Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Dec. 28, 2013 | Jan. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Dec-13 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'BERRY PLASTICS GROUP INC | ' |
Entity Central Index Key | '0001378992 | ' |
Trading Symbol | 'bery | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 116,300,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $162 | $142 |
Accounts receivable (less allowance of $3 at September 28, 2013 and Decemberr 28, 2013) | 405 | 449 |
Inventories: | ' | ' |
Finished goods | 333 | 335 |
Raw materials and supplies | 239 | 240 |
Inventory, total | 572 | 575 |
Deferred income taxes | 260 | 139 |
Prepaid expenses and other current assets | 45 | 32 |
Total current assets | 1,444 | 1,337 |
Property, plant, and equipment, net | 1,280 | 1,266 |
Goodwill, intangible assets and deferred costs | 2,528 | 2,520 |
Other assets | 12 | 12 |
Total assets | 5,264 | 5,135 |
Current liabilities: | ' | ' |
Accounts payable | 362 | 337 |
Accrued expenses and other current liabilities | 327 | 276 |
Current portion of long-term debt | 74 | 71 |
Total current liabilities | 763 | 684 |
Long-term debt, less current portion | 3,875 | 3,875 |
Deferred income taxes | 509 | 385 |
Other long-term liabilities | 300 | 387 |
Total liabilities | 5,447 | 5,331 |
Commitments and contingencies | ' | ' |
Stockholders' equity (deficit): | ' | ' |
Common stock; ($0.01 par value; 400,000,000 shares authorized; 116,279,187 shares issued and 116,208,703 shares outstanding as of December 28, 2013; 115,895,927 issued and 115,825,443 | 1 | 1 |
Additional paid-in capital | 330 | 322 |
Non-controlling interest | 3 | 3 |
Accumulated deficit | -498 | -504 |
Accumulated other comprehensive loss | -19 | -18 |
Total stockholders' equity (deficit) | -183 | -196 |
Total liabilities and stockholders' equity (deficit) | $5,264 | $5,135 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $3 | $3 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 116,279,187 | 115,895,927 |
Common stock, shares outstanding | 116,208,703 | 115,825,443 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Consolidated Statements Of Operations And Comprehensive Income (Loss) [Abstract] | ' | ' |
Net sales | $1,140 | $1,072 |
Costs and expenses: | ' | ' |
Cost of goods sold | 964 | 895 |
Selling, general and administrative | 77 | 77 |
Amortization of intangibles | 26 | 27 |
Restructuring and impairment charges | 10 | 5 |
Operating income | 63 | 68 |
Debt extinguishment | ' | 16 |
Other expense (income), net | -1 | -3 |
Interest expense, net | 55 | 70 |
Income (loss) before income taxes | 9 | -15 |
Income tax expense (benefit) | 3 | -5 |
Net income (loss) | 6 | -10 |
Net income (loss) per share: | ' | ' |
Basic | $0.05 | ($0.09) |
Diluted | $0.05 | ($0.09) |
Weighted-average number of shares outstanding: (in thousands) | ' | ' |
Basic | 115,933 | 111,352 |
Diluted | 120,479 | 111,352 |
Comprehensive income (loss) | $5 | ($7) |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Stockholders' Equity (Deficit) (USD $) | Common Stock [Member] | Paid-in Capital [Member] | Notes Receivable - Common Stock [Member] | Non-Controlling Interest [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
In Millions | |||||||
Balance at Sep. 29, 2012 | $1 | $131 | ($2) | $3 | ($47) | ($561) | ($475) |
Proceeds from issuance of common stock | ' | 4 | ' | ' | ' | ' | 4 |
Stock compensation expense | ' | 4 | ' | ' | ' | ' | 4 |
Termination of redeemable shares redemption requirement | ' | 23 | ' | ' | ' | ' | 23 |
Proceeds from initial public offering | ' | 438 | ' | ' | ' | ' | 438 |
Initial obligation under tax receivable agreement | ' | -300 | ' | ' | ' | ' | -300 |
Derivative amortization | ' | ' | ' | ' | 1 | ' | 1 |
Net income (loss) | ' | ' | ' | ' | ' | -10 | -10 |
Currency translation | ' | ' | ' | ' | 2 | ' | 2 |
Balance at Dec. 29, 2012 | 1 | 300 | -2 | 3 | -44 | -571 | -313 |
Balance at Sep. 28, 2013 | 1 | 322 | ' | 3 | -18 | -504 | -196 |
Proceeds from issuance of common stock | ' | 3 | ' | ' | ' | ' | 3 |
Stock compensation expense | ' | 5 | ' | ' | ' | ' | 5 |
Net income (loss) | ' | ' | ' | ' | ' | 6 | 6 |
Currency translation | ' | ' | ' | ' | -1 | ' | -1 |
Balance at Dec. 28, 2013 | $1 | $330 | ' | $3 | ($19) | ($498) | ($183) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income (loss) | $6 | ($10) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation | 59 | 60 |
Amortization of intangibles | 26 | 27 |
Non-cash interest expense | 2 | 5 |
Deferred income tax | 4 | -5 |
Debt extinguishment | ' | 16 |
Stock compensation expense | 5 | 4 |
Impairment of long-lived assets | 2 | ' |
Other non-cash expense (income) | 1 | 1 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 51 | 61 |
Inventories | 14 | -14 |
Prepaid expenses and other assets | -4 | 12 |
Accounts payable and other liabilities | 6 | -70 |
Net cash from operating activities | 172 | 87 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property, plant and equipment | -47 | -45 |
Proceeds from sale of assets | 1 | 2 |
Deposit on acquisition of business | -5 | ' |
Acquisition of businesses, net of cash acquired | -62 | -20 |
Net cash from investing activities | -113 | -63 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from long-term borrowings | 3 | 1 |
Repayments on long-term borrowings | -13 | -522 |
Proceeds from issuance of common stock | 3 | 4 |
Payment of tax receivable agreement | -32 | ' |
Proceeds from initial public offering | ' | 438 |
Net cash from financing activities | -39 | -79 |
Effect of exchange rate changes on cash | ' | ' |
Net change in cash | 20 | -55 |
Cash and cash equivalents at beginning of period | 142 | 87 |
Cash and cash equivalents at end of period | $162 | $32 |
Background
Background | 3 Months Ended |
Dec. 28, 2013 | |
Background [Abstract] | ' |
Background | ' |
1. Background | |
Berry Plastics Group, Inc. ("Berry" or the "Company") is a leading provider of value-added plastic consumer packaging and engineered materials with a track record of delivering high-quality customized solutions to our customers. Representative examples of our products include drink cups, thin-wall containers, bottles, specialty closures, prescription vials, specialty films, adhesives and corrosion protection materials. We sell our solutions predominantly into consumer-oriented end-markets, such as food and beverage, healthcare and personal care. | |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Dec. 28, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
2. Basis of Presentation | |
Berry, through its wholly-owned subsidiaries operates in four primary segments: Rigid Open Top, Rigid Closed Top, Engineered Materials, and Flexible Packaging. The Company's customers are located principally throughout the United States, without significant concentration in any one region or with any one customer. The accompanying unaudited Consolidated Financial Statements of the Company 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 the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Form 10-K filed with the Securities and Exchange Commission for the fiscal year end September 28, 2013. All intercompany transactions have been eliminated. The Company issued financial statements by filing with the Securities and Exchange Commission and has evaluated subsequent events up to the time of the filing. | |
In October 2012, the Company filed an initial public offering. The proceeds, net of transactions fees, of $438 million and cash from operations were used to repurchase $455 million of 11% Senior Subordinated Notes. In connection with the initial public offering, the Company entered into an income tax receivable agreement that provides for the payment to preinitial public offering stockholders, option holders and holders of our stock appreciation rights, 85% of the amount of cash savings, if any, in U.S. federal, foreign, state and local income tax that are actually realized (or are deemed to be realized in the case of a change of control) as a result of the utilization of our and our subsidiaries' net operating losses attributable to periods prior to the initial public offering. For further information regarding fiscal 2013 transactions, refer to the consolidated financial statements and footnotes thereto included in the Company's Form 10-K filed with the Securities and Exchange Commission for the fiscal year end September 28, 2013. | |
Acquisitions
Acquisitions | 3 Months Ended |
Dec. 28, 2013 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
3. Acquisition | |
Graphic Packaging | |
On September 30, 2013, the Company acquired Graphic Packaging's flexible plastics and films business ("Graphic") for a purchase price of $62 million. Graphic is a producer of wraps, films, pouches, and bags for the food, medical, industrial, personal care, and pet food markets. The newly acquired business is operated in the Company's Flexible Packaging Division. To finance the purchase, the Company used existing liquidity. The Graphic acquisition has been accounted for under the purchase method of accounting, and accordingly, the purchase price has been allocated to the identifiable assets and liabilities based on estimated fair values at the acquisition date. The Company has not finalized the purchase price allocation to the fair values of fixed assets, intangibles and is reviewing the working capital acquired. | |
Restructuring_And_Impairment_C
Restructuring And Impairment Charges | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Restructuring And Impairment Charges [Abstract] | ' | ||||||||||||
Restructuring And Impairment Charges | ' | ||||||||||||
4. Restructuring and Impairment Charges | |||||||||||||
In November 2013, the Company initiated a cost reduction plan designed to deliver meaningful cost savings and optimal equipment utilization. This plan will result in several plant rationalizations. The Company expects to incur approximately $50 million of total costs throughout fiscal 2014 related to this plan. These costs will primarily consist of one-time costs associated with facility consolidation, including severance and termination benefits, other costs associated with exiting facilities and non-cash asset impairment charges. | |||||||||||||
