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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 25, 2016 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 25, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Trading Symbol	ODP
Entity Registrant Name	OFFICE DEPOT INC
Entity Central Index Key	0000800240
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	543,929,704

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Sales	$ 3,218	$ 3,440	$ 6,762	$ 7,317
Cost of goods sold and occupancy costs	2,471	2,626	5,159	5,566
Gross profit	747	814	1,603	1,751
Selling, general and administrative expenses	681	741	1,421	1,543
Asset impairments		4		9
Merger, restructuring, and other operating (income) expenses, net	(187)	120	(143)	163
Operating income (loss)	253	(51)	325	36
Other income (expense):
Interest income	6	6	12	12
Interest expense	(25)	(23)	(48)	(48)
Other income (expense), net		1		2
Income (loss) before income taxes	234	(67)	289	2
Income tax expense (benefit)	24	(9)	33	15
Net income (loss)	$ 210	$ (58)	$ 256	$ (13)
Net earnings (loss) per share
Basic	$ 0.38	$ (0.11)	$ 0.47	$ (0.02)
Diluted	$ 0.38	$ (0.11)	$ 0.46	$ (0.02)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Net income (loss)	$ 210	$ (58)	$ 256	$ (13)
Other comprehensive income (loss), net of tax where applicable:
Foreign currency translation adjustments	4	3	12	(51)
Other	1		(1)
Total other comprehensive income (loss), net of tax, where applicable	5	3	11	(51)
Comprehensive income (loss)	$ 215	$ (55)	$ 267	$ (64)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 25, 2016	Dec. 26, 2015
Current assets:
Cash and cash equivalents	$ 1,118	$ 1,069
Receivables, net	1,055	1,166
Inventories	1,560	1,698
Prepaid expenses and other current assets	112	127
Total current assets	3,845	4,060
Property and equipment, net	750	785
Goodwill	378	378
Other intangible assets, net	47	54
Timber notes receivable	895	905
Deferred income taxes	22	24
Other assets	236	236
Total assets	6,173	6,442
Current liabilities:
Trade accounts payable	1,145	1,319
Accrued expenses and other current liabilities	1,100	1,355
Income taxes payable	7	13
Short-term borrowings and current maturities of long-term debt	37	56
Total current liabilities	2,289	2,743
Deferred income taxes and other long-term liabilities	417	459
Pension and postretirement obligations, net	182	184
Long-term debt, net of current maturities	617	634
Non-recourse debt	808	819
Total liabilities	4,313	4,839
Commitments and contingencies
Stockholders' equity:
Common stock-authorized 800,000,000 shares of $.01 par value; issued shares - 557,203,768 in June 2016 and 554,835,306 in December 2015	6	6
Additional paid-in capital	2,624	2,607
Accumulated other comprehensive income	41	30
Accumulated deficit	(727)	(982)
Treasury stock, at cost - 13,274,064 shares in 2016 and 5,915,268 shares in 2015	(84)	(58)
Total equity	1,860	1,603
Total liabilities and stockholders' equity	$ 6,173	$ 6,442

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 25, 2016	Dec. 26, 2015
Common stock, authorized	800,000,000	800,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, issued shares	557,203,768	554,835,306
Treasury stock, shares	13,274,064	5,915,268

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015
Cash flows from operating activities:
Net income (loss)	$ 256	$ (13)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	110	150
Charges for losses on inventories and receivables	36	30
Asset impairments		9
Changes in working capital and other	(254)	(311)
Net cash provided by (used in) operating activities	148	(135)
Cash flows from investing activities:
Capital expenditures	(49)	(71)
Acquisition, net of cash acquired		(10)
Proceeds from disposition of assets and other	12	42
Net cash used in investing activities	(37)	(39)
Cash flows from financing activities:
Net proceeds on employee share-based transactions	1	4
Net payments on long and short-term borrowings	(32)	(12)
Debt related fees	(6)	(1)
Repurchase of common stock for treasury	(26)
Net cash used in financing activities	(63)	(9)
Effect of exchange rate changes on cash and cash equivalents	1	(21)
Net increase (decrease) in cash and cash equivalents	49	(204)
Cash and cash equivalents at beginning of period	1,069	1,071
Cash and cash equivalents at end of period	$ 1,118	$ 867

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 25, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: Office Depot, Inc., including consolidated subsidiaries (“Office Depot” or the “Company”), is a global supplier of office products and services. The Company currently operates under several banners, including Office Depot^® and OfficeMax^® and utilizes proprietary company and product brand names. The Company’s common stock is traded on the NASDAQ Global Select Market under the ticker symbol “ODP”. As of June 25, 2016, the Company sold to customers throughout North America, Europe, and the Asia/Pacific region through three reportable segments (or “Divisions”): North American Retail Division, North American Business Solutions Division and International Division. Refer to Note 11 for further Division information.

The Condensed Consolidated Financial Statements as of June 25, 2016 and for the 13-week and 26-week periods ended June 25, 2016 (also referred to as “the second quarter of 2016” and “the first half of 2016”) and June 27, 2015 (also referred to as “the second quarter of 2015” and “the first half of 2015”) are unaudited. However, in management’s opinion, these financial statements reflect all adjustments of a normal recurring nature necessary to provide a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented.

The Company has prepared the Condensed Consolidated Financial Statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Some information and note disclosures, which would normally be included in comprehensive annual financial statements prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to those SEC rules and regulations. For a better understanding of the Company and its Condensed Consolidated Financial Statements, we recommend reading these Condensed Consolidated Financial Statements in conjunction with the audited financial statements which are included in the 2015 Form 10-K. These interim results are not necessarily indicative of the results that should be expected for the full year.

Cash Management: The cash management process generally utilizes zero balance accounts which provide for the settlement of the related disbursement and cash concentration accounts on a daily basis. Trade accounts payable and Accrued expenses and other current liabilities as of June 25, 2016 and December 26, 2015 included $25 million and $32 million, respectively, of amounts not yet presented for payment drawn in excess of disbursement account book balances, after considering offset provisions.

At June 25, 2016, cash and cash equivalents held outside the United States amounted to $150 million.

Receivables under Factoring Agreement: The Company sells selected accounts receivables on a non-recourse basis to an unrelated financial institution under a factoring agreement in France. The Company accounts for this transaction as a sale of receivables, removes receivables sold from its financial statements, and records cash proceeds when received by the Company as cash provided by operating activities in the Statements of Cash Flows. The financial institution retains a portion of the sold receivables as a guarantee until the receipt of the proceeds associated with the factored invoices.

In the second quarter and first half of 2016, the Company withdrew $84 million and $167 million respectively, from amounts available under the factoring arrangement. Receivables sold for which the Company did not obtain cash directly from the financial institution are included in Receivables and amount to $8 million and $6 million as of June 25, 2016 and December 26, 2015, respectively. Retention guarantee totaling $9 million and $10 million are included in Prepaid expenses and other current assets as of June 25, 2016 and December 26, 2015, respectively.

Employee Benefit Plans – In May 2016, the Compensation Committee of the Board of Directors approved the 2016 long-term incentive grants. The awards are three forms of restricted stock units all of which include service conditions. One portion of the awards vest annually over three years and the remainder cliff vest in three years. Additionally, a portion of the awards include performance conditions based on adjusted operating income and a portion of the awards include market conditions that compare the Company’s total shareholder return relative to a peer group.

