Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Mar. 28, 2015 | 5-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2015 | |
Entity Registrant Name | BERRY PLASTICS GROUP INC | |
Entity Central Index Key | 1378992 | |
Trading Symbol | bery | |
Current Fiscal Year End Date | -17 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 119,400,000 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net sales | $1,224 | $1,210 | $2,444 | $2,350 |
Costs and expenses: | ||||
Cost of goods sold | 1,000 | 1,023 | 2,037 | 1,987 |
Selling, general and administrative | 86 | 82 | 171 | 159 |
Amortization of intangibles | 23 | 25 | 48 | 51 |
Restructuring and impairment charges | 3 | 3 | 8 | 13 |
Operating income | 112 | 77 | 180 | 140 |
Debt extinguishment | 2 | 2 | ||
Other expense (income), net | 1 | -1 | ||
Interest expense, net | 52 | 57 | 105 | 112 |
Income before income taxes | 59 | 18 | 75 | 27 |
Income tax expense | 21 | 6 | 24 | 9 |
Consolidated net income | $38 | $12 | $51 | $18 |
Net income per share: | ||||
Basic | $0.32 | $0.10 | $0.43 | $0.15 |
Diluted | $0.31 | $0.10 | $0.41 | $0.15 |
Outstanding weighted-average shares: | ||||
Basic | 119 | 116.6 | 118.7 | 116.3 |
Diluted | 124.1 | 121.7 | 123.4 | 120.5 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Consolidated net income | $38 | $12 | $51 | $18 |
Currency translation | -20 | -3 | -34 | -4 |
Interest rate hedge | -13 | 3 | -20 | 3 |
Provision for income taxes related to other comprehensive income items | 4 | -1 | 6 | -1 |
Comprehensive income | $9 | $11 | $3 | $16 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $119 | $129 |
Accounts receivable (less allowance of $3 at March 28, 2015 and $3 at September 27, 2014) | 481 | 491 |
Inventory, Finished Goods | 348 | 353 |
Inventory, Raw Materials and Supplies | 261 | 251 |
Inventory, total | 609 | 604 |
Deferred income taxes | 246 | 166 |
Prepaid expenses and other current assets | 33 | 42 |
Total current assets | 1,488 | 1,432 |
Property, plant, and equipment, net | 1,315 | 1,364 |
Goodwill, intangible assets and deferred costs, net | 2,410 | 2,471 |
Other assets | 1 | 1 |
Total assets | 5,214 | 5,268 |
Current liabilities: | ||
Accounts payable | 365 | 395 |
Accrued expenses and other current liabilities | 322 | 314 |
Current portion of long-term debt | 43 | 58 |
Total current liabilities | 730 | 767 |
Long-term debt, less current portion | 3,767 | 3,860 |
Deferred income taxes | 480 | 386 |
Other long-term liabilities | 310 | 356 |
Total liabilities | 5,287 | 5,369 |
Redeemable non-controlling interest | 13 | 13 |
Stockholders' equity (deficit): | ||
Common stock (119.4 and 118.0 shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 392 | 367 |
Non-controlling interest | 3 | 3 |
Accumulated deficit | -391 | -442 |
Accumulated other comprehensive loss | -91 | -43 |
Total stockholders' equity (deficit) | -86 | -114 |
Total liabilities and stockholders' equity (deficit) | $5,214 | $5,268 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Common stock, shares issued | 119,400,000 | 118,000,000 |
Allowance for Doubtful Accounts Receivable, Current | $3 | $3 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Stockholders' Equity (Deficit) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Non-Controlling Interest [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
In Millions | ||||||
Balance at Sep. 28, 2013 | $1 | $322 | $3 | ($18) | ($504) | ($196) |
Proceeds from issuance of common stock | 10 | 10 | ||||
Obligation under tax receivable agreement | 13 | 13 | ||||
Stock compensation expense | 10 | 10 | ||||
Consolidated net income | 18 | 18 | ||||
Interest rate hedge, net of tax | 2 | 2 | ||||
Currency translation | -4 | -4 | ||||
Balance at Mar. 29, 2014 | 1 | 355 | 3 | -20 | -486 | -147 |
Balance at Sep. 27, 2014 | 1 | 367 | 3 | -43 | -442 | -114 |
Proceeds from issuance of common stock | 13 | 13 | ||||
Stock compensation expense | 12 | 12 | ||||
Consolidated net income | 51 | 51 | ||||
Interest rate hedge, net of tax | -14 | -14 | ||||
Currency translation | -34 | -34 | ||||
Balance at Mar. 28, 2015 | $1 | $392 | $3 | ($91) | ($391) | ($86) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash Flows from Operating Activities: | ||
Consolidated net income | $51 | $18 |
Adjustments to reconcile net cash provided by operating activities: | ||
Depreciation | 128 | 119 |
Amortization of intangibles | 48 | 51 |
Non-cash interest expense | 3 | 4 |
Deferred income tax | 22 | 10 |
Debt extinguishment | 2 | |
Stock compensation expense | 12 | 10 |
Impairment of long-lived assets | 2 | 2 |
Other non-cash items | -1 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | -1 | -8 |
Inventories | -10 | -35 |
Prepaid expenses and other assets | -2 | 1 |
Accounts payable and other liabilities | -40 | 76 |
Net cash from operating activities | 212 | 250 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | -79 | -114 |
Proceeds from sale of assets | 13 | 1 |
Acquisitions of business, net of cash acquired | -96 | |
Net cash from investing activities | -66 | -209 |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 1,126 | |
Repayments on long-term borrowings | -125 | -1,150 |
Proceeds from issuance of common stock | 13 | 10 |
Payment of TRA | -39 | -32 |
Debt financing costs | -11 | |
Net cash from financing activities | -151 | -57 |
Effect of exchange rate changes on cash | -5 | |
Net change in cash | -10 | -16 |
Cash and cash equivalents at beginning of period | 129 | 142 |
Cash and cash equivalents at end of period | $119 | $126 |
Basis_Of_Presentation
Basis Of Presentation | 6 Months Ended |
Mar. 28, 2015 | |
Basis of Presentation | |
Basis of Presentation | 1. Basis of Presentation |
The accompanying unaudited Consolidated Financial Statements of Berry Plastics Group, Inc. ("the Company") have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included, and all subsequent events up to the time of the filing have been evaluated. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's most recent Form 10-K filed with the Securities and Exchange Commission. | |
Recently_Issued
Recently Issued | 6 Months Ended |
Mar. 28, 2015 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements |
Revenue Recognition | |
In May 2014, the Financial Accounting Standards Board (FASB) 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. In April 2015, the FASB proposed to defer the effective date of the new revenue recognition standard by one year, but to permit entities to adopt one year earlier if they choose. 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. There are areas within the standard that are currently under review and reconsideration by the FASB, which could lead to future updates to the standard. As the outcomes of this process could lead to changes to the standard, we are still in the process of determining our approach to the adoption of this new standard, and the anticipated impact to the consolidated financial statements. | |
Classification of Debt Issuance Costs | |
In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is evaluating the impact the adoption of this standard will have on its financial statements. | |
Acquisitions
Acquisitions | 6 Months Ended |
Mar. 28, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 3. Acquisitions |
Rexam Healthcare Containers and Closures | |
In June 2014, the Company acquired Rexam's 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 healthcare applications. 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 $29 million, property and equipment of $85 million, non-current deferred tax benefit of $4 million, intangible assets of $9 million, goodwill of $6 million, and other long-term liabilities of $3 million. The Company has not finalized the purchase price allocation to deferred income taxes, other long-term liabilities, and is reviewing the working capital acquired. | |
Restructuring_And_Impairment_C
Restructuring And Impairment Charges | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Restructuring And Impairment Charges [Abstract] | |||||||||||||
Restructuring And Impairment Charges | 4. Restructuring and Impairment Charges | ||||||||||||
The Company incurred restructuring costs related to severance, asset impairment, and facility exit costs of of $3 million and $3 million for the quarterly period ended and $8 million and $13 million for the two quarterly periods ended March 28, 2015 and March 29, 2014, respectively. The tables below set forth the significant components of the restructuring charges recognized, by segment: | |||||||||||||
Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||||||
March 28, | March 29, | March 28, | March 29, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Rigid Open Top | $ | 1 | $ | 1 | $ | 2 | $ | 2 | |||||
Rigid Closed Top | 2 | 1 | 3 | 1 | |||||||||
Engineered Materials | — | 1 | — | 4 | |||||||||
Flexible Packaging | — | — | 3 | 6 | |||||||||
Consolidated | $ | 3 | $ | 3 | $ | 8 | $ | 13 | |||||
The table below sets forth the activity with respect to the restructuring accrual at March 28, 2015: | |||||||||||||
