Impairment and Restructuring Charges

3 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

NOTE 3. IMPAIRMENT AND RESTRUCTURING CHARGES

Fiscal 2024 Impairment

During the three months ended September 30, 2023, the Company recognized non-cash impairment charges of $21 million at the News Media segment related to the write-down of fixed assets associated with the proposed combination of certain United Kingdom (“U.K.”) printing operations with those of a third party.

Fiscal 2024 Restructuring

During the three months ended September 30, 2023, the Company recorded restructuring charges of $17 million primarily related to employee termination benefits, of which $6 million related to the News Media segment. The employee termination benefits recorded in the three months ended September 30, 2023 resulted from actions taken by the Company’s businesses in response to the 5% headcount reduction initiative announced in February 2023.

Fiscal 2023 Restructuring

During the three months ended September 30, 2022, the Company recorded restructuring charges of $21 million primarily related to employee termination benefits, of which $11 million related to the News Media segment.

Changes in restructuring program liabilities were as follows:


	For the three months ended September 30,
	2023				2022
	One time employee termination benefits		Other costs		Total		One time employee termination benefits		Other costs		Total
	(in millions)
Balance, beginning of period	$	53	$	41	$	94	$	25	$	41	$	66
Additions	16		1		17		20		1		21
Payments	(39)		(1)		(40)		(22)		(2)		(24)
Other	(1)		—		(1)		(1)		—		(1)
Balance, end of period	$	29	$	41	$	70	$	22	$	40	$	62

As of September 30, 2023, restructuring liabilities of approximately $40 million were included in the Balance Sheet in Other current liabilities and $30 million were included in Other non-current liabilities.