Document And Entity Information
Document And Entity Information - shares shares in Millions | 9 Months Ended | |
Jun. 27, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 27, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | BERRY PLASTICS GROUP INC | |
Entity Central Index Key | 1,378,992 | |
Trading Symbol | bery | |
Current Fiscal Year End Date | --09-26 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 119.8 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Loss) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Consolidated Statements Of Income (Loss) [Abstract] | ||||
Net sales | $ 1,241 | $ 1,298 | $ 3,685 | $ 3,648 |
Costs and expenses: | ||||
Cost of goods sold | 1,003 | 1,089 | 3,037 | 3,076 |
Selling, general and administrative | 92 | 85 | 266 | 244 |
Amortization of intangibles | 22 | 26 | 70 | 77 |
Restructuring and impairment charges | 3 | 15 | 11 | 28 |
Operating income | 121 | 83 | 301 | 223 |
Debt extinguishment | 94 | 33 | 94 | 35 |
Other expense (income), net | 2 | (2) | 2 | (3) |
Interest expense, net | 47 | 56 | 152 | 168 |
Income (loss) before income taxes | (22) | (4) | 53 | 23 |
Income tax expense (benefit) | (9) | (19) | 15 | (10) |
Consolidated net income (loss) | $ (13) | $ 15 | $ 38 | $ 33 |
Net income (loss) per share: | ||||
Basic | $ (0.11) | $ 0.13 | $ 0.32 | $ 0.28 |
Diluted | $ (0.11) | $ 0.12 | $ 0.31 | $ 0.27 |
Outstanding weighted-average shares: | ||||
Basic | 119.5 | 117.3 | 118.9 | 116.6 |
Diluted | 119.5 | 121.5 | 123.7 | 120.8 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||||
Consolidated net income (loss) | $ (13) | $ 15 | $ 38 | $ 33 |
Currency translation | 2 | 4 | (32) | |
Interest rate hedge | 2 | (10) | (18) | (6) |
Provision for income taxes related to other comprehensive income items | 3 | 6 | 1 | |
Comprehensive income (loss) | $ (9) | $ 12 | $ (6) | $ 28 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 27, 2015 | Sep. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 62 | $ 129 |
Accounts receivable (less allowance of $3) | 473 | 491 |
Finished goods | 323 | 353 |
Raw materials and supplies | 251 | 251 |
Inventory, total | 574 | 604 |
Deferred income taxes | 181 | 166 |
Prepaid expenses and other current assets | 38 | 42 |
Total current assets | 1,328 | 1,432 |
Property, plant, and equipment, net | 1,301 | 1,364 |
Goodwill, intangible assets and deferred costs, net | 2,381 | 2,471 |
Other assets | 1 | 1 |
Total assets | 5,011 | 5,268 |
Current liabilities: | ||
Accounts payable | 353 | 395 |
Accrued expenses and other current liabilities | 302 | 314 |
Current portion of long-term debt | 39 | 58 |
Total current liabilities | 694 | 767 |
Long-term debt, less current portion | 3,669 | 3,860 |
Deferred income taxes | 406 | 386 |
Other long-term liabilities | 316 | 356 |
Total liabilities | 5,085 | 5,369 |
Redeemable non-controlling interest | 13 | 13 |
Stockholders' equity (deficit) | ||
Common stock (119.5 and 118.0 shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 400 | 367 |
Non-controlling interest | 3 | 3 |
Accumulated deficit | (404) | (442) |
Accumulated other comprehensive loss | (87) | (43) |
Total stockholders' equity (deficit) | (87) | (114) |
Total liabilities and stockholders' equity (deficit) | $ 5,011 | $ 5,268 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 27, 2015 | Sep. 27, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, shares issued | 119.7 | 118 |
Allowance for Doubtful Accounts Receivable, Current | $ 3 | $ 3 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Stockholders' Equity (Deficit) - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Non-Controlling Interest [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
Balance at Sep. 28, 2013 | $ 1 | $ 322 | $ 3 | $ (504) | $ (196) | |
Proceeds from issuance of common stock | 13 | 13 | ||||
Obligation under tax receivable agreement | 13 | 13 | ||||
Stock compensation expense | 12 | 12 | ||||
Consolidated net income | 33 | 33 | ||||
Interest rate hedge, net of tax | (5) | |||||
Balance at Jun. 28, 2014 | 1 | 360 | 3 | (471) | (130) | |
Balance at Sep. 27, 2014 | 1 | 367 | 3 | (442) | (114) | |
Proceeds from issuance of common stock | 16 | 16 | ||||
Stock compensation expense | 17 | 17 | ||||
Consolidated net income | 38 | 38 | ||||
Interest rate hedge, net of tax | $ (12) | (12) | ||||
Currency translation | (32) | (32) | ||||
Balance at Jun. 27, 2015 | $ 1 | $ 400 | $ 3 | $ (87) | $ (404) | $ (87) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Cash Flows from Operating Activities: | ||
Consolidated net income | $ 38 | $ 33 |
Adjustments to reconcile net cash provided by operating activities: | ||
Depreciation | 193 | 184 |
Amortization of intangibles | 70 | 77 |
Non-cash interest expense | 5 | 5 |
Deferred income tax | 12 | (15) |
Debt extinguishment | 94 | 35 |
Stock compensation expense | 17 | 12 |
Impairment of long-lived assets | 2 | 6 |
Other non-cash items | 3 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 10 | (21) |
Inventories | 22 | (35) |
Prepaid expenses and other assets | (4) | 2 |
Accounts payable and other liabilities | (70) | 87 |
Net cash provided by operating activities | 392 | 370 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (124) | (172) |
Proceeds from sale of assets | 18 | 5 |
Acquisitions of business, net of cash acquired | (225) | |
Net cash used in investing activities | (106) | (392) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 702 | 1,664 |
Repayments on long-term borrowings | (940) | (1,675) |
Proceeds from issuance of common stock | 16 | 13 |
Payment of tax receivable agreement | (39) | (32) |
Debt financing costs | (87) | (44) |
Net cash used in financing activities | (348) | (74) |
Effect of exchange rate changes on cash | (5) | (1) |
Net change in cash | (67) | (97) |
Cash and cash equivalents at beginning of period | 129 | 142 |
Cash and cash equivalents at end of period | $ 62 | $ 45 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Jun. 27, 2015 | |
Basis Of Presentation [Abstract] | |
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 Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Jun. 27, 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, 2017 and interim periods therein. Early adoption for annual reporting periods beginning after December 15, 2016 is permitted. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. 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 expects this new guidance will reduce total assets and total long-term debt on its consolidated balance sheets by amounts classified as deferred costs, but does not expect this update to have any other effect on its consolidated financial statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Jun. 27, 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 29 85 3 9 7 3 |
Restructuring And Impairment Ch
Restructuring And Impairment Charges | 9 Months Ended |
