0001564590-23-002902 | 10-K | XBRL Viewer

$ 0.79

^[4]

$ 1.39

^[4]

$ 0.40

^[4]

$ 1.14

^[4]

$ 0.63

^[5]

$ 1.38

^[5]

$ 0.36

^[5]

$ 1.17

^[5]

$ 3.73

$ 3.54

$ (1.20)

Net basic earnings (loss) per share

(0.41)

^[4]

(0.01)

^[4]

0.15

^[4]

(6.07)

^[5]

0.54

^[5]

(1.98)

^[5]

(0.18)

^[5]

(0.25)

(7.47)

(4.85)

0.38

^[4]

1.38

^[4]

0.55

^[4]

1.14

^[4]

(5.44)

^[4]

1.92

^[4]

(1.62)

^[4]

0.99

^[4]

3.48

(3.93)

(6.05)

Diluted earnings (loss) per share

0.76

^[4]

1.36

^[4]

0.39

^[4]

1.09

^[4]

0.61

^[5]

1.33

^[5]

0.35

^[5]

1.12

^[5]

3.61

3.42

(1.20)

Net diluted earnings (loss) per share

(0.40)

^[4]

(0.01)

^[4]

0.15

^[4]

(5.87)

^[5]

0.52

^[5]

(1.93)

^[5]

(0.17)

^[5]

(0.24)

(7.21)

(4.85)

$ 0.36

^[4]

$ 1.35

^[4]

$ 0.54

^[4]

$ 1.09

^[4]

$ (5.26)

^[4]

$ 1.85

^[4]

$ (1.58)

^[4]

$ 0.95

^[4]

$ 3.37

$ (3.79)

$ (6.05)

[1]	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.
[2]	Includes Merger, restructuring and other operating expenses, net totaling $10 million, $23 million, $8 million and ($3) million in the first, second, third and fourth quarters of 2022, respectively. The first, second, third and fourth quarters of 2022 also include asset impairments of $2 million, $3 million, $3 million and $6 million, respectively.
[3]	Includes Merger, restructuring and other operating expenses, net totaling $13 million, $11 million, $13 million and $14 million in the first, second, third and fourth quarters of 2021, respectively. The first, second, third and fourth quarters of 2021 also include asset impairments of $12 million, $1 million, $5 million and $2 million, respectively.
[4]	The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) per share due to differences in quarterly and annual weighted-average shares outstanding.
[5]	The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) per share due to differences in quarterly and annual weighted-average shares outstanding.

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Retirement Savings Plans
Defined Benefit Plan Disclosure [Line Items]
Compensation expense relating to retirement savings plans	$ 17	$ 16	$ 17
Increase (Decrease) in Mortality Table
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in pension obligations		3
Increase (Decrease) in Mortality Table \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in other postretirement plan obligations		1
Actuarial Gains
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in pension obligations	$ 9
Actuarial Gains \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in pension obligations		$ (12)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	3.64%	4.31%	5.16%
North America
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	5.17%
North America \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	10.00%
North America \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	90.00%
North America \| Change in Discount Rate Assumptions
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in pension obligations	$ (144)	$ (31)
Increase (decrease) in other postretirement plan obligations		$ (3)
North America \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension contributions, current period	2
Pension contributions, for 2022	$ 2
United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	3.47%	2.03%	1.64%
Plan asset target allocation	100.00%	100.00%
Deferred (loss) gain included in accumulated other comprehensive income	$ (25)	$ 24
Percentage of allowance expense on assets	0.17%
United Kingdom \| United Kingdom Government Securities
Defined Benefit Plan Disclosure [Line Items]
Incremental return on UK government securities	2.71%
United Kingdom \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	5.00%	14.00%
United Kingdom \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	95.00%	84.00%

MERGER, RESTRUCTURING AND OTHER ACTIVITY

12 Months Ended

Dec. 31, 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 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.

(In millions)	2022			2021			2020
Merger and transaction related expenses
Transaction and integration		(7	)		—			4
Facility closure, contract termination and other expenses, net		—			—			1
Total Merger and transaction related expenses		(7	)		—			5
Restructuring expenses
Severance		(13	)		(2	)		41
Professional fees		—			1			21
Facility closure, contract termination, and other expenses, net		5			15			35
Total Restructuring expenses, net		(8	)		14			97
Other operating expenses
Professional fees		54			37			—
Total Other operating expenses		54			37			—
Total Merger, restructuring and other operating expenses, net	$	39		$	51		$	102

MERGER AND TRANSACTION RELATED EXPENSES

In 2022, the Company recognized $7 million income related to earn-out adjustment on the acquisition of BuyerQuest Holdings, Inc. The Company did not incur any additional transaction and integration expenses in 2022. The Company also did not incur any merger and transaction related expenses in 2021. In 2020, the Company incurred $5 million of merger and transaction related expenses. Transaction and integration include legal, accounting, and other third-party expenses, and earn-out adjustments, incurred in connection with acquisitions and business integration activities. Facility closure, contract termination, and other expenses, net relate to facility closure accruals, contract termination costs, gains and losses on asset dispositions, and accelerated depreciation.

RESTRUCTURING EXPENSES

Maximize B2B Restructuring Plan

In May 2020, the Company’s Board of Directors approved a restructuring plan to re-align 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 was 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.

In December 2022, the Company’s Board of Directors approved to extend the program through 2024, as a result of the delays in executing the program in 2021 and 2022 associated with the previously planned separation of the consumer business. With the decision to maintain all businesses under common ownership, described above in Note 1, the Company will continue with the execution of the Maximize B2B Restructuring Plan as previously planned and therefore has extended the program through 2024. The Company closed 56 retail stores under the Maximize B2B Restructuring Plan in 2022. The Company had closed 181 retail stores and two distribution facilities in 2021 and 2020 under the Maximize B2B Restructuring Plan. It is anticipated that additional retail stores will be closed in 2023 and 2024, however, it is generally understood that closures will approximate the store’s lease termination date.

In 2022, the Company had $8 million of income associated with the Maximize B2B Restructuring Plan which consisted of $5 million in facility closures, contract termination and other costs, more than offset by $13 million in reversals of employee severance accruals due to changes in estimates. The facility closure costs were mainly related to retail store closure accruals and accelerated depreciation. In 2022, the Company made cash payments of $8 million associated with expenditures for the Maximize B2B Restructuring Plan. Since its inception in 2020, the Company incurred $81 million in restructuring expenses to implement the Maximize B2B Restructuring Plan through 2022 for its continuing operations, of which $61 million were cash expenditures. Total estimated restructuring costs related to the Maximize B2B Restructuring Plan are expected to be up to $95 million.

Other

Included in restructuring expenses in 2020 are $19 million in costs incurred in connection with the Business Acceleration Program. These costs included third-party professional fees, retail and facility closure costs and other costs. The Business Acceleration Program was announced in 2019 and largely concluded at the end of 2020.

Restructuring expenses in 2020 also included $3 million in third-party professional fees incurred in connection with the Reorganization.

Asset impairments related to the restructuring initiatives are not included in the table above. Refer to Note 13 for further information.

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 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 $32 million in third-party professional fees associated with separation activities in 2021.

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 $21 million in third-party professional fees in connection with the re-alignment in 2022, which was all incurred in the second half of 2022. At December 31, 2022, the Company is substantially complete with activities related to the re-alignment. The costs incurred in the second half 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 2021 also included $5 million of third-party professional fees incurred related to the evaluation of USR Parent, Inc.’s proposals received during the first half of 2021.

MERGER AND RESTRUCTURING ACCRUALS

The activity in the merger and restructuring accruals in 2022 and 2021 is presented in the table below. Certain merger and restructuring 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.

(In millions)	Beginning Balance		Charges Incurred			Cash Payments			Ending Balance
2022
Termination benefits:
Maximize B2B Restructuring Plan		19		(13	)		(1	)		5
Lease and contract obligations, accruals for facilities closures and other costs:
Maximize B2B Restructuring Plan		6		5			(7	)		4
Comprehensive Business Review		1		—			—			1
Previously planned separation of consumer business and re-alignment		2		52			(52	)		2
Total	$	28	$	44		$	(60	)	$	12
2021
Termination benefits:
Maximize B2B Restructuring Plan		27		(2	)		(6	)		19
Business Acceleration Program		2		—			(2	)		—
Lease and contract obligations, accruals for facilities closures and other costs:
Maximize B2B Restructuring Plan		10		9			(13	)		6
Business Acceleration Program		1		—			(1	)		—
Comprehensive Business Review		2		—			(1	)		1
USR Parent, Inc. proposals		—		5			(5	)		—
Planned separation of consumer business		—		32			(30	)		2
Total	$	42	$	44		$	(58	)	$	28

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 Consolidated Balance Sheets.

Schedule of Assets Held under Finance Leases (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	$ 2,208	$ 2,312
Less accumulated depreciation	(1,856)	(1,835)
Total	352	477
Assets Held Under Finance Leases
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	154	162
Less accumulated depreciation	(125)	(123)
Total	29	39
Buildings
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	79	200
Buildings \| Assets Held Under Finance Leases
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	11	19
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	753	775
Furniture, fixtures and equipment \| Assets Held Under Finance Leases
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	$ 143	$ 143

Weighted Average Assumptions Used in the Measurement of Benefit Obligations (Detail)	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.37%	2.69%	2.27%
Other Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.90%	2.40%	1.90%
Other Benefits \| Canada
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.10%	2.90%	2.50%

Amounts Recognized in Consolidated Balance Sheets Related to Defined Benefit Pension and Other Postretirement Benefit Plans (Detail) - North America - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	$ 7	$ 18
Current liabilities	(1)	(2)
Noncurrent liabilities	(8)	(10)
Net amount recognized	(2)	6
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(1)	(1)
Noncurrent liabilities	(8)	(12)
Net amount recognized	$ (9)	$ (13)

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 4. INCOME TAXES

The components of income (loss) from continuing operations before income taxes consisted of the following:

(In millions)	2022		2021		2020
United States	$	226	$	173	$	(30	)
Foreign		16		58		(8	)
Total income (loss) from continuing operations before income taxes	$	242	$	231	$	(38	)

The income tax expense (benefit) related to income (loss) from continuing operations consisted of the following:

(In millions)	2022			2021		2020
Current:
Federal	$	26		$	14	$	(7	)
State		(4	)		8		17
Foreign		7			5		4
Deferred:
Federal		27			13		19
State		10			2		(5	)
Foreign		(2	)		2		(3	)
Total income tax expense	$	64		$	44	$	25

The following is a reconciliation of income taxes at the U.S. Federal statutory rate to the provision for income taxes:

(In millions)	2022			2021			2020
Federal tax computed at the statutory rate	$	51		$	48		$	(8	)
State taxes, net of Federal benefit		11			10			4
Foreign income taxed at rates other than Federal		2			(5	)		4
Increase (decrease) in valuation allowance		—			(3	)		(3	)
Non-deductible Goodwill impairments		—			—			24
Other non-deductible expenses and settlements		4			5			4
FIN 48 adjustments		(2	)		—			—
Non-taxable income and additional deductible expenses		(1	)		(3	)		(3	)
Impact of stock compensation (windfall)/shortfall		(3	)		(6	)		2
State NOL expirations		2			—			—
Other items, net		—			(2	)		1
Income tax expense	$	64		$	44		$	25

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 26%, 19% and (66)% in 2022, 2021 and 2020, respectively. In 2022, the Company’s effective tax rate was primarily impacted by the recognition of a tax windfall associated with stock-based compensation. This factor, 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 of 26% for 2022 to differ from the statutory rate of 21%. The Company’s effective tax rate for prior periods has varied considerably primarily due to the impact of goodwill impairment, state taxes, stock-based compensation awards, recognition of tax benefits due to an agreement reached with the IRS related to a prior tax position, certain nondeductible items and the mix of income and losses across U.S. and non-U.S. jurisdictions. 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 relate to deferred tax assets that require either 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 Company operates in several foreign jurisdictions with income tax rates that differ from the U.S. Federal statutory rate, which resulted in an expense for 2022 presented in the effective tax rate reconciliation. Significant foreign tax jurisdictions for which the Company realized such expense are Canada and Puerto Rico.

The components of deferred income tax assets and liabilities consisted of the following:

	December 31,			December 25,
(In millions)	2022			2021
U.S. and foreign loss carryforwards	$	277		$	61
Operating lease right-of-use assets		262			273
Pension and other accrued compensation		35			47
Basis difference in subsidiary held for sale		—			23
Accruals for facility closings		2			2
Inventory		10			7
Self-insurance accruals		13			14
Deferred revenue		9			10
U.S. and foreign income tax credit carryforwards		38			70
Allowance for bad debts		4			5
Accrued expenses		14			18
Basis difference in fixed assets		43			36
Internally developed software		1			—
Gross deferred tax assets		708			566
Valuation allowance		(266	)		(93	)
Deferred tax assets		442			473
Internal software		—			2
Operating lease liabilities		244			251
Intangibles		12			5
Undistributed foreign earnings		5			—
Deferred tax liabilities		261			258
Net deferred tax assets	$	181		$	215

As of December 31, 2022, and December 25, 2021, deferred income tax liabilities amounting to $2 million and $4 million, respectively, are included in deferred income taxes and other long-term liabilities.

As of December 31, 2022, the Company has utilized all of its U.S. Federal net operating loss (“NOL”) carryforwards. The Company has $238 million of foreign and $636 million of state NOL carryforwards. Of the state NOL carryforwards, $20 million will expire in 2023 and the remaining balance will expire between 2024 and 2041. The Company recognized a capital loss on the sale of CompuCom of $841 million, $94 million of which will be carried back to 2020 and 2021 resulting in an expected refund of $23 million. The remaining capital loss carryforward of $747 million will be offset by a valuation allowance until such time as the Company is able to utilize the losses.

Additionally, the Company has $27 million of U.S. Federal tax credit carryforwards, which expire in 2023 and 2024, and $11 million of state and foreign tax credit carryforwards, $2 million of which can be carried forward indefinitely, and the remainder of which will expire between 2023 and 2028.

As of December 31, 2022, the Company has not triggered an “ownership change” as defined in Internal Revenue Code Section 382 or other similar provisions that would limit the use of NOL and tax credit carryforwards. However, if the Company were to experience an ownership change in future periods, its deferred tax assets and income tax expense may be negatively impacted. Deferred income taxes have been provided on all undistributed earnings of foreign subsidiaries.

The following summarizes the activity related to valuation allowances for deferred tax assets:

(In millions)	2022			2021			2020
Beginning balance	$	93		$	99		$	100
Additions, charged to expense		184			—			2
Reductions		(11	)		(6	)		(3	)
Ending balance	$	266		$	93		$	99

The Company’s valuation allowance increased in 2022 due to the valuation allowance related to the capital loss on the sale of CompuCom and decreased during 2022, 2021 and 2020 due to the expiration of certain credits for which a valuation allowance had been established. As of December 31, 2022, the Company continues to have a U.S. valuation allowance for certain U.S. Federal credits and certain state tax attributes, which relate to deferred tax assets that require either 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 following table summarizes the activity related to unrecognized tax benefits:

(In millions)	2022			2021		2020
Beginning balance	$	13		$	13	$	13
Decrease related to prior year tax positions		(3	)		—		—
Ending balance	$	10		$	13	$	13

Included in the balance of $10 million at December 31, 2022, is $6 million of unrecognized tax benefits that, if recognized, would impact the effective tax rate. The other $4 million primarily results from tax positions that, if sustained, would be offset by changes in deferred tax assets. During 2022, the Company increased the unrecognized tax benefits by $1 million related to a foreign tax filing and reduced the unrecognized tax benefits by $4 million related to the expiration of certain jurisdictional statues of limitations. It is anticipated that $2 million of the material 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.

The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in the provision for income taxes. The Company recognized immaterial interest and penalty expense in 2022, 2021 and 2020. The Company had approximately $4 million accrued for the payment of interest and penalties as of December 31, 2022.

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 before 2020 and 2017, 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 before 2017. The U.S. Federal income tax returns for 2021 are currently under review. Generally, the Company is subject to routine examination for years 2017 and forward in its international tax jurisdictions.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Compensation And Retirement Disclosure [Abstract]

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Income Taxes [Line Items]
Effective tax rate	26.00%	19.00%	(66.00%)
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	26.00%	21.00%
Unrecognized Tax Benefits	$ 10	$ 13	$ 13	$ 13
Net uncertain tax positions, if recognized affect effective tax rate	6
Unrecognized Tax Benefits results from positions if sustained offset by change in valuation allowance	4
Unrecognized tax benefits, material tax positions	2
Unrecognized tax benefits, accrued interest and penalties	4
Compucom
Income Taxes [Line Items]
Tax effected capital loss recognized	841
Capital loss available to be carried back		94	$ 94
Capital loss expected refund amount	23
Unrealized benefit from excess capital loss	747
Foreign
Income Taxes [Line Items]
Operating loss carry forwards	238
Unrecognized tax benefits, period increase (decrease)	1
State
Income Taxes [Line Items]
Operating loss carry forwards	636,000
Unrecognized tax benefits, period increase (decrease)	$ (4)
State \| Minimum
Income Taxes [Line Items]
Operating loss carryforwards, expiration dates	2024
State \| Maximum
Income Taxes [Line Items]
Operating loss carryforwards, expiration dates	2041
State \| Expire in 2022
Income Taxes [Line Items]
Operating loss carry forwards	$ 20
U.S. Federal Foreign
Income Taxes [Line Items]
Tax credit carryforwards	$ 27
U.S. Federal Foreign \| Earliest Tax Year
Income Taxes [Line Items]
Tax credit carryforward, expiration year	2023
U.S. Federal Foreign \| Latest Tax Year
Income Taxes [Line Items]
Tax credit carryforward, expiration year	2024
State and Foreign
Income Taxes [Line Items]
Tax credit carryforwards	$ 11
State and Foreign \| Earliest Tax Year
Income Taxes [Line Items]
Tax credit carryforward, expiration year	2023
State and Foreign \| Latest Tax Year
Income Taxes [Line Items]
Tax credit carryforward, expiration year	2028
State and Foreign \| Indefinite Carryforward
Income Taxes [Line Items]
Tax credit carryforwards	$ 2
Deferred Income Taxes and Other Long-Term Liabilities
Income Taxes [Line Items]
Deferred income tax liabilities	$ 2	$ 4

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 17. SUBSEQUENT EVENTS

In January 2023, the Company acquired a small independent regional office supply distribution business in the U.S. Consistent with acquisitions of similar sized businesses in the past, the business was acquired within a range of $5 million to $15 million, which is not material to the Company. Additionally, certain disclosures set forth under ASC 805, including supplemental pro forma financial information, are not disclosed because the operating results of the acquired business is not material to the Company.

Severance and Facility Closure Costs (Detail) - USD ($) $ in Millions	12 Months Ended			24 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 28	$ 42		$ 42
Charges Incurred	44	44
Cash Payments	(60)	(58)
Ending Balance	12	28	$ 42	12
Maximize B2 B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges Incurred				81
Cash Payments	(8)
Ending Balance	8			8
Business Acceleration Program
Restructuring Cost and Reserve [Line Items]
Charges Incurred			19
Termination Benefits \| Maximize B2 B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning Balance	19	27		27
Charges Incurred	(13)	(2)
Cash Payments	(1)	(6)
Ending Balance	5	19	27	5
Termination Benefits \| Business Acceleration Program
Restructuring Cost and Reserve [Line Items]
Beginning Balance		2		2
Cash Payments		(2)
Ending Balance			2
Lease and contract obligations, accruals for facilities closures and other costs \| Maximize B2 B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning Balance	6	10		10
Charges Incurred	5	9
Cash Payments	(7)	(13)
Ending Balance	4	6	10	4
Lease and contract obligations, accruals for facilities closures and other costs \| Previously Planned Separation of Consumer Business and Re-alignment
Restructuring Cost and Reserve [Line Items]
Beginning Balance	2
Charges Incurred	52
Cash Payments	(52)
Ending Balance	2	2		2
Lease and contract obligations, accruals for facilities closures and other costs \| Comprehensive Business Review
Restructuring Cost and Reserve [Line Items]
Beginning Balance	1	2		2
Cash Payments		(1)
Ending Balance	1	1	2	1
Lease and contract obligations, accruals for facilities closures and other costs \| USR Parent, Inc. Proposals
Restructuring Cost and Reserve [Line Items]
Charges Incurred		5
Cash Payments		(5)
Lease and contract obligations, accruals for facilities closures and other costs \| Planned Separation of Consumer Business
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 2
Charges Incurred		32
Cash Payments		(30)
Ending Balance		2
Lease and contract obligations, accruals for facilities closures and other costs \| Business Acceleration Program
Restructuring Cost and Reserve [Line Items]
Beginning Balance		1		$ 1
Cash Payments		$ (1)
Ending Balance			$ 1

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2022

EMPLOYEE BENEFIT PLANS

NOTE 12. EMPLOYEE BENEFIT PLANS

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS — NORTH AMERICA

The Company has retirement obligations under OfficeMax’s U.S. pension plans. The Company sponsors these defined benefit pension plans covering certain terminated employees, vested employees, retirees and some active employees. In 2004 or earlier, OfficeMax’s pension plans were closed to new entrants and the benefits of eligible participants were frozen. Under the terms of these plans, the pension benefit for employees was based primarily on the employees’ years of service and benefit plan formulas that varied by plan. The Company’s general funding policy is to make contributions to the plans in amounts that are within the limits of deductibility under current tax regulations, and not less than the minimum contribution required by law.

Additionally, under previous OfficeMax arrangements, the Company has responsibility for sponsoring retiree medical benefit and life insurance plans including plans related to operations in the U.S. and Canada (referred to as “Other Benefits” in the tables below). The type of retiree benefits and the extent of coverage vary based on employee classification, date of retirement, location, and other factors. All of these postretirement medical plans are unfunded. The Company explicitly reserves the right to amend or terminate its retiree medical and life insurance plans at any time, subject only to constraints, if any, imposed by the terms of collective bargaining agreements. Amendment or termination may significantly affect the amount of expense incurred.

