RESTRUCTURING CHARGES

12 Months Ended

Mar. 31, 2023

Fiscal Year 2023

The Company continued to identify certain structural changes to restructure its business throughout fiscal year 2023. During fiscal year 2023, the Company recognized approximately $27 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 2022

The Company identified certain structural changes to restructure its 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.

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 COVID-19 pandemic would be slower than anticipated, the Company identified certain structural changes to restructure its 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 million of restructuring charges, most of which related to employee severance.


	Severance		Long-Lived Asset Impairment		Other Exit Costs		Total
	(In millions)
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
Provision for charges incurred in fiscal year 2023	27		—		—		27
Cash payments for charges incurred in fiscal year 2022 and prior	(7)		—		—		(7)
Cash payments for charges incurred in fiscal year 2023	(11)		—		—		(11)
Non-cash charges incurred in fiscal year 2023	—		—		(2)		(2)
Balance as of March 31, 2023	44		—		6		50
Less: Current portion (classified as other current liabilities)	44		—		6		50
Accrued restructuring costs, net of current portion (classified as other liabilities)	$	—	$	—	$	—	$	—