Document And Entity Information
Document And Entity Information - shares shares in Millions | 3 Months Ended | |
Jan. 02, 2016 | Feb. 10, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 2, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | BERRY PLASTICS GROUP INC | |
Entity Central Index Key | 1,378,992 | |
Trading Symbol | bery | |
Current Fiscal Year End Date | --10-01 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 120.5 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Consolidated Statements Of Income [Abstract] | ||
Net sales | $ 1,612 | $ 1,220 |
Costs and expenses: | ||
Cost of goods sold | 1,320 | 1,037 |
Selling, general and administrative | 154 | 85 |
Amortization of intangibles | 36 | 25 |
Restructuring and impairment charges | 16 | 5 |
Operating income | 86 | 68 |
Other expense (income), net | 4 | (1) |
Interest expense, net | 75 | 53 |
Income before income taxes | 7 | 16 |
Income tax expense | 3 | 3 |
Net income | $ 4 | $ 13 |
Net income per share: | ||
Basic | $ 0.03 | $ 0.11 |
Diluted | $ 0.03 | $ 0.11 |
Outstanding weighted-average shares: | ||
Basic | 120.1 | 118.2 |
Diluted | 124.9 | 122.9 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $ 4 | $ 13 |
Currency translation | (29) | (14) |
Interest rate hedges | 4 | (7) |
Provision for income taxes related to other comprehensive income items | (1) | 2 |
Comprehensive income (loss) | $ (22) | $ (6) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 282 | $ 228 |
Accounts receivable (less allowance of $9 and $3, respectively) | 625 | 434 |
Finished goods | 391 | 309 |
Raw materials and supplies | 290 | 213 |
Inventory, total | 681 | 522 |
Deferred income taxes | 162 | |
Prepaid expenses and other current assets | 104 | 37 |
Total current assets | 1,692 | 1,383 |
Property, plant, and equipment, net | 2,297 | 1,294 |
Goodwill, intangible assets and deferred costs, net | 3,701 | 2,349 |
Other assets | 20 | 2 |
Total assets | 7,710 | 5,028 |
Current liabilities: | ||
Accounts payable | 510 | 330 |
Accrued expenses and other current liabilities | 454 | 338 |
Current portion of long-term debt | 82 | 37 |
Total current liabilities | 1,046 | 705 |
Long-term debt, less current portion | 6,066 | 3,648 |
Deferred income taxes | 333 | 387 |
Other long-term liabilities | 332 | 341 |
Total liabilities | 7,777 | 5,081 |
Redeemable non-controlling interest | 12 | 12 |
Stockholders' equity (deficit) | ||
Common stock (120.4 and 119.9 shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 414 | 406 |
Non-controlling interest | 3 | 3 |
Accumulated deficit | (352) | (356) |
Accumulated other comprehensive loss | (145) | (119) |
Total stockholders' equity (deficit) | (79) | (65) |
Total liabilities and stockholders' equity (deficit) | $ 7,710 | $ 5,028 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 9 | $ 3 |
Common stock, shares issued | 120.4 | 119.9 |
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. 27, 2014 | $ 1 | $ 367 | $ 3 | $ (43) | $ (442) | $ (114) |
Proceeds from issuance of common stock | 7 | 7 | ||||
Stock compensation expense | 7 | 7 | ||||
Net income | 13 | 13 | ||||
Interest rate hedge, net of tax | (5) | (5) | ||||
Currency translation | (14) | (14) | ||||
Balance at Dec. 27, 2014 | 1 | 381 | 3 | (62) | (429) | (106) |
Balance at Sep. 26, 2015 | 1 | 406 | 3 | (119) | (356) | (65) |
Proceeds from issuance of common stock | 7 | 7 | ||||
Stock compensation expense | 4 | 4 | ||||
Purchase of non-controlling interest | (3) | (3) | ||||
Net income | 4 | 4 | ||||
Interest rate hedge, net of tax | 3 | 3 | ||||
Currency translation | (29) | (29) | ||||
Balance at Jan. 02, 2016 | $ 1 | $ 414 | $ 3 | $ (145) | $ (352) | $ (79) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | $ 4 | $ 13 |
Adjustments to reconcile net cash provided by operating activities: | ||
Depreciation | 103 | 66 |
Amortization of intangibles | 36 | 25 |
Non-cash interest expense | 3 | 2 |
Deferred income tax | (8) | 3 |
Stock compensation expense | 4 | 7 |
Impairment of long-lived assets | 2 | |
Other non-cash items | 7 | (2) |
Changes in working capital | 37 | (14) |
Changes in other assets and liabilities | 5 | (2) |
Net cash from operating activities | 191 | 100 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (93) | (35) |
Proceeds from sale of assets | 4 | 10 |
Acquisitions of businesses, net of cash acquired | (2,286) | |
Net cash from investing activities | (2,375) | (25) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 2,492 | |
Repayments on long-term borrowings | (100) | (116) |
Proceeds from issuance of common stock | 7 | 7 |
Payment of tax receivable agreement | (57) | (39) |
Debt financing costs | (36) | |
Purchase of non-controlling interest | (66) | |
Net cash from financing activities | 2,240 | (148) |
Effect of exchange rate changes on cash | (2) | (3) |
Net change in cash | 54 | (76) |
Cash and cash equivalents at beginning of period | 228 | 129 |
Cash and cash equivalents at end of period | $ 282 | $ 53 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Jan. 02, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed 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 preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. 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. |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Jan. 02, 2016 | |
Accounting Pronouncements [Abstract] | |
Accounting Pronouncements | 2. Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates to the FASB's Accounting Standards Codification. During the first fiscal quarter of 2016, with the exception of the below, there have been no developments to the recently adopted accounting pronouncements from those disclosed in the Company's 2015 Annual Report on Form 10-K that are considered to have a material impact on our unaudited consolidated financial statements. Inventory In July 2015, the FASB issued ASU 2015-11, simplifying the Measurement of Inventory to simplify the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, inventory should be at the lower of cost and net realizable value. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. The Company has elected to early adopt this guidance, and its effect did not have a material impact on our financial statements. Business Combinations In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805)- Simplifying the accounting for Measurement-Period Adjustments, which requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. Entities should present separately on the face of the income statement or disclose in the footnotes the portion of the measurement period adjustment recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. The new guidance is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted. The Company has elected to early adopt this guidance, and will consider the impact of such guidance on our recording of the AVINTIV, Inc. business combination Income Taxes In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes", which simplifies the presentation of deferred income taxes. This update requires that deferred tax assets and liabilities be classified as non-current in a statement of financial position. The update is effective for financial periods beginning after December 15, 2017; however, early application is permitted. The Company adopted this standard in the first quarter of fiscal year 2016, on a prospective basis, resulting in a $ 175 |
Acquisition
Acquisition | 3 Months Ended |
Jan. 02, 2016 | |
Acquisition [Abstract] | |
