0001564590-21-008074 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 26, 2020	Feb. 17, 2021	Jun. 26, 2020
Document And Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 26, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	The ODP Corporation
Entity Central Index Key	0000800240
Current Fiscal Year End Date	--12-26
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		53,524,445
Entity Public Float			$ 924,293,601
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 Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Documents Incorporated by Reference	Documents Incorporated by Reference: Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to The ODP Corporation’s definitive Proxy Statement for its 2021 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after close of the registrant’s fiscal year covered by this Annual Report.
Common Stock, par value $0.01 per share
Document And Entity Information [Line Items]
Trading Symbol	ODP
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Preferred Shares Purchase Rights
Document And Entity Information [Line Items]
Title of 12(b) Security	Preferred Shares Purchase Rights
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Sales:
Total sales	$ 9,710	$ 10,647	$ 11,015
Cost of goods sold and occupancy costs:
Total cost of goods sold and occupancy costs	7,578	8,183	8,464
Gross profit	2,132	2,464	2,551
Selling, general and administrative expenses	1,832	2,101	2,193
Asset impairments	431	56	7
Merger and restructuring expenses, net	121	116	72
Legal expense accrual			25
Operating income (loss)	(252)	191	254
Other income (expense):
Interest income	4	23	25
Interest expense	(42)	(89)	(121)
Loss on extinguishment and modification of debt	(12)		(15)
Other income, net	7	21	15
Income (loss) from continuing operations before income taxes	(295)	146	158
Income tax expense	24	47	59
Net income (loss) from continuing operations	(319)	99	99
Discontinued operations, net of tax			5
Net income (loss)	$ (319)	$ 99	$ 104
Basic earnings (loss) per common share
Continuing operations	$ (6.05)	$ 1.82	$ 1.80
Discontinued operations			0.09
Net basic earnings (loss) per common share	(6.05)	1.82	1.89
Diluted earnings (loss) per common share
Continuing operations	(6.05)	1.80	1.77
Discontinued operations			0.08
Net diluted earnings (loss) per common share	$ (6.05)	$ 1.80	$ 1.85
Product
Sales:
Total sales	$ 8,374	$ 9,034	$ 9,322
Cost of goods sold and occupancy costs:
Total cost of goods sold and occupancy costs	6,655	7,088	7,313
Service
Sales:
Total sales	1,336	1,613	1,693
Cost of goods sold and occupancy costs:
Total cost of goods sold and occupancy costs	$ 923	$ 1,095	$ 1,151

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (319)	$ 99	$ 104
Other comprehensive income (loss), net of tax, where applicable:
Foreign currency translation adjustments	2	21	(36)
Reclassification of foreign currency translation adjustments realized upon disposal of businesses			29
Change in deferred pension, net of $7 million, $6 million and $9 million of deferred income taxes in 2020, 2019 and 2018, respectively	32	12	(14)
Total other comprehensive income (loss), net of tax, where applicable	34	33	(21)
Comprehensive income (loss)	$ (285)	$ 132	$ 83

- Definition

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

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+ Details

- Definition

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

+ References

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Statement Of Income And Comprehensive Income [Abstract]
Change in deferred pension, deferred income taxes	$ 7	$ 6	$ 9

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 26, 2020

Dec. 28, 2019

Current assets:

Cash and cash equivalents

$ 729

$ 698

Receivables, net

631

823

Inventories

930

1,032

Prepaid expenses and other current assets

Timber notes receivable

819

Total current assets

2,355

3,447

Property and equipment, net

576

679

Operating lease right-of-use assets

1,170

1,413

Goodwill

609

944

Other intangible assets, net

357

388

Deferred income taxes

162

183

Other assets

329

257

Total assets

5,558

7,311

Current liabilities:

Trade accounts payable

919

1,026

Accrued expenses and other current liabilities

1,138

1,219

Income taxes payable

Short-term borrowings and current maturities of long-term debt

106

Non-recourse debt

735

Total current liabilities

2,093

3,094

Deferred income taxes and other long-term liabilities

197

176

Pension and postretirement obligations, net

Long-term debt, net of current maturities

354

575

Operating lease liabilities

991

^[1]

1,208

Total liabilities

3,678

5,138

Commitments and contingencies

Stockholders’ equity:

Common stock — authorized 80,000,000 shares of $0.01 par value; issued shares — 62,551,255 at December 26, 2020 and 62,042,477 at December 28, 2019; outstanding shares — 52,694,062 at December 26, 2020 and 53,518,232 at December 28, 2019

Additional paid-in capital

2,675

2,652

Accumulated other comprehensive loss

(32)

(66)

Accumulated deficit

(409)

(89)

Treasury stock, at cost — 9,857,193 shares at December 26, 2020 and 8,524,245 shares at December 28, 2019

(355)

(325)

Total stockholders’ equity

1,880

2,173

Total liabilities and stockholders’ equity

$ 5,558

$ 7,311

[1]	Operating lease payments include $91 million related to options to extend lease terms that are reasonably certain of being exercised.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 26, 2020	Dec. 28, 2019
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	62,551,255	62,042,477
Common stock, shares, outstanding	52,694,062	53,518,232
Treasury stock, shares	9,857,193	8,524,245

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Cash flows from operating activities of continuing operations:
Net income (loss)	$ (319)	$ 99	$ 104
Income from discontinued operations, net of tax			5
Net income (loss) from continuing operations	(319)	99	99
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	189	204	192
Amortization of debt discount and issuance costs	3	8	10
Charges for losses on receivables and inventories	36	26	37
Asset impairments	431	56	7
(Gain) loss on disposition of assets, net	5	(23)	(5)
Loss on extinguishment and modification of debt	12		15
Compensation expense for share-based payments	41	33	27
Deferred income taxes and deferred tax asset valuation allowances	9	100	40
Contingent consideration payments in excess of acquisition-date liability	(2)	(11)
Changes in assets and liabilities:
Decrease in receivables	191	63	43
Decrease (increase) in inventories	84	19	(2)
Net decrease in prepaid expenses, operating lease right-of-use assets, and other assets	317	321	4
Net increase (decrease) in trade accounts payable, accrued expenses, operating lease liabilities, and other current and other long-term liabilities	(513)	(532)	140
Other operating activities	1	3	9
Total adjustments	804	267	517
Net cash provided by operating activities of continuing operations	485	366	616
Cash flows from investing activities of continuing operations:
Capital expenditures	(68)	(150)	(187)
Businesses acquired, net of cash acquired	(30)	(22)	(81)
Proceeds from collection of notes receivable	818
Proceeds from disposition of assets	3	50	15
Other investing activities	13	3	4
Net cash provided by (used in) investing activities of continuing operations	736	(119)	(249)
Cash flows from financing activities of continuing operations:
Net payments on long and short-term borrowings	(341)	(98)	(97)
Cash used in extinguishment and modification of debt			(7)
Debt retirement	(1,196)	(735)	(194)
Debt issuance	400	736
Cash dividends on common stock	(13)	(55)	(55)
Share purchases for taxes, net of proceeds from employee share-based transactions	(5)	(9)	(3)
Repurchase of common stock for treasury	(30)	(40)	(39)
Contingent consideration payments up to amount of acquisition-date liability	(1)	(12)
Acquisition of non-controlling interest			(18)
Other financing activities	(7)	1	(1)
Net cash used in financing activities of continuing operations	(1,193)	(212)	(414)
Cash flows from discontinued operations:
Operating activities of discontinued operations	0	0	11
Investing activities of discontinued operations	0	0	66
Net cash provided by (used in) discontinued operations			77
Effect of exchange rate changes on cash and cash equivalents	1	5	(9)
Net increase in cash, cash equivalents and restricted cash	29	40	21
Cash, cash equivalents and restricted cash at beginning of period	700	660	639
Cash, cash equivalents and restricted cash at end of period — continuing operations	729	700	660
Supplemental information on operating, investing, and financing activities
Cash interest paid, net of amounts capitalized and Timber notes/Non-recourse debt	40	61	93
Cash taxes refunded, net	(14)	(43)	(5)
Right-of-use assets obtained in exchange for new finance lease liabilities	29	27	$ 24
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 126	$ 338

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Adjustment for Adoption of Accounting Standard	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated Deficit Adjustment for Adoption of Accounting Standard	Treasury Stock
Balance at Dec. 30, 2017	$ 2,120	$ (4)	$ 1	$ 2,716	$ (78)	$ (273)	$ (4)	$ (246)
Balance, Shares at Dec. 30, 2017			61,035,399
Net income (loss)	104					104
Other comprehensive income	(21)				(21)
Exercise and release of incentive stock (including income tax benefits and withholding)	(3)			(3)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)			406,491
Amortization of long-term incentive stock grants	27			27
Dividends paid on common stock	(55)			(55)
Repurchase of common stock	(39)							(39)
Acquisition escrow shares returned	(1)			(1)
Acquisition escrow shares returned (in shares)			(24,820)
Other	(2)			(2)
Balance at Dec. 29, 2018	2,126		$ 1	2,682	(99)	(173)		(285)
Balance, Shares at Dec. 29, 2018			61,417,070
Net income (loss)	99					99
Other comprehensive income	33				33
Exercise and release of incentive stock (including income tax benefits and withholding)	(8)			(8)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)			625,407
Amortization of long-term incentive stock grants	33			33
Dividends paid on common stock	(55)			(55)
Repurchase of common stock	(40)							(40)
Balance at Dec. 28, 2019	2,173	(15)	$ 1	2,652	(66)	(89)	(15)	(325)
Balance, Shares at Dec. 28, 2019			62,042,477
Net income (loss)	(319)					(319)
Other comprehensive income	34				34
Exercise and release of incentive stock (including income tax benefits and withholding)	(5)			(5)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)			508,778
Amortization of long-term incentive stock grants	41			41
Dividends paid on common stock	(13)			(13)
Repurchase of common stock	$ (30)							(30)
Repurchase of common stock (in shares)	(1,000,000)
Balance at Dec. 26, 2020	$ 1,880	$ (1)	$ 1	$ 2,675	$ (32)	$ (409)	$ (1)	$ (355)
Balance, Shares at Dec. 26, 2020			62,551,255

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Statement Of Stockholders Equity [Abstract]
Dividend paid on common stock, per share	$ 0.25	$ 1.00	$ 1.00

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 26, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business: The ODP Corporation including its consolidated subsidiaries (“ODP” or the “Company”), is a leading provider of business services and supplies, products and digital workspace technology solutions to small, medium-sized and enterprise businesses. The Company operates through its direct and indirect subsidiaries and maintains a fully integrated business-to-business (“B2B”) distribution platform of thousands of dedicated sales and technology service professionals, online presence and 1,154 retail stores. Through its banner brands Office Depot®, OfficeMax®, CompuCom® and Grand & Toy®, as well as others, the Company offers its customers the tools and resources they need to focus on starting, growing and running their business. The Company’s corporate headquarters is located in Boca Raton, FL, and its primary website is www.officedepot.com.

At December 26, 2020, the Company had three reportable segments (or “Divisions”): Business Solutions Division, Retail Division and the CompuCom Division.

Basis of Presentation: The Consolidated Financial Statements of ODP include the accounts of all wholly owned and financially controlled subsidiaries prior to disposition. The Company owns 88% of a subsidiary that formerly owned assets in Cuba, which were confiscated by the Cuban government in the 1960’s. Due to various asset restrictions, the fair value of this investment is not determinable, and no amounts are included in the Consolidated Financial Statements. Intercompany transactions have been eliminated in consolidation.

In September 2016, the Company’s Board of Directors committed to a plan to sell substantially all of the Company’s International Division operations (the “International Operations”). Accordingly, those operations are presented herein as discontinued operations. The sale of the International Operations was completed as of June 30, 2018 and there were no remaining assets or liabilities of discontinued operations in the Consolidated Balance Sheets. Refer to Note 5 for additional information regarding the Company’s Divisions and operations in geographic areas and Note 18 for Discontinued Operations information.

After obtaining approval of the Company’s shareholders on May 11, 2020, the Company’s Board of Directors determined to set a reverse stock split ratio of 1-for-10 for a reverse stock split of the Company’s outstanding shares of common stock, and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio. The reverse stock split was effective on June 30, 2020. All share and per share amounts in the Company’s Consolidated Financial Statements and notes thereto have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

Fiscal Year: Fiscal years are based on a 52- or 53-week period ending on the last Saturday in December. All years presented in the Consolidated Financial Statements consisted of 52 weeks. Certain subsidiaries, including CompuCom, operate on a calendar year basis; however, the reporting difference did not have a material impact in any period presented.

Estimates and Assumptions: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. The impact of the COVID-19 pandemic has been considered when making these estimates and assumptions, however, given the uncertainty related to the future effects of COVID-19, actual results could differ from these estimates.

Corporate Reorganization: On March 31, 2020, the Board of Directors of the Company approved proceeding with the Reorganization of the Company's corporate structure into a holding company structure. The Reorganization was completed on June 30, 2020, and Office Depot, Inc. became a wholly-owned subsidiary of a new holding company, The ODP Corporation, and replaced Office Depot, Inc. as the public company trading on the NASDAQ Stock Market under the ticker symbol “ODP”. All outstanding shares of Office Depot, Inc. were automatically converted into shares of common stock in The ODP Corporation. The holding company reorganization began the simplification of the Company’s legal entity and tax structure, more closely aligns the Company’s operating assets to their respective operating channels within the legal entity structure, and is intended to increase its operational flexibility. In addition, the Reorganization is intended to be a tax-free transaction for U.S. federal income tax purposes for the Company’s shareholders.

Business Combinations: The Company applies the acquisition method of accounting for acquisitions where the Company is considered the accounting acquirer in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). The results of operations of acquired businesses are included in the Company’s consolidated results prospectively from the date of acquisition. The Company allocates the fair value of purchase consideration to the tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquired entity generally based on their fair values at the acquisition date. Various valuation methodologies are used to estimate the fair value of assets acquired and liabilities assumed, including using a market participant perspective when applying cost, income and relief from royalty analyses, supplemented with market appraisals where appropriate. Significant judgments

and estimates are required in preparing these fair value estimates. The excess of the fair value of purchase consideration over the fair value of the assets acquired, liabilities assumed and non-controlling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired company and the Company and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. Acquisition-related expenses and post-acquisition restructuring costs are recognized separately from the business combination and are expensed as incurred. Refer to Note 2 for additional information.

Foreign Currency: International operations in Canada, Mexico, India, Costa Rica and China use local currencies as their functional currency. Assets and liabilities are translated into U.S. dollars using the exchange rate at the balance sheet date. Revenues, expenses and cash flows are translated at average monthly exchange rates, or rates on the date of the transaction for certain significant items. Translation adjustments resulting from this process are recorded in Stockholders’ equity as a component of Accumulated other comprehensive loss. Foreign currency transaction gains or losses are recorded in the Consolidated Statements of Operations in Other income (expense), net or Cost of goods sold and occupancy costs, depending on the nature of the transaction.

Cash and Cash Equivalents: All short-term highly liquid investments with original maturities of three months or less from the date of acquisition are classified as cash equivalents. Amounts in transit from banks for customer credit card and debit card transactions are classified as cash. The banks process the majority of these amounts within two business days.

Amounts not yet presented for payment to zero balance disbursement accounts of $23 million and $25 million at December 26, 2020 and December 28, 2019, respectively, are presented in Trade accounts payable and Accrued expenses and other current liabilities.

At December 26, 2020 and December 28, 2019, cash and cash equivalents held outside the United States amounted to $159 million and $190 million, respectively.

Restricted Cash: Restricted cash consists primarily of short-term cash deposits having original maturity dates of twelve months or less that serve as collateral to certain of the Company’s letters of credit. Restricted cash is valued at cost, which approximates fair value. There was no restricted cash at December 26, 2020. At December 28, 2019, restricted cash amounted to $2 million and is included in Prepaid expenses and other current assets in the Consolidated Balance Sheet.

Receivables: Trade receivables totaled $501 million and $599 million at December 26, 2020 and December 28, 2019, respectively, net of an allowance for doubtful accounts of $13 million and $10 million, respectively, to reduce receivables to an amount expected to be collectible from customers.

Exposure to credit risk associated with trade receivables is limited by having a large customer base that extends across many different industries and geographic regions. However, receivables may be adversely affected by an economic slowdown in the United States or internationally, as well as the impact of the COVID-19 pandemic on the expected credit and collectability trends. No single customer accounted for more than 10% of total sales or receivables in 2020, 2019 or 2018. Other receivables were $130 million and $225 million at December 26, 2020 and December 28, 2019, respectively, of which $98 million and $162 million, respectively, are amounts due from vendors under purchase rebate, cooperative advertising and various other marketing programs.

Inventories: Inventories are stated at the lower of cost or net realizable value and are reduced for inventory losses based on estimated obsolescence, the impact of the COVID-19 pandemic on forecasted sales and expected selling prices, and the results of physical counts. The weighted average method is used throughout the Company to determine the cost of inventory. In-bound freight is included as a cost of inventories; cash discounts and certain vendor allowances that are related to inventory purchases are recorded as a product cost reduction.

Income Taxes: Income taxes are accounted for under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities attributable to differences between the carrying amounts and the tax bases of assets and liabilities and operating loss and tax credit carryforwards. Valuation allowances are recorded to reduce deferred tax assets to the amount believed to be more likely than not to be realized. The Company recognizes tax benefits from uncertain tax positions when it is more likely than not that the position will be sustained upon examination. Interest related to income tax exposures is included in interest expense in the Consolidated Statements of Operations. Refer to Note 6 for additional information on income taxes.

Property and Equipment: Property and equipment additions are recorded at cost. Depreciation and amortization is recognized over the estimated useful lives using the straight-line method. The useful lives of depreciable assets are estimated to be 15-30 years for buildings and 3-10 years for furniture, fixtures and equipment. Computer software is amortized over three years for common office applications, five years for larger business applications and seven years for certain enterprise-wide systems. Leasehold improvements are amortized over the shorter of the estimated economic lives of the improvements or the terms of the underlying leases, including renewal options considered reasonably assured. The Company capitalizes certain costs related to internal use software that is expected to benefit future periods. These costs are amortized using the straight-line method over the 3 to 7 year expected life of the software. Major repairs that extend the useful lives of assets are capitalized and amortized over the estimated use period. Routine maintenance costs are expensed as incurred. Refer to Note 8 for additional information on property and equipment.

Goodwill and Other Intangible Assets: Goodwill represents the excess of the purchase price of an acquired entity over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in a business combination. The Company reviews the carrying amount of goodwill at the reporting unit level on an annual basis as of the first day of fiscal month December, or more frequently, if events or changes in circumstances suggest that goodwill may not be recoverable. For those reporting units where events or change in circumstances indicate that potential impairment indicators exist, the Company performs a quantitative assessment to determine whether the carrying amount of goodwill can be recovered. A significant amount of judgment is involved in determining if an indicator of impairment has occurred.

When performing the annual goodwill impairment test, the Company may start with an optional qualitative assessment. As part of the qualitative assessment, the Company evaluates all events and circumstances, including both positive and negative events, in their totality, to determine whether it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company bypasses the qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, the Company evaluates goodwill for impairment by comparing the fair value of a reporting unit to its carrying value, including the associated goodwill. The Company estimates the reporting unit’s fair value using discounted cash flow analysis and market-based evaluations, when available. If the carrying amount of the reporting unit exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying value to the estimated fair value. The Company typically uses a combination of different Level 3 valuation approaches that are dependent on several significant estimates and assumptions related to forecasts of future revenues, cost of sales, expenses and the weighted-average cost of capital for each reporting unit. Any adverse change in these factors could have a significant impact on the recoverability of goodwill and could have a material impact on the Company’s Consolidated Financial Statements.

An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually. The Company evaluates its indefinite-lived intangible assets for impairment annually, or sooner if indications of possible impairment are identified. When performing the annual impairment test, the Company may first start with an optional qualitative assessment to determine whether it is not more likely than not that its indefinite-lived intangible assets are impaired. As part of a qualitative assessment, the Company evaluates relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If the Company bypasses the qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, the Company evaluates its indefinite-lived intangible assets for impairment by comparing the fair value of the asset to its carrying amount.

Intangible assets determined to have finite lives are amortized on a straight-line basis over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to the Company’s future cash flows. The Company periodically reviews its amortizable intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization or asset impairment.

Refer to Note 9 for additional information on goodwill and other intangible assets.

Impairment of Long-Lived Assets: Long-lived assets with identifiable cash flows are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Retail store long-lived assets are regularly reviewed for impairment indicators. Impairment is assessed at the individual store level which is the lowest level of identifiable cash flows and considers the estimated undiscounted cash flows over the asset’s remaining life. If estimated undiscounted cash flows are insufficient to recover the investment, an impairment loss is recognized equal to the difference between the estimated fair value of the asset and its carrying value, net of salvage, and any costs of disposition, and allocated to the asset groups at the store level based on their relative fair values. The fair value estimate is generally the discounted amount of estimated store-specific cash flows.

Facility Closure and Severance Costs: Retail store performance is regularly reviewed against expectations and retail stores not meeting performance requirements may be closed. Retail stores are also closed as part of restructuring activities which aim to optimize the Company’s retail footprint. Refer to Note 3 for additional information on the restructuring programs and associated store closures. Costs associated with facility closures, principally accrued lease costs, are recognized when the facility is no longer used in an operating capacity or when a liability has been incurred. Retail store assets, including operating lease right-of-use (“ROU”) assets, are also reviewed for possible impairment, or reduction of estimated useful lives.

The Company recognizes charges or credits to adjust remaining closed facility accruals to reflect current expectations. Adjustments to facility closure costs are presented in the Consolidated Statements of Operations in Selling, general and administrative expenses if the related facility was closed as part of ongoing operations or in Merger and restructuring expenses, net, if the related facility was closed

as part of a merger integration plan or restructuring plan. Refer to Note 3 for additional information on accrued expenses relating to closed facilities. The short-term and long-term components of this liability are included in Accrued expenses and other current liabilities and Deferred income taxes and other long-term liabilities, respectively, in the Consolidated Balance Sheets. Employee termination costs covered under written and substantive plans are accrued when probable and estimable and consider continuing service requirements, if any. Additionally, incremental one-time employee benefit costs are recognized when the key terms of the arrangements have been communicated to affected employees. Amounts are recognized when communicated or over the remaining service period, based on the terms of the arrangements.

Accrued Expenses and Other Current Liabilities: The major components of Accrued expenses and other current liabilities in the Consolidated Balance Sheets are tax liabilities, payroll and benefit accruals, customer rebates accruals, inventory receipts accruals and current portion of operating lease liabilities. Accrued payroll and benefits were $148 million and $150 million at December 26, 2020 and December 28, 2019, respectively.

Fair Value of Financial Instruments: 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. 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 own estimates and assumptions or those expected to be used by market participants.

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. Refer to Note 16 for further fair value information.

Revenue Recognition: Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services. For product sales, transfer of control occurs at a point in time, typically upon delivery to the customer. For service offerings, the transfer of control and satisfaction of the performance obligation is either over time or at a point in time. When performance obligations are satisfied over time, the Company evaluates the pattern of delivery and progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Revenue is recognized net of allowance for returns and net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Shipping and handling fees are included in Sales in the Consolidated Statements of Operations. Shipping and handling costs are considered fulfillment activities and are included in Cost of goods sold and occupancy costs in the Consolidated Statements of Operations. The Company recognizes sales, other than third-party software sales, on a gross basis when it is considered the primary obligor in the transaction and on a net basis when it is considered to be acting as an agent. The Company recognizes sales of third-party software on a net basis. The Company uses judgment in estimating sales returns, considering numerous factors such as historical sales return rates. The Company also records reductions to revenue for customer programs and incentive offerings including special pricing agreements, certain promotions and other volume-based incentives.

A liability for future performance is recognized when gift cards are sold and the related revenue is recognized when gift cards are redeemed as payment for products or when the likelihood of gift card redemption is considered remote. Gift cards do not have an expiration date. The Company recognizes the estimated portion of the gift card program liability that will not be redeemed, or the breakage amount, in proportion to usage.

Cost of Goods Sold and Occupancy Costs: Cost of goods sold and occupancy costs include:

inventory costs (as discussed above);

outbound freight;

employee and non-employee receiving, distribution, and occupancy costs (rent), including depreciation, real estate taxes and common area costs, of inventory-holding and selling locations; and

identifiable employee-related costs associated with services provided to customers.

Selling, General and Administrative Expenses: Selling, general and administrative expenses include amounts incurred related to expenses of operating and support functions, including:

employee payroll and benefits, including variable pay arrangements;

advertising;

store and field support;

executive management and various staff functions, such as information technology, human resources functions, finance, legal, internal audit, and certain merchandising and product development functions;

other operating costs incurred relating to selling activities; and

closed defined benefit pension and postretirement plans.

Selling, general and administrative expenses are included in the determination of Division operating income to the extent those costs are considered to be directly or closely related to segment activity and through allocation of support costs.

Merger and Restructuring Expenses, net: Merger and restructuring expenses, net in the Consolidated Statements of Operations includes charges and, where applicable, credits for costs such as acquisition related expenses, employee termination and retention, transaction and integration-related professional fees, facility closure costs, gains and losses on asset dispositions, and other incremental costs directly related to these activities.

This presentation is used to separately identify these significant costs apart from expenses incurred to sell to and service the Company’s customers or that are more directly related to ongoing operations. Changes in estimates and accruals related to these activities are also reflected on this line. Merger and restructuring expenses, net are not included in the measure of Division operating income. Refer to Note 3 for additional information.

Advertising: Advertising expenses are charged to Selling, general and administrative expenses when incurred. Advertising expenses recognized were $179 million in 2020, $249 million in 2019 and $270 million in 2018. Prepaid advertising expenses were $3 million as of December 26, 2020 and $6 million as of December 28, 2019.

Share-Based Compensation: Compensation expense for all share-based awards expected to vest is measured at fair value on the date of grant and recognized on a straight-line basis over the related service period. The fair value of restricted stock and restricted stock units, including performance-based awards, is determined based on the Company’s stock price on the date of grant. Share-based awards with market conditions, such as total shareholder return, are valued using a Monte Carlo simulation as measured on the grant date. Share-based awards that are settled in cash are classified as liabilities and are measured to fair value at each reporting date.

Self-insurance: ODP is primarily self-insured for workers’ compensation, auto and general liability and employee medical insurance programs. The Company has stop-loss coverage to limit the exposure arising from these claims. Self-insurance liabilities are based on claims filed and estimates of claims incurred but not reported. These liabilities are not discounted.

Vendor Arrangements: The Company enters into arrangements with substantially all significant vendors that provide for some form of consideration to be received from the vendors. Arrangements vary, but some specify volume rebate thresholds, advertising support levels, as well as terms for payment and other administrative matters. The volume-based rebates, supported by a vendor agreement, are estimated throughout the year and reduce the cost of inventory and cost of goods sold during the year. This estimate is regularly monitored and adjusted for current or anticipated changes in purchase levels and for sales activity. Other promotional consideration received is event-based or represents general support and is recognized as a reduction of Cost of goods sold and occupancy costs or Inventories, as appropriate, based on the type of promotion and the agreement with the vendor. Certain arrangements meet the specific, incremental, identifiable criteria that allow for direct operating expense offset, but such arrangements are not significant.

Pension and Other Postretirement Benefits: The Company sponsors certain closed U.S. and U.K. defined benefit pension plans, certain closed U.S. retiree medical benefit and life insurance plans, as well as a Canadian retiree medical benefit plan open to certain employees.

The Company recognizes the funded status of its defined benefit pension, retiree medical benefit and life insurance plans in the Consolidated Balance Sheets, with changes in the funded status recognized primarily through accumulated other comprehensive

income (loss), net of tax, in the year in which the changes occur. Actuarially-determined liabilities related to pension and postretirement benefits are recorded based on estimates and assumptions. Factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, healthcare cost trends, benefit payment patterns and other factors. The Company also updates periodically its assumptions about employee retirement factors, mortality, and turnover. Refer to Note 15 for additional details.

Environmental and Asbestos Matters: Environmental and asbestos liabilities relate to acquired legacy paper and forest products businesses and timberland assets. The Company accrues for losses associated with these obligations when probable and reasonably estimable. These liabilities are not discounted. A receivable for insurance recoveries is recorded when probable.