Severance and | Facilities | ||||||||||||
termination | exit costs | ||||||||||||
benefits | and other | Non-cash | Total | ||||||||||
Balance at September 27, 2014 | $ | 5 | $ | 8 | $ | — | $ | 13 | |||||
Charges | 1 | 5 | 2 | 8 | |||||||||
Non-cash asset impairment | — | — | (2 | ) | (2 | ) | |||||||
Cash payments | (4 | ) | (4 | ) | — | (8 | ) | ||||||
Balance at March 28, 2015 | $ | 2 | $ | 9 | $ | — | $ | 11 | |||||
Accrued_Expenses_Other_Current
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 6 Months Ended | ||||
Mar. 28, 2015 | |||||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |||||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 5. Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities | ||||
The following table sets forth the totals included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets: | |||||
March 28, | September 27, | ||||
2015 | 2014 | ||||
Employee compensation, payroll and other taxes | $ | 87 | $ | 99 | |
Interest | 42 | 44 | |||
Rebates | 48 | 50 | |||
Restructuring | 11 | 13 | |||
Tax receivable agreement obligation | 63 | 39 | |||
Other | 71 | 69 | |||
$ | 322 | $ | 314 | ||
The following table sets forth the totals included in Other long-term liabilities on the Consolidated Balance Sheets: | |||||
March 28, | September 27, | ||||
2015 | 2014 | ||||
Lease retirement obligation | $ | 31 | $ | 31 | |
Sale-lease back deferred gain | 29 | 30 | |||
Pension liability | 43 | 45 | |||
Tax receivable agreement obligation | 171 | 234 | |||
Other | 36 | 16 | |||
$ | 310 | $ | 356 | ||
The Company made $39 million of payments related to the income tax receivable agreement ("TRA") in the first fiscal quarter of 2015, of which Apollo Global Management, LLC received $33 million. The TRA provides for the payment to TRA holders 85% of the amount of cash savings, if any, in U.S. federal, foreign, state and local income tax that are actually realized as a result of the utilization of our net operating losses attributable to periods prior to the initial public offering. | |||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Long-Term Debt [Abstract] | ||||||||
Long-Term Debt | 6. Long-Term Debt | |||||||
Long-term debt consists of the following: | ||||||||
March 28, | September 27, | |||||||
Maturity Date | 2015 | 2014 | ||||||
Term loan | Feb-20 | $ | 1,376 | $ | 1,383 | |||
Term loan | Jan-21 | 1,019 | 1,122 | |||||
Revolving line of credit | Jun-16 | — | — | |||||
9¾% Second Priority Senior Secured Notes | Jan-21 | 800 | 800 | |||||
51/2% Second Priority Senior Secured Notes | May-22 | 500 | 500 | |||||
Capital leases and other | Various | 115 | 113 | |||||
Total long-term debt | 3,810 | 3,918 | ||||||
Current portion of long-term debt | (43 | ) | (58 | ) | ||||
Long-term debt, less current portion | $ | 3,767 | $ | 3,860 | ||||
The Company's senior secured credit facilities consist of $2.4 billion of term loans and a $650 million asset based revolving line of credit. The Company was in compliance with all covenants as of March 28, 2015. | ||||||||
In October 2014, the Company elected to make a voluntary one-time $100 million principal payment on the outstanding term loan using existing liquidity. | ||||||||
Financial_Instruments_And_Fair
Financial Instruments And Fair Value Measurements | 6 Months Ended | ||||||||||
Mar. 28, 2015 | |||||||||||
Financial Instruments And Fair Value Measurements [Abstract] | |||||||||||
Financial Instruments And Fair Value Measurements | 7. Financial Instruments and Fair Value Measurements | ||||||||||
As part of the overall risk management, the Company uses derivative instruments to reduce exposure to changes in interest rates attributed to the Company's floating-rate borrowings. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. To the extent hedging relationships are found to be effective, as determined by FASB guidance, changes in the fair value of the derivatives are offset by changes in the fair value of the related hedged item and 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. The categorization of the framework used to price these derivative instruments is considered a Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. | |||||||||||
In February 2013, the Company entered into an interest rate swap transaction to manage cash flow variability associated with $1 billion of outstanding variable rate term loan debt. The 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 income 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 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 and Deferred income taxes. | |||||||||||
March 28, | September 27, | ||||||||||
Derivatives instruments | Balance Sheet Location | 2015 | 2014 | ||||||||
Interest rate swap | Other long-term liabilities | $ | 23 | $ | 3 | ||||||
Non-recurring Fair Value Measurements | |||||||||||
The Company has certain assets that are measured at fair value on a non-recurring basis when impairment indicators are present. The assets are adjusted to fair value only when the carrying values exceed the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. These assets include primarily our definite lived and indefinite lived intangible assets, including Goodwill and our property plant and equipment. The Company reviews Goodwill and other indefinite lived assets for impairment as of the first day of the fourth fiscal quarter each year, and more frequently if impairment indicators exist. The Company determined Goodwill and other indefinite lived assets were not impaired in our annual fiscal 2014 assessment and no impairment indicators existed in the current quarter. | |||||||||||
Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of March 28, 2015 and September 27, 2014, along with the impairment loss recognized on the fair value measurement during the period: | |||||||||||
As of March 28, 2015 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Impairment | |||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 207 | $ | 207 | $ | — | |
Goodwill | — | — | 1,652 | 1,652 | — | ||||||
Definite lived intangible assets | — | — | 533 | 533 | — | ||||||
Property, plant, and equipment | — | — | 1,315 | 1,315 | 2 | ||||||
Total | $ | — | $ | — | $ | 3,707 | $ | 3,707 | $ | 2 | |
As of September 27, 2014 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Impairment | |||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 207 | $ | 207 | $ | — | |
Goodwill | — | — | 1,659 | 1,659 | — | ||||||
Definite lived intangible assets | — | — | 585 | 585 | — | ||||||
Property, plant, and equipment | — | — | 1,364 | 1,364 | 7 | ||||||
Total | $ | — | $ | — | $ | 3,815 | $ | 3,815 | $ | 7 | |
The Company's financial instruments consist primarily of cash and cash equivalents, long-term debt, and capital lease obligations. The fair value of our long-term indebtedness exceeded book value by $86 million as of March 28, 2015. The Company's long-term debt fair values were determined using Level 2 inputs as other significant observable inputs were not available. | |||||||||||
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes | 8. Income Taxes | ||||||||||||
A reconciliation of Income tax expense, computed at the federal statutory rate, to Income tax expense, as provided for in the financial statements, is as follows: | |||||||||||||
Quarterly Period Ended | Two Quarterly Periods | ||||||||||||
Ended | |||||||||||||
March 28, | March 29, | March 28, | March 29, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Income tax expense computed at statutory rate | $ | 22 | $ | 7 | $ | 28 | $ | 10 | |||||
Research and development credits | — | — | (3 | ) | — | ||||||||
Uncertain tax positions | — | — | — | (1 | ) | ||||||||
Other | (1 | ) | (1 | ) | (1 | ) | — | ||||||
Income tax expense | $ | 21 | $ | 6 | $ | 24 | $ | 9 | |||||
Segment_And_Geographic_Data
Segment And Geographic Data | 6 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment And Geographic Data [Abstract] | |||||||||
Segment And Geographic Data | 9. Operating Segments | ||||||||
The Company's operations are organized into four reportable segments: Rigid Open Top, Rigid Closed Top, Engineered Materials, and Flexible Packaging. We have 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 95% of net sales, 96% of total long-lived assets, and 95% of the total assets. Selected information by reportable segment is presented in the following table: | |||||||||
Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||
March 28, | March 29, | March 28, | March 29, | ||||||
2015 | 2014 | 2015 | 2014 | ||||||
Net sales: | |||||||||
Rigid Open Top | $ | 251 | $ | 256 | $ | 508 | $ | 517 | |
Rigid Closed Top | 380 | 360 | 753 | 692 | |||||
Engineered Materials | 344 | 368 | 693 | 710 | |||||
Flexible Packaging | 249 | 226 | 490 | 431 | |||||
Total net sales | $ | 1,224 | $ | 1,210 | $ | 2,444 | $ | 2,350 | |
Operating income: | |||||||||
Rigid Open Top | $ | 18 | $ | 6 | $ | 25 | $ | 19 | |
Rigid Closed Top | 41 | 33 | 62 | 63 | |||||
