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(6) Restructuring expenses and operating model optimization initiatives relate to the 2024 Multi-Year Restructuring Initiative (as defined in Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives”). See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” for additional information.
Read in the filing ↗ Also in 10-Q of Nov 3, 2025, 10-K of Feb 20, 2026, 10-K of Feb 20, 2026, 10-Q of Aug 7, 2025, 10-Q of Aug 7, 2025, 10-Q of Nov 3, 2025, 10-Q of Nov 3, 2025
(6) Restructuring expenses and operating model optimization initiatives relate to the 2026 Restructuring Initiative for the fiscal three and six months ended June 28, 2026 and the 2024 Multi-Year Restructuring Initiative for the fiscal three and six months ended June 29, 2025. See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” for additional information. Restructuring expenses and operating model optimization initiatives include accelerated depreciation expense on assets related to the 2026 Restructuring Initiative for the fiscal three and six months ended June 28, 2026.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026, 10-Q of Aug 6, 2026, 10-Q of Aug 6, 2026, 10-Q of Oct 30, 2026, 10-Q of Oct 30, 2026, 10-Q of May 7, 2026, 10-Q of May 7, 2026
As of the end of fiscal year 2025, we have substantially completed all actions under the 2024 Multi-Year Restructuring Initiative. The 2024 Multi-Year Restructuring Initiative resulted in pre-tax restructuring expenses and other charges totaling
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Restructuring expenses and operating model optimization initiatives, (5) which relate to the 2024 Multi-Year Restructuring Initiative, are composed of the following:
Read in the filing ↗ Also in 8-K of May 8, 2025, 8-K of Aug 7, 2025, 8-K of Aug 7, 2025, 8-K of Nov 3, 2025, 8-K of Nov 3, 2025, 8-K of Nov 3, 2025, 8-K of Nov 3, 2025, 8-K of Feb 17, 2026, 8-K of Feb 17, 2026
(3) Restructuring expenses and operating model optimization initiatives in the fiscal three months ended March 29, 2026 related to the 2026 Restructuring Initiative and in the fiscal three months ended March 30, 2025 related to the 2024 Multi-year Restructuring Initiative and were composed of the following:
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(3) Restructuring expenses and operating model optimization initiatives in the fiscal three and six months ended June 28, 2026 related to the 2026 Restructuring Initiative and in the fiscal three and six months ended June 29, 2025 related to the 2024 Multi-year Restructuring Initiative and were composed of the following:
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(3) Restructuring expenses and operating model optimization initiatives in the fiscal three and nine months ended September 27, 2026 related to the 2026 Restructuring Initiative and in the fiscal three and nine months ended September 28, 2025 related to the 2024 Multi-year Restructuring Initiative and were composed of the following:
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The following table summarizes the activity related to accrued restructuring expenses and other charges for the 2026 Restructuring Initiative during the fiscal three months ended March 29, 2026:
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Oct 30, 2026, 10-K of Feb 24, 2025, 10-Q of Aug 7, 2025, 10-Q of Nov 3, 2025, 10-K of Feb 20, 2026
Restructuring expenses were $71 million and $60 million for the fiscal three months ended March 29, 2026 and March 30, 2025, respectively, an increase of $11 million. Restructuring expenses for the fiscal three months ended March 29, 2026 related to costs incurred under the 2026 Restructuring Initiative, and restructuring expenses for the fiscal three months ended March 30, 2025 related to costs incurred under Our Vue Forward. Costs incurred under each of the initiatives primarily included employee-related costs and information technology and project-related costs. See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Condensed Consolidated Financial Statements included herein for additional information.
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Restructuring expenses were $59 million and $60 million for the fiscal three months ended June 28, 2026 and June 29, 2025, respectively, a decrease of $1 million. Restructuring expenses for the fiscal three months ended June 28, 2026 related to costs incurred under the 2026 Restructuring Initiative, and restructuring expenses for the fiscal three months ended June 29, 2025 related to costs incurred under Our Vue Forward. Costs incurred under each of the initiatives primarily included employee-related costs and information technology and project-related costs. See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Condensed Consolidated Financial Statements included herein for additional information.