Obligations and Funded Status

The following table provides a reconciliation of changes in the projected benefit obligation and the fair value of plan assets, as well as the funded status of the plans to amounts recognized on the Company’s Consolidated Balance Sheets.

	Pension Benefits						Other Benefits
(In millions)	2022			2021			2022			2021
Changes in projected benefit obligation:
Obligation at beginning of period	$	830		$	924		$	13		$	14
Service cost		—			—			—			—
Interest cost		21			20						—
Assumption changes		(144	)		(28	)		(3	)		—
Actuarial gain		(9	)		(12	)		—			—
Currency exchange rate change		—			—			—			—
Benefits paid		(71	)		(74	)		(1	)		(1	)
Obligation at end of period	$	627		$	830		$	9		$	13
Change in plan assets:
Fair value of plan assets at beginning of period	$	836		$	894		$	—		$	—
Actual return on plan assets		(142	)		14			—			—
Employer contribution		2			2			1			1
Benefits paid		(71	)		(74	)		(1	)		(1	)
Fair value of plan assets at end of period		625			836			—			—
Net asset (liability) recognized at end of period	$	(2	)	$	6		$	(9	)	$	(13	)

The following table shows the amounts recognized in the Consolidated Balance Sheets related to the Company’s North America defined benefit pension and other postretirement benefit plans as of year-ends:

	Pension Benefits						Other Benefits
(In millions)	2022			2021			2022			2021
Noncurrent assets	$	7		$	18		$	—		$	—
Current liabilities		(1	)		(2	)		(1	)		(1	)
Noncurrent liabilities		(8	)		(10	)		(8	)		(12	)
Net amount recognized	$	(2	)	$	6		$	(9	)	$	(13	)

The following table provides the accumulated benefit obligation for the Company’s North America defined benefit pension and other postretirement benefit plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of year ends:

	Pension Benefits						Other Benefits
(In millions)	2022			2021			2022			2021
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation at end of period	$	(9	)	$	(11	)	$	(9	)	$	(13	)
Fair value of plan assets at end of period		—			—			—			—
Projected benefit obligation in excess of plan assets
Benefit obligation at end of period		(9	)		(11	)
Fair value of plan assets at end of period		—			—

Components of Net Periodic Cost (Benefit)

The components of net periodic benefit are as follows:

	Pension Benefits									Other Benefits
(In millions)	2022			2021			2020			2022		2021		2020
Service cost	$	—		$	—		$	—		$	—	$	—	$	—
Interest cost		21			20			28			—		—		—
Expected return on plan assets		(26	)		(29	)		(32	)		—		—		—
Net periodic benefit	$	(5	)	$	(9	)	$	(4	)	$	—	$	—	$	—

Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) are as follows:

	Pension Benefits									Other Benefits
(In millions)	2022			2021			2020			2022			2021			2020
Accumulated other comprehensive loss (income) at beginning of year	$	(46	)	$	(21	)	$	9		$	—		$	1		$	—
Net loss (gain)		15			(25	)		(30	)		(2	)		(1	)		1
Accumulated other comprehensive loss (income) at end of year	$	(31	)	$	(46	)	$	(21	)	$	(2	)	$	—		$	1

Accumulated other comprehensive loss (income) as of year-ends 2022 and 2021 consist of net losses (gains).

Assumptions

The assumptions used in accounting for the Company’s plans are estimates of factors including, among other things, the amount and timing of future benefit payments. The following table presents the key weighted average assumptions used in the measurement of the Company’s benefit obligations as of year-ends:

										Other Benefits
	Pension Benefits									United States									Canada
	2022			2021			2020			2022			2021			2020			2022			2021			2020
Discount rate		5.37	%		2.69	%		2.27	%		4.90	%		2.40	%		1.90	%		5.10	%		2.90	%		2.50	%

The following table presents the weighted average assumptions used in the measurement of net periodic benefit:

										Other Benefits
	Pension Benefits									United States									Canada
	2022			2021			2020			2022			2021			2020			2022			2021			2020
Discount rate		2.69	%		2.27	%		3.26	%		2.40	%		1.90	%		2.80	%		2.90	%		2.50	%		3.10	%
Expected long-term rate of return on plan assets		3.64	%		4.31	%		5.16	%		—	%		—	%		—	%		—	%		—	%		—	%

For pension benefits, the selected discount rates (which is required to be the rates at which the projected benefit obligations could be effectively settled as of the measurement date) are based on the rates of return for a theoretical portfolio of high-grade corporate bonds (rated AA- or better) with cash flows that generally match expected benefit payments in future years. In selecting bonds for this theoretical portfolio, the Company focuses on bonds that match cash flows to benefit payments and limit the concentration of bonds by issuer. To the extent scheduled bond proceeds exceed the estimated benefit payments in a given period, the yield calculation assumes those excess proceeds are reinvested at an assumed forward rate. The implied forward rate used in the bond model is based on the FTSE (formerly Citigroup) Pension Discount Curve as of the last day of the year. The selected discount rate for other benefits is from a discount rate curve matched to the assumed payout of related obligations. In 2022, as a result of an increase in the discount rate assumption, pension and other postretirement plan obligations decreased by $144 million and $3 million, respectively. In 2021, as a result of an increase in the discount rate assumption, pension plan obligations decreased by $31 million.

The expected long-term rates of return on plan assets assumptions are based on the weighted average of expected returns for the major asset classes in which the plans’ assets are held. Asset-class expected returns are based on long-term historical returns, inflation expectations, forecasted gross domestic product and earnings growth, as well as other economic factors. The weights assigned to each asset class are based on the Company’s investment strategy. The weighted average expected return on plan assets used in the calculation of net periodic pension cost for 2023 is 5.17%.

Obligation and costs related to the Canadian retiree health plan are impacted by changes in trend rates.

The following table presents the assumed healthcare cost trend rates used in measuring the Company’s postretirement benefit obligations at year-ends:

	2022			2021			2020
Weighted average assumptions as of year-end:
Healthcare cost trend rate assumed for next year		6.10	%		6.20	%		6.10	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.00	%		4.00	%		4.50	%
Year that the rate reaches the ultimate trend rate	2041			2041			2029

The Company reassessed the assumptions, including those related to mortality, to measure the North American pension and other postretirement benefit plan obligations at year end 2022. The Society of Actuaries’ Retirement Plan Experience Committee did not release a new mortality improvement scale in 2022. Thus, the mortality assumption was not updated in 2022. In 2021, as a result of an increase in the mortality assumption, pension and other postretirement benefit plan obligations increased by $3 million and less than $1 million, respectively.

For pension benefits, most of the obligation is based on participant data from the beginning of the year, which is rolled forward using standard actuarial techniques to the end of the year. Therefore, most actuarial (gains) losses that arise from demographic experience of participants varying from the selected assumptions, are not recognized until the following year. In 2022, pension plan obligations decreased by $9 million due to actuarial gains (actual demographic experience varying from actuarial assumptions). In 2021, pension plan obligations decreased by $12 million due to actuarial gains. This was primarily due to higher than assumed participant mortality in 2020 and a data clean-up of previously deceased beneficiaries.

Plan Assets

The allocation of pension plan assets by category at year-ends is as follows:

	2022			2021
Cash		1	%		1	%
Common collective trust funds		99	%		99	%
		100	%		100	%

The Employee Benefit Committee is responsible for establishing and overseeing the implementation of the investment policy for the Company’s pension plans. The investment policy is structured to optimize growth of the pension plan trust assets, while minimizing the risk of significant losses, in order to enable the plans to satisfy their benefit payment obligations over time. The Company uses a glide path investment strategy and Company contributions as its primary rebalancing mechanisms to maintain the asset class exposures within the guideline ranges established under the investment policy.

In the second quarter of 2017, the Company reinvested substantially all of the assets attributable to the U.S. pension plans in common collective trust funds. The common collective trust funds are comprised of a diversified portfolio of investments across various asset classes, including U.S. and international equities and fixed-income securities. The common collective trust funds are valued at the net asset value (“NAV”) provided by the administrator of the fund. The net asset value is based on the value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding.

The investment policy for the pension plan assets allows for a broad range of asset allocations that permit the plans to de-risk in response to changes in funded position and market risks. The current investment policy includes a target asset allocation of 10% equity securities and 90% fixed income securities. Occasionally, the Company may utilize futures or other financial instruments to alter the pension trust’s exposure to various asset classes in a lower-cost manner than trading securities in the underlying portfolios.

The following table presents the pension plan assets by level within the fair value hierarchy at year-ends.

(In millions)	Fair Value Measurements 2022
Asset Category	Total		Assets Measured at NAV ^(a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan assets measured at net asset value: ^(a)
Common collective trust funds:
U.S. small and mid-cap equity securities	$	5	$	5	$	—	$	—	$	—
U.S. large cap equity securities		20		20		—		—		—
International equity securities		31		31		—		—		—
Corporate bonds		281		281		—		—		—
Government securities		254		254		—		—		—
Other fixed-income		—		—		—		—		—
Cash		29		29		—		—		—
Total common collective trust funds		620		620		—		—		—
Total plan assets measured at net asset value		620		620		—		—		—
Plan assets measured in the fair value hierarchy:
Cash		5				5		—		—
Total plan assets measured in the fair value hierarchy		5		—		5		—		—
Total plan assets	$	625	$	620	$	5	$	—	$	—

^(a)

Fair values of Common collective trust funds are estimated using net asset value per unit as a practical expedient which are excluded from the disclosure requirement to classify amounts in the fair value hierarchy in connection with the adoption of Accounting Standards Update (ASU) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).

(In millions)	Fair Value Measurements 2021
Asset Category	Total		Assets Measured at NAV ^(a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan assets measured at net asset value: ^(a)
Common collective trust funds:
U.S. small and mid-cap equity securities	$	7	$	7	$	—	$	—	$	—
U.S. large cap equity securities		29		29		—		—		—
International equity securities		42		42		—		—		—
Corporate bonds		485		485		—		—		—
Government securities		245		245		—		—		—
Other fixed-income		4		4		—		—		—
Cash		18		18		—		—		—
Total common collective trust funds		830		830		—		—		—
Total plan assets measured at net asset value		830		830		—		—		—
Plan assets measured in the fair value hierarchy:
Cash		6		—		6		—		—
Total plan assets measured in the fair value hierarchy		6		—		6		—		—
Total plan assets	$	836	$	830	$	6	$	—	$	—

^(a)

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Cash Flows

Pension plan contributions include required statutory minimum amounts and, in some years, additional discretionary amounts. In 2022, the Company contributed $2 million to these pension plans. Pension contributions for the full year of 2023 are estimated to be $2 million. The Company may elect at any time to make additional voluntary contributions.

Qualified pension benefit payments are paid from the assets held in the plan trust, while nonqualified pension and other benefit payments are paid by the Company. Anticipated benefit payments by year are as follows:

(In millions)	Pension Benefits		Other Benefits
2023	$	70	$	1
2024		67		1
2025		64		1
2026		61		1
2027		59		1
Next five years		247		3

PENSION PLAN — UNITED KINGDOM

The Company has a frozen defined benefit pension plan in the United Kingdom.

Obligations and Funded Status

The following table provides a reconciliation of changes in the projected benefit obligation, the fair value of plan assets and the funded status of the plan to amounts recognized on the Company’s Consolidated Balance Sheets.

(In millions)	2022			2021
Changes in projected benefit obligation:
Obligation at beginning of period	$	257		$	269
Service cost		—			—
Interest cost		4			4
Plan settlements		—			(7	)
Benefits paid		(8	)		(5	)
Actuarial (gain) loss		(89	)		(1	)
Currency translation		(23	)		(3	)
Obligation at end of period		141			257
Changes in plan assets:
Fair value of plan assets at beginning of period		358			360
Actual return on plan assets		(130	)		12
Company contributions		1			2
Plan settlements		—			(7	)
Benefits paid		(8	)		(4	)
Currency translation		(32	)		(5	)
Fair value of plan assets at end of period		189			358
Net asset recognized at end of period	$	48		$	101

In the Consolidated Balance Sheets, the net funded amounts are classified as a non-current asset in the caption Other assets.

Components of Net Periodic Benefit

The components of net periodic benefit are presented below:

(In millions)	2022			2021			2020
Service cost	$	—		$	—		$	—
Interest cost		4			4			5
Expected return on plan assets		(6	)		(6	)		(5	)
Settlement gain		—			(1	)		—
Net periodic pension benefit	$	(2	)	$	(3	)	$	—

Included in Accumulated other comprehensive income (loss) was deferred income of ($25) million and $24 million in 2022 and 2021, respectively.

Assumptions

Assumptions used in calculating the funded status and net periodic benefit included:

	2022			2021			2020
Expected long-term rate of return on plan assets		3.47	%		2.03	%		1.64	%
Discount rate		5.00	%		1.80	%		1.40	%
Inflation		3.00	%		3.20	%		2.70	%

The long-term rate of return on assets assumption has been derived based on long-term UK government fixed income yields, having regard to the proportion of assets in each asset class. The funds invested in equities have been assumed to return 2.71% above the

return on UK government securities of appropriate duration. A return equal to a 15-year AA bond index is assumed for funds invested in corporate bonds. Allowance is made for expenses of 0.17% of assets.

Plan Assets

The allocation of Plan assets is as follows:

	2022			2021
Cash		—	%		2	%
Equity securities		5	%		14	%
Fixed-income securities		95	%		84	%
Total		100	%		100	%

A Trustee committee, comprised of representatives appointed by the Company and of members of this plan, is responsible for establishing and overseeing the implementation of the investment policy for this plan. The plan’s investment policy and strategy are to ensure assets are available to meet the obligations to the beneficiaries and to adjust plan contributions accordingly. The plan trustees are also committed to reducing the level of risk in the plan over the long term, while retaining a return above that of the growth of liabilities. Matching investments are intended to provide a return similar to the increase in the plan liabilities. Growth investments are assets intended to provide a return in excess of the increase in liabilities. At December 31, 2022, the asset allocation was in accordance with the target investment strategy. Asset-class allocations within the ranges are continually evaluated based on expectations for future returns, the funded position of the plan and market risks.

The following table presents the pension plan assets by level within the fair value hierarchy.

(In millions)	Fair Value Measurements 2022
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	1	$	1	$	—	$	—
Equity securities
Developed market equity funds		—		—		—		—
Emerging market equity funds		—		—		—		—
Mutual funds real estate		—		—		—		—
Mutual funds		9		—		9		—
Total equity securities		9		—		9		—
Fixed-income securities
UK debt funds		86		—		86		—
Liability term matching debt funds		76		—		76		—
Emerging market debt fund		—		—		—		—
High yield debt		17		—		17		—
Total fixed-income securities		179		—		179		—
Total	$	189	$	1	$	188	$	—

(In millions)	Fair Value Measurements 2021
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	9	$	9	$	—	$	—
Equity securities
Developed market equity funds		13		13		—		—
Emerging market equity funds		4		4		—		—
Mutual funds real estate		2		—		—		2
Mutual funds		30		—		30		—
Total equity securities		49		17		30		2
Fixed-income securities
UK debt funds		154		—		154		—
Liability term matching debt funds		115		—		115		—
Emerging market debt fund		2		—		2		—
High yield debt		29		—		29		—
Total fixed-income securities		300		—		300		—
Total	$	358	$	26	$	330	$	2

The following is a reconciliation of the change in fair value of the pension plan assets calculated based on Level 3 inputs:

(In millions)	Total
Balance at December 25, 2021	$	2
Net sales		(2	)
Balance at December 31, 2022	$	—

Cash Flows

Anticipated benefit payments for the UK pension plan, at 2022 year-end exchange rates, are as follows:

(In millions)	Benefit Payments
2023	$	9
2024		9
2025		9
2026		9
2027		10
Next five years		52

RETIREMENT SAVINGS PLANS

The Company also sponsors defined contribution plans for most of its employees. Eligible Company employees may participate in the Office Depot, Inc. Retirement Savings Plans (a plan for U.S. employees and a plan for Puerto Rico employees). All of the Company’s defined contribution plans (the “401(k) Plans”) allow eligible employees to contribute a percentage of their salary, commissions and bonuses in accordance with plan limitations and provisions of Section 401(k) of the Internal Revenue Code and the Company makes partial matching contributions to each plan subject to the limits of the respective 401(k) Plans. Matching contributions are invested in the same manner as the participants’ pre-tax contributions. The 401(k) Plans also allow for a discretionary matching contribution in addition to the normal match contributions if approved by the Board of Directors.

ODP and OfficeMax previously sponsored non-qualified deferred compensation plans that allowed certain employees, who were limited in the amount they could contribute to their respective 401(k) plans, to defer a portion of their earnings and receive a Company matching amount. Both plans are closed to new contributions.

Compensation expense for the Company’s contributions to these retirement savings plans was $17 million in 2022, $16 million in 2021 and $17 million in 2020.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

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Commitments And Contingencies Disclosure [Abstract]

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	65,636,015	64,704,979
Common stock, shares, outstanding	42,213,046	48,455,951
Treasury stock, shares	23,422,969	16,249,028

Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Leases [Abstract]
Operating cash flows from finance leases	$ 2	$ 3	$ 4
Operating cash flows from operating leases	370	408	447
Financing cash flows from finance leases	18	22	20
Right-of-use assets obtained in exchange for new finance lease liabilities	4	3	29
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 228	$ 127	$ 117

Components of Lease Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Finance lease cost:
Amortization of right-of-use assets	$ 14	$ 18	$ 18
Interest on lease liabilities	2	3	4
Operating lease cost	334	350	402
Short-term lease cost	6	4	6
Variable lease cost	94	99	112
Sublease income	(2)	(2)	(2)
Total lease cost	$ 448	$ 472	$ 540

Schedule of Fair Value of Assets and Liabilities (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021
American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt, interest rate	5.00%	5.00%
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, due date	2025	2025
Carrying Amount \| Long-Term Debt \| 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 \| Long-Term Debt \| 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 \| 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, due date	2025	2025
Fair Value \| Long-Term Debt \| 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 \| Long-Term Debt \| 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

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

NOTE 14. COMMITMENTS AND CONTINGENCIES

COMMITMENTS

The Company has a paper purchase agreement with Boise White Paper, L.L.C. (“Boise Paper”) under which it agreed to purchase office paper from Boise Paper and Boise Paper has agreed to supply office paper to the Company, subject to the terms and conditions of the paper purchase agreement. Under the agreement, the Company has committed to purchase a portion of its paper product offering from Boise Paper. Purchases under the agreement were $354 million in 2022, $336 million in 2021 and $326 million in 2020.

INDEMNIFICATIONS

Indemnification obligations may arise from the Asset Purchase Agreement between OfficeMax Incorporated, OfficeMax Southern Company, Minidoka Paper Company, Forest Products Holdings, L.L.C. and Boise Land & Timber Corp. The Company has agreed to provide indemnification with respect to a variety of obligations. These indemnification obligations are subject, in some cases, to survival periods, deductibles and caps. At December 31, 2022, the Company is not aware of any material liabilities arising from these indemnifications. Additionally, the Company retains certain guarantees in place with respect to the liabilities or obligations of the European Business and remains contingently liable for these obligations. However, the Purchaser must indemnify and hold the Company harmless for any losses in connection with these guarantees. The Company currently does not believe it is probable it would be required to perform under any of these guarantees or any of the underlying obligations.

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 addition, 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 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 or threatened proceedings 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 December 31, 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.