Jun. 27, 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 $ 3 15 11 28 : Quarterly Period Ended Three Quarterly Periods Ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 Rigid Open Top $ 1 $ 11 $ 3 $ 13 Rigid Closed Top — — 3 1 Engineered Materials 1 2 1 6 Flexible Packaging 1 2 4 8 Consolidated $ 3 $ 15 $ 11 $ 28 The table below sets forth the activity with respect to the restructuring accrual at June 27, 2015: Severance and Facilities termination exit costs benefits and other Non-cash Total Balance at September 27, 2014 $ 5 $ 8 $ — $ 13 Charges 3 6 2 11 Non-cash asset impairment — — (2 ) (2 ) Cash payments (5 ) (6 ) — (11 ) Balance at June 27, 2015 $ 3 $ 8 $ — $ 11 |
Accrued Expenses, Other Current
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 9 Months Ended |
Jun. 27, 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: June 27, September 27, 2015 2014 Employee compensation, payroll and other taxes $ 90 $ 99 Interest 22 44 Rebates 49 50 Restructuring 11 13 Tax receivable agreement obligation 55 39 Other 75 69 $ 302 $ 314 The following table sets forth the totals included in Other long-term liabilities on the Consolidated Balance Sheets: June 27, September 27, 2015 2014 Lease retirement obligation $ 32 $ 31 Sale-lease back deferred gain 28 30 Pension liability 42 45 Tax receivable agreement obligation 179 234 Other 35 16 $ 316 $ 356 The Company made $ 39 33 85 actually realized as a result of the utilization of our net operating losses attributable to periods prior to the initial public offering. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jun. 27, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-term debt consists of the following: June 27, September 27, Maturity Date 2015 2014 Term loan February 2020 $ 1,372 $ 1,383 Term loan January 2021 1,019 1,122 Revolving line of credit May 2020 9 — 5 1 / 8 % Second Priority Senior Secured Notes July 2023 700 — 5 1 2 % Second Priority Senior Secured Notes May 2022 500 500 9 ¾% Second Priority Senior Secured Notes Retired — 800 Debt discounts (24 ) (20 ) Capital leases and other Various 132 133 Total long-term debt 3,708 3,918 Current portion of long-term debt (39 ) (58 ) Long-term debt, less current portion $ 3,669 $ 3,860 The Company's senior secured credit facilities consist of $ 2.4 650 In October 2014, the Company elected to make a voluntary one-time $ 100 Revolving Line of Credit In May 2015, the Company amended the credit agreement relating to its existing $650 million secured, revolving credit facility to extend the maturity date of the revolving credit facility from June 2016 to May 2020 5 1 8 % Second Priority Senior Secured Notes In June 2015, the Company issued $ 700 1 8 % second priority senior secured notes due July 2023 1 8 % second priority senior secured notes is due semi-annually on January 15 and July 15. Proceeds from the issuance and existing liquidity were used to satisfy and discharge all of the outstanding 9¾% second priority senior secured notes. The Company recognized a $ 94 83 11 |
Financial Instruments And Fair
Financial Instruments And Fair Value Measurements | 9 Months Ended |
Jun. 27, 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 1.00% three 2.355 May 2016 May 2019 16 In March 2014, the Company entered into an interest rate swap transaction to manage cash flow variability associated with $ 1 1.00% three 2.59 February 2016 February 2019 Derivatives instruments Balance Sheet Location June 27, 2015 September 27, 2014 Interest rate swap Other long-term liabilities $ 21 $ 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 June 27, 2015 and September 27, 2014, along with the impairment loss recognized on the fair value measurement during the period: As of June 27, 2015 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,654 1,654 — Definite lived intangible assets — — 511 511 — Property, plant, and equipment — — 1,301 1,301 2 Total $ — $ — $ 3,673 $ 3,673 $ 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 book value of our long-term indebtedness exceeded fair value by $ 24 |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 27, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes A reconciliation of Income tax expense (benefit), computed at the federal statutory rate, to income tax expense (benefit), as provided for in the financial statements, is as follows: Three Quarterly Periods Quarterly Period Ended Ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 Income tax expense (benefit) computed at statutory rate $ (9 ) $ (2 ) $ 19 $ 8 Research and development credits — (18 ) (3 ) (18 ) Uncertain tax positions — — — (1 ) Change in valuation allowance — 1 — 1 Other — — (1 ) — Income tax expense (benefit) $ (9 ) $ (19 ) $ 15 $ (10 ) |
Operating Segments
Operating Segments | 9 Months Ended |
Jun. 27, 2015 | |
Operating Segments [Abstract] | |
Operating Segments | 9. Operating Segments The Company's operations are organized into four 95 96 95 Quarterly Period Ended Three Quarterly Periods Ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 Net sales: Rigid Open Top $ 276 $ 303 $ 784 $ 820 Rigid Closed Top 368 381 1,121 1,073 Engineered Materials 359 371 1,052 1,081 Flexible Packaging 238 243 728 674 Total net sales $ 1,241 $ 1,298 $ 3,685 $ 3,648 Operating income : Rigid Open Top $ 26 $ 1 $ 51 $ 20 Rigid Closed Top 42 38 104 101 Engineered Materials 38 33 105 90 Flexible Packaging 15 11 41 12 Total operating income $ 121 $ 83 $ 301 $ 223 Depreciation and amortization: Rigid Open Top $ 23 $ 23 $ 68 $ 70 Rigid Closed Top 32 33 99 93 Engineered Materials 17 19 52 56 Flexible Packaging 15 16 44 42 Total depreciation and amortization $ 87 $ 91 $ 263 $ 261 June 27, September 27, Total assets: Rigid Open Top $ 1,760 $ 1,808 Rigid Closed Top 1,850 1,966 Engineered Materials 674 722 Flexible Packaging 727 772 Total assets $ 5,011 $ 5,268 Goodwill: Rigid Open Top $ 681 $ 681 Rigid Closed Top 825 827 Engineered Materials 69 71 Flexible Packaging 79 80 Total goodwill $ 1,654 $ 1,659 |
Contingencies And Commitments
Contingencies And Commitments | 9 Months Ended |
Jun. 27, 2015 | |
Contingencies And Commitments [Abstract] | |
Contingencies And Commitments | 10. Contingencies and Commitments The Company is party to various legal proceedings involving routine claims which are incidental to the business. Although the legal and financial liability with respect to such proceedings cannot be estimated with certainty, the Company believes that any ultimate liability would not be material to the business, financial condition, results of operations, or cash flows of the Company. |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) Per Share | 9 Months Ended |
Jun. 27, 2015 | |
