RESTRUCTURING CHARGES

9 Months Ended

Dec. 31, 2020

RESTRUCTURING CHARGESIn order to support the Company’s strategy and build a sustainable organization, and after considering that the economic recovery from the pandemic will be slower than anticipated, the Company has identified and is engaging in certain structural changes. These restructuring actions will eliminate non-core activities primarily within the Company’s corporate function, align the Company’s cost structure with its reorganizing and optimizing of its operations model along its two reporting segments, and further sharpen its focus to winning business in end markets where it has competitive advantages and deep domain expertise.

During the three-month and nine-month periods ended December 31, 2020, the Company recognized approximately $30.0 million and $75.0 million of restructuring charges, respectively, most of which related to employee severance.

During the first half of fiscal year 2020 in connection with geopolitical developments and uncertainties at the time, primarily impacting one customer in China, the Company experienced a reduction in demand for products assembled for that customer. As a result, the Company accelerated its strategic decision to reduce its exposure to certain high-volatility products in both China and India. The Company also initiated targeted activities to restructure its business to further reduce and streamline its cost structure. During the three-month and nine-month periods ended December 31, 2019, the Company recognized $14.6 million and $199.1 million of restructuring charges, respectively. The Company incurred cash charges of approximately $14.9 million and $142.7 million, respectively, that were predominantly for employee severance, and non-cash charges of an immaterial amount and $56.4 million, respectively, primarily related to asset impairments during the three and nine-month periods ended December 31, 2019.

The following table summarizes the provisions, respective payments, and remaining accrued balance as of December 31, 2020 for charges incurred during the nine-month period ended December 31, 2020:


	Severance		Long-Lived Asset Impairment		Other Exit Costs		Total
	(In millions)
Balance as of March 31, 2020	$	20	$	—	$	4	$	24
Provision for charges incurred during the nine-month period ended December 31, 2020	68		3		4		75
Cash payments for charges incurred in the fiscal year 2020 and prior	(13)		—		(1)		(14)
Cash payments for charges incurred during the nine-month period ended December 31, 2020	(35)		—		(1)		(36)
Non-cash charges incurred during the nine-month period ended December 31, 2020	—		(3)		1		(2)

Balance as of December 31, 2020	40		—		7		47
Less: Current portion (classified as other current liabilities)	39		—		7		46
Accrued restructuring costs, net of current portion (classified as other liabilities)	$	1	$	—	$	—	$	1