Assets Held for Sale

3 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets Held for Sale

Assets held for sale

During fiscal 2020, we reclassified certain land and buildings previously reported as property and equipment to assets held for sale when the properties were approved for immediate sale in their present condition and the sale was expected to be completed within one year. However, the commercial real estate market was adversely affected by the COVID-19 pandemic, which delayed the expected timing of such sales.

On June 28, 2023, we completed the sale of certain land and buildings in Dublin, Ireland, which was previously classified as held for sale as of March 31, 2023, for cash consideration of $13 million, net of selling costs, and recognized a gain on sale of $4 million.

We continue to actively market the remaining properties for sale. We have taken into consideration the current real estate values and demand and continue to execute plans to sell these properties. As of June 30, 2023, these assets are classified as held for sale. During the three months ended June 30, 2023, there were no impairments because the fair value of the properties less costs to sell either equals or exceeds their carrying value.

On July 28, 2023, we entered into an agreement to sell certain land and buildings in Tucson, Arizona, which were previously classified as held for sale as of June 30, 2023 and March 31, 2023, for cash consideration of $13 million, net of selling costs. The transaction is expected to close during the third quarter of fiscal 2024.