Document And Entity Information
Document And Entity Information - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Oct. 01, 2016 | Nov. 30, 2016 | Apr. 02, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 1, 2016 | ||
Document Fiscal Period Focus | FY | ||
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 | 122 | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 4.4 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Consolidated Statements Of Income [Abstract] | |||||||||||
Net sales | $ 1,618 | $ 1,645 | $ 1,614 | $ 1,612 | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 6,489 | $ 4,881 | $ 4,958 |
Costs and expenses: | |||||||||||
Cost of goods sold | 1,317 | 1,296 | 1,269 | 1,320 | 975 | 1,003 | 997 | 1,037 | 5,202 | 4,012 | 4,190 |
Selling, general and administrative | 531 | 357 | 320 | ||||||||
Amortization of intangibles | 143 | 91 | 102 | ||||||||
Restructuring and impairment charges | 32 | 13 | 30 | ||||||||
Operating income | 581 | 408 | 316 | ||||||||
Debt extinguishment | 4 | 94 | 35 | ||||||||
Other (income) expense, net | (22) | 1 | (7) | ||||||||
Interest expense, net | 291 | 191 | 221 | ||||||||
Income before income taxes | 308 | 122 | 67 | ||||||||
Income tax expense | 72 | 36 | 4 | ||||||||
Consolidated net income | 236 | 86 | 63 | ||||||||
Net income attributable to non-controlling interests | 1 | ||||||||||
Net income attributable to the Company | $ 77 | $ 96 | $ 59 | $ 4 | $ 48 | $ (13) | $ 38 | $ 13 | $ 236 | $ 86 | $ 62 |
Net income per share: | |||||||||||
Basic | $ 0.63 | $ 0.79 | $ 0.49 | $ 0.03 | $ 0.40 | $ (0.11) | $ 0.32 | $ 0.11 | $ 1.95 | $ 0.72 | $ 0.53 |
Diluted | $ 0.61 | $ 0.76 | $ 0.47 | $ 0.03 | $ 0.39 | $ (0.11) | $ 0.31 | $ 0.11 | $ 1.89 | $ 0.70 | $ 0.51 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Consolidated net income | $ 236 | $ 86 | $ 63 |
Currency translation | (1) | (45) | (16) |
Interest rate hedges | (14) | (33) | (3) |
Defined benefit pension and retiree health benefit plans | (23) | (16) | (11) |
Provision for income taxes related to other comprehensive income items | 9 | 18 | 5 |
Comprehensive income | 207 | 10 | 38 |
Comprehensive income attributable to non-controlling interests | 1 | ||
Comprehensive income attributable to the Company | $ 207 | $ 10 | $ 37 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 323 | $ 228 |
Accounts receivable, net | 704 | 434 |
Inventory | 660 | 522 |
Deferred income taxes | 162 | |
Prepaid expenses and other current assets | 105 | 37 |
Total current assets | 1,792 | 1,383 |
Property, plant, and equipment, net | 2,224 | 1,294 |
Goodwill and intangible assets, net | 3,606 | 2,345 |
Other assets | 31 | 6 |
Total assets | 7,653 | 5,028 |
Current liabilities: | ||
Accounts payable | 539 | 330 |
Accrued expenses and other current liabilities | 449 | 338 |
Current portion of long-term debt | 43 | 37 |
Total current liabilities | 1,031 | 705 |
Long-term debt, less current portion | 5,712 | 3,648 |
Deferred income taxes | 272 | 387 |
Other long-term liabilities | 417 | 341 |
Total liabilities | 7,432 | 5,081 |
Commitments and contingencies | ||
Redeemable non-controlling interest | 12 | |
Stockholders' equity (deficit): | ||
Common stock: (122.0 and 119.9 shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 449 | 406 |
Non-controlling interest | 3 | 3 |
Accumulated deficit | (84) | (356) |
Accumulated other comprehensive loss | (148) | (119) |
Total stockholders' equity (deficit) | 221 | (65) |
Total liabilities and stockholders' equity (deficit) | $ 7,653 | $ 5,028 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares shares in Millions | Oct. 01, 2016 | Sep. 26, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, shares issued | 122 | 119.9 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Stockholders' Equity (Deficit) - USD ($) $ in Millions | Accounting Standards Update 2016-09 [Member]Accumulated Deficit [Member] | Accounting Standards Update 2016-09 [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Non-Controlling Interest [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
Balance at Sep. 28, 2013 | $ 1 | $ 322 | $ 3 | $ (18) | $ (504) | $ (196) | ||
Stock compensation expense | 15 | 15 | ||||||
Proceeds from issuance of common stock | 17 | 17 | ||||||
Obligation under tax receivable agreement | 13 | 13 | ||||||
Interest rate hedge, net of tax | (2) | (2) | ||||||
Net income attributable to the Company | 62 | 62 | ||||||
Currency translation | (16) | (16) | ||||||
Defined benefit pension and retiree health benefit plans, net of tax | (7) | (7) | ||||||
Balance at Sep. 27, 2014 | 1 | 367 | 3 | (43) | (442) | (114) | ||
Stock compensation expense | 21 | 21 | ||||||
Proceeds from issuance of common stock | 18 | 18 | ||||||
Interest rate hedge, net of tax | (21) | (21) | ||||||
Net income attributable to the Company | 86 | 86 | ||||||
Currency translation | (45) | (45) | ||||||
Defined benefit pension and retiree health benefit plans, net of tax | (10) | (10) | ||||||
Balance at Sep. 26, 2015 | 1 | 406 | 3 | (119) | (356) | (65) | ||
Stock compensation expense | 20 | 20 | ||||||
Proceeds from issuance of common stock | 26 | 26 | ||||||
Interest rate hedge, net of tax | (9) | (9) | ||||||
Net income attributable to the Company | 236 | 236 | ||||||
Currency translation | (1) | (1) | ||||||
Defined benefit pension and retiree health benefit plans, net of tax | (19) | (19) | ||||||
Other equity | (3) | (3) | ||||||
Balance at Oct. 01, 2016 | $ 1 | $ 449 | $ 3 | $ (148) | $ (84) | $ 221 | ||
Cumulative effect of excess tax benefit from the adoptions of ASU 2016-09 | $ 36 | $ 36 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Cash Flows from Operating Activities: | |||
Consolidated net income | $ 236 | $ 86 | $ 63 |
Net income attributable to non-controlling interests | 1 | ||
Net income attributable to the Company | 236 | 86 | 62 |
Adjustments to reconcile net cash from operating activities: | |||
Depreciation | 382 | 259 | 256 |
Amortization of intangibles | 143 | 91 | 102 |
Non-cash interest expense | 9 | 6 | 7 |
Debt extinguishment | 4 | 94 | 35 |
Stock compensation expense | 20 | 21 | 15 |
Deferred income tax | 31 | 26 | (4) |
Impairment of long-lived assets | 3 | 2 | 7 |
Other non-cash operating activities, net | (16) | (3) | |
Accounts receivable, net | (34) | 46 | 5 |
Inventories | 9 | 74 | 19 |
Prepaid expenses and other assets | 21 | (8) | (1) |
Accounts payable and other liabilities | 49 | (60) | 30 |
Net cash from operating activities | 857 | 637 | 530 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | (288) | (180) | (215) |
Proceeds from sale of assets | 5 | 18 | 19 |
Acquisitions of business, net of cash acquired | (2,283) | (3) | (226) |
Other investing activities, net | (13) | ||
Net cash from investing activities | (2,579) | (165) | (422) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term borrowings | 2,490 | 693 | 1,627 |
Repayment on long-term borrowings | (524) | (951) | (1,687) |
