MERGER, RESTRUCTURING AND OTHER ACTIVITY (Tables)

3 Months Ended

Mar. 26, 2022

Merger Restructuring And Other Activity [Abstract]

Summary of Major Components of Merger, Restructuring and Other Operating Expenses, Net

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

	First Quarter
(In millions)	2022		2021
Merger and transaction related expenses
Transaction and integration	$	—	$	1
Total Merger and transaction related expenses		—		1
Restructuring expenses
Severance		—		1
Professional fees		—		1
Facility closure, contract termination, and other expenses, net		1		9
Total Restructuring expenses, net		1		11
Other operating expenses
Professional fees		9		1
Total Other operating expenses		9		1
Total Merger, restructuring and other operating expenses, net	$	10	$	13

Facility Closure and Severance Costs

The activity in the merger, restructuring and other accruals in the first quarter of 2022 is presented in the table below. Certain merger, restructuring and other 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 25,		Charges (credits)		Cash			March 26,
(In millions)	2021		Incurred		Payments			2022
Termination benefits:
Maximize B2B Restructuring Plan		19		—		—			19
Lease and contract obligations, accruals for facilities    closures and other costs:
Maximize B2B Restructuring Plan		6		1		(2	)		5
Comprehensive Business Review		1		—		—			1
Planned separation of consumer business		2		9		(5	)		6
Total	$	28	$	10	$	(7	)	$	31