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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 15	$ 72
Other comprehensive income/(loss), net of tax, where applicable:
Foreign currency translation adjustments	(4)	2
Change in deferred pension	1
Total other comprehensive income/(loss), net of tax, where applicable	(3)	2
Comprehensive income	$ 12	$ 74

- Definition

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

+ References

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+ Details

- Definition

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

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+ Details

EARNINGS PER SHARE

3 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 5. EARNINGS PER SHARE

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


	First Quarter
(In millions, except per share amounts)	2024		2023
Basic Earnings Per Share
Numerator:
Net income from continuing operations	$	15	$	72
Income from discontinued operations, net of tax		—		—
Net income	$	15	$	72
Denominator:
Weighted-average shares outstanding		37		40
Basic earnings per share
Continuing operations	$	0.42	$	1.79
Discontinued operations		—		—
Net basic earnings per share	$	0.42	$	1.79
Diluted Earnings Per Share
Numerator:
Net income from continuing operations	$	15	$	72
Income from discontinued operations, net of tax		—		—
Net income	$	15	$	72
Denominator:
Weighted-average shares outstanding		37		40
Effect of dilutive securities:
Stock options and restricted stock		1		2
Diluted weighted-average shares outstanding		38		42
Diluted earnings per share
Continuing operations	$	0.40	$	1.71
Discontinued operations		—		—
Net diluted earnings per share	$	0.40	$	1.71

Awards of stock options and nonvested shares representing additional shares of outstanding common stock were less than one million in both the first quarter of 2024 and the first quarter of 2023, but they were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.

CONTINGENCIES	3 Months Ended
Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE 10. CONTINGENCIES LEGAL MATTERS The Company is involved in litigation arising in the normal course of business. While, from time to time, claims are asserted that make demands for a large sum of money (including, from time to time, actions which are asserted to be maintainable as class action suits), the Company does not believe that contingent liabilities related to these matters (including the matters discussed below), either individually or in the aggregate, will materially affect the Company’s financial position, results of operations, or cash flows. In the ordinary course of business, sales to and transactions with government customers may be subject to lawsuits, investigations, audits and review by governmental authorities and regulatory agencies, with which the Company cooperates. Many of these lawsuits, investigations, audits and reviews are resolved without material impact to the Company. While claims in these matters may at times assert large demands, the Company does not believe that contingent liabilities related to these matters, either individually or in the aggregate, will materially affect its financial position, results of operations, or cash flows. In addition to the foregoing, OfficeMax is named as a defendant in a number of lawsuits, claims, and proceedings arising out of the operation of certain paper and forest products assets prior to those assets being sold in 2004, for which OfficeMax agreed to retain responsibility. Also, as part of that sale, OfficeMax agreed to retain responsibility for all pending, threatened and future proceedings alleging asbestos-related injuries arising out of the operation of the paper and forest products assets prior to the closing of the sale. The Company has made provision for losses with respect to the pending proceedings. Additionally, as of March 30, 2024, 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 combined 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.

CONTINGENCIES

3 Months Ended

Mar. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

NOTE 10. CONTINGENCIES

LEGAL MATTERS

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

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

In addition to the foregoing, OfficeMax is named as a defendant in a number of lawsuits, claims, and proceedings arising out of the operation of certain paper and forest products assets prior to those assets being sold in 2004, for which OfficeMax agreed to retain responsibility. Also, as part of that sale, OfficeMax agreed to retain responsibility for all pending, threatened and future proceedings alleging asbestos-related injuries arising out of the operation of the paper and forest products assets prior to the closing of the sale. The Company has made provision for losses with respect to the pending proceedings. Additionally, as of March 30, 2024, 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 combined 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.

Subsequent Events - Additional Information (Detail)	Apr. 24, 2024
Subsequent Event
Subsequent Event [Line Items]
Expected sale completion period	1 year

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Mar. 30, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Pension Benefit

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


	First Quarter
(In millions)	2024			2023
Interest cost	$	7		$	8
Expected return on plan assets		(7	)		(9	)
Amortization of gain		—			(1	)
Net periodic pension benefit	$	—		$	(2	)

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


	First Quarter
(In millions)	2024			2023
Interest cost	$	2		$	2
Expected return on plan assets		(1	)		(2	)
Net periodic pension benefit	$	1		$	—

Merger And Restructuring Activity - Additional Information (Detail)	1 Months Ended	3 Months Ended						24 Months Ended	48 Months Ended
	Apr. 30, 2024 Phase	Mar. 30, 2024 Division	Mar. 30, 2024 Segment	Mar. 30, 2024 Store	Mar. 30, 2024 Phase	Mar. 30, 2024 USD ($)	Apr. 01, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 30, 2023 Facility Store
Merger Restructuring And Other Activity [Line Items]
Transaction and integration expenses						$ 0
Costs to implement restructuring plan						26,000,000
Restructuring cash expenditure						3,000,000
Number of reportable segments		4	4
Professional fees						6,000,000
Maximum
Merger Restructuring And Other Activity [Line Items]
Transaction and integration expenses							$ 1,000,000
Maximize B2B Restructuring Plan
Merger Restructuring And Other Activity [Line Items]
Number of retail stores closed \| Store									297
Number of additional retail stores closed \| Store				12
Number of distribution facilities closed \| Facility									2
Costs to implement restructuring plan						2,000,000
Restructuring cash expenditure						2,000,000	3,000,000
Maximize B2B Restructuring Plan \| Termination Benefits
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan						(1,000,000)
Maximize B2B Restructuring Plan \| Other Costs Including Contract Termination Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan						2,000,000
Restructuring cash expenditure						1,000,000
Maximize B2B Restructuring Plan \| Maximum
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan							$ 1,000,000
Project Core
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan						25,000,000
Restructuring cash expenditure						2,000,000
Number of operating segments \| Segment			4
Number of phases approved \| Phase	2				2
Project Core \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan								$ 57,000,000
Project Core \| Severance Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan						19,000,000
Project Core \| Facility
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan						6,000,000
Project Core \| Termination Benefits
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan						19,000,000
Project Core \| Termination Benefits \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan								35,000,000
Project Core \| Other Costs Including Contract Termination Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan						6,000,000
Restructuring cash expenditure						$ 2,000,000
Project Core \| Third-Party Professional Fees \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan								$ 22,000,000

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 403	$ 403

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Schedule of Goodwill by Segment (Detail) $ in Millions	3 Months Ended
Schedule of Goodwill by Segment (Detail) $ in Millions	Mar. 30, 2024 USD ($)
Goodwill [Line Items]
Balance as of December 30, 2023	$ 403
Balance as of March 30, 2024	403
Operating Segments
Goodwill [Line Items]
Balance as of December 30, 2023	403
Acquisitions	0
Balance as of March 30, 2024	403
ODP Business Solutions Division \| Operating Segments
Goodwill [Line Items]
Balance as of December 30, 2023	149
Acquisitions	0
Balance as of March 30, 2024	149
Office Depot Division \| Operating Segments
Goodwill [Line Items]
Balance as of December 30, 2023	219
Acquisitions	0
Balance as of March 30, 2024	219
Veyer Division \| Operating Segments
Goodwill [Line Items]
Balance as of December 30, 2023	35
Acquisitions	0
Balance as of March 30, 2024	$ 35

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 9. FAIR VALUE MEASUREMENTS

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


Level 1:		Quoted prices in active markets for identical assets or liabilities.
Level 2:		Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3:		Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows or option pricing models using the Company’s own estimates and assumptions or those expected to be used by market participants.