Acquisition | 3. Acquisition AVINTIV Inc. In October 2015, the Company acquired 100 2.26 195 care, and high-performance solutions. The acquired business is operated in the Health, Hygiene & Specialties reporting segment. To finance the purchase, the Company issued $ 400 6.0 2.1 2022 The 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 preliminary fair values at the acquisition date. The results of Avintiv have been included in the consolidated results of the Company since the date of the acquisition. Avintiv had net sales of $ 437 Working capital (a) $ 190 Property and equipment 986 Intangible assets 586 Goodwill 803 Historical Avintiv debt assumed (53 ) Non-controlling interest (63 ) Deferred purchase price (31 ) Other assets and long-term liabilities (158 ) (a) Includes a $ 7 The deferred purchase price relates to certain unaccrued tax claims of Companhia Providência Indústria e Comércio ("Providência") at the time Providência was acquired by Avintiv. If the claims are resolved in the Company's favor, the deferred purchase price will be paid to the legacy Providência shareholders. However, if the Company or Providência incur actual tax liability in respect to these claims, the amount of deferred purchase price will be reduced by the amount of such actual tax liability. The Company will be responsible for any actual tax liability in excess of the deferred purchase price and the cash consideration deposited into escrow. Unaudited pro forma net sales were $ 1.7 7 The unaudited pro forma information presented above is for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the Avintiv acquisition been consummated at the beginning of the period, nor is it necessarily indicative of future operating results. Further, the information reflects only pro forma adjustments for additional interest expense, depreciation, and amortization, net of the applicable income tax effects. |
Accounts Receivable Factoring A
Accounts Receivable Factoring Agreements | 3 Months Ended |
Jan. 02, 2016 | |
Accounts Receivable Factoring Agreements [Abstract] | |
Accounts Receivable Factoring Agreements | 4. Accounts Receivable Factoring Agreements A number of the Company's foreign subsidiaries in Brazil, Colombia, France, Italy, Mexico, Netherlands, Spain, and China have entered into factoring agreements to sell certain receivables to unrelated third-party financial institutions. The Company accounts for these transactions in accordance with ASC 860, "Transfers and Servicing" ("ASC 860"). ASC 860 allows for the ownership transfer of accounts receivable to qualify for sale treatment when the appropriate criteria is met, which permits the Company to present the balances sold under the program to be excluded from Accounts receivable, net on the Consolidated Balance Sheets. Receivables are considered sold when (i) they are transferred beyond the reach of the Company and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) the Company has surrendered control over the transferred receivables. In addition, the Company provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. The table below summarizes the total amount of accounts receivable on the Consolidated Balance Sheets, sold under these factoring arrangements as of the end of the first fiscal quarter: January 2, September 26, 2016 2015 Trade receivables sold to financial institutions $ 45 $ - Net amounts advanced from financial institutions (40 ) - Amounts due from financial institutions $ 5 $ - In addition to the programs described above, The fees associated with transfer of receivables for all programs were not material for the periods ended January 2, 2016 or December 27, 2014. |
Restructuring And Impairment Ch
Restructuring And Impairment Charges | 3 Months Ended |
Jan. 02, 2016 | |
Restructuring And Impairment Charges [Abstract] | |
Restructuring And Impairment Charges | 5. Restructuring and Impairment Charges The Company incurred restructuring costs related to severance, asset impairment, and facility exit costs of $16 million and $5 million for the quarterly period ended January 2, 2016 and December 27, 2014, respectively. The costs incurred in the quarter relate primarily to severance charges associated with the integration of the Avintiv acquisition and the closure of a manufacturing facility. The tables below set forth the significant components of the restructuring charges recognized, by segment : Quarterly Period Ended January 2, December 27, 2016 2014 Consumer Packaging $ 3 $ 2 Health, Hygiene, & Specialties 12 3 Engineered Materials 1 — Consolidated $ 16 $ 5 The table below sets forth the activity with respect to the restructuring accrual at January 2, 2016: Severance and Facilities exit termination benefits costs and other Total Balance at September 26, 2015 $ 2 $ 8 $ 10 Charges 14 2 16 Cash payments (1 ) (2 ) (3 ) Balance at January 2, 2016 $ 15 $ 8 $ 23 |
Accrued Expenses, Other Current
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 3 Months Ended |
Jan. 02, 2016 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 6. 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: January 2, September 26, 2016 2015 Employee compensation, payroll and other $ 106 $ 95 Interest 40 38 Rebates 62 53 Restructuring 23 10 Accrued taxes 46 20 Tax receivable agreement obligation 77 57 Accrued operating expenses 100 65 $ 454 $ 338 The following table sets forth the totals included in Other long-term liabilities on the Consolidated Balance Sheets: January 2, September 26, 2016 2015 Lease retirement obligation $ 33 $ 32 Sale-lease back deferred gain 27 28 Pension liability 76 57 Deferred purchase price 32 — Tax receivable agreement obligation 98 175 Interest rate swaps 32 36 Other 34 13 $ 332 $ 341 The Company made $ 57 46 85 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Jan. 02, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt consists of the following: January 2, September 26, Maturity Date 2016 2015 Term loan February 2020 $ 1,362 $ 1,369 Term loan January 2021 1,019 1,019 Term loan October 2022 2,045 — Revolving line of credit May 2020 — — 5 1 / 8 % Second Priority Senior Secured Notes July 2023 700 700 5 1 / 2 % Second Priority Senior Secured Notes May 2022 500 500 6% Second Priority Senior Secured Notes October 2022 400 — Debt discounts and deferred fees (72 ) (29 ) Capital leases and other Various 194 126 Total long-term debt 6,148 3,685 Current portion of long-term debt (82 ) (37 ) Long-term debt, less current portion $ 6,066 $ 3,648 Term Loan In October 2015, the Company entered into an incremental assumption agreement to increase the commitments under the existing term loan credit agreement by $ 2.1 3.00 1.00 October 2022 11 30 Debt discounts and deferred financing fees are presented net of Long-term debt, less current portion on the Consolidated Balance Sheet . 6% Second Priority Senior Secured Notes In October 2015, the Company issued $400 million of 6% second priority senior secured notes due October 2022. Interest on these notes is due semi-annually in April and October. The proceeds from these notes, in addition to the incremental term loan, were used to finance the Avintiv acquisition. The Company recognized $ 5 |
Financial Instruments And Fair
Financial Instruments And Fair Value Measurements | 3 Months Ended |
Jan. 02, 2016 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Financial Instruments And Fair Value Measurements | 8. Financial Instruments and Fair Value Measurements In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors. The Company may use derivative financial instruments to help manage market risk and reduce the exposure to fluctuations in interest rates and foreign currencies. These financial instruments are not used for trading or other speculative purposes. 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. Foreign Currency Forward Contracts Not Designated as Hedges The primary purposes of our foreign currency hedging activities is to manage the potential changes in value associated with the changes in foreign currencies related to foreign currency-denominated interest-bearing intercompany loans. The changes in fair value of these derivative contracts are recognized in other income, net, on our consolidated statements of operations and are largely offset by the remeasurement of the underlying intercompany loan. These contracts are entered into and settled within the given reporting period. 