Basic and Diluted Net Income (Loss) Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) Per Share | 11. Basic and Diluted Net Income (Loss) per Share Basic net income (loss) per share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, stock options are considered to be common stock equivalents and are only included in the calculation of diluted net income (loss) per share when their effect is dilutive. The following tables and discussion provide a reconciliation of the numerator and denominator of the basic and diluted net income (loss) per share computations. The calculation below provides net income (loss) on both basic and diluted basis for the quarterly periods ended June 27, 2015 and June 28, 2014: Three Quarterly Periods Quarterly Period Ended Ended June 27, June 28, June 27, June 28, (in millions, except per share amounts) 2015 2014 2015 2014 Numerator Consolidated net income (loss) $ (13 ) $ 15 $ 38 $ 33 Denominator Weighted average common shares outstanding - basic 119.5 117.3 118.9 116.6 Dilutive shares — 4.2 4.8 4.2 Weighted average common and common equivalent shares outstanding - diluted 119.5 121.5 123.7 120.8 Per common share income (loss) Basic $ (0.11 ) $ 0.13 $ 0.32 $ 0.28 Diluted $ (0.11 ) $ 0.12 $ 0.31 $ 0.27 The effect of outstanding stock options is not included in the calculation of diluted net loss per common share for the quarterly period ended June 27, 2015 as the effect of these options would be antidilutive to the net loss available to common shareholders. Thus, the weighted average common equivalent shares used for purposes of computing diluted EPS are the same as those used to compute basic EPS for these periods. Shares excluded from the quarterly period ended June 27, 2015 calculation as the effect of their exercise into shares of our common stock would be antidilutive were 4.9 million. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 9 Months Ended |
Jun. 27, 2015 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 12. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of Consolidated net income (loss) and Other comprehensive income (loss). Other comprehensive losses include net unrealized gains or losses resulting from currency translations of foreign subsidiaries, changes in the value of our derivative instruments and adjustments to the pension liability. The balances related to each component of Other comprehensive income (loss) during the nine months ended June 27, 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 (32 ) — (18 ) (50 ) Tax expense — — 6 6 Balance at June 27, 2015 $ (68 ) $ (15 ) $ (4 ) $ (87 ) |
Guarantor And Non-Guarantor Fin
Guarantor And Non-Guarantor Financial Information | 9 Months Ended |
Jun. 27, 2015 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
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 Condensed Supplemental Consolidated Balance Sheet June 27, 2015 Parent Issuer Guarantor Non- Eliminations Total Current assets 181 99 837 211 — 1,328 Intercompany receivable — 3,135 — 102 (3,237 ) — Property, plant, and equipment, net — 81 1,114 106 — 1,301 Other assets 106 1,458 2,172 106 (1,460 ) 2,382 Total assets $ 287 $ 4,773 $ 4,123 $ 525 $ (4,697 ) $ 5,011 Current liabilities 50 177 379 88 — 694 Intercompany payable (274 ) — 3,511 — (3,237 ) — Other long-term liabilities 585 3,761 38 7 — 4,391 Redeemable non-controlling interest 13 — — 13 (13 ) 13 Stockholders' equity (deficit) (87 ) 835 195 417 (1,447 ) (87 ) Total liabilities and stockholders' equity (deficit) $ 287 $ 4,773 $ 4,123 $ 525 $ (4,697 ) $ 5,011 September 27, 2014 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 June 27, 2015 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 155 $ 961 $ 125 $ — $ 1,241 Cost of goods sold — 121 773 109 — 1,003 Selling, general and administrative — 17 63 12 — 92 Amortization of intangibles — 2 18 2 — 22 Restructuring and impairment charges — — 3 — — 3 Operating income — 15 104 2 — 121 Debt extinguishment — 94 — — — 94 Other expense (income), net — (2 ) 3 1 — 2 Interest expense, net — 6 37 4 — 47 Equity in net income of subsidiaries 22 (60 ) — — 38 — Income (loss) before income taxes (22 ) (23 ) 64 (3 ) (38 ) (22 ) Income tax expense (benefit) (9 ) (10 ) — 1 9 (9 ) Consolidated net income (loss) $ (13 ) $ (13 ) $ 64 $ (4 ) $ (47 ) $ (13 ) Comprehensive net income (loss) $ (13 ) $ (11 ) $ 64 $ (2 ) $ (47 ) $ (9 ) Quarterly Period Ended June 28, 2014 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 165 $ 1,019 $ 114 $ — $ 1,298 Cost of goods sold — 145 854 90 — 1,089 Selling, general and administrative — 13 62 10 — 85 Amortization of intangibles — 3 21 2 — 26 Restructuring and impairment charges — — 15 — — 15 Operating income — 4 67 12 — 83 Debt extinguishment — 33 — — — 33 Other income, net — — (2 ) — — (2 ) Interest expense, net 10 7 43 (35 ) 31 56 Equity in net income of subsidiaries (6 ) (73 ) — — 79 — Income (loss) before income taxes (4 ) 37 26 47 (110 ) (4 ) Income tax expense (benefit) (19 ) (7 ) — 1 6 (19 ) Consolidated net income (loss) $ 15 $ 44 $ 26 $ 46 $ (116 ) $ 15 Comprehensive net income (loss) $ 15 $ 39 $ 26 $ 48 $ (116 ) $ 12 Three Quarterly Periods Ended June 27, 2015 Guarantor Non Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 464 $ 2,871 $ 350 $ — $ 3,685 Cost of goods sold — 394 2,366 277 — 3,037 Selling, general and administrative — 50 183 33 — 266 Amortization of intangibles — 6 58 6 — 70 Restructuring and impairment charges — — 11 — — 11 Operating income — 14 253 34 — 301 Debt extinguishment — 94 — — — 94 Other expense (income), net — (1 ) 2 1 — 2 Interest expense, net — 19 119 14 — 152 Equity in net income of subsidiaries (53 ) (148 ) — — 201 — Income (loss) before income taxes 53 50 132 19 (201 ) 53 Income tax expense (benefit) 15 12 — 3 (15 ) 15 Consolidated net income (loss) $ 38 $ 38 $ 132 $ 16 $ (186 ) $ 38 Comprehensive net income (loss) $ 38 $ 26 $ 132 $ (16 ) $ (186 ) $ (6 ) Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (35 ) $ 407 $ 20 $ — $ 392 Cash Flow from Investing Activities Additions to property, plant, and equipment — (11 ) (110 ) (3 ) — (124 ) Proceeds from sale of assets — — 13 5 — 18 (Contributions) distributions to/from subsidiaries (16 ) 16 — — — — Intercompany advances (repayments) — 282 — — (282 ) — Acquisition of business, net of cash acquired — — — — — — Net cash from investing activities (16 ) 288 (97 ) 2 (282 ) (106 ) Cash Flow from Financing Activities Proceeds from long-term debt — 702 — — — 702 Proceeds from issuance of common stock 16 — — — — 16 Payment of tax receivable agreement (39 ) — — — — (39 ) Repayments on long-term borrowings — (937 ) — (3 ) — (940 ) Debt financing costs — (87 ) — — — (87 ) Changes in intercompany balances 39 — (321 ) — 282 — Net cash from financing activities 16 (322 ) (321 ) (3 ) 282 (348 ) Effect of exchange rate changes on cash — — — (5 ) — (5 ) Net change in cash — (70 ) (11 ) 14 — (67 ) Cash and cash equivalents at beginning of period — 70 15 44 — 129 Cash and cash equivalents at end of period $ — $ — $ 4 $ 58 $ — $ 62 Three Quarterly Periods Ended June 28, 2014 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 466 $ 2,884 $ 298 $ — $ 3,648 Cost of goods sold — 417 2,424 235 — 3,076 Selling, general and administrative — 47 172 25 — 244 Amortization of intangibles — 7 64 6 — 77 Restructuring and impairment charges — — 28 — — 28 Operating income (loss) — (5 ) 196 32 — 223 Debt extinguishment — 35 — — — 35 Other income, net — (1 ) (2 ) — — (3 ) Interest expense, net 34 20 133 (102 ) 83 168 Equity in net income of subsidiaries (57 ) (196 ) — — 253 — Income (loss) before income taxes 23 137 65 134 (336 ) 23 Income tax expense (benefit) (10 ) 29 — 3 (32 ) (10 ) Consolidated net income (loss) $ 33 $ 108 $ 65 $ 131 $ (304 ) $ 33 Comprehensive net income (loss) $ 33 $ 105 $ 65 $ 129 $ (304 ) $ 28 Consolidating Statement of Cash