Quarterly Period Ended | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Rigid Open Top | |||||||||||||
Severance and termination benefits | $ | 1 | $ | 1 | |||||||||
Total | $ | 1 | $ | 1 | |||||||||
Rigid Closed Top | |||||||||||||
Severance and termination benefits | $ | — | $ | 1 | |||||||||
Facility exit costs and other | — | 1 | |||||||||||
Asset impairment | — | — | |||||||||||
Total | $ | — | $ | 2 | |||||||||
Engineered Materials | |||||||||||||
Severance and termination benefits | $ | 1 | $ | 1 | |||||||||
Facility exit costs and other | — | — | |||||||||||
Asset impairment | 2 | — | |||||||||||
Total | $ | 3 | $ | 1 | |||||||||
Flexible Packaging | |||||||||||||
Severance and termination benefits | $ | 3 | $ | — | |||||||||
Facility exit costs and other | 3 | 1 | |||||||||||
Asset impairment | — | — | |||||||||||
Total | $ | 6 | $ | 1 | |||||||||
Consolidated | |||||||||||||
Severance and termination benefits | $ | 5 | $ | 3 | |||||||||
Facility exit costs and other | 3 | 2 | |||||||||||
Asset impairment | 2 | — | |||||||||||
Total | $ | 10 | $ | 5 | |||||||||
The table below sets forth the activity with respect to the restructuring accrual at September 28, 2013 and December 28, 2013: | |||||||||||||
Severance and | Facilities | ||||||||||||
termination | exit costs | ||||||||||||
benefits | and other | Non-cash | Total | ||||||||||
Balance at September 29, 2012 | $ | 4 | $ | 3 | $ | — | $ | 7 | |||||
Charges | 5 | 3 | 6 | 14 | |||||||||
Non-cash asset impairment | — | — | (6 | ) | (6 | ) | |||||||
Cash payments | (7 | ) | (4 | ) | — | (11 | ) | ||||||
Balance at September 28, 2013 | 2 | 2 | — | 4 | |||||||||
Charges | 5 | 3 | 2 | 10 | |||||||||
Non-cash asset impairment | — | — | (2 | ) | (2 | ) | |||||||
Cash payments | (1 | ) | (3 | ) | — | (4 | ) | ||||||
Balance at December 28, 2013 | $ | 6 | $ | 2 | $ | — | $ | 8 | |||||
Accrued_Expenses_Other_Current
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 3 Months Ended | ||||
Dec. 28, 2013 | |||||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ' | ||||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | ' | ||||
5. Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities | |||||
The following table sets forth the totals included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. | |||||
December 28, | September 28, | ||||
2013 | 2013 | ||||
Employee compensation, payroll and other taxes | $ | 68 | $ | 86 | |
Interest | 51 | 45 | |||
Rebates | 62 | 55 | |||
Tax receivable agreement obligation | 85 | 32 | |||
Other | 61 | 58 | |||
$ | 327 | $ | 276 | ||
The following table sets forth the totals included in Other long-term liabilities on the Consolidated Balance Sheets. | |||||
December 28, | September 28, | ||||
2013 | 2013 | ||||
Lease retirement obligation | $ | 23 | $ | 22 | |
Sale-lease back deferred gain | 31 | 32 | |||
Pension liability | 41 | 43 | |||
Tax receivable agreement obligation | 191 | 277 | |||
Other | 14 | 13 | |||
$ | 300 | $ | 387 | ||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Long-Term Debt [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
6. Long-Term Debt | ||||||||
Long-term debt consists of the following: | ||||||||
December 28, | September 28, | |||||||
Maturity Date | 2013 | 2013 | ||||||
Term loan | Apr-15 | $ | 1,122 | $ | 1,125 | |||
Term loan | Feb-20 | 1,393 | 1,397 | |||||
Revolving line of credit | Jun-16 | — | — | |||||
9½% Second Priority Senior Secured Notes | May-18 | 500 | 500 | |||||
9¾% Second Priority Senior Secured Notes | Jan-21 | 800 | 800 | |||||
Senior Unsecured Term Loan | Jun-14 | 18 | 18 | |||||
Debt discount, net | (7 | ) | (8 | ) | ||||
Capital leases and other | Various | 123 | 114 | |||||
3,949 | 3,946 | |||||||
Less current portion of long-term debt | (74 | ) | (71 | ) | ||||
$ | 3,875 | $ | 3,875 | |||||
The Company's senior secured credit facilities consist of $2.5 billion term loan and $650 million asset based revolving line of credit. The availability under the revolving line of credit is the lesser of $650 million or based on a defined borrowing base which is calculated based on available accounts receivable and inventory. The revolving line of credit allows up to $130 million of letters of credit to be issued instead of borrowings under the revolving line of credit. At December 28, 2013, the Company had no outstanding balance on the revolving credit facility, $37 million outstanding letters of credit and a $114 million borrowing base reserve providing unused borrowing capacity of $499 million under the revolving line of credit. The Company was in compliance with all covenants as of December 28, 2013. | ||||||||
Financial_Instruments_And_Fair
Financial Instruments And Fair Value Measurements | 3 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Financial Instruments And Fair Value Measurements [Abstract] | ' | ||||||||||
Financial Instruments And Fair Value Measurements | ' | ||||||||||
7. Financial Instruments and Fair Value Measurements | |||||||||||
As part of the overall risk management, the Company uses derivative instruments to reduce exposure to changes in interest rates attributed to the Company's floating-rate borrowings. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. To the extent hedging relationships are found to be effective, as determined by FASB guidance, changes in fair value of the derivatives are offset by changes in the fair value of the related hedged item are recorded to Accumulated other comprehensive loss. Management believes hedge effectiveness is evaluated properly in preparation of the financial statements. | |||||||||||
Cash Flow Hedging Strategy | |||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of Accumulated other comprehensive loss and reclassified into | |||||||||||
earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. | |||||||||||
In November 2010, the Company entered into two separate interest rate swap transactions to manage cash flow variability associated with $1 billion of the outstanding variable rate term loan debt (the "2010 Swaps"). The first agreement had a notional amount of $500 million and became effective in November 2010. The agreement swaps three month variable LIBOR contracts for a fixed three year rate of 0.8925% and expired in November 2013. The second agreement had a notional amount of $500 million and became effective in December 2010. The agreement swaps three month variable LIBOR contracts for a fixed three year rate of 1.0235% and expired in November 2013. In August 2011, the Company began utilizing 1-month LIBOR contracts for the underlying senior secured credit facility. The Company's change in interest rate selection caused the Company to lose hedge accounting on both of the interest rate swaps. The Company recorded subsequent changes in fair value in the Consolidated Statement of Operations and amortized the unrealized losses to Interest expense through November 2013. | |||||||||||
In February 2013, the Company entered into an interest rate swap transaction to manage cash flow variability associated with $1 billion of outstanding variable rate term loan debt (the "2013 Swaps"). The agreement swapped the greater of a three-month variable LIBOR contract or 1.00% for a fixed three-year rate of 2.355%, with an effective date in May 2016 and expiration in May 2019. In June 2013, the Company elected to settle this derivative instrument and received $16 million as a result of this settlement. The offset is included in Accumulated other comprehensive loss and will be amortized to Interest expense from May 2016 through May 2019, the original term of the swap agreement. | |||||||||||
Liability Derivatives | |||||||||||
December 28, | September 28, | ||||||||||
Derivatives instruments | Balance Sheet Location | 2013 | 2013 | ||||||||
Interest rate swaps — 2010 Swaps | Other long-term liabilities | $ | — | $ | 1 | ||||||
The effect of the derivative instruments on the Consolidated Statement of Operations is as follows: | |||||||||||
Quarterly Period Ended | |||||||||||
Derivatives not designated as hedging | Statement of | December 28, | December 29, | ||||||||
instruments under FASB guidance | Operations Location | 2013 | 2012 | ||||||||
Interest rate swaps — 2010 Swaps | Other income | $ | (1 | ) | $ | (1 | ) | ||||
Interest expense | $ | 1 | $ | 1 | |||||||
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. The assets are adjusted to fair value only when the carrying values exceed the fair values. The categorization of the framework used to price the assets is considered a Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. These assets include primarily our definite lived and indefinite lived intangible assets, including Goodwill and our property plant and equipment. The Company annually conducts a qualitative screen analysis for each of our reporting units to determine if it is more likely than not that a goodwill impairment exists and also performs a qualitative screen analysis to determine if any of our indefinite lived intangible assets may be impaired. If the conclusion is that it is more likely than not that an impairment may exist, the Company will perform a step one impairment evaluation of goodwill or other indefinite lived intangibles. Our annual analysis is performed as of the first date of the fourth quarter. We completed this assessment in the fourth quarter of 2013 and have not recorded any impairment charges. There were no impairment indicators for the goodwill or indefinite lived intangible assets in the current quarter. We utilize a methodology, which leverages a six year discounted cash flow analysis with a terminal year in combination with a comparable company market approach to determine the fair value of our reporting units. | |||||||||||
Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of December 28, 2013 and September 28, 2013, along with the impairment loss recognized on the fair value measurement during the period: | |||||||||||
As of December 28, 2013 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in | Significant | Quarterly Period | |||||||||
Active Markets for | Other | Significant | Ended | ||||||||
