Postretirement Benefit Plans (Tables)
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12 Months Ended |
Mar. 31, 2026 |
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| Retirement Benefits [Abstract] |
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| Contributions to employee benefit plans |
We contributed the following amounts to all plans. | | | | | | | | | | | | | | | | | | | in millions | Fiscal 2026 | | Fiscal 2025 | | Fiscal 2024 | | Funded pension plans | $ | 29 | | | $ | 39 | | | $ | 30 | | | Unfunded pension plans | 17 | | | 17 | | | 17 | | | Savings and defined contribution pension plans | 63 | | | 62 | | | 59 | | | Total contributions | $ | 109 | | | $ | 118 | | | $ | 106 | |
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| Schedule of changes in projected benefit obligations |
The increases in the discount rates of pension benefit plans in fiscal 2026, as compared to fiscal 2025, was the primary driver of actuarial gains in fiscal 2026. 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 Plans | | Other Benefit Plans | | in millions | Fiscal 2026 | | Fiscal 2025 | | Fiscal 2026 | | Fiscal 2025 | | Benefit obligation at beginning of period | $ | 1,685 | | | $ | 1,719 | | | $ | 122 | | | $ | 125 | | | Service cost | 24 | | | 23 | | | 2 | | | 3 | | | Interest cost | 71 | | | 78 | | | 7 | | | 7 | | | Members' contributions | 6 | | | 6 | | | — | | | — | | | Benefits paid | (98) | | | (92) | | | (9) | | | (8) | | | Amendments | 1 | | | (5) | | | — | | | — | | | Curtailments, settlements and special termination benefits | (117) | | | (9) | | | (6) | | | — | | Actuarial gains | (39) | | | (31) | | | (10) | | | (3) | | | Other | (5) | | | (4) | | | — | | | — | | Currency losses (gains) | 49 | | | — | | | 1 | | | (2) | | | Benefit obligation at end of period | $ | 1,577 | | | $ | 1,685 | | | $ | 107 | | | $ | 122 | | | | | | | | | | | Benefit obligation of funded plans | $ | 1,271 | | | $ | 1,369 | | | $ | — | | | $ | — | | | Benefit obligation of unfunded plans | 306 | | | 316 | | | 107 | | | 122 | | | Benefit obligation at end of period | $ | 1,577 | | | $ | 1,685 | | | $ | 107 | | | $ | 122 | |
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| Schedule of changes in fair value of plan assets |
| | | | | | | | | | | | | | Pension Benefit Plans | | in millions | Fiscal 2026 | | Fiscal 2025 | | Change in fair value of plan assets | | | | | Fair value of plan assets at beginning of period | $ | 1,257 | | | $ | 1,276 | | | Actual return on plan assets | 73 | | | 24 | | | Members' contributions | 6 | | | 6 | | | Benefits paid | (98) | | | (93) | | | Company contributions | 46 | | | 56 | | | Settlements | (115) | | | (9) | | | Other | (4) | | | (3) | | Currency gains | 26 | | | — | | | Fair value of plan assets at end of period | $ | 1,191 | | | $ | 1,257 | |
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| Schedule of net funded status |
| | | | | | | | | | | | | | | | | | | | | | | | | | March 31, | | | 2026 | | 2025 | | in millions | Pension Benefit Plans | | Other Benefit Plans | | Pension Benefit Plans | | Other Benefit Plans | | Funded status | | | | | | | | | Assets less the benefit obligation of funded plans | $ | (80) | | | $ | — | | | $ | (112) | | | $ | — | | | Benefit obligation of unfunded plans | (306) | | | (107) | | | (316) | | | (122) | | Total net plan liabilities | $ | (386) | | | $ | (107) | | | $ | (428) | | | $ | (122) | | | As included in our consolidated balance sheets within Total assets / (Total liabilities) | | | | | | | | | Other long–term assets | $ | 18 | | | $ | — | | | $ | 11 | | | $ | — | | | Accrued expenses and other current liabilities | (18) | | | (8) | | | (19) | | | (8) | | | Accrued postretirement benefits | (386) | | | (99) | | | (420) | | | (114) | | Total net plan liabilities | $ | (386) | | | $ | (107) | | | $ | (428) | | | $ | (122) | |
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| 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, | | | 2026 | | 2025 | | in millions | Pension Benefit Plans | | Other Benefit Plans | | Pension Benefit Plans | | Other Benefit Plans | Net actuarial gains (losses) | $ | 1 | | | $ | 40 | | | $ | (46) | | | $ | 37 | | | Prior service credit | 9 | | | 28 | | | 12 | | | 31 | | Total postretirement amounts recognized in accumulated other comprehensive loss | $ | 10 | | | $ | 68 | | | $ | (34) | | | $ | 68 | |
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| 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, | | | 2026 | | 2025 | | in millions | Pension Benefit Plans | | Other Benefit Plans | | Pension Benefit Plans | | Other Benefit Plans | Beginning balance in accumulated other comprehensive loss | $ | (34) | | | $ | 68 | | | $ | (18) | | | $ | 72 | | | Curtailments, settlements, and special termination benefits | — | | | (5) | | | 1 | | | — | | | | | | | | | | Net actuarial gains (losses) | 46 | | | 10 | | | (20) | | | 3 | | | Prior service cost | (1) | | | — | | | 5 | | | — | | | Amortization of: | | | | | | | | | Prior service credit | (2) | | | (3) | | | (2) | | | (4) | | Actuarial losses (gains) | 2 | | | (3) | | | 1 | | | (3) | | | Effect of currency exchange | (1) | | | 1 | | | (1) | | | — | | Total postretirement amounts recognized in accumulated other comprehensive loss | $ | 10 | | | $ | 68 | | | $ | (34) | | | $ | 68 | |
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| 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 millions | 2026 | | 2025 | | The projected benefit obligation and accumulated benefit obligation for all defined benefit pension plans: | | | | | Projected benefit obligation | $ | 1,577 | | | $ | 1,685 | | | Accumulated benefit obligation | 1,523 | | | 1,615 | | | Pension plans with projected benefit obligations in excess of plan assets: | | | | | Projected benefit obligation | $ | 1,457 | | | $ | 1,591 | | | Fair value of plan assets | 1,053 | | | 1,152 | | | Pension plans with accumulated benefit obligations in excess of plan assets: | | | | | Accumulated benefit obligation | $ | 1,401 | | | $ | 1,520 | | | Fair value of plan assets | 1,042 | | | 1,141 | | | Pension plans with projected benefit obligations less than or equal to plan assets: | | | | | Projected benefit obligation | $ | 120 | | | $ | 94 | | | Fair value of plan assets | 138 | | | 105 | |
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| 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 Plans | | Other Benefit Plans | | 2027 | | $ | 105 | | | $ | 9 | | | 2028 | | 116 | | | 9 | | | 2029 | | 111 | | | 9 | | | 2030 | | 116 | | | 9 | | | 2031 | | 109 | | | 9 | | | 2032 through 2036 | | 547 | | | 49 | | | Total | | $ | 1,104 | | | $ | 94 | |
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| 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 Plans | | Other Benefit Plans | | in millions | Fiscal 2026 | | Fiscal 2025 | | Fiscal 2024 | | Fiscal 2026 | | Fiscal 2025 | | Fiscal 2024 | | Service cost | $ | 24 | | | $ | 23 | | | $ | 23 | | | $ | 2 | | | $ | 3 | | | $ | 3 | | | Interest cost | 71 | | | 78 | | | 76 | | | 7 | | | 7 | | | 7 | | | Expected return on assets | (79) | | | (80) | | | (77) | | | — | | | — | | | — | | Amortization — losses (gains), net (gains (losses), net) | 4 | | | 3 | | | (1) | | | (3) | | | (3) | | | (3) | | | Amortization — prior service credit | (2) | | | (2) | | | (2) | | | (3) | | | (4) | | | (3) | | | Settlement/curtailment (gain) loss | — | | | 1 | | | — | | | (11) | | | — | | | — | | Net periodic benefit cost(1) | 18 | | | 23 | | | 19 | | | (8) | | | 3 | | | 4 | | | Proportionate share of non-consolidated affiliates' pension costs | 5 | | | 4 | | | 4 | | | — | | | — | | | — | | | Total net periodic benefit cost recognized | $ | 23 | | | $ | 27 | | | $ | 23 | | | $ | (8) | | | $ | 3 | | | $ | 4 | |
_________________________ (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.
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| 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 Plans | | Other Benefit Plans | | Fiscal 2026 | | Fiscal 2025 | | Fiscal 2024 | | Fiscal 2026 | | Fiscal 2025 | | Fiscal 2024 | | Weighted average assumptions used to determine benefit obligations | | | | | | | | | | | | | Discount rate | 4.6 | % | | 4.5 | % | | 4.4 | % | | 6.0 | % | | 5.8 | % | | 5.7 | % | | Average compensation growth | 2.9 | | | 3.0 | | | 3.0 | | | 3.0 | | | 3.0 | | | 3.0 | | | Weighted average assumptions used to determine net periodic benefit cost | | | | | | | | | | | | | Discount rate | 4.5 | % | | 4.4 | % | | 4.5 | % | | 5.8 | % | | 5.7 | % | | 5.5 | % | | Average compensation growth | 3.0 | | | 3.0 | | | 3.1 | | | 3.0 | | | 3.0 | | | 3.0 | | | Expected return on plan assets | 6.5 | | | 6.3 | | | 6.1 | | | — | | | — | | | — | | | Cash balance interest crediting rate | 1.4 | | | 1.6 | | | 2.2 | | | — | | | — | | | — | |
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| 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 Category | Target Allocation Ranges | | Allocation in Aggregate as of March 31, | | 2026 | | 2025 | | Equity | 10-50% | | 28 | % | | 29 | % | | Fixed income | 15-89% | | 53 | % | | 53 | % | | Real estate | 3-25% | | 7 | % | | 7 | % | | Other | 1-100% | | 12 | % | | 11 | % | | | | | | |
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| 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, 2026 | | March 31, 2025 | | in millions | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | | | | | | | | | Fixed income | $ | 104 | | | $ | 56 | | | $ | — | | | $ | 160 | | | $ | 86 | | | $ | 54 | | | $ | — | | | $ | 140 | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | 2 | | | — | | | — | | | 2 | | | 3 | | | — | | | — | | | 3 | | | Other | 6 | | | 1 | | | — | | | 7 | | | 6 | | | 1 | | | — | | | 7 | | Investments measured at net asset value(1) | — | | | — | | | — | | | 1,022 | | | — | | | — | | | — | | | 1,107 | | | Total | $ | 112 | | | $ | 57 | | | $ | — | | | $ | 1,191 | | | $ | 95 | | | $ | 55 | | | $ | — | | | $ | 1,257 | |
_________________________ (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.
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