v3.26.1
Restructuring and Impairment (Tables)
12 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Summary of restructuring reserve activity
in millionsNorth AmericaEuropeAsiaSouth AmericaOther OperationsTotal
Restructuring liability balance as of March 31, 2023
$10 $$— $$— $18 
Restructuring and impairment expenses, net(1)
35 — — 42 
Cash payments(4)(1)— (4)— (9)
Other(2)
(25)— — (2)— (27)
Restructuring liability balance as of March 31, 2024
$16 $$— $$— $24 
Restructuring and impairment expenses, net
30 17 53 
Cash payments(9)(2)— (2)— (13)
Other(2)
(17)— (17)(1)(1)(36)
Restructuring liability balance as of March 31, 2025
$20 $$— $$$28 
Restructuring and impairment expenses, net
87 31 43 32 195 
Cash payments(31)(9)(2)(2)(23)(67)
Other(2)
(53)(40)(3)(92)
Restructuring liability balance as of March 31, 2026
$23 $26 $$$$64 
_________________________
(1)Restructuring and impairment expenses, net for fiscal 2024 primarily relate to the shutdown of our Clayton plant in North America.
(2)Other includes the impact of foreign currency on our restructuring liability as well as the removal of other non-cash expenses recorded and included within restructuring and impairment expenses, net in the table above that are not recorded through the restructuring liability. Other non-cash expenses recorded within restructuring and impairment expenses, net in fiscal 2026, 2025 and fiscal 2024 consisted of impairment charges, accelerated depreciation, pension curtailment and settlement gains, and other non-cash expenses of $92 million, $34 million and $28 million, respectively.
The following table summarizes the restructuring charges recorded as a result of the 2025 Efficiency Plan for the periods presented:
in millionsNorth AmericaEuropeAsiaSouth AmericaOther OperationsTotal
Charges recognized in fiscal 2026
Employee-related expenses$15 $29 $$$13 $60 
Accelerated depreciation46 — 40 — — 86 
Pension curtailment and settlement gains(11)— — — — (11)
Professional fees
— — — 19 21 
Other— — — — 
Total restructuring charges$57 $31 $42 $$32 $163 
Charges recognized in fiscal 2025
Employee-related expenses$$— $— $— $— $
Total restructuring charges
$$— $— $— $— $
Cumulative restructuring charges through March 31, 2026
$59 $31 $42 $$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 millionsNorth AmericaEuropeAsiaSouth AmericaOther OperationsTotal
Liability balance as of March 31, 2025
$$— $— $— $— $
Expenses recognized15 29 13 60 
Cash payments(16)(8)(2)(1)(8)(35)
Liability balance as of March 31, 2026
$$21 $— $— $$27