Identical Assets or | Observable | Unobservable | 28-Dec-13 | ||||||||
Liabilities | Inputs | Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 207 | $ | 207 | $ | — | |
Goodwill | — | — | 1,644 | 1,644 | — | ||||||
Definite lived intangible assets | — | — | 649 | 649 | — | ||||||
Property, plant, and equipment | — | — | 1,280 | 1,280 | 2 | ||||||
Total | $ | — | $ | — | $ | 3,780 | $ | 3,780 | $ | 2 | |
As of September 28, 2013 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in | Significant | ||||||||||
Active Markets for | Other | Significant | |||||||||
Identical Assets or | Observable | Unobservable | Fiscal 2013 | ||||||||
Liabilities | Inputs | Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 207 | $ | 207 | $ | — | |
Goodwill | — | — | 1,634 | 1,634 | — | ||||||
Definite lived intangible assets | — | — | 649 | 649 | 5 | ||||||
Property, plant, and equipment | — | — | 1,266 | 1,266 | — | ||||||
Total | $ | — | $ | — | $ | 3,756 | $ | 3,756 | $ | 5 | |
Valuation of Property, Plant and Equipment and Definite Lived Intangible Assets | |||||||||||
The Company periodically realigns its manufacturing operations which results in facilities being closed and shut down and equipment transferred to other facilities or equipment being scrapped. The Company utilizes appraised values to corroborate the fair value of the facilities and has utilized a scrap value based on prior facility shut downs to estimate the fair value of the equipment, which has approximated the actual value that was received. When impairment indicators exist, the Company will also perform an undiscounted cash flow analysis to determine the recoverability of the Company's property, plant and equipment and definite lived intangibles. | |||||||||||
The Company's financial instruments consist primarily of cash and cash equivalents, long-term debt and capital lease obligations. The fair value of our long-term indebtedness exceeded book value by $166 million as of December 28, 2013. The Company's long-term debt fair values were determined using Level 2 inputs as other significant observable inputs were not available. | |||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Income Taxes [Abstract] | ' | ||||||
Income Taxes | ' | ||||||
8. Income Taxes | |||||||
The effective tax rate was 29% and 32% for the quarterly period ended December 28, 2013 and December 29, 2012, respectively. A reconciliation of income tax benefit, computed at the federal statutory rate, to income tax benefit, as provided for in the financial statements, is as follows: | |||||||
Quarterly Period Ended | |||||||
December 28, | December 29, | ||||||
2013 | 2012 | ||||||
Income tax benefit computed at statutory rate | $ | 3 | $ | (5 | ) | ||
State income tax benefit, net of federal taxes | — | — | |||||
Uncertain tax position | (1 | ) | — | ||||
Other | 1 | — | |||||
Income tax expense (benefit) | $ | 3 | $ | (5 | ) | ||
Operating_Segments
Operating Segments | 3 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Operating Segments [Abstract] | ' | ||||||
Operating Segments | ' | ||||||
9. Operating Segments | |||||||
Berry's operations are organized into four reportable segments: Rigid Open Top, Rigid Closed Top, Engineered Materials, and Flexible Packaging. The Company has manufacturing and distribution centers in the United States, Canada, Mexico, Belgium, Australia, Germany, Brazil, Malaysia, India, and the Netherlands. The North American operation represents 96% of the Company's net sales, 98% of total long-lived assets, and 97% of the total assets. Selected information by reportable segment is presented in the following table: | |||||||
Quarterly Period Ended | |||||||
December 28, | December 29, | ||||||
2013 | 2012 | ||||||
Net sales: | |||||||
Rigid Open Top | $ | 261 | $ | 259 | |||
Rigid Closed Top | 332 | 313 | |||||
Rigid Packaging | $ | 593 | $ | 572 | |||
Engineered Materials | 342 | 325 | |||||
Flexible Packaging | 205 | 175 | |||||
Total net sales | $ | 1,140 | $ | 1,072 | |||
Operating income (loss): | |||||||
Rigid Open Top | $ | 13 | $ | 27 | |||
Rigid Closed Top | 30 | 18 | |||||
Rigid Packaging | $ | 43 | $ | 45 | |||
Engineered Materials | 25 | 24 | |||||
Flexible Packaging | (5 | ) | (1 | ) | |||
Total operating income | $ | 63 | $ | 68 | |||
Depreciation and amortization: | |||||||
Rigid Open Top | $ | 23 | $ | 23 | |||
Rigid Closed Top | 30 | 32 | |||||
Rigid Packaging | $ | 53 | $ | 55 | |||
Engineered Materials | 19 | 18 | |||||
Flexible Packaging | 13 | 14 | |||||
Total depreciation and amortization | $ | 85 | $ | 87 | |||
December 28, | September 28, | ||||||
2013 | 2013 | ||||||
Total assets: | |||||||
Rigid Open Top | $ | 1,802 | $ | 1,805 | |||
Rigid Closed Top | 1,995 | 1,964 | |||||
Rigid Packaging | $ | 3,797 | $ | 3,769 | |||
Engineered Materials | 823 | 817 | |||||
Flexible Packaging | 644 | 549 | |||||
Total assets | $ | 5,264 | $ | 5,135 | |||
Goodwill: | |||||||
Rigid Open Top | $ | 681 | $ | 681 | |||
Rigid Closed Top | 830 | 831 | |||||
Rigid Packaging | $ | 1,511 | $ | 1,512 | |||
Engineered Materials | 73 | 73 | |||||
Flexible Packaging | 60 | 49 | |||||
Total goodwill | $ | 1,644 | $ | 1,634 | |||
Guarantor_And_NonGuarantor_Fin
Guarantor And Non-Guarantor Financial Information | 3 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||
Guarantor And Non-Guarantor Financial Information [Abstract] | ' | ||||||||||||||||||
Guarantor And Non-Guarantor Financial Information | ' | ||||||||||||||||||
10. Guarantor and Non-Guarantor Financial Information | |||||||||||||||||||
Berry Plastics Corporation ("Issuer") has notes outstanding which are fully, jointly, severally, and unconditionally guaranteed by substantially all of Berry's domestic subsidiaries. Separate narrative information or financial statements of the guarantor subsidiaries have not been included because they are 100% owned by the parent company and the guarantor subsidiaries unconditionally guarantee such debt on a joint and several basis. A guarantee of a guarantor of the securities | |||||||||||||||||||
will terminate upon the following customary circumstances: the sale of the capital stock of such guarantor if such sale complies with the indenture, the designation of such guarantor as an unrestricted subsidiary, the defeasance or discharge of the indenture, as a result of the holders of certain other indebtedness foreclosing on a pledge of the shares of a guarantor subsidiary or if such guarantor no longer guarantees certain other indebtedness of the issuer. The guarantees are also limited as necessary to prevent them from constituting a fraudulent conveyance under applicable law and guarantees guaranteeing subordinated debt are subordinated to certain other of the Company's debts. Presented below is condensed consolidating financial information for the parent, issuer, guarantor subsidiaries and non-guarantor subsidiaries. Our issuer and guarantor financial information includes all of our domestic operating subsidiaries, our non-guarantor subsidiaries include our foreign subsidiaries and BP Parallel, LLC. BP Parallel, LLC is the entity that we established to buyback debt securities of Berry Plastics Group, Inc. and Berry Plastics Corporation. Berry Plastics Group, Inc. uses the equity method to account for its ownership in Berry Plastics Corporation in the Condensed Consolidating Supplemental Financial Statements. Berry Plastics Corporation uses the equity method to account for its ownership in the guarantor and non-guarantor subsidiaries. All consolidating entries are included in the eliminations column along with the elimination of intercompany balances. | |||||||||||||||||||
Condensed Supplemental Consolidated Balance Sheet | |||||||||||||||||||
28-Dec-13 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Current assets | 260 | 212 | 824 | 158 | (10 | ) | 1,444 | ||||||||||||
Intercompany receivable | 327 | 3,423 | — | 49 | (3,799 | ) | — | ||||||||||||
Property, plant and equipment, net | — | 91 | 1,120 | 69 | — | 1,280 | |||||||||||||
Other assets | 765 | 1,100 | 2,290 | 759 | (2,374 | ) | 2,540 | ||||||||||||
Total assets | $ | 1,352 | $ | 4,826 | $ | 4,234 | $ | 1,035 | $ | (6,183 | ) | $ | 5,264 | ||||||
Current liabilities | 94 | 193 | 411 | 75 | (10 | ) | 763 | ||||||||||||
Intercompany payable | — | — | 3,799 | — | (3,799 | ) | — | ||||||||||||
Other long-term liabilities | 1,441 | 3,915 | 41 | 5 | (718 | ) | 4,684 | ||||||||||||
Stockholders' equity (deficit) | (183 | ) | 718 | (17 | ) | 955 | (1,656 | ) | (183 | ) | |||||||||
Total liabilities and stockholders' equity (deficit) | $ | 1,352 | $ | 4,826 | $ | 4,234 | $ | 1,035 | $ | (6,183 | ) | $ | 5,264 | ||||||
28-Sep-13 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Current assets | 139 | 186 | 864 | 158 | (10 | ) | 1,337 | ||||||||||||
Intercompany receivable | 348 | 3,448 | — | 40 | (3,836 | ) | — | ||||||||||||
Property, plant and equipment, net | — | 115 | 1,079 | 72 | — | 1,266 | |||||||||||||
Other assets | 768 | 1,054 | 2,277 | 737 | (2,304 | ) | 2,532 | ||||||||||||
Total assets | $ | 1,255 | $ | 4,803 | $ | 4,220 | $ | 1,007 | $ | (6,150 | ) | $ | 5,135 | ||||||
Current liabilities | 41 | 197 | 374 | 83 | (11 | ) | 684 | ||||||||||||
Intercompany payable | — | — | 3,837 | — | (3,837 | ) | — | ||||||||||||
Other long-term liabilities | 1,410 | 3,919 | 44 | 6 | (732 | ) | 4,647 | ||||||||||||
Stockholders' equity (deficit) | (196 | ) | 687 | (35 | ) | 918 | (1,570 | ) | (196 | ) | |||||||||
Total liabilities and stockholders' equity (deficit) | $ | 1,255 | $ | 4,803 | $ | 4,220 | $ | 1,007 | $ | (6,150 | ) | $ | 5,135 | ||||||
Condensed Supplemental Consolidated Statements of Operations | |||||||||||||||||||
Quarterly Period Ended December 28, 2013 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 146 | $ | 907 | $ | 87 | $ | — | $ | 1,140 | |||||||
Cost of goods sold | — | 131 | 762 | 71 | — | 964 | |||||||||||||
Selling, general and administrative | — | 19 | 51 | 7 | — | 77 | |||||||||||||
Amortization of intangibles | — | 3 | 21 | 2 | — | 26 | |||||||||||||
Restructuring and impairment charges | — | — | 10 | — | — | 10 | |||||||||||||
Operating income (loss) | — | (7 | ) | 63 | 7 | — | 63 | ||||||||||||
Debt extinguishment | — | — | — | — | — | — | |||||||||||||
