Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Sep. 27, 2014 | Nov. 21, 2014 | Mar. 28, 2014 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 27-Sep-14 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | '--09-27 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 118 | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $2.10 |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $129 | $142 |
Accounts receivable, net | 491 | 449 |
Inventories | 604 | 575 |
Deferred income taxes | 166 | 139 |
Prepaid expenses and other current assets | 42 | 32 |
Total current assets | 1,432 | 1,337 |
Property, plant, and equipment, net | 1,364 | 1,266 |
Goodwill, intangible assets and deferred costs, net | 2,471 | 2,520 |
Other assets | 1 | 12 |
Total assets | 5,268 | 5,135 |
Current liabilities: | ' | ' |
Accounts payable | 395 | 337 |
Accrued expenses and other current liabilities | 314 | 276 |
Current portion of long-term debt | 58 | 71 |
Total current liabilities | 767 | 684 |
Long-term debt, less current portion | 3,860 | 3,875 |
Deferred income taxes | 386 | 385 |
Other long-term liabilities | 356 | 387 |
Total liabilities | 5,369 | 5,331 |
Commitments and contingencies | ' | ' |
Redeemable and non-controlling interest | 13 | ' |
Stockholders' equity (deficit): | ' | ' |
Common stock: ($0.01 par value; 400,000,000 shares authorized; 117,999,870 shares issued and 117,929,386 shares outstanding as of September 27, 2014; 115,895,927 shares issued and 115,825,443 shares outstanding as of September 28, 2013) | 1 | 1 |
Additional paid-in capital | 367 | 322 |
Non-controlling interest | 3 | 3 |
Accumulated deficit | -442 | -504 |
Accumulated other comprehensive loss | -43 | -18 |
Total stockholders' equity (deficit) | -114 | -196 |
Total liabilities and stockholders' equity (deficit) | $5,268 | $5,135 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 117,999,870 | 115,895,927 |
Common stock, shares outstanding | 117,929,386 | 115,825,443 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Consolidated Statements Of Operations And Comprehensive Income [Abstract] | ' | ' | ' |
Net sales | $4,958 | $4,647 | $4,766 |
Costs and expenses: | ' | ' | ' |
Cost of goods sold | 4,190 | 3,835 | 3,984 |
Selling, general and administrative | 320 | 307 | 317 |
Amortization of intangibles | 102 | 105 | 109 |
Restructuring and impairment charges | 30 | 14 | 31 |
Operating income | 316 | 386 | 325 |
Debt extinguishment | 35 | 64 | ' |
Other income, net | 7 | 7 | 7 |
Interest expense, net | 221 | 244 | 328 |
Income (loss) before income taxes | 67 | 85 | 4 |
Income tax expense (benefit) | 4 | 28 | 2 |
Consolidated net income | 63 | 57 | 2 |
Net income attributable to noncontrolling interests | 1 | ' | ' |
Net income (loss) attributable to the Company | $62 | $57 | $2 |
Net income per share: | ' | ' | ' |
Basic (see footnote 14) | $0.53 | $0.50 | $0.02 |
Diluted (see footnote 14) | $0.51 | $0.48 | $0.02 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Consolidated Statements Of Operations And Comprehensive Income [Abstract] | ' | ' | ' |
Consolidated net income | $63 | $57 | $2 |
Currency translation | -16 | -5 | 6 |
Interest rate hedges | -3 | 20 | 4 |
Defined benefit pension and retiree benefit plans | -11 | 34 | -14 |
Provision for income taxes related to other comprehensive income items | 5 | -20 | 5 |
Comprehensive income | 38 | 86 | 3 |
Comprehensive income attributable to non-controlling interests | 1 | ' | ' |
Comprehensive income attributable to the Company | $37 | $86 | $3 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Stockholders' Equity (Deficit) (USD $) | Common Stock [Member] | Additional 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 Oct. 01, 2011 | $1 | $142 | ($2) | $3 | ($48) | ($563) | ($467) |
Stock compensation expense | ' | 2 | ' | ' | ' | ' | 2 |
Interest rate hedge, net of tax | ' | ' | ' | ' | 3 | ' | 3 |
Consolidated net income | ' | -13 | ' | ' | ' | ' | -13 |
Net income attributed to the Company | ' | ' | ' | ' | ' | 2 | 2 |
Net Income (Loss) Attributable to Parent | ' | ' | ' | ' | ' | ' | 2 |
Currency translation | ' | ' | ' | ' | 6 | ' | 6 |
Benefit Plans, net of tax | ' | ' | ' | ' | -8 | ' | -8 |
Balance at Sep. 29, 2012 | 1 | 131 | -2 | 3 | -47 | -561 | -475 |
Proceeds from issuance of common stock | ' | 27 | ' | ' | ' | ' | 27 |
Stock compensation expense | ' | 16 | ' | ' | ' | ' | 16 |
Repayment of note receivable | ' | ' | 2 | ' | ' | ' | 2 |
Termination of redeemable shares redemption requirement | ' | 23 | ' | ' | ' | ' | 23 |
Proceeds from initial public offering | ' | 438 | ' | ' | ' | ' | 438 |
Obligation under tax receivable agreement | ' | -313 | ' | ' | ' | ' | -313 |
Interest rate hedge, net of tax | ' | ' | ' | ' | 10 | ' | 10 |
Net income attributed to the Company | ' | ' | ' | ' | ' | 57 | 57 |
Net Income (Loss) Attributable to Parent | ' | ' | ' | ' | ' | ' | 57 |
Currency translation | ' | ' | ' | ' | -5 | ' | -5 |
Benefit Plans, net of tax | ' | ' | ' | ' | 21 | ' | 21 |
Derivative amortization | ' | ' | ' | ' | 3 | ' | 3 |
Balance at Sep. 28, 2013 | 1 | 322 | ' | 3 | -18 | -504 | -196 |
Proceeds from issuance of common stock | ' | 17 | ' | ' | ' | ' | 17 |
Stock compensation expense | ' | 15 | ' | ' | ' | ' | 15 |
Obligation under tax receivable agreement | ' | 13 | ' | ' | ' | ' | 13 |
Interest rate hedge, net of tax | ' | ' | ' | ' | -2 | ' | -2 |
Net income attributed to the Company | ' | ' | ' | ' | ' | ' | 63 |
Net Income (Loss) Attributable to Parent | ' | ' | ' | ' | ' | 62 | 62 |
Currency translation | ' | ' | ' | ' | -16 | ' | -16 |
Benefit Plans, net of tax | ' | ' | ' | ' | -7 | ' | -7 |
Balance at Sep. 27, 2014 | $1 | $367 | ' | $3 | ($43) | ($442) | ($114) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Cash Flows from Operating Activities: | ' | ' | ' |
Consolidated net income | $63 | $57 | $2 |
Net income attributable to non-controlling interests | 1 | ' | ' |
Net income (loss) | 62 | 57 | 2 |
Adjustments to reconcile net cash from operating activities: | ' | ' | ' |
Depreciation | 256 | 236 | 246 |
Amortization of intangibles | 102 | 105 | 109 |
Non-cash interest expense | 7 | 14 | 24 |
Debt extinguishment | 35 | 64 | ' |
Settlement of interest rate hedge | ' | 16 | ' |
Stock compensation expense | 15 | 16 | 2 |
Deferred income tax | -4 | 22 | 1 |
Impairment of long-lived assets | 7 | 6 | 20 |
Other non-cash items | -3 | -6 | 3 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable, net | 5 | 3 | 95 |
Inventories | 19 | -43 | 37 |
Prepaid expenses and other assets | -1 | 15 | -7 |
Accounts payable and other liabilities | 30 | -41 | -53 |
Net cash from operating activities | 530 | 464 | 479 |
Cash Flows from Investing Activities: | ' | ' | ' |
Additions to property, plant and equipment | -215 | -239 | -230 |
Proceeds from sale of assets | 19 | 18 | 30 |
Acquisitions of business, net of cash acquired | -226 | -24 | -55 |
Net cash from investing activities | -422 | -245 | -255 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from long-term borrowings | 1,627 | 1,391 | 2 |
Repayment of long-term borrowings | -1,687 | -1,978 | -175 |
Proceeds from issuance of common stock | 17 | 27 | ' |
Repayment of notes receivable | ' | 2 | ' |
Purchase of common stock | ' | ' | -6 |
Payment of tax receivable agreement | -32 | -5 | ' |
Debt financing costs | -44 | -39 | ' |
Proceeds from initial public offering | ' | 438 | ' |
Net cash from financing activities | -119 | -164 | -179 |
Effect of exchange rate changes on cash | -2 | ' | ' |
Net increase (decrease) in cash and cash equivalents | -13 | 55 | 45 |
Cash and cash equivalents at beginning of period | 142 | 87 | 42 |
Cash and cash equivalents at end of period | $129 | $142 | $87 |
Basis_Of_Presentation_And_Summ
Basis Of Presentation And Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' | |||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies | ' | |||||||||||||||
1. Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||||||
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 | ||||||||||||||||
In October 2012, the Company completed an initial public offering. The proceeds, net of transaction 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 net operating losses of the Company and its subsidiaries attributable to periods prior to the initial public offering. | ||||||||||||||||
In February 2014, June 2014 and August 2014, certain funds affiliated with Apollo Global Management, LLC (Apollo) sold 9 million shares in a secondary public offering for proceeds of $205 million, 10 million shares in a secondary public offering for proceeds of $237 million and 14.7 million shares in a secondary public offering for proceeds of $360 million, respectively. The Company received no proceeds and incurred fees of approximately $1 million related to these offerings. Following these offerings, Apollo no longer had any equity ownership in the Company. | ||||||||||||||||
Periods presented in these financial statements include fiscal periods ending September 27, 2014 (fiscal 2014), September 28, 2013 (fiscal 2013), and September 29, 2012 (fiscal 2012). Berry, through its wholly-owned subsidiaries operates in four primary segments: Rigid Open Top, Rigid Closed Top, Engineered Materials, and Flexible Packaging. The Companys customers are located principally throughout the United States, without significant concentration in any one region or with any one customer. The Company performs periodic credit evaluations of its customers financial condition and generally does not require collateral. The Companys fiscal year is based on fifty-two week periods. The Company has evaluated subsequent events through the date the financial statements were issued. | ||||||||||||||||
The consolidated financial statements include the accounts of Berry and its subsidiaries, all of which includes our wholly owned and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Where our ownership of consolidated subsidiaries is less than 100% the non-controlling interests are reflected in Non-controlling interest and Redeemable non.- controlling interests. | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
Revenue from the sales of products is recognized at the time title and risks and rewards of ownership pass to the customer, there is persuasive evidence of an arrangement, the sales price is fixed and determinable and collection is reasonably assured. Provisions for certain rebates, sales incentives, trade promotions, coupons, product returns and discounts to customers are accounted for as reductions in gross sales to arrive at net sales. In accordance with the Revenue Recognition standards of the Accounting Standards Codification (Codification or ASC), the Company provides for these items as reductions of revenue at the later of the date of the sale or the date the incentive is offered. These provisions are based on estimates derived from current program requirements and historical experience. | ||||||||||||||||
Shipping, handling, purchasing, receiving, inspecting, warehousing, and other costs of distribution are presented in Cost of goods sold in the Consolidated Statements of Income. The Company classifies amounts charged to its customers for shipping and handling in Net sales in the Consolidated Statements of Income. | ||||||||||||||||
Purchases of Raw Materials and Concentration of Risk | ||||||||||||||||
The largest supplier of the Companys total resin material requirements represented approximately 22% of purchases in fiscal 2014. The Company uses a variety of suppliers to meet its resin requirements. | ||||||||||||||||
Research and Development | ||||||||||||||||
Research and development costs are expensed when incurred. The Company incurred research and development expenditures of $32 million, $28 million, and $25 million in fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||||
Stock-Based Compensation | ||||||||||||||||
The compensation guidance of the FASB requires that the compensation cost relating to share-based payment transactions be recognized in financial statements based on alternative fair value models. The share-based compensation cost is measured based on the fair value of the equity or liability instruments issued. The Companys share-based compensation plan is more fully described in Note 12. The Company recorded total stock compensation expense of $15 million, $16 million, and $2 million for fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||
In August 2013, the Company recorded an $8 million stock compensation charge related to certain modifications to the Berry Plastics Group Inc. 2006 Equity Incentive Plan and the Berry Plastics Group, Inc. 2012 Long-Term Incentive Plan (collectively, the "Plans"), and amended outstanding non-qualified stock option agreements to reflect such modifications. The modifications, include (i) accelerated vesting of all unvested options upon an employee's death or permanent disability (ii) in the event of an employee's qualified retirement, continuation of the normal vesting period applicable to the retiree's unvested options, as well as an extension of the exercise period to the end of the original ten-year term of the retiree's vested options and (iii) all unvested options and stock appreciation rights that were subject to performance-based vesting criteria as of January 1, 2013 (excluding certain IRR performance-based options) were modified to time-based vesting. | ||||||||||||||||
The Company utilizes the Black-Scholes option valuation model for estimating the fair value of the stock options. The model allows for the use of a range of assumptions. Expected volatilities utilized in the Black-Scholes model are based on implied volatilities from traded stocks of peer companies. Similarly, the dividend yield is based on historical experience and the estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The Companys options have a ten year contractual life. For purposes of the valuation model in fiscal 2014 and fiscal 2013, the Company used the simplified method for determining the granted options expected lives. The fair value for options granted has been estimated at the date of grant using a Black-Scholes model, with the following weighted average assumptions: | ||||||||||||||||
Fiscal year | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rate | 1.3 | % | 0.6 | % | 0.6- 0.9 | % | ||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||||
Volatility factor | 0.33 | 0.38 | 0.38 | |||||||||||||
Expected option life | 7 years | 7 years | 5 years | |||||||||||||
Foreign Currency | ||||||||||||||||
For the non-U.S. subsidiaries that account in a functional currency other than U.S. Dollars, assets and liabilities are translated into U.S. Dollars using period-end exchange rates. Sales and expenses are translated at the average exchange rates in effect during the period. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss) within stockholders equity. Gains and losses resulting from foreign currency transactions, the amounts of which are not material in any period presented are included in the Consolidated Statements of Income. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
All highly liquid investments purchased with a maturity of three months or less from the time of purchase are considered to be cash equivalents. | ||||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||||
The Companys accounts receivable and related allowance for doubtful accounts are analyzed in detail on a quarterly basis and all significant customers with delinquent balances are reviewed to determine future collectability. The determinations are based on legal issues (such as bankruptcy status), past history, current financial and credit agency reports, and the experience of the credit representatives. Reserves are established in the quarter in which the Company makes the determination that the account is deemed uncollectible. The Company maintains additional reserves based on its historical bad debt experience. The following table summarizes the activity for fiscal 2014, 2013 and 2012 for the allowance for doubtful accounts: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Allowance for doubtful accounts, beginning | $ | 3 | $ | 3 | $ | 4 | ||||||||||
Bad debt expense | - | 1 | 1 | |||||||||||||
Write-offs against allowance | (1 | ) | (2 | ) | ||||||||||||
Allowance for doubtful accounts, ending | $ | 3 | $ | 3 | $ | 3 | ||||||||||
Inventories | ||||||||||||||||
Inventories are stated at the lower of cost or market and are valued using the first-in, first-out method. Management periodically reviews inventory balances, using recent and future expected sales to identify slow-moving and/or obsolete items. The cost of spare parts inventory is charged to manufacturing overhead expense when incurred. We evaluate our reserve for inventory obsolescence on a quarterly basis and review inventory on-hand to determine future salability. We base our determinations on the age of the inventory and the experience of our personnel. We reserve inventory that we deem to be not salable in the quarter in which we make the determination. We believe, based on past history and our policies and procedures, that our net inventory is salable. Inventory as of fiscal 2014 and 2013 was: | ||||||||||||||||
Inventories: | 2014 | 2013 | ||||||||||||||
Finished goods | $ | 353 | $ | 335 | ||||||||||||
Raw materials | 251 | 240 | ||||||||||||||
$ | 604 | $ | 575 | |||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from 15 to 25 years for buildings and improvements, two to 10 years for machinery, equipment, and tooling and over the term of the agreement for capital leases. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term. Repairs and maintenance costs are charged to expense as incurred. The Company capitalized interest of $6 million, $5 million, and $5 million in fiscal 2014, 2013, and 2012, respectively. Property, plant and equipment as of fiscal 2014 and 2013 was: | ||||||||||||||||
Property, plant and equipment: | 2014 | 2013 | ||||||||||||||
Land, buildings and improvements | $ | 363 | $ | 302 | ||||||||||||
Equipment and construction in progress | 2,509 | 2,241 | ||||||||||||||
2,872 | 2,543 | |||||||||||||||
Less accumulated depreciation | (1,508 | ) | (1,277 | ) | ||||||||||||
$ | 1,364 | $ | 1,266 | |||||||||||||
Long-lived Assets | ||||||||||||||||
Long-lived assets, including property, plant and equipment and definite lived intangible assets are reviewed for impairment at the product line level in accordance with the Property, Plant and Equipment standard of the ASC whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an assets carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. Long-lived assets that are held for sale are reported at the lower of the assets carrying amount or fair value less costs related to the assets disposition. We recorded impairment charges totaling $7 million, $5 million, and $20 million to write-down long-lived assets to their net realizable valuables during fiscal years 2014, 2013, and 2012 respectively. | ||||||||||||||||
Goodwill | ||||||||||||||||
The Company follows the principles provided by the Goodwill and Other Intangibles standard of the ASC. Goodwill is not amortized but rather tested annually for impairment. The Company performs their annual impairment test on the first day of the fourth quarter in each respective fiscal year. The Company has recognized cumulative charges for goodwill impairment of $165 million which occurred in fiscal 2011 For purposes of conducting our annual goodwill impairment test, the | ||||||||||||||||
Company determined that we have six reporting units, Open Top, Rigid Closed Top, Engineered Films, Flexible Packaging, International and Tapes. Tapes and Engineered Films comprise the Engineered Materials operating segment. Flexible Packaging and International comprise the Flexible Packaging segment. Our International reporting units goodwill primarily derived from the current year P&B and C&C acquisitions. We determined that each of the components within our respective reporting units should be aggregated. We reached this conclusion because within each of our reporting units, we have similar products, management oversight, production processes and markets served which allow us to share assets and resources across the product lines. We regularly re-align our production equipment and manufacturing facilities in order to take advantage of cost savings opportunities, obtain synergies and create manufacturing efficiencies. In addition, we utilize our research and development centers, design center, tool shops, and graphics center which all provide benefits to each of the reporting units and work on new products that can not only benefit one product line, but can benefit multiple product lines. We also believe that the goodwill is recoverable from the overall operations of the unit given the similarity in production processes, synergies from leveraging the combined resources, common raw materials, common research and development, similar margins and similar distribution methodologies. In fiscal 2014, the Company applied the qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit may be less than the carrying amount. Based on our review of prior quantitative tests, changes in the carrying values, operating results, relevant market data and other factors we determined that no impairment was indicated for the Rigid Closed Top, Engineered Films, Flexible Packaging, International and Tapes reporting units. Due to the decline in operating income in the Rigid Open Top reporting unit during fiscal 2014, we completed step 1 of the impairment test which indicated no impairment existed. In fiscal 2013, the Company applied the qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit may be less than the carrying amount. Based on our review of prior quantitative tests, changes in the carrying values, operating results, relevant market data and other factors we determined that no impairment was indicated and we did not perform a two-step impairment test. In fiscal 2012, we completed step 1 of the impairment test for all the reporting units and no impairment was indicated. | ||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment are as follows: | ||||||||||||||||
Rigid Open | Rigid Closed | Engineered | Flexible | |||||||||||||
Top | Top | Materials | Packaging | Total | ||||||||||||
Balance as of fiscal 2012 | $ | 681 | $ | 832 | $ | 73 | $ | 40 | $ | 1,626 | ||||||
Foreign currency translation adjustment | - | (1 | ) | 1 | - | - | ||||||||||
Acquisitions (realignment), net | - | - | (1 | ) | 9 | 8 | ||||||||||
Balance as of fiscal 2013 | $ | 681 | $ | 831 | $ | 73 | $ | 49 | $ | 1,634 | ||||||
Foreign currency translation adjustment | - | (2 | ) | (2 | ) | - | (4 | ) | ||||||||
Acquisitions (realignment), net | - | (2 | ) | - | 31 | 29 | ||||||||||
Balance as of fiscal 2014 | $ | 681 | $ | 827 | $ | 71 | $ | 80 | $ | 1,659 | ||||||
Deferred Financing Fees | ||||||||||||||||
Deferred financing fees are being amortized to interest expense using the effective interest method over the lives of the respective debt agreements. | ||||||||||||||||
Intangible Assets | ||||||||||||||||
Customer relationships are being amortized using an accelerated amortization method which corresponds with the customer attrition rates used in the initial valuation of the intangibles over the estimated life of the relationships which range from 11 to 20 years. Trademarks that are expected to remain in use, which are indefinite lived intangible assets, are required to be reviewed for impairment annually. Technology intangibles are being amortized using the straight-line method over the estimated life of the technology which is 11 years. License intangibles are being amortized using the straight-line method over the life of the license which is 10 years. Patent intangibles are being amortized using the straight-line method over the shorter of the estimated life of the technology or the patent expiration date ranging from 10 to 20 years, with a weighted-average life of 15 years. The Company evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. We completed the annual impairment test of our indefinite lived tradenames and noted no impairment. The Company recorded a $5 million impairment charge related to the exit of certain operations in fiscal 2013. | ||||||||||||||||
Customer | Other | Accumulated | ||||||||||||||
Relationships | Trademarks | Intangibles | Amortization | Total | ||||||||||||
Balance as of fiscal 2012 | $ | 1,153 | $ | 289 | $ | 99 | $ | (584 | ) | $ | 957 | |||||
Adjustment for income taxes | (7 | ) | (1 | ) | 5 | (2 | ) | (5 | ) | |||||||
Foreign currency translation adjustment | - | - | 2 | - | 2 | |||||||||||
Write-off of fully amortized intangibles | - | (5 | ) | (1 | ) | 6 | - | |||||||||
Amortization expense | - | - | - | (105 | ) | (105 | ) | |||||||||
Impairment of intangibles | (21 | ) | (1 | ) | - | 17 | (5 | ) | ||||||||
Balance as of fiscal 2013 | $ | 1,134 | $ | 283 | $ | 107 | $ | (668 | ) | $ | 856 | |||||
Adjustment for income taxes | (2 | ) | - | (1 | ) | - | -3 | |||||||||
Foreign currency translation adjustment | (3 | ) | (1 | ) | (2 | ) | 4 | (2 | ) | |||||||
Amortization expense | - | - | - | (102 | ) | (102 | ) | |||||||||
Acquisition intangibles | 38 | - | 5 | - | 43 | |||||||||||
Balance as of fiscal 2014 | $ | 1,167 | $ | 282 | $ | 109 | $ | (766 | ) | $ | 792 | |||||
Insurable Liabilities | ||||||||||||||||
The Company records liabilities for the self-insured portion of workers compensation, health, product, general and auto liabilities. The determination of these liabilities and related expenses is dependent on claims experience. For most of these liabilities, claims incurred but not yet reported are estimated based upon historical claims experience. | ||||||||||||||||
Income Taxes | ||||||||||||||||
The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Companys financial statements or income tax returns. Income taxes are recognized during the period in which the underlying transactions are recorded. Deferred taxes, with the exception of non-deductible goodwill, are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and such amounts as measured by tax laws. If the Company determines that a deferred tax asset arising from temporary differences is not likely to be utilized, the Company will establish a valuation allowance against that asset to record it at its expected realizable value. The Company recognizes uncertain tax positions when it is more likely than not that the tax position will be sustained upon examination by relevant taxing authorities, based on the technical merits of the position. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Companys effective tax rate is dependent on many factors including: the impact of enacted tax laws in jurisdictions in which the Company operates; the amount of earnings by jurisdiction, due to varying tax rates in each country; and the Companys ability to utilize foreign tax credits related to foreign taxes paid on foreign earnings that will be remitted to the United States. | ||||||||||||||||
