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Employee Termination, Asset Impairment, and Other Charges

9 Months Ended

Mar. 31, 2023

Employee Termination, Asset Impairment, and Other Charges

Business Realignment

The Company periodically incurs charges as part of the integration process of recent acquisitions and to realign its operations with anticipated market demand, primarily consisting of organization rationalization designed to streamline its business, reduce its cost structure and focus its resources. The Company recorded the following charges related to these actions:


	Three Months Ended				Nine Months Ended
	March 31, 2023		April 1, 2022		March 31, 2023		April 1, 2022
	(in millions)




Employee termination benefits	$	40	$	4	$	125	$	22









Asset impairments and other charges	—		—		15		2




Total employee termination, asset impairment, and other charges	$	40	$	4	$	140	$	24

The following table presents an analysis of the components of these activities against the reserve during the nine months ended March 31, 2023:


	Employee Termination Benefits
	(in millions)
Accrual balance at July 1, 2022	$	17
Charges	125
Cash payments	(126)

Accrual balance at March 31, 2023	$	16