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Restructuring and Related Costs

12 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND RELATED COSTS

RESTRUCTURING AND RELATED COSTS

To better align its resources with its growth strategies and reduce the cost structure of its global operations in certain underlying markets, the Company commits to restructuring plans as necessary. Restructuring activities generally result in charges for workforce reductions, plant closures, asset impairments and other related costs which are reported as restructuring and impairment costs in the Company’s consolidated statements of income. The Company expects the restructuring actions to reduce cost of sales and SG&A due to reduced employee-related costs, depreciation and amortization expense.

During the fourth quarter of fiscal 2024, the Company completed its previous restructuring plan and committed to a new multi-year restructuring plan to address stranded costs and further right-size its global operations as a result of previously announced portfolio simplification actions. It is expected that one-time restructuring costs, including severance and other employee termination benefits, contract termination costs, and certain other related cash and non-cash charges, of approximately $400 million will be incurred over the course of fiscal 2025, 2026 and 2027. Restructuring costs will be incurred across all segments and Corporate functions.

The following table summarizes restructuring and related costs (in millions):

									Year Ended September 30, 2024
Building Solutions North America									$	12
Building Solutions EMEA/LA									45
Building Solutions Asia Pacific									11
Global Products									38
Corporate									37
Total									$	143

The following table summarizes changes in the restructuring reserve, which is included within other current liabilities in the consolidated statements of financial position (in millions):

			Employee Severance and Termination Benefits						Long-Lived Asset Impairments						Other												Total
Restructuring and related costs			$	191					$	37					$	33											$	261
Utilized—cash			(98)						—						(18)												(116)
Utilized—noncash			—						(37)						(3)												(40)
Balance at September 30, 2023			93						—						12												105
Additional restructuring and related costs			71						41						31												143
Utilized—cash			(138)						—						(25)												(163)
Utilized—noncash			—						(41)						(1)												(42)
Other			32						—						—												32
Balance at September 30, 2024			$	58					$	—					$	17											$	75

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

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