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SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 29, 2024
Segment Reporting [Abstract]  
Summary of Sales and Operating Income by Each of the Divisions, Reconciled to Consolidated Totals

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

(In millions)

 

ODP Business Solutions Division

 

 

Office Depot Division

 

 

Veyer Division

 

 

Eliminations

 

 

Total

 

Second Quarter of 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

915

 

 

$

792

 

 

$

10

 

 

$

—

 

 

$

1,717

 

Sales (internal)

 

 

2

 

 

 

7

 

 

 

1,167

 

 

 

(1,176

)

 

 

—

 

Total sales

 

$

917

 

 

$

799

 

 

$

1,177

 

 

$

(1,176

)

 

$

1,717

 

Division operating income

 

$

29

 

 

$

17

 

 

$

5

 

 

$

—

 

 

$

51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Half of 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

1,838

 

 

$

1,729

 

 

$

19

 

 

$

—

 

 

$

3,586

 

Sales (internal)

 

 

5

 

 

 

15

 

 

 

2,401

 

 

 

(2,421

)

 

 

—

 

Total sales

 

$

1,843

 

 

$

1,744

 

 

$

2,420

 

 

$

(2,421

)

 

$

3,586

 

Division operating income

 

$

59

 

 

$

68

 

 

$

14

 

 

$

—

 

 

$

141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter of 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

999

 

 

$

898

 

 

$

10

 

 

$

—

 

 

$

1,907

 

Sales (internal)

 

 

3

 

 

 

8

 

 

 

1,312

 

 

 

(1,323

)

 

 

—

 

Total sales

 

$

1,002

 

 

$

906

 

 

$

1,322

 

 

$

(1,323

)

 

$

1,907

 

Division operating income

 

$

45

 

 

$

35

 

 

$

6

 

 

$

—

 

 

$

86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Half of 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

2,005

 

 

$

1,991

 

 

$

17

 

 

$

—

 

 

$

4,013

 

Sales (internal)

 

 

7

 

 

 

17

 

 

 

2,725

 

 

 

(2,749

)

 

 

—

 

Total sales

 

$

2,012

 

 

$

2,008

 

 

$

2,742

 

 

$

(2,749

)

 

$

4,013

 

Division operating income

 

$

84

 

 

$

120

 

 

$

21

 

 

$

—

 

 

$

225

 
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, and includes charges and credits retained at the Corporate level:

 

 

Second Quarter

 

 

First Half

 

(In millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Total Divisions operating income

 

$

51

 

 

$

86

 

 

$

141

 

 

$

225

 

Add/(subtract):

 

 

 

 

 

 

 

 

 

 

 

 

Asset impairments

 

 

(8

)

 

 

(6

)

 

 

(14

)

 

 

(10

)

Merger and restructuring expenses, net

 

 

(25

)

 

 

(1

)

 

 

(45

)

 

 

(1

)

Unallocated expenses

 

 

(18

)

 

 

(19

)

 

 

(41

)

 

 

(42

)

Interest income

 

 

2

 

 

 

2

 

 

 

5

 

 

 

4

 

Interest expense

 

 

(5

)

 

 

(5

)

 

 

(10

)

 

 

(10

)

Other income, net

 

 

(1

)

 

 

3

 

 

 

(1

)

 

 

5

 

Income (loss) from continuing operations before income taxes

 

$

(4

)

 

$

60

 

 

$

35

 

 

$

171

 
Summary of Disaggregated Revenue from Major Sales Categories

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

 

 

Second Quarter

 

 

First Half

 

(In millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Major sales categories

 

 

 

 

 

 

 

 

 

 

 

 

Supplies

 

$

846

 

 

$

948

 

 

$

1,775

 

 

$

1,999

 

Technology

 

 

475

 

 

 

525

 

 

 

1,004

 

 

 

1,139

 

Furniture and other

 

 

236

 

 

 

271

 

 

 

489

 

 

 

550

 

Copy and print

 

 

160

 

 

163

 

 

 

318

 

 

325

 

Total

 

$

1,717

 

 

$

1,907

 

 

$

3,586

 

 

$

4,013

 
Schedule of Goodwill by Segment

The components of goodwill by segment are as follows:

(In millions)

 

Balance as of December 30, 2023

 

 

Balance as of June 29, 2024

 

ODP Business Solutions Division

 

$

149

 

 

$

149

 

Office Depot Division

 

 

219

 

 

 

219

 

Veyer Division

 

 

35

 

 

 

35

 

Total

 

$

403

 

 

$

403