Leasing Arrangements: The Company conducts a substantial portion of its business in leased properties. The Company first determines whether an arrangement is a lease at inception. Once that determination is made, leasing arrangements are presented in the Consolidated Balance Sheet as follows:

•

Finance leases:

Property and equipment, net –leases which were referred to as capital leases under the old accounting standard;

Short-term borrowings and current maturities of long-term debt – short-term obligations to make lease payments arising from the finance lease; and

Long-term debt, net of current maturities – long-term obligations to make lease payments arising from the finance lease.

•

Operating leases:

ROU assets – the Company’s right to use the underlying asset for the lease term;

Accrued expenses and other current liabilities – short-term obligations to make lease payments arising from the operating lease; and

Operating lease liabilities – long-term obligations to make lease payments arising from the operating lease.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. As the rate implicit in the lease is not readily determinable for any of the leases, the Company has utilized its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The determination of the appropriate incremental borrowing rate requires management to use significant estimates and assumptions as to its credit rating, base rates and credit spread, and other management assumptions for the impact of collateral. The operating lease ROU asset also includes any lease payments made prior to commencement and excludes lease incentives and initial direct costs incurred. Certain leases include one or more options to renew, with renewal terms that can extend the lease from five to 25 years or more, which is generally at the Company’s discretion. Any option or renewal periods management believed were reasonably certain of being exercised are included in the lease term, and are used in calculating the operating lease ROU assets and lease liabilities. In addition, some of the Company’s leases contain escalation clauses. The Company recognizes rental expense for operating leases that contain predetermined fixed escalation clauses on a straight-line basis over the expected term of the lease.

The Company has lease agreements with lease and non-lease components, for which it has made an accounting policy election to account for these as a single lease component.

NEW ACCOUNTING STANDARDS

Standards that are not yet adopted:

Defined benefit plan: In August 2018, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard update that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This accounting update is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The Company evaluated the impact of this new standard and believes the adoption will not have a material impact on its Consolidated Financial Statements.

Income Taxes: In December 2019, the FASB issued an accounting standards update that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance related to the approach for intraperiod tax allocation, the methodology for calculating

income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The accounting standards update also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This accounting update is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The Company evaluated the impact of this new standard and believes the adoption will not have a material impact on its Condensed Consolidated Financial Statements.

Standards that were adopted:

Financial Instruments – Credit Losses: In June 2016, the FASB issued an accounting standards update that modifies the measurement of expected credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The update changes the accounting for credit impairment by adding an impairment model that is based on expected losses rather than incurred losses. In July 2018, the FASB approved an amendment to the new guidance that provides transition relief to the adopting entities and allows for an election of the fair value option on certain financial instruments. The Company adopted this accounting standards update on the first day of the first quarter of 2020, and recognized a cumulative effect adjustment of $1 million, net of tax, to its accumulated deficit related to increasing the allowance for doubtful accounts within its receivables. The adoption of this new guidance did not result in any other changes and did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Cloud computing arrangements: In August 2018, the FASB issued an accounting standards update that provides guidance regarding the accounting for implementation costs in cloud computing arrangements. The Company adopted this accounting standards update on the first day of the first quarter of 2020 with no material impact on its Condensed Consolidated Financial Statements.

ACQUISITIONS

12 Months Ended

Dec. 26, 2020

Business Combinations [Abstract]

ACQUISITIONS

NOTE 2. ACQUISITIONS

Since 2017, the Company has been undergoing a strategic business transformation to pivot into an integrated B2B distribution platform, with the objective of expanding its product offerings to include value-added services for its customers and capture greater market share. As part of this transformation, the Company has been acquiring profitable regional office supply distribution businesses to expand its reach and distribution network into geographic areas that were previously underserved. During 2020, the Company acquired four small independent regional office supply distribution businesses. Of these four acquisitions, three were completed in the first quarter of 2020 and one was completed in the third quarter of 2020.

The aggregate total purchase consideration, including contingent consideration, for the four acquisitions completed in 2020 was approximately $37 million, subject to certain customary post-closing adjustments. The aggregate purchase price was funded with cash on hand. The acquisitions were treated as purchases in accordance with ASC 805, Business Combinations (“ASC 805”) which requires allocation of the purchase price to the estimated fair values of assets and liabilities acquired in the transaction including goodwill and other intangible assets. The Company has performed a preliminary purchase price allocation of the aggregate purchase price to the estimated fair values of assets and liabilities acquired in the transactions, including $6 million of customer relationship intangible assets and $21 million of goodwill. An immaterial amount of the aggregate purchase price was allocated to working capital accounts. These assets and liabilities are included in the Consolidated Balance Sheet as of December 26, 2020. As additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), the Company will refine its estimates of fair value to allocate the purchase price. The operating results of the acquired office supply distribution businesses are combined with the Company’s operating results subsequent to their purchase dates, and are included in the Business Solutions Division. Certain disclosures set forth under ASC 805, including supplemental pro forma financial information, are not disclosed because the operating results of the acquired businesses, individually and in the aggregate, are not material to the Company.

The Company recognized a contingent consideration liability of $25 million in connection with the acquisition of an enterprise IT solutions integrator and managed services provider in 2018. In the first quarter of 2019, the Company paid $23 million of this contingent consideration liability, of which $12 million was treated as a financing cash outflow in the Consolidated Statement of Cash Flows because it related to the acquisition-date accrual, and $11 million was presented as a cash outflow from operating activities as it was accrued subsequent to the acquisition date based on new information obtained on the financial performance of the acquired entity. This $11 million accrual was recorded in the Merger and restructuring expenses, net line in the Consolidated Statement of Operations in 2018. The remaining $2 million of this contingent consideration liability was paid and presented as a cash outflow from operating activities in the Consolidated Statement of Cash Flows in 2020.

Based on new information received, the preliminary purchase price allocations of the companies acquired in 2019 and 2020 have been adjusted during the respective measurement periods. These adjustments were insignificant individually and in the aggregate to the Company’s Consolidated Financial Statements. The measurement periods for acquisitions completed in 2019 closed within 2020. Under the guidance on accounting for business combinations, merger and integration costs are not included as components of consideration transferred, instead, they are accounted for as expenses in the period in which the costs are incurred. Transaction-related expenses are included in the Merger and restructuring expenses, net line in the Consolidated Statements of Operations. Refer to Note 3 for additional information about the merger and restructuring expenses incurred during 2020.

In January 2021, the Company acquired BuyerQuest, a business services software company in the U.S., in connection with its strategic transformation into an integrated B2B distribution platform for approximately $62 million, subject to customary post-closing adjustments. The purchase consideration for BuyerQuest includes $52 million paid at closing, funded with cash on hand and the issuance of 827,498 shares of the Company’s common stock, and up to $10 million contingent consideration that will be payable over a two-year period subject to BuyerQuest meeting certain performance conditions. Also, in February 2021, the Company acquired a small independent regional office supply distribution business in the U.S. Certain disclosures set forth under ASC 805, including supplemental pro forma financial information, are not disclosed because the operating results of the acquired businesses, individually and in the aggregate, are not material to the Company.

MERGER AND RESTRUCTURING ACTIVITY

12 Months Ended

Dec. 26, 2020

Business Combinations [Abstract]

MERGER AND RESTRUCTURING ACTIVITY

NOTE 3. MERGER AND RESTRUCTURING ACTIVITY

Since 2017, 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 Consolidated Statements of Operations in order to identify these activities apart from the expenses incurred to sell to and service its 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.

(In millions)	2020		2019		2018
Merger and transaction related expenses
Severance and retention	$	—	$	1	$	11
Transaction and integration		17		23		35
Facility closure, contract termination and other expenses, net		1		—		10
Total Merger and transaction related expenses		18		24		56
Restructuring expenses
Severance		45		40		—
Professional fees		21		41		11
Facility closure, contract termination, and other expenses, net		37		11		5
Total Restructuring expenses		103		92		16
Total Merger and restructuring expenses, net	$	121	$	116	$	72

MERGER AND TRANSACTION RELATED EXPENSES

In 2020, 2019 and 2018, the Company incurred $18 million, $24 million and $56 million, respectively, of merger and transaction related expenses. Severance and retention include expenses related to the integration of staff functions in connection with business acquisitions and are expensed through the severance and retention period. Transaction and integration include legal, accounting, and other third-party expenses incurred in connection with acquisitions and business integration activities primarily related to CompuCom. Facility closure, contract termination, and other expenses, net relate to facility closure accruals, contract termination costs, gains and losses on asset dispositions, and accelerated depreciation. In 2018, merger and transaction related expenses, net include costs incurred for the CompuCom transaction as well as integration expenses associated with the OfficeMax merger. All integration activities related to the OfficeMax merger were completed in 2018.

RESTRUCTURING EXPENSES

Maximize B2B Restructuring Plan

In May 2020, the Company’s Board of Directors approved a restructuring plan to realign the Company’s operational focus to support its “business-to-business” solutions and IT services business units and improve costs (“Maximize B2B Restructuring Plan”). Implementation of the Maximize B2B Restructuring Plan is expected to be substantially completed by the end of 2023. The Maximize B2B Restructuring Plan aims to generate savings through optimizing the Company’s retail footprint, removing costs that directly support the Retail business and additional measures to implement a company-wide low-cost business model, which will then be invested in accelerating the growth of the Company’s business-to-business platform. The plan is broader than restructuring programs the Company has implemented in the past and includes closing and/or consolidating retail stores and distribution facilities and the reduction of up to 13,100 employee positions by the end of 2023. The Company is evaluating the number of retail store and distribution facility closures and/or consolidations, as well as the timing of any such closures and/or consolidations, however it is generally understood that closures will approximate the store’s lease termination date. The Company closed 70 retail stores and two distribution facilities under the Maximize B2B Restructuring Plan in 2020. Total estimated restructuring costs related to the Maximize B2B Restructuring Plan are expected to be up to $143 million, comprised of:

(a)

severance and related employee costs of approximately $55 million;

(b)

facility closure costs of approximately $51 million, which are mainly related to retail stores; and

(c)

other costs, including contract termination costs, to facilitate the execution of the Maximize B2B Restructuring Plan of approximately $37 million.

These total estimated restructuring costs of up to $143 million above are expected to be cash expenditures through 2023 and funded primarily with cash on hand and cash from operations.

In 2020, the Company incurred $81 million in restructuring expenses associated with the Maximize B2B Restructuring Plan which consisted of $45 million in employee severance, $7 million in third-party professional fees, $5 million in contract termination costs, and $24 million of retail store and facility closure and other costs that were mainly related to facility closure accruals, gains and losses on asset dispositions, and accelerated depreciation. Of these amounts, $28 million were cash expenditures in 2020.

Business Acceleration Program

In May 2019, the Company’s Board of Directors approved the Business Acceleration Program, a company-wide, multi-year, cost reduction and business improvement program to systematically drive down costs, improve operational efficiencies, and enable future growth investments. In connection with the Business Acceleration Program, the Company closed 82 underperforming retail stores and one other facility in 2020, and seven other facilities, consisting of distribution centers and sales offices were closed in 2019. The Company incurred $101 million in restructuring expenses to implement the Business Acceleration Program since its inception in 2019 through the end of 2020, of which $98 million were cash expenditures funded primarily with cash on hand and cash from operations. The Business Acceleration Program was completed by the end of 2020.

In 2020, the Company incurred $19 million in restructuring expenses associated with the Business Acceleration Program which consisted of $11 million in third-party professional fees and $8 million of retail store and facility closure costs and other. The Company made cash expenditures of $29 million for the Business Acceleration Program in 2020.

Other

Included in restructuring expenses in 2019 and 2018 are $8 million and $5 million, respectively, of costs incurred in connection with the Company’s Comprehensive Business Review, a program announced in 2016 and concluded at the end of 2019. Under the Comprehensive Business Review, the Company closed a total of 208 retail stores, and the costs incurred included severance, facility closure costs, contract termination, accelerated depreciation, relocation and disposal gains and losses, as well as other costs associated with retail store closures.

Additionally, restructuring expenses in 2020 included $3 million in third-party professional fees incurred in connection with the Reorganization, and restructuring expenses in 2018 included professional fees of $11 million associated with planning the Company’s multi-year strategic transformation.

Asset impairments related to the restructuring initiatives are not included in the table above. Refer to Note 16 for further information.

MERGER AND RESTRUCTURING ACCRUALS

The activity in the merger and restructuring accruals in 2020 and 2019 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.

(In millions)	Beginning Balance		Charges Incurred		Cash Payments			Adjustments (a)			Ending Balance
2020
Termination benefits:
Merger-related accruals	$	1	$	1	$	(2	)	$	—		$	—
Maximize B2B Restructuring Plan		—		39		(9	)		—			30
Business Acceleration Program		13		—		(5	)		—			8
Lease and contract obligations, accruals for facilities closures and other costs:
Merger-related accruals		—		2		(1	)		—			1
Maximize B2B Restructuring Plan		—		27		(17	)		—			10
Business Acceleration Program		5		20		(24	)		—			1
Comprehensive Business Review		3		—		(1	)		—			2
Total	$	22	$	89	$	(59	)	$	—		$	52
2019
Termination benefits:
Merger-related accruals	$	3	$	2	$	(4	)	$	—		$	1
Maximize B2B Restructuring Plan		—		—		—			—			—
Business Acceleration Program		—		40		(27	)		—			13
Lease and contract obligations, accruals for facilities closures and other costs:
Merger-related accruals		10		—		—			(10	)		—
Maximize B2B Restructuring Plan		—		—		—			—			—
Business Acceleration Program		—		42		(37	)		—			5
Comprehensive Business Review		5		6		(5	)		(3	)		3
Total	$	18	$	90	$	(73	)	$	(13	)	$	22

(a)	Represents reclassification of operating lease obligations associated with facility closures to Operating lease ROU assets in the Consolidated Balance Sheet in accordance with the new lease accounting standard.

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 Consolidated Balance Sheets.

REVENUE RECOGNITION

12 Months Ended

Dec. 26, 2020

Revenue From Contract With Customer [Abstract]

REVENUE RECOGNITION

NOTE 4. REVENUE RECOGNITION

PRODUCTS AND SERVICES REVENUE

The following table provides information about disaggregated revenue by Division, and major products and services categories.

	2020
(In millions)	Business Solutions Division		Retail Division		CompuCom Division		Other			Total
Major products and services categories
Products
Supplies	$	2,514	$	1,415	$	—	$	12		$	3,941
Technology		1,193		1,772		221		—			3,186
Furniture and other		689		551		—		7			1,247
Services
Technology		—		26		624		(14	)		636
Copy, print, and other		287		403		9		1			700
Total	$	4,683	$	4,167	$	854	$	6		$	9,710

	2019
(In millions)	Business Solutions Division		Retail Division		CompuCom Division		Other			Total
Major products and services categories
Products
Supplies	$	2,961	$	1,670	$	—	$	16		$	4,647
Technology		1,236		1,702		271		2			3,211
Furniture and other		750		421		—		5			1,176
Services
Technology		—		29		709		(14	)		724
Copy, print, and other		332		541		14		2			889
Total	$	5,279	$	4,363	$	994	$	11		$	10,647

	2018
(In millions)	Business Solutions Division		Retail Division		CompuCom Division		Other			Total
Major products and services categories
Products
Supplies	$	2,942	$	1,753	$	—	$	10		$	4,705
Technology		1,307		1,938		233		(7	)		3,471
Furniture and other		725		414		—		7			1,146
Services
Technology		1		28		843		(4	)		868
Copy, print, and other		307		508		10		—			825
Total	$	5,282	$	4,641	$	1,086	$	6		$	11,015

Products revenue includes the sale of:

•

Supplies such as paper, writing instruments, office supplies, cleaning and breakroom items, and personal protective equipment;

•

Technology related products such as toner and ink, printers, computers, tablets and accessories, and electronic storage; and

•

Furniture and other products such as desks, seating, and luggage.

The Company sells its supplies, furniture and other products through its Business Solutions and Retail Divisions, and its technology products through all three Divisions. Customers can purchase products through the Company’s call centers, electronically through its Internet websites, or through its retail stores. Revenues from supplies, technology, and furniture and other product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the customer.

Furniture and other products also include arrangements where customers can make special furniture interior design and installation orders that are customized to their needs. The performance obligations related to these arrangements are satisfied over time.

Services revenue includes the sale of:

•

Technology service offerings provided through the Company’s CompuCom Division, such as technology lifecycle management, end user computing and collaboration, service desk, remote technology monitoring and management, and information technology (“IT”) workforce solutions, as well as technology support services offerings provided in the Company’s retail stores, such as installation and repair; and

•

Copy, print, and other service offerings such as managed print and fulfillment services, product subscriptions, and sales of third party software, gift cards, warranties, remote support as well as rental income on operating lease arrangements where the Company conveys to its customers the right to use devices and other equipment for a stated period.

The largest offering in the service technology category is end user computing, which provides on-site services to assist corporate end users with their IT needs. Services are either billed on a rate per hour, per event, or per user, or on a fixed recurring basis. For the majority of technology service offerings contracts, the Company has the right to invoice the customer in an amount that directly corresponds with the value to the customer of the Company’s performance to date and as such the Company recognizes revenue based on the amount billable to the customer in accordance with the practical expedient provided by the current revenue guidance.

Substantially all of the Company’s other service offerings are satisfied at a point in time and revenue is recognized as such. The largest other service offering is copy and print services, which includes printing, copying, and digital imaging. The majority of copy and print services are fulfilled through retail stores and the related performance obligations are satisfied within a short period of time (generally within the same day).

REVENUE RECOGNITION AND SIGNIFICANT JUDGMENTS

Revenue is recognized upon transfer of control of promised products or services to customers for an amount that reflects the consideration the Company is entitled to receive in exchange for those products or services. For product sales, transfer of control occurs at a point in time, typically upon delivery to the customer. For service offerings, the transfer of control and satisfaction of the performance obligation is either over time or at a point in time. When performance obligations are satisfied over time, the Company evaluates the pattern of delivery and progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Revenue is recognized net of allowance for returns and net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Shipping and handling costs are considered fulfillment activities and are recognized within the Company’s cost of goods sold.

Contracts with customers could include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Determining the standalone selling price also requires judgment. The Company did not have significant revenues generated from such contracts in 2020, 2019 and 2018.

Products are generally sold with a right of return and the Company may provide other incentives, such as rebates and coupons, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company estimates returns and incentives at contract inception and includes the amount in the transaction price for which significant reversal is not probable. These estimates are updated at the end of each reporting period as additional information becomes available.

The Company offers a customer loyalty program that provides customers with rewards that can be applied to future purchases or other incentives. Loyalty rewards are accounted for as a separate performance obligation and deferred revenue is recorded in the amount of the transaction price allocated to the rewards, inclusive of the impact of estimated breakage. The estimated breakage of loyalty rewards is based on historical redemption rates experienced under the loyalty program. Revenue is recognized when the loyalty rewards are redeemed or expire. As of both December 26, 2020 and December 28, 2019, the Company had $12 million of deferred revenue related to the loyalty program, which is included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.

The Company recognizes revenue in certain circumstances before product delivery occurs (commonly referred to as bill-and-hold transactions). Revenue from bill-and-hold transactions is recognized when all specific requirements for transfer of control under a bill-and-hold arrangement have been met which include, among other things, a request from the customer that the product be held for future scheduled delivery. For these bill-and-hold arrangements, the associated product inventory is identified separately as belonging to the customer and is ready for physical transfer.

CONTRACT BALANCES

The timing of revenue recognition may differ from the timing of invoicing to customers. A receivable is recognized in the period the Company delivers goods or provides services, and is recorded at the invoiced amount, net of an allowance for doubtful accounts. A receivable is also recognized for unbilled services where the Company’s right to consideration is unconditional, and is recorded based on an estimate of time and materials. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the contracts do not include a significant financing component. The primary purpose of the Company’s invoicing terms is to provide customers with simplified and predictable ways of purchasing its products and services.

The Company receives payments from customers based upon contractual billing schedules. Contract assets include amounts related to deferred contract acquisition costs (refer to the section “Costs to Obtain a Contract” below) and if applicable, the Company’s conditional right to consideration for completed performance under a contract. The short- and long-term components of contract assets in the table below are included in Prepaid expenses and other current assets, and Other assets, respectively, in the Consolidated Balance Sheets. Contract liabilities include payments received in advance of performance under the contract, which are recognized as revenue when the performance obligation is completed under the contract, as well as accrued contract acquisition costs, liabilities related to the Company’s loyalty program and gift cards. The short- and long-term components of contract liabilities in the table below are included in Accrued expenses and other current liabilities, and Deferred income taxes and other long-term liabilities, respectively, in the Consolidated Balance Sheets.

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

	December 26,		December 28,
(In millions)	2020		2019
Trade receivables, net	$	501	$	599
Short-term contract assets		15		23
Long-term contract assets		15		17
Short-term contract liabilities		50		52
Long-term contract liabilities		4		1

In 2020 and 2019, the Company did not have any contract assets related to conditional rights. The Company recognized revenues of $26 million and $27 million in 2020 and 2019, respectively, which were included in the short-term contract liability balance at the beginning of the period. There were no contract assets and liabilities that were recognized in 2020 and 2019 as a result of business combinations. There were no significant adjustments to revenue from performance obligations satisfied in previous periods and there were no contract assets recognized at the beginning of the period that transferred to receivables in 2020 and 2019.

A majority of the purchase orders and statements of work related to contracts with customers require delivery of the product or service within one year or less. For certain service contracts that exceed one year, the Company recognizes revenue at the amount to which it has the right to invoice for services performed. Accordingly, the Company has applied the optional exemption provided by the new revenue recognition standard relating to unsatisfied performance obligations and does not disclose the value of unsatisfied performance obligations for its contracts.

COSTS TO OBTAIN A CONTRACT

The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year. The Company has determined that certain rebate incentive programs meet the requirements to be capitalized. These costs are periodically reviewed for impairment, and are amortized on a straight-line basis over the expected period of benefit. As of December 26, 2020 and December 28, 2019, capitalized acquisition costs amounted to $30 million and $40 million, respectively, and are reflected in short-term contract assets and long-term contract assets in the table above. In 2020, 2019 and 2018, amortization expense was $30 million, $35 million and $33 million, respectively. The Company had no asset impairment charges

related to contract assets in the periods presented herein. There is uncertainty regarding the impacts of COVID-19 on the global and national economies, which could negatively affect the Company’s customers and result in future impairments of contract assets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

SEGMENT INFORMATION

12 Months Ended

Dec. 26, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 5. SEGMENT INFORMATION

At December 26, 2020, the Company had three reportable segments: Business Solutions Division, Retail Division and the CompuCom Division. The Business Solutions Division sells nationally branded as well as the Company’s private branded office supply and adjacency products and services to customers in the United States, Puerto Rico, the U.S. Virgin Islands, and Canada. Business Solutions Division customers are served through a dedicated sales force, catalogs, telesales, and electronically through the Company’s Internet websites. The Retail Division includes a chain of retail stores in the United States, Puerto Rico and the U.S. Virgin Islands, which sell 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 offer business services including copying, printing, digital imaging, mailing, shipping and technology support services. In addition, the print needs for retail and business customers are also facilitated through the Company’s regional print production centers. The CompuCom Division provides IT services and products to enterprise organizations in the United States and Canada, and offers a broad range of solutions including technology lifecycle management, end user computing and collaboration, service desk, remote technology monitoring and management, and IT workforce solutions.

The retained global sourcing operations previously included in the former International Division are not significant and have been presented as Other. Also included in Other is the elimination of intersegment revenues of $17 million, $14 million and $11 million in 2020, 2019 and 2018, respectively.

The products and services offered by the Business Solutions Division and the Retail Division are similar, but the CompuCom Division’s offerings are focused on IT services and related products. The Company’s three operating segments are its three reportable segments. The Business Solutions Division, the Retail Division and the CompuCom Division are managed separately as they represent separate channels in the way the Company serves its customers, and they are managed accordingly. The accounting policies for each segment are the same as those described in Note 1. 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 Business Solutions Division, the Retail Division or the CompuCom Division, including asset impairments and merger and restructuring expenses, 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. In addition, the Company regularly evaluates the appropriateness of the reportable segments based on how the business is managed, including decision-making about resources allocation and assessing performance of the segments, particularly in light of organizational changes, merger and acquisition activity and changing laws and regulations. Therefore, the current reportable segments may change in the future.

A summary of significant accounts and balances by segment, reconciled to consolidated totals, after the elimination of discontinued operations for all periods is as follows.

(In millions)		Business Solutions Division		Retail Division		CompuCom Division			Other			Corporate*		Consolidated Total
Sales	2020	$	4,683	$	4,167	$	854		$	6		$	—	$	9,710
	2019		5,279		4,363		994			11			—		10,647
	2018		5,282		4,641		1,086			6			—		11,015
Division operating income (loss)	2020		116		275		14			—			—		405
	2019		271		194		(2	)		—			—		463
	2018		243		193		17			(2	)		—		451
Capital expenditures	2020		25		28		10			—			5		68
	2019		43		68		10			—			29		150
	2018		43		108		14			—			22		187
Depreciation and amortization	2020		66		80		31			—			12		189
	2019		66		91		39			—			8		204
	2018		64		83		38			—			7		192
Charges for losses on receivables and inventories	2020		9		24		3			—			—		36
	2019		—		25		1			—			—		26
	2018		3		32		2			—			—		37
Assets	2020		1,581		1,962		694			5			1,316		5,558
	2019		1,803		2,403		989			10			2,106		7,311

*	Amounts included in “Corporate” consist of assets (including all cash and cash equivalents) and depreciation related to corporate activities of continuing operations.

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

(In millions)	2020			2019			2018
Division operating income	$	405		$	463		$	451
Add/(subtract):
Asset impairments		(431	)		(56	)		(7	)
Merger and restructuring expenses, net		(121	)		(116	)		(72	)
Legal expense accrual		—			—			(25	)
Unallocated expenses		(105	)		(100	)		(93	)
Interest income		4			23			25
Interest expense		(42	)		(89	)		(121	)
Loss on extinguishment and modification of debt		(12	)		—			(15	)
Other income, net		7			21			15
Income (loss) from continuing operations before income taxes	$	(295	)	$	146		$	158

- 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.

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+ Details

INCOME TAXES

12 Months Ended

Dec. 26, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 6. INCOME TAXES

The components of income (loss) from continuing operations before income taxes consisted of the following:

(In millions)	2020			2019		2018
United States	$	(281	)	$	116	$	138
Foreign		(14	)		30		20
Total income (loss) from continuing operations before income taxes	$	(295	)	$	146	$	158

The income tax expense (benefit) related to income (loss) from continuing operations consisted of the following:

(In millions)	2020			2019			2018
Current:
Federal	$	(11	)	$	(64	)	$	3
State		16			3			7
Foreign		10			8			9
Deferred:
Federal		19			84			27
State		(6	)		11			13
Foreign		(4	)		5			—
Total income tax expense	$	24		$	47		$	59

The following is a reconciliation of income taxes at the U.S. Federal statutory rate to the provision for income taxes:

(In millions)	2020			2019			2018
Federal tax computed at the statutory rate	$	(62	)	$	30		$	33
State taxes, net of Federal benefit		3			6			10
Foreign income taxed at rates other than Federal		6			1			5
Increase (decrease) in valuation allowance		(4	)		9			(3	)
Non-deductible Goodwill impairments		74			—			—
Other non-deductible expenses and settlements		4			3			10
Tax basis differences in investment in subsidiaries		—			—			(4	)
Non-taxable income and additional deductible expenses		(3	)		(4	)		(1	)
Change in unrecognized tax benefits		—			2			1
Impact of stock compensation shortfall		2			—			5
Other items, net		4			—			3
Income tax expense	$	24		$	47		$	59

The Company’s effective tax rate of (8)% in 2020 differs from the statutory rate of 21% primarily due to the impact of goodwill impairment, state taxes, excess tax deficiencies associated with stock-based compensation awards and certain nondeductible items, adjustments to certain tax benefits and the mix of income and losses across U.S. and non-U.S. jurisdictions. The Company’s effective tax rate of 32% in 2019 differs from the statutory rate of 21% primarily due to the impact of state taxes and certain nondeductible items, the recognition of valuation allowances, and the Company’s mix of income and losses across U.S. and non-U.S. jurisdictions. The Company’s effective tax rate of 37% in 2018 reflected the same Federal marginal tax rate of 21% and the impact of the Company’s mix of income and losses across US and non-US jurisdictions. In addition, the 2018 rate was impacted by several discrete items including the impact of a potentially nondeductible legal settlement, the impact of excess tax deficiencies associated with stock-based compensation awards, state taxes, and certain other nondeductible items. As a result, The Company’s effective tax rates were (8)% in 2020, 32% in 2019 and 37% in 2018.