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 January 2, September 26, Derivatives instruments Balance Sheet Location 2016 2015 Interest rate swap Other long-term liabilities $ 32 $ 36 The Fair Value Measurements and Disclosures section of the ASC defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, and establishes a framework for measuring fair value. This section also establishes a three-level hierarchy (Level 1, 2, 3) for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. This section also requires the consideration of the counterparty's or the Company's nonperformance risk when assessing fair value. The Company's interest rate swap fair values were determined using Level 2 inputs as other observable inputs were not available. Non-recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis 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 2015 assessment and as a result of the segment reorganization that occurred during the quarter, the Company conducted the qualitative assessment and determined it was more likely than not that the fair value of each reporting units exceeded the carrying amount as of the measurement date. No further impairment indicators were identified in the quarter. Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of January 2, 2016 and September 26, 2015, along with the impairment loss recognized on the fair value measurement during the period: As of January 2, 2016 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 2,459 2,459 — Definite lived intangible assets — — 1,031 1,031 — Property, plant, and equipment — — 2,297 2,297 — Total $ — $ — $ 5,994 $ 5,994 $ — As of September 26, 2015 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,652 1,652 — Definite lived intangible assets — — 486 486 — Property, plant, and equipment — — 1,294 1,294 2 Total $ — $ — $ 3,639 $ 3,639 $ 2 The Company's financial instruments consist primarily of cash and cash equivalents, long-term debt, and capital lease obligations. The fair value of our marketable long-term indebtedness exceeded book value by $ 60 |
Income Taxes
Income Taxes | 3 Months Ended |
Jan. 02, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes The Company's effective tax rate was 51 21 |
Operating Segments
Operating Segments | 3 Months Ended |
Jan. 02, 2016 | |
Operating Segments [Abstract] | |
Operating Segments | 10. Operating Segments In November 2015 the Company reorganized into three Quarterly Period Ended January 2, December 27, 2016 2014 Net sales: Consumer Packaging $ 683 $ 712 Health, Hygiene, & Specialties 564 129 Engineered Materials 365 379 Total net sales $ 1,612 $ 1,220 Operating income: Consumer Packaging $ 43 $ 30 Health, Hygiene, & Specialties 5 7 Engineered Materials 38 31 Total operating income $ 86 $ 68 Depreciation and amortization: Consumer Packaging $ 67 $ 63 Health, Hygiene, & Specialties 54 7 Engineered Materials 18 21 Total depreciation and amortization $ 139 $ 91 January 2, September 26, 2016 2015 Total assets: Consumer Packaging $ 3,617 $ 3,832 Health, Hygiene, & Specialties 3,370 385 Engineered Materials 723 811 Total assets $ 7,710 $ 5,028 Goodwill: Consumer Packaging $ 1,519 $ 1,520 Health, Hygiene, & Specialties 857 48 Engineered Materials 83 84 Total goodwill $ 2,459 $ 1,652 Selected information by geography is presented in the following tables: Quarterly Period Ended January 2, December 27, 2016 2014 Net sales: North America $ 1,307 $ 1,168 South America 79 2 Europe 157 32 Asia 69 18 Total net sales $ 1,612 $ 1,220 January 2, September 26, 2016 2015 Long-lived assets: North America $ 4,268 $ 3,510 South America 781 79 Europe 270 51 Asia 699 5 Total Long-lived assets $ 6,018 $ 3,645 Goodwill In connection with the change in reporting segments, the Company allocated the goodwill to the new segments under the provisions of ASC 350. The changes in the carrying amount of goodwill by reportable segment due to the current year realignment are as follows: Health, Rigid Rigid Engineered Flexible Consumer Hygiene & Total Open Top Closed Top Materials Packaging Packaging Specialties Balance as of September 26, 2015 $ 681 $ 823 $ 69 $ 79 $ - $ - $ 1,652 Segment reorganization (681 ) (823 ) 15 (79 ) 1,520 48 - Acquisitions, net - - - - - 821 821 Foreign currency translation adjustment - - (1 ) - (1 ) (12 ) (14 ) Balance as of January 2, 2016 $ - $ - $ 83 $ - $ 1,519 $ 857 $ 2,459 |
Contingencies And Commitments
Contingencies And Commitments | 3 Months Ended |
Jan. 02, 2016 | |
Contingencies And Commitments [Abstract] | |
Contingencies And Commitments | 11. Contingencies and Commitments In July 2012, Berry Plastics Corporation ("BPC") was sued by a customer for breach of contract, breach of express warranty, and breach of implied warranties. The customer alleged that in December 2007 and January 2008 BPC supplied the customer with defective woven polypropylene fabric used to manufacture containers that it then sold to its customers. In November 2015, a jury rendered a judgment in favor of the customer in the amount of $7.2 million. The Company believes the judgment is fully insured and intends to appeal the judgement and file certain post-trial motions. The Company is party to various legal proceedings in addition to the above involving routine claims which are incidental to its business. Although the Company's legal and financial liability with respect to such proceedings cannot be estimated with certainty, management believes that any ultimate liability would not be material to its financial statements. The Company has various purchase commitments for raw materials, supplies and property and equipment incidental to the ordinary conduct of business. |
Basic and Diluted Net Income Pe
Basic and Diluted Net Income Per Share | 3 Months Ended |
Jan. 02, 2016 | |
Basic and Diluted Net Income Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | 12. 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 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 January 2, 2016 and December 27, 2014: Quarterly Period Ended January 2, December 27, (in millions, except per share amounts) 2016 2014 Numerator Consolidated net income $ 4 $ 13 Denominator Weighted average common shares outstanding - basic 120.1 118.2 Dilutive shares 4.8 4.7 Weighted average common and common equivalent 124.9 122.9 shares outstanding - diluted Per common share income Basic $ 0.03 $ 0.11 Diluted $ 0.03 $ 0.11 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Jan. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 13. Accumulated Other 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 three months ended January 2, 2016 were as follows: Defined Benefit Accumulated Pension and Other Currency Retiree Health Interest Rate Comprehensive Translation Benefit Plans Hedges Loss Balance at September 26, 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Other comprehensive loss (29 ) — 4 (25 ) Tax expense — — (1 ) (1 ) Balance at January 2, 2016 $ (110 ) $ (25 ) $ (10 ) $ (145 ) |
Purchase Of Non-Controlling Int
Purchase Of Non-Controlling Interest | 3 Months Ended |
Jan. 02, 2016 | |
Noncontrolling Interest [Abstract] | |
Purchase Of Non-controlling Interest | 14. Purchase of Non-controlling Interest At the time of our acquisition of Avintiv, it indirectly owned a 71.25 28.75 66 |
Guarantor And Non-Guarantor Fin
Guarantor And Non-Guarantor Financial Information | 3 Months Ended |
Jan. 02, 2016 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Guarantor And Non-Guarantor Financial Information | 15. Guarantor and Non-Guarantor Financial Information Berry Plastics Corporation ("Issuer") has notes outstanding which are fully, jointly, severally, and unconditionally guaranteed by substantially all of 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 January 2, 2016 Parent Issuer Guarantor Subsidiaries Non— Guarantor Subsidiaries Eliminations Total Current assets 1 162 855 674 — 1,692 Intercompany receivable 376 3,122 — 63 (3,561) — Property, plant, and equipment, net — 77 1,342 878 — 2,297 Other assets 64 3,865 4,307 1,287 (5,802) 3,721 Total assets $ 441 $ 7,226 $ 6,504 $ 2,902 $ (9,363) $ 7,710 Current liabilities 77 184 440 345 — 1,046 Intercompany payable — — 3,455 106 (3,561) — Other long-term liabilities 431 6,158 81 61 — 6,731 Non-controlling interest 12 — — 12 (12) 12 Stockholders' equity (deficit) (79) 884 2,528 2,378 (5,790) (79) Total liabilities and stockholders' equity (deficit) $ 441 $ 7,226 $ 6,504 $ 2,902 $ (9,363) $ 7,710 September 26, 2015 Parent Issuer Guarantor Subsidiaries Non— Guarantor Subsidiaries Eliminations Total Current assets 162 257 767 197 — 1,383 Intercompany receivable 329 2,963 — 83 (3,375) — Property, plant