Merger, Restructuring and Other Activity - Additional Information (Detail)	3 Months Ended		9 Months Ended	12 Months Ended			24 Months Ended
	Sep. 24, 2022 Segment	Jun. 25, 2022 Segment	Sep. 24, 2022 Division	Dec. 31, 2022 USD ($) Segment Store	Dec. 25, 2021 USD ($) Store	Dec. 26, 2020 USD ($) Facility	Dec. 31, 2022 USD ($)
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	$ 5,000,000
Restructuring Reserve				12,000,000	28,000,000	42,000,000	$ 12,000,000
Costs to implement restructuring plan				44,000,000	44,000,000
Restructuring cash expenditure				$ 60,000,000	58,000,000
Number of reportable segments	4	2	4	4
Professional fees					1,000,000	21,000,000
USR Parent, Inc.
Merger Restructuring And Other Activity [Line Items]
Professional fees					$ 5,000,000
Third-Party Professional Fees
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan						$ 3,000,000
Maximize B2 B Restructuring Plan
Merger Restructuring And Other Activity [Line Items]
Number of retail stores closed \| Store				56	181
Number of distribution facilities closed \| Facility						2
Restructuring Reserve				$ 8,000,000			8,000,000
Costs to implement restructuring plan							81,000,000
Restructuring cash expenditure				8,000,000
Maximize B2 B Restructuring Plan \| Maximum
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan				95,000,000
Maximize B2 B Restructuring Plan \| Cash Expenditure
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan							$ 61,000,000
Maximize B2 B Restructuring Plan \| Facility Closing
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan				5,000,000
Maximize B2 B Restructuring Plan \| Employee Severance
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan				13,000,000
Business Acceleration Program
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan						$ 19,000,000
Planned Separation of Consumer Business \| Third-Party Professional Fees
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan				33,000,000	$ 32,000,000
Re-alignment \| Third-Party Professional Fees
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan				$ 21,000,000

Schedule of Goodwill by Segment (Detail) $ in Millions	12 Months Ended
Schedule of Goodwill by Segment (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Goodwill [Line Items]
Balance as of December 25, 2021	$ 464
Balance as of December 31, 2022	464
Operating Segments
Goodwill [Line Items]
Balance as of December 25, 2021	464
Balance as of December 31, 2022	464
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 December 31, 2022	142
Office Depot Division \| Operating Segments
Goodwill [Line Items]
Allocation to New segment	219
Balance as of December 31, 2022	219
Veyer Division \| Operating Segments
Goodwill [Line Items]
Allocation to New segment	35
Balance as of December 31, 2022	35
Varis Division \| Operating Segments
Goodwill [Line Items]
Balance as of December 25, 2021	68
Balance as of December 31, 2022	$ 68

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Property and Equipment

Property and equipment consists of:

	December 31,			December 25,
(In millions)	2022			2021
Land	$	30		$	45
Buildings		79			200
Computer software		764			693
Leasehold improvements		565			587
Furniture, fixtures and equipment		753			775
Construction in progress		17			12
		2,208			2,312
Less accumulated depreciation		(1,856	)		(1,835	)
Total	$	352		$	477

Estimated Future Amortization Expense for Intangible Assets

Estimated future amortization expense related to capitalized software at December 31, 2022 is as follows:

(In millions)
2023	$	45
2024		38
2025		31
2026		21
2027		9
Thereafter		1

Assets Held Under Finance Leases

Schedule of Property and Equipment

The above table of property and equipment includes assets held under finance leases as follows:

	December 31,			December 25,
(In millions)	2022			2021
Buildings	$	11		$	19
Furniture, fixtures and equipment		143			143
		154			162
Less accumulated depreciation		(125	)		(123	)
Total	$	29		$	39

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 25, 2021	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Promissory note receivable obtained from disposition of discontinued operations			$ 55
Professional fees				$ 1	$ 21
Securities Purchase Agreement \| CompuCom Division
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
Total receivable			9
Current receivable			5
Non-current receivable	$ 4		4
Promissory note receivable obtained from disposition of discontinued operations	$ 59
Loss on disposal			21
Partially offset losses			10
Securities Purchase Agreement \| CompuCom Division \| Third-Party Professional Fees
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Professional fees			$ 2
Securities Purchase Agreement \| Minimum \| CompuCom Division
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase period				3 months
Securities Purchase Agreement \| Maximum \| CompuCom Division
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase period				12 months

Subsequent Events - Additional Information (Detail) - Subsequent Event $ in Millions	1 Months Ended
	Jan. 31, 2023 USD ($)
Minimum
Subsequent Event [Line Items]
Business combination consideration transferred	$ 5
Maximum
Subsequent Event [Line Items]
Business combination consideration transferred	$ 15

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 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 tables:

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 25, 2021	$	(27	)	$	21		$	(6	)
Other comprehensive income activity before reclassifications		(18	)		(62	)		(80	)
Reclassification of foreign currency translation adjustments realized upon disposal of business		6						6
Tax impact		—			3			3
Total other comprehensive income, net of tax, where applicable		(12	)		(59	)		(71	)
Balance at December 31, 2022	$	(39	)	$	(38	)	$	(77	)

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 26, 2020	$	(27	)	$	(5	)	$	(32	)
Other comprehensive income activity		—			32			32
Tax impact		—			(6	)		(6	)
Total other comprehensive income, net of tax, where applicable		—			26			26
Balance at December 25, 2021	$	(27	)	$	21		$	(6	)

Summary of the Activity in the Performance-Based Long-Term Incentive Program Since Inception (Parenthetical) (Detail) shares in Millions	Dec. 26, 2020 shares
Performance Based Stock Incentive Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding shares of awards granted that will be settled in cash	5

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Commitments and Contingencies Disclosure [Line Items]
Purchases under the agreement	$ 354	$ 336	$ 326
Minimum
Commitments and Contingencies Disclosure [Line Items]
Losses for environmental liabilities	15
Maximum
Commitments and Contingencies Disclosure [Line Items]
Losses for environmental liabilities	$ 25

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Changes in Pension and Other Postretirement Benefit Obligations, Plan Assets and Funded Status

	Pension Benefits						Other Benefits
(In millions)	2022			2021			2022			2021
Changes in projected benefit obligation:
Obligation at beginning of period	$	830		$	924		$	13		$	14
Service cost		—			—			—			—
Interest cost		21			20						—
Assumption changes		(144	)		(28	)		(3	)		—
Actuarial gain		(9	)		(12	)		—			—
Currency exchange rate change		—			—			—			—
Benefits paid		(71	)		(74	)		(1	)		(1	)
Obligation at end of period	$	627		$	830		$	9		$	13
Change in plan assets:
Fair value of plan assets at beginning of period	$	836		$	894		$	—		$	—
Actual return on plan assets		(142	)		14			—			—
Employer contribution		2			2			1			1
Benefits paid		(71	)		(74	)		(1	)		(1	)
Fair value of plan assets at end of period		625			836			—			—
Net asset (liability) recognized at end of period	$	(2	)	$	6		$	(9	)	$	(13	)

(In millions)	2022			2021
Changes in projected benefit obligation:
Obligation at beginning of period	$	257		$	269
Service cost		—			—
Interest cost		4			4
Plan settlements		—			(7	)
Benefits paid		(8	)		(5	)
Actuarial (gain) loss		(89	)		(1	)
Currency translation		(23	)		(3	)
Obligation at end of period		141			257
Changes in plan assets:
Fair value of plan assets at beginning of period		358			360
Actual return on plan assets		(130	)		12
Company contributions		1			2
Plan settlements		—			(7	)
Benefits paid		(8	)		(4	)
Currency translation		(32	)		(5	)
Fair value of plan assets at end of period		189			358
Net asset recognized at end of period	$	48		$	101

Amount Recognized in Consolidated Balance Sheets Related to Defined Benefit Pension and Other Postretirement Benefit Plans

	Pension Benefits						Other Benefits
(In millions)	2022			2021			2022			2021
Noncurrent assets	$	7		$	18		$	—		$	—
Current liabilities		(1	)		(2	)		(1	)		(1	)
Noncurrent liabilities		(8	)		(10	)		(8	)		(12	)
Net amount recognized	$	(2	)	$	6		$	(9	)	$	(13	)

Accumulated Benefit Obligation in Excess of Plan Assets

	Pension Benefits						Other Benefits
(In millions)	2022			2021			2022			2021
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation at end of period	$	(9	)	$	(11	)	$	(9	)	$	(13	)
Fair value of plan assets at end of period		—			—			—			—
Projected benefit obligation in excess of plan assets
Benefit obligation at end of period		(9	)		(11	)
Fair value of plan assets at end of period		—			—

Components of Net Periodic Benefit

The components of net periodic benefit are as follows:

	Pension Benefits									Other Benefits
(In millions)	2022			2021			2020			2022		2021		2020
Service cost	$	—		$	—		$	—		$	—	$	—	$	—
Interest cost		21			20			28			—		—		—
Expected return on plan assets		(26	)		(29	)		(32	)		—		—		—
Net periodic benefit	$	(5	)	$	(9	)	$	(4	)	$	—	$	—	$	—

The components of net periodic benefit are presented below:

(In millions)	2022			2021			2020
Service cost	$	—		$	—		$	—
Interest cost		4			4			5
Expected return on plan assets		(6	)		(6	)		(5	)
Settlement gain		—			(1	)		—
Net periodic pension benefit	$	(2	)	$	(3	)	$	—

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income)

Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) are as follows:

	Pension Benefits									Other Benefits
(In millions)	2022			2021			2020			2022			2021			2020
Accumulated other comprehensive loss (income) at beginning of year	$	(46	)	$	(21	)	$	9		$	—		$	1		$	—
Net loss (gain)		15			(25	)		(30	)		(2	)		(1	)		1
Accumulated other comprehensive loss (income) at end of year	$	(31	)	$	(46	)	$	(21	)	$	(2	)	$	—		$	1

Weighted Average Assumptions Used in the Measurement of Benefit Obligations and Net Periodic Cost (Benefit)

The following table presents the key weighted average assumptions used in the measurement of the Company’s benefit obligations as of year-ends:

										Other Benefits
	Pension Benefits									United States									Canada
	2022			2021			2020			2022			2021			2020			2022			2021			2020
Discount rate		5.37	%		2.69	%		2.27	%		4.90	%		2.40	%		1.90	%		5.10	%		2.90	%		2.50	%

The following table presents the weighted average assumptions used in the measurement of net periodic benefit:

										Other Benefits
	Pension Benefits									United States									Canada
	2022			2021			2020			2022			2021			2020			2022			2021			2020
Discount rate		2.69	%		2.27	%		3.26	%		2.40	%		1.90	%		2.80	%		2.90	%		2.50	%		3.10	%
Expected long-term rate of return on plan assets		3.64	%		4.31	%		5.16	%		—	%		—	%		—	%		—	%		—	%		—	%

Assumptions used in calculating the funded status and net periodic benefit included:

	2022			2021			2020
Expected long-term rate of return on plan assets		3.47	%		2.03	%		1.64	%
Discount rate		5.00	%		1.80	%		1.40	%
Inflation		3.00	%		3.20	%		2.70	%

Assumed Healthcare Cost Trend Rates

The following table presents the assumed healthcare cost trend rates used in measuring the Company’s postretirement benefit obligations at year-ends:

	2022			2021			2020
Weighted average assumptions as of year-end:
Healthcare cost trend rate assumed for next year		6.10	%		6.20	%		6.10	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.00	%		4.00	%		4.50	%
Year that the rate reaches the ultimate trend rate	2041			2041			2029

Allocation of Plan Assets Table

The allocation of pension plan assets by category at year-ends is as follows:

	2022			2021
Cash		1	%		1	%
Common collective trust funds		99	%		99	%
		100	%		100	%

The allocation of Plan assets is as follows:

	2022			2021
Cash		—	%		2	%
Equity securities		5	%		14	%
Fixed-income securities		95	%		84	%
Total		100	%		100	%

Schedule of Fair Value of Plan Assets by Assets Category

The following table presents the pension plan assets by level within the fair value hierarchy at year-ends.

(In millions)	Fair Value Measurements 2022
Asset Category	Total		Assets Measured at NAV ^(a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan assets measured at net asset value: ^(a)
Common collective trust funds:
U.S. small and mid-cap equity securities	$	5	$	5	$	—	$	—	$	—
U.S. large cap equity securities		20		20		—		—		—
International equity securities		31		31		—		—		—
Corporate bonds		281		281		—		—		—
Government securities		254		254		—		—		—
Other fixed-income		—		—		—		—		—
Cash		29		29		—		—		—
Total common collective trust funds		620		620		—		—		—
Total plan assets measured at net asset value		620		620		—		—		—
Plan assets measured in the fair value hierarchy:
Cash		5				5		—		—
Total plan assets measured in the fair value hierarchy		5		—		5		—		—
Total plan assets	$	625	$	620	$	5	$	—	$	—

^(a)

(In millions)	Fair Value Measurements 2021
Asset Category	Total		Assets Measured at NAV ^(a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan assets measured at net asset value: ^(a)
Common collective trust funds:
U.S. small and mid-cap equity securities	$	7	$	7	$	—	$	—	$	—
U.S. large cap equity securities		29		29		—		—		—
International equity securities		42		42		—		—		—
Corporate bonds		485		485		—		—		—
Government securities		245		245		—		—		—
Other fixed-income		4		4		—		—		—
Cash		18		18		—		—		—
Total common collective trust funds		830		830		—		—		—
Total plan assets measured at net asset value		830		830		—		—		—
Plan assets measured in the fair value hierarchy:
Cash		6		—		6		—		—
Total plan assets measured in the fair value hierarchy		6		—		6		—		—
Total plan assets	$	836	$	830	$	6	$	—	$	—

^(a)

The following table presents the pension plan assets by level within the fair value hierarchy.

(In millions)	Fair Value Measurements 2022
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	1	$	1	$	—	$	—
Equity securities
Developed market equity funds		—		—		—		—
Emerging market equity funds		—		—		—		—
Mutual funds real estate		—		—		—		—
Mutual funds		9		—		9		—
Total equity securities		9		—		9		—
Fixed-income securities
UK debt funds		86		—		86		—
Liability term matching debt funds		76		—		76		—
Emerging market debt fund		—		—		—		—
High yield debt		17		—		17		—
Total fixed-income securities		179		—		179		—
Total	$	189	$	1	$	188	$	—

(In millions)	Fair Value Measurements 2021
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	9	$	9	$	—	$	—
Equity securities
Developed market equity funds		13		13		—		—
Emerging market equity funds		4		4		—		—
Mutual funds real estate		2		—		—		2
Mutual funds		30		—		30		—
Total equity securities		49		17		30		2
Fixed-income securities
UK debt funds		154		—		154		—
Liability term matching debt funds		115		—		115		—
Emerging market debt fund		2		—		2		—
High yield debt		29		—		29		—
Total fixed-income securities		300		—		300		—
Total	$	358	$	26	$	330	$	2

Anticipated Benefit Payments

Anticipated benefit payments by year are as follows:

(In millions)	Pension Benefits		Other Benefits
2023	$	70	$	1
2024		67		1
2025		64		1
2026		61		1
2027		59		1
Next five years		247		3

Anticipated benefit payments for the UK pension plan, at 2022 year-end exchange rates, are as follows:

(In millions)	Benefit Payments
2023	$	9
2024		9
2025		9
2026		9
2027		10
Next five years		52

Reconciliation of the Change in Fair Value of the Pension Plan Assets Calculated based on Level 3 Inputs

The following is a reconciliation of the change in fair value of the pension plan assets calculated based on Level 3 inputs:

(In millions)	Total
Balance at December 25, 2021	$	2
Net sales		(2	)
Balance at December 31, 2022	$	—

LEASES

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

LEASES

NOTE 9. LEASES

The Company leases retail stores and other facilities, vehicles, and equipment under operating lease agreements. Facility leases typically are for a fixed non-cancellable term with one or more renewal options. In addition to rent payments, the Company is required to pay certain variable lease costs such as real estate taxes, insurance and common-area maintenance on most of the facility leases. For leases beginning in 2019, the Company accounts for lease components (e.g., fixed payments including rent) and non-lease components (e.g., real estate taxes, insurance costs and common-area maintenance costs) as a single lease component. Certain leases contain provisions for additional rent to be paid if sales exceed a specified amount, though such payments have been immaterial during the periods presented and are recognized as variable lease cost. The Company subleases certain real estate to third parties, consisting mainly of operating leases for retail stores.

The components of lease expense were as follows:

(In millions)	2022			2021			2020
Finance lease cost:
Amortization of right-of-use assets	$	14		$	18		$	18
Interest on lease liabilities		2			3			4
Operating lease cost		334			350			402
Short-term lease cost		6			4			6
Variable lease cost		94			99			112
Sublease income		(2	)		(2	)		(2	)
Total lease cost	$	448		$	472		$	540

Supplemental cash flow information related to leases was as follows:

(In millions)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	2	$	3	$	4
Operating cash flows from operating leases		370		408		447
Financing cash flows from finance leases		18		22		20
Right-of-use assets obtained in exchange for new finance lease liabilities		4		3		29
Right-of-use assets obtained in exchange for new operating lease liabilities		228		127		117

Supplemental balance sheets information related to leases was as follows:

	December 31,			December 25,
(In millions, except lease term and discount rate)	2022			2021
Property and equipment, net	$	29		$	39
Operating lease right-of-use assets		874			936
Accrued expenses and other current liabilities		281			304
Short-term borrowings and current maturities of long-term debt		14			17
Long-term debt, net of current maturities		24			35
Operating lease liabilities		693			753
Weighted-average remaining lease term – finance leases	3			4
Weighted-average remaining lease term – operating leases	5			5
Weighted-average discount rate – finance leases		4.9	%		5.0	%
Weighted-average discount rate – operating leases		6.1	%		5.8	%

Maturities of lease liabilities as of December 31, 2022 were as follows:

	December 31, 2022
	Operating			Finance
(In millions)	Leases⁽¹⁾			Leases⁽²⁾
2023	$	333		$	15
2024		251			10
2025		182			7
2026		142			5
2027		96			3
Thereafter		125			1
		1,129			41
Less imputed interest		(155	)		(3	)
Total	$	974		$	38

Reported as of December 31, 2022
Accrued expenses and other current liabilities	$	281		$	—
Short-term borrowings and current maturities of long-term debt		—			14
Long-term debt, net of current maturities		—			24
Operating lease liabilities		693			—
Total	$	974		$	38

(1)	Operating lease payments include $47 million related to options to extend lease terms that are reasonably certain of being exercised.

(2)	Finance lease payments include $1 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $5 million of legally binding minimum lease payments for leases signed but not yet commenced.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business: 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 omni-channel 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.

Basis of Presentation: The Consolidated Financial Statements of ODP include the accounts of all wholly owned and financially controlled subsidiaries prior to disposition. The Company owns 88% of a subsidiary that formerly owned assets in Cuba, which were confiscated by the Cuban government in the 1960’s. Due to various asset restrictions, the fair value of this investment is not determinable, and no amounts are included in the Consolidated Financial Statements. Intercompany transactions have been eliminated in consolidation.

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 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 Consolidated Balance Sheet as of December 25, 2021, and presented cash flows from the Company’s discontinued operations in the Consolidated Statements of Cash Flows for all periods. Refer to Note 15 for additional information.

As a result of the CompuCom Division’s presentation as discontinued operations, the Company’s level of service revenue is below 10% of the Company’s total revenue for all periods presented and accordingly, revenues and cost of sales from services and products are not separately disclosed in the Company’s Consolidated Statements of Operations. Prior period amounts have been reclassified to conform to the current period presentation.

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.

Fiscal Year: Fiscal years are based on a 52- or 53-week period ending on the last Saturday in December. Fiscal year 2022 had 53 weeks and ended on December 31, 2022. Fiscal year 2021 had 52 weeks and ended on December 25, 2021. Fiscal year 2020 had 52 weeks and ended on December 26, 2020. Certain subsidiaries operate on a calendar year basis; however, the reporting difference did not have a material impact in any period presented.

Estimates and Assumptions: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and

liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. The impact of the COVID-19 pandemic has been considered when making these estimates and assumptions, however, given the uncertainty related to the future effects of COVID-19, actual results could differ from these estimates.

Business Combinations: The Company applies the acquisition method of accounting for acquisitions where the Company is considered the accounting acquirer in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). The results of operations of acquired businesses are included in the Company’s consolidated results prospectively from the date of acquisition. The Company allocates the fair value of purchase consideration to the tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquired entity generally based on their fair values at the acquisition date. Various valuation methodologies are used to estimate the fair value of assets acquired and liabilities assumed, including using a market participant perspective when applying cost, income and relief from royalty analyses, supplemented with market appraisals where appropriate. Significant judgments and estimates are required in preparing these fair value estimates. The excess of the fair value of purchase consideration over the fair value of the assets acquired, liabilities assumed and non-controlling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired company and the Company and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. The Company did not have any acquisitions in 2022. Based on new information received, the preliminary purchase price allocations of the companies acquired in 2021 have been adjusted during the respective measurement periods. These adjustments were insignificant individually and in the aggregate to the Company’s Consolidated Financial Statements. The measurement periods for acquisitions completed in 2021 closed within 2022. Under the guidance on accounting for business combinations, merger and integration costs are not included as components of consideration transferred, instead, they are accounted for as expenses in the period in which the costs are incurred. Transaction-related expenses are included in the Merger, restructuring and other operating expenses, net line in the Consolidated Statements of Operations.

Foreign Currency: International operations in Canada and China use local currencies as their functional currency. Assets and liabilities are translated into U.S. dollars using the exchange rate at the balance sheet date. Revenues, expenses and cash flows are translated at average monthly exchange rates, or rates on the date of the transaction for certain significant items. Translation adjustments resulting from this process are recorded in Stockholders’ equity as a component of Accumulated other comprehensive loss. Foreign currency transaction gains or losses are recorded in the Consolidated Statements of Operations in Other income (expense), net or Cost of goods sold and occupancy costs, depending on the nature of the transaction.

Cash and Cash Equivalents: All short-term highly liquid investments with original maturities of three months or less from the date of acquisition are classified as cash equivalents. Amounts in transit from banks for customer credit card and debit card transactions are classified as cash. The banks process the majority of these amounts within two business days.

Amounts not yet presented for payment to zero balance disbursement accounts of $16 million at December 31, 2022 are presented in Trade accounts payable and Accrued expenses and other current liabilities. At December 25, 2021, there were no amounts not yet presented for payment to zero balance disbursement accounts in Trade accounts payable and Accrued expenses and other current liabilities, and $1 million was presented in Current liabilities held for sale.

At December 31, 2022 and December 25, 2021, cash and cash equivalents held outside the United States amounted to $113 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 December 31, 2022. There was no restricted cash at December 25, 2021.

Receivables: Trade receivables totaled $412 million and $353 million at December 31, 2022 and December 25, 2021, respectively, net of an allowance for doubtful accounts of $8 million and $9 million, respectively, to reduce receivables to an amount expected to be collectible from customers.

Exposure to credit risk associated with trade receivables is limited by having a large customer base that extends across many different industries and geographic regions. However, receivables may be adversely affected by an economic slowdown in the United States or

internationally, as well as the impact of the COVID-19 pandemic on the expected credit and collectability trends. No single customer accounted for more than 10% of total sales or receivables in 2022, 2021 or 2020. Other receivables were $123 million and $143 million at December 31, 2022 and December 25, 2021, respectively, of which $82 million and $104 million, respectively, are amounts due from vendors under purchase rebate, cooperative advertising and various other marketing programs.

Inventories: Inventories are stated at the lower of cost or net realizable value and are reduced for inventory losses based on estimated obsolescence, the impact of the COVID-19 pandemic on forecasted sales and expected selling prices, and the results of physical counts. The weighted average method is used throughout the Company to determine the cost of inventory. In-bound freight is included as a cost of inventories; cash discounts and certain vendor allowances that are related to inventory purchases are recorded as a product cost reduction.

Income Taxes: Income taxes are accounted for under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities attributable to differences between the carrying amounts and the tax bases of assets and liabilities and operating loss and tax credit carryforwards. Valuation allowances are recorded to reduce deferred tax assets to the amount believed to be more likely than not to be realized. The Company recognizes tax benefits from uncertain tax positions when it is more likely than not that the position will be sustained upon examination. Interest related to income tax exposures is included in interest expense in the Consolidated Statements of Operations. Refer to Note 4 for additional information on income taxes.