As a result of the Tax Cuts and Jobs Act, the Alternative Minimum Tax (AMT) for corporations was repealed. In addition, any unused AMT Credits that remain unused for tax years after 2017 can be refunded. For the 2020 tax year, the Company received a cash refund of $44 million of its credits in the third quarter. For 2019, the Company received a $44 million refund in the fourth quarter of 2019. The Company has no remaining AMT credits available for refund or to offset taxes as of 2020. These amounts are reflected as a reduction of deferred tax assets.

The Company recognized a large deferred tax liability related to the maturity of the Timber Note Receivable. The entire deferred gain was recognized resulting in significant taxable income in the first quarter of 2020. It was largely offset by available capital loss carryforwards, both Federal and state, state net operating losses, and any remaining Federal credits and carryforwards.

The Company continues to have a U.S. valuation allowance for certain U.S. Federal credits and state tax attributes, which relate to deferred tax assets that require either 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 operates in several foreign jurisdictions with income tax rates that differ from the U.S. Federal statutory rate, which resulted in an expense for 2020 and 2019 presented in the effective tax rate reconciliation. Significant foreign tax jurisdictions for which the Company realized such expense are Canada and Puerto Rico after the sale of the other international operations.

The components of deferred income tax assets and liabilities consisted of the following:

	December 26,			December 28,
(In millions)	2020			2019
U.S. and foreign loss carryforwards	$	81		$	240
Operating lease right-of-use assets		340			385
Pension and other accrued compensation		53			53
Accruals for facility closings		3			2
Inventory		9			9
Self-insurance accruals		16			19
Deferred revenue		15			16
U.S. and foreign income tax credit carryforwards		115			168
Allowance for bad debts		7			4
Accrued expenses		20			21
Basis difference in fixed assets		38			31
Gross deferred tax assets		697			948
Valuation allowance		(145	)		(151	)
Deferred tax assets		552			797
Internal software		3			10
Installment gain on sale of timberlands		—			168
Operating lease liabilities		309			356
Intangibles		91			96
Undistributed foreign earnings		3			4
Deferred tax liabilities		406			634
Net deferred tax assets	$	146		$	163

As of December 26, 2020, and December 28, 2019, deferred income tax liabilities amounting to $16 million and $20 million, respectively, are included in deferred income taxes and other long-term liabilities.

As of December 26, 2020, the Company has utilized all of its U.S. Federal net operating loss (“NOL”) carryforwards with the exception of the NOLs acquired as part of the CompuCom acquisition. The Company has $13 million of Federal, $228 million of foreign and $1.1 billion of state NOL carryforwards. Of the Federal NOL carryforwards, none expired in 2020 with the remainder expiring between 2021 and 2033. Of the foreign NOL carryforwards, $4 million will expire in 2021 and the remaining balance will expire between 2024 and 2034. Of the state NOL carryforwards, $75 million will expire in 2021, and the remaining balance will expire between 2021 and 2039. The Company has no Federal capital loss carryover available to offset future capital gains generated.

Additionally, the Company has $101 million of U.S. Federal tax credit carryforwards, which expire between 2021 and 2030, and $14 million of state and foreign tax credit carryforwards, $2 million of which can be carried forward indefinitely, and the remainder of which will expire between 2023 and 2028.

As of December 26, 2020, the Company has not triggered an “ownership change” as defined in Internal Revenue Code Section 382 or other similar provisions that would limit the use of NOL and tax credit carryforwards. However, the Company did acquire certain NOLs and other credit carryforwards that may be limited as a result of the purchase. Furthermore, if the Company were to experience

an ownership change in future periods, its deferred tax assets and income tax expense may be negatively impacted. Deferred income taxes have been provided on all undistributed earnings of foreign subsidiaries.

The following summarizes the activity related to valuation allowances for deferred tax assets:

(In millions)	2020			2019		2018
Beginning balance	$	151		$	142	$	144
Additions, charged to expense		—			9		—
Reductions		(6	)		—		(2	)
Ending balance	$	145		$	151	$	142

The Company’s valuation allowance decreased during 2020 due to the expiration of certain credits for which a valuation allowance had been established. During 2019, the Company released established valuation allowances on certain deferred tax assets related to certain credits and carryforwards that are not expected to be utilized prior to expiration. During 2018, the Company released a small portion of its valuation allowance related to certain credits that are now expected to be utilized prior to expiration. As of December 26, 2020, the Company continues to have a U.S. valuation allowance for certain U.S. Federal credits and certain state tax attributes, which relate to deferred tax assets that require either 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, including changes as a result of unforeseen effects from the COVID-19 pandemic, could impact this evaluation in future periods.

The following table summarizes the activity related to unrecognized tax benefits:

(In millions)	2020			2019		2018
Beginning balance	$	22		$	20	$	20
Increase related to current year tax positions		—			2		—
Increase (decrease) related to prior year tax positions		—			—		1
Decrease related to settlements with taxing authorities		(3	)		—		(1	)
Ending balance	$	19		$	22	$	20

Included in the balance of $19 million at December 26, 2020, is $8 million of unrecognized tax benefits that, if recognized, would impact the effective tax rate. The other $11 million primarily results from tax positions that, if sustained, would be offset by changes in deferred tax assets. It is anticipated that no material 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.

The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in the provision for income taxes. The Company recognized immaterial interest and penalty expense in 2020, 2019 and 2018. The Company had approximately $7 million accrued for the payment of interest and penalties as of December 26, 2020.

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 before 2019 and 2015, 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 before 2015. The U.S. Federal income tax returns for 2019 are currently under review. Generally, the Company is subject to routine examination for years 2015 and forward in its international tax jurisdictions.

- 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 + Details

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 26, 2020

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 7. EARNINGS (LOSS) PER SHARE

As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All share and per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split. The following table presents the calculation of net earnings (loss) per common share — basic and diluted:

(In millions, except per share amounts)	2020			2019		2018
Basic Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	(319	)	$	99	$	99
Income from discontinued operations, net of tax		—			—		5
Net income (loss)	$	(319	)	$	99	$	104
Denominator:
Weighted-average shares outstanding		53			54		55
Basic earnings (loss) per share:
Continuing operations	$	(6.05	)	$	1.82	$	1.80
Discontinued operations		—			—		0.09
Net basic earnings (loss) per share	$	(6.05	)	$	1.82	$	1.89
Diluted Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	(319	)	$	99	$	99
Income from discontinued operations, net of tax		—			—		5
Net income (loss)	$	(319	)	$	99	$	104
Denominator:
Weighted-average shares outstanding		53			54		55
Effect of dilutive securities:
Stock options and restricted stock		—			1		1
Diluted weighted-average shares outstanding		53			55		56
Diluted earnings (loss) per share
Continuing operations	$	(6.05	)	$	1.80	$	1.77
Discontinued operations		—			—		0.08
Net diluted earnings (loss) per share	$	(6.05	)	$	1.80	$	1.85

Awards of stock options and nonvested shares representing additional shares of outstanding common stock were 2 million, 1 million and less than 1 million for the fiscal years ended December 26, 2020, December 28, 2019 and December 29, 2018, respectively, but were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 26, 2020

Property Plant And Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 8. PROPERTY AND EQUIPMENT

Property and equipment consists of:

	December 26,			December 28,
(In millions)	2020			2019
Land	$	45		$	45
Buildings		210			221
Computer software		696			653
Leasehold improvements		606			658
Furniture, fixtures and equipment		810			833
Construction in progress		22			49
		2,389			2,459
Less accumulated depreciation		(1,813	)		(1,780	)
Total	$	576		$	679

The above table of property and equipment includes assets held under finance leases as follows:

	December 26,			December 28,
(In millions)	2020			2019
Buildings	$	34		$	40
Furniture, fixtures and equipment		147			132
		181			172
Less accumulated depreciation		(122	)		(120	)
Total	$	59		$	52

Depreciation expense was $108 million in 2020, $118 million in 2019 and $114 million in 2018.

Included in computer software and construction in progress above are capitalized software costs of $696 million and $653 million at December 26, 2020 and December 28, 2019, respectively. The unamortized amounts of the capitalized software costs are $126 million and $134 million at December 26, 2020 and December 28, 2019, respectively. Amortization of capitalized software costs totaled $55 million, $55 million and $46 million in 2020, 2019 and 2018, respectively. Software development costs that do not meet the criteria for capitalization are expensed as incurred.

Estimated future amortization expense related to capitalized software at December 26, 2020 is as follows:

(In millions)
2021	$	48
2022		35
2023		23
2024		14
2025		6
Thereafter		—

The weighted average remaining amortization period for capitalized software is 3 years.

ASSETS HELD FOR SALE

Certain facilities that were part of continuing operations but had been identified for closure through integration and other activities were accounted for as assets held for sale. Assets held for sale primarily consists of supply chain facilities and are presented in Prepaid expenses and other current assets in the Consolidated Balance Sheets. The Company had assets held for sale of $1 million at December 26, 2020. No significant gain or loss on disposition of assets held for sale was recognized during 2020. The Company recognized $25 million gain on disposition of assets held for sale during 2019, of which $19 million was included in Selling, general and administrative expenses and $6 million was included in Merger and restructuring expenses, net in the Consolidated Statement of Operations.

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 26, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 9. GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL

The components of goodwill by segment are provided in the following table:

(In millions)	Business Solutions Division			Retail Division		CompuCom Division			Total
Balance as of December 28, 2019	$	410		$	78	$	456		$	944
Acquisitions		21			—		—			21
Foreign currency rate impact		—			—		(4	)		(4	)
Impairments		(115	)		—		(237	)		(352	)
Balance as of December 26, 2020	$	316		$	78	$	215		$	609

Additions to goodwill relate to acquisitions made during 2020, as well as the impact of purchase accounting adjustments associated with 2020 and 2019 acquisitions. As disclosed in Note 2, these adjustments were insignificant individually and in the aggregate to the Company’s Consolidated Financial Statements. Goodwill balance as of December 28, 2019 in the Business Solutions Division in the table above is net of $349 million of accumulated impairment loss recognized in 2008.

Goodwill and indefinite-lived intangible assets are tested for impairment annually as of the first day of fiscal month December or more frequently when events or changes in circumstances indicate that impairment may have occurred. During the second quarter of 2020, due to the macroeconomic impacts of COVID-19 on the Company's current and projected future results of operations, the Company determined that an indicator of potential impairment existed requiring an interim quantitative goodwill impairment test for its CompuCom and Contract reporting units. The Contract reporting unit is a component of the Business Solutions Division segment. The quantitative goodwill impairment test indicated that the carrying value of the CompuCom and Contract reporting units exceeded their fair value by $237 million and $115 million, respectively. As a result, the Company recorded partial goodwill impairment charges of $237 million and $115 million in the second quarter of 2020 associated with the CompuCom and Contract reporting units, respectively. These non-cash impairment charges are presented within the Asset impairments line for year-to-date 2020 in the accompanying Condensed Consolidated Statements of Operations. At December 26, 2020, the CompuCom reporting unit and the Contract reporting unit have goodwill of $215 million and $241 million, respectively.

The decline in the fair values of the CompuCom and Contract reporting units resulted from macroeconomic impacts of COVID-19, particularly as it relates to the restrictions and closures imposed on their business customers, which lowered the projected revenue growth rates and profitability levels of the reporting units. The duration of the impacts of the pandemic became longer than anticipated in the first quarter of 2020, which significantly impacted the Company’s expectations on timing for its customers returning back to levels of historical operations. For its CompuCom reporting unit, the Company had begun to experience a decline in project-based service revenue due to customer-imposed deferrals late in the first quarter of 2020. During the second quarter of 2020, declines in project-based service revenue continued to deteriorate at a faster pace due to both customer-imposed deferrals and cancellations. The Company also started to experience declines in its annuity-based service revenue from reduced service volume and declines in its product revenue from deferred or cancelled customer spend on product purchases, due to the continued disruption in the activities of its business customers during the second quarter of 2020. For its Contract reporting unit, the Company had begun experiencing decreased demand for its core product and service offerings late in the first quarter of 2020, mainly as a result of the temporary closure of nonessential businesses which constitute a portion of this reporting unit’s customers, along with the transition of many other business customers to a work-from-home environment. The disruption on the Contract reporting unit’s business customers continued through the second quarter of 2020 as a portion of these businesses are still operating at reduced activity levels or remain closed.

During the second quarter, the opportunities related to increased sales in cleaning and breakroom supplies and personal protective equipment also did not materialize at levels that were anticipated. In addition, the consideration of incremental risk associated with the uncertainty related to the pace of the economic recovery was also a factor that contributed to the decline in the fair values of both reporting units.

The fair value estimates for both reporting units were based on a blended analysis of the present value of future discounted cash flows and market value approach. The significant estimates used in the discounted cash flow model included the Company’s weighted average cost of capital, projected cash flows and the long-term rate of growth. The assumptions were based on the actual historical performance of the reporting units and took into account the recent and continued weakening of operating results as well as the anticipated rate of recovery, and implied risk premiums based on market prices of the Company’s equity and debt as of the assessment date. Significant estimates in the market approach model included identifying similar companies with comparable business factors such as size, growth, profitability, risk and return on investment and assessing comparable revenue and earnings multiples in estimating the fair value of the reporting units. CompuCom’s trade name, which is an indefinite-lived intangible asset, was also tested for impairment using the relief from royalty method and was determined to be impaired as its carrying value exceeded its fair value by $11 million. Accordingly, the Company recorded an impairment charge of $11 million in the second quarter of 2020 related to this asset.

During the fourth quarter of 2020, the Company performed its annual impairment assessment, which was as of the first day of fiscal month December. The annual impairment assessment was performed using a quantitative assessment for all reporting units. The quantitative assessment combined the income approach and the market approach valuation methodologies and concluded that the fair value of all the Company’s reporting units exceed their carrying amounts. As the carrying value of the goodwill for CompuCom and Contract reporting units were written down to fair value recently during the second quarter of 2020, their margin of passage during the annual impairment assessment were approximately 12%. The Company will continue to evaluate the recoverability of goodwill at the reporting unit level on an annual basis and whenever events or changes in circumstances indicate there may be a potential impairment. 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 additional goodwill impairment charges.

INDEFINITE-LIVED INTANGIBLE ASSETS

The Company had $71 million and $82 million of trade names as of December 26, 2020 and December 28, 2019, respectively. These indefinite-lived intangible assets are included in Other intangible assets, net in the Consolidated Balance Sheets.

The Company recognized $11 million of impairment charges to its trade names intangible assets in 2020. The Company recognized $2 million and $1 million of impairment charges to its other indefinite-lived intangible assets, in 2019 and 2018, respectively.

DEFINITE INTANGIBLE ASSETS

Definite-lived intangible assets, which are included in Other intangible assets, net in the Consolidated Balance Sheets, are as follows:

	December 26, 2020
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	418	$	(132	)	$	286
Technology		19		(19	)		—
Total	$	437	$	(151	)	$	286

	December 28, 2019
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	412	$	(109	)	$	303
Technology		19		(16	)		3
Total	$	431	$	(125	)	$	306

Definite-lived intangible assets generally are amortized using the straight-line method. The remaining weighted average amortization periods for customer relationships is 13 years.

Amortization of intangible assets was $26 million in 2020, $31 million in 2019 and $31 million in 2018. Intangible assets amortization expenses are included in the Consolidated Statements of Operations in Selling, general and administrative expenses.

Estimated future amortization expense for the intangible assets is as follows:

(In millions)
2021	$	24
2022		23
2023		21
2024		21
2025		21
Thereafter		176
Total	$	286

Definite-lived intangible assets are reviewed whenever events and circumstances indicate the carrying amount may not be recoverable and the remaining useful lives are appropriate. No impairment charges related to definite-lived intangible assets were recognized during 2020, 2019 and 2018.

TIMBER NOTES/NON-RECOURSE DEBT

12 Months Ended

Dec. 26, 2020

Debt Disclosure [Abstract]

TIMBER NOTES/NON-RECOURSE DEBT

NOTE 10. TIMBER NOTES/NON-RECOURSE DEBT

As part of the OfficeMax merger, the Company acquired credit-enhanced timber installment notes with an original principal balance of $818 million (the “Installment Notes”) that were part of the consideration received in exchange for OfficeMax’s sale of timberland assets in October 2004, and related non-recourse debt that OfficeMax issued under the structure of the timber note transactions in the amount of $735 million (the “Securitization Notes”). The Installment Notes and Securitization Notes were non-amortizing obligations bearing interest at 4.98% and 5.42%, respectively, and maturing on January 29, 2020 and October 31, 2019, respectively. During the third quarter of 2019, the Company, through a bankruptcy remote indirect subsidiary, entered into a term loan agreement to receive a $735 million loan on October 31, 2019 (the “Bridge Loan”) that was used to refinance the Securitization Notes. The Bridge Loan was also non-recourse to the Company, and was secured by the Installment Notes. The Bridge Loan incurred interest at a rate equal to 3-month LIBOR plus 0.75% per annum from October 31, 2019 through January 29, 2020 when it matured.

Prior to their maturity, the Installment Notes were reported as Timber notes receivable in the amount of $819 million at December 28, 2019 in the Company’s Consolidated Balance Sheet, which represented the original principal amount of $818 million plus a fair value adjustment recorded through purchase accounting in connection with the merger. The premium was amortized under the effective interest method as a component of interest income through the maturity date. Prior to its maturity, the Bridge Loan was reported as Non-recourse debt in the amount of $735 million in the Company’s Consolidated Balance Sheet at December 28, 2019, which represented the original principal amount.

The Company received a net principal cash payment of $82.5 million upon maturity of the Installment Notes and the Bridge Loan on January 29, 2020, which were net settled as they were with the same third-party financial institution. In addition, the sale of the timberlands in 2004 had generated a tax gain for OfficeMax where the resulting tax liability was deferred until the maturity date for the Installment Notes. Accordingly, the Company recognized the deferred tax liability related to the maturity of the Installment Notes which resulted in significant taxable income in the first quarter of 2020. This was largely offset by available capital loss carryforwards, both Federal and state, state net operating losses, and any remaining Federal credits and carryforwards.

DEBT

12 Months Ended

Dec. 26, 2020

Debt Disclosure [Abstract]

DEBT

NOTE 11. DEBT

Debt consists of the following:

	December 26,		December 28,
(In millions)	2020		2019
Recourse debt:
Short-term borrowings and current maturities of long-term debt:
Finance lease obligations	$	21	$	19
Other current maturities of long-term debt		3		87
Total	$	24	$	106
Long-term debt, net of current maturities:
Term Loan, due 2022	$	—	$	331
Unamortized debt issuance cost and discount		—		(13	)
Term Loan, due 2022, net		—		318
New Facilities loans under the Third Amended Credit Agreement, due 2025		100		—
Revenue bonds, due in varying amounts periodically through 2029		176		176
American & Foreign Power Company, Inc. 5% debentures, due 2030		15		15
Finance lease obligations		57		58
Other financing obligations		6		8
Total	$	354	$	575
Non-recourse debt — Timber notes:
Bridge Loan, due 2020 — Refer to Note 10	$	—	$	735

The Company was in compliance with all applicable covenants of existing loan agreements at December 26, 2020.

THIRD AMENDED CREDIT AGREEMENT

On May 25, 2011, the Company entered into an Amended and Restated Credit Agreement with a group of lenders. Additional amendments to the Amended and Restated Credit Agreement have been entered into and were effective February 2012, March 2013, November 2013, May 2015, May 2016, December 2016, and November 2017 (the Amended and Restated Credit Agreement including all amendments is referred to as the “Amended Credit Agreement”). The Amended Credit Agreement provided for an asset based, multi-currency revolving credit facility of up to $1.2 billion.

On April 17, 2020, the Company entered into the Third Amended and Restated Credit Agreement (the “Third Amended Credit Agreement”), which provides for a $1.2 billion asset-based revolving credit facility (the “Revolving Loan 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 replaces the Company’s then existing Amended Credit Agreement that was due to mature in May 2021. The Third Amended Credit Agreement also provides that the Revolving Loan Facility may be increased by up to $250 million, subject to certain terms and conditions, including increased commitments from existing or new lenders. 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 (the “Borrowing Base”). The Revolving Loan Facility includes two sub-facilities of: (1) up to $1.150 billion which is available to the Company and certain of the Company’s domestic subsidiaries (which includes a letter of credit sub-facility of up to $400 million and a swingline loan sub-facility of up to $115 million); and (2) up to $50 million which is available to certain of the Company’s Canadian subsidiaries (which includes a letter of credit sub-facility of up to $25 million and a swingline loan sub-facility of up to $5 million). Certain of the Company’s subsidiaries guarantee the obligations under the New Facilities (the “Guarantors”). All loans borrowed under the Revolving Loan Facility may be borrowed, repaid and reborrowed from time to time until the maturity date of April 17, 2025 as provided in the Third Amended Credit Agreement. The FILO Term Loan Facility, once repaid, may not be reborrowed.

All amounts borrowed under the New Facilities, as well as the obligations of the Guarantors, are secured by a first priority lien on the Company’s and such Guarantors’ accounts receivables, inventory, cash, cash equivalents, deposit accounts, intercompany loan rights, certain pledged notes, certain life insurance policies, certain related assets, certain real estate and the proceeds thereof in each case. At the Company’s option, borrowings made pursuant to the Third Amended Credit Agreement bear interest at either, (i) the alternate base rate (defined as the higher of the Prime Rate (as announced by the agent), the Federal Funds Rate plus 1/2 of 1% and the one month Adjusted LIBOR (defined below) plus 1%) or (ii) the Adjusted LIBOR (defined as the LIBOR as adjusted for statutory reserves) plus, in either case, a certain margin based on the aggregate average availability under the Third Amended Credit Agreement.

The Third Amended Credit Agreement contains representations, warranties, affirmative and negative covenants, and default provisions which are conditions precedent to borrowing. The most significant of these covenants and default provisions include limitations in certain circumstances on acquisitions, dispositions, share repurchases and the payment of cash dividends.

The New Facilities also include provisions whereby if the global availability is less than 12.5% of the Borrowing Base, the Company’s cash collections go first to the agent to satisfy outstanding borrowings. Further, if total availability falls below 10% of the Borrowing Base, a fixed charge coverage ratio test is required. Any event of default that is not cured within the permitted period, including non-payment of amounts when due, any debt in excess of $25 million becoming due before the scheduled maturity date, or the acquisition of more than 40% of the ownership of the Company by any person or group, within the meaning of the Securities and Exchange Act of 1934, could result in a termination of the New Facilities and all amounts outstanding becoming immediately due and payable.

In 2020, the Company incurred approximately $6 million of new debt issuance costs under the Third Amended Credit Agreement, which will be recognized in interest expense through April 17, 2025, the maturity date of the New Facilities.

Upon the closing of the Third Amended Credit Agreement, the Company made an initial borrowing in the amount of $400 million under the New Facilities in the second quarter of 2020. These proceeds, along with available cash on hand, were used to repay in full the remaining $388 million balance under the Term Loan Credit Agreement (as defined in the section below) and terminate it and to repay approximately $66 million of borrowings and interest associated with the Company’s company-owned life insurance policies, which, prior to their repayment were presented as a reduction to the company-owned life insurance policies asset balances within Other Assets. The Company recognized $12 million of loss from the extinguishment and modification of debt related to this transaction in 2020, which primarily included the write-off of the remaining unamortized original issue discount and debt issuance costs of the Term Loan Credit Agreement as of the closing date of the transaction, and is reflected in the Loss on extinguishment and modification of debt line item of the Consolidated Statement of Operations in 2020. During the third quarter of 2020, the Company repaid $300 million of revolving loans outstanding under the Third Amended Credit Agreement.

At December 26, 2020, the Company had no revolving loans outstanding, $100 million of outstanding FILO Term Loan Facility loans, $55 million of outstanding standby letters of credit, and $934 million of available credit under the Third Amended Credit Agreement.

TERM LOAN

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 provided for a $750 million term loan facility with a maturity date of November 8, 2022. The loans under the Term Loan Credit Agreement were issued with an original issue discount, at an issue price of 97.00%, and the Company incurred approximately $12 million of debt issuance costs. The loans under the Term Loan Credit Agreement incurred interest at a rate per annum equal to LIBOR plus 7.00% (or an alternative base rate plus 6.00%). The net proceeds of the loans under the Term Loan Credit Agreement were used to refinance certain indebtedness of CompuCom and to pay fees and expenses in connection with the acquisition of CompuCom and the related transactions.

On November 21, 2018, the Company entered into the First Amendment (the “First Amendment”) to the Term Loan Credit Agreement to reduce the applicable interest rate from LIBOR plus 7.00% to LIBOR plus 5.25%. All other material provisions of the Term Loan Credit Agreement remained unchanged. In connection with the applicable interest rate reduction, the Company also made a voluntary repayment under the Term Loan Credit Agreement in the amount of $194 million. As a result, the Company recognized a $15 million loss on modification of debt in 2018, which consisted of the 1.00% prepayment premium and the write-off of unamortized deferred financing costs and original issue discount in an amount proportional to the term loan repaid.

The Term Loan Credit Agreement was repaid in full and terminated in April 2020, as further described in the section above.

OTHER SHORT- AND LONG-TERM DEBT

As a result of the OfficeMax merger, the Company assumed the liability for the amounts in the table above on page 88 related to the (i) Revenue bonds, due in varying amounts periodically through 2029, and (ii) American & Foreign Power Company, Inc. 5% debentures, due 2030. Also, the Company has finance lease obligations which relate to buildings and equipment, and various other financing obligations for the amounts included in the table above on page 88.

SCHEDULE OF DEBT MATURITIES

Aggregate annual maturities of recourse debt, finance lease, and other financing obligations are as follows:

(In millions)
2021	$	28
2022		45
2023		97
2024		10
2025		108
Thereafter		100
Total		388
Less interest on finance leases		(10	)
Total		378
Less:
Current portion		(24	)
Total long-term debt	$	354

NON-RECOURSE DEBT

Refer to Note 10 for further information on non-recourse debt.

LEASES

12 Months Ended

Dec. 26, 2020

Leases [Abstract]

LEASES

NOTE 12. LEASES

The Company leases retail stores and other facilities, vehicles, and equipment under operating lease agreements. Facility leases typically are for a fixed non-cancellable term with one or more renewal options. In addition to rent payments, the Company is required to pay certain variable lease costs such as real estate taxes, insurance and common-area maintenance on most of the facility leases. For leases beginning in 2019, the Company accounts for lease components (e.g., fixed payments including rent) and non-lease components (e.g., real estate taxes, insurance costs and common-area maintenance costs) as a single lease component. Certain leases contain provisions for additional rent to be paid if sales exceed a specified amount, though such payments have been immaterial during the periods presented, and are recognized as variable lease cost. The Company subleases certain real estate to third parties, consisting mainly of operating leases for space within the retail stores.

