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DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Sep. 24, 2016
Major Component of Discontinued Operations-Net of Tax, Assets and Liabilities of Discontinued Operations and Cash Flows from Discontinued Operations

The major components of Discontinued operations, net of tax presented in the Condensed Consolidated Statements of Operations include the following.

 

     Third Quarter      Year-to-Date  
(In millions)    2016      2015      2016      2015  

Sales

    $ 583       $ 644       $ 1,886       $ 2,046   

Cost of goods sold and occupancy costs

      462         495         1,489         1,565   

Operating expenses

      139         147         435         464   

Asset impairments

      90         —           90         —     

Restructuring charges

      —           31         10         70   

Interest income

      —           —           —           2   

Interest expense

      —           —           (4 )       (2 ) 

Other income (expense), net

      —           (1 )       (1 )       1   

Loss on classification as discontinued operations

      (304 )       —           (304 )       —     

Income tax expense (benefit)

      (126 )       6         (123 )       15   
  

 

 

     

 

 

     

 

 

     

 

 

  

Discontinued operations, net of tax

    $ (286 )     $ (36 )     $ (324 )     $ (67 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Assets and liabilities of discontinued operations presented in the Condensed Consolidated Balance Sheets as of September 24, 2016, and December 26, 2015 include the following.

 

(In millions)    September 24,
2016		      December 26,
2015		  

Assets

      

Cash and cash equivalents

    $ 142       $ 209   

Receivables, net

      375         420   

Inventories

      259         292   

Prepaid expenses and other current assets

      47         35   

Property and equipment, net

      33         —     

Other assets

      21         —     

Valuation allowance

      (297 )       —     
  

 

 

     

 

 

  

Current assets of discontinued operations

    $ 580       $ 956   
  

 

 

     

 

 

  

Property and equipment, net

      —           119   

Goodwill

      —           15   

Other assets

      —           39   
  

 

 

     

 

 

  

Non-current assets of discontinued operations

    $ —         $ 173   
  

 

 

     

 

 

  

Liabilities

      

Trade accounts payable

    $ 235       $ 331   

Accrued expenses and other current liabilities

      228         282   

Income taxes payable

      6         4   

Short-term borrowings and current maturities of long-term debt

      10         5   

Deferred income taxes and other long-term liabilities

      35         —     

Long-term debt, net of current maturities

      5         —     
  

 

 

     

 

 

  

Current liabilities of discontinued operations

    $ 519       $ 622   
  

 

 

     

 

 

  

Deferred income taxes and other long-term liabilities

      —           40   

Long-term debt, net of current maturities

      —           6   
  

 

 

     

 

 

  

Non-current liabilities of discontinued operations

    $ —         $ 46   
  

 

 

     

 

 

  

Cash flows from discontinued operations for the year-to-date periods ended September 24, 2016 and September 26, 2015 include the following.

 

     Year-to-Date  
(In millions)    September 24,
2016		      September 26,
2015		  

Depreciation and amortization

    $ 19       $ 23   

Capital expenditures

    $ 6       $ 15