Flows Cash Flows from Operating Activities $ — $ 29 $ 316 $ 25 $ — $ 370 Cash Flows from Investing Activities Additions to property, plant, and equipment — (10 ) (155 ) (7 ) — (172 ) Proceeds from sale of assets — — 5 — — 5 (Contributions) distributions to/from subsidiaries 727 (6 ) — — (721 ) — Proceeds from sale of investments — — — 721 (721 ) — Intercompany advances (repayments) — (93 ) — — 93 — Acquisition of businesses, net of cash acquired — — (135 ) (90 ) — (225 ) Net cash from investing activities 727 (109 ) (285 ) 624 (1,349 ) (392 ) Cash Flows from Financing Activities Proceeds from long-term borrowings — 1,664 — — — 1,664 Proceeds from issuance of common stock 13 — — — — 13 Payment of tax receivable agreement (32 ) — — — — (32 ) Debt financing costs — (44 ) — — — (44 ) (Contributions) distributions to/from subsidiaries — — — (721 ) 721 — Repayments on long-term borrowings (740 ) (1,656 ) — — 721 (1,675 ) Changes in intercompany balances 32 — (30 ) 91 (93 ) — Net cash from financing activities (727 ) (36 ) (30 ) (630 ) 1,349 (74 ) Effect of exchange rate changes on cash — — — (1 ) — (1 ) Net change in cash — (116 ) 1 18 — (97 ) Cash and cash equivalents at beginning of period — 116 — 26 — 142 Cash and cash equivalents at end of period $ — $ — $ 1 $ 44 $ — $ 45 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Jun. 27, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. Subsequent Events In July 2015, the Company announced its intention to enter into a definitive agreement to acquire AVINTIV Inc. ("AVINTIV") from Blackstone Group LP for a purchase price of $ 2.45 With 23 14 4,500 |
Recently Issued Accounting Pr22
Recently Issued Accounting Pronouncements (Policy) | 9 Months Ended |
Jun. 27, 2015 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Revenue Recognition | 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, 2017 and interim periods therein. Early adoption for annual reporting periods beginning after December 15, 2016 is permitted. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. 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 | 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 expects this new guidance will reduce total assets and total long-term debt on its consolidated balance sheets by amounts classified as deferred costs, but does not expect this update to have any other effect on its consolidated financial statements. |
Restructuring And Impairment 23
Restructuring And Impairment Charges (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Restructuring And Impairment Charges [Abstract] | |
Components Of Restructuring Charges By Segment | Quarterly Period Ended Three Quarterly Periods Ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 Rigid Open Top $ 1 $ 11 $ 3 $ 13 Rigid Closed Top — — 3 1 Engineered Materials 1 2 1 6 Flexible Packaging 1 2 4 8 Consolidated $ 3 $ 15 $ 11 $ 28 |
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 3 6 2 11 Non-cash asset impairment — — (2 ) (2 ) Cash payments (5 ) (6 ) — (11 ) Balance at June 27, 2015 $ 3 $ 8 $ — $ 11 |
Accrued Expenses, Other Curre24
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Summary Of Accrued Expenses And Other Current Liabilities | June 27, September 27, 2015 2014 Employee compensation, payroll and other taxes $ 90 $ 99 Interest 22 44 Rebates 49 50 Restructuring 11 13 Tax receivable agreement obligation 55 39 Other 75 69 $ 302 $ 314 |
Summary Of Other Long-Term Liabilities | June 27, September 27, 2015 2014 Lease retirement obligation $ 32 $ 31 Sale-lease back deferred gain 28 30 Pension liability 42 45 Tax receivable agreement obligation 179 234 Other 35 16 $ 316 $ 356 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | June 27, September 27, Maturity Date 2015 2014 Term loan February 2020 $ 1,372 $ 1,383 Term loan January 2021 1,019 1,122 Revolving line of credit May 2020 9 — 5 1 / 8 % Second Priority Senior Secured Notes July 2023 700 — 5 1 2 % Second Priority Senior Secured Notes May 2022 500 500 9 ¾% Second Priority Senior Secured Notes Retired — 800 Debt discounts (24 ) (20 ) Capital leases and other Various 132 133 Total long-term debt 3,708 3,918 Current portion of long-term debt (39 ) (58 ) Long-term debt, less current portion $ 3,669 $ 3,860 |
Financial Instruments And Fai26
Financial Instruments And Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Schedule Of Derivatives Instruments | June 27, September 27, Derivatives instruments Balance Sheet Location 2015 2014 Interest rate swap Other long-term liabilities $ 21 $ 3 |
Schedule Of Fair Value Assets Measured On Nonrecurring Basis | As of June 27, 2015 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,654 1,654 — Definite lived intangible assets — — 511 511 — Property, plant, and equipment — — 1,301 1,301 2 Total $ — $ — $ 3,673 $ 3,673 $ 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) | 9 Months Ended |
Jun. 27, 2015 | |
Income Taxes [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Three Quarterly Periods Quarterly Period Ended Ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 Income tax expense (benefit) computed at statutory rate $ (9 ) $ (2 ) $ 19 $ 8 Research and development credits — (18 ) (3 ) (18 ) Uncertain tax positions — — — (1 ) Change in valuation allowance — 1 — 1 Other — — (1 ) — Income tax expense (benefit) $ (9 ) $ (19 ) $ 15 $ (10 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Operating Segments [Abstract] | |
Summary Of Selected Information By Reportable Segment | Quarterly Period Ended Three Quarterly Periods Ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 Net sales: Rigid Open Top $ 276 $ 303 $ 784 $ 820 Rigid Closed Top 368 381 1,121 1,073 Engineered Materials 359 371 1,052 1,081 Flexible Packaging 238 243 728 674 Total net sales $ 1,241 $ 1,298 $ 3,685 $ 3,648 Operating income : Rigid Open Top $ 26 $ 1 $ 51 $ 20 Rigid Closed Top 42 38 104 101 Engineered Materials 38 33 105 90 Flexible Packaging 15 11 41 12 Total operating income $ 121 $ 83 $ 301 $ 223 Depreciation and amortization: Rigid Open Top $ 23 $ 23 $ 68 $ 70 Rigid Closed Top 32 33 99 93 Engineered Materials 17 19 52 56 Flexible Packaging 15 16 44 42 Total depreciation and amortization $ 87 $ 91 $ 263 $ 261 |
Summary Of Assets And Goodwill By Segment | June 27, September 27, Total assets: Rigid Open Top $ 1,760 $ 1,808 Rigid Closed Top 1,850 1,966 Engineered Materials 674 722 Flexible Packaging 727 772 Total assets $ 5,011 $ 5,268 Goodwill: Rigid Open Top $ 681 $ 681 Rigid Closed Top 825 827 Engineered Materials 69 71 Flexible Packaging 79 80 Total goodwill $ 1,654 $ 1,659 |
Basic and Diluted Net Income 29
Basic and Diluted Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Basic and Diluted Net Income (Loss) Per Share [Abstract] | |
