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Restructuring and Exit Costs

9 Months Ended

Apr. 02, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Exit Costs

Restructuring and Exit Costs

For the three months ended April 2, 2021, the Company recorded a net gain of $2 million comprised primarily of a gain of $3 million from the sale of a property. For the nine months ended April 2, 2021, the Company recorded restructuring charges of $1 million, which are comprised primarily of charges related to workforce reduction costs and facilities and other exit costs. All restructuring charges are reported in Restructuring and other, net on the Company’s Condensed Consolidated Statements of Operations.

June 2020 Plan - On June 1, 2020, the Company committed to a restructuring plan (the “June 2020 Plan”) consistent with its long-term strategy to drive operational efficiencies, reduce its cost structure and invest in future opportunities. The June 2020 Plan included consolidating the Company’s Minnesota facilities into one location and reducing its headcount worldwide by approximately 500 employees. The June 2020 Plan was substantially completed during the quarter ended October 2, 2020.

The following tables summarize the Company’s restructuring activities under the Company’s restructuring plans:

						June 2020 Plan												Other Plans
(Dollars in millions)						Workforce Reduction Costs						Facilities and Other Exit Costs						Workforce Reduction Costs						Facilities and Other Exit Costs						Total
Accrual balances at July 3, 2020						$	38					$	2					$	5					$	3					$	48
Restructuring charges						—						—						5						—						5
Cash payments						(37)						(1)						(8)						(1)						(47)
Adjustments						—						—						—						(1)						(1)
Accrual balances at April 2, 2021						$	1					$	1					$	2					$	1					$	5
Total costs incurred to date as of April 2, 2021						$	56					$	2					$	21					$	28					$	107
Total expected charges to be incurred as of April 2, 2021						$	—					$	7					$	—					$	—					$	7

						Restructuring Plans
(Dollars in millions)						Workforce Reduction Costs						Facilities and Other Exit Costs						Total
Accrual balances at June 28, 2019						$	13					$	17					$	30
Lease adoption adjustment						—						(11)						(11)
Restructuring charges						22						1						23
Cash payments						(29)						(3)						(32)
Adjustments						(4)						—						(4)
Accrual balances at April 3, 2020						$	2					$	4					$	6

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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