and equipment, net — 79 1,111 104 — 1,294 Other assets 75 1,553 2,152 102 (1,531) 2,351 Total assets $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906) $ 5,028 Current liabilities 57 205 366 77 — 705 Intercompany payable — — 3,375 — (3,375) — Other long-term liabilities 562 3,769 39 6 — 4,376 Non-controlling interest 12 — — — — 12 Stockholders' equity (deficit) (65) 878 250 403 (1,531) (65) Total liabilities and stockholders' equity (deficit) $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906) $ 5,028 Condensed Supplemental Consolidated Statements of Operations Quarterly Period Ended January 2, 2016 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 150 $ 992 $ 470 $ — $ 1,612 Cost of goods sold — 123 815 382 — 1,320 Selling, general and administrative — 56 75 23 — 154 Amortization of intangibles — 2 26 8 — 36 Restructuring and impairment charges — — 15 1 — 16 Operating income (loss) — (31) 61 56 — 86 Other expense (income), net — (1) (4) 9 — 4 Interest expense, net — 9 46 20 — 75 Equity in net income of subsidiaries (7) (33) — — 40 — Income (loss) before income taxes 7 (6) 19 27 (40) 7 Income tax expense (benefit) 3 (8) — 12 (4) 3 Net income (loss) $ 4 $ 2 $ 19 $ 15 $ (36) $ 4 Comprehensive income (loss) $ 4 $ 5 $ 19 $ (14) $ (36) $ (22) Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (30) $ 153 $ 68 $ — $ 191 Cash Flow from Investing Activities Additions to property, plant, and equipment — (3) (80) (10) — (93) Proceeds from sale of assets — — 4 — — 4 (Contributions) distributions to/from subsidiaries (7) (2,253) — — 2,260 — Intercompany advances (repayments) — (162) — — 162 — Acquisition of business, net of cash acquired — — (291) (1,995) — (2,286) Net cash from investing activities (7) (2,418) (367) (2,005) 2,392 (2,375) Cash Flow from Financing Activities Proceeds from long-term borrowings — 2,489 — 3 — 2,492 Purchase of non-controlling interest — — (66) — — (66) Proceeds from issuance of common stock 7 — — — — 7 Payment of tax receivable agreement (57) — — — — (57) Repayments on long-term borrowings — (70) — (30) — (100) Contribution from parent — — 291 1,969 (2,260) — Debt financing costs — (36) — — — (36) Changes in intercompany balances 57 — 7 98 (162) — Net cash provided from financing activities 7 2,383 232 2,040 (2,392) 2,240 Effect of exchange rate on cash — — — (2) — (2) Net change in cash — (65) 18 101 — 54 Cash and cash equivalents at beginning of period — 163 — 65 — 228 Cash and cash equivalents at end of period $ — $ 98 $ 18 $ 166 $ — $ 282 Quarterly Period Ended December 27, 2014 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 159 $ 948 $ 113 $ — $ 1,220 Cost of goods sold — 147 809 81 — 1,037 Selling, general and administrative — 16 59 10 — 85 Amortization of intangibles — 2 21 2 — 25 Restructuring and impairment charges — — 5 — — 5 Operating income (loss) — (6 ) 54 20 — 68 Other income, net — (1 ) — — — (1 ) Interest expense, net — 7 41 5 — 53 Equity in net income of subsidiaries (16 ) (28 ) — — 44 — Income (loss) before income taxes 16 16 13 15 (44 ) 16 Income tax expense (benefit) 3 2 — 1 (3 ) 3 Net income (loss) $ 13 $ 14 $ 13 $ 14 $ (41 ) $ 13 Comprehensive income (loss) $ 13 $ 13 $ 9 $ — $ (41 ) $ (6 ) Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (16 ) $ 102 $ 14 $ — $ 100 Cash Flow from Investing Activities Additions to property, plant, and equipment — (3 ) (30 ) (2 ) — (35 ) Proceeds from sale of assets — — 10 — — 10 (Contributions) distributions to/from subsidiaries (7 ) 7 — — — — Intercompany advances (repayments) — 55 — — (55 ) — Acquisition of business, net of cash acquired — — — — — — Net cash from investing activities (7 ) 59 (20 ) (2 ) (55 ) (25 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — — — — — — Proceeds from issuance of common stock 7 — — — — 7 Payment of tax receivable agreement (39 ) — — — — (39 ) Repayments on long-term borrowings — (115 ) — (1 ) — (116 ) Changes in intercompany balances 39 — (91 ) (3 ) 55 — Net cash provided from financing activities 7 (115 ) (91 ) (4 ) 55 (148 ) Effect of exchange rate on cash — — — (3 ) — (3 ) Net change in cash — (72 ) (9 ) 5 — (76 ) Cash and cash equivalents at beginning of period — 70 15 44 — 129 Cash and cash equivalents at end of period $ — $ (2 ) $ 6 $ 49 $ — $ 53 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jan. 02, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events In February 2016, the Company made a $ 100 |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policy) | 3 Months Ended |
Jan. 02, 2016 | |
Accounting Pronouncements [Abstract] | |
Inventory | Inventory In July 2015, the FASB issued ASU 2015-11, simplifying the Measurement of Inventory to simplify the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, inventory should be at the lower of cost and net realizable value. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. The Company has elected to early adopt this guidance, and its effect did not have a material impact on our financial statements. |
Business Combinations | Business Combinations In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805)- Simplifying the accounting for Measurement-Period Adjustments, which requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. Entities should present separately on the face of the income statement or disclose in the footnotes the portion of the measurement period adjustment recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. The new guidance is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted. The Company has elected to early adopt this guidance, and will consider the impact of such guidance on our recording of the AVINTIV, Inc. business combination |
Income Taxes | Income Taxes In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes", which simplifies the presentation of deferred income taxes. This update requires that deferred tax assets and liabilities be classified as non-current in a statement of financial position. The update is effective for financial periods beginning after December 15, 2017; however, early application is permitted. The Company adopted this standard in the first quarter of fiscal year 2016, on a prospective basis, resulting in a $ 175 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Acquisition [Abstract] | |
Summary Of Acquisition | Working capital (a) $ 190 Property and equipment 986 Intangible assets 586 Goodwill 803 Historical Avintiv debt assumed (53 ) Non-controlling interest (63 ) Deferred purchase price (31 ) Other assets and long-term liabilities (158 ) (a) Includes a $ 7 |
Accounts Receivable Factoring26
Accounts Receivable Factoring Agreements (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Accounts Receivable Factoring Agreements [Abstract] | |
Summary Of Accounts Receivable Sold | January 2, September 26, 2016 2015 Trade receivables sold to financial institutions $ 45 $ - Net amounts advanced from financial institutions (40 ) - Amounts due from financial institutions $ 5 $ - |
Restructuring And Impairment 27
Restructuring And Impairment Charges (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Restructuring And Impairment Charges [Abstract] | |
Components Of Restructuring Charges By Segment | Quarterly Period Ended January 2, December 27, 2016 2014 Consumer Packaging $ 3 $ 2 Health, Hygiene, & Specialties 12 3 Engineered Materials 1 — Consolidated $ 16 $ 5 |
Schedule Of Restructuring Accrual Costs | Severance and Facilities exit termination benefits costs and other Total Balance at September 26, 2015 $ 2 $ 8 $ 10 Charges 14 2 16 Cash payments (1 ) (2 ) (3 ) Balance at January 2, 2016 $ 15 $ 8 $ 23 |
Accrued Expenses, Other Curre28
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Summary Of Accrued Expenses And Other Current Liabilities | January 2, September 26, 2016 2015 Employee compensation, payroll and other $ 106 $ 95 Interest 40 38 Rebates 62 53 Restructuring 23 10 Accrued taxes 46 20 Tax receivable agreement obligation 77 57 Accrued operating expenses 100 65 $ 454 $ 338 |
