Document And Entity Information
Document And Entity Information - shares shares in Millions | 6 Months Ended | |
Apr. 02, 2016 | May. 10, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 2, 2016 | |
Document Fiscal Period Focus | Q2 | |
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 | 120.9 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Consolidated Statements Of Income [Abstract] | ||||
Net sales | $ 1,614 | $ 1,224 | $ 3,226 | $ 2,444 |
Costs and expenses: | ||||
Cost of goods sold | 1,269 | 997 | 2,589 | 2,034 |
Selling, general and administrative | 138 | 89 | 292 | 174 |
Amortization of intangibles | 35 | 23 | 71 | 48 |
Restructuring and impairment charges | 7 | 3 | 23 | 8 |
Operating income | 165 | 112 | 251 | 180 |
Other income, net | (7) | 1 | (3) | |
Interest expense, net | 74 | 52 | 149 | 105 |
Income before income taxes | 98 | 59 | 105 | 75 |
Income tax expense | 39 | 21 | 42 | 24 |
Consolidated net income | $ 59 | $ 38 | $ 63 | $ 51 |
Net income per share: | ||||
Basic | $ 0.49 | $ 0.32 | $ 0.52 | $ 0.43 |
Diluted | $ 0.47 | $ 0.31 | $ 0.51 | $ 0.41 |
Outstanding weighted-average shares: | ||||
Basic | 120.5 | 119 | 120.3 | 118.7 |
Diluted | 124.4 | 124.1 | 124 | 123.4 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Consolidated net income | $ 59 | $ 38 | $ 63 | $ 51 |
Currency translation | 84 | (20) | 55 | (34) |
Interest rate hedges | (19) | (13) | (15) | (20) |
Provision for income taxes related to other comprehensive income items | 7 | 4 | 6 | 6 |
Comprehensive income (loss) | $ 131 | $ 9 | $ 109 | $ 3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Apr. 02, 2016 | Sep. 26, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 212 | $ 228 |
Accounts receivable (less allowance of $9 and $3, respectively) | 703 | 434 |
Finished goods | 421 | 309 |
Raw materials and supplies | 281 | 213 |
Inventory, total | 702 | 522 |
Deferred income taxes | 162 | |
Prepaid expenses and other current assets | 95 | 37 |
Total current assets | 1,712 | 1,383 |
Property, plant, and equipment, net | 2,317 | 1,294 |
Goodwill, intangible assets and deferred costs, net | 3,742 | 2,349 |
Other assets | 27 | 2 |
Total assets | 7,798 | 5,028 |
Current liabilities: | ||
Accounts payable | 540 | 330 |
Accrued expenses and other current liabilities | 465 | 338 |
Current portion of long-term debt | 73 | 37 |
Total current liabilities | 1,078 | 705 |
Long-term debt, less current portion | 5,914 | 3,648 |
Deferred income taxes | 355 | 387 |
Other long-term liabilities | 373 | 341 |
Total liabilities | 7,720 | 5,081 |
Redeemable non-controlling interest | 12 | 12 |
Stockholders' equity (deficit) | ||
Common stock (120.8 and 119.9 shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 428 | 406 |
Non-controlling interest | 3 | 3 |
Accumulated deficit | (293) | (356) |
Accumulated other comprehensive loss | (73) | (119) |
Total stockholders' equity (deficit) | 66 | (65) |
Total liabilities and stockholders' equity (deficit) | $ 7,798 | $ 5,028 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Apr. 02, 2016 | Sep. 26, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 9 | $ 3 |
Common stock, shares issued | 120.8 | 119.9 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Cash Flows from Operating Activities: | ||
Consolidated net income | $ 63 | $ 51 |
Adjustments to reconcile net cash provided by operating activities: | ||
Depreciation | 199 | 128 |
Amortization of intangibles | 71 | 48 |
Non-cash interest expense | 5 | 3 |
Deferred income tax | 21 | 22 |
Stock compensation expense | 14 | 12 |
Impairment of long-lived assets | 2 | |
Purchase accounting non-cash charge | 7 | |
Other items | (1) | (1) |
Changes in working capital | (19) | (48) |
Changes in other assets and liabilities | 1 | (5) |
Net cash provided by operating activities | 361 | 212 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (173) | (79) |
Proceeds from sale of assets | 4 | 13 |
Acquisitions of business, net of cash acquired | (2,283) | |
Net cash used in investing activities | (2,452) | (66) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 2,490 | |
Repayments on long-term borrowings | (267) | (125) |
Proceeds from issuance of common stock | 11 | 13 |
Payment of tax receivable agreement | (57) | (39) |
Debt financing costs | (37) | |
Purchase of non-controlling interest | (66) | |
Net cash used in financing activities | 2,074 | (151) |
Effect of exchange rate changes on cash | 1 | (5) |
Net change in cash | (16) | (10) |
Cash and cash equivalents at beginning of period | 228 | 129 |
Cash and cash equivalents at end of period | $ 212 | $ 119 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Apr. 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. In November 2015, the Company reorganized into three operating segments: Health, Hygiene & Specialties, Consumer Packaging, and Engineered Materials. The Company has recast all prior period amounts to conform to this new reporting structure. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Apr. 02, 2016 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued 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 and second fiscal quarters 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 elected to early adopt this guidance, effective at the beginning of fiscal 2016. 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 elected to early adopt this guidance, effective at the beginning of fiscal 2016. We will continue to 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 guidance effective at the beginning of fiscal 2016, on a prospective basis, resulting in a $ 175 Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new standard, the lessee of an operating lease will be required to do the following: 1) recognize a right-of-use asset and a lease liability in the statement of financial position, 2) recognize a single lease cost allocated over the lease term generally on a straight-line basis, and 3) classify all cash payments within operating activities on the statement of cash flows. Companies will be required to adopt this standard on a modified retrospective approach, and amendments in this guidance are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is currently evaluating the impact of this guidance. Stock Compensation In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, as part of its Simplification Initiative. The new guidance will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also will allow an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance. |
Acquisition
Acquisition | 6 Months Ended |
Apr. 02, 2016 | |
Acquisition [Abstract] | |
Acquisition | 3. Acquisition AVINTIV Inc. In October 2015, the Company acquired 100 2.26 195 400 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. The Company has not finalized the allocation of the purchase price to the fair value of fixed assets, intangibles, deferred income taxes, or debt and is continuing to review all of the working capital acquired and uncertain tax positions. The Company has recognized Goodwill on this transaction primarily as a result of expected synergies of Avintiv, and does not expect that Goodwill to be deductible for tax purposes. The following table summarizes the preliminary allocation of purchase price and the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition: Working capital (a) $ 163 Property and equipment 1,004 Intangible assets 586 Goodwill 810 Historical Avintiv debt assumed (53 ) Non-controlling interest (63 ) Deferred purchase price (30 ) Other assets and long-term liabilities (157 ) (a) Includes a $ 7 The deferred purchase price relates to certain 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 3.4 8 15 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 | 6 Months Ended |
Apr. 02, 2016 | |
Accounts Receivable Factoring Agreements [Abstract] | |