Schedule Of Net Income (Loss) Per Share | Three Quarterly Periods Quarterly Period Ended Ended June 27, June 28, June 27, June 28, (in millions, except per share amounts) 2015 2014 2015 2014 Numerator Consolidated net income (loss) $ (13 ) $ 15 $ 38 $ 33 Denominator Weighted average common shares outstanding - basic 119.5 117.3 118.9 116.6 Dilutive shares — 4.2 4.8 4.2 Weighted average common and common equivalent shares outstanding - diluted 119.5 121.5 123.7 120.8 Per common share income (loss) Basic $ (0.11 ) $ 0.13 $ 0.32 $ 0.28 Diluted $ (0.11 ) $ 0.12 $ 0.31 $ 0.27 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Comprehensive Income (Loss) [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 (32 ) — (18 ) (50 ) Tax expense — — 6 6 Balance at June 27, 2015 $ (68 ) $ (15 ) $ (4 ) $ (87 ) |
Guarantor And Non-Guarantor F31
Guarantor And Non-Guarantor Financial Information (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Condensed Supplemental Consolidated Balance Sheet | Condensed Supplemental Consolidated Balance Sheet June 27, 2015 Parent Issuer Guarantor Non- Eliminations Total Current assets 181 99 837 211 — 1,328 Intercompany receivable — 3,135 — 102 (3,237 ) — Property, plant, and equipment, net — 81 1,114 106 — 1,301 Other assets 106 1,458 2,172 106 (1,460 ) 2,382 Total assets $ 287 $ 4,773 $ 4,123 $ 525 $ (4,697 ) $ 5,011 Current liabilities 50 177 379 88 — 694 Intercompany payable (274 ) — 3,511 — (3,237 ) — Other long-term liabilities 585 3,761 38 7 — 4,391 Redeemable non-controlling interest 13 — — 13 (13 ) 13 Stockholders' equity (deficit) (87 ) 835 195 417 (1,447 ) (87 ) Total liabilities and stockholders' equity (deficit) $ 287 $ 4,773 $ 4,123 $ 525 $ (4,697 ) $ 5,011 September 27, 2014 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 Financial Information | Condensed Supplemental Consolidated Statements of Operations Quarterly Period Ended June 27, 2015 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 155 $ 961 $ 125 $ — $ 1,241 Cost of goods sold — 121 773 109 — 1,003 Selling, general and administrative — 17 63 12 — 92 Amortization of intangibles — 2 18 2 — 22 Restructuring and impairment charges — — 3 — — 3 Operating income — 15 104 2 — 121 Debt extinguishment — 94 — — — 94 Other expense (income), net — (2 ) 3 1 — 2 Interest expense, net — 6 37 4 — 47 Equity in net income of subsidiaries 22 (60 ) — — 38 — Income (loss) before income taxes (22 ) (23 ) 64 (3 ) (38 ) (22 ) Income tax expense (benefit) (9 ) (10 ) — 1 9 (9 ) Consolidated net income (loss) $ (13 ) $ (13 ) $ 64 $ (4 ) $ (47 ) $ (13 ) Comprehensive net income (loss) $ (13 ) $ (11 ) $ 64 $ (2 ) $ (47 ) $ (9 ) Quarterly Period Ended June 28, 2014 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 165 $ 1,019 $ 114 $ — $ 1,298 Cost of goods sold — 145 854 90 — 1,089 Selling, general and administrative — 13 62 10 — 85 Amortization of intangibles — 3 21 2 — 26 Restructuring and impairment charges — — 15 — — 15 Operating income — 4 67 12 — 83 Debt extinguishment — 33 — — — 33 Other income, net — — (2 ) — — (2 ) Interest expense, net 10 7 43 (35 ) 31 56 Equity in net income of subsidiaries (6 ) (73 ) — — 79 — Income (loss) before income taxes (4 ) 37 26 47 (110 ) (4 ) Income tax expense (benefit) (19 ) (7 ) — 1 6 (19 ) Consolidated net income (loss) $ 15 $ 44 $ 26 $ 46 $ (116 ) $ 15 Comprehensive net income (loss) $ 15 $ 39 $ 26 $ 48 $ (116 ) $ 12 Three Quarterly Periods Ended June 27, 2015 Guarantor Non Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 464 $ 2,871 $ 350 $ — $ 3,685 Cost of goods sold — 394 2,366 277 — 3,037 Selling, general and administrative — 50 183 33 — 266 Amortization of intangibles — 6 58 6 — 70 Restructuring and impairment charges — — 11 — — 11 Operating income — 14 253 34 — 301 Debt extinguishment — 94 — — — 94 Other expense (income), net — (1 ) 2 1 — 2 Interest expense, net — 19 119 14 — 152 Equity in net income of subsidiaries (53 ) (148 ) — — 201 — Income (loss) before income taxes 53 50 132 19 (201 ) 53 Income tax expense (benefit) 15 12 — 3 (15 ) 15 Consolidated net income (loss) $ 38 $ 38 $ 132 $ 16 $ (186 ) $ 38 Comprehensive net income (loss) $ 38 $ 26 $ 132 $ (16 ) $ (186 ) $ (6 ) Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (35 ) $ 407 $ 20 $ — $ 392 Cash Flow from Investing Activities Additions to property, plant, and equipment — (11 ) (110 ) (3 ) — (124 ) Proceeds from sale of assets — — 13 5 — 18 (Contributions) distributions to/from subsidiaries (16 ) 16 — — — — Intercompany advances (repayments) — 282 — — (282 ) — Acquisition of business, net of cash acquired — — — — — — Net cash from investing activities (16 ) 288 (97 ) 2 (282 ) (106 ) Cash Flow from Financing Activities Proceeds from long-term debt — 702 — — — 702 Proceeds from issuance of common stock 16 — — — — 16 Payment of tax receivable agreement (39 ) — — — — (39 ) Repayments on long-term borrowings — (937 ) — (3 ) — (940 ) Debt financing costs — (87 ) — — — (87 ) Changes in intercompany balances 39 — (321 ) — 282 — Net cash from financing activities 16 (322 ) (321 ) (3 ) 282 (348 ) Effect of exchange rate changes on cash — — — (5 ) — (5 ) Net change in cash — (70 ) (11 ) 14 — (67 ) Cash and cash equivalents at beginning of period — 70 15 44 — 129 Cash and cash equivalents at end of period $ — $ — $ 4 $ 58 $ — $ 62 Three Quarterly Periods Ended June 28, 2014 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 466 $ 2,884 $ 298 $ — $ 3,648 Cost of goods sold — 417 2,424 235 — 3,076 Selling, general and administrative — 47 172 25 — 244 Amortization of intangibles — 7 64 6 — 77 Restructuring and impairment charges — — 28 — — 28 Operating income (loss) — (5 ) 196 32 — 223 Debt extinguishment — 35 — — — 35 Other income, net — (1 ) (2 ) — — (3 ) Interest expense, net 34 20 133 (102 ) 83 168 Equity in net income of subsidiaries (57 ) (196 ) — — 253 — Income (loss) before income taxes 23 137 65 134 (336 ) 23 Income tax expense (benefit) (10 ) 29 — 3 (32 ) (10 ) Consolidated net income (loss) $ 33 $ 108 $ 65 $ 131 $ (304 ) $ 33 Comprehensive net income (loss) $ 33 $ 105 $ 65 $ 129 $ (304 ) $ 28 Consolidating Statement of Cash Flows Cash Flows from Operating Activities $ — $ 29 $ 316 $ 25 $ — $ 370 Cash Flows from Investing Activities Additions to property, plant, and equipment — (10 ) (155 ) (7 ) — (172 ) Proceeds from sale of assets — — 5 — — 5 (Contributions) distributions to/from subsidiaries 727 (6 ) — — (721 ) — Proceeds from sale of investments — — — 721 (721 ) — Intercompany advances (repayments) — (93 ) — — 93 — Acquisition of businesses, net of cash acquired — — (135 ) (90 ) — (225 ) Net cash from investing activities 727 (109 ) (285 ) 624 (1,349 ) (392 ) Cash Flows from Financing Activities Proceeds from long-term borrowings — 1,664 — — — 1,664 Proceeds from issuance of common stock 13 — — — — 13 Payment of tax receivable agreement (32 ) — — — — (32 ) Debt financing costs — (44 ) — — — (44 ) (Contributions) distributions to/from subsidiaries — — — (721 ) 721 — Repayments on long-term borrowings (740 ) (1,656 ) — — 721 (1,675 ) Changes in intercompany balances 32 — (30 ) 91 (93 ) — Net cash from financing activities (727 ) (36 ) (30 ) (630 ) 1,349 (74 ) Effect of exchange rate changes on cash — — — (1 ) — (1 ) Net change in cash — (116 ) 1 18 — (97 ) Cash and cash equivalents at beginning of period — 116 — 26 — 142 Cash and cash equivalents at end of period $ — $ — $ 1 $ 44 $ — $ 45 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Sep. 27, 2014 | Jun. 30, 2014 |
Acquisitions [Line Item] | |||
