held at NAV practical expedient (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  | 34 |  |  |  |  |  |  |  |  | 30 |
Total plan assets |  |  |  |  |  |  | $ | 66 |  |  |  |  |  |  |  |  | $ | 171 |
(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, 2025 and 2024:
(In millions) | Level 3
Balance, March 31, 2023 | $ | 110 |
Return on assets | (7) |
Balance, March 31, 2024 | $ | 103 |
Return on assets | (7) |
Settlement | (96) |
Balance, March 31, 2025 | $ | — |

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