Accounts Receivable Factoring Agreements | 4. Accounts Receivable Factoring Agreements A number of the Company's foreign subsidiaries 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 second fiscal quarter: April 2, September 26, 2016 2015 Trade receivables sold to financial institutions $ 28 $ - Net amounts advanced from financial institutions (23 ) - Amounts due from financial institutions $ 5 $ - In addition to the programs described above, the Company has a U.S. based program where certain U.S. based receivables are sold to unrelated third-party financial institutions. There were no amounts outstanding from the financial institutions related to U.S. based programs at April 2, 2016. The fees associated with transfer of receivables for all programs were not material for any of the quarterly periods and the two quarterly periods ended April 2, 2016 and March 28, 2015, respectively . |
Restructuring And Impairment Ch
Restructuring And Impairment Charges | 6 Months Ended |
Apr. 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 $7 million and $3 million for the quarterly periods ended and $23 million and $8 million for the two quarterly periods ended April 2, 2016 and March 28, 2015, respectively. The tables below set forth the significant components of the restructuring charges recognized, by segment : Two Quarterly Periods Quarterly Period Ended Ended April 2, March 28, April 2, March 28, 2016 2015 2016 2015 Consumer Packaging $ 2 $ 3 $ 5 $ 8 Health, Hygiene & Specialties 4 — 16 — Engineered Materials 1 — 2 — Consolidated $ 7 $ 3 $ 23 $ 8 The table below sets forth the activity with respect to the restructuring accrual at April 2, 2016: Severance and Facilities termination exit costs benefits and other Total Balance at September 26, 2015 $ 2 $ 8 $ 10 Charges 20 3 23 Non-cash asset impairment — — — Cash payments (7 ) (4 ) (11 ) Balance at April 2, 2016 $ 15 $ 7 $ 22 |
Accrued Expenses, Other Current
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 6 Months Ended |
Apr. 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: April 2, September 26, 2016 2015 Employee compensation, payroll and other $ 139 $ 95 Interest 42 38 Rebates 48 53 Restructuring 22 10 Accrued taxes 52 20 Tax receivable agreement obligation 70 57 Accrued operating expenses 92 65 $ 465 $ 338 The following table sets forth the totals included in Other long-term liabilities on the Consolidated Balance Sheets: April 2, September 26, 2016 2015 Lease retirement obligation $ 34 $ 32 Sale-lease back deferred gain 27 28 Pension liability 76 57 Deferred purchase price 36 — Tax receivable agreement obligation 105 175 Interest rate swaps 51 36 Other 44 13 $ 373 $ 341 The Company made $ 57 46 85 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Apr. 02, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt consists of the following: April 2, September 26, Maturity Date 2016 2015 Term loan February 2020 $ 1,358 $ 1,369 Term loan January 2021 1,019 1,019 Term loan October 2022 1,895 — 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 (65 ) (29 ) Capital leases and other Various 180 126 Total long-term debt 5,987 3,685 Current portion of long-term debt (73 ) (37 ) Long-term debt, less current portion $ 5,914 $ 3,648 The Company's senior secured credit facilities consist of $ 4.3 650 The Company elected to make voluntary one-time principal payments of $ 50 100 50 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 11 25 6% Second Priority Senior Secured Notes In October 2015, the Company issued $ 400 6 October 2022 5 |
Financial Instruments And Fair
Financial Instruments And Fair Value Measurements | 6 Months Ended |
Apr. 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 In September 2015, the Company entered into an interest rate swap transaction to manage cash flow variability associated with $ 1 1.00 annual 1.7185 December 2015 June 2019 The Company records the changes in fair value of interest rate swaps in Accumulated other comprehensive income and Deferred income taxes. April 2, September 26, Derivatives instruments Balance Sheet Location 2016 2015 Interest rate swaps Other long-term liabilities $ 51 $ 36 The effect of the Company's derivative instruments on the Consolidated Statement of Operations is as follows: Two Quarterly Period Quarterly Period Ended Ended Statement of April 2, March 28, April 2, March 28, Derivatives instruments Operations Location 2016 2015 2016 2015 Interest rate swaps Interest expense, net $ 4 $ — $ 4 $ — Foreign currency swaps Other (income) expense $ 7 $ — $ 6 $ — 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. As a result of the segment reorganization that occurred during the January 2, 2016 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 impairment indicators were identified 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 April 2, 2016 and September 26, 2015, along with the impairment loss recognized on the fair value measurement during the period: As of April 2, 2016 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 2,517 2,517 — Definite lived intangible assets — — 1,014 1,014 — Property, plant, and equipment — — 2,317 2,317 — Total $ — $ — $ 6,055 $ 6,055 $ — 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 and long-term debt. The fair value of our marketable long-term indebtedness exceeded book value by $ 53 |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 02, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes The Company's effective tax rate was 40 36 40 33 |
Operating Segments
Operating Segments | 6 Months Ended |
Apr. 02, 2016 | |
Operating Segments [Abstract] | |
Operating Segments | 10. Operating Segments In November 2015 the Company reorganized into three Two Quarterly Periods Quarterly Period Ended Ended April 2, March 28, April 2, March 28, 2016 2015 2016 2015 Net sales: Consumer Packaging $ 687 $ 719 $ 1,370 $ 1,432 Health, Hygiene & Specialties 568 133 1,132 261 Engineered Materials 359 372 724 751 Total net sales $ 1,614 $ 1,224 $ 3,226 $ 2,444 Operating income : Consumer Packaging $ 67 $ 65 $ 110 $ 93 Health, Hygiene & Specialties 53 10 58 17 Engineered Materials 45 37 83 70 Total operating income $ 165 $ 112 $ 251 $ 180 Depreciation and amortization: Consumer Packaging $ 63 $ 56 $ 130 $ 118 Health, Hygiene & Specialties 49 8 103 18 Engineered Materials 19 21 37 40 Total depreciation and amortization $ 131 $ 85 $ 270 $ 176 April 2, September 26, 2016 2015 Total assets: Consumer Packaging $ 3,639 $ 3,832 Health, Hygiene, & Specialties 3,440 385 Engineered Materials 719 811 Total assets $ 7,798 $ 5,028 Goodwill: Consumer Packaging $ 1,521 $ 1,520 Health, Hygiene, & Specialties 912 48 Engineered Materials 84 84 Total goodwill $ 2,517 $ 1,652 Selected information by geography is presented in the following tables: Two Quarterly Periods Quarterly Period Ended Ended April 2, March 28, April 2, March 28, 2016 2015 2016 2015 Net sales: North America $ 1,303 $ 1,178 $ 2,610 $ 2,346 South America 80 2 159 4 Europe 166 29 323 61 Asia 65 15 134 33 Total net sales $ 1,614 $ 1,224 $ 3,226 $ 2,444 April 2, September 26, 2016 2015 Long-lived assets: North America $ 4,246 $ 3,510 South America 752 5 Europe 820 79 Asia 268 51 Total Long-lived assets $ 6,086 $ 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: Rigid Rigid Engineered Flexible Consumer Health, Open Top Closed Top Materials Packaging Packaging Hygiene & Total Specialties Balance as of September 26, 2015 $ 681 $ 823 $ 69 $ 79 $ - $ - $ 1,652 Segment reorganization (681 ) (823 ) 15 (79 ) 1,520 48 - Acquisitions, net - - - - - 825 825 Foreign currency translation adjustment - - - - 1 39 40 Balance as of April 2, 2016 $ - $ - $ 84 $ - $ 1,521 $ 912 $ 2,517 |
Contingencies And Commitments
Contingencies And Commitments | 6 Months Ended |
Apr. 02, 2016 | |
Contingencies And Commitments [Abstract] | |
Contingencies And Commitments | 11. Contingencies and Commitments 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 | 6 Months Ended |