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 | ||||||||||||||||
Currency | Pension and Retiree | Interest Rate | Accumulated Other | |||||||||||||
Translation | Health Benefit Plans | Hedges | Comprehensive Loss | |||||||||||||
Balance as of fiscal 2011 | $ | (21 | ) | $ | (21 | ) | $ | (6 | ) | $ | (48 | ) | ||||
Other comprehensive income (loss) | 6 | (14 | ) | 4 | (4 | ) | ||||||||||
Tax expense (benefit) | - | 6 | (1 | ) | 5 | |||||||||||
Balance as of fiscal 2012 | $ | (15 | ) | $ | (29 | ) | $ | (3 | ) | $ | (47 | ) | ||||
Other comprehensive income (loss) | (5 | ) | 34 | 20 | 49 | |||||||||||
Tax benefit | - | (13 | ) | (7 | ) | (20 | ) | |||||||||
Balance as of fiscal 2013 | $ | (20 | ) | $ | (8 | ) | $ | 10 | $ | (18 | ) | |||||
Other comprehensive loss | (16 | ) | (11 | ) | (3 | ) | (30 | ) | ||||||||
Tax expense | - | 4 | 1 | 5 | ||||||||||||
Balance as of fiscal 2014 | $ | (36 | ) | $ | (15 | ) | $ | 8 | $ | (43 | ) | |||||
Accrued Rebates | ||||||||||||||||
The Company offers various rebates to customers based on purchases. These rebate programs are individually negotiated with customers and contain a variety of different terms and conditions. Certain rebates are calculated as flat percentages of purchases, while others included tiered volume incentives. These rebates may be payable monthly, quarterly, or annually. The calculation of the accrued rebate balance involves significant management estimates, especially where the terms of the rebate involve tiered volume levels that require estimates of expected annual sales. These provisions are based on estimates derived from current program requirements and historical experience. The accrual for customer rebates was $50 million and $55 million at the end of fiscal 2014 and 2013, respectively and is included in Accrued expenses and other current liabilities. | ||||||||||||||||
Pension | ||||||||||||||||
Pension benefit costs include assumptions for the discount rate, retirement age, and expected return on plan assets. Retiree medical plan costs include assumptions for the discount rate, retirement age, and health-care-cost trend rates. Periodically, the Company evaluates the discount rate and the expected return on plan assets in its defined benefit pension and retiree health benefit plans. In evaluating these assumptions, the Company considers many factors, including an evaluation of the discount rates, expected return on plan assets and the health-care-cost trend rates of other companies; historical assumptions compared with actual results; an analysis of current market conditions and asset allocations; and the views of advisers. | ||||||||||||||||
Net Income Per Share | ||||||||||||||||
The Company calculates basic net income per share based on the weighted-average number of outstanding common shares. The Company calculates diluted net income per share based on the weighted-average number of outstanding common shares plus the effect of dilutive securities | ||||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make extensive use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of sales and expenses. Actual results could differ materially from these estimates. Changes in estimates are recorded in results of operations in the period that the event or circumstances giving rise to such changes occur. | ||||||||||||||||
. | ||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued a final standard on revenue recognition. Under the new standard, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to do so, an entity would follow the five-step process for in-scope transactions: 1) identify the contract with a customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the separate performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the provisions of the new standard are effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. The Company is currently assessing the impact to the consolidated financial statements. | ||||||||||||||||
In July 2013, the FASB issued Accounting Standards Update No. 2013-11: Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) (ASU 2013-11). An entity is required to present | ||||||||||||||||
unrecognized tax benefits as a decrease in a net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The determination of whether a deferred tax asset is available is based on the unrecognized tax benefit and the deferred tax asset that exists at the reporting date and presumes disallowance of the tax position at the reporting date. The guidance will eliminate the diversity in practice in the presentation of unrecognized tax benefits but will not alter the way in which entities assess deferred tax assets for realizability. The adoption of ASU 2013-11 did not have an impact on the Companys consolidated financial statements. | ||||||||||||||||
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 27, 2014 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
2. Acquisitions | |
Graphic Flexible Packaging LLCs Flexible Plastics and Films | |
In September 2013, the Company acquired Graphic Flexible Packaging LLCs flexible plastics and films business (Graphic Plastics) for a purchase price of $61 million, net of cash acquired. Graphic Plastics is a producer of wraps, films, pouches, and bags for the food, medical, industrial, personal care, and pet food markets. The Graphic Plastics business is operated in the Companys Flexible Packaging segment. To finance the purchase, the Company used existing liquidity. The Graphic Plastics 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 acquired assets and assumed liabilities consisted of working capital of $8 million, property and equipment of $18 million, intangible assets of $25 million, goodwill of $14 million and other long-term liabilities of $4 million. The Company expects goodwill to be deductible for tax purposes. | |
Qingdao P&B Co., Ltd | |
In January 2014, the Company acquired the controlling interest (75%) of Qingdao P&B Co., Ltd (P&B) for a purchase price of $35 million, net of cash acquired. 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 is operated in the Flexible Packaging segment. To finance the purchase, the Company used existing liquidity. The P&B 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. As part of the P&B acquisition, the non-controlling interest holder has a put option, and the Company has a call option on the remaining 25% interest in P&B that becomes effective three years from the date of purchase. Upon execution of the put or call option, the purchase price for the remaining equity interest will be determined based on the fair value at the date of execution. The non-controlling interest of P&B is recorded in Redeemable non - controlling interestand will be carried at fair value with adjustments in the fair value being recorded in Additional paid-in capital. The acquired assets and assumed liabilities consisted of working capital of $9 million, property and equipment of $24 million, intangible assets of $11 million, goodwill of $10 million, other long-term liabilities of $4 million and Redeemable non-controlling interest of $13 million. The company has not finalized the tax allocation of this purchase allocation as of fiscal 2014. | |
Rexam Healthcare Containers and Closures | |
In June 2014, the Company acquired Rexams Healthcare Containers and Closures business (C&C) for a purchase price of $130 million, net of cash acquired. The C&C business produces bottles, closures and specialty products for pharmaceutical and over-the-counter applications. Facilities located in the United States are operated in the Rigid Closed Top segment, and locations outside the United States are operated in the Flexible Packaging segment. To finance the purchase, the Company used existing liquidity. The C&C 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 acquired assets and assumed liabilities consisted of working capital of $32 million, property and equipment of $84 million, non-current deferred tax benefit of $4 million, intangible assets of $7 million, goodwill of $6 million and other long-term liabilities of $3 million. The Company has not finalized the purchase price allocation to the fair values of fixed assets, intangibles, deferred income taxes and is reviewing the working capital acquired as of fiscal 2014. The Company expects domestic goodwill to be deductible for tax purposes. | |
Financial_Instruments_And_Fair
Financial Instruments And Fair Value Measurements | 12 Months Ended | ||||||||||
Sep. 27, 2014 | |||||||||||
Financial Instruments And Fair Value Measurements [Abstract] | ' | ||||||||||
Financial Instruments And Fair Value Measurements | ' | ||||||||||
4. 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 Companys 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 Companys change in interest rate selection caused the Company to lose hedge accounting on both of the interest rate swaps. The Company recorded changes in fair value in the Consolidated Statement of Income and amortized the previously recorded unrealized losses of $1 million to Interest expense through the end of the respective swap agreements. | |||||||||||
In February 2013, the Company entered into an interest rate swap transaction to protect $1 billion of outstanding variable rate term loan debt from future interest rate volatility. 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 Deferred income taxes and will be amortized to Interest expense from May 2016 through May 2019, the original term of the swap agreement. | |||||||||||
In March 2014, 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 "2014 Swap"). The agreement swaps the greater of a three-month variable LIBOR contract or 1.00% for a fixed three-year rate of 2.59%, with an effective date in February 2016 and expiration in February 2019. The Company records changes in fair value in Accumulated other comprehensive income. | |||||||||||
Liability Derivatives | |||||||||||
Balance Sheet Location | 2014 | 2013 | |||||||||
Interest rate swaps 2014 Swaps | Other long-term liabilities | $ | 3 | $ | - | ||||||
Interest rate swaps 2010 Swaps | Other long-term liabilities | $ | - | $ | 1 | ||||||
The effect of the derivative instruments on the Consolidated Statement of Income are as follows: | |||||||||||
Statement of Income Location | 2014 | 2013 | |||||||||
Interest rate swaps 2010 Swaps | Other expense (income) | $ | - | $ | (6 | ) | |||||
Interest expense | $ | - | $ | 4 | |||||||
The Fair Value Measurements and Disclosures section of the ASC defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, and establishes a framework for measuring fair value. This section also establishes a three-level hierarchy (Level 1, 2, or 3) for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. This section also requires the consideration of the counterpartys or the Companys nonperformance risk when assessing fair value. | |||||||||||
The Companys interest rate swap fair values were determined using Level 2 inputs as other significant observable inputs were not available. | |||||||||||
The Companys financial instruments consist primarily of cash and cash equivalents, long-term debt, interest rate swap agreements and capital lease obligations. The fair value of our long-term indebtedness exceeded book value by $86 million and $164 million as of fiscal 2014 and fiscal 2013, respectively. The Companys long-term debt fair values were determined using Level 2 inputs as other significant observable inputs were not available. | |||||||||||
Non-recurring Fair Value Measurements | |||||||||||
The Company has certain assets that are measured at fair value on a non-recurring basis under the circumstances and events described in Note 1 and Note 10. 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 (see Note 1 and 10 for additional discussion). | |||||||||||
Included in the following table are the major categories of assets measured at fair value on a non-recurring basis along with the impairment loss recognized on the fair value measurement for the year then ended. | |||||||||||
As of the end of fiscal 2014 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in Active | Significant Other | ||||||||||
Markets for Identical | Observable | Significant | |||||||||
Assets or Liabilities | Inputs | Unobservable Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | - | $ | - | $ | 207 | $ | 207 | $ | - | |
Goodwill | - | - | 1,659 | 1,659 | - | ||||||
Definite lived intangibles | - | - | 585 | 585 | - | ||||||
Property, plant, and equipment | - | - | 1,364 | 1,364 | 7 | ||||||
Total | $ | - | $ | - | $ | 3,815 | $ | 3,815 | $ | 7 | |
As of the end of fiscal 2013 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in Active | Significant Other | ||||||||||
Markets for Identical | Observable | Significant | |||||||||
Assets or Liabilities | Inputs | Unobservable Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | - | $ | - | $ | 207 | $ | 207 | $ | - | |
Goodwill | - | - | 1,634 | 1,634 | - | ||||||
Definite lived intangibles | - | - | 649 | 649 | 5 | ||||||
Property, plant, and equipment | - | - | 1,266 | 1,266 | - | ||||||
Total | $ | - | $ | - | $ | 3,756 | $ | 3,756 | $ | 5 | |
As of the end of fiscal 2012 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in Active | Significant Other | ||||||||||
Markets for Identical | Observable | Significant | |||||||||
Assets or Liabilities | Inputs | Unobservable Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | - | $ | - | $ | 220 | $ | 220 | $ | - | |
Goodwill | - | - | 1,626 | 1,626 | - | ||||||
Definite lived intangibles | - | - | 737 | 737 | 17 | ||||||
Property, plant, and equipment | - | - | 1,216 | 1,216 | 3 | ||||||
Total | $ | - | $ | - | $ | 3,799 | $ | 3,799 | $ | 20 | |
Valuation of Goodwill and Indefinite Lived Intangible Assets | |||||||||||
ASC Topic 350 requires the Company to test goodwill for impairment at least annually. The Company conducts the impairment test on the first day of the fourth fiscal quarter, unless indications of impairment exist during an interim period. When assessing its goodwill for impairment, the Company utilizes a discounted cash flow analysis in combination with a comparable company market approach to determine the fair value of their reporting units and corroborate the fair values. The | |||||||||||
Company utilizes a relief from royalty method to value their indefinite lived trademarks and uses the forecasts that are consistent with those used in the reporting unit analysis. The Company has six reporting units more fully discussed in Note 1. In fiscal 2014, fiscal 2013 and fiscal 2012 the Company determined no impairment existed. The Company did not recognize any impairment charges on the indefinitive lived intangible assets in any of the years presented. | |||||||||||
Valuation of Property, Plant and Equipment and Definite Lived Intangible Assets | |||||||||||
The Company periodically realigns their manufacturing operations which results in facilities being closed and shut down and equipment transferred to other facilities or equipment being scrapped or sold. 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 Companys long-lived assets. The Company incurred an impairment charge of $7 million related to property, plant and equipment in fiscal 2014. The Company did not incur an impairment charge related to property, plant and equipment in fiscal 2013. The Company wrote-down their property, plant, and equipment with a carrying value of $1,219 million to its fair value of $1,216 million, which resulted in an impairment charge of $3 million during fiscal 2012. The Company did not incur an impairment charge on definite long-lived assets in fiscal 2014. The Company did recognize an impairment charge of $5 million on definite long-lived assets related to the decision to exit certain businesses during fiscal 2013. | |||||||||||
Goodwill_Intangible_Assets_And
Goodwill, Intangible Assets And Deferred Costs | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Goodwill, Intangible Assets And Deferred Costs [Abstract] | ' | |||||||
Goodwill, Intangible Assets And Deferred Costs | ' | |||||||
5. Goodwill, Intangible Assets and Deferred Costs | ||||||||
The following table sets forth the gross carrying amount and accumulated amortization of the Companys goodwill, intangible assets and deferred costs as of the fiscal year-end 2014 and 2013: | ||||||||
2014 | 2013 | Amortization Period | ||||||
Deferred financing fees | Respective debt | |||||||
$ | 28 | $ | 48 | |||||
Accumulated amortization | (8 | ) | (18 | ) | ||||
Deferred financing fees, net | 20 | 30 | ||||||
Goodwill | Indefinite lived | |||||||
1,659 | 1,634 | |||||||
Customer relationships | 1,167 | 1,134 | 11 20 years | |||||
Trademarks (indefinite lived) | Indefinite lived | |||||||
207 | 207 | |||||||
Trademarks (definite lived) | 8-15 years | |||||||
75 | 76 | |||||||
Other intangibles | 109 | 107 | 10-20 years | |||||
Accumulated amortization | (766 | ) | (668 | ) | ||||
Intangible assets, net | 792 | 856 | ||||||
Total goodwill, intangible assets and deferred costs | ||||||||
$ | 2,471 | $ | 2,520 | |||||
Future amortization expense for definite lived intangibles as of fiscal 2014 for the next five fiscal years is $93 million, $85 million, $74 million, $56 million and $51 million each year for fiscal years ending 2015, 2016, 2017, 2018, and 2019, respectively. | ||||||||
Lease_And_Other_Commitments_An
Lease And Other Commitments And Contingencies | 12 Months Ended | |||||
Sep. 27, 2014 | ||||||
Lease And Other Commitments And Contingencies [Abstract] | ' | |||||
Lease And Other Commitments And Contingencies | ' | |||||
6. Lease and Other Commitments and Contingencies | ||||||
The Company leases certain property, plant and equipment under long-term lease agreements. Property, plant, and equipment under capital leases are reflected on the Companys balance sheet as owned. The Company entered into new capital lease obligations totaling $45 million, $49 million, and $7 million during fiscal 2014, 2013, and 2012, respectively, with various lease expiration dates through 2021. The Company records amortization of capital leases in Cost of goods sold in the Consolidated Statement of Operations. Assets under operating leases are not recorded on the Companys balance sheet. Operating leases expire at various dates in the future with certain leases containing renewal options. The Company had minimum lease payments or contingent rentals of $24 million and $16 million and asset retirement obligations of $7 million and $6 million as of fiscal 2014 and 2013, respectively. Total rental expense from operating leases was $54 million, $53 million, and $56 million in fiscal 2014, 2013, and 2012, respectively. | ||||||
Future minimum lease payments for capital leases and non-cancellable operating leases with initial terms in excess of one year as of fiscal year-end 2014, are as follows: | ||||||
Capital Leases | Operating Leases | |||||
2015 | $ | 34 | $ | 46 | ||
2016 | 27 | 43 | ||||
2017 | 19 | 39 | ||||
2018 | 18 | 33 | ||||
2019 | 16 | 27 | ||||
Thereafter | 31 | 143 | ||||
145 | $ | 331 | ||||
Less: amount representing interest | (16 | ) | ||||
Present value of net minimum lease payments | $ | 129 | ||||
In September 2012, the Company entered into a sale-leaseback transaction pursuant to which it sold its warehouse facility located in Lawrence , Kansas. The Company received net proceeds of $20 million and resulted in the Company realizing a deferred gain of $1 million which will be offset against the future lease payments over the life of the lease. | ||||||
The Company is party to various legal proceedings involving routine claims which are incidental to its business. Although the Companys 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 its financial position, results of operations or cash flows. The Company has various purchase commitments for raw materials, supplies and property and equipment incidental to the ordinary conduct of business. | ||||||
At the end of fiscal 2014, the Company employed over 16,000 employees. Approximately 11% of the Companys employees are covered by collective bargaining agreements. One of our twelve agreements, covering approximately 30 employees, was scheduled for renegotiation in October 2014 and was recently extended for three years. There are an additional five agreements, representing approximately 60% of the remaining employees, due for renegotiation in fiscal 2015. The remaining agreements expire after fiscal 2015. Our relations with employees under collective bargaining agreements remain satisfactory and there have been no significant work stoppages or other labor disputes during the past three years. | ||||||
Accrued_Expenses_Other_Current
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ' | ||||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | ' | ||||
7. 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 as of fiscal year-end 2014 and 2013. | |||||
2014 | 2013 | ||||
Employee compensation, payroll and other taxes | $ | 99 | $ | 86 | |
Interest | 44 | 45 | |||
Rebates | 50 | 55 | |||
Restructuring | 13 | 4 | |||
Tax receivable agreement obligation | 39 | 32 | |||
Other | 69 | 54 | |||
$ | 314 | $ | 276 | ||
The following table sets forth the totals included in Other long-term liabilities as of fiscal year-end 2014 and 2013. | |||||
2014 | 2013 | ||||
Lease retirement obligation | $ | 31 | $ | 22 | |
Sale-lease back deferred gain | 30 | 32 | |||
Pension liability | 45 | 43 | |||
TRA obligation | 234 | 277 | |||
Other | 16 | 13 | |||
$ | 356 | $ | 387 |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
8. Income Taxes | ||||||||||
The Company is being taxed at the U.S. corporate level as a C-Corporation and has provided U.S. Federal, State and foreign income taxes. | ||||||||||
Significant components of income tax expense (benefit) for the fiscal years ended 2014, 2013 and 2012 are as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current | ||||||||||
United States | ||||||||||
Federal | $ | - | $ | - | $ | (3 | ) | |||
State | 5 | 2 | - | |||||||
Non-U.S. | 3 | 4 | 4 | |||||||
Current income tax provision | 8 | 6 | 1 | |||||||
Deferred: | ||||||||||
United States | ||||||||||
Federal | 3 | 26 | 3 | |||||||
State | (5 | ) | (3 | ) | (1 | ) | ||||
Non-U.S. | (2 | ) | (1 | ) | (1 | ) | ||||
Deferred income tax expense (benefit) | (4 | ) | 22 | 1 | ||||||
Expense (benefit) for income taxes | $ | 4 | $ | 28 | $ | 2 | ||||
U.S. income from continuing operations before income taxes was $58 million, $77 million, and $2 million for fiscal 2014, 2013, and 2012, respectively. Non-U.S. income from continuing operations before income taxes was $9 million, $8 million, and $2 million for fiscal 2014, 2013, and 2012, respectively. | ||||||||||
The reconciliation between U.S. Federal income taxes at the statutory rate and the Companys benefit for income taxes on continuing operations for fiscal 2014, 2013, and 2012 are as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
U.S. Federal income tax expense at the statutory rate | $ | 23 | $ | 29 | $ | 1 | ||||
Adjustments to reconcile to the income tax provision: | ||||||||||
U.S. State income tax expense, net of valuation allowance | 5 | (1 | ) | (1 | ) | |||||
Impairment of goodwill | - | - | - | |||||||
Research and development credits | (20 | ) | - | - | ||||||
Permanent differences | -2 | - | 1 | |||||||
Transaction costs | - | - | - | |||||||
Changes in foreign valuation allowance | 1 | 1 | 1 | |||||||
Rate differences between U.S. and foreign | (1 | ) | (2 | ) | 1 | |||||
APB 23 | (1 | ) | - | - | ||||||
Other | (1 | ) | 1 | (1 | ) | |||||
Expense (benefit) for income taxes | $ | 4 | $ | 28 | $ | 2 | ||||
Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax liability as of fiscal 2014 and 2013 are as follows: | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Allowance for doubtful accounts | $ | 3 | $ | 3 | ||||||
Deferred gain on sale-leaseback | 13 | 14 | ||||||||
Accrued liabilities and reserves | 58 | 34 | ||||||||
Inventories | 10 | 9 | ||||||||
Net operating loss carryforward | 248 | 343 | ||||||||
Alternative minimum tax (AMT) credit carryforward | 9 | 9 | ||||||||
Research and development credit carryforward | 22 | - | ||||||||
Federal and state tax credits | 13 | 14 | ||||||||
Other | 9 | 7 | ||||||||
Total deferred tax assets | 385 | 433 | ||||||||
Valuation allowance | (56 | ) | (59 | ) | ||||||
Total deferred tax assets, net of valuation allowance | 329 | 374 | ||||||||
Deferred tax liabilities: | ||||||||||
Property, plant and equipment | 157 | 187 | ||||||||
Intangible assets | 279 | 300 | ||||||||
Debt extinguishment | 107 | 132 | ||||||||
Other | 6 | 1 | ||||||||
Total deferred tax liabilities | 549 | 620 | ||||||||
Net deferred tax liability | $ | (220 | ) | $ | (246 | ) | ||||
In the United States the Company had $601 million of federal net operating loss carryforwards, which will be available to offset future taxable income. As of fiscal year-end 2014, the Company had state and foreign net operating loss carryforwards of $803 and $106 million, respectively, which will be available to offset future taxable income. If not used, the Federal net operating loss carryforwards will expire in future years beginning 2025 through 2031. AMT credit carryforwards totaling $9 million are available to the Company indefinitely to reduce future years Federal income taxes. The state net operating loss carry forwards will expire in future years beginning in 2015 through 2033. The Company has $18 million and $4 million of of Federal and state Research and Development tax credits, respectively, that will expire in future years beginning 2027 through 2034. | ||||||||||
In connection with the initial public offering, the Company entered into an income tax receivable agreement that provides for the payment to pre-initial 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. The Company expects to pay between $313 million and $360 million in cash related to this agreement. This range is based on the Company's assumptions using various items, including valuation analysis and current tax law. The Company recorded an obligation of $313 million which was recognized as a reduction of Paid-in capital on the Consolidated Balance Sheets. The Company made payments of $32 million and $5 million in fiscal 2014 and 2013, The balance at the end of fiscal 2014 was $273 million. | ||||||||||
The Company believes that it will not generate sufficient future taxable income to realize the tax benefits in certain foreign jurisdictions related to the deferred tax assets. The Company also has certain state net operating losses that may expire before they are fully utilized. Therefore, the Company has provided a full valuation allowance against certain of its foreign deferred tax assets and a valuation allowance against certain of its state deferred tax assets included within the deferred tax assets. | ||||||||||
