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v3.25.1

Pension and Other Benefit Plans (Tables) | 12 Months Ended
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Mar. 31, 2025
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | Projected Benefit Obligations
|  | As of
(in millions) |  | March 31, 2025 |  | March 31, 2024
Projected benefit obligation at beginning of year |  | $ | 6,915 |  |  | $ | 6,937 |
Service cost |  | 52 |  |  | 53 |
Interest cost |  | 300 |  |  | 307 |
Plan participants’ contributions |  | 7 |  |  | 21 |
Amendments |  | 13 |  |  | 6 |
Business/contract acquisitions/divestitures |  | — |  |  | 4 |
Settlement/curtailment |  | (23) |  |  | (268) |
Actuarial (gain) loss |  | (908) |  |  | 67 |
Benefits paid |  | (286) |  |  | (292) |
Foreign currency exchange rate changes |  | 91 |  |  | 98 |
Other |  | (17) |  |  | (18) |
Projected benefit obligation at end of year |  | $ | 6,144 |  |  | $ | 6,915 |
The following table summarizes the weighted average rates used in the determination of the Company’s benefit obligations:
|  | Fiscal Years Ended
|  | March 31, 2025 |  | March 31, 2024
Discount rate |  | 5.1 | % |  | 4.4 | %
Rates of increase in compensation levels |  | 2.2 | % |  | 2.4 | %
Interest Crediting Rate |  | 3.3 | % |  | 2.7 | %
Fair Value of Plan Assets and Funded Status
|  | As of |  |  |  |
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 7,318 |  |  | $ | 7,636 |  |  |  |  |
Actual return on plan assets |  | (229) |  |  | 67 |  |  |  |  |
Employer contribution |  | 15 |  |  | 49 |  |  |  |  |
Plan participants’ contributions |  | 7 |  |  | 21 |  |  |  |  |
Benefits paid |  | (286) |  |  | (292) |  |  |  |  |
Contractual termination benefits |  | — |  |  | 1 |  |  |  |  |
Plan settlement |  | (21) |  |  | (265) |  |  |  |  |
Foreign currency exchange rate changes |  | 108 |  |  | 118 |  |  |  |  |
Other |  | (17) |  |  | (17) |  |  |  |  |
Fair value of plan assets at end of year |  | $ | 6,895 |  |  | $ | 7,318 |  |  |  |  |
Funded status at end of year |  | $ | 751 |  |  | $ | 403 |  |  |  |  |
Selected Information
|  | As of |  |  |  |
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  |  |  |
Other assets |  | $ | 1,181 |  |  | $ | 874 |  |  |  |  |
Accrued expenses and other current liabilities |  | (30) |  |  | (34) |  |  |  |  |
Non-current pension obligations |  | (387) |  |  | (423) |  |  |  |  |
Other long-term liabilities - OPEB |  | (13) |  |  | (14) |  |  |  |  |
Net amount recorded |  | $ | 751 |  |  | $ | 403 |  |  |  |  |
Accumulated benefit obligation |  | $ | 6,084 |  |  | $ | 6,842 |  |  |  |  |
|  | Benefit Plans with Projected Benefit Obligation in Excess of Plan Assets |  | Benefit Plans with Accumulated Benefit Obligation in Excess of Plan Assets
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2025 |  | March 31, 2024
Projected benefit obligation |  | $ | 1,048 |  |  | $ | 1,113 |  |  | $ | 741 |  |  | $ | 777 |
Accumulated benefit obligation |  | $ | 994 |  |  | $ | 1,047 |  |  | $ | 708 |  |  | $ | 744 |
Fair value of plan assets |  | $ | 617 |  |  | $ | 646 |  |  | $ | 324 |  |  | $ | 327 |
Net Periodic Pension Cost
|  |  |  |  |  |  |  | Fiscal Years Ended
(in millions) |  |  |  |  |  |  |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Service cost |  |  |  |  |  |  |  | $ | 52 |  |  | $ | 53 |  |  | $ | 73 |
Interest cost |  |  |  |  |  |  |  | 300 |  |  | 307 |  |  | 254 |
Expected return on assets |  |  |  |  |  |  |  | (455) |  |  | (446) |  |  | (498) |
Amortization of prior service credit |  |  |  |  |  |  |  | (5) |  |  | (6) |  |  | (7) |
Subtotal |  |  |  |  |  |  |  | (108) |  |  | (92) |  |  | (178) |
Settlement/curtailment (gain) loss |  |  |  |  |  |  |  | — |  |  | (2) |  |  | 361 |
Recognition of actuarial (gain) loss |  |  |  |  |  |  |  | (232) |  |  | 447 |  |  | 1,070 |
Net periodic pension (income) expense |  |  |  |  |  |  |  | $ | (340) |  |  | $ | 353 |  |  | $ | 1,253 |
The weighted-average rates used to determine net periodic pension cost were:
|  | Fiscal Years Ended |  |
|  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023 |  |  |  |  |  |
Discount or settlement rates |  | 4.4 | % |  | 4.5 | % |  | 2.7 | % |  |  |  |  |  |
Expected long-term rates of return on assets |  | 6.3 | % |  | 6.0 | % |  | 4.3 | % |  |  |  |  |  |