Goodwill | $ 1,654 | $ 1,659 | |
Rexam Healthcare Containers and Closures [Member] | |||
Acquisitions [Line Item] | |||
Aggregate purchase price | $ 130 | ||
Working capital | 29 | ||
Property, plant and equipment | 85 | ||
Deferred tax liabilities, noncurrent | 3 | ||
Intangible asset | 9 | ||
Goodwill | 7 | ||
Other long-term liabilities | $ 3 |
Restructuring And Impairment 33
Restructuring And Impairment Charges (Components Of Restructuring Charges By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Restructuring And Impairment Charges [Line Items] | ||||
Charges | $ 3 | $ 15 | $ 11 | $ 28 |
Rigid Open Top [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Charges | 1 | 11 | 3 | 13 |
Rigid Closed Top [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Charges | 3 | 1 | ||
Engineered Materials [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Charges | 1 | 2 | 1 | 6 |
Flexible Packaging [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Charges | $ 1 | $ 2 | $ 4 | $ 8 |
Restructuring And Impairment 34
Restructuring And Impairment Charges (Schedule Of Restructuring Accrual Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Restructuring And Impairment Charges [Line Items] | ||||
Beginning balance | $ 13 | |||
Charges | $ 3 | $ 15 | 11 | $ 28 |
Non-cash asset impairment | (2) | |||
Cash payments | (11) | |||
Ending balance | 11 | 11 | ||
Severance And Termination Benefits [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Beginning balance | 5 | |||
Charges | 3 | |||
Cash payments | (5) | |||
Ending balance | 3 | 3 | ||
Facilities Exit Costs And Other [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Beginning balance | 8 | |||
Charges | 6 | |||
Cash payments | (6) | |||
Ending balance | $ 8 | 8 | ||
Non-Cash [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Charges | 2 | |||
Non-cash asset impairment | $ (2) |
Accrued Expenses, Other Curre35
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2014 | Jun. 27, 2015 | |
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Tax receivable agreement holders percentage | 85.00% | |
Payments related to income tax receivable agreement | $ 39 | |
Apollo Global Management, LLC [Member] | ||
Accrued Expenses And Other Current Liabilities [Line Items] | ||
Payments related to income tax receivable agreement | $ 33 |
Accrued Expenses, Other Curre36
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Sep. 27, 2014 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Employee compensation, payroll and other taxes | $ 90 | $ 99 |
Interest | 22 | 44 |
Rebates | 49 | 50 |
Restructuring | 11 | 13 |
Tax receivable agreement obligation | 55 | 39 |
Other | 75 | 69 |
Total accrued liabilities, current | $ 302 | $ 314 |
Accrued Expenses, Other Curre37
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Sep. 27, 2014 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Lease retirement obligation | $ 32 | $ 31 |
Sale-lease back deferred gain | 28 | 30 |
Pension liability | 42 | 45 |
Tax receivable agreement obligation | 179 | 234 |
Other | 35 | 16 |
Other long-term liabilities | $ 316 | $ 356 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Sep. 27, 2014 | |
Debt Instrument [Line Items] | ||||||
Debt discount, net | $ 24 | $ 24 | $ 20 | |||
Debt extinguishment | 94 | $ 33 | 94 | $ 35 | ||
5 1/8% Second Priority Senior Secured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 700 | $ 700 | ||||
Debt instrument, interest rate | 5.125% | 5.125% | ||||
Maturity date | Jul. 1, 2023 | |||||
Long-term debt | $ 700 | $ 700 | ||||
9 3/4% Second Priority Senior Secured Notes, Retired [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 9.75% | 9.75% | ||||
Long-term debt | $ 800 | |||||
Debt extinguishment | $ 94 | |||||
Incur tender amount | 83 | |||||
Write-off of deferred financing fees | 11 | |||||
Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 2,400 | 2,400 | ||||
Repayment of debt | $ 100 | |||||
Revolving Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 650 | $ 650 | ||||
Maturity date | May 1, 2020 | |||||
Long-term debt | $ 9 | $ 9 |
Long-Term Debt (Summary Of Long
Long-Term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 27, 2015 | Sep. 27, 2014 | |
Debt Instrument [Line Items] | ||
Debt discounts | $ (24) | $ (20) |
Capital leases and other | 132 | 133 |
Total long-term debt | 3,708 | 3,918 |
Current portion of long-term debt | (39) | (58) |
Long-term debt, less current portion | 3,669 | 3,860 |
Revolving Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 9 | |
Maturity date | May 1, 2020 | |
Term Loan Due February 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,372 | 1,383 |
Maturity date | Feb. 1, 2020 | |
Term Loan Due January 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,019 | 1,122 |
Maturity date | Jan. 1, 2021 | |
5 1/8% Second Priority Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 700 | |
Debt instrument, interest rate | 5.125% | |
Maturity date | Jul. 1, 2023 | |
5 1/2% Second Priority Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 500 | 500 |
Debt instrument, interest rate | 5.50% | |
Maturity date | May 1, 2022 | |
9 3/4% Second Priority Senior Secured Notes, Retired [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 800 | |
Debt instrument, interest rate | 9.75% |
Financial Instruments And Fai40
Financial Instruments And Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | Jun. 28, 2013 | Feb. 28, 2013 | Jun. 27, 2015 | |
Derivative [Line Items] | ||||
Derivative variable interest rate | 1.00% | |||
Fair value of investments exceeding book value | $ 24 | |||
2013 Swaps [Member] | ||||
Derivative [Line Items] | ||||
Debt instrument, face amount | $ 1,000 | |||
Derivative settlement receivables | $ 16 | |||
Term of fixed interest rate | 3 years | |||
Derivative instrument fixed interest rate | 2.355% | |||
Derivative maturity date | May 1, 2019 | |||
Derivative effective date | May 1, 2016 | |||
2014 Swaps [Member] | ||||
Derivative [Line Items] | ||||
Debt instrument, face amount | $ 1,000 | |||
Derivative variable interest rate | 1.00% | |||
Term of fixed interest rate | 3 years | |||
Derivative instrument fixed interest rate | 2.59% | |||
Derivative maturity date | Feb. 1, 2019 | |||
Derivative effective date | Feb. 1, 2016 |
Financial Instruments And Fai41
Financial Instruments And Fair Value Measurements (Schedule Of Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Sep. 27, 2014 |
Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap | $ 21 | $ 3 |
Financial Instruments And Fai42
Financial Instruments And Fair Value Measurements (Schedule of Fair Value Assets Measured On A Non-Recurring Basis) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Jun. 27, 2015 | Sep. 27, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | $ 207 | $ 207 |
Goodwill | 1,654 | 1,659 |
Definite lived intangible assets | 511 | 585 |
Property, plant, and equipment | 1,301 | 1,364 |
Total | 3,673 | 3,815 |
Property, plant, and equipment, Impairment | 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 | 1,654 | 1,659 |
Definite lived intangible assets | 511 | 585 |
Property, plant, and equipment | 1,301 | 1,364 |
