Restructuring Charges (Tables)

12 Months Ended

Apr. 28, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve

The following table presents the classification of restructuring costs in the consolidated statements of income:

	Fiscal year
(in millions)	2023		2022		2021
Cost of products sold	$	97	$	117	$	128
Selling, general, and administrative expenses	173		158		196
Restructuring charges, net	375		60		293
Total restructuring and associated costs	$	647	$	335	$	617

(1) In fiscal years 2023 and 2021, restructuring charges, net included $94 million and $97 million, respectively, of incremental defined benefit, defined contribution, and post-retirement related expenses for employees that accepted voluntary early retirement packages.

The following table summarizes the activity related to restructuring programs for fiscal years 2023 and 2022:

(in millions)	Employee Termination Benefits(1)		Associated Costs(2)		Asset Write-downs		Other Costs		Total
April 30, 2021	$	123	$	22	$	—	$	1	$	146
Charges	80		274		—		—		354
Cash payments	(109)		(269)		—		—		(378)
Accrual adjustments(3)	(13)		—		—		—		(13)
April 29, 2022	81		27		—		1		110
Charges	285		271		1		7		564
Cash payments	(150)		(274)		(1)		(6)		(433)
Accrual adjustments(3)	(11)		—		—		(1)		(12)
April 28, 2023	$	204	$	23	$	—	$	1	$	230

(1)In fiscal years 2023, restructuring charges, net included $94 million of incremental defined benefit, defined contribution, and post-retirement related expenses for employees that accepted voluntary early retirement packages. These costs are not included in the table summarizing restructuring charges above, as they are associated with costs that are accounted for under the pension and post-retirement rules.

(2)Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.

(3)Accrual adjustments relate to certain employees identified for termination finding other positions within the Company or contract terminations being settled for less than originally estimated.