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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Jun. 25, 2022
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 Condensed Consolidated Statements of Operations.
|  | Second Quarter |  |  | First Half |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Major components of discontinued operations before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | — |  |  | $ | 216 |  |  | $ | — |  |  | $ | 408 |
Cost of goods and occupancy costs: |  |  | — |  |  |  | 176 |  |  |  | — |  |  |  | 329 |
Gross profit |  |  | — |  |  |  | 40 |  |  |  | — |  |  |  | 79 |
Selling, general and administrative expenses |  |  | — |  |  |  | 38 |  |  |  | — |  |  |  | 89 |
Asset impairments |  |  |  |  |  |  | 114 |  |  |  | — |  |  |  | 114 |
Merger, restructuring and other operating expenses, net |  |  | — |  |  |  | (4 | ) |  |  | — |  |  |  | (3 | )
Operating loss |  |  | — |  |  |  | (108 | ) |  |  | — |  |  |  | (121 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss from major components of discontinued operations before income taxes |  |  | — |  |  |  | (108 | ) |  |  | — |  |  |  | (121 | )
Gain (loss) on disposal of discontinued operations |  |  | 7 |  |  |  | — |  |  |  | 6 |  |  |  | — |
Income (loss) from discontinued operations before income taxes |  |  | 7 |  |  |  | (108 | ) |  |  | 6 |  |  |  | (121 | )
Income tax benefit |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (4 | )
Discontinued operations, net of tax |  | $ | 7 |  |  | $ | (108 | ) |  | $ | 7 |  |  | $ | (117 | )
The following table represents the major classes of assets and liabilities of the disposal group classified as held for sale presented in the Condensed Consolidated Balance Sheets as of December 25, 2021. The Company completed the sale of CompuCom on December 31, 2021, and therefore no assets or liabilities are included in discontinued operations as of June 25, 2022.
|  | December 25, |
(In millions) |  | 2021 |
Major classes of assets included in discontinued operations: |  |  |  |
Cash and cash equivalents |  | $ | 23 |
Receivables, net |  |  | 221 |
Inventories |  |  | 20 |
Prepaid expenses and other current assets |  |  | 15 |
Property and equipment, net |  |  | 25 |
Operating lease right-of-use assets |  |  | 66 |
Other intangible assets, net |  |  | 255 |
Other assets |  |  | 14 |
Less: valuation allowance |  |  | (170 | )
Total assets of the disposal group classified as held for sale |  | $ | 469 |
Major classes of liabilities included in discontinued operations: |  |  |  |
Trade accounts payable |  | $ | 83 |
Accrued expenses and other current liabilities |  |  | 86 |
Deferred income taxes and other long-term liabilities |  |  | 75 |
Operating lease liabilities |  |  | 46 |
Total liabilities of the disposal group classified as held for sale |  | $ | 290 |

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