☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 |
A Delaware corporation | 101 Oakley Street, Evansville, Indiana, 47710 (812) 424-2904 | IRS employer identification number 20-5234618 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value per share | BERY | New York Stock Exchange LLC |
Large Accelerated Filer ☒ | Accelerated Filer ☐ | Non-Accelerated Filer ☐ | Smaller Reporting Company ☐ | Emerging Growth Company ☐ |
Part I. | Financial Information | Page No. | |
Item 1. | Financial Statements: | ||
4 | |||
6 | |||
8 | |||
Item 2. | 15 | ||
Item 3. | 22 | ||
Item 4. | 23 | ||
Part II. | Other Information | ||
Item 1. | 24 | ||
Item 1A. | 24 | ||
Item 2. | 24 | ||
Item 6. | 25 | ||
26 |
Item 1. | Financial Statements |
Quarterly Period Ended | Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||||||||||||||||
December 30, 2017 | December 31, 2016 | April 2, 2022 | April 3, 2021 | April 2, 2022 | April 3, 2021 | |||||||||||||||||||
Net sales | $ | 1,776 | $ | 1,502 | $ | 3,775 | $ | 3,370 | $ | 7,348 | $ | 6,506 | ||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of goods sold | 1,447 | 1,206 | 3,154 | 2,706 | 6,192 | 5,224 | ||||||||||||||||||
Selling, general and administrative | 117 | 113 | 207 | 220 | 442 | 461 | ||||||||||||||||||
Amortization of intangibles | 38 | 33 | 65 | 73 | 133 | 147 | ||||||||||||||||||
Restructuring and impairment charges | 11 | 4 | ||||||||||||||||||||||
Restructuring and transaction activities | 8 | 38 | 11 | 37 | ||||||||||||||||||||
Operating income | 163 | 146 | 341 | 333 | 570 | 637 | ||||||||||||||||||
Other expense (income), net | 9 | (1 | ) | |||||||||||||||||||||
Interest expense, net | 62 | 68 | ||||||||||||||||||||||
Other expense | 6 | 6 | 6 | 31 | ||||||||||||||||||||
Interest expense | 71 | 84 | 142 | 181 | ||||||||||||||||||||
Income before income taxes | 92 | 79 | 264 | 243 | 422 | 425 | ||||||||||||||||||
Income tax expense (benefit) | (71 | ) | 28 | |||||||||||||||||||||
Income tax expense | 59 | 62 | 96 | 114 | ||||||||||||||||||||
Net income | $ | 163 | $ | 51 | $ | 205 | $ | 181 | $ | 326 | $ | 311 | ||||||||||||
Net income per share: | ||||||||||||||||||||||||
Basic | $ | 1.24 | $ | 0.42 | $ | 1.53 | $ | 1.35 | $ | 2.42 | $ | 2.32 | ||||||||||||
Diluted | 1.20 | 0.40 | 1.50 | 1.32 | 2.36 | 2.28 | ||||||||||||||||||
Outstanding weighted-average shares: | ||||||||||||||||||||||||
Basic | 131.0 | 122.0 | ||||||||||||||||||||||
Diluted | 136.0 | 127.8 |
Quarterly Period Ended | ||||||||
December 30, 2017 | December 31, 2016 | |||||||
Net income | $ | 163 | $ | 51 | ||||
Currency translation | (24 | ) | (45 | ) | ||||
Pension and other postretirement benefits | (1 | ) | — | |||||
Interest rate hedges | 17 | 17 | ||||||
Provision for income taxes | (4 | ) | (6 | ) | ||||
Other comprehensive loss, net of tax | (12 | ) | (34 | ) | ||||
Comprehensive income | $ | 151 | $ | 17 |
Quarterly Period Ended | Two Quarterly Periods Ended | |||||||||||||||
April 2, 2022 | April 3, 2021 | April 2, 2022 | April 3, 2021 | |||||||||||||
Net income | $ | 205 | $ | 181 | $ | 326 | $ | 311 | ||||||||
Other comprehensive income, net of tax: | ||||||||||||||||
Currency translation | 37 | (73 | ) | 15 | 105 | |||||||||||
Derivative instruments | 71 | 54 | 100 | 71 | ||||||||||||
Other comprehensive income (loss) | 108 | (19 | ) | 115 | 176 | |||||||||||
Comprehensive income | $ | 313 | $ | 162 | $ | 441 | $ | 487 |
April 2, 2022 | October 2, 2021 | |||||||||||||||
December 30, 2017 | September 30, 2017 | (Unaudited) | ||||||||||||||
Assets | (Unaudited) | |||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 228 | $ | 306 | $ | 622 | $ | 1,091 | ||||||||
Accounts receivable (less allowance of $13) | 780 | 847 | ||||||||||||||
Inventories: | ||||||||||||||||
Accounts receivable | 1,996 | 1,879 | ||||||||||||||
Finished goods | 498 | 428 | 1,032 | 960 | ||||||||||||
Raw materials and supplies | 380 | 334 | 932 | 947 | ||||||||||||
878 | 762 | |||||||||||||||
Prepaid expenses and other current assets | 95 | 89 | 401 | 217 | ||||||||||||
Total current assets | 1,981 | 2,004 | 4,983 | 5,094 | ||||||||||||
Property, plant, and equipment, net | 2,363 | 2,366 | ||||||||||||||
Goodwill and intangible assets, net | 4,024 | 4,061 | ||||||||||||||
Noncurrent assets: | ||||||||||||||||
Property, plant and equipment | 4,650 | 4,677 | ||||||||||||||
Goodwill and intangible assets | 7,183 | 7,434 | ||||||||||||||
Right-of-use assets | 536 | 562 | ||||||||||||||
Other assets | 52 | 45 | 183 | 115 | ||||||||||||
Total assets | $ | 8,420 | $ | 8,476 | $ | 17,535 | $ | 17,882 | ||||||||
Liabilities | ||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 666 | $ | 638 | $ | 1,651 | $ | 2,041 | ||||||||
Accrued expenses and other current liabilities | 454 | 463 | ||||||||||||||
Accrued employee costs | 250 | 336 | ||||||||||||||
Other current liabilities | 824 | 788 | ||||||||||||||
Current portion of long-term debt | 34 | 33 | 19 | 21 | ||||||||||||
Total current liabilities | 1,154 | 1,134 | 2,744 | 3,186 | ||||||||||||
Long-term debt, less current portion | 5,502 | 5,608 | ||||||||||||||
Noncurrent liabilities: | ||||||||||||||||
Long-term debt | 9,627 | 9,439 | ||||||||||||||
Deferred income taxes | 276 | 419 | 569 | 568 | ||||||||||||
Employee benefit obligations | 244 | 276 | ||||||||||||||
