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Stockholders' Deficit | 12 Months Ended
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Mar. 31, 2026
Stockholders' Equity Note [Abstract] |
Stockholders' Deficit | Stockholders' Deficit Each share of the Company’s outstanding common stock is permitted one vote on proposals presented to stockholders and is entitled to participate equally in any dividends declared by the Board. In July 2025, the Company’s quarterly dividend was raised from $0.71 to $0.82 per share of common stock. The Company declared regular cash dividends of $3.17, $2.75, and $2.40 per share for the years ended March 31, 2026, 2025, and 2024, respectively. The Company anticipates that it will continue to pay quarterly cash dividends in the future. However, the declaration and amount of future dividends remain within the discretion of the Board and will depend upon the Company’s future earnings, financial condition, capital requirements, legal requirements, and other factors. Share Repurchase Plans The Board has authorized the repurchase of common stock. The Company may repurchase common stock from time-to-time through open market transactions, privately negotiated transactions, accelerated share repurchase (“ASR”) programs, or by combinations of such methods, any of which may use pre-arranged trading plans that are designed to meet the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, corporate and regulatory requirements, tax implications, restrictions under the Company’s debt obligations, other uses for capital, impacts on the value of remaining shares, cash generated from operations, and market and economic conditions. Excise taxes incurred on share repurchases of an entity’s own common stock are direct and incremental costs to purchase treasury stock, and accordingly are included in the total cost basis of the common stock acquired and reflected as a reduction of stockholders’ equity within “Treasury shares” in the Company’s Consolidated Balance Sheets and Consolidated Statements of Stockholders’ Deficit. Excise taxes do not reduce the Company’s remaining authorization for the repurchase of common stock. Excise taxes of $40 million and $26 million were accrued for shares repurchased during the years ended March 31, 2026 and 2025, respectively. On October 30, 2024, the Company made a payment of $25 million for fiscal 2024 excise taxes previously accrued. On July 30, 2025, the Company made a payment of $26 million for fiscal 2025 excise taxes previously accrued. As of March 31, 2026 and March 31, 2025, the amount accrued for excise taxes was $40 million and $26 million, respectively, within “Other accrued liabilities” in the Company’s Consolidated Balance Sheets. Information regarding share repurchase activity over the last three fiscal years were as follows:
| Share Repurchases (1)
(In millions, except price per share) |  | Total Number of Shares Purchased (2) |  | Average Price Paid Per Share |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs (3) (5)
Balance, March 31, 2023 |  |  |  |  |  | $ | 3,613 |
Share repurchase authorization increase in fiscal 2024 |  |  |  |  |  | 6,000 |
Shares repurchased - Open market |  | 6.9 |  |  | $ | 436.46 |  |  | (2,998) |
Balance, March 31, 2024 |  |  |  |  |  | 6,615 |
Share repurchase authorization increase in fiscal 2025 |  |  |  |  |  | 4,000 |
Shares repurchased - Open market |  | 5.8 |  |  | $ | 543.05 |  |  | (3,146) |
Balance, March 31, 2025 |  |  |  |  |  | 7,469 |
Shares repurchased - Open market |  | 3.3 |  |  | $ | 753.61 |  |  | (2,500) |
Shares repurchased - March 2026 ASR (4) |  | 2.0 |  |  | $ | 940.91 |  |  | (2,250) |
Balance, March 31, 2026 |  |  |  |  |  | $ | 2,719 |
(1)This table does not include the value of equity awards surrendered to satisfy tax withholding obligations or forfeitures of equity awards. (2)The number of shares purchased reflects rounding adjustments. (3)The remaining authorization outstanding for repurchases of common stock excludes $40 million, $26 million and $25 million of excise taxes incurred on share repurchases for the years ended March 31, 2026, 2025, and 2024 respectively. (4)In March 2026, the Company entered into an ASR program with a third-party financial institution to repurchase $2.3 billion of the Company’s common stock. The average price paid per share and total number of shares purchased under this program are estimates based on the initial share purchase price and initial delivery of shares under an ASR agreement and may differ from the average price paid per share and total number of shares purchased under the ASR program upon its final settlement in the first quarter of fiscal 2027. (5)On April 29, 2026, the Board of Directors approved the Company to repurchase up to an additional $5.0 billion shares of common stock to a total authorization of $7.7 billion as of April 2026. Accumulated Other Comprehensive Loss Information regarding changes in the Company’s accumulated other comprehensive loss by component were as follows:
