XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 7. PROPERTY AND EQUIPMENT

Property and equipment consists of:

 

 

 

December 30,

 

 

December 31,

 

(In millions)

 

2023

 

 

2022

 

Land

 

$

18

 

 

$

30

 

Buildings

 

 

68

 

 

 

79

 

Computer software

 

 

796

 

 

 

764

 

Leasehold improvements

 

 

572

 

 

 

565

 

Furniture, fixtures and equipment

 

 

761

 

 

 

753

 

Construction in progress

 

 

22

 

 

 

17

 

 

 

 

2,237

 

 

 

2,208

 

Less accumulated depreciation

 

 

(1,878

)

 

 

(1,856

)

Total

 

$

359

 

 

$

352

 

 

The above table of property and equipment includes assets held under finance leases as follows:

 

 

 

December 30,

 

 

December 31,

 

(In millions)

 

2023

 

 

2022

 

Buildings

 

$

7

 

 

$

11

 

Furniture, fixtures and equipment

 

 

143

 

 

 

143

 

 

 

 

150

 

 

 

154

 

Less accumulated depreciation

 

 

(125

)

 

 

(125

)

Total

 

$

25

 

 

$

29

 

Depreciation expense was $60 million in 2023, $75 million in 2022 and $88 million in 2021.

Included in computer software and construction in progress above are capitalized software costs of $814 million and $773 million at December 30, 2023 and December 31, 2022, respectively. The unamortized amounts of the capitalized software costs are $181 million and $145 million at December 30, 2023 and December 31, 2022, respectively. Amortization of capitalized software costs totaled $50 million, $47 million and $49 million in 2023, 2022 and 2021, respectively. Software development costs that do not meet the criteria for capitalization are expensed as incurred.

Estimated future amortization expense related to capitalized software at December 30, 2023 is as follows:

 

(In millions)

 

2024

 

$

53

 

2025

 

 

48

 

2026

 

 

39

 

2027

 

 

26

 

2028

 

 

12

 

Thereafter

 

 

3

 

The weighted average remaining amortization period for capitalized software is 4 years.

Assets Held for Sale

The Company’s assets held for sale as of December 30, 2023 consisted of a $6 million land asset.

The Company’s corporate headquarters in Boca Raton met the criteria to be classified as held for sale during the third quarter of 2022. The asset was measured at the lower of its carrying amount or estimated fair value less costs to sell upon classification to held for sale, which was $104 million, and did not result in any valuation reserve being recorded. Accordingly, the Company presented its corporate headquarters in Boca Raton within current assets held for sale in the Consolidated Balance Sheets as of December 31, 2022. The Company had entered into an agreement in principle with a third-party buyer to sell this facility. The sales transaction was completed on April 6, 2023, for a sale price of $104 million. As a result, there were no gains or losses recorded as a result of the sales transaction in 2023. Upon the completion of the sale, the Company also leased back a portion of the building’s office space from the new owner.