RESTRUCTURING CHARGES

12 Months Ended

Mar. 31, 2022

Fiscal Year 2022

The Company continues to identify certain structural changes to restructure the business throughout fiscal year 2022. During fiscal year 2022, the Company recognized approximately $15 million of restructuring charges, most of which related to employee severance. Restructuring charges are not included in segment income, as disclosed further in note 21.

Fiscal Year 2021

In order to support the Company’s strategy and build a sustainable organization, and after considering that the economic recovery from the pandemic would be slower than anticipated, the Company identified certain structural changes to restructure the business. These restructuring actions eliminated non-core activities primarily within the Company’s corporate function, aligned the Company’s cost structure with its reorganizing and optimizing of its operations model along its reporting segments, and further sharpened its focus to winning business in end markets where it has competitive advantages and deep domain expertise. During fiscal year 2021, the Company recognized approximately $101.3 million of restructuring charges, most of which related to employee severance.

Fiscal Year 2020

During the first half of fiscal year 2020 in connection with the 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 fiscal year 2020, the Company recognized $216.4 million of restructuring charges. The Company incurred cash charges of approximately $159.3 million, that were predominantly for employee severance, in addition to non-cash charges of $57.1 million, respectively, primarily related to asset impairments.


	Severance		Long-Lived Asset Impairment		Other Exit Costs		Total
	(In millions)
Balance as of March 31, 2019	$	23	$	—	$	9	$	32
Provision for charges incurred in fiscal year 2020	123		46		47		216
Cash payments for charges incurred in fiscal year 2019 and prior	(15)		—		(3)		(18)
Cash payments for charges incurred in fiscal year 2020	(112)		—		(35)		(147)
Non-cash charges incurred in fiscal year 2020	—		(46)		(14)		(60)
Balance as of March 31, 2020	19		—		4		23
Provision for charges incurred in fiscal year 2021	89		8		4		101
Cash payments for charges incurred in fiscal year 2020 and prior	(14)		—		—		(14)
Cash payments for charges incurred in fiscal year 2021	(49)		—		(1)		(50)
Non-cash charges incurred in fiscal year 2021	—		(8)		1		(7)
Balance as of March 31, 2021	45		—		8		53
Provision for charges incurred in fiscal year 2022	11		1		3		15
Cash payments for charges incurred in fiscal year 2021 and prior	(15)		—		—		(15)
Cash payments for charges incurred in fiscal year 2022	(6)		—		—		(6)
Non-cash charges incurred in fiscal year 2022	—		(1)		(3)		(4)
Balance as of March 31, 2022	35		—		8		43
Less: Current portion (classified as other current liabilities)	34		—		8		42
Accrued restructuring costs, net of current portion (classified as other liabilities)	$	1	$	—	$	—	$	1