Restructuring Costs

12 Months Ended

Mar. 31, 2023

Restructuring Costs [Abstract]

Restructuring Costs

Restructuring Costs

The Company recorded restructuring costs, net of reversals, of $216 million, $318 million and $551 million for fiscal 2023, 2022 and 2021, respectively. The costs recorded during fiscal 2023 were largely the result of implementing the Fiscal 2023 Plan as described below.

The composition of restructuring liabilities by financial statement line items is as follows:

	As of
(in millions)	March 31, 2023		March 31, 2022
Accrued expenses and other current liabilities	$	105	$	113
Other long-term liabilities	22		39
Total	$	127	$	152

Summary of Restructuring Plans

Fiscal 2023 Plan

During fiscal 2023, management approved global cost savings initiatives designed to better align the Company’s workforce and facility structures (the “Fiscal 2023 Plan”). Also included in restructuring costs for the fiscal year ended March 31, 2023 is $22 million related to amortization of right-of-use assets and interest expense for leased facilities that we have vacated but that are being actively marketed for sublease, or we are in negotiations with the landlord to potentially terminate or modify those leases.

Restructuring activities, summarized by plan year, were as follows:

	Restructuring Liability as of March 31, 2022		Costs Expensed, Net of Reversals		Costs Not Affecting Restructuring Liability(1)		Cash Paid		Other(2)		Restructuring Liability as of March 31, 2023
Fiscal 2023 Plan
Workforce Reductions	$	—	$	154	$	—	$	(76)	$	1	$	79
Facilities Costs	—		35		(24)		(10)		—		1
	—		$	189	(24)		(86)		1		80
Fiscal 2022 Plan
Workforce Reductions	$	84	$	(3)	$	—	$	(59)	$	(4)	$	18
Facilities Costs	1		32		(7)		(26)		—		—
	85		29		(7)		(85)		(4)		18
Other Prior Year and Acquired Plans
Workforce Reductions	$	64	$	(1)	$	—	$	(34)	$	(2)	$	27
Facilities Costs	3		(1)		—		(1)		1		2
	67		(2)		—		(35)		(1)		29
Total	$	152	$	216	$	(31)	$	(206)	$	(4)	$	127

(1) Pension benefit augmentations recorded as pension liabilities, asset impairments and restructuring costs associated with right-of-use assets.

(2) Foreign currency translation adjustments.