Document and Entity Information
Document and Entity Information - shares shares in Millions | 6 Months Ended | |
Apr. 03, 2021 | May 04, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | BERRY GLOBAL GROUP, INC. | |
Entity Central Index Key | 0001378992 | |
Current Fiscal Year End Date | --10-02 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 3, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 001-35672 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 101 Oakley Street | |
Entity Address, City or Town | Evansville | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47710 | |
City Area Code | 812 | |
Local Phone Number | 424-2904 | |
Entity Tax Identification Number | 20-5234618 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | BERY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 134.9 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | |
Consolidated Statements of Income [Abstract] | ||||
Net sales | $ 3,370 | $ 2,975 | $ 6,506 | $ 5,791 |
Costs and expenses: | ||||
Cost of goods sold | 2,706 | 2,391 | 5,224 | 4,687 |
Selling, general and administrative | 220 | 204 | 461 | 433 |
Amortization of intangibles | 73 | 77 | 147 | 152 |
Restructuring and transaction activities | 38 | 19 | 37 | 36 |
Operating income | 333 | 284 | 637 | 483 |
Other expense, net | 6 | 0 | 31 | 13 |
Interest expense, net | 84 | 111 | 181 | 229 |
Income before income taxes | 243 | 173 | 425 | 241 |
Income tax expense | 62 | 47 | 114 | 68 |
Net income | $ 181 | $ 126 | $ 311 | $ 173 |
Net income per share: | ||||
Basic (in dollars per share) | $ 1.35 | $ 0.95 | $ 2.32 | $ 1.31 |
Diluted (in dollars per share) | $ 1.32 | $ 0.94 | $ 2.28 | $ 1.29 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 181 | $ 126 | $ 311 | $ 173 |
Other comprehensive income (loss), net of tax: | ||||
Currency translation | (73) | (157) | 105 | (65) |
Pension | 0 | (1) | 0 | (1) |
Derivative instruments | 54 | (109) | 71 | (96) |
Other comprehensive income (loss) | (19) | (267) | 176 | (162) |
Comprehensive income (loss) | $ 162 | $ (141) | $ 487 | $ 11 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Apr. 03, 2021 | Sep. 26, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 843 | $ 750 |
Accounts receivable, net | 1,682 | 1,469 |
Finished goods | 878 | 708 |
Raw materials and supplies | 682 | 560 |
Prepaid expenses and other current assets | 180 | 168 |
Assets held for sale | 50 | 162 |
Total current assets | 4,315 | 3,817 |
Noncurrent assets: | ||
Property, plant and equipment | 4,675 | 4,561 |
Goodwill and intangible assets | 7,626 | 7,670 |
Right-of-use assets | 566 | 562 |
Other assets | 81 | 91 |
Total assets | 17,263 | 16,701 |
Current liabilities: | ||
Accounts payable | 1,412 | 1,115 |
Accrued employee costs | 321 | 324 |
Other current liabilities | 677 | 644 |
Current portion of long-term debt | 60 | 75 |
Liabilities held for sale | 28 | 25 |
Total current liabilities | 2,498 | 2,183 |
Noncurrent liabilities: | ||
Long-term debt, less current portion | 9,822 | 10,162 |
Deferred income taxes | 575 | 601 |
Employee benefit obligations | 363 | 368 |
Operating lease liabilities | 467 | 464 |
Other long-term liabilities | 892 | 831 |
Total liabilities | 14,617 | 14,609 |
Stockholders' equity: | ||
Common stock (134.8 and 133.6 million shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 1,101 | 1,034 |
Retained earnings | 1,919 | 1,608 |
Accumulated other comprehensive loss | (375) | (551) |
Total stockholders' equity | 2,646 | 2,092 |
Total liabilities and stockholders' equity | $ 17,263 | $ 16,701 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares shares in Millions | Apr. 03, 2021 | Sep. 26, 2020 |
Stockholders' equity: | ||
Common stock, shares issued (in shares) | 134.8 | 133.6 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total | Adjustment for Adoption of New Accounting Standard [Member]Common Stock [Member] | Adjustment for Adoption of New Accounting Standard [Member]Additional Paid-in Capital [Member] | Adjustment for Adoption of New Accounting Standard [Member]Accumulated Other Comprehensive Loss [Member] | Adjustment for Adoption of New Accounting Standard [Member]Retained Earnings [Member] | Adjustment for Adoption of New Accounting Standard [Member] |
Balance at Sep. 28, 2019 | $ 1 | $ 949 | $ (386) | $ 1,054 | $ 1,618 | |||||
Balance (ASU 2016-02 Related to Leases [Member]) at Sep. 28, 2019 | $ 0 | $ 0 | $ 0 | $ (5) | $ (5) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 0 | 0 | 0 | 173 | 173 | |||||
Other comprehensive income (loss) | 0 | 0 | (162) | 0 | (162) | |||||
Share-based compensation | 0 | 24 | 0 | 0 | 24 | |||||
Proceeds from issuance of common stock | 0 | 3 | 0 | 0 | 3 | |||||
Balance at Mar. 28, 2020 | 1 | 976 | (548) | 1,222 | 1,651 | |||||
Balance at Dec. 28, 2019 | 1 | 970 | (281) | 1,096 | 1,786 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 0 | 0 | 0 | 126 | 126 | |||||
Other comprehensive income (loss) | 0 | 0 | (267) | 0 | (267) | |||||
Share-based compensation | 0 | 5 | 0 | 0 | 5 | |||||
Proceeds from issuance of common stock | 0 | 1 | 0 | 0 | 1 | |||||
Balance at Mar. 28, 2020 | 1 | 976 | (548) | 1,222 | 1,651 | |||||
Balance at Sep. 26, 2020 | 1 | 1,034 | (551) | 1,608 | 2,092 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 0 | 0 | 0 | 311 | 311 | |||||
Other comprehensive income (loss) | 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 Apr. 03, 2021 | 1 | 1,101 | (375) | 1,919 | 2,646 | |||||
Balance at Jan. 02, 2021 | 1 | 1,062 | (356) | 1,738 | 2,445 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 0 | 0 | 0 | 181 | 181 | |||||
Other comprehensive income (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 Apr. 03, 2021 | $ 1 | $ 1,101 | $ (375) | $ 1,919 | $ 2,646 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Cash Flows from Operating Activities: | ||
Net income | $ 311 | $ 173 |
Adjustments to reconcile net cash provided by operating activities: | ||
Depreciation | 280 | 277 |
Amortization of intangibles | 147 | 152 |
Non-cash interest | 16 | 9 |
Deferred income tax | (28) | 12 |
Share-based compensation expense | 28 | 24 |
Other non-cash operating activities, net | 51 | 33 |
Changes in working capital | (156) | (114) |
Changes in other assets and liabilities | (11) | (33) |
Net cash from operating activities | 638 | 533 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment, net | (364) | (263) |
Divestiture of business | 143 | 0 |
Settlement of net investment hedges | 0 | 246 |
Other | 0 | (10) |
Net cash from investing activities | (221) | (27) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 2,316 | 1,202 |
Repayments on long-term borrowings | (2,683) | (1,484) |
Proceeds from issuance of common stock | 39 | 3 |
Debt financing costs | (16) | (17) |
Net cash from financing activities | (344) | (296) |
Effect of exchange rate changes on cash | 20 | (7) |
Net change in cash | 93 | 203 |
Cash and cash equivalents at beginning of period | 750 | 750 |
