Document and Entity Information
Document and Entity Information - shares shares in Millions | 3 Months Ended | |
Jan. 01, 2022 | Feb. 03, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 1, 2022 | |
Current Fiscal Year End Date | --10-02 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 001-35672 | |
Entity Registrant Name | BERRY GLOBAL GROUP, INC. | |
Entity Central Index Key | 0001378992 | |
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, $0.01 par value per share | |
Trading Symbol | BERY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 135.3 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Consolidated Statements of Income [Abstract] | ||
Net sales | $ 3,573 | $ 3,136 |
Costs and expenses: | ||
Cost of goods sold | 3,038 | 2,518 |
Selling, general and administrative | 235 | 241 |
Amortization of intangibles | 68 | 74 |
Restructuring and transaction activities | 3 | (1) |
Operating income | 229 | 304 |
Other expense | 0 | 25 |
Interest expense | 71 | 97 |
Income before income taxes | 158 | 182 |
Income tax expense | 37 | 52 |
Net income | $ 121 | $ 130 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.89 | $ 0.97 |
Diluted (in dollars per share) | $ 0.87 | $ 0.96 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 121 | $ 130 |
Other comprehensive income, net of tax: | ||
Currency translation | (22) | 178 |
Derivative instruments | 29 | 17 |
Other comprehensive income | 7 | 195 |
Comprehensive income | $ 128 | $ 325 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 01, 2022 | Oct. 02, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 582 | $ 1,091 |
Accounts receivable | 1,828 | 1,879 |
Finished goods | 1,056 | 960 |
Raw materials and supplies | 985 | 947 |
Prepaid expenses and other current assets | 237 | 217 |
Total current assets | 4,688 | 5,094 |
Noncurrent assets: | ||
Property, plant and equipment | 4,672 | 4,677 |
Goodwill and intangible assets | 7,329 | 7,434 |
Right-of-use assets | 543 | 562 |
Other assets | 109 | 115 |
Total assets | 17,341 | 17,882 |
Current liabilities: | ||
Accounts payable | 1,582 | 2,041 |
Accrued employee costs | 259 | 336 |
Other current liabilities | 803 | 788 |
Current portion of long-term debt | 20 | 21 |
Total current liabilities | 2,664 | 3,186 |
Noncurrent liabilities: | ||
Long-term debt | 9,411 | 9,439 |
Deferred income taxes | 578 | 568 |
Employee benefit obligations | 264 | 276 |
Operating lease liabilities | 448 | 466 |
Other long-term liabilities | 682 | 767 |
Total liabilities | 14,047 | 14,702 |
Stockholders' equity: | ||
Common stock (135.2 and 135.5 million shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 1,170 | 1,134 |
Retained earnings | 2,412 | 2,341 |
Accumulated other comprehensive loss | (289) | (296) |
Total stockholders' equity | 3,294 | 3,180 |
Total liabilities and stockholders' equity | $ 17,341 | $ 17,882 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares shares in Millions | Jan. 01, 2022 | Oct. 02, 2021 |
Stockholders' equity: | ||
Common stock, shares issued (in shares) | 135.2 | 135.5 |
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 |
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 | 130 | 130 |
Other comprehensive income | 0 | 0 | 195 | 0 | 195 |
Share-based compensation | 0 | 21 | 0 | 0 | 21 |
Proceeds from issuance of common stock | 0 | 7 | 0 | 0 | 7 |
Balance at Jan. 02, 2021 | 1 | 1,062 | (356) | 1,738 | 2,445 |
Balance at Oct. 02, 2021 | 1 | 1,134 | (296) | 2,341 | 3,180 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 0 | 0 | 0 | 121 | 121 |
Other comprehensive income | 0 | 0 | 7 | 0 | 7 |
Share-based compensation | 0 | 21 | 0 | 0 | 21 |
Proceeds from issuance of common stock | 0 | 16 | 0 | 0 | 16 |
Common stock repurchased and retired | 0 | (1) | 0 | (50) | (51) |
Balance at Jan. 01, 2022 | $ 1 | $ 1,170 | $ (289) | $ 2,412 | $ 3,294 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 121 | $ 130 |
Adjustments to reconcile net cash from operating activities: | ||
Depreciation | 143 | 141 |
Amortization of intangibles | 68 | 74 |
Non-cash interest expense | 3 | 8 |
Deferred income tax | (12) | (19) |
Share-based compensation expense | 21 | 21 |
Other non-cash operating activities, net | (8) | 5 |
Changes in working capital | (637) | (49) |
Changes in other assets and liabilities | (3) | 4 |
