XML 31 R15.htm IDEA: XBRL DOCUMENT v3.22.4
PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 31, 2022
Property Plant And Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 6. PROPERTY AND EQUIPMENT

Property and equipment consists of:

 

 

 

December 31,

 

 

December 25,

 

(In millions)

 

2022

 

 

2021

 

Land

 

$

30

 

 

$

45

 

Buildings

 

 

79

 

 

 

200

 

Computer software

 

 

764

 

 

 

693

 

Leasehold improvements

 

 

565

 

 

 

587

 

Furniture, fixtures and equipment

 

 

753

 

 

 

775

 

Construction in progress

 

 

17

 

 

 

12

 

 

 

 

2,208

 

 

 

2,312

 

Less accumulated depreciation

 

 

(1,856

)

 

 

(1,835

)

Total

 

$

352

 

 

$

477

 

 

 

The above table of property and equipment includes assets held under finance leases as follows:

 

 

 

December 31,

 

 

December 25,

 

(In millions)

 

2022

 

 

2021

 

Buildings

 

$

11

 

 

$

19

 

Furniture, fixtures and equipment

 

 

143

 

 

 

143

 

 

 

 

154

 

 

 

162

 

Less accumulated depreciation

 

 

(125

)

 

 

(123

)

Total

 

$

29

 

 

$

39

 

Depreciation expense was $75 million in 2022, $88 million in 2021 and $101 million in 2020.

Included in computer software and construction in progress above are capitalized software costs of $773 million and $699 million at December 31, 2022 and December 25, 2021, respectively. The unamortized amounts of the capitalized software costs are $145 million and $115 million at December 31, 2022 and December 25, 2021, respectively. Amortization of capitalized software costs totaled $47 million, $49 million and $50 million in 2022, 2021 and 2020, respectively. Software development costs that do not meet the criteria for capitalization are expensed as incurred.

Estimated future amortization expense related to capitalized software at December 31, 2022 is as follows:

 

(In millions)

 

2023

 

$

45

 

2024

 

 

38

 

2025

 

 

31

 

2026

 

 

21

 

2027

 

 

9

 

Thereafter

 

 

1

 

 

The weighted average remaining amortization period for capitalized software is 4 years.

 

Assets Held for Sale

The Company’s corporate headquarters in Boca Raton met the criteria to be classified as held for sale during the third quarter of 2022. The asset was measured at the lower of its carrying amount or estimated fair value less costs to sell upon classification to held for sale, which was $104 million, and did not result in any valuation reserve being recorded. Accordingly, the Company presented its corporate headquarters in Boca Raton within current assets held for sale in the Consolidated Balance Sheets as of December 31, 2022. The Company has entered into an agreement in principle with a third-party buyer to sell this facility. The completion of the sales transaction, which is expected to occur in the first half of 2023, is subject to various conditions, including an intention for the Company to lease back a portion of the building’s office space from the new owner.