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Sale and Leaseback Transactions (Notes)
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6 Months Ended |
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Jun. 29, 2013
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| Leases [Abstract] | |
| Sale and Leaseback Transactions |
Sale and Leaseback Transactions
In March 2013, the Company sold and leased back property in Austin, Texas, consisting of land and office buildings. The Company received net proceeds of $164 million in connection with the sale and recorded a $52 million charge in the first quarter of 2013, primarily related to the difference between the sale proceeds and the carrying value of the property sold of $216 million. The lease expires in March 2025 and provides for one 10-year optional renewal. The Company accounts for the lease as an operating lease.
In March 2013, the Company also sold property in Markham, Ontario, Canada, consisting of an office building, and leased back a portion of the original space. The Company received net proceeds of $13 million in connection with the sale and recorded a $6 million gain in the first quarter of 2013, primarily related to the difference between the sale proceeds and the carrying value of the property sold of $7 million. The lease period expires in March 2014 and provides for one 6-month renewal option. The lease also contains an early termination provision, which the Company exercised. The Company accounted for the lease as an operating lease. The lease was terminated effective June 30, 2013.
The net loss of $46 million related to the sale and leaseback transactions described above was recorded as "Restructuring and other special charges, net" on the condensed consolidated statement of operations.
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