Prior changes in ownership have created limitations under Sec. 382 of the internal revenue code on annual usage of net operating loss carryforwards. However, all of the Companys Federal net operating loss carryforwards should be available for use within the next five years. As part of the effective tax rate calculation, if we determine that a deferred tax asset arising from temporary differences is not likely to be utilized, we will establish a valuation allowance against that asset to record it at its expected realizable value. The Company has not provided a valuation allowance on its Federal net operating loss carryforwards in the United States because it has determined that future reversals of its temporary taxable differences will occur in the same periods and are of the same nature as the temporary differences giving rise to the deferred tax assets. Our valuation allowance against deferred tax assets was $56 million and $59 million as of fiscal year-end 2014 and 2013, respectively, related to the foreign and U.S. State operations. The Company paid cash taxes of $7 million, $3 million and $2 million in fiscal 2014, 2013, and 2012, respectively. | ||||||||||
Uncertain Tax Positions | ||||||||||
We adopted the provisions of the Income Taxes standard of the Codification. This interpretation clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with guidance provide by FASB and prescribes a recognition threshold of more-likely-than-not to be sustained upon examination. Our policy to include interest and penalties related to gross unrecognized tax benefits within our provision for income taxes did not change. | ||||||||||
The following table summarizes the activity related to our gross unrecognized tax benefits from year-end fiscal 2013 to year-end fiscal 2014: | ||||||||||
2014 | 2013 | |||||||||
Beginning unrecognized tax benefits | $ | 14 | $ | 8 | ||||||
Gross increases tax positions in prior periods | 2 | 6 | ||||||||
Gross increases current period tax positions | 1 | 1 | ||||||||
Settlements | (2 | ) | (1 | ) | ||||||
Lapse of statute of limitations | (1 | ) | - | |||||||
Ending unrecognized tax benefits | $ | 14 | $ | 14 | ||||||
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was $8 million and $7 million for fiscal year-end 2014 and 2013. | ||||||||||
As of fiscal year-end 2014, we had $2 million accrued for payment of interest and penalties related to our uncertain tax positions. Our penalties and interest related to uncertain tax positions are included in income tax expense. | ||||||||||
We and our subsidiaries are routinely examined by various taxing authorities. Although we file U.S. Federal, U.S. State, and foreign tax returns, our major tax jurisdiction is the U.S. The IRS has completed an examination of our 2003, 2010 and 2011 tax years. Our 2004 2009, 2012 and 2013 tax years remain subject to examination by the IRS. There are various other ongoing audits in various other jurisdictions that are not material to our financial statements. | ||||||||||
As of the end of fiscal 2014, we had unremitted earnings from foreign subsidiaries including earnings that have been or are intended to be permanently reinvested for continued use in foreign operations, accordingly, no provision for US Federal or State income taxes has been provided thereon. If distributed, those earnings would result in additional income tax expense at approximately the U.S. statutory rate. Determination of the amount of unrecognized deferred US income tax liability is not practicable due to the complexities associated with its hypothetical calculation. | ||||||||||
Retirement_Plan
Retirement Plan | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Retirement Plan [Abstract] | ' | ||||||||||||
Retirement Plan | ' | ||||||||||||
9. Retirement Plan | |||||||||||||
The Company maintains three defined benefit pension plans which cover certain manufacturing facilities. The Company also maintains a retiree health plan, which covers certain healthcare and life insurance benefits for certain retired employees and their spouses. Each of the three defined benefit plans and the retiree health plan are frozen plans. The Company uses fiscal year-end as a measurement date for the retirement plans. | |||||||||||||
The Company sponsors two defined contribution 401(k) retirement plans covering substantially all employees. Contributions are based upon a fixed dollar amount for employees who participate and percentages of employee contributions at specified thresholds. Contribution expense for these plans was $8 million, $7 million, and $7 million for fiscal 2014, 2013, and 2012, respectively. | |||||||||||||
The projected benefit obligations of the Companys plans presented herein are equal to the accumulated benefit obligations of such plans. The net amount of liability recognized is included in Other long-term liabilities on the Consolidated Balance Sheets. | |||||||||||||
Defined Benefit Pension Plans | Retiree Health Plan | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Change in Projected Benefit Obligations (PBO) | |||||||||||||
PBO at beginning of period | $ | 178 | $ | 207 | $ | 2 | $ | 3 | |||||
Service cost | - | - | - | - | |||||||||
Interest cost | 8 | 7 | - | - | |||||||||
Actuarial loss (gain) | 15 | (27 | ) | - | - | ||||||||
Benefits paid | (9 | ) | (9 | ) | - | (1 | ) | ||||||
PBO at end of period | $ | 192 | $ | 178 | $ | 2 | $ | 2 | |||||
Change in Fair Value of Plan Assets | |||||||||||||
Plan assets at beginning of period | $ | 141 | $ | 129 | $ | - | $ | - | |||||
Actual return on plan assets | 15 | 14 | - | - | |||||||||
Company contributions | 7 | 7 | - | - | |||||||||
Benefits paid | (9 | ) | (9 | ) | - | - | |||||||
Plan assets at end of period | 154 | 141 | - | - | |||||||||
Net amount recognized | $ | (38 | ) | $ | (37 | ) | $ | (2 | ) | $ | (2 | ) | |
At the end of fiscal 2014 the Company had $30 million of net unrealized losses recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets. The Company expects $2 million to be realized in fiscal 2015. | |||||||||||||
The following table presents significant weighted-average assumptions used to determine benefit obligation and benefit cost for the fiscal years ended: | |||||||||||||
Defined Benefit Pension Plans | Retiree Health Plan | ||||||||||||
(Percents) | 2014 | 2013 | 2014 | 2013 | |||||||||
Weighted-average assumptions: | |||||||||||||
Discount rate for benefit obligation | 4 | 4.5 | 2.9 | 3.1 | |||||||||
Discount rate for net benefit cost | 4.5 | 3.6 | 3.1 | 2.4 | |||||||||
Expected return on plan assets for net benefit costs | 8 | 8 | N/A | N/A | |||||||||
In evaluating the expected return on plan assets, Berry considered its historical assumptions compared with actual results, an analysis of current market conditions, asset allocations, and the views of advisors. The return on plan assets is derived from target allocations and historical yield by asset type. Health-care-cost trend rates were assumed to increase at an annual rate of 7.0% . A one-percentage-point change in these assumed health care cost trend rates would not have a material impact on our postretirement benefit obligation. | |||||||||||||
In accordance with the guidance from the FASB for employers disclosure about postretirement benefit plan assets the table below discloses fair values of each pension plan asset category and level within the fair value hierarchy in which it falls. There were no material changes or transfers between level 3 assets and the other levels. | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Cash and cash equivalents | $ | 7 | $ | - | $ | - | $ | 7 | |||||
U.S. large cap comingled equity funds | - | 47 | - | 47 | |||||||||
U.S. mid cap equity mutual funds | 27 | - | - | 27 | |||||||||
U.S. small cap equity mutual funds | 6 | - | - | 6 | |||||||||
International equity mutual funds | 10 | - | - | 10 | |||||||||
Real estate equity investment funds | 3 | - | - | 3 | |||||||||
Corporate bond mutual funds | 28 | - | - | 28 | |||||||||
Corporate bonds | - | 15 | - | 15 | |||||||||
Guaranteed investment account | - | - | 11 | 11 | |||||||||
Other (Individual stock) | 14 | - | - | 14 | |||||||||
Total | $ | 81 | $ | 62 | $ | 11 | $ | 154 | |||||
Fiscal 2013 Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 5 | $ | - | $ | - | $ | 5 | |||||
U.S. large cap comingled equity funds | - | 46 | - | 46 | |||||||||
U.S. mid cap equity mutual funds | 15 | - | - | 15 | |||||||||
U.S. small cap equity mutual funds | 8 | - | - | 8 | |||||||||
International equity mutual funds | 12 | - | - | 12 | |||||||||
Real estate equity investment funds | 4 | - | - | 4 | |||||||||
Corporate bond mutual funds | 33 | - | - | 33 | |||||||||
Corporate bonds | - | 8 | - | 8 | |||||||||
Guaranteed investment account | - | - | 10 | 10 | |||||||||
Other | - | - | - | - | |||||||||
Total | $ | 77 | $ | 54 | $ | 10 | $ | 141 | |||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the fiscal years ending as follows: | |||||||||||||
Defined Benefit | |||||||||||||
Pension Plans | Retiree Health Plan | ||||||||||||
2015 | $ | 10 | $ | - | |||||||||
2016 | 10 | - | |||||||||||
2017 | 10 | - | |||||||||||
2018 | 10 | - | |||||||||||
2019 | 10 | - | |||||||||||
2020-2024 | 55 | 1 | |||||||||||
Net pension and retiree health benefit expense included the following components as of fiscal 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Defined Benefit Pension Plans | |||||||||||||
Service cost | $ | - | $ | - | $ | - | |||||||
Interest cost | 8 | 7 | 8 | ||||||||||
Amortization | - | 3 | 2 | ||||||||||
Expected return on plan | (11 | ) | (10 | ) | (8 | ) | |||||||
Net periodic benefit cost | $ | (3 | ) | $ | - | $ | 2 | ||||||
Our defined benefit pension plan asset allocations as of fiscal year-end 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Asset Category | |||||||||||||
Equity securities and equity-like | 60 | % | 60 | % | |||||||||
Debt securities and debt-like | 28 | 29 | |||||||||||
Other | 12 | 11 | |||||||||||
Total | 100 | % | 100 | % | |||||||||
The Companys retirement plan assets are invested with the objective of providing the plans the ability to fund current and future benefit payment requirements while minimizing annual Company contributions. The retirement plans held $14 million of the Companys stock at the end of fiscal 2014. The Company re-addresses the allocation of its investments on a regular basis. | |||||||||||||
Restructuring_And_Impairment_C
Restructuring And Impairment Charges | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Restructuring And Impairment Charges [Abstract] | ' | ||||||||||||
Restructuring And Impairment Charges | ' | ||||||||||||
10. Restructuring and Impairment Charges | |||||||||||||
The Company announced various restructuring plans in the last three fiscal years which included shutting down facilities in all four of the Companys operating segments. | |||||||||||||
During fiscal 2012, the Company announced the intention to shut down three facilities one each in Rigid Closed Top, Engineered Materials and Flexible Packaging divisions. The affected Rigid Closed Top, Engineered Materials, and Flexible Packaging businesses accounted for approximately $14 million, $71 million, and $24 million of annual net sales, with the majority of the operations transferred to other facilities. During the first fiscal quarter the Company made the decision to exit certain operations in the Engineered Materials division. This decision resulted in non-cash impairment charges of $17 million related to certain customer lists deemed to have no further value and is recorded in Restructuring and impairment charges on the Consolidated Statement of Income. The exited operations were immaterial to the Company and Engineered Materials segment. | |||||||||||||
During fiscal 2013, the Company made the decision to exit certain operations in the Engineered Materials division. This decision resulted in a non-cash impairment charges of $6 million related to certain intangible assets deemed to have no further value recorded in Restructuring and impairment charges on the Consolidated Statement of income. The exited businesses were immaterial to the Company and the Engineered Materials segment. | |||||||||||||
During the fiscal 2014, the Company initiated a cost reduction plan designed to deliver meaningful cost savings and improved equipment utilization. This plan resulted in several plant rationalization. The Company announced the intention to shut down four facilities one each in Rigid Open Top, Rigid CLosed Top, Engineered Materials, and Flexible Packaging business accounted for approximately $111 million, $14 million, $9 million, and $28 million of annual net sales, with the majority of the operations transferred to other facilities. | |||||||||||||
The table below sets forth the Companys estimate of the total cost of the restructuring programs since 2007, the portion recognized through fiscal year-end 2014 and the portion expected to be recognized in a future period: | |||||||||||||
Cumulative charges | To be Recognized in | ||||||||||||
Expected Total Costs | through Fiscal 2014 | Future | |||||||||||
Severance and termination benefits | $ | 21 | $ | 21 | $ | - | |||||||
Facility exit costs | 24 | 21 | 3 | ||||||||||
Asset impairment | 33 | 33 | - | ||||||||||
Total | $ | 78 | $ | 75 | $ | 3 | |||||||
The tables below sets forth the significant components of the restructuring charges recognized for the fiscal years ended 2014 2013 and 2012, by segment: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Rigid Open Top | |||||||||||||
Severance & termination benefits | $ | 2 | $ | 1 | $ | - | |||||||
Facility exit costs and other | 8 | - | - | ||||||||||
Asset impairment | 3 | - | - | ||||||||||
Total | $ | 13 | $ | 1 | $ | - | |||||||
Rigid Closed Top | |||||||||||||
Severance & termination benefits | $ | - | $ | 2 | $ | 3 | |||||||
Facility exit costs and other | 2 | 1 | 2 | ||||||||||
Asset impairment | - | - | 4 | ||||||||||
Total | $ | 2 | $ | 3 | $ | 9 | |||||||
Engineered Materials | |||||||||||||
Severance & termination benefits | $ | 2 | $ | 2 | $ | 4 | |||||||
Facility exit costs and other | 1 | 1 | 2 | ||||||||||
Asset impairment | 4 | 6 | 16 | ||||||||||
Total | $ | 7 | $ | 9 | $ | 22 | |||||||
Flexible Packaging | |||||||||||||
Severance & termination benefits | $ | 5 | $ | - | $ | - | |||||||
Facility exit costs and other | 3 | 1 | - | ||||||||||
Asset impairment | - | - | - | ||||||||||
Total | $ | 8 | $ | 1 | $ | - | |||||||
Consolidated | |||||||||||||
Severance & termination benefits | $ | 9 | $ | 5 | $ | 7 | |||||||
Facility exit costs and other | 14 | 3 | 4 | ||||||||||
Asset impairment | 7 | 6 | 20 | ||||||||||
Total | $ | 30 | $ | 14 | $ | 31 | |||||||
The table below sets forth the activity with respect to the restructuring accrual as of fiscal 2014 and 2013: | |||||||||||||
Employee | Facility | ||||||||||||
Severance | Exit | Non-cash | |||||||||||
and Benefits | Costs | charges | Total | ||||||||||
Balance as of fiscal 2012 | $ | 4 | $ | 3 | $ | - | $ | 7 | |||||
Charges | 5 | 3 | 6 | 14 | |||||||||
Non-cash asset impairment | - | - | (6 | ) | (6 | ) | |||||||
Cash payments | (7 | ) | (4 | ) | - | (11 | ) | ||||||
Balance as of fiscal 2013 | 2 | 2 | - | 4 | |||||||||
Charges | 9 | 14 | 7 | 30 | |||||||||
Non-cash asset impairment | - | - | (7 | ) | (7 | ) | |||||||
Cash payments | (6 | ) | (8 | ) | - | (14 | ) | ||||||
Balance as of fiscal 2014 | $ | 5 | $ | 8 | $ | - | $ | 13 |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 27, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
11. Related Party Transactions | |
Management Fee | |
Prior to the initial public offering, the Company was charged a management fee by affiliates of Apollo and Graham for the provision of management consulting and advisory services provided throughout the year. The management fee was the greater of $3 million or 1.25% of adjusted EBITDA. The management fees are classified in Selling, general, and administrative in the Statement of Operations. The management services agreement with Apollo and Graham terminated upon completion of the initial public offering. | |
Total management fees charged by Apollo and Graham were $9 million in fiscal 2012. The Company paid $8 million to entities affiliated with Apollo and $1 million to entities affiliated with Graham for fiscal 2012. In connection with the Rexam SBC acquisition, Berry management and the sponsors received a transaction fee of $5 million in fiscal 2012. | |
Other Related Party Transactions | |
In connection with the term loan refinancing entered into in January 2014 (see Note 6), the Company paid a $1 million underwriting fee to Apollo Global Securities, LLC, an affiliate of Apollo that served as a manager of the offering. | |
In connection with the initial public offering, the Company entered into an income tax receivable agreement ("TRA") that provides for the payment to pre-initial 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. The Company made $32 million of payments related to the tax receivable agreement in the first fiscal quarter of 2014, of which Apollo received $28 million. | |
Stockholders_Equity
Stockholders Equity | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Stockholders Equity [Abstract] | ' | ||||||||||||
Stockholders Equity | ' | ||||||||||||
12. Stockholders Equity | |||||||||||||
Equity Incentive Plans | |||||||||||||
In connection with Apollos acquisition of the Company, we adopted an equity incentive plan pursuant to which options to acquire up to 7,071,337 shares of the Companys common stock may be granted. Prior to fiscal 2011, the plan was amended to allow for an additional 5,267,500 options to be granted. | |||||||||||||
In connection with the initial public offering, the Company adopted the Berry Plastics Group, Inc. 2012 Long-Term Incentive Plan, which authorized the issuance of up to 9,297,750 shares of common stock pursuant to the grant or exercise of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based awards. | |||||||||||||
In August 2013, the Company recorded an $8 million stock compensation charge related to certain modifications to the Berry Plastics Group Inc. 2006 Equity Incentive Plan and the Berry Plastics Group, Inc. 2012 Long-Term Incentive Plan (collectively, the "Plans"). The modifications include (i) accelerated vesting of all unvested options upon an employee's death or termination by the Company by reason of an employees permanent disability, (ii) in the event of an employee's qualified retirement, continuation of the normal vesting period applicable to the retiree's unvested options, as well as an extension of the exercise period to the end of the original ten-year term of the retiree's vested options and (iii) all unvested options and stock appreciation rights that were subject to performance-based vesting criteria as of January 1, 2013 (excluding certain IRR performance-based options) were modified to time-based vesting. | |||||||||||||
The Company recognized total stock-based compensation expense of $15 million, $16 million, and $2 million for fiscal 2014, 2013 and 2012. The intrinsic value of options exercised in fiscal 2014 was $32 million. | |||||||||||||
Information related to the equity incentive plans as of the fiscal year-end 2014 and 2013 is as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Number | Weighted | Number | Weighted | ||||||||||
Of | Average | Of | Average | ||||||||||
Shares | Exercise | Shares | Exercise | ||||||||||
(in thousands) | Price | (in thousands) | Price | ||||||||||
Options outstanding, beginning of period | 10,035 | $ | 9.96 | 10,741 | $ | 7.76 | |||||||
Options granted | 2,727 | 21.02 | 2,819 | 16.01 | |||||||||
Options exercised | (2,137 | ) | 8.19 | (3,333 | ) | 7.97 | |||||||
Options forfeited or cancelled | (121 | ) | 15.2 | (192 | ) | 10.14 | |||||||
Options outstanding, end of period | 10,504 | $ | 13.13 | 10,035 | $ | 9.96 | |||||||
Option price range at end of period | $ | 3.04-22.95 | $ | 3.04-17.59 | |||||||||
Options exercisable at end of period | 5,098 | 5,182 | |||||||||||
Options available for grant at period end | 5,349 | 8,076 | |||||||||||
Weighted average fair value of options granted | |||||||||||||
during period | $ | 7.53 | $ | 6.15 | |||||||||
56 | |||||||||||||
The fair value for options granted has been estimated at the date of grant using a Black-Scholes model, generally with the following weighted average assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 1.30% | 0.60% | .6-.9% | ||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Volatility factor | 0.33 | 0.38 | 0.38 | ||||||||||
Expected option life | 7 years | 7 years | 5 years | ||||||||||
The following table summarizes information about the options outstanding as of fiscal 2014: | |||||||||||||
Range of Exercise | Number | Intrinsic Value | Weighted Remaining | Weighted | Number | Intrinsic Value | Unrecognized | Weighted | |||||
Prices | Outstanding | of Outstanding | Contractual Life | Exercise Price | Exercisable | of Exercisable | Compensation | Recognition Period | |||||
$3.04 - $22.95 | 10,504 | $ | 122 | 7 years | $ | 13.13 | 5,098 | $ | 81 | $ | 20 | 2 years |
Segment_And_Geographic_Data
Segment And Geographic Data | 12 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Segment And Geographic Data [Abstract] | ' | ||||||
Segment And Geographic Data | ' | ||||||
13. Segment and Geographic Data | |||||||
Berrys 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, France, Australia, Germany, Brazil, Malaysia, India, China, and the Netherlands. The North American operation represents 96% of the Companys net sales, 94% of total long-lived assets, and 95% of the total assets. Selected information by reportable segment is presented in the following table. | |||||||
2014 | 2013 | 2012 | |||||
Net sales | |||||||
Rigid Open Top | $ | 1,110 | $ | 1,127 | $ | 1,229 | |
Rigid Closed Top | 1,469 | 1,387 | 1,438 | ||||
Engineered Materials | 1,455 | 1,397 | 1,362 | ||||
Flexible Packaging | 924 | 736 | 737 | ||||
Total | $ | 4,958 | $ | 4,647 | $ | 4,766 | |
Operating income (loss) | |||||||
Rigid Open Top | $ | 34 | $ | 123 | $ | 159 | |
Rigid Closed Top | 132 | 130 | 95 | ||||
Engineered Materials | 125 | 116 | 70 | ||||
Flexible Packaging | 25 | 17 | 1 | ||||
Total | $ | 316 | $ | 386 | $ | 325 | |
Depreciation and amortization | |||||||
Rigid Open Top | $ | 92 | $ | 90 | $ | 90 | |
Rigid Closed Top | 133 | 129 | 135 | ||||
Engineered Materials | 76 | 71 | 71 | ||||
Flexible Packaging | 57 | 51 | 59 | ||||
Total | $ | 358 | $ | 341 | $ | 355 | |
Total assets | 2014 | 2013 | |||||
Rigid Open Top | $ | 1,808 | $ | 1,805 | |||
Rigid Closed Top | 1,966 | 1,964 | |||||
Engineered Materials | 722 | 817 | |||||
Flexible Packaging | 772 | 549 | |||||
$ | 5,268 | $ | 5,135 | ||||
Goodwill | 2014 | 2013 | |||||
Rigid Open Top | $ | 681 | $ | 681 | |||
Rigid Closed Top | 827 | 831 | |||||
Engineered Materials | 71 | 73 | |||||
Flexible Packaging | 80 | 49 | |||||
$ | 1,659 | $ | 1,634 |
Net_Income_Per_Share
Net Income Per Share | 12 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Net Income Per Share [Abstract] | ' | ||||||
Net Income Per Share | ' | ||||||
14. 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 Companys 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 fiscal 2014, 2013, and 2012 (in thousands). | |||||||
2014 | 2013 | 2012 | |||||
Net income attributed to the Company | $ | 62 | $ | 57 | $ | 2 | |
Weighted average shares of common stock outstanding--basic | 116,875 | 113,486 | 83,435 | ||||
Other common stock equivalents | 4,646 | 5,968 | 3,209 | ||||
Weighted average shares of common stock outstanding--diluted | 121,521 | 119,454 | 86,644 | ||||
Basic net income (loss) per share available to common shareholders | $ | 0.53 | $ | 0.5 | $ | 0.02 | |
Diluted net income (loss) per share available to common shareholders | $ | 0.51 | $ | 0.48 | $ | 0.02 |
Guarantor_And_NonGuarantor_Fin
Guarantor And Non-Guarantor Financial Information | 12 Months Ended | ||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||
Guarantor And Non-Guarantor Financial Information | ' | ||||||||||||||||||
15. 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 Berrys 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 Companys 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 Statements of Operations | |||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
$ | - | $ | 638 | $ | 3,904 | $ | 3,904 | $ | - | $ | 4,958 | ||||||||
Cost of goods sold | - | 557 | 3,284 | 349 | - | 4,190 | |||||||||||||
Selling, general and administrative | - | 52 | 232 | 36 | - | 320 | |||||||||||||
Amortization of intangibles | - | 10 | 84 | 8 | - | 102 | |||||||||||||
Restructuring and impairment charges | - | - | 30 | - | - | 30 | |||||||||||||
Operating income | - | 19 | 274 | 23 | - | 316 | |||||||||||||
Debt extinguishment | - | 35 | - | - | - | 35 | |||||||||||||
Other income, net | (3 | ) | - | (4 | ) | - | - | (7 | ) | ||||||||||
Interest expense, net | 34 | 27 | 176 | (97 | ) | 81 | 221 | ||||||||||||
Equity in net income of subsidiaries | (98 | ) | (218 | ) | - | - | 316 | - | |||||||||||
Income (loss) before income taxes | 67 | 175 | 102 | 120 | (397 | ) | 67 | ||||||||||||
Income tax expense (benefit) | 4 | 44 | - | 5 | (49 | ) | 4 | ||||||||||||
Consolidated net income (loss) | 63 | 131 | 102 | 115 | (348 | ) | 63 | ||||||||||||
Net income(loss) attributable to non-controlling interests | 1 | - | - | - | - | 1 | |||||||||||||
Net income(loss) attributable to the Company | $ | 62 | $ | 131 | $ | 102 | $ | 115 | $ | (348 | ) | $ | 62 | ||||||
Currency translation | - | - | - | (16 | ) | - | (16 | ) | |||||||||||
Interest rate hedges | - | (3 | ) | - | - | - | (3 | ) | |||||||||||
Defined benefit pension and retiree benefit plans | - | (11 | ) | - | - | - | (11 | ) | |||||||||||
Provision for income taxes related to other | |||||||||||||||||||
comprehensive income items | - | 5 | - | - | - | 5 | |||||||||||||
Comprehensive income (loss) | $ | 62 | $ | 122 | $ | 102 | $ | 99 | $ | (348 | ) | $ | 37 | ||||||
Fiscal 2013 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | - | $ | 571 | $ | 3,706 | $ | 370 | $ | - | $ | 4,647 | |||||||
Cost of sales | - | 506 | 3,021 | 308 | - | 3,835 | |||||||||||||
Selling, general and administrative | - | 58 | 314 | 40 | - | 412 | |||||||||||||
Restructuring and impairment charges | - | 1 | 13 | - | - | 14 | |||||||||||||
Operating income | - | 6 | 358 | 22 | - | 386 | |||||||||||||
Other income | - | 56 | 1 | - | - | 57 | |||||||||||||
Interest expense, net | 47 | 24 | 201 | (120 | ) | 92 | 244 | ||||||||||||
Equity in net income of subsidiaries | (132 | ) | (297 | ) | - | - | 429 | - | |||||||||||
Net income (loss) before income taxes | 85 | 223 | 156 | 142 | (521 | ) | 85 | ||||||||||||
Income tax expense (benefit) | 28 | 80 | - | 2 | (82 | ) | 28 | ||||||||||||
Net income (loss) | $ | 57 | $ | 143 | $ | 156 | $ | 140 | $ | (439 | ) | $ | 57 | ||||||
Currency translation | - | - | - | (5 | ) | - | (5 | ) | |||||||||||
Interest rate hedges | - | 20 | - | - | - | 20 | |||||||||||||
Defined benefit pension and retiree benefit plans | - | 34 | - | - | - | 34 | |||||||||||||
Provision for income taxes related to other | |||||||||||||||||||
comprehensive income items | - | (20 | ) | - | - | - | (20 | ) | |||||||||||
