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Restructuring Plan | 3 Months Ended
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Sep. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring Plans | Restructuring Plans 2023 Restructuring Plan On May 23, 2023, the Board of Directors approved the 2023 Plan which includes site consolidations, facilities moves and closures, as well as the relocation and requalification of certain manufacturing facilities. These restructuring actions were intended to realign our cost structure as part of a transformation to a simpler, more streamlined, resilient and sustainable business model. We evaluate restructuring charges in accordance with ASC 420, Exit or Disposal Cost Obligations (ASC 420), and ASC 712, Compensation-Nonretirement Post-Employment Benefits (ASC 712). In the three months ended September 30, 2025, these activities resulted in $7 million of charges primarily for site move and employee termination costs. In the three months ended September 30, 2024, these activities resulted in $24 million of charges primarily for impairment losses associated with the sale of our Newton Aycliffe business, acceleration of depreciation and site move costs. Activity and accrual balances for the 2023 Plan were as follows for the first quarter of fiscal 2025 and 2024 ($000):
| Severance |  | Asset Write-Offs |  | Other |  | Total Accrual
Balance - June 30, 2025 | $ | 44,230 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,230 |
Restructuring charges (recoveries) | 1,237 |  |  | — |  |  | 5,268 |  |  | 6,505 |
Payments | (2,292) |  |  | — |  |  | — |  |  | (2,292) |
Asset write-offs and other | 1,060 |  |  | — |  |  | (5,268) |  |  | (4,208) |
Balance - September 30, 2025 | $ | 44,235 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,235 |
| Severance |  | Asset Write-Offs |  | Other |  | Total Accrual
Balance - June 30, 2024 | $ | 51,061 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,061 |
Restructuring charges (recoveries) | (455) |  |  | 15,970 |  |  | 8,850 |  |  | 24,365 |
Payments | (6,796) |  |  | — |  |  | — |  |  | (6,796) |
Asset write-offs and other | — |  |  | (15,970) |  |  | (8,850) |  |  | (24,820) |
Balance - September 30, 2024 | $ | 43,810 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,810 |
At September 30, 2025, $9 million and $35 million of accrued severance related costs were included in other accrued liabilities and other liabilities on our Condensed Consolidated Balance Sheet, respectively, and are expected to result in cash expenditures through fiscal 2028. The current and prior year severance related net charges are primarily comprised of accruals and adjustments for severance and pay for employees being terminated due to the consolidation of certain manufacturing sites, with severance recorded in accordance with ASC 712. For the three months ended September 30, 2025 and September 30, 2024, restructuring costs were primarily incurred in the Datacenter & Communications segment. Restructuring charges (recoveries) are recorded in Restructuring charges in our Condensed Consolidated Statements of Earnings (Loss). 2025 Restructuring Plan Commencing in the quarter ended March 31, 2025, and as part of the ongoing strategic review of the Company’s business, the Company’s management approved the 2025 Plan. In connection therewith, the Company expects to incur charges for related severance and benefits, lease and contract termination costs, asset write-offs, facilities move and other restructuring costs. We evaluate restructuring charges in accordance with ASC 420 and ASC 712. In the three months ended September 30, 2025, these activities resulted in $13 million of charges primarily related to employee termination and site closure costs. We expect the restructuring actions to be substantially completed by the end of fiscal 2026. However, the actual timing and costs associated with these restructuring actions may differ from our current expectations and estimates and such differences may be material. Activity and accrual balances for the 2025 Plan were as follows for the first quarter of fiscal 2026 ($000):
| Severance |  | Asset Write-Offs |  | Other |  | Total Accrual
Balance - June 30, 2025 | $ | 16,722 |  |  | $ | 10,494 |  |  | $ | 19,897 |  |  | $ | 47,113 |
Restructuring charges | 10,871 |  |  | 423 |  |  | 1,477 |  |  | 12,771 |
Payments | (5,356) |  |  | — |  |  | — |  |  | (5,356) |
Asset write-offs and other | (433) |  |  | (1,143) |  |  | (6,575) |  |  | (8,151) |
Balance - September 30, 2025 | 21,804 |  |  | $ | 9,774 |  |  | $ | 14,799 |  |  | $ | 46,377 |
At September 30, 2025, $22 million of accrued severance related costs were included in other accrued liabilities and are expected to result in cash expenditures primarily through fiscal 2026. The current year severance related net charges are primarily comprised of accruals for severance and pay for employees being terminated due to the consolidation of certain manufacturing and distribution sites as well as workforce reductions, with severance recorded in accordance with ASC 712. At September 30, 2025, total liabilities for asset write-offs and other contract costs of $13 million and $11 million were included in other accrued liabilities and other liabilities, respectively, on our Condensed Consolidated Balance Sheet. The restructuring costs (recoveries) were incurred primarily in Corporate for the three months ended September 30, 2025. Restructuring charges and recoveries are recorded in Restructuring charges in our Condensed Consolidated Statements of Earnings (Loss).

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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 -Subparagraph (b)(2) -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 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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