Cash and cash equivalents at end of period | $ 843 | $ 953 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Apr. 03, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Berry Global Group, Inc. (“the Company,” “we,” or “Berry”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. The extra week in fiscal 2021 occurred in the first quarter. In October 2020, the Company reorganized portions of its operating segments in order to better align our various businesses for future growth. The Company has recast all prior period amounts to conform to this new reporting structure. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included, and all subsequent events up to the time of the filing have been evaluated. For further information, refer to the Company’s most recent Form 10-K filed with the Securities and Exchange Commission. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Apr. 03, 2021 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) and issued subsequent amendments to the initial guidance. The new standard requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model, which includes historical experience, current conditions, and reasonable and supportable forecasts. The new standard also requires enhanced disclosure. The Company adopted the new standard beginning fiscal 2021 with no material impact to the Company’s consolidated financial statements. See Note 3. Revenue and Accounts Receivable. Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans. The new standard removes requirements to disclose the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the effects of a one-percentage-point changes in assumed health care cost trend rates. The standard also adds requirements to disclose the reasons for significant gains and losses related to changes in the benefit obligations for the period and the accumulated benefit obligation (“ABO”) for plans with ABOs in excess of plan assets. The new standard will be effective for the Company beginning fiscal 2022. The Company is currently evaluating the impact of the adoption of this standard to our disclosures. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740). The new guidance eliminates certain exceptions 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. It also clarifies and simplifies other aspects of the accounting for income taxes. The new standard will be effective for the Company beginning fiscal 2022. The Company is currently evaluating the impact of the adoption of this standard to the Company’s consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This standard provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. ASU 2020-04 is effective upon issuance and generally can be applied through the end of calendar year 2022. The Company is currently evaluating the impact and whether it plans to adopt the optional expedients and exceptions provided under this new standard. |
Revenue and Accounts Receivable
Revenue and Accounts Receivable | 6 Months Ended |
Apr. 03, 2021 | |
Revenue and Accounts Receivable [Abstract] | |
Revenue | 3. Revenue and Accounts Receivable Our revenues are primarily derived from the sale of plastic packaging products to customers. Revenue is recognized when performance obligations are satisfied, in an amount reflecting the consideration to which the Company expects to be entitled. We consider the promise to transfer products to be our sole performance obligation. If the consideration agreed to in a contract includes a variable amount, we estimate the amount of c onsideration we expect to be entitled to in exchange for transferring the promised goods to the customer using the most likely amount method. Our main source of variable consideration is customer rebates. There are no material instances where variable consideration is constrained and not recorded at the initial time of sale. Generally, our revenue is recognized at a point in time for standard promised goods at the time of shipment, when title and risk of loss pass to the customer. The |
Accounts Receivable | Accounts receivable, net are presented net of allowance for credit losses of $21 million and $25 million at April 3, 2021 and September 26, 2020, respectively. The Company records its current expected credit losses based on a variety of factors including historical loss experience, current conditions including the COVID-19 pandemic, and customer financial condition. The changes to our current expected credit losses, write-off activity, and recoveries were not material for any of the periods presented. The Company has entered into various qualifying factoring agreements to sell certain receivables to third-party financial institutions. The transfer of receivables is accounted for as a sale, without recourse. Net sales available under qualifying U.S. based programs were $257 million and $236 million for the quarterly periods ended April 3, 2021 and March 28, 2020, respectively. Net sales available under qualifying U.S. based programs were $ million and $ million for the ended and , respectively. |
Dispositions
Dispositions | 6 Months Ended |
Apr. 03, 2021 | |
Dispositions [Abstract] | |
Dispositions | 4. Dispositions During fiscal 2021, the Company completed the sale of its U.S. Flexible Packaging Converting business which was primarily operated in the Engineered Materials segment for net proceeds of $140 million and is divesting a non-core Czech Republic Reaction Injection Molding business which is operated in the Consumer Packaging International segment for an estimated sales price of approximately $22 million. A net pretax loss on the divestitures of $22 million was recorded in fiscal 2021 within Restructuring and transaction activities on the Consolidated Statements of Income. The U.S. Flexible Packaging Converting business and the Czech Republic Reaction Injection Molding business recorded net sales during fiscal 2020 of $203 million and $41 million, respectively. For the period ended April 3, 2021, the Company has classified assets of $50 million and liabilities of $28 million as held for sale. |
Restructuring and Transaction A
Restructuring and Transaction Activities | 6 Months Ended |
Apr. 03, 2021 | |
Restructuring and Transaction Activities [Abstract] | |
Restructuring and Transaction Activities | 5. Restructuring and Transaction Activities The table below includes the significant components of restructuring and transaction activities, by reporting segment: Quarterly Period Ended Two Quarterly Periods Ended April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Consumer Packaging International $ 38 $ 14 $ 41 $ 24 Consumer Packaging North America — 3 1 4 Health, Hygiene & Specialties — 1 — 4 Engineered Materials — 1 (5 ) 4 Consolidated $ 38 $ 19 $ 37 $ 36 The table below sets forth the activity with respect to the restructuring and transaction activities accrual at April 3, 2021: Restructuring Employee Severance and Benefits Facility Exit Costs Non-cash Impairment Charges Transaction Activities Total Balance as of September 26, 2020 $ 10 $ 7 $ — $ — $ 17 Charges 4 2 2 29 37 Non-cash items — — (2 ) (29 ) (31 ) Cash (9 ) (3 ) — — (12 ) Balance as of April 3, 2021 $ 5 $ 6 $ — $ — $ 11 |
Leases
Leases | 6 Months Ended |
Apr. 03, 2021 | |
Leases [Abstract] | |