The components of lease expense were as follows:

(In millions)	2020			2019
Finance lease cost:
Amortization of right-of-use assets	$	18		$	17
Interest on lease liabilities		4			5
Operating lease cost		402			433
Short-term lease cost		9			7
Variable lease cost		114			121
Sublease income		(4	)		(3	)
Total lease cost	$	543		$	580

Supplemental cash flow information related to leases was as follows:

(In millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	4	$	5
Operating cash flows from operating leases		463		489
Financing cash flows from finance leases		20		21
Right-of-use assets obtained in exchange for new finance lease liabilities		29		27
Right-of-use assets obtained in exchange for new operating lease liabilities		126		338

Supplemental balance sheets information related to leases was as follows:

	December 26,			December 28,
(In millions, except lease term and discount rate)	2020			2019
Property and equipment, net	$	59		$	52
Operating lease right-of-use assets		1,170			1,413
Accrued expenses and other current liabilities		344			373
Short-term borrowings and current maturities of long-term debt		21			19
Long-term debt, net of current maturities		57			58
Operating lease liabilities		991			1,208
Weighted-average remaining lease term – finance leases	5 years			5 years
Weighted-average remaining lease term – operating leases	5 years			5 years
Weighted-average discount rate – finance leases		5.4	%		6.2	%
Weighted-average discount rate – operating leases		6.5	%		6.6	%

Maturities of lease liabilities as of December 26, 2020 were as follows:

	December 26, 2020
	Operating			Finance
(In millions)	Leases⁽¹⁾			Leases⁽²⁾
2021	$	420		$	25
2022		344			21
2023		268			15
2024		186			9
2025		126			8
Thereafter		233			10
		1,577			88
Less imputed interest		(242	)		(10	)
Total	$	1,335		$	78

Reported as of December 26, 2020
Accrued expenses and other current liabilities	$	344		$	—
Short-term borrowings and current maturities of long-term debt		—			21
Long-term debt, net of current maturities		—			57
Operating lease liabilities		991			—
Total	$	1,335		$	78

(1)	Operating lease payments include $91 million related to options to extend lease terms that are reasonably certain of being exercised.

(2)	Finance lease payments include $10 million related to options to extend lease terms that are reasonably certain of being exercised.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 26, 2020

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 13. STOCKHOLDERS’ EQUITY

PREFERRED STOCK

As of each of December 26, 2020, and December 28, 2019, there were 1,000,000 shares of $0.01 par value per share of preferred stock authorized; no shares were issued and outstanding.

TREASURY STOCK

In November 2018, the Board of Directors approved a stock repurchase program of up to $100 million of its common stock effective January 1, 2019, which extended until the end of 2020. In November 2019, the Board of Directors approved an increase in the authorization of the existing stock repurchase program of up to $200 million and extended the program through the end of 2021. The current authorization includes the remaining authorized amount under the existing stock repurchase program and 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. In November 2020, the Board of Directors approved the resumption of the stock repurchase program beginning in the fourth quarter of 2020 which was temporarily suspended in May 2020 as a result of the economic uncertainty due to COVID-19.

Under the current stock repurchase program, the Company purchased approximately 1 million shares of its common stock at a cost of $30 million in 2020. As of December 26, 2020, $130 million remains available for stock repurchases under the current stock repurchase program.

At December 26, 2020, there were 10 million shares of common stock held in treasury, which has been retroactively adjusted for the impact of the 1-for-10 reverse stock split disclosed in Note 1 above. The Company’s Third Amended Credit Facility 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 11 for additional information about the Company’s compliance with covenants.

DIVIDENDS ON COMMON STOCK

In order to preserve liquidity during the COVID-19 pandemic and in light of the uncertainties as to its duration and economic impact, in May 2020, the Company’s Board of Directors temporarily suspended the Company’s quarterly cash dividend beginning in the second quarter of 2020. There was no quarterly cash dividend declared and paid in the second, third, or fourth quarters of fiscal 2020. The Company’s quarterly cash dividend remains temporarily suspended. Prior to the temporary suspension of the Company’s quarterly cash dividend, the Company’s Board of Directors declared a cash dividend of $0.25 per share on its common stock for a total annual dividend distribution of $13 million. Dividends have been recorded as a reduction to additional paid-in capital as the Company is in an accumulated deficit position. 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 11 for additional information about the Company’s compliance with covenants.

ACCUMULATED OTHER COMPREHENSIVE LOSS

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

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 28, 2019	$	(29	)	$	(37	)	$	(66	)
Other comprehensive income activity		2			39			41
Tax impact		—			(7	)		(7	)
Total other comprehensive income, net of tax, where applicable		2			32			34
Balance at December 26, 2020	$	(27	)	$	(5	)	$	(32	)

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 29, 2018	$	(50	)	$	(49	)	$	(99	)
Other comprehensive income activity		21			18			39
Tax impact		—			(6	)		(6	)
Total other comprehensive income, net of tax, where applicable		21			12			33
Balance at December 28, 2019	$	(29	)	$	(37	)	$	(66	)

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 26, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

STOCK-BASED COMPENSATION

NOTE 14. STOCK-BASED COMPENSATION

LONG-TERM INCENTIVE PLANS

During 2019, the Company’s Board of Directors adopted, and the shareholders approved, the Office Depot, Inc. 2019 Long-Term Incentive Plan (the “Plan”). The Plan replaces the Office Depot, Inc. 2017 Long-Term Incentive Plan, the Office Depot, Inc. 2015 Long-Term Incentive Plan, the Office Depot, Inc. 2007 Long-Term Incentive Plan, as amended, and the 2003 OfficeMax Incentive and Performance Plan (together, the “Prior Plans”). No additional awards were granted under the Prior Plans effective May 7, 2019, the effective date of the Plan. The Plan permits the issuance of stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and other equity-based incentive awards. Employee share-based awards are generally issued in the first quarter of the year. Total compensation expense for share-based awards was $41 million in 2020, $33 million in 2019 and $27 million in 2018, and the total recognized tax benefit related thereto was $3 million in 2020, $6 million in 2019 and $3 million in 2018.

In accordance with the Plan and the Prior Plans (collectively, the “Stock Plans”), the Board of Directors will adjust the number of shares of common stock available for future grant, the number of shares of common stock underlying outstanding awards, the exercise price per share of outstanding stock options, and other terms of outstanding awards granted by the Stock Plans to reflect the effects of the 1-for-10 reverse stock split. Any fractional shares that would otherwise result from the reverse stock split adjustments related to outstanding equity awards will be eliminated through rounding in accordance with the Stock Plans. Refer to Note 1 for additional information about the 1-for-10 reverse stock split.

RESTRICTED STOCK AND RESTRICTED STOCK UNITS

In 2020, the Company granted 0.8 million shares of restricted stock and restricted stock units to eligible employees which included 55,000 shares granted to the Board of Directors. The Board of Directors are granted restricted stock units as part of their annual compensation which vest immediately on the grant date with distribution to occur following their separation from service with the Company. Restricted stock grants to Company employees typically vest annually over a three-year service period. A summary of the status of the Company’s nonvested shares and changes during 2020, 2019 and 2018 is presented below.

	2020					2019					2018
	Shares			Weighted Average Grant- Date Price		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾
Outstanding at beginning of year		1,394,756		$	30.40		1,496,419		$	30.48		1,029,369		$	43.30
Granted		835,828			19.92		740,236			29.90		1,063,915			23.32
Vested		(579,584	)		30.71		(593,440	)		30.88		(419,767	)		43.66
Forfeited		(124,347	)		28.60		(248,459	)		28.56		(177,098	)		30.84
Outstanding at end of year		1,526,653		$	24.71		1,394,756		$	30.40		1,496,419		$	30.48

(1)As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All shares and per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

As of December 26, 2020, there was approximately $20 million of total unrecognized compensation cost related to nonvested restricted stock. This expense, net of forfeitures, is expected to be recognized over a weighted-average period of approximately 2.1 years. Total outstanding shares of 1.5 million include 0.2 million granted to members of the Board of Directors that have vested but will not be issued until separation from service and 1.3 million unvested shares granted to employees. Of the 1.3 million unvested shares at year end, the Company estimates that 1.3 million shares will vest. The total fair value of shares at the time they vested during 2020 was $12.5 million.

PERFORMANCE-BASED INCENTIVE PROGRAM

The Company has a performance-based long-term incentive program consisting of performance stock units. Payouts under this program are based on achievement of certain financial targets, including the Company’s financial performance and total shareholder return performance set by the Board of Directors and are subject to additional service vesting requirements, generally three years from the grant date.

A summary of the activity in the performance-based long-term incentive program since inception is presented below.

	2020					2019					2018
	Shares			Weighted Average Grant- Date Price		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾
Outstanding at beginning of year		1,994,111		$	29.05		1,913,397		$	28.83		1,018,705		$	44.19
Granted		932,344			19.42		1,026,743			31.00		1,328,782			23.66
Vested		(151,905	)		41.80		(284,366	)		33.12		(121,177	)		94.50
Forfeited		(315,572	)		27.10		(661,663	)		28.87		(312,913	)		31.20
Outstanding at end of year		2,458,978		$	24.22		1,994,111		$	29.05		1,913,397		$	28.83

(1)

As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All shares and per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

(2)

Outstanding shares at the end of the year include 6.7 million shares of awards granted in 2020 that will be settled in cash in 2023. These awards are remeasured to fair value at each reporting period. The remeasurement impact was not material in 2020.

As of December 26, 2020, there was approximately $24 million of total unrecognized compensation expense related to the performance-based long-term incentive program. This expense, net of forfeitures, is expected to be recognized over a weighted-average period of approximately 1.8 years. Forfeitures in the table above include adjustments to the share impact of anticipated performance achievement. Of the 2.5 million shares outstanding at year end, the Company estimates that 2.5 million shares will vest. The total fair value of shares at the time they vested during 2020 was $3.4 million.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 26, 2020

Compensation And Retirement Disclosure [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 15. EMPLOYEE BENEFIT PLANS

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS — NORTH AMERICA

The Company has retirement obligations under OfficeMax’s U.S. pension plans. The Company sponsors these defined benefit pension plans covering certain terminated employees, vested employees, retirees and some active employees. In 2004 or earlier, OfficeMax’s pension plans were closed to new entrants and the benefits of eligible participants were frozen. Under the terms of these plans, the pension benefit for employees was based primarily on the employees’ years of service and benefit plan formulas that varied by plan. The Company’s general funding policy is to make contributions to the plans in amounts that are within the limits of deductibility under current tax regulations, and not less than the minimum contribution required by law.

Additionally, under previous OfficeMax arrangements, the Company has responsibility for sponsoring retiree medical benefit and life insurance plans including plans related to operations in the U.S. and Canada (referred to as “Other Benefits” in the tables below). The type of retiree benefits and the extent of coverage vary based on employee classification, date of retirement, location, and other factors. All of these postretirement medical plans are unfunded. The Company explicitly reserves the right to amend or terminate its retiree medical and life insurance plans at any time, subject only to constraints, if any, imposed by the terms of collective bargaining agreements. Amendment or termination may significantly affect the amount of expense incurred.

Obligations and Funded Status

The following table provides a reconciliation of changes in the projected benefit obligation and the fair value of plan assets, as well as the funded status of the plans to amounts recognized on the Company’s Consolidated Balance Sheets. Accumulated benefit obligations exceed plan assets in all individual plans.

	Pension Benefits						Other Benefits
(In millions)	2020			2019			2020			2019
Changes in projected benefit obligation:
Obligation at beginning of period	$	906		$	880		$	13		$	12
Service cost		—			7			—			—
Interest cost		28			36			—			—
Assumption changes		—			—			1			1
Actuarial loss		68			91			—			—
Currency exchange rate change		—			—			1			1
Benefits paid		(78	)		(108	)		(1	)		(1	)
Obligation at end of period	$	924		$	906		$	14		$	13
Change in plan assets:
Fair value of plan assets at beginning of period	$	833		$	780		$	—		$	—
Actual return on plan assets		130			159			—			—
Employer contribution		9			2			1			1
Benefits paid		(78	)		(108	)		(1	)		(1	)
Fair value of plan assets at end of period		894			833			—			—
Net liability recognized at end of period	$	(30	)	$	(73	)	$	(14	)	$	(13	)

The following table shows the amounts recognized in the Consolidated Balance Sheets related to the Company’s North America defined benefit pension and other postretirement benefit plans as of year-ends:

	Pension Benefits						Other Benefits
(In millions)	2020			2019			2020			2019
Noncurrent assets	$	—		$	—		$	—		$	—
Current liabilities		(2	)		(2	)		(1	)		(1	)
Noncurrent liabilities		(28	)		(71	)		(13	)		(12	)
Net amount recognized	$	(30	)	$	(73	)	$	(14	)	$	(13	)

Components of Net Periodic Cost (Benefit)

The components of net periodic cost (benefit) are as follows:

	Pension Benefits									Other Benefits
(In millions)	2020			2019			2018			2020		2019		2018
Service cost	$	—		$	7		$	4		$	—	$	—	$	—
Interest cost		28			36			35			—		—		1
Expected return on plan assets		(32	)		(42	)		(43	)		—		—		—
Net periodic cost (benefit)	$	(4	)	$	1		$	(4	)	$	—	$	—	$	1

Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) are as follows:

	Pension Benefits									Other Benefits
(In millions)	2020			2019			2018			2020		2019			2018
Accumulated other comprehensive loss (income) at beginning of year	$	9		$	35		$	(2	)	$	—	$	(1	)	$	—
Net loss (gain)		(30	)		(26	)		37			1		1			(1	)
Accumulated other comprehensive loss (income) at end of year	$	(21	)	$	9		$	35		$	1	$	—		$	(1	)

Less than $1 million of the accumulated other comprehensive loss is expected to be recognized as components of net periodic cost during 2021.

Accumulated other comprehensive loss (income) as of year-ends 2020 and 2019 consist of net losses (gains).

Assumptions

The assumptions used in accounting for the Company’s plans are estimates of factors including, among other things, the amount and timing of future benefit payments. The following table presents the key weighted average assumptions used in the measurement of the Company’s benefit obligations as of year-ends:

										Other Benefits
	Pension Benefits									United States									Canada
	2020			2019			2018			2020			2019			2018			2020			2019			2018
Discount rate		2.27	%		3.26	%		4.31	%		1.90	%		2.80	%		3.90	%		2.50	%		3.10	%		3.90	%

The following table presents the weighted average assumptions used in the measurement of net periodic benefit:

										Other Benefits
	Pension Benefits									United States									Canada
	2020			2019			2018			2020			2019			2018			2020			2019			2018
Discount rate		3.26	%		4.31	%		3.71	%		2.80	%		3.90	%		3.30	%		3.10	%		3.90	%		3.40	%
Expected long-term rate of return on plan assets		5.16	%		5.44	%		5.28	%		—	%		—	%		—	%		—	%		—	%		—	%

For pension benefits, the selected discount rates (which is required to be the rates at which the projected benefit obligations could be effectively settled as of the measurement date) are based on the rates of return for a theoretical portfolio of high-grade corporate bonds (rated AA- or better) with cash flows that generally match expected benefit payments in future years. In selecting bonds for this theoretical portfolio, the Company focuses on bonds that match cash flows to benefit payments and limit the concentration of bonds by issuer. To the extent scheduled bond proceeds exceed the estimated benefit payments in a given period, the yield calculation assumes those excess proceeds are reinvested at an assumed forward rate. The implied forward rate used in the bond model is based on the FTSE (formerly Citigroup) Pension Discount Curve as of the last day of the year. The selected discount rate for other benefits is from a discount rate curve matched to the assumed payout of related obligations.

The expected long-term rates of return on plan assets assumptions are based on the weighted average of expected returns for the major asset classes in which the plans’ assets are held. Asset-class expected returns are based on long-term historical returns, inflation expectations, forecasted gross domestic product and earnings growth, as well as other economic factors. The weights assigned to each asset class are based on the Company’s investment strategy. The weighted average expected return on plan assets used in the calculation of net periodic pension cost for 2021 is 4.31%.

Obligation and costs related to the Canadian retiree health plan are impacted by changes in trend rates.

The following table presents the assumed healthcare cost trend rates used in measuring the Company’s postretirement benefit obligations at year-ends:

	2020			2019			2018
Weighted average assumptions as of year-end:
Healthcare cost trend rate assumed for next year		6.10	%		6.20	%		6.40	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.50	%		4.50	%		4.50	%
Year that the rate reaches the ultimate trend rate	2029			2029			2029

A 1% change in the assumed healthcare cost trend rates would impact operating income by less than $1 million.

The Company reassessed the assumptions, including those related to mortality, to measure the North American pension and other postretirement benefit plan obligations at year end 2020, adopting the most applicable mortality tables and improvement factors released in 2020 by The Society of Actuaries’ Retirement Plan Experience Committee. In 2020, as a result of an increase in the mortality assumption, pension and other postretirement benefit plan obligations decreased by $10 million and less than $1 million, respectively. In 2019, as a result of a decrease in the mortality assumption, pension and other postretirement benefit plan obligations increased by $17 million and less than $1 million, respectively.

Plan Assets

The allocation of pension plan assets by category at year-ends is as follows:

	2020			2019
Cash		1	%		1	%
Common collective trust funds		99	%		99	%
		100	%		100	%

The Employee Benefit Committee is responsible for establishing and overseeing the implementation of the investment policy for the Company’s pension plans. The investment policy is structured to optimize growth of the pension plan trust assets, while minimizing the risk of significant losses, in order to enable the plans to satisfy their benefit payment obligations over time. The Company uses a glide path investment strategy and Company contributions as its primary rebalancing mechanisms to maintain the asset class exposures within the guideline ranges established under the investment policy.

In the second quarter of 2017, the Company reinvested substantially all of the assets attributable to the U.S. pension plans in common collective trust funds. The common collective trust funds are comprised of a diversified portfolio of investments across various asset classes, including U.S. and international equities and fixed-income securities. The common collective trust funds are valued at the net asset value (“NAV”) provided by the administrator of the fund. The net asset value is based on the value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding.

The investment policy for the pension plan assets allows for a broad range of asset allocations that permit the plans to de-risk in response to changes in funded position and market risks. The investment policy includes a general target asset allocation range of 27% to 37 % equity securities and 63% to 73% fixed income securities. The allocation range varies to be more weighted to fixed income securities as funded status increases. Occasionally, the Company may utilize futures or other financial instruments to alter the pension trust’s exposure to various asset classes in a lower-cost manner than trading securities in the underlying portfolios.

The following table presents the pension plan assets by level within the fair value hierarchy at year-ends.

(In millions)	Fair Value Measurements 2020
Asset Category	Total		Assets Measured at NAV ^(a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan assets measured at net asset value: ^(a)
Common collective trust funds:
U.S. small and mid-cap equity securities	$	22	$	22	$	—	$	—	$	—
U.S. large cap equity securities		94		94		—		—		—
International equity securities		133		133		—		—		—
Corporate bonds		409		409		—		—		—
Government securities		214		214		—		—		—
Other fixed-income		3		3		—		—		—
Cash		13		13		—		—		—
Total common collective trust funds		888		888		—		—		—
Total plan assets measured at net asset value		888		888		—		—		—
Plan assets measured in the fair value hierarchy:
Cash		6		—		6		—		—
Total plan assets measured in the fair value hierarchy		6		—		6		—		—
Total plan assets	$	894	$	888	$	6	$	—	$	—

^(a)

Fair values of Common collective trust funds are estimated using net asset value per unit as a practical expedient which are excluded from the disclosure requirement to classify amounts in the fair value hierarchy in connection with the adoption of Accounting Standards Update (ASU) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).

(In millions)	Fair Value Measurements 2019
Asset Category	Total		Assets Measured at NAV ^(a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan assets measured at net asset value: ^(a)
Common collective trust funds:
U.S. small and mid-cap equity securities	$	24	$	24	$	—	$	—	$	—
U.S. large cap equity securities		96		96		—		—		—
International equity securities		138		138		—		—		—
Corporate bonds		457		457		—		—		—
Government securities		93		93		—		—		—
Other fixed-income		4		4		—		—		—
Cash		13		13		—		—		—
Total common collective trust funds		825		825		—		—		—
Total plan assets measured at net asset value		825		825		—		—		—
Plan assets measured in the fair value hierarchy:
Cash		8		—		8		—		—
Total plan assets measured in the fair value hierarchy		8		—		8		—		—
Total plan assets	$	833	$	825	$	8	$	—	$	—

^(a)

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Cash Flows

Pension plan contributions include required statutory minimum amounts and, in some years, additional discretionary amounts. In 2020, the Company contributed $10 million to these pension plans. Pension contributions for the full year of 2021 are estimated to be $2 million. The Company may elect at any time to make additional voluntary contributions.

Qualified pension benefit payments are paid from the assets held in the plan trust, while nonqualified pension and other benefit payments are paid by the Company. Anticipated benefit payments by year are as follows:

(In millions)	Pension Benefits		Other Benefits
2021	$	77	$	1
2022		74		1
2023		72		1
2024		69		1
2025		66		1
Next five years		283		4

PENSION PLAN — UNITED KINGDOM

The Company has a frozen defined benefit pension plan in the United Kingdom.

Obligations and Funded Status

The following table provides a reconciliation of changes in the projected benefit obligation, the fair value of plan assets and the funded status of the plan to amounts recognized on the Company’s Consolidated Balance Sheets.

(In millions)	2020			2019
Changes in projected benefit obligation:
Obligation at beginning of period	$	236		$	203
Service cost		—			—
Interest cost		5			6
Benefits paid		(8	)		(10	)
Actuarial loss		26			31
Currency translation		10			6
Obligation at end of period		269			236
Changes in plan assets:
Fair value of plan assets at beginning of period		312			282
Actual return on plan assets		41			29
Company contributions		2			2
Benefits paid		(8	)		(10	)
Currency translation		13			9
Fair value of plan assets at end of period		360			312
Net asset recognized at end of period	$	91		$	76

In the Consolidated Balance Sheets, the net funded amounts are classified as a non-current asset in the caption Other assets.

Components of Net Periodic Benefit

The components of net periodic benefit are presented below:

(In millions)	2020			2019			2018
Service cost	$	—		$	—		$	—
Interest cost		5			6			6
Expected return on plan assets		(5	)		(7	)		(8	)
Settlement gain		—			—			(1	)
Net periodic pension benefit	$	—		$	(1	)	$	(3	)

Included in Accumulated other comprehensive income was deferred income of $18 million and $8 million in 2020 and 2019, respectively.

Assumptions

Assumptions used in calculating the funded status and net periodic benefit included:

	2020			2019			2018
Expected long-term rate of return on plan assets		1.64	%		1.76	%		2.61	%
Discount rate		1.40	%		2.10	%		3.00	%
Inflation		2.70	%		2.90	%		3.10	%

The long-term rate of return on assets assumption has been derived based on long-term UK government fixed income yields, having regard to the proportion of assets in each asset class. The funds invested in equities have been assumed to return 4.5% above the return on UK government securities of appropriate duration. A return equal to a 15-year AA bond index is assumed for funds invested in corporate bonds. Allowance is made for expenses of 0.17% of assets.

Plan Assets

The allocation of Plan assets is as follows:

	2020			2019
Cash		1	%		—	%
Equity securities		14	%		18	%
Fixed-income securities		85	%		82	%
Total		100	%		100	%

A committee, comprised of representatives of the Company and of this plan, is responsible for establishing and overseeing the implementation of the investment policy for this plan. The plan’s investment policy and strategy are to ensure assets are available to meet the obligations to the beneficiaries and to adjust plan contributions accordingly. The plan trustees are also committed to reducing the level of risk in the plan over the long term, while retaining a return above that of the growth of liabilities. Matching investments are intended to provide a return similar to the increase in the plan liabilities. Growth investments are assets intended to provide a return in excess of the increase in liabilities. At December 26, 2020, the asset target allocation was in accordance with the investment strategy. Asset-class allocations within the ranges are continually evaluated based on expectations for future returns, the funded position of the plan and market risks.

The following table presents the pension plan assets by level within the fair value hierarchy.

(In millions)	Fair Value Measurements 2020
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	3	$	3	$	—	$	—
Equity securities
Developed market equity funds		11		11		—		—
Emerging market equity funds		4		4		—		—
Mutual funds real estate		20		—		—		20
Mutual funds		14		—		14		—
Total equity securities		49		15		14		20
Fixed-income securities
UK debt funds		140		—		140		—
Liability term matching debt funds		130		—		130		—
Emerging market debt fund		1		—		1		—
High yield debt		37		—		37		—
Total fixed-income securities		308		—		308		—
Total	$	360	$	18	$	322	$	20

(In millions)	Fair Value Measurements 2019
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	1	$	1	$	—	$	—
Equity securities
Developed market equity funds		8		8		—		—
Emerging market equity funds		4		4		—		—
Mutual funds real estate		18		—		—		18
Mutual funds		25		—		25		—
Total equity securities		55		12		25		18
Fixed-income securities
UK debt funds		107		—		107		—
Liability term matching debt funds		128		—		128		—
Emerging market debt fund		1		—		1		—
High yield debt		20		—		20		—
Total fixed-income securities		256		—		256		—
Total	$	312	$	13	$	281	$	18

The following is a reconciliation of the change in fair value of the pension plan assets calculated based on Level 3 inputs:

(In millions)	Total
Balance at December 28, 2019	$	18
Net purchases		1
Currency translation		1
Balance at December 26, 2020	$	20

Cash Flows

Anticipated benefit payments for the UK pension plan, at 2020 year-end exchange rates, are as follows:

(In millions)	Benefit Payments
2021	$	9
2022		9
2023		9
2024		10
2025		10
Next five years		53

RETIREMENT SAVINGS PLANS

The Company also sponsors defined contribution plans for most of its employees. Eligible Company employees may participate in the Office Depot, Inc. Retirement Savings Plans (a plan for U.S. employees and a plan for Puerto Rico employees). All of the Company’s defined contribution plans (the “401(k) Plans”) allow eligible employees to contribute a percentage of their salary, commissions and bonuses in accordance with plan limitations and provisions of Section 401(k) of the Internal Revenue Code and the Company makes partial matching contributions to each plan subject to the limits of the respective 401(k) Plans. Matching contributions are invested in the same manner as the participants’ pre-tax contributions. The 401(k) Plans also allow for a discretionary matching contribution in addition to the normal match contributions if approved by the Board of Directors.

ODP and OfficeMax previously sponsored non-qualified deferred compensation plans that allowed certain employees, who were limited in the amount they could contribute to their respective 401(k) plans, to defer a portion of their earnings and receive a Company matching amount. Both plans are closed to new contributions.

In connection with the acquisition of CompuCom, the Company assumed responsibility for sponsoring CompuCom’s defined contribution 401(k) matched savings plan (covering substantially all of the United States associates) and the defined contribution registered pension plan (covering substantially all of the Canadian associates).

Compensation expense for the Company’s contributions to these retirement savings plans was $19 million in 2020, $25 million in 2019 and $26 million in 2018.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 26, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 16. FAIR VALUE MEASUREMENTS

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. Amounts associated with derivative instruments were not significant.

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. The Company recognized asset impairment charges of $431 million, $56 million and $7 million in 2020, 2019 and 2018, respectively. Of the asset impairment charges in 2020, $363 million was related to impairment of goodwill in the CompuCom and Contract reporting units and other intangible assets, $48 million was related to impairment of operating lease ROU assets associated with the Company’s retail store locations, and the remainder was related to impairment of fixed assets and a cost method investment. Of the asset impairment charges in 2019, $46 million was related to the impairment of operating lease ROU assets associated with the Company’s retail store locations, $8 million was related to impairment of fixed assets at these retail store locations, and the remaining $2 million related to write-down of intangible assets that are not currently used. All impairment charges discussed in the sections below are presented in Asset impairments in the 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, by their nature, 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. The Company also analyzed the impact of the COVID-19 pandemic on store asset recoverability. Due to the nature of products sold, the retail stores were considered to be essential by most local jurisdictions and as a result, the substantial majority of these retail stores have remained open and operational with the appropriate safety measures in place since the beginning of the COVID-19 outbreak, including a curbside pickup option. Since late in the first quarter of 2020, the Company has temporarily reduced retail location hours by two hours daily, which continues to be in effect at the majority of its retail locations. The Company’s recoverability assessment included evaluating the impact of these developments.

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 2020 impairment calculation were discounted at a weighted average discount rate of 8%. For the fourth quarter 2020 calculation, a 100-basis-point decrease in next year sales combined with a 50-basis-

point decrease in next year gross margin would have increased the impairment by approximately $1 million. Further, a 100-basis-point decrease in sales for all future periods would increase the impairment by less than $1 million.

The Company will continue to evaluate initiatives to improve performance and lower operating costs. There is uncertainty regarding the impact of the COVID-19 pandemic 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 2020, 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, including those related to the CompuCom and Contract reporting units which were negatively impacted by the COVID-19 pandemic, as discussed in Note 9. The Company did not identify any impairment indicators for these long-lived assets as of December 26, 2020 and as a result there were no associated impairment charges. Refer to Note 9 for additional information about the impairment charges related to goodwill and other intangible assets.