RECURRING FAIR VALUE MEASUREMENTS

In accordance with GAAP, certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company’s assets and liabilities that are adjusted to fair value on a recurring basis are money market funds that qualify as cash equivalents, and derivative financial instruments, which may be entered into to mitigate risks associated with changes in foreign currency exchange rates, fuel and other commodity prices and interest rates. The Company did not have derivative financial instruments during the first quarter of 2024.

NONRECURRING FAIR VALUE MEASUREMENTS

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets and liabilities at fair value on a nonrecurring basis as required by GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. In the first quarter of 2024, the Company recognized asset impairment charges of $6 million. Of these asset impairment charges, $5 million related to the impairment of operating lease right-of-use (“ROU”) assets associated with the Company’s retail store locations, with the remainder relating to impairment of fixed assets. In the first quarter of 2023, the Company recognized asset impairment charges of $4 million. Of these asset impairment charges, $3 million related to the impairment of operating lease ROU assets associated with the Company’s retail store locations, with the remainder relating to impairment of fixed assets and other impairment. All impairment charges discussed in the sections below are presented in Asset impairments in the Condensed Consolidated Statements of Operations.

The Company regularly reviews retail store assets for impairment indicators at the individual store level, as this represents the lowest level of identifiable cash flows. When indicators of impairment are present, a recoverability analysis is performed which considers the estimated undiscounted cash flows over the retail store’s remaining life and uses input from retail operations and accounting and finance personnel. These inputs include management’s best estimates of retail store-level sales, gross margins, direct expenses, exercise of future lease renewal options when reasonably certain to be exercised, and resulting cash flows that can naturally include judgments about how current initiatives will impact future performance. The assumptions used within the recoverability analysis for the retail stores were updated to consider current quarter retail store operational results and formal plans for future retail store closures as part of the Company’s restructuring programs, including the probability of closure at the retail store level. While it is generally understood that closures will approximate the store’s lease termination date, it is possible that changes in store performance or other conditions could result in future changes in assumptions utilized. These assumptions reflected declining sales over the forecast period, and gross margin and operating cost assumptions that are consistent with recent actual results and consider plans for future initiatives.

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 first quarter of 2024 impairment calculation were discounted at a weighted average discount rate of 8%.

The Company will continue to evaluate initiatives to improve performance and lower operating costs. There are uncertainties regarding the impact of supply chain and macroeconomic conditions on the future results of operations, including the forecast period used in the recoverability analysis. To the extent that forward-looking sales and operating assumptions are not achieved and are subsequently reduced, additional impairment charges may result. However, at the end of the first quarter of 2024, 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. The Company did not identify any impairment indicators for these long-lived assets as of March 30, 2024, and as a result, there were no associated impairment charges.

The Company had assets held for sale of $7 million as of March 30, 2024, consisting of $6 million in land and $1 million in other property.

OTHER FAIR VALUE DISCLOSURES

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

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


	March 30,				December 30,
	2024				2023
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount		Value
Financial assets:
Company-owned life insurance	$	136	$	136	$	138	$	138
Financial liabilities:
Long-term debt:
New Facilities loans under the Third Amended Credit Agreement, due 2025		—		—		53		53
Revenue bonds, due in varying amounts periodically through 2029		75		76		75		76
American & Foreign Power Company, Inc. 5% debentures, due 2030		16		14		16		14

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

•

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

•

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

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 282	$ 392
Receivables, net	466	487
Inventories	733	765
Prepaid expenses and other current assets	36	28
Current assets held for sale	7	6
Total current assets	1,524	1,678
Property and equipment, net	360	359
Operating lease right-of-use assets	978	983
Goodwill	403	403
Other intangible assets, net	44	45
Deferred income taxes	147	140
Other assets	279	278
Total assets	3,735	3,886
Current liabilities:
Trade accounts payable	755	755
Accrued expenses and other current liabilities	854	923
Income taxes payable	5	6
Short-term borrowings and current maturities of long-term debt	10	9
Total current liabilities	1,624	1,693
Deferred income taxes and other long-term liabilities	122	123
Pension and postretirement obligations, net	14	15
Long-term debt, net of current maturities	115	165
Operating lease liabilities, net of current portion	791	789
Total liabilities	2,666	2,785
Contingencies (Note 10)
Stockholders' equity:
Common stock - authorized 80,000,000 shares of $0.01 par value; issued shares - 66,958,689 at March 30, 2024 and 66,700,292 at December 30, 2023; outstanding shares - 36,260,932 at March 30, 2024 and 36,959,377 at December 30, 2023	1	1
Additional paid-in capital	2,758	2,752
Accumulated other comprehensive loss	(117)	(114)
Accumulated deficit	(297)	(312)
Treasury stock, at cost - 30,697,757 shares at March 30, 2024 and 29,740,915 shares at December 30, 2023	(1,276)	(1,226)
Total stockholders' equity	1,069	1,101
Total liabilities and stockholders’ equity	$ 3,735	$ 3,886

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Taxes [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%
Effective tax rate	12.00%	23.00%
Unrecognized tax benefits, material tax positions	$ 3

Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($)
Minimum
Commitments And Contingencies Disclosure [Line Items]
Losses for environmental liabilities	$ 15
Maximum
Commitments And Contingencies Disclosure [Line Items]
Losses for environmental liabilities	$ 25

DEBT

3 Months Ended

Mar. 30, 2024

Debt Disclosure [Abstract]

DEBT

NOTE 6. DEBT

On April 17, 2020, the Company entered into the Third Amended and Restated Credit Agreement (the “Third Amended Credit Agreement”), which provided for a $1.2 billion asset-based revolving credit facility and a $100 million asset-based first-in, last-out term loan facility (the “FILO Term Loan Facility”), for an aggregate principal amount of up to $1.3 billion (the “New Facilities”). The New Facilities mature on April 17, 2025. The Third Amended Credit Agreement replaced the Company’s then existing amended and restated credit agreement that was due to mature in May 2021. In 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. During the first quarter of 2023, the Third Amended Credit Agreement was amended to replace the LIBOR-based Eurocurrency reference interest rate option with a reference interest rate option based upon SOFR. Other than the foregoing, the material terms of the Third Amended Credit Agreement remain unchanged.

