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DEBT | 9 Months Ended
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Sep. 29, 2018
Debt Disclosure [Abstract] |
DEBT | NOTE 7. DEBT In May 2011, Office Depot entered into an amended and restated credit agreement, which was amended and restated in May 2016 for an additional five years, and was further amended in December 2016 and November 2017 (the Amended and Restated Credit Agreement including all amendments is referred to as the “Amended Credit Agreement”). The $1.2 billion revolving credit facility governed by the Amended Credit Agreement will mature on May 13, 2021. As provided in the Amended Credit Agreement, available amounts that can be borrowed are based on percentages of certain outstanding accounts receivable and inventory of the Company. At September 29, 2018, the Company had $990 million of available credit under the Amended Credit Agreement, and had letters of credit outstanding under the Amended Credit Agreement totaling $75 million. There were no borrowings under the Amended Credit Agreement in the third quarter of 2018 and the Company was in compliance with all applicable financial covenants at September 29, 2018. In connection with the consummation of the acquisition of CompuCom, the Company entered into a credit agreement, dated as of November 8, 2017 (the “Term Loan Credit Agreement”), which provides for a $750 million term loan facility with a maturity date of November 8, 2022. The Amended Credit Agreement was further amended to permit, among other things, certain matters relating to the Term Loan Credit Agreement. The Company was in compliance with all applicable financial covenants associated with the Term Loan Credit Agreement at September 29, 2018. Non-recourse debt The Installment Notes (the “Timber Note Receivable”) and related Securitization Notes (the “Non-Recourse Debt”), as defined in the 2017 Form 10-K, are scheduled to mature on January 29, 2020 and October 31, 2019, respectively. The Non-Recourse Debt has an initial term that is approximately three months shorter than the Timber Note Receivable. As described in the indenture governing the Non-Recourse Debt, while the maturity date of the Non-Recourse Debt is October 31, 2019, if the Company does not provide a redemption notice in September 2019, the maturity date of the Non-Recourse Debt will extend to January 29, 2020, subject to the approval of the holders of the Non-Recourse Debt. The Company anticipates it will extend the maturity date of the Non-Recourse Debt to January 29, 2020 in order to match the cash outflow with the collection of the principal balance of the Timber Note Receivable due to the Company. The extension of the maturity date of the Non-Recourse Debt will result in an increase in the interest rate for the extension period at the greater of 7.42% or LIBOR plus 2.55%, capped at 13%.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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