v3.26.1
Restructuring and Impairment (Tables)
3 Months Ended
Jun. 30, 2026
Restructuring and Related Activities [Abstract]  
Summary of restructuring reserve activity
The following table summarizes our restructuring liability activity:
in millionsNorth AmericaEuropeAsiaSouth AmericaOther OperationsTotal
Restructuring liability balance as of March 31, 2026
$23 $26 $$$$64 
Restructuring and impairment expenses, net
12 — 19 
Cash payments(5)(2)(1)(1)(5)(14)
Restructuring liability balance as of June 30, 2026(1)
$22 $36 $— $$$69 
in millionsNorth AmericaEuropeAsiaSouth AmericaOther OperationsTotal
Restructuring liability balance as of March 31, 2025
$20 $$— $$$28 
Restructuring and impairment expenses, net(2)
47 20 85 
Cash payments(5)(1)(1)— (3)(10)
Other(3)
(35)(19)— — (53)
Restructuring liability balance as of June 30, 2025(1)
$27 $$— $$$50 
____________________
(1)As of June 30, 2026, the restructuring liability totaled $69 million, with $46 million included in accrued expenses and other current liabilities and the remainder is within other long-term liabilities on our accompanying condensed consolidated balance sheet. As of June 30, 2025, the restructuring liability totaled $50 million, with $29 million included in accrued expenses and other current liabilities and the remainder was within other long-term liabilities on our condensed consolidated balance sheet.
(2)Restructuring and impairment expenses, net for the three months ended June 30, 2025 includes $83 million, which is net of $11 million pension curtailment and settlement gains, related to the 2025 Efficiency Plan (as defined below).
(3)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. For the three months ended June 30, 2025, impairment charges, accelerated depreciation, pension curtailment and settlement gains, and other non-cash expenses included in restructuring and impairment expenses, net were $54 million. There were no such charges in the three months ended June 30, 2026.
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 the three months ended June 30, 2026
Employee-related expenses$$10 $— $— $$12 
Professional fees
— — — 
Total restructuring charges$$12 $— $— $$15 
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 June 30, 2026
$60 $43 $42 $$34 $180 

The liabilities related to employee-related expenses were recorded in accrued expenses and other current liabilities in the Company's condensed consolidated balance sheet and were as follows:
in millionsNorth AmericaEuropeOther OperationsTotal
Liability balance as of March 31, 2026
$$21 $$27 
Expenses recognized10 12 
Cash payments(1)(2)— (3)
Liability balance as of June 30, 2026
$$29 $$36