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INCOME TAXES (Tables)

12 Months Ended

Dec. 27, 2014

Schedule of Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes consisted of the following:

(In millions)		2014				2013				2012
United States		$	(264	)		$	(230	)		$	(129	)
Foreign			(76	)			357				54
Total income (loss) before income taxes		$	(340	)		$	127			$	(75	)

Schedule of Income Tax Expense Related To Income (Loss) From Operations

The income tax expense related to income (loss) from operations consisted of the following:

(In millions)		2014				2013				2012
Current:
Federal		$	(2	)		$	15			$	(14	)
State			(1	)			5				1
Foreign			15				125				14
Deferred :
Federal			—				(4	)			(5	)
State			3				(1	)			—
Foreign			(3	)			7				6
Total income tax expense		$	12			$	147			$	2

Reconciliation Of Income Taxes At The Federal Statutory Rate To The Provision For Income Taxes

The following is a reconciliation of income taxes at the U.S. Federal statutory rate to the provision for income taxes:

(In millions)		2014				2013				2012
Federal tax computed at the statutory rate		$	(119	)		$	44			$	(26	)
State taxes, net of Federal benefit			4				3				1
Foreign income taxed at rates other than Federal			(10	)			(28	)			(15	)
Increase (decrease) in valuation allowance			112				8				(9	)
Non-deductible goodwill impairment			—				15				—
Non-deductible Merger expenses			—				13				—
Non-deductible foreign interest			13				8				10
Other non-deductible expenses			12				4				3
Change in unrecognized tax benefits			(2	)			—				1
Tax expense from intercompany transactions			2				2				2
Subpart F and dividend income, net of foreign tax credits			2				75				—
Change in tax rate			—				2				2
Non-taxable return of purchase price			—				—				(22	)
Deferred taxes on undistributed foreign earnings			—				5				68
Tax accounting method change ruling			—				—				(16	)
Other items, net			(2	)			(4	)			3
Income tax expense		$	12			$	147			$	2

Schedule of Components Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities consisted of the following:

(In millions)		December 27, 2014				December 28, 2013
U.S. and foreign net operating loss carryforwards		$	322			$	314
Deferred rent credit			80				97
Pension and other accrued compensation			184				170
Accruals for facility closings			45				38
Inventory			23				25
Self-insurance accruals			33				33
Deferred revenue			39				34
U.S. and foreign income tax credit carryforwards			246				234
Allowance for bad debts			5				8
Accrued expenses			80				60
Basis difference in fixed assets			59				15
Other items, net			8				6
Gross deferred tax assets			1,124				1,034
Valuation allowance			(804	)			(683	)
Deferred tax assets			320				351
Internal software			8				22
Installment gain on sale of timberlands			251				258
Deferred Subpart F income			27				23
Undistributed foreign earnings			2				12
Deferred tax liabilities			288				315
Net deferred tax assets		$	32			$	36

Deferred Tax Assets And Liabilities Classified In Balance Sheet

For financial reporting purposes, a jurisdictional netting process is applied to deferred tax assets and deferred tax liabilities, resulting in the balance sheet classification shown below.

(In millions)		December 27, 2014				December 28, 2013
Deferred tax assets:
Included in Prepaid and other current assets		$	87			$	114
Deferred income taxes — noncurrent			32				35
Deferred tax liabilities:
Included in Accrued expenses and other current liabilities			3				3
Included in Deferred income taxes and other long-term liabilities			84				110
Net deferred tax asset		$	32			$	36

Summary of Valuation Allowances

The following summarizes the activity related to valuation allowances for deferred tax assets:

(In millions)		2014				2013				2012
Beginning balance		$	683			$	583			$	622
Additions, charged to expense			121				26				—
Additions, due to the Merger			—				84				—
Deductions			—				(10	)			(39	)
Ending balance		$	804			$	683			$	583

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to unrecognized tax benefits:

(In millions)		2014				2013				2012
Beginning balance		$	15			$	5			$	7
Increase related to current year tax positions			7				4				—
Increase related to prior year tax positions			4				—				3
Decrease related to prior year tax positions			(2	)			—				(1	)
Decrease related to lapse of statute of limitations			—				—				—
Decrease related to settlements with taxing authorities			(1	)			—				(4	)
Increase related to the Merger			—				6				—
Ending balance		$	23			$	15			$	5

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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