XML 21 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Restructuring and Other Charges, Net
9 Months Ended
Jun. 26, 2020
Restructuring and Other Charges, Net  
Restructuring and Other Charges, Net

2. Restructuring and Other Charges, Net

Net restructuring charges by segment were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 26,

​

June 28,

​

June 26,

​

June 28,

​

​

    

2020

    

2019

    

2020

    

2019

    

​

​

(in millions)

​

Transportation Solutions

​

$

55

​

$

53

​

$

77

​

$

98

​

Industrial Solutions

​

 

40

​

 

8

​

 

56

​

 

60

​

Communications Solutions

​

 

3

​

 

6

​

 

11

​

 

26

​

Restructuring charges, net

​

$

98

​

$

67

​

$

144

​

$

184

​

​

Activity in our restructuring reserves was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at

​

​

​

​

​

​

​

​

​

​

Currency

​

Balance at

  

​

​

September 27,

​

​

​

​

Changes in

​

Cash

​

Non-Cash

​

Translation

​

June 26,

​

​

    

2019

    

Charges

    

Estimate

    

Payments

    

Items

    

and Other

    

2020

    

​

​

(in millions)

​

Fiscal 2020 Actions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee severance

​

$

—

​

$

120

​

$

—

​

$

(10)

​

$

—

​

$

—

​

$

110

​

Property, plant, and equipment

​

​

—

​

​

18

​

​

—

​

​

—

​

​

(18)

​

​

—

​

​

—

​

Total

​

​

—

​

​

138

​

​

—

​

​

(10)

​

​

(18)

​

​

—

​

​

110

​

Fiscal 2019 Actions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee severance

​

​

188

​

​

7

​

​

(19)

​

​

(83)

​

​

—

​

​

2

​

​

95

​

Facility and other exit costs

​

​

1

​

​

9

​

​

—

​

​

(10)

​

​

—

​

​

2

​

​

2

​

Property, plant, and equipment

​

​

—

​

​

6

​

​

—

​

​

—

​

​

(6)

​

​

—

​

​

—

​

Total

​

​

189

​

​

22

​

​

(19)

​

​

(93)

​

​

(6)

​

​

4

​

​

97

​

Pre-Fiscal 2019 Actions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee severance

​

​

73

​

​

—

​

​

(5)

​

​

(40)

​

​

—

​

​

—

​

​

28

​

Facility and other exit costs

​

​

2

​

​

6

​

​

—

​

​

(6)

​

​

—

​

​

—

​

​

2

​

Property, plant, and equipment

​

​

—

​

​

2

​

​

—

​

​

—

​

​

(2)

​

​

—

​

​

—

​

Total

​

​

75

​

​

8

​

​

(5)

​

​

(46)

​

​

(2)

​

​

—

​

​

30

​

Total Activity

​

$

264

​

$

168

​

$

(24)

​

$

(149)

​

$

(26)

​

$

4

​

$

237

​

​

Fiscal 2020 Actions

During fiscal 2020, we initiated a restructuring program associated with footprint consolidation and structural improvements, due in part to the coronavirus disease COVID-19, across all segments. In connection with this program, during the nine months ended June 26, 2020, we recorded restructuring charges of $138 million. We expect to complete all restructuring actions commenced during the nine months ended June 26, 2020 by the end of fiscal 2022 and to incur additional charges of approximately $30 million related primarily to employee severance and facility exit costs in the Transportation Solutions and Industrial Solutions segments.

Fiscal 2019 Actions

During fiscal 2019, we initiated a restructuring program associated with footprint consolidation and structural improvements impacting all segments. In connection with this program, during the nine months ended June 26, 2020 and June 28, 2019, we recorded net restructuring charges of $3 million and $179 million, respectively. We expect to complete all restructuring actions commenced during fiscal 2019 by the end of fiscal 2021 and to incur additional charges of approximately $10 million related primarily to employee severance and facility exit costs in the Transportation Solutions and Industrial Solutions segments.

Pre-Fiscal 2019 Actions

Prior to fiscal 2019, we initiated a restructuring program associated with footprint consolidation and structural improvements primarily impacting the Industrial Solutions and Transportation Solutions segments. Also prior to fiscal 2019, we initiated a restructuring program associated with footprint consolidation related to recent acquisitions and structural improvements impacting all segments. During the nine months ended June 26, 2020 and June 28, 2019, we recorded net restructuring charges of $3 million and $5 million, respectively, related to pre-fiscal 2019 actions. We expect additional charges related to pre-fiscal 2019 actions to be insignificant.

Total Restructuring Reserves

Restructuring reserves included on the Condensed Consolidated Balance Sheets were as follows:

​

​

​

​

​

​

​

​

​

​

​

June 26,

​

September 27,

​

​

    

2020

    

2019

    

​

​

(in millions)

​

Accrued and other current liabilities

​

$

211

​

$

245

​

Other liabilities

​

 

26

​

 

19

​

Restructuring reserves

​

$

237

​

$

264

​

​