Read in the filing ↗ Also in 10-Q of Aug 7, 2025
Restructuring expenses were $130 million and $120 million for the fiscal six months ended June 28, 2026 and June 29, 2025, respectively, an increase of $10 million. Restructuring expenses for the fiscal six months ended June 28, 2026 related to costs incurred under the 2026 Restructuring Initiative, and restructuring expenses for the fiscal six months ended June 29, 2025 related to costs incurred under Our Vue Forward. Costs incurred under each of the initiatives primarily included employee-related costs and information technology and project-related costs. See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Condensed Consolidated Financial Statements included herein for additional information.
Read in the filing ↗ Also in 10-Q of Aug 7, 2025
Restructuring expenses were $33 million and $84 million for the fiscal three months ended September 27, 2026 and September 28, 2025, respectively, a decrease of $51 million. Restructuring expenses for the fiscal three months ended September 27, 2026 related to costs incurred under the 2026 Restructuring Initiative, and restructuring expenses for the fiscal three months ended September 28, 2025 related to costs incurred under Our Vue Forward. Costs incurred under each of the initiatives primarily included employee-related costs and information technology and project-related costs. See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Condensed Consolidated Financial Statements included herein for additional information.
Read in the filing ↗ Also in 10-Q of Nov 3, 2025
Restructuring expenses were $163 million and $204 million for the fiscal nine months ended September 27, 2026 and September 28, 2025, respectively, a decrease of $41 million. Restructuring expenses for the fiscal nine months ended September 27, 2026 related to costs incurred under the 2026 Restructuring Initiative, and restructuring expenses for the fiscal nine months ended September 28, 2025 related to costs incurred under Our Vue Forward. Costs incurred under each of the initiatives primarily included employee-related costs and information technology and project-related costs. See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Condensed Consolidated Financial Statements included herein for additional information.
Read in the filing ↗ Also in 10-Q of Nov 3, 2025
The following table summarizes the classification of pre-tax restructuring expenses and other charges incurred related to the 2026 Restructuring Initiative during the fiscal three months ended March 29, 2026:
Read in the filing ↗ Also in 10-K of Feb 24, 2025, 10-Q of May 7, 2026, 10-Q of Aug 6, 2026, 10-Q of Oct 30, 2026, 10-Q of Aug 6, 2026, 10-Q of Oct 30, 2026, 10-K of Feb 20, 2026, 10-Q of Aug 7, 2025, 10-Q of Nov 3, 2025
Restructuring expenses and operating model optimization initiatives include accelerated depreciation expense on assets related to the 2026 Restructuring Initiative for the fiscal three and six months ended June 28, 2026.
Read in the filing ↗ Also in 8-K of Oct 30, 2026
Fiscal Twelve Months Ended (Dollars in Millions) December 29, 2024 ─────────────────────────────────────────────────────────────────────────────────────────────────── Restructuring expenses $ 185 Cost of sales 27 Selling, general, and administrative expenses 9 Total pre-tax restructuring expenses and other charges $ 221
Read in the filing ↗
Fiscal Three Months Ended (Dollars in Millions) March 30, 2025 ───────────────────────────────────────────────────────────────────────────────────────────────── Restructuring expenses $ 60 Cost of sales 6 Selling, general, and administrative expenses 1 Total pre-tax restructuring expenses and other charges $ 67
Read in the filing ↗ Also in 10-Q of May 7, 2026
• The potential that the expected benefits and opportunities from the 2024 Multi-Year Restructuring Initiative (as defined in Note 19, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Consolidated Financial Statements included herein) or any other planned or completed restructuring, cost-saving, or other strategic initiative, acquisition, or divestiture may not be realized or may take longer to realize than expected;
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We may not fully realize the expected cost savings and/or operating efficiencies associated with our restructuring programs, including the 2024 Multi-Year Restructuring Initiative, or our strategic initiatives, which could adversely affect us.