Comprehensive income (loss) | $ | 57 | $ | 177 | $ | 156 | $ | 135 | $ | (439 | ) | $ | 86 | ||||||
Fiscal 2012 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | - | $ | 579 | $ | 3,829 | $ | 358 | $ | - | $ | 4,766 | |||||||
Cost of sales | - | 520 | 3,151 | 313 | - | 3,984 | |||||||||||||
Selling, general and administrative expenses | - | 62 | 329 | 35 | - | 426 | |||||||||||||
Restructuring and impairment charges, net | - | 1 | 29 | 1 | - | 31 | |||||||||||||
Operating income (loss) | - | (4 | ) | 320 | 9 | - | 325 | ||||||||||||
Other income | - | (7 | ) | - | - | - | (7 | ) | |||||||||||
Interest expense, net | 54 | 39 | 261 | (110 | ) | 84 | 328 | ||||||||||||
Equity in net income of subsidiaries | (58 | ) | (173 | ) | - | - | 231 | - | |||||||||||
Net income (loss) before income taxes | 4 | 137 | 59 | 119 | (315 | ) | 4 | ||||||||||||
Income tax expense (benefit) | 2 | 46 | 1 | 3 | (50 | ) | 2 | ||||||||||||
Net income (loss) | $ | 2 | $ | 91 | $ | 58 | $ | 116 | $ | (265 | ) | $ | 2 | ||||||
Currency translation | - | - | - | 6 | - | 6 | |||||||||||||
Interest rate hedges | - | 4 | - | - | - | 4 | |||||||||||||
Defined benefit pension and retiree benefit plans | - | - | (14 | ) | - | - | (14 | ) | |||||||||||
Provision for income taxes related to other | |||||||||||||||||||
comprehensive income items | - | (1 | ) | 6 | - | - | 5 | ||||||||||||
Comprehensive income (loss) | $ | 2 | $ | 94 | $ | 50 | $ | 122 | $ | (265 | ) | $ | 3 | ||||||
Condensed Supplemental Consolidated Balance Sheet As of fiscal year-end 2014 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 70 | $ | 15 | $ | 44 | $ | - | $ | 129 | |||||||
Accounts receivable, net | - | 35 | 377 | 79 | - | 491 | |||||||||||||
Intercompany receivable | - | 3,343 | - | 87 | (3,430 | ) | - | ||||||||||||
Inventories | - | 51 | 496 | 57 | - | 604 | |||||||||||||
Deferred income taxes | 166 | - | - | - | - | 166 | |||||||||||||
Prepaid expenses and other current | - | 15 | 13 | 14 | - | 42 | |||||||||||||
Total current assets | 166 | 3,514 | 901 | 281 | (3,306 | ) | 1,432 | ||||||||||||
Property, plant and equipment, net | - | 84 | 1,162 | 118 | - | 1,364 | |||||||||||||
Intangible assets, net | - | 120 | 2,226 | 125 | - | 2,471 | |||||||||||||
Investment in subsidiaries | 69 | 1,237 | - | - | (1,327 | ) | - | ||||||||||||
Other assets | - | - | 1 | - | - | 1 | |||||||||||||
Total assets | $ | 235 | $ | 4,955 | $ | 4,290 | $ | 524 | $ | (4,736 | ) | $ | 5,268 | ||||||
Liabilities and equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | - | $ | 31 | $ | 303 | $ | 61 | $ | - | $ | 395 | |||||||
Accrued expenses and other current liabilities | 35 | 127 | 132 | 20 | - | 314 | |||||||||||||
Intercompany payable | (319 | ) | - | 3,749 | - | (3,430 | ) | - | |||||||||||
Current portion of long-term debt | - | 54 | - | 4 | - | 58 | |||||||||||||
Total current liabilities | (284 | ) | 212 | 4,184 | 85 | (3,430 | ) | 767 | |||||||||||
Long-term debt, less current portion | - | 3,858 | - | 2 | - | 3,860 | |||||||||||||
Deferred income taxes | 386 | - | - | - | - | 386 | |||||||||||||
Other long-term liabilities | 234 | 76 | 42 | 4 | - | 356 | |||||||||||||
Total long-term liabilities | 620 | 3,934 | 42 | 6 | - | 4,602 | |||||||||||||
Total liabilities | 336 | 4,146 | 4,226 | 91 | (3,430 | ) | 5,369 | ||||||||||||
Non-controlling interests | 13 | - | - | - | 13 | ||||||||||||||
Other equity (deficit) | (114 | ) | 809 | 64 | 433 | (1,306 | ) | (114 | ) | ||||||||||
Total equity (deficit) | (114 | ) | 809 | 64 | 433 | (1,306 | ) | (114 | ) | ||||||||||
Total liabilities and equity (deficit) | $ | 235 | $ | 4,955 | $ | 4,290 | $ | 524 | $ | (4,736 | ) | $ | 5,268 | ||||||
Condensed Supplemental Consolidated Balance Sheet As of fiscal year-end 2013 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 116 | $ | - | $ | 26 | $ | - | $ | 142 | |||||||
Accounts receivable, net of allowance | - | 5 | 371 | 73 | - | 449 | |||||||||||||
Intercompany receivable | 348 | 3,448 | - | 40 | (3,836 | ) | - | ||||||||||||
Inventories | - | 53 | 482 | 40 | - | 575 | |||||||||||||
Deferred income taxes | 139 | - | - | - | - | 139 | |||||||||||||
Prepaid expenses and other current | - | 12 | 11 | 19 | (10 | ) | 32 | ||||||||||||
Total current assets | 487 | 3,634 | 864 | 198 | (3,846 | ) | 1,337 | ||||||||||||
Property, plant and equipment, net | - | 115 | 1,079 | 72 | - | 1,266 | |||||||||||||
Intangible assets, net | 8 | 139 | 2,275 | 106 | (8 | ) | 2,520 | ||||||||||||
Investment in subsidiaries | 760 | 905 | - | - | (1,665 | ) | - | ||||||||||||
Other assets | - | 10 | 2 | 631 | (631 | ) | 12 | ||||||||||||
Total assets | $ | 1,255 | $ | 4,803 | $ | 4,220 | $ | 1,007 | $ | (6,150 | ) | $ | 5,135 | ||||||
Liabilities and equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | - | $ | 9 | $ | 262 | $ | 66 | $ | - | $ | 337 | |||||||
Accrued and other current liabilities | 41 | 119 | 112 | 15 | (11 | ) | 276 | ||||||||||||
Intercompany payable | - | - | 3,837 | - | (3,837 | ) | - | ||||||||||||
Long-term debt-current portion | - | 69 | - | 2 | - | 71 | |||||||||||||
Total current liabilities | 41 | 197 | 4,211 | 83 | (3,848 | ) | 684 | ||||||||||||
Long-term debt | 740 | 3,855 | - | 2 | (722 | ) | 3,875 | ||||||||||||
Deferred tax liabilities | 385 | - | - | - | - | 385 | |||||||||||||
Other long-term liabilities | 285 | 64 | 44 | 4 | (10 | ) | 387 | ||||||||||||
Total long-term liabilities | 1,410 | 3,919 | 44 | 6 | (732 | ) | 4,647 | ||||||||||||
Total liabilities | 1,451 | 4,116 | 4,255 | 89 | (4,580 | ) | 5,331 | ||||||||||||
Redeemable shares | - | - | - | - | - | ||||||||||||||
Other equity (deficit) | (196 | ) | 687 | (35 | ) | 918 | (1,570 | ) | (196 | ) | |||||||||
Total equity (deficit) | (196 | ) | 687 | (35 | ) | 918 | (1,570 | ) | (196 | ) | |||||||||
Total liabilities and equity (deficit) | $ | 1,255 | $ | 4,803 | $ | 4,220 | $ | 1,007 | $ | (6,150 | ) | $ | 5,135 | ||||||
Condensed Supplemental Consolidated Statements of Cash Flows | |||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Cash Flow from Operating Activities | $ | - | $ | 27 | $ | 473 | $ | 30 | $ | - | $ | 530 | |||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | - | (6 | ) | (200 | ) | (9 | ) | - | (215 | ) | |||||||||
Proceeds from sale of assets | - | - | 19 | - | - | 19 | |||||||||||||
Investment in Parent | - | - | - | - | - | - | - | ||||||||||||
(Contributions) distributions to/from subsidiaries | 723 | (2 | ) | - | 721 | (1,442 | ) | - | |||||||||||
Intercompany advances (repayments) | - | 20 | - | - | (20 | ) | - | ||||||||||||
Investment in Issuer debt securities | - | - | - | - | - | - | |||||||||||||
Acquisition of business, net of cash acquired | - | - | (136 | ) | (90 | ) | - | (226 | ) | ||||||||||
Net cash from investing activities | 723 | 12 | (317 | ) | 622 | (1,462 | ) | (422 | ) | ||||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term borrowings | - | 1,627 | - | - | - | 1,627 | |||||||||||||
Proceeds from initial public offereing | - | - | - | - | - | - | |||||||||||||
Payment of tax receivable agreement | (32 | ) | - | - | - | - | (32 | ) | |||||||||||
Proceed from issuance of common stock | 17 | - | - | - | - | 17 | |||||||||||||
Repayment of note receivable | - | - | - | - | - | - | |||||||||||||
Repayment of long-term borrowings | (740 | ) | (1,668 | ) | - | - | 721 | (1,687 | ) | ||||||||||
Changes in intercompany balances | 32 | - | (141 | ) | 89 | 20 | - | ||||||||||||
Contribution from Parent | - | - | - | (721 | ) | 721 | - | ||||||||||||
Debt financing costs | - | (44 | ) | - | - | - | (44 | ) | |||||||||||
Net cash from financing activities | (723 | ) | (85 | ) | (141 | ) | (632 | ) | 1,462 | (119 | ) | ||||||||
Effect of currency translation on cash | - | - | - | (2 | ) | - | (2 | ) | |||||||||||
Net change in cash and cash equivalents | - | (46 | ) | 15 | 18 | - | (13 | ) | |||||||||||
Cash and cash equivalents at beginning of period | - | 116 | - | 26 | - | 142 | |||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 70 | $ | 15 | $ | 44 | $ | - | $ | 129 | |||||||
Fiscal 2013 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Cash Flow from Operating Activities | $ | - | $ | 11 | $ | 417 | $ | 36 | $ | - | $ | 464 | |||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | - | (7 | ) | (218 | ) | (14 | ) | - | (239 | ) | |||||||||
Proceeds from disposal of assets | - | 1 | 17 | - | - | 18 | |||||||||||||
Investment in Parent | - | - | - | (21 | ) | 21 | - | - | |||||||||||
(Contributions) distributions to/from subsidiaries | (462 | ) | 441 | - | - | 21 | - | ||||||||||||
Intercompany advances (repayments) | - | 210 | - | - | (210 | ) | - | ||||||||||||
Investment in Issuer debt securities | - | - | - | - | - | - | |||||||||||||
Acquisition of business net of cash acquired | - | - | (24 | ) | - | - | (24 | ) | |||||||||||
Net cash from investing activities | (462 | ) | 645 | (225 | ) | (35 | ) | (168 | ) | (245 | ) | ||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term debt | - | 1,391 | - | - | - | 1,391 | |||||||||||||
IPO proceeds | 438 | - | - | - | - | 438 | |||||||||||||
Payment of TRA | (5 | ) | (5 | ) | - | - | 5 | (5 | ) | ||||||||||
Proceed from issuance of common stock | 27 | - | - | - | - | 27 | |||||||||||||
Repayment of note receivable | 2 | 2 | - | - | (2 | ) | 2 | ||||||||||||
Repayment of long-term debt | - | (1,955 | ) | - | (2 | ) | (21 | ) | (1,978 | ) | |||||||||
Changes in intercompany balances | - | - | (192 | ) | (15 | ) | 207 | - | |||||||||||
Contribution from Parent | - | - | - | 21 | (21 | ) | - | ||||||||||||
Deferred financing costs | - | (39 | ) | - | - | - | (39 | ) | |||||||||||
Net cash from financing activities | 462 | (606 | ) | (192 | ) | 4 | 168 | (164 | ) | ||||||||||
Net change in cash and cash equivalents | - | 50 | - | 5 | - | 55 | |||||||||||||
Cash and cash equivalents at beginning of period | - | 66 | - | 21 | - | 87 | |||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 116 | $ | - | $ | 26 | $ | - | $ | 142 | |||||||
Fiscal 2012 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Cash Flow from Operating Activities | $ | - | $ | (22 | ) | $ | 504 | $ | (3 | ) | $ | - | $ | 479 | |||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | - | (9 | ) | (209 | ) | (12 | ) | - | (230 | ) | |||||||||
Proceeds from disposal of assets | - | - | 30 | - | - | 30 | |||||||||||||
Investment in Parent | - | - | - | (4 | ) | 4 | - | - | |||||||||||
(Contributions) distributions to/from subsidiaries | 16 | (20 | ) | - | - | 4 | - | ||||||||||||
Intercompany advances (repayments) | - | 258 | - | - | (258 | ) | - | ||||||||||||
Investment in Issuer debt securities | - | - | - | - | - | - | |||||||||||||
Acquisition of business net of cash acquired | - | - | 7 | (62 | ) | - | (55 | ) | |||||||||||
Net cash from investing activities | 16 | 229 | (172 | ) | (78 | ) | (250 | ) | (255 | ) | |||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term debt | - | - | - | 2 | - | 2 | |||||||||||||
Equity contributions | - | (6 | ) | - | - | - | (6 | ) | |||||||||||
Repayment of long-term debt | (16 | ) | (155 | ) | - | - | (4 | ) | (175 | ) | |||||||||
Changes in intercompany balances | - | - | (337 | ) | 79 | 258 | - | ||||||||||||
Contribution from Parent | - | - | - | 4 | (4 | ) | - | ||||||||||||
Deferred financing costs | - | - | - | - | - | - | |||||||||||||
Net cash from financing activities | (16 | ) | (161 | ) | (337 | ) | 85 | 250 | (179 | ) | |||||||||
Net change in cash and cash equivalents | - | 46 | (5 | ) | 4 | - | 45 | ||||||||||||
Cash and cash equivalents at beginning of period | - | 20 | 5 | 17 | - | 42 | |||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 66 | $ | - | $ | 21 | $ | - | $ | 87 |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||||
16. Quarterly Financial Data (Unaudited) | ||||||||||||||||||
The following table contains selected unaudited quarterly financial data for fiscal years 2014 and 2013. | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||
Net sales | $ | 1,140 | $ | 1,210 | $ | 1,298 | $ | 1,310 | $ | 1,072 | $ | 1,150 | $ | 1,221 | $ | 1,204 | ||
Cost of sales | 964 | 1,023 | 1,089 | 1,114 | 895 | 936 | 998 | 1,006 | ||||||||||
Gross profit | 176 | 187 | 209 | 196 | 177 | 214 | 223 | 198 | ||||||||||
Net income (loss) | ||||||||||||||||||
attributable to the Company | $ | 6 | $ | 12 | $ | 15 | $ | 29 | $ | (10 | ) | $ | 1 | $ | 40 | $ | 26 | |
Net income (loss) | ||||||||||||||||||
attributable to the Company | ||||||||||||||||||
per share: | ||||||||||||||||||
Basic | 0.05 | 0.1 | 0.13 | 0.25 | (0.09 | ) | 0.01 | 0.35 | 0.23 | |||||||||
Diluted | 0.05 | 0.1 | 0.12 | 0.24 | (0.09 | ) | 0.01 | 0.33 | 0.22 |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Sep. 27, 2014 | |
Subsequent Event [Abstract] | ' |
Subsequent Event | ' |
17. Subsequent Events | |
In the first fiscal quarter of 2015, the Company made a voluntary principal payment on the term loans of $100 million. | |
Basis_Of_Presentation_And_Summ1
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' | |||||||||||||||
Consolidation | ' | |||||||||||||||
The consolidated financial statements include the accounts of Berry and its subsidiaries, all of which includes our wholly owned and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Where our ownership of consolidated subsidiaries is less than 100% the non-controlling interests are reflected in Non-controlling interest and Redeemable non.- controlling interests. | ||||||||||||||||
Revenue Recognition | ' | |||||||||||||||
Revenue Recognition | ||||||||||||||||
Revenue from the sales of products is recognized at the time title and risks and rewards of ownership pass to the customer, there is persuasive evidence of an arrangement, the sales price is fixed and determinable and collection is reasonably assured. Provisions for certain rebates, sales incentives, trade promotions, coupons, product returns and discounts to customers are accounted for as reductions in gross sales to arrive at net sales. In accordance with the Revenue Recognition standards of the Accounting Standards Codification (Codification or ASC), the Company provides for these items as reductions of revenue at the later of the date of the sale or the date the incentive is offered. These provisions are based on estimates derived from current program requirements and historical experience. | ||||||||||||||||
Shipping, handling, purchasing, receiving, inspecting, warehousing, and other costs of distribution are presented in Cost of goods sold in the Consolidated Statements of Income. The Company classifies amounts charged to its customers for shipping and handling in Net sales in the Consolidated Statements of Income. | ||||||||||||||||
Purchases Of Raw Materials And Concentration Of Risk | ' | |||||||||||||||
Purchases of Raw Materials and Concentration of Risk | ||||||||||||||||
The largest supplier of the Companys total resin material requirements represented approximately 22% of purchases in fiscal 2014. The Company uses a variety of suppliers to meet its resin requirements. | ||||||||||||||||
Research And Development | ' | |||||||||||||||
Research and Development | ||||||||||||||||
Research and development costs are expensed when incurred. The Company incurred research and development expenditures of $32 million, $28 million, and $25 million in fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
The compensation guidance of the FASB requires that the compensation cost relating to share-based payment transactions be recognized in financial statements based on alternative fair value models. The share-based compensation cost is measured based on the fair value of the equity or liability instruments issued. The Companys share-based compensation plan is more fully described in Note 12. The Company recorded total stock compensation expense of $15 million, $16 million, and $2 million for fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||
In August 2013, the Company recorded an $8 million stock compensation charge related to certain modifications to the Berry Plastics Group Inc. 2006 Equity Incentive Plan and the Berry Plastics Group, Inc. 2012 Long-Term Incentive Plan (collectively, the "Plans"), and amended outstanding non-qualified stock option agreements to reflect such modifications. The modifications, include (i) accelerated vesting of all unvested options upon an employee's death or permanent disability (ii) in the event of an employee's qualified retirement, continuation of the normal vesting period applicable to the retiree's unvested options, as well as an extension of the exercise period to the end of the original ten-year term of the retiree's vested options and (iii) all unvested options and stock appreciation rights that were subject to performance-based vesting criteria as of January 1, 2013 (excluding certain IRR performance-based options) were modified to time-based vesting. | ||||||||||||||||
The Company utilizes the Black-Scholes option valuation model for estimating the fair value of the stock options. The model allows for the use of a range of assumptions. Expected volatilities utilized in the Black-Scholes model are based on implied volatilities from traded stocks of peer companies. Similarly, the dividend yield is based on historical experience and the estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The Companys options have a ten year contractual life. For purposes of the valuation model in fiscal 2014 and fiscal 2013, the Company used the simplified method for determining the granted options expected lives. The fair value for options granted has been estimated at the date of grant using a Black-Scholes model, with the following weighted average assumptions: | ||||||||||||||||
Fiscal year | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rate | 1.3 | % | 0.6 | % | 0.6- 0.9 | % | ||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||||
Volatility factor | 0.33 | 0.38 | 0.38 | |||||||||||||
Expected option life | 7 years | 7 years | 5 years | |||||||||||||
Foreign Currency | ' | |||||||||||||||
Foreign Currency | ||||||||||||||||
For the non-U.S. subsidiaries that account in a functional currency other than U.S. Dollars, assets and liabilities are translated into U.S. Dollars using period-end exchange rates. Sales and expenses are translated at the average exchange rates in effect during the period. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss) within stockholders equity. Gains and losses resulting from foreign currency transactions, the amounts of which are not material in any period presented are included in the Consolidated Statements of Income. | ||||||||||||||||
Cash And Cash Equivalents | ' | |||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
All highly liquid investments purchased with a maturity of three months or less from the time of purchase are considered to be cash equivalents. | ||||||||||||||||
Allowance For Doubtful Accounts | ' | |||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||||
The Companys accounts receivable and related allowance for doubtful accounts are analyzed in detail on a quarterly basis and all significant customers with delinquent balances are reviewed to determine future collectability. The determinations are based on legal issues (such as bankruptcy status), past history, current financial and credit agency reports, and the experience of the credit representatives. Reserves are established in the quarter in which the Company makes the determination that the account is deemed uncollectible. The Company maintains additional reserves based on its historical bad debt experience. The following table summarizes the activity for fiscal 2014, 2013 and 2012 for the allowance for doubtful accounts: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Allowance for doubtful accounts, beginning | $ | 3 | $ | 3 | $ | 4 | ||||||||||
Bad debt expense | - | 1 | 1 | |||||||||||||
Write-offs against allowance | (1 | ) | (2 | ) | ||||||||||||
Allowance for doubtful accounts, ending | $ | 3 | $ | 3 | $ | 3 | ||||||||||
Inventories | ' | |||||||||||||||
Inventories | ||||||||||||||||
Inventories are stated at the lower of cost or market and are valued using the first-in, first-out method. Management periodically reviews inventory balances, using recent and future expected sales to identify slow-moving and/or obsolete items. The cost of spare parts inventory is charged to manufacturing overhead expense when incurred. We evaluate our reserve for inventory obsolescence on a quarterly basis and review inventory on-hand to determine future salability. We base our determinations on the age of the inventory and the experience of our personnel. We reserve inventory that we deem to be not salable in the quarter in which we make the determination. We believe, based on past history and our policies and procedures, that our net inventory is salable. Inventory as of fiscal 2014 and 2013 was: | ||||||||||||||||
Inventories: | 2014 | 2013 | ||||||||||||||
Finished goods | $ | 353 | $ | 335 | ||||||||||||
Raw materials | 251 | 240 | ||||||||||||||
$ | 604 | $ | 575 | |||||||||||||
Property, Plant And Equipment | ' | |||||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from 15 to 25 years for buildings and improvements, two to 10 years for machinery, equipment, and tooling and over the term of the agreement for capital leases. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term. Repairs and maintenance costs are charged to expense as incurred. The Company capitalized interest of $6 million, $5 million, and $5 million in fiscal 2014, 2013, and 2012, respectively. Property, plant and equipment as of fiscal 2014 and 2013 was: | ||||||||||||||||
Property, plant and equipment: | 2014 | 2013 | ||||||||||||||
Land, buildings and improvements | $ | 363 | $ | 302 | ||||||||||||
Equipment and construction in progress | 2,509 | 2,241 | ||||||||||||||
2,872 | 2,543 | |||||||||||||||
Less accumulated depreciation | (1,508 | ) | (1,277 | ) | ||||||||||||
$ | 1,364 | $ | 1,266 | |||||||||||||
Long-Lived Assets | ' | |||||||||||||||
Long-lived Assets | ||||||||||||||||
Long-lived assets, including property, plant and equipment and definite lived intangible assets are reviewed for impairment at the product line level in accordance with the Property, Plant and Equipment standard of the ASC whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an assets carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. Long-lived assets that are held for sale are reported at the lower of the assets carrying amount or fair value less costs related to the assets disposition. We recorded impairment charges totaling $7 million, $5 million, and $20 million to write-down long-lived assets to their net realizable valuables during fiscal years 2014, 2013, and 2012 respectively. | ||||||||||||||||
Goodwill | ' | |||||||||||||||
Goodwill | ||||||||||||||||
The Company follows the principles provided by the Goodwill and Other Intangibles standard of the ASC. Goodwill is not amortized but rather tested annually for impairment. The Company performs their annual impairment test on the first day of the fourth quarter in each respective fiscal year. The Company has recognized cumulative charges for goodwill impairment of $165 million which occurred in fiscal 2011 For purposes of conducting our annual goodwill impairment test, the | ||||||||||||||||
Company determined that we have six reporting units, Open Top, Rigid Closed Top, Engineered Films, Flexible Packaging, International and Tapes. Tapes and Engineered Films comprise the Engineered Materials operating segment. Flexible Packaging and International comprise the Flexible Packaging segment. Our International reporting units goodwill primarily derived from the current year P&B and C&C acquisitions. We determined that each of the components within our respective reporting units should be aggregated. We reached this conclusion because within each of our reporting units, we have similar products, management oversight, production processes and markets served which allow us to share assets and resources across the product lines. We regularly re-align our production equipment and manufacturing facilities in order to take advantage of cost savings opportunities, obtain synergies and create manufacturing efficiencies. In addition, we utilize our research and development centers, design center, tool shops, and graphics center which all provide benefits to each of the reporting units and work on new products that can not only benefit one product line, but can benefit multiple product lines. We also believe that the goodwill is recoverable from the overall operations of the unit given the similarity in production processes, synergies from leveraging the combined resources, common raw materials, common research and development, similar margins and similar distribution methodologies. In fiscal 2014, the Company applied the qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit may be less than the carrying amount. Based on our review of prior quantitative tests, changes in the carrying values, operating results, relevant market data and other factors we determined that no impairment was indicated for the Rigid Closed Top, Engineered Films, Flexible Packaging, International and Tapes reporting units. Due to the decline in operating income in the Rigid Open Top reporting unit during fiscal 2014, we completed step 1 of the impairment test which indicated no impairment existed. In fiscal 2013, the Company applied the qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit may be less than the carrying amount. Based on our review of prior quantitative tests, changes in the carrying values, operating results, relevant market data and other factors we determined that no impairment was indicated and we did not perform a two-step impairment test. In fiscal 2012, we completed step 1 of the impairment test for all the reporting units and no impairment was indicated. | ||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment are as follows: | ||||||||||||||||
Rigid Open | Rigid Closed | Engineered | Flexible | |||||||||||||
Top | Top | Materials | Packaging | Total | ||||||||||||
Balance as of fiscal 2012 | $ | 681 | $ | 832 | $ | 73 | $ | 40 | $ | 1,626 | ||||||
Foreign currency translation adjustment | - | (1 | ) | 1 | - | - | ||||||||||
Acquisitions (realignment), net | - | - | (1 | ) | 9 | 8 | ||||||||||
Balance as of fiscal 2013 | $ | 681 | $ | 831 | $ | 73 | $ | 49 | $ | 1,634 | ||||||
Foreign currency translation adjustment | - | (2 | ) | (2 | ) | - | (4 | ) | ||||||||
Acquisitions (realignment), net | - | (2 | ) | - | 31 | 29 | ||||||||||
Balance as of fiscal 2014 | $ | 681 | $ | 827 | $ | 71 | $ | 80 | $ | 1,659 | ||||||
Deferred Financing Fees | ' | |||||||||||||||
Deferred Financing Fees | ||||||||||||||||
Deferred financing fees are being amortized to interest expense using the effective interest method over the lives of the respective debt agreements. | ||||||||||||||||
Intangible Assets | ' | |||||||||||||||
Intangible Assets | ||||||||||||||||
