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QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 25, 2021
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Quarterly Financial Data |
(In millions, except per share amounts) |  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Fiscal Year Ended December 25, 2021* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,174 |  |  | $ | 2,070 |  |  | $ | 2,179 |  |  | $ | 2,042 |
Gross profit |  |  | 495 |  |  |  | 432 |  |  |  | 504 |  |  |  | 432 |
Operating income (1) |  |  | 69 |  |  |  | 30 |  |  |  | 104 |  |  |  | 31 |
Net income from continuing operations |  |  | 63 |  |  |  | 20 |  |  |  | 73 |  |  |  | 32 |
Discontinued operations, net of tax |  |  | (10 | ) |  |  | (108 | ) |  |  | 28 |  |  |  | (306 | )
Net income (loss) |  |  | 53 |  |  |  | (88 | ) |  |  | 101 |  |  |  | (274 | )
Basic earnings (loss) per share (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1.17 |  |  | $ | 0.36 |  |  | $ | 1.38 |  |  | $ | 0.63 |
Discontinued operations |  |  | (0.18 | ) |  |  | (1.98 | ) |  |  | 0.54 |  |  |  | (6.07 | )
Net basic earnings (loss) per share |  | $ | 0.99 |  |  | $ | (1.62 | ) |  | $ | 1.92 |  |  | $ | (5.44 | )
Diluted earnings (loss) per share (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1.12 |  |  | $ | 0.35 |  |  | $ | 1.33 |  |  | $ | 0.61 |
Discontinued operations |  |  | (0.17 | ) |  |  | (1.93 | ) |  |  | 0.52 |  |  |  | (5.87 | )
Net diluted earnings (loss) per share |  | $ | 0.95 |  |  | $ | (1.58 | ) |  | $ | 1.85 |  |  | $ | (5.26 | )
* | Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.
(1) | Includes Merger, restructuring and other operating expenses, net totaling $13 million, $11 million, $13 million and $14 million in the first, second, third and fourth quarters of 2021, respectively. The first, second, third and fourth quarters of 2021 also include asset impairments of $12 million, $1 million, $5 million and $2 million, respectively.
(2) |
| The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) 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 |
Fiscal Year Ended December 26, 2020* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,493 |  |  | $ | 1,947 |  |  | $ | 2,347 |  |  | $ | 2,085 |
Gross profit |  |  | 582 |  |  |  | 372 |  |  |  | 547 |  |  |  | 451 |
Operating income (loss) (3) |  |  | 83 |  |  |  | (198 | ) |  |  | 102 |  |  |  | 20 |
Net income (loss) from continuing operations |  |  | 48 |  |  |  | (176 | ) |  |  | 34 |  |  |  | 31 |
Discontinued operations, net of tax |  |  | (3 | ) |  |  | (263 | ) |  |  | 23 |  |  |  | (13 | )
Net income (loss) |  |  | 45 |  |  |  | (439 | ) |  |  | 57 |  |  |  | 18 |
Basic earnings (loss) per share (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.90 |  |  | $ | (3.34 | ) |  | $ | 0.64 |  |  | $ | 0.59 |
Discontinued operations |  |  | (0.04 | ) |  |  | (5.00 | ) |  |  | 0.43 |  |  |  | (0.24 | )
Net basic earnings (loss) per share |  | $ | 0.86 |  |  | $ | (8.34 | ) |  | $ | 1.07 |  |  | $ | 0.35 |
Diluted earnings (loss) per share (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.88 |  |  | $ | (3.34 | ) |  | $ | 0.63 |  |  | $ | 0.57 |
Discontinued operations |  |  | (0.04 | ) |  |  | (5.00 | ) |  |  | 0.41 |  |  |  | (0.23 | )
Net diluted earnings (loss) per share |  | $ | 0.84 |  |  | $ | (8.34 | ) |  | $ | 1.04 |  |  | $ | 0.34 |
* | Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.
(3) | Includes Merger, restructuring and other operating expenses, net totaling $12 million, $53 million, $24 million and $13 million in the first, second, third and fourth quarters of 2020, respectively. The first, second, third and fourth quarters of 2020 also include asset impairments of $12 million, $153 million, $10 million and $8 million, respectively.
(4) | The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) per share due to differences in quarterly and annual weighted-average shares outstanding. As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=124502072&loc=d3e1280-108306 + Details
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