Operating lease liabilities | 443 | 466 | ||||||||||||||
Other long-term liabilities | 314 | 300 | 588 | 767 | ||||||||||||
Total liabilities | 7,246 | 7,461 | 14,215 | 14,702 | ||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock (131.1 and 130.9 million shares issued, respectively) | 1 | 1 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock (130.4 and 135.5 million shares issued, respectively) | 1 | 1 | ||||||||||||||
Additional paid-in capital | 831 | 823 | 1,174 | 1,134 | ||||||||||||
Non-controlling interest | 3 | 3 | ||||||||||||||
Retained earnings | 419 | 256 | 2,326 | 2,341 | ||||||||||||
Accumulated other comprehensive loss | (80 | ) | (68 | ) | (181 | ) | (296 | ) | ||||||||
Total stockholders' equity | 1,174 | 1,015 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 8,420 | $ | 8,476 | ||||||||||||
Total stockholders’ equity | 3,320 | 3,180 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 17,535 | $ | 17,882 |
Quarterly Period Ended | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||
Balance at January 1, 2022 | $ | 1 | $ | 1,170 | $ | (289 | ) | $ | 2,412 | $ | 3,294 | |||||||||
Net income | 0 | 0 | 0 | 205 | 205 | |||||||||||||||
Other comprehensive income | 0 | 0 | 108 | 0 | 108 | |||||||||||||||
Share-based compensation | 0 | 7 | 0 | 0 | 7 | |||||||||||||||
Proceeds from issuance of common stock | 0 | 6 | 0 | 0 | 6 | |||||||||||||||
Common stock repurchased and retired | 0 | (9 | ) | 0 | (291 | ) | (300 | ) | ||||||||||||
Balance at April 2, 2022 | $ | 1 | $ | 1,174 | $ | (181 | ) | $ | 2,326 | $ | 3,320 | |||||||||
Balance at January 2, 2021 | $ | 1 | $ | 1,062 | $ | (356 | ) | $ | 1,738 | $ | 2,445 | |||||||||
Net income | 0 | 0 | 0 | 181 | 181 | |||||||||||||||
Other comprehensive loss | 0 | 0 | (19 | ) | 0 | (19 | ) | |||||||||||||
Share-based compensation | 0 | 7 | 0 | 0 | 7 | |||||||||||||||
Proceeds from issuance of common stock | 0 | 32 | 0 | 0 | 32 | |||||||||||||||
Balance at April 3, 2021 | $ | 1 | $ | 1,101 | $ | (375 | ) | $ | 1,919 | $ | 2,646 |
Two Quarterly Periods Ended | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||
Balance at October 2, 2021 | $ | 1 | $ | 1,134 | $ | (296 | ) | $ | 2,341 | $ | 3,180 | |||||||||
Net income | 0 | 0 | 0 | 326 | 326 | |||||||||||||||
Other comprehensive income | 0 | 0 | 115 | 0 | 115 | |||||||||||||||
Share-based compensation | 0 | 28 | 0 | 0 | 28 | |||||||||||||||
Proceeds from issuance of common stock | 0 | 22 | 0 | 0 | 22 | |||||||||||||||
Common stock repurchased and retired | 0 | (10 | ) | 0 | (341 | ) | (351 | ) | ||||||||||||
Balance at April 2, 2022 | $ | 1 | $ | 1,174 | $ | (181 | ) | $ | 2,326 | $ | 3,320 | |||||||||
Balance at September 26, 2020 | $ | 1 | $ | 1,034 | $ | (551 | ) | $ | 1,608 | $ | 2,092 | |||||||||
Net income | 0 | 0 | 0 | 311 | 311 | |||||||||||||||
Other comprehensive income | 0 | 0 | 176 | 0 | 176 | |||||||||||||||
Share-based compensation | 0 | 28 | 0 | 0 | 28 | |||||||||||||||
Proceeds from issuance of common stock | 0 | 39 | 0 | 0 | 39 | |||||||||||||||
Balance at April 3, 2021 | $ | 1 | $ | 1,101 | $ | (375 | ) | $ | 1,919 | $ | 2,646 |
Quarterly Period Ended | Two Quarterly Periods Ended | |||||||||||||||
December 30, 2017 | December 31, 2016 | April 2, 2022 | April 3, 2021 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net income | $ | 163 | $ | 51 | $ | 326 | $ | 311 | ||||||||
Adjustments to reconcile net cash provided by operating activities: | ||||||||||||||||
Adjustments to reconcile net cash from operating activities: | ||||||||||||||||
Depreciation | 91 | 87 | 284 | 280 | ||||||||||||
Amortization of intangibles | 38 | 33 | 133 | 147 | ||||||||||||
Non-cash interest expense | 3 | 1 | 8 | 16 | ||||||||||||
Deferred income tax | (121 | ) | 14 | (43 | ) | (28 | ) | |||||||||
Stock compensation expense | 4 | 3 | ||||||||||||||
Share-based compensation expense | 28 | 28 | ||||||||||||||
Other non-cash operating activities, net | 6 | (1 | ) | (14 | ) | 51 | ||||||||||
Changes in working capital | (66 | ) | (43 | ) | (714 | ) | (156 | ) | ||||||||
Changes in other assets and liabilities | 35 | (2 | ) | (22 | ) | (11 | ) | |||||||||
Net cash from operating activities | 153 | 143 | (14 | ) | 638 | |||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Additions to property, plant and equipment | (94 | ) | (65 | ) | ||||||||||||
Proceeds from sale of assets | 3 | 2 | ||||||||||||||
Other investing activities, net | — | (1 | ) | |||||||||||||
Additions to property, plant and equipment, net | (367 | ) | (364 | ) | ||||||||||||
Divestiture of business | 3 | 143 | ||||||||||||||
Net cash from investing activities | (91 | ) | (64 | ) | (364 | ) | (221 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Proceeds from long-term borrowings | 244 | 2,316 | ||||||||||||||
Repayments on long-term borrowings | (108 | ) | (10 | ) | (9 | ) | (2,683 | ) | ||||||||
Proceeds from issuance of common stock | 4 | 5 | 22 | 39 | ||||||||||||
Payment of tax receivable agreement | (37 | ) | (60 | ) | ||||||||||||
Repurchase of common stock | (351 | ) | 0 | |||||||||||||
Debt financing costs | 0 | (16 | ) | |||||||||||||
Net cash from financing activities | (141 | ) | (65 | ) | (94 | ) | (344 | ) | ||||||||
Effect of exchange rate changes on cash | 1 | (6 | ) | |||||||||||||
