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DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Sep. 28, 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.

 

 

Third Quarter

 

 

Year-to-Date

 

(In millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Major components of discontinued operations before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

2

 

 

$

2

 

 

$

5

 

 

$

5

 

Cost of goods and occupancy costs:

 

 

—

 

 

 

1

 

 

 

—

 

 

 

2

 

Gross profit

 

 

2

 

 

 

1

 

 

 

5

 

 

 

3

 

Selling, general and administrative expenses

 

 

8

 

 

 

18

 

 

 

34

 

 

 

50

 

Merger and restructuring expenses, net

 

 

—

 

 

 

—

 

 

 

8

 

 

 

—

 

Operating loss

 

 

(6

)

 

 

(17

)

 

 

(37

)

 

 

(47

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from major components of discontinued operations before income taxes

 

 

(6

)

 

 

(17

)

 

 

(37

)

 

 

(47

)

Loss on disposal of discontinued operations

 

 

(4

)

 

 

—

 

 

 

(81

)

 

 

—

 

Loss from discontinued operations before income taxes

 

 

(10

)

 

 

(17

)

 

 

(118

)

 

 

(47

)

Income tax expense (benefit)

 

 

—

 

 

 

(5

)

 

 

(23

)

 

 

(15

)

Discontinued operations, net of tax

 

$

(10

)

 

$

(12

)

 

$

(95

)

 

$

(32

)

 

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 September 28, 2024 and December 30, 2023.

 

 

September 28,

 

 

December 30,

 

(In millions)

 

2024

 

 

2023

 

Major classes of assets included in discontinued operations:

 

 

 

 

 

 

Cash and cash equivalents

 

$

11

 

 

$

10

 

Receivables, net

 

 

2

 

 

 

2

 

Deferred tax assets

 

 

11

 

 

 

—

 

Property and equipment, net

 

 

63

 

 

 

62

 

Less: valuation allowance

 

 

(81

)

 

 

 

Total assets of the disposal group classified as held for sale

 

$

6

 

 

$

74

 

Major classes of liabilities included in discontinued operations:

 

 

 

 

 

 

Trade accounts payable

 

$

1

 

 

$

—

 

Accrued expenses and other current liabilities

 

 

5

 

 

 

8

 

Deferred income taxes and other long-term liabilities

 

 

—

 

 

 

4

 

Total liabilities of the disposal group classified as held for sale

 

$

6

 

 

$

12