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Restructuring and Exit Costs

6 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Exit Costs

Restructuring and Exit Costs

For the three and six months ended December 31, 2021, the Company recorded restructuring charges of $1 million and $2 million, respectively. For the three and six months ended January 1, 2021, the Company recorded restructuring charges of $2 million and $3 million, respectively. The Company’s restructuring plans 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.

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

(Dollars in millions)						Workforce Reduction Costs						Facilities and Other Exit Costs						Total
Accrual balances at July 2, 2021						$	2					$	6					$	8
Restructuring charges						2						—						2
Cash payments						(2)						(2)						(4)
Accrual balances at December 31, 2021						$	2					$	4					$	6
Total costs incurred inception to date as of December 31, 2021						$	65					$	23					$	88
Total expected charges to be incurred as of December 31, 2021						$	—					$	8					$	8

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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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