Apr. 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 periods and two quarterly periods ended April 2, 2016 and March 28, 2015: Quarterly Period Ended Two Quarterly Periods Ended April 2, March 28, April 2, March 28, (in millions, except per share amounts) 2016 2015 2016 2015 Numerator Consolidated net income $ 59 $ 38 $ 63 $ 51 Denominator Weighted average common shares outstanding - basic 120.5 119.0 120.3 118.7 Dilutive shares 3.9 5.1 3.7 4.7 Weighted average common and common equivalent shares outstanding - diluted 124.4 124.1 124.0 123.4 Per common share income Basic $ 0.49 $ 0.32 $ 0.52 $ 0.43 Diluted $ 0.47 $ 0.31 $ 0.51 $ 0.41 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Apr. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 13. Accumulated Other Comprehensive Income (Loss) The components and activity of Accumulated other comprehensive income (loss) are as follows: Defined Benefit Accumulated Pension and Other Currency Retiree Health Interest Rate Comprehensive (Amounts presented net of taxes) Translation Benefit Plans Hedges Income (Loss) Balance at September 26, 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Other comprehensive income (loss) before reclassifications 55 — (13 ) 42 Net amount reclassified from accumulated other comprehensive income (loss) — — 4 4 Balance at April 2, 2016 $ (26 ) $ (25 ) $ (22 ) $ (73 ) Defined Benefit Accumulated Pension and Other Currency Retiree Health Interest Rate Comprehensive (Amounts presented net of taxes) Translation Benefit Plans Hedges Income (Loss) Balance at September 27, 2014 $ (36 ) $ (15 ) $ 8 $ (43 ) Other comprehensive income (loss) before reclassifications (34 ) — (14 ) (48 ) Net amount reclassified from accumulated — — — — other comprehensive income (loss) Balance at March 28, 2015 $ (70 ) $ (15 ) $ (6 ) $ (91 ) The tax impact on the change in interest rate hedges was $6 million for both the two quarterly periods ended April 2, 2016 and March 28, 2015. |
Purchase Of Non-Controlling Int
Purchase Of Non-Controlling Interest | 6 Months Ended |
Apr. 02, 2016 | |
Noncontrolling Interest [Abstract] | |
Purchase Of Non-controlling Interest | 14. Purchase of Non-controlling Interest At the time of our acquisition, Avintiv owned a 71.25 28.75 66 |
Guarantor And Non-Guarantor Fin
Guarantor And Non-Guarantor Financial Information | 6 Months Ended |
Apr. 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 its parent, Berry Plastics Group, Inc. (for purposes of this Note 15, "Parent") and substantially all of Issuer'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 April 2, 2016 Non— Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Current assets 1 90 968 653 — 1,712 Intercompany receivable 412 3,023 — — (3,435 ) — Property, plant, and equipment, net — 76 1,498 743 — 2,317 Other assets 195 3,973 4,113 1,240 (5,752 ) 3,769 Total assets $ 608 $ 7,162 $ 6,579 $ 2,636 $ (9,187 ) $ 7,798 Current liabilities 70 212 482 314 — 1,078 Intercompany payable — — 3,390 45 (3,435 ) — Other long-term liabilities 460 6,025 111 46 — 6,642 Redeemable non-controlling interest 12 — — 12 (12 ) 12 Stockholders' equity (deficit) 66 925 2,596 2,219 (5,740 ) 66 Total liabilities and stockholders' equity (deficit) $ 608 $ 7,162 $ 6,579 2,636 $ (9,187 ) $ 7,798 September 26, 2015 Non Guarantor Guarantor Parent Issuer Subsidiaries 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 Redeemable 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 April 2, 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 142 $ 1,070 $ 402 $ — $ 1,614 Cost of goods sold — 110 841 318 — 1,269 Selling, general and administrative — 27 83 28 — 138 Amortization of intangibles — 2 24 9 — 35 Restructuring and impairment charges — — 6 1 — 7 Operating income — 3 116 46 — 165 Other expense (income), net — 12 (3 ) (16 ) — (7 ) Interest expense, net — 9 49 16 — 74 Equity in net income of subsidiaries (98 ) (104 ) — — 202 — Income (loss) before income taxes 98 86 70 46 (202 ) 98 Income tax expense (benefit) 39 27 1 11 (39 ) 39 Consolidated net income (loss) $ 59 $ 59 $ 69 $ 35 $ (163 ) $ 59 Comprehensive net income (loss) $ 59 $ 47 $ 69 $ 119 $ (163 ) $ 131 Quarterly Period Ended March 28, 2015 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 150 $ 962 $ 112 $ — $ 1,224 Cost of goods sold — 126 784 87 — 997 Selling, general and administrative — 17 61 11 — 89 Amortization of intangibles — 2 19 2 — 23 Restructuring and impairment charges — — 3 — — 3 Operating income — 5 95 12 — 112 Other income, net — 2 (1 ) — — 1 Interest expense, net — 6 41 5 — 52 Equity in net income of subsidiaries (59 ) (60 ) — — 119 — Income (loss) before income taxes 59 57 55 7 (119 ) 59 Income tax expense (benefit) 21 20 — 1 (21 ) 21 Consolidated net income (loss) $ 38 $ 37 $ 55 $ 6 $ (98 ) $ 38 Comprehensive net income (loss) $ 38 $ 24 $ 59 $ (14 ) $ (98 ) $ 9 Two Quarterly Periods Ended April 2, 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 292 $ 2,062 $ 872 $ — $ 3,226 Cost of goods sold — 233 1,656 700 — 2,589 Selling, general and administrative — 83 158 51 — 292 Amortization of intangibles — 4 50 17 — 71 Restructuring and impairment charges — — 22 1 — 23 Operating income — (28 ) 176 103 — 251 Other expense (income), net — 11 (7 ) (7 ) — (3 ) Interest expense, net — 18 95 36 — 149 Equity in net income of subsidiaries (105 ) (139 ) — — 244 — Income (loss) before income taxes 105 82 88 74 (244 ) 105 Income tax expense (benefit) 42 19 1 22 (42 ) 42 Consolidated net income (loss) $ 63 $ 63 $ 87 $ 52 $ (202 ) $ 63 Comprehensive net income (loss) $ 63 $ 54 $ 87 $ 107 $ (202 ) $ 109 Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ 15 $ 249 $ 97 $ — $ 361 Cash Flow from Investing Activities Additions to property, plant, and equipment — (5 ) (143 ) (25 ) — (173 ) Proceeds from sale of assets — — 4 — — 4 (Contributions) distributions to/from subsidiaries (11 ) (2,249 ) — — 2,260 — Intercompany advances (repayments) — (110 ) — — 110 — Acquisition of business, net of cash acquired — — (291 ) (1,992 ) — (2,283 ) Net cash from investing activities (11 ) (2,364 ) (430 ) (2,017 ) 2,370 (2,452 ) Cash Flow from Financing Activities Proceeds from long-term debt — 2,490 — — — 2,490 Purchase of non-controlling interest — — (66 ) — — (66 ) Proceeds from issuance of common stock 11 — — — — 11 Payment of tax receivable agreement (57 ) — — — — (57 ) Repayments on long-term borrowings — (243 ) — (24 ) — (267 ) Contribution from Parent — — 291 1,969 (2,260 ) — Debt financing costs — (37 ) — — — (37 ) Changes in intercompany balances 57 — (34 ) 87 (110 ) — Net cash from financing activities 11 2,210 191 2,032 (2,370 ) 2,074 Effect of exchange rate changes on cash — — — 1 — 1 Net change in cash — (139 ) 10 113 — (16 ) Cash and cash equivalents at beginning of period — 163 — 65 — 228 Cash and cash equivalents at end of period $ — $ 24 $ 10 $ 178 $ — $ 212 Two Quarterly Periods Ended March 28, 2015 Non— Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 309 $ 1910 $ 225 $ — $ 2,444 Cost of goods sold — 273 1,593 168 — 2,034 Selling, general and administrative — 33 120 21 — 174 Amortization of intangibles — 4 40 4 — 48 Restructuring and impairment charges — — 8 — — 8 Operating income (loss) — (1 ) 149 32 — 180 Other income, net — 1 (1 ) — — — Interest expense, net — 13 82 10 — 105 Equity in net income of subsidiaries (75 ) (88 ) — — 163 — Income (loss) before income taxes 75 73 68 22 (163 ) 75 Income tax expense (benefit) 24 22 — 2 (24 ) 24 Consolidated net income (loss) $ 51 $ 51 $ 68 $ 20 $ (139 ) $ 51 Comprehensive net income (loss) $ 51 $ 37 $ 68 $ (14 ) $ (139 ) $ 3 Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (35 ) $ 230 $ 18 $ (1 ) $ 212 Cash Flow from Investing Activities Additions to property, plant, and equipment — (10 ) (66 ) (3 ) — (79 ) Proceeds from sale of assets — — 13 — — 13 (Contributions) distributions to/from subsidiaries (13 ) 13 — — — — Intercompany advances (repayments) — 136 — — (136 ) — Acquisition of business, net of cash acquired — — — — — — Net cash from investing activities (13 ) 139 (53 ) (3 ) (136 ) (66 ) Cash Flow from Financing Activities Proceeds from issuance of common stock 13 — — — — 13 Payment of tax receivable agreement (39 ) — — — — (39 ) Repayments on long-term borrowings — (124 ) — (1 ) — (125 ) Changes in intercompany balances 39 — (179 ) 3 137 — Net cash from financing activities 13 (124 ) (179 ) 2 137 (151 ) Effect of exchange rate changes on cash — — — (5 ) — (5 ) Net change in cash — (20 ) (2 ) 12 — (10 ) Cash and cash equivalents at beginning of period — 70 15 44 — 129 Cash and cash equivalents at end of period $ — $ 50 $ 13 $ 56 $ — $ 119 |