New Accounting Standards: In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update that supersedes most current revenue recognition guidance and modifies the accounting for certain costs associated with revenue generation. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a number of steps to apply to achieve that principle and requires additional disclosures. The standard was originally to be effective for the Company’s first quarter of 2017. In July 2015, the FASB approved a one year extension to the required implementation date but also permitted companies to adopt the standard at the original effective date of 2017. Adoption before the original effective date of 2017 is not permitted. The new standard may be applied retrospectively to each prior period presented or retrospectively with a cumulative effect recognized as of the date of adoption. The Company is assessing what impact this new standard will have on its Consolidated Financial Statements.

In February 2016, the FASB issued an accounting standards update which will require lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The accounting treatment for lessors will remain relatively unchanged. The accounting standards update also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for existing leases and accordingly, apply the new accounting model for the earliest year presented in the financial statements. The Company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements but anticipates it will result in a significant right of use asset and related liability associated with our operating leases.

In March 2016, the FASB issued an accounting standards update as part of its simplification initiative. The new standard will modify several aspects of the accounting and reporting for employee share-based payments and related tax accounting impacts, including the presentation in the statements of operations and cash flows of certain tax benefits or deficiencies and employee tax withholdings, as well as the accounting for award forfeitures over the vesting period. Other provisions of the new standard relate to nonpublic entities and eliminate guidance that had not become effective. The new standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements.

ACQUISITION AND DISPOSITIONS

6 Months Ended

Jun. 25, 2016

ACQUISITION AND DISPOSITIONS

NOTE 2. ACQUISITION AND DISPOSITIONS

Staples Acquisition

On February 4, 2015, Staples, Inc. (“Staples”) and the Company announced that the companies entered into a definitive merger agreement (the “Staples Merger Agreement”), under which Staples would acquire all of the outstanding shares of Office Depot and the Company would become a wholly owned subsidiary of Staples (the “Staples Acquisition”).

On December 7, 2015, the United States Federal Trade Commission (the “FTC”) informed Office Depot and Staples that it intended to block the Staples Acquisition. On the same date, Office Depot and Staples announced their intent to contest the FTC’s decision to challenge the transaction. On May 10, 2016, the U.S. District Court for the District of Columbia granted the FTC’s request for a preliminary injunction against the proposed acquisition, and as a result, the companies terminated the Staples Merger Agreement on May 16, 2016. Per the terms of the termination agreement, Staples paid Office Depot a fee of $250 million in cash on May 19, 2016 (“Termination Fee”), which is included in Merger, restructuring and other operating (income) expenses, net in the Condensed Consolidated Statements of Operations and in Net cash provided by (used in) operating activities in the Condensed Consolidated Statements of Cash Flows.

Refer to Note 3 for expenses incurred related to the Staples Acquisition.

Other assets held for sale

Certain facilities identified for closure through integration and other activities have been accounted for as assets held for sale. Assets held for sale primarily consist of supply chain facilities, and are presented in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The assets held for sale activity in the first half of 2016 is presented in the table below.


(In millions)
Balance as of December 26, 2015	$	30
Dispositions		(6	)
Reclassifications		(20	)

Balance as of June 25, 2016	$	4

One supply chain facility previously classified as held for sale was reclassified to operations to support the current supply chain integration process. Disposition of this facility is no longer anticipated within one year.

Any gain on these dispositions, which are expected to be completed within one year, will be recognized at the Corporate level and included when realized in Merger, restructuring and other operating (income) expenses, net in the Condensed Consolidated Statements of Operations. Refer to Note 3 for further information on Merger, restructuring and other accruals.

MERGER, RESTRUCTURING, AND OTHER ACCRUALS

6 Months Ended

Jun. 25, 2016

MERGER, RESTRUCTURING, AND OTHER ACCRUALS

NOTE 3. MERGER, RESTRUCTURING, AND OTHER ACCRUALS

In recent years, the Company has taken actions to adapt to changing and competitive conditions. These actions include closing facilities, consolidating functional activities, eliminating redundant positions, disposing of businesses and assets, and taking actions to improve process efficiencies. In 2013, the OfficeMax merger (the “Merger”) was completed and integration activities similar to the actions described above began. The Company also assumed certain restructuring liabilities previously recorded by OfficeMax. In mid-2014, the Company’s real estate strategy (the “Real Estate Strategy”) identified 400 retail stores for closure over three years along with planned changes to the supply chain that currently are anticipated to be complete in 2017. During the second quarter of 2016, the Company completed the retail store closures under this program. Also in 2014, the European restructuring plan was approved by the Company to realign the organization from a geographic-focus to a business channel-focus (the “European Restructuring Plan”). Additionally, during 2015 and through the second quarter of 2016, expenses were incurred and the Termination Fee received associated with the Staples Acquisition. The significant components of these activities are discussed below.

Merger, restructuring, and other operating (income) expenses, net

The Company presents Merger, restructuring and other operating (income) expenses, net on a separate line in the Condensed Consolidated Statements of Operations to identify these activities apart from the activities to sell to and service its customers. These expenses and income are not included in the determination of Division operating income. The table below and narrative that follows summarize the major components of Merger, restructuring and other operating (income) expenses, net.


	Second Quarter					First Half
(In millions)	2016			2015		2016			2015
Merger related expenses
Severance, retention, and relocation	$	—		$	6	$	—		$	11
Transaction and integration		11			29		22			53
Facility closure, contract termination, and other costs, net		14			29		17			15

Total Merger related expenses		25			64		39			79

International restructuring and certain other expenses
Severance and retention		1			20		5			25
Integration		—			2		—			4
Other related expenses		3			—		4			6

Total International restructuring and certain other expenses		4			22		9			35

Staples Acquisition (income) expenses
Retention		15			29		18			35
Transaction		19			5		41			14
Termination Fee		(250	)		—		(250	)		—

Total Staples Acquisition (income) expenses		(216	)		34		(191	)		49

Total Merger, restructuring and other operating (income) expenses, net	$	(187	)	$	120	$	(143	)	$	163

Merger related expenses

Severance, retention, and relocation reflect expenses incurred for the integration of staff functions and includes termination benefits for certain retail and supply chain closures. Such benefits are being accrued through the anticipated facility closure date. Severance calculations consider factors such as the expected timing of store closures, terms of existing severance plans, expected employee turnover and attrition.

Transaction and integration expenses include integration-related professional fees, incremental temporary contract labor, salary and benefits for employees dedicated to the Merger activity, travel costs, non-capitalizable software integration costs, and other direct costs to combine the companies. Such costs are being recognized as incurred.

Facility closure, contract termination and other costs primarily relate to facility closure accruals, contract termination cost, gains and losses on asset dispositions, and accelerated depreciation. Facility closure expenses include amounts incurred by the Company to close retail stores in the United States as part of the Real Estate Strategy, as well as supply chain facilities. The Company closed 51 retail stores in the first half of 2016, completing the 400 store closures announced in 2014. During the second quarter of 2016 and first quarter of 2015, the Company recognized gains of $1 million and $19 million, respectively, from the sale of warehouse facilities that had been classified as assets held for sale. The gains are included in Merger, restructuring and other operating (income) expenses, net, as the dispositions were part of the supply chain integration associated with the Merger.

International restructuring and certain other expenses

Expenses include charges related to restructuring activities, including severance and retention, professional integration fees, facility closure and other restructuring costs.