Customer relationships are being amortized using an accelerated amortization method which corresponds with the customer attrition rates used in the initial valuation of the intangibles over the estimated life of the relationships which range from 11 to 20 years. Trademarks that are expected to remain in use, which are indefinite lived intangible assets, are required to be reviewed for impairment annually. Technology intangibles are being amortized using the straight-line method over the estimated life of the technology which is 11 years. License intangibles are being amortized using the straight-line method over the life of the license which is 10 years. Patent intangibles are being amortized using the straight-line method over the shorter of the estimated life of the technology or the patent expiration date ranging from 10 to 20 years, with a weighted-average life of 15 years. The Company evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. We completed the annual impairment test of our indefinite lived tradenames and noted no impairment. The Company recorded a $5 million impairment charge related to the exit of certain operations in fiscal 2013. | ||||||||||||||||
Customer | Other | Accumulated | ||||||||||||||
Relationships | Trademarks | Intangibles | Amortization | Total | ||||||||||||
Balance as of fiscal 2012 | $ | 1,153 | $ | 289 | $ | 99 | $ | (584 | ) | $ | 957 | |||||
Adjustment for income taxes | (7 | ) | (1 | ) | 5 | (2 | ) | (5 | ) | |||||||
Foreign currency translation adjustment | - | - | 2 | - | 2 | |||||||||||
Write-off of fully amortized intangibles | - | (5 | ) | (1 | ) | 6 | - | |||||||||
Amortization expense | - | - | - | (105 | ) | (105 | ) | |||||||||
Impairment of intangibles | (21 | ) | (1 | ) | - | 17 | (5 | ) | ||||||||
Balance as of fiscal 2013 | $ | 1,134 | $ | 283 | $ | 107 | $ | (668 | ) | $ | 856 | |||||
Adjustment for income taxes | (2 | ) | - | (1 | ) | - | -3 | |||||||||
Foreign currency translation adjustment | (3 | ) | (1 | ) | (2 | ) | 4 | (2 | ) | |||||||
Amortization expense | - | - | - | (102 | ) | (102 | ) | |||||||||
Acquisition intangibles | 38 | - | 5 | - | 43 | |||||||||||
Balance as of fiscal 2014 | $ | 1,167 | $ | 282 | $ | 109 | $ | (766 | ) | $ | 792 | |||||
Insurable Liabilities | ' | |||||||||||||||
Insurable Liabilities | ||||||||||||||||
The Company records liabilities for the self-insured portion of workers compensation, health, product, general and auto liabilities. The determination of these liabilities and related expenses is dependent on claims experience. For most of these liabilities, claims incurred but not yet reported are estimated based upon historical claims experience. | ||||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Companys financial statements or income tax returns. Income taxes are recognized during the period in which the underlying transactions are recorded. Deferred taxes, with the exception of non-deductible goodwill, are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and such amounts as measured by tax laws. If the Company determines that a deferred tax asset arising from temporary differences is not likely to be utilized, the Company will establish a valuation allowance against that asset to record it at its expected realizable value. The Company recognizes uncertain tax positions when it is more likely than not that the tax position will be sustained upon examination by relevant taxing authorities, based on the technical merits of the position. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Companys effective tax rate is dependent on many factors including: the impact of enacted tax laws in jurisdictions in which the Company operates; the amount of earnings by jurisdiction, due to varying tax rates in each country; and the Companys ability to utilize foreign tax credits related to foreign taxes paid on foreign earnings that will be remitted to the United States. | ||||||||||||||||
Comprehensive Income (Loss) | ' | |||||||||||||||
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 | ||||||||||||||||
Currency | Pension and Retiree | Interest Rate | Accumulated Other | |||||||||||||
Translation | Health Benefit Plans | Hedges | Comprehensive Loss | |||||||||||||
Balance as of fiscal 2011 | $ | (21 | ) | $ | (21 | ) | $ | (6 | ) | $ | (48 | ) | ||||
Other comprehensive income (loss) | 6 | (14 | ) | 4 | (4 | ) | ||||||||||
Tax expense (benefit) | - | 6 | (1 | ) | 5 | |||||||||||
Balance as of fiscal 2012 | $ | (15 | ) | $ | (29 | ) | $ | (3 | ) | $ | (47 | ) | ||||
Other comprehensive income (loss) | (5 | ) | 34 | 20 | 49 | |||||||||||
Tax benefit | - | (13 | ) | (7 | ) | (20 | ) | |||||||||
Balance as of fiscal 2013 | $ | (20 | ) | $ | (8 | ) | $ | 10 | $ | (18 | ) | |||||
Other comprehensive loss | (16 | ) | (11 | ) | (3 | ) | (30 | ) | ||||||||
Tax expense | - | 4 | 1 | 5 | ||||||||||||
Balance as of fiscal 2014 | $ | (36 | ) | $ | (15 | ) | $ | 8 | $ | (43 | ) | |||||
Accrued Rebates | ' | |||||||||||||||
Accrued Rebates | ||||||||||||||||
The Company offers various rebates to customers based on purchases. These rebate programs are individually negotiated with customers and contain a variety of different terms and conditions. Certain rebates are calculated as flat percentages of purchases, while others included tiered volume incentives. These rebates may be payable monthly, quarterly, or annually. The calculation of the accrued rebate balance involves significant management estimates, especially where the terms of the rebate involve tiered volume levels that require estimates of expected annual sales. These provisions are based on estimates derived from current program requirements and historical experience. The accrual for customer rebates was $50 million and $55 million at the end of fiscal 2014 and 2013, respectively and is included in Accrued expenses and other current liabilities. | ||||||||||||||||
Pension | ' | |||||||||||||||
Pension | ||||||||||||||||
Pension benefit costs include assumptions for the discount rate, retirement age, and expected return on plan assets. Retiree medical plan costs include assumptions for the discount rate, retirement age, and health-care-cost trend rates. Periodically, the Company evaluates the discount rate and the expected return on plan assets in its defined benefit pension and retiree health benefit plans. In evaluating these assumptions, the Company considers many factors, including an evaluation of the discount rates, expected return on plan assets and the health-care-cost trend rates of other companies; historical assumptions compared with actual results; an analysis of current market conditions and asset allocations; and the views of advisers. | ||||||||||||||||
Net Income Per Share | ' | |||||||||||||||
Net Income Per Share | ||||||||||||||||
The Company calculates basic net income per share based on the weighted-average number of outstanding common shares. The Company calculates diluted net income per share based on the weighted-average number of outstanding common shares plus the effect of dilutive securities | ||||||||||||||||
Use Of Estimates | ' | |||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make extensive use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of sales and expenses. Actual results could differ materially from these estimates. Changes in estimates are recorded in results of operations in the period that the event or circumstances giving rise to such changes occur. | ||||||||||||||||
Basis_Of_Presentation_And_Summ2
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' | |||||||||||||||
Schedule Of Assumptions Used For Options Granted | ' | |||||||||||||||
Fiscal year | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rate | 1.3 | % | 0.6 | % | 0.6- 0.9 | % | ||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||||
Volatility factor | 0.33 | 0.38 | 0.38 | |||||||||||||
Expected option life | 7 years | 7 years | 5 years | |||||||||||||
Activity For Allowance For Doubtful Accounts | ' | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Allowance for doubtful accounts, beginning | $ | 3 | $ | 3 | $ | 4 | ||||||||||
Bad debt expense | - | 1 | 1 | |||||||||||||
Write-offs against allowance | (1 | ) | (2 | ) | ||||||||||||
Allowance for doubtful accounts, ending | $ | 3 | $ | 3 | $ | 3 | ||||||||||
Schedule Of Inventory | ' | |||||||||||||||
Inventories: | 2014 | 2013 | ||||||||||||||
Finished goods | $ | 353 | $ | 335 | ||||||||||||
Raw materials | 251 | 240 | ||||||||||||||
$ | 604 | $ | 575 | |||||||||||||
Schedule Of Property, Plant And Equipment | ' | |||||||||||||||
Property, plant and equipment: | 2014 | 2013 | ||||||||||||||
Land, buildings and improvements | $ | 363 | $ | 302 | ||||||||||||
Equipment and construction in progress | 2,509 | 2,241 | ||||||||||||||
2,872 | 2,543 | |||||||||||||||
Less accumulated depreciation | (1,508 | ) | (1,277 | ) | ||||||||||||
$ | 1,364 | $ | 1,266 | |||||||||||||
Changes In The Carrying Amount Of Goodwill | ' | |||||||||||||||
Rigid Open | Rigid Closed | Engineered | Flexible | |||||||||||||
Top | Top | Materials | Packaging | Total | ||||||||||||
Balance as of fiscal 2012 | $ | 681 | $ | 832 | $ | 73 | $ | 40 | $ | 1,626 | ||||||
Foreign currency translation adjustment | - | (1 | ) | 1 | - | - | ||||||||||
Acquisitions (realignment), net | - | - | (1 | ) | 9 | 8 | ||||||||||
Balance as of fiscal 2013 | $ | 681 | $ | 831 | $ | 73 | $ | 49 | $ | 1,634 | ||||||
Foreign currency translation adjustment | - | (2 | ) | (2 | ) | - | (4 | ) | ||||||||
Acquisitions (realignment), net | - | (2 | ) | - | 31 | 29 | ||||||||||
Balance as of fiscal 2014 | $ | 681 | $ | 827 | $ | 71 | $ | 80 | $ | 1,659 | ||||||
Schedule Of Intangible Assets | ' | |||||||||||||||
Customer | Other | Accumulated | ||||||||||||||
Relationships | Trademarks | Intangibles | Amortization | Total | ||||||||||||
Balance as of fiscal 2012 | $ | 1,153 | $ | 289 | $ | 99 | $ | (584 | ) | $ | 957 | |||||
Adjustment for income taxes | (7 | ) | (1 | ) | 5 | (2 | ) | (5 | ) | |||||||
Foreign currency translation adjustment | - | - | 2 | - | 2 | |||||||||||
Write-off of fully amortized intangibles | - | (5 | ) | (1 | ) | 6 | - | |||||||||
Amortization expense | - | - | - | (105 | ) | (105 | ) | |||||||||
Impairment of intangibles | (21 | ) | (1 | ) | - | 17 | (5 | ) | ||||||||
Balance as of fiscal 2013 | $ | 1,134 | $ | 283 | $ | 107 | $ | (668 | ) | $ | 856 | |||||
Adjustment for income taxes | (2 | ) | - | (1 | ) | - | -3 | |||||||||
Foreign currency translation adjustment | (3 | ) | (1 | ) | (2 | ) | 4 | (2 | ) | |||||||
Amortization expense | - | - | - | (102 | ) | (102 | ) | |||||||||
Acquisition intangibles | 38 | - | 5 | - | 43 | |||||||||||
Balance as of fiscal 2014 | $ | 1,167 | $ | 282 | $ | 109 | $ | (766 | ) | $ | 792 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Summary Of Long-Term Debt | ' | ||||||||
Maturity Date | 2014 | 2013 | |||||||
Term loan | Feb-20 | 1,383 | 1,397 | ||||||
Term loan | Jan-21 | 1,122 | 1,125 | ||||||
Revolving line of credit | Jun-16 | - | - | ||||||
9 | % Second Priority Notes | Jan-21 | 800 | 800 | |||||
51 /2 % Second Priority Notes | May-22 | 500 | - | ||||||
Retired debt | - | 518 | |||||||
Debt discount, net | (20 | ) | (8 | ) | |||||
Capital leases and other | Various | 133 | 114 | ||||||
3,918 | 3,946 | ||||||||
Less current portion of long-term debt | (58 | ) | (71 | ) | |||||
$ | 3,860 | $ | 3,875 | ||||||
Schedule Of Future Maturities | ' | ||||||||
Fiscal Year | Maturities | ||||||||
2015 | $ | 58 | |||||||
2016 | 49 | ||||||||
2017 | 42 | ||||||||
2018 | 42 | ||||||||
2019 | 40 | ||||||||
Thereafter | 3,707 | ||||||||
$ | 3,938 |
Financial_Instruments_And_Fair1
Financial Instruments And Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||
Sep. 27, 2014 | |||||||||||
Financial Instruments And Fair Value Measurements [Abstract] | ' | ||||||||||
Schedule Of Derivatives Not Designated As Hedging, By Balance Sheet Location | ' | ||||||||||
Liability Derivatives | |||||||||||
Balance Sheet Location | 2014 | 2013 | |||||||||
Interest rate swaps 2014 Swaps | Other long-term liabilities | $ | 3 | $ | - | ||||||
Interest rate swaps 2010 Swaps | Other long-term liabilities | $ | |||||||||
Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location | ' | ||||||||||
Statement of Income Location | 2014 | 2013 | |||||||||
Interest rate swaps 2010 Swaps | Other expense (income) | $ | - | $ | (6 | ) | |||||
Interest expense | |||||||||||
Schedule Of Fair Value Assets Measured On Nonrecurring Basis | ' | ||||||||||
As of the end of fiscal 2014 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in Active | Significant Other | ||||||||||
Markets for Identical | Observable | Significant | |||||||||
Assets or Liabilities | Inputs | Unobservable Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | - | $ | - | $ | 207 | $ | 207 | $ | - | |
Goodwill | - | - | 1,659 | 1,659 | - | ||||||
Definite lived intangibles | - | - | 585 | 585 | - | ||||||
Property, plant, and equipment | - | - | 1,364 | 1,364 | 7 | ||||||
Total | $ | - | $ | - | $ | 3,815 | $ | 3,815 | $ | 7 | |
As of the end of fiscal 2013 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in Active | Significant Other | ||||||||||
Markets for Identical | Observable | Significant | |||||||||
Assets or Liabilities | Inputs | Unobservable Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | - | $ | - | $ | 207 | $ | 207 | $ | - | |
Goodwill | - | - | 1,634 | 1,634 | - | ||||||
Definite lived intangibles | - | - | 649 | 649 | 5 | ||||||
Property, plant, and equipment | - | - | 1,266 | 1,266 | - | ||||||
Total | $ | - | $ | - | $ | 3,756 | $ | 3,756 | $ | 5 | |
As of the end of fiscal 2012 | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Quoted Prices in Active | Significant Other | ||||||||||
Markets for Identical | Observable | Significant | |||||||||
Assets or Liabilities | Inputs | Unobservable Inputs | Total | Impairment Loss | |||||||
Indefinite-lived trademarks | $ | - | $ | - | $ | 220 | $ | 220 | $ | - | |
Goodwill | - | - | 1,626 | 1,626 | - | ||||||
Definite lived intangibles | - | - | 737 | 737 | 17 | ||||||
Property, plant, and equipment | - | - | 1,216 | 1,216 | 3 | ||||||
Total | $ | - | $ | - | $ | 3,799 | $ | 3,799 | $ | 20 | |
Goodwill_Intangible_Assets_And1
Goodwill, Intangible Assets And Deferred Costs (Tables) | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Goodwill, Intangible Assets And Deferred Costs [Abstract] | ' | |||||||
Schedule Of Intangible Assets, Goodwill And Deferred Costs | ' | |||||||
2014 | 2013 | Amortization Period | ||||||
Deferred financing fees | Respective debt | |||||||
$ | 28 | $ | 48 | |||||
Accumulated amortization | (8 | ) | (18 | ) | ||||
Deferred financing fees, net | 20 | 30 | ||||||
Goodwill | Indefinite lived | |||||||
1,659 | 1,634 | |||||||
Customer relationships | 1,167 | 1,134 | 11 20 years | |||||
Trademarks (indefinite lived) | Indefinite lived | |||||||
207 | 207 | |||||||
Trademarks (definite lived) | 8-15 years | |||||||
75 | 76 | |||||||
Other intangibles | 109 | 107 | 10-20 years | |||||
Accumulated amortization | (766 | ) | (668 | ) | ||||
Intangible assets, net | 792 | 856 | ||||||
Total goodwill, intangible assets and deferred costs | ||||||||
$ | 2,471 | $ | 2,520 |
Lease_And_Other_Commitments_An1
Lease And Other Commitments And Contingencies (Tables) | 12 Months Ended | |||||
Sep. 27, 2014 | ||||||
Lease And Other Commitments And Contingencies [Abstract] | ' | |||||
Schedule Of Future Minimum Payments For Capital And Operating Leases | ' | |||||
Capital Leases | Operating Leases | |||||
2015 | $ | 34 | $ | 46 | ||
2016 | 27 | 43 | ||||
2017 | 19 | 39 | ||||
2018 | 18 | 33 | ||||
2019 | 16 | 27 | ||||
Thereafter | 31 | 143 | ||||
145 | $ | 331 | ||||
Less: amount representing interest | (16 | ) | ||||
Present value of net minimum lease payments | $ | 129 |
Accrued_Expenses_Other_Current1
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Tables) | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ' | ||||
Summary Of Accrued Expenses And Other Current Liabilities | ' | ||||
2014 | 2013 | ||||
Employee compensation, payroll and other taxes | $ | 99 | $ | 86 | |
Interest | 44 | 45 | |||
Rebates | 50 | 55 | |||
Restructuring | 13 | 4 | |||
Tax receivable agreement obligation | 39 | 32 | |||
Other | 69 | 54 | |||
$ | 314 | $ | 276 | ||
Summary Of Other Long-Term Liabilities | ' | ||||
2014 | 2013 | ||||
Lease retirement obligation | $ | 31 | $ | 22 | |
Sale-lease back deferred gain | 30 | 32 | |||
Pension liability | 45 | 43 | |||
TRA obligation | 234 | 277 | |||
Other | 16 | 13 | |||
$ | 356 | $ | 387 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Reconciliation Of Income Tax Expense (Benefit) | ' | |||||||||
2014 | 2013 | 2012 | ||||||||
Current | ||||||||||
United States | ||||||||||
Federal | $ | - | $ | - | $ | (3 | ) | |||
State | 5 | 2 | - | |||||||
Non-U.S. | 3 | 4 | 4 | |||||||
Current income tax provision | 8 | 6 | 1 | |||||||
Deferred: | ||||||||||
United States | ||||||||||
Federal | 3 | 26 | 3 | |||||||
State | (5 | ) | (3 | ) | (1 | ) | ||||
Non-U.S. | (2 | ) | (1 | ) | (1 | ) | ||||
Deferred income tax expense (benefit) | (4 | ) | 22 | 1 | ||||||
Expense (benefit) for income taxes | $ | 4 | $ | 28 | $ | 2 | ||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||
2014 | 2013 | 2012 | ||||||||
U.S. Federal income tax expense at the statutory rate | $ | 23 | $ | 29 | $ | 1 | ||||
Adjustments to reconcile to the income tax provision: | ||||||||||
U.S. State income tax expense, net of valuation allowance | 5 | (1 | ) | (1 | ) | |||||
Impairment of goodwill | - | - | - | |||||||
Research and development credits | (20 | ) | - | - | ||||||
Permanent differences | -2 | - | 1 | |||||||
Transaction costs | - | - | - | |||||||
Changes in foreign valuation allowance | 1 | 1 | 1 | |||||||
Rate differences between U.S. and foreign | (1 | ) | (2 | ) | 1 | |||||
APB 23 | (1 | ) | - | - | ||||||
Other | (1 | ) | 1 | (1 | ) | |||||
Expense (benefit) for income taxes | $ | 4 | $ | 28 | $ | 2 | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Allowance for doubtful accounts | $ | 3 | $ | 3 | ||||||
Deferred gain on sale-leaseback | 13 | 14 | ||||||||
Accrued liabilities and reserves | 58 | 34 | ||||||||
Inventories | 10 | 9 | ||||||||
Net operating loss carryforward | 248 | 343 | ||||||||
Alternative minimum tax (AMT) credit carryforward | 9 | 9 | ||||||||
Research and development credit carryforward | 22 | - | ||||||||
Federal and state tax credits | 13 | 14 | ||||||||
Other | 9 | 7 | ||||||||
Total deferred tax assets | 385 | 433 | ||||||||
Valuation allowance | (56 | ) | (59 | ) | ||||||
Total deferred tax assets, net of valuation allowance | 329 | 374 | ||||||||
Deferred tax liabilities: | ||||||||||
Property, plant and equipment | 157 | 187 | ||||||||
Intangible assets | 279 | 300 | ||||||||
Debt extinguishment | 107 | 132 | ||||||||
Other | 6 | 1 | ||||||||
Total deferred tax liabilities | 549 | 620 | ||||||||
Net deferred tax liability | $ | (220 | ) | $ | (246 | ) | ||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | |||||||||
2014 | 2013 | |||||||||
Beginning unrecognized tax benefits | $ | 14 | $ | 8 | ||||||
Gross increases tax positions in prior periods | 2 | 6 | ||||||||
Gross increases current period tax positions | 1 | 1 | ||||||||
Settlements | (2 | ) | (1 | ) | ||||||
Lapse of statute of limitations | (1 | ) | - | |||||||
Ending unrecognized tax benefits | $ | 14 | $ | 14 |
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Segment And Geographic Data [Abstract] | ' | ||||||
Summary Of Selected Information By Reportable Segment | ' | ||||||
2014 | 2013 | 2012 | |||||
Net sales | |||||||
Rigid Open Top | $ | 1,110 | $ | 1,127 | $ | 1,229 | |
Rigid Closed Top | 1,469 | 1,387 | 1,438 | ||||
Engineered Materials | 1,455 | 1,397 | 1,362 | ||||
Flexible Packaging | 924 | 736 | 737 | ||||
Total | $ | 4,958 | $ | 4,647 | $ | 4,766 | |
Operating income (loss) | |||||||
Rigid Open Top | $ | 34 | $ | 123 | $ | 159 | |
Rigid Closed Top | 132 | 130 | 95 | ||||
Engineered Materials | 125 | 116 | 70 | ||||
Flexible Packaging | 25 | 17 | 1 | ||||
Total | $ | 316 | $ | 386 | $ | 325 | |
Depreciation and amortization | |||||||
Rigid Open Top | $ | 92 | $ | 90 | $ | 90 | |
Rigid Closed Top | 133 | 129 | 135 | ||||
Engineered Materials | 76 | 71 | 71 | ||||
Flexible Packaging | 57 | 51 | 59 | ||||
Total | $ | 358 | $ | 341 | $ | 355 | |
Summary Of Assets And Goodwill By Segment | ' | ||||||
Total assets | 2014 | 2013 | |||||
Rigid Open Top | $ | 1,808 | $ | 1,805 | |||
Rigid Closed Top | 1,966 | 1,964 | |||||
Engineered Materials | 722 | 817 | |||||
Flexible Packaging | 772 | 549 | |||||
$ | 5,268 | $ | 5,135 | ||||
Goodwill | 2014 | 2013 | |||||
Rigid Open Top | $ | 681 | $ | 681 | |||
Rigid Closed Top | 827 | 831 | |||||
Engineered Materials | 71 | 73 | |||||
Flexible Packaging | 80 | 49 | |||||
$ | 1,659 | $ | 1,634 |
Retirement_Plan_Tables
Retirement Plan (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Retirement Plan [Abstract] | ' | ||||||||||||
Schedule Of Projected Benefit Obligations And Change In Fair Value Of Plan Assets | ' | ||||||||||||
Defined Benefit Pension Plans | Retiree Health Plan | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Change in Projected Benefit Obligations (PBO) | |||||||||||||
PBO at beginning of period | $ | 178 | $ | 207 | $ | 2 | $ | 3 | |||||
Service cost | - | - | - | - | |||||||||
Interest cost | 8 | 7 | - | - | |||||||||
Actuarial loss (gain) | 15 | (27 | ) | - | - | ||||||||
Benefits paid | (9 | ) | (9 | ) | - | (1 | ) | ||||||
PBO at end of period | $ | 192 | $ | 178 | $ | 2 | $ | 2 | |||||
Change in Fair Value of Plan Assets | |||||||||||||
Plan assets at beginning of period | $ | 141 | $ | 129 | $ | - | $ | - | |||||
Actual return on plan assets | 15 | 14 | - | - | |||||||||
Company contributions | 7 | 7 | - | - | |||||||||
Benefits paid | (9 | ) | (9 | ) | - | - | |||||||
Plan assets at end of period | 154 | 141 | - | - | |||||||||
Net amount recognized | $ | (38 | ) | $ | (37 | ) | $ | (2 | ) | $ | (2 | ) | |
Weighted Average Assumptions Used To Determine Benefit Obligation And Benefit Cost | ' | ||||||||||||
Defined Benefit Pension Plans | Retiree Health Plan | ||||||||||||
(Percents) | 2014 | 2013 | 2014 | 2013 | |||||||||
Weighted-average assumptions: | |||||||||||||
Discount rate for benefit obligation | 4 | 4.5 | 2.9 | 3.1 | |||||||||
Discount rate for net benefit cost | 4.5 | 3.6 | 3.1 | 2.4 | |||||||||
Expected return on plan assets for net benefit costs | 8 | 8 | N/A | N/A | |||||||||
Schedule Of Plan Asset Fair Values | ' | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Cash and cash equivalents | $ | 7 | $ | - | $ | - | $ | 7 | |||||
U.S. large cap comingled equity funds | - | 47 | - | 47 | |||||||||
U.S. mid cap equity mutual funds | 27 | - | - | 27 | |||||||||
U.S. small cap equity mutual funds | 6 | - | - | 6 | |||||||||
International equity mutual funds | 10 | - | - | 10 | |||||||||
Real estate equity investment funds | 3 | - | - | 3 | |||||||||
Corporate bond mutual funds | 28 | - | - | 28 | |||||||||
Corporate bonds | - | 15 | - | 15 | |||||||||
Guaranteed investment account | - | - | 11 | 11 | |||||||||
Other (Individual stock) | 14 | - | - | 14 | |||||||||
Total | $ | 81 | $ | 62 | $ | 11 | $ | 154 | |||||
Fiscal 2013 Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents | $ | 5 | $ | - | $ | - | $ | 5 | |||||
U.S. large cap comingled equity funds | - | 46 | - | 46 | |||||||||
U.S. mid cap equity mutual funds | 15 | - | - | 15 | |||||||||
U.S. small cap equity mutual funds | 8 | - | - | 8 | |||||||||
International equity mutual funds | 12 | - | - | 12 | |||||||||
Real estate equity investment funds | 4 | - | - | 4 | |||||||||
Corporate bond mutual funds | 33 | - | - | 33 | |||||||||
Corporate bonds | - | 8 | - | 8 | |||||||||
Guaranteed investment account | - | - | 10 | 10 | |||||||||
Other | - | - | - | - | |||||||||
Total | $ | 77 | $ | 54 | $ | 10 | $ | 141 | |||||
Schedule Of Expected Benefit Payments | ' | ||||||||||||
Defined Benefit | |||||||||||||
Pension Plans | Retiree Health Plan | ||||||||||||
2015 | $ | 10 | $ | - | |||||||||
2016 | 10 | - | |||||||||||
2017 | 10 | - | |||||||||||
2018 | 10 | - | |||||||||||
2019 | 10 | - | |||||||||||
2020-2024 | 55 | 1 | |||||||||||
Schedule Of Net Pension And Retiree Health Benefit Expense | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Defined Benefit Pension Plans | |||||||||||||
Service cost | $ | - | $ | - | $ | - | |||||||
Interest cost | 8 | 7 | 8 | ||||||||||
Amortization | - | 3 | 2 | ||||||||||
Expected return on plan | (11 | ) | (10 | ) | (8 | ) | |||||||
Net periodic benefit cost | $ | (3 | ) | $ | - | $ | 2 | ||||||
Schedule Of Defined Benefit Pension Plan Asset Allocations | ' | ||||||||||||
2014 | 2013 | ||||||||||||
Asset Category | |||||||||||||
Equity securities and equity-like | 60 | % | 60 | % | |||||||||
Debt securities and debt-like | 28 | 29 | |||||||||||
Other | 12 | 11 | |||||||||||
Total | 100 | % | 100 | % |
Restructuring_And_Impairment_C1
Restructuring And Impairment Charges (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Restructuring And Impairment Charges [Abstract] | ' | ||||||||||||
Schedule Of Estimated Costs For Restructuring Programs | ' | ||||||||||||
Cumulative charges | To be Recognized in | ||||||||||||
Expected Total Costs | through Fiscal 2014 | Future | |||||||||||
Severance and termination benefits | $ | 21 | $ | 21 | $ | - | |||||||
Facility exit costs | 24 | 21 | 3 | ||||||||||
Asset impairment | 33 | 33 | - | ||||||||||
Total | $ | 78 | $ | 75 | $ | 3 | |||||||
Components Of Restructuring Charges By Segment | ' | ||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Rigid Open Top | |||||||||||||
Severance & termination benefits | $ | 2 | $ | 1 | $ | - | |||||||
Facility exit costs and other | 8 | - | - | ||||||||||
Asset impairment | 3 | - | - | ||||||||||
Total | $ | 13 | $ | 1 | $ | - | |||||||
Rigid Closed Top | |||||||||||||
Severance & termination benefits | $ | - | $ | 2 | $ | 3 | |||||||
Facility exit costs and other | 2 | 1 | 2 | ||||||||||
Asset impairment | - | - | 4 | ||||||||||
Total | $ | 2 | $ | 3 | $ | 9 | |||||||
Engineered Materials | |||||||||||||
Severance & termination benefits | $ | 2 | $ | 2 | $ | 4 | |||||||
Facility exit costs and other | 1 | 1 | 2 | ||||||||||
Asset impairment | 4 | 6 | 16 | ||||||||||
Total | $ | 7 | $ | 9 | $ | 22 | |||||||
Flexible Packaging | |||||||||||||
Severance & termination benefits | $ | 5 | $ | - | $ | - | |||||||
Facility exit costs and other | 3 | 1 | - | ||||||||||
Asset impairment | - | - | - | ||||||||||
Total | $ | 8 | $ | 1 | $ | - | |||||||
Consolidated | |||||||||||||
Severance & termination benefits | $ | 9 | $ | 5 | $ | 7 | |||||||
Facility exit costs and other | 14 | 3 | 4 | ||||||||||
Asset impairment | 7 | 6 | 20 | ||||||||||
Total | $ | 30 | $ | 14 | $ | 31 | |||||||
Schedule Of Restructuring Accrual Costs | ' | ||||||||||||
Employee | Facility | ||||||||||||
Severance | Exit | Non-cash | |||||||||||
and Benefits | Costs | charges | Total | ||||||||||
Balance as of fiscal 2012 | $ | 4 | $ | 3 | $ | - | $ | 7 | |||||
Charges | 5 | 3 | 6 | 14 | |||||||||
Non-cash asset impairment | - | - | (6 | ) | (6 | ) | |||||||
