0001564590-22-036348 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 24, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 24, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	ODP
Entity Registrant Name	The ODP Corporation
Entity Central Index Key	0000800240
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		45,810,663
Entity Shell Company	false
Entity File Number	1-10948
Entity Tax Identification Number	85-1457062
Entity Address, Address Line One	6600 North Military Trail
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33496
City Area Code	561
Local Phone Number	438-4800
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Income Statement [Abstract]
Sales	$ 2,172	$ 2,179	$ 6,385	$ 6,423
Cost of goods and occupancy costs	1,686	1,675	4,983	4,992
Gross profit	486	504	1,402	1,431
Selling, general and administrative expenses	391	382	1,164	1,173
Asset impairments	3	5	8	18
Merger, restructuring and other operating expenses, net	8	13	42	37
Operating income	84	104	188	203
Other income (expense):
Interest income	1		3
Interest expense	(1)	(7)	(10)	(20)
Other income, net	5	3	9	19
Income from continuing operations before income taxes	89	100	190	202
Income tax expense	22	27	48	47
Net income from continuing operations	67	73	142	155
Discontinued operations, net of tax		28	7	(89)
Net income	$ 67	$ 101	$ 149	$ 66
Basic earnings (loss) per share
Continuing operations	$ 1.39	$ 1.38	$ 2.92	$ 2.89
Discontinued operations	(0.01)	0.54	0.14	(1.65)
Net basic earnings per share	1.38	1.92	3.06	1.24
Diluted earnings (loss) per share
Continuing operations	1.36	1.33	2.84	2.79
Discontinued operations	(0.01)	0.52	0.13	(1.60)
Net diluted earnings per share	$ 1.35	$ 1.85	$ 2.97	$ 1.19

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 67	$ 101	$ 149	$ 66
Other comprehensive income (loss), net of tax, where applicable:
Foreign currency translation adjustments	(19)	(8)	(31)	1
Reclassification of foreign currency translation adjustments realized upon disposal of business			6
Other	(3)		(5)	1
Total other comprehensive income (loss), net of tax, where applicable	(22)	(8)	(30)	2
Comprehensive income	$ 45	$ 93	$ 119	$ 68

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 24, 2022	Dec. 25, 2021
Current assets:
Cash and cash equivalents	$ 473	$ 514
Receivables, net	591	495
Inventories	890	859
Prepaid expenses and other current assets	47	52
Current assets held for sale	107	469
Total current assets	2,108	2,389
Property and equipment, net	355	477
Operating lease right-of-use assets	889	936
Goodwill	464	464
Other intangible assets, net	47	54
Deferred income taxes	185	219
Other assets	370	326
Total assets	4,418	4,865
Current liabilities:
Trade accounts payable	853	950
Accrued expenses and other current liabilities	1,015	994
Income taxes payable	9	11
Short-term borrowings and current maturities of long-term debt	16	20
Current liabilities held for sale		290
Total current liabilities	1,893	2,265
Deferred income taxes and other long-term liabilities	124	159
Pension and postretirement obligations, net	20	22
Long-term debt, net of current maturities	175	228
Operating lease liabilities	707	753
Total liabilities	2,919	3,427
Commitments and contingencies
Stockholders' equity:
Common stock — authorized 80,000,000 shares of $0.01 par value; issued shares — 65,632,777 at September 24, 2022 and 64,704,979 at December 25, 2021; outstanding shares — 46,736,821 at September 24, 2022 and 48,455,951 at December 25, 2021	1	1
Additional paid-in capital	2,733	2,692
Accumulated other comprehensive loss	(36)	(6)
Accumulated deficit	(468)	(617)
Treasury stock, at cost — 18,895,956 shares at September 24, 2022 and 16,249,028 shares at December 25, 2021	(731)	(632)
Total stockholders' equity	1,499	1,438
Total liabilities and stockholders’ equity	$ 4,418	$ 4,865

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 24, 2022	Dec. 25, 2021
Statement Of Financial Position [Abstract]
Common stock, authorized	80,000,000	80,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, issued shares	65,632,777	64,704,979
Common stock, shares, outstanding	46,736,821	48,455,951
Treasury stock, shares	18,895,956	16,249,028

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021
Cash flows from operating activities:
Net income	$ 149	$ 66
Income (loss) from discontinued operations, net of tax	7	(89)
Net income from continuing operations	142	155
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	100	110
Charges for losses on receivables and inventories	15	17
Asset impairments	8	18
Gain on disposition of assets, net	(4)	(3)
Compensation expense for share-based payments	31	26
Deferred income taxes and deferred tax asset valuation allowances	33	5
Changes in working capital and other operating activities	(246)	(72)
Net cash provided by operating activities of continuing operations	79	256
Net cash used in operating activities of discontinued operations		(10)
Net cash provided by operating activities	79	246
Cash flows from investing activities:
Capital expenditures	(68)	(47)
Businesses acquired, net of cash acquired		(29)
Proceeds from disposition of assets	6	4
Settlement of company-owned life insurance policies	3	21
Net cash used in investing activities of continuing operations	(59)	(51)
Net cash provided by (used in) investing activities of discontinued operations	74	(3)
Net cash provided by (used in) investing activities	15	(54)
Cash flows from financing activities:
Net payments on long and short-term borrowings	(16)	(20)
Debt retirement	(43)
Share purchases for taxes, net of proceeds from employee share-based transactions	(19)	(25)
Repurchase of common stock for treasury	(69)	(122)
Other financing activities	(4)	(1)
Net cash used in financing activities of continuing operations	(151)	(168)
Effect of exchange rate changes on cash and cash equivalents	(6)
Net increase (decrease) in cash, cash equivalents and restricted cash	(63)	24
Cash and cash equivalents at beginning of period	537	729
Cash, cash equivalents and restricted cash at end of period – continuing operations	474	753
Supplemental information on non-cash investing and financing activities
Right-of-use assets obtained in exchange for new finance lease liabilities	2	3
Right-of-use assets obtained in exchange for new operating lease liabilities	171	69
Business acquired in exchange for common stock issuance		$ 35
Other current receivable obtained from disposition of discontinued operations	30
Promissory note receivable obtained from disposition of discontinued operations	55
Earn-out receivable obtained from disposition of discontinued operations	9
Transfer from additional paid-in capital to treasury stock for final settlement of the accelerated share repurchase agreement	$ 29

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	BuyerQuest Acquisition	Common Stock	Common Stock BuyerQuest Acquisition	Additional Paid-in Capital	Additional Paid-in Capital BuyerQuest Acquisition	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
Balance at Dec. 26, 2020	$ 1,880		$ 1		$ 2,675		$ (32)	$ (409)	$ (355)
Balance, Shares at Dec. 26, 2020			62,551,255
Net income (loss)	53							53
Other comprehensive income (loss)	5						5
Exercise and release of incentive stock (including income tax benefits and withholding)	(23)				(23)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)			1,225,876
Amortization of long-term incentive stock grants	10				10
Common stock issuance related to the BuyerQuest acquisition		$ 35				$ 35
Common stock issuance related to the BuyerQuest acquisition, (in shares)				827,498
Balance at Mar. 27, 2021	1,960		$ 1		2,697		(27)	(356)	(355)
Balance, Shares at Mar. 27, 2021			64,604,629
Balance at Dec. 26, 2020	1,880		$ 1		2,675		(32)	(409)	(355)
Balance, Shares at Dec. 26, 2020			62,551,255
Net income (loss)	66
Other comprehensive income (loss)	2
Balance at Sep. 25, 2021	1,862		$ 1		2,711		(30)	(343)	(477)
Balance, Shares at Sep. 25, 2021			64,699,340
Balance at Mar. 27, 2021	1,960		$ 1		2,697		(27)	(356)	(355)
Balance, Shares at Mar. 27, 2021			64,604,629
Net income (loss)	(88)							(88)
Other comprehensive income (loss)	5						5
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)			18,767
Amortization of long-term incentive stock grants	10				10
Repurchase of common stock	(46)								(46)
Balance at Jun. 26, 2021	1,841		$ 1		2,707		(22)	(444)	(401)
Balance, Shares at Jun. 26, 2021			64,623,396
Net income (loss)	101							101
Other comprehensive income (loss)	(8)						(8)
Exercise and release of incentive stock (including income tax benefits and withholding)	(2)				(2)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)			75,944
Amortization of long-term incentive stock grants	6				6
Repurchase of common stock	(76)								(76)
Balance at Sep. 25, 2021	1,862		$ 1		2,711		(30)	(343)	(477)
Balance, Shares at Sep. 25, 2021			64,699,340
Balance at Dec. 25, 2021	1,438		$ 1		2,692		(6)	(617)	(632)
Balance, Shares at Dec. 25, 2021			64,704,979
Net income (loss)	55							55
Other comprehensive income (loss)	5						5
Exercise and release of incentive stock (including income tax benefits and withholding)	(14)				(14)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)			652,606
Amortization of long-term incentive stock grants	9				9
Other	(1)								(1)
Balance at Mar. 26, 2022	1,492		$ 1		2,687		(1)	(562)	(633)
Balance, Shares at Mar. 26, 2022			65,357,585
Balance at Dec. 25, 2021	1,438		$ 1		2,692		(6)	(617)	(632)
Balance, Shares at Dec. 25, 2021			64,704,979
Net income (loss)	149
Other comprehensive income (loss)	(30)
Balance at Sep. 24, 2022	1,499		$ 1		2,733		(36)	(468)	(731)
Balance, Shares at Sep. 24, 2022			65,632,777
Balance at Mar. 26, 2022	1,492		$ 1		2,687		(1)	(562)	(633)
Balance, Shares at Mar. 26, 2022			65,357,585
Net income (loss)	27							27
Other comprehensive income (loss)	(13)						(13)
Exercise and release of incentive stock (including income tax benefits and withholding)	(3)				(3)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)			142,993
Amortization of long-term incentive stock grants	10				10
Final settlement of the accelerated share repurchase agreement					29				(29)
Balance at Jun. 25, 2022	1,513		$ 1		2,723		(14)	(535)	(662)
Balance, Shares at Jun. 25, 2022			65,500,578
Net income (loss)	67							67
Other comprehensive income (loss)	(22)						(22)
Exercise and release of incentive stock (including income tax benefits and withholding)	(2)				(2)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)			132,199
Amortization of long-term incentive stock grants	12				12
Repurchase of common stock	(69)								(69)
Balance at Sep. 24, 2022	$ 1,499		$ 1		$ 2,733		$ (36)	$ (468)	$ (731)
Balance, Shares at Sep. 24, 2022			65,632,777

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 24, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The ODP Corporation (including its consolidated subsidiaries, “ODP” or the “Company”) is a leading provider of products, services and technology solutions through an integrated business-to-business (“B2B”) distribution platform and omnichannel presence, which includes supply chain and distribution operations, dedicated sales professionals, a B2B digital procurement solution, online presence, and a network of Office Depot and OfficeMax retail stores. Through its operating companies Office Depot, LLC; ODP Business Solutions, LLC; Veyer, LLC; and Varis, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day.

