v3.25.1
Postretirement Benefit Plans (Tables)
12 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Contributions to employee benefit plans
We contributed the following amounts to all plans.
in millions
Fiscal 2025
Fiscal 2024
Fiscal 2023
Funded pension plans$39 $30 $22 
Unfunded pension plans17 17 15 
Savings and defined contribution pension plans62 59 54 
Total contributions$118 $106 $91 
Schedule of changes in projected benefit obligations
The increases in the discount rates of pension benefit plans in fiscal 2025, as compared to fiscal 2024, was the primary driver of actuarial losses in fiscal 2025.
The following tables present the change in benefit obligation, change in fair value of plan assets, and the funded status for pension and other benefits.
 Pension Benefit PlansOther Benefit Plans
in millions
Fiscal 2025
Fiscal 2024
Fiscal 2025
Fiscal 2024
Benefit obligation at beginning of period$1,719 $1,705 $125 $128 
Service cost23 23 
Interest cost78 76 
Members' contributions— — 
Benefits paid(92)(93)(8)(9)
Amendments(5)— — — 
Curtailments, settlements and special termination benefits(9)(10)— — 
Actuarial (gains) losses
(31)15 (3)(4)
Other(4)(4)— — 
Currency losses (gains)
— (2)— 
Benefit obligation at end of period$1,685 $1,719 $122 $125 
Benefit obligation of funded plans$1,369 $1,386 $— $— 
Benefit obligation of unfunded plans316 333 122 125 
Benefit obligation at end of period$1,685 $1,719 $122 $125 
Schedule of changes in fair value of plan assets
 Pension Benefit Plans
in millions
Fiscal 2025
Fiscal 2024
Change in fair value of plan assets
Fair value of plan assets at beginning of period$1,276 $1,275 
Actual return on plan assets24 52 
Members' contributions
Benefits paid(93)(93)
Company contributions56 47 
Settlements(9)(12)
Other(3)(4)
Currency gains
— 
Fair value of plan assets at end of period$1,257 $1,276 
Schedule of net funded status
 March 31,
 20252024
in millionsPension Benefit PlansOther Benefit PlansPension Benefit PlansOther Benefit Plans
Funded status
Assets less the benefit obligation of funded plans$(112)$— $(110)$— 
Benefit obligation of unfunded plans(316)(122)(333)(125)
Total net plan liabilities
$(428)$(122)$(443)$(125)
As included in our consolidated balance sheets within Total assets / (Total liabilities)
Other long–term assets$11 $— $15 $— 
Accrued expenses and other current liabilities(19)(8)(16)(8)
Accrued postretirement benefits(420)(114)(442)(117)
Total net plan liabilities
$(428)$(122)$(443)$(125)
Schedule of amounts recognized in other comprehensive income (loss)
The postretirement amounts recognized in accumulated other comprehensive loss, before tax effects, are presented in the table below and include the impact related to our equity method investments. Amounts are amortized to net periodic benefit cost over the group's average future service life of the employees or the group's average life expectancy.
 March 31,
 20252024
in millionsPension Benefit PlansOther Benefit PlansPension Benefit PlansOther Benefit Plans
Net actuarial (losses) gains
$(46)$37 $(27)$37 
Prior service credit12 31 35 
Total postretirement amounts recognized in accumulated other comprehensive loss
$(34)$68 $(18)$72 
Schedule of defined benefit plan amounts recognized in other comprehensive income (loss)
The postretirement changes recognized in accumulated other comprehensive loss, before tax effects, are presented in the table below and include the impact related to our equity method investments.
 March 31,
 20252024
in millionsPension Benefit PlansOther Benefit PlansPension Benefit PlansOther Benefit Plans
Beginning balance in accumulated other comprehensive loss
$(18)$72 $34 $74 
Curtailments, settlements, and special termination benefits— — — 
Net actuarial (losses) gains
(20)(46)
Prior service cost— — — 
Amortization of:
Prior service credit(2)(4)(1)(3)
Actuarial losses (gains)
(3)(5)(3)
Effect of currency exchange(1)— — — 
Total postretirement amounts recognized in accumulated other comprehensive loss
$(34)$68 $(18)$72 
Schedule of accumulated benefit obligations in excess of fair value of plan assets
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets are presented in the table below.
