Restructuring Activities

6 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIVITIES

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.

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.

As of September 30, 2024, we expect the actions associated with this plan to be substantially completed by March 31, 2025.

Since the inception of the 2024 Restructuring Plan through September 30, 2024, we have incurred net charges of $119 million.

Restructuring activities under this plan as of September 30, 2024 were as follows (in millions):


	Licensor Commitments (a)		Workforce (a)		Office Space Reductions		Total

Charges to operations	$	30	$	29	$	2	$	61
Charges settled in cash	(17)		(5)		—		(22)
Impairment and other charges	(13)		—		(2)		(15)
Liability as of March 31, 2024	$	—	$	24	$	—	$	24
Charges (credits) to operations	5		(2)		55		58
Charges settled in cash	—		(22)		—		(22)
Impairment and other charges	(5)		—		(55)		(60)
Liability as of September 30, 2024	$	—	$	—	$	—	$	—
(a) Charges are recorded within Restructuring in the Condensed Consolidated Statement of Operations.

Of the $57 million in charges associated with office space reductions to date under the 2024 Restructuring Plan, $50 million is recorded within Restructuring during the six months ended September 30, 2024, as it is related to impairments of right-of-use assets and associated property, plant, and equipment for certain operating leases, and $7 million is recorded within General and administrative expenses in the Condensed Consolidated Statement of Operations.