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. During the first quarter of 2024, the Company elected to draw down $75 million under the Third Amended Credit Agreement for working capital management. This was repaid during the quarter, resulting in no revolving loans outstanding at March 30, 2024. During the first quarter of 2024, the Company retired $53 million of outstanding FILO Term Loan Facility loans under the Third Amended Credit Agreement, resulting in no FILO Term Loan Facility loans at March 30, 2024. This was funded through available liquidity. At March 30, 2024, the Company had $37 million of outstanding standby letters of credit and $689 million of available credit under the Third Amended Credit Agreement. The Company was in compliance with all applicable covenants at March 30, 2024.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Reconciliation of Revenue from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information [Line Items]
Sales	$ 1,871	$ 2,108
Division operating income (loss)	75	122
External
Segment Reporting Information [Line Items]
Sales	1,871	2,108
Eliminations
Segment Reporting Information [Line Items]
Sales	(1,245)	(1,425)
Eliminations \| Internal
Segment Reporting Information [Line Items]
Sales	(1,245)	(1,425)
ODP Business Solutions Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	926	1,009
Division operating income (loss)	30	39
ODP Business Solutions Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	923	1,005
ODP Business Solutions Division \| Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	3	4
Office Depot Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	944	1,103
Division operating income (loss)	50	85
Office Depot Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	937	1,094
Office Depot Division \| Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	7	9
Veyer Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	1,244	1,419
Division operating income (loss)	9	15
Veyer Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	9	7
Veyer Division \| Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	1,235	1,412
Varis Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	2	2
Division operating income (loss)	(14)	(17)
Varis Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	$ 2	$ 2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
Balance at Dec. 31, 2022	$ 1,287	$ 1	$ 2,742	$ (77)	$ (451)	$ (928)
Balance, Shares at Dec. 31, 2022		65,636,015
Net Income (Loss)	72				72
Other comprehensive income (loss)	2			2
Exercise and release of incentive stock (including income tax benefits and withholding)	(19)		(19)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)		812,978
Amortization of long-term incentive stock grants	9		9
Repurchase of common stock	(202)					(202)
Other	(1)					(1)
Balance at Apr. 01, 2023	1,148	$ 1	2,732	(75)	(379)	(1,131)
Balance, Shares at Apr. 01, 2023		66,448,993
Balance at Dec. 30, 2023	1,101	$ 1	2,752	(114)	(312)	(1,226)
Balance, Shares at Dec. 30, 2023		66,700,292
Net Income (Loss)	15				15
Other comprehensive income (loss)	(3)			(3)
Exercise and release of incentive stock (including income tax benefits and withholding)	(6)		(6)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)		258,397
Amortization of long-term incentive stock grants	11		11
Repurchase of common stock	(50)					(50)
Other	1		1
Balance at Mar. 30, 2024	$ 1,069	$ 1	$ 2,758	$ (117)	$ (297)	$ (1,276)
Balance, Shares at Mar. 30, 2024		66,958,689

- Definition

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

+ References

+ Details

- Definition

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

+ References

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Components of Net Periodic Pension Benefit (Detail) - Pension Benefits - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
North America
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 7	$ 8
Expected return on plan assets	(7)	(9)
Amortization of gain		(1)
Net periodic pension benefit		(2)
United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2	2
Expected return on plan assets	(1)	$ (2)
Net periodic pension benefit	$ 1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

The ODP Corporation (including its consolidated subsidiaries, “ODP” or the “Company”) is a leading provider of products, services and technology solutions through an integrated business-to-business (“B2B”) distribution platform and 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 ODP Business Solutions, LLC; Office Depot, LLC; Veyer, LLC; and Varis, Inc., The ODP Corporation empowers every business, professional, and consumer to achieve more every day.

The Company has four reportable segments (or “Divisions”), which are ODP Business Solutions Division, Office Depot Division, Veyer Division, and Varis Division. Refer to Note 3 for additional information. On April 24, 2024, the Company’s Board of Directors provided their approval of management’s commitment to a plan to sell its Varis Division through a single disposal group. Refer to Note 12 for additional information.

The Condensed Consolidated Financial Statements as of March 30, 2024, and for the 13-week period ended March 30, 2024 (also referred to as the “first quarter of 2024”), and April 1, 2023 (also referred to as the “first quarter of 2023”) are unaudited. However, in management’s opinion, these Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature necessary to provide a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented.

The Company has prepared the Condensed Consolidated Financial Statements included herein pursuant to the rules and regulations of the SEC. Some information and note disclosures, which would normally be included in comprehensive annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to those SEC rules and regulations. The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. For a better understanding of the Company and its Condensed Consolidated Financial Statements, the Company recommends reading these Condensed Consolidated Financial Statements in conjunction with the audited financial statements, which are included in the Company’s 2023 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. Amounts not yet presented for payment to zero balance disbursement accounts of $11 million and $13 million at March 30, 2024 and December 30, 2023, respectively, are presented in Trade accounts payable and Accrued expenses and other current liabilities.

At March 30, 2024 and December 30, 2023, cash and cash equivalents held outside the United States amounted to $87 million and $106 million, respectively. In the first quarter of 2024, the Company repatriated $25 million cash that was held in Canada, for a cost of $1 million.

The Company has certain ongoing pension obligations related to its frozen defined benefit pension plan in the United Kingdom. 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 $3 million at both March 30, 2024 and December 30, 2023.

Revenue and Contract Balances

REVENUE AND CONTRACT BALANCES

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


	March 30,		December 30,
(In millions)	2024		2023
Trade receivables, net	$	370	$	369
Short-term contract assets		4		4
Long-term contract assets		1		1
Short-term contract liabilities		30		32

The Company recognized revenues of $10 million and $18 million in the first quarters of 2024 and 2023, respectively, which were included in the short-term contract liability balance at the beginning of each respective period.

New Accounting Standards

NEW ACCOUNTING STANDARDS

Standards that are not yet adopted:

Segment Reporting: In November 2023, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard update that modified the disclosure requirements for all public entities that are required to report segment information. The update will change the reporting of segments by adding significant segment expenses, other segment items, title and position of chief operating decision maker and how they use the reported measures to make decisions. The update also requires all annual disclosures about reportable segment’s profit or loss and assets in interim periods. This accounting update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of this new standard and believes that the adoption will result in additional disclosures, but will not have any other impact on its Consolidated Financial Statements.