Prior to the third quarter of 2022, the Company had two reportable segments (or “Divisions”), which were its Business Solutions Division and Retail Division. During the third quarter of 2022, the Company re-aligned its operations into its consumer business named Office Depot, and three distinct B2B business and digital segments which are ODP Business Solutions, Veyer and Varis. As a result, the Company re-evaluated its reportable segments, and determined that at September 24, 2022, the Company had four Divisions: ODP Business Solutions Division, Office Depot Division, Veyer Division, and Varis Division. Refer to Note 3 for additional information.

The Company’s CompuCom Division was sold through a single disposal group on December 31, 2021. The Company has reclassified the financial results of the CompuCom Division to Discontinued operations, net of tax in the Condensed Consolidated Statements of Operations for all periods presented. The Company also reclassified the related assets and liabilities as assets and liabilities held for sale on the accompanying Condensed Consolidated Balance Sheets as of December 25, 2021, and presented cash flows from the Company’s discontinued operations in the Condensed Consolidated Statements of Cash Flows for all periods. Refer to Note 11 for additional information.

The Condensed Consolidated Financial Statements as of September 24, 2022, and for the 13-week and 39-week periods ended September 24, 2022 (also referred to as the “third quarter of 2022” and “year-to-date 2022,” respectively) and September 25, 2021 (also referred to as the “third quarter of 2021” and “year-to-date 2021,” respectively) are unaudited. However, in management’s opinion, these Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature necessary to provide a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented. Business acquisitions in 2021 are included prospectively from the date of acquisition, thus affecting the comparability of the Company’s financial statements for the periods presented in this report on Form 10-Q.

The Company has prepared the Condensed Consolidated Financial Statements included herein pursuant to the rules and regulations of the SEC. Some information and note disclosures, which would normally be included in comprehensive annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to those SEC rules and regulations. The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. For a better understanding of the Company and its Condensed Consolidated Financial Statements, the Company recommends reading these Condensed Consolidated Financial Statements in conjunction with the audited financial statements, which are included in the Company’s 2021 Form 10-K. These interim results are not necessarily indicative of the results that should be expected for the full year.

MAINTAINING ALL OPERATING BUSINESSES UNDER COMMON OWNERSHIP

In May 2021, the Company’s Board of Directors unanimously approved a plan to pursue a separation of the Company into two independent, publicly traded companies representing its B2B and consumer businesses, which was planned to be achieved through a spin-off of its consumer business. On January 14, 2022, the Company announced that its Board of Directors determined to delay the previously announced public company separation to evaluate a potential sale of the Company’s consumer business and that it had received a non-binding proposal from another third party, in addition to the previously received proposal from USR Parent, Inc., to acquire the Company’s consumer business.

On June 21, 2022, the Company’s Board of Directors, with the assistance of its financial and legal advisors, completed its review of both proposals received by the Company to acquire its consumer business and unanimously determined it to be in the best interests of the Company and its shareholders not to divest the consumer business at that time. Further, due to current market conditions, the Company’s Board of Directors also determined not to resume the Company’s previously planned spin-off of its consumer business at that time and instead maintain all of its businesses under common ownership.

As discussed above, in connection with the Company’s announcement to maintain all of its businesses under common ownership, during the third quarter of 2022, the Company re-aligned its operations into its consumer business named Office Depot, and three distinct B2B business and digital segments which are ODP Business Solutions, Veyer and Varis.

CASH MANAGEMENT

The cash management process generally utilizes zero balance accounts which provide for the settlement of the related disbursement and cash concentration accounts on a daily basis. Amounts not yet presented for payment to zero balance disbursement accounts of $5 million at September 24, 2022 are presented in Trade accounts payable and Accrued expenses and other current liabilities, and $1 million at December 25, 2021 are presented in Current liabilities held for sale.

At September 24, 2022 and December 25, 2021, cash and cash equivalents held outside the United States amounted to $103 million and $108 million, respectively. At December 25, 2021, there was $17 million cash and cash equivalents held outside the United States included in Current assets held for sale.

Restricted cash consists primarily of cash in bank committed to fund UK pension obligations based on the agreements that govern the UK pension plan. Restricted cash is valued at cost, which approximates fair value. Restricted cash was $1 million at September 24, 2022. There was no restricted cash at December 25, 2021.

REVENUE AND CONTRACT BALANCES

The Company generates substantially all of its revenue from contracts with customers for the sale of products and services. Refer to Note 3 for information on revenue by reportable segment and product category. Contract balances primarily consist of receivables, assets related to deferred contract acquisition costs, liabilities related to payments received in advance of performance under the contract, and liabilities related to unredeemed gift cards and loyalty programs. The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

	September 24,		December 25,
(In millions)	2022		2021
Trade receivables, net		445		353
Short-term contract assets		10		16
Long-term contract assets		3		8
Short-term contract liabilities		40		52
Long-term contract liabilities		—		2

The Company recognized revenues of $23 million and $23 million in year-to-date 2022 and 2021, respectively, which were included in the short-term contract liability balance at the beginning of each respective period.

MERGER, RESTRUCTURING AND OTHER ACTIVITY

9 Months Ended

Sep. 24, 2022

Merger Restructuring And Other Activity [Abstract]

MERGER, RESTRUCTURING AND OTHER ACTIVITY

NOTE 2. MERGER, RESTRUCTURING AND OTHER ACTIVITY

The Company has taken actions to optimize its asset base and drive operational efficiencies. These actions include acquiring profitable businesses, closing underperforming retail stores and non-strategic distribution facilities, consolidating functional activities, eliminating redundant positions and disposing of non-strategic businesses and assets. The expenses and any income recognized directly associated with these actions are included in Merger, restructuring and other operating expenses, net on a separate line in the Condensed Consolidated Statements of Operations in order to identify these activities apart from the expenses incurred to sell to and service customers. These expenses are not included in the determination of Division operating income. The table below summarizes the major components of Merger, restructuring and other operating expenses, net.

	Third Quarter						Year-to-Date
(In millions)	2022			2021			2022			2021
Merger and transaction related expenses
Transaction and integration	$	(7	)	$	(1	)		(7	)		—
Total Merger and transaction related expenses		(7	)		(1	)		(7	)		—
Restructuring expenses
Severance		(1	)		(1	)		(2	)		(2	)
Professional fees		—			—			—			1
Facility closure, contract termination, and other expenses, net		2			5			4			14
Total Restructuring expenses, net		1			4			2			13
Other operating expenses
Professional fees		14			10			47			24
Total Other operating expenses		14			10			47			24
Total Merger, restructuring and other operating expenses, net	$	8		$	13		$	42		$	37

MERGER AND TRANSACTION RELATED EXPENSES

In the third quarter of 2022, the Company recognized $7 million income related to earn-out adjustment on the acquisition of BuyerQuest Holdings, Inc. In year-to-date 2022, the Company did not incur any additional transaction and integration expenses. In the third quarter and year-to-date 2021 the Company did not incur any transaction and integration expenses. The $1 million income represents the impact of earnout adjustments on acquisitions made in prior periods.

RESTRUCTURING EXPENSES

Maximize B2B Restructuring Plan

In May 2020, the Company’s Board of Directors approved a restructuring plan to realign the Company’s operational focus to support its “business-to-business” solutions and IT services business units and improve costs (“Maximize B2B Restructuring Plan”). Implementation of the Maximize B2B Restructuring Plan is expected to be substantially completed by the end of 2023. The Maximize B2B Restructuring Plan aims to generate savings through optimizing the Company’s retail footprint, removing costs that directly support the Retail business and additional measures to implement a company-wide low-cost business model, which will then be invested in accelerating the growth of the Company’s business-to-business platform. The plan is broader than restructuring programs the Company has implemented in the past and includes closing and/or consolidating retail stores and distribution facilities and the reduction of up to 13,100 employee positions by the end of 2023. The Company is evaluating the number and timing of retail store and distribution facility closures and/or consolidations. However, it is generally understood that closures will approximate the store’s lease termination date. The Company closed 10 and 28 retail stores in the third quarter and year-to-date 2022, respectively, 111 retail stores in 2021, and 70 retail stores and two distribution facilities in 2020 under the Maximize B2B Restructuring Plan. It is anticipated that additional retail stores will be closed in 2022. Total estimated restructuring costs related to the Maximize B2B Restructuring Plan are expected to be up to $111 million, comprised of:

(a)

severance costs of approximately $49 million;

(b)

facility closure costs of approximately $34 million, which are mainly related to retail stores; and

(c)

other costs, including contract termination costs, to facilitate the execution of the Maximize B2B Restructuring Plan of approximately $28 million.

The total costs of up to $111 million above are less than the Company’s estimate of total costs for this restructuring plan when it commenced, mainly as a result of the reduction in the number of expected retail store and distribution facility closures based upon the Company’s most recent evaluation of economic factors that influence expected store closures. There could be further fluctuations in the estimate of total expected costs in the future and timing of such costs as a result of an assessment of general market conditions and changes in the Company’s business strategy. In addition, the reduction of employee positions may also be impacted as a result of fewer retail store closures and the changes in the Company’s business strategy. The $111 million of total costs are expected to be incurred as cash expenditures through 2023 and funded primarily with cash on hand and cash from operations. The Company incurred $97 million in restructuring expenses to implement the Maximize B2B Restructuring Plan since its inception in 2020 and through the third quarter of 2022, of which $58 million were cash expenditures.

In the third quarter and year-to-date 2022, the Company incurred $2 million and $4 million, respectively, in facility closure and other costs associated with the Maximize B2B Restructuring Plan. The Company also reversed $1 million and $2 million of employee severance accruals in the third quarter and year-to-date 2022 due to changes in estimates. The Company had $2 million and $5 million of cash expenditures in the third quarter and year-to-date 2022, respectively, associated with the Maximize B2B Restructuring Plan.

In the third quarter of 2021, the Company incurred $4 million, net, in restructuring expenses associated with the Maximize B2B Restructuring Plan, which consisted of $5 million of facility closure, contract termination and other costs, partially offset by $1 million in reversal of employee severance accruals due to changes in estimates. Year-to-date 2021, the Company incurred $13 million in restructuring expenses associated with the Maximize B2B Restructuring Plan, which consisted of $1 million in third-party professional fees, $15 million of facility closure, contract termination and other costs, partially offset by $2 million in reversal of employee severance accruals due to changes in estimates and a $1 million gain on sale of retail store assets. Of these amounts, $2 million and $17 million were cash expenditures in the third quarter and year-to-date 2021, respectively.

OTHER OPERATING EXPENSES

Other operating expenses represent costs incurred that are incremental to those related to running the Company’s core operations, which are presented within Selling, general and administrative expenses on the Condensed Consolidated Statements of Operations.

As described in Note 1 above, the Company had been evaluating the separation of its consumer business, first through a spin-off and subsequently through a potential sale. On June 21, 2022, the Company’s Board of Directors, with the assistance of its financial and legal advisors, completed its review of both proposals received by the Company to acquire its consumer business and unanimously determined it to be in the best interests of the Company and its shareholders not to divest the consumer business at this time. Further, due to current market conditions, the Company’s Board of Directors also determined not to resume the Company’s previously planned separation of its consumer business at this time and instead to maintain all of its businesses under common ownership. The Company incurred $33 million in third-party professional fees in year-to-date 2022 related to separation activities, which was all incurred in the first half of 2022. The Company had incurred $9 million and $20 million in third-party professional fees associated with separation activities in the third quarter and year-to-date 2021, respectively, related to separation activities.