Staples Acquisition (income) expenses

Expenses include retention accruals, and transaction costs, including costs associated with regulatory filings and professional fees, offset by the Termination Fee income (refer to Note 2 for further information). The prior period accruals for retention were paid in the first quarter of 2016. Current period retention accruals will be paid in the third quarter of 2016.

Asset impairments are not included in the table above. Refer to Note 9 for further information.

Merger and Restructuring Accruals

The activity in the merger and restructuring accruals is presented in the table below. The total $143 million income presented in Merger, restructuring and other operating (income) expenses, net in the first half of 2016 Condensed Consolidated Statement of Operations, includes the $250 million Termination Fee. Excluding the Termination Fee, expenses of $107 million were incurred in the first half of 2016, of which $36 million relate to Merger and restructuring liabilities and are included as Charges incurred in the table below. The remaining $71 million expense is comprised of $41 million Staples Acquisition transaction expenses, $22 million Merger transaction and integration expenses and $8 million in other transactions expenses These amounts are excluded from the table below because they are recorded as incurred or earned, non-cash, or otherwise not associated with Merger and restructuring balance sheet accounts.


			First Half 2016
(In millions)	December 26, 2015		Charges Incurred			Cash Payments			Currency, Lease Accretion and Other Adjustments			June 25, 2016
Termination benefits
Merger related accruals	$	16	$	—		$	(4	)	$	(2	)	$	10
European restructuring plan		42		—			(16	)		2			28
Other restructuring accruals		1		4			(4	)		—			1
Lease and contract obligations, accruals for facilities closures and other costs
Merger related accruals		77		14			(37	)		3			57
European restructuring plan		1		—			—			—			1
Other restructuring accruals		25		1			(8	)		1			19
Acquired entity accruals		25		(2	)		(3	)		2			22
Staples Acquisition related accruals		72		19			(75	)		(1	)		15

Total	$	259	$	36		$	(147	)	$	5		$	153

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, on the Condensed Consolidated Balance Sheets.

DEBT

6 Months Ended

Jun. 25, 2016

DEBT

NOTE 4. DEBT

Amended Credit Agreement

Based on the June borrowing base certificate, at June 25, 2016, the Company had approximately $1.1 billion of available credit under the Second Amended and Restated Credit Agreement. In May 2011, Office Depot entered into an amended and restated agreement, which was further amended and restated in May 2016 for an additional five years (the “Amended Credit Agreement”). The new $1.2 billion facility will mature on May 13, 2021. The Amended Credit Agreement reduces the overall fees and applicable spread on borrowing and modifies certain covenants to provide additional flexibility for incremental indebtedness, acquisitions, asset sales and restricted payments. In connection with the May 2016 amendment, the Company recorded $6 million in debt acquisition costs, which are included in Other assets in the Condensed Consolidated Balance Sheet and will be amortized ratably through May 2021.

As of June 25, 2016, letters of credit outstanding under the Amended Credit Agreement totaled $91 million. There were no borrowings under the Amended Credit Agreement in the second quarter of 2016.

Other

The Company was in compliance with all applicable financial covenants at June 25, 2016.

INCOME TAXES

6 Months Ended

Jun. 25, 2016

INCOME TAXES

NOTE 5. INCOME TAXES

For the second quarter of 2016, the Company’s effective tax rate was primarily impacted by valuation allowances. Valuation allowances limited the recognition of deferred tax expense associated with the utilization of deferred tax assets, as well as deferred tax benefits for the generation of pretax losses, in certain tax jurisdictions. The effective tax rate was also impacted by nondeductible foreign interest and other nondeductible expenses, as well as the mix of pretax earnings among jurisdictions. The tax impact of the Termination Fee was mitigated by the deductibility of certain formerly non-deductible expenses and the utilization of tax credits. Due to the Company’s valuation allowances, interim income tax reporting is likely to result in significant variability of the effective tax rate throughout the course of the year. Changes in pretax income projections and the mix of income across jurisdictions could also impact the effective tax rate each quarter.

The Company has significant deferred tax assets in the U.S. and in certain foreign jurisdictions against which valuation allowances have been established to reduce such deferred tax assets to the amount that is more likely than not to be realized. As of the second quarter of 2016, valuation allowances remain in the U.S. and certain foreign jurisdictions where the Company believes it is necessary to see further positive evidence, such as sustained achievement of cumulative profits, before these valuation allowances can be released. Given the current earnings trend in the U.S., sufficient positive evidence may become available for the Company to release all or a portion of the U.S. valuation allowance in a future period. Of the $493 million U.S. valuation allowance recorded as of year-end 2015, it is reasonably possible that approximately $400 million may be released during 2016. A substantial portion of such release would result in a discrete non-cash income tax benefit as early as the third quarter of 2016, with the remainder being recognized throughout the year as part of the estimated annual effective tax rate applied to ordinary income. In addition, if positive evidence develops, the Company may also release valuation allowances in certain foreign jurisdictions as early as the third quarter of 2016, which would result in an income tax benefit of $3 million in the period of release. However, the exact timing and amount of the valuation allowance releases are subject to change based on the level of profitability actually achieved in future periods. The Company will continue to assess the realizability of its deferred tax assets in the U.S. and remaining foreign jurisdictions.

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 2015 and 2009, respectively. The acquired OfficeMax U.S. consolidated group is no longer subject to U.S. federal and state and local income tax examinations for years before 2013 and 2006, respectively. The U.S. federal income tax return for 2015 is currently under review. Generally, the Company is subject to routine examination for years 2008 and forward in its international tax jurisdictions.

It is reasonably possible that certain tax positions will be resolved within the next 12 months, which would decrease the Company’s balance of unrecognized tax benefits by $5 million. This decrease would either have no impact on or would decrease the effective tax rate, depending on whether existing valuation allowances are released prior to resolution. 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.

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 25, 2016

STOCKHOLDERS' EQUITY

NOTE 6. STOCKHOLDERS’ EQUITY

The following table reflects the changes in stockholders’ equity.


(In millions)
Stockholders’ equity at December 26, 2015	$	1,603
Net income		256
Repurchase of common stock for treasury		(26	)
Other comprehensive income		11
Amortization of long-term incentive stock grants		16

Stockholders’ equity at June 25, 2016	$	1,860

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


(In millions)	Foreign Currency Translation Adjustments		Change in Deferred Pension and Other			Total
Balance at December 26, 2015	$	108	$	(78	)	$	30
Other comprehensive income (loss) activity before reclassifications		12		(1	)		11

Net other comprehensive income (loss)		12		(1	)		11

Balance at June 25, 2016	$	120	$	(79	)	$	41

As a result of valuation allowances in the U.S. and several international taxing jurisdictions, items other than deferred pension amounts generally have little or no tax impact. The component balances are net of immaterial tax impacts, where applicable.

Treasury Stock

In May 2016, the Company’s Board of Directors authorized a stock repurchase program of up to $100 million of its outstanding common stock. The stock repurchase authorization permits the Company to repurchase stock from time-to-time through a combination of open market repurchases, privately negotiated transactions, 10b5-1 trading plans, accelerated stock repurchase transactions and/or other derivative transactions. The program, which extends for a period of 12 months, may be suspended or discontinued at any time. The exact number and timing of share repurchases will depend on market conditions and other factors, and will be funded through existing liquidity.

