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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) From Continuing Operations Before Income Taxes

			Years Ended March 31,
(In millions)			2025						2024						2023
Income from continuing operations before income taxes
U.S.			$	3,735					$	2,597					$	3,308
Foreign			624						1,192						1,322
Income from continuing operations before income taxes			$	4,359					$	3,789					$	4,630

Schedule of Income Tax Expense (Benefit) Related to Continuing Operations

Income tax expense related to continuing operations consists of the following:

			Years Ended March 31,
(In millions, except percentages)			2025						2024						2023
Current
Federal			$	552					$	867					$	619
State			182						231						126
Foreign			254						134						180
Total current			988						1,232						925
Deferred
Federal			102						(360)						(46)
State			5						(133)						36
Foreign			(217)						(110)						(10)
Total deferred			(110)						(603)						(20)
Income tax expense			$	878					$	629					$	905
Reported income tax rate			20.1		%				16.6		%				19.5		%

Schedule of Reconciliation Between Effective Tax Rate on Income From Continuing Operations and Statutory Tax Rate

The reconciliation of income tax expense and the amount computed by applying the statutory federal income tax rate of 21.0% to income before income taxes was as follows:

			Years Ended March 31,
(In millions)			2025						2024						2023
Income tax expense at federal statutory rate			$	915					$	796					$	972
State income taxes, net of federal tax benefit			145						104						134
Tax effect of foreign operations			(25)						(16)						(85)
Foreign-derived intangible income			(83)						(67)						(60)
Unrecognized tax benefits and settlements			91						116						6
Net tax benefit on intellectual property repatriation and sales			(258)						(104)						—
Canadian disposal transaction loss			140						—						—
Valuation allowance release			—						(157)						—
Share-based compensation			(42)						(37)						(58)
Other, net			(5)						(6)						(4)
Income tax expense			$	878					$	629					$	905

Schedule of Deferred Tax Balances

Deferred tax balances consisted of the following:

			March 31,
(In millions)			2025						2024
Assets
Receivable allowances			$	136					$	244
Opioid-related litigation and claims			680						680
Compensation and benefit-related accruals			287						277
Net operating loss and credit carryforwards			847						751
Lease obligations			423						438
Capitalized research and development cost			68						60
Intangibles			66						5
Other			170						147
Subtotal			2,677						2,602
Less: valuation allowance			(644)						(653)
Total assets			2,033						1,949
Liabilities
Inventory valuation and other assets			(2,139)						(2,092)
Fixed assets			(72)						(16)
Lease right-of-use assets			(434)						(431)
Other			(50)						(10)
Total liabilities			(2,695)						(2,549)
Net deferred tax liability			$	(662)					$	(600)
Long-term deferred tax asset			$	367					$	317
Long-term deferred tax liability			(1,029)						(917)
Net deferred tax liability			$	(662)					$	(600)

Schedule of Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the last three fiscal years:

			Years Ended March 31,
(In millions)			2025						2024						2023
Unrecognized tax benefits at beginning of period			$	1,463					$	1,399					$	1,523
Additions based on tax positions related to prior years			33						10						—
Reductions based on tax positions related to prior years			(43)						(2)						(26)
Additions based on tax positions related to current year			97						64						21
Reductions based on settlements			(13)						(8)						(96)
Reductions based on the lapse of the applicable statutes of limitations			(7)						(2)						(16)
Exchange rate fluctuations			2						2						(7)
Unrecognized tax benefits at end of period			$	1,532					$	1,463					$	1,399

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
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-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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