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QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 29, 2018
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 19. QUARTERLY FINANCIAL DATA (UNAUDITED)
(In millions, except per share amounts) |  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Fiscal Year Ended December 29, 2018* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,830 |  |  | $ | 2,628 |  |  | $ | 2,887 |  |  | $ | 2,670 |
Gross profit |  |  | 667 |  |  |  | 596 |  |  |  | 686 |  |  |  | 602 |
Operating income (1) |  |  | 77 |  |  |  | 48 |  |  |  | 105 |  |  |  | 24 |
Net income (loss) from continuing operations (2) |  |  | 33 |  |  |  | 19 |  |  |  | 60 |  |  |  | (14 | )
Discontinued operations, net of tax |  |  | 8 |  |  |  | (3 | ) |  |  | — |  |  |  | — |
Net income (loss) |  |  | 41 |  |  |  | 16 |  |  |  | 60 |  |  |  | (14 | )
Basic earnings (loss) per share (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.06 |  |  | $ | 0.03 |  |  | $ | 0.11 |  |  | $ | (0.02 | )
Discontinued operations |  | $ | 0.01 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net basic earnings per share |  | $ | 0.07 |  |  | $ | 0.03 |  |  | $ | 0.11 |  |  | $ | (0.02 | )
Diluted earnings (loss) per share (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.06 |  |  | $ | 0.03 |  |  | $ | 0.11 |  |  | $ | (0.02 | )
Discontinued operations |  | $ | 0.01 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net diluted earnings per share |  | $ | 0.07 |  |  | $ | 0.03 |  |  | $ | 0.11 |  |  | $ | (0.02 | )
* | Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.
(1) | Includes Merger and restructuring expenses, net totaling $17 million, $14 million, $14 million and $27 million in the first, second, third and fourth quarters of 2018, respectively. The fourth quarter of 2018 also includes asset impairments of $7 million and a legal expense of $25 million. Refer to Note 17 for additional information on the legal expense.
(2) | Includes a loss on debt modification of $15 million and a tax benefit of $4 million due to a book-to-tax basis difference related to the sale of Clearpath Holdings, LLC in the fourth quarter of 2018.
(3) | The sum of the quarterly earnings per share does not equal the annual earnings per share due to differences in quarterly and annual weighted-average shares outstanding.
(In millions, except per share amounts) |  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter (4) |
Fiscal Year Ended December 30, 2017* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,676 |  |  | $ | 2,363 |  |  | $ | 2,620 |  |  | $ | 2,581 |
Gross profit |  |  | 675 |  |  |  | 545 |  |  |  | 633 |  |  |  | 607 |
Operating income (5)(6) |  |  | 124 |  |  |  | 41 |  |  |  | 105 |  |  |  | 56 |
Net income (loss) from continuing operations (7) |  |  | 74 |  |  |  | 21 |  |  |  | 98 |  |  |  | (48 | )
Discontinued operations, net of tax |  |  | 42 |  |  |  | 3 |  |  |  | (6 | ) |  |  | (4 | )
Net income (loss) |  |  | 116 |  |  |  | 24 |  |  |  | 92 |  |  |  | (52 | )
Basic earnings (loss) per share (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.14 |  |  | $ | 0.04 |  |  | $ | 0.19 |  |  | $ | (0.09 | )
Discontinued operations |  | $ | 0.08 |  |  | $ | 0.01 |  |  | $ | (0.01 | ) |  | $ | (0.01 | )
Net basic earnings per share |  | $ | 0.22 |  |  | $ | 0.05 |  |  | $ | 0.18 |  |  | $ | (0.10 | )
Diluted earnings (loss) per share (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.14 |  |  | $ | 0.04 |  |  | $ | 0.19 |  |  | $ | (0.09 | )
Discontinued operations |  | $ | 0.08 |  |  | $ | 0.01 |  |  | $ | (0.01 | ) |  | $ | (0.01 | )
Net diluted earnings per share |  | $ | 0.22 |  |  | $ | 0.05 |  |  | $ | 0.17 |  |  | $ | (0.10 | )
* | Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.
(4) | Includes $205 million of incremental sales from acquisitions in the fourth quarter of 2017.
(5) | Includes Merger and restructuring expenses, net totaling $20 million, $20 million, $22 million and $32 million in the first, second, third and fourth quarters of 2017, respectively. The second and fourth quarters of 2017 also include asset impairments of $1 million and $3 million, respectively.
(6) | Reflects the reclassification of $3 million, $5 million, $3 million and $3 million in the first, second, third and fourth quarters of 2017, respectively, from Selling, general and administrative expenses to Other income, net associated with the retrospective adoption of a 2018 accounting standard affecting the presentation of defined benefit plan expenses. Refer to Note 1 for additional information.
(7) | The third quarter of 2017 includes a non-cash tax benefit of approximately $37 million from the release of valuation allowances on deferred tax assets. The fourth quarter includes $18 million of net loss from businesses acquired in 2017.
(8) | The sum of the quarterly earnings per share does not equal the annual earnings per share due to differences in quarterly and annual weighted-average shares outstanding.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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