Income Taxes: In December 2023, the FASB issued an accounting standard update that enhances the transparency and decision usefulness of income tax disclosures by adding effects from state and local taxes, foreign tax, changes in tax laws or rates in current period, cross-border tax laws, tax credits, valuation allowances, nontaxable and nondeductible items, and unrecognized tax benefits. This update will also require separate disclosure for any reconciling items. This accounting update is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is evaluating the impact of this new standard and believes that the adoption will result in additional disclosures, but will not have any other impact on its Consolidated Financial Statements.

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($) Division	Mar. 30, 2024 USD ($) Segment	Mar. 30, 2024 USD ($)	Apr. 01, 2023 USD ($)	Dec. 30, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments	4	4
Accounts payable and accrued expenses and other current liabilities not yet presented for payment	$ 11	$ 11	$ 11		$ 13
Cash and cash equivalents	282	282	282		392
Restricted cash	$ 3	$ 3	$ 3		$ 3
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current
Revenue recognition included in short-term contract liabilities			$ 10	$ 18
Non-US
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 87	$ 87	87		$ 106
CANADA
Summary Of Significant Accounting Policies [Line Items]
Cash repatriated			25
Cash and cash equivalents repatriation cost			$ 1

DISCONTINUED OPERATIONS

3 Months Ended

Mar. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 11. DISCONTINUED OPERATIONS

The Company sold its CompuCom Division on December 31, 2021, through a transaction that was structured and accounted for as an equity sale. The disposition represented a strategic shift that had a major impact on the Company’s operations and financial statements, and as a result the operating results and cash flows related to the CompuCom Division have been presented as discontinued operations. The related Securities Purchase Agreement provided for consideration consisting of a cash purchase price, which was settled for $104 million in the fourth quarter of 2022, an interest-bearing promissory note in the amount of $55 million, and an 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 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.

At the closing date of the transaction, on December 31, 2021, the Company had previously received $95 million from the purchaser. Of the additional $9 million to be received to settle the total cash purchase price, $5 million was received in the first quarter of 2023, and the promissory note was amended in February 2023 to include the remaining $4 million, bringing its principal balance to $59 million. 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 as $9 million. The promissory note and the earn-out are non-current receivables as of March 30, 2024.

The Company did not have any financial results related to discontinued operations on its Condensed Consolidated Statements of Operations in the first quarter of 2024 or the first quarter of 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	RULE 10B5-1 TRADING PLANS On March 5, 2024, John Gannfors, Executive Vice President and President of Veyer, entered into a trading plan designed to satisfy the affirmative defense of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The trading plan provides for sales of up to 24,955 shares of our common stock beginning on June 7, 2024 until December 31, 2024 or once all of the shares have been sold. The trading plan is in accordance with our securities trading policy. On March 6, 2024, Kevin Moffitt, Executive Vice President and President of Office Depot, entered into a trading plan designed to satisfy the affirmative defense of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The trading plan provides for sales of up to 23,898 shares of our common stock beginning on June 10, 2024 until December 31, 2024 or once all of the shares have been sold. The trading plan is in accordance with our securities trading policy.
John Gannfors
Trading Arrangements, by Individual
Name	John Gannfors
Title	Executive Vice President and President of Veyer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 5, 2024
Arrangement Duration	207 days
Aggregate Available	24,955
Kevin Moffitt
Trading Arrangements, by Individual
Name	Kevin Moffitt
Title	Executive Vice President and President of Office Depot
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2024
Arrangement Duration	204 days
Aggregate Available	23,898

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 30, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 7. STOCKHOLDERS’ EQUITY

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


	Foreign			Change in
	Currency			Deferred
	Translation			Pension and
(In millions)	Adjustments			Other			Total
Balance at December 30, 2023	$	(31	)	$	(83	)	$	(114	)
Other comprehensive income (loss) activity		(4	)		1			(3	)
Balance at March 30, 2024	$	(35	)	$	(82	)	$	(117	)

TREASURY STOCK

In October 2022, the Board of Directors approved a stock repurchase program of up to $1 billion, available through December 31, 2025 which replaced the then existing $600 million stock repurchase program effective November 3, 2022. In February 2024, the Company’s Board of Directors approved a new stock repurchase program of up to $1 billion of its common stock, available through March 31, 2027, which replaced the then existing $1 billion stock repurchase program. 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.

The Company repurchased 957 thousand shares of its common stock at a cost of $50 million in the first quarter of 2024. As of March 30, 2024, $972 million remains available for stock repurchases under the current stock repurchase program. Subsequent to the end of the first quarter of 2024 and through May 1, 2024, the Company repurchased 703 thousand shares of its common stock at a cost of $36 million.

At March 30, 2024, there were 31 million shares of common stock held in treasury. The Company’s Third Amended Credit Agreement permits restricted payments, such as common stock repurchases, but may be limited if the Company does not meet the required minimum liquidity or fixed charge coverage ratio requirements. Refer to Note 6 for additional information about the Company’s compliance with covenants.

DIVIDENDS ON COMMON STOCK

The Company did not declare any cash dividends in the first quarter of 2024. The Company does not anticipate declaring cash dividends in the foreseeable future. The Company’s Third Amended Credit Agreement permits restricted payments, such as dividends, but may be limited if the Company does not meet the required minimum liquidity or fixed charge coverage ratio requirements. Refer to Note 6 for additional information about the Company’s compliance with covenants.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 30, 2024

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:


	March 30,		December 30,
(In millions)	2024		2023
Trade receivables, net	$	370	$	369
Short-term contract assets		4		4
Long-term contract assets		1		1
Short-term contract liabilities		30		32

SEGMENT INFORMATION

3 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 3. SEGMENT INFORMATION

At March 30, 2024, 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 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 20 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 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 903 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 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 seamless way for buyers and suppliers to transact through the platform’s consumer-like buying experience, advanced spend management tools, network of suppliers, and technology capabilities. In connection with the Company’s development efforts of this Division, it acquired BuyerQuest Holdings, Inc. (“BuyerQuest”) in 2021, a software as a service eProcurement platform company. BuyerQuest’s operating results are included in the Varis Division. The 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.

