MERGER, RESTRUCTURING AND OTHER ACTIVITY (Tables)

6 Months Ended

Jun. 25, 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.

	Second Quarter						First Half
(In millions)	2022			2021			2022			2021
Merger and transaction related expenses
Transaction and integration	$	—		$	—			—			1
Total Merger and transaction related expenses		—			—			—			1
Restructuring expenses
Severance		(1	)		(2	)		(1	)		(1	)
Professional fees		—			—			—			—
Facility closure, contract termination, and other expenses, net		1			—			2			9
Total Restructuring expenses, net		—			(2	)		1			8
Other operating expenses
Professional fees		23			13			33			14
Total Other operating expenses		23			13			33			14
Total Merger, restructuring and other operating expenses, net	$	23		$	11		$	34		$	23

Facility Closure and Severance Costs

The activity in the merger, restructuring and other accruals in the first half 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			June 25,
(In millions)	2021		Incurred			Payments			2022
Termination benefits:
Maximize B2B Restructuring Plan		19		(1	)		—			18
Lease and contract obligations, accruals for facilities    closures and other costs:
Maximize B2B Restructuring Plan		6		2			(3	)		5
Comprehensive Business Review		1		—			—			1
Previously planned separation of consumer business		2		32			(18	)		16
Total	$	28	$	33		$	(21	)	$	40