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Restructuring and Related Costs | 3 Months Ended
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Dec. 31, 2023
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 various restructuring activities 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 activities to reduce cost of sales and selling, general and administrative expenses ("SG&A") due to reduced employee-related costs, depreciation and amortization expense. In the third and fourth quarters of fiscal 2023, the Company developed a restructuring plan which included workforce reductions and other actions focused on continued scaling of SG&A expenses to its planned growth. Additional restructuring charges related to this plan were recorded in the three months ended December 31, 2023 and are expected in subsequent quarters. The following table summarizes restructuring costs (in millions):
| Three Months Ended December 31, 2023 |  |  |  |
Building Solutions North America | $ | 4 |  |  |  |  |
Building Solutions EMEA/LA | 13 |  |  |  |  |
Global Products | 21 |  |  |  |  |
Corporate | 1 |  |  |  |  |
Total | $ | 39 |  |  |  |  |
The following table summarizes changes in the restructuring reserve, which is included within other current liabilities in the consolidated statements of financial position, for restructuring actions taken in the year ended September 30, 2023 and three months ended December 31, 2023 (in millions):
| Employee Severance and Termination Benefits |  | Long-Lived Asset Impairments |  | Other |  |  |  | Total
Restructuring and related costs | $ | 204 |  |  | $ | 38 |  |  | $ | 34 |  |  |  |  | $ | 276 |
Utilized—cash | (111) |  |  | — |  |  | (19) |  |  |  |  | (130) |
Utilized—noncash | — |  |  | (38) |  |  | (3) |  |  |  |  | (41) |
Balance at September 30, 2023 | 93 |  |  | — |  |  | 12 |  |  |  |  | 105 |
Additional restructuring and related costs | 29 |  |  | 9 |  |  | 1 |  |  |  |  | 39 |
Utilized—cash | (38) |  |  | — |  |  | — |  |  |  |  | (38) |
Utilized—noncash | — |  |  | (9) |  |  | — |  |  |  |  | (9) |
Balance at December 31, 2023 | $ | 84 |  |  | $ | — |  |  | $ | 13 |  |  |  |  | $ | 97 |

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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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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