Other income, net | — | (1 | ) | — | — | — | (1 | ) | |||||||||||
Interest expense, net | 13 | 6 | 44 | (33 | ) | 25 | 55 | ||||||||||||
Equity in net income of subsidiaries | (22 | ) | (58 | ) | — | — | 80 | — | |||||||||||
Income (loss) before income taxes | 9 | 46 | 19 | 40 | (105 | ) | 9 | ||||||||||||
Income tax expense (benefit) | 3 | 16 | — | 1 | (17 | ) | 3 | ||||||||||||
Net income (loss) | $ | 6 | $ | 30 | $ | 19 | $ | 39 | $ | (88 | ) | $ | 6 | ||||||
Comprehensive income (loss) | $ | 6 | $ | 30 | $ | 19 | $ | 38 | $ | (88 | ) | $ | 5 | ||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Cash Flow from Operating Activities | $ | — | $ | — | $ | 162 | $ | 10 | $ | — | $ | 172 | |||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | — | (2 | ) | (44 | ) | (1 | ) | — | (47 | ) | |||||||||
Proceeds from sale of assets | — | — | 1 | — | — | 1 | |||||||||||||
(Contributions) distributions to/from subsidiaries | (3 | ) | 3 | — | — | — | — | ||||||||||||
Intercompany advances (repayments) | — | 30 | — | — | (30 | ) | — | ||||||||||||
Deposit on acquisition of business | — | — | — | (5 | ) | — | (5 | ) | |||||||||||
Acquisition of business, net of cash acquired | — | — | (62 | ) | — | — | (62 | ) | |||||||||||
Net cash from investing activities | (3 | ) | 31 | (105 | ) | (6 | ) | (30 | ) | (113 | ) | ||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term borrowings | — | — | — | 3 | — | 3 | |||||||||||||
Proceeds from issuance of common stock | 3 | — | — | — | — | 3 | |||||||||||||
Payment of tax receivable agreement | (32 | ) | — | — | — | — | (32 | ) | |||||||||||
Repayments on long-term borrowings | — | (13 | ) | — | — | — | (13 | ) | |||||||||||
Changes in intercompany balances | 32 | — | (57 | ) | (5 | ) | 30 | — | |||||||||||
Net cash provided from financing activities | 3 | (13 | ) | (57 | ) | (2 | ) | 30 | (39 | ) | |||||||||
Effect of exchange rate on cash | — | — | — | — | — | — | |||||||||||||
Net change in cash | — | 18 | — | 2 | — | 20 | |||||||||||||
Cash and cash equivalents at beginning of period | — | 116 | — | 26 | — | 142 | |||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 134 | $ | — | $ | 28 | $ | — | $ | 162 | |||||||
Quarterly Period Ended December 29, 2012 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 133 | $ | 849 | $ | 90 | $ | — | $ | 1,072 | |||||||
Cost of goods sold | — | 137 | 694 | 64 | — | 895 | |||||||||||||
Selling, general and administrative | — | 10 | 58 | 9 | — | 77 | |||||||||||||
Amortization of intangibles | — | 3 | 23 | 1 | — | 27 | |||||||||||||
Restructuring and impairment charges | — | — | 5 | — | — | 5 | |||||||||||||
Operating income (loss) | — | (17 | ) | 69 | 16 | — | 68 | ||||||||||||
Debt extinguishment | — | 16 | — | — | — | 16 | |||||||||||||
Other income, net | — | (3 | ) | — | — | — | (3 | ) | |||||||||||
Interest expense, net | 11 | 9 | 55 | (31 | ) | 26 | 70 | ||||||||||||
Equity in net income of subsidiaries | (4 | ) | (62 | ) | — | — | 58 | — | |||||||||||
Income (loss) before income taxes | (15 | ) | 23 | 14 | 47 | (84 | ) | (15 | ) | ||||||||||
Income tax expense (benefit) | (5 | ) | 10 | (1 | ) | — | (9 | ) | (5 | ) | |||||||||
Net income (loss) | $ | (10 | ) | $ | 13 | $ | 15 | $ | 47 | $ | (75 | ) | $ | (10 | ) | ||||
Comprehensive income (loss) | $ | (10 | ) | $ | 14 | $ | 15 | $ | 49 | $ | (75 | ) | $ | (7 | ) | ||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Cash Flow from Operating Activities | $ | — | $ | (21 | ) | $ | 95 | $ | 13 | $ | — | $ | 87 | ||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | — | (2 | ) | (42 | ) | (1 | ) | — | (45 | ) | |||||||||
Proceeds from sale of assets | — | — | 2 | — | — | 2 | |||||||||||||
Investment in Parent | — | — | — | (21 | ) | 21 | — | ||||||||||||
(Contributions) distributions to/from subsidiaries | (442 | ) | 421 | — | — | 21 | — | ||||||||||||
Intercompany advances (repayments) | — | 46 | — | — | (46 | ) | — | ||||||||||||
Acquisition of business, net of cash acquired | — | — | (20 | ) | — | — | (20 | ) | |||||||||||
Net cash from investing activities | (442 | ) | 465 | (60 | ) | (22 | ) | (4 | ) | (63 | ) | ||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term borrowings | — | — | — | 1 | — | 1 | |||||||||||||
Proceeds from issuance of common stock | 4 | — | — | — | — | 4 | |||||||||||||
Proceeds from initial public offering | 438 | — | — | — | — | 438 | |||||||||||||
Repayments of long-term borrowings | — | (501 | ) | — | — | (21 | ) | (522 | ) | ||||||||||
Changes in intercompany balances | — | — | (34 | ) | (12 | ) | 46 | — | |||||||||||
Contribution from Issuer | — | — | — | 21 | (21 | ) | — | ||||||||||||
Net cash from financing activities | 442 | (501 | ) | (34 | ) | 10 | 4 | (79 | ) | ||||||||||
Effect of exchange rate on cash | — | — | — | — | — | — | |||||||||||||
Net change in cash | — | (57 | ) | 1 | 1 | — | (55 | ) | |||||||||||
Cash and cash equivalents at beginning of period | — | 66 | — | 21 | — | 87 | |||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 9 | $ | 1 | $ | 22 | $ | — | $ | 32 |
Contingencies_And_Commitments
Contingencies And Commitments | 3 Months Ended |
Dec. 28, 2013 | |
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 the business. Although the legal and financial liability with respect to such proceedings cannot be estimated with certainty, the Company believes that any ultimate liability would not be material to the business, financial condition, results of operations or cash flows of the Company. | |
Basic_And_Diluted_Net_Income_L
Basic And Diluted Net Income (Loss) Per Share | 3 Months Ended | |||||
Dec. 28, 2013 | ||||||
Basic And Diluted Net Income (Loss) Per Share [Abstract] | ' | |||||
Basic And Diluted Net Income (Loss) Per Share | ' | |||||
12. Basic and Diluted Net Income (Loss) per Share | ||||||
Basic net income or loss per share is calculated by dividing the net income or loss 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 or loss per share is computed by dividing the net income or loss 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 or loss per share when their effect is dilutive. The Company's redeemable common stock is included in the weighted-average number of common shares outstanding for calculating basic and diluted net income or loss per share. | ||||||
The following tables and discussion provide a reconciliation of the numerator and denominator of the basic and diluted net loss per share computations. The calculation below provides net income or loss on both basic and diluted basis for the quarterly period ended December 28, 2013 and December 29, 2012. | ||||||
Quarterly Period Ended | ||||||
December 28, | December 29, | |||||
2013 | 2012 | |||||
Net income (loss) | $ | 6 | $ | (10 | ) | |
Weighted average shares of common stock outstanding-- | ||||||
basic (in thousands) | 115,933 | 111,352 | ||||
Other common stock equivalents (in thousands) | 4,546 | — | ||||
Weighted average shares of common stock outstanding-- | ||||||
diluted (in thousands) | 120,479 | 111,352 | ||||
Basic net income (loss) per share | $ | 0.05 | $ | (0.09 | ) | |
Diluted net income (loss) per share | $ | 0.05 | $ | (0.09 | ) | |
The conversion of stock options is not included in the calculation of diluted net loss per common share for the three quarterly period ended December 29, 2012 as the effect of these conversions would be antidilutive to the net loss available to common shareholders. Thus, the weighted average common equivalent shares used for purposes of computing diluted EPS are the same as those used to compute basic EPS for these periods. Shares excluded from the calculation as the effect of their conversion into shares of our common stock would be antidilutive were 12,166,539 as of December 29, 2012. | ||||||
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 3 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract | ' | |||||||||||
Comprehensive Income (Loss) | ' | |||||||||||
13. Comprehensive Income (Loss) | ||||||||||||
Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive losses include net unrealized gains or losses resulting from currency translations of foreign subsidiaries, changes in the value of our derivative instruments and adjustments to the pension liability. | ||||||||||||
The accumulated balances related to each component of other comprehensive income (loss) were as follows (amounts below are net of taxes): | ||||||||||||
Defined Benefit Pension | ||||||||||||
Currency | and Retiree Health | Interest Rate | Accumulated Other | |||||||||
Translation | Benefit Plans | Hedges | Comprehensive Loss | |||||||||
Balance as of September 28, 2013 | $ | (20 | ) | $ | (8 | ) | $ | 10 | $ | (18 | ) | |
Other comprehensive loss | (1 | ) | - | - | (1 | ) | ||||||
Tax expense (benefit) | - | - | - | R | ||||||||
Balance as of December 28, 2013 | $ | (21 | ) | $ | (8 | ) | $ | 10 | $ | (19 | ) | |
Subsequent_Event
Subsequent Event | 3 Months Ended |
Dec. 28, 2013 | |
Subsequent Event [Abstract] | ' |
Subsequent Event | ' |
14. Subsequent Event | |
Incremental Term Loan | |
In January 2014, the Company entered into an incremental assumption agreement to increase the commitments under Berry Plastics Corporation's existing term loan credit agreement by $1,125 million. Berry Plastics Corporation borrowed loans in an aggregate principal amount equal to the full amount of the commitments on such date. The incremental term loans bear interest at LIBOR plus 2.75% per annum with a LIBOR floor of 1.00%, mature in January 2021 and are subject to customary amortization. The proceeds from the incremental term loan, in addition to existing liquidity, were used to satisfy Berry Plastics Corporation's outstanding term loan facility with that was to mature in April 2015. | |
In connection with the incremental term loan, the Company paid a $1 million underwriting fee to Apollo Global Securities, LLC, an affiliate of of Apollo Management, L.P that served as a manager of the offering. | |
Qingdao P&B Co., Ltd | |
