Here is a formula for you in the calculated column.
=If(AND(ISBLANK([ApprovalDelivery]),[Remaining Days]<0), "Out of Time", If(AND(ISBLANK([ApprovalDelivery]),[Remaining Days]>=0), "On Time"," "))
Note: In the Remaining Days column, data type returned from calculated formula should be set as Number.
Result:
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