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DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
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