Also as described in Note 1 above, during the third quarter of 2022, the Company re-aligned its operations into four Divisions, which also represent its new reportable segments. The Company incurred $14 million in third-party professional fees in connection with the re-alignment in the third quarter of 2022. At September 24, 2022, the Company continues to perform certain activities related to the re-alignment, which is expected to be substantially completed in 2022. The costs incurred in the third quarter of 2022 represent trailing costs to complete activities that were previously started as part of the separation process discussed above, and leveraged to achieve the re-alignment. The Company does not expect to have a re-alignment of its businesses in the future. Accordingly, the Company has presented the costs associated with the re-alignment as Other operating expenses, as they represent incremental operating expenses that are not part of its core costs to support its operations.

Other operating expenses in the third quarter and year-to-date 2021 also included $1 million and $4 million, respectively, of third-party professional fees incurred related to the evaluation of USR Parent, Inc.’s proposals received during the first half of 2021.

MERGER, RESTRUCTURING AND OTHER ACCRUALS

The activity in the merger, restructuring and other accruals in year-to-date 2022 is presented in the table below. Certain merger, restructuring and other charges are excluded from the table because they are paid as incurred or non-cash, such as accelerated depreciation and gains and losses on asset dispositions.

	Balance as of								Balance as of
	December 25,		Charges (credits)			Cash			September 24,
(In millions)	2021		Incurred			Payments			2022
Termination benefits:
Maximize B2B Restructuring Plan		19		(2	)		—			17
Lease and contract obligations, accruals for facilities closures and other costs:
Maximize B2B Restructuring Plan		6		5			(5	)		6
Comprehensive Business Review		1		—			—			1
Previously planned separation of consumer business and realignment		2		44			(37	)		9
Total	$	28	$	47		$	(42	)	$	33

The short-term and long-term components of these liabilities are included in Accrued expenses and other current liabilities and Deferred income taxes and other long-term liabilities, respectively, in the Condensed Consolidated Balance Sheets.

SEGMENT INFORMATION

9 Months Ended

Sep. 24, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 3. SEGMENT INFORMATION

During the third quarter of 2022, the Company re-aligned its operations into its consumer business named Office Depot, and three distinct B2B business and digital segments which are ODP Business Solutions, Veyer and Varis. The decision to re-align was driven by how the Company is looking at its products and offerings and serving its customers. How the Company’s customers work and interact has changed, where businesses demand a wider range of products and services, and a more modern digital environment in which to operate, and consumers demand an omni-channel retail experience. In addition, dependable supply chain operations have become increasingly important in meeting these demands. The Company performed a full strategic review of its operations in light of these factors, and determined that completing the re-alignment of its operations in this manner enables the Company to better focus on its customers by being in a better position to meet a wider array of customer needs for product, service, and omni-channel choices. The Company also determined that the re-alignment provides for greater accountability internally for product and service outcomes, customer experiences, capital allocations, and pursuing strategic opportunities.

The re-alignment resulted in a change in the Company’s reportable segments. In addition, management of the Company also changed how it analyzes these businesses, which resulted in the inclusion of certain corporate costs, mainly payroll related, previously excluded from segment profitability measures. The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties. The changes to its reportable segments did not impact the Company’s current Consolidated Financial Statements. Prior period amounts, including interim periods, have been recast to conform to the current presentation. These changes have no impact on previously reported Condensed Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, Statements of Stockholders’ Equity, or Statements of Cash Flows.

At September 24, 2022, the Company had four reportable segments:

ODP Business Solutions Division – The Company’s leading B2B solutions provider serving small, medium and enterprise level companies. This segment includes the contract sales channel of the Company’s previous Business Solutions Division, and operates in the United States, Puerto Rico, the U.S. Virgin Islands, and Canada. This segment also includes our Federation entities, which are over a dozen regional office supply distribution businesses acquired by the Company as part of its transformation to expand its reach and distribution network into geographic areas that were previously underserved, and which continue to operate under their own brand names. The ODP Business Solutions Division sells nationally branded, as well as the Company’s private branded, office supply and adjacency products and services to customers, who are served through a dedicated sales force, catalogs, telesales, and electronically through the Company’s Internet websites.

Office Depot Division – The Company’s leading provider of retail consumer and small business products and services distributed through a fully integrated omnichannel platform of approximately 1,000 Office Depot and OfficeMax retail locations in the United States, Puerto Rico and the U.S. Virgin Islands, and an eCommerce presence (www.officedepot.com). The Office Depot Division sells office supplies, technology products and solutions, business machines and related supplies, cleaning, breakroom and facilities products, personal protective equipment, and office furniture as well as offer business services including copying, printing, digital imaging, mailing, shipping and technology support services. In addition, the print needs for retail and business customers are facilitated through the Company’s regional print production centers.

Veyer Division – The Company’s supply chain, distribution, procurement and global sourcing operation. Veyer specializes in B2B and consumer business service delivery, with core competencies in distribution, fulfillment, transportation, global sourcing and purchasing. Veyer’s customers include our Office Depot Division and ODP Business Solutions Division, as well as third-party customers. Veyer also includes the Company’s global sourcing operations in Asia.

Varis Division – The Company’s tech-enabled B2B indirect procurement marketplace, which provides a better way for buyers and suppliers to transact through the platform’s consumer-like buying experience, advanced spend management tools, network of suppliers, and technology capabilities. In connection with the Company’s development efforts of this Division, it acquired BuyerQuest Holdings, Inc. (“BuyerQuest”) in 2021, a software as a service eProcurement platform company. BuyerQuest’s operating results are included in the Varis Division. Varis Division currently serves enterprise businesses and provides its services to middle- and small-sized businesses. It is focused on filling the growing demand for a B2B centric digital commerce platform that is modern, trusted, and provides the procurement controls and visibility businesses require to operate.

The Company sold its CompuCom Division through a single disposal group on December 31, 2021, which is presented as discontinued operations for all periods presented. Refer to Note 11 for additional information.

Division operating income is determined based on the measure of performance reported internally to manage the business and for resource allocation. This measure charges to the respective Divisions those expenses considered directly or closely related to their operations and allocates support costs. Certain operating expenses and credits are not allocated to the Divisions, including asset impairments and merger, restructuring and other operating expenses, as well as expenses and credits retained at the Corporate level, including certain management costs and legacy pension and environmental matters. Other companies may charge more or less of these items to their segments and results may not be comparable to similarly titled measures used by other entities.

The following is a summary of sales and operating income (loss) by each of the Divisions, reconciled to consolidated totals:

(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Varis Division			Eliminations			Total
Third Quarter of 2022
Sales (external)	$	1,030	$	1,133	$	7	$	2		$	-		$	2,172
Sales (internal)		5		10		1,477		-			(1,492	)	$	-
Total sales	$	1,035	$	1,143	$	1,484	$	2		$	(1,492	)	$	2,172
Division operating income (loss)	$	48	$	83	$	9	$	(17	)	$	-		$	123

Year-to-Date 2022
Sales (external)	$	3,004	$	3,358	$	18	$	5		$	-		$	6,385
Sales (internal)		15		25		4,415		-			(4,455	)		-
Total sales	$	3,019	$	3,383	$	4,433	$	5		$	(4,455	)	$	6,385
Division operating income (loss)	$	103	$	228	$	25	$	(48	)	$	-		$	308

Third Quarter of 2021
Sales (external)	$	940	$	1,229	$	8	$	2		$	-		$	2,179
Sales (internal)		7		10		1,520		-			(1,537	)		-
Total sales	$	947	$	1,239	$	1,528	$	2		$	(1,537	)	$	2,179
Division operating income (loss)	$	34	$	108	$	7	$	(10	)	$	-		$	139

Year-to-Date 2021
Sales (external)	$	2,697	$	3,699	$	24	$	3		$	-		$	6,423
Sales (internal)		19		26		4,493		-			(4,538	)		-
Total sales	$	2,716	$	3,725	$	4,517	$	3		$	(4,538	)	$	6,423
Division operating income (loss)	$	55	$	266	$	22	$	(21	)	$	-		$	322

The reconciliation of the measure of Division operating income to Consolidated income from continuing operations before income taxes is as follows:

	Third Quarter						Year-to-Date
(In millions)	2022			2021			2022			2021
Total Divisions operating income	$	123		$	139		$	308		$	322
Add/(subtract):
Asset impairments		(3	)		(5	)		(8	)		(18	)
Merger, restructuring and other operating expenses, net		(8	)		(13	)		(42	)		(37	)
Unallocated expenses		(28	)		(17	)		(70	)		(64	)
Interest income		1			—			3			—
Interest expense		(1	)		(7	)		(10	)		(20	)
Other income, net		5			3			9			19
Income from continuing operations before income taxes	$	89		$	100		$	190		$	202

The following table provides information about disaggregated sales by major categories:

	Third Quarter				Year-to-Date
(In millions)	2022		2021		2022		2021
Major sales categories
Supplies	$	1,080	$	1,023	$	3,106	$	2,879
Technology		597		658		1,871		2,118
Furniture and other		336		341		948		987
Copy and print		159		157		460		439
Total	$	2,172	$	2,179	$	6,385	$	6,423

The following table provides information about total assets by each of the Divisions, reconciled to consolidated totals:

(In millions)	Balance as of September 24, 2022
ODP Business Solutions Division	$	784
Office Depot Division		1,700
Veyer Division		1,104
Varis Division		112
Corporate and other		718
Total	$	4,418

Goodwill and indefinite-lived intangible assets are tested for impairment annually as of the first day of fiscal December or more frequently when events or changes in circumstances indicate that impairment may have occurred. The changes in reportable segments described above also resulted in the change of the Company’s reporting units during the third quarter of 2022, where each reportable segment also represents a reporting unit. Goodwill was allocated to the new reporting units using their relative fair values. The Company performed a qualitative goodwill impairment assessment of its legacy reporting units immediately before the change and determined that it was more likely than not that the respective fair values of the legacy reporting units were greater than their respective carrying values. The Company also performed a quantitative goodwill impairment assessment of its current reporting units immediately after the change and determined the fair values of all reporting units exceeded their carrying amounts. Changes in goodwill by segment were as follows:

(In millions)	Balance as of December 25, 2021		Allocation to New segment			Balance as of September 24, 2022
Business Solutions Division	$	318	$	(318	)	$	—
Retail Division		78		(78	)		—
Other		68		(68	)		—
ODP Business Solutions Division		—		142			142
Office Depot Division		—		219			219
Veyer Division		—		35			35
Varis Division		—		68			68
Total	$	464	$	—		$	464

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

INCOME TAXES

9 Months Ended

Sep. 24, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 4. INCOME TAXES

During 2022 and 2021, the mix of income and losses across jurisdictions, although still applicable, has become less of a factor in influencing the Company’s effective tax rates due to limited international operations and improved operating results. The Company’s effective tax rates were 25% for both the third quarter and year-to-date 2022, and 27% and 23% for the third quarter and year-to-date 2021, respectively. For the third quarter and the year-to-date 2022, the Company’s effective rate was primarily impacted by the recognition of a tax benefit associated with stock-based compensation awards year-to-date and the reversal of uncertain tax positions. This along with the impact of state taxes and the mix of income and losses across U.S. and non-U.S. jurisdictions, caused the Company’s effective tax rate to differ from the statutory rate of 21%. Year-to-date 2021, the Company’s effective rate was primarily impacted by the recognition of tax benefits associated with stock-based compensation awards year-to-date and recognition of tax benefits due to an agreement reached with the IRS related to a prior tax position. These factors, along with the impact of state taxes and the mix of income and losses across U.S. and non-U.S. jurisdictions, caused the Company’s effective tax rate to differ from the statutory rate of 21%. Changes in pretax income projections and the mix of income across jurisdictions could impact the effective tax rates in future quarters.

