

	Three Months Ended
	May 4, 2024		April 29, 2023
Fiscal 2024 Restructuring Initiative	$	16	$	-
Fiscal 2023 Resource Optimization Initiative		(1)		(9)
Total	$	15	$	(9)

During the fourth quarter of fiscal 2024, we commenced an enterprise-wide restructuring initiative intended to accomplish the following: (1) align field labor resources with where customers want to shop to optimize the customer experience; (2) redirect corporate resources for better alignment with our strategy; and (3) right-size resources to better align with our revenue outlook for fiscal 2025.

All charges incurred related to this initiative were comprised of employee termination benefits from continuing operations and were presented within Restructuring charges on our Condensed Consolidated Statements of Earnings as follows ($ in millions):



	Three Months Ended		Cumulative Amount
	May 4, 2024		As of May 4, 2024
Domestic	$	17	$	180
International		(1)		7
Total	$	16	$	187

Restructuring accrual activity related to this initiative was as follows ($ in millions):



	Termination Benefits
	Domestic		International		Total
Balances at February 3, 2024	$	163	$	8	$	171
Charges		17		-		17
Cash payments		(9)		-		(9)
Adjustments⁽¹⁾		-		(1)		(1)
Balances at May 4, 2024	$	171	$	7	$	178

(1)Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes.

We do not expect to incur material future restructuring charges related to this initiative.

During the second quarter of fiscal 2023, we commenced an enterprise-wide initiative to better align our spending with critical strategies and operations, as well as to optimize our cost structure. We do not expect to incur material future restructuring charges related to this initiative. All charges incurred related to this initiative were comprised of employee termination benefits from continuing operations and were presented within Restructuring charges on our Condensed Consolidated Statements of Earnings.

We recorded reductions to employee termination benefits of $1 million and $9 million in the first quarter of fiscal 2025 and fiscal 2024, respectively, primarily related to higher-than-expected employee retention. Cumulative charges incurred related to this initiative as of May 4, 2024, were $126 million, comprised of $123 million and $3 million of employee termination benefits within our Domestic and International segments, respectively.

Restructuring accrual activity related to this initiative was as follows ($ in millions):


	Termination Benefits
	Domestic		International		Total
Balances at January 28, 2023	$	102	$	5	$	107
Cash payments		(9)		(2)		(11)
Adjustments⁽¹⁾		(8)		(1)		(9)
Balances at April 29, 2023	$	85	$	2	$	87

Balances at February 3, 2024	$	16	$	-	$	16
Cash payments		(2)		-		(2)
Adjustments⁽¹⁾		(1)		-		(1)
Balances at May 4, 2024	$	13	$	-	$	13

(1)Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes