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Restructuring Charges (Tables)

12 Months Ended

Apr. 26, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve

The following table presents the classification of restructuring costs in the consolidated statements of income:

			Fiscal year
(in millions)			2024						2023						2022
Cost of products sold			$	55					$	97					$	117
Selling, general, and administrative expenses			108						173						158
Restructuring charges, net(1)			226						375						60
Total restructuring and associated costs			$	389					$	647					$	335

(1) In fiscal year 2023, restructuring charges, net included $94 million of incremental defined benefit, defined contribution, and post-retirement related expenses for employees that accepted voluntary early retirement packages.

The following table summarizes the activity related to restructuring programs for fiscal years 2024 and 2023:

(in millions)			Employee Termination Benefits(1)						Associated and Other Costs																		Total
April 29, 2022			$	81					$	28																	$	110
Charges			285						279																		564
Cash payments			(150)						(281)																		(433)
Accrual adjustments(2)			(11)						(1)																		(12)
April 28, 2023			204						25																		230
Charges			233						163																		396
Cash payments			(292)						(161)																		(453)
Settled non-cash			—						(16)																		(16)
Accrual adjustments(2)			(8)						—																		(8)
April 26, 2024			$	136					$	11																	$	147

(1)In fiscal year 2023, restructuring charges, net included $94 million of incremental defined benefit, defined contribution, and post-retirement related expenses for employees that accepted voluntary early retirement packages. These costs are not included in the table summarizing restructuring charges above, as they are associated with costs that are accounted for under the pension and post-retirement rules.

(2)Accrual adjustments relate to certain employees identified for termination finding other positions within the Company or contract terminations being settled for less than originally estimated.

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- Definition

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

+ References

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-Name Accounting Standards Codification
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