Engineered Materials | 35 | 32 | 67 | 57 | |||||
Flexible Packaging | 18 | 6 | 26 | 1 | |||||
Total operating income | $ | 112 | $ | 77 | $ | 180 | $ | 140 | |
Depreciation and amortization: | |||||||||
Rigid Open Top | $ | 22 | $ | 23 | $ | 45 | $ | 46 | |
Rigid Closed Top | 31 | 31 | 67 | 61 | |||||
Engineered Materials | 18 | 18 | 35 | 37 | |||||
Flexible Packaging | 14 | 13 | 29 | 26 | |||||
Total depreciation and amortization | $ | 85 | $ | 85 | $ | 176 | $ | 170 | |
March 28, | September 27, | ||||||||
2015 | 2014 | ||||||||
Total assets: | |||||||||
Rigid Open Top | $ | 1,811 | $ | 1,808 | |||||
Rigid Closed Top | 1,912 | 1,966 | |||||||
Engineered Materials | 724 | 722 | |||||||
Flexible Packaging | 767 | 772 | |||||||
Total assets | $ | 5,214 | $ | 5,268 | |||||
Goodwill: | |||||||||
Rigid Open Top | $ | 681 | $ | 681 | |||||
Rigid Closed Top | 825 | 827 | |||||||
Engineered Materials | 68 | 71 | |||||||
Flexible Packaging | 78 | 80 | |||||||
Total goodwill | $ | 1,652 | $ | 1,659 | |||||
Contingencies_And_Commitments
Contingencies And Commitments | 6 Months Ended |
Mar. 28, 2015 | |
Contingencies And Commitments | |
Contingencies And Commitments | 10. Contingencies and Commitments |
The Company is party to various legal proceedings involving routine claims which are incidental to the business. Although the legal and financial liability with respect to such proceedings cannot be estimated with certainty, the Company believes that any ultimate liability would not be material to the business, financial condition, results of operations, or cash flows of the Company. | |
Basic_and_Diluted_Net_Income_p
Basic and Diluted Net Income per share | 6 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Basic and Diluted Net Income per share [Abstract] | |||||||||
Disclosure - Basic and Diluted Net Income per share | 11. Basic and Diluted Net Income per Share | ||||||||
Basic net income per share is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, stock options are considered to be common stock equivalents and are only included in the calculation of diluted net income per share when their effect is dilutive. The Company's redeemable common stock is included in the weighted-average number of common shares outstanding for calculating basic and diluted net income per share. | |||||||||
The following tables and discussion provide a reconciliation of the numerator and denominator of the basic and diluted net income per share computations. The calculation below provides net income on both basic and diluted basis for the quarterly period ended March 28, 2015 and March 29, 2014: | |||||||||
Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||
March 28, | March 29, | March 28, | March 29, | ||||||
(in millions, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||
Numerator | |||||||||
Consolidated net income | $ | 38 | $ | 12 | $ | 51 | $ | 18 | |
Denominator | |||||||||
Weighted average common shares | |||||||||
outstanding - basic | 119 | 116.6 | 118.7 | 116.3 | |||||
Dilutive shares | 5.1 | 5.1 | 4.7 | 4.2 | |||||
Weighted average common and common | 124.1 | 121.7 | 123.4 | 120.5 | |||||
equivalent shares outstanding - diluted | |||||||||
Per common share income | |||||||||
Basic | $ | 0.32 | $ | 0.1 | $ | 0.43 | $ | 0.15 | |
Diluted | $ | 0.31 | $ | 0.1 | $ | 0.41 | $ | 0.15 | |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Comprehensive Income Abstract | |||||||||||||
Comprehensive Income | 12. Comprehensive Income | ||||||||||||
Comprehensive income is comprised of Consolidated net income 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 balances related to each component of Other comprehensive income (loss) during the six months ended March 28, 2015 were as follows: | |||||||||||||
Defined Benefit | Accumulated | ||||||||||||
Pension and | Other | ||||||||||||
Currency | Retiree Health | Derivative | Comprehensive | ||||||||||
Translation | Benefit Plans | Instruments | Loss | ||||||||||
Balance at September 27, 2014 | $ | (36 | ) | $ | (15 | ) | $ | 8 | $ | (43 | ) | ||
Other comprehensive loss | (34 | ) | — | (20 | ) | (54 | ) | ||||||
Tax expense | — | — | 6 | 6 | |||||||||
Balance at March 28, 2015 | $ | (70 | ) | $ | (15 | ) | $ | (6 | ) | $ | (91 | ) | |
Guarantor_And_NonGuarantor_Fin
Guarantor And Non-Guarantor Financial Information | 6 Months Ended | ||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||
Basis of Presentation | |||||||||||||||||||
Guarantor And Non-Guarantor Financial Information | 13. Guarantor and Non-Guarantor Financial Information | ||||||||||||||||||
Berry Plastics Corporation ("Issuer") has notes outstanding which are fully, jointly, severally, and unconditionally guaranteed by substantially all of Berry's domestic subsidiaries. Separate narrative information or financial statements of the guarantor subsidiaries have not been included because they are 100% owned by the parent company and the guarantor subsidiaries unconditionally guarantee such debt on a joint and several basis. A guarantee of a guarantor of the securities will terminate upon the following customary circumstances: the sale of the capital stock of such guarantor if such sale complies with the indenture, the designation of such guarantor as an unrestricted subsidiary, the defeasance or discharge of | |||||||||||||||||||
the indenture, as a result of the holders of certain other indebtedness foreclosing on a pledge of the shares of a guarantor subsidiary or if such guarantor no longer guarantees certain other indebtedness of the issuer. The guarantees are also limited as necessary to prevent them from constituting a fraudulent conveyance under applicable law and guarantees guaranteeing subordinated debt are subordinated to certain other of the Company's debts. Presented below is condensed consolidating financial information for the parent, issuer, guarantor subsidiaries and non-guarantor subsidiaries. Our issuer and guarantor financial information includes all of our domestic operating subsidiaries, our non-guarantor subsidiaries include our foreign subsidiaries and BP Parallel, LLC. Berry Plastics Group, Inc. uses the equity method to account for its ownership in Berry Plastics Corporation in the Condensed Consolidating Supplemental Financial Statements. Berry Plastics Corporation uses the equity method to account for its ownership in the guarantor and non-guarantor subsidiaries. All consolidating entries are included in the eliminations column along with the elimination of intercompany balances. | |||||||||||||||||||
Condensed Supplemental Consolidated Balance Sheet | |||||||||||||||||||
28-Mar-15 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Current assets | 246 | 140 | 894 | 208 | — | 1,488 | |||||||||||||
Intercompany receivable | — | 3,258 | — | 92 | (3,350 | ) | — | ||||||||||||
Property, plant, and equipment, net | — | 81 | 1,126 | 108 | — | 1,315 | |||||||||||||
Other assets | 104 | 1,407 | 2,190 | 107 | (1,397 | ) | 2,411 | ||||||||||||
Total assets | $ | 350 | $ | 4,886 | $ | 4,210 | $ | 515 | $ | (4,747 | ) | $ | 5,214 | ||||||
Current liabilities | 59 | 179 | 402 | 90 | — | 730 | |||||||||||||
Intercompany payable | (287 | ) | — | 3,637 | — | (3350 | ) | — | |||||||||||
Other long-term liabilities | 651 | 3,861 | 38 | 7 | — | 4,557 | |||||||||||||
Redeemable non-controlling interest | 13 | — | — | 13 | (13 | ) | 13 | ||||||||||||
Stockholders' equity (deficit) | (86 | ) | 846 | 133 | 405 | (1,384 | ) | (86 | ) | ||||||||||
Total liabilities and stockholders' equity | |||||||||||||||||||
(deficit) | $ | 350 | $ | 4,886 | $ | 4,210 | $ | 515 | $ | (4,747 | ) | $ | 5,214 | ||||||
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 | ||||||
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 | |||||||||||||
Redeemable 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 | ||||||
Condensed Supplemental Consolidated Statements of Operations | |||||||||||||||||||
Quarterly Period Ended March 28, 2015 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 150 | $ | 962 | $ | 112 | $ | — | $ | 1,224 | |||||||
Cost of goods sold | — | 126 | 787 | 87 | — | 1,000 | |||||||||||||
Selling, general and administrative | — | 17 | 58 | 11 | — | 86 | |||||||||||||
Amortization of intangibles | — | 2 | 19 | 2 | — | 23 | |||||||||||||
Restructuring and impairment charges | — | — | 3 | — | — | 3 | |||||||||||||
Operating income | — | 5 | 95 | 12 | — | 112 | |||||||||||||
Other expense (income), net | — | 2 | (1 | ) | — | — | 1 | ||||||||||||
Interest expense, net | — | 6 | 41 | 5 | — | 52 | |||||||||||||
Equity in net income of subsidiaries | (59 | ) | (60 | ) | — | — | 119 | — | |||||||||||
Income (loss) before income taxes | 59 | 57 | 55 | 7 | (119 | ) | 59 | ||||||||||||
Income tax expense (benefit) | 21 | 20 | — | 1 | (21 | ) | 21 | ||||||||||||
Consolidated net income (loss) | $ | 38 | $ | 37 | $ | 55 | $ | 6 | $ | (98 | ) | $ | 38 | ||||||
Comprehensive net income (loss) | $ | 38 | $ | 24 | $ | 59 | $ | (14 | ) | $ | (98 | ) | $ | 9 | |||||