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 amounts because of their short-term nature.

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

	December 26,				December 28,
	2020				2019
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Timber notes receivable	$	—	$	—	$	819	$	819
Company-owned life insurance		147		147		91		91
Financial liabilities:
Recourse debt:
New Facilities loans under the Third Amended Credit Agreement, due 2025		100		100		—		—
Term Loan, due 2022		—		—		393		409
Revenue bonds, due in varying amounts periodically through 2029		176		177		186		186
American & Foreign Power Company, Inc. 5% debentures, due 2030		15		14		15		14
Non-recourse debt — Timber notes		—		—		735		735

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

•

Timber notes receivable: Fair value is determined as the present value of expected future cash flows discounted at the current interest rate for loans of similar terms with comparable credit risk (Level 2 measure). The Timber notes receivable matured on January 29, 2020. Refer to Note 10 for additional information about the Timber notes receivable.

•

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). As disclosed in Note 11, all outstanding loans associated with company-owned life insurance policies were repaid during the second quarter of 2020. The carrying amounts of the company-owned life insurance policies are included in Other assets in the Consolidated Balance Sheets.

•

Recourse debt: Recourse 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. The Term Loan Credit Agreement originally due in 2022 was repaid in full and terminated in April 2020. Refer to Note 11 for additional information about the Third Amended Credit Agreement and the Term Loan Credit Agreement.

•

Non-recourse debt: Fair value is estimated by discounting the future cash flows of the instrument at rates currently available to the Company for similar instruments of comparable maturities (Level 2 measure). The Non-recourse debt matured on January 29, 2020. Refer to Note 10 for additional information about the Non-recourse debt.

- 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

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 26, 2020

Commitments And Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 17. COMMITMENTS AND CONTINGENCIES

COMMITMENTS

The Company has a paper purchase agreement with Boise White Paper, L.L.C. (“Boise Paper”) under which it agreed to purchase office paper from Boise Paper and Boise Paper has agreed to supply office paper to the Company, subject to the terms and conditions of the paper purchase agreement. Under the agreement, the Company has committed to purchase a portion of its paper product offering from Boise Paper. Purchases under the agreement were $326 million in 2020, $541 million in 2019 and $531 million in 2018.

INDEMNIFICATIONS

Indemnification obligations may arise from the Asset Purchase Agreement between OfficeMax Incorporated, OfficeMax Southern Company, Minidoka Paper Company, Forest Products Holdings, L.L.C. and Boise Land & Timber Corp. The Company has agreed to provide indemnification with respect to a variety of obligations. These indemnification obligations are subject, in some cases, to survival periods, deductibles and caps. At December 26, 2020, the Company is not aware of any material liabilities arising from these indemnifications. Additionally, the Company retains certain guarantees in place with respect to the liabilities or obligations of the European Business and remains contingently liable for these obligations. However, the Purchaser must indemnify and hold the Company harmless for any losses in connection with these guarantees. The Company currently does not believe it is probable it would be required to perform under any of these guarantees or any of the underlying obligations.

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 addition, 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 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 or threatened proceedings 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 December 26, 2020, 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 liabilities, the Company’s estimated range of reasonably possible losses was approximately $10 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.

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 26, 2020

Discontinued Operations And Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 18. DISCONTINUED OPERATIONS

In the third quarter of 2016, the Company’s Board of Directors approved a plan to sell substantially all of the operations of the former International Division through four disposal groups (Europe, South Korea, Oceania and mainland China). Collectively, these dispositions represent a strategic shift that had a major impact on the Company’s operations and financial results and have been accounted for as discontinued operations. As of the end of fiscal 2018, the sale of the International Operations was complete, and there

are no further discontinued operations in 2020 and 2019. As part of the disposition of its European business operations, the Company retained responsibility for the frozen defined benefits pension plan in the United Kingdom, which is included in continuing operations.

The sale and purchase agreement related to the disposition of the European business operations contains customary warranties of the Company and the purchaser, with the Company’s warranties limited to an aggregate of EUR 10 million. The Company monitors its estimated exposure to liabilities under the warranties under the sales and purchase agreement, and as of December 26, 2020, the Company believes it has made adequate provisions for its potential exposures related to these warranties, which have contractually expired subsequently as of December 31, 2020 with no claims from the purchaser. In addition, the Company retains certain guarantees in place with respect to the liabilities or obligations of the European Business and remains contingently liable for these obligations. However, the Purchaser must indemnify and hold the Company harmless for any losses in connection with these guarantees. The Company currently does not believe it is probable it would be required to perform under any of these guarantees or any of the underlying obligations.

The major components of Discontinued operations, net of tax presented in the Consolidated Statements of Operations are presented below.

(In millions)	2018
Sales	$	115
Cost of goods sold and occupancy costs		88
Operating expenses		21
Restructuring charges		1
Other expense, net		(1	)
Net increase of loss on discontinued operations held for sale		(1	)
Net loss on sale of discontinued operations		(4	)
Income tax benefit		(6	)
Discontinued operations, net of tax	$	5

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 26, 2020

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 19. QUARTERLY FINANCIAL DATA (UNAUDITED)

(In millions, except per share amounts)	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year Ended December 26, 2020*
Net sales	$	2,725	$	2,158		$	2,539	$	2,288
Gross profit		629		416			590		497
Operating income (loss) ⁽¹⁾		80		(456	)		102		21
Net income (loss)		45		(439	)		57		18
Net earnings (loss) per share ⁽²⁾
Basic	$	0.86	$	(8.34	)	$	1.07	$	0.35
Diluted	$	0.84	$	(8.34	)	$	1.04	$	0.34

*	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

(1)

Includes Merger and restructuring expenses, net totaling $16 million, $65 million, $26 million and $15 million in the first, second, third and fourth quarters of 2020, respectively. The first, second, third and fourth quarters of 2020 also include asset impairments of $12 million, $401 million, $10 million and $8 million, respectively.

)

The sum of the quarterly earnings per share does not equal the annual earnings per share due to differences in quarterly and annual weighted-average shares outstanding. As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

(In millions, except per share amounts)	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year Ended December 28, 2019*
Net sales	$	2,769	$	2,588		$	2,782	$	2,508
Gross profit		641		585			667		571
Operating income (loss) ⁽³⁾		24		(15	)		108		74
Net income (loss)		8		(24	)		60		55
Net earnings (loss) per share ⁽⁴⁾
Basic	$	0.14	$	(0.43	)	$	1.09	$	1.01
Diluted	$	0.14	$	(0.43	)	$	1.09	$	1.00

*	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

(3)

Includes Merger and restructuring expenses, net totaling $14 million, $69 million, $22 million and $11 million in the first, second, third and fourth quarters of 2019, respectively. The first, second, third and fourth quarters of 2019 also include asset impairments of $29 million, $16 million, $5 million and $6 million, respectively.

(4)

SUBSEQUENT EVENTS

12 Months Ended

Dec. 26, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 20. SUBSEQUENT EVENTS

On January 11, 2021, the Company received a proposal from USR Parent, Inc., the parent company of Staples and a portfolio company of Sycamore Partners, to acquire 100% of the Company’s issued and outstanding stock for $40.00 per share in cash (the “Proposal”). After careful review and consideration of the Proposal and in consultation with the Company’s financial and legal advisors, the Board of Directors of the Company unanimously concluded that there is a more compelling path forward to create value for the Company and its shareholders than the potential transaction described in the Proposal. On January 19, 2021, the Company filed its statement on Schedule 14D-9 with the SEC containing the Board of Director’s recommendation. The Company anticipates that it will incur significant legal and other expenses throughout this process. For further discussion, see the section entitled “Risk Factors” within Other Key Information in this Annual Report. Also, on January 19, 2021, the Board of Directors of the Company announced that as a result of a business review of CompuCom, management has initiated a process to explore a value-maximizing sale of the Company’s CompuCom Division to maximize CompuCom’s full potential and drive forward its future value and success.

In January 2021, the Company acquired BuyerQuest, a business services software company in the U.S., in connection with its strategic transformation into an integrated B2B distribution platform for approximately $62 million, subject to customary post-closing adjustments. The purchase consideration for BuyerQuest includes approximately $52 million paid at closing, funded with cash on hand and the issuance of 827,498 shares of the Company’s common stock, and up to $10 million contingent consideration that will be payable over a two-year period subject to BuyerQuest meeting certain performance conditions. Also, in February 2021, the Company also acquired a small independent regional office supply distribution business in the U.S.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 26, 2020

Accounting Policies [Abstract]

Nature of Business

At December 26, 2020, the Company had three reportable segments (or “Divisions”): Business Solutions Division, Retail Division and the CompuCom Division.

Basis of Presentation

Fiscal Year

Estimates and Assumptions

Corporate Reorganization

Business Combinations

Foreign Currency

Cash and Cash Equivalents

At December 26, 2020 and December 28, 2019, cash and cash equivalents held outside the United States amounted to $159 million and $190 million, respectively.

Property and Equipment

Goodwill and Other Intangible Assets

Refer to Note 9 for additional information on goodwill and other intangible assets.

Impairment of Long-Lived Assets

Facility Closure and Severance Costs

Accrued Expenses and Other Current Liabilities

Fair Value of Financial Instruments

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

Revenue Recognition

PRODUCTS AND SERVICES REVENUE

The following table provides information about disaggregated revenue by Division, and major products and services categories.

	2020
(In millions)	Business Solutions Division		Retail Division		CompuCom Division		Other			Total
Major products and services categories
Products
Supplies	$	2,514	$	1,415	$	—	$	12		$	3,941
Technology		1,193		1,772		221		—			3,186
Furniture and other		689		551		—		7			1,247
Services
Technology		—		26		624		(14	)		636
Copy, print, and other		287		403		9		1			700
Total	$	4,683	$	4,167	$	854	$	6		$	9,710

	2019
(In millions)	Business Solutions Division		Retail Division		CompuCom Division		Other			Total
Major products and services categories
Products
Supplies	$	2,961	$	1,670	$	—	$	16		$	4,647
Technology		1,236		1,702		271		2			3,211
Furniture and other		750		421		—		5			1,176
Services
Technology		—		29		709		(14	)		724
Copy, print, and other		332		541		14		2			889
Total	$	5,279	$	4,363	$	994	$	11		$	10,647

	2018
(In millions)	Business Solutions Division		Retail Division		CompuCom Division		Other			Total
Major products and services categories
Products
Supplies	$	2,942	$	1,753	$	—	$	10		$	4,705
Technology		1,307		1,938		233		(7	)		3,471
Furniture and other		725		414		—		7			1,146
Services
Technology		1		28		843		(4	)		868
Copy, print, and other		307		508		10		—			825
Total	$	5,282	$	4,641	$	1,086	$	6		$	11,015

Products revenue includes the sale of:

•

Supplies such as paper, writing instruments, office supplies, cleaning and breakroom items, and personal protective equipment;

•

Technology related products such as toner and ink, printers, computers, tablets and accessories, and electronic storage; and

•

Furniture and other products such as desks, seating, and luggage.

Services revenue includes the sale of:

•

Cost of Goods Sold and Occupancy Costs

Cost of Goods Sold and Occupancy Costs: Cost of goods sold and occupancy costs include:

inventory costs (as discussed above);

outbound freight;

employee and non-employee receiving, distribution, and occupancy costs (rent), including depreciation, real estate taxes and common area costs, of inventory-holding and selling locations; and

identifiable employee-related costs associated with services provided to customers.

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses: Selling, general and administrative expenses include amounts incurred related to expenses of operating and support functions, including:

employee payroll and benefits, including variable pay arrangements;

advertising;

store and field support;

other operating costs incurred relating to selling activities; and

closed defined benefit pension and postretirement plans.

Merger and Restructuring Expenses, net

Advertising

Share-Based Compensation

Self-insurance

Vendor Arrangements

Pension and Other Postretirement Benefits

Environmental and Asbestos Matters

Leasing Arrangements

•

Finance leases:

Property and equipment, net –leases which were referred to as capital leases under the old accounting standard;

Short-term borrowings and current maturities of long-term debt – short-term obligations to make lease payments arising from the finance lease; and

Long-term debt, net of current maturities – long-term obligations to make lease payments arising from the finance lease.

•

Operating leases:

ROU assets – the Company’s right to use the underlying asset for the lease term;

Accrued expenses and other current liabilities – short-term obligations to make lease payments arising from the operating lease; and

Operating lease liabilities – long-term obligations to make lease payments arising from the operating lease.

The Company has lease agreements with lease and non-lease components, for which it has made an accounting policy election to account for these as a single lease component.

New Accounting Standards

NEW ACCOUNTING STANDARDS

Standards that are not yet adopted:

Standards that were adopted:

Revenue Recognition and Significant Judgments

REVENUE RECOGNITION AND SIGNIFICANT JUDGMENTS

Contract Balances

CONTRACT BALANCES

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

	December 26,		December 28,
(In millions)	2020		2019
Trade receivables, net	$	501	$	599
Short-term contract assets		15		23
Long-term contract assets		15		17
Short-term contract liabilities		50		52
Long-term contract liabilities		4		1

Costs to Obtain a Contract

COSTS TO OBTAIN A CONTRACT

MERGER AND RESTRUCTURING ACTIVITY (Tables)

12 Months Ended

Dec. 26, 2020

Business Combinations [Abstract]

Summary of Major Components of Merger and Restructuring Expenses, Net

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

(In millions)	2020		2019		2018
Merger and transaction related expenses
Severance and retention	$	—	$	1	$	11
Transaction and integration		17		23		35
Facility closure, contract termination and other expenses, net		1		—		10
Total Merger and transaction related expenses		18		24		56
Restructuring expenses
Severance		45		40		—
Professional fees		21		41		11
Facility closure, contract termination, and other expenses, net		37		11		5
Total Restructuring expenses		103		92		16
Total Merger and restructuring expenses, net	$	121	$	116	$	72

Facility Closure and Severance Costs

(In millions)	Beginning Balance		Charges Incurred		Cash Payments			Adjustments (a)			Ending Balance
2020
Termination benefits:
Merger-related accruals	$	1	$	1	$	(2	)	$	—		$	—
Maximize B2B Restructuring Plan		—		39		(9	)		—			30
Business Acceleration Program		13		—		(5	)		—			8
Lease and contract obligations, accruals for facilities closures and other costs:
Merger-related accruals		—		2		(1	)		—			1
Maximize B2B Restructuring Plan		—		27		(17	)		—			10
Business Acceleration Program		5		20		(24	)		—			1
Comprehensive Business Review		3		—		(1	)		—			2
Total	$	22	$	89	$	(59	)	$	—		$	52
2019
Termination benefits:
Merger-related accruals	$	3	$	2	$	(4	)	$	—		$	1
Maximize B2B Restructuring Plan		—		—		—			—			—
Business Acceleration Program		—		40		(27	)		—			13
Lease and contract obligations, accruals for facilities closures and other costs:
Merger-related accruals		10		—		—			(10	)		—
Maximize B2B Restructuring Plan		—		—		—			—			—
Business Acceleration Program		—		42		(37	)		—			5
Comprehensive Business Review		5		6		(5	)		(3	)		3
Total	$	18	$	90	$	(73	)	$	(13	)	$	22

(a)	Represents reclassification of operating lease obligations associated with facility closures to Operating lease ROU assets in the Consolidated Balance Sheet in accordance with the new lease accounting standard.

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 26, 2020

Revenue From Contract With Customer [Abstract]

Summary of Disaggregated Revenue by Division, Major Product and Service Categories

The following table provides information about disaggregated revenue by Division, and major products and services categories.

	2020
(In millions)	Business Solutions Division		Retail Division		CompuCom Division		Other			Total
Major products and services categories
Products
Supplies	$	2,514	$	1,415	$	—	$	12		$	3,941
Technology		1,193		1,772		221		—			3,186
Furniture and other		689		551		—		7			1,247
Services
Technology		—		26		624		(14	)		636
Copy, print, and other		287		403		9		1			700
Total	$	4,683	$	4,167	$	854	$	6		$	9,710

	2019
(In millions)	Business Solutions Division		Retail Division		CompuCom Division		Other			Total
Major products and services categories
Products
Supplies	$	2,961	$	1,670	$	—	$	16		$	4,647
Technology		1,236		1,702		271		2			3,211
Furniture and other		750		421		—		5			1,176
Services
Technology		—		29		709		(14	)		724
Copy, print, and other		332		541		14		2			889
Total	$	5,279	$	4,363	$	994	$	11		$	10,647

	2018
(In millions)	Business Solutions Division		Retail Division		CompuCom Division		Other			Total
Major products and services categories
Products
Supplies	$	2,942	$	1,753	$	—	$	10		$	4,705
Technology		1,307		1,938		233		(7	)		3,471
Furniture and other		725		414		—		7			1,146
Services
Technology		1		28		843		(4	)		868
Copy, print, and other		307		508		10		—			825
Total	$	5,282	$	4,641	$	1,086	$	6		$	11,015

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:

	December 26,		December 28,
(In millions)	2020		2019
Trade receivables, net	$	501	$	599
Short-term contract assets		15		23
Long-term contract assets		15		17
Short-term contract liabilities		50		52
Long-term contract liabilities		4		1

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 26, 2020

Segment Reporting [Abstract]

Summary of Significant Accounts and Balances by Segment, Reconciled to Consolidated Totals

A summary of significant accounts and balances by segment, reconciled to consolidated totals, after the elimination of discontinued operations for all periods is as follows.

(In millions)		Business Solutions Division		Retail Division		CompuCom Division			Other			Corporate*		Consolidated Total
Sales	2020	$	4,683	$	4,167	$	854		$	6		$	—	$	9,710
	2019		5,279		4,363		994			11			—		10,647
	2018		5,282		4,641		1,086			6			—		11,015
Division operating income (loss)	2020		116		275		14			—			—		405
	2019		271		194		(2	)		—			—		463
	2018		243		193		17			(2	)		—		451
Capital expenditures	2020		25		28		10			—			5		68
	2019		43		68		10			—			29		150
	2018		43		108		14			—			22		187
Depreciation and amortization	2020		66		80		31			—			12		189
	2019		66		91		39			—			8		204
	2018		64		83		38			—			7		192
Charges for losses on receivables and inventories	2020		9		24		3			—			—		36
	2019		—		25		1			—			—		26
	2018		3		32		2			—			—		37
Assets	2020		1,581		1,962		694			5			1,316		5,558
	2019		1,803		2,403		989			10			2,106		7,311

*	Amounts included in “Corporate” consist of assets (including all cash and cash equivalents) and depreciation related to corporate activities of continuing operations.

Reconciliation of Measure of Division Operating Income to Consolidated Income Before Income Taxes

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

(In millions)	2020			2019			2018
Division operating income	$	405		$	463		$	451
Add/(subtract):
Asset impairments		(431	)		(56	)		(7	)
Merger and restructuring expenses, net		(121	)		(116	)		(72	)
Legal expense accrual		—			—			(25	)
Unallocated expenses		(105	)		(100	)		(93	)
Interest income		4			23			25
Interest expense		(42	)		(89	)		(121	)
Loss on extinguishment and modification of debt		(12	)		—			(15	)
Other income, net		7			21			15
Income (loss) from continuing operations before income taxes	$	(295	)	$	146		$	158

INCOME TAXES (Tables)

12 Months Ended

Dec. 26, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) from Continuing Operations Before Income Taxes

The components of income (loss) from continuing operations before income taxes consisted of the following:

(In millions)	2020			2019		2018
United States	$	(281	)	$	116	$	138
Foreign		(14	)		30		20
Total income (loss) from continuing operations before income taxes	$	(295	)	$	146	$	158

Schedule Income Tax Expense (Benefit) Related to Income (Loss) From Continuing Operations

The income tax expense (benefit) related to income (loss) from continuing operations consisted of the following:

(In millions)	2020			2019			2018
Current:
Federal	$	(11	)	$	(64	)	$	3
State		16			3			7
Foreign		10			8			9
Deferred:
Federal		19			84			27
State		(6	)		11			13
Foreign		(4	)		5			—
Total income tax expense	$	24		$	47		$	59

Reconciliation of Income Taxes at The Federal Statutory Rate to The Provision for Income Taxes

The following is a reconciliation of income taxes at the U.S. Federal statutory rate to the provision for income taxes:

(In millions)	2020			2019			2018
Federal tax computed at the statutory rate	$	(62	)	$	30		$	33
State taxes, net of Federal benefit		3			6			10
Foreign income taxed at rates other than Federal		6			1			5
Increase (decrease) in valuation allowance		(4	)		9			(3	)
Non-deductible Goodwill impairments		74			—			—
Other non-deductible expenses and settlements		4			3			10
Tax basis differences in investment in subsidiaries		—			—			(4	)
Non-taxable income and additional deductible expenses		(3	)		(4	)		(1	)
Change in unrecognized tax benefits		—			2			1
Impact of stock compensation shortfall		2			—			5
Other items, net		4			—			3
Income tax expense	$	24		$	47		$	59

Schedule of Components Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities consisted of the following:

	December 26,			December 28,
(In millions)	2020			2019
U.S. and foreign loss carryforwards	$	81		$	240
Operating lease right-of-use assets		340			385
Pension and other accrued compensation		53			53
Accruals for facility closings		3			2
Inventory		9			9
Self-insurance accruals		16			19
Deferred revenue		15			16
U.S. and foreign income tax credit carryforwards		115			168
Allowance for bad debts		7			4
Accrued expenses		20			21
Basis difference in fixed assets		38			31
Gross deferred tax assets		697			948
Valuation allowance		(145	)		(151	)
Deferred tax assets		552			797
Internal software		3			10
Installment gain on sale of timberlands		—			168
Operating lease liabilities		309			356
Intangibles		91			96
Undistributed foreign earnings		3			4
Deferred tax liabilities		406			634
Net deferred tax assets	$	146		$	163

Summary of Valuation Allowances

The following summarizes the activity related to valuation allowances for deferred tax assets:

(In millions)	2020			2019		2018
Beginning balance	$	151		$	142	$	144
Additions, charged to expense		—			9		—
Reductions		(6	)		—		(2	)
Ending balance	$	145		$	151	$	142

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to unrecognized tax benefits:

(In millions)	2020			2019		2018
Beginning balance	$	22		$	20	$	20
Increase related to current year tax positions		—			2		—
Increase (decrease) related to prior year tax positions		—			—		1
Decrease related to settlements with taxing authorities		(3	)		—		(1	)
Ending balance	$	19		$	22	$	20

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 26, 2020

Earnings Per Share [Abstract]

Calculation of Earnings (Loss) Per Common Share

The following table presents the calculation of net earnings (loss) per common share — basic and diluted:

(In millions, except per share amounts)	2020			2019		2018
Basic Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	(319	)	$	99	$	99
Income from discontinued operations, net of tax		—			—		5
Net income (loss)	$	(319	)	$	99	$	104
Denominator:
Weighted-average shares outstanding		53			54		55
Basic earnings (loss) per share:
Continuing operations	$	(6.05	)	$	1.82	$	1.80
Discontinued operations		—			—		0.09
Net basic earnings (loss) per share	$	(6.05	)	$	1.82	$	1.89
Diluted Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	(319	)	$	99	$	99
Income from discontinued operations, net of tax		—			—		5
Net income (loss)	$	(319	)	$	99	$	104
Denominator:
Weighted-average shares outstanding		53			54		55
Effect of dilutive securities:
Stock options and restricted stock		—			1		1
Diluted weighted-average shares outstanding		53			55		56
Diluted earnings (loss) per share
Continuing operations	$	(6.05	)	$	1.80	$	1.77
Discontinued operations		—			—		0.08
Net diluted earnings (loss) per share	$	(6.05	)	$	1.80	$	1.85

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 26, 2020

Schedule of Property and Equipment

Property and equipment consists of:

	December 26,			December 28,
(In millions)	2020			2019
Land	$	45		$	45
Buildings		210			221
Computer software		696			653
Leasehold improvements		606			658
Furniture, fixtures and equipment		810			833
Construction in progress		22			49
		2,389			2,459
Less accumulated depreciation		(1,813	)		(1,780	)
Total	$	576		$	679

Estimated Future Amortization Expense for Intangible Assets

Estimated future amortization expense related to capitalized software at December 26, 2020 is as follows:

(In millions)
2021	$	48
2022		35
2023		23
2024		14
2025		6
Thereafter		—

Assets Held Under Finance Leases

Schedule of Property and Equipment

The above table of property and equipment includes assets held under finance leases as follows:

	December 26,			December 28,
(In millions)	2020			2019
Buildings	$	34		$	40
Furniture, fixtures and equipment		147			132
		181			172
Less accumulated depreciation		(122	)		(120	)
Total	$	59		$	52

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 26, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The components of goodwill by segment are provided in the following table:

(In millions)	Business Solutions Division			Retail Division		CompuCom Division			Total
Balance as of December 28, 2019	$	410		$	78	$	456		$	944
Acquisitions		21			—		—			21
Foreign currency rate impact		—			—		(4	)		(4	)
Impairments		(115	)		—		(237	)		(352	)
Balance as of December 26, 2020	$	316		$	78	$	215		$	609

Schedule of Amortizing Intangible Assets Net

Definite-lived intangible assets, which are included in Other intangible assets, net in the Consolidated Balance Sheets, are as follows:

	December 26, 2020
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	418	$	(132	)	$	286
Technology		19		(19	)		—
Total	$	437	$	(151	)	$	286

	December 28, 2019
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	412	$	(109	)	$	303
Technology		19		(16	)		3
Total	$	431	$	(125	)	$	306

Estimated Future Amortization Expense for Intangible Assets

Estimated future amortization expense for the intangible assets is as follows:

(In millions)
2021	$	24
2022		23
2023		21
2024		21
2025		21
Thereafter		176
Total	$	286

DEBT (Tables)

12 Months Ended

Dec. 26, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of the following:

	December 26,		December 28,
(In millions)	2020		2019
Recourse debt:
Short-term borrowings and current maturities of long-term debt:
Finance lease obligations	$	21	$	19
Other current maturities of long-term debt		3		87
Total	$	24	$	106
Long-term debt, net of current maturities:
Term Loan, due 2022	$	—	$	331
Unamortized debt issuance cost and discount		—		(13	)
Term Loan, due 2022, net		—		318
New Facilities loans under the Third Amended Credit Agreement, due 2025		100		—
Revenue bonds, due in varying amounts periodically through 2029		176		176
American & Foreign Power Company, Inc. 5% debentures, due 2030		15		15
Finance lease obligations		57		58
Other financing obligations		6		8
Total	$	354	$	575
Non-recourse debt — Timber notes:
Bridge Loan, due 2020 — Refer to Note 10	$	—	$	735

Schedule of Maturities of Recourse Debt, Finance Lease and Other Financing Obligations

Aggregate annual maturities of recourse debt, finance lease, and other financing obligations are as follows:

(In millions)
2021	$	28
2022		45
2023		97
2024		10
2025		108
Thereafter		100
Total		388
Less interest on finance leases		(10	)
Total		378
Less:
Current portion		(24	)
Total long-term debt	$	354

LEASES (Tables)

12 Months Ended

Dec. 26, 2020

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:

(In millions)	2020			2019
Finance lease cost:
Amortization of right-of-use assets	$	18		$	17
Interest on lease liabilities		4			5
Operating lease cost		402			433
Short-term lease cost		9			7
Variable lease cost		114			121
Sublease income		(4	)		(3	)
Total lease cost	$	543		$	580

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

(In millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	4	$	5
Operating cash flows from operating leases		463		489
Financing cash flows from finance leases		20		21
Right-of-use assets obtained in exchange for new finance lease liabilities		29		27
Right-of-use assets obtained in exchange for new operating lease liabilities		126		338

Supplemental Balance Sheets Information Related to Leases

Supplemental balance sheets information related to leases was as follows:

	December 26,			December 28,
(In millions, except lease term and discount rate)	2020			2019
Property and equipment, net	$	59		$	52
Operating lease right-of-use assets		1,170			1,413
Accrued expenses and other current liabilities		344			373
Short-term borrowings and current maturities of long-term debt		21			19
Long-term debt, net of current maturities		57			58
Operating lease liabilities		991			1,208
Weighted-average remaining lease term – finance leases	5 years			5 years
Weighted-average remaining lease term – operating leases	5 years			5 years
Weighted-average discount rate – finance leases		5.4	%		6.2	%
Weighted-average discount rate – operating leases		6.5	%		6.6	%

Schedule of Maturities of Lease Liabilities Under Operating and Finance Leases

Maturities of lease liabilities as of December 26, 2020 were as follows:

	December 26, 2020
	Operating			Finance
(In millions)	Leases⁽¹⁾			Leases⁽²⁾
2021	$	420		$	25
2022		344			21
2023		268			15
2024		186			9
2025		126			8
Thereafter		233			10
		1,577			88
Less imputed interest		(242	)		(10	)
Total	$	1,335		$	78

Reported as of December 26, 2020
Accrued expenses and other current liabilities	$	344		$	—
Short-term borrowings and current maturities of long-term debt		—			21
Long-term debt, net of current maturities		—			57
Operating lease liabilities		991			—
Total	$	1,335		$	78

(1)	Operating lease payments include $91 million related to options to extend lease terms that are reasonably certain of being exercised.