Net change in cash | (78 | ) | 8 | |||||||||||||
Effect of currency translation on cash | 3 | 20 | ||||||||||||||
Net change in cash and cash equivalents | (469 | ) | 93 | |||||||||||||
Cash and cash equivalents at beginning of period | 306 | 323 | 1,091 | 750 | ||||||||||||
Cash and cash equivalents at end of period | $ | 228 | $ | 331 | $ | 622 | $ | 843 |
Working capital (a) | $ | 139 | ||
Property and equipment | 223 | |||
Intangible assets | 214 | |||
Goodwill | 347 | |||
Historical AEP debt assumed | (7 | ) | ||
Other assets and long-term liabilities | (125 | ) | ||
(a) Includes a $5 million step up of inventory to fair value |
Quarterly Period Ended | Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||||||||||||||||
December 30, 2017 | December 31, 2016 | April 2, 2022 | April 3, 2021 | April 2, 2022 | April 3, 2021 | |||||||||||||||||||
Consumer Packaging | $ | 1 | $ | 2 | ||||||||||||||||||||
Consumer Packaging International | $ | 5 | $ | 38 | $ | 7 | $ | 41 | ||||||||||||||||
Consumer Packaging North America | 2 | 0 | 3 | 1 | ||||||||||||||||||||
Health, Hygiene & Specialties | 10 | 2 | 0 | 0 | (1 | ) | 0 | |||||||||||||||||
Engineered Materials | — | — | 1 | 0 | 2 | (5 | ) | |||||||||||||||||
Consolidated | $ | 11 | $ | 4 | $ | 8 | $ | 38 | $ | 11 | $ | 37 |
Employee Severance and Benefits | Facility Exit Costs | Total | ||||||||||
Balance at September 30, 2017 | $ | 14 | $ | 5 | $ | 19 | ||||||
Charges | 10 | 1 | 11 | |||||||||
Cash payments | (7 | ) | (1 | ) | (8 | ) | ||||||
Balance at December 30, 2017 | $ | 17 | $ | 5 | $ | 22 |
Restructuring | ||||||||||||||||
Employee Severance and Benefits | Facility Exit Costs | Transaction Activities | Total | |||||||||||||
Balance as of October 2, 2021 | $ | 6 | $ | 5 | $ | 0 | $ | 11 | ||||||||
Charges | 3 | 6 | 2 | 11 | ||||||||||||
Cash | (3 | ) | (7 | ) | (2 | ) | (12 | ) | ||||||||
Balance as of April 2, 2022 | $ | 6 | $ | 4 | $ | 0 | $ | 10 |
Leases | Classification | April 2, 2022 | October 2, 2021 | ||||||
Operating leases: | |||||||||
Operating lease right-of-use assets | Right-of-use assets | $ | 536 | $ | 562 | ||||
Current operating lease liabilities | Other current liabilities | 110 | 113 | ||||||
Noncurrent operating lease liabilities | Operating lease liability | 443 | 466 | ||||||
Finance leases: | |||||||||
Finance lease right-of-use assets | Property, plant, and equipment, net | $ | 47 | $ | 57 | ||||
Current finance lease liability | Current portion of long-term debt | 13 | 14 | ||||||
Noncurrent finance lease liabilities | Long-term debt, less current portion | 30 | 38 |
Two Quarterly Periods Ended | ||||||||||||
Lease Type | Cash Flow Classification | Lease Expense Category | April 2, 2022 | April 3, 2021 | ||||||||
Operating | Operating | Lease cost | $ | 62 | $ | 57 | ||||||
Finance | Operating | Interest expense | 1 | 1 | ||||||||
Finance | Financing | - | 9 | 16 | ||||||||
Finance | - | Amortization of right-of-use assets | 5 | 7 |
December 30, 2017 | September 30, 2017 | |||||||
Employee compensation | $ | 122 | $ | 147 | ||||
Accrued taxes | 107 | 90 | ||||||
Rebates | 59 | 58 | ||||||
Interest | 34 | 36 | ||||||
Tax receivable agreement obligation | 24 | 35 | ||||||
Restructuring | 22 | 19 | ||||||
Accrued operating expenses | 86 | 78 | ||||||
$ | 454 | $ | 463 |
December 30, 2017 | September 30, 2017 | |||||||
Pension liability | $ | 53 | $ | 56 | ||||
Deferred purchase price | 46 | 46 | ||||||
Lease retirement obligation | 42 | 37 | ||||||
Transition tax | 36 | — | ||||||
Interest rate swaps | 26 | 27 | ||||||
Sale-lease back deferred gain | 23 | 24 | ||||||
Tax receivable agreement obligation | 13 | 34 | ||||||
Other | 75 | 76 | ||||||
$ | 314 | $ | 300 |
Maturity Date | December 30, 2017 | September 30, 2017 | ||||||||||||||||
Term loan | February 2020 | $ | 900 | $ | 1,000 | |||||||||||||
Term loan | January 2021 | 814 | 814 | |||||||||||||||
Term loan | October 2022 | 1,645 | 1,645 | |||||||||||||||
Facility | Maturity Date | April 2, 2022 | October 2, 2021 | |||||||||||||||
Term loan | January 2024 | 496 | 498 | July 2026 | $ | 3,440 | 3,440 | |||||||||||
Revolving line of credit | May 2020 | — | — | May 2024 | 244 | 0 | ||||||||||||
5 1/8% Second Priority Senior Secured Notes | July 2023 | 700 | 700 | |||||||||||||||
5 1/2% Second Priority Senior Secured Notes | May 2022 | 500 | 500 | |||||||||||||||
6% Second Priority Senior Secured Notes | October 2022 | 400 | 400 | |||||||||||||||
0.95% First Priority Senior Secured Notes | February 2024 | 800 | 800 | |||||||||||||||
1.00% First Priority Senior Secured Notes (a) | July 2025 | 776 | 810 | |||||||||||||||
1.57% First Priority Senior Secured Notes | January 2026 | 1,525 | 1,525 | |||||||||||||||
4.875% First Priority Senior Secured Notes | July 2026 | 1,250 | 1,250 | |||||||||||||||
1.65% First Priority Senior Secured Notes | January 2027 | 400 | 400 | |||||||||||||||
1.50% First Priority Senior Secured Notes (a) | July 2027 | 416 | 434 | |||||||||||||||
4.50% Second Priority Senior Secured Notes | February 2026 | 300 | 300 | |||||||||||||||
5.625% Second Priority Senior Secured Notes | July 2027 | 500 | 500 | |||||||||||||||
Debt discounts and deferred fees | (46 | ) | (48 | ) | (69 | ) | (77 | ) | ||||||||||
Capital leases and other | Various | 127 | 132 | |||||||||||||||