Quarterly Period Ended March 29, 2014 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 155 | $ | 958 | $ | 97 | $ | — | $ | 1,210 | |||||||
Cost of goods sold | — | 141 | 808 | 74 | — | 1,023 | |||||||||||||
Selling, general and administrative | — | 15 | 59 | 8 | — | 82 | |||||||||||||
Amortization of intangibles | — | 1 | 22 | 2 | — | 25 | |||||||||||||
Restructuring and impairment charges | — | — | 3 | — | — | 3 | |||||||||||||
Operating income (loss) | — | (2 | ) | 66 | 13 | — | 77 | ||||||||||||
Debt extinguishment | — | 2 | — | — | — | 2 | |||||||||||||
Other income, net | — | — | — | — | — | — | |||||||||||||
Interest expense, net | 11 | 7 | 46 | (34 | ) | 27 | 57 | ||||||||||||
Equity in net income of subsidiaries | (29 | ) | (65 | ) | — | — | 94 | — | |||||||||||
Income (loss) before income taxes | 18 | 54 | 20 | 47 | (121 | ) | 18 | ||||||||||||
Income tax expense (benefit) | 6 | 20 | — | 1 | (21 | ) | 6 | ||||||||||||
Consolidated net income (loss) | $ | 12 | $ | 34 | $ | 20 | $ | 46 | $ | (100 | ) | $ | 12 | ||||||
Comprehensive net income (loss) | $ | 12 | $ | 36 | $ | 20 | $ | 43 | $ | (100 | ) | $ | 11 | ||||||
Two Quarterly Periods Ended March 28, 2015 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 309 | $ | 1910 | $ | 225 | $ | — | $ | 2,444 | |||||||
Cost of goods sold | — | 273 | 1,596 | 168 | — | 2,037 | |||||||||||||
Selling, general and administrative | — | 33 | 117 | 21 | — | 171 | |||||||||||||
Amortization of intangibles | — | 4 | 40 | 4 | — | 48 | |||||||||||||
Restructuring and impairment charges | — | — | 8 | — | — | 8 | |||||||||||||
Operating income (loss) | — | (1 | ) | 149 | 32 | — | 180 | ||||||||||||
Other expense (income), net | — | 1 | (1 | ) | — | — | — | ||||||||||||
Interest expense, net | — | 13 | 82 | 10 | — | 105 | |||||||||||||
Equity in net income of subsidiaries | (75 | ) | (88 | ) | — | — | 163 | — | |||||||||||
Income (loss) before income taxes | 75 | 73 | 68 | 22 | (163 | ) | 75 | ||||||||||||
Income tax expense (benefit) | 24 | 22 | — | 2 | (24 | ) | 24 | ||||||||||||
Consolidated net income (loss) | $ | 51 | $ | 51 | $ | 68 | $ | 20 | $ | (139 | ) | $ | 51 | ||||||
Comprehensive net income (loss) | $ | 51 | $ | 37 | $ | 68 | $ | (14 | ) | $ | (139 | ) | $ | 3 | |||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Cash Flow from Operating Activities | $ | — | $ | (35 | ) | $ | 230 | $ | 18 | $ | -1 | $ | 212 | ||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | — | (10 | ) | (66 | ) | (3 | ) | — | (79 | ) | |||||||||
Proceeds from sale of assets | — | — | 13 | — | — | 13 | |||||||||||||
(Contributions) distributions to/from | |||||||||||||||||||
subsidiaries | (13 | ) | 13 | — | — | — | — | ||||||||||||
Intercompany advances (repayments) | — | 136 | — | — | (136 | ) | — | ||||||||||||
Acquisition of business, net of cash acquired | — | — | — | — | — | — | |||||||||||||
Net cash from investing activities | (13 | ) | 139 | (54 | ) | (3 | ) | (136 | ) | (66 | ) | ||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from issuance of common stock | 13 | — | — | — | — | 13 | |||||||||||||
Payment of tax receivable agreement | (39 | ) | — | — | — | — | (39 | ) | |||||||||||
Repayments on long-term borrowings | — | (124 | ) | — | (1 | ) | — | (125 | ) | ||||||||||
Changes in intercompany balances | 39 | — | (179 | ) | 3 | 137 | — | ||||||||||||
Net cash from financing activities | 13 | (124 | ) | (179 | ) | 2 | 137 | (151 | ) | ||||||||||
Effect of exchange rate changes on cash | — | — | — | (5 | ) | — | (5 | ) | |||||||||||
Net change in cash | — | (20 | ) | (2 | ) | 12 | — | (10 | ) | ||||||||||
Cash and cash equivalents at beginning of | |||||||||||||||||||
period | — | 70 | 15 | 44 | — | 129 | |||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 50 | $ | 13 | $ | 56 | $ | — | $ | 119 | |||||||
Two Quarterly Periods Ended March 29, 2014 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 301 | $ | 1,865 | $ | 184 | $ | — | $ | 2,350 | |||||||
Cost of goods sold | — | 272 | 1,570 | 145 | — | 1,987 | |||||||||||||
Selling, general and administrative | — | 34 | 110 | 15 | — | 159 | |||||||||||||
Amortization of intangibles | — | 4 | 43 | 4 | — | 51 | |||||||||||||
Restructuring and impairment charges | — | — | 13 | — | — | 13 | |||||||||||||
Operating income (loss) | — | (9 | ) | 129 | 20 | — | 140 | ||||||||||||
Debt extinguishment | — | 2 | — | — | — | 2 | |||||||||||||
Other income, net | — | (1 | ) | — | — | — | (1 | ) | |||||||||||
Interest expense, net | 24 | 13 | 90 | (67 | ) | 52 | 112 | ||||||||||||
Equity in net income of subsidiaries | (51 | ) | (123 | ) | — | — | 174 | — | |||||||||||
Income (loss) before income taxes | 27 | 100 | 39 | 87 | (226 | ) | 27 | ||||||||||||
Income tax expense (benefit) | 9 | 36 | — | 2 | (38 | ) | 9 | ||||||||||||
Consolidated net income (loss) | $ | 18 | $ | 64 | $ | 39 | $ | 85 | $ | (188 | ) | $ | 18 | ||||||
Comprehensive net income (loss) | $ | 18 | $ | 66 | $ | 39 | $ | 81 | $ | (188 | ) | $ | 16 | ||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Cash Flows from Operating Activities | $ | — | $ | (7 | ) | $ | 239 | $ | 18 | $ | — | $ | 250 | ||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | — | (7 | ) | (102 | ) | (5 | ) | — | (114 | ) | |||||||||
Proceeds from sale of assets | — | — | 1 | — | — | 1 | |||||||||||||
(Contributions) distributions to/from subsidiaries | (10 | ) | 10 | — | — | — | — | ||||||||||||
Intercompany advances (repayments) | — | 13 | — | — | (13 | ) | — | ||||||||||||
Acquisition of businesses, net of cash acquired | — | — | (61 | ) | (35 | ) | — | (96 | ) | ||||||||||
Net cash from investing activities | (10 | ) | 16 | (162 | ) | (40 | ) | (13 | ) | (209 | ) | ||||||||
Cash Flows from Financing Activities | |||||||||||||||||||
Proceeds from long-term borrowings | — | 1,123 | — | 3 | — | 1,126 | |||||||||||||
Proceeds from issuance of common stock | 10 | — | — | — | — | 10 | |||||||||||||
Payment of tax receivable agreement | (32 | ) | — | — | — | — | (32 | ) | |||||||||||
Debt financing costs | — | (11 | ) | — | — | — | (11 | ) | |||||||||||
Repayments on long-term borrowings | — | (1,150 | ) | — | — | — | (1,150 | ) | |||||||||||
Changes in intercompany balances | 32 | — | (77 | ) | 32 | 13 | — | ||||||||||||
Net cash from financing activities | 10 | (38 | ) | (77 | ) | 35 | 13 | (57 | ) | ||||||||||
Net change in cash | — | (29 | ) | — | 13 | — | (16 | ) | |||||||||||
Cash and cash equivalents at beginning of period | — | 116 | — | 26 | — | 142 | |||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 87 | $ | — | $ | 39 | $ | — | $ | 126 | |||||||
Restructuring_And_Impairment_C1
Restructuring And Impairment Charges (Tables) | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||
Mar. 28, 2015 | Mar. 28, 2015 | |||||||||||||||||||||
Restructuring And Impairment Charges [Abstract] | ||||||||||||||||||||||
Components Of Restructuring Charges By Segment | ||||||||||||||||||||||
Quarterly Period Ended | Two Quarterly Periods Ended | |||||||||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Rigid Open Top | $ | 1 | $ | 1 | $ | 2 | $ | 2 | ||||||||||||||
Rigid Closed Top | 2 | 1 | 3 | 1 | ||||||||||||||||||
Engineered Materials | — | 1 | — | 4 | ||||||||||||||||||
Flexible Packaging | — | — | 3 | 6 | ||||||||||||||||||
Consolidated | $ | 3 | $ | 3 | $ | 8 | $ | 13 | ||||||||||||||
Schedule Of Restructuring Accrual Costs | ||||||||||||||||||||||
Severance and | Facilities | |||||||||||||||||||||
termination | exit costs | |||||||||||||||||||||
benefits | and other | Non-cash | Total | |||||||||||||||||||
Balance at September 27, 2014 | $ | 5 | $ | 8 | $ | — | $ | 13 | ||||||||||||||
Charges | 1 | 5 | 2 | 8 | ||||||||||||||||||
Non-cash asset impairment | — | — | (2 | ) | (2 | ) | ||||||||||||||||
Cash payments | (4 | ) | (4 | ) | — | (8 | ) | |||||||||||||||
Balance at March 28, 2015 | $ | 2 | $ | 9 | $ | — | $ | 11 |
Accrued_Expenses_Other_Current1
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Tables) | 6 Months Ended | ||||
Mar. 28, 2015 | |||||
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |||||
Summary Of Accrued Expenses And Other Current Liabilities | |||||
March 28, | September 27, | ||||
2015 | 2014 | ||||
Employee compensation, payroll and other taxes | $ | 87 | $ | 99 | |
Interest | 42 | 44 | |||
Rebates | 48 | 50 | |||
Restructuring | 11 | 13 | |||
Tax receivable agreement obligation | 63 | 39 | |||
Other | 71 | 69 | |||
$ | 322 | $ | 314 | ||
Summary Of Other Long-Term Liabilities | |||||
March 28, | September 27, | ||||
2015 | 2014 | ||||
Lease retirement obligation | $ | 31 | $ | 31 | |
Sale-lease back deferred gain | 29 | 30 | |||
Pension liability | 43 | 45 | |||
Tax receivable agreement obligation | 171 | 234 | |||
Other | 36 | 16 | |||
$ | 310 | $ | 356 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Long-Term Debt [Abstract] | ||||||||
Summary Of Long-Term Debt | ||||||||
March 28, | September 27, | |||||||
Maturity Date | 2015 | 2014 | ||||||
Term loan | Feb-20 | $ | 1,376 | $ | 1,383 | |||
Term loan | Jan-21 | 1,019 | 1,122 | |||||