Recently Issued Accounting Pr22
Recently Issued Accounting Pronouncements (Policy) | 6 Months Ended |
Apr. 02, 2016 | |
Recently Issued 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 elected to early adopt this guidance, effective at the beginning of fiscal 2016. 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 elected to early adopt this guidance, effective at the beginning of fiscal 2016. We will continue to 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 guidance effective at the beginning of fiscal 2016, on a prospective basis, resulting in a $ 175 |
Leases | Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new standard, the lessee of an operating lease will be required to do the following: 1) recognize a right-of-use asset and a lease liability in the statement of financial position, 2) recognize a single lease cost allocated over the lease term generally on a straight-line basis, and 3) classify all cash payments within operating activities on the statement of cash flows. Companies will be required to adopt this standard on a modified retrospective approach, and amendments in this guidance are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is currently evaluating the impact of this guidance. |
Stock Compensation | Stock Compensation In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, as part of its Simplification Initiative. The new guidance will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also will allow an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance. |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Acquisition [Abstract] | |
Summary Of Acquisition | Working capital (a) $ 163 Property and equipment 1,004 Intangible assets 586 Goodwill 810 Historical Avintiv debt assumed (53 ) Non-controlling interest (63 ) Deferred purchase price (30 ) Other assets and long-term liabilities (157 ) (a) Includes a $7 million step up of inventory to fair value |
Accounts Receivable Factoring24
Accounts Receivable Factoring Agreements (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Accounts Receivable Factoring Agreements [Abstract] | |
Summary Of Accounts Receivable Sold | April 2, September 26, 2016 2015 Trade receivables sold to financial institutions $ 28 $ - Net amounts advanced from financial institutions (23 ) - Amounts due from financial institutions $ 5 $ - |
Restructuring And Impairment 25
Restructuring And Impairment Charges (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Restructuring And Impairment Charges [Abstract] | |
Components Of Restructuring Charges By Segment | Two Quarterly Periods Quarterly Period Ended Ended April 2, March 28, April 2, March 28, 2016 2015 2016 2015 Consumer Packaging $ 2 $ 3 $ 5 $ 8 Health, Hygiene & Specialties 4 — 16 — Engineered Materials 1 — 2 — Consolidated $ 7 $ 3 $ 23 $ 8 |
Schedule Of Restructuring Accrual Costs | Severance and Facilities termination exit costs benefits and other Total Balance at September 26, 2015 $ 2 $ 8 $ 10 Charges 20 3 23 Non-cash asset impairment — — — Cash payments (7 ) (4 ) (11 ) Balance at April 2, 2016 $ 15 $ 7 $ 22 |
Accrued Expenses, Other Curre26
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Summary Of Accrued Expenses And Other Current Liabilities | April 2, September 26, 2016 2015 Employee compensation, payroll and other $ 139 $ 95 Interest 42 38 Rebates 48 53 Restructuring 22 10 Accrued taxes 52 20 Tax receivable agreement obligation 70 57 Accrued operating expenses 92 65 $ 465 $ 338 |
Summary Of Other Long-Term Liabilities | April 2, September 26, 2016 2015 Lease retirement obligation $ 34 $ 32 Sale-lease back deferred gain 27 28 Pension liability 76 57 Deferred purchase price 36 — Tax receivable agreement obligation 105 175 Interest rate swaps 51 36 Other 44 13 $ 373 $ 341 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | April 2, September 26, Maturity Date 2016 2015 Term loan February 2020 $ 1,358 $ 1,369 Term loan January 2021 1,019 1,019 Term loan October 2022 1,895 — 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 (65 ) (29 ) Capital leases and other Various 180 126 Total long-term debt 5,987 3,685 Current portion of long-term debt (73 ) (37 ) Long-term debt, less current portion $ 5,914 $ 3,648 |
Financial Instruments And Fai28
Financial Instruments And Fair Value Measurements (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Schedule Of Derivatives Instruments | April 2, September 26, Derivatives instruments Balance Sheet Location 2016 2015 Interest rate swap Other long-term liabilities $ 51 $ 36 |
Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location | Two Quarterly Period Quarterly Period Ended Ended Statement of April 2, March 28, April 2, March 28, Derivatives instruments Operations Location 2016 2015 2016 2015 Interest rate swaps Interest expense, net $ 4 $ — $ 4 $ — Foreign currency swaps Other (income) expense $ 7 $ — $ 6 $ — |
Schedule Of Fair Value Assets Measured On Nonrecurring Basis | As of April 2, 2016 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 2,517 2,517 — Definite lived intangible assets — — 1,014 1,014 — Property, plant, and equipment — — 2,317 2,317 — Total $ — $ — $ 6,055 $ 6,055 $ — 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) | 6 Months Ended |
Apr. 02, 2016 | |
Operating Segments [Abstract] | |
Summary Of Selected Information By Reportable Segment | Two Quarterly Periods Quarterly Period Ended Ended April 2, March 28, April 2, March 28, 2016 2015 2016 2015 Net sales: Consumer Packaging $ 687 $ 719 $ 1,370 $ 1,432 Health, Hygiene & Specialties 568 133 1,132 261 Engineered Materials 359 372 724 751 Total net sales $ 1,614 $ 1,224 $ 3,226 $ 2,444 Operating income : Consumer Packaging $ 67 $ 65 $ 110 $ 93 Health, Hygiene & Specialties 53 10 58 17 Engineered Materials 45 37 83 70 Total operating income $ 165 $ 112 $ 251 $ 180 Depreciation and amortization: Consumer Packaging $ 63 $ 56 $ 130 $ 118 Health, Hygiene & Specialties 49 8 103 18 Engineered Materials 19 21 37 40 Total depreciation and amortization $ 131 $ 85 $ 270 $ 176 |
Summary Of Assets And Goodwill By Segment | April 2, September 26, 2016 2015 Total assets: Consumer Packaging $ 3,639 $ 3,832 Health, Hygiene, & Specialties 3,440 385 Engineered Materials 719 811 Total assets $ 7,798 $ 5,028 Goodwill: Consumer Packaging $ 1,521 $ 1,520 Health, Hygiene, & Specialties 912 48 Engineered Materials 84 84 Total goodwill $ 2,517 $ 1,652 |
Summary Of Selected Information By Geography | Two Quarterly Periods Quarterly Period Ended Ended April 2, March 28, April 2, March 28, 2016 2015 2016 2015 Net sales: North America $ 1,303 $ 1,178 $ 2,610 $ 2,346 South America 80 2 159 4 Europe 166 29 323 61 Asia 65 15 134 33 Total net sales $ 1,614 $ 1,224 $ 3,226 $ 2,444 |
Summary Of Long-Lived Assets By Geography | April 2, September 26, 2016 2015 Long-lived assets: North America $ 4,246 $ 3,510 South America 752 5 Europe 820 79 Asia 268 51 Total Long-lived assets $ 6,086 $ 3,645 |
Changes In The Carrying Amount Of Goodwill | Rigid Rigid Engineered Flexible Consumer Health, Open Top Closed Top Materials Packaging Packaging Hygiene & Total Specialties Balance as of September 26, 2015 $ 681 $ 823 $ 69 $ 79 $ - $ - $ 1,652 Segment reorganization (681 ) (823 ) 15 (79 ) 1,520 48 - Acquisitions, net - - - - - 825 825 Foreign currency translation adjustment - - - - 1 39 40 Balance as of April 2, 2016 $ - $ - $ 84 $ - $ 1,521 $ 912 $ 2,517 |