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From time to time we implement restructuring or strategic initiatives intended to maintain long-term sustainable growth, such as the recently announced restructuring initiative (as described in Note 20, “Subsequent Events,” to the Consolidated Financial
Read in the filing ↗ Also in 10-K of Feb 24, 2025
• The potential that the expected benefits and opportunities from the 2026 Restructuring Initiative (as defined in Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Condensed Consolidated Financial Statements included herein) or any other planned or completed restructuring, cost-saving, or other strategic initiatives, acquisitions, or divestitures, including the Pending Transaction, may not be realized or may take longer to realize than expected;
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Oct 30, 2026
• The potential that the expected benefits and opportunities from our strategic review process, the 2024 Multi-Year Restructuring Initiative (as defined in Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Condensed Consolidated Financial Statements included herein) or any other planned or completed restructuring, cost-saving, or other strategic initiative, acquisition, or divestiture may not be realized or may take longer to realize than expected;
Read in the filing ↗ Also in 10-Q of Nov 3, 2025
Restructuring expenses were $290 million and $185 million for the fiscal twelve months ended December 28, 2025 and December 29, 2024, respectively, an increase of $105 million. Restructuring expenses relate to costs incurred under Our Vue Forward, and the increase was driven by higher information technology and project-related costs. See Note 19, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Consolidated Financial Statements included herein for additional information.
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As of the end of fiscal year 2025, the Company completed all actions under the 2024 Multi-Year Restructuring Initiative, and no additional costs will be incurred. The 2024 Multi-Year Restructuring Initiative resulted in pre-tax restructuring expenses and other charges totaling $ 556 million through the fiscal twelve months ended December 28, 2025. The Company will continue to make cash payments for restructuring expenses and other charges already incurred, with the majority of these payments anticipated to occur by the end of fiscal year 2026. These payments have been, and are expected to continue to be, funded primarily through cash flows generated from operations.
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Oct 30, 2026
The following table summarizes the pre-tax restructuring expenses and other charges incurred by cost type related to the 2024 Multi-Year Restructuring Initiative during the fiscal twelve months ended December 29, 2024 and inception to date through December 29, 2024:
Read in the filing ↗ Also in 10-Q of May 7, 2026, 10-Q of Aug 6, 2026, 10-Q of Oct 30, 2026, 10-K of Feb 20, 2026, 10-Q of Aug 7, 2025, 10-Q of Nov 3, 2025
Certain costs incurred associated with restructuring activities, including one-time termination benefits and employee-related costs, are accounted for in accordance with ASC 420, Exit or Disposal Cost Obligations. The Company recognizes a liability and the related expense for these restructuring costs when the liability is incurred and can be measured. In accordance with existing benefit arrangements, future employee termination costs to be incurred in conjunction with involuntary separations are accrued when such separations are probable and estimable. The related expense for these restructuring costs is recorded in the Restructuring expenses line item in the Consolidated Statements of Operations. Other charges are recorded in the Cost of sales or Selling, general, and administrative expenses line items in the Consolidated Statements of Operations, as applicable. Segment profit is based on Operating income and management excludes restructuring expenses and other charges in assessing segment financial performance.
Read in the filing ↗ Also in 10-K of Feb 20, 2026
As of the end of fiscal year 2025, the Company has substantially completed all actions under the 2024 Multi-Year Restructuring Initiative. The 2024 Multi-Year Restructuring Initiative resulted in pre-tax restructuring expenses and other charges totaling $ 556 million, consisting of information technology and project-related costs (approximately 56 %), employee-related costs (approximately 39 %), and other implementation costs (approximately 5 %) through the fiscal twelve months ended December 28, 2025. These charges have been, and are expected to continue to be, funded primarily through cash flows generated from operations.