Summary Of Other Long-Term Liabilities | January 2, September 26, 2016 2015 Lease retirement obligation $ 33 $ 32 Sale-lease back deferred gain 27 28 Pension liability 76 57 Deferred purchase price 32 — Tax receivable agreement obligation 98 175 Interest rate swaps 32 36 Other 34 13 $ 332 $ 341 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | January 2, September 26, Maturity Date 2016 2015 Term loan February 2020 $ 1,362 $ 1,369 Term loan January 2021 1,019 1,019 Term loan October 2022 2,045 — Revolving line of credit May 2020 — — 5 1 / 8 % Second Priority Senior Secured Notes July 2023 700 700 5 1 / 2 % Second Priority Senior Secured Notes May 2022 500 500 6% Second Priority Senior Secured Notes October 2022 400 — Debt discounts and deferred fees (72 ) (29 ) Capital leases and other Various 194 126 Total long-term debt 6,148 3,685 Current portion of long-term debt (82 ) (37 ) Long-term debt, less current portion $ 6,066 $ 3,648 |
Financial Instruments And Fai30
Financial Instruments And Fair Value Measurements (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Schedule Of Derivatives Instruments | January 2, September 26, Derivatives instruments Balance Sheet Location 2016 2015 Interest rate swap Other long-term liabilities $ 32 $ 36 |
Schedule Of Fair Value Assets Measured On Nonrecurring Basis | As of January 2, 2016 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 2,459 2,459 — Definite lived intangible assets — — 1,031 1,031 — Property, plant, and equipment — — 2,297 2,297 — Total $ — $ — $ 5,994 $ 5,994 $ — As of September 26, 2015 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,652 1,652 — Definite lived intangible assets — — 486 486 — Property, plant, and equipment — — 1,294 1,294 2 Total $ — $ — $ 3,639 $ 3,639 $ 2 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Operating Segments [Abstract] | |
Summary Of Selected Information By Reportable Segment | Quarterly Period Ended January 2, December 27, 2016 2014 Net sales: Consumer Packaging $ 683 $ 712 Health, Hygiene, & Specialties 564 129 Engineered Materials 365 379 Total net sales $ 1,612 $ 1,220 Operating income: Consumer Packaging $ 43 $ 30 Health, Hygiene, & Specialties 5 7 Engineered Materials 38 31 Total operating income $ 86 $ 68 Depreciation and amortization: Consumer Packaging $ 67 $ 63 Health, Hygiene, & Specialties 54 7 Engineered Materials 18 21 Total depreciation and amortization $ 139 $ 91 |
Summary Of Assets And Goodwill By Segment | January 2, September 26, 2016 2015 Total assets: Consumer Packaging $ 3,617 $ 3,832 Health, Hygiene, & Specialties 3,370 385 Engineered Materials 723 811 Total assets $ 7,710 $ 5,028 Goodwill: Consumer Packaging $ 1,519 $ 1,520 Health, Hygiene, & Specialties 857 48 Engineered Materials 83 84 Total goodwill $ 2,459 $ 1,652 |
Summary Of Selected Information By Geography | Quarterly Period Ended January 2, December 27, 2016 2014 Net sales: North America $ 1,307 $ 1,168 South America 79 2 Europe 157 32 Asia 69 18 Total net sales $ 1,612 $ 1,220 |
Summary Of Long-Lived Assets By Geography | January 2, September 26, 2016 2015 Long-lived assets: North America $ 4,268 $ 3,510 South America 781 79 Europe 270 51 Asia 699 5 Total Long-lived assets $ 6,018 $ 3,645 |
Changes In The Carrying Amount Of Goodwill | Health, Rigid Rigid Engineered Flexible Consumer Hygiene & Total Open Top Closed Top Materials Packaging Packaging Specialties Balance as of September 26, 2015 $ 681 $ 823 $ 69 $ 79 $ - $ - $ 1,652 Segment reorganization (681 ) (823 ) 15 (79 ) 1,520 48 - Acquisitions, net - - - - - 821 821 Foreign currency translation adjustment - - (1 ) - (1 ) (12 ) (14 ) Balance as of January 2, 2016 $ - $ - $ 83 $ - $ 1,519 $ 857 $ 2,459 |
Basic and Diluted Net Income 32
Basic and Diluted Net Income Per Share (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Basic and Diluted Net Income Per Share [Abstract] | |
Schedule Of Net Income Per Share | Quarterly Period Ended January 2, December 27, (in millions, except per share amounts) 2016 2014 Numerator Consolidated net income $ 4 $ 13 Denominator Weighted average common shares outstanding - basic 120.1 118.2 Dilutive shares 4.8 4.7 Weighted average common and common equivalent 124.9 122.9 shares outstanding - diluted Per common share income Basic $ 0.03 $ 0.11 Diluted $ 0.03 $ 0.11 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | Defined Benefit Accumulated Pension and Other Currency Retiree Health Interest Rate Comprehensive Translation Benefit Plans Hedges Loss Balance at September 26, 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Other comprehensive loss (29 ) — 4 (25 ) Tax expense — — (1 ) (1 ) Balance at January 2, 2016 $ (110 ) $ (25 ) $ (10 ) $ (145 ) |
Guarantor And Non-Guarantor F34
Guarantor And Non-Guarantor Financial Information (Tables) | 3 Months Ended |
Jan. 02, 2016 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Condensed Supplemental Consolidated Balance Sheet | Condensed Supplemental Consolidated Balance Sheet January 2, 2016 Parent Issuer Guarantor Subsidiaries Non— Guarantor Subsidiaries Eliminations Total Current assets 1 162 855 674 — 1,692 Intercompany receivable 376 3,122 — 63 (3,561) — Property, plant, and equipment, net — 77 1,342 878 — 2,297 Other assets 64 3,865 4,307 1,287 (5,802) 3,721 Total assets $ 441 $ 7,226 $ 6,504 $ 2,902 $ (9,363) $ 7,710 Current liabilities 77 184 440 345 — 1,046 Intercompany payable — — 3,455 106 (3,561) — Other long-term liabilities 431 6,158 81 61 — 6,731 Non-controlling interest 12 — — 12 (12) 12 Stockholders' equity (deficit) (79) 884 2,528 2,378 (5,790) (79) Total liabilities and stockholders' equity (deficit) $ 441 $ 7,226 $ 6,504 $ 2,902 $ (9,363) $ 7,710 September 26, 2015 Parent Issuer Guarantor Subsidiaries Non— Guarantor Subsidiaries Eliminations Total Current assets 162 257 767 197 — 1,383 Intercompany receivable 329 2,963 — 83 (3,375) — Property, plant and equipment, net — 79 1,111 104 — 1,294 Other assets 75 1,553 2,152 102 (1,531) 2,351 Total assets $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906) $ 5,028 Current liabilities 57 205 366 77 — 705 Intercompany payable — — 3,375 — (3,375) — Other long-term liabilities 562 3,769 39 6 — 4,376 Non-controlling interest 12 — — — — 12 Stockholders' equity (deficit) (65) 878 250 403 (1,531) (65) Total liabilities and stockholders' equity (deficit) $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906) $ 5,028 |
Condensed Supplemental Consolidated Financial Information | Condensed Supplemental Consolidated Statements of Operations Quarterly Period Ended January 2, 2016 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 150 $ 992 $ 470 $ — $ 1,612 Cost of goods sold — 123 815 382 — 1,320 Selling, general and administrative — 56 75 23 — 154 Amortization of intangibles — 2 26 8 — 36 Restructuring and impairment charges — — 15 1 — 16 Operating income (loss) — (31) 61 56 — 86 Other expense (income), net — (1) (4) 9 — 4 Interest expense, net — 9 46 20 — 75 Equity in net income of subsidiaries (7) (33) — — 40 — Income (loss) before income taxes 7 (6) 19 27 (40) 7 Income tax expense (benefit) 3 (8) — 12 (4) 3 Net income (loss) $ 4 $ 2 $ 19 $ 15 $ (36) $ 4 Comprehensive income (loss) $ 4 $ 5 $ 19 $ (14) $ (36) $ (22) Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (30) $ 153 $ 68 $ — $ 191 Cash Flow from Investing Activities Additions to property, plant, and equipment — (3) (80) (10) — (93) Proceeds from sale of assets — — 4 — — 4 (Contributions) distributions to/from subsidiaries (7) (2,253) — — 2,260 — Intercompany advances (repayments) — (162) — — 162 — Acquisition of business, net of cash acquired — — (291) (1,995) — (2,286) Net cash from investing activities (7) (2,418) (367) (2,005) 2,392 (2,375) Cash Flow from Financing Activities Proceeds from long-term borrowings — 2,489 — 3 — 2,492 Purchase of non-controlling interest — — (66) — — (66) Proceeds from issuance of common stock 7 — — — — 7 Payment of tax receivable agreement (57) — — — — (57) Repayments on long-term borrowings — (70) — (30) — (100) Contribution from parent — — 291 1,969 (2,260) — Debt financing costs — (36) — — — (36) Changes in intercompany balances 57 — 7 98 (162) — Net cash provided from financing activities 7 2,383 232 2,040 (2,392) 2,240 Effect of exchange rate on cash — — — (2) — (2) Net change in cash — (65) 18 101 — 54 Cash and cash equivalents at beginning