Guarantor And Non-Guarantor Financial Information | 3 Months Ended |
Dec. 27, 2014 |
Guarantor and Non-Guarantor Financial Information [Abstract] | |
Guarantor And Non-Guarantor Financial Information | 13. Guarantor and Non-Guarantor Financial Information |
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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 |
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issuer and guarantor financial information includes all of our domestic operating subsidiaries, our non-guarantor subsidiaries include our foreign subsidiaries and BP Parallel, LLC. 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. |
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Condensed Supplemental Consolidated Balance Sheet |
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| 27-Dec-14 | | | |
| | | | | | | | Non | | | | | | | | | |
| | | | | | Guarantor | Guarantor | | | | | | | | | |
| Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | | | |
Current assets | | 250 | | | 99 | | 863 | | 190 | | | | | 1,402 | | | | |
Intercompany receivable | | | | | 3,321 | | | | 97 | | (3,418 | ) | | | | | | |
Property, plant, and equipment, net | | | | | 81 | | 1,139 | | 111 | | | | | 1,331 | | | | |
Other assets | | 76 | | | 1,370 | | 2,207 | | 118 | | (1,328 | ) | | 2,443 | | | | |
Total assets | $ | 326 | | $ | 4,871 | $ | 4,209 | $ | 516 | $ | (4,746 | ) | $ | 5,176 | | | | |
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Current liabilities | | 57 | | | 216 | | 393 | | 76 | | | | | 742 | | | | |
Intercompany payable | | (282 | ) | | | | 3,700 | | | | (3,418 | ) | | | | | | |
Other long-term liabilities | | 644 | | | 3,838 | | 38 | | 7 | | | | | 4,527 | | | | |
Non-controlling interest | | 13 | | | | | | | 13 | | (13 | ) | | 13 | | | | |
Stockholders equity (deficit) | | (106 | ) | | 817 | | 78 | | 420 | | (1,315 | ) | | (106 | ) | | | |
Total liabilities and stockholders equity | | | | | | | | | | | | | | | | | | |
(deficit) | $ | 326 | | $ | 4,871 | $ | 4,209 | $ | 516 | $ | (4,746 | ) | $ | 5,176 | | | | |
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| 27-Sep-14 | | | |
| | | | | | | | Non | | | | | | | | | |
| | | | | | Guarantor | Guarantor | | | | | | | | | |
| Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | | | |
Current assets | | 166 | | | 171 | | 901 | | 194 | | | | | 1,432 | | | | |
Intercompany receivable | | | | | 3,343 | | | | 87 | | (3,430 | ) | | | | | | |
Property, plant and equipment, net | | | | | 84 | | 1,162 | | 118 | | | | | 1,364 | | | | |
Other assets | | 69 | | | 1,357 | | 2,227 | | 125 | | (1,306 | ) | | 2,472 | | | | |
Total assets | $ | 235 | | $ | 4,955 | $ | 4,290 | $ | 524 | $ | (4,736 | ) | $ | 5,268 | | | | |
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Current liabilities | | 35 | | | 212 | | 435 | | 85 | | | | | 767 | | | | |
Intercompany payable | | (319 | ) | | | | 3,749 | | | | (3,430 | ) | | | | | | |
Other long-term liabilities | | 620 | | | 3,934 | | 42 | | 6 | | | | | 4,602 | | | | |
Non-controlling interest | | 13 | | | | | | | 13 | | (13 | ) | | 13 | | | | |
Stockholders equity (deficit) | | (114 | ) | | 809 | | 64 | | 420 | | (1,293 | ) | | (114 | ) | | | |
Total liabilities and stockholders equity | | | | | | | | | | | | | | | | | | |
