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Restructuring

3 Months Ended

Mar. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

In fiscal 2023, the Company initiated a restructuring program of its Orthopaedics franchise within its MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The pre-tax restructuring expense in the fiscal first quarter of 2025 primarily included costs related to asset impairments and market and product exits. The pre-tax restructuring expense in the fiscal first quarter of 2024 primarily included costs related to market and product exits. Total project costs of approximately $0.5 billion have been recorded since the restructuring was announced. The estimated costs of the total program are between $0.7 billion - $0.8 billion and is expected to be completed by the end of fiscal year 2025.

The following table summarizes the restructuring expenses for 2025 and 2024:

(Pre-tax Dollars in Millions)						Q1 2025						Q1 2024
MedTech Segment(1)						$55						27
Innovative Medicine Segment(2)						0						144
Total Programs						$55						171

(1)Includes $17 million in Restructuring, $8 million in Cost of products sold and $30 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal first quarter of 2025. Included $20 million in Restructuring and $7 million in Cost of products sold on the Consolidated Statement of Earnings in the fiscal first quarter of 2024.

(2)Included in Restructuring on the Consolidated Statement of Earnings in the fiscal first quarter of 2024. This program was completed in the fiscal fourth quarter of 2024.

Restructuring reserves as of March 30, 2025 and December 29, 2024 were insignificant.

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The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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