Restructuring and impairment, net includes restructuring costs, impairments or accelerated depreciation of certain long-lived assets, and other related expenses or reversal of expenses. As of March 31, 2026, $43 million of restructuring liability is included in accrued expenses and other current liabilities, while the remainder is within other long–term liabilities in our accompanying consolidated balance sheet.


in millions	North America		Europe		Asia		South America		Other Operations		Total
Restructuring liability balance as of March 31, 2023	$	10	$	1	$	—	$	7	$	—	$	18
Restructuring and impairment expenses, net(1)	35		2		—		5		—		42
Cash payments	(4)		(1)		—		(4)		—		(9)
Other(2)	(25)		—		—		(2)		—		(27)
Restructuring liability balance as of March 31, 2024	$	16	$	2	$	—	$	6	$	—	$	24
Restructuring and impairment expenses, net	30		1		17		3		2		53
Cash payments	(9)		(2)		—		(2)		—		(13)
Other(2)	(17)		—		(17)		(1)		(1)		(36)
Restructuring liability balance as of March 31, 2025	$	20	$	1	$	—	$	6	$	1	$	28
Restructuring and impairment expenses, net	87		31		43		2		32		195
Cash payments	(31)		(9)		(2)		(2)		(23)		(67)
Other(2)	(53)		3		(40)		1		(3)		(92)
Restructuring liability balance as of March 31, 2026	$	23	$	26	$	1	$	7	$	7	$	64

(2)Other includes the impact of foreign currency on our restructuring liability as well as the removal of other non-cash expenses recorded and included within restructuring and impairment expenses, net in the table above that are not recorded through the restructuring liability. Other non-cash expenses recorded within restructuring and impairment expenses, net in fiscal 2026, 2025 and fiscal 2024 consisted of impairment charges, accelerated depreciation, pension curtailment and settlement gains, and other non-cash expenses of $92 million, $34 million and $28 million, respectively.

Restructuring and impairment expenses, net for fiscal 2026 of $195 million consist of $104 million in accelerated depreciation charges and $91 million in employee-related and other restructuring expenses, net of pension curtailment and settlement gains. Accelerated depreciation charges in addition to those incurred under the 2025 Efficiency Plan discussed below, include $17 million of accelerated depreciation charges related to a fire at our Greensboro plant.

Restructuring and impairment expenses, net for fiscal 2025 of $53 million consist of $17 million in accelerated depreciation charges and $19 million in employee-related and other restructuring expenses. The amount also includes a non-cash write-off of $17 million of costs previously capitalized.

To further align with our strategic vision to lead the industry with first-mover investments to drive circularity, as well as in response to the scrap supply and demand imbalances, in fiscal 2025, the Company initiated actions to implement structural cost improvement and efficiency measures across our global operations to drive sustainable labor, operational and footprint efficiencies.


in millions	North America		Europe		Asia		South America		Other Operations		Total








Charges recognized in fiscal 2026
Employee-related expenses	$	15	$	29	$	2	$	1	$	13	$	60
Accelerated depreciation	46		—		40		—		—		86
Pension curtailment and settlement gains	(11)		—		—		—		—		(11)
Professional fees	—		2		—		—		19		21
Other	7		—		—		—		—		7
Total restructuring charges	$	57	$	31	$	42	$	1	$	32	$	163

Charges recognized in fiscal 2025
Employee-related expenses	$	2	$	—	$	—	$	—	$	—	$	2
Total restructuring charges	$	2	$	—	$	—	$	—	$	—	$	2

Cumulative restructuring charges through March 31, 2026	$	59	$	31	$	42	$	1	$	32	$	165

The liabilities related to employee-related expenses were recorded in accrued expenses and other current liabilities in the Company's consolidated balance sheet and were as follows:


in millions	North America		Europe		Asia		South America		Other Operations		Total
Liability balance as of March 31, 2025	$	2	$	—	$	—	$	—	$	—	$	2
Expenses recognized	15		29		2		1		13		60
Cash payments	(16)		(8)		(2)		(1)		(8)		(35)
Liability balance as of March 31, 2026	$	1	$	21	$	—	$	—	$	5	$	27

As part of the 2025 Efficiency Plan, the Company announced several actions aimed at driving footprint efficiencies, consisting of shutting down the Richmond, Virginia, and Fairmont, West Virginia, plants (the "Richmond plant" and the "Fairmont plant", respectively) in the North America segment and idling one of the two automotive finishing lines at our Changzhou, China, plant (the "Changzhou plant") in the Asia segment. The Company ceased the related operations at the Richmond and Fairmont plants in the first quarter of fiscal 2026 and recognized charges of $53 million in fiscal 2026 consisting of accelerated depreciation, employee-related expenses, and other restructuring costs, net of pension curtailment and settlement gains.

In the third quarter of fiscal 2026, the Company completed idling of one of the two Changzhou plant automotive finishing lines and recognized restructuring costs of $42 million in fiscal 2026, consisting of accelerated depreciation and employee-related expenses.

Additionally, in fiscal 2026, the Company recognized $50 million in charges related to SG&A cost reduction actions, consisting primarily of $31 million in employee-related expenses and $19 million in professional fees. The Company also recognized $19 million related to operational efficiency initiatives in Europe in fiscal 2026, consisting primarily of $17 million in employee-related expenses and $2 million in professional fees.

We expect to implement additional actions and incur additional costs in connection with the 2025 Efficiency Plan between fiscal 2027 and fiscal 2028 but we are unable to quantify such costs at this time.