MERGER AND RESTRUCTURING ACTIVITY (Tables)

9 Months Ended

Sep. 26, 2020

Summary of Major Components of Merger and Restructuring Expenses, Net

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

	Third Quarter				Year-to-Date
(In millions)	2020		2019		2020		2019
Merger and transaction related expenses
Severance and retention	$	—	$	—	$	—	$	1
Transaction and integration		3		6		17		18
Total Merger and transaction related expenses		3		6		17		19
Restructuring expenses
Severance		1		—		43		40
Professional fees		10		12		21		31
Facility closure, contract termination, and other expenses, net		12		4		26		15
Total Restructuring expenses		23		16		90		86
Total Merger and restructuring expenses, net	$	26	$	22	$	107	$	105

Facility Closure and Severance Costs

The activity in the merger and restructuring accruals year-to-date 2020 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 28,		Charges			Cash			September 26,
(In millions)	2019		Incurred			Payments			2020
Termination benefits:
Merger-related accruals	$	1	$	1		$	(1	)	$	1
Maximize B2B Restructuring Plan		—		38			(7	)		31
Business Acceleration Program		13		(1	)		(5	)		7
Lease and contract obligations, accruals for facilities closures and other costs:
Merger-related accruals		—		2			(1	)		1
Maximize B2B Restructuring Plan		—		16			(8	)		8
Business Acceleration Program		5		21			(22	)		4
Comprehensive Business Review		3		—			(1	)		2
Total	$	22	$	77		$	(45	)	$	54