The Company continues to have a U.S. valuation allowance for certain U.S. federal credits and state tax attributes, which relates to deferred tax assets that require certain types of income or for income to be earned in certain jurisdictions in order to be realized. The Company will continue to assess the realizability of its deferred tax assets in the U.S. and remaining foreign jurisdictions in future periods. Changes in pretax income projections could impact this evaluation in future periods. The sale of CompuCom resulted in the Company recognizing a capital loss of approximately $210 million, tax effected. A portion of this capital loss, approximately $20 million, is available to be carried back in several jurisdictions. The tax benefit of these carry back claims was reflected in the discontinued operations income tax expense at December 25, 2021. The Company has determined that it is more likely than not that the benefit from the excess capital loss of $190 million will not be realized at this time. In recognition of this risk, the Company has provided a full valuation allowance during the first quarter of 2022 against the excess capital loss not carried back.

The Company files a U.S. federal income tax return and other income tax returns in various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state and local income tax examinations for years prior to 2021 and 2014, respectively. The acquired OfficeMax U.S. consolidated group is no longer subject to U.S. federal income tax examination, and with few exceptions, is no longer subject to U.S. state and local income tax examinations for years prior to 2013. Generally, the Company is subject to routine examination for years 2013 and forward in its international tax jurisdictions.

It is anticipated that $1 million of tax positions will be resolved within the next 12 months. Additionally, the Company anticipates that it is reasonably possible that new issues will be raised or resolved by tax authorities that may require changes to the balance of unrecognized tax benefits; however, an estimate of such changes cannot be reasonably made.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

EARNINGS PER SHARE

9 Months Ended

Sep. 24, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 5. EARNINGS PER SHARE

The following table represents the calculation of earnings (loss) per common share – basic and diluted:

	Third Quarter					Year-to-Date
(In millions, except per share amounts)	2022			2021		2022		2021
Basic Earnings (Loss) Per Share
Numerator:
Net income from continuing operations	$	67		$	73	$	142	$	155
Income (loss) from discontinued operations, net of tax		—			28		7		(89	)
Net income	$	67		$	101	$	149	$	66
Denominator:
Weighted-average shares outstanding		48			53		49		54
Basic earnings (loss) per share:
Continuing operations	$	1.39		$	1.38	$	2.92	$	2.89
Discontinued operations		(0.01	)		0.54		0.14		(1.65	)
Net basic earnings per share	$	1.38		$	1.92	$	3.06	$	1.24
Diluted Earnings (Loss) Per Share
Numerator:
Net income from continuing operations	$	67		$	73	$	142	$	155
Income (loss) from discontinued operations, net of tax		—			28		7		(89	)
Net income	$	67		$	101	$	149	$	66
Denominator:
Weighted-average shares outstanding		48			53		49		54
Effect of dilutive securities:
Stock options and restricted stock		1			2		1		2
Diluted weighted-average shares outstanding		49			55		50		56
Diluted earnings (loss) per share:
Continuing operations	$	1.36		$	1.33	$	2.84	$	2.79
Discontinued operations		(0.01	)		0.52		0.13		(1.60	)
Net diluted earnings per share	$	1.35		$	1.85	$	2.97	$	1.19

Awards of stock options and nonvested shares representing additional shares of outstanding common stock were 1 million in the third quarter and less than 1 million year-to-date 2022, and less than 1 million in both the third quarter and year-to-date 2021, but they were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.

DEBT

9 Months Ended

Sep. 24, 2022

Debt Disclosure [Abstract]

DEBT

NOTE 6. DEBT

On April 17, 2020, the Company entered into the Third Amended and Restated Credit Agreement (the “Third Amended Credit Agreement”), which provides for a $1.2 billion asset-based revolving credit facility and a $100 million asset-based first-in, last-out term loan facility (the “FILO Term Loan Facility”), for an aggregate principal amount of up to $1.3 billion (the “New Facilities”). The New Facilities mature on April 17, 2025. The Third Amended Credit Agreement replaced the Company’s then existing amended and restated credit agreement that was due to mature in May 2021. During the first quarter of 2022, the Company reduced its asset-based revolving credit facility by $200 million to $1.0 billion and retired $43 million of outstanding FILO Term Loan Facility loans under the Third Amended Credit Agreement.

As provided by the Third Amended Credit Agreement, available amounts that can be borrowed at any given time are based on percentages of certain outstanding accounts receivable, credit card receivables, inventory, cash value of company-owned life insurance policies, and certain specific real estate of the Company. At September 24, 2022, the Company had no revolving loans outstanding. The Company had $57 million of outstanding FILO Term Loan Facility loans, $47 million of outstanding standby letters of credit, and $934 million of available credit under the Third Amended Credit Agreement at September 24, 2022. The Company was in compliance with all applicable covenants at September 24, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 24, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 7. STOCKHOLDERS’ EQUITY

Accumulated other comprehensive loss activity, net of tax, where applicable, is provided in the following table:

	Foreign			Change in
	Currency			Deferred
	Translation			Pension and
(In millions)	Adjustments			Other			Total
Balance at December 25, 2021	$	(27	)	$	21		$	(6	)
Other comprehensive loss activity before reclassifications		(31	)		(5	)		(36	)
Reclassification of foreign currency translation adjustments realized upon disposal of business		6			—			6
Balance at September 24, 2022	$	(52	)	$	16		$	(36	)

TREASURY STOCK

The Board of Directors reviewed the Company’s existing capital allocation programs in connection with the sale of CompuCom, and on December 31, 2021, authorized an additional $200 million for share repurchases under the then existing stock repurchase program, for a total authorization of $650 million. This stock repurchase program expired on June 30, 2022, and in July 2022, the Board of Directors approved a new stock repurchase program of up to $600 million, available through June 30, 2024. In October 2022, the Board of Directors approved a new stock repurchase program of up to $1 billion, available through December 31, 2025 to replace the existing $600 million stock repurchase program effective November 3, 2022. The new authorizations may be suspended or discontinued at any time. The exact timing of share repurchases will depend on market conditions and other factors, and will be funded through available cash balances.

On November 16, 2021, as part of the stock repurchase program that expired on June 30, 2022, the Company entered into an accelerated share repurchase agreement (“ASR”) to repurchase shares of the Company’s common stock in exchange for an up-front payment $150 million. The ASR repurchase period ran through May 25, 2022, and the Company received 0.7 million shares of its common stock as the final settlement of the ASR in the second quarter of 2022. The Company repurchased 3.6 million shares of its common stock in total at an average price per share of $41.46 under the ASR. In July 2022, as part of the new $600 million stock repurchase program, the Board of Directors approved a Dutch auction tender offer to repurchase up to $300 million worth of shares of its common stock, based on demand. Subject to certain limitations and legal requirements, the Company could repurchase up to an additional 2% of the outstanding shares in the tender offer. Through this tender offer, the Company’s shareholders had the opportunity to tender some or all of their shares at a price within the range of $31.50 to $36.00 per share subject to the conditions set forth in the tender offer documents. The tender offer commenced on July 18, 2022 and expired on August 12, 2022. The Company repurchased 14 thousand shares under the tender offer at a cost of $1 million. The Company repurchased 2 million additional shares of its common stock at a cost of $69 million in the third quarter of 2022 under the new repurchase program. As a result, the Company repurchased 3 million shares year-to-date 2022, including the final settlement of the ASR, at a cost of $98 million. As of September 24, 2022, $530 million remains available for stock repurchases under the current stock repurchase program. Subsequent to the end of the third quarter of 2022 and through October 26, 2022, the Company repurchased 1 million shares of its common stock at a cost of $34 million.

At September 24, 2022, there were 19 million shares of common stock held in treasury. The Company’s Third Amended Credit Agreement permits restricted payments, such as common stock repurchases, but may be limited if the Company does not meet the required minimum liquidity or fixed charge coverage ratio requirements. Refer to Note 6 for additional information about the Company’s compliance with covenants.

DIVIDENDS ON COMMON STOCK

The Company did not declare any cash dividends year-to-date 2022. The Company does not anticipate declaring cash dividends in the foreseeable future. The Company’s Third Amended Credit Agreement permits restricted payments, such as dividends, but may be limited if the Company does not meet the required minimum liquidity or fixed charge coverage ratio requirements. Refer to Note 6 for additional information about the Company’s compliance with covenants.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 24, 2022

Compensation And Retirement Disclosure [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 8. EMPLOYEE BENEFIT PLANS

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS – NORTH AMERICA

The components of net periodic pension benefit for the Company’s North America pension plans are as follows:

	Third Quarter						Year-to-Date
(In millions)	2022			2021			2022			2021
Service cost	$	—		$	—		$	—		$	—
Interest cost		5			5			16			15
Expected return on plan assets		(6	)		(7	)		(19	)		(22	)
Net periodic pension benefit	$	(1	)	$	(2	)	$	(3	)	$	(7	)

The North American qualified pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at September 24, 2022 and December 25, 2021. The North American nonqualified pension plan is in a net liability position and included in Pension and postretirement obligations, net in the Condensed Consolidated Balance Sheets at September 24, 2022 and December 25, 2021. During year-to-date 2022, $2 million of cash contributions were made to the North America pension plans. The Company expects to make additional cash contributions of approximately $1 million to the North America pension plans during the remainder of 2022.

PENSION PLAN – UNITED KINGDOM

The components of net periodic pension benefit for the Company’s pension plan in the United Kingdom (“UK”) are as follows:

	Third Quarter						Year-to-Date
(In millions)	2022			2021			2022			2021
Service cost	$	—		$	—		$	—		$	—
Interest cost		1			1			3			3
Expected return on plan assets		(1	)		(1	)		(5	)		(4	)
Net periodic pension benefit	$	—		$	—		$	(2	)	$	(1	)

The UK pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at September 24, 2022 and December 25, 2021. During year-to-date 2022, cash contributions of $1 million were made to the UK pension plan. The Company is not required to make any additional cash contributions to the UK pension plan in the remainder of 2022.

Net periodic pension benefits for the North America and UK pension plans and other postretirement benefit plans (the “Plans”) are recorded at the Corporate level. The service cost for the Plans are reflected in Selling, general and administrative expenses, and the other components of net periodic pension benefits are reflected in Other income, net, in the Condensed Consolidated Statements of Operations.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
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+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 24, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 9. FAIR VALUE MEASUREMENTS

The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. In developing its fair value estimates, the Company uses the following hierarchy:

Level 1:		Quoted prices in active markets for identical assets or liabilities.

Level 2:		Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3:		Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows or option pricing models using the Company’s own estimates and assumptions or those expected to be used by market participants.