Net cash from operating activities | (304) | 315 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment, net | (162) | (162) |
Divestiture of business | 0 | 140 |
Net cash from investing activities | (162) | (22) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 0 | 750 |
Repayments on long-term borrowings | (5) | (985) |
Proceeds from issuance of common stock | 16 | 7 |
Repurchase of common stock | (51) | 0 |
Debt financing costs | 0 | (6) |
Net cash from financing activities | (40) | (234) |
Effect of currency translation on cash | (3) | 38 |
Net change in cash and cash equivalents | (509) | 97 |
Cash and cash equivalents at beginning of period | 1,091 | 750 |
Cash and cash equivalents at end of period | $ 582 | $ 847 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jan. 01, 2022 | |
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 Company’s U.S. based results for fiscal 2022 and fiscal 2021 are based on a fifty-two and fifty-three week period, respectively. The extra week in fiscal 2021 occurred in the first quarter. 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 | 3 Months Ended |
Jan. 01, 2022 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements 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 | 3 Months Ended |
Jan. 01, 2022 | |
Revenue and Accounts Receivable [Abstract] | |
Revenue | 3. Revenue and Accounts Receivable Our revenues are primarily derived from the sale of non-woven, flexible and rigid 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 consideration 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. The accrual for customer rebates was $119 million and $104 million at January 1, 2022 and October 2, 2021, respectively, and is included in Other current liabilities on the Consolidated Balance Sheets. The Company disaggregates revenue based on reportable business segment, geography, and significant product line. Refer to Note 9. Segment and Geographic Data for further information. |
Accounts Receivable | Accounts receivable are presented net of allowance for credit losses of $20 million and $21 million at January 1, 2022 and October 2, 2021, respectively. The Company records its current expected credit losses based on a variety of factors including historical loss experience and current 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 factoring agreements, including customer-based supply chain financing programs, to sell certain receivables to third-party financial institutions. Agreements which result in true sales of the transferred receivables, which occur when receivables are transferred without recourse to the Company, are reflected as a reduction of accounts receivable on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows. The fees associated with the transfer of receivables for all programs were not material for any of the periods presented. |
Restructuring and Transaction A
Restructuring and Transaction Activities | 3 Months Ended |
Jan. 01, 2022 | |
Restructuring and Transaction Activities [Abstract] | |
Restructuring and Transaction Activities | 4. Restructuring and Transaction Activities The table below includes the significant components of the restructuring and transaction activities, by reporting segment: Quarterly Period Ended January 1, 2022 January 2, 2021 Consumer Packaging International $ 2 $ 3 Consumer Packaging North America 1 1 Health, Hygiene & Specialties (1 ) — Engineered Materials (1) 1 (5 ) Consolidated $ 3 $ (1 ) (1) January 2, 2021 includes $ 7 million pretax gain on the sale of U.S. Flexible Packaging Converting business The table below sets forth the activity with respect to the restructuring and transaction activities accrual at January 1, 2022: Restructuring Employee Severance and Benefits Facility Exit Costs Total Balance at October 2, 2021 $ 6 $ 5 $ 11 Charges 2 1 3 Cash (2 ) (1 ) (3 ) Balance at January 1, 2022 $ 6 $ 5 $ 11 |
Leases
Leases | 3 Months Ended |
Jan. 01, 2022 | |
Leases [Abstract] | |