In January 2014, the Company announced that its acquisition of the controlling interest (75%) of Qingdao P&B Co., Ltd ("P&B") was approved by the competent approval authority in China. P&B utilizes thermoform, injection, and automated assembly manufacturing processes to produce products for multiple markets across China as well as globally, most predominately serving the food and personal care markets. P&B has annual revenues of $34 million and will operate in the Company's Flexible Packaging Division. | |
Restructuring_And_Impairment_C1
Restructuring And Impairment Charges (Tables) | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Restructuring And Impairment Charges [Abstract] | ' | ||||||||||||
Components Of Restructuring Charges By Segment | ' | ||||||||||||
Quarterly Period Ended | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Rigid Open Top | |||||||||||||
Severance and termination benefits | $ | 1 | $ | 1 | |||||||||
Total | $ | 1 | $ | 1 | |||||||||
Rigid Closed Top | |||||||||||||
Severance and termination benefits | $ | — | $ | 1 | |||||||||
Facility exit costs and other | — | 1 | |||||||||||
Asset impairment | — | — | |||||||||||
Total | $ | — | $ | 2 | |||||||||
Engineered Materials | |||||||||||||
Severance and termination benefits | $ | 1 | $ | 1 | |||||||||
Facility exit costs and other | — | — | |||||||||||
Asset impairment | 2 | — | |||||||||||
Total | $ | 3 | $ | 1 | |||||||||
Flexible Packaging | |||||||||||||
Severance and termination benefits | $ | 3 | $ | — | |||||||||
Facility exit costs and other | 3 | 1 | |||||||||||
Asset impairment | — | — | |||||||||||
Total | $ | 6 | $ | 1 | |||||||||
Consolidated | |||||||||||||
Severance and termination benefits | $ | 5 | $ | 3 | |||||||||
Facility exit costs and other | 3 | 2 | |||||||||||
Asset impairment | 2 | — | |||||||||||
Total | $ | 10 | $ | 5 | |||||||||
Summary Of Activity In Restructuring Accrual | ' | ||||||||||||
Severance and | Facilities | ||||||||||||
termination | exit costs | ||||||||||||
benefits | and other | Non-cash | Total | ||||||||||
Balance at September 29, 2012 | $ | 4 | $ | 3 | $ | — | $ | 7 | |||||
Charges | 5 | 3 | 6 | 14 | |||||||||
Non-cash asset impairment | — | — | (6 | ) | (6 | ) | |||||||
Cash payments | (7 | ) | (4 | ) | — | (11 | ) | ||||||
Balance at September 28, 2013 | 2 | 2 | — | 4 | |||||||||
Charges | 5 | 3 | 2 | 10 | |||||||||
Non-cash asset impairment | — | — | (2 | ) | (2 | ) | |||||||
Cash payments | (1 | ) | (3 | ) | — | (4 | ) | ||||||
Balance at December 28, 2013 | $ | 6 | $ | 2 | $ | — | $ | 8 |
Accrued_Expenses_Other_Current1
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Tables) | 3 Months Ended | ||||
Dec. 28, 2013 | |||||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ' | ||||
Summary Of Accrued Expenses And Other Current Liabilities | ' | ||||
December 28, | September 28, | ||||
2013 | 2013 | ||||
Employee compensation, payroll and other taxes | $ | 68 | $ | 86 | |
Interest | 51 | 45 | |||
Rebates | 62 | 55 | |||
Tax receivable agreement obligation | 85 | 32 | |||
Other | 61 | 58 | |||
$ | 327 | $ | 276 | ||
Summary Of Other Long-Term Liabilities | ' | ||||
December 28, | September 28, | ||||
2013 | 2013 | ||||
Lease retirement obligation | $ | 23 | $ | 22 | |
Sale-lease back deferred gain | 31 | 32 | |||
Pension liability | 41 | 43 | |||
Tax receivable agreement obligation | 191 | 277 | |||
Other | 14 | 13 | |||
$ | 300 | $ | 387 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Long-Term Debt [Abstract] | ' | |||||||
Summary Of Long-Term Debt | ' | |||||||
December 28, | September 28, | |||||||
Maturity Date | 2013 | 2013 | ||||||
Term loan | Apr-15 | $ | 1,122 | $ | 1,125 | |||
Term loan | Feb-20 | 1,393 | 1,397 | |||||
Revolving line of credit | Jun-16 | — | — | |||||
9½% Second Priority Senior Secured Notes | May-18 | 500 | 500 | |||||
9¾% Second Priority Senior Secured Notes | Jan-21 | 800 | 800 | |||||
Senior Unsecured Term Loan | Jun-14 | 18 | 18 | |||||
Debt discount, net | (7 | ) | (8 | ) | ||||
Capital leases and other | Various | 123 | 114 | |||||
3,949 | 3,946 | |||||||
Less current portion of long-term debt | (74 | ) | (71 | ) | ||||
$ | 3,875 | $ | 3,875 |
Financial_Instruments_And_Fair1
Financial Instruments And Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Financial Instruments And Fair Value Measurements [Abstract] | ' | ||||||||||
Schedule Of Derivatives Not Designated As Hedging, By Balance Sheet Location | ' | ||||||||||
Liability Derivatives | |||||||||||
December 28, | September 28, | ||||||||||
Derivatives instruments | Balance Sheet Location | 2013 | 2013 | ||||||||
Interest rate swaps — 2010 Swaps | Other long-term liabilities | $ | — | $ | 1 | ||||||
Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location | ' | ||||||||||
Quarterly Period Ended | |||||||||||
Derivatives not designated as hedging | Statement of | December 28, | December 29, | ||||||||
instruments under FASB guidance | Operations Location | 2013 | 2012 | ||||||||
Interest rate swaps — 2010 Swaps | Other income | $ | (1 | ) | $ | (1 | ) | ||||
Interest expense | $ | 1 | $ | 1 | |||||||
Valuation Of Property, Plant and Equipment And Intangible Assets | ' | ||||||||||
As of December 28, 2013 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in | Significant | Quarterly Period | |||||||||
Active Markets for | Other | Significant | Ended | ||||||||
Identical Assets or | Observable | Unobservable | 28-Dec-13 | ||||||||
Liabilities | Inputs | Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 207 | $ | 207 | $ | — | |
Goodwill | — | — | 1,644 | 1,644 | — | ||||||
Definite lived intangible assets | — | — | 649 | 649 | — | ||||||
Property, plant, and equipment | — | — | 1,280 | 1,280 | 2 | ||||||
Total | $ | — | $ | — | $ | 3,780 | $ | 3,780 | $ | 2 | |
As of September 28, 2013 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in | Significant | ||||||||||
Active Markets for | Other | Significant | |||||||||
Identical Assets or | Observable | Unobservable | Fiscal 2013 | ||||||||
Liabilities | Inputs | Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 207 | $ | 207 | $ | — | |
Goodwill | — | — | 1,634 | 1,634 | — | ||||||
Definite lived intangible assets | — | — | 649 | 649 | 5 | ||||||
Property, plant, and equipment | — | — | 1,266 | 1,266 | — | ||||||
Total | $ | — | $ | — | $ | 3,756 | $ | 3,756 | $ | 5 | |
- |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Income Taxes [Abstract] | ' | ||||||
Reconciliation Of Income Tax Expense (Benefit) | ' | ||||||
Quarterly Period Ended | |||||||
December 28, | December 29, | ||||||
2013 | 2012 | ||||||
Income tax benefit computed at statutory rate | $ | 3 | $ | (5 | ) | ||
State income tax benefit, net of federal taxes | — | — | |||||
Uncertain tax position | (1 | ) | — | ||||
Other | 1 | — | |||||
Income tax expense (benefit) | $ | 3 | $ | (5 | ) |
Operating_Segments_Tables
Operating Segments (Tables) | 3 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Operating Segments [Abstract] | ' | ||||||
Summary Of Selected Information By Reportable Segment | ' | ||||||
Quarterly Period Ended | |||||||
December 28, | December 29, | ||||||
2013 | 2012 | ||||||
Net sales: | |||||||
Rigid Open Top | $ | 261 | $ | 259 | |||
Rigid Closed Top | 332 | 313 | |||||
Rigid Packaging | $ | 593 | $ | 572 | |||
Engineered Materials | 342 | 325 | |||||
Flexible Packaging | 205 | 175 | |||||
Total net sales | $ | 1,140 | $ | 1,072 | |||
Operating income (loss): | |||||||
Rigid Open Top | $ | 13 | $ | 27 | |||
Rigid Closed Top | 30 | 18 | |||||
Rigid Packaging | $ | 43 | $ | 45 | |||
Engineered Materials | 25 | 24 | |||||
Flexible Packaging | (5 | ) | (1 | ) | |||
Total operating income | $ | 63 | $ | 68 | |||
Depreciation and amortization: | |||||||
Rigid Open Top | $ | 23 | $ | 23 | |||
Rigid Closed Top | 30 | 32 | |||||
Rigid Packaging | $ | 53 | $ | 55 | |||
Engineered Materials | 19 | 18 | |||||
Flexible Packaging | 13 | 14 | |||||
Total depreciation and amortization | $ | 85 | $ | 87 | |||
Summary Of Assets And Goodwill By Segment | ' | ||||||
December 28, | September 28, | ||||||
2013 | 2013 | ||||||
Total assets: | |||||||
Rigid Open Top | $ | 1,802 | $ | 1,805 | |||
Rigid Closed Top | 1,995 | 1,964 | |||||
Rigid Packaging | $ | 3,797 | $ | 3,769 | |||
Engineered Materials | 823 | 817 | |||||
Flexible Packaging | 644 | 549 | |||||
Total assets | $ | 5,264 | $ | 5,135 | |||
Goodwill: | |||||||
Rigid Open Top | $ | 681 | $ | 681 | |||
Rigid Closed Top | 830 | 831 | |||||
Rigid Packaging | $ | 1,511 | $ | 1,512 | |||
Engineered Materials | 73 | 73 | |||||
Flexible Packaging | 60 | 49 | |||||
Total goodwill | $ | 1,644 | $ | 1,634 |
Guarantor_And_NonGuarantor_Fin1
Guarantor And Non-Guarantor Financial Information (Tables) | 3 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||
Guarantor And Non-Guarantor Financial Information [Abstract] | ' | ||||||||||||||||||
Condensed Supplemental Consolidated Financial Information | ' | ||||||||||||||||||
Condensed Supplemental Consolidated Balance Sheet | |||||||||||||||||||
28-Dec-13 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Current assets | 260 | 212 | 824 | 158 | (10 | ) | 1,444 | ||||||||||||
Intercompany receivable | 327 | 3,423 | — | 49 | (3,799 | ) | — | ||||||||||||
Property, plant and equipment, net | — | 91 | 1,120 | 69 | — | 1,280 | |||||||||||||
Other assets | 765 | 1,100 | 2,290 | 759 | (2,374 | ) | 2,540 | ||||||||||||
Total assets | $ | 1,352 | $ | 4,826 | $ | 4,234 | $ | 1,035 | $ | (6,183 | ) | $ | 5,264 | ||||||
Current liabilities | 94 | 193 | 411 | 75 | (10 | ) | 763 | ||||||||||||
Intercompany payable | — | — | 3,799 | — | (3,799 | ) | — | ||||||||||||
Other long-term liabilities | 1,441 | 3,915 | 41 | 5 | (718 | ) | 4,684 | ||||||||||||
Stockholders' equity (deficit) | (183 | ) | 718 | (17 | ) | 955 | (1,656 | ) | (183 | ) | |||||||||
Total liabilities and stockholders' equity (deficit) | $ | 1,352 | $ | 4,826 | $ | 4,234 | $ | 1,035 | $ | (6,183 | ) | $ | 5,264 | ||||||
28-Sep-13 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Current assets | 139 | 186 | 864 | 158 | (10 | ) | 1,337 | ||||||||||||
Intercompany receivable | 348 | 3,448 | — | 40 | (3,836 | ) | — | ||||||||||||
Property, plant and equipment, net | — | 115 | 1,079 | 72 | — | 1,266 | |||||||||||||
Other assets | 768 | 1,054 | 2,277 | 737 | (2,304 | ) | 2,532 | ||||||||||||
Total assets | $ | 1,255 | $ | 4,803 | $ | 4,220 | $ | 1,007 | $ | (6,150 | ) | $ | 5,135 | ||||||