RECURRING FAIR VALUE MEASUREMENTS

In accordance with GAAP, certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company’s assets and liabilities that are adjusted to fair value on a recurring basis are money market funds that qualify as cash equivalents, and derivative financial instruments, which may be entered into to mitigate risks associated with changes in foreign currency exchange rates, fuel and other commodity prices and interest rates. The Company did not have derivative financial instruments during the third quarter and year-to-date 2022.

NONRECURRING FAIR VALUE MEASUREMENTS

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets and liabilities at fair value on a nonrecurring basis as required by GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. In the third quarter and year-to-date 2022, the Company recognized asset impairment charges of $3 million and $8 million, respectively, primarily related to the impairment of operating lease right-of-use (“ROU”) assets associated with the Company’s retail store locations. In the third quarter and year-to-date 2021, the Company recognized asset impairment charges of $5 million and $18 million, respectively. Of the asset impairment charges in the third quarter and year-to-date 2021, $4 million and $15 million were related to the impairment of ROU assets associated with the Company’s retail store locations, and the remainder were related to impairment of fixed assets. All impairment charges discussed in the sections below are presented in Asset impairments in the Condensed Consolidated Statements of Operations.

The Company regularly reviews retail store assets for impairment indicators at the individual store level, as this represents the lowest level of identifiable cash flows. When indicators of impairment are present, a recoverability analysis is performed which considers the estimated undiscounted cash flows over the retail store’s remaining life and uses input from retail operations and accounting and finance personnel. These inputs include management’s best estimates of retail store-level sales, gross margins, direct expenses, exercise of future lease renewal options when reasonably certain to be exercised, and resulting cash flows that can naturally include judgments about how current initiatives will impact future performance. The assumptions used within the recoverability analysis for the retail stores were updated to consider current quarter retail store operational results and formal plans for future retail store closures as part of the Company’s restructuring programs, including the probability of closure at the retail store level. While it is generally understood that closures will approximate the store’s lease termination date, it is possible that changes in store performance or other conditions could result in future changes in assumptions utilized. These assumptions reflected declining sales over the forecast period, and gross margin and operating cost assumptions that are consistent with recent actual results and consider plans for future initiatives. The Company also analyzed the impact of the COVID-19 pandemic on store asset recoverability. Due to the nature of products sold, the retail stores were considered to be essential by most local jurisdictions and as a result, the substantial majority of these retail stores have remained open and operational with the appropriate safety measures in place since the beginning of the COVID-19 outbreak, including a curbside pickup option. Since late in the first quarter of 2020, the Company has reduced retail location hours by one to two hours daily, which continues to be in effect at the majority of its retail locations. The Company’s recoverability assessment included evaluating the impact of these developments.

If the undiscounted cash flows of a retail store cannot support the carrying amount of its assets, the assets are impaired if necessary and written down to estimated fair value. The fair value of retail store assets is determined using a discounted cash flow analysis which uses Level 2 unobservable inputs that are corroborated by market data such as independent real estate valuation opinions. Specifically, the analysis uses assumptions of potential rental rates for each retail store location which are based on market data for comparable locations. These estimated cash flows used in the third quarter of 2022 impairment calculation were discounted at a weighted average discount rate of 8%.

The Company will continue to evaluate initiatives to improve performance and lower operating costs. There are uncertainties regarding the impact of the COVID-19 pandemic, supply chain and macroeconomic conditions on the future results of operations, including the forecast period used in the recoverability analysis. To the extent that forward-looking sales and operating assumptions are not achieved and are subsequently reduced, additional impairment charges may result. However, at the end of the third quarter of 2022, the impairment recognized reflects the Company’s best estimate of future performance.

In addition to its retail store assets, the Company also regularly evaluates whether there are impairment indicators associated with its other long-lived assets, which were negatively impacted by the COVID-19 pandemic. The Company did not identify any impairment indicators for these long-lived assets as of September 24, 2022, and as a result, there were no associated impairment charges.

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 Condensed Consolidated Balance Sheets as of September 24, 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 during the fourth quarter of 2022, 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.

OTHER FAIR VALUE DISCLOSURES

The fair values of cash and cash equivalents, receivables, trade accounts payable and accrued expenses and other current liabilities approximate their carrying values because of their short-term nature.

The following table presents information about financial instruments at the balance sheet dates indicated.

	September 24,				December 25,
	2022				2021
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount		Value
Financial assets:
Company-owned life insurance		138		138		137		137
Financial liabilities:
Long-term debt:
New Facilities loans under the Third Amended Credit Agreement, due 2025		57		57		100		100
Revenue bonds, due in varying amounts periodically through 2029		75		76		75		76
American & Foreign Power Company, Inc. 5% debentures, due 2030		15		14		15		16

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

•

Company-owned life insurance: In connection with the 2013 OfficeMax merger, the Company acquired company-owned life insurance policies on certain former employees. The fair value of the company-owned life insurance policies is derived using determinable net cash surrender value, which is the cash surrender value less any outstanding loans (Level 2 measure). Death benefits received on company-owned life insurance policies, which are tax-free at payout, typically exceed their cash surrender values.

•

Long-term debt: Long-term debt, for which there were no transactions on the measurement date, was valued based on quoted market prices near the measurement date when available or by discounting the future cash flows of each instrument using rates based on the most recently observable trade or using rates currently offered to the Company for similar debt instruments of comparable maturities (Level 2 measure). The carrying amount of the New Facilities loans under the Third Amended Credit Agreement approximates fair value because the interest rates vary with market interest rates. Refer to Note 6 for additional information about the Third Amended Credit Agreement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 24, 2022

Commitments And Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 10. COMMITMENTS AND CONTINGENCIES

LEGAL MATTERS

The Company is involved in litigation arising in the normal course of business. While, from time to time, claims are asserted that make demands for a large sum of money (including, from time to time, actions which are asserted to be maintainable as class action suits), the Company does not believe that contingent liabilities related to these matters (including the matters discussed below), either individually or in the aggregate, will materially affect the Company’s financial position, results of operations, or cash flows.

In the ordinary course of business, sales to and transactions with government customers may be subject to lawsuits, investigations, audits and review by governmental authorities and regulatory agencies, with which the Company cooperates. Many of these lawsuits, investigations, audits and reviews are resolved without material impact to the Company. While claims in these matters may at times assert large demands, the Company does not believe that contingent liabilities related to these matters, either individually or in the aggregate, will materially affect its financial position, results of operations, or cash flows.

In addition to the foregoing, OfficeMax is named as a defendant in a number of lawsuits, claims, and proceedings arising out of the operation of certain paper and forest products assets prior to those assets being sold in 2004, for which OfficeMax agreed to retain responsibility. Also, as part of that sale, OfficeMax agreed to retain responsibility for all pending, threatened and future proceedings alleging asbestos-related injuries arising out of the operation of the paper and forest products assets prior to the closing of the sale. The Company has made provision for losses with respect to the pending proceedings. Additionally, as of September 24, 2022, the Company has made provision for environmental liabilities with respect to certain sites where hazardous substances or other contaminants are or may be located. For these liabilities, the Company’s estimated range of reasonably possible losses was approximately $15 million to $25 million. The Company regularly monitors its estimated exposure to these liabilities. As additional information becomes known, these estimates may change, however, the Company does not believe any of these OfficeMax retained proceedings are material to the Company’s financial position, results of operations, or cash flows.

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 24, 2022

Discontinued Operations And Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 11. DISCONTINUED OPERATIONS

The Company sold its former CompuCom Division through a single disposal group on December 31, 2021. The transaction was structured and accounted for as an equity sale. The related Securities Purchase Agreement (“SPA”) provides for consideration consisting of a cash purchase price equal to $125 million (subject to customary adjustments, including for cash, debt and working capital), an interest-bearing promissory note in the amount of $55 million, and a holding fee (“earn-out”) provision providing for payments of up to $125 million in certain circumstances. The promissory note accrues interest at six percent per annum, payable on a quarterly basis in cash or in-kind, and is due in full on June 30, 2027. Under the earn-out provision, if the purchaser receives dividends or sale proceeds from the CompuCom business equal to (i) three (3) times its initial capital investment in the CompuCom business plus (ii) 15% per annum on subsequent capital investments, the Company will be entitled to 50% of any subsequent dividends or sale proceeds up to and until the Company has received an aggregate of $125 million. The Company also agreed to provide certain transitional services to the purchaser for a period of three to twelve months under a separate agreement after closing. The SPA contains customary warranties of the Company and the purchaser.

CompuCom was presented as held for sale as of December 25, 2021, and the loss from classification to held for sale was measured at the lower of its carrying amount or estimated fair value less costs to sell and was included in the valuation allowance of current assets held for sale as of December 25, 2021. The estimated fair value of CompuCom was based on the terms of the SPA, and amounted to $190 million, which included $126 million for cash purchase price after adjusting for cash, debt and working capital, $55 million for the promissory note, and $9 million for the earn-out. Of the cash purchase price, $30 million was related to adjustments for cash, debt and working capital, and is a current receivable as of September 24, 2022. The promissory note and the earn-out are non-current receivables as of September 24, 2022. The earn-out provision was identified to be a derivative in accordance with ASC 815, and its fair value was determined using Monte Carlo simulation. The resulting loss from classification to held for sale was $170 million in the fourth quarter of 2021. During year-to-date 2022, the Company incurred further loss on disposal of $1 million in third-party professional fees related to the sale of CompuCom. In addition, during year-to-date 2022, the Company received $7 million of insurance proceeds for the malware incident that occurred in 2021 reflected in gain on disposal of discontinued operations.

Merger and restructuring expenses incurred by the former CompuCom Division, that were previously presented as Corporate expenses, are included in the measurement and presentation of discontinued operations in all periods presented.

The following table represents a reconciliation of the major components of discontinued operations, net of tax presented in the Condensed Consolidated Statements of Operations.

	Third Quarter					Year-to-Date
(In millions)	2022		2021			2022			2021
Major components of discontinued operations before income taxes:
Sales	$	—	$	201		$	—		$	610
Cost of goods and occupancy costs:		—		161			—			491
Gross profit		—		40			—			119
Selling, general and administrative expenses		—		29			—			117
Asset impairments				—			—			114
Merger, restructuring and other operating expenses, net		—		—			—			(2	)
Operating income (loss)		—		11			—			(110	)
Other income (expense):
Other income, net		—		—			—			(1	)
Income (loss) from major components of discontinued operations before income taxes		—		11			—			(111	)
Gain (loss) on disposal of discontinued operations		—		(1	)		6			(1	)
Income (loss) from discontinued operations before income taxes		—		10			6			(112	)
Income tax benefit		—		(18	)		(1	)		(23	)
Discontinued operations, net of tax	$	—	$	28		$	7		$	(89	)

The following table represents the major classes of assets and liabilities of the disposal group classified as held for sale presented in the Condensed Consolidated Balance Sheets as of December 25, 2021. The Company completed the sale of CompuCom on December 31, 2021, and therefore no assets or liabilities are included in discontinued operations as of September 24, 2022.