Revolving line of credit | Jun-16 | — | — | |||||
9¾% Second Priority Senior Secured Notes | Jan-21 | 800 | 800 | |||||
51/2% Second Priority Senior Secured Notes | May-22 | 500 | 500 | |||||
Capital leases and other | Various | 115 | 113 | |||||
Total long-term debt | 3,810 | 3,918 | ||||||
Current portion of long-term debt | (43 | ) | (58 | ) | ||||
Long-term debt, less current portion | $ | 3,767 | $ | 3,860 |
Financial_Instruments_And_Fair1
Financial Instruments And Fair Value Measurements (Tables) | 3 Months Ended | 6 Months Ended | |||||||||||||||
Mar. 28, 2015 | Mar. 28, 2015 | ||||||||||||||||
Financial Instruments And Fair Value Measurements [Abstract] | |||||||||||||||||
Schedule Of Derivatives Not Designated As Hedging, By Balance Sheet Location | |||||||||||||||||
March 28, | September 27, | ||||||||||||||||
Derivatives instruments | Balance Sheet Location | 2015 | 2014 | ||||||||||||||
Interest rate swap | Other long-term liabilities | $ | 23 | $ | 3 | ||||||||||||
Schedule Of Fair Value Assets Measured On Nonrecurring Basis | As of March 28, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Impairment | |||||||||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 207 | $ | 207 | $ | — | |||||||
Goodwill | — | — | 1,652 | 1,652 | — | ||||||||||||
Definite lived intangible assets | — | — | 533 | 533 | — | ||||||||||||
Property, plant, and equipment | — | — | 1,315 | 1,315 | 2 | ||||||||||||
Total | $ | — | $ | — | $ | 3,707 | $ | 3,707 | $ | 2 | |||||||
As of September 27, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Impairment | |||||||||||||
Indefinite-lived trademarks | $ | — | $ | — | $ | 207 | $ | 207 | $ | — | |||||||
Goodwill | — | — | 1,659 | 1,659 | — | ||||||||||||
Definite lived intangible assets | — | — | 585 | 585 | — | ||||||||||||
Property, plant, and equipment | — | — | 1,364 | 1,364 | 7 | ||||||||||||
Total | $ | — | $ | — | $ | 3,815 | $ | 3,815 | $ | 7 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | |||||||||||||
Quarterly Period Ended | Two Quarterly Periods | ||||||||||||
Ended | |||||||||||||
March 28, | March 29, | March 28, | March 29, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Income tax expense computed at statutory rate | $ | 22 | $ | 7 | $ | 28 | $ | 10 | |||||
Research and development credits | — | — | (3 | ) | — | ||||||||
Uncertain tax positions | — | — | — | (1 | ) | ||||||||
Other | (1 | ) | (1 | ) | (1 | ) | — | ||||||
Income tax expense | $ | 21 | $ | 6 | $ | 24 | $ | 9 |
Segment_And_Geographic_Data_Ta
Segment And Geographic Data (Tables) | 6 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment And Geographic Data [Abstract] | |||||||||
Summary Of Selected Information By Reportable Segment | |||||||||
Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||
March 28, | March 29, | March 28, | March 29, | ||||||
2015 | 2014 | 2015 | 2014 | ||||||
Net sales: | |||||||||
Rigid Open Top | $ | 251 | $ | 256 | $ | 508 | $ | 517 | |
Rigid Closed Top | 380 | 360 | 753 | 692 | |||||
Engineered Materials | 344 | 368 | 693 | 710 | |||||
Flexible Packaging | 249 | 226 | 490 | 431 | |||||
Total net sales | $ | 1,224 | $ | 1,210 | $ | 2,444 | $ | 2,350 | |
Operating income: | |||||||||
Rigid Open Top | $ | 18 | $ | 6 | $ | 25 | $ | 19 | |
Rigid Closed Top | 41 | 33 | 62 | 63 | |||||
Engineered Materials | 35 | 32 | 67 | 57 | |||||
Flexible Packaging | 18 | 6 | 26 | 1 | |||||
Total operating income | $ | 112 | $ | 77 | $ | 180 | $ | 140 | |
Depreciation and amortization: | |||||||||
Rigid Open Top | $ | 22 | $ | 23 | $ | 45 | $ | 46 | |
Rigid Closed Top | 31 | 31 | 67 | 61 | |||||
Engineered Materials | 18 | 18 | 35 | 37 | |||||
Flexible Packaging | 14 | 13 | 29 | 26 | |||||
Total depreciation and amortization | $ | 85 | $ | 85 | $ | 176 | $ | 170 | |
Summary Of Assets And Goodwill By Segment | |||||||||
March 28, | September 27, | ||||||||
2015 | 2014 | ||||||||
Total assets: | |||||||||
Rigid Open Top | $ | 1,811 | $ | 1,808 | |||||
Rigid Closed Top | 1,912 | 1,966 | |||||||
Engineered Materials | 724 | 722 | |||||||
Flexible Packaging | 767 | 772 | |||||||
Total assets | $ | 5,214 | $ | 5,268 | |||||
Goodwill: | |||||||||
Rigid Open Top | $ | 681 | $ | 681 | |||||
Rigid Closed Top | 825 | 827 | |||||||
Engineered Materials | 68 | 71 | |||||||
Flexible Packaging | 78 | 80 | |||||||
Total goodwill | $ | 1,652 | $ | 1,659 |
Basic_and_Diluted_Net_Income_p1
Basic and Diluted Net Income per share (Tables) | 6 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Basic and Diluted Net Income per share [Abstract] | |||||||||
Schedule Of Net Income (Loss) Per Share | |||||||||
Quarterly Period Ended | Two Quarterly Periods Ended | ||||||||
March 28, | March 29, | March 28, | March 29, | ||||||
(in millions, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||
Numerator | |||||||||
Consolidated net income | $ | 38 | $ | 12 | $ | 51 | $ | 18 | |
Denominator | |||||||||
Weighted average common shares | |||||||||
outstanding - basic | 119 | 116.6 | 118.7 | 116.3 | |||||
Dilutive shares | 5.1 | 5.1 | 4.7 | 4.2 | |||||
Weighted average common and common | 124.1 | 121.7 | 123.4 | 120.5 | |||||
equivalent shares outstanding - diluted | |||||||||
Per common share income | |||||||||
Basic | $ | 0.32 | $ | 0.1 | $ | 0.43 | $ | 0.15 | |
Diluted | $ | 0.31 | $ | 0.1 | $ | 0.41 | $ | 0.15 |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Comprehensive Income Abstract | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Defined Benefit | Accumulated | ||||||||||||
Pension and | Other | ||||||||||||
Currency | Retiree Health | Derivative | Comprehensive | ||||||||||
Translation | Benefit Plans | Instruments | Loss | ||||||||||
Balance at September 27, 2014 | $ | (36 | ) | $ | (15 | ) | $ | 8 | $ | (43 | ) | ||
Other comprehensive loss | (34 | ) | — | (20 | ) | (54 | ) | ||||||
Tax expense | — | — | 6 | 6 | |||||||||
Balance at March 28, 2015 | $ | (70 | ) | $ | (15 | ) | $ | (6 | ) | $ | (91 | ) |
Guarantor_And_NonGuarantor_Fin1
Guarantor And Non-Guarantor Financial Information (Tables) | 6 Months Ended | ||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||
Basis of Presentation | |||||||||||||||||||
Schedule of Condensed Financial Statements [Table Text Block] | Condensed Supplemental Consolidated Balance Sheet | ||||||||||||||||||
28-Mar-15 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Current assets | 246 | 140 | 894 | 208 | — | 1,488 | |||||||||||||
Intercompany receivable | — | 3,258 | — | 92 | (3,350 | ) | — | ||||||||||||
Property, plant, and equipment, net | — | 81 | 1,126 | 108 | — | 1,315 | |||||||||||||
Other assets | 104 | 1,407 | 2,190 | 107 | (1,397 | ) | 2,411 | ||||||||||||
Total assets | $ | 350 | $ | 4,886 | $ | 4,210 | $ | 515 | $ | (4,747 | ) | $ | 5,214 | ||||||
Current liabilities | 59 | 179 | 402 | 90 | — | 730 | |||||||||||||
Intercompany payable | (287 | ) | — | 3,637 | — | (3,350 | ) | — | |||||||||||
Other long-term liabilities | 651 | 3,861 | 38 | 7 | — | 4,557 | |||||||||||||
Redeemable non-controlling interest | 13 | — | — | 13 | (13 | ) | 13 | ||||||||||||
Stockholders' equity (deficit) | (86 | ) | 846 | 133 | 405 | (1,384 | ) | (86 | ) | ||||||||||
Total liabilities and stockholders' equity | |||||||||||||||||||
(deficit) | $ | 350 | $ | 4,886 | $ | 4,210 | $ | 515 | $ | (4,747 | ) | $ | 5,214 | ||||||
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 | ||||||
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 | |||||||||||||
Redeemable 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 | ||||||
Condensed Supplemental Consolidated Statements of Operations | |||||||||||||||||||
Quarterly Period Ended March 28, 2015 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 150 | $ | 962 | $ | 112 | $ | — | $ | 1,224 | |||||||
Cost of goods sold | — | 126 | 787 | 87 | — | 1,000 | |||||||||||||
Selling, general and administrative | — | 17 | 58 | 11 | — | 86 | |||||||||||||
Amortization of intangibles | — | 2 | 19 | 2 | — | 23 | |||||||||||||
Restructuring and impairment charges | — | — | 3 | — | — | 3 | |||||||||||||
Operating income | — | 5 | 95 | 12 | — | 112 | |||||||||||||
Other expense (income), net | — | 2 | (1 | ) | — | — | 1 | ||||||||||||
Interest expense, net | — | 6 | 41 | 5 | — | 52 | |||||||||||||
Equity in net income of subsidiaries | (59 | ) | (60 | ) | — | — | 119 | — | |||||||||||
Income (loss) before income taxes | 59 | 57 | 55 | 7 | (119 | ) | 59 | ||||||||||||
Income tax expense (benefit) | 21 | 20 | — | 1 | (21 | ) | 21 | ||||||||||||
Consolidated net income (loss) | $ | 38 | $ | 37 | $ | 55 | $ | 6 | $ | (98 | ) | $ | 38 | ||||||
Comprehensive net income (loss) | $ | 38 | $ | 24 | $ | 59 | $ | (14 | ) | $ | (98 | ) | $ | 9 | |||||
Quarterly Period Ended March 29, 2014 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 155 | $ | 958 | $ | 97 | $ | — | $ | 1,210 | |||||||
Cost of goods sold | — | 141 | 808 | 74 | — | 1,023 | |||||||||||||
Selling, general and administrative | — | 15 | 59 | 8 | — | 82 | |||||||||||||