On April 24, 2024, management obtained the Board of Directors’ approval and committed to a plan to sell its Varis Division through a single disposal group. The Varis Division disposal group has met the accounting criteria to be classified as held for sale as of April 2024 and will be presented as such in the second quarter of 2024. In addition, the Company expects to present the operating results and cash flows of its Varis Division as discontinued operations for all periods presented in future filings. Refer to Note 12 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 and restructuring 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 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
First Quarter of 2024
Sales (external)	$	923	$	937	$	9	$	2		$	—		$	1,871
Sales (internal)		3		7		1,235		—			(1,245	)		—
Total sales	$	926	$	944	$	1,244	$	2		$	(1,245	)	$	1,871
Division operating income (loss)	$	30	$	50	$	9	$	(14	)	$	—		$	75

First Quarter of 2023
Sales (external)	$	1,005	$	1,094	$	7	$	2		$	—		$	2,108
Sales (internal)		4		9		1,412		—			(1,425	)		—
Total sales	$	1,009	$	1,103	$	1,419	$	2		$	(1,425	)	$	2,108
Division operating income (loss)	$	39	$	85	$	15	$	(17	)	$	—		$	122

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


	First Quarter
(In millions)	2024			2023
Total Divisions operating income	$	75		$	122
Add/(subtract):
Asset impairments		(6	)		(4	)
Merger and restructuring expenses, net		(27	)		—
Unallocated expenses		(24	)		(23	)
Interest income		3			2
Interest expense		(4	)		(5	)
Other income, net		—			2
Income from continuing operations before income taxes	$	17		$	94

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


	First Quarter
(In millions)	2024		2023
Major sales categories
Supplies	$	929	$	1,052
Technology		531		616
Furniture and other		253		278
Copy and print		158		162
Total	$	1,871	$	2,108

The components of goodwill by segment are as follows:


(In millions)	Balance as of December 30, 2023		Acquisitions		Balance as of March 30, 2024
ODP Business Solutions Division	$	149	$	—	$	149
Office Depot Division		219		—		219
Veyer Division		35		—		35
Total	$	403	$	—	$	403

Goodwill and indefinite-lived intangible assets are tested for impairment annually as of the first day of fiscal December or more frequently when events or changes in circumstances indicate that impairment may have occurred. Each reportable segment also represents a reporting unit. There were no events or changes in circumstances that indicate an impairment may have occurred during the first quarter of 2024. The Company will continue to evaluate the recoverability of goodwill at the reporting unit level. If the operating results of the Company’s reporting units deteriorate in the future, it may cause the fair value of one or more of the reporting units to fall below their carrying value, resulting in goodwill impairment charges.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
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-Topic 280
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-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Debt - Additional Information (Detail) - USD ($)		3 Months Ended	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Apr. 17, 2020	Mar. 30, 2024	Dec. 31, 2022	Feb. 29, 2024	Nov. 03, 2022	Oct. 31, 2022
Debt Instrument [Line Items]
Stock repurchase program, authorized amount				$ 1,000,000,000	$ 600,000,000
Maximum
Debt Instrument [Line Items]
Stock repurchase program, authorized amount				$ 1,000,000,000		$ 1,000,000,000
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
Available credit under the facility		$ 689,000,000
Drawings under credit agreement		75,000,000
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
Loans outstanding		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
Retirement of term loan facility		53,000,000	$ 43,000,000
Loans outstanding		0
Third Amended and Restated Credit Agreement \| Standby Letter of Credit
Debt Instrument [Line Items]
Borrowing under credit facility		$ 37,000,000
Third Amended and Restated Credit Agreement \| Minimum \| Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net			200,000,000
Third Amended and Restated Credit Agreement \| Maximum \| Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net			$ 1,000,000,000

Reconciliation of Measure of Division Operating Income to Consolidated Income (Loss) from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting [Abstract]
Total Divisions operating income	$ 75	$ 122
Asset impairments	(6)	(4)
Merger and restructuring expenses, net	(27)	0
Unallocated expenses	(24)	(23)
Interest income	3	2
Interest expense	(4)	(5)
Other income, net	0	2
Income from continuing operations before income taxes	$ 17	$ 94

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

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-Name Accounting Standards Codification
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-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

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-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended			3 Months Ended
	May 01, 2024	Feb. 29, 2024	Oct. 31, 2022	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023	Nov. 03, 2022
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 1,000,000,000					$ 600,000,000
Stock repurchase program, expiration date		Mar. 31, 2027	Dec. 31, 2025
Stock repurchase program, shares purchased				957,000
Stock repurchase program, shares purchased at cost				$ 50,000,000	$ 202,000,000
Stock repurchase program, remaining authorized repurchase amount				$ 972,000,000
Treasury stock, shares				30,697,757		29,740,915
Treasury Stock
Shareholders Equity [Line Items]
Stock repurchase program, shares purchased at cost				$ 50,000,000	$ 202,000,000
Treasury stock, shares				31,000,000
Maximum
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 1,000,000,000	$ 1,000,000,000
Subsequent Event
Shareholders Equity [Line Items]
Stock repurchase program, shares purchased	703,000
Stock repurchase program, shares purchased at cost	$ 36,000,000

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 30, 2024

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.


	March 30,				December 30,
	2024				2023
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount		Value
Financial assets:
Company-owned life insurance	$	136	$	136	$	138	$	138
Financial liabilities:
Long-term debt:
New Facilities loans under the Third Amended Credit Agreement, due 2025		—		—		53		53
Revenue bonds, due in varying amounts periodically through 2029		75		76		75		76
American & Foreign Power Company, Inc. 5% debentures, due 2030		16		14		16		14

MERGER AND RESTRUCTURING ACTIVITY (Tables)

3 Months Ended

Mar. 30, 2024

Merger Restructuring And Other Activity [Abstract]

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

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


	First Quarter
(In millions)	2024		2023
Merger and transaction related expenses
Transaction and integration	$	—	$	—
Total Merger and transaction related expenses		—		—
Restructuring expenses
Severance		18		—
Professional fees		6		—
Facility closure, contract termination, and other expenses, net		3		—
Total Restructuring expenses, net		27		—
Total Merger and restructuring expenses, net	$	27	$	—

Facility Closure and Severance Costs

The activity in the merger and restructuring accruals the first quarter of 2024 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.


	Balance as of								Balance as of
	December 30,		Charges (credits)			Cash			March 30,
(In millions)	2023		Incurred			Payments			2024
Termination benefits:
Project Core	$	—	$	19		$	—		$	19
Maximize B2B Restructuring Plan		2		(1	)		—			1
Lease and contract obligations, accruals for facilities closures and other costs:
Project Core		—		6			(2	)		4
Maximize B2B Restructuring Plan		3		2			(1	)		4
Comprehensive Business Review		1		—			—			1
Total	$	6	$	26		$	(3	)	$	29

SUBSEQUENT EVENTS

3 Months Ended

Mar. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12. SUBSEQUENT EVENTS

On April 24, 2024, the Company’s Board of Directors approved management’s commitment to a plan to sell its Varis Division through a single disposal group. Although management did not bring forth a specific transaction to the Board of Directors, management expects to complete the sale within one year. The Company is actively marketing its Varis Division for sale at a price that the Company believes is reasonable in relation to its current fair value. However, there can be no assurances regarding the ultimate timing of this planned disposition or that such disposition will be completed. The Varis Division disposal group has met the accounting criteria to be classified as held for sale as of April 2024 and will be presented as such in the second quarter of 2024. The planned disposition of the Varis Division represents a strategic shift that will have a major impact on the Company’s operations and financial results. Accordingly, the Company expects to present the operating results and cash flows of its Varis Division as discontinued operations for all periods presented in future filings.