	December 25,
(In millions)	2021
Major classes of assets included in discontinued operations:
Cash and cash equivalents	$	23
Receivables, net		221
Inventories		20
Prepaid expenses and other current assets		15
Property and equipment, net		25
Operating lease right-of-use assets		66
Other intangible assets, net		255
Other assets		14
Less: valuation allowance		(170	)
Total assets of the disposal group classified as held for sale	$	469
Major classes of liabilities included in discontinued operations:
Trade accounts payable	$	83
Accrued expenses and other current liabilities		86
Deferred income taxes and other long-term liabilities		75
Operating lease liabilities		46
Total liabilities of the disposal group classified as held for sale	$	290

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 24, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 24, 2022

Accounting Policies [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

Maintaining All Operating Businesses under Common Ownership

MAINTAINING ALL OPERATING BUSINESSES UNDER COMMON OWNERSHIP

Cash Management

CASH MANAGEMENT

Revenue and Contract Balances

REVENUE AND CONTRACT BALANCES

	September 24,		December 25,
(In millions)	2022		2021
Trade receivables, net		445		353
Short-term contract assets		10		16
Long-term contract assets		3		8
Short-term contract liabilities		40		52
Long-term contract liabilities		—		2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 24, 2022

Accounting Policies [Abstract]

Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

	September 24,		December 25,
(In millions)	2022		2021
Trade receivables, net		445		353
Short-term contract assets		10		16
Long-term contract assets		3		8
Short-term contract liabilities		40		52
Long-term contract liabilities		—		2

MERGER, RESTRUCTURING AND OTHER ACTIVITY (Tables)

9 Months Ended

Sep. 24, 2022

Merger Restructuring And Other Activity [Abstract]

Summary of Major Components of Merger, Restructuring and Other Operating Expenses, Net

The table below summarizes the major components of Merger, restructuring and other operating expenses, net.

	Third Quarter						Year-to-Date
(In millions)	2022			2021			2022			2021
Merger and transaction related expenses
Transaction and integration	$	(7	)	$	(1	)		(7	)		—
Total Merger and transaction related expenses		(7	)		(1	)		(7	)		—
Restructuring expenses
Severance		(1	)		(1	)		(2	)		(2	)
Professional fees		—			—			—			1
Facility closure, contract termination, and other expenses, net		2			5			4			14
Total Restructuring expenses, net		1			4			2			13
Other operating expenses
Professional fees		14			10			47			24
Total Other operating expenses		14			10			47			24
Total Merger, restructuring and other operating expenses, net	$	8		$	13		$	42		$	37

Facility Closure and Severance Costs

	Balance as of								Balance as of
	December 25,		Charges (credits)			Cash			September 24,
(In millions)	2021		Incurred			Payments			2022
Termination benefits:
Maximize B2B Restructuring Plan		19		(2	)		—			17
Lease and contract obligations, accruals for facilities closures and other costs:
Maximize B2B Restructuring Plan		6		5			(5	)		6
Comprehensive Business Review		1		—			—			1
Previously planned separation of consumer business and realignment		2		44			(37	)		9
Total	$	28	$	47		$	(42	)	$	33

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 24, 2022

Segment Reporting [Abstract]

Summary of Sales and Operating Income (Loss) by Each of the Divisions, Reconciled to Consolidated Totals

The following is a summary of sales and operating income (loss) by each of the Divisions, reconciled to consolidated totals:

(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Varis Division			Eliminations			Total
Third Quarter of 2022
Sales (external)	$	1,030	$	1,133	$	7	$	2		$	-		$	2,172
Sales (internal)		5		10		1,477		-			(1,492	)	$	-
Total sales	$	1,035	$	1,143	$	1,484	$	2		$	(1,492	)	$	2,172
Division operating income (loss)	$	48	$	83	$	9	$	(17	)	$	-		$	123

Year-to-Date 2022
Sales (external)	$	3,004	$	3,358	$	18	$	5		$	-		$	6,385
Sales (internal)		15		25		4,415		-			(4,455	)		-
Total sales	$	3,019	$	3,383	$	4,433	$	5		$	(4,455	)	$	6,385
Division operating income (loss)	$	103	$	228	$	25	$	(48	)	$	-		$	308

Third Quarter of 2021
Sales (external)	$	940	$	1,229	$	8	$	2		$	-		$	2,179
Sales (internal)		7		10		1,520		-			(1,537	)		-
Total sales	$	947	$	1,239	$	1,528	$	2		$	(1,537	)	$	2,179
Division operating income (loss)	$	34	$	108	$	7	$	(10	)	$	-		$	139

Year-to-Date 2021
Sales (external)	$	2,697	$	3,699	$	24	$	3		$	-		$	6,423
Sales (internal)		19		26		4,493		-			(4,538	)		-
Total sales	$	2,716	$	3,725	$	4,517	$	3		$	(4,538	)	$	6,423
Division operating income (loss)	$	55	$	266	$	22	$	(21	)	$	-		$	322

Reconciliation of Measure of Division Operating Income to Consolidated Income (Loss) from Continuing Operations Before Income Taxes

The reconciliation of the measure of Division operating income to Consolidated income from continuing operations before income taxes is as follows:

	Third Quarter						Year-to-Date
(In millions)	2022			2021			2022			2021
Total Divisions operating income	$	123		$	139		$	308		$	322
Add/(subtract):
Asset impairments		(3	)		(5	)		(8	)		(18	)
Merger, restructuring and other operating expenses, net		(8	)		(13	)		(42	)		(37	)
Unallocated expenses		(28	)		(17	)		(70	)		(64	)
Interest income		1			—			3			—
Interest expense		(1	)		(7	)		(10	)		(20	)
Other income, net		5			3			9			19
Income from continuing operations before income taxes	$	89		$	100		$	190		$	202

Summary of Disaggregated Revenue from Major Sales Categories

The following table provides information about disaggregated sales by major categories:

	Third Quarter				Year-to-Date
(In millions)	2022		2021		2022		2021
Major sales categories
Supplies	$	1,080	$	1,023	$	3,106	$	2,879
Technology		597		658		1,871		2,118
Furniture and other		336		341		948		987
Copy and print		159		157		460		439
Total	$	2,172	$	2,179	$	6,385	$	6,423

Summary of Total Assets by Each of the Divisions, Reconciled to Consolidated Totals

The following table provides information about total assets by each of the Divisions, reconciled to consolidated totals:

(In millions)	Balance as of September 24, 2022
ODP Business Solutions Division	$	784
Office Depot Division		1,700
Veyer Division		1,104
Varis Division		112
Corporate and other		718
Total	$	4,418

Schedule of Goodwill by Segment

(In millions)	Balance as of December 25, 2021		Allocation to New segment			Balance as of September 24, 2022
Business Solutions Division	$	318	$	(318	)	$	—
Retail Division		78		(78	)		—
Other		68		(68	)		—
ODP Business Solutions Division		—		142			142
Office Depot Division		—		219			219
Veyer Division		—		35			35
Varis Division		—		68			68
Total	$	464	$	—		$	464

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-Name Accounting Standards Codification
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+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 24, 2022

Earnings Per Share [Abstract]

Calculation of Earnings (Loss) Per Common Share

The following table represents the calculation of earnings (loss) per common share – basic and diluted:

	Third Quarter					Year-to-Date
(In millions, except per share amounts)	2022			2021		2022		2021
Basic Earnings (Loss) Per Share
Numerator:
Net income from continuing operations	$	67		$	73	$	142	$	155
Income (loss) from discontinued operations, net of tax		—			28		7		(89	)
Net income	$	67		$	101	$	149	$	66
Denominator:
Weighted-average shares outstanding		48			53		49		54
Basic earnings (loss) per share:
Continuing operations	$	1.39		$	1.38	$	2.92	$	2.89
Discontinued operations		(0.01	)		0.54		0.14		(1.65	)
Net basic earnings per share	$	1.38		$	1.92	$	3.06	$	1.24
Diluted Earnings (Loss) Per Share
Numerator:
Net income from continuing operations	$	67		$	73	$	142	$	155
Income (loss) from discontinued operations, net of tax		—			28		7		(89	)
Net income	$	67		$	101	$	149	$	66
Denominator:
Weighted-average shares outstanding		48			53		49		54
Effect of dilutive securities:
Stock options and restricted stock		1			2		1		2
Diluted weighted-average shares outstanding		49			55		50		56
Diluted earnings (loss) per share:
Continuing operations	$	1.36		$	1.33	$	2.84	$	2.79
Discontinued operations		(0.01	)		0.52		0.13		(1.60	)
Net diluted earnings per share	$	1.35		$	1.85	$	2.97	$	1.19

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 24, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss Activity, Net of Tax

Accumulated other comprehensive loss activity, net of tax, where applicable, is provided in the following table:

	Foreign			Change in
	Currency			Deferred
	Translation			Pension and
(In millions)	Adjustments			Other			Total
Balance at December 25, 2021	$	(27	)	$	21		$	(6	)
Other comprehensive loss activity before reclassifications		(31	)		(5	)		(36	)
Reclassification of foreign currency translation adjustments realized upon disposal of business		6			—			6
Balance at September 24, 2022	$	(52	)	$	16		$	(36	)

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 24, 2022

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Pension Benefit

The components of net periodic pension benefit for the Company’s North America pension plans are as follows:

	Third Quarter						Year-to-Date
(In millions)	2022			2021			2022			2021
Service cost	$	—		$	—		$	—		$	—
Interest cost		5			5			16			15
Expected return on plan assets		(6	)		(7	)		(19	)		(22	)
Net periodic pension benefit	$	(1	)	$	(2	)	$	(3	)	$	(7	)

The components of net periodic pension benefit for the Company’s pension plan in the United Kingdom (“UK”) are as follows:

	Third Quarter						Year-to-Date
(In millions)	2022			2021			2022			2021
Service cost	$	—		$	—		$	—		$	—
Interest cost		1			1			3			3
Expected return on plan assets		(1	)		(1	)		(5	)		(4	)
Net periodic pension benefit	$	—		$	—		$	(2	)	$	(1	)

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 24, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities

The following table presents information about financial instruments at the balance sheet dates indicated.

	September 24,				December 25,
	2022				2021
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount		Value
Financial assets:
Company-owned life insurance		138		138		137		137
Financial liabilities:
Long-term debt:
New Facilities loans under the Third Amended Credit Agreement, due 2025		57		57		100		100
Revenue bonds, due in varying amounts periodically through 2029		75		76		75		76
American & Foreign Power Company, Inc. 5% debentures, due 2030		15		14		15		16

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 24, 2022

Discontinued Operations And Disposal Groups [Abstract]

Major Component of Discontinued Operations, Net of Tax and Major Classes of Assets and Liabilities of Disposal Group Classified as Held for Sale

The following table represents a reconciliation of the major components of discontinued operations, net of tax presented in the Condensed Consolidated Statements of Operations.