Amortization of intangibles | — | 1 | 22 | 2 | — | 25 | |||||||||||||
Restructuring and impairment charges | — | — | 3 | — | — | 3 | |||||||||||||
Operating income (loss) | — | (2 | ) | 66 | 13 | — | 77 | ||||||||||||
Debt extinguishment | — | 2 | — | — | — | 2 | |||||||||||||
Other income, net | — | — | — | — | — | — | |||||||||||||
Interest expense, net | 11 | 7 | 46 | (34 | ) | 27 | 57 | ||||||||||||
Equity in net income of subsidiaries | (29 | ) | (65 | ) | — | — | 94 | — | |||||||||||
Income (loss) before income taxes | 18 | 54 | 20 | 47 | (121 | ) | 18 | ||||||||||||
Income tax expense (benefit) | 6 | 20 | — | 1 | (21 | ) | 6 | ||||||||||||
Consolidated net income (loss) | $ | 12 | $ | 34 | $ | 20 | $ | 46 | $ | (100 | ) | $ | 12 | ||||||
Comprehensive net income (loss) | $ | 12 | $ | 36 | $ | 20 | $ | 43 | $ | (100 | ) | $ | 11 | ||||||
Two Quarterly Periods Ended March 28, 2015 | |||||||||||||||||||
Non- | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 309 | $ | 1910 | $ | 225 | $ | — | $ | 2,444 | |||||||
Cost of goods sold | — | 273 | 1,596 | 168 | — | 2,037 | |||||||||||||
Selling, general and administrative | — | 33 | 117 | 21 | — | 171 | |||||||||||||
Amortization of intangibles | — | 4 | 40 | 4 | — | 48 | |||||||||||||
Restructuring and impairment charges | — | — | 8 | — | — | 8 | |||||||||||||
Operating income (loss) | — | (1 | ) | 149 | 32 | — | 180 | ||||||||||||
Other expense (income), net | — | 1 | (1 | ) | — | — | — | ||||||||||||
Interest expense, net | — | 13 | 82 | 10 | — | 105 | |||||||||||||
Equity in net income of subsidiaries | (75 | ) | (88 | ) | — | — | 163 | — | |||||||||||
Income (loss) before income taxes | 75 | 73 | 68 | 22 | (163 | ) | 75 | ||||||||||||
Income tax expense (benefit) | 24 | 22 | — | 2 | (24 | ) | 24 | ||||||||||||
Consolidated net income (loss) | $ | 51 | $ | 51 | $ | 68 | $ | 20 | $ | (139 | ) | $ | 51 | ||||||
Comprehensive net income (loss) | $ | 51 | $ | 37 | $ | 68 | $ | (14 | ) | $ | (139 | ) | $ | 3 | |||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Cash Flow from Operating Activities | $ | — | $ | (35 | ) | $ | 230 | $ | 18 | $ | -1 | $ | 212 | ||||||
Cash Flow from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | — | (10 | ) | (66 | ) | (3 | ) | — | (79 | ) | |||||||||
Proceeds from sale of assets | — | — | 13 | — | — | 13 | |||||||||||||
(Contributions) distributions to/from | |||||||||||||||||||
subsidiaries | (13 | ) | 13 | — | — | — | — | ||||||||||||
Intercompany advances (repayments) | — | 136 | — | — | (136 | ) | — | ||||||||||||
Acquisition of business, net of cash acquired | — | — | — | — | — | — | |||||||||||||
Net cash from investing activities | (13 | ) | 139 | (53 | ) | (3 | ) | (136 | ) | (66 | ) | ||||||||
Cash Flow from Financing Activities | |||||||||||||||||||
Proceeds from issuance of common stock | 13 | — | — | — | — | 13 | |||||||||||||
Payment of tax receivable agreement | (39 | ) | — | — | — | — | (39 | ) | |||||||||||
Repayments on long-term borrowings | — | (124 | ) | — | (1 | ) | — | (125 | ) | ||||||||||
Changes in intercompany balances | 39 | — | (179 | ) | 3 | 127 | — | ||||||||||||
Net cash from financing activities | 13 | (124 | ) | (170 | ) | 2 | 137 | (151 | ) | ||||||||||
Effect of exchange rate changes on cash | — | — | — | (5 | ) | — | (5 | ) | |||||||||||
Net change in cash | — | (20 | ) | (2 | ) | 12 | — | (10 | ) | ||||||||||
Cash and cash equivalents at beginning of | |||||||||||||||||||
period | — | 70 | 15 | 44 | — | 129 | |||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 50 | $ | 13 | $ | 56 | $ | — | $ | 119 | |||||||
Two Quarterly Periods Ended March 29, 2014 | |||||||||||||||||||
Non— | |||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | 301 | $ | 1,865 | $ | 184 | $ | — | $ | 2,350 | |||||||
Cost of goods sold | — | 272 | 1,570 | 145 | — | 1,987 | |||||||||||||
Selling, general and administrative | — | 34 | 110 | 15 | — | 159 | |||||||||||||
Amortization of intangibles | — | 4 | 43 | 4 | — | 51 | |||||||||||||
Restructuring and impairment charges | — | — | 13 | — | — | 13 | |||||||||||||
Operating income (loss) | — | (9 | ) | 129 | 20 | — | 140 | ||||||||||||
Debt extinguishment | — | 2 | — | — | — | 2 | |||||||||||||
Other income, net | — | (1 | ) | — | — | — | (1 | ) | |||||||||||
Interest expense, net | 24 | 13 | 90 | (67 | ) | 52 | 112 | ||||||||||||
Equity in net income of subsidiaries | (51 | ) | (123 | ) | — | — | 174 | — | |||||||||||
Income (loss) before income taxes | 27 | 100 | 39 | 87 | (226 | ) | 27 | ||||||||||||
Income tax expense (benefit) | 9 | 36 | — | 2 | (38 | ) | 9 | ||||||||||||
Consolidated net income (loss) | $ | 18 | $ | 64 | $ | 39 | $ | 85 | $ | (188 | ) | $ | 18 | ||||||
Comprehensive net income (loss) | $ | 18 | $ | 66 | $ | 39 | $ | 81 | $ | (188 | ) | $ | 16 | ||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Cash Flows from Operating Activities | $ | — | $ | (7 | ) | $ | 239 | $ | 18 | $ | — | $ | 250 | ||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Additions to property, plant, and equipment | — | (7 | ) | (102 | ) | (5 | ) | — | (114 | ) | |||||||||
Proceeds from sale of assets | — | — | 1 | — | — | 1 | |||||||||||||
(Contributions) distributions to/from subsidiaries | (10 | ) | 10 | — | — | — | — | ||||||||||||
Intercompany advances (repayments) | — | 13 | — | — | (13 | ) | — | ||||||||||||
Acquisition of businesses, net of cash acquired | — | — | (61 | ) | (35 | ) | — | (96 | ) | ||||||||||
Net cash from investing activities | (10 | ) | 16 | (162 | ) | (40 | ) | (13 | ) | (209 | ) | ||||||||
Cash Flows from Financing Activities | |||||||||||||||||||
Proceeds from long-term borrowings | — | 1,123 | — | 3 | — | 1,126 | |||||||||||||
Proceeds from issuance of common stock | 10 | — | — | — | — | 10 | |||||||||||||
Payment of tax receivable agreement | (32 | ) | — | — | — | — | (32 | ) | |||||||||||
Debt financing costs | — | (11 | ) | — | — | — | (11 | ) | |||||||||||
Repayments on long-term borrowings | — | (1,150 | ) | — | — | — | (1,150 | ) | |||||||||||
Changes in intercompany balances | 32 | — | (77 | ) | 32 | 13 | — | ||||||||||||
Net cash from financing activities | 10 | (38 | ) | (77 | ) | 35 | 13 | (57 | ) | ||||||||||
Net change in cash | — | (29 | ) | — | 13 | — | (16 | ) | |||||||||||
Cash and cash equivalents at beginning of period | — | 116 | — | 26 | — | 142 | |||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 87 | $ | — | $ | 39 | $ | — | $ | 126 | |||||||
Acquisitions_Details
Acquisitions (Details) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 28, 2015 | Sep. 27, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $1,652 | $1,659 | |
Other long-term liabilities | 310 | 356 | |
Deferred Tax Liabilities, Noncurrent | 480 | 386 | |
Rexam Healthcare Containers and Closures [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate purchase price | 130 | ||
Working capital | 29 | ||
Property, Plant and Equipment | 85 | ||
Intangible asset | 9 | ||
Goodwill | 6 | ||
Other long-term liabilities | 3 | ||
Deferred Tax Liabilities, Noncurrent | $4 |
Restructuring_And_Impairment_C2
Restructuring And Impairment Charges (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring And Impairment Charges [Abstract] | ||||
Asset impairment | $3 | $3 | $8 | $13 |
Restructuring_And_Impairment_C3
Restructuring And Impairment Charges (Components Of Restructuring Charges By Segment) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | ||||
Charges | $3 | $3 | $8 | $13 |
Rigid Open Top [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | 1 | 1 | 2 | 2 |
Rigid Closed Top [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | 2 | 1 | 3 | 1 |
Engineered Materials [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | 1 | 4 | ||
Flexible Packaging [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | $3 | $6 |
Restructuring_And_Impairment_C4
Restructuring And Impairment Charges (Schedule Of Restructuring Accrual Costs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | $13 | |||
Charges | 3 | 3 | 8 | 13 |
Non-cash asset impairment | -2 | |||
Cash payments | -8 | |||
Ending balance | 11 | 11 | ||
Employee Severance And Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 5 | |||
Charges | 1 | |||
Cash payments | -4 | |||
Ending balance | 2 | 2 | ||
Facilities Exit Costs And Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 8 | |||
Charges | 5 | |||
Cash payments | -4 | |||
Ending balance | 9 | 9 | ||
Non-Cash [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | 2 | |||
Non-cash asset impairment | ($2) |
Accrued_Expenses_Other_Current2
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Accrued Expenses And Other Current Liabilities) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Sep. 27, 2014 |
Extinguishment of Debt [Line Items] | ||
Tax receivable agreemen holders percentage | 85.00% | |
Payments related to income tax receivable agreement | $39 | |
Accrued Liabilities, Current | 322 | 314 |
Apollo Global Management, LLC [Member] | ||
Extinguishment of Debt [Line Items] | ||
Payments related to income tax receivable agreement | 33 | |
