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Restructuring and Related Costs

9 Months Ended

Jun. 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 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 and nine months ended June 30, 2024 and are expected in subsequent quarters.

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

			Three Months Ended June 30, 2024						Nine Months Ended June 30, 2024
Building Solutions North America			$	—					$	4
Building Solutions EMEA/LA			9						22
Building Solutions Asia Pacific			4						7
Global Products			20						56
Corporate			7						14
Total			$	40					$	103

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			$	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			50						36						17												103
Utilized—cash			(121)						—						(12)												(133)
Utilized—noncash			—						(36)						(1)												(37)
Other			32												—												32
Balance at June 30, 2024			$	54					$	—					$	16											$	70

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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
-Subparagraph (SAB Topic 5.P.4.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

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

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-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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