(2)	Finance lease payments include $10 million related to options to extend lease terms that are reasonably certain of being exercised.

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 26, 2020

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 tables:

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 28, 2019	$	(29	)	$	(37	)	$	(66	)
Other comprehensive income activity		2			39			41
Tax impact		—			(7	)		(7	)
Total other comprehensive income, net of tax, where applicable		2			32			34
Balance at December 26, 2020	$	(27	)	$	(5	)	$	(32	)

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 29, 2018	$	(50	)	$	(49	)	$	(99	)
Other comprehensive income activity		21			18			39
Tax impact		—			(6	)		(6	)
Total other comprehensive income, net of tax, where applicable		21			12			33
Balance at December 28, 2019	$	(29	)	$	(37	)	$	(66	)

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 26, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Status of Company's Nonvested Shares

A summary of the status of the Company’s nonvested shares and changes during 2020, 2019 and 2018 is presented below.

	2020					2019					2018
	Shares			Weighted Average Grant- Date Price		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾
Outstanding at beginning of year		1,394,756		$	30.40		1,496,419		$	30.48		1,029,369		$	43.30
Granted		835,828			19.92		740,236			29.90		1,063,915			23.32
Vested		(579,584	)		30.71		(593,440	)		30.88		(419,767	)		43.66
Forfeited		(124,347	)		28.60		(248,459	)		28.56		(177,098	)		30.84
Outstanding at end of year		1,526,653		$	24.71		1,394,756		$	30.40		1,496,419		$	30.48

Summary of Performance Based Long Term Incentive Program

A summary of the activity in the performance-based long-term incentive program since inception is presented below.

	2020					2019					2018
	Shares			Weighted Average Grant- Date Price		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾
Outstanding at beginning of year		1,994,111		$	29.05		1,913,397		$	28.83		1,018,705		$	44.19
Granted		932,344			19.42		1,026,743			31.00		1,328,782			23.66
Vested		(151,905	)		41.80		(284,366	)		33.12		(121,177	)		94.50
Forfeited		(315,572	)		27.10		(661,663	)		28.87		(312,913	)		31.20
Outstanding at end of year		2,458,978		$	24.22		1,994,111		$	29.05		1,913,397		$	28.83

(1)

As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All shares and per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

(2)

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 26, 2020

Compensation And Retirement Disclosure [Abstract]

Changes in Pension and Other Postretirement Benefit Obligations, Plan Assets and Funded Status

	Pension Benefits						Other Benefits
(In millions)	2020			2019			2020			2019
Changes in projected benefit obligation:
Obligation at beginning of period	$	906		$	880		$	13		$	12
Service cost		—			7			—			—
Interest cost		28			36			—			—
Assumption changes		—			—			1			1
Actuarial loss		68			91			—			—
Currency exchange rate change		—			—			1			1
Benefits paid		(78	)		(108	)		(1	)		(1	)
Obligation at end of period	$	924		$	906		$	14		$	13
Change in plan assets:
Fair value of plan assets at beginning of period	$	833		$	780		$	—		$	—
Actual return on plan assets		130			159			—			—
Employer contribution		9			2			1			1
Benefits paid		(78	)		(108	)		(1	)		(1	)
Fair value of plan assets at end of period		894			833			—			—
Net liability recognized at end of period	$	(30	)	$	(73	)	$	(14	)	$	(13	)

(In millions)	2020			2019
Changes in projected benefit obligation:
Obligation at beginning of period	$	236		$	203
Service cost		—			—
Interest cost		5			6
Benefits paid		(8	)		(10	)
Actuarial loss		26			31
Currency translation		10			6
Obligation at end of period		269			236
Changes in plan assets:
Fair value of plan assets at beginning of period		312			282
Actual return on plan assets		41			29
Company contributions		2			2
Benefits paid		(8	)		(10	)
Currency translation		13			9
Fair value of plan assets at end of period		360			312
Net asset recognized at end of period	$	91		$	76

Amount Recognized in Consolidated Balance Sheets Related to Defined Benefit Pension and Other Postretirement Benefit Plans

	Pension Benefits						Other Benefits
(In millions)	2020			2019			2020			2019
Noncurrent assets	$	—		$	—		$	—		$	—
Current liabilities		(2	)		(2	)		(1	)		(1	)
Noncurrent liabilities		(28	)		(71	)		(13	)		(12	)
Net amount recognized	$	(30	)	$	(73	)	$	(14	)	$	(13	)

Components of Net Periodic Cost (Benefit)

The components of net periodic cost (benefit) are as follows:

	Pension Benefits									Other Benefits
(In millions)	2020			2019			2018			2020		2019		2018
Service cost	$	—		$	7		$	4		$	—	$	—	$	—
Interest cost		28			36			35			—		—		1
Expected return on plan assets		(32	)		(42	)		(43	)		—		—		—
Net periodic cost (benefit)	$	(4	)	$	1		$	(4	)	$	—	$	—	$	1

The components of net periodic benefit are presented below:

(In millions)	2020			2019			2018
Service cost	$	—		$	—		$	—
Interest cost		5			6			6
Expected return on plan assets		(5	)		(7	)		(8	)
Settlement gain		—			—			(1	)
Net periodic pension benefit	$	—		$	(1	)	$	(3	)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income)

Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) are as follows:

	Pension Benefits									Other Benefits
(In millions)	2020			2019			2018			2020		2019			2018
Accumulated other comprehensive loss (income) at beginning of year	$	9		$	35		$	(2	)	$	—	$	(1	)	$	—
Net loss (gain)		(30	)		(26	)		37			1		1			(1	)
Accumulated other comprehensive loss (income) at end of year	$	(21	)	$	9		$	35		$	1	$	—		$	(1	)

Weighted Average Assumptions Used in the Measurement of Benefit Obligations and Net Periodic Cost (Benefit)

The following table presents the key weighted average assumptions used in the measurement of the Company’s benefit obligations as of year-ends:

										Other Benefits
	Pension Benefits									United States									Canada
	2020			2019			2018			2020			2019			2018			2020			2019			2018
Discount rate		2.27	%		3.26	%		4.31	%		1.90	%		2.80	%		3.90	%		2.50	%		3.10	%		3.90	%

The following table presents the weighted average assumptions used in the measurement of net periodic benefit:

										Other Benefits
	Pension Benefits									United States									Canada
	2020			2019			2018			2020			2019			2018			2020			2019			2018
Discount rate		3.26	%		4.31	%		3.71	%		2.80	%		3.90	%		3.30	%		3.10	%		3.90	%		3.40	%
Expected long-term rate of return on plan assets		5.16	%		5.44	%		5.28	%		—	%		—	%		—	%		—	%		—	%		—	%

Assumptions used in calculating the funded status and net periodic benefit included:

	2020			2019			2018
Expected long-term rate of return on plan assets		1.64	%		1.76	%		2.61	%
Discount rate		1.40	%		2.10	%		3.00	%
Inflation		2.70	%		2.90	%		3.10	%

Assumed Healthcare Cost Trend Rates

The following table presents the assumed healthcare cost trend rates used in measuring the Company’s postretirement benefit obligations at year-ends:

	2020			2019			2018
Weighted average assumptions as of year-end:
Healthcare cost trend rate assumed for next year		6.10	%		6.20	%		6.40	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.50	%		4.50	%		4.50	%
Year that the rate reaches the ultimate trend rate	2029			2029			2029

Allocation of Plan Assets Table

The allocation of pension plan assets by category at year-ends is as follows:

	2020			2019
Cash		1	%		1	%
Common collective trust funds		99	%		99	%
		100	%		100	%

The allocation of Plan assets is as follows:

	2020			2019
Cash		1	%		—	%
Equity securities		14	%		18	%
Fixed-income securities		85	%		82	%
Total		100	%		100	%

Schedule of Fair Value of Plan Assets by Assets Category

The following table presents the pension plan assets by level within the fair value hierarchy at year-ends.

(In millions)	Fair Value Measurements 2020
Asset Category	Total		Assets Measured at NAV ^(a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan assets measured at net asset value: ^(a)
Common collective trust funds:
U.S. small and mid-cap equity securities	$	22	$	22	$	—	$	—	$	—
U.S. large cap equity securities		94		94		—		—		—
International equity securities		133		133		—		—		—
Corporate bonds		409		409		—		—		—
Government securities		214		214		—		—		—
Other fixed-income		3		3		—		—		—
Cash		13		13		—		—		—
Total common collective trust funds		888		888		—		—		—
Total plan assets measured at net asset value		888		888		—		—		—
Plan assets measured in the fair value hierarchy:
Cash		6		—		6		—		—
Total plan assets measured in the fair value hierarchy		6		—		6		—		—
Total plan assets	$	894	$	888	$	6	$	—	$	—

^(a)

(In millions)	Fair Value Measurements 2019
Asset Category	Total		Assets Measured at NAV ^(a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan assets measured at net asset value: ^(a)
Common collective trust funds:
U.S. small and mid-cap equity securities	$	24	$	24	$	—	$	—	$	—
U.S. large cap equity securities		96		96		—		—		—
International equity securities		138		138		—		—		—
Corporate bonds		457		457		—		—		—
Government securities		93		93		—		—		—
Other fixed-income		4		4		—		—		—
Cash		13		13		—		—		—
Total common collective trust funds		825		825		—		—		—
Total plan assets measured at net asset value		825		825		—		—		—
Plan assets measured in the fair value hierarchy:
Cash		8		—		8		—		—
Total plan assets measured in the fair value hierarchy		8		—		8		—		—
Total plan assets	$	833	$	825	$	8	$	—	$	—

^(a)

The following table presents the pension plan assets by level within the fair value hierarchy.

(In millions)	Fair Value Measurements 2020
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	3	$	3	$	—	$	—
Equity securities
Developed market equity funds		11		11		—		—
Emerging market equity funds		4		4		—		—
Mutual funds real estate		20		—		—		20
Mutual funds		14		—		14		—
Total equity securities		49		15		14		20
Fixed-income securities
UK debt funds		140		—		140		—
Liability term matching debt funds		130		—		130		—
Emerging market debt fund		1		—		1		—
High yield debt		37		—		37		—
Total fixed-income securities		308		—		308		—
Total	$	360	$	18	$	322	$	20

(In millions)	Fair Value Measurements 2019
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	1	$	1	$	—	$	—
Equity securities
Developed market equity funds		8		8		—		—
Emerging market equity funds		4		4		—		—
Mutual funds real estate		18		—		—		18
Mutual funds		25		—		25		—
Total equity securities		55		12		25		18
Fixed-income securities
UK debt funds		107		—		107		—
Liability term matching debt funds		128		—		128		—
Emerging market debt fund		1		—		1		—
High yield debt		20		—		20		—
Total fixed-income securities		256		—		256		—
Total	$	312	$	13	$	281	$	18

Anticipated Benefit Payments

Anticipated benefit payments by year are as follows:

(In millions)	Pension Benefits		Other Benefits
2021	$	77	$	1
2022		74		1
2023		72		1
2024		69		1
2025		66		1
Next five years		283		4

Anticipated benefit payments for the UK pension plan, at 2020 year-end exchange rates, are as follows:

(In millions)	Benefit Payments
2021	$	9
2022		9
2023		9
2024		10
2025		10
Next five years		53

Reconciliation of the Change in Fair Value of the Pension Plan Assets Calculated based on Level 3 Inputs

The following is a reconciliation of the change in fair value of the pension plan assets calculated based on Level 3 inputs:

(In millions)	Total
Balance at December 28, 2019	$	18
Net purchases		1
Currency translation		1
Balance at December 26, 2020	$	20

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 26, 2020

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.

	December 26,				December 28,
	2020				2019
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Timber notes receivable	$	—	$	—	$	819	$	819
Company-owned life insurance		147		147		91		91
Financial liabilities:
Recourse debt:
New Facilities loans under the Third Amended Credit Agreement, due 2025		100		100		—		—
Term Loan, due 2022		—		—		393		409
Revenue bonds, due in varying amounts periodically through 2029		176		177		186		186
American & Foreign Power Company, Inc. 5% debentures, due 2030		15		14		15		14
Non-recourse debt — Timber notes		—		—		735		735

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 26, 2020

Discontinued Operations And Disposal Groups [Abstract]

Major Component of Discontinued Operations, Net of Tax

The major components of Discontinued operations, net of tax presented in the Consolidated Statements of Operations are presented below.

(In millions)	2018
Sales	$	115
Cost of goods sold and occupancy costs		88
Operating expenses		21
Restructuring charges		1
Other expense, net		(1	)
Net increase of loss on discontinued operations held for sale		(1	)
Net loss on sale of discontinued operations		(4	)
Income tax benefit		(6	)
Discontinued operations, net of tax	$	5

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 26, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Data

(In millions, except per share amounts)	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year Ended December 26, 2020*
Net sales	$	2,725	$	2,158		$	2,539	$	2,288
Gross profit		629		416			590		497
Operating income (loss) ⁽¹⁾		80		(456	)		102		21
Net income (loss)		45		(439	)		57		18
Net earnings (loss) per share ⁽²⁾
Basic	$	0.86	$	(8.34	)	$	1.07	$	0.35
Diluted	$	0.84	$	(8.34	)	$	1.04	$	0.34

*	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

(1)

)

(In millions, except per share amounts)	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year Ended December 28, 2019*
Net sales	$	2,769	$	2,588		$	2,782	$	2,508
Gross profit		641		585			667		571
Operating income (loss) ⁽³⁾		24		(15	)		108		74
Net income (loss)		8		(24	)		60		55
Net earnings (loss) per share ⁽⁴⁾
Basic	$	0.14	$	(0.43	)	$	1.09	$	1.01
Diluted	$	0.14	$	(0.43	)	$	1.09	$	1.00

*	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

(3)

(4)

Summary of Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	May 11, 2020	Dec. 26, 2020 USD ($) Store Segment Customer	Dec. 28, 2019 USD ($) Customer	Dec. 29, 2018 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Number of retail stores \| Store		1,154
Number of reportable segments \| Segment		3
Percent of subsidiary shares owned		88.00%
Assets related to discontinued operation		$ 0
Liabilities related to discontinued operation		$ 0
Reverse stock split	1-for-10	1-for-10	1-for-10
Reverse stock split ratio	0.1	0.1	0.1
Accounts payable and accrued expenses and other current liabilities not yet presented for payment		$ 23,000,000	$ 25,000,000
Cash and cash equivalents		729,000,000	698,000,000
Trade receivables		$ 631,000,000	$ 823,000,000
Number of customers accounted for more than 10% of total sales \| Customer		0	0	0
Number of customers accounted for more than 10% of receivables \| Customer		0	0	0
Other receivables		$ 130,000,000	$ 225,000,000
Accrued payroll and benefits		148,000,000	150,000,000
Advertising expenses		179,000,000	249,000,000	$ 270,000,000
Prepaid advertising expenses		$ 3,000,000	6,000,000
Lessee, operating lease, existence of option to extend [true false]		true
Adjustment for adoption of accounting standard		$ (409,000,000)	(89,000,000)
Accounting Standards Update 2016-13
Summary Of Significant Accounting Policies [Line Items]
Adjustment for adoption of accounting standard		$ 1,000,000
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Dec. 29, 2019
Change in accounting principle, accounting standards update, immaterial effect		true
Accounting Standards Update 2018-15
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Dec. 29, 2019
Change in accounting principle, accounting standards update, immaterial effect		true
Minimum
Summary Of Significant Accounting Policies [Line Items]
Extend renewal terms of the lease		5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Extend renewal terms of the lease		25 years
Buildings \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years		15 years
Buildings \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years		30 years
Furniture, fixtures and equipment \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years		3 years
Furniture, fixtures and equipment \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years		10 years
Computer Software for Common Office Applications
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years		3 years
Computer Software for Larger Business Application
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years		5 years
Computer Software for Enterprise Wide Systems
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years		7 years
Software \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years		3 years
Software \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of depreciable assets, years		7 years
Trade Receivables
Summary Of Significant Accounting Policies [Line Items]
Trade receivables		$ 501,000,000	599,000,000
Allowance for doubtful accounts		13,000,000	10,000,000
Vendor Arrangements Receivables
Summary Of Significant Accounting Policies [Line Items]
Other receivables		98,000,000	162,000,000
Prepaid Expenses and Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		0	2,000,000
Non-US
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 159,000,000	$ 190,000,000

Acquisitions - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended			12 Months Ended
	Jan. 31, 2021 USD ($) shares	Sep. 26, 2020 Business	Mar. 28, 2020 Business	Mar. 30, 2019 USD ($)	Dec. 26, 2020 USD ($) Business	Dec. 28, 2019 USD ($)	Dec. 29, 2018 USD ($)
Business Acquisition, Acquisition Related Costs [Line Items]
Goodwill					$ 609	$ 944
Contingent consideration, liability, amount recognized							$ 25
Contingent consideration liability, amount paid				$ 23
Contingent consideration payments up to amount of acquisition-date liability				12	1	12
Contingent consideration payments in excess of acquisition-date liability				$ 11	2	11
Accrual recorded in merger and restructuring expenses, net						$ 1	$ 11
Multiple Acquisition
Business Acquisition, Acquisition Related Costs [Line Items]
Business combination consideration transferred					37
Goodwill					21
Multiple Acquisition \| Customer Relationships
Business Acquisition, Acquisition Related Costs [Line Items]
Intangible assets acquired					$ 6
United States
Business Acquisition, Acquisition Related Costs [Line Items]
Number of business acquired \| Business		1	3		4
United States \| BuyerQuest \| Subsequent Event
Business Acquisition, Acquisition Related Costs [Line Items]
Business combination consideration transferred	$ 62
Business combination consideration transferred payments with cash on hand and issuance of shares of common stock	$ 52
Business combination issuance of shares of common stock \| shares	827,498
Contingent consideration, liability, payment period	2 years
United States \| BuyerQuest \| Subsequent Event \| Maximum
Business Acquisition, Acquisition Related Costs [Line Items]
Contingent consideration, liability, amount recognized	$ 10

Summary of Major Components of Merger and Restructuring Expenses, Net (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 26, 2020	Sep. 28, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Merger and transaction related expenses
Severance and retention										$ 1	$ 11
Transaction and integration									$ 17	23	35
Facility closure, contract termination and other expenses, net									1		10
Total Merger and transaction related expenses									18	24	56
Restructuring expenses
Severance									45	40
Professional fees									21	41	11
Facility closure, contract termination, and other expenses, net									37	11	5
Total Restructuring expenses									103	92	16
Total Merger and restructuring expenses, net	$ 15	$ 26	$ 65	$ 16	$ 11	$ 22	$ 69	$ 14	$ 121	$ 116	$ 72

Merger and Restructuring Activity - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended			20 Months Ended	39 Months Ended
	May 31, 2020 USD ($) Employee	Dec. 26, 2020 USD ($) Store Facility DistributionCenterandSalesOffice	Dec. 28, 2019 USD ($) DistributionCenterandSalesOffice	Dec. 29, 2018 USD ($)	Dec. 26, 2020 USD ($)	Dec. 28, 2019 Store
Business Acquisition [Line Items]
Merger and transaction related expenses		$ 18	$ 24	$ 56
Costs to implement restructuring plan		$ 89	90
Number of retail stores closed \| Store		70
Number of distribution facilities closed \| Facility		2
Restructuring cash expenditure		$ 59	73
Professional fees		21	$ 41	11
Third-Party Professional Fees
Business Acquisition [Line Items]
Costs to implement restructuring plan		3
Maximize B2B Restructuring Plan
Business Acquisition [Line Items]
Costs to implement restructuring plan		81
Restructuring cash expenditure		28
Maximize B2B Restructuring Plan \| Severance and Related Employee Costs
Business Acquisition [Line Items]
Costs to implement restructuring plan	$ 55	45
Maximize B2B Restructuring Plan \| Retail Store and Facility Closure Costs
Business Acquisition [Line Items]
Costs to implement restructuring plan	51	24
Maximize B2B Restructuring Plan \| Other Costs Including Contract Termination Costs
Business Acquisition [Line Items]
Costs to implement restructuring plan	$ 37	27
Restructuring cash expenditure		17
Maximize B2B Restructuring Plan \| Third-Party Professional Fees
Business Acquisition [Line Items]
Costs to implement restructuring plan		7
Maximize B2B Restructuring Plan \| Contract Termination Costs
Business Acquisition [Line Items]
Costs to implement restructuring plan		5
Maximize B2B Restructuring Plan \| Maximum
Business Acquisition [Line Items]
Number of expected reduction in employee position \| Employee	13,100
Costs to implement restructuring plan	$ 143
Maximize B2B Restructuring Plan \| Maximum \| Cash Expenditures
Business Acquisition [Line Items]
Costs to implement restructuring plan	$ 143
Business Acceleration Program
Business Acquisition [Line Items]
Costs to implement restructuring plan		$ 19			$ 101
Number of retail stores closed \| Store		82
Restructuring cash expenditure		$ 29
Number of other facilities closed \| DistributionCenterandSalesOffice		1	7
Business Acceleration Program \| Cash Expenditures
Business Acquisition [Line Items]
Costs to implement restructuring plan					$ 98
Business Acceleration Program \| Retail Store and Facility Closure Costs
Business Acquisition [Line Items]
Costs to implement restructuring plan		$ 8
Business Acceleration Program \| Other Costs Including Contract Termination Costs
Business Acquisition [Line Items]
Costs to implement restructuring plan		20	$ 42
Restructuring cash expenditure		24	37
Business Acceleration Program \| Third-Party Professional Fees
Business Acquisition [Line Items]
Costs to implement restructuring plan		11
Comprehensive Business Review
Business Acquisition [Line Items]
Costs to implement restructuring plan			8	5
Number of retail stores closed \| Store						208
Comprehensive Business Review \| Other Costs Including Contract Termination Costs
Business Acquisition [Line Items]
Costs to implement restructuring plan			6
Restructuring cash expenditure		$ 1	$ 5
Strategic Plan
Business Acquisition [Line Items]
Professional fees				$ 11

Severance and Facility Closure Costs (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended			20 Months Ended
	May 31, 2020	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018	Dec. 26, 2020
Restructuring Cost and Reserve [Line Items]
Beginning Balance		$ 22	$ 18
Charges Incurred		89	90
Cash Payments		(59)	(73)
Adjustments			(13)
Ending Balance		52	22	$ 18	$ 52
Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges Incurred		81
Cash Payments		(28)
Business Acceleration Program
Restructuring Cost and Reserve [Line Items]
Charges Incurred		19			101
Cash Payments		(29)
Comprehensive Business Review
Restructuring Cost and Reserve [Line Items]
Charges Incurred			8	5
Termination benefits \| Merger related accruals
Restructuring Cost and Reserve [Line Items]
Beginning Balance		1	3
Charges Incurred		1	2
Cash Payments		(2)	(4)
Ending Balance			1	3
Termination benefits \| Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges Incurred		39
Cash Payments		(9)
Ending Balance		30			30
Termination benefits \| Business Acceleration Program
Restructuring Cost and Reserve [Line Items]
Beginning Balance		13
Charges Incurred			40
Cash Payments		(5)	(27)
Ending Balance		8	13		8
Lease and contract obligations, accruals for facilities closures and other costs \| Merger related accruals
Restructuring Cost and Reserve [Line Items]
Beginning Balance			10
Charges Incurred		2
Cash Payments		(1)
Adjustments			(10)
Ending Balance		1		10	1
Lease and contract obligations, accruals for facilities closures and other costs \| Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges Incurred	$ 37	27
Cash Payments		(17)
Ending Balance		10			10
Lease and contract obligations, accruals for facilities closures and other costs \| Business Acceleration Program
Restructuring Cost and Reserve [Line Items]
Beginning Balance		5
Charges Incurred		20	42
Cash Payments		(24)	(37)
Ending Balance		1	5		1
Lease and contract obligations, accruals for facilities closures and other costs \| Comprehensive Business Review
Restructuring Cost and Reserve [Line Items]
Beginning Balance		3	5
Charges Incurred			6
Cash Payments		(1)	(5)
Adjustments			(3)
Ending Balance		$ 2	$ 3	$ 5	$ 2

Summary of Disaggregated Revenue by Division, Major Product and Service Categories (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 26, 2020

^[1]

Sep. 26, 2020

^[1]

Jun. 27, 2020

^[1]

Mar. 28, 2020

^[1]

Dec. 28, 2019

^[1]

Sep. 28, 2019

^[1]

Jun. 29, 2019

^[1]

Mar. 30, 2019

^[1]

Dec. 26, 2020

Dec. 28, 2019

Dec. 29, 2018

Disaggregation Of Revenue [Line Items]

Total sales

$ 2,288

$ 2,539

$ 2,158

$ 2,725

$ 2,508

$ 2,782

$ 2,588

$ 2,769

$ 9,710

$ 10,647

$ 11,015

Products, Supplies

Disaggregation Of Revenue [Line Items]

Total sales

3,941

4,647

4,705

Products, Technology

Disaggregation Of Revenue [Line Items]

Total sales

3,186

3,211

3,471

Products, Furniture and Other

Disaggregation Of Revenue [Line Items]

Total sales

1,247

1,176

1,146

Services, Technology

Disaggregation Of Revenue [Line Items]

Total sales

636

724

868

Services, Copy Print and Other

Disaggregation Of Revenue [Line Items]

Total sales

700

889

825

Business Solutions Division

Disaggregation Of Revenue [Line Items]

Total sales

4,683

5,279

5,282

Business Solutions Division | Products, Supplies

Disaggregation Of Revenue [Line Items]

Total sales

2,514

2,961

2,942

Business Solutions Division | Products, Technology

Disaggregation Of Revenue [Line Items]

Total sales

1,193

1,236

1,307

Business Solutions Division | Products, Furniture and Other

Disaggregation Of Revenue [Line Items]

Total sales

689

750

725

Business Solutions Division | Services, Technology

Disaggregation Of Revenue [Line Items]

Total sales

Business Solutions Division | Services, Copy Print and Other

Disaggregation Of Revenue [Line Items]

Total sales

287

332

307

Retail Division

Disaggregation Of Revenue [Line Items]

Total sales

4,167

4,363

4,641

Retail Division | Products, Supplies

Disaggregation Of Revenue [Line Items]

Total sales

1,415

1,670

1,753

Retail Division | Products, Technology

Disaggregation Of Revenue [Line Items]

Total sales

1,772

1,702

1,938

Retail Division | Products, Furniture and Other

Disaggregation Of Revenue [Line Items]

Total sales

551

421

414

Retail Division | Services, Technology

Disaggregation Of Revenue [Line Items]

Total sales

Retail Division | Services, Copy Print and Other

Disaggregation Of Revenue [Line Items]

Total sales

403

541

508

CompuCom Division

Disaggregation Of Revenue [Line Items]

Total sales

854

994

1,086

CompuCom Division | Products, Technology

Disaggregation Of Revenue [Line Items]

Total sales

221

271

233

CompuCom Division | Services, Technology

Disaggregation Of Revenue [Line Items]

Total sales

624

709

843

CompuCom Division | Services, Copy Print and Other

Disaggregation Of Revenue [Line Items]

Total sales

Other

Disaggregation Of Revenue [Line Items]

Total sales

Other | Products, Supplies

Disaggregation Of Revenue [Line Items]

Total sales

Other | Products, Technology

Disaggregation Of Revenue [Line Items]