of period — 163 — 65 — 228 Cash and cash equivalents at end of period $ — $ 98 $ 18 $ 166 $ — $ 282 Quarterly Period Ended December 27, 2014 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 159 $ 948 $ 113 $ — $ 1,220 Cost of goods sold — 147 809 81 — 1,037 Selling, general and administrative — 16 59 10 — 85 Amortization of intangibles — 2 21 2 — 25 Restructuring and impairment charges — — 5 — — 5 Operating income (loss) — (6 ) 54 20 — 68 Other income, net — (1 ) — — — (1 ) Interest expense, net — 7 41 5 — 53 Equity in net income of subsidiaries (16 ) (28 ) — — 44 — Income (loss) before income taxes 16 16 13 15 (44 ) 16 Income tax expense (benefit) 3 2 — 1 (3 ) 3 Net income (loss) $ 13 $ 14 $ 13 $ 14 $ (41 ) $ 13 Comprehensive income (loss) $ 13 $ 13 $ 9 $ — $ (41 ) $ (6 ) Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (16 ) $ 102 $ 14 $ — $ 100 Cash Flow from Investing Activities Additions to property, plant, and equipment — (3 ) (30 ) (2 ) — (35 ) Proceeds from sale of assets — — 10 — — 10 (Contributions) distributions to/from subsidiaries (7 ) 7 — — — — Intercompany advances (repayments) — 55 — — (55 ) — Acquisition of business, net of cash acquired — — — — — — Net cash from investing activities (7 ) 59 (20 ) (2 ) (55 ) (25 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — — — — — — Proceeds from issuance of common stock 7 — — — — 7 Payment of tax receivable agreement (39 ) — — — — (39 ) Repayments on long-term borrowings — (115 ) — (1 ) — (116 ) Changes in intercompany balances 39 — (91 ) (3 ) 55 — Net cash provided from financing activities 7 (115 ) (91 ) (4 ) 55 (148 ) Effect of exchange rate on cash — — — (3 ) — (3 ) Net change in cash — (72 ) (9 ) 5 — (76 ) Cash and cash equivalents at beginning of period — 70 15 44 — 129 Cash and cash equivalents at end of period $ — $ (2 ) $ 6 $ 49 $ — $ 53 |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) $ in Millions | Jan. 02, 2016USD ($) |
Accounting Pronouncements [Abstract] | |
Deferred tax assets, current | $ 175 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2015 | Jan. 02, 2016 | Dec. 27, 2014 | |
Acquisitions [Line Item] | |||
Net sales | $ 1,612 | $ 1,220 | |
AVINTIV [Member] | |||
Acquisitions [Line Item] | |||
Net sales | $ 437 | ||
Purchase price, net of cash acquired | $ 195 | ||
Percentage of capital stock acquired | 100.00% | ||
Purchase price | $ 2,260 | ||
Net sales | 1,700 | ||
Net losses | $ 7 | ||
Term Loan Due October 2020 [Member] | |||
Acquisitions [Line Item] | |||
Maturity date | Oct. 1, 2022 | ||
Term Loan Due October 2020 [Member] | AVINTIV [Member] | |||
Acquisitions [Line Item] | |||
Debt instrument, face amount | $ 2,100 | $ 2,100 | |
Maturity date | Oct. 1, 2022 | ||
6.0% Second Priority Senior Secured Notes Due 2020 [Member] | AVINTIV [Member] | |||
Acquisitions [Line Item] | |||
Debt instrument, face amount | $ 400 | ||
Interest rate of senior secured note | 6.00% |
Acquisition (Summary Of Acquisi
Acquisition (Summary Of Acquisition) (Details) - USD ($) $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 | |
Goodwill | $ 2,459 | $ 1,652 | |
Deferred purchase price | (32) | ||
AVINTIV [Member] | |||
Working capital | [1] | 190 | |
Property and equipment | 986 | ||
Intangible asset | 586 | ||
Goodwill | 803 | ||
Historical Avintiv debt assumed | (53) | ||
Non-controlling interest | (63) | ||
Deferred purchase price | (31) | ||
Other assets and long-term liabilities | (158) | ||
Inventory | $ 7 | ||
[1] | Includes a $7 million step up of inventory to fair value |
Accounts Receivable Factoring38
Accounts Receivable Factoring Agreements (Details) - USD ($) $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 |
Accounts Receivable Factoring Agreements [Abstract] | ||
Trade receivables sold to financial institutions | $ 45 | |
Net amounts advanced from financial institutions | (40) | |
Amounts due from financial institutions | $ 5 |
Restructuring And Impairment 39
Restructuring And Impairment Charges (Components Of Restructuring Charges By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Restructuring And Impairment Charges [Line Items] | ||
Charges | $ 16 | $ 5 |
Consumer Packaging [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Charges | 3 | 2 |
Health, Hygiene, & Specialities [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Charges | 12 | $ 3 |
Engineered Materials [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Charges | $ 1 |
Restructuring And Impairment 40
Restructuring And Impairment Charges (Schedule Of Restructuring Accrual Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Restructuring And Impairment Charges [Line Items] | ||
Beginning balance | $ 10 | |
Charges | 16 | $ 5 |
Cash payments | (3) | |
Ending balance | 23 | |
Severance And Termination Benefits [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Beginning balance | 2 | |
Charges | 14 | |
Cash payments | (1) | |
Ending balance | 15 | |
Facilities Exit Costs And Other [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Beginning balance | 8 | |
Charges | 2 | |
Cash payments | (2) | |
Ending balance | $ 8 |
Accrued Expenses, Other Curre41
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Narrative) (Details) $ in Millions | 3 Months Ended |
Jan. 02, 2016USD ($) | |
Accrued Expenses And Other Current Liabilities [Line Items] | |
Tax receivable agreement holders percentage | 85.00% |
Payments related to income tax receivable agreement | $ 57 |
Apollo Global Management, LLC [Member] | |
Accrued Expenses And Other Current Liabilities [Line Items] | |
Payments related to income tax receivable agreement | $ 46 |
Accrued Expenses, Other Curre42
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Employee compensation, payroll and other | $ 106 | $ 95 |
Interest | 40 | 38 |
Rebates | 62 | 53 |
Restructuring | 23 | 10 |
Accrued taxes | 46 | 20 |
Tax receivable agreement obligation | 77 | 57 |
Accrued operating expenses | 100 | 65 |
Total accrued liabilities, current | $ 454 | $ 338 |
Accrued Expenses, Other Curre43
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Lease retirement obligation | $ 33 | $ 32 |
Sale-lease back deferred gain | 27 | 28 |
Pension liability | 76 | 57 |
Deferred purchase price | 32 | |
Tax receivable agreement obligation | 98 | 175 |
Interest rate swaps | 32 | 36 |
Other | 34 | 13 |
Other long-term liabilities | $ 332 | $ 341 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2015 | Jan. 02, 2016 | Sep. 26, 2015 | |
Debt Instrument [Line Items] | |||
Debt discount | $ 72 | $ 29 | |
Term Loan Due October 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,045 | ||
Maturity date | Oct. 1, 2022 | ||
AVINTIV [Member] | 6.0% Second Priority Senior Secured Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 400 | ||
Debt instrument, interest rate | 6.00% | ||
Deferred financing fees | $ 5 | ||
AVINTIV [Member] | Term Loan Due October 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Incremental term loan bears interest at LIBOR plus | 3.00% | ||
Per annum with a LIBOR floor | 1 | ||
Debt instrument, face amount | $ 2,100 | $ 2,100 | |
Maturity date | Oct. 1, 2022 | ||
Debt discount | $ 11 | ||
Deferred financing fees | $ 30 |
Long-Term Debt (Summary Of Long
Long-Term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Sep. 26, 2015 | |
Debt Instrument [Line Items] | ||
Debt discounts and deferred fees | $ (72) | $ (29) |
Capital leases and other | 194 | 126 |
Total long-term debt | 6,148 | 3,685 |
Current portion of long-term debt | (82) | (37) |
Long-term debt, less current portion | $ 6,066 | 3,648 |
Revolving Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 1, 2020 | |
Term Loan Due February 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,362 | 1,369 |
Maturity date | Feb. 1, 2020 | |
Term Loan Due January 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,019 | 1,019 |
Maturity date | Jan. 1, 2021 | |
Term Loan Due October 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,045 | |
Maturity date | Oct. 1, 2022 | |
5 1/8% Second Priority Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 700 | 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 | |
6% Second Priority Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 400 | |
