Restructuring and Other Costs

3 Months Ended

Jun. 28, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Costs

Restructuring and Other Costs

Our restructuring and other costs consist primarily of severance and termination benefits, contract cancellation charges, asset write-offs and impairments and other exit and disposal costs. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. Contract cancellation charges primarily include penalties for early termination of contracts and write-offs of related prepaid assets. Other exit and disposal costs include costs to exit and consolidate facilities in connection with restructuring events. Separation costs primarily consist of consulting costs incurred in connection with our divestitures.

September 2022 Plan

In connection with our acquisition of Avast, our Board of Directors approved a restructuring plan (the September 2022 Plan) to realize cost savings and operational synergies, which became effective upon the close of acquisition on September 12, 2022. Actions under this plan include the reduction of our workforce, contract terminations, facilities closures, and the sale of underutilized facilities as well as stock-based compensation charges for accelerated equity awards to certain terminated employees. We expect that we will incur total costs up to $150 million following the completion of the acquisition. These actions are expected to be completed by the end of fiscal 2025. As of June 28, 2024, we have incurred costs of $124 million related to the September 2022 Plan.

Restructuring and other costs summary

Our restructuring and other costs are presented in the table below:

	Three Months Ended
(In millions)	June 28, 2024		June 30, 2023
Severance and termination benefit costs	$	(1)	$	11
Contract cancellation charges	—		1
Other exit and disposal costs	—		5
Total restructuring and other costs	$	(1)	$	17