INCOME TAXES

3 Months Ended

Mar. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 4. INCOME TAXES

The Company’s effective tax rate was 12% for the first quarter of 2024, and 23% for the first quarter of 2023. For the first quarter of 2024, the Company’s effective rate was primarily impacted by a tax benefit associated with stock-based compensation awards year-to-date and the settlement of an uncertain tax position for less than the reserve. For the first quarter of 2023, the Company’s effective rate was primarily impacted by the recognition of a tax benefit associated with stock-based compensation awards year-to-date. These factors, along with the impact of state taxes and the mix of income and losses across U.S. and non-U.S. jurisdictions, caused the Company’s effective tax rate to differ from the statutory rate of 21%. Changes in pretax income projections and the mix of income across jurisdictions could impact the effective tax rates in future quarters.

The Company continues to have a U.S. valuation allowance for certain U.S. federal credits and state tax attributes, which relates to deferred tax assets that require certain types of income or for income to be earned in certain jurisdictions in order to be realized. The Company will continue to assess the realizability of its deferred tax assets in the U.S. and remaining foreign jurisdictions in future periods. Changes in pretax income projections could impact this evaluation in future periods.

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

It is anticipated that $3 million of tax positions will be resolved within the next 12 months. Additionally, the Company anticipates that it is reasonably possible that new issues will be raised or resolved by tax authorities that may require changes to the balance of unrecognized tax benefits; however, an estimate of such changes cannot be reasonably made.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Calculation of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Basic Earnings Per Share
Net income from continuing operations	$ 15	$ 72
Net Income (Loss)	$ 15	$ 72
Weighted-average shares outstanding	37	40
Continuing operations	$ 0.42	$ 1.79
Net basic earnings per share	$ 0.42	$ 1.79
Diluted Earnings Per Share
Net income from continuing operations	$ 15	$ 72
Net Income (Loss)	$ 15	$ 72
Weighted-average shares outstanding	37	40
Stock options and restricted stock	1	2
Diluted weighted-average shares outstanding	38	42
Continuing operations	$ 0.4	$ 1.71
Net diluted earnings per share	$ 0.4	$ 1.71

Summary of Major Components of Merger and Restructuring Expenses, Net (Detail) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($)
Restructuring expenses
Severance	$ 18
Professional fees	6
Facility closure, contract termination, and other expenses, net	3
Total Restructuring expenses, net	27
Total Merger and restructuring expenses, net	$ 27

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 30, 2024	Apr. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 15	$ 72

- Definition

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

+ References

+ Details

MERGER AND RESTRUCTURING ACTIVITY

3 Months Ended

Mar. 30, 2024

Merger Restructuring And Other Activity [Abstract]

MERGER AND RESTRUCTURING ACTIVITY

NOTE 2. MERGER AND RESTRUCTURING 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 and restructuring expenses, net on a separate line in the Condensed Consolidated Statements of Operations in order to identify these activities apart from the expenses incurred to sell to and service customers. These expenses are not included in the determination of Division operating income. The table below summarizes the major components of Merger and restructuring expenses, net.


	First Quarter
(In millions)	2024		2023
Merger and transaction related expenses
Transaction and integration	$	—	$	—
Total Merger and transaction related expenses		—		—
Restructuring expenses
Severance		18		—
Professional fees		6		—
Facility closure, contract termination, and other expenses, net		3		—
Total Restructuring expenses, net		27		—
Total Merger and restructuring expenses, net	$	27	$	—

MERGER AND TRANSACTION RELATED EXPENSES

Transaction and integration expenses include legal, accounting, and other third-party expenses incurred in connection with acquisitions. In the first quarter of 2024, the Company did not have any transaction and integration expenses. In the first quarter of 2023, the Company recognized transaction and integration expenses of less than $1 million related to the acquisition of the small independent regional office supply distribution business.

RESTRUCTURING EXPENSES

Project Core

In March 2024, the Company’s Board of Directors approved a restructuring plan to redesign its company-wide low-cost business model approach and create further efficiencies in its business to lower costs (“Project Core”). This was driven by a need to significantly reduce costs due to macroeconomic and other factors impacting the Company’s sales, as well as insights gained following the first year of operations of realignment of its operating segments into four divisions. The scope of Project Core was approved in two phases, in March 2024 and April 2024, and includes cost improvement actions across the entire enterprise, including the Varis Division. It aims to optimize the Company’s organizational structure to support future growth of the business. Project Core is expected to be completed in 2025, with the majority of actions expected to be taken by the end of 2024. Total restructuring costs related to Project Core are estimated to be up to $57 million, of which $35 million are estimated to be termination benefits, which mainly consists of severance, and $22 million are estimated to be costs to facilitate the program, which consists of third-party professional fees, and other incremental employee-related costs to implement actions. All costs of Project Core are expected to be cash expenditures.

In the first quarter of 2024, the Company had $25 million of restructuring costs associated with Project Core. Of these costs, $19 million was severance and $6 million was costs to facilitate the program, which mainly consisted of third-party professional fees. The Company made cash payments of $2 million associated with expenditures for Project Core in the first quarter of 2024.

Maximize B2B Restructuring Plan

Since the inception of the Maximize B2B Restructuring Plan in May 2020, the Company has closed a total of 297 retail stores and two distribution facilities through 2023, with an additional 12 retail stores closed in the first quarter of 2024 under this plan. In the first quarter of 2024, the Company had $2 million of restructuring costs associated with the Maximize B2B Restructuring Plan, and made cash payments of $2 million associated with these expenditures. In the first quarter of 2023, the Company incurred less than $1 million of restructuring costs associated with the Maximize B2B Restructuring Plan, and made cash payments of $3 million associated with expenditures for the Maximize B2B Restructuring Plan.

