Restructuring Activities

12 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIVITIES

Fiscal 2024 Restructuring

In fiscal year 2024, we announced a restructuring plan (the “2024 Restructuring Plan”) focused on aligning our portfolio, investments, and resources in support of our strategic priorities and growth initiatives. This plan reflects actions driven by portfolio rationalization, including costs associated with licensor commitments, as well as reductions in real estate and headcount. The actions associated with this plan are expected to be substantially completed by December 31, 2024.

Under this plan, we estimate that we will incur approximately $125 million to $165 million in charges, consisting primarily of:

•$50 million to $65 million associated with office space reductions;

•$40 million to $55 million related to employee severance and employee-related costs; and

•$35 million to $45 million in costs associated with licensor commitments.

Fiscal 2023 Restructuring

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

Since the inception of the 2023 Restructuring Plan through March 31, 2024, we have incurred net charges of $158 million, and we do not expect to incur any additional restructuring charges under this plan.

Restructuring activities as of the fiscal year ended March 31, 2024 was as follows (in millions):


	Fiscal 2024 Restructuring						Fiscal 2023 Restructuring
	Licensor Commitments (a)		Workforce (a)		Office Space Reductions (b)		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
Charges to operations	30		29		2		—		3		—		64
Charges settled in cash	(17)		(5)		—		(2)		(36)		—		(60)
Non-cash items	(13)		—		(2)		—		—		—		(15)
Liability as of March 31, 2024	$	—	$	24	$	—	$	—	$	—	$	—	$	24
(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 $24 million as of March 31, 2024, is included in accrued and other current liabilities on the Consolidated Balance Sheets.