Total | $ 3,673 | $ 3,815 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Income Taxes [Abstract] | ||||
Income tax expense (benefit) computed at statutory rate | $ (9) | $ (2) | $ 19 | $ 8 |
Research and development credits | (18) | (3) | (18) | |
Uncertain tax positions | (1) | |||
Change in valuation allowance | 1 | 1 | ||
Other | (1) | |||
Income tax expense (benefit) | $ (9) | $ (19) | $ 15 | $ (10) |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) - 9 months ended Jun. 27, 2015 - segment | Total |
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% |
Operating Segments (Summary Of
Operating Segments (Summary Of Selected Information By Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,241 | $ 1,298 | $ 3,685 | $ 3,648 |
Operating income | 121 | 83 | 301 | 223 |
Depreciation and amortization | 87 | 91 | 263 | 261 |
Rigid Open Top [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 276 | 303 | 784 | 820 |
Operating income | 26 | 1 | 51 | 20 |
Depreciation and amortization | 23 | 23 | 68 | 70 |
Rigid Closed Top [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 368 | 381 | 1,121 | 1,073 |
Operating income | 42 | 38 | 104 | 101 |
Depreciation and amortization | 32 | 33 | 99 | 93 |
Engineered Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 359 | 371 | 1,052 | 1,081 |
Operating income | 38 | 33 | 105 | 90 |
Depreciation and amortization | 17 | 19 | 52 | 56 |
Flexible Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 238 | 243 | 728 | 674 |
Operating income | 15 | 11 | 41 | 12 |
Depreciation and amortization | $ 15 | $ 16 | $ 44 | $ 42 |
Operating Segments (Summary O46
Operating Segments (Summary Of Assets And Goodwill By Segment) (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Sep. 27, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 5,011 | $ 5,268 |
Goodwill | 1,654 | 1,659 |
Rigid Open Top [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,760 | 1,808 |
Goodwill | 681 | 681 |
Rigid Closed Top [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,850 | 1,966 |
Goodwill | 825 | 827 |
Engineered Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 674 | 722 |
Goodwill | 69 | 71 |
Flexible Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 727 | 772 |
Goodwill | $ 79 | $ 80 |
Basic and Diluted Net Income 47
Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Basic and Diluted Net Income (Loss) Per Share [Abstract] | ||||
Consolidated net income (loss) | $ (13) | $ 15 | $ 38 | $ 33 |
Weighted average shares of common stock outstanding--basic | 119.5 | 117.3 | 118.9 | 116.6 |
Dilutive shares | 4.2 | 4.8 | 4.2 | |
Weighted average common and common equivalent shares outstanding - diluted | 119.5 | 121.5 | 123.7 | 120.8 |
Basic net income (loss) per share available to common shareholders | $ (0.11) | $ 0.13 | $ 0.32 | $ 0.28 |
Diluted net income (loss) per share available to common shareholders | $ (0.11) | $ 0.12 | $ 0.31 | $ 0.27 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of September 27, 2014 | $ (43) | ||
Other comprehensive loss | (50) | ||
Tax expense | $ 3 | 6 | $ 1 |
Balance as of June 27, 2015 | (87) | ||
Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of September 27, 2014 | (36) | ||
Other comprehensive loss | $ (32) | ||
Tax expense | |||
Balance as of June 27, 2015 | $ (68) | ||
Defined Benefit Pension And Retiree Health Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of September 27, 2014 | $ (15) | ||
Other comprehensive loss | |||
Tax expense | |||
Balance as of June 27, 2015 | $ (15) | ||
Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of September 27, 2014 | 8 | ||
Other comprehensive loss | (18) | ||
Tax expense | 6 | ||
Balance as of June 27, 2015 | $ (4) |
Guarantor And Non-Guarantor F49
Guarantor And Non-Guarantor Financial Information (Narrative) (Details) | Jun. 27, 2015 |
Guarantor Subsidiaries [Member] | |
Percentage ownership in guarantor subsidiaries | 100.00% |
Guarantor And Non-Guarantor F50
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 28, 2013 |
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Current assets | $ 1,328 | $ 1,432 | ||
Property, plant, and equipment, net | 1,301 | 1,364 | ||
Other Assets | 2,382 | 2,472 | ||
Total assets | 5,011 | 5,268 | ||
Current liabilities | 694 | 767 | ||
Other long-term liabilities | 4,391 | 4,602 | ||
Redeemable non-controlling interest | 13 | 13 | ||
Total stockholders' equity (deficit) | (87) | (114) | $ (130) | $ (196) |
Total liabilities and stockholders' equity (deficit) | 5,011 | 5,268 | ||
Parent Company [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Current assets | 181 | 166 | ||
Other Assets | 106 | 69 | ||
Total assets | 287 | 235 | ||
Current liabilities | 50 | 35 | ||
Intercompany payable | (274) | (319) | ||
Other long-term liabilities | 585 | 620 | ||
Redeemable non-controlling interest | 13 | 13 | ||
Total stockholders' equity (deficit) | (87) | (114) | ||
Total liabilities and stockholders' equity (deficit) | 287 | 235 | ||
Issuer [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Current assets | 99 | 171 | ||
Intercompany receivable | 3,135 | 3,343 | ||
Property, plant, and equipment, net | 81 | 84 | ||
Other Assets | 1,458 | 1,357 | ||
Total assets | 4,773 | 4,955 | ||
Current liabilities | 177 | 212 | ||
Other long-term liabilities | 3,761 | 3,934 | ||
Total stockholders' equity (deficit) | 835 | 809 | ||
Total liabilities and stockholders' equity (deficit) | 4,773 | 4,955 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Current assets | 837 | 901 | ||
Property, plant, and equipment, net | 1,114 | 1,162 | ||
Other Assets | 2,172 | 2,227 | ||
Total assets | 4,123 | 4,290 | ||
Current liabilities | 379 | 435 | ||
Intercompany payable | 3,511 | 3,749 | ||
Other long-term liabilities | 38 | 42 | ||
Total stockholders' equity (deficit) | 195 | 64 | ||
Total liabilities and stockholders' equity (deficit) | 4,123 | 4,290 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Current assets | 211 | 194 | ||
Intercompany receivable | 102 | 87 | ||
Property, plant, and equipment, net | 106 | 118 | ||
Other Assets | 106 | 125 | ||
Total assets | 525 | 524 | ||
Current liabilities | 88 | 85 | ||
Other long-term liabilities | 7 | 6 | ||
Redeemable non-controlling interest | 13 | 13 | ||
Total stockholders' equity (deficit) | 417 | 420 | ||
Total liabilities and stockholders' equity (deficit) | 525 | 524 | ||
Eliminations [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Intercompany receivable | (3,237) | (3,430) | ||
Other Assets | (1,460) | (1,306) | ||
Total assets | (4,697) | (4,736) | ||
Intercompany payable | (3,237) | (3,430) | ||
Redeemable non-controlling interest | (13) | (13) | ||
Total stockholders' equity (deficit) | (1,447) | (1,293) | ||
Total liabilities and stockholders' equity (deficit) | $ (4,697) | $ (4,736) |
Guarantor And Non-Guarantor F51
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | $ 1,241 | $ 1,298 | $ 3,685 | $ 3,648 |
Cost of goods sold | 1,003 | 1,089 | 3,037 | 3,076 |
Selling, general and administrative | 92 | 85 | 266 | 244 |
Amortization of intangibles | 22 | 26 | 70 | 77 |
Restructuring and impairment charges | 3 | 15 | 11 | 28 |
