Restructuring and Other Charges, Net (Tables)

9 Months Ended

Jun. 24, 2022

Restructuring and Other Charges, Net

Schedule of net restructuring and other charges

	For the				For the
	Quarters Ended				Nine Months Ended
	June 24,		June 25,		June 24,		June 25,
	2022		2021		2022		2021
	(in millions)
Restructuring charges, net	$	26	$	10	$	69	$	170
(Gain) loss on divestitures and impairment of held for sale businesses		—		—		(10)		21
Other charges, net		—		1		—		4
Restructuring and other charges, net	$	26	$	11	$	59	$	195

Net restructuring and related charges by segment

	For the				For the
	Quarters Ended				Nine Months Ended
	June 24,		June 25,		June 24,		June 25,
	2022		2021		2022		2021
	(in millions)
Transportation Solutions	$	9	$	2	$	24	$	130
Industrial Solutions		11		6		29		26
Communications Solutions		6		2		16		14
Restructuring charges, net		26		10		69		170
Plus: charges included in cost of sales(1)		4		—		16		—
Restructuring and related charges, net	$	30	$	10	$	85	$	170

(1) Charges included in cost of sales were attributable to inventory-related charges within the Industrial Solutions segment.

Summary of activity in restructuring reserves

	Balance at												Balance at
	September 24,				Changes in		Cash		Non-Cash		Currency		June 24,
	2021		Charges		Estimate		Payments		Items		Translation		2022
	(in millions)
Fiscal 2022 Actions:
Employee severance	$	—	$	57	$	—	$	(4)	$	—	$	—	$	53
Property, plant, and equipment and other non-cash charges		—		27		—		—		(27)		—		—
Total		—		84		—		(4)		(27)		—		53
Fiscal 2021 Actions:
Employee severance		152		2		(4)		(73)		—		(10)		67
Facility and other exit costs		2		3		—		(4)		—		—		1
Property, plant, and equipment		—		2		—		—		(2)		—		—
Total		154		7		(4)		(77)		(2)		(10)		68
Pre-Fiscal 2021 Actions:
Employee severance		135		—		(7)		(34)		—		(10)		84
Facility and other exit costs		15		8		(4)		(11)		—		—		8
Property, plant, and equipment		—		4		(3)		—		(1)		—		—
Total		150		12		(14)		(45)		(1)		(10)		92
Total Activity	$	304	$	103	$	(18)	$	(126)	$	(30)	$	(20)	$	213

Restructuring reserves included on Consolidated Balance Sheets

	June 24,		September 24,
	2022		2021
	(in millions)
Accrued and other current liabilities	$	160	$	236
Other liabilities		53		68
Restructuring reserves	$	213	$	304

Fiscal 2022 Actions

Restructuring and Other Charges, Net

Schedule of expected, incurred and remaining charges by segment

The following table summarizes expected, incurred, and remaining charges for the fiscal 2022 program by segment as of June 24, 2022:

	Total		Cumulative		Remaining
	Expected		Charges		Expected
	Charges		Incurred		Charges
	(in millions)
Transportation Solutions	$	28	$	24	$	4
Industrial Solutions		47		45		2
Communications Solutions		25		15		10
Total	$	100	$	84	$	16

Fiscal 2021 Actions

Restructuring and Other Charges, Net

Schedule of expected, incurred and remaining charges by segment

The following table summarizes charges incurred for the fiscal 2021 program by segment as of June 24, 2022:

	Cumulative
	Charges
	Incurred
	(in millions)
Transportation Solutions	$	125
Industrial Solutions		49
Communications Solutions		24
Total	$	198