Leases | 5. 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 January 1, 2022 October 2, 2021 Operating leases: Operating lease right-of-use assets Right-of-use asset $ 543 $ 562 Current operating lease liabilities Other current liabilities 111 113 Noncurrent operating lease liabilities Operating lease liability 448 466 Finance leases: Finance lease right-of-use assets Property, plant, and equipment, net $ 53 $ 57 Current finance lease liabilities Current portion of long-term debt 14 14 Noncurrent finance lease liabilities Long-term debt, less current portion 35 38 Quarterly Period Ended Lease Type Cash Flow Classification Lease Expense Category January 1, 2022 January 2, 2021 Operating Operating Lease cost $ 34 $ 31 Finance Operating Interest expense 1 1 Finance Financing 2 11 Finance _ Amortization of right-of-use assets 3 4 Right-of-use assets obtained in exchange for new operating lease liabilities were $12 million for the quarterly period ended January 1, 2022. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Jan. 01, 2022 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-term debt consists of the following: Facility Maturity Date January 1, 2022 October 2, 2021 Term loan July 2026 $ 3,440 3,440 Revolving line of credit May 2024 — — 0.95 February 2024 800 800 1.00 (a) July 2025 792 810 1.57 January 2026 1,525 1,525 4.875 July 2026 1,250 1,250 1.65 January 2027 400 400 1.50 (a) July 2027 424 434 4.50 February 2026 300 300 5.625 July 2027 500 500 Debt discounts and deferred fees (73 ) (77 ) Finance leases and other Various 73 78 Total long-term debt 9,431 9,460 Current portion of long-term debt (20 ) (21 ) Long-term debt, less current portion $ 9,411 9,439 (a) Euro denominated 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 | 3 Months Ended |
Jan. 01, 2022 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements | 7. 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 the 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 January 1, 2022, 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 January 1, 2022, 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 $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, (iii) an $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 (iv) 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 January 1, 2022 October 2, 2021 Cross-currency swaps Designated Other long-term liabilities 286 323 Interest rate swaps Designated Other long-term liabilities 47 82 Interest rate swaps Not designated Other long-term liabilities 46 49 The effect of the Company’s derivative instruments on the Consolidated Statements of Income is as follows: Quarterly Period Ended Derivative Instruments Statements of Income Location January 1, 2022 January 2, 2021 Cross-currency swaps Interest expense $ (3 ) $ (3 ) Interest rate swaps Interest expense 13 17 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 2021 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 January 1, 2022 and October 2, 2021, along with the impairment loss recognized on the fair value measurement during the period: As of January 1, 2022 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 5,162 5,162 — Definite lived intangible assets — — 1,919 1,919 — Property, plant, and equipment — — 4,672 4,672 — Total $ — $ — $ 12,001 $ 12,001 $ — As of October 2, 2021 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 5,192 5,192 — Definite lived intangible assets — — 1,994 1,994 — Property, plant, and equipment — — 4,677 4,677 1 Total $ — $ — $ 12,111 $ 12,111 $ 1 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 $44 million as of January 1, 2022. The Company’s long-term debt fair values were determined using Level 2 inputs (substantially observable). |
Income Taxes
Income Taxes | 3 Months Ended |
Jan. 01, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes In comparison to the statutory rate, the higher effective tax rate for the quarter was negatively impacted by state taxes and global intangible low-taxed income provisions. |
Segment and Geographic Data
Segment and Geographic Data | 3 Months Ended |
Jan. 01, 2022 | |
Segment and Geographic Data [Abstract] | |
Segment and Geographic Data | 9. Segment and Geographic Data The Company’s operations are organized into four reporting segments: Consumer Packaging International, Consumer Packaging North America, Health, Hygiene & Specialties, and Engineered Materials. The structure is designed to align us with our customers, provide optimal service, drive future growth, and to facilitate synergies realization. Selected information by reportable segment is presented in the following tables: Quarterly Period Ended January 1, 2022 January 2, 2021 Net sales: Consumer Packaging International $ 1,056 $ 988 Consumer Packaging North America 852 686 Health, Hygiene & Specialties 818 740 Engineered Materials 