Current liabilities | 41 | 197 | 374 | 83 | (11 | ) | 684 | ||||||||||||
Intercompany payable | — | — | 3,837 | — | (3,837 | ) | — | ||||||||||||
Other long-term liabilities | 1,410 | 3,919 | 44 | 6 | (732 | ) | 4,647 | ||||||||||||
Stockholders' equity (deficit) | (196 | ) | 687 | (35 | ) | 918 | (1,570 | ) | (196 | ) | |||||||||
Total liabilities and stockholders' equity (deficit) | $ | 1,255 | $ | 4,803 | $ | 4,220 | $ | 1,007 | $ | (6,150 | ) | $ | 5,135 | ||||||
Condensed Supplemental Consolidated Statements of Operations | |||||||||||||||||||
Quarterly Period Ended December 28, 2013 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 146 | $ | 907 | $ | 87 | $ | — | $ | 1,140 | |||||||
Cost of goods sold | — | 131 | 762 | 71 | — | 964 | |||||||||||||
Selling, general and administrative | — | 19 | 51 | 7 | — | 77 | |||||||||||||
Amortization of intangibles | — | 3 | 21 | 2 | — | 26 | |||||||||||||
Restructuring and impairment charges | — | — | 10 | — | — | 10 | |||||||||||||
Operating income (loss) | — | (7 | ) | 63 | 7 | — | 63 | ||||||||||||
Debt extinguishment | — | — | — | — | — | — | |||||||||||||
Other income, net | — | (1 | ) | — | — | — | (1 | ) | |||||||||||
Interest expense, net | 13 | 6 | 44 | (33 | ) | 25 | 55 | ||||||||||||
Equity in net income of subsidiaries | (22 | ) | (58 | ) | — | — | 88 | — | |||||||||||
Income (loss) before income taxes | 9 | 46 | 19 | 40 | (105 | ) | 9 | ||||||||||||
Income tax expense (benefit) | 3 | 16 | — | 1 | (17 | ) | 3 | ||||||||||||
Net income (loss) | $ | 6 | $ | 30 | $ | 19 | $ | 39 | $ | (88 | ) | $ | 6 | ||||||
Comprehensive income (loss) | $ | 6 | $ | 30 | $ | 19 | $ | 38 | $ | (88 | ) | $ | 5 | ||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Cash Flow from Operating Activities | $ | — | $ | — | $ | 162 | $ | 10 | $ | — | $ | 172 | |||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | — | (2 | ) | (44 | ) | (1 | ) | — | (47 | ) | |||||||||
Proceeds from sale of assets | — | — | 1 | — | — | 1 | |||||||||||||
(Contributions) distributions to/from subsidiaries | (3 | ) | 3 | — | — | — | — | ||||||||||||
Intercompany advances (repayments) | — | 30 | — | — | (30 | ) | — | ||||||||||||
Deposit on acquisition of business | — | — | — | (5 | ) | — | (5 | ) | |||||||||||
Acquisition of business, net of cash acquired | — | — | (62 | ) | — | — | (62 | ) | |||||||||||
Net cash from investing activities | (3 | ) | 31 | (105 | ) | (6 | ) | (30 | ) | (113 | ) | ||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term borrowings | — | — | — | 3 | — | 3 | |||||||||||||
Proceeds from issuance of common stock | 3 | — | — | — | — | 3 | |||||||||||||
Payment of tax receivable agreement | (32 | ) | — | — | — | — | (32 | ) | |||||||||||
Repayments on long-term borrowings | — | (13 | ) | — | — | — | (13 | ) | |||||||||||
Changes in intercompany balances | 32 | — | (57 | ) | (5 | ) | 30 | — | |||||||||||
Net cash provided from financing activities | 3 | (13 | ) | (57 | ) | (2 | ) | 30 | (39 | ) | |||||||||
Effect of exchange rate on cash | — | — | — | — | — | — | |||||||||||||
Net change in cash | — | 18 | — | 2 | — | 20 | |||||||||||||
Cash and cash equivalents at beginning of period | — | 116 | — | 26 | — | 142 | |||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 134 | $ | — | $ | 28 | $ | — | $ | 162 | |||||||
Quarterly Period Ended December 29, 2012 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 133 | $ | 849 | $ | 90 | $ | — | $ | 1,072 | |||||||
Cost of goods sold | — | 137 | 694 | 64 | — | 895 | |||||||||||||
Selling, general and administrative | — | 10 | 58 | 9 | — | 77 | |||||||||||||
Amortization of intangibles | — | 3 | 23 | 1 | — | 27 | |||||||||||||
Restructuring and impairment charges | — | — | 5 | — | — | 5 | |||||||||||||
Operating income (loss) | — | (17 | ) | 69 | 16 | — | 68 | ||||||||||||
Debt extinguishment | — | 16 | — | — | — | 16 | |||||||||||||
Other income, net | — | (3 | ) | — | — | — | (3 | ) | |||||||||||
Interest expense, net | 11 | 9 | 55 | (31 | ) | 26 | 70 | ||||||||||||
Equity in net income of subsidiaries | (4 | ) | (62 | ) | — | — | 58 | — | |||||||||||
Income (loss) before income taxes | (15 | ) | 23 | 14 | 47 | (84 | ) | (15 | ) | ||||||||||
Income tax expense (benefit) | (5 | ) | 10 | (1 | ) | — | (9 | ) | (5 | ) | |||||||||
Net income (loss) | $ | (10 | ) | $ | 13 | $ | 15 | $ | 47 | $ | (75 | ) | $ | (10 | ) | ||||
Comprehensive income (loss) | $ | (10 | ) | $ | 14 | $ | 15 | $ | 49 | $ | (75 | ) | $ | (7 | ) | ||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Cash Flow from Operating Activities | $ | — | $ | (21 | ) | $ | 95 | $ | 13 | $ | — | $ | 87 | ||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | — | (2 | ) | (42 | ) | (1 | ) | — | (45 | ) | |||||||||
Proceeds from sale of assets | — | — | 2 | — | — | 2 | |||||||||||||
Investment in Parent | — | — | — | (21 | ) | 21 | — | ||||||||||||
(Contributions) distributions to/from subsidiaries | (442 | ) | 421 | — | — | 21 | — | ||||||||||||
Intercompany advances (repayments) | — | 46 | — | — | (46 | ) | — | ||||||||||||
Acquisition of business, net of cash acquired | — | — | (20 | ) | — | — | (20 | ) | |||||||||||
Net cash from investing activities | (442 | ) | 465 | (60 | ) | (22 | ) | (4 | ) | (63 | ) | ||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term borrowings | — | — | — | 1 | — | 1 | |||||||||||||
Proceeds from issuance of common stock | 4 | — | — | — | — | 4 | |||||||||||||
Proceeds from initial public offering | 438 | — | — | — | — | 438 | |||||||||||||
Repayments of long-term borrowings | — | (501 | ) | — | — | (21 | ) | (522 | ) | ||||||||||
Changes in intercompany balances | — | — | (34 | ) | (12 | ) | 46 | — | |||||||||||
Contribution from Issuer | — | — | — | 21 | (21 | ) | — | ||||||||||||
Net cash from financing activities | 442 | (501 | ) | (34 | ) | 10 | 4 | (79 | ) | ||||||||||
Effect of exchange rate on cash | — | — | — | — | — | — | |||||||||||||
Net change in cash | — | (57 | ) | 1 | 1 | — | (55 | ) | |||||||||||
Cash and cash equivalents at beginning of period | — | 66 | — | 21 | — | 87 | |||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 9 | $ | 1 | $ | 22 | $ | — | $ | 32 |
Basic_And_Diluted_Net_Income_L1
Basic And Diluted Net Income (Loss) Per Share (Tables) | 3 Months Ended | |||||
Dec. 28, 2013 | ||||||
Basic And Diluted Net Income (Loss) Per Share [Abstract] | ' | |||||
Schedule Of Net Income (Loss) Per Share | ' | |||||
Quarterly Period Ended | ||||||
December 28, | December 29, | |||||
2013 | 2012 | |||||
Net income (loss) | $ | 6 | $ | (10 | ) | |
Weighted average shares of common stock outstanding-- | ||||||
basic (in thousands) | 115,933 | 111,352 | ||||
Other common stock equivalents (in thousands) | 4,546 | — | ||||
Weighted average shares of common stock outstanding-- | ||||||
diluted (in thousands) | 120,479 | 111,352 | ||||
Basic net income (loss) per share | $ | 0.05 | $ | (0.09 | ) | |
Diluted net income (loss) per share | $ | 0.05 | $ | (0.09 | ) |
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) - (Tables) | 3 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract | ' | |||||||||||
Comprehensive Income (Loss) | ' | |||||||||||
Defined Benefit Pension | ||||||||||||
Currency | and Retiree Health | Interest Rate | Accumulated Other | |||||||||
Translation | Benefit Plans | Hedges | Comprehensive Loss | |||||||||
Balance as of September 28, 2013 | $ | (20 | ) | $ | (8 | ) | $ | 10 | $ | (18 | ) | |
Other comprehensive loss | (1 | ) | - | - | (1 | ) | ||||||
Tax expense (benefit) | - | - | - | R | ||||||||
Balance as of December 28, 2013 | $ | (21 | ) | $ | (8 | ) | $ | 10 | $ | (19 | ) |
Basis_Of_Presentation_Details
Basis Of Presentation (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||
Dec. 28, 2013 | Mar. 30, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | |
segment | 11% Senior Subordinated Notes [Member] | 11% Senior Subordinated Notes [Member] | Initial Public Offering [Member] | |
Basis Of Presentation [Line Items] | ' | ' | ' | ' |
Number of reporting segments | 4 | ' | ' | ' |
Proceeds from sale of stock | ' | ' | ' | $438 |
Amount of debt extinguished | ' | ' | ' | $455 |
Debt instrument, interest rate, stated percentage | ' | 11.00% | 11.00% | 85.00% |
Acquisitions_Details
Acquisitions (Details) (USD $) | Sep. 29, 2012 |
In Millions, unless otherwise specified | |
Acquisitions [Abstract] | ' |
Purchase price, net of cash acquired | $62 |
Restructuring_And_Impairment_C2
Restructuring And Impairment Charges (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2014 |
Restructuring And Impairment Charges [Abstract] | ' | ' | ' |
Restructuring costs related to severance, asset impairment, and exit costs | $10 | $5 | $50 |
Restructuring_And_Impairment_C3
Restructuring And Impairment Charges (Components Of Restructuring Charges) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2014 | Sep. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and termination benefits | $5 | $3 | ' | ' |
Facility exit costs and other | 3 | 2 | ' | ' |
Asset impairment | 2 | ' | ' | 5 |
Total | 10 | 5 | 50 | ' |
Rigid Open Top [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and termination benefits | 1 | 1 | ' | ' |
Total | 1 | 1 | ' | ' |
Rigid Closed Top [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and termination benefits | ' | 1 | ' | ' |
Facility exit costs and other | ' | 1 | ' | ' |
Total | ' | 2 | ' | ' |
Engineered Materials [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and termination benefits | 1 | 1 | ' | ' |
Asset impairment | 2 | ' | ' | ' |
Total | 3 | 1 | ' | ' |
Flexible Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and termination benefits | 3 | ' | ' | ' |
Facility exit costs and other | 3 | 1 | ' | ' |
Total | $6 | $1 | ' | ' |
Restructuring_And_Impairment_C4
Restructuring And Impairment Charges (Schedule Of Restructuring Accrual Costs) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | $4 | $7 |
Charges | 10 | 14 |
Non-cash asset impairment | -2 | -6 |
Cash payments | -4 | -11 |
Ending balance | 8 | 4 |
Severance And Termination Benefits [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | 2 | 4 |
Charges | 5 | 5 |
Cash payments | -1 | -7 |
