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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Jun. 29, 2024
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, as presented in the Condensed Consolidated Statements of Operations.
|  | Second Quarter |  |  | First Half |
(In millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Major components of discontinued operations before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 4 |
Cost of goods and occupancy costs: |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 2 |
Gross profit |  |  | 2 |  |  |  | 1 |  |  |  | 3 |  |  |  | 2 |
Selling, general and administrative expenses |  |  | 11 |  |  |  | 14 |  |  |  | 26 |  |  |  | 32 |
Merger and restructuring expenses, net |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | — |
Operating loss |  |  | (9 | ) |  |  | (13 | ) |  |  | (31 | ) |  |  | (30 | )
Loss from major components of discontinued operations before income taxes |  |  | (9 | ) |  |  | (13 | ) |  |  | (31 | ) |  |  | (30 | )
Loss on disposal of discontinued operations |  |  | (77 | ) |  |  | — |  |  |  | (77 | ) |  |  | — |
Loss from discontinued operations before income taxes |  |  | (86 | ) |  |  | (13 | ) |  |  | (108 | ) |  |  | (30 | )
Income tax benefit |  |  | (17 | ) |  |  | (4 | ) |  |  | (23 | ) |  |  | (10 | )
Discontinued operations, net of tax |  | $ | (69 | ) |  | $ | (9 | ) |  | $ | (85 | ) |  | $ | (20 | )
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 June 29, 2024 and December 30, 2023.
|  | June 29, |  |  | December 30, |
(In millions) |  | 2024 |  |  | 2023 |
Major classes of assets included in discontinued operations: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10 |  |  | $ | 10 |
Receivables, net |  |  | 1 |  |  |  | 2 |
Deferred tax assets |  |  | 13 |  |  |  | — |
Property and equipment, net |  |  | 61 |  |  |  | 62 |
Less: valuation allowance |  |  | (77 | ) |  |  |
Total assets of the disposal group classified as held for sale |  | $ | 8 |  |  | $ | 74 |
Major classes of liabilities included in discontinued operations: |  |  |  |  |  |
Accrued expenses and other current liabilities |  | $ | 5 |  |  | $ | 8 |
Deferred income taxes and other long-term liabilities |  |  | 3 |  |  |  | 4 |
Total liabilities of the disposal group classified as held for sale |  | $ | 8 |  |  | $ | 12 |

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