847 722 Total net sales $ 3,573 $ 3,136 Operating income: Consumer Packaging International $ 69 $ 76 Consumer Packaging North America 46 59 Health, Hygiene & Specialties 62 96 Engineered Materials 52 73 Total operating income $ 229 $ 304 Depreciation and amortization: Consumer Packaging International $ 82 $ 84 Consumer Packaging North America 54 56 Health, Hygiene & Specialties 45 45 Engineered Materials 30 30 Total depreciation and amortization $ 211 $ 215 Selected information by geographical region is presented in the following tables: Quarterly Period Ended January 1, 2022 January 2, 2021 Net sales: United States & Canada $ 1,952 $ 1,677 Europe 1,217 1,093 Rest of world 404 366 Total net sales $ 3,573 $ 3,136 |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Jan. 01, 2022 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | 10. 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. |
Basic and Diluted Net Earnings
Basic and Diluted Net Earnings Per Share | 3 Months Ended |
Jan. 01, 2022 | |
Basic and Diluted Net Earnings Per Share [Abstract] | |
Basic and Diluted Net Earnings Per Share | 11. Basic and Diluted Earnings Per Share Basic net income or earnings per share ("EPS") 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 EPS includes the effects of options and restricted stock units, if dilutive. The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations: Quarterly Period Ended (in millions, except per share amounts) January 1, 2022 January 2, 2021 Numerator Consolidated net income $ 121 $ 130 Denominator Weighted average common shares outstanding - basic 135.4 133.6 Dilutive shares 3.5 2.1 Weighted average common and common equivalent shares outstanding - diluted 138.9 135.7 Per common share earnings Basic $ 0.89 $ 0.97 Diluted $ 0.87 $ 0.96 For the three months ended January 1, 2022 and January 2, 2021, 0.9 million and 3.2 million shares, respectively, were excluded from the diluted EPS calculation as their effect would be anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Jan. 01, 2022 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 12. 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 October 2, 2021 $ (154 ) $ (67 ) $ (75 ) $ (296 ) Other comprehensive income before reclassifications (22 ) — 26 4 Net amount reclassified from accumulated other comprehensive loss — — 3 3 Balance at January 1, 2022 $ (176 ) $ (67 ) $ (46 ) $ (289 ) 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 178 — 15 193 Net amount reclassified from accumulated other comprehensive loss — — 2 2 Balance at January 2, 2021 $ (100 ) $ (116 ) $ (140 ) $ (356 ) |
Share Repurchase Program and Su
Share Repurchase Program and Subsequent Event | 3 Months Ended |
Jan. 01, 2022 | |
Share Repurchase Program and Subsequent Event [Abstract] | |
Share Repurchase Program and Subsequent Event | 13. Share Repurchase Program and Subsequent Event During the quarter, the Company repurchased and retired 728 thousand shares for $51 million. In February 2022, the Company announced a new board authorized $1 billion share repurchase program. Share repurchases will be made through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, or other transactions in accordance with applicable securities laws and in such amounts at such times as the Company deems appropriate based upon prevailing market and business conditions and other factors. The Company’s 2018 authorized repurchase program which had $342 million remaining available as of January 1, 2022 was terminated upon authorization of the new repurchase program. The new share repurchase program has no expiration date and may be suspended at any time. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Jan. 01, 2022 | |
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. |
Fiscal Period | The Company’s U.S. based results for fiscal 2022 and fiscal 2021 are based on a fifty-two and fifty-three week period, respectively. The extra week in fiscal 2021 occurred in the first quarter. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Jan. 01, 2022 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 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) | 3 Months Ended |
Jan. 01, 2022 | |
Restructuring and Transaction Activities [Abstract] | |
