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Restructuring and Exit Costs | 6 Months Ended
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Dec. 29, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Exit Costs | Restructuring and Other, net The Company recorded restructuring and other, net benefits of $31 million and $29 million for the three and six months ended December 29, 2023, respectively, primarily due to the net gain of $30 million from the sale and leaseback of certain property during the December 2023 quarter. The net proceeds of $34 million were recorded as an investing inflow on the Company’s Condensed Statements of Cash Flows. For the three and six months ended December 30, 2022, the Company recorded restructuring charges of $81 million and $90 million, respectively. The Company’s restructuring plans are comprised primarily of charges related to workforce reduction costs, including severance and other one-time termination benefits, facilities and other exit costs. All restructuring charges are reported in Restructuring and other, net on the Company’s Condensed Consolidated Statement of Operations. The Company’s significant restructuring plans are described below. October 2022 Plan - On October 24, 2022, the Company committed to an October 2022 restructuring plan (the “October 2022 Plan”) to reduce its cost structure to better align the Company’s operational needs to current economic conditions while continuing to support the long-term business strategy. On March 29, 2023, in light of further deteriorating economic conditions, the Company committed to an expansion of the October 2022 Plan to further reduce its global headcount by approximately 480 employees to a total reduction of approximately 3,480 employees. This expanded plan included aligning its business plan to near-term market conditions, along with other cost saving measures. The October 2022 Plan was substantially completed by the end of fiscal year 2023. April 2023 Plan - On April 20, 2023, the Company committed to an April 2023 restructuring plan (the “April 2023 Plan”) to further reduce its cost structure in response to changes in macroeconomic and business conditions. The April 2023 Plan was intended to align the Company’s operational needs with the near-term demand environment while continuing to support the long-term business strategy. The April 2023 Plan was substantially completed by the end of fiscal year 2023. The following table summarizes the Company’s restructuring activities under its active restructuring plans:
|  | April 2023 Plan |  | October 2022 Plan |  | Other Plans |  |
(Dollars in millions) |  | Workforce Reduction Costs |  | Facilities and Other Exit Costs |  | Workforce Reduction Costs |  | Facilities and Other Exit Costs |  | Workforce Reduction Costs |  | Facilities and Other Exit Costs |  | Total
Accrual balances at June 30, 2023 |  | $ | 108 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 119 |
Restructuring charges |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Cash payments |  | (104) |  |  | — |  |  | (1) |  |  | (1) |  |  | (4) |  |  | — |  |  | (110) |
Adjustments |  | (1) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (2) |
Accrual balances at December 29, 2023 |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 10 |
Total costs incurred inception to date as of December 29, 2023 |  | $ | 144 |  |  | $ | 3 |  |  | $ | 104 |  |  | $ | 5 |  |  | $ | 66 |  |  | $ | 13 |  |  | $ | 335 |
Total expected charges to be incurred as of December 29, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Of the accrued restructuring balance of $10 million at December 29, 2023, $9 million was included in Accrued expenses and $1 million was included in Other non-current liabilities in the Company’s Condensed Consolidated Balance Sheets. Of the accrued restructuring balance of $119 million at June 30, 2023, $117 million was included in Accrued expenses and $2 million was included in Other non-current liabilities in the Company’s Condensed Consolidated Balance Sheets.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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