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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Sep. 07, 2013
Accounting Policies [Abstract]  
Effect of Revision of Fees Received Under Transitional Services Agreements

The following table represents the effect of the revision of fees earned under transition services agreements on the Company’s Condensed Consolidated Statements of Operations as originally reported in the Company’s Quarterly Report on Form 10-Q for the first quarter ended June 15, 2013.

 

     First Quarter Ended June 15, 2013     First Quarter Ended June 16, 2012  
     As
Originally
Reported
     % of
Net
sales
    Revision      As
Revised
     % of
Net
sales
    As
Originally
Reported
     % of
Net
sales
    Revision      As
Revised
     % of
Net
sales
 

Net sales

   $ 5,158         100.0   $ 84       $ 5,242         100.0   $ 5,237         100.0   $ 13       $ 5,250         100.0

Cost of sales

     4,446         86.2     —           4,446         84.8     4,530         86.5     —           4,530         86.3
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Gross profit

     712         13.8     84         796         15.2     707         13.5     13         720         13.7

Selling and administrative expenses

     630         12.2     84         714         13.6     673         12.8     13         686         13.1
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Operating earnings

   $ 82         1.6   $ —         $ 82         1.6   $ 34         0.7   $ —         $ 34         0.6

The following table represents the effect of the revision of fees earned under the Company’s transition services agreements on the Company’s Condensed Consolidated Statements of Operations for the comparative periods being presented in this Quarterly Report on Form 10-Q.

 

     Second Quarter Ended September 8, 2012     Year-to-Date Ended September 8, 2012  
     As
Originally
Reported
    % of
Net
sales
    Revision      As
Revised
    % of
Net
sales
    As
Originally
Reported
     % of
Net
sales
    Revision      As
Revised
     % of
Net
sales
 

Net sales

   $ 3,929        100.0   $ 10       $ 3,939        100.0   $ 9,166         100.0   $ 23       $ 9,189         100.0

Cost of sales

     3,410        86.8     —           3,410        86.6     7,940         86.6     —           7,940         86.4
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Gross profit

     519        13.2     10         529        13.4     1,226         13.4     23         1,249         13.6

Selling and administrative expenses

     531        13.5     10         541        13.7     1,204         13.1     23         1,227         13.4
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Operating earnings (loss)

   $ (12     (0.3 %)    $ —         $ (12     (0.3 %)    $ 22         0.2   $ —         $ 22         0.2 %
Basic and Diluted Net Earnings (Loss) Per Share

The following table reflects the calculation of basic and diluted net earnings (loss) per share:

 

     Second Quarter Ended     Year-to-Date Ended  
     September 7,
2013
     September 8,
2012
    September 7,
2013
    September 8,
2012
 

Net earnings (loss) per share – basic:

         

Net earnings (loss) from continuing operations available to common stockholders

   $ 39       $ (56   $ (66   $ (74

Weighted average shares outstanding – basic

     258         212        251        212   
  

 

 

    

 

 

   

 

 

   

 

 

 

Net earnings (loss) from continuing operations per share – basic

   $ 0.15       $ (0.26   $ (0.26   $ (0.35
  

 

 

    

 

 

   

 

 

   

 

 

 

Income (loss) from discontinued operations, net of tax available to common stockholders

   $ 1       $ (55   $ 191      $ 4   

Weighted average shares outstanding – basic

     258         212        251        212   
  

 

 

    

 

 

   

 

 

   

 

 

 

Net earnings (loss) from discontinued operations per share – basic

   $ —         $ (0.26   $ 0.76      $ 0.02   
  

 

 

    

 

 

   

 

 

   

 

 

 

Net earnings (loss) available to common stockholders

   $ 40       $ (111   $ 125      $ (70

Weighted average shares outstanding – basic

     258         212        251        212   
  

 

 

    

 

 

   

 

 

   

 

 

 

Net earnings (loss) per share – basic

   $ 0.15       $ (0.52   $ 0.50      $ (0.33
  

 

 

    

 

 

   

 

 

   

 

 

 

Net earnings (loss) per share – diluted:

         

Net earnings (loss) from continuing operations available to common stockholders

   $ 39       $ (56   $ (66   $ (74

Weighted average shares outstanding – basic

     258         212        251        212   

Dilutive impact of stock-based awards

     3         —          —          —     
  

 

 

    

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding – diluted

     261         212        251        212   
  

 

 

    

 

 

   

 

 

   

 

 

 

Net earnings (loss) from continuing operations per share – diluted

   $ 0.15       $ (0.26   $ (0.26   $ (0.35
  

 

 

    

 

 

   

 

 

   

 

 

 

Income (loss) from discontinued operations, net of tax available to common stockholders

   $ 1       $ (55   $ 191      $ 4   

Weighted average shares outstanding – basic

     258         212        251        212   

Dilutive impact of stock-based awards

     3         —          4        2   
  

 

 

    

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding – diluted

     261         212        255        214   
  

 

 

    

 

 

   

 

 

   

 

 

 

Net earnings (loss) from discontinued operations per share – diluted

   $ —         $ (0.26   $ 0.75      $ 0.02   
  

 

 

    

 

 

   

 

 

   

 

 

 

Net earnings (loss) available to common stockholders

   $ 40       $ (111   $ 125      $ (70

Weighted average shares outstanding – basic

     258         212        251        212   

Dilutive impact of stock-based awards

     3         —          4        —     
  

 

 

    

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding – diluted

     261         212        255        212   
  

 

 

    

 

 

   

 

 

   

 

 

 

Net earnings (loss) per share – diluted

   $ 0.15       $ (0.52   $ 0.49      $ (0.33
  

 

 

    

 

 

   

 

 

   

 

 

 
Schedule of Changes in Accumulated Other Comprehensive Loss

Changes in the Accumulated other comprehensive loss balance by component follows below:

 

     September 7,
2013
 

Pension and postretirement benefit plan accumulated other comprehensive loss at beginning of the fiscal year, net of tax

   $ 612   

Other comprehensive income, net of tax of $19

     (31

Divestiture of certain NAI pension plan obligation’s accumulated other comprehensive loss, net of tax of $31

     (48
  

 

 

 

Pension and postretirement benefit plan accumulated other comprehensive loss at the end of period, net of tax

   $ 533