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DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Apr. 01, 2017
Major Component of Discontinued Operations, Net of Tax

The major components of Discontinued operations, net of tax presented in the Condensed Consolidated Statements of Operations for the first quarter of 2017 and 2016 include the following.

 

     First Quarter  
(In millions)    2017      2016  

Sales

    $ 168      $ 668  

Cost of goods sold and occupancy costs

      136        527  

Operating expenses

      27        150  

Restructuring charges

      1        5  

Other income, net

      1        —    

Net reduction of loss on discontinued operations

      38        —    

Income tax expense

      1        2  
  

 

 

     

 

 

  

Discontinued operations, net of tax

    $ 42      $ (16 ) 
  

 

 

     

 

 

  

Assets and liabilities of discontinued operations presented in the Condensed Consolidated Balance Sheets as of April 1, 2017 and December 31, 2016 are included in the following table. As the sale of the OD European Business was completed before year end 2016, the assets and liabilities of that business are not included in either period presented below.

 

(In millions)    April 1,
2017		      December 31,
2016		  

Assets

      

Cash and cash equivalents

    $ 58      $ 44  

Receivables, net

      88        88  

Inventories

      63        82  

Prepaid expenses and other current assets

      2        4  

Property and equipment, net

      32        31  

Other assets

      7        6  

Valuation allowance

      (67 )       (113 ) 
  

 

 

     

 

 

  

Current assets of discontinued operations

    $ 183      $ 142  
  

 

 

     

 

 

  

Liabilities

      

Trade accounts payable

    $ 49      $ 60  

Accrued expenses and other current liabilities

      28        27  

Income taxes payable

      1        2  

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

      9        9  

Deferred income taxes and other long-term liabilities

      5        6  
  

 

 

     

 

 

  

Current liabilities of discontinued operations

    $ 92      $ 104