Discontinued Operations and Transition Costs (Tables)

6 Months Ended

12 Months Ended

Jun. 26, 2021

Dec. 26, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities to be Sold

The following table presents the aggregate amounts of the classes of assets and liabilities sold under the definitive agreement with STG:

(in millions)	December 26, 2020		June 26, 2021
Assets:
Accounts receivable, net	$	290	$	194
Deferred costs		96		102
Other current assets		16		21
Total current assets of discontinued operations		402		317
Property and equipment, net		34		37
Intangible assets, net		915		881
Goodwill		1,413		1,413
Deferred tax assets		43		40
Other long-term assets		155		157
Total assets of discontinued operations	$	2,962	$	2,845
Liabilities:
Accounts payable and other current liabilities	$	39	$	37
Accrued compensation and benefits		18		18
Accrued marketing		6		8
Lease liabilities, current portion		15		17
Deferred revenue		892		845
Total current liabilities of discontinued operations		970		925
Deferred tax liabilities		7		6
Other long-term liabilities		51		58
Deferred revenue, less current portion		604		545
Total liabilities of discontinued operations	$	1,632	$	1,534

The following table presents the aggregate amounts of the classes of assets and liabilities that were sold under the definitive agreement with STG.

(in millions)	December 28, 2019		December 26, 2020
Assets:
Accounts receivable, net	$	339	$	290
Deferred costs		76		96
Other current assets		19		16
Total current assets of discontinued operations		434		402
Property and equipment, net		56		34
Intangible assets, net		1,091		915
Goodwill		1,410		1,413
Deferred tax assets		34		43
Other long-term assets		174		155
Total assets of discontinued operations	$	3,199	$	2,962
Liabilities:
Accounts payable and other current liabilities	$	51	$	39
Accrued compensation and benefits		21		18
Accrued marketing		7		6
Lease liabilities, current portion		16		15
Deferred revenue		864		892
Total current liabilities of discontinued operations		959		970
Deferred tax liabilities		4		7
Other long-term liabilities		56		51
Deferred revenue, less current portion		651		604
Total liabilities of discontinued operations	$	1,670	$	1,632

Summary of Components of Income

The following table presents information regarding certain components of income from discontinued operations, net of taxes:

	Three Months Ended				Six Months Ended
(in millions)	June 27, 2020		June 26, 2021		June 27, 2020		June 26, 2021
Net revenue	$	333	$	346	$	664	$	677
Operating income	$	49	$	54	$	58	$	73
Income before income taxes	$	49	$	51	$	58	$	69
Income tax expense	$	9	$	11	$	17	$	18
Income from discontinued operations, net of taxes	$	40	$	40	$	41	$	51

The following table presents information regarding certain components of income from discontinued operations, net of taxes:

	Fiscal Year Ended
(in millions)	December 29, 2018			December 28, 2019			December 26, 2020
Net revenue	$	1,248		$	1,332		$	1,348
Operating income (loss)		(72	)		8			(46	)
Income (loss) from discontinued operations before income taxes		(71	)		8			(46	)
Income tax expense		33			49			25
Loss from discontinued operations, net of tax		(104	)		(41	)		(71	)

Summary of Significant Non-Cash Items and Capital Expenditures

The following table presents significant non-cash items and capital expenditures of discontinued operations:

	Six Months Ended
(in millions)	June 27, 2020		June 26, 2021
Depreciation and amortization	$	112	$	41
Equity-based compensation expense	$	3	$	45
Additions to property and equipment	$	4	$	3

The following table presents significant non-cash items and capital expenditures of discontinued operations:

	Year Ended
(in millions)	December 29, 2018		December 28, 2019		December 26, 2020
Amortization and depreciation	$	254	$	253	$	212
Stock-based compensation expense		22		20		200
Purchases of property and equipment		27		15		7