Under the stock repurchase program, the Company purchased approximately 7 million shares at a cost of $26 million in the second quarter of 2016. As of June 25, 2016, $74 million remains available for repurchase under the current authorization.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

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-Section S99
-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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+ Details

EARNINGS PER SHARE

6 Months Ended

Jun. 25, 2016

EARNINGS PER SHARE

NOTE 7. EARNINGS PER SHARE

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


	Second Quarter					First Half
(In millions, except per share amounts)	2016		2015			2016		2015
Basic Earnings Per Share
Numerator:
Net income (loss)	$	210	$	(58	)	$	256	$	(13	)
Denominator:
Weighted-average shares outstanding		550		547			550		546
Basic earnings (loss) per share	$	0.38	$	(0.11	)	$	0.47	$	(0.02	)
Diluted Earnings Per Share
Numerator:
Net income (loss)	$	210	$	(58	)	$	256	$	(13	)
Denominator:
Weighted-average shares outstanding		550		547			550		546
Effect of dilutive securities:
Stock options and restricted stock		10		—			7		—

Diluted weighted-average shares outstanding		560		547			557		546
Diluted earnings (loss) per share	$	0.38	$	(0.11	)	$	0.46	$	(0.02	)

Potentially dilutive stock options and restricted stock representing approximately 9 million shares for the second quarter and first half of 2015 were excluded from the diluted loss per share calculation because of the net loss in the periods.

Awards of options and nonvested shares representing approximately 7 million and 8 million additional shares of common stock were outstanding for the second quarter and first half of 2016, respectively, and less than 1 million for the second quarter and first half of 2015, respectively, but were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive. For the periods presented, no tax benefits have been assumed in the weighted average share calculation in jurisdictions with valuation allowances.

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 25, 2016

EMPLOYEE BENEFIT PLANS

NOTE 8. EMPLOYEE BENEFIT PLANS

Pension and Other Postretirement Benefit Plans – North America

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


	Second Quarter						First Half
(In millions)	2016			2015			2016			2015
Service cost	$	2		$	1		$	4		$	2
Interest cost		12			11			23			23
Expected return on plan assets		(14	)		(14	)		(28	)		(28	)

Net periodic pension benefit	$	—		$	(2	)	$	(1	)	$	(3	)

In the first half of 2016, $1 million of cash contributions were made to the North American pension plans. The Company expects to make additional cash contributions of $1 million to the North American pension plans in the remainder of 2016.

Pension Plan – Europe

The components of net periodic pension benefit for the Company’s European pension plan are as follows:


	Second Quarter						First Half
(In millions)	2016			2015			2016			2015
Service cost	$	—		$	—		$	—		$	—
Interest cost		2			2			4			4
Expected return on plan assets		(3	)		(3	)		(6	)		(7	)

Net periodic pension benefit	$	(1	)	$	(1	)	$	(2	)	$	(3	)

The Company’s European pension plan is in a net asset position. The Company expects to make additional cash contributions of $1 million to the European pension plan in the remainder of 2016.

Net periodic pension benefits for the North American and European pension and other postretirement benefit plans are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 25, 2016

DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS

NOTE 9. DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Derivative Instruments and Hedging Activities

As a global supplier of office products and services the Company is exposed to risks associated with changes in foreign currency exchange rates, fuel and other commodity prices and interest rates. Depending on the exposure, settlement timeframe and other factors, the Company may enter into derivative transactions to mitigate those risks. Financial instruments authorized under the Company’s established risk management policy include spot trades, swaps, options, caps, collars, forwards and futures. Use of derivative financial instruments for speculative purposes is expressly prohibited by the Company’s policies. The Company may designate and account for such qualifying arrangements as hedges or reflect current mark-to-market impacts of non-qualifying economic hedge arrangements currently in earnings. As of June 25, 2016, the foreign exchange and fuel contracts extended through December 2016 and January 2017, respectively.

The fair values of the Company’s foreign currency contracts and fuel contracts are the amounts receivable or payable to terminate the agreements at the reporting date, taking into account current interest rates, exchange rates and commodity prices. The values are based on market-based inputs or unobservable inputs that are corroborated by market data. Amounts associated with derivative financial instruments were not significant for the reported periods.

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 under current market conditions. In developing its fair value estimates, the Company uses the following hierarchy:


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

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

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

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

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


	June 25, 2016				December 26, 2015
(In millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Timber notes receivable	$	895	$	919	$	905	$	909
Company-owned life insurance		86		86		88		88
Financial liabilities
Recourse debt
9.75% senior secured notes, due 2019		250		264		250		265
7.35% debentures, due 2016		—		—		18		18
Revenue bonds, due in varying amounts periodically through 2029		186		186		186		186
American & Foreign Power Company, Inc. 5% debentures, due 2030		14		11		14		13
Non-recourse debt		808		831		819		825

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

•

Timber notes receivable: Fair value is determined as the present value of expected future cash flows discounted at the current interest rate for loans of similar terms with comparable credit risk (Level 2 measure).

•

Company-owned life insurance: In connection with the 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 (Level 2 measure).

•

Recourse debt: Recourse 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).

•

Non-recourse debt: Fair value is estimated by discounting the future cash flows of the instrument at rates currently available to the Company for similar instruments of comparable maturities (Level 2 measure).

Fair Value Estimates Used in Impairment Analyses

North American Retail Division

The Company recognized no store asset impairment charges in 2016 and $4 million and $9 million in the second quarter and first half of 2015, respectively. The first half of 2015 charges include approximately $1 million impairment of favorable lease intangible asset values following the identification of closing locations where future intangible asset recovery was considered unlikely.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 25, 2016

COMMITMENTS AND CONTINGENCIES

NOTE 10. COMMITMENTS AND CONTINGENCIES

Legal Matters

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

In addition, in the ordinary course of business, sales to and transactions with government customers may be subject to lawsuits, investigations, audits and reviews 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, Heitzenrater v. OfficeMax North America, Inc., et al. was filed in the United States District Court for the Western District of New York in September 2012 as a putative class action alleging violations of the Fair Labor Standards Act and New York Labor Law. The complaint alleges that OfficeMax misclassified its assistant store managers (“ASMs”) as exempt employees. OfficeMax vigorously defended itself in this lawsuit and in November 2015 reached a settlement in the amount of $3.53 million which the court approved in final form in June 2016. This case has been dismissed.

Further, Kyle Rivet v. Office Depot, Inc., formerly known as Constance Gibbons v. Office Depot, Inc., a putative class action that was instituted in May 2012, is pending in the United States District Court for the District of New Jersey. The complaint alleges that Office Depot’s use of the fluctuating workweek method of pay was unlawful because Office Depot failed to pay a fixed weekly salary and failed to provide its ASMs with a clear and mutual understanding notification that they would receive a fixed weekly salary for all hours worked. The plaintiffs seek unpaid overtime, punitive damages, and attorneys’ fees. The Company believes that adequate provisions have been made for probable losses in this case and such amounts are not material. However, in light of the early stage of the case and the inherent uncertainty of litigation, the Company is unable to estimate a reasonably possible range of loss in this matter. Office Depot intends to vigorously defend itself in this lawsuit.

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 June 25, 2016, 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 environmental liabilities, our estimated range of reasonably possible losses was approximately $10 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 business.