Ending balance | 6 | 2 |
Facilities Exit Costs And Other [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | 2 | 3 |
Charges | 3 | 3 |
Cash payments | -3 | -4 |
Ending balance | 2 | 2 |
Non-Cash [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Charges | 2 | 6 |
Non-cash asset impairment | ($2) | ($6) |
Accrued_Expenses_Other_Current2
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Accrued Expenses And Other Current Liabilities) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Total accrued liabilities, current | $327 | $276 |
Accrued expense and other current liabilities [Member] | ' | ' |
Employee compensation, payroll and other taxes | 68 | 86 |
Interest | 51 | 45 |
Rebates | 62 | 55 |
Tax receivable agreement obligation | 85 | 32 |
Other | 61 | 58 |
Total accrued liabilities, current | $327 | $276 |
Accrued_Expenses_Other_Current3
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Other Long-Term Liabilities) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Other long-term liabilities | $300 | $387 |
Other long term liabilities [Member] | ' | ' |
Lease retirement obligation | 23 | 22 |
Sale-lease back deferred gain | 31 | 32 |
Pension liability | 41 | 43 |
Tax receivable agreement obligation | 191 | 277 |
Other | 14 | 13 |
Other long-term liabilities | $300 | $387 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | ||||||||
Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Mar. 30, 2013 | Oct. 31, 2012 | Mar. 30, 2013 | Mar. 30, 2013 | |
Term Loans [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | 11% Senior Subordinated Notes [Member] | 11% Senior Subordinated Notes [Member] | 10 1/4% Senior Subordinated Notes [Member] | 8 1/4% First Priority Senior Secured Notes [Member] | |||
Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | $2,500,000,000 | ' | $130,000,000 | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | 650,000,000 | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | 37,000,000 | ' | ' | ' | ' | ' | ' | ' |
Borrowing base reserve | ' | 114,000,000 | ' | ' | ' | ' | ' | ' | ' |
Credit facility, remaining borrowing capacity | ' | 499,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | 11.00% | 11.00% | 10.25% | 8.25% |
Loss on extinguishment of debt | $16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_Of_LongT
Long-Term Debt (Summary Of Long-Term Debt) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 |
Debt Instrument [Line Items] | ' | ' |
Debt discount, net | ($7) | ($8) |
Capital leases and other | 123 | 114 |
Debt and Capital Lease Obligations, Total | 3,949 | 3,946 |
Less current portion of long-term debt | -74 | -71 |
Long-term debt, less current portion | 3,875 | 3,875 |
Term Loan Due April 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,122 | 1,125 |
Maturity date | 1-Apr-15 | ' |
Term Loan Due February 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,393 | 1,397 |
Maturity date | 1-Feb-20 | ' |
Revolving Line Of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | ' |
Maturity date | 1-Jun-16 | ' |
9 1/2% Second Priority Senior Secured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 500 | 500 |
Debt instrument, interest rate, stated percentage | 9.50% | ' |
Maturity date | 1-May-18 | ' |
9 3/4% Second Priority Senior Secured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 800 | 800 |
Debt instrument, interest rate, stated percentage | 9.75% | ' |
Maturity date | 1-Jan-21 | ' |
Senior Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $18 | $18 |
Maturity date | 1-Jun-14 | ' |
Financial_Instruments_And_Fair2
Financial Instruments And Fair Value Measurements (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
Jun. 02, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
2010 Swaps [Member] | 2010 Swaps Part One [Member] | 2010 Swaps Part Two [Member] | 2013 Swaps [Member] | ||
item | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Number of interest rate swaps | ' | 2 | ' | ' | ' |
Variable rate term loan, amount outstanding | ' | $1,000,000,000 | ' | ' | $1,000,000,000 |
Notional amount of swap agreement | ' | ' | 500,000,000 | 500,000,000 | ' |
Derivative variable interest rate | ' | ' | ' | ' | 1.00% |
Term of fixed interest rate | ' | ' | '3 years | '3 years | '3 years |
Derivative instrument fixed interest rate | ' | ' | 0.89% | 1.02% | 2.36% |
Derivative maturity date | ' | ' | 1-Nov-13 | ' | ' |
Derivative settlement amount | $16,000,000 | ' | ' | ' | ' |
Financial_Instruments_And_Fair3
Financial Instruments And Fair Value Measurements (Schedule Of Derivatives Not Designated As Hedging, By Balance Sheet Location) (Details) (2010 Swaps [Member], Interest Rate Swap [Member], Other Long-Term Liabilites [Member], USD $) | Sep. 28, 2013 |
In Millions, unless otherwise specified | |
2010 Swaps [Member] | Interest Rate Swap [Member] | Other Long-Term Liabilites [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Interest rate swaps | $1 |
Financial_Instruments_And_Fair4
Financial Instruments And Fair Value Measurements (Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location) (Details) (Interest Rate Swap [Member], Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Other Expense (Income) [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
2010 Swaps | ($1) | ($1) |
Interest Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
2010 Swaps | $1 | $1 |
Financial_Instruments_And_Fair5
Financial Instruments And Fair Value Measurements (Valuation Of Property, Plant and Equipment And Definite Lived Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Indefinite-lived trademarks | $207 | $207 |
Goodwill | 1,644 | 1,634 |
Definite lived intangible assets | 649 | 649 |
Property, plant, and equipment | 1,280 | 1,266 |
Total | 3,780 | 3,756 |
Indefinite-lived trademark, Impairment Loss | ' | ' |
Goodwill, Impairment Loss | ' | ' |
Definite lived intangible assets, Impairment Loss | ' | 5 |
Property, plant, and equipment, Impairment loss | 2 | ' |
Impairment Loss, Total | 2 | 5 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Indefinite-lived trademarks | ' | ' |
Goodwill | ' | ' |
Definite lived intangible assets | ' | ' |
Property, plant, and equipment | ' | ' |
Total | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Indefinite-lived trademarks | ' | ' |
Goodwill | ' | ' |
Definite lived intangible assets | ' | ' |
Property, plant, and equipment | ' | ' |
Total | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Indefinite-lived trademarks | 207 | 207 |
Goodwill | 1,644 | 1,634 |
Definite lived intangible assets | 649 | 649 |
Property, plant, and equipment | 1,280 | 1,266 |
Total | $3,780 | $3,756 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Effective tax rate from continuing operations | 29.00% | 32.00% |
Income tax benefit computed at statutory rate | $3 | ($5) |
Uncertain tax position | -1 | ' |
Other | 1 | ' |
Income tax benefit | 3 | -5 |
Parent Company [Member] | ' | ' |
Income tax benefit | $3 | ($5) |
Operating_Segments_Narrative_D
Operating Segments (Narrative) (Details) | 3 Months Ended |
Dec. 28, 2013 | |
segment | |
Concentration Risk [Line Items] | ' |
Number of reporting segments | 4 |
Net Sales, Geographic Area [Member] | North America [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk, percentage | 96.00% |
Long-Lived Assets, Geographic Area [Member] | North America [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk, percentage | 98.00% |
Assets, Total [Member] | North America [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk, percentage | 97.00% |
Operating_Segments_Summary_Of_
Operating Segments (Summary Of Selected Information By Reportable Segment) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | $1,140 | $1,072 |
Operating income (loss) | 63 | 68 |
Depreciation and amortization | 85 | 87 |
Rigid Open Top [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 261 | 259 |
Operating income (loss) | 13 | 27 |
Depreciation and amortization | 23 | 23 |
Rigid Closed Top [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 332 | 313 |
Operating income (loss) | 30 | 18 |
Depreciation and amortization | 30 | 32 |
Rigid Packaging [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 593 | 572 |
Operating income (loss) | 43 | 45 |
Depreciation and amortization | 53 | 55 |
Engineered Materials [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 342 | 325 |
Operating income (loss) | 25 | 24 |
Depreciation and amortization | 19 | 18 |
Flexible Packaging [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 205 | 175 |
Operating income (loss) | -5 | -1 |
Depreciation and amortization | $13 | $14 |
Operating_Segments_Summary_Of_1
Operating Segments (Summary Of Assets And Goodwill By Segment) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $5,264 | $5,135 |
Goodwill | 1,644 | 1,634 |
Rigid Open Top [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 1,802 | 1,805 |
Goodwill | 681 | 681 |
Rigid Closed Top [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 1,995 | 1,964 |
Goodwill | 830 | 831 |
Rigid Packaging [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 3,797 | 3,769 |
Goodwill | 1,511 | 1,512 |
Engineered Materials [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 823 | 817 |
Goodwill | 73 | 73 |
Flexible Packaging [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 644 | 549 |
Goodwill | $60 | $49 |
Guarantor_And_NonGuarantor_Fin2
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Balance Sheet) (Details) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Current assets | $1,444 | $1,337 |
Property, plant, and equipment, net | 1,280 | 1,266 |
Other assets | 2,540 | ' |
Total assets | 5,264 | 5,135 |
Current liabilities | 763 | 684 |
Other long-term liabilities | 4,684 | 4,647 |
Stockholders' equity (deficit) | -183 | -196 |
Total liabilities and stockholders' equity (deficit) | 5,264 | 5,135 |
Parent Company [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Current assets | 260 | 139 |
Intercompany receivable | 327 | 348 |
Other assets | 765 | 768 |
Total assets | 1,352 | 1,255 |
Current liabilities | 94 | 41 |
Other long-term liabilities | 1,441 | 1,410 |
Stockholders' equity (deficit) | -183 | -196 |
Total liabilities and stockholders' equity (deficit) | 1,352 | 1,255 |