Property and Equipment: Property and equipment additions are recorded at cost. Depreciation and amortization is recognized over the estimated useful lives using the straight-line method. The useful lives of depreciable assets are estimated to be 15-30 years for buildings and 3-10 years for furniture, fixtures and equipment. Computer software is amortized over three years for common office applications, five years for larger business applications and seven years for certain enterprise-wide systems. Leasehold improvements are amortized over the shorter of the estimated economic lives of the improvements or the terms of the underlying leases, including renewal options considered reasonably assured. The Company capitalizes certain costs related to internal use software that is expected to benefit future periods. These costs are amortized using the straight-line method over the 3 to 7 year expected life of the software. Major repairs that extend the useful lives of assets are capitalized and amortized over the estimated use period. Routine maintenance costs are expensed as incurred. Refer to Note 6 for additional information on property and equipment.

Goodwill and Other Intangible Assets: Goodwill represents the excess of the purchase price of an acquired entity over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in a business combination. The Company reviews the carrying amount of goodwill at the reporting unit level on an annual basis as of the first day of fiscal month December, or more frequently, if events or changes in circumstances suggest that goodwill may not be recoverable. For those reporting units where events or change in circumstances indicate that potential impairment indicators exist, the Company performs a quantitative assessment to determine whether the carrying amount of goodwill can be recovered. A significant amount of judgment is involved in determining if an indicator of impairment has 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.

When performing the annual goodwill impairment test, the Company may start with an optional qualitative assessment. As part of the qualitative assessment, the Company evaluates all events and circumstances, including both positive and negative events, in their totality, to determine whether it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company bypasses the qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, the Company evaluates goodwill for impairment by comparing the fair value of a reporting unit to its carrying value, including the associated goodwill. The Company estimates the reporting unit’s fair value using discounted cash flow analysis and market-based evaluations, when available. If the carrying amount of the reporting unit exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying value to the estimated fair value. The Company typically uses a combination of different Level 3 valuation approaches that are dependent on several significant estimates and assumptions related to forecasts of future revenues, cost of sales, expenses and the weighted-average cost of capital for each reporting unit. Any adverse change in these factors could have a significant impact on the recoverability of goodwill and could have a material impact on the Company’s Consolidated Financial Statements.

An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually. The Company evaluates its indefinite-lived intangible assets for impairment annually, or sooner if indications of possible impairment are identified. When performing the annual impairment test, the Company may first start with an optional qualitative assessment to determine whether it is not more likely than not that its indefinite-lived intangible assets are impaired. As part of a qualitative assessment, the Company evaluates relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If the Company bypasses the qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, the Company evaluates its indefinite-lived intangible assets for impairment by comparing the fair value of the asset to its carrying amount.

Intangible assets determined to have finite lives are amortized on a straight-line basis over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to the Company’s future cash flows. The Company periodically reviews its amortizable intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization or asset impairment.

Refer to Note 7 for additional information on goodwill and other intangible assets.

Impairment of Long-Lived Assets: Long-lived assets with identifiable cash flows are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Retail store long-lived assets are regularly reviewed for impairment indicators. Impairment is assessed at the individual store level which is the lowest level of identifiable cash flows and considers the estimated undiscounted cash flows over the asset’s remaining life. If estimated undiscounted cash flows are insufficient to recover the investment, an impairment loss is recognized equal to the difference between the estimated fair value of the asset and its carrying value, net of salvage, and any costs of disposition, and allocated to the asset groups at the store level based on their relative fair values. The fair value estimate is generally the discounted amount of estimated store-specific cash flows.

Facility Closure and Severance Costs: Retail store performance is regularly reviewed against expectations and retail stores not meeting performance requirements may be closed. Retail stores are also closed as part of restructuring activities which aim to optimize the Company’s retail footprint. Refer to Note 2 for additional information on the restructuring programs and associated store closures. Costs associated with facility closures, principally accrued lease costs, are recognized when the facility is no longer used in an operating capacity or when a liability has been incurred. Retail store assets, including operating lease right-of-use (“ROU”) assets, are also reviewed for possible impairment, or reduction of estimated useful lives.

The Company recognizes charges or credits to adjust remaining closed facility accruals to reflect current expectations. Adjustments to facility closure costs are presented in the Consolidated Statements of Operations in Selling, general and administrative expenses if the related facility was closed as part of ongoing operations or in Merger, restructuring and other operating expenses, net, if the related facility was closed as part of a merger integration plan or restructuring plan. Refer to Note 2 for additional information on accrued expenses relating to closed facilities. The short-term and long-term components of this liability are included in Accrued expenses and other current liabilities and Deferred income taxes and other long-term liabilities, respectively, in the Consolidated Balance Sheets. Employee termination costs covered under written and substantive plans are accrued when probable and estimable and consider continuing service requirements, if any. Additionally, incremental one-time employee benefit costs are recognized when the key terms of the arrangements have been communicated to affected employees. Amounts are recognized when communicated or over the remaining service period, based on the terms of the arrangements.

Accrued Expenses and Other Current Liabilities: The major components of Accrued expenses and other current liabilities in the Consolidated Balance Sheets are tax liabilities, payroll and benefit accruals, customer rebates accruals, inventory receipts accruals and current portion of operating lease liabilities. Accrued payroll and benefits were $158 million and $148 million at December 31, 2022 and December 25, 2021, respectively.

Fair Value of Financial Instruments: 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. 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 own estimates and assumptions or those expected to be used by market participants.

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. Refer to Note 13 for further fair value information.

Revenue Recognition: Revenue includes the sale of:

Supplies such as paper, writing instruments, office supplies, cleaning and breakroom items, personal protective equipment, and product subscriptions;

Technology related products such as toner and ink, printers, computers, tablets and accessories, electronic storage, and sales of third-party software, as well as technology support services offerings provided in the Company’s retail stores, such as installation and repair;

Furniture and other products such as desks, seating, luggage, gift cards and warranties, as well as supply chain services and e-procurement platform offerings; and

Copy and print services, including managed print and fulfillment services.

The Company sells its supplies, furniture and other products through its ODP Business Solutions and Office Depot Divisions. Supply chain services are provided through its Veyer Division, and e-procurement platform fees are generated through its Varis Division. Customers can purchase products through the Company’s call centers, electronically through its Internet websites, or through its retail stores. Revenues from supplies, technology, and furniture and other product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the customer.

Furniture also includes arrangements where customers can make special furniture interior design and installation orders that are customized to their needs. The performance obligations related to these arrangements are satisfied over time.

Substantially all of the Company’s copy and print and technology support services offerings are satisfied at a point in time and revenue is recognized as such. The majority of copy and print offerings, which includes printing, copying, and digital imaging, are fulfilled through retail stores and the related performance obligations are satisfied within a short period of time (generally within the same day).

Significant Judgments

Revenue is recognized upon transfer of control of promised products or services to customers for an amount that reflects the consideration the Company is entitled to receive in exchange for those products or services. For product sales, transfer of control occurs at a point in time, typically upon delivery to the customer. For service offerings, the transfer of control and satisfaction of the performance obligation is either over time or at a point in time. When performance obligations are satisfied over time, the Company evaluates the pattern of delivery and progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Revenue is recognized net of allowance for returns and net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Shipping and handling costs are considered fulfillment activities and are recognized within the Company’s cost of goods sold.

Contracts with customers could include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Determining the standalone selling price also requires judgment. The Company did not have significant revenues generated from such contracts in 2022, 2021 and 2020.

Products are generally sold with a right of return and the Company may provide other incentives, such as rebates and coupons, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company estimates returns and incentives at contract inception and includes the amount in the transaction price for which significant reversal is not probable. These estimates are updated at the end of each reporting period as additional information becomes available.

The Company offers a customer loyalty program that provides customers with rewards that can be applied to future purchases or other incentives. Loyalty rewards are accounted for as a separate performance obligation and deferred revenue is recorded in the amount of

the transaction price allocated to the rewards, inclusive of the impact of estimated breakage. The estimated breakage of loyalty rewards is based on historical redemption rates experienced under the loyalty program. Revenue is recognized when the loyalty rewards are redeemed or expire. As December 31, 2022 and December 25, 2021, the Company had $15 million and $12 million, respectively, of deferred revenue related to the loyalty program, which is included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.

The Company recognizes revenue in certain circumstances before product delivery occurs (commonly referred to as bill-and-hold transactions). Revenue from bill-and-hold transactions is recognized when all specific requirements for transfer of control under a bill-and-hold arrangement have been met which include, among other things, a request from the customer that the product be held for future scheduled delivery. For these bill-and-hold arrangements, the associated product inventory is identified separately as belonging to the customer and is ready for physical transfer.

Contract Balances

The timing of revenue recognition may differ from the timing of invoicing to customers. A receivable is recognized in the period the Company delivers goods or provides services, and is recorded at the invoiced amount. A receivable is also recognized for unbilled services where the Company’s right to consideration is unconditional, and is recorded based on an estimate of time and materials. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the contracts do not include a significant financing component. The primary purpose of the Company’s invoicing terms is to provide customers with simplified and predictable ways of purchasing its products and services.

The Company receives payments from customers based upon contractual billing schedules. Contract assets include amounts related to deferred contract acquisition costs (refer to the section “Costs to Obtain a Contract” below) and if applicable, the Company’s conditional right to consideration for completed performance under a contract. The short- and long-term components of contract assets in the table below are included in Prepaid expenses and other current assets, and Other assets, respectively, in the Consolidated Balance Sheets. Contract liabilities include payments received in advance of performance under the contract, which are recognized as revenue when the performance obligation is completed under the contract, as well as accrued contract acquisition costs, liabilities related to the Company’s loyalty program and gift cards. The short- and long-term components of contract liabilities in the table below are included in Accrued expenses and other current liabilities, and Deferred income taxes and other long-term liabilities, respectively, in the Consolidated Balance Sheets.

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

	December 31,		December 25,
(In millions)	2022		2021
Trade receivables, net	$	412	$	353
Short-term contract assets		8		16
Long-term contract assets		2		8
Short-term contract liabilities		41		52
Long-term contract liabilities		—		2

In 2022 and 2021, the Company did not have any contract assets related to conditional rights. The Company recognized revenues of $27 million and $24 million in 2022 and 2021, respectively, which were included in the short-term contract liability balance at the beginning of the period. There were no contract assets and liabilities that were recognized in 2022 as a result of business combinations. The Company recognized no contract assets and $2 million of contract liabilities in 2021 as a result of business combinations. There were no significant adjustments to revenue from performance obligations satisfied in previous periods and there were no contract assets recognized at the beginning of the period that transferred to receivables in 2022 and 2021. Included in the table above are short- and long-term contract assets of $1 million as of December 25, 2021, related to CompuCom, which are presented as part of assets held for sale in the Consolidated Balance Sheets. Also included in the table above are short- and long-term contract liabilities of $10 million and $2 million, respectively, as of December 25, 2021 related to CompuCom, which are presented as part of liabilities held for sale in the Consolidated Balance Sheets.

A majority of the purchase orders and statements of work related to contracts with customers require delivery of the product or service within one year or less. For certain service contracts that exceed one year, the Company recognizes revenue at the amount to which it has the right to invoice for services performed. Accordingly, the Company has applied the optional exemption provided by the new

revenue recognition standard relating to unsatisfied performance obligations and does not disclose the value of unsatisfied performance obligations for its contracts.

Costs to Obtain a Contract

The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year. The Company has determined that certain rebate incentive programs meet the requirements to be capitalized. These costs are periodically reviewed for impairment and are amortized on a straight-line basis over the expected period of benefit. As of December 31, 2022 and December 25, 2021, short-term contract assets and long-term contract assets in the table above represent capitalized acquisition costs. In 2022, 2021 and 2020, amortization expense was $20 million, $24 million and $29 million, respectively. The Company had no asset impairment charges related to contract assets in the periods presented herein. There is uncertainty regarding the impacts of COVID-19 on the global and national economies, which could negatively affect the Company’s customers and result in future impairments of contract assets.

Cost of Goods Sold and Occupancy Costs: Cost of goods sold and occupancy costs include:

inventory costs (as discussed above);

outbound freight;

employee and non-employee receiving, distribution, and occupancy costs (rent), including depreciation, real estate taxes and common area costs, of inventory-holding and selling locations; and

identifiable employee-related costs associated with services provided to customers.

Selling, General and Administrative Expenses: Selling, general and administrative expenses include amounts incurred related to expenses of operating and support functions, including:

employee payroll and benefits, including variable pay arrangements;

advertising;

store and field support;

executive management and various staff functions, such as information technology, human resources functions, finance, legal, internal audit, and certain merchandising and product development functions;

other operating costs incurred relating to selling activities; and

closed defined benefit pension and postretirement plans.

Selling, general and administrative expenses are included in the determination of Division operating income to the extent those costs are considered to be directly or closely related to segment activity and through allocation of support costs.

Merger, restructuring and other operating expenses, net: Merger, restructuring and other operating expenses, net in the Consolidated Statements of Operations includes charges and, where applicable, credits for costs such as acquisition related expenses, employee termination and retention, transaction and integration-related professional fees, facility closure costs, gains and losses on asset dispositions, and other incremental costs directly related to these activities.

This presentation is used to separately identify these significant costs apart from expenses incurred to sell to and service the Company’s customers or that are more directly related to ongoing operations. Changes in estimates and accruals related to these activities are also reflected on this line. Merger, restructuring and other operating expenses, net are not included in the measure of Division operating income. Refer to Note 2 for additional information.

Advertising: Advertising expenses are charged to Selling, general and administrative expenses when incurred. Advertising expenses recognized were $130 million in 2022, $139 million in 2021 and $177 million in 2020. Prepaid advertising expenses were $3 million as of December 31, 2022 and $4 million as of December 25, 2021.

Share-Based Compensation: Compensation expense for all share-based awards expected to vest is measured at fair value on the date of grant and recognized on a straight-line basis over the related service period. The fair value of restricted stock and restricted stock units, including performance-based awards, is determined based on the Company’s stock price on the date of grant. Share-based awards with market conditions, such as total shareholder return, are valued using a Monte Carlo simulation as measured on the grant date. Share-based awards that are settled in cash are classified as liabilities and are measured to fair value at each reporting date.

Self-insurance: ODP is primarily self-insured for workers’ compensation, auto and general liability and employee medical insurance programs. The Company has stop-loss coverage to limit the exposure arising from these claims. Self-insurance liabilities are based on claims filed and estimates of claims incurred but not reported. These liabilities are not discounted.

Vendor Arrangements: The Company enters into arrangements with substantially all significant vendors that provide for some form of consideration to be received from the vendors. Arrangements vary, but some specify volume rebate thresholds, advertising support levels, as well as terms for payment and other administrative matters. The volume-based rebates, supported by a vendor agreement, are estimated throughout the year and reduce the cost of inventory and cost of goods sold during the year. This estimate is regularly monitored and adjusted for current or anticipated changes in purchase levels and for sales activity. Other promotional consideration received is event-based or represents general support and is recognized as a reduction of Cost of goods sold and occupancy costs or Inventories, as appropriate, based on the type of promotion and the agreement with the vendor. Certain arrangements meet the specific, incremental, identifiable criteria that allow for direct operating expense offset, but such arrangements are not significant.

Pension and Other Postretirement Benefits: The Company sponsors certain closed U.S. and U.K. defined benefit pension plans, certain closed U.S. retiree medical benefit and life insurance plans, as well as a Canadian retiree medical benefit plan open to certain employees.

The Company recognizes the funded status of its defined benefit pension, retiree medical benefit and life insurance plans in the Consolidated Balance Sheets, with changes in the funded status recognized primarily through accumulated other comprehensive income (loss), net of tax, in the year in which the changes occur. Actuarially-determined liabilities related to pension and postretirement benefits are recorded based on estimates and assumptions. Factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, healthcare cost trends, benefit payment patterns and other factors. The Company also updates periodically its assumptions about employee retirement factors, mortality, and turnover. Refer to Note 12 for additional details.

Environmental and Asbestos Matters: Environmental and asbestos liabilities relate to acquired legacy paper and forest products businesses and timberland assets. The Company accrues for losses associated with these obligations when probable and reasonably estimable. These liabilities are not discounted. A receivable for insurance recoveries is recorded when probable.

Leasing Arrangements: The Company conducts a substantial portion of its business in leased properties. The Company first determines whether an arrangement is a lease at inception. Once that determination is made, leasing arrangements are presented in the Consolidated Balance Sheet as follows:

•

Finance leases:

Property and equipment, net –leases which were referred to as capital leases under the old accounting standard;

Short-term borrowings and current maturities of long-term debt – short-term obligations to make lease payments arising from the finance lease; and

Long-term debt, net of current maturities – long-term obligations to make lease payments arising from the finance lease.

•

Operating leases:

ROU assets – the Company’s right to use the underlying asset for the lease term;

Accrued expenses and other current liabilities – short-term obligations to make lease payments arising from the operating lease; and

Operating lease liabilities – long-term obligations to make lease payments arising from the operating lease.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. As the rate implicit in the lease is not readily determinable for any of the leases, the Company has utilized its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The determination of the appropriate incremental borrowing rate requires management to use significant estimates and assumptions as to its credit rating, base rates and credit spread, and other management assumptions for the impact of collateral. The operating lease ROU asset also includes any lease payments made prior to commencement and excludes lease incentives and initial direct costs incurred. Certain leases include one or more options to renew, with renewal terms that can extend the lease from five to 25 years or more, which is generally at the Company’s discretion. Any option or renewal periods management believed were reasonably certain of being exercised are included in the lease term and are used in calculating the operating lease ROU assets and lease liabilities. In addition, some of the Company’s leases contain escalation clauses. The Company recognizes rental expense for operating leases that contain predetermined fixed escalation clauses on a straight-line basis over the expected term of the lease.

The Company has lease agreements with lease and non-lease components, for which it has made an accounting policy election to account for these as a single lease component.

NEW ACCOUNTING STANDARDS

As of December 31, 2022, there were no recently issued accounting standards that may have a material impact on the Company's financial position, results of operations, or cash flows upon their adoption.

Estimated Future Benefit Payments (Detail) - North America $ in Millions	Dec. 31, 2022 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	$ 70
2024	67
2025	64
2026	61
2027	59
Next five years	247
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	1
2024	1
2025	1
2026	1
2027	1
Next five years	$ 3

DEBT

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

DEBT

NOTE 8. DEBT

Debt consists of the following:

	December 31,		December 25,
(In millions)	2022		2021
Short-term borrowings and current maturities of long-term debt:
Finance lease obligations	$	14	$	17
Other current maturities of long-term debt		2		3
Total	$	16	$	20
Long-term debt, net of current maturities:
New Facilities loans under the Third Amended Credit Agreement, due 2025		57		100
Revenue bonds, due in varying amounts periodically through 2029		75		75
American & Foreign Power Company, Inc. 5% debentures, due 2030		15		15
Finance lease obligations		24		35
Other financing obligations		1		3
Total	$	172	$	228

The Company was in compliance with all applicable covenants of existing loan agreements at December 31, 2022.

THIRD AMENDED CREDIT AGREEMENT

On April 17, 2020, the Company entered into the Third Amended and Restated Credit Agreement (the “Third Amended Credit Agreement”), which provided for a $1.2 billion asset-based revolving credit facility (the “Revolving Loan 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 Credit Agreement that was due to mature in May 2021. The Third Amended Credit Agreement also provides that the Revolving Loan Facility may be increased by up to $250 million, subject to certain terms and conditions, including increased commitments from existing or new lenders. 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 (the “Borrowing Base”). The Revolving Loan Facility included two sub-facilities of: (1) up to $1.150 billion which is available to the Company and certain of the Company’s domestic subsidiaries (which includes a letter of credit sub-facility of up to $400 million and a swingline loan sub-facility of up to $115 million); and (2) up to $50 million which is available to certain of the Company’s Canadian subsidiaries (which included a letter of credit sub-facility of up to $25 million and a swingline loan sub-facility of up to $5 million). Certain of the Company’s subsidiaries guarantee the obligations under the New Facilities (the “Guarantors”). All loans borrowed under the Revolving Loan Facility may be borrowed, repaid and reborrowed from time to time until the maturity date of April 17,

2025 as provided in the Third Amended Credit Agreement. The FILO Term Loan Facility, once repaid, may not be reborrowed. 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.

All amounts borrowed under the New Facilities, as well as the obligations of the Guarantors, are secured by a first priority lien on the Company’s and such Guarantors’ accounts receivables, inventory, cash, cash equivalents, deposit accounts, intercompany loan rights, certain pledged notes, certain life insurance policies, certain related assets, certain real estate and the proceeds thereof in each case. At the Company’s option, borrowings made pursuant to the Third Amended Credit Agreement bear interest at either, (i) the alternate base rate (defined as the higher of the Prime Rate (as announced by the agent), the Federal Funds Rate plus 1/2 of 1% and the one month Adjusted LIBOR (defined below) plus 1%) or (ii) the Adjusted LIBOR (defined as the LIBOR as adjusted for statutory reserves) plus, in either case, a certain margin based on the aggregate average availability under the Third Amended Credit Agreement.

The Third Amended Credit Agreement contains representations, warranties, affirmative and negative covenants, and default provisions which are conditions precedent to borrowing. The most significant of these covenants and default provisions include limitations in certain circumstances on acquisitions, dispositions, share repurchases and the payment of cash dividends.

The New Facilities also include provisions whereby if the global availability is less than 12.5% of the Borrowing Base, the Company’s cash collections go first to the agent to satisfy outstanding borrowings. Further, if total availability falls below 10% of the Borrowing Base, a fixed charge coverage ratio test is required. Any event of default that is not cured within the permitted period, including non-payment of amounts when due, any debt in excess of $25 million becoming due before the scheduled maturity date, or the acquisition of more than 40% of the ownership of the Company by any person or group, within the meaning of the Securities and Exchange Act of 1934, could result in a termination of the New Facilities and all amounts outstanding becoming immediately due and payable.

In 2020, the Company incurred approximately $6 million of new debt issuance costs under the Third Amended Credit Agreement, which will be recognized in interest expense through April 17, 2025, the maturity date of the New Facilities.

At December 31, 2022, the Company had no revolving loans outstanding, $57 million of outstanding FILO Term Loan Facility loans, $41 million of outstanding standby letters of credit, and $856 million of available credit under the Third Amended Credit Agreement.