Basic And Diluted Net Income 30
Basic And Diluted Net Income Per Share (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Basic And Diluted Net Income Per Share [Abstract] | |
Schedule Of Net Income Per Share | Quarterly Period Ended Two Quarterly Periods Ended April 2, March 28, April 2, March 28, (in millions, except per share amounts) 2016 2015 2016 2015 Numerator Consolidated net income $ 59 $ 38 $ 63 $ 51 Denominator Weighted average common shares outstanding - basic 120.5 119.0 120.3 118.7 Dilutive shares 3.9 5.1 3.7 4.7 Weighted average common and common equivalent shares outstanding - diluted 124.4 124.1 124.0 123.4 Per common share income Basic $ 0.49 $ 0.32 $ 0.52 $ 0.43 Diluted $ 0.47 $ 0.31 $ 0.51 $ 0.41 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Apr. 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 (Amounts presented net of taxes) Translation Benefit Plans Hedges Income (Loss) Balance at September 26, 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Other comprehensive income (loss) before reclassifications 55 — (13 ) 42 Net amount reclassified from accumulated other comprehensive income (loss) — — 4 4 Balance at April 2, 2016 $ (26 ) $ (25 ) $ (22 ) $ (73 ) Defined Benefit Accumulated Pension and Other Currency Retiree Health Interest Rate Comprehensive (Amounts presented net of taxes) Translation Benefit Plans Hedges Income (Loss) Balance at September 27, 2014 $ (36 ) $ (15 ) $ 8 $ (43 ) Other comprehensive income (loss) before reclassifications (34 ) — (14 ) (48 ) Net amount reclassified from accumulated — — — — other comprehensive income (loss) Balance at March 28, 2015 $ (70 ) $ (15 ) $ (6 ) $ (91 ) |
Guarantor And Non-Guarantor F32
Guarantor And Non-Guarantor Financial Information (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Condensed Supplemental Consolidated Financial Information | Condensed Supplemental Consolidated Balance Sheet April 2, 2016 Non— Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Current assets 1 90 968 653 — 1,712 Intercompany receivable 412 3,023 — — (3,435 ) — Property, plant, and equipment, net — 76 1,498 743 — 2,317 Other assets 195 3,973 4,113 1,240 (5,752 ) 3,769 Total assets $ 608 $ 7,162 $ 6,579 $ 2,636 $ (9,187 ) $ 7,798 Current liabilities 70 212 482 314 — 1,078 Intercompany payable — — 3,390 45 (3,435 ) — Other long-term liabilities 460 6,025 111 46 — 6,642 Redeemable non-controlling interest 12 — — 12 (12 ) 12 Stockholders' equity (deficit) 66 925 2,596 2,219 (5,740 ) 66 Total liabilities and stockholders' equity (deficit) $ 608 $ 7,162 $ 6,579 2,636 $ (9,187 ) $ 7,798 September 26, 2015 Non Guarantor Guarantor Parent Issuer Subsidiaries 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 Redeemable 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 April 2, 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 142 $ 1,070 $ 402 $ — $ 1,614 Cost of goods sold — 110 841 318 — 1,269 Selling, general and administrative — 27 83 28 — 138 Amortization of intangibles — 2 24 9 — 35 Restructuring and impairment charges — — 6 1 — 7 Operating income — 3 116 46 — 165 Other expense (income), net — 12 (3 ) (16 ) — (7 ) Interest expense, net — 9 49 16 — 74 Equity in net income of subsidiaries (98 ) (104 ) — — 202 — Income (loss) before income taxes 98 86 70 46 (202 ) 98 Income tax expense (benefit) 39 27 1 11 (39 ) 39 Consolidated net income (loss) $ 59 $ 59 $ 69 $ 35 $ (163 ) $ 59 Comprehensive net income (loss) $ 59 $ 47 $ 69 $ 119 $ (163 ) $ 131 Quarterly Period Ended March 28, 2015 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 150 $ 962 $ 112 $ — $ 1,224 Cost of goods sold — 126 784 87 — 997 Selling, general and administrative — 17 61 11 — 89 Amortization of intangibles — 2 19 2 — 23 Restructuring and impairment charges — — 3 — — 3 Operating income — 5 95 12 — 112 Other income, net — 2 (1 ) — — 1 Interest expense, net — 6 41 5 — 52 Equity in net income of subsidiaries (59 ) (60 ) — — 119 — Income (loss) before income taxes 59 57 55 7 (119 ) 59 Income tax expense (benefit) 21 20 — 1 (21 ) 21 Consolidated net income (loss) $ 38 $ 37 $ 55 $ 6 $ (98 ) $ 38 Comprehensive net income (loss) $ 38 $ 24 $ 59 $ (14 ) $ (98 ) $ 9 Two Quarterly Periods Ended April 2, 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 292 $ 2,062 $ 872 $ — $ 3,226 Cost of goods sold — 233 1,656 700 — 2,589 Selling, general and administrative — 83 158 51 — 292 Amortization of intangibles — 4 50 17 — 71 Restructuring and impairment charges — — 22 1 — 23 Operating income — (28 ) 176 103 — 251 Other expense (income), net — 11 (7 ) (7 ) — (3 ) Interest expense, net — 18 95 36 — 149 Equity in net income of subsidiaries (105 ) (139 ) — — 244 — Income (loss) before income taxes 105 82 88 74 (244 ) 105 Income tax expense (benefit) 42 19 1 22 (42 ) 42 Consolidated net income (loss) $ 63 $ 63 $ 87 $ 52 $ (202 ) $ 63 Comprehensive net income (loss) $ 63 $ 54 $ 87 $ 107 $ (202 ) $ 109 Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ 15 $ 249 $ 97 $ — $ 361 Cash Flow from Investing Activities Additions to property, plant, and equipment — (5 ) (143 ) (25 ) — (173 ) Proceeds from sale of assets — — 4 — — 4 (Contributions) distributions to/from subsidiaries (11 ) (2,249 ) — — 2,260 — Intercompany advances (repayments) — (110 ) — — 110 — Acquisition of business, net of cash acquired — — (291 ) (1,992 ) — (2,283 ) Net cash from investing activities (11 ) (2,364 ) (430 ) (2,017 ) 2,370 (2,452 ) Cash Flow from Financing Activities Proceeds from long-term debt — 2,490 — — — 2,490 Purchase of non-controlling interest — — (66 ) — — (66 ) Proceeds from issuance of common stock 11 — — — — 11 Payment of tax receivable agreement (57 ) — — — — (57 ) Repayments on long-term borrowings — (243 ) — (24 ) — (267 ) Contribution from Parent — — 291 1,969 (2,260 ) — Debt financing costs — (37 ) — — — (37 ) Changes in intercompany balances 57 — (34 ) 87 (110 ) — Net cash from financing activities 11 2,210 191 2,032 (2,370 ) 2,074 Effect of exchange rate changes on cash — — — 1 — 1 Net change in cash — (139 ) 10 113 — (16 ) Cash and cash equivalents at beginning of period — 163 — 65 — 228 Cash and cash equivalents at end of period $ — $ 24 $ 10 $ 178 $ — $ 212 Two Quarterly Periods Ended March 28, 2015 Non— Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 309 $ 1910 $ 225 $ — $ 2,444 Cost of goods sold — 273 1,593 168 — 2,034 Selling, general and administrative — 33 120 21 — 174 Amortization of intangibles — 4 40 4 — 48 Restructuring and impairment charges — — 8 — — 8 Operating income (loss) — (1 ) 149 32 — 180 Other income, net — 1 (1 ) — — — Interest expense, net — 13 82 10 — 105 Equity in net income of subsidiaries (75 ) (88 ) — — 163 — Income (loss) before income taxes 75 73 68 22 (163 ) 75 Income tax expense (benefit) 24 22 — 2 (24 ) 24 Consolidated net income (loss) $ 51 $ 51 $ 68 $ 20 $ (139 ) $ 51 Comprehensive net income (loss) $ 51 $ 37 $ 68 $ (14 ) $ (139 ) $ 3 Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (35 ) $ 230 $ 18 $ (1 ) $ 212 Cash Flow from Investing Activities Additions to property, plant, and equipment — (10 ) (66 ) (3 ) — (79 ) Proceeds from sale of assets — — 13 — — 13 (Contributions) distributions to/from subsidiaries (13 ) 13 — — — — Intercompany advances (repayments) — 136 — — (136 ) — Acquisition of business, net of cash acquired — — — — — — Net cash from investing activities (13 ) 139 (53 ) (3 ) (136 ) (66 ) Cash Flow from Financing Activities Proceeds from issuance of common stock 13 — — — — 13 Payment of tax receivable agreement (39 ) — — — — (39 ) Repayments on long-term borrowings — (124 ) — (1 ) — (125 ) Changes in intercompany balances 39 — (179 ) 3 137 — Net cash from financing activities 13 (124 ) (179 ) 2 137 (151 ) Effect of exchange rate changes on cash — — — (5 ) — (5 ) Net change in cash — (20 ) (2 ) 12 — (10 ) Cash and cash equivalents at beginning of period — 70 15 44 — 129 Cash and cash equivalents at end of period $ — $ 50 $ 13 $ 56 $ — $ 119 |