Issuer [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Current assets | 212 | 186 |
Intercompany receivable | 3,423 | 3,448 |
Property, plant, and equipment, net | 91 | 115 |
Other assets | 1,100 | 1,054 |
Total assets | 4,826 | 4,803 |
Current liabilities | 193 | 197 |
Other long-term liabilities | 3,915 | 3,919 |
Stockholders' equity (deficit) | 718 | 687 |
Total liabilities and stockholders' equity (deficit) | 4,826 | 4,803 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Current assets | 824 | 864 |
Property, plant, and equipment, net | 1,120 | 1,079 |
Other assets | 2,290 | 2,277 |
Total assets | 4,234 | 4,220 |
Current liabilities | 411 | 374 |
Intercompany payable | 3,799 | 3,837 |
Other long-term liabilities | 41 | 44 |
Stockholders' equity (deficit) | -17 | -35 |
Total liabilities and stockholders' equity (deficit) | 4,234 | 4,220 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Current assets | 158 | 158 |
Intercompany receivable | 49 | 40 |
Property, plant, and equipment, net | 69 | 72 |
Other assets | 759 | 737 |
Total assets | 1,035 | 1,007 |
Current liabilities | 75 | 83 |
Other long-term liabilities | 5 | 6 |
Stockholders' equity (deficit) | 955 | 918 |
Total liabilities and stockholders' equity (deficit) | 1,035 | 1,007 |
Eliminations [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Current assets | -10 | -10 |
Intercompany receivable | -3,799 | -3,836 |
Other assets | -2,374 | -2,304 |
Total assets | -6,183 | -6,150 |
Current liabilities | -10 | -11 |
Intercompany payable | -3,799 | -3,837 |
Other long-term liabilities | -718 | -732 |
Stockholders' equity (deficit) | -1,656 | -1,570 |
Total liabilities and stockholders' equity (deficit) | -6,183 | -6,150 |
Guarantor And Non Guarantor [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Other assets | ' | $2,532 |
Guarantor_And_NonGuarantor_Fin3
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Operations) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Net sales | $1,140 | $1,072 |
Cost of goods sold | 964 | 895 |
Selling, general and administrative expenses | 77 | 77 |
Amortization of intangibles | 26 | 27 |
Restructuring and impairment charges, net | 10 | 5 |
Operating income (loss) | 63 | 68 |
Debt extinguishment | ' | 16 |
Other income, net | -1 | -3 |
Interest expense, net | 55 | 70 |
Income (loss) before income taxes | 9 | -15 |
Income tax expense (benefit) | 3 | -5 |
Net income (loss) | 6 | -10 |
Comprehensive income (loss) | 5 | -7 |
Parent Company [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Interest expense, net | 13 | 11 |
Equity in net income of subsidiaries | -22 | -4 |
Income (loss) before income taxes | 9 | -15 |
Income tax expense (benefit) | 3 | -5 |
Net income (loss) | 6 | -10 |
Comprehensive income (loss) | 6 | -10 |
Issuer [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Net sales | 146 | 133 |
Cost of goods sold | 131 | 137 |
Selling, general and administrative expenses | 19 | 10 |
Amortization of intangibles | 3 | 3 |
Operating income (loss) | -7 | -17 |
Debt extinguishment | ' | 16 |
Other income, net | -1 | -3 |
Interest expense, net | 6 | 9 |
Equity in net income of subsidiaries | -58 | -62 |
Income (loss) before income taxes | 46 | 23 |
Income tax expense (benefit) | 16 | 10 |
Net income (loss) | 30 | 13 |
Comprehensive income (loss) | 30 | 14 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Net sales | 907 | 849 |
Cost of goods sold | 762 | 694 |
Selling, general and administrative expenses | 51 | 58 |
Amortization of intangibles | 21 | 23 |
Restructuring and impairment charges, net | 10 | 5 |
Operating income (loss) | 63 | 69 |
Interest expense, net | 44 | 55 |
Income (loss) before income taxes | 19 | 14 |
Income tax expense (benefit) | ' | -1 |
Net income (loss) | 19 | 15 |
Comprehensive income (loss) | 19 | 15 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Net sales | 87 | 90 |
Cost of goods sold | 71 | 64 |
Selling, general and administrative expenses | 7 | 9 |
Amortization of intangibles | 2 | 1 |
Operating income (loss) | 7 | 16 |
Interest expense, net | -33 | -31 |
Income (loss) before income taxes | 40 | 47 |
Income tax expense (benefit) | 1 | ' |
Net income (loss) | 39 | 47 |
Comprehensive income (loss) | 38 | 49 |
Eliminations [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Interest expense, net | 25 | 26 |
Equity in net income of subsidiaries | 80 | 58 |
Income (loss) before income taxes | -105 | -84 |
Income tax expense (benefit) | -17 | -9 |
Net income (loss) | -88 | -75 |
Comprehensive income (loss) | ($88) | ($75) |
Guarantor_And_NonGuarantor_Fin4
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statement Of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Cash Flow from Operating Activities | $172 | $87 |
Additions to property, plant and equipment | -47 | -45 |
Proceeds from sale of assets | 1 | 2 |
Deposit on acquisition of business | -5 | ' |
Acquisition of businesses, net of cash acquired | -62 | -20 |
Net cash flow from investing activities | -113 | -63 |
Proceeds from long-term debt | 3 | 1 |
Proceeds from issuance of common stock | 3 | 4 |
Proceeds from initial public offering | ' | 438 |
Payment of tax receivable agreement | -32 | ' |
Repayments on long-term debt | -13 | -522 |
Net cash provided from financing activities | -39 | -79 |
Effect of exchange rate changes on cash | ' | ' |
Net change in cash | 20 | -55 |
Cash and cash equivalents at beginning of period | 142 | 87 |
Cash and cash equivalents at end of period | 162 | 32 |
Parent Company [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
(Contributions) distributions to/from subsidiaries | -3 | -442 |
Net cash flow from investing activities | -3 | -442 |
Proceeds from issuance of common stock | 3 | 4 |
Proceeds from initial public offering | ' | 438 |
Payment of tax receivable agreement | -32 | ' |
Changes in intercompany balances | 32 | ' |
Net cash provided from financing activities | 3 | 442 |
Issuer [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Cash Flow from Operating Activities | ' | -21 |
Additions to property, plant and equipment | -2 | -2 |
(Contributions) distributions to/from subsidiaries | 3 | 421 |
Intercompany advances (repayments) | 30 | 46 |
Net cash flow from investing activities | 31 | 465 |
Repayments on long-term debt | -13 | -501 |
Net cash provided from financing activities | -13 | -501 |
Net change in cash | 18 | -57 |
Cash and cash equivalents at beginning of period | 116 | 66 |
Cash and cash equivalents at end of period | 134 | 9 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Cash Flow from Operating Activities | 162 | 95 |
Additions to property, plant and equipment | -44 | -42 |
Proceeds from sale of assets | 1 | 2 |
Acquisition of businesses, net of cash acquired | -62 | -20 |
Net cash flow from investing activities | -105 | -60 |
Changes in intercompany balances | -57 | -34 |
Net cash provided from financing activities | -57 | -34 |
Net change in cash | ' | 1 |
Cash and cash equivalents at end of period | ' | 1 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Cash Flow from Operating Activities | 10 | 13 |
Additions to property, plant and equipment | -1 | -1 |
Investment in Parent | ' | -21 |
Deposit on acquisition of business | -5 | ' |
Net cash flow from investing activities | -6 | -22 |
Proceeds from long-term debt | 3 | 1 |
Changes in intercompany balances | -5 | -12 |
Contribution from Issuer | ' | 21 |
Net cash provided from financing activities | -2 | 10 |
Net change in cash | 2 | 1 |
Cash and cash equivalents at beginning of period | 26 | 21 |
Cash and cash equivalents at end of period | 28 | 22 |
Eliminations [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Investment in Parent | ' | 21 |
(Contributions) distributions to/from subsidiaries | ' | 21 |
Intercompany advances (repayments) | -30 | -46 |
Net cash flow from investing activities | -30 | -4 |
Repayments on long-term debt | ' | -21 |
Changes in intercompany balances | 30 | 46 |
Contribution from Issuer | ' | -21 |
Net cash provided from financing activities | 30 | 4 |
Guarantor And Non Guarantor [Member] | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' |
Acquisition of businesses, net of cash acquired | ($62) | ' |
Basic_And_Diluted_Net_Income_L2
Basic And Diluted Net Income (Loss) Per Share (Narrative) (Details) | 3 Months Ended |
Jun. 30, 2012 | |
Basic And Diluted Net Income (Loss) Per Share [Abstract] | ' |
Antidilutive shares excluded from caluculation | 12,166,539 |
Basic_And_Diluted_Net_Income_L3
Basic And Diluted Net Income (Loss) Per Share (Schedule Of Net Income (Loss) Per Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Basic And Diluted Net Income (Loss) Per Share [Abstract] | ' | ' |
Net income (loss) | $6 | ($10) |
Weighted average shares of common stock outstanding--basic | 115,933 | 111,352 |
Other common stock equivalents | 4,546 | ' |
Weighted average shares of common stock outstanding--diluted | 120,479 | 111,352 |
Basic net income (loss) per share available to common shareholders | $0.05 | ($0.09) |
Diluted net income (loss) per share available to common shareholders | $0.05 | ($0.09) |
Comprehensive_Income_Loss_Deta
Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 |
Foreign Currency Translation [Member] | Defined Benefit Pension and Retiree Health Benefit Plans [Member] | Defined Benefit Pension and Retiree Health Benefit Plans [Member] | Interest Rate Hedge [Member] | Interest Rate Hedge [Member] | Accumulated Other Comprehensive Loss [Member] | Parent Company [Member] | Parent Company [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | ($18) | ' | ($20) | ($8) | ($8) | $10 | $10 | ($18) | ' | ' |
OtherComprehensiveIncomeLossNetOfTax | ' | ' | -1 | ' | ' | ' | ' | -1 | ' | ' |
Income tax benefit | -3 | 5 | ' | ' | ' | ' | ' | ' | -3 | 5 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | ($19) | ' | ($21) | ($8) | ($8) | $10 | $10 | ($19) | ' | ' |
Subsequent_Event_Narrative_Det
Subsequent Event - (Narrative) (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $1,125 |
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Libor floor percentage | 1.00% |
Under writing fee | 1 |
Equity Method Investment, Ownership Percentage | 75.00% |
Cost of Revenue | $34 |