 March 31,
in millions20252024
The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans:
Projected benefit obligation $1,685 $1,719 
Accumulated benefit obligation1,615 1,654 
Pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation $1,591 $1,627 
Fair value of plan assets1,152 1,169 
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation$1,520 $1,516 
Fair value of plan assets1,141 1,112 
Pension plans with projected benefit obligations less than plan assets:
Projected benefit obligation $94 $92 
Fair value of plan assets105 107 
Schedule of expected benefit payments
Expected benefit payments to be made during the next 10 fiscal years are listed in the table below (in millions).
Fiscal Year Ending March 31,Pension Benefit PlansOther Benefit Plans
2026$109 $
2027116 
2028114 
2029117 
2030118 10 
2031 through 2035572 58 
Total$1,146 $103 
Components of net periodic benefit cost for all significant postretirement benefit plans
The components of net periodic benefit cost for the respective periods are listed in the table below.
Pension Benefit PlansOther Benefit Plans
in millions
Fiscal 2025
Fiscal 2024
Fiscal 2023
Fiscal 2025
Fiscal 2024
Fiscal 2023
Service cost$23 $23 $26 $$$
Interest cost78 76 61 
Expected return on assets(80)(77)(72)— — — 
Amortization — losses (gains), net (gains (losses), net)
(1)(3)(3)(2)
Amortization — prior service credit(2)(2)(2)(4)(3)(4)
Settlement/curtailment (gain) loss— — — — — 
Net periodic benefit cost(1)
23 19 22 
Proportionate share of non-consolidated affiliates' pension costs— — — 
Total net periodic benefit cost recognized$27 $23 $29 $$$
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(1)Service cost is included within cost of goods sold (exclusive of depreciation and amortization) and selling, general and administrative expenses while all other cost components are recorded within other expenses (income), net.
Schedule of assumptions used
The weighted average assumptions used to determine benefit obligations and net periodic benefit cost for the respective periods are listed in the table below.
Pension Benefit PlansOther Benefit Plans
Fiscal 2025
Fiscal 2024
Fiscal 2023
Fiscal 2025
Fiscal 2024
Fiscal 2023
Weighted average assumptions used to determine benefit obligations
Discount rate4.5 %4.4 %4.5 %5.8 %5.7 %5.5 %
Average compensation growth3.0 3.0 3.1 3.0 3.0 3.0 
Weighted average assumptions used to determine net periodic benefit cost
Discount rate4.4 %4.5 %3.1 %5.7 %5.5 %4.0 %
Average compensation growth3.0 3.1 3.1 3.0 3.0 3.0 
Expected return on plan assets6.3 6.1 4.8 — — — 
Cash balance interest crediting rate1.6 2.2 1.4 — — — 
Target and actual allocation of plan assets The targeted allocation ranges by asset class and the actual allocation percentages for each class are listed in the table below. 
Asset CategoryTarget Allocation RangesAllocation in Aggregate as of March 31,
20252024
Equity
10-50%
29 %29 %
Fixed income
15-89%
53 %53 %
Real estate
3-25%
%%
Other
1-100%
11 %11 %
Schedule of fair value of pension and postretirement plan assets table
The following pension plan assets are measured and recognized at fair value on a recurring basis. See Note 17 – Fair Value Measurements for a description of the fair value hierarchy. The U.S. and Canadian pension plan assets are invested exclusively in commingled funds and measured at net asset value, and the U.K., Switzerland, and South Korea pension plan assets are invested in both direct investments (Levels 1 and 2) and commingled funds (Level 2).
Pension Plan Assets
 March 31, 2025March 31, 2024
in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Fixed income$86 $54 $— $140 $92 $55 $— $147 
Cash and cash equivalents— — — — 
Other— — 
Investments measured at net asset value(1)
— — — 1,107 — — — 1,120 
Total$95 $55 $— $1,257 $100 $56 $— $1,276 
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(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.