Total sales

(7)

Other | Products, Furniture and Other

Disaggregation Of Revenue [Line Items]

Total sales

Other | Services, Technology

Disaggregation Of Revenue [Line Items]

Total sales

(14)

$ (4)

Other | Services, Copy Print and Other

Disaggregation Of Revenue [Line Items]

Total sales

$ 1

$ 2

[1]	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

Revenue Recognition - Additional Information (Detail)	3 Months Ended								12 Months Ended
Revenue Recognition - Additional Information (Detail)	Dec. 26, 2020 USD ($)	Sep. 28, 2020 USD ($)	Jun. 27, 2020 USD ($)	Mar. 28, 2020 USD ($)	Dec. 28, 2019 USD ($)	Sep. 28, 2019 USD ($)	Jun. 29, 2019 USD ($)	Mar. 30, 2019 USD ($)	Dec. 26, 2020 USD ($) Segment	Dec. 28, 2019 USD ($)	Dec. 29, 2018 USD ($)	Dec. 29, 2019 USD ($)
Revenue From Contract With Customer [Line Items]
Number of reportable segments \| Segment									3
Deferred revenue related to loyalty programs	$ 50,000,000				$ 52,000,000				$ 50,000,000	$ 52,000,000
Recognition of contract assets as a result of business combination									0	0
Revenue recognition included in short-term contract liabilities									26,000,000	27,000,000
Recognition of contract liabilities as a result of business combination									0	0
Significant adjustment to revenue from performance obligations									0	0
Contract with customer, asset, reclassified to receivable									0	0
Capitalized acquisition cost	30,000,000								30,000,000		$ 40,000,000
Capitalized contract cost, amortization									30,000,000	35,000,000	33,000,000
Impairment charges related to contract assets	8,000,000	$ 10,000,000	$ 401,000,000	$ 12,000,000	$ 6,000,000	$ 5,000,000	$ 16,000,000	$ 29,000,000	431,000,000	56,000,000	$ 7,000,000
Contract Assets
Revenue From Contract With Customer [Line Items]
Impairment charges related to contract assets									0	$ 0
Accrued Expenses and Other Current Liabilities
Revenue From Contract With Customer [Line Items]
Deferred revenue related to loyalty programs	$ 12,000,000								$ 12,000,000			$ 12,000,000

Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019
Contract With Customer Asset And Liability [Abstract]
Trade receivables, net	$ 501	$ 599
Short-term contract assets	15	23
Long-term contract assets	15	17
Short-term contract liabilities	50	52
Long-term contract liabilities	$ 4	$ 1

Segment Information - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 26, 2020 USD ($) Segment	Dec. 28, 2019 USD ($)	Dec. 29, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments	3
Number of operating segments	3
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues \| $	$ 17	$ 14	$ 11

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 26, 2020

Sep. 26, 2020

^[1]

Jun. 27, 2020

^[1]

Mar. 28, 2020

^[1]

Dec. 28, 2019

Sep. 28, 2019

^[1]

Jun. 29, 2019

^[1]

Mar. 30, 2019

^[1]

Dec. 26, 2020

Dec. 28, 2019

Dec. 29, 2018

Segment Reporting Information [Line Items]

Sales

$ 2,288

^[1]

$ 2,539

$ 2,158

$ 2,725

$ 2,508

^[1]

$ 2,782

$ 2,588

$ 2,769

$ 9,710

$ 10,647

$ 11,015

Division operating income (loss)

405

463

451

Capital expenditures

150

187

Depreciation and amortization

189

204

192

Charges for losses on receivables and inventories

Assets

5,558

7,311

5,558

7,311

Business Solutions Division

Segment Reporting Information [Line Items]

Sales

4,683

5,279

5,282

Retail Division

Segment Reporting Information [Line Items]

Sales

4,167

4,363

4,641

CompuCom Division

Segment Reporting Information [Line Items]

Sales

854

994

1,086

Other

Segment Reporting Information [Line Items]

Sales

Operating Segments | Business Solutions Division

Segment Reporting Information [Line Items]

Sales

4,683

5,279

5,282

Division operating income (loss)

116

271

243

Capital expenditures

Depreciation and amortization

Charges for losses on receivables and inventories

Assets

1,581

1,803

1,581

1,803

Operating Segments | Retail Division

Segment Reporting Information [Line Items]

Sales

4,167

4,363

4,641

Division operating income (loss)

275

194

193

Capital expenditures

108

Depreciation and amortization

Charges for losses on receivables and inventories

Assets

1,962

2,403

1,962

2,403

Operating Segments | CompuCom Division

Segment Reporting Information [Line Items]

Sales

854

994

1,086

Division operating income (loss)

(2)

Capital expenditures

Depreciation and amortization

Charges for losses on receivables and inventories

Assets

694

989

694

989

Operating Segments | Other

Segment Reporting Information [Line Items]

Sales

Division operating income (loss)

(2)

Assets

Corporate

Segment Reporting Information [Line Items]

Capital expenditures

^[2]

Depreciation and amortization

^[2]

$ 7

Assets

^[2]

$ 1,316

$ 2,106

$ 1,316

$ 2,106

[1]	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.
[2]	Amounts included in “Corporate” consist of assets (including all cash and cash equivalents) and depreciation related to corporate activities of continuing operations.

Reconciliation of Measure of Division Operating Income to Consolidated Income Before Income Taxes (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 26, 2020

Sep. 28, 2020

Sep. 26, 2020

^[1],[2]

Jun. 27, 2020

Mar. 28, 2020

Dec. 28, 2019

Sep. 28, 2019

Jun. 29, 2019

Mar. 30, 2019

Dec. 26, 2020

Dec. 28, 2019

Dec. 29, 2018

Segment Reporting Information [Line Items]

Division operating income

$ 21

^[1],[2]

$ 102

$ (456)

^[1],[2]

$ 80

^[1],[2]

$ 74

^[1],[3]

$ 108

^[1],[3]

$ (15)

^[1],[3]

$ 24

^[1],[3]

$ (252)

$ 191

$ 254

Asset impairments

(8)

$ (10)

(401)

(12)

(6)

(5)

(16)

(29)

(431)

(56)

(7)

Merger and restructuring expenses, net

$ (15)

$ (26)

$ (65)

$ (16)

$ (11)

$ (22)

$ (69)

$ (14)

(121)

(116)

(72)

Legal expense accrual

(25)

Unallocated expenses

(105)

(100)

(93)

Interest income

Interest expense

(42)

(89)

(121)

Loss on extinguishment and modification of debt

(12)

(15)

Other income, net

Income (loss) from continuing operations before income taxes

(295)

146

158

Operating Segments

Segment Reporting Information [Line Items]

Division operating income

$ 405

$ 463

$ 451

[1]	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.
[2]	Includes Merger and restructuring expenses, net totaling $16 million, $65 million, $26 million and $15 million in the first, second, third and fourth quarters of 2020, respectively. The first, second, third and fourth quarters of 2020 also include asset impairments of $12 million, $401 million, $10 million and $8 million, respectively.
[3]	Includes Merger and restructuring expenses, net totaling $14 million, $69 million, $22 million and $11 million in the first, second, third and fourth quarters of 2019, respectively. The first, second, third and fourth quarters of 2019 also include asset impairments of $29 million, $16 million, $5 million and $6 million, respectively.

Schedule of Components of Income (Loss) from Continuing Operations before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Income Tax Disclosure [Abstract]
United States	$ (281)	$ 116	$ 138
Foreign	(14)	30	20
Income (loss) from continuing operations before income taxes	$ (295)	$ 146	$ 158

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Schedule Income Tax Expense (Benefit) Related to Income (Loss) From Continuing Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Income Tax Disclosure [Abstract]
Federal, Current	$ (11)	$ (64)	$ 3
State, Current	16	3	7
Foreign, Current	10	8	9
Federal, Deferred	19	84	27
State, Deferred	(6)	11	13
Foreign, Deferred	(4)	5
Income tax expense	$ 24	$ 47	$ 59

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Reconciliation Of Income Taxes at Federal Statutory Rate to Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Income Tax Disclosure [Abstract]
Federal tax computed at the statutory rate	$ (62)	$ 30	$ 33
State taxes, net of Federal benefit	3	6	10
Foreign income taxed at rates other than Federal	6	1	5
Increase (decrease) in valuation allowance	(4)	9	(3)
Non-deductible Goodwill impairments	74
Other non-deductible expenses and settlements	4	3	10
Tax basis differences in investment in subsidiaries			(4)
Non-taxable income and additional deductible expenses	(3)	(4)	(1)
Change in unrecognized tax benefits		2	1
Impact of stock compensation shortfall	2		5
Other items, net	4		3
Income tax expense	$ 24	$ 47	$ 59

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 28, 2019	Sep. 28, 2019	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Income Taxes [Line Items]
Effective tax rate			(8.00%)	32.00%	37.00%
Effective income tax rate reconciliation, at federal statutory income tax rate, percent			21.00%	21.00%	21.00%
Tax cuts and jobs act, alternative minimum tax, tax year description			In addition, any unused AMT Credits that remain unused for tax years after 2017 can be refunded.
Tax cuts and jobs act, alternative minimum tax, reduction of deferred tax assets, outstanding			$ 0
Unrecognized Tax Benefits	$ 22,000,000		19,000,000	$ 22,000,000	$ 20,000,000	$ 20,000,000
Net uncertain tax positions, if recognized affect effective tax rate			8,000,000
Unrecognized Tax Benefits results from positions if sustained offset by change in valuation allowance			11,000,000
Unrecognized tax benefits, accrued interest and penalties			7,000,000
Federal
Income Taxes [Line Items]
Operating loss carry forwards			13,000,000
Federal \| Expire in 2020
Income Taxes [Line Items]
Operating loss carry forwards			0
Federal \| Capital loss carryover
Income Taxes [Line Items]
Capital loss carryover, amount to offset future capital gains			0
Foreign
Income Taxes [Line Items]
Operating loss carry forwards			228,000,000
Foreign \| Expire in 2021
Income Taxes [Line Items]
Operating loss carry forwards			4,000,000
State
Income Taxes [Line Items]
Operating loss carry forwards			1,100,000,000
State \| Expire in 2021
Income Taxes [Line Items]
Operating loss carry forwards			75,000,000
U.S. Federal Foreign
Income Taxes [Line Items]
Capital loss carryover, amount to offset future capital gains			$ 101,000,000
U.S. Federal Foreign \| Earliest Tax Year
Income Taxes [Line Items]
Tax credit carryforward, expiration year			2021
U.S. Federal Foreign \| Latest Tax Year
Income Taxes [Line Items]
Tax credit carryforward, expiration year			2030
State and Foreign
Income Taxes [Line Items]
Capital loss carryover, amount to offset future capital gains			$ 14,000,000
State and Foreign \| Earliest Tax Year
Income Taxes [Line Items]
Tax credit carryforward, expiration year			2023
State and Foreign \| Latest Tax Year
Income Taxes [Line Items]
Tax credit carryforward, expiration year			2028
State and Foreign \| Indefinite Carryforward
Income Taxes [Line Items]
Capital loss carryover, amount to offset future capital gains			$ 2,000,000
Deferred Income Taxes and Other Long-Term Liabilities
Income Taxes [Line Items]
Deferred income tax liabilities	20,000,000		$ 16,000,000	$ 20,000,000
Minimum
Income Taxes [Line Items]
Tax cuts and jobs act, alternative minimum tax, credits refunded	$ 44,000,000	$ 44,000,000
Minimum \| Federal
Income Taxes [Line Items]
Operating loss carryforwards, expiration dates			2021
Minimum \| Foreign
Income Taxes [Line Items]
Operating loss carryforwards, expiration dates			2024
Minimum \| State
Income Taxes [Line Items]
Operating loss carryforwards, expiration dates			2021
Maximum \| Federal
Income Taxes [Line Items]
Operating loss carryforwards, expiration dates			2033
Maximum \| Foreign
Income Taxes [Line Items]
Operating loss carryforwards, expiration dates			2034
Maximum \| State
Income Taxes [Line Items]
Operating loss carryforwards, expiration dates			2039

Schedule of Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019
Deferred Tax Assets Operating Loss Carryforwards Components [Abstract]
U.S. and foreign loss carryforwards	$ 81	$ 240
Operating lease right-of-use assets	340	385
Pension and other accrued compensation	53	53
Accruals for facility closings	3	2
Inventory	9	9
Self-insurance accruals	16	19
Deferred revenue	15	16
U.S. and foreign income tax credit carryforwards	115	168
Allowance for bad debts	7	4
Accrued expenses	20	21
Basis difference in fixed assets	38	31
Gross deferred tax assets	697	948
Valuation allowance	(145)	(151)
Deferred tax assets	552	797
Internal software	3	10
Installment gain on sale of timberlands		168
Operating lease liabilities	309	356
Intangibles	91	96
Undistributed foreign earnings	3	4
Deferred tax liabilities	406	634
Net deferred tax assets	$ 146	$ 163

Summary of Valuation Allowances (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Income Taxes [Line Items]
Beginning balance	$ 151
Ending balance	145	$ 151
Valuation Allowance of Deferred Tax Assets
Income Taxes [Line Items]
Beginning balance	151	142	$ 144
Additions, charged to expense		9
Reductions	(6)		(2)
Ending balance	$ 145	$ 151	$ 142

Summary of Activity Related to Unrecognized Tax Benefit (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Income Tax Disclosure [Abstract]
Beginning balance	$ 22	$ 20	$ 20
Increase related to current year tax positions		2
Increase (decrease) related to prior year tax positions			1
Decrease related to settlements with taxing authorities	(3)		(1)
Ending balance	$ 19	$ 22	$ 20

Earnings (Loss) Per Share - Additional Information (Detail) shares in Millions		12 Months Ended
	May 11, 2020	Dec. 26, 2020 shares	Dec. 28, 2019 shares	Dec. 29, 2018 shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Reverse stock split	1-for-10	1-for-10	1-for-10
Reverse stock split ratio	0.1	0.1	0.1
Nonvested Stock Options and Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share		2	1
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

Calculation Earnings (Loss) Per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 26, 2020

^[1]

Sep. 26, 2020

^[1]

Jun. 27, 2020

^[1]

Mar. 28, 2020

^[1]

Dec. 28, 2019

^[1]

Sep. 28, 2019

^[1]

Jun. 29, 2019

^[1]

Mar. 30, 2019

^[1]

Dec. 26, 2020

Dec. 28, 2019

Dec. 29, 2018

Basic earnings (loss) per common share

Net income (loss) from continuing operations

$ (319)

$ 99

Income from discontinued operations, net of tax

Net income (loss)

$ 18

$ 57

$ (439)

$ 45

$ 55

$ 60

$ (24)

$ 8

$ (319)

$ 99

$ 104

Weighted-average shares outstanding

Continuing operations

$ (6.05)

$ 1.82

$ 1.80

Discontinued operations

0.09

Net basic earnings (loss) per common share

$ 0.35

^[2]

$ 1.07

^[2]

$ (8.34)

^[2]

$ 0.86

^[2]

$ 1.01

^[2]

$ 1.09

^[2]

$ (0.43)

^[2]

$ 0.14

^[2]

$ (6.05)

$ 1.82

$ 1.89

Diluted earnings (loss) per common share

Net income (loss) from continuing operations

$ (319)

$ 99

Income from discontinued operations, net of tax

Net income (loss)

$ 18

$ 57

$ (439)

$ 45

$ 55

$ 60

$ (24)

$ 8

$ (319)

$ 99

$ 104

Weighted-average shares outstanding

Stock options and restricted stock

Diluted weighted-average shares outstanding

Continuing operations

$ (6.05)

$ 1.80

$ 1.77

Discontinued operations

0.08

Net diluted earnings (loss) per common share

$ 0.34

^[2]

$ 1.04

^[2]

$ (8.34)

^[2]

$ 0.84

^[2]

$ 1.00

^[2]

$ 1.09

^[2]

$ (0.43)

^[2]

$ 0.14

^[2]

$ (6.05)

$ 1.80

$ 1.85

[1]

Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

[2]

Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 2,389	$ 2,459
Less accumulated depreciation	(1,813)	(1,780)
Total	576	679
Land
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	45	45
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	210	221
Computer Software
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	696	653
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	606	658
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	810	833
Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 22	$ 49

Schedule of Assets Held under Finance Leases (Detail) - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	$ 2,389	$ 2,459
Less accumulated depreciation	(1,813)	(1,780)
Total	576	679
Assets Held Under Finance Leases
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	181	172
Less accumulated depreciation	(122)	(120)
Total	59	52
Buildings
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	210	221
Buildings \| Assets Held Under Finance Leases
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	34	40
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	810	833
Furniture, fixtures and equipment \| Assets Held Under Finance Leases
Property, Plant and Equipment [Line Items]
Assets held under finance leases, Gross	$ 147	$ 132

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 108,000,000	$ 118,000,000	$ 114,000,000
Capitalized software costs, Gross	696,000,000	653,000,000
Capitalized software costs, Net	126,000,000	134,000,000
Amortization of capitalized software costs	55,000,000	55,000,000	$ 46,000,000
Gain or loss on disposition of assets held for sale	0	25,000,000
Asset held for sale	$ 1,000,000
Selling, General and Administrative Expenses
Property, Plant and Equipment [Line Items]
Gain or loss on disposition of assets held for sale		19,000,000
Merger and Restructuring Expenses, Net
Property, Plant and Equipment [Line Items]
Gain or loss on disposition of assets held for sale		$ 6,000,000
Capitalized Software
Property, Plant and Equipment [Line Items]
Weighted average remaining amortization period	3 years

Estimated Future Amortization Expense Related to Capitalized Software (Detail) $ in Millions	Dec. 26, 2020 USD ($)
Finite Lived Intangible Assets Future Amortization Expense [Line Items]
2021	$ 24
2022	23
2023	21
2024	21
2025	21
Thereafter	176
Capitalized Software
Finite Lived Intangible Assets Future Amortization Expense [Line Items]
2021	48
2022	35
2023	23
2024	14
2025	$ 6

Schedule of Goodwill by Segment (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 27, 2020	Dec. 26, 2020
Goodwill [Line Items]
Balance as of December 28, 2019		$ 944
Acquisitions		21
Foreign currency rate impact		(4)
Impairments		(352)
Balance as of December 26, 2020		609
Operating Segments \| Business Solutions Division
Goodwill [Line Items]
Balance as of December 28, 2019		410
Acquisitions		21
Impairments	$ (115)	(115)
Balance as of December 26, 2020		316
Operating Segments \| Retail Division
Goodwill [Line Items]
Balance as of December 28, 2019		78
Balance as of December 26, 2020		78
Operating Segments \| CompuCom Division
Goodwill [Line Items]
Balance as of December 28, 2019		456
Foreign currency rate impact		(4)
Impairments	$ (237)	(237)
Balance as of December 26, 2020		$ 215

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 27, 2020	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Other Intangible Assets [Line Items]
Goodwill impairment loss		$ 352,000,000
Goodwill		609,000,000	$ 944,000,000
Trade Name		71,000,000	82,000,000
Impairment of other indefinite-lived intangible assets			2,000,000	$ 1,000,000
Amortization of intangible assets		26,000,000	31,000,000	31,000,000
Impairment of definite-lived intangible assets		$ 0	0	$ 0
Customer Relationships
Other Intangible Assets [Line Items]
Weighted average amortization period for the definite-lived intangible assets (in years)		13 years
Trade Names
Other Intangible Assets [Line Items]
Impairment of other indefinite-lived intangible assets		$ 11,000,000
Contract Reporting Unit
Other Intangible Assets [Line Items]
Goodwill, fair value	$ 115,000,000
Goodwill		241,000,000
Carrying value in excess of fair value for reporting unit, percentage	12.00%
Operating Segments \| Business Solutions Division
Other Intangible Assets [Line Items]
Goodwill, accumulated impairment loss			349,000,000
Goodwill impairment loss	$ 115,000,000	115,000,000
Goodwill		316,000,000	410,000,000
Operating Segments \| CompuCom Division
Other Intangible Assets [Line Items]
Goodwill, fair value	237,000,000
Goodwill impairment loss	237,000,000	237,000,000
Goodwill		$ 215,000,000	$ 456,000,000
Trade Name	$ 11,000,000
Carrying value in excess of fair value for reporting unit, percentage	12.00%
Operating Segments \| CompuCom Division \| Trade Names
Other Intangible Assets [Line Items]
Impairment of other indefinite-lived intangible assets	$ 11,000,000

Definite Lived Intangible Assets Included in Other Intangible Assets Net (Detail) - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 437	$ 431
Accumulated Amortization	(151)	(125)
Net Carrying Amount	286	306
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	418	412
Accumulated Amortization	(132)	(109)
Net Carrying Amount	286	303
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19	19
Accumulated Amortization	$ (19)	(16)
Net Carrying Amount		$ 3

Estimated Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
2021	$ 24
2022	23
2023	21
2024	21
2025	21
Thereafter	176
Net Carrying Amount	$ 286	$ 306

Timber Notes/Non-Recourse Debt - Additional Information (Detail) - USD ($) $ in Millions			12 Months Ended
	Jan. 29, 2020	Oct. 31, 2019	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018	Nov. 05, 2013
Timber Notes Non Recourse Debt Receivable And Payable [Line Items]
Principal amount of credit-enhanced timber installment notes acquired						$ 818.0
Timber note receivables - interest rates						4.98%
Timber notes receivable - maturity date			Jan. 29, 2020
Notes receivable				$ 819.0
Net principal cash payment received	$ 82.5
Term Loan Agreement
Timber Notes Non Recourse Debt Receivable And Payable [Line Items]
Securitization notes reported as non-recourse debt					$ 735.0
Non-Recourse Debt
Timber Notes Non Recourse Debt Receivable And Payable [Line Items]
Non-recourse debt acquired in a business combination						$ 735.0
Interest rate on senior notes						5.42%
Maturity date of debt			Oct. 31, 2019
Non-Recourse Debt \| Term Loan Agreement
Timber Notes Non Recourse Debt Receivable And Payable [Line Items]
Maturity date of debt		Jan. 29, 2020
Bridge loan for refinancing of debt		$ 735.0
Debt variable rate terms		3-month LIBOR
Non-Recourse Debt \| Term Loan Agreement \| LIBOR
Timber Notes Non Recourse Debt Receivable And Payable [Line Items]
Debt, basis spread on variable rate		0.75%

Schedule of Debt (Detail) - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019
Debt Instrument [Line Items]
Total	$ 24	$ 106
Total	354	575
Recourse Debt
Debt Instrument [Line Items]
Finance lease obligations	21	19
Other current maturities of long-term debt	3	87
Total	24	106
Finance lease obligations	57	58
Other financing obligations	6	8
Total	354	575
Recourse Debt \| Term Loan, due 2022
Debt Instrument [Line Items]
Long term debt		331
Unamortized debt issuance cost and discount		(13)
Term Loan, due 2022, net		318
Recourse Debt \| Revenue bonds, due in varying amounts periodically through 2029
Debt Instrument [Line Items]
Long term debt	176	176
Recourse Debt \| Third Amended and Restated Credit Agreement
Debt Instrument [Line Items]
New Facilities loans under the Third Amended Credit Agreement, due 2025	100
Recourse Debt \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Debt Instrument [Line Items]
Long term debt	$ 15	15
Non-recourse debt - Timber notes \| Term Loan, due 2020
Debt Instrument [Line Items]
Bridge Loan, due 2020		$ 735

Schedule of Debt (Parenthetical) (Detail)	12 Months Ended
Schedule of Debt (Parenthetical) (Detail)	Dec. 26, 2020	Dec. 28, 2019	Nov. 05, 2013
Non-recourse debt - Timber notes
Debt Instrument [Line Items]
Long term debt, interest rate			5.42%
Term Loan, due 2020 \| Non-recourse debt - Timber notes
Debt Instrument [Line Items]
Long term debt, due date		2020
Term Loan, due 2022 \| Recourse Debt
Debt Instrument [Line Items]
Long term debt, due date		2022
Third Amended and Restated Credit Agreement \| Recourse Debt
Debt Instrument [Line Items]
Long term debt, due date	2025
Revenue bonds, due in varying amounts periodically through 2029 \| Recourse Debt
Debt Instrument [Line Items]
Long term debt, due date	2029	2029
American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Recourse Debt
Debt Instrument [Line Items]
Long term debt, due date	2030	2030
Long term debt, interest rate	5.00%	5.00%

Debt - Additional Information (Detail)				3 Months Ended	12 Months Ended
Debt - Additional Information (Detail)	Apr. 17, 2020 USD ($) Sub-facility	Nov. 21, 2018 USD ($)	Nov. 08, 2017 USD ($)	Sep. 26, 2020 USD ($)	Dec. 26, 2020 USD ($)	Dec. 28, 2019	Dec. 29, 2018 USD ($)	Jun. 27, 2020 USD ($)	May 25, 2011 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment and modification of debt					$ 12,000,000		$ 15,000,000
Global Availability
Debt Instrument [Line Items]
Minimum availability level of borrowings to avoid cash settlement percentage					12.50%
Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility									$ 1,200,000,000
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				Apr. 17, 2025
Borrowing under credit facility								$ 400,000,000
Minimum availability level of borrowings to avoid fixed charge coverage ratio test percentage					10.00%
Excess of debt default amount resulting termination of Facility					$ 25,000,000
Excess acquisition of ownership percentage resulting termination of Facility					40.00%
Debt issuance costs					$ 6,000,000
Repayment of credit agreement				$ 300,000,000
Loss on extinguishment and modification of debt	$ 12,000,000
Available credit under the facility					$ 934,000,000
Third Amended and Restated Credit Agreement \| Federal Funds Rate Plus
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate					0.50%
Third Amended and Restated Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate					1.00%
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
Credit agreement, increased borrowing capacity	$ 250,000,000
Number of revolving loan sub-facilities \| Sub-facility	2
Revolving 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
Borrowing under credit facility					100,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility One
Debt Instrument [Line Items]
Borrowing under credit facility	1,150,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility One \| Letter Of Credit Sub Facility
Debt Instrument [Line Items]
Borrowing under credit facility	400,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility One \| Swing Line Loan Facility
Debt Instrument [Line Items]
Borrowing under credit facility	115,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility Two
Debt Instrument [Line Items]
Borrowing under credit facility	50,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility Two \| Letter Of Credit Sub Facility
Debt Instrument [Line Items]
Borrowing under credit facility	25,000,000
Third Amended and Restated Credit Agreement \| Revolving Loan Sub-facility Two \| Swing Line Loan Facility
Debt Instrument [Line Items]
Borrowing under credit facility	5,000,000
Third Amended and Restated Credit Agreement \| Standby Letter of Credit
Debt Instrument [Line Items]
Borrowing under credit facility					$ 55,000,000
Term Loan Facility
Debt Instrument [Line Items]
Maturity date of debt			Nov. 08, 2022
Debt issuance costs			$ 12,000,000
Repayment of credit agreement	388,000,000	$ 194,000,000
Loss on extinguishment and modification of debt							$ 15,000,000
Senior secured term loan			$ 750,000,000
Percentage of issue price of term loan credit Facility			97.00%
Prepayment fee percentage under the term loan Facility							1.00%
Term loan termination date					2020-04
Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			7.00%
Term Loan Facility \| Base Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate			6.00%
Term Loan Facility \| First Amendment \| LIBOR
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate		5.25%	7.00%
Borrowings and Interest Associated with Company Owned Life Insurance Policies
Debt Instrument [Line Items]
Repayment of credit agreement	$ 66,000,000
Recourse Debt \| Revenue bonds, due in varying amounts periodically through 2029
Debt Instrument [Line Items]
Senior secured notes, due date					2029	2029
Recourse Debt \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Debt Instrument [Line Items]
Senior secured notes, due date					2030	2030
Long-term debt, interest rate					5.00%	5.00%

Schedule of Maturities of Recourse Debt, Finance Lease and Other Financing Obligations (Detail) - USD ($)
$ in Millions

Dec. 26, 2020

Dec. 28, 2019

Debt Disclosure [Abstract]

$ 28

108

100

388

Less interest on finance leases

^[1]

(10)

Total

378

Less: Current portion

(24)

Total

$ 354

$ 575

[1]	Finance lease payments include $10 million related to options to extend lease terms that are reasonably certain of being exercised.