| Foreign Currency Translation Adjustments |  |  |  |  |  |
(In millions) | Foreign Currency Translation Adjustments, Net of Tax (1) |  | Unrealized Gains (Losses) on Net Investment Hedges, Net of Tax (2) |  | Unrealized Gains (Losses) on Cash Flow and Other Hedges, Net of Tax (3) |  | Unrealized Gains (Losses) and Other Components of Benefit Plans, Net of Tax |  | Total Accumulated Other Comprehensive Income (Loss)
Balance, March 31, 2023 | $ | (847) |  |  | $ | (14) |  |  | $ | (36) |  |  | $ | (8) |  |  | $ | (905) |
Other comprehensive income (loss) before reclassifications | (9) |  |  | 2 |  |  | 39 |  |  | (6) |  |  | 26 |
Amounts reclassified to earnings and other | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Other comprehensive income (loss) | (9) |  |  | 2 |  |  | 39 |  |  | (8) |  |  | 24 |
Balance, March 31, 2024 | (856) |  |  | (12) |  |  | 3 |  |  | (16) |  |  | (881) |
Other comprehensive income (loss) before reclassifications | (214) |  |  | 59 |  |  | (5) |  |  | (16) |  |  | (176) |
Amounts reclassified to earnings and other (4) (5) | 81 |  |  | — |  |  | (2) |  |  | 46 |  |  | 125 |
Other comprehensive income (loss) | (133) |  |  | 59 |  |  | (7) |  |  | 30 |  |  | (51) |
Balance, March 31, 2025 | (989) |  |  | 47 |  |  | (4) |  |  | 14 |  |  | (932) |
Other comprehensive income (loss) before reclassifications | 122 |  |  | (105) |  |  | (21) |  |  | (3) |  |  | (7) |
Amounts reclassified to earnings and other (6) | 159 |  |  | — |  |  | 30 |  |  | 5 |  |  | 194 |
Other comprehensive income (loss) | 281 |  |  | (105) |  |  | 9 |  |  | 2 |  |  | 187 |
Balance, March 31, 2026 | $ | (708) |  |  | $ | (58) |  |  | $ | 5 |  |  | $ | 16 |  |  | $ | (745) |
(1)Primarily results from the conversion of non-U.S. dollar financial statements of the Company’s operations in Canada and Europe into the Company’s reporting currency, U.S. dollars. (2)Amounts before reclassifications recorded in fiscal 2026, fiscal 2025, and fiscal 2024 include gains (losses) of $(142) million, $80 million, and $3 million, respectively, related to net investment hedges from cross-currency swaps. These amounts are net of income tax benefit (expense) of $37 million, $(21) million, and $(1) million in fiscal 2026, fiscal 2025, and fiscal 2024, respectively. (3)Amounts before reclassifications recorded in fiscal 2026, fiscal 2025, and fiscal 2024 include gains (losses) of $(21) million for cash flow and other hedges related to foreign currency forwards, and $(4) million, and $39 million, respectively, related to cash flow and other hedges from cross-currency swaps. Amounts before reclassifications recorded in fiscal 2025 include (losses) of $(6) million related to cash flow hedges from interest rate swap locks and foreign currency forwards. Amounts before reclassifications recorded in fiscal 2024 include gains of $14 million, respectively, related to cash flow hedges from fixed interest rate swaps. These amounts are net of income tax benefit (expense) of $(3) million, $3 million, and $(14) million in fiscal 2026, fiscal 2025, and fiscal 2024, respectively. (4)Includes adjustments to Foreign Currency Translation Adjustments, Net of Tax for the year ended March 31, 2025 related to the Canadian retail disposal group, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures,” These amounts were included in the current and prior periods calculation of charges to remeasure the assets and liabilities held for sale to fair value less costs to sell recorded within “Selling, distribution, general, and administrative expenses” in the Company’s Consolidated Statements of Operation. (5)Adjustments to Unrealized Gains (Losses) and Other Components of Benefit Plans, Net of Tax for the year ended March 31, 2025 include reclassification of losses related to the termination of the U.K. pension plan as discussed in Financial Note 13, “Pension Benefits.” Amounts reclassified to earnings and other includes a net income tax impact of $11 million. (6)Includes adjustments related to the Norway disposal group, net of tax for the year ended March 31, 2026, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures,” These amounts were included in the current and prior periods calculation of net gain on sale recorded within “Selling, distribution, general, and administrative expenses” in the Company’s Consolidated Statements of Operations.

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