In connection with our Reinvention and other transformative programs, we engage in restructuring actions 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, exit from certain product lines and geographies, as well as reducing our real estate footprint.


	Three Months Ended March 31,
		2024		2023
Restructuring charges, net		$	5	$	1
Asset impairment charges, net		26		—
Related costs, net		8		1
Total Restructuring and related costs, net		$	39	$	2

Restructuring charges, net primarily relate to the Print and Other segment as amounts related to the Xerox Financial Services segment were immaterial for all periods presented. A summary of our restructuring program activity is summarized below:


	Severance and Related Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2023	$	129	$	—	$	129
Provision	9		—		9
Reversals	(4)		—		(4)
Net current period charges(1)	5		—		5
Charges against reserve and currency	(16)		—		(16)
Balance at March 31, 2024	$	118	$	—	$	118

(1)Represents net amount recognized within the Condensed Consolidated Statements of (Loss) Income 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,
		2024		2023
Restructuring cash payments		$	(16)	$	(6)

Effects of foreign currency and other non-cash items		—		—
Charges against reserve and currency		$	(16)	$	(6)

Charges associated with asset impairments represent the write-down of the related assets to their new cost basis. Impairments are net of any potential sublease income or other recovery amounts. First quarter 2024 activity includes impairments associated with strategic actions taken as a result of the Company's Project Reinvention, including geographic simplification.


	Three Months Ended March 31,
		2024		2023



Asset impairments(1)		$	26	$	—

Adjustments/Reversals		—		—
Net asset impairment charge		$	26	$	—

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(1)Includes charges associated with strategic actions taken as a result of the Company's Reinvention, including geographic simplification.

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


	Three Months Ended March 31,
		2024		2023
Retention related severance/bonuses(1)		$	(2)	$	1

Consulting and other costs(2)		10		—
Total		$	8	$	1

(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, 2024 reflects a change in estimate.

(2)Represents professional support services associated with our business transformation initiatives.

Cash paid for restructuring related costs were $10 and $1 for the three months ended March 31, 2024 and 2023, respectively. The restructuring related costs reserve was $5 and $8 at March 31, 2024 and December 31, 2023, respectively. The balance at March 31, 2024 is expected to be paid over the next twelve months.