Rates of increase in compensation levels |  | 2.4 | % |  | 2.8 | % |  | 2.9 | % |  |  |  |  |  |
Interest Crediting Rate |  | 2.7 | % |  | 4.5 | % |  | 4.0 | % |  |  |  |  |  |
Estimated Future Contributions and Benefits Payments
(in millions) |  |  |  |
Employer contributions: |  |  |  |
2026 |  | $ | 34 |  |  |
Benefit Payments: |  |  |  |
2026 |  | $ | 337 |  |  |
2027 |  | 340 |  |  |
2028 |  | 353 |  |  |
2029 |  | 361 |  |  |
2030 |  | 371 |  |  |
2031 and thereafter |  | 1,982 |  |  |
Total |  | $ | 3,744 |  |  |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | The following is a summary of amounts in accumulated other comprehensive loss, before tax effects:
|  | Fiscal Years Ended
(in millions) |  | March 31, 2025 |  | March 31, 2024
Prior service credit |  | $ | (158) |  |  | $ | (176) |
Schedule of Fair Value of Financial Assets for Pension and Postretirement Benefits | The tables below set forth the fair value of plan assets by asset category within the fair value hierarchy:
|  |  | As of March 31, 2025
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity: |  |  |  |  |  |  |  |
| Global/International Equity commingled funds |  | $ | 21 |  |  | $ | 652 |  |  | $ | — |  |  | $ | 673 |
| U.S./North American Equity commingled funds |  | 5 |  |  | — |  |  | — |  |  | 5 |
Fixed Income: |  |  |  |  |  |  |  |
| Non-U.S. Government funds |  | 3 |  |  | 76 |  |  | — |  |  | 79 |
| Fixed income commingled funds |  | 38 |  |  | 323 |  |  | — |  |  | 361 |
| Corporate and other bonds |  | 1 |  |  | 3,145 |  |  | — |  |  | 3,146 |
Alternatives: |  |  |  |  |  |  |  |
| Other Alternatives (1) |  | — |  |  | 783 |  |  | 1,480 |  |  | 2,263 |
| Hedge Funds(2) |  | — |  |  | — |  |  | 37 |  |  | 37 |
Other Assets |  | — |  |  | 19 |  |  | 77 |  |  | 96 |
Insurance contracts |  | — |  |  | 111 |  |  | — |  |  | 111 |
Cash and cash equivalents |  | 112 |  |  | 12 |  |  | — |  |  | 124 |
Totals |  | $ | 180 |  |  | $ | 5,121 |  |  | $ | 1,594 |  |  | $ | 6,895 |
|  | As of March 31, 2024
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity: |  |  |  |  |  |  |  |
| Global/International Equity commingled funds |  | $ | 21 |  |  | $ | 662 |  |  | $ | — |  |  | $ | 683 |
| U.S./North American Equity commingled funds |  | 5 |  |  | — |  |  | — |  |  | 5 |
Fixed Income: |  |  |  |  |  |  |  |
| Non-U.S. Government funds |  | — |  |  | 29 |  |  | — |  |  | 29 |
| Fixed income commingled funds |  | 1 |  |  | 205 |  |  | 12 |  |  | 218 |
| Fixed income mutual funds |  | — |  |  | — |  |  | — |  |  | — |
| Corporate and other bonds |  | — |  |  | 3,678 |  |  | 91 |  |  | 3,769 |
Alternatives: |  |  |  |  |  |  |  |
| Other Alternatives (1) |  | — |  |  | 943 |  |  | 1,018 |  |  | 1,961 |
| Hedge Funds(2) |  | — |  |  | 8 |  |  | 48 |  |  | 56 |
Other Assets |  | 28 |  |  | 26 |  |  | 60 |  |  | 114 |
Insurance contracts |  | — |  |  | 91 |  |  | — |  |  | 91 |
Cash and cash equivalents |  | 347 |  |  | 45 |  |  | — |  |  | 392 |
Totals |  | $ | 402 |  |  | $ | 5,687 |  |  | $ | 1,229 |  |  | $ | 7,318 |
(1) Represents real estate and other commingled funds consisting mainly of equities, bonds, or commodities. (2) Represents investments in diversified fund of hedge funds. Changes in fair value measurements of level 3 investments for the defined benefit plans were as follows:
(in millions) |  |
Balance as of March 31, 2023 |  | $ | 1,201 |
Actual return on plan assets held at the reporting date |  | 14 |
Purchases, sales and settlements |  | (18) |
Changes due to exchange rates |  | 32 |
Balance as of March 31, 2024 |  | 1,229 |
Actual return on plan assets held at the reporting date |  | 97 |
Purchases, sales and settlements |  | 279 |
Transfers in and / or out of Level 3 |  | (35) |
Changes due to exchange rates |  | 24 |
Balance as of March 31, 2025 |  | $ | 1,594 |
Plan Asset Allocations
|  | As of |  |  |  |  |  |
Asset Category |  | March 31, 2025 |  | March 31, 2024 |  |  |  |  |  |
Equity securities |  | 10 | % |  | 9 | % |  |  |  |  |  |
Debt securities |  | 52 | % |  | 55 | % |  |  |  |  |  |
Alternatives |  | 35 | % |  | 29 | % |  |  |  |  |  |
Cash and other |  | 3 | % |  | 7 | % |  |  |  |  |  |
Total |  | 100 | % |  | 100 | % |  |  |  |  |  |

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