OTHER SHORT- AND LONG-TERM DEBT

As a result of the OfficeMax merger, the Company assumed the liability for the amounts in the table above on page 82 related to the (i) Revenue bonds, due in varying amounts periodically through 2029, and (ii) American & Foreign Power Company, Inc. 5% debentures, due 2030. Also, the Company has finance lease obligations which relate to buildings and equipment, and various other financing obligations for the amounts included in the table above on page 82.

SCHEDULE OF DEBT MATURITIES

Aggregate annual maturities of recourse debt, finance lease, and other financing obligations are as follows:

(In millions)
2023	$	18
2024		10
2025		64
2026		36
2027		33
Thereafter		30
Total		191
Less interest on finance leases		(3	)
Total		188
Less:
Current portion		(16	)
Total long-term debt	$	172

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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Goodwill And Intangible Assets Disclosure [Abstract]

Weighted Average Assumptions Used in the Measurement of Net Periodic Benefit Cost (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.69%	2.27%	3.26%
Expected long-term rate of return on plan assets	3.64%	4.31%	5.16%
Other Benefits \| UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.40%	1.90%	2.80%
Other Benefits \| Canada
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.90%	2.50%	3.10%

Allocation of Plan Assets (Detail) - United Kingdom	Dec. 31, 2022	Dec. 25, 2021
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	100.00%	100.00%
Cash
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets		2.00%
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	5.00%	14.00%
Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	95.00%	84.00%

Summary of Activity Related to Unrecognized Tax Benefit (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Beginning balance	$ 13
Decrease related to prior year tax positions	(3)
Ending balance	$ 10

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Goodwill by Segment

(In millions)	Balance as of December 25, 2021		Allocation to New segment			Balance as of December 31, 2022
Business Solutions Division	$	318	$	(318	)	$	—
Retail Division		78		(78	)		—
ODP Business Solutions Division		—		142			142
Office Depot Division		—		219			219
Veyer Division		—		35			35
Varis Division		68		—			68
Total	$	464	$	—		$	464

Schedule of Amortizing Intangible Assets Net

Definite-lived intangible assets, which are included in Other intangible assets, net in the Consolidated Balance Sheets, are as follows:

	December 31, 2022
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	122	$	(90	)	$	32
Technology		6		(5	)		1
Total	$	128	$	(95	)	$	33

	December 25, 2021
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	122	$	(84	)	$	38
Technology		6		(2	)		4
Total	$	128	$	(86	)	$	42

Estimated Future Amortization Expense for Intangible Assets

Estimated future amortization expense for the intangible assets is as follows:

(In millions)
2023	$	5
2024		3
2025		3
2026		3
2027		3
Thereafter		16
Total	$	33

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

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Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Anticipated Benefit Payments (Detail) - United Kingdom $ in Millions	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2023	$ 9
2024	9
2025	9
2026	9
2027	10
Next five years	$ 52

Accumulated Other Comprehensive Loss Activity, Net of Tax (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 1,438	$ 1,880	$ 2,173
Total other comprehensive income, net of tax, where applicable	(71)	26	34
Balance	1,287	1,438	1,880
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(27)	(27)
Other comprehensive income activity before reclassifications	(18)
Reclassification of foreign currency translation adjustments realized upon disposal of business	6
Total other comprehensive income, net of tax, where applicable	(12)
Balance	(39)	(27)	(27)
Change in Deferred Pension
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	21	(5)
Other comprehensive income activity		32
Other comprehensive income activity before reclassifications	(62)
Tax impact	3	(6)
Total other comprehensive income, net of tax, where applicable	(59)	26
Balance	(38)	21	(5)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(6)	(32)	(66)
Other comprehensive income activity		32
Other comprehensive income activity before reclassifications	(80)
Reclassification of foreign currency translation adjustments realized upon disposal of business	6
Tax impact	3	(6)
Total other comprehensive income, net of tax, where applicable	(71)	26	34
Balance	$ (77)	$ (6)	$ (32)

Schedule of Fair Value of Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company-owned life insurance	$ 138	$ 137
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 \| 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 \| Long-Term Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	14	16
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
Carrying Amount \| Revenue bonds, due in varying amounts periodically through 2029 \| Long-Term Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	75	75
Carrying Amount \| American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Long-Term Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 15	$ 15

Summary of the Activity in the Performance-Based Long-Term Incentive Program Since Inception (Detail) - Performance Based Stock Incentive Program - $ / shares

12 Months Ended

Dec. 31, 2022

Dec. 25, 2021

Dec. 26, 2020

Outstanding at beginning of the period, Shares

2,175,831

^[1]

2,458,978

^[1]

1,994,111

Granted, Shares

421,038

1,298,868

932,344

Vested, Shares

(796,019)

(1,374,442)

(151,905)

Forfeited, Shares

(343,125)

(207,573)

(315,572)

Outstanding at end of the period, Shares

^[1]

1,457,725

2,175,831

2,458,978

Outstanding at beginning of the period, Weighted Average Grant-Date Price

$ 29.33

^[1]

$ 24.22

^[1]

$ 29.05

Granted, Weighted Average Grant-Date Price

45.01

41.44

19.42

Vested, Weighted Average Grant-Date Price

29.71

23.47

41.80

Forfeited, Weighted Average Grant-Date Price

30.21

28.71

27.10

Outstanding at end of the period, Weighted Average Grant-Date Price

^[1]

$ 31.84

$ 29.33

$ 24.22

[1]	Outstanding shares at the end of 2022 include 5 million shares of awards granted in 2020 that will be settled in cash in 2023. These awards are remeasured to fair value at each reporting period. The remeasurement impact was not material in 2022, 2021, and 2020.

Summary of Status of Nonvested Shares (Detail) - Restricted Stock and Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of the period, Shares	1,386,778	1,526,653	1,394,756
Granted, Shares	933,487	521,512	835,828
Vested, Shares	(585,563)	(593,249)	(579,584)
Forfeited, Shares	(203,740)	(68,138)	(124,347)
Outstanding at end of the period, Shares	1,530,962	1,386,778	1,526,653
Outstanding at beginning of the period, Weighted Average Grant-Date Price	$ 30.48	$ 24.71	$ 30.40
Granted, Weighted Average Grant-Date Price	42.81	39.55	19.92
Vested, Weighted Average Grant-Date Price	29.65	23.72	30.71
Forfeited, Weighted Average Grant-Date Price	36.29	29.20	28.60
Outstanding at end of the period, Weighted Average Grant-Date Price	$ 37.54	$ 30.48	$ 24.71

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Components of Lease Expense

The components of lease expense were as follows:

(In millions)	2022			2021			2020
Finance lease cost:
Amortization of right-of-use assets	$	14		$	18		$	18
Interest on lease liabilities		2			3			4
Operating lease cost		334			350			402
Short-term lease cost		6			4			6
Variable lease cost		94			99			112
Sublease income		(2	)		(2	)		(2	)
Total lease cost	$	448		$	472		$	540

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

(In millions)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	2	$	3	$	4
Operating cash flows from operating leases		370		408		447
Financing cash flows from finance leases		18		22		20
Right-of-use assets obtained in exchange for new finance lease liabilities		4		3		29
Right-of-use assets obtained in exchange for new operating lease liabilities		228		127		117

Supplemental Balance Sheets Information Related to Leases

Supplemental balance sheets information related to leases was as follows:

	December 31,			December 25,
(In millions, except lease term and discount rate)	2022			2021
Property and equipment, net	$	29		$	39
Operating lease right-of-use assets		874			936
Accrued expenses and other current liabilities		281			304
Short-term borrowings and current maturities of long-term debt		14			17
Long-term debt, net of current maturities		24			35
Operating lease liabilities		693			753
Weighted-average remaining lease term – finance leases	3			4
Weighted-average remaining lease term – operating leases	5			5
Weighted-average discount rate – finance leases		4.9	%		5.0	%
Weighted-average discount rate – operating leases		6.1	%		5.8	%

Schedule of Maturities of Lease Liabilities Under Operating and Finance Leases

Maturities of lease liabilities as of December 31, 2022 were as follows:

	December 31, 2022
	Operating			Finance
(In millions)	Leases⁽¹⁾			Leases⁽²⁾
2023	$	333		$	15
2024		251			10
2025		182			7
2026		142			5
2027		96			3
Thereafter		125			1
		1,129			41
Less imputed interest		(155	)		(3	)
Total	$	974		$	38

Reported as of December 31, 2022
Accrued expenses and other current liabilities	$	281		$	—
Short-term borrowings and current maturities of long-term debt		—			14
Long-term debt, net of current maturities		—			24
Operating lease liabilities		693			—
Total	$	974		$	38

(1)	Operating lease payments include $47 million related to options to extend lease terms that are reasonably certain of being exercised.

(2)	Finance lease payments include $1 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $5 million of legally binding minimum lease payments for leases signed but not yet commenced.

Schedule of Debt (Parenthetical) (Detail)	12 Months Ended
Schedule of Debt (Parenthetical) (Detail)	Dec. 31, 2022	Dec. 25, 2021
Third Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Long term debt, due date	2025	2025
Revenue bonds, due in varying amounts periodically through 2029
Debt Instrument [Line Items]
Long term debt, due date	2029	2029
American & Foreign Power Company, Inc. 5% debentures, due 2030
Debt Instrument [Line Items]
Long term debt, due date	2030	2030
Long term debt, interest rate	5.00%	5.00%

Debt - Additional Information (Detail)		3 Months Ended	12 Months Ended
Debt - Additional Information (Detail)	Apr. 17, 2020 USD ($) Sub-facility	Mar. 26, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 25, 2021	Dec. 26, 2020 USD ($)
Global Availability
Debt Instrument [Line Items]
Minimum availability level of borrowings to avoid cash settlement percentage			12.50%
Revenue bonds, due in varying amounts periodically through 2029
Debt Instrument [Line Items]
Senior secured notes, due date			2029	2029
American & Foreign Power Company, Inc. 5% debentures, due 2030
Debt Instrument [Line Items]
Senior secured notes, due date			2030	2030
Long-term debt, interest rate			5.00%	5.00%
Third Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 1,300,000,000
Maturity date of debt	Apr. 17, 2025				Apr. 17, 2025
Minimum availability level of borrowings to avoid fixed charge coverage ratio test percentage			10.00%
Excess of debt default amount resulting termination of Facility			$ 25,000,000
Excess acquisition of ownership percentage resulting termination of Facility			40.00%
Debt issuance costs					$ 6,000,000
Available credit under the facility			$ 856,000,000
Third Amended and Restated Credit Agreement \| Federal Funds Rate Plus
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			0.50%
Third Amended and Restated Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			1.00%
Third Amended and Restated Credit Agreement \| Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 1,200,000,000
Credit agreement, increased borrowing capacity	$ 250,000,000
Number of revolving loan sub-facilities \| Sub-facility	2
Retirement of term loan facility		$ 43,000,000
Revolving loans outstanding			$ 0
Third Amended and Restated Credit Agreement \| Asset-based Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net		200,000,000
Third Amended and Restated Credit Agreement \| Asset-based Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net		$ 1,000,000,000.0
Third Amended and Restated Credit Agreement \| Asset-based First-in, Last-out Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 100,000,000
Borrowing under credit facility			57,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility One
Debt Instrument [Line Items]
Borrowing under credit facility	1,150,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility One \| Letter Of Credit Sub Facility
Debt Instrument [Line Items]
Borrowing under credit facility	400,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility One \| Swing Line Loan Facility
Debt Instrument [Line Items]
Borrowing under credit facility	115,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility Two
Debt Instrument [Line Items]
Borrowing under credit facility	50,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility Two \| Letter Of Credit Sub Facility
Debt Instrument [Line Items]
Borrowing under credit facility	25,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility Two \| Swing Line Loan Facility
Debt Instrument [Line Items]
Borrowing under credit facility	$ 5,000,000
Third Amended and Restated Credit Agreement \| Standby Letter of Credit
Debt Instrument [Line Items]
Borrowing under credit facility			$ 41,000,000

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Sales, Operating Income (Loss) and Other Significant Balances 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
2022
Sales (external)	$	4,005	$	4,451	$	28	$	7		$	-		$	8,491
Sales (internal)		19		36		5,855		-			(5,910	)		—
Total sales	$	4,024	$	4,487	$	5,883	$	7		$	(5,910	)	$	8,491
Division operating income (loss)	$	140	$	285	$	28	$	(66	)	$	-		$	387

2021
Sales (external)	$	3,602	$	4,830	$	28	$	5		$	-		$	8,465
Sales (internal)		24		34		5,963		-			(6,021	)		-
Total sales	$	3,626	$	4,864	$	5,991	$	5		$	(6,021	)	$	8,465
Division operating income (loss)	$	72	$	325	$	30	$	(34	)	$	-		$	393

2020
Sales (external)	$	3,549	$	5,300	$	23	$	-		$	-		$	8,872
Sales (internal)		29		35		6,321		-			(6,385	)		-
Total sales	$	3,578	$	5,335	$	6,344	$	-		$	(6,385	)	$	8,872
Division operating income (loss)	$	51	$	317	$	28	$	-		$	-		$	396

The following table provides information about other significant balances by each of the Divisions, reconciled to consolidated totals:

(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Varis Division		Corporate and Discontinued Operations*		Consolidated Total
2022
Capital expenditures	$	5	$	14	$	20	$	44	$	16	$	99
Depreciation and amortization		21		56		37		13		4		131
Assets		749		1,553		993		130		724		4,149

2021
Capital expenditures		5		15		22		14		17		73
Depreciation and amortization		24		67		40		4		11		146
Assets		654		1,728		1,038		83		1,362		4,865

2020
Capital expenditures		8		25		19		—		6		58
Depreciation and amortization		21		75		49		—		12		157

* Amounts included in “Corporate and Discontinued Operations” consist of (i) assets (including all cash and cash equivalents) and depreciation related to corporate activities and shared services of continuing operations, and (ii) assets of discontinued operations amounting to $469 million at December 25, 2021.

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

A reconciliation of the measure of Division operating income to Consolidated income (loss) from continuing operations before income taxes is as follows:

(In millions)	2022			2021			2020
Division operating income	$	387		$	393		$	396
Add/(subtract):
Asset impairments		(14	)		(20	)		(182	)
Merger, restructuring and other operating expenses, net		(39	)		(51	)		(102	)
Unallocated expenses		(91	)		(88	)		(106	)
Interest income		5			1			4
Interest expense		(16	)		(28	)		(42	)
Loss on extinguishment and modification of debt		—			—			(12	)
Other income, net		10			24			6
Income (loss) from continuing operations before income taxes	$	242		$	231		$	(38	)

Summary of Disaggregated Revenue from Major Sales Categories

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

(In millions)	2022		2021		2020
Major sales categories
Supplies	$	4,144	$	3,815	$	4,006
Technology		2,461		2,758		3,014
Furniture and other		1,255		1,302		1,281
Copy and print		631		590		571
Total	$	8,491	$	8,465	$	8,872

Schedule of Maturities of Lease Liabilities Under Operating and Finance Leases (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 25, 2021

Operating leases, Thereafter

Operating leases, 2023

^[1]

$ 333

Operating leases, 2024

^[1]

251

Operating leases, 2025

^[1]

182

Operating leases, 2026

^[1]

142

Operating leases, 2027

^[1]

^[1]

125

Operating leases, Total minimum payments

^[1]

1,129

Operating Leases, Less imputed interest

^[1]

(155)

Operating Leases, Total

^[1]

974

Operating Leases, Current

$ 281

^[1]

$ 304

Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Accrued expenses and other current liabilities

^[1]

Accrued expenses and other current liabilities

Operating lease liabilities

$ 693

^[1]

$ 753

^[2]

^[2]

^[2]

^[2]

^[2]

Finance Leases, Thereafter

^[2]

Finance leases, Total minimum payments

^[2]

Finance Leases, Less imputed interest

^[2]

(3)

Finance Leases, Total

^[2]

Finance Leases, Current

$ 14

^[2]

$ 17

Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Short-term borrowings and current maturities of long-term debt

^[2]

Short-term borrowings and current maturities of long-term debt

Finance Leases, Non-current

$ 24

^[2]

$ 35

Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]

Long-term debt, net of current maturities

^[2]

Long-term debt, net of current maturities

[1]	Operating lease payments include $47 million related to options to extend lease terms that are reasonably certain of being exercised.
[2]	Finance lease payments include $1 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $5 million of legally binding minimum lease payments for leases signed but not yet commenced.

Schedule of Components of Income (Loss) from Continuing Operations before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Income Tax Disclosure [Abstract]
United States	$ 226	$ 173	$ (30)
Foreign	16	58	(8)
Income (loss) from continuing operations before income taxes	$ 242	$ 231	$ (38)

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.

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SEGMENT INFORMATION

12 Months Ended

Dec. 31, 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 Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, Statements of Stockholders’ Equity, or Statements of Cash Flows.

At December 31, 2022, the Company had four reportable segments:

ODP Business Solutions Division – The Company’s leading B2B distribution solutions provider serving small, medium and enterprise level companies, including those in the public and education sectors. 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. 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. Adjacency products and services include cleaning, janitorial, and breakroom supplies, office furniture, technology products, and copy and print services. 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 acquisition of these businesses has allowed for an effective and accretive means to expand our distribution reach, target new business customers and grow our offerings beyond traditional office supplies.

Office Depot Division – The Company’s leading provider of retail consumer and small business products and services distributed through a fully integrated omni-channel platform of 980 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 offering 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, which has over 35 years of experience with proven leadership and has been branded under a new name. The Veyer Division specializes in B2B and consumer business service delivery, with core competencies in distribution, fulfillment, transportation, global sourcing and purchasing. The Veyer Division’s customers include our Office Depot Division and ODP Business Solutions Division, as well as third-party customers. The Veyer Division 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 operating results for 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 15 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
2022
Sales (external)	$	4,005	$	4,451	$	28	$	7		$	-		$	8,491
Sales (internal)		19		36		5,855		-			(5,910	)		—
Total sales	$	4,024	$	4,487	$	5,883	$	7		$	(5,910	)	$	8,491
Division operating income (loss)	$	140	$	285	$	28	$	(66	)	$	-		$	387

2021
Sales (external)	$	3,602	$	4,830	$	28	$	5		$	-		$	8,465
Sales (internal)		24		34		5,963		-			(6,021	)		-
Total sales	$	3,626	$	4,864	$	5,991	$	5		$	(6,021	)	$	8,465
Division operating income (loss)	$	72	$	325	$	30	$	(34	)	$	-		$	393

2020
Sales (external)	$	3,549	$	5,300	$	23	$	-		$	-		$	8,872
Sales (internal)		29		35		6,321		-			(6,385	)		-
Total sales	$	3,578	$	5,335	$	6,344	$	-		$	(6,385	)	$	8,872
Division operating income (loss)	$	51	$	317	$	28	$	-		$	-		$	396

A reconciliation of the measure of Division operating income to Consolidated income (loss) from continuing operations before income taxes is as follows:

(In millions)	2022			2021			2020
Division operating income	$	387		$	393		$	396
Add/(subtract):
Asset impairments		(14	)		(20	)		(182	)
Merger, restructuring and other operating expenses, net		(39	)		(51	)		(102	)
Unallocated expenses		(91	)		(88	)		(106	)
Interest income		5			1			4
Interest expense		(16	)		(28	)		(42	)
Loss on extinguishment and modification of debt		—			—			(12	)
Other income, net		10			24			6
Income (loss) from continuing operations before income taxes	$	242		$	231		$	(38	)

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

(In millions)	2022		2021		2020
Major sales categories
Supplies	$	4,144	$	3,815	$	4,006
Technology		2,461		2,758		3,014
Furniture and other		1,255		1,302		1,281
Copy and print		631		590		571
Total	$	8,491	$	8,465	$	8,872

The following table provides information about other significant balances by each of the Divisions, reconciled to consolidated totals:

(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Varis Division		Corporate and Discontinued Operations*		Consolidated Total
2022
Capital expenditures	$	5	$	14	$	20	$	44	$	16	$	99
Depreciation and amortization		21		56		37		13		4		131
Assets		749		1,553		993		130		724		4,149

2021
Capital expenditures		5		15		22		14		17		73
Depreciation and amortization		24		67		40		4		11		146
Assets		654		1,728		1,038		83		1,362		4,865

2020
Capital expenditures		8		25		19		—		6		58
Depreciation and amortization		21		75		49		—		12		157

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.

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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Cash flows from operating activities:
Net income (loss)	$ 166	$ (208)	$ (319)
Discontinued operations, net of tax	(12)	(395)	(256)
Net income (loss) from continuing operations	178	187	(63)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	131	146	157
Amortization of debt discount and issuance costs	2	2	3
Charges for losses on receivables and inventories	19	22	33
Asset impairments	14	20	182
(Gain) loss on disposition of assets, net	(4)	(5)	4
Loss on extinguishment and modification of debt			12
Compensation expense for share-based payments	40	38	41
Deferred income taxes and deferred tax asset valuation allowances	40	(6)	11
Changes in assets and liabilities:
Decrease (increase) in receivables	(42)	(61)	185
Decrease in inventories	13	35	76
Net decrease in prepaid expenses, operating lease right-of-use assets, and other assets	282	281	304
Net increase in trade accounts payable, accrued expenses, operating lease liabilities, and other current and other long-term liabilities	(436)	(312)	(519)
Other operating activities		(3)	(1)
Total adjustments	59	157	488
Net cash provided by operating activities of continuing operations	237	344	425
Net cash provided by operating activities of discontinued operations		2	60
Net cash provided by operating activities	237	346	485
Cash flows from investing activities:
Capital expenditures	(99)	(73)	(58)
Businesses acquired, net of cash acquired		(29)	(30)
Proceeds from collection of notes receivable			818
Proceeds from disposition of assets	8	5	3
Settlement of company-owned life insurance policies	5	22	13
Net cash provided by (used in) investing activities of continuing operations	(86)	(75)	746
Net cash provided by (used in) investing activities of discontinued operations	76	(4)	(10)
Net cash provided by (used in) investing activities	(10)	(79)	736
Cash flows from financing activities:
Net payments on long and short-term borrowings	(21)	(25)	(341)
Debt retirement	(43)	(100)	(1,196)
Debt issuance			400
Cash dividends on common stock			(13)
Share purchases for taxes, net of proceeds from employee share-based transactions	(20)	(26)	(5)
Repurchase of common stock for treasury and advance payment for accelerated share repurchase	(266)	(307)	(30)
Other financing activities	(5)	(1)	(8)
Net cash used in financing activities of continuing operations	(355)	(459)	(1,193)
Net cash used in financing activities	(355)	(459)	(1,193)
Effect of exchange rate changes on cash and cash equivalents	(5)		1
Net increase (decrease) in cash, cash equivalents and restricted cash	(133)	(192)	29
Cash, cash equivalents and restricted cash at beginning of period	537	729	700
Cash, cash equivalents and restricted cash at end of period	404	537	729
Less: cash and cash equivalents of discontinued operations		(23)
Cash, cash equivalents and restricted cash at end of period — continuing operations	404	514	729
Supplemental information on operating, investing, and financing activities
Right-of-use assets obtained in exchange for new finance lease liabilities	4	3	29
Right-of-use assets obtained in exchange for new operating lease liabilities	228	127	117
Cash taxes paid (refunded), net	17	43	(14)
Cash interest paid, net of amounts capitalized and Timber notes/Non-recourse debt	16	25	$ 40
Other current and noncurrent receivables obtained from disposition of discontinued operations	9
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
Business acquired in exchange for common stock issuance		$ 35

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Status of Company's Nonvested Shares

A summary of the status of the Company’s nonvested shares and changes during 2022, 2021 and 2020 is presented below.

