UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
(Mark One)
For the quarterly period ended
or
For the transition period from __ __ __ __to __ __ __ __
Commission File Number
(Exact Name of Registrant as Specified in its Charter)
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(State or Other Jurisdiction of Incorporation or Organization) |
(IRS Employer Identification No.) |
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(Address of Principal Executive Offices) |
(Zip Code) |
(
(Registrant’s Telephone Number, Including Area Code)
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange on which Registered |
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The NASDAQ Stock Market ( |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
☒ |
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
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Smaller reporting company |
Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
The number of shares outstanding of the registrant’s common stock, as of the latest practicable date: At July 31, 2024, there were
TABLE OF CONTENTS
The order and presentation of this Quarterly Report on Form 10-Q differ from that of the traditional U.S. Securities and Exchange Commission (“SEC”) Form 10-Q format. We believe that our format better presents the relevant sections of this document and enhances readability. See “Form 10-Q Cross-Reference Index” within Other Information for a cross-reference index to the traditional SEC Form 10-Q format.
Financial Statements |
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Page |
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3 |
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) |
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4 |
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5 |
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6 |
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Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) |
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7 |
Notes to Condensed Consolidated Financial Statements (Unaudited) |
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8 |
Management’s Discussion and Analysis (MD&A) |
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20 |
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23 |
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28 |
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30 |
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30 |
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Other Information |
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31 |
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31 |
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31 |
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31 |
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32 |
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32 |
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33 |
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34 |
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35 |
2
THE ODP CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
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13 Weeks Ended |
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26 Weeks Ended |
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June 29, |
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July 1, |
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June 29, |
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July 1, |
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2024 |
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2023 |
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2024 |
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2023 |
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Sales |
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$ |
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$ |
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$ |
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$ |
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Cost of goods and occupancy costs |
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Gross profit |
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Selling, general and administrative expenses |
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Asset impairments |
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Merger and restructuring expenses, net |
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Operating income |
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— |
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Other income (expense): |
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Interest income |
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Interest expense |
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( |
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( |
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( |
) |
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( |
) |
Other income, net |
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( |
) |
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( |
) |
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Income (loss) from continuing operations before income taxes |
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( |
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Income tax expense |
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— |
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Net income (loss) from continuing operations |
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( |
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Discontinued operations, net of tax |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
Net income (loss) |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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Basic earnings (loss) per share |
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Continuing operations |
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$ |
( |
) |
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$ |
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$ |
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$ |
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|||
Discontinued operations |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
Net basic earnings (loss) per share |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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Diluted earnings (loss) per share |
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Continuing operations |
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$ |
( |
) |
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$ |
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$ |
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$ |
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|||
Discontinued operations |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
Net diluted earnings (loss) per share |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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||
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements herein and the Notes to Consolidated Financial Statements in The ODP Corporation Annual Report on Form 10-K filed on February 28, 2024 (the “2023 Form 10-K”).
3
THE ODP CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
|
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13 Weeks Ended |
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26 Weeks Ended |
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June 29, |
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July 1, |
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June 29, |
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July 1, |
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Net income (loss) |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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||
Other comprehensive income (loss), net of tax, where applicable: |
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Foreign currency translation adjustments |
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( |
) |
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Change in deferred pension |
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( |
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— |
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— |
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— |
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Other |
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— |
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( |
) |
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— |
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( |
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Total other comprehensive income (loss), net of tax, where |
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— |
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( |
) |
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Comprehensive income (loss) |
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$ |
( |
) |
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$ |
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$ |
( |
) |
|
$ |
|
||
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements herein and the Notes to Consolidated Financial Statements in the 2023 Form 10-K.