Proceeds from issuance of common stock | 26 | 18 | 17 |
Payment of tax receivable agreement | (57) | (39) | (32) |
Debt financing costs | (40) | (86) | (44) |
Purchase of non-controlling interest | (78) | ||
Net cash from financing activities | 1,817 | (365) | (119) |
Effect of currency translation on cash | (8) | (2) | |
Net change in cash and cash equivalents | 95 | 99 | (13) |
Cash and cash equivalents at beginning of period | 228 | 129 | 142 |
Cash and cash equivalents at end of period | $ 323 | $ 228 | $ 129 |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 12 Months Ended |
Oct. 01, 2016 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Summary Of Significant Accounting Policies | 1. Basis of Presentation and Summary of Significant Accounting Policies Background Berry Plastics Group, Inc. ("Berry," "we," or the "Company") is a leading provider of value-added plastic consumer packaging, nonwoven specialty materials and engineered materials with a track record of delivering high-quality customized solutions to our customers. Representative examples of our products include closures, prescription vials, specialty films, adhesives, nonwovens, drink cups, containers, and bottles. We sell our products predominantly into stable, consumer-oriented end-markets, such as healthcare, personal care, and food and beverage. Basis of Presentation Periods presented in these financial statements include fiscal periods ending October 1, 2016 ("fiscal 2016"), September 26, 2015 ("fiscal 2015"), and September 27, 2014 ("fiscal 2014"). Prior to the acquisition of Avintiv, Inc., the Company operated in four The consolidated financial statements include the accounts of Berry and its subsidiaries, all of which includes our wholly owned and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Where our ownership of consolidated subsidiaries is less than 100% the non-controlling interests are reflected in Non-controlling interest and Redeemable non-controlling interests. Revenue Recognition Revenue from the sales of products is recognized at the time title and risks and rewards of ownership pass to the customer, there is persuasive evidence of an arrangement, the sales price is fixed and determinable and collection is reasonably assured. Provisions for certain rebates, sales incentives, trade promotions, coupons, product returns and discounts to customers are accounted for as reductions in gross sales to arrive at net sales. In accordance with the Revenue Recognition standards of the Accounting Standards Codification ("Codification" or "ASC"), the Company provides for these items as reductions of revenue at the later of the date of the sale or the date the incentive is offered. These provisions are based on estimates derived from current program requirements and historical experience. Shipping, handling, purchasing, receiving, inspecting, warehousing, and other costs of distribution are presented in Cost of goods sold in the Consolidated Statements of Income. The Company classifies amounts charged to its customers for shipping and handling in Net sales in the Consolidated Statements of Income. Purchases of Raw Materials and Concentration of Risk The Company's most significant raw material used in the production of its products is plastic resin. The largest supplier of the Company's total resin material requirements represented approximately 16 Research and Development Research and development costs are expensed when incurred. The Company incurred research and development expenditures of $ 48 33 32 Stock-Based Compensation The compensation guidance of the FASB requires that the compensation cost relating to share-based payment transactions be recognized in financial statements based on alternative fair value models. The share-based compensation cost is measured based on the fair value of the equity or liability instruments issued. The Company's share-based compensation plan is more fully described in Note 12. The Company recorded total stock compensation expense of $ 20 21 15 The Company utilizes the Black-Scholes option valuation model for estimating the fair value of the stock options. The model allows for the use of a range of assumptions. Expected volatilities utilized in the Black-Scholes model are based on implied volatilities from traded stocks of peer companies. Similarly, the dividend yield is based on historical experience and the estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The Company's options have a ten year contractual life. For purposes of the valuation model in fiscal years 2016, 2015, and 2014, the Company used the simplified method for determining the granted options expected lives (see footnote 12). Foreign Currency For the non-U.S. subsidiaries that account in a functional currency other than U.S. Dollars, assets and liabilities are translated into U.S. Dollars using period-end exchange rates. Sales and expenses are translated at the average exchange rates in effect during the period. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss) within stockholders' equity (deficit). Gains and losses resulting from foreign currency transactions are included in the Consolidated Statements of Income. Cash and Cash Equivalents All highly liquid investments purchased with a maturity of three months or less from the time of purchase are considered to be cash equivalents. Allowance for Doubtful Accounts The Company's accounts receivable and related allowance for doubtful accounts are analyzed in detail on a quarterly basis and all significant customers with delinquent balances are reviewed to determine future collectability. The determinations are based on legal issues (such as bankruptcy status), past history, current financial and credit agency reports, and the experience of the credit representatives. Reserves are established in the quarter in which the Company makes the determination that the account is deemed uncollectible. The Company maintains additional reserves based on its historical bad debt experience. The following table summarizes the activity for fiscal years ended for the allowance for doubtful accounts: 2016 2015 2014 Allowance for doubtful accounts, beginning $ 3 $ 3 $ 3 Avintiv allowance for doubtful accounts 6 — — Bad debt expense 1 2 — Write-offs against allowance (2 ) (2 ) — Allowance for doubtful accounts, ending $ 8 $ 3 $ 3 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: 2016 2015 Trade receivables sold to financial institutions $ 23 $ — Net amounts advanced from financial institutions (18 ) — 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 October 1, 2016. The fees associated with transfer of receivables for all programs were not material for any of the periods presented. Inventories Inventories are stated at the lower of cost or market and are valued using the first-in, first-out method. Management periodically reviews inventory balances, using recent and future expected sales to identify slow-moving and/or obsolete items. The cost of spare parts is charged to cost of goods sold when purchased. We evaluate our reserve for inventory obsolescence on a quarterly basis and review inventory on-hand to determine future salability. We base our determinations on the age of the inventory and the experience of our personnel. We reserve inventory that we deem to be not salable in the quarter in which we make the determination. We believe, based on past history and our policies and procedures, that our net inventory is salable. Inventory as of fiscal 2016 and 2015 was: Inventories: 2016 2015 Finished goods $ 397 $ 309 Raw materials 263 213 $ 660 $ 522 Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from 5 to 25 years for buildings and improvements, 2 to 10 years for machinery, equipment, and tooling and over the term of the agreement for capital leases. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term. Repairs and maintenance costs are charged to expense as incurred. The Company capitalized interest of $ 6 Property, plant and equipment: 2016 2015 Land, buildings and improvements $ 667 $ 367 Equipment and construction in progress 3,552 2,618 4,219 2,985 Less accumulated depreciation (1,995 ) (1,691 ) $ 2,224 $ 1,294 Long-lived Assets Long-lived assets, including property, plant and equipment and definite lived intangible assets are reviewed for impairment in accordance with ASC 360, "Property, Plant and Equipment," whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset's carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. Long-lived assets that are held for sale are reported at the lower of the assets' carrying amount or fair value less costs related to the assets' disposition. We recorded impairment charges totaling $ 3 2 7 Goodwill The Company follows the principles provided by ASC 350, "Intangibles - Goodwill and Other." Goodwill is not amortized but rather reviewed annually for impairment. In connection with the Company's segment re-alignment, the Company performed a goodwill assessment before and after the segment realignment to determine if any impairment was present, noting that in each case the fair value of the reporting unit for each of historical reporting units exceeded its carrying value. The Company performed their annual impairment evaluation on the first day of the fourth fiscal quarter. For purposes of conducting our annual goodwill impairment test, the Company determined that we have seven opportunities, obtain synergies and create manufacturing efficiencies. In addition, we utilize our research and development centers, design center, tool shops, and graphics center which all provide benefits to each of the reporting units and work on new products that can benefit multiple product lines. We also believe that the goodwill is recoverable from the overall operations of the unit given our synergies from leveraging the combined resources, common raw materials, common research and development, similar margins and similar distribution methodologies. In our HHS segment, we operate in four 165 The changes in the carrying amount of goodwill by reportable segment are as follows: Health, Consumer Hygiene & Engineered Packaging Specialties Materials Total Balance as of fiscal 2014 1,524 49 86 $ 1,659 Foreign currency translation adjustment (5 ) (2 ) (2 ) (9 ) Acquisitions (realignment), net 1 1 — 2 Balance as of fiscal 2015 1,520 48 84 $ 1,652 Foreign currency translation adjustment — 13 1 14 Acquisitions, net — 740 — 740 Balance as of fiscal 2016 $ 1,520 $ 801 $ 85 $ 2,406 Deferred Financing Fees Deferred financing fees are amortized to interest expense using the effective interest method over the lives of the respective debt agreements. Pursuant to ASC 835-30 the Company presents $ 75 4 Intangible Assets Customer relationships are being amortized using an accelerated amortization method which corresponds with the customer attrition rates used in the initial valuation of the intangibles over the estimated life of the relationships which range from 10 to 15 years. Trademarks that are expected to remain in use, which are indefinite lived intangible assets, are required to be reviewed for impairment annually. Technology intangibles are being amortized using the straight-line method over the estimated life of the technology which range from 8 to 14 years. License intangibles are being amortized using the straight-line method over the life of the license which is 10 years. The Company evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. The Company has certain tradenames that total approximately $ 248 no Customer Other Accumulated Relationships Trademarks Intangibles Amortization Total Balance as of fiscal 2014 $ 1,167 $ 282 $ 109 $ (766 ) $ 792 Adjustment for income taxes (3 ) — — — (3 ) Foreign currency translation adjustment (6 ) (1 ) (3 ) 4 (6 ) Amortization expense — — — (91 ) (91 ) Acquisition intangibles 1 — — — 1 Balance as of fiscal 2015 $ 1,159 $ 281 $ 106 $ (853 ) $ 693 Adjustment for income taxes (3 ) — — — (3 ) Foreign currency translation adjustment 11 — 1 (2 ) 10 Amortization expense — — — (143 ) (143 ) Acquisition intangibles 523 45 75 — 643 Balance as of fiscal 2016 $ 1,690 $ 326 $ 182 $ (998 ) $ 1,200 Insurable Liabilities The Company records liabilities for the self-insured portion of workers' compensation, health, product, general and auto liabilities. The determination of these liabilities and related expenses is dependent on claims experience. For most of these liabilities, claims incurred but not yet reported are estimated based upon historical claims experience. Income Taxes The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company's financial statements or income tax returns. Income taxes are recognized during the period in which the underlying transactions are recorded. Deferred taxes, with the exception of non-deductible goodwill, are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and such amounts as measured by tax laws. If the Company determines that a deferred tax asset arising from temporary differences is not likely to be utilized, the Company will establish a valuation allowance against that asset to record it at its expected realizable value. The Company recognizes uncertain tax positions when it is more likely than not that the tax position will be sustained upon examination by relevant taxing authorities, based on the technical merits of the position. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company's effective tax rate is dependent on many factors including: the impact of enacted tax laws in jurisdictions in which the Company operates; the amount of earnings by jurisdiction, due to varying tax rates in each country; and the Company's ability to utilize foreign tax credits related to foreign taxes paid on foreign earnings that will be remitted to the United States. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive losses include net unrealized gains or losses resulting from currency translations of foreign subsidiaries, changes in the value of our derivative instruments and adjustments to the pension liability. The accumulated balances related to each component of other comprehensive income (loss) were as follows (amounts below are net of taxes): Defined Benefit Pension and Retiree Accumulated Other Currency Translation Health Benefit Plans Interest Rate Hedges Comprehensive Loss Balance as of fiscal 2013 $ (20 ) $ (8 ) $ 10 $ (18 ) Other comprehensive income (loss) (16 ) (11 ) (3 ) (30 ) Provision for income taxes — 4 1 5 Balance as of fiscal 2014 $ (36 ) $ (15 ) $ 8 $ (43 ) Other comprehensive loss (45 ) (16 ) (33 ) (94 ) Provision for income taxes — 6 12 18 Balance as of fiscal 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Other comprehensive income (loss) (1 ) (25 ) (30 ) (56 ) Net amount reclassified from accumulated other comprehensive income (loss) — 2 16 18 Provision for income taxes — 4 5 9 Balance as of fiscal 2016 $ (82 ) $ (44 ) $ (22 ) $ (148 ) Accrued Rebates The Company offers various rebates to customers based on purchases. These rebate programs are individually negotiated with customers and contain a variety of different terms and conditions. Certain rebates are calculated as flat percentages of purchases, while others included tiered volume incentives. These rebates may be payable monthly, quarterly, or annually. The calculation of the accrued rebate balance involves significant management estimates, especially where the terms of the rebate involve tiered volume levels that require estimates of expected annual sales. These provisions are based on estimates derived from current program requirements and historical experience. The accrual for customer rebates was $ 54 53 Pension Pension benefit costs include assumptions for the discount rate, retirement age, and expected return on plan assets. Retiree medical plan costs include assumptions for the discount rate, retirement age, and health-care-cost trend rates. Periodically, the Company evaluates the discount rate and the expected return on plan assets in its defined benefit pension and retiree health benefit plans. In evaluating these assumptions, the Company considers many factors, including an evaluation of the discount rates, expected return on plan assets and the health-care-cost trend rates of other companies; historical assumptions compared with actual results; an analysis of current market conditions and asset allocations; and the views of advisers. Net Income Per Share The Company calculates basic net income per share based on the weighted-average number of outstanding common shares. The Company calculates diluted net income per share based on the weighted-average number of outstanding common shares plus the effect of dilutive securities. Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make extensive use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of sales and expenses. Actual results could differ materially from these estimates. Changes in estimates are recorded in results of operations in the period that the event or circumstances giving rise to such changes occur. Recently Issued Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (FASB) issued a final standard on revenue recognition. Under the new standard, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to do so, an entity would follow the five-step process for in-scope transactions: 1) identify the contract with a customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the separate performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the provisions of the new standard are effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption for annual reporting periods beginning after December 15, 2016 is permitted. An entity can apply the new revenue standard on a full retrospective approach to each prior reporting period presented or on a modified retrospective approach with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. The Company is in the process of determining our approach to the adoption of this new standard, and the anticipated impact to the consolidated financial statements which will not be effective until our Fiscal 2019. 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. 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 adoption 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. 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 elected to early adopt this guidance effective for our fiscal year ending October 1, 2016, on a retrospective basis, and recorded a $ 36 15 |
Acquisition
Acquisition | 12 Months Ended |
Oct. 01, 2016 | |
Acquisition [Abstract] | |
Acquisition | 2. Acquisition AVINTIV Inc. In October 2015, the Company acquired 100 2.26 23 14 4,500 1.8 Working capital (a) $ 198 Property and equipment 964 Intangible assets 631 Goodwill 737 Avintiv debt assumed (53 ) Non-controlling interest - Providencia (63 ) Deferred purchase price - Providencia (30 ) Deferred taxes (59 ) Other assets 28 Other long-term liabilities (93 ) (a) Includes an $ 11 The Company has allocated the purchase price based on a fair value analysis to working capital, long-term assets and liabilities, property and equipment, intangible assets (customer relationships, technology & tradenames), pension, deferred income taxes and goodwill. The Company has utilized variations of the income method for purposes of valuing the intangible assets and considered various methods for the real and personal property including the new cost, replacement cost and current cost estimates to determine the overall fair value. The Company considered the various regions of the world that Avintiv operates in and the overall inflation and GDP growth along with potential cost synergies and historical results of Avintiv in determining the fair values. The Company is still in the process of reaching settlement on the purchase price with the sellers and has recorded an estimate as of October 1, 2016. The Company does not expect the final settlement of the purchase price to have a material impact on the financial statements. 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. Unaudited pro forma net sales were $ 6.7 28 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. