DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2018

Major Component of Discontinued Operations, Net of Tax

The major components of Discontinued operations, net of tax presented in the Condensed Consolidated Statements of Operations are presented below. The results include the operations of the businesses sold up to the dates of sale.

	First Quarter
(In millions)	2018			2017
Sales	$	94		$	168
Cost of goods sold and occupancy costs		72			136
Operating expenses		17			27
Restructuring charges		—			1
Other income (expense), net		(2	)		1
Net (increase) reduction of loss on discontinued operations held for sale		(1	)		38
Net loss on sale of discontinued operations		1			—
Income tax expense (benefit)		(7	)		1
Discontinued operations, net of tax	$	8		$	42

Assets and liabilities of discontinued operations presented in the Condensed Consolidated Balance Sheets as of March 31, 2018, and December 30, 2017 are included in the following table. The sale of the business in Australia was completed in February 2018, and therefore the assets and liabilities of this business are not included in the March 31, 2018 period presented below.

(In millions)	March 31, 2018			December 30, 2017
Assets
Cash and cash equivalents	$	37		$	14
Receivables, net		26			64
Inventories		31			78
Prepaid expenses and other current assets		1			4
Property and equipment, net		14			31
Other assets		2			3
Valuation allowance		(13	)		(55	)
Current assets of discontinued operations	$	98		$	139
Liabilities
Trade accounts payable	$	15		$	38
Accrued expenses and other current liabilities		10			24
Deferred income taxes and other long-term liabilities		2			5
Current liabilities of discontinued operations	$	27		$	67