Accrued expense and other current liabilities [Member] | ||
Extinguishment of Debt [Line Items] | ||
Employee compensation, payroll and other taxes | 87 | 99 |
Interest | 42 | 44 |
Rebates | 48 | 50 |
Restructuring | 11 | 13 |
Tax receivable agreement obligation | 63 | 39 |
Other | 71 | 69 |
Accrued Liabilities, Current | $322 | $314 |
Accrued_Expenses_Other_Current3
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Other Long-Term Liabilities) (Details) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
In Millions, unless otherwise specified | ||
Extinguishment of Debt [Line Items] | ||
Other long-term liabilities | $310 | $356 |
Other long term liabilities [Member] | ||
Extinguishment of Debt [Line Items] | ||
Lease retirement obligation | 31 | 31 |
Sale-lease back deferred gain | 29 | 30 |
Pension liability | 43 | 45 |
TRA obligation | 171 | 234 |
Other | 36 | 16 |
Other long-term liabilities | $310 | $356 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2014 | Mar. 28, 2015 |
Long-Term Debt [Abstract] | ||
Term loan credit agreement, amount | $2,400 | |
Line of Credit Facility, Amount Outstanding | 650 | |
Repayments of Debt | $100 |
LongTerm_Debt_Summary_Of_LongT
Long-Term Debt (Summary Of Long-Term Debt) (Details) (USD $) | 6 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 28, 2015 | Sep. 27, 2014 |
Debt Instrument [Line Items] | |||
Capital leases and other | $115 | $115 | $113 |
Debt and Capital Lease Obligations, Total | 3,810 | 3,810 | 3,918 |
Less current portion of long-term debt | -58 | ||
Long-term Debt, Current Maturities | -43 | -43 | -58 |
Long-term debt, less current portion | 3,767 | 3,767 | 3,860 |
Term Loan Due January 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,019 | 1,019 | 1,122 |
Maturity date | 1-Jan-21 | ||
Term Loan Due February 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,376 | 1,376 | 1,383 |
Maturity date | 1-Feb-20 | ||
Revolving Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | |||
Maturity date | 1-Jun-16 | ||
9 3/4% Second Priority Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 800 | 800 | 800 |
Maturity date | 1-Jan-21 | ||
5 1/2% Second Priority Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $500 | $500 | $500 |
Maturity date | 1-May-22 |
Financial_Instruments_And_Fair2
Financial Instruments And Fair Value Measurements (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | Jun. 28, 2013 | Feb. 28, 2013 | Mar. 28, 2015 | |
Line of Credit Facility [Line Items] | ||||
Derivative settlement receivables | $16,000,000 | |||
Debt outstanding | 1,000,000,000 | |||
Fair value of investments exceeding book value | 86,000,000 | |||
Term of fixed interest rate | 3 years | |||
Fixed rate percentage | 2.59% | |||
2010 Swaps [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Variable rate term loan, amount outstanding | 1,000,000,000 | |||
2010 Swaps Part One [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Derivative instrument fixed interest rate | 2.36% |
Financial_Instruments_And_Fair3
Financial Instruments And Fair Value Measurements (Schedule Of Derivatives Not Designated As Hedging, By Balance Sheet Location) (Details) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
In Millions, unless otherwise specified | ||
Financial Instruments And Fair Value Measurements [Abstract] | ||
Interest rate swaps | $23 | $3 |
Financial_Instruments_And_Fair4
Financial Instruments And Fair Value Measurements (Valuation Of Property, Plant and Equipment And Definite Lived Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 28, 2015 | Sep. 27, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | $207 | $207 |
Goodwill | 1,652 | 1,659 |
Definite lived intangible assets | 533 | 585 |
Property, plant, and equipment | 1,315 | 1,364 |
Total | 3,707 | 3,815 |
Property, plant, and equipment, Impairment loss | 2 | 7 |
Fair value asset impairment charges | 2 | 7 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | ||
Goodwill | ||
Definite lived intangible assets | ||
Property, plant, and equipment | ||
Total | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | ||
Goodwill | ||
Definite lived intangible assets | ||
Property, plant, and equipment | ||
Total | ||
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | 207 | 207 |
Goodwill | 1,652 | 1,659 |
Definite lived intangible assets | 533 | 585 |
Property, plant, and equipment | 1,315 | 1,364 |
Total | $3,707 | $3,815 |
Income_Taxes_Reconciliation_Fr
Income Taxes (Reconciliation From Federal Income Tax To Tax Benefit) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Income Taxes [Abstract] | ||||
U.S. Federal income tax expense (benefit) at the statutory rate | $22 | $7 | $28 | $10 |
Research and development credits | -3 | |||
Uncertain tax position | -1 | |||
Other | -1 | -1 | -1 | |
Expense (benefit) for income taxes | $21 | $6 | $24 | $9 |
Segment_And_Geographic_Data_Na
Segment And Geographic Data (Narrative) (Details) | 6 Months Ended |
Mar. 28, 2015 | |
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 | 95.00% |
Long-Lived Assets, Geographic Area [Member] | North America [Member] | |
Segment Reporting Information [Line Items] | |
Concentration risk, percentage | 96.00% |
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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Segment Reporting Information [Line Items] | ||||
Net sales | $1,224 | $1,210 | $2,444 | $2,350 |
Operating income (loss) | 112 | 77 | 180 | 140 |
Depreciation and amortization | 85 | 85 | 176 | 170 |
Rigid Open Top [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 251 | 256 | 508 | 517 |
Operating income (loss) | 18 | 6 | 25 | 19 |
Depreciation and amortization | 22 | 23 | 45 | 46 |
Rigid Closed Top [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 380 | 360 | 753 | 692 |
Operating income (loss) | 41 | 33 | 62 | 63 |
Depreciation and amortization | 31 | 31 | 67 | 61 |
Engineered Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 344 | 368 | 693 | 710 |
Operating income (loss) | 35 | 32 | 67 | 57 |
Depreciation and amortization | 18 | 18 | 35 | 37 |
Flexible Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 249 | 226 | 490 | 431 |
Operating income (loss) | 18 | 6 | 26 | 1 |
Depreciation and amortization | $14 | $13 | $29 | $26 |
Segment_And_Geographic_Data_Su1
Segment And Geographic Data (Summary Of Assets And Goodwill By Segment) (Details) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Total assets | $5,214 | $5,268 |
Goodwill | 1,652 | 1,659 |
Rigid Open Top [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,811 | 1,808 |
Goodwill | 681 | 681 |
Rigid Closed Top [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,912 | 1,966 |
Goodwill | 825 | 827 |
Engineered Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 724 | 722 |
Goodwill | 68 | 71 |
Flexible Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 767 | 772 |
Goodwill | $78 | $80 |
Basic_and_Diluted_Net_Income_p2
Basic and Diluted Net Income per share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Basic and Diluted Net Income per share [Abstract] | ||||
Consolidated net income | $38 | $12 | $51 | $18 |
Weighted average shares of common stock outstanding--basic | 119 | 116.6 | 118.7 | 116.3 |
Weighted average common Dilutive shares | 5.1 | 5.1 | 4.7 | 4.2 |
Weighted average shares of common stock outstanding--diluted | 124.1 | 121.7 | 123.4 | 120.5 |
Basic net income (loss) per share available to common shareholders | $0.32 | $0.10 | $0.43 | $0.15 |
Diluted net income (loss) per share available to common shareholders | $0.31 | $0.10 | $0.41 | $0.15 |
Comprehensive_Income_Narrative
Comprehensive Income (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Sep. 27, 2014 |
Balance as of September 27, 2014 | ($43) | ||||
Other comprehensive loss | -54 | ||||
Tax expense | 4 | -1 | 6 | -1 | |
Balance as of March 28, 2015 | -91 | -91 | |||
Current Adjustment [Member] | |||||
Balance as of September 27, 2014 | -36 | ||||
Other comprehensive loss | -34 | ||||
Balance as of March 28, 2015 | -70 | -70 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Balance as of September 27, 2014 | -15 | ||||
Balance as of March 28, 2015 | -15 | -15 | -15 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Balance as of September 27, 2014 | 8 | ||||
Other comprehensive loss | -20 | ||||
Tax expense | 6 | ||||
Balance as of March 28, 2015 | ($6) | ($6) |
Guarantor_And_NonGuarantor_Fin2
Guarantor And Non-Guarantor Financial Information (Narrative) (Details) | Mar. 28, 2015 |
Basis of Presentation | |
Percentage ownership in guarantor subsidiaries | 100.00% |
Guarantor_And_NonGuarantor_Fin3
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Balance Sheet) (Details) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Current assets | $1,488 | $1,432 | ||
Property, plant and equipment | 1,315 | 1,364 | ||
Other assets | 1 | 1 | ||
Sum of goodwill, tangibles and other assets | 2,411 | 2,472 | ||
Total assets | 5,214 | 5,268 | ||
Current liabilities | 730 | 767 | ||
