RESTRUCTURING CHARGES

9 Months Ended

Dec. 31, 2023

In October 2023, the Company’s management committed to targeted restructuring activities to improve operational efficiencies by reducing excess workforce capacity. During the three and nine-month periods ended December 31, 2023, the Company recognized approximately $74 million and $100 million of restructuring charges, respectively, most of which related to employee severance.

The following table summarizes the provisions, respective payments, and remaining accrued balance as of December 31, 2023 for charges incurred during the nine-month period ended December 31, 2023:


	Severance		Long-Lived Asset Impairment		Other Exit Costs		Total
	(In millions)
Balance as of March 31, 2023	$	44	$	—	$	6	$	50
Provision for charges incurred during the nine-month period ended December 31, 2023	93		5		2		100
Cash payments during the nine-month period ended December 31, 2023	(84)		—		—		(84)
Non-cash reductions during the nine-month period ended December 31, 2023	—		(5)		—		(5)
Other adjustments	(1)		—		(1)		(2)
Balance as of December 31, 2023	52		—		7		59
Less: Current portion (classified as other current liabilities)	51		—		7		58
Accrued restructuring costs, net of current portion (classified as other liabilities)	$	1	$	—	$	—	$	1