DIVISION INFORMATION

6 Months Ended

Jun. 25, 2016

DIVISION INFORMATION

NOTE 11. DIVISION INFORMATION

The Company has three reportable segments: North American Retail Division, North American Business Solutions Division, and International Division. The North American Retail Division includes retail stores in the United States, including Puerto Rico and the U.S. Virgin Islands, which offer office supplies, technology products and solutions, business machines and related supplies, facilities products, and office furniture. Most stores also have a copy and print center offering printing, reproduction, mailing and shipping services. The North American Business Solutions Division sells office supply products and services in Canada and the United States, including Puerto Rico and the U.S. Virgin Islands. North American Business Solutions Division customers are served through dedicated sales forces, through catalogs, telesales, and electronically through its Internet sites. The International Division sells office products and services through direct mail catalogs, contract sales forces, Internet sites, and retail stores in Europe and Asia/Pacific.

The office supply products and services offered across all operating segments are similar. 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 (income) expenses, net, 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 Division operating income (loss) by each of the Divisions, reconciled to consolidated totals.


	Sales
	Second Quarter					First Half
(In millions)	2016			2015		2016			2015
North American Retail Division	$	1,249		$	1,342	$	2,755		$	2,995
North American Business Solutions Division		1,330			1,434		2,698			2,910
International Division		639			664		1,309			1,412

Total	$	3,218		$	3,440	$	6,762		$	7,317


	Division Operating Income (Loss)
	Second Quarter					First Half
(In millions)	2016			2015		2016			2015
North American Retail Division	$	30		$	42	$	132		$	128
North American Business Solutions Division		63			63		109			120
International Division		(10	)		2		(19	)		15

Total	$	83		$	107	$	222		$	263

A reconciliation of the measure of Division operating income to Consolidated income before income taxes is as follows:


	Second Quarter						First Half
(In millions)	2016			2015			2016			2015
Total Division operating income	$	83		$	107		$	222		$	263
Add/(subtract):
Asset impairments		—			(4	)		—			(9	)
Merger, restructuring and other operating income (expenses), net		187			(120	)		143			(163	)
Unallocated expenses		(17	)		(34	)		(40	)		(55	)
Interest income		6			6			12			12
Interest expense		(25	)		(23	)		(48	)		(48	)
Other income (expense), net		—			1			—			2

Income (loss) before income taxes	$	234		$	(67	)	$	289		$	2

As of June 25, 2016 and December 26, 2015, goodwill totaled $378 million, of which $78 million was recorded in the North American Retail Division, $285 million in the North American Business Solutions Division and $15 million in the International Division.

As a result of the Company’s common stock price change following termination of the Staples Merger Agreement, the Company analyzed whether such an event indicated it was likely that the fair values of reporting units were below their carrying values and concluded that no interim test for goodwill impairment was necessary. The annual goodwill impairment test is conducted based on balances as of the first day of the third quarter.

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 25, 2016
Basis of Presentation	Basis of Presentation: Office Depot, Inc., including consolidated subsidiaries (“Office Depot” or the “Company”), is a global supplier of office products and services. The Company currently operates under several banners, including Office Depot^® and OfficeMax^® and utilizes proprietary company and product brand names. The Company’s common stock is traded on the NASDAQ Global Select Market under the ticker symbol “ODP”. As of June 25, 2016, the Company sold to customers throughout North America, Europe, and the Asia/Pacific region through three reportable segments (or “Divisions”): North American Retail Division, North American Business Solutions Division and International Division. Refer to Note 11 for further Division information. The Condensed Consolidated Financial Statements as of June 25, 2016 and for the 13-week and 26-week periods ended June 25, 2016 (also referred to as “the second quarter of 2016” and “the first half of 2016”) and June 27, 2015 (also referred to as “the second quarter of 2015” and “the first half of 2015”) are unaudited. However, in management’s opinion, these financial statements reflect all adjustments of a normal recurring nature necessary to provide a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The Company has prepared the Condensed Consolidated Financial Statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Some information and note disclosures, which would normally be included in comprehensive annual financial statements prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to those SEC rules and regulations. For a better understanding of the Company and its Condensed Consolidated Financial Statements, we recommend reading these Condensed Consolidated Financial Statements in conjunction with the audited financial statements which are included in the 2015 Form 10-K. These interim results are not necessarily indicative of the results that should be expected for the full year.
Cash Management	Cash Management: The cash management process generally utilizes zero balance accounts which provide for the settlement of the related disbursement and cash concentration accounts on a daily basis. Trade accounts payable and Accrued expenses and other current liabilities as of June 25, 2016 and December 26, 2015 included $25 million and $32 million, respectively, of amounts not yet presented for payment drawn in excess of disbursement account book balances, after considering offset provisions. At June 25, 2016, cash and cash equivalents held outside the United States amounted to $150 million.
Receivables under Factoring Agreement	Receivables under Factoring Agreement: The Company sells selected accounts receivables on a non-recourse basis to an unrelated financial institution under a factoring agreement in France. The Company accounts for this transaction as a sale of receivables, removes receivables sold from its financial statements, and records cash proceeds when received by the Company as cash provided by operating activities in the Statements of Cash Flows. The financial institution retains a portion of the sold receivables as a guarantee until the receipt of the proceeds associated with the factored invoices. In the second quarter and first half of 2016, the Company withdrew $84 million and $167 million respectively, from amounts available under the factoring arrangement. Receivables sold for which the Company did not obtain cash directly from the financial institution are included in Receivables and amount to $8 million and $6 million as of June 25, 2016 and December 26, 2015, respectively. Retention guarantee totaling $9 million and $10 million are included in Prepaid expenses and other current assets as of June 25, 2016 and December 26, 2015, respectively.
Employee Benefit Plans	Employee Benefit Plans – In May 2016, the Compensation Committee of the Board of Directors approved the 2016 long-term incentive grants. The awards are three forms of restricted stock units all of which include service conditions. One portion of the awards vest annually over three years and the remainder cliff vest in three years. Additionally, a portion of the awards include performance conditions based on adjusted operating income and a portion of the awards include market conditions that compare the Company’s total shareholder return relative to a peer group.
New Accounting Standards	New Accounting Standards: In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update that supersedes most current revenue recognition guidance and modifies the accounting for certain costs associated with revenue generation. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a number of steps to apply to achieve that principle and requires additional disclosures. The standard was originally to be effective for the Company’s first quarter of 2017. In July 2015, the FASB approved a one year extension to the required implementation date but also permitted companies to adopt the standard at the original effective date of 2017. Adoption before the original effective date of 2017 is not permitted. The new standard may be applied retrospectively to each prior period presented or retrospectively with a cumulative effect recognized as of the date of adoption. The Company is assessing what impact this new standard will have on its Consolidated Financial Statements. In February 2016, the FASB issued an accounting standards update which will require lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The accounting treatment for lessors will remain relatively unchanged. The accounting standards update also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for existing leases and accordingly, apply the new accounting model for the earliest year presented in the financial statements. The Company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements but anticipates it will result in a significant right of use asset and related liability associated with our operating leases. In March 2016, the FASB issued an accounting standards update as part of its simplification initiative. The new standard will modify several aspects of the accounting and reporting for employee share-based payments and related tax accounting impacts, including the presentation in the statements of operations and cash flows of certain tax benefits or deficiencies and employee tax withholdings, as well as the accounting for award forfeitures over the vesting period. Other provisions of the new standard relate to nonpublic entities and eliminate guidance that had not become effective. The new standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements.