	Third Quarter					Year-to-Date
(In millions)	2022		2021			2022			2021
Major components of discontinued operations before income taxes:
Sales	$	—	$	201		$	—		$	610
Cost of goods and occupancy costs:		—		161			—			491
Gross profit		—		40			—			119
Selling, general and administrative expenses		—		29			—			117
Asset impairments				—			—			114
Merger, restructuring and other operating expenses, net		—		—			—			(2	)
Operating income (loss)		—		11			—			(110	)
Other income (expense):
Other income, net		—		—			—			(1	)
Income (loss) from major components of discontinued operations before income taxes		—		11			—			(111	)
Gain (loss) on disposal of discontinued operations		—		(1	)		6			(1	)
Income (loss) from discontinued operations before income taxes		—		10			6			(112	)
Income tax benefit		—		(18	)		(1	)		(23	)
Discontinued operations, net of tax	$	—	$	28		$	7		$	(89	)

	December 25,
(In millions)	2021
Major classes of assets included in discontinued operations:
Cash and cash equivalents	$	23
Receivables, net		221
Inventories		20
Prepaid expenses and other current assets		15
Property and equipment, net		25
Operating lease right-of-use assets		66
Other intangible assets, net		255
Other assets		14
Less: valuation allowance		(170	)
Total assets of the disposal group classified as held for sale	$	469
Major classes of liabilities included in discontinued operations:
Trade accounts payable	$	83
Accrued expenses and other current liabilities		86
Deferred income taxes and other long-term liabilities		75
Operating lease liabilities		46
Total liabilities of the disposal group classified as held for sale	$	290

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 24, 2022 USD ($) Segment	Jun. 25, 2022 Segment	Sep. 24, 2022 USD ($)	Sep. 24, 2022 USD ($) Segment	Sep. 24, 2022 USD ($) Division	Sep. 25, 2021 USD ($)	Dec. 25, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments	4	2		4	4
Accounts payable and accrued expenses and other current liabilities not yet presented for payment	$ 5,000,000		$ 5,000,000	$ 5,000,000	$ 5,000,000
Current liabilities held for sale not yet presented for payment							$ 1,000,000
Cash and cash equivalents	473,000,000		473,000,000	473,000,000	473,000,000		514,000,000
Restricted cash	$ 1,000,000		$ 1,000,000	$ 1,000,000	$ 1,000,000		$ 0
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets		Prepaid expenses and other current assets	Prepaid expenses and other current assets	Prepaid expenses and other current assets		Prepaid expenses and other current assets
Revenue recognition included in short-term contract liabilities			$ 23,000,000			$ 23,000,000
Non-US
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 103,000,000		$ 103,000,000	$ 103,000,000	$ 103,000,000		$ 108,000,000
Non-US \| Current Asset Held For Sales
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents							$ 17,000,000

Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions	Sep. 24, 2022	Dec. 25, 2021
Contract With Customer Asset And Liability [Abstract]
Trade receivables, net	$ 445	$ 353
Short-term contract assets	10	16
Long-term contract assets	3	8
Short-term contract liabilities	$ 40	52
Long-term contract liabilities		$ 2

Summary of Major Components of Merger and Restructuring Expenses, Net (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Merger and transaction related expenses
Transaction and integration	$ (7)	$ (1)	$ (7)
Total Merger and transaction related expenses	(7)	(1)	(7)
Restructuring expenses
Severance	(1)	(1)	(2)	$ (2)
Professional fees				1
Facility closure, contract termination, and other expenses, net	2	5	4	14
Total Restructuring expenses, net	1	4	2	13
Other operating expenses
Professional fees	14	10	47	24
Total Other operating expenses	14	10	47	24
Total Merger, restructuring and other operating expenses, net	$ 8	$ 13	$ 42	$ 37

Merger, Restructuring and Other Activity - Additional Information (Detail)	1 Months Ended		3 Months Ended		6 Months Ended	9 Months Ended					12 Months Ended		29 Months Ended
	May 31, 2021 USD ($)	May 31, 2020 USD ($) Employee	Sep. 24, 2022 USD ($) Segment Store	Sep. 25, 2021 USD ($)	Jun. 25, 2022 Segment	Sep. 24, 2022 USD ($)	Sep. 24, 2022 Segment	Sep. 24, 2022 Division	Sep. 24, 2022 Store	Sep. 25, 2021 USD ($)	Dec. 25, 2021 Store	Dec. 26, 2020 Store Facility	Sep. 24, 2022 USD ($)
Merger Restructuring And Other Activity [Line Items]
Merger transaction income impact of earnout adjustments on acquisition			$ 7,000,000
Transaction and integration expenses				$ 0		$ 0				$ 0
Income impact of earnout adjustments on acquisitions made in prior periods						1,000,000
Costs to implement restructuring plan						47,000,000
Restructuring cash expenditure						42,000,000
Number of reportable segments			4		2		4	4
Professional fees										1,000,000
USR Parent, Inc.
Merger Restructuring And Other Activity [Line Items]
Professional fees				1,000,000						4,000,000
Maximize B2B Restructuring Plan
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan			$ 2,000,000	4,000,000		4,000,000				13,000,000			$ 97,000,000
Number of retail stores closed \| Store			10						28		111	70
Number of distribution facilities closed \| Facility												2
Gain on sale of retail stores assets										1,000,000
Restructuring cash expenditure			$ 2,000,000	2,000,000		5,000,000				17,000,000
Maximize B2B Restructuring Plan \| Cash Expenditures
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan													$ 58,000,000
Maximize B2B Restructuring Plan \| Severance Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan		$ 49,000,000	1,000,000	1,000,000		2,000,000				2,000,000
Maximize B2B Restructuring Plan \| Retail Store and Facility Closure Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan		34,000,000		5,000,000						15,000,000
Maximize B2B Restructuring Plan \| Other Costs Including Contract Termination Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan		$ 28,000,000				5,000,000
Restructuring cash expenditure						5,000,000
Maximize B2B Restructuring Plan \| Third-Party Professional Fees
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan										1,000,000
Maximize B2B Restructuring Plan \| Maximum
Merger Restructuring And Other Activity [Line Items]
Number of expected reduction in employee position \| Employee		13,100
Costs to implement restructuring plan		$ 111,000,000
Maximize B2B Restructuring Plan \| Maximum \| Cash Expenditures
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan	$ 111,000,000	$ 111,000,000
Planned Separation of Consumer Business \| Third-Party Professional Fees
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan				$ 9,000,000		$ 33,000,000				$ 20,000,000
Re-alignment \| Third-Party Professional Fees
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan			$ 14,000,000

Severance and Facility Closure Costs (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended		29 Months Ended
	May 31, 2020	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022
Restructuring Cost and Reserve [Line Items]
Beginning Balance				$ 28
Charges (credits) Incurred				47
Cash Payments				(42)
Ending Balance		$ 33		33		$ 33
Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred		2	$ 4	4	$ 13	97
Cash Payments		(2)	$ (2)	(5)	$ (17)
Termination Benefits \| Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning Balance				19
Charges (credits) Incurred				(2)
Ending Balance		17		17		17
Lease and contract obligations, accruals for facilities closures and other costs \| Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning Balance				6
Charges (credits) Incurred	$ 28			5
Cash Payments				(5)
Ending Balance		6		6		6
Lease and contract obligations, accruals for facilities closures and other costs \| Comprehensive Business Review
Restructuring Cost and Reserve [Line Items]
Beginning Balance				1
Ending Balance		1		1		1
Lease and contract obligations, accruals for facilities closures and other costs \| Previously Planned Separation of Consumer Business and Realignment
Restructuring Cost and Reserve [Line Items]
Beginning Balance				2
Charges (credits) Incurred				44
Cash Payments				(37)
Ending Balance		$ 9		$ 9		$ 9

Segment Information - Additional Information (Detail)	3 Months Ended	6 Months Ended	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 24, 2022 Segment	Jun. 25, 2022 Segment	Sep. 24, 2022 Segment	Sep. 24, 2022 Division	Sep. 24, 2022 Location
Segment Reporting [Abstract]
Number of reportable segments	4	2	4	4
Number of office depot and officemax retail locations					1,000

Reconciliation of Revenue from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Segment Reporting Information [Line Items]
Sales	$ 2,172	$ 2,179	$ 6,385	$ 6,423
Division operating income (loss)	123	139	308	322
External
Segment Reporting Information [Line Items]
Sales	2,172	2,179	6,385	6,423
Eliminations
Segment Reporting Information [Line Items]
Sales	(1,492)	(1,537)	(4,455)	(4,538)
Eliminations \| Internal
Segment Reporting Information [Line Items]
Sales	(1,492)	(1,537)	(4,455)	(4,538)
ODP Business Solutions Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	1,035	947	3,019	2,716
Division operating income (loss)	48	34	103	55
ODP Business Solutions Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	1,030	940	3,004	2,697
ODP Business Solutions Division \| Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	5	7	15	19
Office Depot Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	1,143	1,239	3,383	3,725
Division operating income (loss)	83	108	228	266
Office Depot Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	1,133	1,229	3,358	3,699
Office Depot Division \| Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	10	10	25	26
Veyer Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	1,484	1,528	4,433	4,517
Division operating income (loss)	9	7	25	22
Veyer Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	7	8	18	24
Veyer Division \| Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	1,477	1,520	4,415	4,493
Varis Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	2	2	5	3
Division operating income (loss)	(17)	(10)	(48)	(21)
Varis Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	$ 2	$ 2	$ 5	$ 3

Reconciliation of Measure of Division Operating Income to Consolidated Income (Loss) from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Segment Reporting [Abstract]
Total Divisions operating income	$ 123	$ 139	$ 308	$ 322
Asset impairments	(3)	(5)	(8)	(18)
Merger, restructuring and other operating expenses, net	(8)	(13)	(42)	(37)
Unallocated expenses	(28)	(17)	(70)	(64)
Interest income	1		3
Interest expense	(1)	(7)	(10)	(20)
Other income, net	5	3	9	19
Income from continuing operations before income taxes	$ 89	$ 100	$ 190	$ 202

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Summary of Disaggregated Revenue from Major Sales Categories (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Segment Reporting Information [Line Items]
Sales	$ 2,172	$ 2,179	$ 6,385	$ 6,423
Products, Supplies
Segment Reporting Information [Line Items]
Sales	1,080	1,023	3,106	2,879
Products, Technology
Segment Reporting Information [Line Items]
Sales	597	658	1,871	2,118
Products, Furniture and Other
Segment Reporting Information [Line Items]
Sales	336	341	948	987
Services, Copy and Print
Segment Reporting Information [Line Items]
Sales	$ 159	$ 157	$ 460	$ 439

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Summary of Total Assets by Each of the Divisions, Reconciled to Consolidated Totals (Detail) - USD ($) $ in Millions	Sep. 24, 2022	Dec. 25, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total assets	$ 4,418	$ 4,865
ODP Business Solutions Division \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total assets	784
Office Depot Division \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total assets	1,700
Veyer Division \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total assets	1,104
Varis Division \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total assets	112
Corporate and Other \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total assets	$ 718