Finance leases and other | Various | 64 | 78 | |||||||||||||||
Total long-term debt | 5,536 | 5,641 | 9,646 | 9,460 | ||||||||||||||
Current portion of long-term debt | (34 | ) | (33 | ) | (19 | ) | (21 | ) | ||||||||||
Long-term debt, less current portion | $ | 5,502 | $ | 5,608 | $ | 9,627 | 9,439 |
(a) | Euro denominated |
Derivatives Instruments | Hedge Designation | Balance Sheet Location | December 30, 2017 | September 30, 2017 | ||||||||||||||||
Derivative Instruments | Hedge Designation | Balance Sheet Location | April 2, 2022 | October 2, 2021 | ||||||||||||||||
Cross-currency swaps | Designated | Other long-term liabilities | $ | 15 | $ | — | Designated | Other long-term liabilities | $ | 222 | $ | 323 | ||||||||
Interest rate swaps | Designated | Other assets | 7 | 1 | Designated | Other assets | 45 | 0 | ||||||||||||
Interest rate swaps | Not designated | Other assets | 8 | 13 | Designated | Other long-term liabilities | 0 | 82 | ||||||||||||
Interest rate swaps | Designated | Other long-term liabilities | 1 | 15 | Not designated | Other assets | 26 | 0 | ||||||||||||
Interest rate swaps | Not designated | Other long-term liabilities | 10 | 13 | Not designated | Other long-term liabilities | 68 | 49 |
Quarterly Period Ended | Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||||||||||||||||||
Derivatives instruments | Statement of Operations Location | December 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
Derivative Instruments | Statements of Income Location | April 2, 2022 | April 3, 2021 | April 2, 2022 | April 3, 2021 | |||||||||||||||||||||
Cross-currency swaps | Interest expense, net | $ | (1 | ) | $ | — | Interest expense | $ | (4 | ) | $ | (1 | ) | $ | (7 | ) | $ | (4 | ) | |||||||
Foreign currency swaps | Other expense (income), net | — | 1 | |||||||||||||||||||||||
Interest rate swaps | Interest expense, net | 2 | 5 | Interest expense | 12 | 17 | 24 | 34 |
As of December 30, 2017 | As of April 2, 2022 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Impairment | Level 1 | Level 2 | Level 3 | Total | Impairment | |||||||||||||||||||||||||||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 248 | $ | 248 | $ | — | $ | 0 | $ | 0 | $ | 248 | $ | 248 | $ | 0 | ||||||||||||||||||||
Goodwill | — | — | 2,777 | 2,777 | — | 0 | 0 | 5,091 | 5,091 | 0 | ||||||||||||||||||||||||||||||
Definite lived intangible assets | — | — | 999 | 999 | — | 0 | 0 | 1,844 | 1,844 | 0 | ||||||||||||||||||||||||||||||
Property, plant, and equipment | — | — | 2,363 | 2,363 | — | 0 | 0 | 4,650 | 4,650 | 0 | ||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 6,387 | $ | 6,387 | $ | — | $ | 0 | $ | 0 | $ | 11,833 | $ | 11,833 | $ | 0 |
As of September 30, 2017 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Impairment | ||||||||||||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 248 | $ | 248 | $ | — | ||||||||||
Goodwill | — | — | 2,775 | 2,775 | — | |||||||||||||||
Definite lived intangible assets | — | — | 1,038 | 1,038 | — | |||||||||||||||
Property, plant, and equipment | — | — | 2,366 | 2,366 | 2 | |||||||||||||||
Total | $ | — | $ | — | $ | 6,427 | $ | 6,427 | $ | 2 |
As of October 2, 2021 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Impairment | ||||||||||||||||
Indefinite-lived trademarks | $ | 0 | $ | 0 | $ | 248 | $ | 248 | $ | 0 | ||||||||||
Goodwill | 0 | 0 | 5,192 | 5,192 | 0 | |||||||||||||||
Definite lived intangible assets | 0 | 0 | 1,994 | 1,994 | 0 | |||||||||||||||
Property, plant, and equipment | 0 | 0 | 4,677 | 4,677 | 1 | |||||||||||||||
Total | $ | 0 | $ | 0 | $ | 12,111 | $ | 12,111 | $ | 1 |
Quarterly Period Ended | Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||||||||||||||||
December 30, 2017 | December 31, 2016 | April 2, 2022 | April 3, 2021 | April 2, 2022 | April 3, 2021 | |||||||||||||||||||
Net sales: | ||||||||||||||||||||||||
Consumer Packaging International | $ | 1,139 | $ | 1,060 | $ | 2,195 | $ | 2,048 | ||||||||||||||||
Consumer Packaging North America | 880 | 731 | 1,732 | 1,417 | ||||||||||||||||||||
Health, Hygiene & Specialties | 822 | 781 | 1,640 | 1,521 | ||||||||||||||||||||
Engineered Materials | $ | 648 | $ | 383 | 934 | 798 | 1,781 | 1,520 | ||||||||||||||||
Health, Hygiene & Specialties | 577 | 570 | ||||||||||||||||||||||
Consumer Packaging | 551 | 549 | ||||||||||||||||||||||
Total net sales | $ | 1,776 | $ | 1,502 | $ | 3,775 | $ | 3,370 | $ | 7,348 | $ | 6,506 | ||||||||||||
Operating income: | ||||||||||||||||||||||||
Consumer Packaging International | $ | 97 | $ | 59 | $ | 166 | $ | 135 | ||||||||||||||||
Consumer Packaging North America | 85 | 77 | 131 | 136 | ||||||||||||||||||||
Health, Hygiene & Specialties | 69 | 114 | 131 | 210 | ||||||||||||||||||||
Engineered Materials | $ | 88 | $ | 53 | 90 | 83 | 142 | 156 | ||||||||||||||||
Health, Hygiene & Specialties | 37 | 59 | ||||||||||||||||||||||
Consumer Packaging | 38 | 34 | ||||||||||||||||||||||
Total operating income | $ | 163 | $ | 146 | $ | 341 | $ | 333 | $ | 570 | $ | 637 | ||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||
Consumer Packaging International | $ | 82 | $ | 87 | $ | 164 | $ | 171 | ||||||||||||||||
Consumer Packaging North America | 53 | 54 | 107 | 110 | ||||||||||||||||||||
Health, Hygiene & Specialties | 44 | 42 | 89 | 87 | ||||||||||||||||||||
