XML 43 R24.htm IDEA: XBRL DOCUMENT v3.23.3
Restructuring
 12 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring RestructuringIn March 2023, the Company announced a restructuring plan (the “Restructuring Plan”) intended to drive the evolution of the Company and position the Company for long-term growth, primarily through headcount reductions. Under the Restructuring Plan, the Company expects to reduce headcount by approximately 270 people, or approximately 4% of the Company’s overall headcount. During the fiscal year ended September 30, 2023, the Company recognized restructuring charges of approximately $40 million for severance costs, all of which will be paid in cash. All restructuring expenses were recorded in the Recorded Music segment. The Restructuring Plan is substantially complete as of September 30, 2023, with related cash expenditures expected to be made by the end of fiscal 2024.
The following table sets forth the activity in the restructuring accrual included within accrued liabilities in the accompanying consolidated balance sheets:
Severance Costs
(in millions)
Balance at September 30, 2022
$— 
Restructuring charges40 
Cash payments(21)
Balance at September 30, 2023
$19