4
THE ODP CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share amounts)
|
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June 29, |
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December 30, |
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||
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2024 |
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2023 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Receivables, net |
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Inventories |
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Prepaid expenses and other current assets |
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Current assets held for sale |
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Total current assets |
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Property and equipment, net |
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Operating lease right-of-use assets |
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Goodwill |
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Other intangible assets, net |
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Deferred income taxes |
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Other assets |
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Total assets |
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$ |
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$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Trade accounts payable |
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$ |
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$ |
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Accrued expenses and other current liabilities |
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Income taxes payable |
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Short-term borrowings and current maturities of long-term debt |
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Current liabilities held for sale |
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Total current liabilities |
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Deferred income taxes and other long-term liabilities |
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Pension and postretirement obligations, net |
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Long-term debt, net of current maturities |
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Operating lease liabilities, net of current portion |
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Total liabilities |
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Stockholders’ equity: |
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Common stock — authorized |
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Additional paid-in capital |
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Accumulated other comprehensive loss |
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( |
) |
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( |
) |
Accumulated deficit |
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( |
) |
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( |
) |
Treasury stock, at cost — |
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( |
) |
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( |
) |
Total stockholders’ equity |
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||
Total liabilities and stockholders’ equity |
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$ |
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|
$ |
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||
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements herein and the Notes to Consolidated Financial Statements in the 2023 Form 10-K.
5
THE ODP CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
|
|
26 Weeks Ended |
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|||||
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|
June 29, |
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July 1, |
|
||
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2024 |
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2023 |
|
||
Cash flows from operating activities: |
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|
||
Net income (loss) |
|
$ |
( |
) |
|
$ |
|
|
Loss from discontinued operations, net of tax |
|
|
( |
) |
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( |
) |
Net income from continuing operations |
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||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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Depreciation and amortization |
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Amortization of debt discount and issuance costs |
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Charges for losses on receivables and inventories |
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Asset impairments |
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Gain on disposition of assets, net |
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( |
) |
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( |
) |
Compensation expense for share-based payments |
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||
Deferred income taxes and deferred tax asset valuation allowances |
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( |
) |
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Changes in working capital and other operating activities |
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( |
) |
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( |
) |
Net cash provided by operating activities of continuing operations |
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||
Net cash used in operating activities of discontinued operations |
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( |
) |
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( |
) |
Net cash provided by operating activities |
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||
Cash flows from investing activities: |
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Capital expenditures |
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( |
) |
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( |
) |
Businesses acquired, net of cash acquired |
|
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— |
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( |
) |
Proceeds from disposition of assets |
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||
Settlement of company-owned life insurance policies |
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Net cash provided by (used in) investing activities of continuing operations |
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( |
) |
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Net cash used in investing activities of discontinued operations |
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( |
) |
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( |
) |
Net cash provided by (used in) investing activities |
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( |
) |
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Cash flows from financing activities: |
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Net payments on long and short-term borrowings |
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( |
) |
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( |
) |
Debt retirement |
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( |
) |
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( |
) |
Debt issuance |
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Share purchases for taxes, net of proceeds from employee share-based transactions |
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( |
) |
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( |
) |
Repurchase of common stock for treasury |
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( |
) |
|
|
( |
) |
Other financing activities |
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( |
) |
|
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— |
|
Net cash used in financing activities of continuing operations |
|
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( |
) |
|
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( |
) |
Net cash provided by (used in) financing activities of discontinued operations |
|
|
— |
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— |
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Net cash used in financing activities |
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( |
) |
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( |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
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( |
) |
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Net decrease in cash, cash equivalents and restricted cash |
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( |
) |
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( |
) |
Cash, cash equivalents and restricted cash at beginning of period |
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||
Cash, cash equivalents and restricted cash at end of period |
|
$ |
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$ |
|
||
Supplemental information on non-cash investing and financing activities |
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||
Right-of-use assets obtained in exchange for new operating lease liabilities |
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$ |
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$ |
|
||
Right-of-use assets obtained in exchange for new finance lease liabilities |
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||
Cash interest paid, net of amounts capitalized and non-recourse debt |
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Cash taxes paid, net |
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||
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements herein and the Notes to Consolidated Financial Statements in the 2023 Form 10-K.
