Restructuring and Other Charges

3 Months Ended

Oct. 29, 2022

In the second quarter of fiscal 2023, we announced a restructuring plan (the “Fiscal 2023 Plan”), in order to rebalance the organization and enable further investment in key priority areas. This rebalancing will include talent movement options and restructuring. Additionally, we will optimize our real estate portfolio, aligned to the broader hybrid work strategy. The total pretax charges are estimated to be approximately $600 million and is expected to impact approximately 5% of our global workforce. These aggregate pretax charges will be primarily cash-based and will consist of severance and other one-time termination benefits, real estate-related charges, and other costs. We expect the plan to be substantially completed by the end of the first quarter of fiscal 2024.

The following tables summarize the activities related to the restructuring and other charges (in millions):


	FISCAL 2020 AND PRIOR PLANS				FISCAL 2021 PLAN
	Employee Severance		Other		Employee Severance		Other		Total
Liability as of July 30, 2022	$	—	$	3	$	2	$	4	$	9
Charges	—		—		—		(2)		(2)
Cash payments	—		—		(1)		—		(1)
Liability as of October 29, 2022	$	—	$	3	$	1	$	2	$	6


	FISCAL 2020 AND PRIOR PLANS				FISCAL 2021 PLAN
	Employee Severance		Other		Employee Severance		Other		Total
Liability as of July 31, 2021	$	—	$	10	$	16	$	8	$	34
Charges	—		(1)		4		2		5
Cash payments	—		(1)		(8)		—		(9)
Non-cash items	—		—		—		(4)		(4)
Liability as of October 30, 2021	$	—	$	8	$	12	$	6	$	26