Debt instrument, interest rate | 6.00% | |
Maturity date | Oct. 1, 2022 |
Financial Instruments And Fai46
Financial Instruments And Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Jun. 28, 2013 | Jan. 02, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 28, 2013 | |
Derivative [Line Items] | |||||
Fair value of investments exceeding book value | $ 60 | ||||
2013 Swaps [Member] | |||||
Derivative [Line Items] | |||||
Debt instrument, face amount | $ 1,000 | ||||
Derivative variable interest rate | 1.00% | ||||
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 Fai47
Financial Instruments And Fair Value Measurements (Schedule Of Derivative Instruments (Details) - USD ($) $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 |
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 32 | $ 36 |
Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap | $ 32 | $ 36 |
Financial Instruments And Fai48
Financial Instruments And Fair Value Measurements (Schedule of Fair Value Assets Measured On A Non-Recurring Basis) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 26, 2015 | Jan. 02, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | $ 207 | $ 207 |
Goodwill | 1,652 | 2,459 |
Definite lived intangible assets | 486 | 1,031 |
Property, plant, and equipment | 1,294 | 2,297 |
Total | 3,639 | 5,994 |
Property, plant, and equipment, Impairment | 2 | |
Fair value asset impairment charges | 2 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | 207 | 207 |
Goodwill | 1,652 | 2,459 |
Definite lived intangible assets | 486 | 1,031 |
Property, plant, and equipment | 1,294 | 2,297 |
Total | $ 3,639 | $ 5,994 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Income Taxes [Abstract] | ||
Effective tax rate due to valuation allowances | 51.00% | 21.00% |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) | 3 Months Ended |
Jan. 02, 2016segment | |
Operating Segments [Abstract] | |
Number of reporting segments | 3 |
Operating Segments (Summary Of
Operating Segments (Summary Of Selected Information By Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 1,612 | $ 1,220 |
Operating income | 86 | 68 |
Depreciation and amortization | 139 | 91 |
Consumer Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 683 | 712 |
Operating income | 43 | 30 |
Depreciation and amortization | 67 | 63 |
Health, Hygiene, & Specialities [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 564 | 129 |
Operating income | 5 | 7 |
Depreciation and amortization | 54 | 7 |
Engineered Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 365 | 379 |
Operating income | 38 | 31 |
Depreciation and amortization | $ 18 | $ 21 |
Operating Segments (Summary O52
Operating Segments (Summary Of Assets And Goodwill By Segment) (Details) - USD ($) $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 7,710 | $ 5,028 |
Goodwill, includes segment reorganization | 2,459 | 1,652 |
Consumer Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,617 | 3,832 |
Goodwill, includes segment reorganization | 1,519 | 1,520 |
Health, Hygiene, & Specialities [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,370 | 385 |
Goodwill, includes segment reorganization | 857 | 48 |
Engineered Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 723 | 811 |
Goodwill, includes segment reorganization | $ 83 | $ 84 |
Operating Segments (Summary O53
Operating Segments (Summary Of Selected Information By Geography) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 1,612 | $ 1,220 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,307 | 1,168 |
South America [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 79 | 2 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 157 | 32 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 69 | $ 18 |
Operating Segments (Summary O54
Operating Segments (Summary Of Long-Lived Assets By Geography) (Details) - USD ($) $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 6,018 | $ 3,645 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 4,268 | 3,510 |
South America [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 781 | 79 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 270 | 51 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 699 | $ 5 |
Operating Segments (Changes In
Operating Segments (Changes In The Carrying Amount Of Goodwill) (Details) $ in Millions | 3 Months Ended |
Jan. 02, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 1,652 |
Acquisitions, net | 821 |
Foreign currency translation adjustment | (14) |
Goodwill, Ending balance | 2,459 |
Rigid Open Top [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 681 |
Segment reorganization | $ (681) |
Goodwill, Ending balance | |
Rigid Closed Top [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 823 |
Segment reorganization | $ (823) |
Goodwill, Ending balance | |
Engineered Materials [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 69 |
Segment reorganization | 15 |
Foreign currency translation adjustment | (1) |
Goodwill, Ending balance | 83 |
Flexible Packaging [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 79 |
Segment reorganization | $ (79) |
Goodwill, Ending balance | |
Consumer Packaging [Member] | |
Goodwill [Line Items] | |
Segment reorganization | $ 1,520 |
Foreign currency translation adjustment | (1) |
Goodwill, Ending balance | 1,519 |
Health, Hygiene, & Specialities [Member] | |
Goodwill [Line Items] | |
Segment reorganization | 48 |
Acquisitions, net | 821 |
Foreign currency translation adjustment | (12) |
Goodwill, Ending balance | $ 857 |
Basic And Diluted Net Income 56
Basic And Diluted Net Income Per Share (Schedule Of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Basic and Diluted Net Income Per Share [Abstract] | ||
Consolidated net income | $ 4 | $ 13 |
Weighted average common shares outstanding - basic | 120.1 | 118.2 |
Dilutive shares | 4.8 | 4.7 |
Weighted average common and common equivalent shares outstanding - diluted | 124.9 | 122.9 |
Basic | $ 0.03 | $ 0.11 |
Diluted | $ 0.03 | $ 0.11 |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (119) | |
Other comprehensive loss | (25) | |
Tax expense | (1) | $ 2 |
Ending balance | (145) | |
Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (81) | |
Other comprehensive loss | $ (29) | |
Tax expense | ||
Ending balance | $ (110) | |
Defined Benefit Pension And Retiree Health Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (25) | |
Other comprehensive loss | ||
Tax expense | ||
Ending balance | $ (25) | |
Interest Rate Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (13) | |
Other comprehensive loss | 4 | |
Tax expense | (1) | |
Ending balance | $ (10) |
Purchase Of Non-Controlling I58
Purchase Of Non-Controlling Interest (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Sep. 27, 2014 | Jan. 02, 2016 | Sep. 26, 2015 | |
Additional paid-in capital | $ 414 | $ 406 | ||
Providencia [Member] | ||||
Percentage of controlling interest | 28.75% | |||
Purchase price, cash | $ 66 | |||
Additional paid-in capital | $ 3 | |||
AVINTIV [Member] | ||||
Percentage of controlling interest | 71.25% |
Guarantor And Non-Guarantor F59
Guarantor And Non-Guarantor Financial Information (Narrative) (Details) | Jan. 02, 2016 |
Guarantor Subsidiaries [Member] | |
Percentage ownership in guarantor subsidiaries | 100.00% |
Guarantor And Non-Guarantor F60
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Jan. 02, 2016 | Sep. 26, 2015 |
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | $ 1,692 | $ 1,383 |
Property, plant, and equipment, net | 2,297 | 1,294 |
Other assets | 20 | 2 |
Goodwill and other assets | 3,721 | 2,351 |
Total assets | 7,710 | 5,028 |
Current liabilities | 1,046 | 705 |
Other long-term liabilities | 6,731 | 4,376 |
Non-controlling interest | 12 | 12 |
Stockholders equity (deficit) | (79) | (65) |
Total liabilities and stockholders' equity (deficit) | 7,710 | 5,028 |
Parent Company [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | 1 | 162 |
Intercompany receivable | 376 | 329 |
Goodwill and other assets | 64 | 75 |
Total assets | 441 | 566 |
Current liabilities | 77 | 57 |
Other long-term liabilities | 431 | 562 |
Non-controlling interest | 12 | 12 |