Leases | 6. Leases The Company leases certain manufacturing facilities, warehouses, office space, manufacturing equipment, office equipment, and automobiles. We recognize right-of-use assets and lease liabilities for leases with original lease terms greater than one year based on the present value of lease payments over the lease term using our incremental borrowing rate on a collateralized basis. Short-term leases, with original lease terms of less than one year, are not recognized on the balance sheet. We are party to certain leases, namely for manufacturing facilities, which offer renewal options to extend the original lease term. Renewal options are included in the right-of-use asset and lease liability based on our assessment of the probability that the options will be exercised. Supplemental lease information is as follows: Leases Classification April 3, 2021 September 26, 2020 Operating leases: Operating lease right-of-use assets Right-of-use assets $ 566 $ 562 Current operating lease liabilities Other current liabilities 116 115 Noncurrent operating lease liabilities Operating lease liability 467 464 Finance leases: Finance lease right-of-use assets Property, plant, and equipment, net $ 64 $ 78 Current finance lease liability Current portion of long-term debt 13 17 Noncurrent finance lease liabilities Long-term debt, less current portion 49 59 Cash paid for amounts included in lease liabilities Two Quarterly Periods Ended April 3, 2021 Two Quarterly Periods Ended March 28, 2020 Operating cash flows from operating leases $ 57 $ 57 Operating cash flows from finance leases 1 1 Financing cash flows from finance leases 16 17 Right-of-use assets obtained in exchange for new operating lease liabilities were $23 million and $34 million for the quarterly and two quarterly periods ended April 3, 2021, respectively. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Apr. 03, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt consists of the following: Facility Maturity Date April 3, 2021 September 26, 2020 Term loan July 2026 $ 3,840 4,208 Revolving line of credit May 2024 — — 0.95 February 2024 800 — 1.00 (a) July 2025 823 814 1.57 January 2026 1,525 — 4.875 July 2026 1,250 1,250 1.50 (a) July 2027 441 436 5.125 July 2023 200 300 4.50 February 2026 500 500 5.625 July 2027 500 500 Debt discounts and deferred fees (87 ) (85 ) Finance leases and other Various 90 121 Retired debt Various — 2,193 Total long-term debt 9,882 10,237 Current portion of long-term debt (60 ) (75 ) Long-term debt, less current portion $ 9,822 10,162 (a) Euro denominated In fiscal 2021, the Company issued $800 million aggregate principal amount of 0.95% first priority senior secured notes due 2024, and $1,525 million aggregate principal amount of 1.57% first priority senior secured notes due 2026. The proceeds were used to prepay a portion of the outstanding Term loans. Debt extinguishment costs of $14 million, primarily comprised of deferred debt discount and financing fees, were recorded in Other expense, net on the Consolidated Statements of Income upon the extinguishment of a portion of the Term loans. Debt discounts and deferred financing fees are presented net of Long-term debt, less the current portion on the Consolidated Balance Sheets and are amortized to Interest expense, net on the Consolidated Statements of Income through maturity. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Apr. 03, 2021 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements | 8. Financial Instruments and Fair Value Measurements In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors. The Company may use derivative financial instruments to help manage market risk and reduce the exposure to fluctuations in interest rates and foreign currencies. These financial instruments are not used for trading or other speculative purposes. Cross-Currency Swaps The Company is party to certain cross-currency swaps to hedge a portion of our foreign currency risk. The swap agreements mature May 2022 (€250 million), June 2024 (€1,625 million) and July 2027 (£700 million). In addition to cross-currency swaps, we hedge a portion of our foreign currency risk by designating foreign currency denominated long-term debt as net investment hedges of certain foreign operations. As of April 3, 2021, we had outstanding long-term debt of €785 million that was designated as a hedge of our net investment in certain euro-denominated foreign subsidiaries. When valuing cross-currency swaps the Company utilizes Level 2 inputs (substantially observable). Interest Rate Swaps The primary purpose of the Company’s interest rate swap activities is to manage interest expense variability associated with our outstanding variable rate term loan debt. When valuing interest rate swaps the Company utilizes Level 2 inputs (substantially observable). As of April 3, 2021, the Company effectively had (i) a $450 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.398%, with an expiration in June 2026, (ii) a $1 billion interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.835% with an expiration in June 2026, (iii) a $400 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.916% with an expiration in June 2026, (iv) a $884 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.857%, with an expiration in June 2024, and (v) a $473 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 2.050%, with an expiration in June 2024. The Company records the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized. Balances on a gross basis are as follows: Derivative Instruments Hedge Designation Balance Sheet Location April 3, 2021 September 26, 2020 Cross-currency swaps Designated Other long-term liabilities $ 423 $ 270 Interest rate swaps Designated Other long-term liabilities 138 226 The effect of the Company’s derivative instruments on the Consolidated Statements of Income is as follows: Quarterly Period Ended Two Quarterly Periods Ended Derivative Instruments Statements of Income Location April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Cross-currency swaps Interest expense, net $ (1 ) $ (1 ) $ (4 ) $ (3 ) Interest rate swaps Interest expense, net 17 17 34 34 Non-recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis when impairment indicators are present or when the Company completes an acquisition. The Company adjusts certain long-lived assets to fair value only when the carrying values exceed the fair values. The categorization of the framework used to value the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. These assets that are subject to our annual impairment analysis primarily include our definite lived and indefinite lived intangible assets, including Goodwill and our property, plant and equipment. The Company reviews Goodwill and other indefinite lived assets for impairment as of the first day of the fourth fiscal quarter each year and more frequently if impairment indicators exist. The Company determined Goodwill and other indefinite lived assets were not impaired in our annual fiscal 2020 assessment. No impairment indicators were identified in the current quarter. Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of April 3, 2021 and September 26, 2020, along with the impairment loss recognized on the fair value measurement during the period: As of April 3, 2021 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 5,229 5,229 — Definite lived intangible assets — — 2,149 2,149 — Property, plant, and equipment — — 4,675 4,675 2 Total $ — $ — $ 12,301 $ 12,301 $ 2 As of September 26, 2020 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 5,173 5,173 — Definite lived intangible assets — — 2,249 2,249 — Property, plant, and equipment — — 4,561 4,561 2 Total $ — $ — $ 12,231 $ 12,231 $ 2 The Company’s financial instruments consist primarily of cash and cash equivalents, long-term debt, interest rate and cross-currency swap agreements, and finance lease obligations. The fair value of our marketable long-term indebtedness exceeded book value by $101 million as of April 3, 2021. The Company’s long-term debt fair values were determined using Level 2 inputs (substantially observable). |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 03, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes In comparison to the statutory rate, the higher effective tax rate for the quarter and year-to-date was negatively impacted by divestitures and global intangible low-taxed income provisions. |
