XML 31 R23.htm IDEA: XBRL DOCUMENT

MERGER AND RESTRUCTURING ACTIVITY (Tables)

6 Months Ended

Jun. 29, 2024

Merger Restructuring And Other Activity [Abstract]

Summary of Major Components of Merger, Restructuring and Other Operating Expenses, Net

The table below summarizes the major components of Merger and restructuring expenses, net.


		Second Quarter								First Half
(In millions)		2024				2023				2024				2023
Merger and transaction related expenses
Transaction and integration		$	—			$	—			$	—			$	—
Total Merger and transaction related expenses			—				—				—				—
Restructuring expenses
Severance			15				—				26				—
Professional fees			8				—				14				—
Facility closure, contract termination, and other expenses, net			2				1				5				1
Total Restructuring expenses, net			25				1				45				1
Total Merger and restructuring expenses, net		$	25			$	1			$	45			$	1

Facility Closure and Severance Costs

The activity in the merger and restructuring accruals the first half of 2024 is presented in the table below. Certain merger and restructuring charges are excluded from the table because they are paid as incurred or non-cash, such as accelerated depreciation and gains and losses on asset dispositions.


		Balance as of												Balance as of
		December 30,				Charges (credits)				Cash				June 29,
(In millions)		2023				Incurred				Payments				2024
Termination benefits:
Project Core		$	—			$	26			$	(11	)		$	15
Maximize B2B Restructuring Plan			2				—				(1	)			1
Lease and contract obligations, accruals for facilities closures and other costs:
Project Core			—				14				(12	)			2
Maximize B2B Restructuring Plan			3				3				(3	)			3
Comprehensive Business Review			1				(1	)			—				—
Total		$	6			$	42			$	(27	)		$	21

Substantially all of these liabilities are