	2022					2021					2020
	Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price
Outstanding at beginning of year		1,386,778		$	30.48		1,526,653		$	24.71		1,394,756		$	30.40
Granted		933,487			42.81		521,512			39.55		835,828			19.92
Vested		(585,563	)		29.65		(593,249	)		23.72		(579,584	)		30.71
Forfeited		(203,740	)		36.29		(68,138	)		29.20		(124,347	)		28.60
Outstanding at end of year		1,530,962		$	37.54		1,386,778		$	30.48		1,526,653		$	24.71

Summary of Performance Based Long Term Incentive Program

A summary of the activity in the performance-based long-term incentive program since inception is presented below.

	2022					2021					2020
	Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price
Outstanding at beginning of year		2,175,831		$	29.33		2,458,978		$	24.22		1,994,111		$	29.05
Granted		421,038			45.01		1,298,868			41.44		932,344			19.42
Vested		(796,019	)		29.71		(1,374,442	)		23.47		(151,905	)		41.80
Forfeited		(343,125	)		30.21		(207,573	)		28.71		(315,572	)		27.10
Outstanding at end of year⁽²⁾		1,457,725		$	31.84		2,175,831		$	29.33		2,458,978		$	24.22

(1)

Outstanding shares at the end of 2022 include 5 million shares of awards granted in 2020 that will be settled in cash in 2023. These awards are remeasured to fair value at each reporting period. The remeasurement impact was not material in 2022, 2021, and 2020.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 166	$ (208)	$ (319)
Other comprehensive income, net of tax, where applicable:
Foreign currency translation adjustments	(12)		2
Change in deferred pension, net of $(3) million, $6 million and $7 million of deferred income taxes in 2022, 2021 and 2020, respectively	(59)	26	32
Total other comprehensive income, net of tax, where applicable	(71)	26	34
Comprehensive income (loss)	$ 95	$ (182)	$ (285)

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

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

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Schedule Of Reconciliation Of Changes In Projected Benefit Obligation, Fair Value Of Plan Assets And Funded Status Of Plan (Detail) - United Kingdom - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of period	$ 257	$ 269
Interest cost	4	4	$ 5
Plan settlements		(7)
Benefits paid	(8)	(5)
Actuarial (gain) loss	(89)	(1)
Currency translation	(23)	(3)
Obligation at end of period	141	257	269
Fair value of plan assets at beginning of period	358	360
Actual return on plan assets	(130)	12
Company contributions	1	2
Benefits paid	(8)	(4)
Currency translation	(32)	(5)
Fair value of plan assets at end of period	189	358	$ 360
Net amount recognized	$ 48	$ 101

Major Component of Discontinued Operations, Net of Tax (Detail) - Discontinued Operations, Held-for-Sale - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Major components of discontinued operations before income taxes:
Sales		$ 802	$ 838
Cost of goods and occupancy costs		645	657
Gross profit		157	181
Selling, general and administrative expenses		152	171
Asset impairments		252	248
Merger, restructuring and other operating expenses, net		(2)	20
Operating loss		(245)	(258)
Other income (expense), net		(1)	1
Loss from major components of discontinued operations before income taxes		(246)	(257)
Loss from classification to held for sale	$ (13)	(170)
Loss from discontinued operations before income taxes	(13)	(416)	(257)
Income tax benefit	(1)	(21)	(1)
Discontinued operations, net of tax	$ (12)	$ (395)	$ (256)

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 13. FAIR VALUE MEASUREMENTS

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. Amounts associated with derivative instruments were not significant.

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. The Company recognized asset impairment charges of $14 million, $20 million and $182 million in 2022, 2021 and 2020, respectively. Of the asset impairment charges in 2022, $12 million was related to impairment of operating lease ROU assets associated with the Company’s retail store locations, and the remainder was related to impairment of fixed assets at these retail store locations. Of the asset impairment charges in 2021, $16 million was related to impairment of operating lease ROU assets associated with the Company’s retail store locations, and the remainder was related to impairment of fixed assets at these retail store locations. Of the asset impairment charges in 2020, $115 million was related to the impairment of goodwill in the Contract reporting unit, $48 million was related to impairment of operating lease ROU assets associated with the Company’s retail store locations, $12 million was related to impairment of fixed assets at these retail store locations, and the remainder related to a cost method investment and write-down of intangible assets that are not currently used. All impairment charges discussed in the sections below are presented in Asset impairments in the 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. 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 2022 impairment calculation were discounted at a weighted average discount rate of 8%. For the fourth quarter 2022 calculation, a 100-basis-point decrease in next year sales combined with a 50-basis-point decrease in next year gross margin would have increased the impairment by less than $1 million. Further, a 100-basis-point decrease in sales for all future periods would increase the impairment by less than $1 million.

The Company will continue to evaluate initiatives to improve performance and lower operating costs. There is uncertainty 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 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, as discussed in Note 7. The Company did not identify any impairment indicators for these long-lived assets as of December 31, 2022 and as a result there were no associated impairment charges. Refer to Note 7 for additional information about the impairment charges related to goodwill and other intangible assets.

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 amounts because of their short-term nature.

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

	December 31,				December 25,
	2022				2021
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair 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). The carrying amounts of the company-owned life insurance policies are included in Other assets in the Consolidated Balance Sheets.

•

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 8 for additional information about the Third Amended Credit Agreement.

Quarterly Financial Information Disclosure [Abstract]

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

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Quarterly Financial Data

(In millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Fiscal Year Ended December 31, 2022*
Net sales	$	2,178	$	2,034	$	2,172		$	2,106
Gross profit		484		431		486			446
Operating income ⁽¹⁾		76		28		84			55
Net income from continuing operations		55		20		67			36
Discontinued operations, net of tax		—		7		—			(19	)
Net income		55		27		67			17
Basic earnings (loss) per share ⁽²⁾
Continuing operations	$	1.14	$	0.40	$	1.39		$	0.79
Discontinued operations		—		0.15		(0.01	)		(0.41	)
Net basic earnings per share	$	1.14	$	0.55	$	1.38		$	0.38
Diluted earnings (loss) per share ⁽²⁾
Continuing operations	$	1.09	$	0.39	$	1.36		$	0.76
Discontinued operations		—		0.15		(0.01	)		(0.40	)
Net diluted earnings per share	$	1.09	$	0.54	$	1.35		$	0.36

*	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

(1)

(2)

The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) per share due to differences in quarterly and annual weighted-average shares outstanding.

(In millions, except per share amounts)	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year Ended December 25, 2021*
Net sales	$	2,174		$	2,070		$	2,179	$	2,042
Gross profit		495			432			504		432
Operating income ⁽³⁾		69			30			104		31
Net income from continuing operations		63			20			73		32
Discontinued operations, net of tax		(10	)		(108	)		28		(306	)
Net income (loss)		53			(88	)		101		(274	)
Basic earnings (loss) per share ⁽⁴⁾
Continuing operations	$	1.17		$	0.36		$	1.38	$	0.63
Discontinued operations		(0.18	)		(1.98	)		0.54		(6.07	)
Net basic earnings (loss) per share	$	0.99		$	(1.62	)	$	1.92	$	(5.44	)
Diluted earnings (loss) per share ⁽⁴⁾
Continuing operations	$	1.12		$	0.35		$	1.33	$	0.61
Discontinued operations		(0.17	)		(1.93	)		0.52		(5.87	)
Net diluted earnings (loss) per share	$	0.95		$	(1.58	)	$	1.85	$	(5.26	)

*	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

(3)

(4)	The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) per share due to differences in quarterly and annual weighted-average shares outstanding.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 26, 2020 $ / shares
Statement Of Stockholders Equity [Abstract]
Dividend paid on common stock, per share	$ 0.25

Summary of Disaggregated Revenue from Major Sales Categories (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

^[1]

Sep. 24, 2022

^[1]

Jun. 25, 2022

^[1]

Mar. 26, 2022

^[1]

Dec. 25, 2021

^[1]

Sep. 25, 2021

^[1]

Jun. 26, 2021

^[1]

Mar. 27, 2021

^[1]

Dec. 31, 2022

Dec. 25, 2021

Dec. 26, 2020

$ 2,106

$ 2,172

$ 2,034

$ 2,178

$ 2,042

$ 2,179

$ 2,070

$ 2,174

$ 8,491

$ 8,465

$ 8,872

Products, Supplies

4,144

3,815

4,006

Products, Technology

Products, Furniture and Other

2,461

2,758

3,014

1,255

1,302

1,281

Services, Copy and Print

$ 631

$ 590

$ 571

[1]	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

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.

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Cash and cash equivalents

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 22, 2023	Jun. 24, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	ODP
Entity Registrant Name	The ODP Corporation
Entity Central Index Key	0000800240
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		40,198,205
Entity Public Float			$ 1,462,200,515
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 Annual 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
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boca Raton, Florida
Auditor Firm ID	34
Documents Incorporated by Reference	Documents Incorporated by Reference: Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to The ODP Corporation’s definitive Proxy Statement for its 2023 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after close of the registrant’s fiscal year covered by this Annual Report.

Reconciliation Of Income Taxes at Federal Statutory Rate to Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Income Tax Disclosure [Abstract]
Federal tax computed at the statutory rate	$ 51	$ 48	$ (8)
State taxes, net of Federal benefit	11	10	4
Foreign income taxed at rates other than Federal	2	(5)	4
Increase (decrease) in valuation allowance		(3)	(3)
Non-deductible Goodwill impairments			24
Other non-deductible expenses and settlements	4	5	4
FIN 48 adjustments	(2)
Non-taxable income and additional deductible expenses	(1)	(3)	(3)
Impact of stock compensation (windfall)/shortfall	(3)	(6)	2
State NOL expirations	2
Other items, net		(2)	1
Income tax expense	$ 64	$ 44	$ 25

Components of Net Periodic Pension (Benefit) Cost (Detail) - United Kingdom - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 4	$ 4	$ 5
Expected return on plan assets	(6)	(6)	$ (5)
Settlement gain		(1)
Net periodic benefit	$ (2)	$ (3)

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 25, 2021

Current assets:

$ 403

$ 514

Receivables, net

536

495

Inventories

828

859

Prepaid expenses and other current assets

Current assets held for sale

107

469

Total current assets

1,910

2,389

Property and equipment, net

352

477

Operating lease right-of-use assets

874

936

Goodwill

464

Other intangible assets, net

Deferred income taxes

182

219

Other assets

321

326

Total assets

4,149

4,865

Current liabilities:

Trade accounts payable

821

950

Accrued expenses and other current liabilities

1,005

994

Income taxes payable

Short-term borrowings and current maturities of long-term debt

Current liabilities held for sale

290

Total current liabilities

1,859

2,265

Deferred income taxes and other long-term liabilities

122

159

Pension and postretirement obligations, net

Long-term debt, net of current maturities

172

228

Operating lease liabilities

693

^[1]

753

Total liabilities

2,862

3,427

Commitments and contingencies

Stockholders’ equity:

Common stock — authorized 80,000,000 shares of $0.01 par value; issued shares — 65,636,015 at December 31, 2022 and 64,704,979 at December 25, 2021; outstanding shares — 42,213,046 at December 31, 2022 and 48,455,951 at December 25, 2021

Additional paid-in capital

2,742

2,692

Accumulated other comprehensive loss

(77)

(6)

Accumulated deficit

(451)

(617)

Treasury stock, at cost — 23,422,969 shares at December 31, 2022 and 16,249,028 shares at December 25, 2021

(928)

(632)

Total stockholders’ equity

1,287

1,438

Total liabilities and stockholders’ equity

$ 4,149

$ 4,865

[1]	Operating lease payments include $47 million related to options to extend lease terms that are reasonably certain of being exercised.

Summary of Major Components of Merger and Restructuring Expenses, Net (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Merger and transaction related expenses
Transaction and integration	$ (7)		$ 4
Facility closure, contract termination and other expenses, net			1
Total Merger and transaction related expenses	(7)		5
Restructuring expenses
Severance	(13)	$ (2)	41
Professional fees		1	21
Facility closure, contract termination, and other expenses, net	5	15	35
Total Restructuring expenses, net	(8)	14	97
Other operating expenses
Professional fees	54	37
Total Other operating expenses	54	37
Total Merger, restructuring and other operating expenses, net	$ 39	$ 51	$ 102

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2022

Discontinued Operations And Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 15. DISCONTINUED OPERATIONS

In January 2021, the Company’s Board of Directors announced that as a result of a business review of CompuCom, management had initiated a process to explore a value-maximizing sale of the Company’s former CompuCom Division. On June 29, 2021, the Company’s Board of Directors aligned with management’s commitment to a plan to sell CompuCom through a single disposal group. Although management did not bring forth a specific transaction to the Board of Directors at the time, the Company was actively marketing CompuCom for sale at a price that the Company believed was reasonable in relation to CompuCom’s current fair value. CompuCom was available for immediate sale in its present condition and any sale was expected to be subject to customary regulatory approvals. Based on these considerations, and management’s experience and ability to complete similar transactions in the past, management believed the sale was probable and expected to complete it within one year from June 29, 2021. Accordingly, management concluded that the CompuCom disposal group had met the accounting criteria to be classified as held for sale as of June 29, 2021 and is presented as such in the Consolidated Balance Sheet as of December 25, 2021. The planned disposition of CompuCom represented a strategic shift that will have a major impact on the Company’s operations and financial results. Accordingly, the

Company also presented the operating results and cash flows of its CompuCom Division as discontinued operations for all periods presented.

The sale of CompuCom was completed on December 31, 2021, and the transaction was structured and will be 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 was recorded as a current receivable upon completion of the sale. The promissory note and the earn-out are non-current receivables as of December 31, 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.

In the fourth quarter of 2022, the Company and the purchaser settled on the cash, debt and working capital adjustments, which resulted in a total receivable of $9 million, of which $5 million was recorded as a current receivable, and the remaining $4 million as a non-current receivable as of December 31, 2022. In February 2023, the promissory note was amended to include the additional $4 million non-current receivable, bringing its principal balance to $59 million. Since the agreed upon receivable amount was lower than the $30 million estimated, discussed above, it resulted in an adjustment to loss on disposal of $21 million related to the sale of CompuCom in 2022. During 2022, the Company also incurred additional $2 million in third-party professional fees related to the sale of CompuCom. These losses were partially offset by $10 million of insurance proceeds received for the malware incident that occurred in 2021.

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 Consolidated Statements of Operations.

(In millions)	2022			2021			2020
Major components of discontinued operations before income taxes:
Sales	$	—		$	802		$	838
Cost of goods and occupancy costs		-			645			657
Gross profit		—			157			181
Selling, general and administrative expenses		—			152			171
Asset impairments		—			252			248
Merger, restructuring and other operating expenses, net		—			(2	)		20
Operating loss		—			(245	)		(258	)
Other income (expense), net		—			(1	)		1
Loss from major components of discontinued operations before income taxes		—			(246	)		(257	)
Loss from classification to held for sale		(13	)		(170	)		—
Loss from discontinued operations before income taxes		(13	)		(416	)		(257	)
Income tax benefit		(1	)		(21	)		(1	)
Discontinued operations, net of tax	$	(12	)	$	(395	)	$	(256	)

The following table represents the major classes of assets and liabilities of the disposal group classified as held for sale presented in the Consolidated Balance Sheet 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 December 31, 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

Schedule Income Tax Expense (Benefit) Related to Income (Loss) From Continuing Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Income Tax Disclosure [Abstract]
Federal, Current	$ 26	$ 14	$ (7)
State, Current	(4)	8	17
Foreign, Current	7	5	4
Federal, Deferred	27	13	19
State, Deferred	10	2	(5)
Foreign, Deferred	(2)	2	(3)
Income tax expense	$ 64	$ 44	$ 25

Schedule of Maturities of Recourse Debt, Finance Lease and Other Financing Obligations

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Definite Lived Intangible Assets Included in Other Intangible Assets Net (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 128	$ 128
Accumulated Amortization	(95)	(86)
Net Carrying Amount	33	42
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	122	122
Accumulated Amortization	(90)	(84)
Net Carrying Amount	32	38
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6	6
Accumulated Amortization	(5)	(2)
Net Carrying Amount	$ 1	$ 4

Fair Value of Pension Plan Assets (Detail) - Pension Benefits - North America - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	$ 625	$ 836	$ 894
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	620	830
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	5	6
U.S. Small And Mid-Cap Equity Securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	5	7
U.S. Large Cap Equity Securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	20	29
International Equity Securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	31	42
Corporate Bonds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	281	485
Government Securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	254	245
Other Fixed Income \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets		4
Cash
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	5	6
Cash \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	29	18
Cash \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	5	6
Common Collective Trust Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	$ 620	$ 830

Summary of Valuation Allowances (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Income Taxes [Line Items]
Beginning balance	$ 93
Ending balance	266	$ 93
Valuation Allowance of Deferred Tax Assets
Income Taxes [Line Items]
Beginning balance	93	99	$ 100
Additions, charged to expense	184		2
Reductions	(11)	(6)	(3)
Ending balance	$ 266	$ 93	$ 99

Other Changes In Plan Assets and Benefit Obligations Recognized In Other Comprehensive Loss (Income) (Detail) - North America - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss (income) at beginning of year	$ (46)	$ (21)	$ 9
Net loss (gain)	15	(25)	(30)
Accumulated other comprehensive loss (income) at end of year	(31)	(46)	(21)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss (income) at beginning of year		1
Net loss (gain)	(2)	$ (1)	1
Accumulated other comprehensive loss (income) at end of year	$ (2)		$ 1

Stockholders' Equity - Additional Information (Detail) - USD ($)		1 Months Ended		2 Months Ended	3 Months Ended			9 Months Ended	12 Months Ended
	Nov. 16, 2021	Oct. 31, 2022	Jul. 31, 2022	Feb. 22, 2023	Dec. 31, 2022	Sep. 24, 2022	Jun. 25, 2022	Sep. 24, 2022	Dec. 31, 2022	Dec. 26, 2020	Dec. 31, 2021	Dec. 25, 2021	May 31, 2021
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount											$ 650,000,000
Stock repurchase program, additional authorized amount											$ 200,000,000
Stock repurchase program, average price per share									$ 41.21
Stock repurchase program, shares purchased at cost									$ 266,000,000	$ 30,000,000
Treasury stock, shares					23,422,969				23,422,969			16,249,028
Subsequent Event
Shareholders Equity [Line Items]
Stock repurchase program, shares purchased				2,000,000
Stock repurchase program, shares purchased at cost				$ 100,000,000
Maximum
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount													$ 300,000,000
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
Common stock shares received from share repurchase agreement							700,000
Stock repurchase program, shares purchased	3,600,000
Stock repurchase program, average price per share	$ 41.46
Dutch Auction Tender Offer
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 600,000,000
Stock repurchase program, expiration date		Dec. 31, 2025	Jun. 30, 2024					Aug. 12, 2022
Stock repurchase program, shares purchased			14,000		6,000,000	6,000,000			7,000,000
Stock repurchase program, commencement date								Jul. 18, 2022
Stock repurchase program, shares purchased at cost			$ 1,000,000		$ 266,000,000	$ 266,000,000			$ 295,000,000
Stock repurchase program, remaining authorized repurchase amount					$ 847,000,000				$ 847,000,000
Dutch Auction Tender Offer \| Maximum
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 1,000,000,000	$ 600,000,000
Preferred Stock
Shareholders Equity [Line Items]
Preferred stock, shares authorized					1,000,000				1,000,000			1,000,000
Redeemable preferred stock, par value per share					$ 0.01				$ 0.01			$ 0.01
Preferred stock, shares issued					0				0			0
Preferred stock, shares outstanding					0				0			0

Earnings (Loss) Per Share - Additional Information (Detail) - Nonvested Stock Options and Shares - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share		1	2
Maximum
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share	1

Schedule of Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021
Deferred Tax Assets Operating Loss Carryforwards Components [Abstract]
U.S. and foreign loss carryforwards	$ 277	$ 61
Operating lease right-of-use assets	262	273
Pension and other accrued compensation	35	47
Basis difference in subsidiary held for sale		23
Accruals for facility closings	2	2
Inventory	10	7
Self-insurance accruals	13	14
Deferred revenue	9	10
U.S. and foreign income tax credit carryforwards	38	70
Allowance for bad debts	4	5
Accrued expenses	14	18
Basis difference in fixed assets	43	36
Internally developed software	1
Gross deferred tax assets	708	566
Valuation allowance	(266)	(93)
Deferred tax assets	442	473
Internal software		2
Operating lease liabilities	244	251
Intangibles	12	5
Undistributed foreign earnings	5
Deferred tax liabilities	261	258
Net deferred tax assets	$ 181	$ 215

Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021
Contract With Customer Asset And Liability [Abstract]
Trade receivables, net	$ 412	$ 353
Short-term contract assets	8	16
Long-term contract assets	2	8
Short-term contract liabilities	$ 41	52
Long-term contract liabilities		$ 2

DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of the following:

	December 31,		December 25,
(In millions)	2022		2021
Short-term borrowings and current maturities of long-term debt:
Finance lease obligations	$	14	$	17
Other current maturities of long-term debt		2		3
Total	$	16	$	20
Long-term debt, net of current maturities:
New Facilities loans under the Third Amended Credit Agreement, due 2025		57		100
Revenue bonds, due in varying amounts periodically through 2029		75		75
American & Foreign Power Company, Inc. 5% debentures, due 2030		15		15
Finance lease obligations		24		35
Other financing obligations		1		3
Total	$	172	$	228

Aggregate annual maturities of recourse debt, finance lease, and other financing obligations are as follows:

(In millions)
2023	$	18
2024		10
2025		64
2026		36
2027		33
Thereafter		30
Total		191
Less interest on finance leases		(3	)
Total		188
Less:
Current portion		(16	)
Total long-term debt	$	172

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 5. EARNINGS (LOSS) PER SHARE

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

(In millions, except per share amounts)	2022			2021			2020
Basic Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	178		$	187		$	(63	)
Loss from discontinued operations, net of tax		(12	)		(395	)		(256	)
Net income (loss)	$	166		$	(208	)	$	(319	)
Denominator:
Weighted-average shares outstanding		48			53			53
Basic earnings (loss) per share:
Continuing operations	$	3.73		$	3.54		$	(1.20	)
Discontinued operations		(0.25	)		(7.47	)		(4.85	)
Net basic earnings (loss) per share	$	3.48		$	(3.93	)	$	(6.05	)
Diluted Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	178		$	187		$	(63	)
Loss from discontinued operations, net of tax		(12	)		(395	)		(256	)
Net income (loss)	$	166		$	(208	)	$	(319	)
Denominator:
Weighted-average shares outstanding		48			53			53
Effect of dilutive securities:
Stock options and restricted stock		1			2			—
Diluted weighted-average shares outstanding		49			55			53
Diluted earnings (loss) per share
Continuing operations	$	3.61		$	3.42		$	(1.20	)
Discontinued operations		(0.24	)		(7.21	)		(4.85	)
Net diluted earnings (loss) per share	$	3.37		$	(3.79	)	$	(6.05	)

Awards of stock options and nonvested shares representing additional shares of outstanding common stock were less than 1 million, 1 million and 2 million for the fiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020, respectively, but were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.