Engineered Materials | $ | 29 | $ | 17 | 27 | 29 | 57 | 59 | ||||||||||||||||
Health, Hygiene & Specialties | 46 | 44 | ||||||||||||||||||||||
Consumer Packaging | 54 | 59 | ||||||||||||||||||||||
Total depreciation and amortization | $ | 129 | $ | 120 | $ | 206 | $ | 212 | $ | 417 | $ | 427 |
December 30, 2017 | September 30, 2017 | |||||||
Total assets: | ||||||||
Engineered Materials | $ | 1,753 | $ | 1,803 | ||||
Health, Hygiene & Specialties | 3,475 | 3,496 | ||||||
Consumer Packaging | 3,192 | 3,177 | ||||||
Total assets | $ | 8,420 | $ | 8,476 |
Quarterly Period Ended | ||||||||
December 30, 2017 | December 31, 2016 | |||||||
Net sales: | ||||||||
North America | $ | 1,466 | $ | 1,204 | ||||
South America | 74 | 80 | ||||||
Europe | 170 | 149 | ||||||
Asia | 66 | 69 | ||||||
Total net sales | $ | 1,776 | $ | 1,502 | ||||
December 30, 2017 | September 30, 2017 | |||||||
Long-lived assets: | ||||||||
North America | $ | 5,313 | $ | 5,350 | ||||
South America | 358 | 371 | ||||||
Europe | 470 | 467 | ||||||
Asia | 298 | 284 | ||||||
Total long-lived assets: | $ | 6,439 | $ | 6,472 |
Quarterly Period Ended | Two Quarterly Periods Ended | |||||||||||||||
April 2, 2022 | April 3, 2021 | April 2, 2022 | April 3, 2021 | |||||||||||||
Net sales: | ||||||||||||||||
United States and Canada | $ | 1,996 | $ | 1,728 | $ | 3,948 | $ | 3,405 | ||||||||
Europe | 1,399 | 1,257 | 2,616 | 2,350 | ||||||||||||
Rest of world | 380 | 385 | 784 | 751 | ||||||||||||
Total net sales | $ | 3,775 | $ | 3,370 | $ | 7,348 | $ | 6,506 |
Quarterly Period Ended | ||||||||
December 30, 2017 | December 31, 2016 | |||||||
Net sales: | ||||||||
Performance Materials | 45 | 73 | ||||||
Engineered Products | 55 | 27 | ||||||
Engineered Materials | 100 | % | 100 | % | ||||
Health | 19 | 20 | ||||||
Hygiene | 44 | 46 | ||||||
Specialties | 37 | 34 | ||||||
Health, Hygiene & Specialties | 100 | % | 100 | % | ||||
Rigid Open Top | 43 | 42 | ||||||
Rigid Closed Top | 57 | 58 | ||||||
Consumer Packaging | 100 | % | 100 | % |
Engineered Materials | Health, Hygiene & Specialties | Consumer Packaging | Total | |||||||||||||
Balance as of September 30, 2017 | $ | 545 | $ | 819 | $ | 1,411 | $ | 2,775 | ||||||||
Acquisitions, net | 4 | — | — | 4 | ||||||||||||
Foreign currency translation adjustment | — | (2 | ) | — | (2 | ) | ||||||||||
Balance as of December 30, 2017 | $ | 549 | $ | 817 | $ | 1,411 | $ | 2,777 |
Quarterly Period Ended | Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||||||||||||||||
(in millions, except per share amounts) | December 30, 2017 | December 31, 2016 | April 2, 2022 | April 3, 2021 | April 2, 2022 | April 3, 2021 | ||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Consolidated net income | $ | 163 | $ | 51 | $ | 205 | $ | 181 | $ | 326 | $ | 311 | ||||||||||||
Denominator | ||||||||||||||||||||||||
Weighted average common shares outstanding - basic | 131.0 | 122.0 | 133.8 | 134.3 | 134.6 | 133.9 | ||||||||||||||||||
Dilutive shares | 5.0 | 5.8 | 3.1 | 2.5 | 3.4 | 2.7 | ||||||||||||||||||
Weighted average common and common equivalent shares outstanding - diluted | 136.0 | 127.8 | 136.9 | 136.8 | 138.0 | 136.6 | ||||||||||||||||||
Per common share income | ||||||||||||||||||||||||
Per common share earnings | ||||||||||||||||||||||||
Basic | $ | 1.24 | $ | 0.42 | $ | 1.53 | $ | 1.35 | $ | 2.42 | $ | 2.32 | ||||||||||||
Diluted | $ | 1.20 | $ | 0.40 | $ | 1.50 | $ | 1.32 | $ | 2.36 | $ | 2.28 |
Currency Translation | Defined Benefit Pension and Retiree Health Benefit Plans | Interest Rate Swaps | Accumulated Other Comprehensive Loss | |||||||||||||
Balance at September 30, 2017 | $ | (48 | ) | $ | (16 | ) | $ | (4 | ) | $ | (68 | ) | ||||
Other comprehensive income (loss) before reclassifications | (24 | ) | (1 | ) | 14 | (11 | ) | |||||||||
Net amount reclassified from accumulated other comprehensive income (loss) | — | — | 3 | 3 | ||||||||||||
Provision for income taxes | — | — | (4 | ) | (4 | ) | ||||||||||
Balance at December 30, 2017 | $ | (72 | ) | $ | (17 | ) | $ | 9 | $ | (80 | ) |
Quarterly Period Ended | Currency Translation | Defined Benefit Pension and Retiree Health Benefit Plans | Derivative Instruments | Accumulated Other Comprehensive Loss | ||||||||||||
Balance at January 1, 2022 | $ | (176 | ) | $ | (67 | ) | $ | (46 | ) | $ | (289 | ) | ||||
Other comprehensive income before reclassifications | 37 | 0 | 69 | 106 | ||||||||||||
Net amount reclassified | 0 | 0 | 2 | 2 | ||||||||||||
Balance at April 2, 2022 | $ | (139 | ) | $ | (67 | ) | $ | 25 | $ | (181 | ) |
Currency Translation | Defined Benefit Pension and Retiree Health Benefit Plans | Interest Rate Swaps | Accumulated Other Comprehensive Loss | |||||||||||||
Balance at October 1, 2016 | $ | (82 | ) | $ | (44 | ) | $ | (22 | ) | $ | (148 | ) | ||||
Other comprehensive income (loss) before reclassifications | (45 | ) | — | 12 | (33 | ) | ||||||||||
Net amount reclassified from accumulated other comprehensive income (loss) | — | — | 5 | 5 | ||||||||||||
Provision for income taxes | — | — | (6 | ) | (6 | ) | ||||||||||
Balance at December 31, 2016 | $ | (127 | ) | $ | (44 | ) | $ | (11 | ) | $ | (182 | ) |
Currency Translation | Defined Benefit Pension and Retiree Health Benefit Plans | Derivative Instruments | Accumulated Other Comprehensive Loss | |||||||||||||
