Restructuring and Other Charges

3 Months Ended

Oct. 28, 2023

In the second quarter of fiscal 2023, we announced a restructuring plan (the “Fiscal 2023 Plan”) in order to rebalance the organization and enable further investment in key priority areas, of which approximately 5% of the global workforce would be impacted. This rebalancing includes talent movement options and restructuring. Additionally, we began optimizing our real estate portfolio, aligned to the broader hybrid work strategy. In connection with the Fiscal 2023 Plan, we incurred charges of $123 million for the first quarter of fiscal 2024 and have incurred cumulative charges of $658 million to date. These aggregate pretax charges are primarily cash-based and consist of severance and other one-time termination benefits, real estate-related charges, and other costs. We have substantially completed the Fiscal 2023 Plan in the first quarter of fiscal 2024.

The following table summarizes the activities related to the Fiscal 2023 Plan (in millions):


	FISCAL 2023 PLAN
	Employee Severance		Other		Total
Liability as of July 29, 2023	$	166	$	44	$	210
Charges	103		20		123
Cash payments	(99)		(6)		(105)
Non-cash items	(2)		(11)		(13)
Liability as of October 28, 2023	$	168	$	47	$	215