We engage in restructuring actions, including Project Own It, as well as other transformation efforts in order to reduce our cost structure and realign it to the changing nature of our business. As part of our efforts to reduce costs, our restructuring actions may also include the off-shoring and/or outsourcing of certain operations, services and other functions, as well as reducing our real estate footprint.

During the three months ended March 31, 2023, we recorded net restructuring charges of $1, which included $5 of severance costs related to headcount reductions of approximately 100 employees worldwide, and no other contractual termination costs. These costs were partially offset by $4 of net reversals, which primarily reflect changes in estimated reserves from prior period initiatives.

Charges were primarily related to the Print and Other segment as amounts related to the FITTLE segment were immaterial for all periods presented.


	Severance and Related Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2022	$	39	$	4	$	43
Provision	5		—		5
Reversals	(4)		—		(4)
Net current period charges(1)	1		—		1
Charges against reserve and currency	(6)		—		(6)
Balance at March 31, 2023	$	34	$	4	$	38

(1)Represents net amount recognized within the Condensed Consolidated Statements of Income (Loss) for the period shown for restructuring charges. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives.

(2)Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.

The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows:


	Three Months Ended March 31,
		2023		2022
Charges against reserve and currency		$	(6)	$	(7)

Effects of foreign currency and other non-cash items		—		—
Restructuring cash payments		$	(6)	$	(7)

Charges associated with asset impairments represent the write-down of the related assets to their new cost basis and are recorded concurrently with the recognition of the provision. Impairments are net of any potential sublease income or other recovery amounts. Net asset impairment charges were immaterial for both periods presented.

In connection with our restructuring programs, we also incurred certain related costs as follows:


	Three Months Ended March 31,
		2023		2022
Retention related severance/bonuses(1)		$	1	$	(2)
Contractual severance costs		—		—

Total		$	1	$	(2)

(1)Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination. The credit for the three months ended March 31, 2022 reflects a change in estimate.

Cash paid for restructuring related costs were $1 and $1 for the three months ended March 31, 2023 and 2022, respectively. The restructuring related costs reserve was $12 and $12 at March 31, 2023 and December 31, 2022, respectively. The balance at March 31, 2023 is expected to be paid over the next twelve months.