XML 35 R20.htm IDEA: XBRL DOCUMENT v3.22.1
Restructuring Charges
12 Months Ended
Apr. 29, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Charges

12. Restructuring Charges

In the fourth quarter of fiscal 2022, we initiated the establishment of an international headquarters in Cork, Ireland, and incurred restructuring charges consisting primarily of legal and tax-related consulting fees. Activities under this plan, for which we expect to incur additional charges, will continue in fiscal 2023.

In the first quarter of fiscal 2022, we executed a restructuring plan to reduce the amount of office space we occupy as we allow more employees to continue to work remotely. In connection with the plan, we also reduced our global workforce by approximately 1%. Charges related to the plan consisted primarily of office relocation costs, lease termination fees, and employee severance related costs. Substantially all activities under the plan have been completed.

 

Management has previously approved several restructuring actions in fiscal 2021 and fiscal 2020, under which we reduced our global workforce by approximately 6% and 2%, respectively. Charges related to these restructuring plans consisted primarily of employee severance-related costs. Substantially all activities under these plans were completed as of the end of fiscal 2021.

Activities related to our restructuring plans are summarized as follows (in millions):

 

 

 

Total

 

Balance as of April 26, 2019

 

$

19

 

Net charges

 

 

21

 

Cash payments

 

 

(35

)

Other

 

 

(4

)

Balance as of April 24, 2020

 

 

1

 

Net charges

 

 

42

 

Cash payments

 

 

(42

)

Balance as of April 30, 2021

 

 

1

 

Net charges

 

 

33

 

Cash payments

 

 

(31

)

Balance as of April 29, 2022

 

$

3

 

 

Liabilities for our restructuring activities are included in accrued expenses in our consolidated balance sheets.