Restructuring Charges | The table below includes the significant components of the restructuring and transaction activities, by reporting segment: Quarterly Period Ended January 1, 2022 January 2, 2021 Consumer Packaging International $ 2 $ 3 Consumer Packaging North America 1 1 Health, Hygiene & Specialties (1 ) — Engineered Materials (1) 1 (5 ) Consolidated $ 3 $ (1 ) (1) January 2, 2021 includes $ 7 million pretax gain on the sale of U.S. Flexible Packaging Converting business |
Restructuring Accrual Activity | The table below sets forth the activity with respect to the restructuring and transaction activities accrual at January 1, 2022: Restructuring Employee Severance and Benefits Facility Exit Costs Total Balance at October 2, 2021 $ 6 $ 5 $ 11 Charges 2 1 3 Cash (2 ) (1 ) (3 ) Balance at January 1, 2022 $ 6 $ 5 $ 11 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jan. 01, 2022 | |
Leases [Abstract] | |
Lease Assets and Liabilities | Leases Classification January 1, 2022 October 2, 2021 Operating leases: Operating lease right-of-use assets Right-of-use asset $ 543 $ 562 Current operating lease liabilities Other current liabilities 111 113 Noncurrent operating lease liabilities Operating lease liability 448 466 Finance leases: Finance lease right-of-use assets Property, plant, and equipment, net $ 53 $ 57 Current finance lease liabilities Current portion of long-term debt 14 14 Noncurrent finance lease liabilities Long-term debt, less current portion 35 38 |
Lease Cash Flow and Lease Expense | Quarterly Period Ended Lease Type Cash Flow Classification Lease Expense Category January 1, 2022 January 2, 2021 Operating Operating Lease cost $ 34 $ 31 Finance Operating Interest expense 1 1 Finance Financing 2 11 Finance _ Amortization of right-of-use assets 3 4 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Jan. 01, 2022 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Long-term debt consists of the following: Facility Maturity Date January 1, 2022 October 2, 2021 Term loan July 2026 $ 3,440 3,440 Revolving line of credit May 2024 — — 0.95 February 2024 800 800 1.00 (a) July 2025 792 810 1.57 January 2026 1,525 1,525 4.875 July 2026 1,250 1,250 1.65 January 2027 400 400 1.50 (a) July 2027 424 434 4.50 February 2026 300 300 5.625 July 2027 500 500 Debt discounts and deferred fees (73 ) (77 ) Finance leases and other Various 73 78 Total long-term debt 9,431 9,460 Current portion of long-term debt (20 ) (21 ) Long-term debt, less current portion $ 9,411 9,439 (a) Euro denominated |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Jan. 01, 2022 | |
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 January 1, 2022 October 2, 2021 Cross-currency swaps Designated Other long-term liabilities 286 323 Interest rate swaps Designated Other long-term liabilities 47 82 Interest rate swaps Not designated Other long-term liabilities 46 49 |
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 Derivative Instruments Statements of Income Location January 1, 2022 January 2, 2021 Cross-currency swaps Interest expense $ (3 ) $ (3 ) Interest rate swaps Interest expense 13 17 |
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 January 1, 2022 and October 2, 2021, along with the impairment loss recognized on the fair value measurement during the period: As of January 1, 2022 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 5,162 5,162 — Definite lived intangible assets — — 1,919 1,919 — Property, plant, and equipment — — 4,672 4,672 — Total $ — $ — $ 12,001 $ 12,001 $ — As of October 2, 2021 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 5,192 5,192 — Definite lived intangible assets — — 1,994 1,994 — Property, plant, and equipment — — 4,677 4,677 1 Total $ — $ — $ 12,111 $ 12,111 $ 1 |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 3 Months Ended |
Jan. 01, 2022 | |
Segment and Geographic Data [Abstract] | |
Selected Information by Reportable Segment | Selected information by reportable segment is presented in the following tables: Quarterly Period Ended January 1, 2022 January 2, 2021 Net sales: Consumer Packaging International $ 1,056 $ 988 Consumer Packaging North America 852 686 Health, Hygiene & Specialties 818 740 Engineered Materials 847 722 Total net sales $ 3,573 $ 3,136 Operating income: Consumer Packaging International $ 69 $ 76 Consumer Packaging North America 46 59 Health, Hygiene & Specialties 62 96 Engineered Materials 52 73 Total operating income $ 229 $ 304 Depreciation and amortization: Consumer Packaging International $ 82 $ 84 Consumer Packaging North America 54 56 Health, Hygiene & Specialties 45 45 Engineered Materials 30 30 Total depreciation and amortization $ 211 $ 215 |