Balance at January 2, 2021 | $ | (100 | ) | $ | (116 | ) | $ | (140 | ) | $ | (356 | ) | ||||
Other comprehensive income (loss) before reclassifications | (73 | ) | 0 | 52 | (21 | ) | ||||||||||
Net amount reclassified | 0 | 0 | 2 | 2 | ||||||||||||
Balance at April 3, 2021 | $ | (173 | ) | $ | (116 | ) | $ | (86 | ) | $ | (375 | ) |
Two Quarterly Periods Ended | Currency Translation | Defined Benefit Pension and Retiree Health Benefit Plans | Derivative Instruments | Accumulated Other Comprehensive Loss | ||||||||||||
Balance at October 2, 2021 | $ | (154 | ) | $ | (67 | ) | $ | (75 | ) | $ | (296 | ) | ||||
Other comprehensive income before reclassifications | 15 | 0 | 95 | 110 | ||||||||||||
Net amount reclassified | 0 | 0 | 5 | 5 | ||||||||||||
Balance at April 2, 2022 | $ | (139 | ) | $ | (67 | ) | $ | 25 | $ | (181 | ) |
Currency Translation | Defined Benefit Pension and Retiree Health Benefit Plans | Derivative Instruments | Accumulated Other Comprehensive Loss | |||||||||||||
Balance at September 26, 2020 | $ | (278 | ) | $ | (116 | ) | $ | (157 | ) | $ | (551 | ) | ||||
Other comprehensive income before reclassifications | 105 | 0 | 67 | 172 | ||||||||||||
Net amount reclassified | 0 | 0 | 4 | 4 | ||||||||||||
Balance at April 3, 2021 | $ | (173 | ) | $ | (116 | ) | $ | (86 | ) | $ | (375 | ) |
December 30, 2017 | ||||||||||||||||||||||||
Parent | Issuer | Guarantor Subsidiaries | Non— Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Current assets | — | 126 | 1,127 | 728 | — | 1,981 | ||||||||||||||||||
Intercompany receivable | 334 | 2,286 | — | — | (2,620 | ) | — | |||||||||||||||||
Property, plant, and equipment, net | — | 73 | 1,564 | 726 | — | 2,363 | ||||||||||||||||||
Other assets | 1,152 | 5,401 | 4,555 | 528 | (7,560 | ) | 4,076 | |||||||||||||||||
Total assets | $ | 1,486 | $ | 7,886 | $ | 7,246 | $ | 1,982 | $ | (10,180 | ) | $ | 8,420 | |||||||||||
Current liabilities | 24 | 279 | 560 | 291 | — | 1,154 | ||||||||||||||||||
Intercompany payable | — | — | 2,571 | 49 | (2,620 | ) | — | |||||||||||||||||
Other long-term liabilities | 288 | 5,649 | 90 | 65 | — | 6,092 | ||||||||||||||||||
Stockholders' equity | 1,174 | 1,958 | 4,025 | 1,577 | (7,560 | ) | 1,174 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,486 | $ | 7,886 | $ | 7,246 | $ | 1,982 | $ | (10,180 | ) | $ | 8,420 |
September 30, 2017 | ||||||||||||||||||||||||
Parent | Issuer | Guarantor Subsidiaries | Non— Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Current assets | — | 116 | 1,113 | 775 | — | 2,004 | ||||||||||||||||||
Intercompany receivable | 512 | 2,217 | — | — | (2,729 | ) | — | |||||||||||||||||
Property, plant and equipment, net | — | 80 | 1,564 | 722 | — | 2,366 | ||||||||||||||||||
Other assets | 992 | 5,335 | 4,583 | 533 | (7,337 | ) | 4,106 | |||||||||||||||||
Total assets | $ | 1,504 | $ | 7,748 | $ | 7,260 | $ | 2,030 | $ | (10,066 | ) | $ | 8,476 | |||||||||||
Current liabilities | 36 | 243 | 537 | 318 | — | 1,134 | ||||||||||||||||||
Intercompany payable | — | — | 2,667 | 62 | (2,729 | ) | — | |||||||||||||||||
Other long-term liabilities | 453 | 5,707 | 99 | 68 | — | 6,327 | ||||||||||||||||||
Stockholders' equity | 1,015 | 1,798 | 3,957 | 1,582 | (7,337 | ) | 1,015 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,504 | $ | 7,748 | $ | 7,260 | $ | 2,030 | $ | (10,066 | ) | $ | 8,476 |
Quarterly Period Ended December 30, 2017 | ||||||||||||||||||||||||
Parent | Issuer | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | — | $ | 138 | $ | 1,225 | $ | 413 | $ | — | $ | 1,776 | ||||||||||||
Cost of goods sold | — | 106 | 989 | 352 | — | 1,447 | ||||||||||||||||||
Selling, general and administrative | — | 12 | 80 | 25 | — | 117 | ||||||||||||||||||
Amortization of intangibles | — | — | 31 | 7 | — | 38 | ||||||||||||||||||
Restructuring and impairment charges | — | — | 7 | 4 | — | 11 | ||||||||||||||||||
Operating income | — | 20 | 118 | 25 | — | 163 | ||||||||||||||||||
Other expense (income), net | — | 5 | 7 | (3 | ) | — | 9 | |||||||||||||||||
Interest expense, net | — | 5 | 43 | 14 | — | 62 | ||||||||||||||||||
Equity in net income of subsidiaries | (92 | ) | (72 | ) | — | — | 164 | — | ||||||||||||||||
Income before income taxes | 92 | 82 | 68 | 14 | (164 | ) | 92 | |||||||||||||||||
Income tax expense | (71 | ) | (81 | ) | — | 10 | 71 | (71 | ) | |||||||||||||||
Consolidated net income | $ | 163 | $ | 163 | $ | 68 | $ | 4 | $ | (235 | ) | $ | 163 | |||||||||||
Comprehensive net income | $ | 163 | $ | 160 | $ | 68 | $ | (5 | ) | $ | (235 | ) | $ | 151 | ||||||||||
Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Cash Flow from Operating Activities | $ | — | $ | 35 | $ | 139 | $ | (21 | ) | $ | — | $ | 153 | |||||||||||
Cash Flow from Investing Activities | ||||||||||||||||||||||||
Additions to property, plant, and equipment | — | (3 | ) | (61 | ) | (30 | ) | — | (94 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | — | 3 | — | 3 | ||||||||||||||||||
(Contributions) distributions to/from subsidiaries | (4 | ) | 4 | — | — | — | — | |||||||||||||||||
Intercompany advances (repayments) | — | 69 | — | — | (69 | ) | — | |||||||||||||||||
Net cash from investing activities | (4 | ) | 70 | (61 | ) | (27 | ) | (69 | ) | (91 | ) | |||||||||||||