MERGER AND RESTRUCTURING ACCRUALS


	Balance as of								Balance as of
	December 30,		Charges (credits)			Cash			March 30,
(In millions)	2023		Incurred			Payments			2024
Termination benefits:
Project Core	$	—	$	19		$	—		$	19
Maximize B2B Restructuring Plan		2		(1	)		—			1
Lease and contract obligations, accruals for facilities closures and other costs:
Project Core		—		6			(2	)		4
Maximize B2B Restructuring Plan		3		2			(1	)		4
Comprehensive Business Review		1		—			—			1
Total	$	6	$	26		$	(3	)	$	29

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash flows from operating activities:
Net income	$ 15	$ 72
Net income from continuing operations	15	72
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29	30
Amortization of debt discount and issuance costs		1
Charges for losses on receivables and inventories	9	5
Asset impairments	6	4
Gain on disposition of assets, net		(1)
Compensation expense for share-based payments	11	9
Deferred income taxes and deferred tax asset valuation allowances	(8)	17
Changes in working capital and other operating activities	(24)	20
Net cash provided by operating activities of continuing operations	38	157
Net cash provided by operating activities	38	157
Cash flows from investing activities:
Capital expenditures	(35)	(27)
Businesses acquired, net of cash acquired		(10)
Proceeds from disposition of assets	1	1
Net cash used in investing activities of continuing operations	(34)	(36)
Net cash provided by investing activities of discontinued operations		5
Net cash used in investing activities	(34)	(31)
Cash flows from financing activities:
Net payments on long and short-term borrowings	(3)	(5)
Debt retirement	(128)	(60)
Debt issuance	75	100
Share purchases for taxes, net of proceeds from employee share-based transactions	(6)	(19)
Repurchase of common stock for treasury	(50)	(201)
Other financing activities	(1)
Net cash used in financing activities of continuing operations	(113)	(185)
Net cash used in financing activities	(113)	(185)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1)
Net decrease in cash, cash equivalents and restricted cash	(110)	(59)
Cash, cash equivalents and restricted cash at beginning of period	395	404
Cash, cash equivalents and restricted cash at end of period	285	345
Supplemental information on non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	63	70
Right-of-use assets obtained in exchange for new finance lease liabilities	6
Cash interest paid, net of amounts capitalized and non-recourse debt	3	$ 4
Cash taxes paid, net	$ 1

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

Calculation of Earnings Per Common Share

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


	First Quarter
(In millions, except per share amounts)	2024		2023
Basic Earnings Per Share
Numerator:
Net income from continuing operations	$	15	$	72
Income from discontinued operations, net of tax		—		—
Net income	$	15	$	72
Denominator:
Weighted-average shares outstanding		37		40
Basic earnings per share
Continuing operations	$	0.42	$	1.79
Discontinued operations		—		—
Net basic earnings per share	$	0.42	$	1.79
Diluted Earnings Per Share
Numerator:
Net income from continuing operations	$	15	$	72
Income from discontinued operations, net of tax		—		—
Net income	$	15	$	72
Denominator:
Weighted-average shares outstanding		37		40
Effect of dilutive securities:
Stock options and restricted stock		1		2
Diluted weighted-average shares outstanding		38		42
Diluted earnings per share
Continuing operations	$	0.40	$	1.71
Discontinued operations		—		—
Net diluted earnings per share	$	0.40	$	1.71

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss Activity, Net of Tax

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


	Foreign			Change in
	Currency			Deferred
	Translation			Pension and
(In millions)	Adjustments			Other			Total
Balance at December 30, 2023	$	(31	)	$	(83	)	$	(114	)
Other comprehensive income (loss) activity		(4	)		1			(3	)
Balance at March 30, 2024	$	(35	)	$	(82	)	$	(117	)

Segment Information - Additional Information (Detail) - 3 months ended Mar. 30, 2024	Location	RegionalOfficeSupply	Division	Segment
Segment Reporting [Abstract]
Number of reportable segments			4	4
Number of regional office supply \| RegionalOfficeSupply		20
Number of office depot and officemax retail locations \| Location	903

Summary of Disaggregated Revenue from Major Sales Categories (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information [Line Items]
Sales	$ 1,871	$ 2,108
Products, Supplies
Segment Reporting Information [Line Items]
Sales	929	1,052
Products, Technology
Segment Reporting Information [Line Items]
Sales	531	616
Products, Furniture and Other
Segment Reporting Information [Line Items]
Sales	253	278
Services, Copy and Print
Segment Reporting Information [Line Items]
Sales	$ 158	$ 162

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 30, 2024	Dec. 30, 2023
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	66,958,689	66,700,292
Common stock, shares, outstanding	36,260,932	36,959,377
Treasury stock, shares	30,697,757	29,740,915

Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Trade receivables, net	$ 370	$ 369
Short-term contract assets	4	4
Long-term contract assets	1	1
Short-term contract liabilities	$ 30	$ 32

EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 30, 2024

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 8. EMPLOYEE BENEFIT PLANS

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

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS – NORTH AMERICA

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


	First Quarter
(In millions)	2024			2023
Interest cost	$	7		$	8
Expected return on plan assets		(7	)		(9	)
Amortization of gain		—			(1	)
Net periodic pension benefit	$	—		$	(2	)

The North America qualified pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at March 30, 2024 and December 30, 2023. The North America nonqualified pension plan is in a net liability position and included in Pension and postretirement obligations, net in the Condensed Consolidated Balance Sheets at March 30, 2024 and December 30, 2023. In the first quarter of 2024, $1 million of cash contributions were made to the North America pension plans. The Company expects to make additional cash contributions of approximately $1 million to the North America pension plans during the remainder of 2024.

PENSION PLAN – UNITED KINGDOM

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


	First Quarter
(In millions)	2024			2023
Interest cost	$	2		$	2
Expected return on plan assets		(1	)		(2	)
Net periodic pension benefit	$	1		$	—

The Company has a frozen defined benefit pension plan in the United Kingdom. In July 2023, in accordance with applicable UK pension regulations, Trustees of the UK pension plan entered into an agreement with an insurer for the bulk annuity purchase of the plan, covering 100% of the plan’s members. This agreement, or buy-in, resulted in an exchange of plan assets for an annuity that covers the plan’s future projected benefit obligations. The Company anticipates the buyout of the plan and transfer of future benefit obligations of plan participants to be completed with existing plan funds in 2025. Accordingly, the Company does not expect the transaction to result in material cash inflows or outflows. At the completion of the buy-out, the Company will remove the assets and liabilities of the UK pension plan from its Consolidated Balance Sheet and a final non-cash plan settlement loss will be included in net periodic pension cost.

