Restructuring Activities

12 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIVITIES

In fiscal year 2023, we announced a restructuring plan (the “2023 Restructuring Plan” or the “Plan”) focused on prioritizing investments to our growth opportunities and optimizing our real estate portfolio. The Plan includes actions driven by portfolio rationalization including headcount reductions, in addition to office space reductions. The actions associated with the Plan are expected to be substantially completed by September 30, 2023.

Under this plan, we estimate that we will incur approximately $170 million to $200 million in charges, consisting primarily of:

•A $66 million impairment charge related to an acquisition-related in-process research & development intangible asset as part of our portfolio rationalization activities;

•$55 million to $65 million related to employee severance and employee-related costs;

•$45 million to $55 million associated with office space reductions; and

•$5 million to $10 million of other charges, including contract cancellations.

Restructuring activities as of the fiscal year ended March 31, 2023 was as follows (in millions):


	Acquisition-Related Intangibles Impairments and Other Charges (a)		Workforce (a)		Office Space Reductions (b)		Total
Charges to operations	$	68	$	43	$	44	$	155
Charges settled in cash	—		(10)		—		(10)
Non-cash items	(66)		—		(44)		(110)
Liability as of March 31, 2023	$	2	$	33	$	—	$	35
(a) Charges are recorded within Restructuring in the Consolidated Statement of Operations. (b) Charges are recorded within General and administrative expenses in the Consolidated Statement of Operations.

The restructuring liability of $35 million as of March 31, 2023, is included in accrued and other current liabilities on the Consolidated Balance Sheets. See Note 13 — Leases for additional information on our office space reduction activities, and remaining lease liabilities associated with those activities continue to be recognized and disclosed in that note.