Cash Flow from Financing Activities | ||||||||||||||||||||||||
Repayments on long-term borrowings | — | (106 | ) | (2 | ) | — | — | (108 | ) | |||||||||||||||
Proceeds from issuance of common stock | 4 | — | — | — | — | 4 | ||||||||||||||||||
Payment of tax receivable agreement | (37 | ) | — | — | — | — | (37 | ) | ||||||||||||||||
Changes in intercompany balances | 37 | — | (86 | ) | (20 | ) | 69 | — | ||||||||||||||||
Net cash from financing activities | 4 | (106 | ) | (88 | ) | (20 | ) | 69 | (141 | ) | ||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net change in cash | — | (1 | ) | (10 | ) | (67 | ) | — | (78 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 18 | 12 | 276 | — | 306 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 17 | $ | 2 | $ | 209 | $ | — | $ | 228 |
Quarterly Period Ended December 31, 2016 | ||||||||||||||||||||||||
Parent | Issuer | Guarantor Subsidiaries | Non— Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | — | $ | 143 | $ | 979 | $ | 380 | $ | — | $ | 1,502 | ||||||||||||
Cost of goods sold | — | 116 | 789 | 301 | — | 1,206 | ||||||||||||||||||
Selling, general and administrative | — | 42 | 75 | (4 | ) | — | 113 | |||||||||||||||||
Amortization of intangibles | — | 2 | 25 | 6 | — | 33 | ||||||||||||||||||
Restructuring and impairment charges | — | — | 4 | — | — | 4 | ||||||||||||||||||
Operating income (loss) | — | (17 | ) | 86 | 77 | — | 146 | |||||||||||||||||
Other income, net | — | 4 | — | (5 | ) | — | (1 | ) | ||||||||||||||||
Interest expense, net | — | 6 | 45 | 17 | — | 68 | ||||||||||||||||||
Equity in net income of subsidiaries | (79 | ) | (92 | ) | — | — | 171 | — | ||||||||||||||||
Income before income taxes | 79 | 65 | 41 | 65 | (171 | ) | 79 | |||||||||||||||||
Income tax expense | 28 | 14 | — | 14 | (28 | ) | 28 | |||||||||||||||||
Consolidated net income | $ | 51 | $ | 51 | $ | 41 | $ | 51 | $ | (143 | ) | $ | 51 | |||||||||||
Comprehensive net income | $ | 51 | $ | 62 | $ | 41 | $ | 6 | $ | (143 | ) | $ | 17 |
Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Cash Flow from Operating Activities | $ | — | $ | (19 | ) | $ | 120 | $ | 42 | $ | — | $ | 143 | |||||||||||
Cash Flow from Investing Activities | ||||||||||||||||||||||||
Additions to property, plant, and equipment | — | (2 | ) | (50 | ) | (13 | ) | — | (65 | ) | ||||||||||||||
Proceeds from sale of assets | — | 1 | 1 | — | — | 2 | ||||||||||||||||||
(Contributions) distributions to/from subsidiaries | (5 | ) | 5 | — | — | — | — | |||||||||||||||||
Intercompany advances (repayments) | — | 39 | — | — | (39 | ) | — | |||||||||||||||||
Other investing activities, net | — | (1 | ) | — | — | — | (1 | ) | ||||||||||||||||
Net cash from investing activities | (5 | ) | 42 | (49 | ) | (13 | ) | (39 | ) | (64 | ) | |||||||||||||
Cash Flow from Financing Activities | ||||||||||||||||||||||||
Repayments on long-term borrowings | — | (9 | ) | (1 | ) | — | — | (10 | ) | |||||||||||||||
Proceeds from issuance of common stock | 5 | — | — | — | — | 5 | ||||||||||||||||||
Payment of tax receivable agreement | (60 | ) | — | — | — | — | (60 | ) | ||||||||||||||||
Changes in intercompany balances | 60 | — | (67 | ) | (32 | ) | 39 | — | ||||||||||||||||
Net cash from financing activities | 5 | (9 | ) | (68 | ) | (32 | ) | 39 | (65 | ) | ||||||||||||||
Effect of exchange rate changes on cash | — | — | — | (6 | ) | — | (6 | ) | ||||||||||||||||
Net change in cash | — | 14 | 3 | (9 | ) | — | 8 | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 102 | 5 | 216 | — | 323 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 116 | $ | 8 | $ | 207 | $ | — | $ | 331 |
Polyethylene Butene Film | Polypropylene | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | |||||||||||||||||||
1st quarter | $ | .87 | $ | .75 | $ | .69 | $ | .84 | $ | .69 | $ | .70 | ||||||||||||
2nd quarter | — | .77 | .66 | — | .80 | .75 | ||||||||||||||||||
3rd quarter | — | .79 | .73 | — | .74 | .71 | ||||||||||||||||||
4th quarter | — | .81 | .75 | — | .75 | .71 |
Consolidated Overview | ||||||||||||||||||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | Quarter | Prior Quarter | $ Change | % Change | |||||||||||||||||||||||||
Net sales | $ | 1,776 | $ | 1,502 | $ | 274 | 18 | % | $ | 3,775 | $ | 3,370 | $ | 405 | 12 | % | ||||||||||||||||
Cost of goods sold | 3,154 | 2,706 | 448 | 17 | % | |||||||||||||||||||||||||||
Other operating expenses | 280 | 331 | (51 | ) | (15 | )% | ||||||||||||||||||||||||||
Operating income | $ | 163 | $ | 146 | $ | 17 | 12 | % | $ | 341 | $ | 333 | $ | 8 | 2 | % | ||||||||||||||||
Operating income percentage of net sales | 9 | % | 10 | % |
Engineered Materials | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Net sales | $ | 648 | $ | 383 | $ | 265 | 69 | % | ||||||||
Operating income | $ | 88 | $ | 53 | $ | 35 | 66 | % | ||||||||
Percentage of net sales | 14 | % | 14 | % |
Consumer Packaging International | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Net sales | $ | 1,139 | $ | 1,060 | $ | 79 | 7 | % | ||||||||
Operating income | $ | 97 | $ | 59 | $ | 38 | 64 | % |
Consumer Packaging North America | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Net sales | $ | 880 | $ | 731 | $ | 149 | 20 | % | ||||||||
Operating income | $ | 85 | $ | 77 | $ | 8 | 10 | % |