The UK pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at March 30, 2024. There was no net funded amount as of December 30, 2023. In the first quarter of 2024, cash contributions of $1 million were made to the UK pension plan. The Company anticipates making further cash contributions of $1 million to the UK pension plan during the remainder of 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
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+ Details

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Nonvested Stock 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

CASH MANAGEMENT

REVENUE AND CONTRACT BALANCES


	March 30,		December 30,
(In millions)	2024		2023
Trade receivables, net	$	370	$	369
Short-term contract assets		4		4
Long-term contract assets		1		1
Short-term contract liabilities		30		32

NEW ACCOUNTING STANDARDS

Standards that are not yet adopted:

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

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

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


(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Varis Division			Eliminations			Total
First Quarter of 2024
Sales (external)	$	923	$	937	$	9	$	2		$	—		$	1,871
Sales (internal)		3		7		1,235		—			(1,245	)		—
Total sales	$	926	$	944	$	1,244	$	2		$	(1,245	)	$	1,871
Division operating income (loss)	$	30	$	50	$	9	$	(14	)	$	—		$	75

First Quarter of 2023
Sales (external)	$	1,005	$	1,094	$	7	$	2		$	—		$	2,108
Sales (internal)		4		9		1,412		—			(1,425	)		—
Total sales	$	1,009	$	1,103	$	1,419	$	2		$	(1,425	)	$	2,108
Division operating income (loss)	$	39	$	85	$	15	$	(17	)	$	—		$	122

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

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


	First Quarter
(In millions)	2024			2023
Total Divisions operating income	$	75		$	122
Add/(subtract):
Asset impairments		(6	)		(4	)
Merger and restructuring expenses, net		(27	)		—
Unallocated expenses		(24	)		(23	)
Interest income		3			2
Interest expense		(4	)		(5	)
Other income, net		—			2
Income from continuing operations before income taxes	$	17		$	94

Summary of Disaggregated Revenue from Major Sales Categories

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


	First Quarter
(In millions)	2024		2023
Major sales categories
Supplies	$	929	$	1,052
Technology		531		616
Furniture and other		253		278
Copy and print		158		162
Total	$	1,871	$	2,108

Schedule of Goodwill by Segment

The components of goodwill by segment are as follows:


(In millions)	Balance as of December 30, 2023		Acquisitions		Balance as of March 30, 2024
ODP Business Solutions Division	$	149	$	—	$	149
Office Depot Division		219		—		219
Veyer Division		35		—		35
Total	$	403	$	—	$	403

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 30, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	ODP
Entity Registrant Name	The ODP Corporation
Entity Central Index Key	0000800240
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-28
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		35,894,892
Entity Shell Company	false
Entity File Number	1-10948
Entity Tax Identification Number	85-1457062
Entity Address, Address Line One	6600 North Military Trail
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33496
City Area Code	561
Local Phone Number	438-4800
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges	$ 6	$ 4
Impairment of operating lease ROU assets	5	$ 3
Asset held for sale	7
Other Property
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	1
Land
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	$ 6
Retail Stores \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Percentage used for analysis	8.00%

Schedule of Fair Value of Assets and Liabilities (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company-owned life insurance	$ 136	$ 138
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		53
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company-owned life insurance	136	138
Fair Value \| Long-Term Debt \| New Facilities loans Under Third Amended Credit Agreement due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value		53
Revenue bonds, due in varying amounts periodically through 2029 \| Carrying Amount \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	75	75
Revenue bonds, due in varying amounts periodically through 2029 \| Fair Value \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	76	76
American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Carrying Amount \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	16	16
American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Fair Value \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 14	$ 14

Discontinued Operations - Additional Information (Detail) - Securities Purchase Agreement - CompuCom Division - USD ($) $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Feb. 28, 2023	Apr. 01, 2023	Dec. 25, 2021	Dec. 31, 2022
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash purchase price					$ 104
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	$ 95		$ 5	$ 125
Earnout payment		$ 9
Total receivable					$ 9
Non-current receivable		4
Promissory note receivable obtained from disposition of discontinued operations		$ 59

Employee Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
North America
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement contributions, current period	$ 1,000,000
Pension and other postretirement contributions, remainder of fiscal year	1,000,000
United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement contributions, current period	1,000,000
Pension and other postretirement contributions, remainder of fiscal year	$ 1,000,000
pension plan coverage percentage	100.00%
Funded amount		$ 0

Accumulated Other Comprehensive Loss Activity, Net of Tax (Detail) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 1,101
Balance	1,069
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(31)
Other comprehensive income (loss) activity	(4)
Balance	(35)
Change in Deferred Pension and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(83)
Other comprehensive income (loss) activity	1
Balance	(82)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(114)
Other comprehensive income (loss) activity	(3)
Balance	$ (117)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Severance and Facility Closure Costs (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 6
Charges (credits) Incurred	26
Cash Payments	(3)
Ending Balance	29
Project Core
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred	25
Cash Payments	(2)
Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred	2
Cash Payments	(2)	$ (3)
Termination Benefits \| Project Core
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred	19
Ending Balance	19
Termination Benefits \| Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning Balance	2
Charges (credits) Incurred	(1)
Ending Balance	1
Lease and contract obligations, accruals for facilities closures and other costs \| Project Core
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred	6
Cash Payments	(2)
Ending Balance	4
Lease and contract obligations, accruals for facilities closures and other costs \| Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning Balance	3
Charges (credits) Incurred	2
Cash Payments	(1)
Ending Balance	4
Lease and contract obligations, accruals for facilities closures and other costs \| Comprehensive Business Review
Restructuring Cost and Reserve [Line Items]
Beginning Balance	1
Ending Balance	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Schedule of Fair Value of Assets and Liabilities (Parenthetical) (Detail) - Long-Term Debt	3 Months Ended	12 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Carrying Amount \| New Facilities loans Under Third Amended Credit Agreement due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2025	2025
Carrying Amount \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
Carrying Amount \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2030	2030
Long-term debt, interest rate	5.00%	5.00%
Fair Value \| New Facilities loans Under Third Amended Credit Agreement due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2025	2025
Fair Value \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
Fair Value \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2030	2030
Long-term debt, interest rate	5.00%	5.00%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Statement [Abstract]
Sales	$ 1,871	$ 2,108
Cost of goods and occupancy costs	1,461	1,627
Gross profit	410	481
Selling, general and administrative expenses	359	382
Asset impairments	6	4
Merger and restructuring expenses, net	27
Operating income	18	95
Other income (expense):
Interest income	3	2
Interest expense	(4)	(5)
Other income, net	0	2
Income from continuing operations before income taxes	17	94
Income tax expense	2	22
Net income from continuing operations	15	72
Net income	$ 15	$ 72
Basic earnings per share
Continuing operations	$ 0.42	$ 1.79
Net basic earnings per share	0.42	1.79
Diluted earnings per share
Continuing operations	0.4	1.71
Net diluted earnings per share	$ 0.4	$ 1.71