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SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 28, 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

 

Third Quarter of 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

914

 

 

$

852

 

 

$

14

 

 

$

—

 

 

$

1,780

 

Sales (internal)

 

 

2

 

 

 

9

 

 

 

1,190

 

 

 

(1,201

)

 

 

—

 

Total sales

 

$

916

 

 

$

861

 

 

$

1,204

 

 

$

(1,201

)

 

$

1,780

 

Division operating income

 

$

28

 

 

$

23

 

 

$

9

 

 

$

—

 

 

$

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

2,753

 

 

$

2,580

 

 

$

34

 

 

$

—

 

 

$

5,367

 

Sales (internal)

 

 

7

 

 

 

24

 

 

 

3,591

 

 

 

(3,622

)

 

 

—

 

Total sales

 

$

2,760

 

 

$

2,604

 

 

$

3,625

 

 

$

(3,622

)

 

$

5,367

 

Division operating income

 

$

87

 

 

$

91

 

 

$

23

 

 

$

—

 

 

$

201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter of 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

996

 

 

$

1,000

 

 

$

11

 

 

$

—

 

 

$

2,007

 

Sales (internal)

 

 

4

 

 

 

10

 

 

 

1,320

 

 

 

(1,334

)

 

 

—

 

Total sales

 

$

1,000

 

 

$

1,010

 

 

$

1,331

 

 

$

(1,334

)

 

$

2,007

 

Division operating income

 

$

56

 

 

$

66

 

 

$

10

 

 

$

—

 

 

$

132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

3,001

 

 

$

2,991

 

 

$

28

 

 

$

—

 

 

$

6,020

 

Sales (internal)

 

 

11

 

 

 

27

 

 

 

4,044

 

 

 

(4,082

)

 

 

—

 

Total sales

 

$

3,012

 

 

$

3,018

 

 

$

4,072

 

 

$

(4,082

)

 

$

6,020

 

Division operating income

 

$

140

 

 

$

186

 

 

$

31

 

 

$

—

 

 

$

357

 

 
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:

 

 

Third Quarter

 

 

Year-to-Date

 

(In millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Total Divisions operating income

 

$

60

 

 

$

132

 

 

$

201

 

 

$

357

 

Add/(subtract):

 

 

 

 

 

 

 

 

 

 

 

 

Asset impairments

 

 

(7

)

 

 

(3

)

 

 

(21

)

 

 

(13

)

Merger and restructuring expenses, net

 

 

(2

)

 

 

(1

)

 

 

(47

)

 

 

(2

)

Legal matter monetization

 

 

70

 

 

 

—

 

 

 

70

 

 

 

—

 

Unallocated expenses

 

 

(19

)

 

 

(20

)

 

 

(60

)

 

 

(63

)

Interest income

 

 

2

 

 

 

3

 

 

 

7

 

 

 

7

 

Interest expense

 

 

(6

)

 

 

(5

)

 

 

(16

)

 

 

(15

)

Other income, net

 

 

(3

)

 

 

3

 

 

 

(4

)

 

 

8

 

Income from continuing operations before income taxes

 

$

95

 

 

$

109

 

 

$

130

 

 

$

279

 
Summary of Disaggregated Revenue from Major Sales Categories

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

 

 

Third Quarter

 

 

Year-to-Date

 

(In millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Major sales categories

 

 

 

 

 

 

 

 

 

 

 

 

Supplies

 

$

877

 

 

$

1,013

 

 

$

2,652

 

 

$

3,012

 

Technology

 

 

485

 

 

 

530

 

 

 

1,489

 

 

 

1,669

 

Furniture and other

 

 

263

 

 

 

296

 

 

 

752

 

 

 

846

 

Copy and print

 

 

155

 

 

168

 

 

 

474

 

 

493

 

Total

 

$

1,780

 

 

$

2,007

 

 

$

5,367

 

 

$

6,020

 
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 September 28, 2024

 

ODP Business Solutions Division

 

$

149

 

 

$

9

 

 

$

158

 

Office Depot Division

 

 

219

 

 

 

—

 

 

 

219

 

Veyer Division

 

 

35

 

 

 

—

 

 

 

35

 

Total

 

$

403

 

 

$

9

 

 

$

412