Segment and Geographic Data
Segment and Geographic Data | 6 Months Ended |
Apr. 03, 2021 | |
Segment and Geographic Data [Abstract] | |
Segment and Geographic Data | 10. Segment and Geographic Data The Company’s operations are organized into reporting segments: Consumer Packaging International, Consumer Packaging North America, Engineered Materials, and Health, Hygiene & Specialties. The structure is designed to align us with our customers, provide optimal service, drive future growth, and to facilitate synergies realization. Engineered Materials Consumer Packaging North America Consumer Packaging International Selected information by reportable segment is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Net sales: Consumer Packaging International $ 1,060 $ 970 $ 2,048 $ 1,900 Consumer Packaging North America 731 633 1,417 1,244 Health, Hygiene & Specialties 781 644 1,521 1,254 Engineered Materials 798 728 1,520 1,393 Total net sales $ 3,370 $ 2,975 $ 6,506 $ 5,791 Operating income: Consumer Packaging International $ 59 $ 53 $ 135 $ 96 Consumer Packaging North America 77 69 136 113 Health, Hygiene & Specialties 114 66 210 113 Engineered Materials 83 96 156 161 Total operating income $ 333 $ 284 $ 637 $ 483 Depreciation and amortization: Consumer Packaging International $ 87 $ 79 $ 170 $ 161 Consumer Packaging North America 54 60 111 116 Health, Hygiene & Specialties 42 46 87 93 Engineered Materials 29 28 59 59 Total depreciation and amortization $ 212 $ 213 $ 427 $ 429 Selected information by geographical region is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Net sales: United States and Canada $ 1,728 $ 1,705 $ 3,405 $ 3,218 Europe 1,257 981 2,350 1,984 Rest of world 385 289 751 589 Total net sales $ 3,370 $ 2,975 $ 6,506 $ 5,791 Selected information by product line is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Net sales: Packaging 81 83 81 83 Non-packaging 19 17 19 17 Consumer Packaging International 100 % 100 % 100 % 100 % Rigid Open Top 54 55 55 56 Rigid Closed Top 46 45 45 44 Consumer Packaging North America 100 % 100 % 100 % 100 % Health 19 15 19 14 Hygiene 45 47 45 48 Specialties 36 38 36 38 Health, Hygiene & Specialties 100 % 100 % 100 % 100 % Core Films 64 63 61 61 Retail & Industrial 36 37 39 39 Engineered Materials 100 % 100 % 100 % 100 % |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Apr. 03, 2021 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | 11. Contingencies and Commitments The Company is party to various legal proceedings involving routine claims which are incidental to its business. Although the Company’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, we believe that any ultimate liability would not be material to our financial statements. The Company has various purchase commitments for raw materials, supplies, and property and equipment incidental to the ordinary conduct of business. |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
Apr. 03, 2021 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program | 12. Share Repurchase Program No shares were repurchased during the two quarterly periods ended April 3, 2021. Authorized share repurchases of $393 million remain available to the Company. |
Basic and Diluted Net Income Pe
Basic and Diluted Net Income Per Share | 6 Months Ended |
Apr. 03, 2021 | |
Basic and Diluted Net Income Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | 13. Basic and Diluted Net Income Per Share Basic net income per share is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, stock options are considered to be common stock equivalents and are only included in the calculation of diluted net income per share when their effect is dilutive. For the six months ended April 3, 2021, million shares we shares were excluded from the diluted net income per share calculation for the three months ended April 3, 2021. The following tables provide a reconciliation of the numerator and denominator of the basic and diluted net income per share calculations. Quarterly Period Ended Two Quarterly Periods Ended (in millions, except per share amounts) April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Numerator Consolidated net income $ 181 $ 126 $ 311 $ 173 Denominator Weighted average common shares outstanding - basic 134.3 132.4 133.9 132.4 Dilutive shares 2.5 1.7 2.7 1.8 Weighted average common and common equivalent shares outstanding - diluted 136.8 134.1 136.6 134.2 Per common share income Basic $ 1.35 $ 0.95 $ 2.32 $ 1.31 Diluted $ 1.32 $ 0.94 $ 2.28 $ 1.29 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Apr. 03, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 14. Accumulated Other Comprehensive Loss The components and activity of Accumulated other comprehensive loss are as follows: Quarterly Period Ended 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 ) — 52 (21 ) Net amount reclassified from accumulated other comprehensive loss — — 2 2 Balance at April 3, 2021 $ (173 ) $ (116 ) $ (86 ) $ (375 ) Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Derivative Instruments Accumulated Other Comprehensive Loss Balance at December 28, 2019 $ (187 ) $ (56 ) $ (38 ) $ (281 ) Other comprehensive loss before reclassifications (157 ) (1 ) (144 ) (302 ) Net amount reclassified from accumulated other comprehensive loss — — 35 35 Balance at March 28, 2020 $ (344 ) $ (57 ) $ (147 ) $ (548 ) Two Quarterly Periods Ended 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 — 67 172 Net amount reclassified from accumulated other comprehensive loss — — 4 4 Balance at April 3, 2021 $ (173 ) $ (116 ) $ (86 ) $ (375 ) Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Derivative Instruments Accumulated Other Comprehensive Loss Balance at September 28, 2019 $ (279 ) $ (56 ) $ (51 ) $ (386 ) Other comprehensive loss before reclassifications (65 ) (1 ) (148 ) (214 ) Net amount reclassified from accumulated other comprehensive loss — — 52 52 Balance at March 28, 2020 $ (344 ) $ (57 ) $ (147 ) $ (548 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Apr. 03, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | The accompanying unaudited Condensed Consolidated Financial Statements of Berry Global Group, Inc. (“the Company,” “we,” or “Berry”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. |
Use of Estimates | In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. |