Calculation Earnings (Loss) Per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

^[1]

Sep. 24, 2022

^[1]

Jun. 25, 2022

^[1]

Mar. 26, 2022

^[1]

Dec. 25, 2021

^[1]

Sep. 25, 2021

^[1]

Jun. 26, 2021

^[1]

Mar. 27, 2021

^[1]

Dec. 31, 2022

Dec. 25, 2021

Dec. 26, 2020

Basic earnings (loss) per share

Net income (loss) from continuing operations

$ 36

$ 67

$ 20

$ 55

$ 32

$ 73

$ 20

$ 63

$ 178

$ 187

$ (63)

Discontinued operations, net of tax

(19)

(306)

(108)

(10)

(12)

(395)

(256)

Net income (loss)

$ 17

$ 67

$ 27

$ 55

$ (274)

$ 101

$ (88)

$ 53

$ 166

$ (208)

$ (319)

Weighted-average shares outstanding

$ 0.79

^[2]

$ 1.39

^[2]

$ 0.40

^[2]

$ 1.14

^[2]

$ 0.63

^[3]

$ 1.38

^[3]

$ 0.36

^[3]

$ 1.17

^[3]

$ 3.73

$ 3.54

$ (1.20)

Net basic earnings (loss) per share

(0.41)

^[2]

(0.01)

^[2]

0.15

^[2]

(6.07)

^[3]

0.54

^[3]

(1.98)

^[3]

(0.18)

^[3]

(0.25)

(7.47)

(4.85)

$ 0.38

^[2]

$ 1.38

^[2]

$ 0.55

^[2]

$ 1.14

^[2]

$ (5.44)

^[2]

$ 1.92

^[2]

$ (1.62)

^[2]

$ 0.99

^[2]

$ 3.48

$ (3.93)

$ (6.05)

Diluted earnings (loss) per share

Net income (loss) from continuing operations

$ 36

$ 67

$ 20

$ 55

$ 32

$ 73

$ 20

$ 63

$ 178

$ 187

$ (63)

Discontinued operations, net of tax

(19)

(306)

(108)

(10)

(12)

(395)

(256)

Net income (loss)

$ 17

$ 67

$ 27

$ 55

$ (274)

$ 101

$ (88)

$ 53

$ 166

$ (208)

$ (319)

Weighted-average shares outstanding

Stock options and restricted stock

Diluted weighted-average shares outstanding

$ 0.76

^[2]

$ 1.36

^[2]

$ 0.39

^[2]

$ 1.09

^[2]

$ 0.61

^[3]

$ 1.33

^[3]

$ 0.35

^[3]

$ 1.12

^[3]

$ 3.61

$ 3.42

$ (1.20)

Net diluted earnings (loss) per share

(0.40)

^[2]

(0.01)

^[2]

0.15

^[2]

(5.87)

^[3]

0.52

^[3]

(1.93)

^[3]

(0.17)

^[3]

(0.24)

(7.21)

(4.85)

$ 0.36

^[2]

$ 1.35

^[2]

$ 0.54

^[2]

$ 1.09

^[2]

$ (5.26)

^[2]

$ 1.85

^[2]

$ (1.58)

^[2]

$ 0.95

^[2]

$ 3.37

$ (3.79)

$ (6.05)

[1]	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.
[2]	The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) per share due to differences in quarterly and annual weighted-average shares outstanding.
[3]	The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) per share due to differences in quarterly and annual weighted-average shares outstanding.

Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 25, 2021

Dec. 26, 2020

Dec. 28, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total compensation expense for share-based awards

$ 40.0

$ 38.0

$ 41.0

Total recognized tax benefit

$ 11.0

$ 14.0

$ 3.0

Performance Based Stock Incentive Program

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares granted in period

421,038

1,298,868

932,344

Award vesting period

3 years

Stock-based compensation expense not yet recognized relating to non-vested awards

$ 18.6

Stock-based compensation expense relating to non-vested awards, weighted-average recognition period, years

1 year 8 months 12 days

Estimated number of shares expected to vest

1,457,725

^[1]

2,175,831

^[1]

2,458,978

^[1]

1,994,111

1,400,000

Fair value of shares vested

$ 36.1

Restricted Stock and Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares granted in period

933,487

521,512

835,828

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

1,530,962

1,386,778

1,526,653

1,394,756

Restricted Stock

Award vesting period

3 years

Stock-based compensation expense not yet recognized relating to non-vested awards

$ 34.6

Stock-based compensation expense relating to non-vested awards, weighted-average recognition period, years

2 years

Fair value of shares vested

$ 24.2

Director | Restricted Stock and Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares granted in period

25,000

Employees | Restricted Stock and Restricted Stock Units

200,000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Estimated number of shares expected to vest

1,300,000

1,300,000

[1]	Outstanding shares at the end of 2022 include 5 million shares of awards granted in 2020 that will be settled in cash in 2023. These awards are remeasured to fair value at each reporting period. The remeasurement impact was not material in 2022, 2021, and 2020.

Assumed Healthcare Cost Trend Rates (Detail) - North America	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Weighted average assumptions as of year-end:
Healthcare cost trend rate assumed for next year	6.10%	6.20%	6.10%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00%	4.00%	4.50%
Year that the rate reaches the ultimate trend rate	2041	2041	2029

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Dec. 25, 2021	Sep. 25, 2021	Jun. 26, 2021	Mar. 27, 2021	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges	$ 6,000,000	$ 3,000,000	$ 3,000,000	$ 2,000,000	$ 2,000,000	$ 5,000,000	$ 1,000,000	$ 12,000,000	$ 14,000,000	$ 20,000,000	$ 182,000,000
Impairment of operating lease ROU assets									$ 12,000,000	$ 16,000,000	48,000,000
Impairment of goodwill and other intangible assets											115,000,000
Impairment of fixed assets											$ 12,000,000
Retail Stores \| Significant Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage used for analysis									8.00%
Retail Stores \| Significant Observable Inputs (Level 2) \| A 100 basis point decrease in anticipated sales
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Decrease in sales for scenario									1.00%
Decrease in gross margin for scenario									0.50%
Retail Stores \| Significant Observable Inputs (Level 2) \| 50 basis point decrease in anticipated gross margins
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Decrease in sales for scenario									1.00%
Maximum \| Retail Stores \| Significant Observable Inputs (Level 2) \| A 100 basis point decrease in anticipated sales \| Additional impairment charges
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges									$ 1,000,000
Maximum \| Retail Stores \| Significant Observable Inputs (Level 2) \| 50 basis point decrease in anticipated gross margins \| Additional impairment charges
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges									$ 1,000,000

Schedule of Debt (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 25, 2021

Finance lease obligations

$ 14

^[1]

$ 17

Other current maturities of long-term debt

Finance lease obligations

^[1]

Other financing obligations

Revenue bonds, due in varying amounts periodically through 2029

172

228

Third Amended and Restated Credit Agreement

Long term debt

New Facilities loans under the Third Amended Credit Agreement, due 2025

100

American & Foreign Power Company, Inc. 5% debentures, due 2030

Merger Restructuring And Other Activity [Abstract]

Long term debt

$ 15

[1]	Finance lease payments include $1 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $5 million of legally binding minimum lease payments for leases signed but not yet commenced.

Reconciliation of the Change in Fair Value of the Pension Plan Assets Calculated based on Level 3 Inputs (Detail) - Significant Unobservable Inputs (Level 3) - United Kingdom $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Pension Plan Assets by Fair Value [Line Items]
Balance at December 25, 2021	$ 2
Net sales	$ (2)

Changes in Pension and Other Postretirement Benefit Obligations, Plan Assets and Funded Status (Detail) - North America - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of period	$ 830	$ 924
Interest cost	21	20	$ 28
Assumption changes	(144)	(28)
Actuarial gain	(9)	(12)
Benefits paid	(71)	(74)
Obligation at end of period	627	830	924
Fair value of plan assets at beginning of period	836	894
Actual return on plan assets	(142)	14
Employer contribution	2	2
Benefits paid	(71)	(74)
Fair value of plan assets at end of period	625	836	894
Net asset (liability) recognized at end of period	(2)	6
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of period	13	14
Assumption changes	(3)
Benefits paid	(1)	(1)
Obligation at end of period	9	13	$ 14
Employer contribution	1	1
Benefits paid	(1)	(1)
Net asset (liability) recognized at end of period	$ (9)	$ (13)

MERGER, RESTRUCTURING AND OTHER ACTIVITY (Tables)

12 Months Ended

Dec. 31, 2022

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.

(In millions)	2022			2021			2020
Merger and transaction related expenses
Transaction and integration		(7	)		—			4
Facility closure, contract termination and other expenses, net		—			—			1
Total Merger and transaction related expenses		(7	)		—			5
Restructuring expenses
Severance		(13	)		(2	)		41
Professional fees		—			1			21
Facility closure, contract termination, and other expenses, net		5			15			35
Total Restructuring expenses, net		(8	)		14			97
Other operating expenses
Professional fees		54			37			—
Total Other operating expenses		54			37			—
Total Merger, restructuring and other operating expenses, net	$	39		$	51		$	102

Facility Closure and Severance Costs

(In millions)	Beginning Balance		Charges Incurred			Cash Payments			Ending Balance
2022
Termination benefits:
Maximize B2B Restructuring Plan		19		(13	)		(1	)		5
Lease and contract obligations, accruals for facilities closures and other costs:
Maximize B2B Restructuring Plan		6		5			(7	)		4
Comprehensive Business Review		1		—			—			1
Previously planned separation of consumer business and re-alignment		2		52			(52	)		2
Total	$	28	$	44		$	(60	)	$	12
2021
Termination benefits:
Maximize B2B Restructuring Plan		27		(2	)		(6	)		19
Business Acceleration Program		2		—			(2	)		—
Lease and contract obligations, accruals for facilities closures and other costs:
Maximize B2B Restructuring Plan		10		9			(13	)		6
Business Acceleration Program		1		—			(1	)		—
Comprehensive Business Review		2		—			(1	)		1
USR Parent, Inc. proposals		—		5			(5	)		—
Planned separation of consumer business		—		32			(30	)		2
Total	$	42	$	44		$	(58	)	$	28

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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.

	December 31,				December 25,
	2022				2021
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair 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

Summary of Information about Other Significant Balances by Each of the Divisions, Reconciled to Consolidated Totals (Parenthetical) (Detail) $ in Millions	Dec. 25, 2021 USD ($)
Corporate and Discontinued Operations
Segment Reporting Information [Line Items]
Assets of discontinued operations	$ 469

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	BuyerQuest Acquisition	Adjustment for Adoption of Accounting Standard	Common Stock	Common Stock BuyerQuest Acquisition	Additional Paid-in Capital	Additional Paid-in Capital BuyerQuest Acquisition	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated Deficit Adjustment for Adoption of Accounting Standard	Treasury Stock
Balance at Dec. 28, 2019	$ 2,173			$ 1		$ 2,652		$ (66)	$ (89)		$ (325)
Balance, Shares at Dec. 28, 2019				62,042,477
Net income (loss)	(319)								(319)
Other comprehensive income (loss)	34							34
Exercise and release of incentive stock (including income tax benefits and withholding)	(5)					(5)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)				508,778
Amortization of long-term incentive stock grants	41					41
Dividends paid on common stock	(13)					(13)
Repurchase of common stock	(30)										(30)
Balance at Dec. 26, 2020	1,880		$ (1)	$ 1		2,675		(32)	(409)	$ (1)	(355)
Balance, Shares at Dec. 26, 2020				62,551,255
Net income (loss)	(208)								(208)
Other comprehensive income (loss)	26							26
Exercise and release of incentive stock (including income tax benefits and withholding)	(26)					(26)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)				1,326,226
Amortization of long-term incentive stock grants	38					38
Repurchase of common stock and advance payment for accelerated share repurchase	(307)					(30)					(277)
Common stock issuance related to theBuyerQuest acquisition		$ 35					$ 35
Common stock issuance related to the BuyerQuest acquisition, (in shares)					827,498
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)	166								166
Other comprehensive income (loss)	(71)							(71)
Exercise and release of incentive stock (including income tax benefits and withholding)	(20)					(20)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)				931,036
Amortization of long-term incentive stock grants	40					40
Final settlement of the accelerated share repurchase agreement						29					(29)
Repurchase of common stock	(266)										(266)
Other						1					(1)
Balance at Dec. 31, 2022	$ 1,287			$ 1		$ 2,742		$ (77)	$ (451)		$ (928)
Balance, Shares at Dec. 31, 2022				65,636,015

Schedule of Defined Benefit Pension and Other Postretirement Benefit Plans with Projected Benefit Obligation and a And Accumulated Benefit Obligation In Excess of Plan Assets (Detail) - North America - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021
Pension Benefits
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation at end of period	$ (9)	$ (11)
Projected benefit obligation in excess of plan assets
Benefit obligation at end of period	(9)	(11)
Other Benefits
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation at end of period	$ (9)	$ (13)

Allocation of Pension Plan Assets by Category (Detail)	Dec. 31, 2022	Dec. 25, 2021
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	100.00%	100.00%
Cash
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	1.00%	1.00%
Common Collective Trust Funds
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	99.00%	99.00%

Estimated Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
2023	$ 5
2024	3
2025	3
2026	3
2027	3
Thereafter	16
Net Carrying Amount	$ 33	$ 42

Fair Value of Plan Assets (Detail) - UNITED KINGDOM - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 189	$ 358	$ 360
Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	9
Developed Markets Equity Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		13
Emerging Markets Equity Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		4
Mutual Funds Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		2
Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9	30
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9	49
UK Debt Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	86	154
Liability Term Matching Debt Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	76	115
Emerging Markets Debt Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		2
High Yield Debt
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17	29
Defined Benefit Plan, Debt Security
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	179	300
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	26
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	9
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Developed Markets Equity Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		13
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Emerging Markets Equity Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		4
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		17
Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	188	330
Significant Observable Inputs (Level 2) \| Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9	30
Significant Observable Inputs (Level 2) \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9	30
Significant Observable Inputs (Level 2) \| UK Debt Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	86	154
Significant Observable Inputs (Level 2) \| Liability Term Matching Debt Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	76	115
Significant Observable Inputs (Level 2) \| Emerging Markets Debt Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		2
Significant Observable Inputs (Level 2) \| High Yield Debt
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17	29
Significant Observable Inputs (Level 2) \| Defined Benefit Plan, Debt Security
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 179	300
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		2
Significant Unobservable Inputs (Level 3) \| Mutual Funds Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		2
Significant Unobservable Inputs (Level 3) \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 2

Assumptions Used in Calculating Funded Status (Detail) - United Kingdom	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets	3.47%	2.03%	1.64%
Discount rate	5.00%	1.80%	1.40%
Inflation	3.00%	3.20%	2.70%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 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:

	December 31,		December 25,
(In millions)	2022		2021
Trade receivables, net	$	412	$	353
Short-term contract assets		8		16
Long-term contract assets		2		8
Short-term contract liabilities		41		52
Long-term contract liabilities		—		2

Supplemental Balance Sheets Information Related to Leases (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 25, 2021

Finance lease right-of-use assets

$ 29

$ 39

Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]

Property and equipment, net

Operating lease right-of-use assets

$ 874

$ 936

Operating Leases liability, Current

$ 281

^[1]

$ 304

Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Accrued expenses and other current liabilities

^[1]

Accrued expenses and other current liabilities

Finance Leases, Current

$ 14

^[2]

$ 17

Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Short-term borrowings and current maturities of long-term debt

^[2]

Short-term borrowings and current maturities of long-term debt

Finance Leases, Non-current

$ 24

^[2]

$ 35

Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]

Long-term debt, net of current maturities

^[2]

Long-term debt, net of current maturities

Operating lease liabilities

$ 693

^[1]

$ 753

Weighted-average remaining lease term – finance leases

3 years

4 years

Weighted-average remaining lease term – operating leases

5 years

Weighted-average discount rate – finance leases

4.90%

5.00%

Weighted-average discount rate – operating leases

6.10%

5.80%

[1]	Operating lease payments include $47 million related to options to extend lease terms that are reasonably certain of being exercised.
[2]	Finance lease payments include $1 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $5 million of legally binding minimum lease payments for leases signed but not yet commenced.

Reconciliation of Revenue from Segments to Consolidated (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

^[1]

Sep. 24, 2022

^[1]

Jun. 25, 2022

^[1]

Mar. 26, 2022

^[1]

Dec. 25, 2021

^[1]

Sep. 25, 2021

^[1]

Jun. 26, 2021

^[1]

Mar. 27, 2021

^[1]

Dec. 31, 2022

Dec. 25, 2021

Dec. 26, 2020

$ 2,106

$ 2,172

$ 2,034

$ 2,178

$ 2,042

$ 2,179

$ 2,070

$ 2,174

$ 8,491

$ 8,465

$ 8,872

387

393

396

External

8,491

8,465

8,872

Eliminations

(5,910)

(6,021)

(6,385)

Eliminations | Internal

ODP Business Solutions Division | Operating Segments

(5,910)

(6,021)

(6,385)

4,024

3,626

3,578

ODP Business Solutions Division | Operating Segments | External

140

ODP Business Solutions Division | Operating Segments | Internal

4,005

3,602

3,549

Office Depot Division | Operating Segments

4,487

4,864

5,335

Office Depot Division | Operating Segments | External

285

325

317

Office Depot Division | Operating Segments | Internal

4,451

4,830

5,300

Veyer Division | Operating Segments

5,883

5,991

6,344

Veyer Division | Operating Segments | External

Veyer Division | Operating Segments | Internal

Varis Division | Operating Segments

5,855

5,963

$ 6,321

Varis Division | Operating Segments | External

(66)

(34)

Calculation of Earnings (Loss) Per Common Share

$ 7

$ 5

[1]	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

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

(In millions, except per share amounts)	2022			2021			2020
Basic Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	178		$	187		$	(63	)
Loss from discontinued operations, net of tax		(12	)		(395	)		(256	)
Net income (loss)	$	166		$	(208	)	$	(319	)
Denominator:
Weighted-average shares outstanding		48			53			53
Basic earnings (loss) per share:
Continuing operations	$	3.73		$	3.54		$	(1.20	)
Discontinued operations		(0.25	)		(7.47	)		(4.85	)
Net basic earnings (loss) per share	$	3.48		$	(3.93	)	$	(6.05	)
Diluted Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	178		$	187		$	(63	)
Loss from discontinued operations, net of tax		(12	)		(395	)		(256	)
Net income (loss)	$	166		$	(208	)	$	(319	)
Denominator:
Weighted-average shares outstanding		48			53			53
Effect of dilutive securities:
Stock options and restricted stock		1			2			—
Diluted weighted-average shares outstanding		49			55			53
Diluted earnings (loss) per share
Continuing operations	$	3.61		$	3.42		$	(1.20	)
Discontinued operations		(0.24	)		(7.21	)		(4.85	)
Net diluted earnings (loss) per share	$	3.37		$	(3.79	)	$	(6.05	)

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Other Intangible Assets [Line Items]
Goodwill addition	$ 0
Percentage of fair value exceeded carrying amount of goodwill	21.00%
Trade Name	$ 13,000,000	$ 13,000,000
Amortization of intangible assets	9,000,000	9,000,000	$ 6,000,000
Impairment of definite-lived intangible assets	$ 0	$ 0	$ 0
Customer Relationships
Other Intangible Assets [Line Items]
Weighted average amortization period for the definite-lived intangible assets (in years)	10 years
Trade Names
Other Intangible Assets [Line Items]
Impairment of indefinite-lived intangible assets	$ 0

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 10. STOCKHOLDERS’ EQUITY

PREFERRED STOCK

As of each of December 31, 2022, and December 25, 2021, there were 1,000,000 shares of $0.01 par value per share of preferred stock authorized; no shares were issued and outstanding.