Other long term liabilities | 4,557 | 4,602 | ||
Redeemable non-controlling interest | 13 | 13 | ||
Stockholders equity (deficit) | -86 | -114 | -147 | -196 |
Total liabilities and stockholders' equity (deficit) | 5,214 | 5,268 | ||
Parent Company [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Current assets | 246 | 166 | ||
Other assets | 104 | 69 | ||
Total assets | 350 | 235 | ||
Intercompany payable | -287 | -319 | ||
Current liabilities | 59 | 35 | ||
Other long term liabilities | 651 | 620 | ||
Redeemable non-controlling interest | 13 | 13 | ||
Stockholders equity (deficit) | -86 | -114 | ||
Total liabilities and stockholders' equity (deficit) | 350 | 235 | ||
Issuer [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Current assets | 140 | 171 | ||
Intercompany receivable | 3,258 | 3,343 | ||
Property, plant and equipment | 81 | 84 | ||
Other assets | 1,407 | 1,357 | ||
Total assets | 4,886 | 4,955 | ||
Current liabilities | 179 | 212 | ||
Other long term liabilities | 3,861 | 3,934 | ||
Stockholders equity (deficit) | 846 | 809 | ||
Total liabilities and stockholders' equity (deficit) | 4,886 | 4,955 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Current assets | 894 | 901 | ||
Property, plant and equipment | 1,126 | 1,162 | ||
Other assets | 2,190 | 2,227 | ||
Total assets | 4,210 | 4,290 | ||
Intercompany payable | 3,637 | 3,749 | ||
Current liabilities | 402 | 435 | ||
Other long term liabilities | 38 | 42 | ||
Stockholders equity (deficit) | 133 | 64 | ||
Total liabilities and stockholders' equity (deficit) | 4,210 | 4,290 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Current assets | 208 | 194 | ||
Intercompany receivable | 92 | 87 | ||
Property, plant and equipment | 108 | 118 | ||
Other assets | 107 | 125 | ||
Total assets | 515 | 524 | ||
Current liabilities | 90 | 85 | ||
Other long term liabilities | 7 | 6 | ||
Redeemable non-controlling interest | 13 | 13 | ||
Stockholders equity (deficit) | 405 | 420 | ||
Total liabilities and stockholders' equity (deficit) | 515 | 524 | ||
Eliminations [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Intercompany receivable | -3,350 | -3,430 | ||
Other assets | -1,397 | -1,306 | ||
Total assets | -4,747 | -4,736 | ||
Intercompany payable | -3,350 | -3,430 | ||
Redeemable non-controlling interest | -13 | -13 | ||
Stockholders equity (deficit) | -1,384 | -1,293 | ||
Total liabilities and stockholders' equity (deficit) | ($4,747) | ($4,736) |
Guarantor_And_NonGuarantor_Fin4
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | $1,224 | $1,210 | $2,444 | $2,350 |
Cost of goods sold | 1,000 | 1,023 | 2,037 | 1,987 |
Selling, general and administrative expenses | 86 | 82 | 171 | 159 |
Amortization of Intangible Assets | 23 | 25 | 48 | 51 |
Restructuring and impairment charges, net | 3 | 3 | 8 | 13 |
Operating income | 112 | 77 | 180 | 140 |
Debt extinguishment | 2 | 2 | ||
Other income, net | 1 | -1 | ||
Interest expense, net | 52 | 57 | 105 | 112 |
Income before income taxes | 59 | 18 | 75 | 27 |
Income tax expense | 21 | 6 | 24 | 9 |
Consolidated net income | 38 | 12 | 51 | 18 |
Comprehensive income (loss) | 9 | 11 | 3 | 16 |
Parent Company [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Interest expense, net | 11 | 24 | ||
Equity in net income of subsidiaries | -59 | -29 | -75 | -51 |
Income before income taxes | 59 | 18 | 75 | 27 |
Income tax expense | 21 | 6 | 24 | 9 |
Consolidated net income | 38 | 12 | 51 | 18 |
Comprehensive income (loss) | 38 | 12 | 51 | 18 |
Issuer [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | 150 | 155 | 309 | 301 |
Cost of goods sold | 126 | 141 | 273 | 272 |
Selling, general and administrative expenses | 17 | 15 | 33 | 34 |
Amortization of Intangible Assets | 2 | 1 | 4 | 4 |
Operating income | 5 | -2 | -1 | -9 |
Debt extinguishment | 2 | 2 | ||
Other income, net | 2 | 1 | -1 | |
Interest expense, net | 6 | 7 | 13 | 13 |
Equity in net income of subsidiaries | -60 | -65 | -88 | -123 |
Income before income taxes | 57 | 54 | 73 | 100 |
Income tax expense | 20 | 20 | 22 | 36 |
Consolidated net income | 37 | 34 | 51 | 64 |
Comprehensive income (loss) | 24 | 36 | 37 | 66 |
Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | 962 | 958 | 1,910 | 1,865 |
Cost of goods sold | 787 | 808 | 1,596 | 1,570 |
Selling, general and administrative expenses | 58 | 59 | 117 | 110 |
Amortization of Intangible Assets | 19 | 22 | 40 | 43 |
Restructuring and impairment charges, net | 3 | 3 | 8 | 13 |
Operating income | 95 | 66 | 149 | 129 |
Other income, net | -1 | -1 | ||
Interest expense, net | 41 | 46 | 82 | 90 |
Income before income taxes | 55 | 20 | 68 | 39 |
Consolidated net income | 55 | 20 | 68 | 39 |
Comprehensive income (loss) | 59 | 20 | 68 | 39 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | 112 | 97 | 225 | 184 |
Cost of goods sold | 87 | 74 | 168 | 145 |
Selling, general and administrative expenses | 11 | 8 | 21 | 15 |
Amortization of Intangible Assets | 2 | 2 | 4 | 4 |
Operating income | 12 | 13 | 32 | 20 |
Interest expense, net | 5 | -34 | 10 | -67 |
Income before income taxes | 7 | 47 | 22 | 87 |
Income tax expense | 1 | 1 | 2 | 2 |
Consolidated net income | 6 | 46 | 20 | 85 |
Comprehensive income (loss) | -14 | 43 | -14 | 81 |
Eliminations [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Interest expense, net | 27 | 52 | ||
Equity in net income of subsidiaries | 119 | 94 | 163 | 174 |
Income before income taxes | -119 | -121 | -163 | -226 |
Income tax expense | -21 | -21 | -24 | -38 |
Consolidated net income | -98 | -100 | -139 | -188 |
Comprehensive income (loss) | ($98) | ($100) | ($139) | ($188) |
Guarantor_And_NonGuarantor_Fin5
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Condensed Consolidating Financial Information [Line Items] | ||
Cash Flow from Operating Activities | $212 | $250 |
Purchase of property, plant and equipment | -79 | -114 |
Proceeds from disposal of assets | 13 | 1 |
Acquisition of business net of cash acquired | -96 | |
Net cash from investing activities | -66 | -209 |
Proceeds from long-term debt | 1,126 | |
Payment of TRA | -39 | -32 |
Proceeds from issuance of common stock | 13 | 10 |
Repayments on long-term debt | -125 | -1,150 |
Debt financing costs | -11 | |
Net cash from financing activities | -151 | -57 |
Effect of exchange rate changes on cash | -5 | |
Net change in cash | -10 | -16 |
Cash and cash equivalents at beginning of period | 129 | 142 |
Cash and cash equivalents at end of period | 119 | 126 |
Parent Company [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Equity in net income of subsidiaries | -13 | |
(Contributions) distributions to/from subsidiaries | -10 | |
Net cash from investing activities | -13 | -10 |
Payment of TRA | -39 | -32 |
Proceeds from issuance of common stock | 13 | 10 |
Changes in intercompany balances | 39 | 32 |
Net cash from financing activities | 13 | 10 |
Guarantor Subsidiaries [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Cash Flow from Operating Activities | 230 | 239 |
Purchase of property, plant and equipment | -66 | -102 |
Proceeds from disposal of assets | 13 | 1 |
Acquisition of business net of cash acquired | -61 | |
Net cash from investing activities | -54 | -162 |
Changes in intercompany balances | -179 | -77 |
Net cash from financing activities | -179 | -77 |
Net change in cash | -2 | |
Cash and cash equivalents at beginning of period | 15 | |
Cash and cash equivalents at end of period | 13 | |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Cash Flow from Operating Activities | 18 | 18 |
Purchase of property, plant and equipment | -3 | -5 |
Acquisition of business net of cash acquired | -35 | |
Net cash from investing activities | -3 | -40 |
Proceeds from long-term debt | 3 | |
Repayments on long-term debt | -1 | |
Changes in intercompany balances | 3 | 32 |
Net cash from financing activities | 2 | 35 |
Effect of exchange rate changes on cash | -5 | |
Net change in cash | 12 | 13 |
Cash and cash equivalents at beginning of period | 44 | 26 |
Cash and cash equivalents at end of period | 56 | 39 |
Eliminations [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Cash Flow from Operating Activities | -1 | |
Intercompany advances (repayments) | -136 | -13 |
Net cash from investing activities | -136 | -13 |
Changes in intercompany balances | 137 | 13 |
Net cash from financing activities | 137 | 13 |
Issuer [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Cash Flow from Operating Activities | -35 | -7 |
Purchase of property, plant and equipment | -10 | -7 |
Equity in net income of subsidiaries | 13 | |
(Contributions) distributions to/from subsidiaries | 10 | |
Intercompany advances (repayments) | 136 | 13 |
Net cash from investing activities | 139 | 16 |
Proceeds from long-term debt | 1,123 | |
Repayments on long-term debt | -124 | -1,150 |
Debt financing costs | -11 | |
Net cash from financing activities | -124 | -38 |
Net change in cash | -20 | -29 |
Cash and cash equivalents at beginning of period | 70 | 116 |
Cash and cash equivalents at end of period | $50 | $87 |