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On February 17, 2026, the Company’s Board approved an initiative (the “2026 Restructuring Initiative”) that aims to optimize its operating model, transform its supply chain, reduce complexity, and drive operational efficiencies, while strengthening core capabilities. The initiative is expected to result in pre-tax restructuring expenses and other charges totaling approximately
Read in the filing ↗
On February 17, 2026, our Board approved an initiative (the “2026 Restructuring Initiative”) that aims to optimize our operating model, transform our supply chain, reduce complexity, and drive operational efficiencies, while strengthening core capabilities. See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Condensed Consolidated Financial Statements included herein for further information regarding ongoing and previously completed initiatives.
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Oct 30, 2026
As previously disclosed, on February 17, 2026, the Company’s Board of Directors approved an initiative (the “2026 Restructuring Initiative”) that aims to optimize its operating model, transform its supply chain, reduce complexity, and drive operational efficiencies, while strengthening core capabilities. The Initiative is expected to result in pre-tax restructuring expenses and other charges totaling approximately $250 million in fiscal year 2026.
Read in the filing ↗ Also in 8-K of Oct 30, 2026, 8-K of May 7, 2026
• The potential that the expected benefits and opportunities from our strategic review process, our recently announced restructuring initiative (as described in Note 20, “Subsequent Events,” to the Consolidated Financial Statements included herein), or any other planned or completed restructuring, cost-saving, or other strategic initiatives, acquisitions, or divestitures, including the Proposed Transaction, may not be realized or may take longer to realize than expected;
Read in the filing ↗
As part of our continued transformation to a fit-for-purpose consumer company, during the fiscal year 2024, we began strategic initiatives intended to enhance organizational efficiencies and better position us for future growth (“Our Vue Forward”). To further Our Vue Forward, on May 6, 2024, our Board approved a multi-year initiative (the “2024 Multi-Year Restructuring Initiative”) to build on our strengths, improve our underlying information technology infrastructure, and optimize our cost structure by rebalancing resources to better position us for future growth. The 2024 Multi-Year Restructuring Initiative primarily includes global workforce reductions, changes in management structure, and the transition to centralized shared-service functions in lower-cost locations. As of the end of fiscal year 2025, we have substantially completed all actions under the 2024 Multi-Year Restructuring Initiative. See Note 19, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Consolidated Financial Statements included herein for further information.
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The 2024 Multi-Year Restructuring Initiative is expected to result in pre-tax restructuring expenses and other charges totaling approximately $ 550 million, consisting of information technology and project-related costs (approximately 50 %), employee-related costs (approximately 40 %), and other implementation costs (approximately 10 %). These charges are expected to be funded primarily through cash flows generated from operations. The Company planned to incur approximately $ 275 million in pre-tax restructuring expenses and other charges in each of fiscal year 2024 and fiscal year 2025. The Company incurred lower than expected spend in fiscal year 2024 due to the shift in timing of certain information technology and project-related costs to fiscal year 2025.
Read in the filing ↗ Also in 10-Q of Aug 7, 2025
See Note 20, “Subsequent Events,” to the Consolidated Financial Statements included herein for information about our restructuring initiative approved by our Board on February 17, 2026.
Read in the filing ↗ Also in 10-K of Feb 20, 2026
On February 17, 2026, our Board approved the 2026 Restructuring Initiative which aims to optimize our operating model, transform our supply chain, reduce complexity, and drive operational efficiencies, while strengthening core capabilities. The initiative is expected to result in pre-tax restructuring expenses and other charges totaling approximately $250 million in fiscal year 2026. Over the life of the initiative, a majority of the pre-tax restructuring expenses and other charges are expected to be paid in cash and are expected to be funded primarily through cash flows generated from operations. We expect to realize annualized pre-tax gross cost savings of approximately $200 million upon completion of the program. Our estimates of the costs of the initiative and the expected benefits are preliminary estimates and are subject to a number of assumptions, including local law requirements in various jurisdictions. Actual charges may differ, possibly materially, from the estimates provided above. See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives,” to the Condensed Consolidated Financial Statements included herein for further information regarding ongoing and previously completed initiatives.
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Oct 30, 2026