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Schedule of Goodwill by Segment (Detail) $ in Millions	9 Months Ended
Schedule of Goodwill by Segment (Detail) $ in Millions	Sep. 24, 2022 USD ($)
Goodwill [Line Items]
Balance as of December 25, 2021	$ 464
Balance as of September 24, 2022	464
Operating Segments
Goodwill [Line Items]
Balance as of December 25, 2021	464
Balance as of September 24, 2022	464
Eliminations
Goodwill [Line Items]
Balance as of December 25, 2021	68
Allocation to New segment	(68)
Business Solutions Division \| Operating Segments
Goodwill [Line Items]
Balance as of December 25, 2021	318
Allocation to New segment	(318)
Retail Division \| Operating Segments
Goodwill [Line Items]
Balance as of December 25, 2021	78
Allocation to New segment	(78)
ODP Business Solutions Division \| Operating Segments
Goodwill [Line Items]
Allocation to New segment	142
Balance as of September 24, 2022	142
Office Depot Division \| Operating Segments
Goodwill [Line Items]
Allocation to New segment	219
Balance as of September 24, 2022	219
Veyer Division \| Operating Segments
Goodwill [Line Items]
Allocation to New segment	35
Balance as of September 24, 2022	35
Varis Division \| Operating Segments
Goodwill [Line Items]
Allocation to New segment	68
Balance as of September 24, 2022	$ 68

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Income Taxes [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent			21.00%	21.00%
Effective tax rate	25.00%	27.00%	25.00%	23.00%
Decrease related to current year tax positions			$ 1
CompuCom
Income Taxes [Line Items]
Tax effected capital loss recognized			210
Capital loss available to be carried back			20
Unrealized benefit from excess capital loss			$ 190

Calculation of Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Sep. 25, 2021	Jun. 26, 2021	Mar. 27, 2021	Sep. 24, 2022	Sep. 25, 2021
Basic Earnings (Loss) Per Share
Net income from continuing operations	$ 67			$ 73			$ 142	$ 155
Income (loss) from discontinued operations, net of tax				28			7	(89)
Net income	$ 67	$ 27	$ 55	$ 101	$ (88)	$ 53	$ 149	$ 66
Weighted-average shares outstanding	48			53			49	54
Continuing operations	$ 1.39			$ 1.38			$ 2.92	$ 2.89
Discontinued operations	(0.01)			0.54			0.14	(1.65)
Net basic earnings per share	$ 1.38			$ 1.92			$ 3.06	$ 1.24
Diluted Earnings (Loss) Per Share
Net income from continuing operations	$ 67			$ 73			$ 142	$ 155
Income (loss) from discontinued operations, net of tax				28			7	(89)
Net income	$ 67	$ 27	$ 55	$ 101	$ (88)	$ 53	$ 149	$ 66
Weighted-average shares outstanding	48			53			49	54
Stock options and restricted stock	1			2			1	2
Diluted weighted-average shares outstanding	49			55			50	56
Continuing operations	$ 1.36			$ 1.33			$ 2.84	$ 2.79
Discontinued operations	(0.01)			0.52			0.13	(1.60)
Net diluted earnings per share	$ 1.35			$ 1.85			$ 2.97	$ 1.19

Earnings Per Share - Additional Information (Detail) - Nonvested Stock Options and Shares - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share	1
Maximum
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share		1	1	1

Debt - Additional Information (Detail) - Third Amended and Restated Credit Agreement - USD ($)		3 Months Ended
	Apr. 17, 2020	Mar. 26, 2022	Sep. 24, 2022
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 1,300,000,000
Maturity date of debt	Apr. 17, 2025
Available credit under the facility			$ 934,000,000
Revolving loans outstanding			0
Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 1,200,000,000
Asset-based First-in, Last-out Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 100,000,000
Retirement of term loan facility		$ 43,000,000
Borrowing under credit facility			57,000,000
Standby Letter of Credit
Debt Instrument [Line Items]
Borrowing under credit facility			$ 47,000,000
Minimum [Member] \| Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net		200,000,000
Maximum \| Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net		$ 1,000,000,000.0

Accumulated Other Comprehensive Loss Activity, Net of Tax (Detail) $ in Millions	9 Months Ended
	Sep. 24, 2022 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 1,438
Balance	1,499
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(27)
Other comprehensive loss activity before reclassifications	(31)
Reclassification of foreign currency translation adjustments realized upon disposal of business	6
Balance	(52)
Change in Deferred Pension and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	21
Other comprehensive loss activity before reclassifications	(5)
Balance	16
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(6)
Other comprehensive loss activity before reclassifications	(36)
Reclassification of foreign currency translation adjustments realized upon disposal of business	6
Balance	$ (36)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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+ Details

Stockholders' Equity - Additional Information (Detail) - USD ($)		1 Months Ended			3 Months Ended				9 Months Ended
	Nov. 16, 2021	Oct. 31, 2022	Oct. 26, 2022	Jul. 31, 2022	Sep. 24, 2022	Jun. 25, 2022	Sep. 25, 2021	Jun. 26, 2021	Sep. 24, 2022	Dec. 31, 2021	Dec. 25, 2021
Shareholders Equity [Line Items]
Stock repurchase program, additional authorized amount										$ 200,000,000
Stock repurchase program, authorized amount										$ 650,000,000
Common stock shares received from share repurchase agreement						700,000
Stock repurchase program, average price per share	$ 41.46
Stock repurchase program, shares purchased at cost					$ 69,000,000		$ 76,000,000	$ 46,000,000
Treasury stock, shares					18,895,956				18,895,956		16,249,028
Subsequent Event
Shareholders Equity [Line Items]
Stock repurchase program, shares purchased			1,000,000
Stock repurchase program, shares purchased at cost			$ 34,000,000
Accelerated Share Repurchase Agreement
Shareholders Equity [Line Items]
Stock repurchase program, expiration date									Jun. 30, 2022
Up-front payment in exchange for common stock in repurchase shares	$ 150,000,000
Stock repurchase program, shares purchased	3,600,000
Dutch Auction Tender Offer
Shareholders Equity [Line Items]
Stock repurchase program, expiration date				Jun. 30, 2024					Aug. 12, 2022
Stock repurchase program, shares purchased				14,000	2,000,000				3,000,000
Stock repurchase program, Percentage of additional outstanding shares				2.00%
Stock repurchase program, commencement date									Jul. 18, 2022
Stock repurchase program, shares purchased at cost				$ 1,000,000	$ 69,000,000				$ 98,000,000
Stock repurchase program, remaining authorized repurchase amount					$ 530,000,000				$ 530,000,000
Dutch Auction Tender Offer \| Maximum
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount				$ 600,000,000
Stock repurchase program, shares purchased				300
Stock repurchase program, price per share				$ 36.00
Dutch Auction Tender Offer \| Minimum [Member]
Shareholders Equity [Line Items]
Stock repurchase program, price per share				$ 31.50
Dutch Auction Tender Offer \| Subsequent Event
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 600,000,000
Stock repurchase program, expiration date		Dec. 31, 2025
Dutch Auction Tender Offer \| Subsequent Event \| Maximum
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 1,000,000,000

Components of Net Periodic Pension Benefit (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
North America
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	5	5	16	15
Expected return on plan assets	(6)	(7)	(19)	(22)
Net periodic pension benefit	(1)	(2)	(3)	(7)
United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	1	1	3	3
Expected return on plan assets	$ (1)	$ (1)	(5)	(4)
Net periodic pension benefit			$ (2)	$ (1)

Employee Benefit Plans - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 24, 2022 USD ($)
North America
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement contributions, current period	$ 2
Pension and other postretirement contributions, remainder of fiscal year	1
United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement contributions, current period	1
Pension and other postretirement contributions, remainder of fiscal year	$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative financial instruments	$ 0		$ 0
Asset impairment charges	3	$ 5	8	$ 18
Impairment of operating lease ROU assets		$ 4		$ 15
Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets held for sale	$ 104		$ 104
Retail Stores \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Percentage used for analysis	8.00%

Schedule of Fair Value of Assets and Liabilities (Detail) - USD ($) $ in Millions	Sep. 24, 2022	Dec. 25, 2021
Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company-owned life insurance	$ 138	$ 137
Carrying Amount \| Long-Term Debt \| New Facilities loans Under Third Amended Credit Agreement due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	57	100
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company-owned life insurance	138	137
Fair Value \| Long-Term Debt \| New Facilities loans Under Third Amended Credit Agreement due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	57	100
Revenue bonds, due in varying amounts periodically through 2029 \| Carrying Amount \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	75	75
Revenue bonds, due in varying amounts periodically through 2029 \| Fair Value \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	76	76
American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Carrying Amount \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	15	15
American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Fair Value \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 14	$ 16

Schedule of Fair Value of Assets and Liabilities (Parenthetical) (Detail) - Long-Term Debt	3 Months Ended	12 Months Ended
	Sep. 24, 2022	Dec. 25, 2021
Carrying Amount \| New Facilities loans Under Third Amended Credit Agreement due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2025	2025
Carrying Amount \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
Carrying Amount \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2030	2030
Long-term debt, interest rate	5.00%	5.00%
Fair Value \| New Facilities loans Under Third Amended Credit Agreement due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2025	2025
Fair Value \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
Fair Value \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2030	2030
Long-term debt, interest rate	5.00%	5.00%

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 24, 2022 USD ($)
Minimum [Member]
Commitments And Contingencies Disclosure [Line Items]
Losses for environmental liabilities	$ 15
Maximum
Commitments And Contingencies Disclosure [Line Items]
Losses for environmental liabilities	$ 25

Discontinued Operations - Additional Information (Detail) - Securities Purchase Agreement - CompuCom Division - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 25, 2021	Sep. 24, 2022	Dec. 25, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash purchase price	$ 125		$ 125
Interest bearing promissory note			55
Provision for payment			$ 125
Accrues interest of promissory note			6.00%
Capital investment percentage			15.00%
Dividend percentage			50.00%
Aggregate sale proceeds			$ 125
Estimated fair value	190		190
Cash purchase price	126	$ 30	126
Earnout payment			$ 9
Loss from classification to held for sale	$ 170	1
Gain on disposal of discontinued operations		$ 7
Minimum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase period			3 months
Maximum
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase period			12 months

Major Component of Discontinued Operations, Net of Tax (Detail) - Discontinued Operations, Held-for-Sale - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Major components of discontinued operations before income taxes:
Sales	$ 201		$ 610
Cost of goods and occupancy costs:	161		491
Gross profit	40		119
Selling, general and administrative expenses	29		117
Asset impairments			114
Merger, restructuring and other operating expenses, net			(2)
Operating income (loss)	11		(110)
Other income (expense):
Other income, net			(1)
Income (loss) from major components of discontinued operations before income taxes	11		(111)
Gain (loss) on disposal of discontinued operations	(1)	$ 6	(1)
Income (loss) from discontinued operations before income taxes	10	6	(112)
Income tax benefit	(18)	(1)	(23)
Discontinued operations, net of tax	$ 28	$ 7	$ (89)

Major Classes of Assets and Liabilities of Disposal Group Classified as Held for Sale (Detail) - CompuCom Division - Discontinued Operations, Held-for-Sale $ in Millions	Dec. 25, 2021 USD ($)
Major classes of assets included in discontinued operations:
Cash and cash equivalents	$ 23
Receivables, net	221
Inventories	20
Prepaid expenses and other current assets	15
Property and equipment, net	25
Operating lease right-of-use assets	66
Other intangible assets, net	255
Other assets	14
Less: valuation allowance	(170)
Total assets of the disposal group classified as held for sale	469
Major classes of liabilities included in discontinued operations:
Trade accounts payable	83
Accrued expenses and other current liabilities	86
Deferred income taxes and other long-term liabilities	75
Operating lease liabilities	46
Total liabilities of the disposal group classified as held for sale	$ 290