6
THE ODP CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, except share amounts)
(Unaudited)
|
|
26 Weeks Ended June 29, 2024 |
|
|||||||||||||||||||||||||
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Common |
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Common |
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Additional |
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Accumulated |
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Accumulated |
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Treasury |
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Total |
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|||||||
Balance at December 30, 2023 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
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|
|
— |
|
|
|
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|
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— |
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||
Other comprehensive loss |
|
|
— |
|
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|
— |
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|
|
— |
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|
|
( |
) |
|
|
— |
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|
|
— |
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|
( |
) |
Exercise and release of incentive stock |
|
|
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|
|
— |
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|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
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|
|
( |
) |
|
Amortization of long-term incentive |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
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|
||
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Other |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Balance at March 30, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercise and release of incentive stock |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Amortization of long-term incentive |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Other |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Balance at June 29, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
|
|
26 Weeks Ended July 1, 2023 |
|
|||||||||||||||||||||||||
|
|
Common |
|
|
Common |
|
|
Additional |
|
|
Accumulated |
|
|
Accumulated |
|
|
Treasury |
|
|
Total |
|
|||||||
Balance at December 31, 2022 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Exercise and release of incentive stock |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Amortization of long-term incentive |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at April 1, 2023 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Exercise and release of incentive stock |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Amortization of long-term incentive |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Balance at July 1, 2023 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements herein and the Notes to Consolidated Financial Statements in the 2023 Form 10-K.
7
THE ODP CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The ODP Corporation (including its consolidated subsidiaries, “ODP” or the “Company”) is a leading provider of products, services and technology solutions through an integrated business-to-business (“B2B”) distribution platform and omni-channel presence, which includes supply chain and distribution operations, dedicated sales professionals, online presence, and a network of Office Depot and OfficeMax retail stores. Through its operating companies ODP Business Solutions, LLC; Office Depot, LLC; and Veyer, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day.
The Company has
The Condensed Consolidated Financial Statements as of June 29, 2024, and for the 13-week and 26-week periods ended June 29, 2024 (also referred to as the “second quarter of 2024” and the “first half of 2024,” respectively), and July 1, 2023 (also referred to as the “second quarter of 2023” and the “first half of 2023,” respectively) are unaudited. However, in management’s opinion, these Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature necessary to provide a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented.
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
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 $
At June 29, 2024 and December 30, 2023, cash and cash equivalents held outside the United States amounted to $
The Company has certain ongoing pension obligations related to its frozen defined benefit pension plan in the United Kingdom (“UK”). 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. was $
In addition, $
8
THE ODP CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) – (Continued)
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.
|
|
June 29, |
|
|
December 30, |
|
||
(In millions) |
|
2024 |
|
|
2023 |
|
||
Trade receivables, net |
|
$ |
|
|
$ |
|
||
Short-term contract assets |
|
|
|
|
|
|
||
Long-term contract assets |
|
|
|
|
|
|
||
Short-term contract liabilities |
|
|
|
|
|
|
||
The Company recognized revenues of $
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 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 the adoption will result in additional disclosures, but will not have any other impact on its Consolidated Financial Statements.
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.
|
|
Second Quarter |
|
|
First Half |
|
||||||||||
(In millions) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Merger and transaction related expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transaction and integration |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Total Merger and transaction related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restructuring expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Severance |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Professional fees |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Facility closure, contract termination, and other expenses, net |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Restructuring expenses, net |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Merger and restructuring expenses, net |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
9
THE ODP CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) – (Continued)
MERGER AND TRANSACTION RELATED EXPENSES
Transaction and integration expenses include legal, accounting, and other third-party expenses incurred in connection with acquisitions. In the second quarter and first half of 2024, the Company recognized transaction and integration expenses of less than $
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
In the second quarter of 2024, the Company incurred $
The Company made cash payments of $
Maximize B2B Restructuring Plan
Since the inception of the Maximize B2B Restructuring Plan in May 2020, the Company has closed a total of
MERGER AND RESTRUCTURING ACCRUALS
The activity in the merger and restructuring accruals the first half 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 |
|
|
June 29, |
|
||||
(In millions) |
|
2023 |
|
|
Incurred |
|
|
Payments |
|
|
2024 |
|
||||
Termination benefits: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Project Core |
|
$ |
— |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Maximize B2B Restructuring Plan |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
|
||
Lease and contract obligations, accruals for facilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Project Core |
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
|
||
Maximize B2B Restructuring Plan |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Comprehensive Business Review |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
Total |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
10
THE ODP CORPORATION