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Restructuring and Other Charges, Net | 3 Months Ended
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Dec. 27, 2024
Restructuring and Other Charges, Net |
Restructuring and Other Charges, Net | 2. Restructuring and Other Charges, Net Net restructuring and other charges consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the | ​
​ | ​ | Quarters Ended | ​
​ | ​ | December 27, | ​ | December 29, | ​
​ |  | 2024 |  | 2023 |
​ | ​ | (in millions) | ​
Restructuring charges, net | ​ | $ | 43 | ​ | $ | 9 | ​
Loss on divestiture | ​ | ​ | — | ​ | ​ | 11 | ​
Costs related to change in place of incorporation | ​ | ​ | 10 | ​ | ​ | — | ​
Other charges (credits), net | ​ |  | (3) | ​ |  | 1 | ​
Restructuring and other charges, net | ​ | $ | 50 | ​ | $ | 21 | ​
​ Restructuring Charges, Net Net restructuring charges by segment were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the | ​
​ | ​ | Quarters Ended | ​
​ | ​ | December 27, | ​ | December 29, | ​
​ |  | 2024 |  | 2023 |
​ | ​ | (in millions) | ​
Transportation Solutions | ​ | $ | 26 | ​ | $ | 2 | ​
Industrial Solutions | ​ |  | 17 | ​ |  | 7 | ​
Restructuring charges, net | ​ | $ | 43 | ​ | $ | 9 | ​
​ Activity in our restructuring reserves was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Balance at |
​ | ​ | September 27, | ​ | ​ | ​ | ​ | Changes in | ​ | Cash | ​ | Non-Cash | ​ | Currency | ​ | December 27, | ​
​ |  | 2024 |  | Charges |  | Estimate |  | Payments |  | Items |  | Translation |  | 2024 |
​ | ​ | (in millions) | ​
Fiscal 2025 Actions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Employee severance | ​ | $ | — | ​ | $ | 27 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 27 | ​
Property, plant, and equipment | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | ​ | — | ​ | ​ | 30 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | 27 | ​
Fiscal 2024 Actions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Employee severance | ​ | ​ | 72 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | (11) | ​ | ​ | — | ​ | ​ | (4) | ​ | ​ | 59 | ​
Property, plant, and equipment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | ​ | 72 | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | (11) | ​ | ​ | (2) | ​ | ​ | (4) | ​ | ​ | 59 | ​
Pre-Fiscal 2024 Actions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Employee severance | ​ | ​ | 186 | ​ | ​ | 9 | ​ | ​ | (2) | ​ | ​ | (26) | ​ | ​ | — | ​ | ​ | (9) | ​ | ​ | 158 | ​
Facility and other exit costs | ​ | ​ | 15 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | (5) | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 10 | ​
Property, plant, and equipment | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | ​ | 201 | ​ | ​ | 11 | ​ | ​ | (2) | ​ | ​ | (31) | ​ | ​ | (1) | ​ | ​ | (10) | ​ | ​ | 168 | ​
Total Activity | ​ | $ | 273 | ​ | $ | 43 | ​ | $ | — | ​ | $ | (42) | ​ | $ | (6) | ​ | $ | (14) | ​ | $ | 254 | ​
​ Fiscal 2025 Actions During fiscal 2025, we initiated a restructuring program associated with footprint consolidation and cost structure improvements in both of our segments. During the quarter ended December 27, 2024, we recorded restructuring charges of $30 million in connection with this program. We expect to complete all restructuring actions commenced during the quarter ended December 27, 2024 by the end of fiscal 2032 and to incur additional charges of approximately $10 million related primarily to facility exit costs in the Industrial Solutions segment. Fiscal 2024 Actions During fiscal 2024, we initiated a restructuring program to optimize our manufacturing footprint and improve the cost structure of the organization. In connection with this program, during the quarters ended December 27, 2024 and December 29, 2023, we recorded net restructuring charges of $4 million and $5 million, respectively. We expect to complete all restructuring actions commenced during fiscal 2024 by the end of fiscal 2025 and anticipate that additional charges related to actions commenced during fiscal 2024 will be insignificant. Pre-Fiscal 2024 Actions During the quarters ended December 27, 2024 and December 29, 2023, we recorded net restructuring charges of $9 million and $4 million, respectively, related to pre-fiscal 2024 actions. We expect to incur additional charges of approximately $10 million in connection with the restructuring actions commenced prior to fiscal 2024. Total Restructuring Reserves Restructuring reserves included on the Condensed Consolidated Balance Sheets were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 27, | ​ | September 27, | ​
​ |  | 2024 |  | 2024 |
​ | ​ | (in millions) | ​
Accrued and other current liabilities | ​ | $ | 219 | ​ | $ | 233 | ​
Other liabilities | ​ |  | 35 | ​ |  | 40 | ​
Restructuring reserves | ​ | $ | 254 | ​ | $ | 273 | ​
​ Divestiture During the quarter ended December 29, 2023, we sold one business for net cash proceeds of $38 million. In connection with the divestiture, we recorded a pre-tax loss on sale of $11 million in the quarter ended December 29, 2023. The business sold was reported in our Transportation Solutions segment. Change in Place of Incorporation During the quarter ended December 27, 2024, we incurred costs of $10 million related to our change in place of incorporation from Switzerland to Ireland. See Note 1 for additional information regarding the change.

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- Definition The entire 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. Also, includes disclosure related to a disposal group (except those classified as discontinued operations) and other charges (credits). + References No definition available. + Details
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