Stockholders equity (deficit) | (79) | (65) |
Total liabilities and stockholders' equity (deficit) | 441 | 566 |
Issuer [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | 162 | 257 |
Intercompany receivable | 3,122 | 2,963 |
Property, plant, and equipment, net | 77 | 79 |
Goodwill and other assets | 3,865 | 1,553 |
Total assets | 7,226 | 4,852 |
Current liabilities | 184 | 205 |
Other long-term liabilities | 6,158 | 3,769 |
Stockholders equity (deficit) | 884 | 878 |
Total liabilities and stockholders' equity (deficit) | 7,226 | 4,852 |
Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | 855 | 767 |
Property, plant, and equipment, net | 1,342 | 1,111 |
Goodwill and other assets | 4,307 | 2,152 |
Total assets | 6,504 | 4,030 |
Current liabilities | 440 | 366 |
Intercompany payable | 3,455 | 3,375 |
Other long-term liabilities | 81 | 39 |
Stockholders equity (deficit) | 2,528 | 250 |
Total liabilities and stockholders' equity (deficit) | 6,504 | 4,030 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | 674 | 197 |
Intercompany receivable | 63 | 83 |
Property, plant, and equipment, net | 878 | 104 |
Goodwill and other assets | 1,287 | 102 |
Total assets | 2,902 | 486 |
Current liabilities | 345 | 77 |
Intercompany payable | 106 | |
Other long-term liabilities | 61 | 6 |
Non-controlling interest | 12 | |
Stockholders equity (deficit) | 2,378 | 403 |
Total liabilities and stockholders' equity (deficit) | 2,902 | 486 |
Eliminations [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Intercompany receivable | (3,561) | (3,375) |
Goodwill and other assets | (5,802) | (1,531) |
Total assets | (9,363) | (4,906) |
Intercompany payable | (3,561) | (3,375) |
Non-controlling interest | (12) | |
Stockholders equity (deficit) | (5,790) | (1,531) |
Total liabilities and stockholders' equity (deficit) | $ (9,363) | $ (4,906) |
Guarantor And Non-Guarantor F61
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Condensed Consolidating Financial Information [Line Items] | ||
Net sales | $ 1,612 | $ 1,220 |
Cost of goods sold | 1,320 | 1,037 |
Selling, general and administrative | 154 | 85 |
Amortization of intangibles | 36 | 25 |
Restructuring and impairment charges | 16 | 5 |
Operating income (loss) | 86 | 68 |
Other expense (income), net | 4 | (1) |
Interest expense, net | 75 | 53 |
Income (loss) before income taxes | 7 | 16 |
Income tax expense (benefit) | 3 | 3 |
Net income (loss) | 4 | 13 |
Comprehensive income (loss) | (22) | (6) |
Parent Company [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Equity in net income of subsidiaries | (7) | (16) |
Income (loss) before income taxes | 7 | 16 |
Income tax expense (benefit) | 3 | 3 |
Net income (loss) | 4 | 13 |
Comprehensive income (loss) | 4 | 13 |
Issuer [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Net sales | 150 | 159 |
Cost of goods sold | 123 | 147 |
Selling, general and administrative | 56 | 16 |
Amortization of intangibles | 2 | 2 |
Operating income (loss) | (31) | (6) |
Other expense (income), net | (1) | (1) |
Interest expense, net | 9 | 7 |
Equity in net income of subsidiaries | (33) | (28) |
Income (loss) before income taxes | (6) | 16 |
Income tax expense (benefit) | (8) | 2 |
Net income (loss) | 2 | 14 |
Comprehensive income (loss) | 5 | 13 |
Guarantor Subsidiaries [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Net sales | 992 | 948 |
Cost of goods sold | 815 | 809 |
Selling, general and administrative | 75 | 59 |
Amortization of intangibles | 26 | 21 |
Restructuring and impairment charges | 15 | 5 |
Operating income (loss) | 61 | 54 |
Other expense (income), net | (4) | |
Interest expense, net | 46 | 41 |
Income (loss) before income taxes | 19 | 13 |
Net income (loss) | 19 | 13 |
Comprehensive income (loss) | 19 | 9 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Net sales | 470 | 113 |
Cost of goods sold | 382 | 81 |
Selling, general and administrative | 23 | 10 |
Amortization of intangibles | 8 | 2 |
Restructuring and impairment charges | 1 | |
Operating income (loss) | 56 | 20 |
Other expense (income), net | 9 | |
Interest expense, net | 20 | 5 |
Income (loss) before income taxes | 27 | 15 |
Income tax expense (benefit) | 12 | 1 |
Net income (loss) | 15 | 14 |
Comprehensive income (loss) | (14) | |
Eliminations [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Equity in net income of subsidiaries | 40 | 44 |
Income (loss) before income taxes | (40) | (44) |
Income tax expense (benefit) | (4) | (3) |
Net income (loss) | (36) | (41) |
Comprehensive income (loss) | $ (36) | $ (41) |
Guarantor And Non-Guarantor F62
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | $ 191 | $ 100 |
Additions to property, plant and equipment | (93) | (35) |
Proceeds from sale of assets | 4 | 10 |
Acquisition of business net of cash acquired | (2,286) | |
Net cash from investing activities | (2,375) | (25) |
Proceeds from long-term borrowings | 2,492 | |
Purchase of non-controlling interest | (66) | |
Debt financing costs | (36) | |
Payment of tax receivable agreement | (57) | (39) |
Proceeds from issuance of common stock | 7 | 7 |
Repayments on long-term borrowings | (100) | (116) |
Net cash from financing activities | 2,240 | (148) |
Effect of exchange rate on cash | (2) | (3) |
Net change in cash | 54 | (76) |
Cash and cash equivalents at beginning of period | 228 | 129 |
Cash and cash equivalents at end of period | 282 | 53 |
Parent Company [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
(Contributions) distributions to/from subsidiaries | (7) | (7) |
Net cash from investing activities | (7) | (7) |
Payment of tax receivable agreement | (57) | (39) |
Proceeds from issuance of common stock | 7 | 7 |
Changes in intercompany balances | 57 | 39 |
Net cash from financing activities | 7 | 7 |
Issuer [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | (30) | (16) |
Additions to property, plant and equipment | (3) | (3) |
(Contributions) distributions to/from subsidiaries | (2,253) | 7 |
Intercompany advances (repayments) | (162) | 55 |
Net cash from investing activities | (2,418) | 59 |
Proceeds from long-term borrowings | 2,489 | |
Debt financing costs | (36) | |
Repayments on long-term borrowings | (70) | (115) |
Net cash from financing activities | 2,383 | (115) |
Net change in cash | (65) | (72) |
Cash and cash equivalents at beginning of period | 163 | 70 |
Cash and cash equivalents at end of period | 98 | (2) |
Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | 153 | 102 |
Additions to property, plant and equipment | (80) | (30) |
Proceeds from sale of assets | 4 | 10 |
Acquisition of business net of cash acquired | (291) | |
Net cash from investing activities | (367) | (20) |
Purchase of non-controlling interest | (66) | |
Contribution from parent | 291 | |
Changes in intercompany balances | 7 | (91) |
Net cash from financing activities | 232 | (91) |
Net change in cash | 18 | (9) |
Cash and cash equivalents at beginning of period | 15 | |
Cash and cash equivalents at end of period | 18 | 6 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | 68 | 14 |
Additions to property, plant and equipment | (10) | (2) |
Acquisition of business net of cash acquired | (1,995) | |
Net cash from investing activities | (2,005) | (2) |
Proceeds from long-term borrowings | 3 | |
Contribution from parent | 1,969 | |
Repayments on long-term borrowings | (30) | (1) |
Changes in intercompany balances | 98 | (3) |
Net cash from financing activities | 2,040 | (4) |
Effect of exchange rate on cash | (2) | (3) |
Net change in cash | 101 | 5 |
Cash and cash equivalents at beginning of period | 65 | 44 |
Cash and cash equivalents at end of period | 166 | 49 |
Eliminations [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
(Contributions) distributions to/from subsidiaries | 2,260 | |
Intercompany advances (repayments) | 162 | (55) |
Net cash from investing activities | 2,392 | (55) |
Contribution from parent | (2,260) | |
Changes in intercompany balances | (162) | 55 |
Net cash from financing activities | $ (2,392) | $ 55 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended |
Feb. 29, 2016USD ($) | |
Term Loans [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Voluntary payment | $ 100 |