Cash payments | (7 | ) | (4 | ) | - | (11 | ) | ||||||
Balance as of fiscal 2013 | 2 | 2 | - | 4 | |||||||||
Charges | 9 | 14 | 7 | 30 | |||||||||
Non-cash asset impairment | - | - | (7 | ) | (7 | ) | |||||||
Cash payments | (6 | ) | (8 | ) | - | (14 | ) | ||||||
Balance as of fiscal 2014 | $ | 5 | $ | 8 | $ | - | $ | 13 |
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Stockholders Equity [Abstract] | ' | ||||||||||||
Schedule Of Stock Option Activity | ' | ||||||||||||
2014 | 2013 | ||||||||||||
Number | Weighted | Number | Weighted | ||||||||||
Of | Average | Of | Average | ||||||||||
Shares | Exercise | Shares | Exercise | ||||||||||
(in thousands) | Price | (in thousands) | Price | ||||||||||
Options outstanding, beginning of period | 10,035 | $ | 9.96 | 10,741 | $ | 7.76 | |||||||
Options granted | 2,727 | 21.02 | 2,819 | 16.01 | |||||||||
Options exercised | (2,137 | ) | 8.19 | (3,333 | ) | 7.97 | |||||||
Options forfeited or cancelled | (121 | ) | 15.2 | (192 | ) | 10.14 | |||||||
Options outstanding, end of period | 10,504 | $ | 13.13 | 10,035 | $ | 9.96 | |||||||
Option price range at end of period | $ | 3.04-22.95 | $ | 3.04-17.59 | |||||||||
Options exercisable at end of period | 5,098 | 5,182 | |||||||||||
Options available for grant at period end | 5,349 | 8,076 | |||||||||||
Weighted average fair value of options granted | |||||||||||||
during period | $ | 7.53 | $ | 6.15 | |||||||||
Schedule Of Assumptions Used For Options Granted | ' | ||||||||||||
Fiscal year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 1.3 | % | 0.6 | % | 0.6- 0.9 | % | |||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Volatility factor | 0.33 | 0.38 | 0.38 | ||||||||||
Expected option life | 7 years | 7 years | 5 years | ||||||||||
Summary Of Options Outstanding By Exercise Price Range | ' | ||||||||||||
Range of Exercise | Number | Intrinsic Value | Weighted Remaining | Weighted | Number | Intrinsic Value | Unrecognized | Weighted | |||||
Prices | Outstanding | of Outstanding | Contractual Life | Exercise Price | Exercisable | of Exercisable | Compensation | Recognition Period | |||||
$3.04 - $22.95 | 10,504 | $ | 122 | 7 years | $ | 13.13 | 5,098 | $ | 81 | $ | 20 | 2 years |
Segment_And_Geographic_Data_Ta
Segment And Geographic Data (Tables) | 12 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Segment And Geographic Data [Abstract] | ' | ||||||
Summary Of Selected Information By Reportable Segment | ' | ||||||
2014 | 2013 | 2012 | |||||
Net sales | |||||||
Rigid Open Top | $ | 1,110 | $ | 1,127 | $ | 1,229 | |
Rigid Closed Top | 1,469 | 1,387 | 1,438 | ||||
Engineered Materials | 1,455 | 1,397 | 1,362 | ||||
Flexible Packaging | 924 | 736 | 737 | ||||
Total | $ | 4,958 | $ | 4,647 | $ | 4,766 | |
Operating income (loss) | |||||||
Rigid Open Top | $ | 34 | $ | 123 | $ | 159 | |
Rigid Closed Top | 132 | 130 | 95 | ||||
Engineered Materials | 125 | 116 | 70 | ||||
Flexible Packaging | 25 | 17 | 1 | ||||
Total | $ | 316 | $ | 386 | $ | 325 | |
Depreciation and amortization | |||||||
Rigid Open Top | $ | 92 | $ | 90 | $ | 90 | |
Rigid Closed Top | 133 | 129 | 135 | ||||
Engineered Materials | 76 | 71 | 71 | ||||
Flexible Packaging | 57 | 51 | 59 | ||||
Total | $ | 358 | $ | 341 | $ | 355 | |
Summary Of Assets And Goodwill By Segment | ' | ||||||
Total assets | 2014 | 2013 | |||||
Rigid Open Top | $ | 1,808 | $ | 1,805 | |||
Rigid Closed Top | 1,966 | 1,964 | |||||
Engineered Materials | 722 | 817 | |||||
Flexible Packaging | 772 | 549 | |||||
$ | 5,268 | $ | 5,135 | ||||
Goodwill | 2014 | 2013 | |||||
Rigid Open Top | $ | 681 | $ | 681 | |||
Rigid Closed Top | 827 | 831 | |||||
Engineered Materials | 71 | 73 | |||||
Flexible Packaging | 80 | 49 | |||||
$ | 1,659 | $ | 1,634 |
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Net Income Per Share [Abstract] | ' | ||||||
Schedule Of Net Income (Loss) Per Share | ' | ||||||
2014 | 2013 | 2012 | |||||
Net income attributed to the Company | $ | 62 | $ | 57 | $ | 2 | |
Weighted average shares of common stock outstanding--basic | 116,875 | 113,486 | 83,435 | ||||
Other common stock equivalents | 4,646 | 5,968 | 3,209 | ||||
Weighted average shares of common stock outstanding--diluted | 121,521 | 119,454 | 86,644 | ||||
Basic net income (loss) per share available to common shareholders | $ | 0.53 | $ | 0.5 | $ | 0.02 | |
Diluted net income (loss) per share available to common shareholders | $ | 0.51 | $ | 0.48 | $ | 0.02 |
Guarantor_And_NonGuarantor_Fin1
Guarantor And Non-Guarantor Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||
Schedule of Condensed Financial Statements [Table Text Block] | ' | ||||||||||||||||||
Condensed Supplemental Consolidated Statements of Operations | |||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
$ | - | $ | 638 | $ | 3,904 | $ | 3,904 | $ | - | $ | 4,958 | ||||||||
Cost of goods sold | - | 557 | 3,284 | 349 | - | 4,190 | |||||||||||||
Selling, general and administrative | - | 52 | 232 | 36 | - | 320 | |||||||||||||
Amortization of intangibles | - | 10 | 84 | 8 | - | 102 | |||||||||||||
Restructuring and impairment charges | - | - | 30 | - | - | 30 | |||||||||||||
Operating income | - | 19 | 274 | 23 | - | 316 | |||||||||||||
Debt extinguishment | - | 35 | - | - | - | 35 | |||||||||||||
Other income, net | (3 | ) | - | (4 | ) | - | - | (7 | ) | ||||||||||
Interest expense, net | 34 | 27 | 176 | (97 | ) | 81 | 221 | ||||||||||||
Equity in net income of subsidiaries | (98 | ) | (218 | ) | - | - | 316 | - | |||||||||||
Income (loss) before income taxes | 67 | 175 | 102 | 120 | (397 | ) | 67 | ||||||||||||
Income tax expense (benefit) | 4 | 44 | - | 5 | (49 | ) | 4 | ||||||||||||
Consolidated net income (loss) | 63 | 131 | 102 | 115 | (348 | ) | 63 | ||||||||||||
Net income(loss) attributable to non-controlling interests | 1 | - | - | - | - | 1 | |||||||||||||
Net income(loss) attributable to the Company | $ | 62 | $ | 131 | $ | 102 | $ | 115 | $ | (348 | ) | $ | 62 | ||||||
Currency translation | - | - | - | (16 | ) | - | (16 | ) | |||||||||||
Interest rate hedges | - | (3 | ) | - | - | - | (3 | ) | |||||||||||
Defined benefit pension and retiree benefit plans | - | (11 | ) | - | - | - | (11 | ) | |||||||||||
Provision for income taxes related to other | |||||||||||||||||||
comprehensive income items | - | 5 | - | - | - | 5 | |||||||||||||
Comprehensive income (loss) | $ | 62 | $ | 122 | $ | 102 | $ | 99 | $ | (348 | ) | $ | 37 | ||||||
Fiscal 2013 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | - | $ | 571 | $ | 3,706 | $ | 370 | $ | - | $ | 4,647 | |||||||
Cost of sales | - | 506 | 3,021 | 308 | - | 3,835 | |||||||||||||
Selling, general and administrative | - | 58 | 314 | 40 | - | 412 | |||||||||||||
Restructuring and impairment charges | - | 1 | 13 | - | - | 14 | |||||||||||||
Operating income | - | 6 | 358 | 22 | - | 386 | |||||||||||||
Other income | - | 56 | 1 | - | - | 57 | |||||||||||||
Interest expense, net | 47 | 24 | 201 | (120 | ) | 92 | 244 | ||||||||||||
Equity in net income of subsidiaries | (132 | ) | (297 | ) | - | - | 429 | - | |||||||||||
Net income (loss) before income taxes | 85 | 223 | 156 | 142 | (521 | ) | 85 | ||||||||||||
Income tax expense (benefit) | 28 | 80 | - | 2 | (82 | ) | 28 | ||||||||||||
Net income (loss) | $ | 57 | $ | 143 | $ | 156 | $ | 140 | $ | (439 | ) | $ | 57 | ||||||
Currency translation | - | - | - | (5 | ) | - | (5 | ) | |||||||||||
Interest rate hedges | - | 20 | - | - | - | 20 | |||||||||||||
Defined benefit pension and retiree benefit plans | - | 34 | - | - | - | 34 | |||||||||||||
Provision for income taxes related to other | |||||||||||||||||||
comprehensive income items | - | (20 | ) | - | - | - | (20 | ) | |||||||||||
Comprehensive income (loss) | $ | 57 | $ | 177 | $ | 156 | $ | 135 | $ | (439 | ) | $ | 86 | ||||||
Fiscal 2012 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | - | $ | 579 | $ | 3,829 | $ | 358 | $ | - | $ | 4,766 | |||||||
Cost of sales | - | 520 | 3,151 | 313 | - | 3,984 | |||||||||||||
Selling, general and administrative expenses | - | 62 | 329 | 35 | - | 426 | |||||||||||||
Restructuring and impairment charges, net | - | 1 | 29 | 1 | - | 31 | |||||||||||||
Operating income (loss) | - | (4 | ) | 320 | 9 | - | 325 | ||||||||||||
Other income | - | (7 | ) | - | - | - | (7 | ) | |||||||||||
Interest expense, net | 54 | 39 | 261 | (110 | ) | 84 | 328 | ||||||||||||
Equity in net income of subsidiaries | (58 | ) | (173 | ) | - | - | 231 | - | |||||||||||
Net income (loss) before income taxes | 4 | 137 | 59 | 119 | (315 | ) | 4 | ||||||||||||
Income tax expense (benefit) | 2 | 46 | 1 | 3 | (50 | ) | 2 | ||||||||||||
Net income (loss) | $ | 2 | $ | 91 | $ | 58 | $ | 116 | $ | (265 | ) | $ | 2 | ||||||
Currency translation | - | - | - | 6 | - | 6 | |||||||||||||
Interest rate hedges | - | 4 | - | - | - | 4 | |||||||||||||
Defined benefit pension and retiree benefit plans | - | - | (14 | ) | - | - | (14 | ) | |||||||||||
Provision for income taxes related to other | |||||||||||||||||||
comprehensive income items | - | (1 | ) | 6 | - | - | 5 | ||||||||||||
Comprehensive income (loss) | $ | 2 | $ | 94 | $ | 50 | $ | 122 | $ | (265 | ) | $ | 3 | ||||||
Condensed Supplemental Consolidated Balance Sheet As of fiscal year-end 2014 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 70 | $ | 15 | $ | 44 | $ | - | $ | 129 | |||||||
Accounts receivable, net | - | 35 | 377 | 79 | - | 491 | |||||||||||||
Intercompany receivable | - | 3,343 | - | 87 | (3,430 | ) | - | ||||||||||||
Inventories | - | 51 | 496 | 57 | - | 604 | |||||||||||||
Deferred income taxes | 166 | - | - | - | - | 166 | |||||||||||||
Prepaid expenses and other current | - | 15 | 13 | 14 | - | 42 | |||||||||||||
Total current assets | 166 | 3,514 | 901 | 281 | (3,306 | ) | 1,432 | ||||||||||||
Property, plant and equipment, net | - | 84 | 1,162 | 118 | - | 1,364 | |||||||||||||
Intangible assets, net | - | 120 | 2,226 | 125 | - | 2,471 | |||||||||||||
Investment in subsidiaries | 69 | 1,237 | - | - | (1,327 | ) | - | ||||||||||||
Other assets | - | - | 1 | - | - | 1 | |||||||||||||
Total assets | $ | 235 | $ | 4,955 | $ | 4,290 | $ | 524 | $ | (4,736 | ) | $ | 5,268 | ||||||
Liabilities and equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | - | $ | 31 | $ | 303 | $ | 61 | $ | - | $ | 395 | |||||||
Accrued expenses and other current liabilities | 35 | 127 | 132 | 20 | - | 314 | |||||||||||||
Intercompany payable | (319 | ) | - | 3,749 | - | (3,430 | ) | - | |||||||||||
Current portion of long-term debt | - | 54 | - | 4 | - | 58 | |||||||||||||
Total current liabilities | (284 | ) | 212 | 4,184 | 85 | (3,430 | ) | 767 | |||||||||||
Long-term debt, less current portion | - | 3,858 | - | 2 | - | 3,860 | |||||||||||||
Deferred income taxes | 386 | - | - | - | - | 386 | |||||||||||||
Other long-term liabilities | 234 | 76 | 42 | 4 | - | 356 | |||||||||||||
Total long-term liabilities | 620 | 3,934 | 42 | 6 | - | 4,602 | |||||||||||||
Total liabilities | 336 | 4,146 | 4,226 | 91 | (3,430 | ) | 5,369 | ||||||||||||
Non-controlling interests | 13 | - | - | - | 13 | ||||||||||||||
Other equity (deficit) | (114 | ) | 809 | 64 | 433 | (1,306 | ) | (114 | ) | ||||||||||
Total equity (deficit) | (101 | ) | 809 | 64 | 433 | (1,306 | ) | (101 | ) | ||||||||||
Total liabilities and equity (deficit) | $ | 235 | $ | 4,955 | $ | 4,290 | $ | 524 | $ | (4,736 | ) | $ | 5,268 | ||||||
Condensed Supplemental Consolidated Balance Sheet As of fiscal year-end 2013 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 116 | $ | - | $ | 26 | $ | - | $ | 142 | |||||||
Accounts receivable, net of allowance | - | 5 | 371 | 73 | - | 449 | |||||||||||||
Intercompany receivable | 348 | 3,448 | - | 40 | (3,836 | ) | - | ||||||||||||
Inventories | - | 53 | 482 | 40 | - | 575 | |||||||||||||
Deferred income taxes | 139 | - | - | - | - | 139 | |||||||||||||
Prepaid expenses and other current | - | 12 | 11 | 19 | (10 | ) | 32 | ||||||||||||
Total current assets | 487 | 3,634 | 864 | 198 | (3,846 | ) | 1,337 | ||||||||||||
Property, plant and equipment, net | - | 115 | 1,079 | 72 | - | 1,266 | |||||||||||||
Intangible assets, net | 8 | 139 | 2,275 | 106 | (8 | ) | 2,520 | ||||||||||||
Investment in subsidiaries | 760 | 905 | - | - | (1,665 | ) | - | ||||||||||||
Other assets | - | 10 | 2 | 631 | (631 | ) | 12 | ||||||||||||
Total assets | $ | 1,255 | $ | 4,803 | $ | 4,220 | $ | 1,007 | $ | (6,150 | ) | $ | 5,135 | ||||||
Liabilities and equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | - | $ | 9 | $ | 262 | $ | 66 | $ | - | $ | 337 | |||||||
Accrued and other current liabilities | 41 | 119 | 112 | 15 | (11 | ) | 276 | ||||||||||||
Intercompany payable | - | - | 3,837 | - | (3,837 | ) | - | ||||||||||||
Long-term debt-current portion | - | 69 | - | 2 | - | 71 | |||||||||||||
Total current liabilities | 41 | 197 | 4,211 | 83 | (3,848 | ) | 684 | ||||||||||||
Long-term debt | 740 | 3,855 | - | 2 | (722 | ) | 3,875 | ||||||||||||
Deferred tax liabilities | 385 | - | - | - | - | 385 | |||||||||||||
Other long-term liabilities | 285 | 64 | 44 | 4 | (10 | ) | 387 | ||||||||||||
Total long-term liabilities | 1,410 | 3,919 | 44 | 6 | (732 | ) | 4,647 | ||||||||||||
Total liabilities | 1,451 | 4,116 | 4,255 | 89 | (4,580 | ) | 5,331 | ||||||||||||
Redeemable shares | - | - | - | - | - | ||||||||||||||
Other equity (deficit) | (196 | ) | 687 | (35 | ) | 918 | (1,570 | ) | (196 | ) | |||||||||
Total equity (deficit) | (196 | ) | 687 | (35 | ) | 918 | (1,570 | ) | (196 | ) | |||||||||
Total liabilities and equity (deficit) | $ | 1,255 | $ | 4,803 | $ | 4,220 | $ | 1,007 | $ | (6,150 | ) | $ | 5,135 | ||||||
Condensed Supplemental Consolidated Statements of Cash Flows | |||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Cash Flow from Operating Activities | $ | - | $ | 27 | $ | 473 | $ | 30 | $ | - | $ | 530 | |||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | - | (6 | ) | (200 | ) | (9 | ) | - | (215 | ) | |||||||||
Proceeds from sale of assets | - | - | 19 | - | - | 19 | |||||||||||||
Investment in Parent | - | - | - | - | - | - | - | ||||||||||||
(Contributions) distributions to/from subsidiaries | 723 | (2 | ) | - | 721 | (1,442 | ) | - | |||||||||||
Intercompany advances (repayments) | - | 20 | - | - | (20 | ) | - | ||||||||||||
Investment in Issuer debt securities | - | - | - | - | - | - | |||||||||||||
Acquisition of business, net of cash acquired | - | - | (136 | ) | (90 | ) | - | (226 | ) | ||||||||||
Net cash from investing activities | 723 | 12 | (317 | ) | 622 | (1,462 | ) | (422 | ) | ||||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term borrowings | - | 1,627 | - | - | - | 1,627 | |||||||||||||
Proceeds from initial public offereing | - | - | - | - | - | - | |||||||||||||
Payment of tax receivable agreement | (32 | ) | - | - | - | - | (32 | ) | |||||||||||
Proceed from issuance of common stock | 17 | - | - | - | - | 17 | |||||||||||||
Repayment of note receivable | - | - | - | - | - | - | |||||||||||||
Repayment of long-term borrowings | (740 | ) | (1,668 | ) | - | - | 721 | (1,687 | ) | ||||||||||
Changes in intercompany balances | 32 | - | (141 | ) | 89 | 20 | - | ||||||||||||
Contribution from Parent | - | - | - | (721 | ) | 721 | - | ||||||||||||
Debt financing costs | - | (44 | ) | - | - | - | (44 | ) | |||||||||||
Net cash from financing activities | (723 | ) | (85 | ) | (141 | ) | (632 | ) | 1,462 | (119 | ) | ||||||||
Effect of currency translation on cash | - | - | - | (2 | ) | - | (2 | ) | |||||||||||
Net change in cash and cash equivalents | - | (46 | ) | 15 | 18 | - | (13 | ) | |||||||||||
Cash and cash equivalents at beginning of period | - | 116 | - | 26 | - | 142 | |||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 70 | $ | 15 | $ | 44 | $ | - | $ | 129 | |||||||
Fiscal 2013 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Cash Flow from Operating Activities | $ | - | $ | 11 | $ | 417 | $ | 36 | $ | - | $ | 464 | |||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | - | (7 | ) | (218 | ) | (14 | ) | - | (239 | ) | |||||||||
Proceeds from disposal of assets | - | 1 | 17 | - | - | 18 | |||||||||||||
Investment in Parent | - | - | - | (21 | ) | 21 | - | - | |||||||||||
(Contributions) distributions to/from subsidiaries | (462 | ) | 441 | - | - | 21 | - | ||||||||||||
Intercompany advances (repayments) | - | 210 | - | - | (210 | ) | - | ||||||||||||
Investment in Issuer debt securities | - | - | - | - | - | - | |||||||||||||
Acquisition of business net of cash acquired | - | - | (24 | ) | - | - | (24 | ) | |||||||||||
Net cash from investing activities | (462 | ) | 645 | (225 | ) | (35 | ) | (168 | ) | (245 | ) | ||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term debt | - | 1,391 | - | - | - | 1,391 | |||||||||||||
IPO proceeds | 438 | - | - | - | - | 438 | |||||||||||||
Payment of TRA | (5 | ) | (5 | ) | - | - | 5 | (5 | ) | ||||||||||
Proceed from issuance of common stock | 27 | - | - | - | - | 27 | |||||||||||||
Repayment of note receivable | 2 | 2 | - | - | (2 | ) | 2 | ||||||||||||
Repayment of long-term debt | - | (1,955 | ) | - | (2 | ) | (21 | ) | (1,978 | ) | |||||||||
Changes in intercompany balances | - | - | (192 | ) | (15 | ) | 207 | - | |||||||||||
Contribution from Parent | - | - | - | 21 | (21 | ) | - | ||||||||||||
Deferred financing costs | - | (39 | ) | - | - | - | (39 | ) | |||||||||||
Net cash from financing activities | 462 | (606 | ) | (192 | ) | 4 | 168 | (164 | ) | ||||||||||
Net change in cash and cash equivalents | - | 50 | - | 5 | - | 55 | |||||||||||||
Cash and cash equivalents at beginning of period | - | 66 | - | 21 | - | 87 | |||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 116 | $ | - | $ | 26 | $ | - | $ | 142 | |||||||
Fiscal 2012 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Cash Flow from Operating Activities | $ | - | $ | (22 | ) | $ | 504 | $ | (3 | ) | $ | - | $ | 479 | |||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | - | (9 | ) | (209 | ) | (12 | ) | - | (230 | ) | |||||||||
Proceeds from disposal of assets | - | - | 30 | - | - | 30 | |||||||||||||
Investment in Parent | - | - | - | (4 | ) | 4 | - | - | |||||||||||
(Contributions) distributions to/from subsidiaries | 16 | (20 | ) | - | - | 4 | - | ||||||||||||
Intercompany advances (repayments) | - | 258 | - | - | (258 | ) | - | ||||||||||||
Investment in Issuer debt securities | - | - | - | - | - | - | |||||||||||||
Acquisition of business net of cash acquired | - | - | 7 | (62 | ) | - | (55 | ) | |||||||||||
Net cash from investing activities | 16 | 229 | (172 | ) | (78 | ) | (250 | ) | (255 | ) | |||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from long-term debt | - | - | - | 2 | - | 2 | |||||||||||||
Equity contributions | - | (6 | ) | - | - | - | (6 | ) | |||||||||||
Repayment of long-term debt | (16 | ) | (155 | ) | - | - | (4 | ) | (175 | ) | |||||||||
Changes in intercompany balances | - | - | (337 | ) | 79 | 258 | - | ||||||||||||
Contribution from Parent | - | - | - | 4 | (4 | ) | - | ||||||||||||
Deferred financing costs | - | - | - | - | - | - | |||||||||||||
Net cash from financing activities | (16 | ) | (161 | ) | (337 | ) | 85 | 250 | (179 | ) | |||||||||
Net change in cash and cash equivalents | - | 46 | (5 | ) | 4 | - | 45 | ||||||||||||
Cash and cash equivalents at beginning of period | - | 20 | 5 | 17 | - | 42 | |||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 66 | $ | - | $ | 21 | $ | - | $ | 87 |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||
Schedule Of Quarterly Financial Data | ' | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||
Net sales | $ | 1,140 | $ | 1,210 | $ | 1,298 | $ | 1,310 | $ | 1,072 | $ | 1,150 | $ | 1,221 | $ | 1,204 | ||
Cost of sales | 964 | 1,023 | 1,089 | 1,114 | 895 | 936 | 998 | 1,006 | ||||||||||
Gross profit | 176 | 187 | 209 | 196 | 177 | 214 | 223 | 198 | ||||||||||
Net income (loss) | ||||||||||||||||||
attributable to the Company | $ | 6 | $ | 12 | $ | 15 | $ | 29 | $ | (10 | ) | $ | 1 | $ | 40 | $ | 26 | |
Net income (loss) | ||||||||||||||||||
attributable to the Company | ||||||||||||||||||
per share: | ||||||||||||||||||
Basic | 0.05 | 0.1 | 0.13 | 0.25 | (0.09 | ) | 0.01 | 0.35 | 0.23 | |||||||||
Diluted | 0.05 | 0.1 | 0.12 | 0.24 | (0.09 | ) | 0.01 | 0.33 | 0.22 |
Basis_Of_Presentation_And_Summ3
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Aug. 31, 2013 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 | Oct. 02, 2006 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Oct. 31, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 31, 2012 | Sep. 27, 2014 |
segment | Supplier Concentration Risk [Member] | Minimum [Member] | Parent Company [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Licenses [Member] | Patents [Member] | Patents [Member] | 11% Senior Subordinated Notes [Member] | Write down Long lived Debt Assets [Member] | Write down Long lived Debt Assets [Member] | Write down Long lived Debt Assets [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | |||||||||||||||||
Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $438 | ' |
Amount of debt extinguished | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 455 | ' |
Additional Paid in Capital | ' | ' | ' | ' | 367 | ' | ' | ' | 322 | ' | ' | ' | 367 | 322 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from initial public offering | 360 | 237 | 205 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438 | ' | ' | ' | ' | ' | 438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | 14.7 | 10 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | 85.00% |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 28 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 16 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for grant | ' | ' | ' | ' | ' | ' | ' | ' | 9,297,750 | ' | ' | ' | ' | 9,297,750 | ' | ' | 7,071,337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest costs capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed asset impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 6 | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 5 | 20 | ' | ' |
Number of reporting segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '11 years | '20 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Finite intangible assets, weighted-average life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '20 years | ' | ' | ' | ' | ' | ' |
Definite lived intangible assets, Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 17 | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual for customer rebates | ' | ' | ' | ' | 50 | ' | ' | ' | 55 | ' | ' | ' | 50 | 55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Goods Sold | ' | ' | ' | ' | 1,114 | 1,089 | 1,023 | 964 | 1,006 | 998 | 936 | 895 | 4,190 | 3,835 | 3,984 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
captitalized interest amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | $5 | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis_Of_Presentation_And_Summ4
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Assumptions Used For Options Granted) (Details) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Risk-free interest rate, minimum | ' | ' | 0.60% |
Risk-free interest rate, maximum | ' | ' | 0.90% |
Risk-free interest rate | 1.30% | 0.60% | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility factor | 0.33% | 0.38% | 0.38% |
Expected option life | '7 years | '7 years | '5 years |
Basis_Of_Presentation_And_Summ5
Basis Of Presentation And Summary Of Significant Accounting Policies (Activity For Allowance For Doubtful Accounts) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current, Beginning Balance | $3 | $4 | $3 |
Bad debt expense | 1 | 1 | ' |
Write-offs against allowance | -1 | -2 | ' |
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | $3 | $3 | $3 |
Basis_Of_Presentation_And_Summ6
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Inventory) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' | ' |
Finished goods | $353 | $335 |
Raw materials | 251 | 240 |
Inventory, total | $604 | $575 |
Basis_Of_Presentation_And_Summ7
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $2,872 | $2,543 |
Less accumulated depreciation | -1,508 | -1,277 |
Property, plant and equipment, net | 1,364 | 1,266 |
Land, Buildings And Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 363 | 302 |
Equipment And Construction In Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $2,509 | $2,241 |
Basis_Of_Presentation_And_Summ8
Basis Of Presentation And Summary Of Significant Accounting Policies (Changes In The Carrying Amount Of Goodwill) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Oct. 01, 2011 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Rigid Open Top [Member] | Rigid Open Top [Member] | Rigid Open Top [Member] | Rigid Closed Top [Member] | Rigid Closed Top [Member] | Engineered Materials [Member] | Engineered Materials [Member] | Flexible Packaging [Member] | Flexible Packaging [Member] | ||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Beginning Balance | $1,634 | $1,626 | ' | $681 | $681 | $681 | $831 | $832 | $73 | $73 | $49 | $40 |
Foreign currency translation adjustment | -4 | ' | ' | ' | ' | ' | -2 | -1 | -2 | 1 | ' | ' |
Impairment of goodwill | ' | ' | -165 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions (realignment), net | 29 | 8 | ' | ' | ' | ' | -2 | ' | ' | -1 | 31 | 9 |
Goodwill, Ending Balance | $1,659 | $1,634 | ' | $681 | $681 | $681 | $827 | $831 | $71 | $73 | $80 | $49 |
Basis_Of_Presentation_And_Summ9
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, net, beginning balance | $856 | $957 | ' |
Finite intangible assets, accumulated amortization, beginning balance | -668 | ' | ' |
Adjustment for income taxes | -3 | -5 | ' |
Foreign currency translation adjustment | -2 | 2 | ' |
Amortization expense | -102 | -105 | -109 |
Acquisition intangibles | 43 | ' | ' |
Impairment of intangibles, finite | ' | -5 | -17 |
Finite intangible assets, ending balance | 792 | ' | ' |
Intangible assets, net, ending balance | 792 | 856 | 957 |
Finite intangible assets, accumulated amortization, ending balance | -766 | -668 | ' |
Accumulated Amortization [Member] | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Finite intangible assets, beginning balance | -668 | -584 | ' |
Adjustment for income taxes | ' | -2 | ' |
Foreign currency translation adjustment | 4 | ' | ' |
Write-off of fully amortized intangibles | ' | 6 | ' |
Amortization expense | -102 | -105 | ' |
Impairment of intangibles, finite | ' | 17 | ' |
Finite intangible assets, ending balance | -766 | -668 | ' |
Customer Relationships [Member] | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Finite intangible assets, beginning balance | 1,134 | 1,153 | ' |
Adjustment for income taxes | -2 | -7 | ' |
Foreign currency translation adjustment | -3 | ' | ' |
Acquisition intangibles | 38 | ' | ' |
Impairment of intangibles, finite | ' | -21 | ' |
Finite intangible assets, ending balance | 1,167 | 1,134 | ' |
Trademarks [Member] | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Finite intangible assets, beginning balance | 283 | 289 | ' |
Adjustment for income taxes | ' | -1 | ' |
Foreign currency translation adjustment | -1 | ' | ' |
