Restructuring Initiatives

3 Months Ended

May 02, 2015

Restructuring and Related Activities [Abstract]

In March 2015, we announced a headquarters workforce reduction intended to increase organizational effectiveness and provide cost savings that can be reinvested in our growth initiatives. As a result, we recorded $103 million of severance and other benefits-related charges within SG&A in the first quarter of 2015. The vast majority of these expenses will require cash expenditures by the end of the second quarter of 2015. These costs were not included in our segment results.



First Quarter Restructuring Costs (millions)	2015
Severance	$	99
Pension and other	4
Total	$	103

Accruals for restructuring costs are included in other current liabilities as of May 2, 2015 as follows:



Restructuring-Related Liabilities (millions)	Severance			Pension and Other			Total
Restructuring liability as of January 31, 2015	$	—		$	—		$	—
Charges during period	99			4			103
Paid or otherwise settled	(28		)	(4		)	(32		)
Restructuring liability as of May 2, 2015	$	71		$	—		$	71

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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