- Definition

Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

+ References + Details

- Definition

Disclosure of accounting policy for pension and other postretirement benefit plans. This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived.

+ References + Details

ACQUISITION AND DISPOSITIONS (Tables)

6 Months Ended

Jun. 25, 2016

Assets Held for Sale Activity

The assets held for sale activity in the first half of 2016 is presented in the table below.


(In millions)
Balance as of December 26, 2015	$	30
Dispositions		(6	)
Reclassifications		(20	)

Balance as of June 25, 2016	$	4

MERGER, RESTRUCTURING, AND OTHER ACCRUALS (Tables)

6 Months Ended

Jun. 25, 2016

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

The table below and narrative that follows summarize the major components of Merger, restructuring and other operating (income) expenses, net.


	Second Quarter					First Half
(In millions)	2016			2015		2016			2015
Merger related expenses
Severance, retention, and relocation	$	—		$	6	$	—		$	11
Transaction and integration		11			29		22			53
Facility closure, contract termination, and other costs, net		14			29		17			15

Total Merger related expenses		25			64		39			79

International restructuring and certain other expenses
Severance and retention		1			20		5			25
Integration		—			2		—			4
Other related expenses		3			—		4			6

Total International restructuring and certain other expenses		4			22		9			35

Staples Acquisition (income) expenses
Retention		15			29		18			35
Transaction		19			5		41			14
Termination Fee		(250	)		—		(250	)		—

Total Staples Acquisition (income) expenses		(216	)		34		(191	)		49

Total Merger, restructuring and other operating (income) expenses, net	$	(187	)	$	120	$	(143	)	$	163

Facility Closure and Severance Costs

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


			First Half 2016
(In millions)	December 26, 2015		Charges Incurred			Cash Payments			Currency, Lease Accretion and Other Adjustments			June 25, 2016
Termination benefits
Merger related accruals	$	16	$	—		$	(4	)	$	(2	)	$	10
European restructuring plan		42		—			(16	)		2			28
Other restructuring accruals		1		4			(4	)		—			1
Lease and contract obligations, accruals for facilities closures and other costs
Merger related accruals		77		14			(37	)		3			57
European restructuring plan		1		—			—			—			1
Other restructuring accruals		25		1			(8	)		1			19
Acquired entity accruals		25		(2	)		(3	)		2			22
Staples Acquisition related accruals		72		19			(75	)		(1	)		15

Total	$	259	$	36		$	(147	)	$	5		$	153

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 25, 2016

Schedule of Stockholders' Equity

The following table reflects the changes in stockholders’ equity.


(In millions)
Stockholders’ equity at December 26, 2015	$	1,603
Net income		256
Repurchase of common stock for treasury		(26	)
Other comprehensive income		11
Amortization of long-term incentive stock grants		16

Stockholders’ equity at June 25, 2016	$	1,860

Accumulated Other Comprehensive Income (Loss) Activity, Net of Tax

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


(In millions)	Foreign Currency Translation Adjustments		Change in Deferred Pension and Other			Total
Balance at December 26, 2015	$	108	$	(78	)	$	30
Other comprehensive income (loss) activity before reclassifications		12		(1	)		11

Net other comprehensive income (loss)		12		(1	)		11

Balance at June 25, 2016	$	120	$	(79	)	$	41

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 25, 2016

Calculation of Net Earnings Per Common Share

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


	Second Quarter					First Half
(In millions, except per share amounts)	2016		2015			2016		2015
Basic Earnings Per Share
Numerator:
Net income (loss)	$	210	$	(58	)	$	256	$	(13	)
Denominator:
Weighted-average shares outstanding		550		547			550		546
Basic earnings (loss) per share	$	0.38	$	(0.11	)	$	0.47	$	(0.02	)
Diluted Earnings Per Share
Numerator:
Net income (loss)	$	210	$	(58	)	$	256	$	(13	)
Denominator:
Weighted-average shares outstanding		550		547			550		546
Effect of dilutive securities:
Stock options and restricted stock		10		—			7		—

Diluted weighted-average shares outstanding		560		547			557		546
Diluted earnings (loss) per share	$	0.38	$	(0.11	)	$	0.46	$	(0.02	)

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 25, 2016

North America

Components of Net Periodic Pension Benefit

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


	Second Quarter						First Half
(In millions)	2016			2015			2016			2015
Service cost	$	2		$	1		$	4		$	2
Interest cost		12			11			23			23
Expected return on plan assets		(14	)		(14	)		(28	)		(28	)

Net periodic pension benefit	$	—		$	(2	)	$	(1	)	$	(3	)

Europe

Components of Net Periodic Pension Benefit

The components of net periodic pension benefit for the Company’s European pension plan are as follows:


	Second Quarter						First Half
(In millions)	2016			2015			2016			2015
Service cost	$	—		$	—		$	—		$	—
Interest cost		2			2			4			4
Expected return on plan assets		(3	)		(3	)		(6	)		(7	)

Net periodic pension benefit	$	(1	)	$	(1	)	$	(2	)	$	(3	)

DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 25, 2016

Schedule of Fair Value of Assets and Liabilities

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


	June 25, 2016				December 26, 2015
(In millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Timber notes receivable	$	895	$	919	$	905	$	909
Company-owned life insurance		86		86		88		88
Financial liabilities
Recourse debt
9.75% senior secured notes, due 2019		250		264		250		265
7.35% debentures, due 2016		—		—		18		18
Revenue bonds, due in varying amounts periodically through 2029		186		186		186		186
American & Foreign Power Company, Inc. 5% debentures, due 2030		14		11		14		13
Non-recourse debt		808		831		819		825

DIVISION INFORMATION (Tables)

6 Months Ended

Jun. 25, 2016

Summary of Significant Accounts and Balances by Each Divisions

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


	Sales
	Second Quarter					First Half
(In millions)	2016			2015		2016			2015
North American Retail Division	$	1,249		$	1,342	$	2,755		$	2,995
North American Business Solutions Division		1,330			1,434		2,698			2,910
International Division		639			664		1,309			1,412

Total	$	3,218		$	3,440	$	6,762		$	7,317


	Division Operating Income (Loss)
	Second Quarter					First Half
(In millions)	2016			2015		2016			2015
North American Retail Division	$	30		$	42	$	132		$	128
North American Business Solutions Division		63			63		109			120
International Division		(10	)		2		(19	)		15

Total	$	83		$	107	$	222		$	263

Reconciliation of Measure of Division Operating Income to Consolidated Income Before Income Taxes

A reconciliation of the measure of Division operating income to Consolidated income before income taxes is as follows:


	Second Quarter						First Half
(In millions)	2016			2015			2016			2015
Total Division operating income	$	83		$	107		$	222		$	263
Add/(subtract):
Asset impairments		—			(4	)		—			(9	)
Merger, restructuring and other operating income (expenses), net		187			(120	)		143			(163	)
Unallocated expenses		(17	)		(34	)		(40	)		(55	)
Interest income		6			6			12			12
Interest expense		(25	)		(23	)		(48	)		(48	)
Other income (expense), net		—			1			—			2

