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DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 25, 2021
Discontinued Operations And Disposal Groups [Abstract]  
Major Component of Discontinued Operations, Net of Tax and Major Classes of Assets and Liabilities of Disposal Group Classified as Held for Sale

The following table represents a reconciliation of the major components of Discontinued operations, net of tax presented in the Consolidated Statements of Operations.

 

(In millions)

 

2021

 

 

2020

 

 

2019

 

Major components of discontinued operations before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

802

 

 

$

838

 

 

$

980

 

Cost of goods and occupancy costs

 

 

645

 

 

 

657

 

 

 

771

 

Gross profit

 

 

157

 

 

 

181

 

 

 

209

 

Selling, general and administrative expenses

 

 

152

 

 

 

171

 

 

 

212

 

Asset impairments

 

 

252

 

 

 

248

 

 

 

—

 

Merger, restructuring and other operating expenses, net

 

 

(2

)

 

 

20

 

 

 

30

 

Operating loss

 

 

(245

)

 

 

(258

)

 

 

(33

)

Other income (expense), net

 

 

(1

)

 

 

1

 

 

 

—

 

Loss from major components of discontinued operations before income taxes

 

 

(246

)

 

 

(257

)

 

 

(33

)

Loss from classification to held for sale

 

 

(170

)

 

 

—

 

 

 

—

 

Loss from discontinued operations before income taxes

 

 

(416

)

 

 

(257

)

 

 

(33

)

Income tax benefit

 

 

(21

)

 

 

(1

)

 

 

(5

)

Discontinued operations, net of tax

 

$

(395

)

 

$

(256

)

 

$

(28

)

The following table represents the major classes of assets and liabilities of the disposal group classified as held for sale presented in the Consolidated Balance Sheets as of December 25, 2021 and December 26, 2020.

 

 

 

December 25,

 

 

December 26,

 

(In millions)

 

2021

 

 

2020

 

Major classes of assets included in discontinued operations:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

23

 

 

$

—

 

Receivables, net

 

 

221

 

 

 

189

 

Inventories

 

 

20

 

 

 

14

 

Prepaid expenses and other current assets

 

 

15

 

 

 

16

 

Total current assets

 

 

 

 

 

 

219

 

Property and equipment, net

 

 

25

 

 

 

26

 

Operating lease right-of-use assets

 

 

66

 

 

 

62

 

Goodwill

 

 

—

 

 

 

214

 

Other intangible assets, net

 

 

255

 

 

 

301

 

Other assets

 

 

14

 

 

 

19

 

Total noncurrent assets

 

 

 

 

 

 

622

 

Less: valuation allowance

 

 

(170

)

 

 

 

 

Total assets of the disposal group classified as held for sale

 

$

469

 

 

$

841

 

Major classes of liabilities included in discontinued operations:

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

83

 

 

$

62

 

Accrued expenses and other current liabilities

 

 

86

 

 

 

90

 

Total current liabilities

 

 

 

 

 

 

152

 

Deferred income taxes and other long-term liabilities

 

 

75

 

 

 

82

 

Operating lease liabilities

 

 

46

 

 

 

56

 

Total noncurrent liabilities

 

 

 

 

 

 

138

 

Total liabilities of the disposal group classified as held for sale

 

$

290

 

 

$

290