Asset Impairments, Exit Costs And Other Charges

9 Months Ended

Sep. 24, 2011

Asset Impairments, Exit Costs And Other Charges [Abstract]

Asset Impairments, Exit Costs And Other Charges

Note B – Asset Impairments, Exit Costs and Other Charges

The company has been adversely affected by the downturn in the global economy in recent years and has taken actions to adapt to the changing and increasingly competitive conditions including closing stores and distribution centers ("DCs"), consolidating functional activities and disposing of businesses and assets. Exit costs related to these activities recognized during the year-to-date 2011 totaled approximately $25 million. Of this amount, approximately $17 million is included in Store and warehouse operating and selling expenses and approximately $8 million is included in General and administrative expenses on the Condensed Consolidated Statement of Operations.

Exit cost accruals related to prior and current actions are as follows:

(Dollars in millions)	Balance at December 25, 2010		Charges Incurred		Cash Payments		Currency and Other Adjustments		Balance at September 24, 2011
Termination benefits	$	4	$	13	$	(12)	$	—	$	5
Lease, contract, and other costs		113		22		(42)		5		98
Total	$	117	$	35	$	(54)	$	5	$	103

The charges of $35 million recognized during the year-to-date 2011 include approximately $10 million of accretion, adjustments and settlements of lease obligations from facilities closed in prior years.