Goodwill and Intangible Assets, Net

6 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

In the second quarter of fiscal 2026, the Company implemented a new segment reporting structure which resulted in four reportable segments: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions. These reportable segments encompass all operating segments of the Company. The Company’s Norwegian operations are included in Other.

The Company evaluates goodwill for impairment on an annual basis in the first fiscal quarter, and more frequently if indicators for potential impairment exist. Goodwill impairment testing is conducted at the reporting unit level, which is generally defined as an operating segment or one level below an operating segment (also known as a component), for which discrete financial information is available and segment management regularly reviews the operating results of that reporting unit. The annual impairment testing performed in fiscal 2026 and fiscal 2025 did not indicate any impairment of goodwill.

Changes in the carrying amount of goodwill were as follows:


(In millions)	North American Pharmaceutical		Oncology & Multispecialty		Prescription Technology Solutions		Medical-Surgical Solutions		Other (2)		Total
Balance, March 31, 2025	$	2,737	$	2,724	$	2,027	$	2,507	$	27	$	10,022
Goodwill acquired	—		1,238		39		—		—		1,277
Disposals	—		(9)		—		—		(28)		(37)

Foreign currency translation adjustments, net	44		—		—		—		1		45
Other adjustments (1)	—		(24)		—		—		—		(24)
Balance, September 30, 2025	$	2,781	$	3,929	$	2,066	$	2,507	$	—	$	11,283

(1)Reflects acquisition-related adjustments of $21 million for Core Ventures and $3 million for PRISM Vision.

(2)Primarily includes transfer of goodwill of $28 million to held-for-sale for the Norway disposal group.

Intangible Assets

Information regarding intangible assets was as follows:


	September 30, 2025							March 31, 2025
(Dollars in millions)	Weighted- Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	10	$	1,510	$	(690)	$	820	$	1,475	$	(650)	$	825
Service agreements	23	3,262		(759)		2,503		1,116		(728)		388

Trademarks and trade names	20	570		(284)		286		378		(278)		100
Provider Networks	22	360		(8)		352		—		—		—
Technology	9	311		(150)		161		288		(141)		147
Other	22	127		(29)		98		31		(27)		4
Total		$	6,140	$	(1,920)	$	4,220	$	3,288	$	(1,824)	$	1,464

All intangible assets were subject to amortization as of September 30, 2025 and March 31, 2025. Amortization expense of intangible assets was $80 million and $60 million for the three months ended September 30, 2025 and 2024, respectively, and $130 million and $123 million for the six months ended September 30, 2025 and 2024, respectively.


(In millions)	Estimated Amortization Expense
Fiscal 2026 (from October 1, 2025 to March 31, 2026)	$	144
Fiscal 2027	287
Fiscal 2028	283
Fiscal 2029	279
Fiscal 2030	276
Thereafter	2,951

Refer to Financial Note 2, “Business Acquisitions and Divestitures,” for a description of the goodwill and intangible assets recognized as part of the PRISM Vision and Core Ventures acquisitions.