Reclassifications | The extra week in fiscal 2021 occurred in the first quarter. In October 2020, the Company reorganized portions of its operating segments in order to better align our various businesses for future growth. The Company has recast all prior period amounts to conform to this new reporting structure. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Apr. 03, 2021 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) and issued subsequent amendments to the initial guidance. The new standard requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model, which includes historical experience, current conditions, and reasonable and supportable forecasts. The new standard also requires enhanced disclosure. The Company adopted the new standard beginning fiscal 2021 with no material impact to the Company’s consolidated financial statements. See Note 3. Revenue and Accounts Receivable. Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans. The new standard removes requirements to disclose the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the effects of a one-percentage-point changes in assumed health care cost trend rates. The standard also adds requirements to disclose the reasons for significant gains and losses related to changes in the benefit obligations for the period and the accumulated benefit obligation (“ABO”) for plans with ABOs in excess of plan assets. The new standard will be effective for the Company beginning fiscal 2022. The Company is currently evaluating the impact of the adoption of this standard to our disclosures. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740). The new guidance eliminates certain exceptions 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. It also clarifies and simplifies other aspects of the accounting for income taxes. The new standard will be effective for the Company beginning fiscal 2022. The Company is currently evaluating the impact of the adoption of this standard to the Company’s consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This standard provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. ASU 2020-04 is effective upon issuance and generally can be applied through the end of calendar year 2022. The Company is currently evaluating the impact and whether it plans to adopt the optional expedients and exceptions provided under this new standard. |
Restructuring and Transaction_2
Restructuring and Transaction Activities (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Restructuring and Transaction Activities [Abstract] | |
Restructuring Charges | The table below includes the significant components of restructuring and transaction activities, by reporting segment: Quarterly Period Ended Two Quarterly Periods Ended April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Consumer Packaging International $ 38 $ 14 $ 41 $ 24 Consumer Packaging North America — 3 1 4 Health, Hygiene & Specialties — 1 — 4 Engineered Materials — 1 (5 ) 4 Consolidated $ 38 $ 19 $ 37 $ 36 |
Restructuring Accrual Activity | The table below sets forth the activity with respect to the restructuring and transaction activities accrual at April 3, 2021: Restructuring Employee Severance and Benefits Facility Exit Costs Non-cash Impairment Charges Transaction Activities Total Balance as of September 26, 2020 $ 10 $ 7 $ — $ — $ 17 Charges 4 2 2 29 37 Non-cash items — — (2 ) (29 ) (31 ) Cash (9 ) (3 ) — — (12 ) Balance as of April 3, 2021 $ 5 $ 6 $ — $ — $ 11 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Leases [Abstract] | |
Lease Assets and Liabilities | Supplemental lease information is as follows: Leases Classification April 3, 2021 September 26, 2020 Operating leases: Operating lease right-of-use assets Right-of-use assets $ 566 $ 562 Current operating lease liabilities Other current liabilities 116 115 Noncurrent operating lease liabilities Operating lease liability 467 464 Finance leases: Finance lease right-of-use assets Property, plant, and equipment, net $ 64 $ 78 Current finance lease liability Current portion of long-term debt 13 17 Noncurrent finance lease liabilities Long-term debt, less current portion 49 59 |
Cash Paid for Amounts Included in Lease Liabilities | Cash paid for amounts included in lease liabilities Two Quarterly Periods Ended April 3, 2021 Two Quarterly Periods Ended March 28, 2020 Operating cash flows from operating leases $ 57 $ 57 Operating cash flows from finance leases 1 1 Financing cash flows from finance leases 16 17 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Long-term debt consists of the following: Facility Maturity Date April 3, 2021 September 26, 2020 Term loan July 2026 $ 3,840 4,208 Revolving line of credit May 2024 — — 0.95 February 2024 800 — 1.00 (a) July 2025 823 814 1.57 January 2026 1,525 — 4.875 July 2026 1,250 1,250 1.50 (a) July 2027 441 436 5.125 July 2023 200 300 4.50 February 2026 500 500 5.625 July 2027 500 500 Debt discounts and deferred fees (87 ) (85 ) Finance leases and other Various 90 121 Retired debt Various — 2,193 Total long-term debt 9,882 10,237 Current portion of long-term debt (60 ) (75 ) Long-term debt, less current portion $ 9,822 10,162 (a) Euro denominated |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Fair Value of Derivatives and Location on Consolidated Balance Sheets | The Company records the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized. Balances on a gross basis are as follows: Derivative Instruments Hedge Designation Balance Sheet Location April 3, 2021 September 26, 2020 Cross-currency swaps Designated Other long-term liabilities $ 423 $ 270 Interest rate swaps Designated Other long-term liabilities 138 226 |
Effect of Derivatives on Consolidated Statements of Income | The effect of the Company’s derivative instruments on the Consolidated Statements of Income is as follows: Quarterly Period Ended Two Quarterly Periods Ended Derivative Instruments Statements of Income Location April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Cross-currency swaps Interest expense, net $ (1 ) $ (1 ) $ (4 ) $ (3 ) Interest rate swaps Interest expense, net 17 17 34 34 |
Assets Measured at Fair Value on Non-recurring Basis | Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of April 3, 2021 and September 26, 2020, along with the impairment loss recognized on the fair value measurement during the period: As of April 3, 2021 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 5,229 5,229 — Definite lived intangible assets — — 2,149 2,149 — Property, plant, and equipment — — 4,675 4,675 2 Total $ — $ — $ 12,301 $ 12,301 $ 2 As of September 26, 2020 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 5,173 5,173 — Definite lived intangible assets — — 2,249 2,249 — Property, plant, and equipment — — 4,561 4,561 2 Total $ — $ — $ 12,231 $ 12,231 $ 2 |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Segment and Geographic Data [Abstract] | |
Selected Information by Reportable Segment | Selected information by reportable segment is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Net sales: Consumer Packaging International $ 1,060 $ 970 $ 2,048 $ 1,900 Consumer Packaging North America 731 633 1,417 1,244 Health, Hygiene & Specialties 781 644 1,521 1,254 Engineered Materials 798 728 1,520 1,393 Total net sales $ 3,370 $ 2,975 $ 6,506 $ 5,791 Operating income: Consumer Packaging International $ 59 $ 53 $ 135 $ 96 Consumer Packaging North America 77 69 136 113 Health, Hygiene & Specialties 114 66 210 113 Engineered Materials 83 96 156 161 Total operating income $ 333 $ 284 $ 637 $ 483 Depreciation and amortization: Consumer Packaging International $ 87 $ 79 $ 170 $ 161 Consumer Packaging North America 54 60 111 116 Health, Hygiene & Specialties 42 46 87 93 Engineered Materials 29 28 59 59 Total depreciation and amortization $ 212 $ 213 $ 427 $ 429 |
Selected Information by Geographical Region | Selected information by geographical region is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Net sales: United States and Canada $ 1,728 $ 1,705 $ 3,405 $ 3,218 Europe 1,257 981 2,350 1,984 Rest of world 385 289 751 589 Total net sales $ 3,370 $ 2,975 $ 6,506 $ 5,791 |