Write-off of fully amortized intangibles | ' | -5 | ' |
Impairment of intangibles, finite | ' | -1 | ' |
Finite intangible assets, ending balance | 282 | 283 | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Finite intangible assets, beginning balance | 107 | 99 | ' |
Adjustment for income taxes | -1 | 5 | ' |
Foreign currency translation adjustment | -2 | 2 | ' |
Write-off of fully amortized intangibles | ' | -1 | ' |
Acquisition intangibles | 5 | ' | ' |
Finite intangible assets, ending balance | $109 | $107 | ' |
Recovered_Sheet1
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Beginning Balance, Currency Translation | ($20) | ($15) | ($21) |
Other Comprehensive Income (Loss), Currency Translation | -16 | -5 | 6 |
Balance, Currency Translation | -36 | -20 | -15 |
Beginning Balance, Defined Benefit Pension and Retiree Health Benefit Plans | 8 | 29 | -21 |
Defined benefit pension and retiree benefit plans | -11 | 34 | -14 |
Tax expense (benefit), Defined Benefit Pension and Retiree Health Benefit Plans | 4 | -13 | 6 |
Balance, Defined Benefit Pension and Retiree Health Benefit Plans | -15 | -8 | -29 |
Beginning Balance, Interest Rate Hedges | 10 | -3 | -6 |
Other Comprehensive Income (Loss), Interest Rate Hedges | -3 | 20 | 4 |
Tax expense (benefit), Interest Rate Hedges | 1 | -7 | -1 |
Balance, Interest Rate Hedges | 8 | 10 | -3 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -18 | -47 | -48 |
Other Comprehensive Income (Loss), Accumulated Other Comprehensive Loss | -30 | 49 | -4 |
Provision for income taxes related to other comprehensive income items | 5 | -20 | 5 |
Balance, Accumulated Other Comprehensive Loss | ($43) | ($18) | ($47) |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 30, 2013 | Jan. 31, 2014 | Jun. 30, 2014 |
Graphic Flexible Packaging LLC's Flexible Plastics and Films [Member] | Qingdao P&B Co., Ltd [Member] | Rexam Healthcare Containers and Closures [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of capital stock acquired | ' | ' | ' | ' | 75.00% | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | $130 |
Stockholders' Equity Attributable to Noncontrolling Interest | ' | ' | ' | ' | 13 | ' |
Purchase price, net of cash acquired | ' | ' | ' | 61 | 35 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 226 | 24 | 55 | ' | ' | ' |
Working capital | ' | ' | ' | 8 | ' | 32 |
Property, Plant and Equipment | ' | ' | ' | 18 | 24 | 84 |
Intangible asset | ' | ' | ' | 25 | 11 | 7 |
Goodwill | 1,659 | 1,634 | 1,626 | 14 | 10 | 6 |
Other long-term liabilities | 356 | 387 | ' | 4 | 4 | 3 |
Redeemable and non-controlling interest | ' | ' | ' | ' | 13 | ' |
Deferred Tax Liabilities, Noncurrent | 386 | 385 | ' | ' | ' | 4 |
Call option on the remaining interest | ' | ' | ' | ' | 25.00% | ' |
Acquired assets and assumed liabilities | ' | ' | ' | ' | $9 | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
31-May-14 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 02, 2007 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Jan. 31, 2014 | Sep. 27, 2014 | Oct. 02, 2007 | Sep. 27, 2014 | Sep. 27, 2014 | Oct. 31, 2012 | Jun. 30, 2014 | 31-May-14 | Sep. 27, 2014 | Sep. 27, 2014 | Oct. 02, 2007 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | |
Maximum [Member] | Segment Base [Member] | Libor [Member] | Libor [Member] | Term Loans [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | 11% Senior Subordinated Notes [Member] | Senior Unsecured Term Loan [Member] | Debt Issuance [Member] | Uninsure Borrowing Capacity Term Loan [Member] | Matures in January 2021 [Member] | Matures in January 2021 [Member] | Matures in February 2020 [Member] | Matures in February 2020 [Member] | BP Parallel LLC [Member] | ||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Base Rate [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan credit agreement, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental term loan bears interest at LIBOR plus | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per annum with a LIBOR floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | -35,000,000 | -64,000,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | 214,000,000 | 245,000,000 | 288,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000,000 | ' | ' | ' | ' | ' | 570,000,000 | ' | 650,000,000 | ' | ' | ' |
Net cash impact of the discharge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' |
Non-guarantor subsidiary, had purchased assignments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | ' |
Debt discount, net | ' | 20,000,000 | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 |
Term loan matures, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | 1,400,000,000 | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit fronting fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First lien secured leverage ratio | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' |
Line of credit facility unused capacity percentage | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Second priority senior secured notes, interest | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, percent added to reference rate | ' | ' | ' | ' | ' | ' | 2.50% | 2.75% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Line of Credit Facility, Periodic Payment, Principal | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000,000 | ' | ' | ' | ' | ' | 570,000,000 | ' | 650,000,000 | ' | ' | ' |
Senior Notes | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_Of_LongT
Long-Term Debt (Summary Of Long-Term Debt) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 |
Term Loan Due January 2021 [Member] | Term Loan Due January 2021 [Member] | Term Loan Due February 2020 [Member] | Term Loan Due February 2020 [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | 9 3/4% Second Priority Senior Secured Notes [Member] | 9 3/4% Second Priority Senior Secured Notes [Member] | 5 1/2% Second Priority Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | $3,938 | $1,122 | $1,125 | $1,383 | $1,397 | ' | ' | $800 | $800 | $500 |
Retired debt | 518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt discount, net | -8 | -20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital leases and other | 114 | 133 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and Capital Lease Obligations, Total | 3,946 | 3,918 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current portion of long-term debt | -71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities | -71 | -58 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, less current portion | 3,875 | 3,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt and Capital Lease Obligations | $3,875 | $3,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | 1-Feb-20 | ' | ' | ' | 1-Jun-16 | ' | 1-Jan-21 | ' | 1-May-22 |
LongTerm_Debt_Future_Maturitie
Long-Term Debt (Future Maturities Of Long-Term Debt) (Details) (USD $) | Sep. 27, 2014 |
In Millions, unless otherwise specified | |
Long-Term Debt [Abstract] | ' |
2015 | $58 |
2016 | 49 |
2017 | 42 |
2018 | 42 |
2019 | 40 |
Thereafter | 3,707 |
Long-term Debt, Total | $3,938 |
Financial_Instruments_And_Fair2
Financial Instruments And Fair Value Measurements (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2014 | Jun. 28, 2013 | Feb. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 | Aug. 31, 2014 | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate term loan, amount outstanding | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 |
Derivative settlement receivables | ' | 16,000,000 | ' | ' | ' | ' | ' | ' |
Property plant and equipment before impairment loss | ' | ' | ' | ' | ' | 1,219,000,000 | 5,000,000 | ' |
Other Asset Impairment Charges | ' | ' | ' | ' | ' | 3,000,000 | ' | ' |
Debt outstanding | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value of investments exceeding book value | ' | ' | ' | 86,000,000 | 164,000,000 | ' | ' | ' |
Term of fixed interest rate | ' | ' | '3 years | ' | ' | ' | ' | ' |
Derivative instrument fixed interest rate | ' | ' | 2.36% | ' | ' | ' | ' | ' |
Change in unrealized gain loss on fair value Hedging Instruments | ' | ' | ' | -1,000,000 | ' | ' | ' | ' |
2010 Swaps [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swaps | ' | ' | ' | 2 | ' | ' | ' | ' |
Variable rate term loan, amount outstanding | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' |
Notional amount of swap agreement | ' | ' | ' | 500,000,000 | ' | ' | ' | ' |
2010 Swaps Part One [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of swap agreement | ' | ' | ' | $500,000,000 | ' | ' | ' | ' |
Term of fixed interest rate | ' | ' | ' | '3 years | ' | ' | ' | ' |
Derivative instrument fixed interest rate | ' | ' | ' | 0.89% | ' | ' | ' | ' |
2010 Swaps Part Two [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Term of fixed interest rate | ' | ' | ' | '3 years | ' | ' | ' | ' |
2013 Swaps [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instrument fixed interest rate | ' | ' | ' | 1.02% | ' | ' | ' | ' |
Financial_Instruments_And_Fair3
Financial Instruments And Fair Value Measurements (Schedule Of Derivatives Not Designated As Hedging, By Balance Sheet Location) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | 2014 Swap [Member] | 2010 Swaps [Member] |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate swaps | $3 | $1 |
Financial_Instruments_And_Fair4
Financial Instruments And Fair Value Measurements (Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location) (Details) (Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Other Expense (Income) [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
2010 Swaps | ($6) |
Interest Expense [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
2010 Swaps | $4 |
Financial_Instruments_And_Fair5
Financial Instruments And Fair Value Measurements (Valuation Of Property, Plant and Equipment And Definite Lived Intangible Assets) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Indefinite-lived trademarks | $207 | $207 | $220 | ' |
Goodwill | 1,659 | 1,634 | 1,626 | ' |
Definite lived intangible assets | 585 | 649 | 737 | ' |
Property, plant, and equipment | 1,364 | 1,266 | 1,216 | ' |
Total | 3,815 | 3,756 | 3,799 | ' |
Goodwill, Impairment Loss | ' | ' | ' | 165 |
Definite lived intangible assets, Impairment Loss | ' | 5 | 17 | ' |
Property, plant, and equipment, Impairment loss | 7 | ' | 3 | ' |
Fair value asset impairment charges | 7 | 5 | 20 | ' |
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 | 220 | ' |
Goodwill | 1,659 | 1,634 | 1,626 | ' |
Definite lived intangible assets | 585 | 649 | 737 | ' |
Property, plant, and equipment | 1,364 | 1,266 | 1,216 | ' |
Total | $3,815 | $3,756 | $3,799 | ' |
Goodwill_Intangible_Assets_And2
Goodwill, Intangible Assets And Deferred Costs (Narrative) (Details) (USD $) | Sep. 27, 2014 |
In Millions, unless otherwise specified | |
Goodwill, Intangible Assets And Deferred Costs [Abstract] | ' |
Future amortization expense, 2015 | $93 |
Future amortization expense, 2016 | 85 |
Future amortization expense, 2017 | 74 |
Future amortization expense, 2018 | 56 |
Future amortization expense, 2019 | $51 |
Goodwill_Intangible_Assets_And3
Goodwill, Intangible Assets And Deferred Costs (Schedule Of Intangible Assets, Goodwill And Deferred Costs) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 |
In Millions, unless otherwise specified | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||
Customer Relationships [Member] | Other Intangible Assets [Member] | Trademarks [Member] | Customer Relationships [Member] | Other Intangible Assets [Member] | Trademarks [Member] | |||||||||||||||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees | $28 | $48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees, accumulated amortization | -8 | -18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees, net | 20 | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,659 | 1,634 | 1,626 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite intangible assets | 792 | ' | ' | 1,167 | 1,134 | 1,153 | 109 | 107 | 99 | 282 | 283 | 289 | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 207 | 207 | ' | ' | ' | ' | ' | ' |
Finite intangible assets, accumulated amortization | -766 | -668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 792 | 856 | 957 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total goodwill, intangible assets and deferred costs | $2,471 | $2,520 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite intangible assets, amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '11 years | '10 years | '8 years | '20 years | '20 years | '15 years |
Lease_And_Other_Commitments_An2
Lease And Other Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
employee | |||
Lease And Other Commitments And Contingencies [Abstract] | ' | ' | ' |
New capital lease obligations | $45 | $49 | $7 |
Lease expirations, final year | '2021 | ' | ' |
Minimum lease payments or contingent rentals | 24 | 16 | ' |
Asset retirement obligations | 7 | 6 | ' |
Rent expense from operating leases | 54 | 53 | 56 |
Sale leaseback transaction, net proceeds | ' | ' | 20 |
Sale leaseback transaction, deferred gain | ' | ' | $1 |
Number of employees | 16,000 | ' | ' |
Percentage of employees covered by collective bargaining agreements | 11.00% | ' | ' |
Lease_And_Other_Commitments_An3
Lease And Other Commitments And Contingencies (Schedule Of Future Minimum Payments For Capital And Operating Leases) (Details) (USD $) | Sep. 27, 2014 |
In Millions, unless otherwise specified | |
Lease And Other Commitments And Contingencies [Abstract] | ' |
Capital Leases, 2015 | $34 |
Capital Leases, 2016 | 27 |
Capital Leases, 2017 | 19 |
Capital Leases, 2018 | 18 |
Capital Leases, 2019 | 16 |
Capital Leases, Thereafter | 31 |
Capital Leases, Total net minimum payments | 145 |
Capital Leases, Less: amount representing interest | -16 |
Capital Leases, Present value of net minimum lease payments | 129 |
Operating Leases, 2015 | 46 |
Operating Leases, 2016 | 43 |
Operating Leases, 2017 | 39 |
Operating Leases, 2018 | 33 |
Operating Leases, 2019 | 27 |
Operating Leases, Thereafter | 143 |
Operating Leases, Total net minimum payments | $331 |
Accrued_Expenses_Other_Current2
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Accrued Expenses And Other Current Liabilities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Extinguishment of Debt [Line Items] | ' | ' | ' |
Restructuring Charges | $30 | $14 | $31 |
Total accrued liabilities, current | 314 | 276 | ' |
Accrued expense and other current liabilities [Member] | ' | ' | ' |
Extinguishment of Debt [Line Items] | ' | ' | ' |
Employee compensation, payroll and other taxes | 99 | 86 | ' |
Interest | 44 | 45 | ' |
Rebates | 50 | 55 | ' |
Restructuring | 13 | 4 | ' |
Tax receivable agreement obligation | 39 | 32 | ' |
Other | 69 | 54 | ' |
Total accrued liabilities, current | $314 | $276 | ' |
Accrued_Expenses_Other_Current3
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Other Long-Term Liabilities) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ' | ' |
Lease retirement obligation | $31 | $22 |
Sale-lease back deferred gain | 30 | 32 |
Pension liability | 45 | 43 |
TRA obligation | 234 | 277 |
Other | 16 | 13 |
Other long-term liabilities | $356 | $387 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
U.S. income (loss) from continuing operations before income taxes | $58 | $77 | $2 |
Non-U.S. income (loss) from continuing operations before income taxes | 9 | 8 | 2 |
AMT credit carryforwards | 9 | ' | ' |
Deferred tax assets, valuation allowance | 56 | 59 | ' |
Payments Of Tax Receivable Agreement | 32 | 5 | ' |
Reduction of Short-term Capital Lease Obligations | 313 | ' | ' |
Taxes Payable | 273 | ' | ' |
Cash paid for taxes | 7 | 3 | 2 |
Unrecognized tax benefits that would affect effective tax rate if recognized | 8 | 7 | ' |
Interest and penalties accrued for uncertain tax positions | 2 | ' | ' |
Income tax reconciliation permanent differences | -2 | ' | 1 |
Federal [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 601 | ' | ' |
Federal research and development tax credits | 18 | ' | ' |
State [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 803 | ' | ' |
Federal research and development tax credits | 4 | ' | ' |
Foreign [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 106 | ' | ' |
Parent Company [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Payments Of Tax Receivable Agreement | $32 | $5 | ' |
Minimum [Member] | Federal [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open tax years | '2004 | ' | ' |
Maximum [Member] | Federal [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open tax years | ' | '2009 | ' |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Current - Federal | ' | ' | ($3) |
Current - State | 5 | 2 | ' |
Current - Non-U.S. | 3 | 4 | 4 |
Current income tax provision | 8 | 6 | 1 |
Deferred - Federal | 3 | 26 | 3 |
Deferred - State | -5 | -3 | -1 |
Deferred - Non-U.S. | -2 | -1 | -1 |
Deferred income tax expense (benefit) | -4 | 22 | 1 |
Expense (benefit) for income taxes | $4 | $28 | $2 |
Income_Taxes_Reconciliation_Fr
Income Taxes (Reconciliation From Federal Income Tax To Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
U.S. Federal income tax expense (benefit) at the statutory rate | $23 | $29 | $1 |
U.S. State income tax expense, net of valuation allowance | 5 | -1 | -1 |
Research and development credits | -20 | ' | ' |
Permanent differences | -2 | ' | 1 |
Changes in foreign valuation allowance | 1 | 1 | 1 |
Rate differences between U.S. and foreign | -1 | -2 | 1 |
APB 23 | -1 | ' | ' |
Other | -1 | 1 | -1 |
Expense (benefit) for income taxes | $4 | $28 | $2 |
Income_Taxes_Components_Of_Net
Income Taxes (Components Of Net Deferred Income Tax Liability) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Allowance for doubtful accounts | $3 | $3 |
Deferred gain on sale-leaseback | 13 | 14 |
Accrued liabilities and reserves | 58 | 34 |
Inventories | 10 | 9 |
Net operating loss carryforward | 248 | 343 |
Alternative minimum tax (AMT) credit carryforward | 9 | 9 |
Research and development credit carryforward | 22 | ' |
Federal and state tax credits | 13 | 14 |
Other | 9 | 7 |
Total deferred tax assets | 385 | 433 |
Valuation allowance | -56 | -59 |
Total deferred tax assets, net of valuation allowance | 329 | 374 |
Property, plant and equipment | 157 | 187 |
Intangible assets | 279 | 300 |
Debt extinguishment | 107 | 132 |
Other | 6 | 1 |
Total deferred tax liabilities | 549 | 620 |
Net deferred tax liability | ($220) | ($246) |
Income_Taxes_Activity_Related_
Income Taxes (Activity Related To Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Income Taxes [Abstract] | ' | ' |
Beginning unrecognized tax benefits | $14 | $8 |
Gross increases - tax positions in prior periods | 2 | 6 |
Gross increases current period tax positions | 1 | 1 |
Settlements | -2 | -1 |
Lapse of statue of limitations | -1 | ' |
Ending unrecognized tax benefits | $14 | $14 |
Retirement_Plan_Narrative_Deta
Retirement Plan (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
item | |||
Retirement Plan [Line Items] | ' | ' | ' |
Number of defined contribution plans | 2 | ' | ' |
Defined contribution plan expense | $8 | $7 | $7 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | -2 | ' | ' |
Net unrealized defined benefit losses in accumulated other comprehensive loss | 30 | ' | ' |
Assumed health care cost trend rate | 7.00% | ' | ' |
Defined Benefit Pension Plans [Member] | ' | ' | ' |
Retirement Plan [Line Items] | ' | ' | ' |
Number of defined benefit plans | 3 | ' | ' |
PBO | 192 | 178 | 207 |
Plan assets | 154 | 141 | 129 |
Retiree Health Plan [Member] | ' | ' | ' |
Retirement Plan [Line Items] | ' | ' | ' |
PBO | 2 | 2 | 3 |
10 1/4% Senior Subordinated Notes [Member] | ' | ' | ' |
Retirement Plan [Line Items] | ' | ' | ' |
Plan assets | $14 | ' | ' |
Retirement_Plan_Schedule_Of_Pr
Retirement Plan (Schedule Of Projected Benefit Obligations And Change In Fair Value Of Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | ' | ' | ' |
Interest cost | 8 | 7 | 8 |
Defined Benefit Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
PBO at beginning of period | 178 | 207 | ' |
Interest cost | 8 | 7 | ' |
Actuarial loss (gain) | 15 | -27 | ' |
Benefits paid | -9 | -9 | ' |
PBO at end of period | 192 | 178 | ' |
Plan assets at beginning of period | 141 | 129 | ' |
Actual return on plan assets | 15 | 14 | ' |
Company contributions | 7 | 7 | ' |
Plan assets at end of period | 154 | 141 | ' |
Net amount recognized | -38 | -37 | ' |
Retiree Health Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
PBO at beginning of period | ' | 3 | ' |
Benefits paid | ' | -1 | ' |
PBO at end of period | 2 | 2 | ' |
Net amount recognized | ($2) | ($2) | ' |
Retirement_Plan_Weighted_Avera
Retirement Plan (Weighted Average Assumptions Used To Determine Benefit Obligation And Benefit Cost) (Details) | 12 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Defined Benefit Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate for benefit obligation | 4.00% | 4.50% |
Discount rate for net benefit cost | 4.50% | 3.60% |
Expected return on plan assets for net benefit costs | 8.00% | 8.00% |
Retiree Health Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate for benefit obligation | 2.90% | 3.10% |
Discount rate for net benefit cost | 3.10% | 2.40% |
Retirement_Plan_Schedule_Of_Pl
Retirement Plan (Schedule Of Plan Asset Fair Values) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Cash And Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | $5 |
U.S. Large Cap Comingled Equity Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | 46 |
U.S. Mid Cap Equity Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | 15 |
U.S. Small Cap Equity Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | 8 |
International Equity Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | 12 |
Real Estate Equity Investment Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | 4 |
Corporate Bond Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | 33 |
Corporate Bond [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | 8 |
Guaranteed Investment Account [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | 10 |
Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 81 | ' |
Level 1 [Member] | Cash And Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 7 | 5 |
Level 1 [Member] | U.S. Mid Cap Equity Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 27 | 15 |
Level 1 [Member] | U.S. Small Cap Equity Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 6 | 8 |
Level 1 [Member] | International Equity Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 10 | 12 |
Level 1 [Member] | Real Estate Equity Investment Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 3 | 4 |
Level 1 [Member] | Corporate Bond Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 28 | 33 |
Level 1 [Member] | Other Asset Categories [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 14 | ' |
Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 62 | ' |
Level 2 [Member] | U.S. Large Cap Comingled Equity Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 47 | 46 |
Level 2 [Member] | Corporate Bond [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 15 | 8 |
Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 11 | ' |
Level 3 [Member] | Guaranteed Investment Account [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | $11 | $10 |
Retirement_Plan_Schedule_Of_Ex
Retirement Plan (Schedule Of Expected Benefit Payments) (Details) (USD $) | Sep. 27, 2014 |
In Millions, unless otherwise specified | |
Defined Benefit Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2015 | $10 |
2016 | 10 |
2017 | 10 |
2018 | 10 |
2019 | 10 |
2020-2024 | 55 |
Retiree Health Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2020-2024 | $1 |
Retirement_Plan_Schedule_Of_Ne
Retirement Plan (Schedule Of Net Pension And Retiree Health Benefit Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Retirement Plan [Abstract] | ' | ' | ' |
Service cost | ' | ' | ' |
Interest cost | 8 | 7 | 8 |
Amortization | ' | 3 | 2 |
Expected return on plan assets | -11 | -10 | -8 |
Net periodic benefit cost | ($3) | ' | $2 |
Retirement_Plan_Schedule_Of_De
Retirement Plan (Schedule Of Defined Benefit Pension Plan Asset Allocations) (Details) | Sep. 27, 2014 | Sep. 28, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan asset allocation | 100.00% | 100.00% |
Equity Securities And Equity-Like Instruments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan asset allocation | 60.00% | 60.00% |
Debt securities and debt-like [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan asset allocation | 28.00% | 29.00% |
Other Asset Categories [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan asset allocation | 12.00% | 11.00% |
Restructuring_And_Impairment_C2
Restructuring And Impairment Charges (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
segment | |||||||||||
Number of reporting segments | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Net sales | $1,310 | $1,298 | $1,210 | $1,140 | $1,204 | $1,221 | $1,150 | $1,072 | $4,958 | $4,647 | $4,766 |
Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 6 | 20 |
Rigid Open Top [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,110 | 1,127 | 1,229 |
Rigid Closed Top [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,469 | 1,387 | 1,438 |
Engineered Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,455 | 1,397 | 1,362 |
Flexible Packaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 924 | 736 | 737 |
Engineered Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities closed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71 |
Rigid Closed Top, Engineered Materials, And Flexible Packaging Afected By Closures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 |
Flexible Packaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 |
Rigid Closed Top Affected By Closures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 |
Certain Intangible Assets Redeemed [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non cash assets impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' |
Restructuring_And_Impairment_C3
Restructuring And Impairment Charges (Schedule Of Estimated Costs For Restructuring Programs) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Expected Total Costs | $78 |
Cumulative charges through Fiscal 2014 | 75 |
To be Recognized in Future | 3 |
Employee Severance And Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expected Total Costs | 21 |
Cumulative charges through Fiscal 2014 | 21 |
Facilities Exit Costs And Other [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expected Total Costs | 24 |
Cumulative charges through Fiscal 2014 | 21 |
To be Recognized in Future | 3 |
Asset Impairment [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expected Total Costs | 33 |
Cumulative charges through Fiscal 2014 | $33 |
Restructuring_And_Impairment_C4
Restructuring And Impairment Charges (Components Of Restructuring Charges By Segment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance and termination benefits | $9 | $5 | $7 |