Income (loss) before income taxes	$	234		$	(67	)	$	289		$	2

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2016 Form	Jun. 25, 2016 USD ($)	Jun. 25, 2016 USD ($) Segment	Dec. 26, 2015 USD ($)	Jun. 27, 2015 USD ($)	Dec. 27, 2014 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment			3
Accounts payable and accrued expenses and other current liabilities not yet presented for payment		$ 25	$ 25	$ 32
Cash and cash equivalents		1,118	1,118	1,069	$ 867	$ 1,071
Receivables, net		1,055	1,055	1,166
Restricted Stock
Summary Of Significant Accounting Policies [Line Items]
Number of restricted stock award forms \| Form	3
Restricted Stock \| Portion of the awards vest annually
Summary Of Significant Accounting Policies [Line Items]
Award vesting period	3 years
Restricted Stock \| Portion cliff vest
Summary Of Significant Accounting Policies [Line Items]
Award vesting period	3 years
Receivables Sold Under Factoring Agreement during the period
Summary Of Significant Accounting Policies [Line Items]
Receivables under Factoring Agreement		84	167
Receivables, net		8	8	6
Prepaid Expenses and Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Factoring agreement, retention guarantee		9	9	$ 10
Non-US
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 150	$ 150

Acquisition and Dispositions - Additional Information (Detail) $ in Millions		3 Months Ended	6 Months Ended
	May 19, 2016 USD ($)	Jun. 25, 2016 USD ($)	Jun. 25, 2016 USD ($) Facility
Business Acquisition [Line Items]
Termination Fee		$ 250	$ 250
Number of supply chain facilities reclassified to operations \| Facility			1
Staples, Inc.
Business Acquisition [Line Items]
Termination Fee	$ 250

Assets Held for Sale Activity (Detail) $ in Millions	6 Months Ended
Assets Held for Sale Activity (Detail) $ in Millions	Jun. 25, 2016 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Beginning Balance	$ 30
Dispositions	(6)
Reclassifications	(20)
Ending Balance	$ 4

Merger, Restructuring, and Other Accruals - Additional Information (Detail) $ in Millions		3 Months Ended			6 Months Ended
	May 19, 2016 USD ($)	Jun. 25, 2016 USD ($)	Jun. 27, 2015 USD ($)	Mar. 28, 2015 USD ($)	Jun. 25, 2016 USD ($) Store	Jun. 27, 2015 USD ($)
Merger Restructuring And Other Operating Expenses [Line Items]
Number of retail stores closed under real estate strategy \| Store					400
Retail stores closure period					3 years
Supply chain closure anticipated completion year					2017
Number of retail stores closed \| Store					51
Merger, restructuring and other operating (income) expenses, net		$ (187)	$ 120		$ (143)	$ 163
Charges Incurred					36
Termination Fee		250			250
Merger restructuring and other expenses					107
Merger, restructuring and other operating (income) expenses other than liabilities					71
Merger related expenses, Transaction and integration		11	$ 29		22	$ 53
Other transactions					8
Staples, Inc.
Merger Restructuring And Other Operating Expenses [Line Items]
Termination Fee	$ 250
Transaction expenses					41
Merger, restructuring, and other operating (income) expenses, net
Merger Restructuring And Other Operating Expenses [Line Items]
Gain on sale of warehouse facilities classified as assets held for sale		$ 1		$ 19
Charges Incurred					$ 36

Summary of Major Components of Merger, Restructuring and Other Operating (Income) Expenses, Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Merger related expenses
Severance, retention, and relocation		$ 6		$ 11
Transaction and integration	$ 11	29	$ 22	53
Facility closure, contract termination, and other costs, net	14	29	17	15
Total Merger related expenses	25	64	39	79
International restructuring and certain other expenses
Severance and retention	1	20	5	25
Integration		2		4
Other related expenses	3		4	6
Total International restructuring and certain other expenses	4	22	9	35
Staples Acquisition (income) expenses
Retention	15	29	18	35
Transaction	19	5	41	14
Termination Fee	(250)		(250)
Total Staples Acquisition (income) expenses	(216)	34	(191)	49
Total Merger, restructuring and other operating (income) expenses, net	$ (187)	$ 120	$ (143)	$ 163

Severance and Facility Closure Costs (Detail) $ in Millions	6 Months Ended
Severance and Facility Closure Costs (Detail) $ in Millions	Jun. 25, 2016 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 259
Charges Incurred	36
Cash Payments	(147)
Currency, Lease Accretion, and Other Adjustments	5
Ending Balance	153
Termination benefits \| Merger related accruals
Restructuring Cost and Reserve [Line Items]
Beginning Balance	16
Cash Payments	(4)
Currency, Lease Accretion, and Other Adjustments	(2)
Ending Balance	10
Termination benefits \| European restructuring plan
Restructuring Cost and Reserve [Line Items]
Beginning Balance	42
Cash Payments	(16)
Currency, Lease Accretion, and Other Adjustments	2
Ending Balance	28
Termination benefits \| Other restructuring accruals
Restructuring Cost and Reserve [Line Items]
Beginning Balance	1
Charges Incurred	4
Cash Payments	(4)
Ending Balance	1
Lease and contract obligations, accruals for facilities closures and other costs \| Merger related accruals
Restructuring Cost and Reserve [Line Items]
Beginning Balance	77
Charges Incurred	14
Cash Payments	(37)
Currency, Lease Accretion, and Other Adjustments	3
Ending Balance	57
Lease and contract obligations, accruals for facilities closures and other costs \| European restructuring plan
Restructuring Cost and Reserve [Line Items]
Beginning Balance	1
Ending Balance	1
Lease and contract obligations, accruals for facilities closures and other costs \| Other restructuring accruals
Restructuring Cost and Reserve [Line Items]
Beginning Balance	25
Charges Incurred	1
Cash Payments	(8)
Currency, Lease Accretion, and Other Adjustments	1
Ending Balance	19
Lease and contract obligations, accruals for facilities closures and other costs \| Acquired entity accruals
Restructuring Cost and Reserve [Line Items]
Beginning Balance	25
Charges Incurred	(2)
Cash Payments	(3)
Currency, Lease Accretion, and Other Adjustments	2
Ending Balance	22
Lease and contract obligations, accruals for facilities closures and other costs \| Acquired Entities
Restructuring Cost and Reserve [Line Items]
Beginning Balance	72
Charges Incurred	19
Cash Payments	(75)
Currency, Lease Accretion, and Other Adjustments	(1)
Ending Balance	$ 15

Debt - Additional Information (Detail) - Amended Credit Agreement - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2016	Jun. 25, 2016
Debt Instrument [Line Items]
Available credit under the Facility		$ 1,100,000,000
Expiration period under the new Facility	5 years
Maximum borrowing capacity under the new Facility	$ 1,200,000,000
Maturity date of the new Facility	May 13, 2021
Amount outstanding under letters of credit		91,000,000
Average borrowings under the Facility		0
Other Assets
Debt Instrument [Line Items]
Debt acquisition costs		$ 6,000,000

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 24, 2016	Dec. 31, 2016	Jun. 25, 2016	Dec. 26, 2015
Income Taxes [Line Items]
Expected decrease in unrecognized tax benefits in the next 12 months			$ 5
U.S. Federal
Income Taxes [Line Items]
Valuation allowance				$ 493
Scenario, Forecast \| U.S. Federal
Income Taxes [Line Items]
Estimated valuation allowance, expected to be released in 2016		$ 400
Scenario, Forecast \| Foreign
Income Taxes [Line Items]
Valuation allowances, tax benefit	$ (3)