TREASURY STOCK

In May 2021, the Board of Directors approved a stock repurchase program of up to $300 million, available through June 30, 2022. 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 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 authorization 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 of $150 million and increased the authorization to $450 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 $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. 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 6 million additional shares of its common stock, at a cost of $266 million, in the third and fourth quarters of 2022. As a result, the Company repurchased 7 million shares in 2022, including the final settlement of the ASR at a weighted average price of $41.21 per common share, for total consideration of $295 million. As of December 31, 2022, $847 million remains available for stock repurchases under the current stock repurchase program, after considering purchases made under the $1 billion authorization effective November 3, 2022. Subsequent to the end of fiscal 2022 and through February 22, 2023, the Company repurchased 2 million shares of its common stock at a cost of $100 million.

At December 31, 2022, there were 23 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 8 for additional information about the Company’s compliance with covenants.

DIVIDENDS ON COMMON STOCK

The Company did not declare any cash dividends in 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 8 for additional information about the Company’s compliance with covenants.

ACCUMULATED OTHER COMPREHENSIVE LOSS

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

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 25, 2021	$	(27	)	$	21		$	(6	)
Other comprehensive income activity before reclassifications		(18	)		(62	)		(80	)
Reclassification of foreign currency translation adjustments realized upon disposal of business		6						6
Tax impact		—			3			3
Total other comprehensive income, net of tax, where applicable		(12	)		(59	)		(71	)
Balance at December 31, 2022	$	(39	)	$	(38	)	$	(77	)

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 26, 2020	$	(27	)	$	(5	)	$	(32	)
Other comprehensive income activity		—			32			32
Tax impact		—			(6	)		(6	)
Total other comprehensive income, net of tax, where applicable		—			26			26
Balance at December 25, 2021	$	(27	)	$	21		$	(6	)

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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Less interest on finance leases

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Income Statement [Abstract]
Sales	$ 8,491	$ 8,465	$ 8,872
Cost of goods sold and occupancy costs	6,643	6,602	6,921
Gross profit	1,848	1,863	1,951
Selling, general and administrative expenses	1,552	1,558	1,661
Asset impairments	14	20	182
Merger, restructuring and other operating expenses, net	39	51	102
Operating income	243	234	6
Other income (expense):
Interest income	5	1	4
Interest expense	(16)	(28)	(42)
Loss on extinguishment and modification of debt			(12)
Other income, net	10	24	6
Income (loss) from continuing operations before income taxes	242	231	(38)
Income tax expense	64	44	25
Net income (loss) from continuing operations	178	187	(63)
Discontinued operations, net of tax	(12)	(395)	(256)
Net income (loss)	$ 166	$ (208)	$ (319)
Basic earnings (loss) per share
Continuing operations	$ 3.73	$ 3.54	$ (1.20)
Discontinued operations	(0.25)	(7.47)	(4.85)
Net basic earnings (loss) per share	3.48	(3.93)	(6.05)
Diluted earnings (loss) per share
Continuing operations	3.61	3.42	(1.20)
Discontinued operations	(0.24)	(7.21)	(4.85)
Net diluted earnings (loss) per share	$ 3.37	$ (3.79)	$ (6.05)

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 75	$ 88	$ 101
Capitalized software costs, Gross	773	699
Capitalized software costs, Net	145	115
Amortization of capitalized software costs	47	$ 49	$ 50
Carrying Amount
Property, Plant and Equipment [Line Items]
Assets held for sale	$ 104
Capitalized Software
Property, Plant and Equipment [Line Items]
Weighted average remaining amortization period	4 years

Schedule of Maturities of Recourse Debt, Finance Lease and Other Financing Obligations (Detail) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 25, 2021

Debt Disclosure [Abstract]

$ 18

191

^[1]

(3)

188

Less: Current portion

(16)

Schedule of Components of Income (Loss) from Continuing Operations Before Income Taxes

$ 172

$ 228

[1]	Finance lease payments include $1 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $5 million of legally binding minimum lease payments for leases signed but not yet commenced.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

The components of income (loss) from continuing operations before income taxes consisted of the following:

(In millions)	2022		2021		2020
United States	$	226	$	173	$	(30	)
Foreign		16		58		(8	)
Total income (loss) from continuing operations before income taxes	$	242	$	231	$	(38	)

Schedule Income Tax Expense (Benefit) Related to Income (Loss) From Continuing Operations

The income tax expense (benefit) related to income (loss) from continuing operations consisted of the following:

(In millions)	2022			2021		2020
Current:
Federal	$	26		$	14	$	(7	)
State		(4	)		8		17
Foreign		7			5		4
Deferred:
Federal		27			13		19
State		10			2		(5	)
Foreign		(2	)		2		(3	)
Total income tax expense	$	64		$	44	$	25

Reconciliation of Income Taxes at The Federal Statutory Rate to The Provision for Income Taxes

The following is a reconciliation of income taxes at the U.S. Federal statutory rate to the provision for income taxes:

(In millions)	2022			2021			2020
Federal tax computed at the statutory rate	$	51		$	48		$	(8	)
State taxes, net of Federal benefit		11			10			4
Foreign income taxed at rates other than Federal		2			(5	)		4
Increase (decrease) in valuation allowance		—			(3	)		(3	)
Non-deductible Goodwill impairments		—			—			24
Other non-deductible expenses and settlements		4			5			4
FIN 48 adjustments		(2	)		—			—
Non-taxable income and additional deductible expenses		(1	)		(3	)		(3	)
Impact of stock compensation (windfall)/shortfall		(3	)		(6	)		2
State NOL expirations		2			—			—
Other items, net		—			(2	)		1
Income tax expense	$	64		$	44		$	25

Schedule of Components Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities consisted of the following:

	December 31,			December 25,
(In millions)	2022			2021
U.S. and foreign loss carryforwards	$	277		$	61
Operating lease right-of-use assets		262			273
Pension and other accrued compensation		35			47
Basis difference in subsidiary held for sale		—			23
Accruals for facility closings		2			2
Inventory		10			7
Self-insurance accruals		13			14
Deferred revenue		9			10
U.S. and foreign income tax credit carryforwards		38			70
Allowance for bad debts		4			5
Accrued expenses		14			18
Basis difference in fixed assets		43			36
Internally developed software		1			—
Gross deferred tax assets		708			566
Valuation allowance		(266	)		(93	)
Deferred tax assets		442			473
Internal software		—			2
Operating lease liabilities		244			251
Intangibles		12			5
Undistributed foreign earnings		5			—
Deferred tax liabilities		261			258
Net deferred tax assets	$	181		$	215

Summary of Valuation Allowances

The following summarizes the activity related to valuation allowances for deferred tax assets:

(In millions)	2022			2021			2020
Beginning balance	$	93		$	99		$	100
Additions, charged to expense		184			—			2
Reductions		(11	)		(6	)		(3	)
Ending balance	$	266		$	93		$	99

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to unrecognized tax benefits:

(In millions)	2022			2021		2020
Beginning balance	$	13		$	13	$	13
Decrease related to prior year tax positions		(3	)		—		—
Ending balance	$	10		$	13	$	13

Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 25, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 2,208	$ 2,312
Less accumulated depreciation	(1,856)	(1,835)
Total	352	477
Land
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	30	45
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	79	200
Computer Software
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	764	693
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	565	587
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	753	775
Construction In Progress
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 17	$ 12

Segment Information - Additional Information (Detail)	3 Months Ended		9 Months Ended	12 Months Ended
Segment Information - Additional Information (Detail)	Sep. 24, 2022 Segment	Jun. 25, 2022 Segment	Sep. 24, 2022 Division	Dec. 31, 2022 Segment Location
Segment Reporting [Abstract]
Number of reportable segments	4	2	4	4
Number of office depot and officemax retail locations				980

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

STOCK-BASED COMPENSATION

NOTE 11. STOCK-BASED COMPENSATION

LONG-TERM INCENTIVE PLANS

During 2021, the Company’s Board of Directors adopted, and the shareholders approved, the ODP Corporation 2021 Long-Term Incentive Plan (the “Plan”). The Plan replaces the Office Depot, Inc. 2019 Long-Term Incentive Plan, the Office Depot, Inc. 2017 Long-Term Incentive Plan, the Office Depot, Inc. 2015 Long-Term Incentive Plan, the Office Depot, Inc. 2007 Long-Term Incentive Plan, as amended, and the 2003 OfficeMax Incentive and Performance Plan (together, the “Prior Plans”). No additional awards were granted under the Prior Plans effective March 10, 2021, the effective date of the Plan. The Plan permits the issuance of stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and other equity-based incentive awards. Employee share-based awards are generally issued in the first quarter of the year. Total compensation expense

for share-based awards was $40 million in 2022, $38 million in 2021 and $41 million in 2020, and the total recognized tax benefit related thereto was $11 million in 2022, $14 million in 2021 and $3 million in 2020.

RESTRICTED STOCK AND RESTRICTED STOCK UNITS

In 2022, the Company granted 0.9 million shares of restricted stock and restricted stock units to eligible employees which included 25,000 shares granted to the Board of Directors. The Board of Directors are granted restricted stock units as part of their annual compensation which vest immediately on the grant date with distribution to occur following their separation from service with the Company. Restricted stock grants to Company employees typically vest annually over a three-year service period. A summary of the status of the Company’s nonvested shares and changes during 2022, 2021 and 2020 is presented below.

	2022					2021					2020
	Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price
Outstanding at beginning of year		1,386,778		$	30.48		1,526,653		$	24.71		1,394,756		$	30.40
Granted		933,487			42.81		521,512			39.55		835,828			19.92
Vested		(585,563	)		29.65		(593,249	)		23.72		(579,584	)		30.71
Forfeited		(203,740	)		36.29		(68,138	)		29.20		(124,347	)		28.60
Outstanding at end of year		1,530,962		$	37.54		1,386,778		$	30.48		1,526,653		$	24.71

As of December 31, 2022, there was approximately $34.6 million of total unrecognized compensation cost related to nonvested restricted stock. This expense, net of forfeitures, is expected to be recognized over a weighted-average period of approximately 2 years. Total outstanding shares of 1.5 million include 0.2 million granted to members of the Board of Directors that have vested but will not be issued until separation from service and 1.3 million unvested shares granted to employees. The Company estimates that all 1.3 million unvested shares at year end will vest. The total fair value of shares at the time they vested during 2022 was $24.2 million.

PERFORMANCE-BASED INCENTIVE PROGRAM

The Company has a performance-based long-term incentive program consisting of performance stock units. Payouts under this program are based on achievement of certain financial targets, including the Company’s financial performance and total shareholder return performance set by the Board of Directors and are subject to additional service vesting requirements, generally three years from the grant date.

A summary of the activity in the performance-based long-term incentive program since inception is presented below.

	2022					2021					2020
	Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price
Outstanding at beginning of year		2,175,831		$	29.33		2,458,978		$	24.22		1,994,111		$	29.05
Granted		421,038			45.01		1,298,868			41.44		932,344			19.42
Vested		(796,019	)		29.71		(1,374,442	)		23.47		(151,905	)		41.80
Forfeited		(343,125	)		30.21		(207,573	)		28.71		(315,572	)		27.10
Outstanding at end of year⁽²⁾		1,457,725		$	31.84		2,175,831		$	29.33		2,458,978		$	24.22

(1)

As of December 31, 2022, there was approximately $18.6 million of total unrecognized compensation expense related to the performance-based long-term incentive program. This expense, net of forfeitures, is expected to be recognized over a weighted-average period of approximately 1.7 years. Forfeitures in the table above include adjustments to the share impact of anticipated

performance achievement. The Company estimates that 1.4 million unvested shares at year end will vest. The total fair value of shares at the time they vested during 2022 was $36.1 million.

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) Customer	Sep. 24, 2022 USD ($) Segment	Jun. 25, 2022 USD ($) Segment	Mar. 26, 2022 USD ($)	Dec. 25, 2021 USD ($) Customer	Sep. 25, 2021 USD ($)	Jun. 26, 2021 USD ($)	Mar. 27, 2021 USD ($)	Sep. 24, 2022 Division	Dec. 31, 2022 USD ($) Segment Customer	Dec. 25, 2021 USD ($) Customer	Dec. 26, 2020 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Percent of subsidiary shares owned										88.00%
Number of reportable segments		4	2						4	4
Percentage of service revenue post discontinued operation										10.00%
Accounts payable and accrued expenses and other current liabilities not yet presented for payment	$ 16,000,000				$ 0					$ 16,000,000	$ 0
Current liabilities held for sale not yet presented for payment					1,000,000						1,000,000
Cash and cash equivalents	403,000,000				514,000,000					403,000,000	514,000,000
Restricted cash	$ 1,000,000				$ 0					$ 1,000,000	$ 0
Restricted Cash And Cash Equivalents Current Asset Statement Of Financial Position Extensible List	Prepaid expenses and other current assets				Prepaid expenses and other current assets					Prepaid expenses and other current assets	Prepaid expenses and other current assets
Trade receivables	$ 536,000,000				$ 495,000,000					$ 536,000,000	$ 495,000,000
Number of customers accounted for more than 10% of total sales \| Customer										0	0	0
Number of customers accounted for more than 10% of receivables \| Customer	0				0					0	0	0
Other receivables	$ 123,000,000				$ 143,000,000					$ 123,000,000	$ 143,000,000
Accrued payroll and benefits	158,000,000				148,000,000					158,000,000	148,000,000
Short-term contract liabilities	41,000,000				52,000,000					41,000,000	52,000,000
Revenue recognition included in short-term contract liabilities										27,000,000	24,000,000
Recognition of contract assets as a result of business combination										0	0
Recognition of contract liabilities as a result of business combination										0	2,000,000
Significant adjustment to revenue from performance obligations										0	0
Contract with customer, asset, reclassified to receivable										0	0
Short-term contract assets	8,000,000				16,000,000					8,000,000	16,000,000
Long-term contract assets	2,000,000				8,000,000					2,000,000	8,000,000
Long-term contract liabilities					2,000,000						2,000,000
Capitalized contract cost, amortization										20,000,000	24,000,000	$ 29,000,000
Impairment charges related to contract assets	6,000,000	$ 3,000,000	$ 3,000,000	$ 2,000,000	2,000,000	$ 5,000,000	$ 1,000,000	$ 12,000,000		14,000,000	20,000,000	182,000,000
Advertising expenses										130,000,000	139,000,000	177,000,000
Prepaid advertising expenses	3,000,000				4,000,000					$ 3,000,000	4,000,000
Lessee, operating lease, existence of option to extend [true false]										true
Contract Assets
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to contract assets										$ 0	0	$ 0
CompuCom Division
Summary Of Significant Accounting Policies [Line Items]
Short-term contract liabilities					10,000,000						10,000,000
Short-term contract assets	$ 1,000,000									$ 1,000,000
Long-term contract assets					1,000,000						1,000,000
Long-term contract liabilities					2,000,000						2,000,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Extend renewal terms of the lease	5 years									5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Extend renewal terms of the lease	25 years									25 years
Buildings \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years										15 years
Buildings \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years										30 years
Furniture, fixtures and equipment \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years										3 years
Furniture, fixtures and equipment \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years										10 years
Computer Software for Common Office Applications
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years										3 years
Computer Software for Larger Business Application
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years										5 years
Computer Software for Enterprise Wide Systems
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years										7 years
Software \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years										3 years
Software \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years										7 years
Trade Receivables
Summary Of Significant Accounting Policies [Line Items]
Trade receivables	$ 412,000,000				353,000,000					$ 412,000,000	353,000,000
Allowance for doubtful accounts	8,000,000				9,000,000					8,000,000	9,000,000
Vendor Arrangements Receivables
Summary Of Significant Accounting Policies [Line Items]
Other receivables	82,000,000				104,000,000					82,000,000	104,000,000
Accrued Expenses and Other Current Liabilities
Summary Of Significant Accounting Policies [Line Items]
Short-term contract liabilities	15,000,000				12,000,000					15,000,000	12,000,000
Non-US
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	113,000,000				$ 108,000,000					113,000,000	$ 108,000,000
Non-US \| Current Asset Held For Sale
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 17,000,000									$ 17,000,000

Schedule of Maturities of Lease Liabilities Under Operating and Finance Leases (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Leases [Line Items]
Operating lease payments	$ 370	$ 408	$ 447
Finance lease payments	18	$ 22	$ 20
Finance leases not yet commenced minimum lease payments	5
Options to Extend Lease Terms
Leases [Line Items]
Operating lease payments	47
Finance lease payments	$ 1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Nature of Business

Basis of Presentation

Maintaining All Operating Businesses under Common Ownership

MAINTAINING ALL OPERATING BUSINESSES UNDER COMMON OWNERSHIP

Fiscal Year

Estimates and Assumptions

Business Combinations

Foreign Currency

Cash and Cash Equivalents

Receivables

Inventories

Income Taxes

Property and Equipment

Goodwill and Other Intangible Assets

Refer to Note 7 for additional information on goodwill and other intangible assets.

Impairment of Long-Lived Assets

Facility Closure and Severance Costs

Accrued Expenses and Other Current Liabilities

Fair Value of Financial Instruments

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

Revenue Recognition

Revenue Recognition: Revenue includes the sale of:

Supplies such as paper, writing instruments, office supplies, cleaning and breakroom items, personal protective equipment, and product subscriptions;

Furniture and other products such as desks, seating, luggage, gift cards and warranties, as well as supply chain services and e-procurement platform offerings; and

Copy and print services, including managed print and fulfillment services.

Significant Judgments

Contract Balances

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

	December 31,		December 25,
(In millions)	2022		2021
Trade receivables, net	$	412	$	353
Short-term contract assets		8		16
Long-term contract assets		2		8
Short-term contract liabilities		41		52
Long-term contract liabilities		—		2

revenue recognition standard relating to unsatisfied performance obligations and does not disclose the value of unsatisfied performance obligations for its contracts.

Costs to Obtain a Contract

Cost of Goods Sold and Occupancy Costs

Cost of Goods Sold and Occupancy Costs: Cost of goods sold and occupancy costs include:

inventory costs (as discussed above);

outbound freight;

employee and non-employee receiving, distribution, and occupancy costs (rent), including depreciation, real estate taxes and common area costs, of inventory-holding and selling locations; and

identifiable employee-related costs associated with services provided to customers.

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses: Selling, general and administrative expenses include amounts incurred related to expenses of operating and support functions, including:

employee payroll and benefits, including variable pay arrangements;

advertising;

store and field support;

other operating costs incurred relating to selling activities; and

closed defined benefit pension and postretirement plans.

Merger, Restructuring and Other Operating Expenses, Net

Advertising

Share-Based Compensation

Self-insurance

Vendor Arrangements

Pension and Other Postretirement Benefits

Environmental and Asbestos Matters

Leasing Arrangements

•

Finance leases:

Property and equipment, net –leases which were referred to as capital leases under the old accounting standard;

Short-term borrowings and current maturities of long-term debt – short-term obligations to make lease payments arising from the finance lease; and

Long-term debt, net of current maturities – long-term obligations to make lease payments arising from the finance lease.

•

Operating leases:

ROU assets – the Company’s right to use the underlying asset for the lease term;

Accrued expenses and other current liabilities – short-term obligations to make lease payments arising from the operating lease; and

Operating lease liabilities – long-term obligations to make lease payments arising from the operating lease.

The Company has lease agreements with lease and non-lease components, for which it has made an accounting policy election to account for these as a single lease component.

New Accounting Standards

NEW ACCOUNTING STANDARDS

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Statement Of Income And Comprehensive Income [Abstract]
Change in deferred pension, deferred income taxes	$ (3)	$ 6	$ 7

Estimated Future Amortization Expense Related to Capitalized Software (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Property Plant And Equipment [Abstract]
2023	$ 45
2024	38
2025	31
2026	21
2027	9
Thereafter	$ 1

Reconciliation of Measure of Division Operating Income to Consolidated Income (Loss) from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Dec. 25, 2021	Sep. 25, 2021	Jun. 26, 2021	Mar. 27, 2021	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Segment Reporting [Abstract]
Division operating income									$ 387	$ 393	$ 396
Asset impairments	$ (6)	$ (3)	$ (3)	$ (2)	$ (2)	$ (5)	$ (1)	$ (12)	(14)	(20)	(182)
Merger, restructuring and other operating expenses, net	$ 3	$ (8)	$ (23)	$ (10)	$ (14)	$ (13)	$ (11)	$ (13)	(39)	(51)	(102)
Unallocated expenses									(91)	(88)	(106)
Interest income									5	1	4
Interest expense									(16)	(28)	(42)
Loss on extinguishment and modification of debt											(12)
Other income, net									10	24	6
Income (loss) from continuing operations before income taxes									$ 242	$ 231	$ (38)

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 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 Consolidated Statements of Operations.

(In millions)	2022			2021			2020
Major components of discontinued operations before income taxes:
Sales	$	—		$	802		$	838
Cost of goods and occupancy costs		-			645			657
Gross profit		—			157			181
Selling, general and administrative expenses		—			152			171
Asset impairments		—			252			248
Merger, restructuring and other operating expenses, net		—			(2	)		20
Operating loss		—			(245	)		(258	)
Other income (expense), net		—			(1	)		1
Loss from major components of discontinued operations before income taxes		—			(246	)		(257	)
Loss from classification to held for sale		(13	)		(170	)		—
Loss from discontinued operations before income taxes		(13	)		(416	)		(257	)
Income tax benefit		(1	)		(21	)		(1	)
Discontinued operations, net of tax	$	(12	)	$	(395	)	$	(256	)

	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

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.

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Summary of Information about Other Significant Balances by Each of the Divisions, Reconciled to Consolidated Totals (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 25, 2021

Dec. 26, 2020

$ 99

$ 73

$ 58

131

146

157

Corporate and Discontinued Operations

4,149

4,865

^[1]

^[1]

ODP Business Solutions Division | Operating Segments

^[1]

724

1,362

Office Depot Division | Operating Segments

749

654

Veyer Division | Operating Segments

1,553

1,728

$ 49

Varis Division | Operating Segments

993

1,038