Components of Lease Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Finance lease cost:
Amortization of right-of-use assets	$ 18	$ 17
Interest on lease liabilities	4	5
Operating lease cost	402	433
Short-term lease cost	9	7
Variable lease cost	114	121
Sublease income	(4)	(3)
Total lease cost	$ 543	$ 580

Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Leases [Abstract]
Operating cash flows from finance leases	$ 4	$ 5
Operating cash flows from operating leases	463	489
Financing cash flows from finance leases	20	21
Right-of-use assets obtained in exchange for new finance lease liabilities	29	27	$ 24
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 126	$ 338

Supplemental Balance Sheets Information Related to Leases (Detail) - USD ($)
$ in Millions

Dec. 26, 2020

Dec. 28, 2019

Leases [Line Items]

Operating lease right-of-use assets

$ 1,170

$ 1,413

Operating lease liabilities

$ 991

^[1]

$ 1,208

Weighted-average remaining lease term – finance leases

5 years

Weighted-average remaining lease term – operating leases

5 years

Weighted-average discount rate – finance leases

5.40%

6.20%

Weighted-average discount rate – operating leases

6.50%

6.60%

Property and Equipment, Net

Leases [Line Items]

Finance lease right-of-use assets

$ 59

$ 52

Accrued Expenses and Other Current Liabilities

Leases [Line Items]

Operating Leases liability, Current

344

^[1]

373

Short-Term Borrowings and Current Maturities of Long-Term Debt

Leases [Line Items]

Finance Leases, Current

^[2]

Long-Term Debt, Net of Current Maturities

Leases [Line Items]

Finance Leases, Non-current

$ 57

^[2]

$ 58

[1]	Operating lease payments include $91 million related to options to extend lease terms that are reasonably certain of being exercised.
[2]	Finance lease payments include $10 million related to options to extend lease terms that are reasonably certain of being exercised.

Schedule of Maturities of Lease Liabilities Under Operating and Finance Leases (Detail) - USD ($)
$ in Millions

Dec. 26, 2020

Dec. 28, 2019

Leases [Line Items]

Operating leases, 2021

^[1]

$ 420

Operating leases, 2022

^[1]

344

Operating leases, 2023

^[1]

268

Operating leases, 2024

^[1]

186

Operating leases, 2025

^[1]

126

Operating leases, Thereafter

^[1]

233

Operating leases, Total minimum payments

^[1]

1,577

Operating Leases, Less imputed interest

^[1]

(242)

Operating Leases, Total

^[1]

1,335

Operating lease liabilities

991

^[1]

$ 1,208

^[2]

^[2]

^[2]

^[2]

^[2]

Finance Leases, Thereafter

^[2]

Finance leases, Total minimum payments

^[2]

Finance Leases, Less imputed interest

^[2]

(10)

Finance Leases, Total

^[2]

Accrued Expenses and Other Current Liabilities

Leases [Line Items]

Operating Leases, Current

344

^[1]

373

Short-Term Borrowings and Current Maturities of Long-Term Debt

Leases [Line Items]

Finance Leases, Current

^[2]

Long-Term Debt, Net of Current Maturities

Leases [Line Items]

Finance Leases, Non-current

$ 57

^[2]

$ 58

[1]	Operating lease payments include $91 million related to options to extend lease terms that are reasonably certain of being exercised.
[2]	Finance lease payments include $10 million related to options to extend lease terms that are reasonably certain of being exercised.

Schedule of Maturities of Lease Liabilities Under Operating and Finance Leases (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Leases [Line Items]
Operating lease payments	$ 463	$ 489
Finance lease payments	20	$ 21
Options to Extend Lease Terms
Leases [Line Items]
Operating lease payments	91
Finance lease payments	$ 10

Stockholders' Equity - Additional Information (Detail)		12 Months Ended
Stockholders' Equity - Additional Information (Detail)	May 11, 2020	Dec. 26, 2020 USD ($) $ / shares shares	Dec. 28, 2019 USD ($) $ / shares shares	Dec. 29, 2018 USD ($)	Nov. 06, 2019 USD ($)	Nov. 30, 2018 USD ($)
Shareholders Equity [Line Items]
Stock repurchase program, temporarily suspended month and year		2020-05
Stock repurchase program, shares purchased		1,000,000
Stock repurchase program, shares purchased at cost \| $		$ 30,000,000	$ 40,000,000	$ 39,000,000
Stock repurchase program, remaining authorized repurchase amount \| $		$ 130,000,000
Treasury stock, shares		9,857,193	8,524,245
Reverse stock split	1-for-10	1-for-10	1-for-10
Reverse stock split ratio	0.1	0.1	0.1
Dividends payable, temporarily suspended month and year		2020-05
Dividend on common stock \| $ / shares		$ 0.25
Dividend distribution, common stock \| $		$ 13,000,000	$ 55,000,000	$ 55,000,000
Maximum
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount \| $					$ 200,000,000	$ 100,000,000
Preferred Stock
Shareholders Equity [Line Items]
Preferred stock, shares authorized		1,000,000	1,000,000
Redeemable preferred stock, par value per share \| $ / shares		$ 0.01	$ 0.01
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0

Accumulated Other Comprehensive Loss Activity, Net of Tax (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 2,173	$ 2,126	$ 2,120
Other comprehensive income activity	41	39
Tax impact	(7)	(6)
Total other comprehensive income (loss), net of tax, where applicable	34	33	(21)
Balance	1,880	2,173	2,126
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(29)	(50)
Other comprehensive income activity	2	21
Total other comprehensive income (loss), net of tax, where applicable	2	21
Balance	(27)	(29)	(50)
Change in Deferred Pension
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(37)	(49)
Other comprehensive income activity	39	18
Tax impact	(7)	(6)
Total other comprehensive income (loss), net of tax, where applicable	32	12
Balance	(5)	(37)	(49)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(66)	(99)	(78)
Total other comprehensive income (loss), net of tax, where applicable	34	33	(21)
Balance	$ (32)	$ (66)	$ (99)

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121641772&loc=d3e640-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Stock-Based Compensation - Additional Information (Detail)
$ in Millions

12 Months Ended

May 11, 2020

Dec. 26, 2020

USD ($)

Dec. 28, 2019

USD ($)

Dec. 29, 2018

USD ($)

Dec. 30, 2017

^[1]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total compensation expense for share-based awards | $

$ 41.0

$ 33.0

$ 27.0

Total recognized tax benefit | $

$ 3.0

$ 6.0

$ 3.0

Reverse stock split

1-for-10

Reverse stock split ratio

0.1

Performance Based Stock Incentive Program

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Reverse stock split

1-for-10

Reverse stock split ratio

0.1

Shares granted in period

932,344

1,026,743

^[1]

1,328,782

^[1]

Award vesting period

3 years

Stock-based compensation expense not yet recognized relating to non-vested awards | $

$ 24.0

Stock-based compensation expense relating to non-vested awards, weighted-average recognition period, years

1 year 9 months 18 days

Shares outstanding, Number

2,458,978

1,994,111

^[1]

1,913,397

^[1]

1,018,705

Estimated number of shares expected to vest

2,500,000

Fair value of shares vested | $

$ 3.4

Restricted Stock and Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Reverse stock split

1-for-10

Reverse stock split ratio

0.1

Shares granted in period

835,828

740,236

^[1]

1,063,915

^[1]

Shares outstanding, Number

1,526,653

1,394,756

^[1]

1,496,419

^[1]

1,029,369

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Stock-based compensation expense not yet recognized relating to non-vested awards | $

$ 20.0

Stock-based compensation expense relating to non-vested awards, weighted-average recognition period, years

2 years 1 month 6 days

Fair value of shares vested | $

$ 12.5

Director | Restricted Stock and Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares granted in period

55,000

Shares outstanding, Number

200,000

Employees | Restricted Stock and Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares outstanding, Number

1,300,000

Estimated number of shares expected to vest

1,300,000

[1]

As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All shares and per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

Summary of Status of Nonvested Shares (Detail) - Restricted Stock and Restricted Stock Units - $ / shares

12 Months Ended

Dec. 26, 2020

Dec. 28, 2019

Dec. 29, 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Outstanding at beginning of the period, Shares

^[1]

1,394,756

1,496,419

1,029,369

Granted, Shares

835,828

740,236

^[1]

1,063,915

^[1]

Vested, Shares

(579,584)

(593,440)

^[1]

(419,767)

^[1]

Forfeited, Shares

(124,347)

(248,459)

^[1]

(177,098)

^[1]

Outstanding at end of the period, Shares

1,526,653

1,394,756

^[1]

1,496,419

^[1]

Outstanding at beginning of the period, Weighted Average Grant-Date Price

^[1]

$ 30.40

$ 30.48

$ 43.30

Granted, Weighted Average Grant-Date Price

19.92

29.90

^[1]

23.32

^[1]

Vested, Weighted Average Grant-Date Price

30.71

30.88

^[1]

43.66

^[1]

Forfeited, Weighted Average Grant-Date Price

28.60

28.56

^[1]

30.84

^[1]

Outstanding at end of the period, Weighted Average Grant-Date Price

$ 24.71

$ 30.40

^[1]

$ 30.48

^[1]

[1]

As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All shares and per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

Summary of Status of Nonvested Shares (Parenthetical) (Detail)		12 Months Ended
	May 11, 2020	Dec. 26, 2020	Dec. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split	1-for-10	1-for-10	1-for-10
Reverse stock split ratio	0.1	0.1	0.1
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split	1-for-10
Reverse stock split ratio	0.1

Summary of the Activity in the Performance-Based Long-Term Incentive Program Since Inception (Detail) - Performance Based Stock Incentive Program - $ / shares

12 Months Ended

Dec. 26, 2020

Dec. 28, 2019

Dec. 29, 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Outstanding at beginning of the period, Shares

^[1]

1,994,111

1,913,397

1,018,705

Granted, Shares

932,344

1,026,743

^[1]

1,328,782

^[1]

Vested, Shares

(151,905)

(284,366)

^[1]

(121,177)

^[1]

Forfeited, Shares

(315,572)

(661,663)

^[1]

(312,913)

^[1]

Outstanding at end of the period, Shares

2,458,978

1,994,111

^[1]

1,913,397

^[1]

Outstanding at beginning of the period, Weighted Average Grant-Date Price

^[1]

$ 29.05

$ 28.83

$ 44.19

Granted, Weighted Average Grant-Date Price

19.42

31.00

^[1]

23.66

^[1]

Vested, Weighted Average Grant-Date Price

41.80

33.12

^[1]

94.50

^[1]

Forfeited, Weighted Average Grant-Date Price

27.10

28.87

^[1]

31.20

^[1]

Outstanding at end of the period, Weighted Average Grant-Date Price

$ 24.22

$ 29.05

^[1]

$ 28.83

^[1]

[1]

As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All shares and per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

Summary of the Activity in the Performance-Based Long-Term Incentive Program Since Inception (Parenthetical) (Detail) shares in Millions		12 Months Ended
	May 11, 2020	Dec. 26, 2020 shares	Dec. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split	1-for-10	1-for-10	1-for-10
Reverse stock split ratio	0.1	0.1	0.1
Performance Based Stock Incentive Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split	1-for-10
Reverse stock split ratio	0.1
Outstanding shares of awards granted that will be settled in cash		6.7

Changes in Pension and Other Postretirement Benefit Obligations, Plan Assets and Funded Status (Detail) - North America - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of period	$ 906	$ 880
Service cost		7	$ 4
Interest cost	28	36	35
Actuarial loss	68	91
Benefits paid	(78)	(108)
Obligation at end of period	924	906	880
Fair value of plan assets at beginning of period	833	780
Actual return on plan assets	130	159
Employer contribution	9	2
Benefits paid	(78)	(108)
Fair value of plan assets at end of period	894	833	780
Net asset (liability) recognized at end of period	(30)	(73)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of period	13	12
Interest cost			1
Assumption changes	1	1
Currency exchange rate change	1	1
Benefits paid	(1)	(1)
Obligation at end of period	14	13	$ 12
Employer contribution	1	1
Benefits paid	(1)	(1)
Net asset (liability) recognized at end of period	$ (14)	$ (13)

Amounts Recognized in Consolidated Balance Sheets Related to Defined Benefit Pension and Other Postretirement Benefit Plans (Detail) - North America - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	$ (2)	$ (2)
Noncurrent liabilities	(28)	(71)
Net asset (liability) recognized at end of period	(30)	(73)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(1)	(1)
Noncurrent liabilities	(13)	(12)
Net asset (liability) recognized at end of period	$ (14)	$ (13)

Components of Net Periodic Pension Cost (Benefit) (Detail) - North America - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 7	$ 4
Interest cost	$ 28	36	35
Expected return on plan assets	(32)	(42)	(43)
Net periodic cost (benefit)	$ (4)	$ 1	(4)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost			1
Net periodic cost (benefit)			$ 1

Other Changes In Plan Assets and Benefit Obligations Recognized In Other Comprehensive Loss (Income) (Detail) - North America - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss (income) at beginning of year	$ 9	$ 35	$ (2)
Net loss (gain)	(30)	(26)	37
Accumulated other comprehensive loss (income) at end of year	(21)	9	35
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss (income) at beginning of year		(1)
Net loss (gain)	1	$ 1	(1)
Accumulated other comprehensive loss (income) at end of year	$ 1		$ (1)

Employee Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Retirement Savings Plans
Defined Benefit Plan Disclosure [Line Items]
Compensation expense relating to retirement savings plans	$ 19,000,000	$ 25,000,000	$ 26,000,000
Increase (Decrease) in Mortality Table
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in pension obligations	$ (10,000,000)	$ 17,000,000
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	5.16%	5.44%	5.28%
North America
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	4.31%
North America \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension contributions, current period	$ 10,000,000
Pension contributions, for 2021	$ 2,000,000
United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	1.64%	1.76%	2.61%
Plan asset target allocation	100.00%	100.00%
Deferred (loss) gain included in accumulated other comprehensive income	$ 18,000,000	$ 8,000,000
Percentage of allowance expense on assets	0.17%
United Kingdom \| United Kingdom Government Securities
Defined Benefit Plan Disclosure [Line Items]
Incremental return on UK government securities	4.50%
United Kingdom \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	14.00%	18.00%
United Kingdom \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	85.00%	82.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss, expected to be amortized	$ 1,000,000
Maximum \| Increase (Decrease) in Mortality Table
Defined Benefit Plan Disclosure [Line Items]
Increase (decrease) in other postretirement obligations	(1,000,000)	$ 1,000,000
Maximum \| North America
Defined Benefit Plan Disclosure [Line Items]
Impact of one-percentage-point change on operating income	$ 1,000,000
Maximum \| North America \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	37.00%
Maximum \| North America \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	73.00%
Minimum \| North America \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	27.00%
Minimum \| North America \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset target allocation	63.00%

Weighted Average Assumptions Used in the Measurement of Benefit Obligations (Detail)	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.27%	3.26%	4.31%
Other Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.90%	2.80%	3.90%
Other Benefits \| Canada
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.50%	3.10%	3.90%

Weighted Average Assumptions Used in the Measurement of Net Periodic Benefit Cost (Detail)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.26%	4.31%	3.71%
Expected long-term rate of return on plan assets	5.16%	5.44%	5.28%
Other Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.80%	3.90%	3.30%
Other Benefits \| Canada
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.10%	3.90%	3.40%

Assumed Healthcare Cost Trend Rates (Detail) - North America	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Weighted average assumptions as of year-end:
Healthcare cost trend rate assumed for next year	6.10%	6.20%	6.40%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2029	2029	2029

Allocation of Pension Plan Assets by Category (Detail)	Dec. 26, 2020	Dec. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	100.00%	100.00%
Cash
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	1.00%	1.00%
Common Collective Trust Funds
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	99.00%	99.00%

Fair Value of Pension Plan Assets (Detail) - Pension Benefits - North America - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	$ 894	$ 833	$ 780
Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	888	825
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	6	8
U.S. Small And Mid-Cap Equity Securities \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	22	24
U.S. Large Cap Equity Securities \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	94	96
International Equity Securities \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	133	138
Corporate Bonds \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	409	457
Government Securities \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	214	93
Other Fixed Income \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	3	4
Cash
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	6	8
Cash \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	13	13
Cash \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	6	8
Common Collective Trust Funds \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Plan Assets Category [Line Items]
Fair value of plan assets	$ 888	$ 825

Estimated Future Benefit Payments (Detail) - North America $ in Millions	Dec. 26, 2020 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2021	$ 77
2022	74
2023	72
2024	69
2025	66
Next five years	283
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2021	1
2022	1
2023	1
2024	1
2025	1
Next five years	$ 4

Schedule Of Reconciliation Of Changes In Projected Benefit Obligation, Fair Value Of Plan Assets And Funded Status Of Plan (Detail) - United Kingdom - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of period	$ 236	$ 203
Interest cost	5	6	$ 6
Benefits paid	(8)	(10)
Actuarial loss	26	31
Currency translation	10	6
Obligation at end of period	269	236	203
Fair value of plan assets at beginning of period	312	282
Actual return on plan assets	41	29
Company contributions	2	2
Benefits paid	(8)	(10)
Currency translation	13	9
Fair value of plan assets at end of period	360	312	$ 282
Net asset (liability) recognized at end of period	$ 91	$ 76

Components of Net Periodic Pension (Benefit) Cost (Detail) - United Kingdom - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 5	$ 6	$ 6
Expected return on plan assets	$ (5)	(7)	(8)
Settlement gain			(1)
Net periodic cost (benefit)		$ (1)	$ (3)

Assumptions Used in Calculating Funded Status (Detail) - United Kingdom	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets	1.64%	1.76%	2.61%
Discount rate	1.40%	2.10%	3.00%
Inflation	2.70%	2.90%	3.10%

Allocation of Plan Assets (Detail) - United Kingdom	Dec. 26, 2020	Dec. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	100.00%	100.00%
Cash
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	1.00%
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	14.00%	18.00%
Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	85.00%	82.00%

Fair Value of Plan Assets (Detail) - UNITED KINGDOM - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 360	$ 312	$ 282
Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3	1
Developed Markets Equity Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	11	8
Emerging Markets Equity Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	4
Mutual Funds Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	20	18
Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	25
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	49	55
UK Debt Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	140	107
Liability Term Matching Debt Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	130	128
Emerging Markets Debt Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
High Yield Debt
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	37	20
Defined Benefit Plan, Debt Security
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	308	256
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	18	13
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3	1
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Developed Markets Equity Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	11	8
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Emerging Markets Equity Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	4
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	15	12
Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	322	281
Significant Observable Inputs (Level 2) \| Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	25
Significant Observable Inputs (Level 2) \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	25
Significant Observable Inputs (Level 2) \| UK Debt Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	140	107
Significant Observable Inputs (Level 2) \| Liability Term Matching Debt Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	130	128
Significant Observable Inputs (Level 2) \| Emerging Markets Debt Fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
Significant Observable Inputs (Level 2) \| High Yield Debt
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	37	20
Significant Observable Inputs (Level 2) \| Defined Benefit Plan, Debt Security
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	308	256
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	20	18
Significant Unobservable Inputs (Level 3) \| Mutual Funds Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	20	18
Significant Unobservable Inputs (Level 3) \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 20	$ 18

Reconciliation of the Change in Fair Value of the Pension Plan Assets Calculated based on Level 3 Inputs (Detail) - United Kingdom - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Schedule of Pension Plan Assets by Fair Value [Line Items]
Currency translation	$ 13	$ 9
Significant Unobservable Inputs (Level 3)
Schedule of Pension Plan Assets by Fair Value [Line Items]
Balance at December 28, 2019	18
Net purchases	1
Currency translation	1
Balance at December 26, 2020	$ 20	$ 18

Anticipated Benefit Payments (Detail) - United Kingdom $ in Millions	Dec. 26, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2021	$ 9
2022	9
2023	9
2024	10
2025	10
Next five years	$ 53

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 26, 2020	Sep. 28, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges	$ 8,000,000	$ 10,000,000	$ 401,000,000	$ 12,000,000	$ 6,000,000	$ 5,000,000	$ 16,000,000	$ 29,000,000	$ 431,000,000	$ 56,000,000	$ 7,000,000
Impairment of operating lease ROU assets									48,000,000	46,000,000
Impairment of goodwill and other intangible assets									$ 363,000,000
Impairment of intangible assets										2,000,000
Impairment of fixed assets										$ 8,000,000
Retail Stores \| Significant Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage used for analysis									8.00%
Retail Stores \| Significant Observable Inputs (Level 2) \| A 100 basis point decrease in anticipated sales
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Decrease in sales for scenario									1.00%
Decrease in gross margin for scenario									0.50%
Retail Stores \| Significant Observable Inputs (Level 2) \| 50 basis point decrease in anticipated gross margins
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Decrease in sales for scenario	1.00%
Maximum \| Retail Stores \| Significant Observable Inputs (Level 2) \| A 100 basis point decrease in anticipated sales \| Additional impairment charges
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges	$ 1,000,000
Maximum \| Retail Stores \| Significant Observable Inputs (Level 2) \| 50 basis point decrease in anticipated gross margins \| Additional impairment charges
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges	$ 1,000,000

Schedule of Fair Value of Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 26, 2020	Dec. 28, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Timber notes receivable		$ 819
Company-owned life insurance	$ 147	91
Recourse 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	100
Recourse Debt \| Term Loan, due 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		409
Recourse Debt \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	177	186
Recourse Debt \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	14	14
Non-Recourse Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		735
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Timber notes receivable		819
Company-owned life insurance	147	91
Carrying Amount \| Recourse 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	100
Carrying Amount \| Recourse Debt \| Term Loan, due 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		393
Carrying Amount \| Recourse Debt \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	176	186
Carrying Amount \| Recourse Debt \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 15	15
Carrying Amount \| Non-Recourse Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		$ 735

Schedule of Fair Value of Assets and Liabilities (Parenthetical) (Detail) - Recourse Debt	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt, interest rate	5.00%	5.00%
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 \| Term Loan, due 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, due date	2022	2022
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 \| Term Loan, due 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, due date	2022	2022
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%

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 29, 2018
Commitments and Contingencies Disclosure [Line Items]
Purchases under the agreement	$ 326	$ 541	$ 531
Minimum
Commitments and Contingencies Disclosure [Line Items]
Losses for environmental liabilities	10
Maximum
Commitments and Contingencies Disclosure [Line Items]
Losses for environmental liabilities	$ 25

Discontinued Operations - Additional Information (Detail) € in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2020 USD ($)	Sep. 24, 2016 Group	Dec. 28, 2019 EUR (€)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of disposal groups \| Group		4
Discontinued Operations \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Warrant contractual expired cost \| $	$ 0
Discontinued Operations \| European Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Warranties on sale and purchase agreement \| €			€ 10

Major Component of Discontinued Operations, Net of Tax (Detail) - Discontinued Operations, Held-for-Sale $ in Millions	12 Months Ended
	Dec. 29, 2018 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales	$ 115
Cost of goods sold and occupancy costs	88
Operating expenses	21
Restructuring charges	1
Other expense, net	(1)
Net increase of loss on discontinued operations held for sale	(1)
Net loss on sale of discontinued operations	(4)
Income tax benefit	(6)
Discontinued operations, net of tax	$ 5

Schedule of Quarterly Financial Data (Detail) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Dec. 26, 2020

^[1]

Sep. 26, 2020

^[1]

Jun. 27, 2020

^[1]

Mar. 28, 2020

^[1]

Dec. 28, 2019

^[1]

Sep. 28, 2019

^[1]

Jun. 29, 2019

^[1]

Mar. 30, 2019

^[1]

Dec. 26, 2020

Dec. 28, 2019

Dec. 29, 2018

Quarterly Financial Information Disclosure [Abstract]

Net sales

$ 2,288

$ 2,539

$ 2,158

$ 2,725

$ 2,508

$ 2,782

$ 2,588

$ 2,769

$ 9,710

$ 10,647

$ 11,015

Gross profit

497

590

416

629

571

667

585

641

2,132

2,464

2,551

Operating income (loss)

^[2]

102

^[2]

(456)

^[2]

^[3]

108

^[3]

(15)

^[3]

(252)

191

254

Net income (loss)

$ 18

$ 57

$ (439)

$ 45

$ 55

$ 60

$ (24)

$ 8

$ (319)

$ 99

$ 104

Net earnings (loss) per share

Net basic earnings (loss) per share

$ 0.35

^[4]

$ 1.07

^[4]

$ (8.34)

^[4]

$ 0.86

^[4]

$ 1.01

^[4]

$ 1.09

^[4]

$ (0.43)

^[4]

$ 0.14

^[4]

$ (6.05)

$ 1.82

$ 1.89

Net diluted earnings (loss) per share

0.34

^[4]

1.04

^[4]

(8.34)

^[4]

0.84

^[4]

1.00

^[4]

1.09

^[4]

(0.43)

^[4]

0.14

^[4]

(6.05)

1.80

1.85

Net basic earnings (loss) per share

0.35

^[4]

1.07

^[4]

(8.34)

^[4]

0.86

^[4]

1.01

^[4]

1.09

^[4]

(0.43)

^[4]

0.14

^[4]

(6.05)

1.82

1.89

Net diluted earnings (loss) per share

$ 0.34

^[4]

$ 1.04

^[4]

$ (8.34)

^[4]

$ 0.84

^[4]

$ 1.00

^[4]

$ 1.09

^[4]

$ (0.43)

^[4]

$ 0.14

^[4]

$ (6.05)

$ 1.80

$ 1.85

[1]	Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.
[2]	Includes Merger and restructuring expenses, net totaling $16 million, $65 million, $26 million and $15 million in the first, second, third and fourth quarters of 2020, respectively. The first, second, third and fourth quarters of 2020 also include asset impairments of $12 million, $401 million, $10 million and $8 million, respectively.
[3]	Includes Merger and restructuring expenses, net totaling $14 million, $69 million, $22 million and $11 million in the first, second, third and fourth quarters of 2019, respectively. The first, second, third and fourth quarters of 2019 also include asset impairments of $29 million, $16 million, $5 million and $6 million, respectively.
[4]	The sum of the quarterly earnings per share does not equal the annual earnings per share due to differences in quarterly and annual weighted-average shares outstanding. As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All per share amounts have been retroactively adjusted for the prior periods presented to give effect to this reverse stock split.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Schedule of Quarterly Financial Data (Parenthetical) (Detail) $ in Millions		3 Months Ended								12 Months Ended
	May 11, 2020	Dec. 26, 2020 USD ($)	Sep. 28, 2020 USD ($)	Jun. 27, 2020 USD ($)	Mar. 28, 2020 USD ($)	Dec. 28, 2019 USD ($)	Sep. 28, 2019 USD ($)	Jun. 29, 2019 USD ($)	Mar. 30, 2019 USD ($)	Dec. 26, 2020 USD ($)	Dec. 28, 2019 USD ($)	Dec. 29, 2018 USD ($)
Quarterly Financial Information Disclosure [Abstract]
Merger and restructuring expenses (income), net		$ 15	$ 26	$ 65	$ 16	$ 11	$ 22	$ 69	$ 14	$ 121	$ 116	$ 72
Asset impairments		$ 8	$ 10	$ 401	$ 12	$ 6	$ 5	$ 16	$ 29	$ 431	$ 56	$ 7
Reverse stock split	1-for-10									1-for-10	1-for-10
Reverse stock split ratio	0.1									0.1	0.1

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Jan. 11, 2021	Jan. 31, 2021	Dec. 29, 2018
Subsequent Event [Line Items]
Contingent consideration, liability, amount recognized			$ 25
Subsequent Event \| United States \| BuyerQuest
Subsequent Event [Line Items]
Business combination consideration transferred		$ 62
Business combination consideration transferred payments with cash on hand and issuance of shares of common stock		$ 52
Business combination issuance of shares of common stock		827,498
Contingent consideration, liability, payment period		2 years
Subsequent Event \| United States \| BuyerQuest \| Maximum
Subsequent Event [Line Items]
Contingent consideration, liability, amount recognized		$ 10
Subsequent Event \| USR Parent, Inc.
Subsequent Event [Line Items]
Proposal received to acquire outstanding shares of common stock, percentage	100.00%
Proposal received to acquire outstanding shares of common stock share price per share	$ 40.00