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Oct. 01, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 3. Long-Term Debt During fiscal 2016, the Company has made $ 524 Revolving Line of Credit In May 2015, the Company amended the credit agreement relating to its existing $650 million secured revolving credit facility to extend the maturity date of the revolving credit facility from June 2016 to May 2020 and to reduce interest margins and certain commitment fees. 5 1 8 % Second Priority Senior Secured Notes In June 2015, the Company issued $ 700 5 1 8 % second priority senior secured notes due July 2023. Interest on the 5 1 8 % second priority senior secured notes is due semi-annually on January 15 and July 15. Proceeds from the issuance and existing liquidity were used to satisfy and discharge all of the outstanding 9¾% 94 83 11 6% Second Priority Senior Secured Notes In October 2015, the Company issued $ 400 October 2022 5 Term Loans 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 In June 2016, the Company entered into an incremental assumption agreement and amendment to lower the interest rates under certain of the existing term loans. The term loan maturing in January 2021 now bears interest at LIBOR plus 2.50 1.00 2.75 1.00 3.0 2.50 4 2 Debt discounts and deferred financing fees are presented net of Long-term debt, less the current portion in the Consolidated Balance Sheet and are amortized to Interest expense through maturity. Long-term debt consists of the following: October 1, September 26, Maturity Date 2016 2015 Term loan February 2020 $ 1,351 $ 1,369 Term loan January 2021 814 — Term loan October 2022 1,895 — Modified term loan - — 1,019 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 500 700 6% October 2022 400 — Debt discounts and deferred fees (58 ) (29 ) Capital leases and other Various 153 126 Total long-term debt 5,755 3,685 Current portion of long-term debt (43 ) (37 ) Long-term debt, less current portion $ 5,712 $ 3,648 Berry Plastics Corporation Senior Secured Credit Facility Our wholly owned subsidiary Berry Plastics Corporation's senior secured credit facilities consist of $ 4.1 650 650 The borrowings under the senior secured credit facilities bear interest at a rate equal to an applicable margin plus, as determined at the Company's option, either (a) a base rate determined by reference to the higher of (1) the prime rate of Credit Suisse, Cayman Islands Branch, as administrative agent, in the case of the term loan facility or Bank of America, N.A., as administrative agent, in the case of the revolving credit facility and (2) the U.S. federal funds rate plus 1 2 of 1% or (b) LIBOR determined by reference to the costs of funds for eurodollar deposits in dollars in the London interbank market for the interest period relevant to such borrowing Bank Compliance for certain additional costs. The applicable margin for LIBOR rate borrowings under the revolving credit facility ranges from 1.25 1.75 2.50 1.00 2.50 1.00 2.75 1.00 The term loan facility requires minimum quarterly principal payments of $ 4 Despite not having financial maintenance covenants, our debt agreements contain certain negative covenants. We believe we are in compliance will all covenants as of October 1, 2016. The failure to comply with these negative covenants could restrict our ability to incur additional indebtedness, effect acquisitions, enter into certain significant business combinations, make distributions or redeem indebtedness. Future maturities of long-term debt as of fiscal year end 2016 are as follows: Fiscal Year Maturities 2017 $ 43 2018 41 2019 39 2020 1,335 2021 833 Thereafter 3,522 $ 5,813 Interest paid was $ 276 191 214 |
Financial Instruments And Fair
Financial Instruments And Fair Value Measurements | 12 Months Ended |
Oct. 01, 2016 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Financial Instruments And Fair Value Measurements | 4. 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 on anticipated future foreign cash movements for certain jurisdictions. 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. The foreign currency forward contracts are Level 2 fair value measurements and we use a discounted cash flow analysis along with significant other observable inputs to determine the fair value of the foreign currency forward contract if it is outstanding at the end of the period. These contracts are typically entered into and settled within the given quarterly 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 2 fair value measurement, and we utilize a discounted cash flow calculation along with significant other observable inputs 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 2.355 May 2016 May 2019 16 The effective portion of the interest rate swap term of the swap agreement. In March 2014, the Company entered into an interest rate swap transaction to manage cash flow variability associated with $ 1 1.00 2.59 In September 2015, the Company entered into an interest rate swap transaction to manage cash flow variability associated with $ 1 1.00 1.7185 June 2019 The Company records the changes in fair value of derivative instruments designated for hedge accounting as prescribed in ASC 815 –Derivatives and Hedging , in Accumulated other comprehensive income (loss), net of tax which are included in Deferred income taxes. All other changes in derivative instruments not designated as hedging instruments flow through the Consolidated Statement of Operations. The Company has designated all of their interest rate swaps as hedges. Balance Sheet Location 2016 2015 Interest rate swaps Other long-term liabilities $ 45 $ 36 Fiscal years Ended Statement of October 1, September 26, September 27, Derivatives instruments Operations Location 2016 2015 2014 Interest rate swaps Interest expense, net $ 16 $ — $ — Foreign currency swaps Other (income) expense $ 13 $ — $ — The Company's financial instruments consist primarily of cash and cash equivalents, long-term debt, interest rate swap agreements and capital lease obligations. The fair value of our long-term indebtedness exceeded book value by $ 56 55 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 or when the Company completes an acquisition. See Note 2 for discussion of the Avintiv and the non-recurring fair value measurement considerations that were utilized in the purchase price allocation. The Company adjusts certain long-lived assets to fair value only when the carrying values exceed the fair values. The categorization of the framework used to value the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value (see Note 1 and 5 for additional discussion). These assets that are subject to our annual impairment analysis primarily include our definite lived and indefinite lived intangible assets, including Goodwill and our property, plant and equipment. The Company reviews Goodwill and other indefinite lived assets for impairment as of the first day of the fourth fiscal quarter each year, and more frequently if impairment indicators exist. The Company determined Goodwill and other indefinite lived assets were not impaired in our annual fiscal 2014, 2015, and 2016 assessments and no impairment indicators existed in the current year. Included in the following tables are the major categories of assets and their current carrying values that were measured at fair value on a non-recurring basis in the current year, along with the impairment loss recognized on the fair value measurement for the fiscal years then ended: As of the end of fiscal 2016 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 2,406 2,406 — Definite lived intangible assets — — 952 952 — Property, plant and equipment — — 2,224 2,224 3 Total $ — $ — $ 5,830 $ 5,830 $ 3 As of the end of fiscal 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 $ — $ — $ 3,639 $ 3,639 $ 2 As of the end of fiscal 2014 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,659 1,659 — Definite lived intangible assets — — 585 585 — Property, plant and equipment — — 1,364 1,364 7 Total $ — $ — $ 3,815 $ 3,815 $ 7 Valuation of Goodwill and Indefinite Lived Intangible Assets ASC Topic 350 requires the Company to test goodwill for impairment at least annually. The Company conducted the impairment test on the first day of the fourth fiscal quarter, unless indications of impairment exist during an interim period. When assessing its goodwill for impairment, the Company utilizes a comparable company market approach weighted equally with a discounted cash flow analysis to determine the fair value of their reporting units and corroborate the fair values. The Company utilizes a relief from royalty method to value their indefinite lived trademarks and uses the forecasts that are consistent with those used in the reporting unit analysis. The Company has seven reporting units more fully discussed in Note 1. The Company's discounted cash flow analysis included overall growth rates within Consumer Packaging, Engineered Materials, and Tapes of 0 3 3 2 3 Valuation of Property, Plant and Equipment and Definite Lived Intangible Assets The Company periodically realigns their manufacturing operations which results in facilities being closed and shut down and equipment transferred to other facilities or equipment being scrapped or sold. The Company utilizes appraised values to corroborate the fair value of the facilities and has utilized a scrap value based on prior facility shut downs to estimate the fair value of the equipment, which has approximated the actual value that was received. When impairment indicators exist, the Company will also perform an undiscounted cash flow analysis to determine the recoverability of the Company's long-lived assets. The Company incurred an impairment charges of $3 million, $2 million, and 7 million related to property, plant and equipment in fiscal years 2016, 2015, or 2014, respectively. The Company did not incur an impairment charge on definite lived intangible assets in fiscal 2016, 2015, or 2014. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Oct. 01, 2016 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 5. Goodwill and Intangible Assets The following table sets forth the gross carrying amount and accumulated amortization of the Company's goodwill and intangible assets as of the fiscal year end: Amortization 2016 2015 Period Goodwill 2,406 1,652 Indefinite lived Customer relationships 1,690 1,159 10 – 15 years Trademarks (indefinite lived) 248 207 Indefinite lived Trademarks (definite lived) 78 74 10 years Other intangibles 182 106 8-14 years Accumulated amortization (998 ) (853 ) Intangible assets, net 1,200 693 Total goodwill and intangible assets, net $ 3,606 $ 2,345 Future amortization expense for definite lived intangibles as of fiscal 2016 for the next five fiscal years is $ 128 109 101 93 85 |
Lease And Other Commitments And
Lease And Other Commitments And Contingencies | 12 Months Ended |
Oct. 01, 2016 | |
Lease And Other Commitments And Contingencies [Abstract] | |
Lease And Other Commitments And Contingencies | 6. Lease and Other Commitments and Contingencies The Company leases certain property, plant and equipment under long-term lease agreements. Property, plant, and equipment under capital leases are reflected on the Company's balance sheet in property and equipment. The Company entered into new capital lease obligations totaling $ 51 29 45 2025 26 24 9 8 60 53 54 Future minimum lease payments for capital leases and non-cancellable operating leases with initial terms in excess of one year as of fiscal year end 2016 are as follows: Capital Operating Leases Leases 2017 $ 34 $ 57 2018 31 49 2019 28 43 2020 29 37 2021 21 35 Thereafter 30 165 173 $ 386 Less: amount representing interest (20 ) Present value of net minimum lease payments $ 153 The Company has entered into a series of sale-leaseback transactions, pursuant to which it sold certain facilities and is leasing these facilities back. The Company has a total deferred gain on these sale-leaseback transactions of $ 26 The Company also has various purchase commitments for raw materials, supplies and property and equipment incidental to the ordinary conduct of business. Litigation 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, the Company believes that any ultimate liability would not be material to its financial position, results of operations or cash flows. Collective Bargaining Agreements At the end of fiscal 2016, we employed approximately 21,000 20 |
Accrued Expenses, Other Current
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 12 Months Ended |
Oct. 01, 2016 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 7. 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 as of fiscal year end. 2016 2015 Employee compensation, payroll, and other $ 152 $ 95 Interest 53 38 Rebates 54 53 Restructuring 13 10 Accrued taxes 40 20 Tax receivable agreement obligation 60 57 Other 77 65 $ 449 $ 338 The following table sets forth the totals included in Other long-term liabilities as of fiscal year end. 2016 2015 Lease retirement obligation $ 34 $ 32 Sale-lease back deferred gain 26 28 Pension liability 88 57 Deferred purchase price 41 — Tax receivable agreement obligation 114 175 Interest rate swaps 45 36 Other 69 13 $ 417 $ 341 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 01, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes The Company is being taxed at the U.S. corporate level as a C-Corporation and has provided U.S. Federal, State and foreign income taxes. Significant components of income tax expense for the fiscal years ended are as follows: 2016 2015 2014 Current United States Federal $ — — $ — State 5 3 5 Non-U.S. 36 7 3 Current income tax provision 41 10 8 Deferred: United States Federal 35 31 3 State 3 (4 ) (5 ) Non-U.S. (7 ) (1 ) (2 ) Deferred income tax expense (benefit) 31 26 (4 ) Expense for income taxes $ 72 $ 36 $ 4 U.S. income from continuing operations before income taxes was $ 168 99 58 140 23 9 The reconciliation between U.S. Federal income taxes at the statutory rate and the Company's benefit for income taxes on continuing operations for fiscal year end is follows: 2016 2015 2014 U.S. Federal income tax expense at the statutory rate $ 108 $ 43 $ 23 Adjustments to reconcile to the income tax provision: U.S. state income tax expense 8 7 5 Changes in state valuation allowance 2 (7 ) — Research and development credits (8 ) (5 ) (20 ) Share-based compensation (15 ) — — Permanent differences 2 — (2 ) Changes in foreign valuation allowance (1 ) — 1 Foreign income taxed in the U.S. 7 — — Deduction of worthless investment (9 ) — — Permanent foreign currency differences (8 ) — — Rate differences between U.S. and