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MERGER, ACQUISITION TERMINATION, AND RESTRUCTURING ACTIVITY (Tables)
 9 Months Ended
Sep. 30, 2017
Summary of Major Components of Merger, Restructuring and Other Operating Expenses, Net

The table below and narrative that follow provide the major components of Merger, restructuring and other operating (income) expenses, net.

 

     Third Quarter      Year-to-Date  
(In millions)    2017      2016      2017      2016  

Merger related expenses

            

Transaction and integration

    $ 4      $ 8      $ 15      $ 30  

Facility closure, contract termination, and other expenses, net

      2        4        4        21  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Merger related expenses

      6        12        19        51  
  

 

 

     

 

 

     

 

 

     

 

 

  

Staples Acquisition (income) expenses

            

Retention

      —          —          —          15  

Transaction

      —          4        —          43  

Termination Fee

      —          —          —          (250 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Staples Acquisition (income) expenses

      —          4        —          (192 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Comprehensive Business Review and other restructuring expenses

            

Severance

      11        9        26        13  

Facility closure, contract termination, professional fees and other expenses, net

      4        6        16        6  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Comprehensive Business Review and other restructuring expenses

      15        15        42        19  
  

 

 

     

 

 

     

 

 

     

 

 

  

Acquisition related expenses – Refer to Note 2

      1        —          1        —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Merger, restructuring and other operating (income) expenses, net

    $ 22      $ 31      $ 62      $ (122 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  
Facility Closure and Severance Costs

These charges are excluded from the table below because they are expensed as incurred, non-cash, or otherwise not associated with the merger and restructuring balance sheet accounts.

 

            Year-to-Date 2017         
(In millions)    Balance
as of
December 31,
2016		      Charges
Incurred		      Cash
Payments		      Balance
as of
September 30,
2017		  

Termination benefits

            

Merger related accruals

    $ 5      $ 1      $ (4 )     $ 2  

Comprehensive Business Review

      8        26        (27 )       7  

Lease and contract obligations, accruals for facilities closures and other costs:

            

Merger related accruals

      40        4        (24 )       20  

Comprehensive Business Review

      13        9        (13 )       9  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 66      $ 40      $ (68 )     $ 38  
  

 

 

     

 

 

     

 

 

     

 

 

  
Assets Held for Sale Activity

The assets held for sale activity for year-to-date 2017 is presented in the table below.

 

(In millions)

       

Balance as of December 31, 2016

    $ 23  

Disposition

      (23 ) 
  

 

 

  

Balance as of September 30, 2017

    $ —