Selected Information by Product Line | Selected information by product line is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Net sales: Packaging 81 83 81 83 Non-packaging 19 17 19 17 Consumer Packaging International 100 % 100 % 100 % 100 % Rigid Open Top 54 55 55 56 Rigid Closed Top 46 45 45 44 Consumer Packaging North America 100 % 100 % 100 % 100 % Health 19 15 19 14 Hygiene 45 47 45 48 Specialties 36 38 36 38 Health, Hygiene & Specialties 100 % 100 % 100 % 100 % Core Films 64 63 61 61 Retail & Industrial 36 37 39 39 Engineered Materials 100 % 100 % 100 % 100 % |
Basic and Diluted Net Income _2
Basic and Diluted Net Income Per Share (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Basic and Diluted Net Income Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | The following tables provide a reconciliation of the numerator and denominator of the basic and diluted net income per share calculations. Quarterly Period Ended Two Quarterly Periods Ended (in millions, except per share amounts) April 3, 2021 March 28, 2020 April 3, 2021 March 28, 2020 Numerator Consolidated net income $ 181 $ 126 $ 311 $ 173 Denominator Weighted average common shares outstanding - basic 134.3 132.4 133.9 132.4 Dilutive shares 2.5 1.7 2.7 1.8 Weighted average common and common equivalent shares outstanding - diluted 136.8 134.1 136.6 134.2 Per common share income Basic $ 1.35 $ 0.95 $ 2.32 $ 1.31 Diluted $ 1.32 $ 0.94 $ 2.28 $ 1.29 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | The components and activity of Accumulated other comprehensive loss are as follows: Quarterly Period Ended 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 ) — 52 (21 ) Net amount reclassified from accumulated other comprehensive loss — — 2 2 Balance at April 3, 2021 $ (173 ) $ (116 ) $ (86 ) $ (375 ) Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Derivative Instruments Accumulated Other Comprehensive Loss Balance at December 28, 2019 $ (187 ) $ (56 ) $ (38 ) $ (281 ) Other comprehensive loss before reclassifications (157 ) (1 ) (144 ) (302 ) Net amount reclassified from accumulated other comprehensive loss — — 35 35 Balance at March 28, 2020 $ (344 ) $ (57 ) $ (147 ) $ (548 ) Two Quarterly Periods Ended 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 — 67 172 Net amount reclassified from accumulated other comprehensive loss — — 4 4 Balance at April 3, 2021 $ (173 ) $ (116 ) $ (86 ) $ (375 ) Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Derivative Instruments Accumulated Other Comprehensive Loss Balance at September 28, 2019 $ (279 ) $ (56 ) $ (51 ) $ (386 ) Other comprehensive loss before reclassifications (65 ) (1 ) (148 ) (214 ) Net amount reclassified from accumulated other comprehensive loss — — 52 52 Balance at March 28, 2020 $ (344 ) $ (57 ) $ (147 ) $ (548 ) |
Basis of Presentation (Details)
Basis of Presentation (Details) | 6 Months Ended |
Apr. 03, 2021Segment | |
Basis of Presentation [Abstract] | |
Number of operating segments | 4 |
Revenue and Accounts Receivab_2
Revenue and Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | Sep. 26, 2020 | |
Revenue and Accounts Receivable [Abstract] | |||||
Accrual for customer rebates | $ 90 | $ 90 | $ 104 | ||
Allowance for credit losses | 21 | 21 | $ 25 | ||
Net sales available under qualifying U.S. based factoring agreements | 257 | $ 236 | 504 | $ 458 | |
Amounts due from financial institutions | $ 0 | $ 0 | $ 0 | $ 0 |
Dispositions (Details)
Dispositions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | Sep. 26, 2020 | |
Dispositions [Abstract] | |||||
Proceeds from sale of business | $ 143 | $ 0 | |||
Net sales | $ 3,370 | $ 2,975 | 6,506 | $ 5,791 | |
Assets held for sale | 50 | 50 | $ 162 | ||
Liabilities held for sale | $ 28 | 28 | 25 | ||
Restructuring and Transaction Activities [Member] | |||||
Dispositions [Abstract] | |||||
Net pretax loss on divestitures | (22) | ||||
U.S. Flexible Packaging Converting Business [Member] | |||||
Dispositions [Abstract] | |||||
Proceeds from sale of business | 140 | ||||
Net sales | 203 | ||||
Non-core Czech Republic Reaction Injection Molding Business [Member] | |||||
Dispositions [Abstract] | |||||
Proceeds from sale of business | $ 22 | ||||
Net sales | $ 41 |
Restructuring and Transaction_3
Restructuring and Transaction Activities, Restructuring Charges by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | |
Restructuring Charges [Abstract] | ||||
Restructuring and transaction activities | $ 38 | $ 19 | $ 37 | $ 36 |
Consumer Packaging International [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring and transaction activities | 38 | 14 | 41 | 24 |
Consumer Packaging North America [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring and transaction activities | 0 | 3 | 1 | 4 |
Health, Hygiene & Specialties [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring and transaction activities | 0 | 1 | 0 | 4 |
Engineered Materials [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring and transaction activities | $ 0 | $ 1 | $ (5) | $ 4 |
Restructuring and Transaction_4
Restructuring and Transaction Activities, Restructuring Accrual Activity (Details) $ in Millions | 6 Months Ended |
Apr. 03, 2021USD ($) | |
Restructuring Accrual [Roll Forward] | |
Balance at September 26, 2020 | $ 17 |
Charges | 37 |
Non-cash items | (31) |
Cash | (12) |
Balance at April 3, 2021 | 11 |
Employee Severance and Benefits [Member] | |
Restructuring Accrual [Roll Forward] | |
Balance at September 26, 2020 | 10 |
Charges | 4 |
Non-cash items | 0 |
Cash | (9) |
Balance at April 3, 2021 | 5 |
Facility Exit Costs [Member] | |
Restructuring Accrual [Roll Forward] | |
Balance at September 26, 2020 | 7 |
Charges | 2 |
Non-cash items | 0 |
Cash | (3) |
Balance at April 3, 2021 | 6 |
Non-Cash Impairment Charges [Member] | |
Restructuring Accrual [Roll Forward] | |
Balance at September 26, 2020 | 0 |
Charges | 2 |
Non-cash items | (2) |
Cash | 0 |
Balance at April 3, 2021 | 0 |
Transaction Activities [Member] | |
Restructuring Accrual [Roll Forward] | |
Balance at September 26, 2020 | 0 |
Charges | 29 |
Non-cash items | (29) |
Cash | 0 |
Balance at April 3, 2021 | $ 0 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 03, 2021 | Mar. 28, 2020 | Sep. 26, 2020 | |
Operating Leases [Abstract] | ||||
Operating lease right-of-use assets | $ 566 | $ 566 | $ 562 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating lease right-of-use assets | Operating lease right-of-use assets | Operating lease right-of-use assets | |
Current operating lease liabilities | $ 116 | $ 116 | $ 115 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | Other Liabilities, Current | Other Liabilities, Current | |
Noncurrent operating lease liabilities | $ 467 | $ 467 | $ 464 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Noncurrent operating lease liabilities | Noncurrent operating lease liabilities | Noncurrent operating lease liabilities | |
Finance Leases [Abstract] | ||||
Finance lease right-of-use assets | $ 64 | $ 64 | $ 78 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | |
Current finance lease liabilities | $ 13 | $ 13 | $ 17 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Long-term Debt and Lease Obligation, Current | Long-term Debt and Lease Obligation, Current | Long-term Debt and Lease Obligation, Current | |
Noncurrent finance lease liabilities | $ 49 | $ 49 | $ 59 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, less current portion | Long-term debt, less current portion | Long-term debt, less current portion | |
Cash Paid for Amounts Included in Lease Liabilities [Abstract] | ||||