Facility exit costs and other | 14 | 3 | 4 |
Asset impairment | 7 | 6 | 20 |
Total | 30 | 14 | 31 |
Rigid Open Top [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance and termination benefits | 2 | 1 | ' |
Total | 13 | 1 | ' |
Rigid Closed Top [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance and termination benefits | ' | 2 | 3 |
Facility exit costs and other | 2 | 1 | 2 |
Asset impairment | ' | ' | 4 |
Total | 2 | 3 | 9 |
Engineered Materials [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance and termination benefits | 2 | 2 | 4 |
Facility exit costs and other | 1 | 1 | 2 |
Asset impairment | 4 | 6 | 16 |
Total | 7 | 9 | 22 |
Flexible Packaging [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance and termination benefits | 5 | ' | ' |
Facility exit costs and other | 3 | 1 | ' |
Asset impairment | ' | ' | ' |
Total | $8 | $1 | ' |
Restructuring_And_Impairment_C5
Restructuring And Impairment Charges (Schedule Of Restructuring Accrual Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning balance | $4 | $7 | ' |
Charges | 30 | 14 | 31 |
Non-cash asset impairment | -7 | -6 | ' |
Cash payments | -14 | -11 | ' |
Ending balance | 13 | 4 | 7 |
Employee Severance And Benefits [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning balance | 2 | 4 | ' |
Charges | 9 | 5 | ' |
Cash payments | -6 | -7 | ' |
Ending balance | 5 | 2 | ' |
Facilities Exit Costs And Other [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning balance | 2 | 3 | ' |
Charges | 14 | 3 | ' |
Cash payments | -8 | -4 | ' |
Ending balance | 8 | 2 | ' |
Non-Cash [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Charges | 7 | 6 | ' |
Non-cash asset impairment | ($7) | ($6) | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 |
Apollo And Graham [Member] | Apollo And Graham [Member] | Entities Affiliated With Apollo [Member] | Entities Affiliated With Apollo [Member] | Entities Affiliated With Graham [Member] | Entities Affiliated With Graham [Member] | Berry Management and Sponsors [Member] | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential management fee | $3 | ' | ' | ' | ' | ' | ' | ' | ' |
Potential management fee as a percentage of EBITDA | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Management fee | ' | ' | 9 | 9 | 8 | 6 | 1 | 1 | ' |
Transaction fee received | ' | 1 | ' | ' | ' | ' | ' | ' | 5 |
Payment to acquire assignments | ' | $32 | ' | ' | $28 | ' | ' | ' | ' |
Stockholders_Equity_Narrative_
Stockholders Equity (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 | Oct. 02, 2006 |
Stockholders Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Shares authorized for grant | ' | ' | 9,297,750 | ' | ' | 7,071,337 |
Additional shares authorized for grant | ' | ' | ' | ' | 5,267,500 | ' |
Stock based compensation expense | $8 | $15 | $16 | $2 | ' | ' |
Options exercised or cash settled amount | ' | ($32) | ' | ' | ' | ' |
Stockholders_Equity_Schedule_O
Stockholders Equity (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Stockholders Equity [Abstract] | ' | ' |
Options outstanding, beginning of period | 10,035 | 10,741 |
Options granted | 2,727 | 2,819 |
Options exercised or cash settled | -2,137 | -3,333 |
Options forfeited or cancelled | -121 | -192 |
Options outstanding, end of period | 10,504 | 10,035 |
Options outstanding, beginning of period, weighted average exercise price | $9.96 | $7.76 |
Options granted, weighted average exercise price | $21.02 | $16.01 |
Options exercised or cash settled, weighted average exercise price | $8.19 | $7.97 |
Options forfeited or cancelled, weighted average exercise price | $15.20 | $10.14 |
Options outstanding, end of period, weighted average exercise price | $13.13 | $9.96 |
Range of exercise price, lower limit | $3.04 | $3.04 |
Range of exercise price, upper limit | $22.95 | $17.59 |
Options exercisable at end of period | 5,098 | 5,182 |
Options available for grant at period end | 5,349 | 8,076 |
Stockholders_Equity_Schedule_O1
Stockholders Equity (Schedule Of Assumptions Used For Options Granted) (Details) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Stockholders Equity [Abstract] | ' | ' | ' |
Risk-free interest rate, minimum | ' | ' | 0.60% |
Risk-free interest rate, maximum | ' | ' | 0.90% |
Risk-free interest rate | 1.30% | 0.60% | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility factor | 0.33% | 0.38% | 0.38% |
Expected option life | '7 years | '7 years | '5 years |
Stockholders_Equity_Summary_Of
Stockholders Equity (Summary Of Options Outstanding By Exercise Price Range) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Stockholders Equity [Abstract] | ' | ' |
Range of exercise price, lower limit | $3.04 | $3.04 |
Range of exercise price, upper limit | $22.95 | $17.59 |
Number outstanding | 10,504 | ' |
Intrinsic value of outstanding | $122 | ' |
Weighted average exercise price | $13.13 | ' |
Number exercisable | 5,098 | 5,182 |
Intrinsic value of exercisable | 81 | ' |
Unrecognized compensation | $20 | ' |
Segment_And_Geographic_Data_Na
Segment And Geographic Data (Narrative) (Details) | 12 Months Ended |
Sep. 27, 2014 | |
segment | |
Segment Reporting Information [Line Items] | ' |
Number of reporting segments | 4 |
Net Sales, Geographic Area [Member] | North America [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Concentration risk, percentage | 96.00% |
Long-Lived Assets, Geographic Area [Member] | North America [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Concentration risk, percentage | 94.00% |
Assets, Total [Member] | North America [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Concentration risk, percentage | 95.00% |
Segment_And_Geographic_Data_Su
Segment And Geographic Data (Summary Of Selected Information By Reportable Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,310 | $1,298 | $1,210 | $1,140 | $1,204 | $1,221 | $1,150 | $1,072 | $4,958 | $4,647 | $4,766 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 316 | 386 | 325 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 358 | 341 | 355 |
Rigid Open Top [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,110 | 1,127 | 1,229 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 123 | 159 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 90 | 90 |
Rigid Closed Top [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,469 | 1,387 | 1,438 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 132 | 130 | 95 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 133 | 129 | 135 |
Engineered Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,455 | 1,397 | 1,362 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 116 | 70 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 71 | 71 |
Flexible Packaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 924 | 736 | 737 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 17 | 1 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 57 | 51 | 59 |
Parent Company [Member] | Rigid Open Top [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 111 | ' | ' |
Parent Company [Member] | Rigid Closed Top [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' |
Parent Company [Member] | Engineered Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' |
Parent Company [Member] | Flexible Packaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $28 | ' | ' |
Segment_And_Geographic_Data_Su1
Segment And Geographic Data (Summary Of Assets And Goodwill By Segment) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
In Millions, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | $5,268 | $5,135 | ' |
Goodwill | 1,659 | 1,634 | 1,626 |
Rigid Open Top [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 1,808 | 1,805 | ' |
Goodwill | 681 | 681 | 681 |
Rigid Closed Top [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 1,966 | 1,964 | ' |
Goodwill | 827 | 831 | 832 |
Engineered Materials [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 722 | 817 | ' |
Goodwill | 71 | 73 | 73 |
Flexible Packaging [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 772 | 549 | ' |
Goodwill | $80 | $49 | $40 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Net Income Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributed to the Company | ' | ' | ' | ' | ' | ' | ' | ' | $63 | $57 | $2 |
Weighted average shares of common stock outstanding--basic | ' | ' | ' | ' | ' | ' | ' | ' | 116,875 | 113,486 | 83,435 |
Other common stock equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 4,646 | 5,968 | 3,209 |
Weighted average shares of common stock outstanding--diluted | ' | ' | ' | ' | ' | ' | ' | ' | 121,521 | 119,454 | 86,644 |
Basic net income (loss) per share available to common shareholders | $0.25 | $0.13 | $0.10 | $0.05 | $0.23 | $0.35 | $0.01 | ($0.09) | $0.53 | $0.50 | $0.02 |
Diluted net income (loss) per share available to common shareholders | $0.24 | $0.12 | $0.10 | $0.05 | $0.22 | $0.33 | $0.01 | ($0.09) | $0.51 | $0.48 | $0.02 |
Guarantor_And_NonGuarantor_Fin2
Guarantor And Non-Guarantor Financial Information (Narrative) (Details) | Sep. 27, 2014 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ' |
Percentage ownership in guarantor subsidiaries | 100.00% |
Guarantor_And_NonGuarantor_Fin3
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,310 | $1,298 | $1,210 | $1,140 | $1,204 | $1,221 | $1,150 | $1,072 | $4,958 | $4,647 | $4,766 |
Cost of goods sold | 1,114 | 1,089 | 1,023 | 964 | 1,006 | 998 | 936 | 895 | 4,190 | 3,835 | 3,984 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 320 | 412 | 426 |
Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | 102 | 105 | 109 |
Restructuring and impairment charges, net | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 14 | 31 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 316 | 386 | 325 |
Debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 64 | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -7 | 57 | -7 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 221 | 244 | 328 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 67 | 85 | 4 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 28 | 2 |
Consolidated net income | ' | ' | ' | ' | ' | ' | ' | ' | 63 | 57 | 2 |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Net income (loss) attributable to the Company | 29 | 15 | 12 | 6 | 26 | 40 | 1 | -10 | 62 | 57 | 2 |
Currency translation | ' | ' | ' | ' | ' | ' | ' | ' | -16 | -5 | 6 |
Interest rate hedges | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 20 | 4 |
Defined benefit pension and retiree health benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | -11 | 34 | -14 |
Provision for income taxes related to other comprehensive income items | ' | ' | ' | ' | ' | ' | ' | ' | 5 | -20 | 5 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 37 | 86 | 3 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 47 | 54 |
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -98 | -132 | -58 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 67 | 85 | 4 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 28 | 2 |
Consolidated net income | ' | ' | ' | ' | ' | ' | ' | ' | 63 | ' | ' |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Net income (loss) attributable to the Company | ' | ' | ' | ' | ' | ' | ' | ' | 62 | 57 | 2 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 62 | 57 | 2 |
Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 638 | 571 | 579 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 557 | 506 | 520 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 58 | 62 |
Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Restructuring and impairment charges, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 6 | -4 |
Debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 35 | ' | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56 | -7 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 24 | 39 |
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -218 | -297 | -173 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 175 | 223 | 137 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 80 | 46 |
Consolidated net income | ' | ' | ' | ' | ' | ' | ' | ' | 131 | ' | ' |
Net income (loss) attributable to the Company | ' | ' | ' | ' | ' | ' | ' | ' | 131 | 143 | 91 |
Interest rate hedges | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 20 | 4 |
Defined benefit pension and retiree health benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | -11 | 34 | ' |
Provision for income taxes related to other comprehensive income items | ' | ' | ' | ' | ' | ' | ' | ' | 5 | -20 | -1 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 177 | 94 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,904 | 3,706 | 3,829 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 3,284 | 3,021 | 3,151 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 232 | 314 | 329 |
Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | 84 | ' | ' |
Restructuring and impairment charges, net | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 13 | 29 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 274 | 358 | 320 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 1 | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 176 | 201 | 261 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 102 | 156 | 59 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Consolidated net income | ' | ' | ' | ' | ' | ' | ' | ' | 102 | ' | ' |
Net income (loss) attributable to the Company | ' | ' | ' | ' | ' | ' | ' | ' | 102 | 156 | 58 |
Defined benefit pension and retiree health benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14 |
Provision for income taxes related to other comprehensive income items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 102 | 156 | 50 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,904 | 370 | 358 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 349 | 308 | 313 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 40 | 35 |
Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' |
Restructuring and impairment charges, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 22 | 9 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -97 | -120 | -110 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 120 | 142 | 119 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 2 | 3 |
Consolidated net income | ' | ' | ' | ' | ' | ' | ' | ' | 115 | ' | ' |
Net income (loss) attributable to the Company | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 140 | 116 |
Currency translation | ' | ' | ' | ' | ' | ' | ' | ' | -16 | -5 | 6 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 99 | 135 | 122 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 81 | 92 | 84 |
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 316 | 429 | 231 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -397 | -521 | -315 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -49 | -82 | -50 |
Consolidated net income | ' | ' | ' | ' | ' | ' | ' | ' | -348 | ' | ' |
Net income (loss) attributable to the Company | ' | ' | ' | ' | ' | ' | ' | ' | -348 | -439 | -265 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($348) | ($439) | ($265) |
Guarantor_And_NonGuarantor_Fin4
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Balance Sheet) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 |
In Millions, unless otherwise specified | ||||
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $129 | $142 | $87 | $42 |
Accounts receivable, net of allowance | 491 | 449 | ' | ' |
Inventories | 604 | 575 | ' | ' |
Deferred income taxes | 166 | 139 | ' | ' |
Prepaid expenses and other current | 42 | 32 | ' | ' |
Total current assets | 1,432 | 1,337 | ' | ' |
Net property, plant and equipment | 1,364 | 1,266 | ' | ' |
Intangible assets, net | 2,471 | 2,520 | ' | ' |
Other assets | 1 | 12 | ' | ' |
Total assets | 5,268 | 5,135 | ' | ' |
Accounts payable | 395 | 337 | ' | ' |
Accrued and other current liabilities | 314 | 276 | ' | ' |
Current portion of long-term debt | 58 | 71 | ' | ' |
Current liabilities | 767 | 684 | ' | ' |
Long-term debt | 3,860 | 3,875 | ' | ' |
Deferred tax liabilities | 386 | 385 | ' | ' |
Other long-term liabilities | 356 | 387 | ' | ' |
Liabilities, Noncurrent, Total | 4,602 | 4,647 | ' | ' |
Total liabilities | 5,369 | 5,331 | ' | ' |
Redeemable and non-controlling interest | 13 | ' | ' | ' |
Other equity | -114 | -196 | ' | ' |
Equity (deficit) | -114 | -196 | -475 | -467 |
Total liabilities and stockholders' equity (deficit) | 5,268 | 5,135 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Intercompany receivable | ' | 348 | ' | ' |
Deferred income taxes | 166 | 139 | ' | ' |
Total current assets | 166 | 487 | ' | ' |
Intangible assets, net | ' | 8 | ' | ' |
Investment in Subsidiaries | 69 | 760 | ' | ' |
Total assets | 235 | 1,255 | ' | ' |
Accrued and other current liabilities | 35 | 41 | ' | ' |
Intercompany payable | -319 | ' | ' | ' |
Current liabilities | -284 | 41 | ' | ' |
Long-term debt | ' | 740 | ' | ' |
Deferred tax liabilities | 386 | 385 | ' | ' |
Other long-term liabilities | 234 | 285 | ' | ' |
Liabilities, Noncurrent, Total | 620 | 1,410 | ' | ' |
Total liabilities | 336 | 1,451 | ' | ' |
Redeemable and non-controlling interest | 13 | ' | ' | ' |
Other equity | -114 | -196 | ' | ' |
Equity (deficit) | -114 | -196 | ' | ' |
Total liabilities and stockholders' equity (deficit) | 235 | 1,255 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 70 | 116 | 66 | 20 |
Accounts receivable, net of allowance | 35 | 5 | ' | ' |
Intercompany receivable | 3,343 | 3,448 | ' | ' |
Inventories | 51 | 53 | ' | ' |
Prepaid expenses and other current | 15 | 12 | ' | ' |
Total current assets | 3,514 | 3,634 | ' | ' |
Net property, plant and equipment | 84 | 115 | ' | ' |
Intangible assets, net | 120 | 139 | ' | ' |
Investment in Subsidiaries | 1,237 | 905 | ' | ' |
Other assets | ' | 10 | ' | ' |
Total assets | 4,955 | 4,803 | ' | ' |
Accounts payable | 31 | 9 | ' | ' |
Accrued and other current liabilities | 127 | 119 | ' | ' |
Current portion of long-term debt | 54 | 69 | ' | ' |
Current liabilities | 212 | 197 | ' | ' |
Long-term debt | 3,858 | 3,855 | ' | ' |
Other long-term liabilities | 76 | 64 | ' | ' |
Liabilities, Noncurrent, Total | 3,934 | 3,919 | ' | ' |
Total liabilities | 4,146 | 4,116 | ' | ' |
Other equity | 809 | 687 | ' | ' |
Equity (deficit) | 809 | 687 | ' | ' |
Total liabilities and stockholders' equity (deficit) | 4,955 | 4,803 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 15 | ' | ' | 5 |
Accounts receivable, net of allowance | 377 | 371 | ' | ' |
Inventories | 496 | 482 | ' | ' |
Prepaid expenses and other current | 13 | 11 | ' | ' |
Total current assets | 901 | 864 | ' | ' |
Net property, plant and equipment | 1,162 | 1,079 | ' | ' |
Intangible assets, net | 2,226 | 2,275 | ' | ' |
Other assets | 1 | 2 | ' | ' |
Total assets | 4,290 | 4,220 | ' | ' |
Accounts payable | 303 | 262 | ' | ' |
Accrued and other current liabilities | 132 | 112 | ' | ' |
Intercompany payable | 3,749 | 3,837 | ' | ' |
Current liabilities | 4,184 | 4,211 | ' | ' |
Other long-term liabilities | 42 | 44 | ' | ' |
Liabilities, Noncurrent, Total | 42 | 44 | ' | ' |
Total liabilities | 4,226 | 4,255 | ' | ' |
Other equity | 64 | -35 | ' | ' |
Equity (deficit) | 64 | -35 | ' | ' |
Total liabilities and stockholders' equity (deficit) | 4,290 | 4,220 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 44 | 26 | 21 | 17 |
Accounts receivable, net of allowance | 79 | 73 | ' | ' |
Intercompany receivable | 87 | 40 | ' | ' |
Inventories | 57 | 40 | ' | ' |
Prepaid expenses and other current | 14 | 19 | ' | ' |
Total current assets | 281 | 198 | ' | ' |
Net property, plant and equipment | 118 | 72 | ' | ' |
Intangible assets, net | 125 | 106 | ' | ' |
Other assets | ' | 631 | ' | ' |
Total assets | 524 | 1,007 | ' | ' |
Accounts payable | 61 | 66 | ' | ' |
Accrued and other current liabilities | 20 | 15 | ' | ' |
Current portion of long-term debt | 4 | 2 | ' | ' |
Current liabilities | 85 | 83 | ' | ' |
Long-term debt | 2 | 2 | ' | ' |
Other long-term liabilities | 4 | 4 | ' | ' |
Liabilities, Noncurrent, Total | 6 | 6 | ' | ' |
Total liabilities | 91 | 89 | ' | ' |
Other equity | 433 | 918 | ' | ' |
Equity (deficit) | 433 | 918 | ' | ' |
Total liabilities and stockholders' equity (deficit) | 524 | 1,007 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Intercompany receivable | -3,430 | -3,836 | ' | ' |
Prepaid expenses and other current | ' | -10 | ' | ' |
Total current assets | -3,306 | -3,846 | ' | ' |
Intangible assets, net | ' | -8 | ' | ' |
Investment in Subsidiaries | -1,327 | -1,665 | ' | ' |
Other assets | ' | -631 | ' | ' |
Total assets | -4,736 | -6,150 | ' | ' |
Accrued and other current liabilities | ' | -11 | ' | ' |
Intercompany payable | -3,430 | -3,837 | ' | ' |
Current liabilities | -3,430 | -3,848 | ' | ' |
Long-term debt | ' | -722 | ' | ' |
Other long-term liabilities | ' | -10 | ' | ' |
Liabilities, Noncurrent, Total | ' | -732 | ' | ' |
Total liabilities | -3,430 | -4,580 | ' | ' |
Other equity | -1,306 | -1,570 | ' | ' |
Equity (deficit) | -1,306 | -1,570 | ' | ' |
Total liabilities and stockholders' equity (deficit) | -4,736 | -6,150 | ' | ' |
Redeemable Preferred Stock [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Equity (deficit) | ' | ($196) | ' | ' |
Guarantor_And_NonGuarantor_Fin5
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Cash Flow from Operating Activities | $530 | $464 | $479 | ' |
Purchase of property, plant and equipment | -215 | -239 | -230 | ' |
Proceeds from disposal of assets | 19 | 18 | 30 | ' |
Equity in net income of subsidiaries | 1 | ' | ' | ' |
Acquisition of business net of cash acquired | -226 | -24 | -55 | ' |
Net cash from investing activities | -422 | -245 | -255 | ' |
Proceeds from long-term debt | 1,627 | 1,391 | 2 | ' |
IPO proceeds | ' | 438 | ' | ' |
Payment of TRA | -32 | -5 | ' | ' |
Proceeds from issuance of common stock | 17 | 27 | ' | ' |
Repayment of notes receivable | ' | 2 | ' | ' |
Equity contributions (distributions), net | ' | ' | -6 | ' |
Repayments on long-term debt | -1,687 | -1,978 | -175 | ' |
Debt repurchase premium | -44 | -39 | ' | ' |
Net cash from financing activities | -119 | -164 | -179 | ' |
Net increase (decrease) in cash and cash equivalents | -13 | 55 | 45 | 45 |
Cash and cash equivalents at beginning of period | 142 | 87 | 42 | ' |
Cash and cash equivalents at end of period | 129 | 142 | 87 | 42 |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
(Contributions) distributions to/from subsidiaries | 723 | -462 | 16 | ' |
Net cash from investing activities | 723 | -462 | 16 | ' |
IPO proceeds | ' | 438 | ' | ' |
Payment of TRA | -32 | -5 | ' | ' |
Proceeds from issuance of common stock | 17 | 27 | ' | ' |
Repayment of notes receivable | ' | 2 | ' | ' |
Repayments on long-term debt | -740 | ' | -16 | ' |
Changes in intercompany balances | 32 | ' | ' | ' |
Net cash from financing activities | -723 | 462 | -16 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Cash Flow from Operating Activities | 473 | 417 | 504 | ' |
Purchase of property, plant and equipment | -200 | -218 | -209 | ' |
Proceeds from disposal of assets | 19 | 17 | 30 | ' |
Acquisition of business net of cash acquired | -136 | -24 | 7 | ' |
Net cash from investing activities | -317 | -225 | -172 | ' |
Changes in intercompany balances | -141 | -192 | -337 | ' |
Net cash from financing activities | -141 | -192 | -337 | ' |
Net increase (decrease) in cash and cash equivalents | 15 | ' | ' | -5 |
Cash and cash equivalents at beginning of period | ' | ' | 5 | ' |
Cash and cash equivalents at end of period | 15 | ' | ' | 5 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Cash Flow from Operating Activities | 30 | 36 | -3 | ' |
Purchase of property, plant and equipment | -9 | -14 | -12 | ' |
Equity in net income of subsidiaries | ' | -21 | ' | ' |
(Contributions) distributions to/from subsidiaries | 721 | ' | ' | ' |
Investment in parent | ' | ' | -4 | ' |
Acquisition of business net of cash acquired | -90 | ' | -62 | ' |
Net cash from investing activities | 622 | -35 | -78 | ' |
Proceeds from long-term debt | ' | ' | 2 | ' |
Repayments on long-term debt | ' | -2 | ' | ' |
Changes in intercompany balances | 89 | -15 | 79 | ' |
Contribution from Issuer | -721 | 21 | 4 | ' |
Net cash from financing activities | -632 | 4 | 85 | ' |
Net increase (decrease) in cash and cash equivalents | 18 | 5 | ' | 4 |
Cash and cash equivalents at beginning of period | 26 | 21 | 17 | ' |
Cash and cash equivalents at end of period | 44 | 26 | 21 | 17 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Equity in net income of subsidiaries | ' | 21 | ' | ' |
(Contributions) distributions to/from subsidiaries | -1,442 | 21 | 4 | ' |
Intercompany advances (repayments) | -20 | -210 | -258 | ' |
Investment in parent | ' | ' | 4 | ' |
Net cash from investing activities | -1,462 | -168 | -250 | ' |
Payment of TRA | ' | 5 | ' | ' |
Repayment of notes receivable | ' | -2 | ' | ' |
Repayments on long-term debt | 721 | -21 | -4 | ' |
Changes in intercompany balances | 20 | 207 | 258 | ' |
Contribution from Issuer | 721 | -21 | -4 | ' |
Net cash from financing activities | 1,462 | 168 | 250 | ' |
Issuer [Member] | ' | ' | ' | ' |
Condensed Consolidating Financial Information [Line Items] | ' | ' | ' | ' |
Cash Flow from Operating Activities | 27 | 11 | -22 | ' |
Purchase of property, plant and equipment | -6 | -7 | -9 | ' |
Proceeds from disposal of assets | ' | 1 | ' | ' |
(Contributions) distributions to/from subsidiaries | -2 | 441 | -20 | ' |
Intercompany advances (repayments) | 20 | 210 | 258 | ' |
Net cash from investing activities | 12 | 645 | 229 | ' |
Proceeds from long-term debt | 1,627 | 1,391 | ' | ' |
Payment of TRA | ' | -5 | ' | ' |
Repayment of notes receivable | ' | 2 | ' | ' |
Equity contributions (distributions), net | ' | ' | -6 | ' |
Repayments on long-term debt | -1,668 | -1,955 | -155 | ' |
Debt repurchase premium | -44 | -39 | ' | ' |
Net cash from financing activities | -85 | -606 | -161 | ' |
Net increase (decrease) in cash and cash equivalents | -46 | 50 | ' | 46 |
Cash and cash equivalents at beginning of period | 116 | 66 | 20 | ' |
Cash and cash equivalents at end of period | $70 | $116 | $66 | $20 |
Quarterly_Financial_Data_Narra
Quarterly Financial Data (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,310 | $1,298 | $1,210 | $1,140 | $1,204 | $1,221 | $1,150 | $1,072 | $4,958 | $4,647 | $4,766 |
Cost of sales | 1,114 | 1,089 | 1,023 | 964 | 1,006 | 998 | 936 | 895 | 4,190 | 3,835 | 3,984 |
Gross profit | 196 | 209 | 187 | 176 | 198 | 223 | 214 | 177 | ' | ' | ' |
Net income (loss) attributable to the Company | $29 | $15 | $12 | $6 | $26 | $40 | $1 | ($10) | $62 | $57 | $2 |
Earnings Per Share, Basic | $0.25 | $0.13 | $0.10 | $0.05 | $0.23 | $0.35 | $0.01 | ($0.09) | $0.53 | $0.50 | $0.02 |
Earnings Per Share, Diluted | $0.24 | $0.12 | $0.10 | $0.05 | $0.22 | $0.33 | $0.01 | ($0.09) | $0.51 | $0.48 | $0.02 |
Subsequent_Event_Narrative_Det
Subsequent Event - (Narrative) (Details) (Subsequent Event [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal payment of term loan | $100 |