Recently Issued Accounting Pr33
Recently Issued Accounting Pronouncements (Details) $ in Millions | Apr. 02, 2016USD ($) |
Recently Issued Accounting Pronouncements [Abstract] | |
Deferred tax assets, current | $ 175 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Acquisitions [Line Item] | |||||
Net sales | $ 1,614 | $ 1,224 | $ 3,226 | $ 2,444 | |
AVINTIV [Member] | |||||
Acquisitions [Line Item] | |||||
Purchase price, net of cash acquired | $ 195 | ||||
Percentage of capital stock acquired | 100.00% | ||||
Purchase price | $ 2,260 | ||||
Net sales | 1,700 | 3,400 | |||
Net losses | $ 8 | $ 15 | |||
Term Loan Due October 2022 [Member] | |||||
Acquisitions [Line Item] | |||||
Maturity date | Oct. 1, 2022 | ||||
Term Loan Due October 2022 [Member] | AVINTIV [Member] | |||||
Acquisitions [Line Item] | |||||
Debt instrument, face amount | 2,100 | ||||
Increased existing term loan agreement | 2,100 | $ 2,100 | |||
Maturity date | Oct. 1, 2022 | ||||
6.0% Second Priority Senior Secured Notes Due 2020 [Member] | |||||
Acquisitions [Line Item] | |||||
Debt instrument, face amount | $ 400 | $ 400 | |||
Interest rate of senior secured note | 6.00% | 6.00% | |||
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% | ||||
Maturity date | Oct. 1, 2022 |
Acquisition (Summary Of Acquisi
Acquisition (Summary Of Acquisition) (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | |
Goodwill | $ 2,517 | $ 1,652 | ||
Deferred purchase price | (36) | |||
AVINTIV [Member] | ||||
Working capital | [1] | $ 163 | ||
Property and equipment | 1,004 | |||
Intangible asset | 586 | |||
Goodwill | 810 | |||
Historical Avintiv debt assumed | (53) | |||
Non-controlling interest | (63) | |||
Deferred purchase price | (30) | |||
Other assets and long-term liabilities | $ (157) | |||
Inventory | $ 7 | |||
[1] | Includes a $7 million step up of inventory to fair value |
Accounts Receivable Factoring36
Accounts Receivable Factoring Agreements (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Sep. 26, 2015 |
Accounts Receivable Factoring Agreements [Abstract] | ||
Trade receivables sold to financial institutions | $ 28 | |
Net amounts advanced from financial institutions | (23) | |
Amounts due from financial institutions | $ 5 |
Restructuring And Impairment 37
Restructuring And Impairment Charges (Components Of Restructuring Charges By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Restructuring And Impairment Charges [Line Items] | ||||
Charges | $ 7 | $ 3 | $ 23 | $ 8 |
Consumer Packaging [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Charges | 2 | $ 3 | 5 | $ 8 |
Health, Hygiene, & Specialities [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Charges | 4 | 16 | ||
Engineered Materials [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Charges | $ 1 | $ 2 |
Restructuring And Impairment 38
Restructuring And Impairment Charges (Schedule Of Restructuring Accrual Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Restructuring And Impairment Charges [Line Items] | ||||
Beginning balance | $ 10 | |||
Charges | $ 7 | $ 3 | 23 | $ 8 |
Cash payments | (11) | |||
Ending balance | 22 | 22 | ||
Severance And Termination Benefits [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Beginning balance | 2 | |||
Charges | 20 | |||
Cash payments | (7) | |||
Ending balance | 15 | 15 | ||
Facilities Exit Costs And Other [Member] | ||||
Restructuring And Impairment Charges [Line Items] | ||||
Beginning balance | 8 | |||
Charges | 3 | |||
Cash payments | (4) | |||
Ending balance | $ 7 | $ 7 |
Accrued Expenses, Other Curre39
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 Curre40
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Sep. 26, 2015 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Employee compensation, payroll and other | $ 139 | $ 95 |
Interest | 42 | 38 |
Rebates | 48 | 53 |
Restructuring | 22 | 10 |
Accrued taxes | 52 | 20 |
Tax receivable agreement obligation | 70 | 57 |
Accrued operating expenses | 92 | 65 |
Total accrued liabilities, current | $ 465 | $ 338 |
Accrued Expenses, Other Curre41
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Sep. 26, 2015 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Lease retirement obligation | $ 34 | $ 32 |
Sale-lease back deferred gain | 27 | 28 |
Pension liability | 76 | 57 |
Deferred purchase price | 36 | |
Tax receivable agreement obligation | 105 | 175 |
Interest rate swaps | 51 | 36 |
Other | 44 | 13 |
Other long-term liabilities | $ 373 | $ 341 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | ||||
Mar. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | Apr. 02, 2016 | Sep. 26, 2015 | |
Debt Instrument [Line Items] | ||||||
Debt discount | $ 65 | $ 29 | ||||
Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Voluntary payment | $ 50 | $ 100 | $ 50 | |||
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% | |||||
Term Loan Due October 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Oct. 1, 2022 | |||||
Revolving Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | May 1, 2020 | |||||
Senior Unsecured Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 4,300 | |||||
Senior Unsecured Term Loan [Member] | Revolving Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 650 | |||||
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% | |||||
Maturity date | Oct. 1, 2022 | |||||
Deferred financing fees | $ 5 | |||||
AVINTIV [Member] | Term Loan Due October 2022 [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 | |||||
Maturity date | Oct. 1, 2022 | |||||
Debt discount | 11 | |||||
Deferred financing fees | $ 25 |
Long-Term Debt (Summary Of Long
Long-Term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Apr. 02, 2016 | Sep. 26, 2015 | |
Debt Instrument [Line Items] | ||
Debt discounts and deferred fees | $ (65) | $ (29) |
Capital leases and other | 180 | 126 |
Total long-term debt | 5,987 | 3,685 |
Current portion of long-term debt | (73) | (37) |
Long-term debt, less current portion | $ 5,914 | 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 | $ 1,358 | 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 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,895 | |
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 Fai44
Financial Instruments And Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | ||||
Jun. 28, 2013 | Apr. 02, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 28, 2013 | |
Derivative [Line Items] | ||||||
Fair value of investments exceeding book value | $ 53 | |||||
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 effective date | May 1, 2016 | |||||
Derivative maturity date | May 1, 2019 | |||||
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 effective date | Feb. 1, 2016 | |||||
Derivative maturity date | Feb. 1, 2019 | |||||
2015 Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Debt instrument, face amount | $ 1,000 | |||||
Derivative variable interest rate | 1.00% | |||||
Term of fixed interest rate | 1 year | |||||
Derivative instrument fixed interest rate | 1.7185% | |||||
Derivative effective date | Dec. 1, 2015 | |||||
Derivative maturity date | Jun. 1, 2019 |
Financial Instruments And Fai45
Financial Instruments And Fair Value Measurements (Schedule Of Derivative Instruments (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Sep. 26, 2015 |
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 51 | $ 36 |
Interest Rate Swap [Member] | Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap | $ 51 | $ 36 |
Financial Instruments And Fai46
Financial Instruments And Fair Value Measurements (Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Apr. 02, 2016 | Apr. 02, 2016 | |
Interest Rate Swap [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments | $ 4 | $ 4 |
Foreign Currency Swaps [Member] | Other (Income) Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments | $ 7 | $ 6 |
Financial Instruments And Fai47
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 | Apr. 02, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | $ 207 | $ 207 |
