Restructure and Asset Impairments

6 Months Ended

Mar. 02, 2023

Restructuring and Related Activities [Abstract]


	Quarter ended				Six months ended
	March 2, 2023		March 3, 2022		March 2, 2023		March 3, 2022

Employee severance	$	80	$	—	$	93	$	—
Asset impairments and other asset-related costs	8		5		8		59
Other	(2)		—		(2)		(16)
Restructure and asset impairments	$	86	$	5	$	99	$	43

In 2023, we initiated a restructure plan in response to challenging industry conditions (the “2023 Restructure Plan”). Under the 2023 Restructure Plan, we expect our headcount reduction to approach 15% by the end of calendar 2023, through a combination of voluntary attrition and personnel reductions. In connection with the plan, we incurred restructure charges of $86 million and $99 million in the second quarter and first six months of 2023 respectively, primarily related to employee severance costs. As of March 2, 2023, total costs expected to be incurred under the 2023 Restructure Plan were approximately $160 million. We expect the plan to be substantially completed by the end of the third quarter of 2023.

Changes in our restructure liability (included in accounts payable and accrued expenses) for the six months ended March 2, 2023 were as follows:


	Employee Severance

Restructure liability as of September 1, 2022	$	—
Costs incurred and charged to expense	93
Costs paid or otherwise settled	(37)
Restructure liability as of March 2, 2023	$	56