Selected Information by Geographical Region | Selected information by geographical region is presented in the following tables: Quarterly Period Ended January 1, 2022 January 2, 2021 Net sales: United States & Canada $ 1,952 $ 1,677 Europe 1,217 1,093 Rest of world 404 366 Total net sales $ 3,573 $ 3,136 |
Basic and Diluted Net Earning_2
Basic and Diluted Net Earnings Per Share (Tables) | 3 Months Ended |
Jan. 01, 2022 | |
Basic and Diluted Net Earnings Per Share [Abstract] | |
Basic and Diluted Net Earnings Per Share | The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations: Quarterly Period Ended (in millions, except per share amounts) January 1, 2022 January 2, 2021 Numerator Consolidated net income $ 121 $ 130 Denominator Weighted average common shares outstanding - basic 135.4 133.6 Dilutive shares 3.5 2.1 Weighted average common and common equivalent shares outstanding - diluted 138.9 135.7 Per common share earnings Basic $ 0.89 $ 0.97 Diluted $ 0.87 $ 0.96 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Jan. 01, 2022 | |
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 October 2, 2021 $ (154 ) $ (67 ) $ (75 ) $ (296 ) Other comprehensive income before reclassifications (22 ) — 26 4 Net amount reclassified from accumulated other comprehensive loss — — 3 3 Balance at January 1, 2022 $ (176 ) $ (67 ) $ (46 ) $ (289 ) 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 178 — 15 193 Net amount reclassified from accumulated other comprehensive loss — — 2 2 Balance at January 2, 2021 $ (100 ) $ (116 ) $ (140 ) $ (356 ) |
Revenue and Accounts Receivab_2
Revenue and Accounts Receivable (Details) - USD ($) $ in Millions | Jan. 01, 2022 | Oct. 02, 2021 |
Revenue and Accounts Receivable [Abstract] | ||
Accrual for customer rebates | $ 119 | $ 104 |
Allowance for credit losses | $ 20 | $ 21 |
Restructuring and Transaction_3
Restructuring and Transaction Activities, Restructuring Charges by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | ||
Restructuring Charges [Abstract] | |||
Restructuring and transaction activities | $ 3 | $ (1) | |
Consumer Packaging International [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and transaction activities | 2 | 3 | |
Consumer Packaging North America [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and transaction activities | 1 | 1 | |
Health, Hygiene & Specialties [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and transaction activities | (1) | 0 | |
Engineered Materials [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and transaction activities | $ 1 | (5) | [1] |
Engineered Materials [Member] | U.S. Flexible Packaging Converting Business [Member] | |||
Restructuring Charges [Abstract] | |||
Pretax gain on disposition of business | $ 7 | ||
[1] | January 2, 2021 includes $ 7 million pretax gain on the sale of U.S. Flexible Packaging Converting business |
Restructuring and Transaction_4
Restructuring and Transaction Activities, Restructuring Accrual Activity (Details) $ in Millions | 3 Months Ended |
Jan. 01, 2022USD ($) | |
Restructuring Accrual [Roll Forward] | |
Balance at October 2, 2021 | $ 11 |
Charges | 3 |
Cash | (3) |
Balance at January 1, 2022 | 11 |
Employee Severance and Benefits [Member] | |
Restructuring Accrual [Roll Forward] | |
Balance at October 2, 2021 | 6 |
Charges | 2 |
Cash | (2) |
Balance at January 1, 2022 | 6 |
Facility Exit Costs [Member] | |
Restructuring Accrual [Roll Forward] | |
Balance at October 2, 2021 | 5 |
Charges | 1 |
Cash | (1) |
Balance at January 1, 2022 | $ 5 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Oct. 02, 2021 | |
Operating Leases [Abstract] | |||
Operating lease right-of-use assets | $ 543 | $ 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 | |
Current operating lease liabilities | $ 111 | $ 113 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | Other Liabilities, Current | |
Noncurrent operating lease liabilities | $ 448 | $ 466 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Noncurrent operating lease liabilities | Noncurrent operating lease liabilities | |
Finance Leases [Abstract] | |||
Finance lease right-of-use assets | $ 53 | $ 57 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | |
Current finance lease liability | $ 14 | $ 14 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Long-term Debt and Lease Obligation, Current | Long-term Debt and Lease Obligation, Current | |
Noncurrent finance lease liabilities | $ 35 | $ 38 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, less current portion | Long-term debt, less current portion | |
Lease Cash Flow and Lease Expense [Abstract] | |||
Operating cash flows from operating leases | $ 34 | $ 31 | |
Operating cash flows from finance leases | 1 | 1 | |
Financing cash flows from finance leases | 2 | 11 | |
Amortization of right-of-use assets from finance leases | 3 | $ 4 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 12 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jan. 01, 2022 | Oct. 02, 2021 | ||
Long-term Debt [Abstract] | |||
Debt discounts and deferred fees | $ (73) | $ (77) | |
Total long-term debt | 9,431 | 9,460 | |
Current portion of long-term debt | (20) | (21) | |
Long-term debt, less current portion | 9,411 | 9,439 | |
Term Loan due July 2026 [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 3,440 | 3,440 | |
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 | 800 | |
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] | $ 792 | 810 |
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 | 1,525 | |
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 | ||
1.65% First Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 400 | 400 | |
Interest rate | 1.65% | ||
Maturity date | Jan. 31, 2027 | ||
1.50% First Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | [1] | $ 424 | 434 |
Interest rate | 1.50% | ||
Maturity date | Jul. 31, 2027 | ||
4.50% Second Priority Senior Secured Notes [Member] | |||
Long-term Debt [Abstract] | |||
Long-term debt | $ 300 | 300 | |
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 | $ 73 | $ 78 | |
[1] | Euro denominated |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements, Cross-Currency Swaps (Details) - Jan. 01, 2022 € 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 | 3 Months Ended |
Jan. 01, 2022USD ($) | |
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 | $ 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) - Other Long-Term Liabilities [Member] - USD ($) $ in Millions | Jan. 01, 2022 | Oct. 02, 2021 |
Cross-Currency Swaps [Member] | Designated [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | $ 286 | $ 323 |
Interest Rate Swaps [Member] | Designated [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | 47 | 82 |
Interest Rate Swaps [Member] | Not Designated [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | $ 46 | $ 49 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements, Effect of Derivatives on Consolidated Statements of Income (Details) - Interest Expense [Member] - USD ($) $ in Millions | 3 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Cross-Currency Swaps [Member] | ||
Derivative Instruments [Abstract] | ||
Loss (gain) on derivative instruments | $ (3) | $ (3) |
Interest Rate Swaps [Member] | ||
Derivative Instruments [Abstract] | ||
Loss (gain) on derivative instruments | $ 13 | $ 17 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements, Assets Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jan. 01, 2022 | Oct. 02, 2021 | |
Impairment [Abstract] | ||
Indefinite lived trademarks | $ 0 | $ 0 |
Goodwill | 0 | 0 |
Definite lived intangible assets | 0 | 0 |
Property, plant and equipment | 0 | 1 |
Impairment charges | 0 | 1 |
Fair Value Adjustment [Abstract] | ||
Fair value of long-term indebtedness greater/(less) than book value | 44 | |
Fair Value on Nonrecurring Basis [Member] | ||
Fair Value of Assets [Abstract] | ||
Indefinite-lived trademarks | 248 | 248 |
Goodwill | 5,162 | 5,192 |
Definite lived intangible assets | 1,919 | 1,994 |
Property, plant and equipment | 4,672 | 4,677 |
Total | 12,001 | 12,111 |
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 | 5,162 | 5,192 |
Definite lived intangible assets | 1,919 | 1,994 |
Property, plant and equipment | 4,672 | 4,677 |
Total | $ 12,001 | $ 12,111 |
Segment and Geographic Data, Se
Segment and Geographic Data, Selected Information by Reportable Segment (Details) $ in Millions | 3 Months Ended | |
Jan. 01, 2022USD ($)Segment | Jan. 02, 2021USD ($) | |
Segment and Geographic Data [Abstract] | ||
