|
The following table presents the financial results of HHNF (dollars in millions).
| |
|
Quarterly Period Ended
|
|
|
Two Quarterly Periods Ended
|
|
| |
|
March 29, 2025
|
|
|
March 30, 2024
|
|
|
March 29, 2025
|
|
|
March 30, 2024
|
|
|
Net sales
|
|
$
|
—
|
|
|
$
|
557
|
|
|
$
|
204
|
|
|
$
|
1,077
|
|
|
Cost of sales
|
|
|
—
|
|
|
|
490
|
|
|
|
179
|
|
|
|
966
|
|
|
Selling, general and administrative expenses
|
|
|
—
|
|
|
|
26
|
|
|
|
9
|
|
|
|
55
|
|
|
Amortization of intangibles
|
|
|
—
|
|
|
|
11
|
|
|
|
4
|
|
|
|
24
|
|
|
Business consolidation and other activities
|
|
|
4
|
|
|
|
4
|
|
|
|
83
|
|
|
|
14
|
|
|
Operating income (loss)
|
|
|
(4
|
)
|
|
|
26
|
|
|
|
(71
|
)
|
|
|
18
|
|
|
Interest expense
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
|
|
2
|
|
|
Other expense (income)
|
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
|
|
(1
|
)
|
|
Income (loss) before income taxes
|
|
|
(4
|
)
|
|
|
23
|
|
|
|
(74
|
)
|
|
|
17
|
|
|
Income tax expense (benefit)
|
|
|
(1
|
)
|
|
|
2
|
|
|
|
(4
|
)
|
|
|
2
|
|
|
Net income (loss) from discontinued operations
|
|
|
(3
|
)
|
|
|
21
|
|
|
|
(70
|
)
|
|
|
15
|
|
The following table summarizes the carrying value of major classes of assets and liabilities of HHNF, reclassified as assets and liabilities of discontinued operations at September 28,
2024 (dollars in millions).
| |
|
September 28, 2024
|
|
|
Assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
230
|
|
|
Receivables, net
|
|
|
333
|
|
|
Inventories, net
|
|
|
262
|
|
|
Other current assets
|
|
|
62
|
|
|
Total current assets, discontinued operations
|
|
$
|
887
|
|
| |
|
|
|
|
|
Property, plant and equipment, net
|
|
$
|
948
|
|
|
Goodwill and intangibles, net
|
|
|
1,036
|
|
|
Right of use asset
|
|
|
49
|
|
|
Other assets
|
|
|
37
|
|
|
Total non-current assets, discontinued operations
|
|
$
|
2,070
|
|
| |
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Accounts payable
|
|
$
|
295
|
|
|
Other current liabilities
|
|
|
118
|
|
Total current liabilities, discontinued operations
|
|
$
|
413
|
|
| |
|
|
|
|
|
Deferred income taxes
|
|
$
|
62
|
|
|
Operating lease liability
|
|
|
39
|
|
|
Other non-current liabilities
|
|
|
88
|
|
|
Total non-current liabilities, discontinued operations
|
|
$
|
189
|
|
|