Operating income (loss) | 121 | 83 | 301 | 223 |
Debt extinguishment | 94 | 33 | 94 | 35 |
Other expense (income), net | 2 | (2) | 2 | (3) |
Interest expense, net | 47 | 56 | 152 | 168 |
Income (loss) before income taxes | (22) | (4) | 53 | 23 |
Income tax expense (benefit) | (9) | (19) | 15 | (10) |
Consolidated net income (loss) | (13) | 15 | 38 | 33 |
Comprehensive net income (loss) | (9) | 12 | (6) | 28 |
Parent Company [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Interest expense, net | 10 | 34 | ||
Equity in net income of subsidiaries | 22 | (6) | (53) | (57) |
Income (loss) before income taxes | (22) | (4) | 53 | 23 |
Income tax expense (benefit) | (9) | (19) | 15 | (10) |
Consolidated net income (loss) | (13) | 15 | 38 | 33 |
Comprehensive net income (loss) | (13) | 15 | 38 | 33 |
Issuer [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | 155 | 165 | 464 | 466 |
Cost of goods sold | 121 | 145 | 394 | 417 |
Selling, general and administrative | 17 | 13 | 50 | 47 |
Amortization of intangibles | 2 | 3 | 6 | 7 |
Operating income (loss) | 15 | 4 | 14 | (5) |
Debt extinguishment | 94 | 33 | 94 | 35 |
Other expense (income), net | (2) | (1) | (1) | |
Interest expense, net | 6 | 7 | 19 | 20 |
Equity in net income of subsidiaries | (60) | (73) | (148) | (196) |
Income (loss) before income taxes | (23) | 37 | 50 | 137 |
Income tax expense (benefit) | (10) | (7) | 12 | 29 |
Consolidated net income (loss) | (13) | 44 | 38 | 108 |
Comprehensive net income (loss) | (11) | 39 | 26 | 105 |
Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | 961 | 1,019 | 2,871 | 2,884 |
Cost of goods sold | 773 | 854 | 2,366 | 2,424 |
Selling, general and administrative | 63 | 62 | 183 | 172 |
Amortization of intangibles | 18 | 21 | 58 | 64 |
Restructuring and impairment charges | 3 | 15 | 11 | 28 |
Operating income (loss) | 104 | 67 | 253 | 196 |
Other expense (income), net | 3 | (2) | 2 | (2) |
Interest expense, net | 37 | 43 | 119 | 133 |
Income (loss) before income taxes | 64 | 26 | 132 | 65 |
Consolidated net income (loss) | 64 | 26 | 132 | 65 |
Comprehensive net income (loss) | 64 | 26 | 132 | 65 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | 125 | 114 | 350 | 298 |
Cost of goods sold | 109 | 90 | 277 | 235 |
Selling, general and administrative | 12 | 10 | 33 | 25 |
Amortization of intangibles | 2 | 2 | 6 | 6 |
Operating income (loss) | 2 | 12 | 34 | 32 |
Other expense (income), net | 1 | 1 | ||
Interest expense, net | 4 | (35) | 14 | (102) |
Income (loss) before income taxes | (3) | 47 | 19 | 134 |
Income tax expense (benefit) | 1 | 1 | 3 | 3 |
Consolidated net income (loss) | (4) | 46 | 16 | 131 |
Comprehensive net income (loss) | (2) | 48 | (16) | 129 |
Eliminations [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Interest expense, net | 31 | 83 | ||
Equity in net income of subsidiaries | 38 | 79 | 201 | 253 |
Income (loss) before income taxes | (38) | (110) | (201) | (336) |
Income tax expense (benefit) | 9 | 6 | (15) | (32) |
Consolidated net income (loss) | (47) | (116) | (186) | (304) |
Comprehensive net income (loss) | $ (47) | $ (116) | $ (186) | $ (304) |
Guarantor And Non-Guarantor F52
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | $ 392 | $ 370 |
Purchase of property, plant and equipment | (124) | (172) |
Proceeds from sale of assets | 18 | 5 |
Acquisition of business net of cash acquired | (225) | |
Net cash used in investing activities | (106) | (392) |
Proceeds from long-term borrowings | 702 | 1,664 |
Proceeds from issuance of common stock | 16 | 13 |
Payment of tax receivable agreement | (39) | (32) |
Repayments on long-term borrowings | (940) | (1,675) |
Debt financing costs | (87) | (44) |
Net cash used in financing activities | (348) | (74) |
Effect of exchange rate changes on cash | (5) | (1) |
Net change in cash | (67) | (97) |
Cash and cash equivalents at beginning of period | 129 | 142 |
Cash and cash equivalents at end of period | 62 | 45 |
Parent Company [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
(Contributions) distributions to/from subsidiaries | (16) | 727 |
Net cash used in investing activities | (16) | 727 |
Proceeds from issuance of common stock | 16 | 13 |
Payment of tax receivable agreement | (39) | (32) |
Repayments on long-term borrowings | (740) | |
Changes in intercompany balances | 39 | 32 |
Net cash used in financing activities | 16 | (727) |
Issuer [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | (35) | 29 |
Purchase of property, plant and equipment | (11) | (10) |
(Contributions) distributions to/from subsidiaries | 16 | (6) |
Intercompany advances (repayments) | 282 | (93) |
Net cash used in investing activities | 288 | (109) |
Proceeds from long-term borrowings | 1,664 | |
Repayments on long-term borrowings | (937) | (1,656) |
Debt financing costs | (87) | (44) |
Net cash used in financing activities | (322) | (36) |
Net change in cash | (70) | (116) |
Cash and cash equivalents at beginning of period | 70 | 116 |
Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | 407 | 316 |
Purchase of property, plant and equipment | (110) | (155) |
Proceeds from sale of assets | 13 | 5 |
Acquisition of business net of cash acquired | (135) | |
Net cash used in investing activities | (97) | (285) |
Changes in intercompany balances | (321) | (30) |
Net cash used in financing activities | (321) | (30) |
Net change in cash | (11) | 1 |
Cash and cash equivalents at beginning of period | 15 | |
Cash and cash equivalents at end of period | 4 | 1 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | 20 | 25 |
Purchase of property, plant and equipment | (3) | (7) |
Proceeds from sale of assets | 5 | |
Proceeds from sale of investments | 721 | |
Acquisition of business net of cash acquired | (90) | |
Net cash used in investing activities | 2 | 624 |
Repayments on long-term borrowings | (3) | |
(Contributions) distributions to/from subsidiaries, financing activities | (721) | |
Changes in intercompany balances | 91 | |
Net cash used in financing activities | (3) | (630) |
Effect of exchange rate changes on cash | (5) | (1) |
Net change in cash | 14 | 18 |
Cash and cash equivalents at beginning of period | 44 | 26 |
Cash and cash equivalents at end of period | 58 | 44 |
Eliminations [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
(Contributions) distributions to/from subsidiaries | (721) | |
Proceeds from sale of investments | (721) | |
Intercompany advances (repayments) | (282) | 93 |
Net cash used in investing activities | (282) | (1,349) |
Repayments on long-term borrowings | 721 | |
(Contributions) distributions to/from subsidiaries, financing activities | 721 | |
Changes in intercompany balances | 282 | (93) |
Net cash used in financing activities | $ 282 | $ 1,349 |
Subsequent Event (Details)
Subsequent Event (Details) - AVINTIV [Member] $ in Millions | Jul. 31, 2015USD ($) | Jun. 27, 2015itemcountryemployee |
Subsequent Event [Line Items] | ||
Number of locations | 23 | |
Number of countries | country | 14 | |
Number of employees | employee | 4,500 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Purchase price | $ | $ 2,450 |