Number of reporting segments | Segment | 4 | |
Selected Information by Reportable Segment [Abstract] | ||
Net sales | $ 3,573 | $ 3,136 |
Operating income | 229 | 304 |
Depreciation and amortization | 211 | 215 |
Operating Segment [Member] | Consumer Packaging International [Member] | ||
Selected Information by Reportable Segment [Abstract] | ||
Net sales | 1,056 | 988 |
Operating income | 69 | 76 |
Depreciation and amortization | 82 | 84 |
Operating Segment [Member] | Consumer Packaging North America [Member] | ||
Selected Information by Reportable Segment [Abstract] | ||
Net sales | 852 | 686 |
Operating income | 46 | 59 |
Depreciation and amortization | 54 | 56 |
Operating Segment [Member] | Health, Hygiene & Specialties [Member] | ||
Selected Information by Reportable Segment [Abstract] | ||
Net sales | 818 | 740 |
Operating income | 62 | 96 |
Depreciation and amortization | 45 | 45 |
Operating Segment [Member] | Engineered Materials [Member] | ||
Selected Information by Reportable Segment [Abstract] | ||
Net sales | 847 | 722 |
Operating income | 52 | 73 |
Depreciation and amortization | $ 30 | $ 30 |
Segment and Geographic Data, _2
Segment and Geographic Data, Selected Information by Geographical Region (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Selected Information by Geography [Abstract] | ||
Net sales | $ 3,573 | $ 3,136 |
Reportable Geography [Member] | United States and Canada [Member] | ||
Selected Information by Geography [Abstract] | ||
Net sales | 1,952 | 1,677 |
Reportable Geography [Member] | Europe [Member] | ||
Selected Information by Geography [Abstract] | ||
Net sales | 1,217 | 1,093 |
Reportable Geography [Member] | Rest of World [Member] | ||
Selected Information by Geography [Abstract] | ||
Net sales | $ 404 | $ 366 |
Basic and Diluted Net Earning_3
Basic and Diluted Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Numerator [Abstract] | ||
Consolidated net income | $ 121 | $ 130 |
Denominator [Abstract] | ||
Weighted average common shares outstanding - basic (in shares) | 135.4 | 133.6 |
Dilutive shares (in shares) | 3.5 | 2.1 |
Weighted average common and common equivalent shares outstanding - diluted (in shares) | 138.9 | 135.7 |
Per Common Share Earnings [Abstract] | ||
Basic (in dollars per share) | $ 0.89 | $ 0.97 |
Diluted (in dollars per share) | $ 0.87 | $ 0.96 |
Antidilutive Shares [Abstract] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0.9 | 3.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Other comprehensive income before reclassifications | $ 4 | $ 193 |
Net amount reclassified from accumulated other comprehensive loss | 3 | 2 |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Beginning balance | (296) | (551) |
Ending balance | (289) | (356) |
Currency Translation [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Beginning balance | (154) | (278) |
Other comprehensive income before reclassifications | (22) | 178 |
Net amount reclassified from accumulated other comprehensive loss | 0 | 0 |
Ending balance | (176) | (100) |
Defined Benefit Pension and Retiree Health Benefit Plans [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Beginning balance | (67) | (116) |
Other comprehensive income before reclassifications | 0 | 0 |
Net amount reclassified from accumulated other comprehensive loss | 0 | 0 |
Ending balance | (67) | (116) |
Derivative Instruments [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Beginning balance | (75) | (157) |
Other comprehensive income before reclassifications | 26 | 15 |
Net amount reclassified from accumulated other comprehensive loss | 3 | 2 |
Ending balance | $ (46) | $ (140) |
Share Repurchase Program and _2
Share Repurchase Program and Subsequent Event (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Jan. 01, 2022 | Feb. 03, 2022 | |
Share Repurchase Program and Subsequent Event [Abstract] | ||
Shares repurchased and retired | $ 51 | |
2018 Share Repurchase Program [Member] | ||
Share Repurchase Program and Subsequent Event [Abstract] | ||
Number of shares repurchased and retired (in shares) | 728 | |
Shares repurchased and retired | $ 51 | |
Remaining amount of share repurchase program | $ 342 | |
Subsequent Event [Member] | 2022 Share Repurchase Program [Member] | ||
Share Repurchase Program and Subsequent Event [Abstract] | ||
Authorized amount of share repurchase program | $ 1,000 |