Goodwill | 1,652 | 2,517 |
Definite lived intangible assets | 486 | 1,014 |
Property, plant, and equipment | 1,294 | 2,317 |
Total | 3,639 | 6,055 |
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 | 2,517 |
Definite lived intangible assets | 486 | 1,014 |
Property, plant, and equipment | 1,294 | 2,317 |
Total | $ 3,639 | $ 6,055 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Income Taxes [Abstract] | ||||
Effective tax rate due to valuation allowances | 40.00% | 36.00% | 40.00% | 33.00% |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) | 6 Months Ended |
Apr. 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 | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,614 | $ 1,224 | $ 3,226 | $ 2,444 |
Operating income | 165 | 112 | 251 | 180 |
Depreciation and amortization | 131 | 85 | 270 | 176 |
Consumer Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 687 | 719 | 1,370 | 1,432 |
Operating income | 67 | 65 | 110 | 93 |
Depreciation and amortization | 63 | 56 | 130 | 118 |
Health, Hygiene, & Specialities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 568 | 133 | 1,132 | 261 |
Operating income | 53 | 10 | 58 | 17 |
Depreciation and amortization | 49 | 8 | 103 | 18 |
Engineered Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 359 | 372 | 724 | 751 |
Operating income | 45 | 37 | 83 | 70 |
Depreciation and amortization | $ 19 | $ 21 | $ 37 | $ 40 |
Operating Segments (Summary O51
Operating Segments (Summary Of Assets And Goodwill By Segment) (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Sep. 26, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 7,798 | $ 5,028 |
Goodwill, includes segment reorganization | 2,517 | 1,652 |
Consumer Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,639 | 3,832 |
Goodwill, includes segment reorganization | 1,521 | 1,520 |
Health, Hygiene, & Specialities [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,440 | 385 |
Goodwill, includes segment reorganization | 912 | 48 |
Engineered Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 719 | 811 |
Goodwill, includes segment reorganization | $ 84 | $ 84 |
Operating Segments (Summary O52
Operating Segments (Summary Of Selected Information By Geography) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,614 | $ 1,224 | $ 3,226 | $ 2,444 |
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,303 | 1,178 | 2,610 | 2,346 |
South America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 80 | 2 | 159 | 4 |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 166 | 29 | 323 | 61 |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 65 | $ 15 | $ 134 | $ 33 |
Operating Segments (Summary O53
Operating Segments (Summary Of Long-Lived Assets By Geography) (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Sep. 26, 2015 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 6,086 | $ 3,645 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 4,246 | 3,510 |
South America [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 752 | 5 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 820 | 79 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 268 | $ 51 |
Operating Segments (Changes In
Operating Segments (Changes In The Carrying Amount Of Goodwill) (Details) $ in Millions | 6 Months Ended |
Apr. 02, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 1,652 |
Acquisitions, net | 825 |
Foreign currency translation adjustment | 40 |
Goodwill, Ending balance | 2,517 |
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 |
Goodwill, Ending balance | 84 |
Flexible Packaging [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 79 |
Segment reorganization | $ (79) |
Goodwill, Ending balance | |
Consumer Packaging [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | |
Segment reorganization | $ 1,520 |
Foreign currency translation adjustment | 1 |
Goodwill, Ending balance | $ 1,521 |
Health, Hygiene, & Specialities [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | |
Segment reorganization | $ 48 |
Acquisitions, net | 825 |
Foreign currency translation adjustment | 39 |
Goodwill, Ending balance | $ 912 |
Basic And Diluted Net Income 55
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 | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Basic And Diluted Net Income Per Share [Abstract] | ||||
Consolidated net income | $ 59 | $ 38 | $ 63 | $ 51 |
Weighted average common shares outstanding - basic | 120.5 | 119 | 120.3 | 118.7 |
Dilutive shares | 3.9 | 5.1 | 3.7 | |
Weighted average common and common equivalent shares outstanding - diluted | 124.4 | 124.1 | 124 | 123.4 |
Basic | $ 0.49 | $ 0.32 | $ 0.52 | $ 0.43 |
Diluted | $ 0.47 | $ 0.31 | $ 0.51 | $ 0.41 |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (119) | $ (43) | ||
Other comprehensive income (loss) before reclassifications | 42 | (48) | ||
Net amount reclassified from accumulated other comprehensive income (loss) | 4 | |||
Ending balance | $ (73) | $ (91) | (73) | (91) |
Tax impact | (7) | (4) | (6) | (6) |
Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (81) | (36) | ||
Other comprehensive income (loss) before reclassifications | $ 55 | (34) | ||
Net amount reclassified from accumulated other comprehensive income (loss) | ||||
Ending balance | (26) | (70) | $ (26) | (70) |
Defined Benefit Pension And Retiree Health Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (25) | (15) | ||
Other comprehensive income (loss) before reclassifications | ||||
Net amount reclassified from accumulated other comprehensive income (loss) | ||||
Ending balance | (25) | (15) | $ (25) | (15) |
Interest Rate Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (13) | 8 | ||
Other comprehensive income (loss) before reclassifications | (13) | (14) | ||
Net amount reclassified from accumulated other comprehensive income (loss) | 4 | |||
Ending balance | $ (22) | $ (6) | $ (22) | $ (6) |
Purchase Of Non-Controlling I57
Purchase Of Non-Controlling Interest (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 02, 2016 | Sep. 27, 2014 | Apr. 02, 2016 | Sep. 26, 2015 | |
Additional paid-in capital | $ 428 | $ 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 F58
Guarantor And Non-Guarantor Financial Information (Narrative) (Details) | Apr. 02, 2016 |
Guarantor Subsidiaries [Member] | |
Percentage ownership in guarantor subsidiaries | 100.00% |
Guarantor And Non-Guarantor F59
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Sep. 26, 2015 |
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | $ 1,712 | $ 1,383 |
Property, plant, and equipment, net | 2,317 | 1,294 |
Other assets | 3,769 | 2,351 |
Total assets | 7,798 | 5,028 |
Current liabilities | 1,078 | 705 |
Other long-term liabilities | 6,642 | 4,376 |
Non-controlling interest | 12 | 12 |
Stockholders equity (deficit) | 66 | (65) |
Total liabilities and stockholders' equity (deficit) | 7,798 | 5,028 |
Parent Company [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | 1 | 162 |
Intercompany receivable | 412 | 329 |
Other assets | 195 | 75 |
Total assets | 608 | 566 |
Current liabilities | 70 | 57 |
Other long-term liabilities | 460 | 562 |
Non-controlling interest | 12 | 12 |
Stockholders equity (deficit) | 66 | (65) |
Total liabilities and stockholders' equity (deficit) | 608 | 566 |
Issuer [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | 90 | 257 |
Intercompany receivable | 3,023 | 2,963 |
Property, plant, and equipment, net | 76 | 79 |
Other assets | 3,973 | 1,553 |
Total assets | 7,162 | 4,852 |
Current liabilities | 212 | 205 |
Other long-term liabilities | 6,025 | 3,769 |
Stockholders equity (deficit) | 925 | 878 |
Total liabilities and stockholders' equity (deficit) | 7,162 | 4,852 |
Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | 968 | 767 |
Property, plant, and equipment, net | 1,498 | 1,111 |
Other assets | 4,113 | 2,152 |
Total assets | 6,579 | 4,030 |
Current liabilities | 482 | 366 |
Intercompany payable | 3,390 | 3,375 |