Schedule of Stockholders' Equity (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Stockholders Equity [Line Items]
Beginning Balance			$ 1,603
Net income	$ 210	$ (58)	256	$ (13)
Repurchase of common stock for treasury	(26)		(26)
Other comprehensive income	5	$ 3	11	$ (51)
Amortization of long-term incentive stock grants			16
Ending Balance	$ 1,860		$ 1,860

Accumulated Other Comprehensive Income (Loss) Activity, Net of Tax (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			$ 1,603
Total other comprehensive income (loss), net of tax, where applicable	$ 5	$ 3	11	$ (51)
Ending Balance	1,860		1,860
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			108
Other comprehensive income (loss) activity before reclassifications			12
Total other comprehensive income (loss), net of tax, where applicable			12
Ending Balance	120		120
Change in Deferred Pension and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(78)
Other comprehensive income (loss) activity before reclassifications			(1)
Total other comprehensive income (loss), net of tax, where applicable			(1)
Ending Balance	(79)		(79)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			30
Other comprehensive income (loss) activity before reclassifications			11
Total other comprehensive income (loss), net of tax, where applicable			11
Ending Balance	$ 41		$ 41

Stockholders' Equity - Additional Information (Detail) - USD ($) shares in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2016	Jun. 25, 2016	Jun. 25, 2016
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, period in force	12 months
Stock repurchase program, shares purchased		7
Stock repurchase program, shares purchased at cost		$ 26,000,000	$ 26,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 74,000,000	$ 74,000,000
Maximum
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 100,000,000

Calculation of Net Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Earnings Per Share [Line Items]
Net income (loss)	$ 210	$ (58)	$ 256	$ (13)
Weighted-average shares outstanding	550	547	550	546
Basic earnings (loss) per share	$ 0.38	$ (0.11)	$ 0.47	$ (0.02)
Net income (loss)	$ 210	$ (58)	$ 256	$ (13)
Weighted-average shares outstanding	550	547	550	546
Stock options and restricted stock	10		7
Diluted weighted-average shares outstanding	560	547	557	546
Diluted earnings (loss) per share	$ 0.38	$ (0.11)	$ 0.46	$ (0.02)

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Stock options and restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share		9		9
Nonvested Options and Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share	7		8
Nonvested Options and Shares \| Maximum
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share		1		1

Components of Net Periodic Pension Benefit (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Europe
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 2	$ 2	$ 4	$ 4
Expected return on plan assets	(3)	(3)	(6)	(7)
Net periodic pension benefit	(1)	(1)	(2)	(3)
North America
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	1	4	2
Interest cost	12	11	23	23
Expected return on plan assets	$ (14)	(14)	(28)	(28)
Net periodic pension benefit		$ (2)	$ (1)	$ (3)

Employee Benefit Plans - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 25, 2016 USD ($)
North America
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement contributions, current period	$ 1
Pension and other postretirement contributions, remainder of fiscal year	1
Europe
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement contributions, remainder of fiscal year	$ 1

Derivative Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges	$ 4,000,000		$ 9,000,000
Retail Stores
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges	$ 4,000,000	$ 0	9,000,000
Retail Stores \| Favorable Leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges			$ 1,000,000
Foreign Exchange Contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contracts expiration date		2016-12
Fuel Contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contracts expiration date		2017-01

Schedule of Fair Value of Senior Notes (Detail) - USD ($) $ in Millions	Jun. 25, 2016	Dec. 26, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Timber notes receivable	$ 919	$ 909
Company-owned life insurance	86	88
Recourse Debt \| 9.75% senior secured notes, due 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	264	265
Recourse Debt \| 7.35% debentures, due 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		18
Recourse Debt \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	186	186
Recourse Debt \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	11	13
Non-Recourse Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	831	825
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Timber notes receivable	895	905
Company-owned life insurance	86	88
Carrying Value \| Recourse Debt \| 9.75% senior secured notes, due 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	250	250
Carrying Value \| Recourse Debt \| 7.35% debentures, due 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		18
Carrying Value \| Recourse Debt \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	186	186
Carrying Value \| Recourse Debt \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	14	14
Carrying Value \| Non-Recourse Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 808	$ 819

Schedule of Fair Value of Senior Notes (Parenthetical) (Detail) - Recourse Debt	6 Months Ended	12 Months Ended
	Jun. 25, 2016	Dec. 26, 2015
9.75% senior secured notes, due 2019 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, interest rate	9.75%	9.75%
Long-term debt, due date	2019	2019
9.75% senior secured notes, due 2019 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, interest rate	9.75%	9.75%
Long-term debt, due date	2019	2019
7.35% debentures, due 2016 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, interest rate	7.35%	7.35%
Long-term debt, due date	2016	2016
7.35% debentures, due 2016 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, interest rate	7.35%	7.35%
Long-term debt, due date	2016	2016
Revenue bonds, due in varying amounts periodically through 2029 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
Revenue bonds, due in varying amounts periodically through 2029 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, interest rate	5.00%	5.00%
Long-term debt, due date	2030	2030
American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, interest rate	5.00%	5.00%
Long-term debt, due date	2030	2030

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Nov. 30, 2015	Jun. 25, 2016
Commitments and Contingencies Disclosure [Line Items]
Litigation settlement amount	$ 3,530
Minimum
Commitments and Contingencies Disclosure [Line Items]
Losses for environmental liabilities		$ 10,000
Maximum
Commitments and Contingencies Disclosure [Line Items]
Losses for environmental liabilities		$ 25,000

Division Information - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 25, 2016 USD ($) Segment	Dec. 26, 2015 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	3
Goodwill	$ 378	$ 378
North American Retail Division
Segment Reporting Information [Line Items]
Goodwill	78	78
North American Business Solutions Division
Segment Reporting Information [Line Items]
Goodwill	285	285
International Division
Segment Reporting Information [Line Items]
Goodwill	$ 15	$ 15

Reconciliation of Revenue from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Segment Reporting Information [Line Items]
Sales	$ 3,218	$ 3,440	$ 6,762	$ 7,317
North American Retail Division
Segment Reporting Information [Line Items]
Sales	1,249	1,342	2,755	2,995
North American Business Solutions Division
Segment Reporting Information [Line Items]
Sales	1,330	1,434	2,698	2,910
International Division
Segment Reporting Information [Line Items]
Sales	$ 639	$ 664	$ 1,309	$ 1,412

Division Operating Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)	$ 253	$ (51)	$ 325	$ 36
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)	83	107	222	263
Operating Segments \| North American Retail Division
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)	30	42	132	128
Operating Segments \| North American Business Solutions Division
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)	63	63	109	120
Operating Segments \| International Division
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)	$ (10)	$ 2	$ (19)	$ 15

Reconciliation of Measure of Division Operating Income to Consolidated Income Before Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Segment Reporting Information [Line Items]
Operating income (loss)	$ 253	$ (51)	$ 325	$ 36
Asset impairments		(4)		(9)
Merger, restructuring and other operating income (expenses), net	187	(120)	143	(163)
Unallocated expenses	(17)	(34)	(40)	(55)
Interest income	6	6	12	12
Interest expense	(25)	(23)	(48)	(48)
Other income (expense), net		1		2
Income (loss) before income taxes	234	(67)	289	2
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	$ 83	$ 107	$ 222	$ 263