(deficit) | $ | 235 | | $ | 4,955 | $ | 4,290 | $ | 524 | $ | (4,736 | ) | $ | 5,268 | | | | |
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Condensed Supplemental Consolidated Statements of Operations |
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| Quarterly Period Ended December 27, 2014 |
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| | | | | | | | | | Non- | | | | | | |
| | | | | | | Guarantor | Guarantor | | | | | | |
| Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total |
Net sales | $ | | | $ | 159 | | $ | 948 | | $ | 113 | | $ | | | $ | 1,220 | |
Cost of goods sold | | | | | 147 | | | 809 | | | 81 | | | | | | 1,037 | |
Selling, general and administrative | | | | | 16 | | | 60 | | | 10 | | | | | | 86 | |
Amortization of intangibles | | | | | 2 | | | 21 | | | 2 | | | | | | 25 | |
Restructuring and impairment charges | | | | | | | | 4 | | | | | | | | | 4 | |
Operating income (loss) | | | | | (6 | ) | | 54 | | | 20 | | | | | | 68 | |
Other income, net | | | | | (1 | ) | | | | | | | | | | | (1 | ) |
Interest expense, net | | | | | 7 | | | 41 | | | 5 | | | | | | 53 | |
Equity in net income of subsidiaries | | (16 | ) | | (28 | ) | | | | | | | | 44 | | | | |
Income (loss) before income taxes | | 16 | | | 16 | | | 13 | | | 15 | | | (44 | ) | | 16 | |
Income tax expense (benefit) | | 3 | | | 2 | | | | | | 1 | | | (3 | ) | | 3 | |
Net income (loss) | $ | 13 | | $ | 14 | | $ | 13 | | $ | 14 | | $ | (41 | ) | $ | 13 | |
Comprehensive income (loss) | $ | 13 | | $ | 13 | | $ | 9 | | $ | | | $ | (41 | ) | $ | (6 | ) |
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Consolidating Statement of Cash Flows | | | | | | | | | | | | | | | | | | |
Cash Flow from Operating Activities | $ | | | $ | (16 | ) | $ | 102 | | $ | 14 | | $ | | | $ | 100 | |
Cash Flow from Investing Activities | | | | | | | | | | | | | | | | | | |
Additions to property, plant, and equipment | | | | | (3 | ) | | (30 | ) | | (2 | ) | | | | | (35 | ) |
Proceeds from sale of assets | | | | | | | | 10 | | | | | | | | | 10 | |
(Contributions) distributions to/from | | | | | | | | | | | | | | | | | | |
subsidiaries | | (7 | ) | | 7 | | | | | | | | | | | | | |
Intercompany advances (repayments) | | | | | 55 | | | | | | | | | (55 | ) | | | |
Acquisition of business, net of cash acquired | | | | | | | | | | | | | | | | | | |
Net cash from investing activities | | (7 | ) | | 59 | | | (20 | ) | | (2 | ) | | (55 | ) | | (25 | ) |
Cash Flow from Financing Activities | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of common stock | | 7 | | | | | | | | | | | | | | | 7 | |
Payment of tax receivable agreement | | (39 | ) | | | | | | | | | | | | | | (39 | ) |
Repayments on long-term borrowings | | | | | (115 | ) | | | | | (1 | ) | | | | | (116 | ) |
Changes in intercompany balances | | 39 | | | | | | (91 | ) | | (3 | ) | | 55 | | | | |
Net cash provided from financing activities | | 7 | | | (115 | ) | | (91 | ) | | (4 | ) | | 55 | | | (148 | ) |
Effect of exchange rate on cash | | | | | | | | | | | (3 | ) | | | | | (3 | ) |
Net change in cash | | | | | (72 | ) | | (9 | ) | | 5 | | | | | | (76 | ) |
Cash and cash equivalents at beginning of | | | | | | | | | | | | | | | | | | |
period | | | | | 70 | | | 15 | | | 44 | | | | | | 129 | |
Cash and cash equivalents at end of period | $ | | | $ | (2 | ) | $ | 6 | | $ | 49 | | $ | | | $ | 53 | |