Health, Hygiene & Specialties | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Net sales | $ | 577 | $ | 570 | $ | 7 | 1 | % | ||||||||
Operating income | $ | 37 | $ | 59 | $ | (22 | ) | (37 | %) | |||||||
Percentage of net sales | 6 | % | 10 | % |
Health, Hygiene & Specialties | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Net sales | $ | 822 | $ | 781 | $ | 41 | 5 | % | ||||||||
Operating income | $ | 69 | $ | 114 | $ | (45 | ) | (39 | )% |
Engineered Materials | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Net sales | $ | 934 | $ | 798 | $ | 136 | 17 | % | ||||||||
Operating income | $ | 90 | $ | 83 | $ | 7 | 8 | % |
Other expense, net | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Other expense, net | $ | 6 | $ | 6 | $ | — | — |
Consumer Packaging | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Net sales | $ | 551 | $ | 549 | $ | 2 | 0 | % | ||||||||
Operating income | $ | 38 | $ | 34 | $ | 4 | 12 | % | ||||||||
Percentage of net sales | 7 | % | 6 | % |
Other expense (income), net | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Other expense (income), net | $ | 9 | $ | (1 | ) | $ | 10 | 1,000 | % |
Interest expense, net | ||||||||||||||||||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | Quarter | Prior Quarter | $ Change | % Change | |||||||||||||||||||||||||
Interest expense, net | $ | 62 | $ | 68 | $ | (6 | ) | (9 | %) | $ | 71 | $ | 84 | $ | (13 | ) | (15 | )% |
Income tax expense (benefit) | ||||||||||||||||
Quarter | Prior Quarter | $ Change | % Change | |||||||||||||
Income tax expense (benefit) | $ | (71 | ) | $ | 28 | $ | (99 | ) | (354 | %) |
Consolidated Overview | ||||||||||||||||
YTD | Prior YTD | $ Change | % Change | |||||||||||||
Net sales | $ | 7,348 | $ | 6,506 | $ | 842 | 13 | % | ||||||||
Cost of goods sold | 6,192 | 5,224 | 968 | 19 | % | |||||||||||
Other operating expenses | 586 | 645 | (59 | ) | (9 | )% | ||||||||||
Operating income | $ | 570 | $ | 637 | $ | (67 | ) | (11 | )% |
Consumer Packaging International | ||||||||||||||||
YTD | Prior YTD | $ Change | % Change | |||||||||||||
Net sales | $ | 2,195 | $ | 2,048 | $ | 147 | 7 | % | ||||||||
Operating income | $ | 166 | $ | 135 | $ | 31 | 23 | % |
Consumer Packaging North America | ||||||||||||||||
YTD | Prior YTD | $ Change | % Change | |||||||||||||
Net sales | $ | 1,732 | $ | 1,417 | $ | 315 | 22 | % | ||||||||
Operating income | $ | 131 | $ | 136 | $ | (5 | ) | (4 | )% |
Health, Hygiene & Specialties | ||||||||||||||||
YTD | Prior YTD | $ Change | % Change | |||||||||||||
Net sales | $ | 1,640 | $ | 1,521 | $ | 119 | 8 | % | ||||||||
Operating income | $ | 131 | $ | 210 | $ | (79 | ) | (38 | )% |
Engineered Materials | ||||||||||||||||
YTD | Prior YTD | $ Change | % Change | |||||||||||||
Net sales | $ | 1,781 | $ | 1,520 | $ | 261 | 17 | % | ||||||||
Operating income | $ | 142 | $ | 156 | $ | (14 | ) | (9 | )% |
Other expense | ||||||||||||||||
YTD | Prior YTD | $ Change | % Change | |||||||||||||
Other expense | $ | 6 | $ | 31 | $ | (25 | ) | (81 | )% |
Interest expense | ||||||||||||||||
YTD | Prior YTD | $ Change | % Change | |||||||||||||
Interest expense | $ | 142 | $ | 181 | $ | (39 | ) | (22 | )% |
Quarterly Period Ended | ||||||||||||||||
December 30, 2017 | December 31, 2016 | April 2, 2022 | Fiscal 2022 Outlook | |||||||||||||
Cash flow from operating activities | $ | 153 | $ | 143 | $ | (14 | ) | $ | 1,650-1,750 | |||||||
Additions to property, plant and equipment, net | (91 | ) | (63 | ) | (367 | ) | (750 | ) | ||||||||
Payments of tax receivable agreement | (37 | ) | (60 | ) | ||||||||||||
Adjusted free cash flow | $ | 25 | $ | 20 | ||||||||||||
Free cash flow | $ | (381 | ) | $ | 900-1,000 |
Two Quarterly Periods Ended | ||||
April 2, 2022 | ||||
Net sales | $ | 3,813 | ||
Gross profit | 599 | |||
Earnings from continuing operations | 175 | |||
Net income | $ | 175 |
April 2, 2022 | October 2, 2021 | |||||||
Assets | ||||||||
Current assets | $ | 2,033 | $ | 2,293 | ||||
Noncurrent assets | 6,044 | 5,979 | ||||||
Liabilities | ||||||||
Current liabilities | $ | 1,094 | $ | 1,533 | ||||
Intercompany payable | 634 | 629 | ||||||
Noncurrent liabilities | 11,097 | 11,083 |
Fiscal Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Dollar Value of Shares that May Yet be Purchased Under the Program (in millions) (a) | ||||||||||||
January | 164,100 | $ | 61.75 | 164,100 | $ | 990 | ||||||||||
February | 2,405,334 | 61.16 | 2,405,334 | 843 | ||||||||||||
March | 2,459,076 | 58.05 | 2,459,076 | 700 | ||||||||||||
Total | 5,028,510 | $ | 59.66 | 5,028,510 | $ | 700 |
(a) | All open market purchases during the quarter were made under the fiscal 2022 authorization from our board of directors to purchase up to $1 billion of shares of common stock. (See Note 12.) |
Description of Exhibit | ||
22.1* | ||
Subsidiary Guarantors | ||
31.1* | ||
31.2* | Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer. | |
32.1** | Section 1350 Certification of the Chief Executive Officer. | |
32.2** | Section 1350 Certification of the Chief Financial Officer. | |
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data | ||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed |
** | Furnished herewith |
Berry Global Group, Inc. | |||
By: | /s/ Mark W. Miles | ||
Mark W. Miles | |||
Chief Financial Officer |