Other long-term liabilities | 111 | 39 |
Stockholders equity (deficit) | 2,596 | 250 |
Total liabilities and stockholders' equity (deficit) | 6,579 | 4,030 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Current assets | 653 | 197 |
Intercompany receivable | 83 | |
Property, plant, and equipment, net | 743 | 104 |
Other assets | 1,240 | 102 |
Total assets | 2,636 | 486 |
Current liabilities | 314 | 77 |
Intercompany payable | 45 | |
Other long-term liabilities | 46 | 6 |
Non-controlling interest | 12 | |
Stockholders equity (deficit) | 2,219 | 403 |
Total liabilities and stockholders' equity (deficit) | 2,636 | 486 |
Eliminations [Member] | ||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||
Intercompany receivable | (3,435) | (3,375) |
Other assets | (5,752) | (1,531) |
Total assets | (9,187) | (4,906) |
Intercompany payable | (3,435) | (3,375) |
Non-controlling interest | (12) | |
Stockholders equity (deficit) | (5,740) | (1,531) |
Total liabilities and stockholders' equity (deficit) | $ (9,187) | $ (4,906) |
Guarantor And Non-Guarantor F60
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | $ 1,614 | $ 1,224 | $ 3,226 | $ 2,444 |
Cost of goods sold | 1,269 | 997 | 2,589 | 2,034 |
Selling, general and administrative | 138 | 89 | 292 | 174 |
Amortization of intangibles | 35 | 23 | 71 | 48 |
Restructuring and impairment charges | 7 | 3 | 23 | 8 |
Operating income (loss) | 165 | 112 | 251 | 180 |
Other expense (income), net | (7) | 1 | (3) | |
Interest expense, net | 74 | 52 | 149 | 105 |
Income (loss) before income taxes | 98 | 59 | 105 | 75 |
Income tax expense (benefit) | 39 | 21 | 42 | 24 |
Consolidated net income (loss) | 59 | 38 | 63 | 51 |
Comprehensive net income (loss) | 131 | 9 | 109 | 3 |
Parent Company [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Equity in net income of subsidiaries | (98) | (59) | (105) | (75) |
Income (loss) before income taxes | 98 | 59 | 105 | 75 |
Income tax expense (benefit) | 39 | 21 | 42 | 24 |
Consolidated net income (loss) | 59 | 38 | 63 | 51 |
Comprehensive net income (loss) | 59 | 38 | 63 | 51 |
Issuer [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | 142 | 150 | 292 | 309 |
Cost of goods sold | 110 | 126 | 233 | 273 |
Selling, general and administrative | 27 | 17 | 83 | 33 |
Amortization of intangibles | 2 | 2 | 4 | 4 |
Operating income (loss) | 3 | 5 | (28) | (1) |
Other expense (income), net | 12 | 2 | 11 | 1 |
Interest expense, net | 9 | 6 | 18 | 13 |
Equity in net income of subsidiaries | (104) | (60) | (139) | (88) |
Income (loss) before income taxes | 86 | 57 | 82 | 73 |
Income tax expense (benefit) | 27 | 20 | 19 | 22 |
Consolidated net income (loss) | 59 | 37 | 63 | 51 |
Comprehensive net income (loss) | 47 | 24 | 54 | 37 |
Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | 1,070 | 962 | 2,062 | 1,910 |
Cost of goods sold | 841 | 784 | 1,656 | 1,593 |
Selling, general and administrative | 83 | 61 | 158 | 120 |
Amortization of intangibles | 24 | 19 | 50 | 40 |
Restructuring and impairment charges | 6 | 3 | 22 | 8 |
Operating income (loss) | 116 | 95 | 176 | 149 |
Other expense (income), net | (3) | (1) | (7) | (1) |
Interest expense, net | 49 | 41 | 95 | 82 |
Income (loss) before income taxes | 70 | 55 | 88 | 68 |
Income tax expense (benefit) | 1 | 1 | ||
Consolidated net income (loss) | 69 | 55 | 87 | 68 |
Comprehensive net income (loss) | 69 | 59 | 87 | 68 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Net sales | 402 | 112 | 872 | 225 |
Cost of goods sold | 318 | 87 | 700 | 168 |
Selling, general and administrative | 28 | 11 | 51 | 21 |
Amortization of intangibles | 9 | 2 | 17 | 4 |
Restructuring and impairment charges | 1 | 1 | ||
Operating income (loss) | 46 | 12 | 103 | 32 |
Other expense (income), net | (16) | (7) | ||
Interest expense, net | 16 | 5 | 36 | 10 |
Income (loss) before income taxes | 46 | 7 | 74 | 22 |
Income tax expense (benefit) | 11 | 1 | 22 | 2 |
Consolidated net income (loss) | 35 | 6 | 52 | 20 |
Comprehensive net income (loss) | 119 | (14) | 107 | (14) |
Eliminations [Member] | ||||
Condensed Consolidating Financial Information [Line Items] | ||||
Equity in net income of subsidiaries | 202 | 119 | 244 | 163 |
Income (loss) before income taxes | (202) | (119) | (244) | (163) |
Income tax expense (benefit) | (39) | (21) | (42) | (24) |
Consolidated net income (loss) | (163) | (98) | (202) | (139) |
Comprehensive net income (loss) | $ (163) | $ (98) | $ (202) | $ (139) |
Guarantor And Non-Guarantor F61
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | $ 361 | $ 212 |
Additions to property, plant and equipment | (173) | (79) |
Proceeds from sale of assets | 4 | 13 |
Acquisition of business net of cash acquired | (2,283) | |
Net cash used in investing activities | (2,452) | (66) |
Proceeds from long-term debt | 2,490 | |
Purchase of non-controlling interest | (66) | |
Debt financing costs | (37) | |
Payment of tax receivable agreement | (57) | (39) |
Proceeds from issuance of common stock | 11 | 13 |
Repayments on long-term borrowings | (267) | (125) |
Net cash used in financing activities | 2,074 | (151) |
Effect of exchange rate on cash | 1 | (5) |
Net change in cash | (16) | (10) |
Cash and cash equivalents at beginning of period | 228 | 129 |
Cash and cash equivalents at end of period | 212 | 119 |
Parent Company [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
(Contributions) distributions to/from subsidiaries | (11) | (13) |
Net cash used in investing activities | (11) | (13) |
Payment of tax receivable agreement | (57) | (39) |
Proceeds from issuance of common stock | 11 | 13 |
Changes in intercompany balances | 57 | 39 |
Net cash used in financing activities | 11 | 13 |
Issuer [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | 15 | (35) |
Additions to property, plant and equipment | (5) | (10) |
(Contributions) distributions to/from subsidiaries | (2,249) | 13 |
Intercompany advances (repayments) | (110) | 136 |
Net cash used in investing activities | (2,364) | 139 |
Proceeds from long-term debt | 2,490 | |
Debt financing costs | (37) | |
Repayments on long-term borrowings | (243) | (124) |
Net cash used in financing activities | 2,210 | (124) |
Net change in cash | (139) | (20) |
Cash and cash equivalents at beginning of period | 163 | 70 |
Cash and cash equivalents at end of period | 24 | 50 |
Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | 249 | 230 |
Additions to property, plant and equipment | (143) | (66) |
Proceeds from sale of assets | 4 | 13 |
Acquisition of business net of cash acquired | (291) | |
Net cash used in investing activities | (430) | (53) |
Purchase of non-controlling interest | (66) | |
Changes in intercompany balances | (34) | (179) |
Contribution from Parent | 291 | |
Net cash used in financing activities | 191 | (179) |
Net change in cash | 10 | (2) |
Cash and cash equivalents at beginning of period | 15 | |
Cash and cash equivalents at end of period | 10 | 13 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | 97 | 18 |
Additions to property, plant and equipment | (25) | (3) |
Acquisition of business net of cash acquired | (1,992) | |
Net cash used in investing activities | (2,017) | (3) |
Repayments on long-term borrowings | (24) | (1) |
Changes in intercompany balances | 87 | 3 |
Contribution from Parent | 1,969 | |
Net cash used in financing activities | 2,032 | 2 |
Effect of exchange rate on cash | 1 | (5) |
Net change in cash | 113 | 12 |
Cash and cash equivalents at beginning of period | 65 | 44 |
Cash and cash equivalents at end of period | 178 | 56 |
Eliminations [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | (1) | |
(Contributions) distributions to/from subsidiaries | 2,260 | |
Intercompany advances (repayments) | 110 | (136) |
Net cash used in investing activities | 2,370 | (136) |
Changes in intercompany balances | (110) | 137 |
Contribution from Parent | (2,260) | |
Net cash used in financing activities | $ (2,370) | $ 137 |