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| Quarterly Period Ended December 28, 2013 |
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| | | | | | | | | | Non- | | | | | | |
| | | | | | | Guarantor | Guarantor | | | | | | |
| Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total |
Net sales | $ | | | $ | 146 | | $ | 907 | | $ | 87 | | $ | | | $ | 1,140 | |
Cost of goods sold | | | | | 131 | | | 762 | | | 71 | | | | | | 964 | |
Selling, general and administrative | | | | | 19 | | | 51 | | | 7 | | | | | | 77 | |
Amortization of intangibles | | | | | 3 | | | 21 | | | 2 | | | | | | 26 | |
Restructuring and impairment charges | | | | | | | | 10 | | | | | | | | | 10 | |
Operating income (loss) | | | | | (7 | ) | | 63 | | | 7 | | | | | | 63 | |
Debt extinguishment | | | | | | | | | | | | | | | | | | |
Other income, net | | | | | (1 | ) | | | | | | | | | | | (1 | ) |
Interest expense, net | | 13 | | | 6 | | | 44 | | | (33 | ) | | 25 | | | 55 | |
Equity in net income of subsidiaries | | (22 | ) | | (58 | ) | | | | | | | | 80 | | | | |
Income (loss) before income taxes | | 9 | | | 46 | | | 19 | | | 40 | | | (105 | ) | | 9 | |
Income tax expense (benefit) | | 3 | | | 16 | | | | | | 1 | | | (17 | ) | | 3 | |
Net income (loss) | $ | 6 | | $ | 30 | | $ | 19 | | $ | 39 | | $ | (88 | ) | $ | 6 | |
Comprehensive income (loss) | $ | 6 | | $ | 30 | | $ | 19 | | $ | 38 | | $ | (88 | ) | $ | 5 | |
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Consolidating Statement of Cash Flows | | | | | | | | | | | | | | | | | | |
Cash Flow from Operating Activities | $ | | | $ | | | $ | 162 | | $ | 10 | | $ | | | $ | 172 | |
Cash Flow from Investing Activities | | | | | | | | | | | | | | | | | | |
Additions to property, plant, and equipment | | | | | (2 | ) | | (44 | ) | | (1 | ) | | | | | (47 | ) |
Proceeds from sale of assets | | | | | | | | 1 | | | | | | | | | 1 | |
(Contributions) distributions to/from | | | | | | | | | | | | | | | | | | |
subsidiaries | | (3 | ) | | 3 | | | | | | | | | | | | | |
Intercompany advances (repayments) | | | | | 30 | | | | | | | | | (30 | ) | | | |
Acquisition of business, net of cash acquired | | | | | | | | (62 | ) | | (5 | ) | | | | | (67 | ) |
Net cash from investing activities | | (3 | ) | | 31 | | | (105 | ) | | (6 | ) | | (30 | ) | | (113 | ) |
Cash Flow from Financing Activities | | | | | | | | | | | | | | | | | | |
Proceeds from long-term borrowings | | | | | | | | | | | 3 | | | | | | 3 | |
Proceeds from issuance of common stock | | 3 | | | | | | | | | | | | | | | 3 | |
Payment of tax receivable agreement | | (32 | ) | | | | | | | | | | | | | | (32 | ) |
Repayments on long-term borrowings | | | | | (13 | ) | | | | | | | | | | | (13 | ) |
Changes in intercompany balances | | 32 | | | | | | (57 | ) | | (5 | ) | | 30 | | | | |
Net cash provided from financing activities | | 3 | | | (13 | ) | | (57 | ) | | (2 | ) | | 30 | | | (39 | ) |
Effect of exchange rate on cash | | | | | | | | | | | | | | | | | | |
Net change in cash | | | | | 18 | | | | | | 2 | | | | | | 20 | |
Cash and cash equivalents at beginning of | | | | | | | | | | | | | | | | | | |
period | | | | | 116 | | | | | | 26 | | | | | | 142 | |
Cash and cash equivalents at end of period | $ | | | $ | 134 | | $ | | | $ | 28 | | $ | | | $ | 162 | |