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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 29, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | The following table presents the major components of net income from discontinued operations included in the consolidated statements of income.
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in millions)
Sales | $ | 2,362 |  |  | $ | 3,337 |  |  | $ | 2,872 |
Cost of sales | 2,037 |  |  | 2,980 |  |  | 2,623 |
Gross profit | 325 |  |  | 357 |  |  | 250 |
Selling, general and administrative expenses | 151 |  |  | 164 |  |  | 144 |
Operating gains | (15) |  |  | (7) |  |  | (2) |
Operating profit | 188 |  |  | 199 |  |  | 108 |
Interest expense | 4 |  |  | 11 |  |  | 9 |
Non-operating losses | — |  |  | 3 |  |  | 2 |
Income from discontinued operations before income taxes | 184 |  |  | 185 |  |  | 97 |
Income tax on discontinued operations (1) | 13 |  |  | 30 |  |  | 27 |
Net income from discontinued operations | $ | 172 |  |  | $ | 155 |  |  | $ | 70 |
________________ (1)Income tax on discontinued operations for 2024 includes a $22 million income tax benefit recognized as a result of the carve-out of our European operations. The following tables present the carrying amounts of the major classes of assets and liabilities of the discontinued operations included in the consolidated balance sheets. Assets
| December 29, 2024 |  | December 31, 2023
Current assets: |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 61 |
Accounts receivable, net | — |  |  | 412 |
Inventories, net | — |  |  | 460 |
Prepaid expenses and other current assets | — |  |  | 25 |
Total current assets | — |  |  | 958 |
Property, plant and equipment, net | — |  |  | 911 |
Goodwill | — |  |  | 253 |
Intangible assets, net | — |  |  | 114 |
Other assets | — |  |  | 69 |
Total long-term assets | $ | — |  |  | $ | 1,347 |
Liabilities
| December 29, 2024 |  | December 31, 2023
Current liabilities: |  |  |
Accounts payable | $ | — |  |  | $ | 182 |
Current portion of long-term debt and finance lease obligations | — |  |  | 68 |
Accrued expenses and other current liabilities | — |  |  | 156 |
Total current liabilities | — |  |  | 406 |
Deferred income taxes, net | — |  |  | 30 |
Long-term debt and finance lease obligations | — |  |  | 8 |
Other liabilities | — |  |  | 48 |
Total long-term liabilities | $ | — |  |  | $ | 86 |

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