Operating cash flows from operating leases | $ 57 | $ 57 | ||
Operating cash flows from finance leases | 1 | 1 | ||
Financing cash flows from finance leases | 16 | $ 17 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 23 | $ 34 |
Long-Term Debt, Summary (Detail
Long-Term Debt, Summary (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Apr. 03, 2021 | Sep. 26, 2020 | ||
Long-term Debt [Abstract] | |||
Debt discounts and deferred fees | $ (87) | $ (85) | |
Total long-term debt | 9,882 | 10,237 | |
Current portion of long-term debt | (60) | (75) | |
Long-term debt, less current portion | 9,822 | 10,162 | |
Term Loan due July 2026 [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 3,840 | 4,208 | |
Maturity date | Jul. 31, 2026 | ||
Revolving Line of Credit [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 0 | 0 | |
Maturity date | May 31, 2024 | ||
0.95% First Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 800 | 0 | |
Interest rate | 0.95% | ||
Maturity date | Feb. 29, 2024 | ||
1.00% First Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | [1] | $ 823 | 814 |
Interest rate | 1.00% | ||
Maturity date | Jul. 31, 2025 | ||
1.57% First Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 1,525 | 0 | |
Interest rate | 1.57% | ||
Maturity date | Jan. 31, 2026 | ||
4.875% First Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 1,250 | 1,250 | |
Interest rate | 4.875% | ||
Maturity date | Jul. 31, 2026 | ||
1.50% First Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | [1] | $ 441 | 436 |
Interest rate | 1.50% | ||
Maturity date | Jul. 31, 2027 | ||
5.125% Second Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 200 | 300 | |
Interest rate | 5.125% | ||
Maturity date | Jul. 31, 2023 | ||
4.50% Second Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 500 | 500 | |
Interest rate | 4.50% | ||
Maturity date | Feb. 28, 2026 | ||
5.625% Second Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 500 | 500 | |
Interest rate | 5.625% | ||
Maturity date | Jul. 31, 2027 | ||
Finance Leases and Other [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 90 | 121 | |
Retired Debt [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 0 | $ 2,193 | |
[1] | Euro denominated |
Long-Term Debt, Fiscal 2021 Act
Long-Term Debt, Fiscal 2021 Activity (Details) $ in Millions | 6 Months Ended |
Apr. 03, 2021USD ($) | |
0.95% First Priority Senior Secured Notes [Member] | |
Long-Term Debt [Abstract] | |
Face amount of debt issued | $ 800 |
Interest rate | 0.95% |
1.57% First Priority Senior Secured Notes [Member] | |
Long-Term Debt [Abstract] | |
Face amount of debt issued | $ 1,525 |
Interest rate | 1.57% |
1.57% First Priority Senior Secured Notes [Member] | Other Expense, Net [Member] | |
Long-Term Debt [Abstract] | |
Debt extinguishment costs | $ 14 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements, Cross-Currency Swaps (Details) - Apr. 03, 2021 € in Millions, £ in Millions | EUR (€) | GBP (£) |
Euro Denominated [Member] | ||
Cross-Currency Swaps [Abstract] | ||
Long-term debt | € 785 | |
Cross-Currency Swap Maturing May 2022 [Member] | ||
Cross-Currency Swaps [Abstract] | ||
Notional amount of swap | 250 | |
Cross-Currency Swap Maturing June 2024 [Member] | ||
Cross-Currency Swaps [Abstract] | ||
Notional amount of swap | € 1,625 | |
Cross-Currency Swap Maturing July 2027 [Member] | ||
Cross-Currency Swaps [Abstract] | ||
Notional amount of swap | £ | £ 700 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements, Interest Rate Swaps (Details) $ in Millions | 6 Months Ended |
Apr. 03, 2021USD ($) | |
Interest Rate Swap Expiring June 2026 [Member] | |
Interest Rate Swaps [Abstract] | |
Notional amount of swap | $ 450 |
Fixed annual rate of swap | 1.398% |
Interest Rate Swap Expiring June 2026 [Member] | LIBOR [Member] | |
Interest Rate Swaps [Abstract] | |
Term of variable rate | 1 month |
Interest Rate Swap Expiring June 2026 [Member] | |
Interest Rate Swaps [Abstract] | |
Notional amount of swap | $ 1,000 |
Fixed annual rate of swap | 1.835% |
Interest Rate Swap Expiring June 2026 [Member] | LIBOR [Member] | |
Interest Rate Swaps [Abstract] | |
Term of variable rate | 1 month |
Interest Rate Swap Expiring June 2026 [Member] | |
Interest Rate Swaps [Abstract] | |
Notional amount of swap | $ 400 |
Fixed annual rate of swap | 1.916% |
Interest Rate Swap Expiring June 2026 [Member] | LIBOR [Member] | |
Interest Rate Swaps [Abstract] | |
Term of variable rate | 1 month |
Interest Rate Swap Expiring June 2024 [Member] | |
Interest Rate Swaps [Abstract] | |
Notional amount of swap | $ 884 |
Fixed annual rate of swap | 1.857% |
Interest Rate Swap Expiring June 2024 [Member] | LIBOR [Member] | |
Interest Rate Swaps [Abstract] | |
Term of variable rate | 1 month |
Interest Rate Swap Expiring June 2024 [Member] | |
Interest Rate Swaps [Abstract] | |
Notional amount of swap | $ 473 |
Fixed annual rate of swap | 2.05% |
Interest Rate Swap Expiring June 2024 [Member] | LIBOR [Member] | |
Interest Rate Swaps [Abstract] | |
Term of variable rate | 1 month |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements, Fair Value of Derivative and Location on Consolidated Balance Sheets (Details) - Designated [Member] - Other Long-Term Liabilities [Member] - USD ($) $ in Millions | Apr. 03, 2021 | Sep. 26, 2020 |
Cross-Currency Swaps [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | $ 423 | $ 270 |
Interest Rate Swaps [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | $ 138 | $ 226 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements, Effect of Derivatives on Consolidated Statements of Income (Details) - Interest Expense, Net [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | |
Cross-Currency Swaps [Member] | ||||
Derivative Instruments [Abstract] | ||||
Loss (gain) on derivative instruments | $ (1) | $ (1) | $ (4) | $ (3) |
Interest Rate Swaps [Member] | ||||
Derivative Instruments [Abstract] | ||||
Loss (gain) on derivative instruments | $ 17 | $ 17 | $ 34 | $ 34 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements, Assets Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Apr. 03, 2021 | Sep. 26, 2020 | |
Impairment [Abstract] | ||
Indefinite lived trademarks | $ 0 | $ 0 |
Goodwill | 0 | 0 |
Definite lived intangible assets | 0 | 0 |
Property, plant and equipment | 2 | 2 |
Impairment charges | 2 | 2 |
Fair Value Adjustment [Abstract] | ||
Fair value of long-term indebtedness greater/(less) than book value | 101 | |
Fair Value on Nonrecurring Basis [Member] | ||
Fair Value of Assets [Abstract] | ||
Indefinite lived trademarks | 248 | 248 |
Goodwill | 5,229 | 5,173 |
Definite lived intangible assets | 2,149 | 2,249 |
Property, plant and equipment | 4,675 | 4,561 |
Total | 12,301 | 12,231 |
Fair Value on Nonrecurring Basis [Member] | Level 1 [Member] | ||
Fair Value of Assets [Abstract] | ||
Indefinite lived trademarks | 0 | 0 |
Goodwill | 0 | 0 |
Definite lived intangible assets | 0 | 0 |
Property, plant and equipment | 0 | 0 |
Total | 0 | 0 |
Fair Value on Nonrecurring Basis [Member] | Level 2 [Member] | ||
Fair Value of Assets [Abstract] | ||
Indefinite lived trademarks | 0 | 0 |
Goodwill | 0 | 0 |
Definite lived intangible assets | 0 | 0 |
Property, plant and equipment | 0 | 0 |
Total | 0 | 0 |
Fair Value on Nonrecurring Basis [Member] | Level 3 [Member] | ||
Fair Value of Assets [Abstract] | ||
Indefinite lived trademarks | 248 | 248 |
Goodwill | 5,229 | 5,173 |
Definite lived intangible assets | 2,149 | 2,249 |
Property, plant and equipment | 4,675 | 4,561 |
Total | $ 12,301 | $ 12,231 |
Segment and Geographic Data, Se
Segment and Geographic Data, Selected Information by Reportable Segment (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021USD ($) | Mar. 28, 2020USD ($) | Apr. 03, 2021USD ($)Segment | Mar. 28, 2020USD ($) | |
Segment and Geographic Data [Abstract] | ||||
Number of reporting segments | Segment | 4 | |||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | $ 3,370 | $ 2,975 | $ 6,506 | $ 5,791 |
Operating income | 333 | 284 | 637 | 483 |
Depreciation and amortization | 212 | 213 | 427 | 429 |
Consumer Packaging International [Member] | North American Healthcare Business [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | 142 | |||
Consumer Packaging International [Member] | European Films Business [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | (347) | |||
Consumer Packaging North America [Member] | North American Healthcare Business [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | (142) | |||
Health, Hygiene & Specialties [Member] | Tapes Business [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | 138 | |||
Engineered Materials [Member] | Tapes Business [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | (138) | |||
Engineered Materials [Member] | European Films Business [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | 347 | |||
Operating Segment [Member] | Consumer Packaging International [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | 1,060 | 970 | 2,048 | 1,900 |
Operating income | 59 | 53 | 135 | 96 |
Depreciation and amortization | 87 | 79 | 170 | 161 |
Operating Segment [Member] | Consumer Packaging North America [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | 731 | 633 | 1,417 | 1,244 |
Operating income | 77 | 69 | 136 | 113 |
Depreciation and amortization | 54 | 60 | 111 | 116 |
Operating Segment [Member] | Health, Hygiene & Specialties [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | 781 | 644 | 1,521 | 1,254 |
Operating income | 114 | 66 | 210 | 113 |
Depreciation and amortization | 42 | 46 | 87 | 93 |
Operating Segment [Member] | Engineered Materials [Member] | ||||
Selected Information by Reportable Segment [Abstract] | ||||
Net sales | 798 | 728 | 1,520 | 1,393 |
Operating income | 83 | 96 | 156 | 161 |
Depreciation and amortization | $ 29 | $ 28 | $ 59 | $ 59 |
Segment and Geographic Data, _2
Segment and Geographic Data, Selected Information by Geographical Region (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | |
Selected Information by Geography [Abstract] | ||||
Net sales | $ 3,370 | $ 2,975 | $ 6,506 | $ 5,791 |
Reportable Geography [Member] | United States and Canada [Member] | ||||
Selected Information by Geography [Abstract] | ||||
Net sales | 1,728 | 1,705 | 3,405 | 3,218 |
Reportable Geography [Member] | Europe [Member] | ||||
Selected Information by Geography [Abstract] | ||||
Net sales | 1,257 | 981 | 2,350 | 1,984 |
Reportable Geography [Member] | Rest of World [Member] | ||||
Selected Information by Geography [Abstract] | ||||
Net sales | $ 385 | $ 289 | $ 751 | $ 589 |
Segment and Geographic Data, _3
Segment and Geographic Data, Selected Information by Product Line (Details) - Net Sales [Member] - Product Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | |
Consumer Packaging International [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Consumer Packaging International [Member] | Packaging [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 81.00% | 83.00% | 81.00% | 83.00% |
Consumer Packaging International [Member] | Non-packaging [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 19.00% | 17.00% | 19.00% | 17.00% |
Consumer Packaging North America [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Consumer Packaging North America [Member] | Rigid Open Top [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 54.00% | 55.00% | 55.00% | 56.00% |
Consumer Packaging North America [Member] | Rigid Closed Top [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 46.00% | 45.00% | 45.00% | 44.00% |
Health, Hygiene & Specialties [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Health, Hygiene & Specialties [Member] | Health [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 19.00% | 15.00% | 19.00% | 14.00% |
Health, Hygiene & Specialties [Member] | Hygiene [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 45.00% | 47.00% | 45.00% | 48.00% |
Health, Hygiene & Specialties [Member] | Specialties [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 36.00% | 38.00% | 36.00% | 38.00% |
Engineered Materials [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Engineered Materials [Member] | Core Films [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 64.00% | 63.00% | 61.00% | 61.00% |
Engineered Materials [Member] | Retail & Industrial [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 36.00% | 37.00% | 39.00% | 39.00% |
Share Repurchase Program (Detai
Share Repurchase Program (Details) $ in Millions | 6 Months Ended |
Apr. 03, 2021USD ($)shares | |
Share Repurchase Program [Abstract] | |
Number of shares repurchased and retired (in shares) | shares | 0 |
Remaining amount of share repurchase program | $ | $ 393 |
Basic and Diluted Net Income _3
Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | |
Numerator [Abstract] | ||||
Consolidated net income | $ 181 | $ 126 | $ 311 | $ 173 |
Denominator [Abstract] | ||||
Weighted average common shares outstanding - basic (in shares) | 134.3 | 132.4 | 133.9 | 132.4 |
Dilutive shares (in shares) | 2.5 | 1.7 | 2.7 | 1.8 |
Weighted average common and common equivalent shares outstanding - diluted (in shares) | 136.8 | 134.1 | 136.6 | 134.2 |
Per Common Share Income [Abstract] | ||||
Basic (in dollars per share) | $ 1.35 | $ 0.95 | $ 2.32 | $ 1.31 |
Diluted (in dollars per share) | $ 1.32 | $ 0.94 | $ 2.28 | $ 1.29 |
Stock Options and Restricted Stock Units [Member] | ||||
Basic and Diluted Net Income Per Share [Abstract] | ||||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0 | 7.1 | 3.2 | 7.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | |
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Other comprehensive income (loss) before reclassifications | $ (21) | $ (302) | $ 172 | $ (214) |
Net amount reclassified from accumulated other comprehensive loss | 2 | 35 | 4 | 52 |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (356) | (281) | (551) | (386) |
Ending balance | (375) | (548) | (375) | (548) |
Currency Translation [Member] | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (100) | (187) | (278) | (279) |
Other comprehensive income (loss) before reclassifications | (73) | (157) | 105 | (65) |
Net amount reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Ending balance | (173) | (344) | (173) | (344) |
Defined Benefit Pension and Retiree Health Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (116) | (56) | (116) | (56) |
Other comprehensive income (loss) before reclassifications | 0 | (1) | 0 | (1) |
Net amount reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Ending balance | (116) | (57) | (116) | (57) |
Derivative Instruments [Member] | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (140) | (38) | (157) | (51) |
Other comprehensive income (loss) before reclassifications | 52 | (144) | 67 | (148) |
Net amount reclassified from accumulated other comprehensive loss | 2 | 35 | 4 | 52 |
Ending balance | $ (86) | $ (147) | $ (86) | $ (147) |