foreign (14 ) (2 ) (1 ) APB 23 — — (1 ) Other — — (1 ) Expense for income taxes $ 72 $ 36 $ 4 Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax liability as of fiscal year end are as follows: 2016 2015 Deferred tax assets: Allowance for doubtful accounts $ 7 $ 3 Deferred gain on sale-leaseback 11 12 Accrued liabilities and reserves 129 84 Inventories 10 9 Net operating loss carryforward 371 130 Alternative minimum tax (AMT) credit carryforward 10 9 Research and development credit carryforward 36 22 Federal and state tax credits 2 7 Other 6 3 Total deferred tax assets 582 279 Valuation allowance (82 ) (29 ) Total deferred tax assets, net of valuation allowance 500 250 Deferred tax liabilities: Property, plant and equipment 282 137 Intangible assets 435 256 Debt extinguishment 53 79 Other 2 3 Total deferred tax liabilities 772 475 Net deferred tax liability $ (272 ) $ (225 ) After Internal Revenue Code Section 382 ("Section 382") limitations, the Company has $ 682 1,441 302 10 29 7 4 In connection with the initial public offering, the Company entered into an income tax receivable agreement that provides for the payment to pre-initial public offering stockholders, option holders and holders of our stock appreciation rights, 85% of the amount of cash savings, if any, in U.S. federal, foreign, state and local income tax that are actually realized (or are deemed to be realized in the case of a change of control) as a result of the utilization of our and our subsidiaries' net operating losses attributable to periods prior to the initial public offering. Based on the Company's assumptions using various items, including valuation analysis and current tax law, the Company recorded an obligation of $ 313 174 60 The Company believes that it will not generate sufficient future taxable income to realize the tax benefits in certain foreign jurisdictions related to the deferred tax assets. The Company also has certain state net operating losses that may expire before they are fully utilized. Therefore, the Company has provided a full valuation allowance against certain of its foreign deferred tax assets and a valuation allowance against certain of its state deferred tax assets included within the deferred tax assets. The change in ownership of Avintiv created limitations under Sec. 382 of the Internal Revenue Code on annual usage of Avintiv's net operating loss carryforwards. All of the Company's Federal net operating loss carryforwards should be available for use within the next 17 years and are not expected to expire unutilized. Prior to the Company's acquisition of Avintiv, Avintiv was subject to certain ownership changes that resulted in the effective loss of certain NOLs. The NOLs effectively lost have been excluded from the opening balance sheet of Avintiv. As part of the effective tax rate calculation, if we determine that a deferred tax asset arising from temporary differences is not likely to be utilized, we will establish a valuation allowance against that asset to record it at its expected realizable value. The Company has not provided a valuation allowance on its federal net operating loss carryforwards in the United States because it has determined that future reversals of its temporary taxable differences will occur in the same periods and are of the same nature as the temporary differences giving rise to the deferred tax assets. Our valuation allowance against deferred tax assets was $ 82 29 43 9 7 Uncertain Tax Positions We adopted the provisions of the Income Taxes standard of the Codification. This interpretation clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with guidance provide by FASB and prescribes a recognition threshold of more-likely-than-not to be sustained upon examination. Our policy to include interest and penalties related to gross unrecognized tax benefits within our provision for income taxes did not change. The following table summarizes the activity related to our gross unrecognized tax benefits for fiscal year end: 2016 2015 Beginning unrecognized tax benefits $ 13 $ 14 Gross increases – tax positions in prior periods 4 — Gross increases – current period tax positions 1 1 Gross increases – from acquisitions 48 — Settlements (1 ) (1 ) Lapse of statute of limitations (3 ) (1 ) Ending unrecognized tax benefits $ 62 $ 13 The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was $ 6 7 As of fiscal year end 2016, we had $ 23 We and our subsidiaries are routinely examined by various taxing authorities. Although we file U.S. federal, U.S. state, and foreign tax returns, our major tax jurisdiction is the U.S. The IRS has completed an examination of our 2003, 2010 and 2011 tax years. Our 2004 – 2009, and 2012 – 2015 tax years remain subject to examination by the IRS. Avintiv's pre-acquisition U.S. federal tax returns for the years 2004 – 2015 remain subject to examination by the IRS. Companhia Providência Indústria e Comércio ("Providência") was subject to certain tax claims at the time Providência was acquired by Avintiv and have been accounted for in the financial statements as a deferred purchase price liability. There are various other on-going audits in various other jurisdictions that are not material to our financial statements. As of the end of fiscal 2016, we had unremitted earnings from foreign subsidiaries of approximately $ 479 |
Retirement Plan
Retirement Plan | 12 Months Ended |
Oct. 01, 2016 | |
Retirement Plan [Abstract] | |
Retirement Plan | 9. Retirement Plans The Company maintains defined benefit pension plans globally, which cover certain manufacturing facilities. The Company also maintains retiree health plans, which cover certain healthcare and life insurance benefits for certain retired employees and their spouses. Each of the defined benefit and retiree health plans are frozen plans. The Company uses fiscal year end as a measurement date for the retirement plans. The Company also sponsors defined contribution 401(k) retirement plans covering substantially all employees. Contributions are based upon a fixed dollar amount for employees who participate and percentages of employee contributions at specified thresholds. Contribution expense for these plans was $ 10 7 8 The projected benefit obligations of the Company's plans presented herein are equal to the accumulated benefit obligations of such plans. The net amount of liability recognized is included in Other long-term liabilities on the Consolidated Balance Sheets. Defined Benefit Pension Plans Retiree Health Plans 2016 2015 2016 2015 Change in Projected Benefit Obligations (PBO) PBO at beginning of period $ 193 $ 192 $ 2 $ 2 Acquisitions 256 — 5 — Service cost 3 1 — — Interest cost 15 8 — — Actuarial loss (gain) 44 11 — — Currency impact 1 — — — Benefit settlements — (9 ) — — Benefits paid (20 ) (10 ) — — PBO at end of period $ 492 $ 193 $ 7 $ 2 Change in Fair Value of Plan Assets Plan assets at beginning of period $ 142 $ 154 $ — $ — Acquisitions 253 — — — Currency impact 1 — — — Actual return on plan assets 37 3 — — Company contributions 5 4 — — Benefit settlements — (9 ) — — Benefits paid (20 ) (10 ) — — Plan assets at end of period 418 142 — — Net amount recognized $ (74 ) $ (51 ) $ (7 ) $ (2 ) At the end of fiscal 2016 the Company had $ 72 4 The following table presents significant weighted-average assumptions used to determine benefit obligation and benefit cost for the fiscal years ended: Defined Benefit Pension Plans Retiree Health Plan (Percents) 2016 2015 2016 2015 Weighted-average assumptions: Discount rate for benefit obligation 2.7 4.0 2.9 3.0 Discount rate for net benefit cost 3.5 4.0 3.5 2.9 Expected return on plan assets for net benefit costs 5.3 7.3 — — In evaluating the expected return on plan assets, Berry considered its historical assumptions compared with actual results, an analysis of current market conditions, asset allocations, and the views of advisors. The return on plan assets is derived from target allocations and historical yield by asset type. Health-care-cost trend rates were assumed to increase at an annual rate of 7.0 point change in these assumed health care cost trend rates would not have a material impact on our postretirement benefit obligation. In accordance with the guidance from the FASB for employers' disclosure about postretirement benefit plan assets the table below discloses fair values of each pension plan asset category and level within the fair value hierarchy in which it falls. There were no material changes or transfers between level 3 assets and the other levels. Fiscal 2016 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 9 $ — $ — $ 9 U.S. large cap comingled equity funds — 55 — 55 U.S. mid cap equity mutual funds 45 — — 45 U.S. small cap equity mutual funds 3 — — 3 International equity mutual funds 13 — — 13 Real estate equity investment funds 4 — — 4 Corporate bond mutual funds 20 — — 20 Corporate bonds — 114 — 114 Guaranteed investment account — — 10 10 International fixed income funds 6 — — 6 International insurance contracts — — 139 139 Total $ 100 $ 169 $ 149 $ 418 Fiscal 2015 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8 $ — $ — $ 8 U.S. large cap comingled equity funds — 37 — 37 U.S. mid cap equity mutual funds 24 — — 24 U.S. small cap equity mutual funds 2 — — 2 International equity mutual funds 6 — — 6 Real estate equity investment funds 3 — — 3 Corporate bond mutual funds 21 — — 21 Corporate bonds — 31 — 31 Guaranteed investment account — — 10 10 Total $ 64 $ 68 $ 10 $ 142 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the fiscal year end: Defined Benefit Retiree Health Pension Plans Plan 2017 $ 21 $ 1 2018 21 1 2019 22 — 2020 22 1 2021 23 — 2022-2026 118 3 Net pension and retiree health benefit expense included the following components as of fiscal year end: 2016 2015 2014 Defined Benefit Pension Plans Service cost $ 3 $ 1 $ — Interest cost 16 8 8 Amortization of net actuarial loss 2 1 — Settlement charge — 2 — Expected return on plan assets (20 ) (12 ) (11 ) Net periodic benefit cost $ 1 $ — $ (3 ) Our defined benefit pension plan asset allocations as of fiscal year end are as follows: 2016 2015 Asset Category Equity securities and equity-like instruments 29 % 51 % Debt securities and debt-like 33 37 International insurance contracts 33 — Other 5 12 Total 100 % 100 % The Company's retirement plan assets are invested with the objective of providing the plans the ability to fund current and future benefit payment requirements while minimizing annual Company contributions. The retirement plans held $ 39 |
Restructuring And Impairment Ch
Restructuring And Impairment Charges | 12 Months Ended |
Oct. 01, 2016 | |
Restructuring And Impairment Charges [Abstract] | |
Restructuring And Impairment Charges | 10. Restructuring and Impairment Charges The Company has announced various restructuring plans in the last three fiscal years which included shutting down facilities in all three During fiscal 2014, the Company initiated a cost reduction plan designed to deliver meaningful cost savings and improved equipment utilization. The Company announced the intention to shut down four 153 9 During fiscal 2015, the Company announced the intention to shut down two 24 16 During fiscal 2016, the Company shut down one one 36 Since 2014, total expected costs attributed to restructuring programs total $78 million with $3 million remaining to be recognized in the future. Cumulative To be Expected charges through Recognized in Total Costs Fiscal 2016 Future Severance and termination benefits $ 36 $ 36 $ — Facility exit costs 30 27 3 Asset impairment 12 12 — Total $ 78 $ 75 $ 3 The tables below sets forth the significant components of the restructuring charges recognized for the fiscal years ended, by segment: 2016 2015 2014 Consumer Packaging $ 9 $ 11 $ 24 Health, Hygiene & Specialties 20 — — Engineered Materials 3 2 6 Consolidated $ 32 $ 13 $ 30 The table below sets forth the activity with respect to the restructuring charges and the impact on our accrued restructuring reserves: Employee Non-cash Severance Facility impairment and Benefits Exit Costs charges Total Balance as of fiscal 2014 $ 5 8 — 13 Charges 4 7 2 13 Non-cash asset impairment — — (2 ) (2 ) Cash payments (7 ) (7 ) — (14 ) Balance as of fiscal 2015 $ 2 $ 8 $ — $ 10 Charges 23 6 3 32 Non-cash asset impairment — — (3 ) (3 ) Cash payments (18 ) (8 ) — ) (26 ) Balance as of fiscal 2016 $ 7 $ 6 $ — $ 13 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 01, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions The Company made payments related to the income tax receivable agreement ("TRA") of $ 57 39 46 33 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Oct. 01, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 12. Stockholders' Equity Equity Incentive Plans In fiscal 2016, the Company adopted the 2015 Berry Plastics Group, Inc. Long-Term Incentive Plan ("2015 Plan") to align its incentive plans with plans of similar public companies by permitting for, among other things, the issuance of performance-based awards. The 2015 Plan authorized the issuance of 7,500,000 5 no The Company recognized total stock-based compensation expense of $ 20 21 15 64 Information related to the equity incentive plans as of the fiscal year end is as follows: 2016 2015 Number Of Weighted Number Of Weighted Shares Average Shares Average (in thousands) Exercise Price (in thousands) Exercise Price Options outstanding, beginning of period 11,351 $ 17.71 10,504 $ 13.13 Options granted 2,805 30.27 2,839 28.78 Options exercised (2,061 ) 12.57 (1,929 ) 9.07 Options forfeited or cancelled (379 ) 23.37 (63 ) 17.59 Options outstanding, end of period 11,716 $ 21.44 11,351 $ 17.71 Option price range at end of period $ 3.04 45.62 $ 3.04 33.91 Options exercisable at end of period 4,573 4,786 Options available for grant at period end 4,695 7,500 Weighted average fair value of options granted during period $ 8.68 $ 9.51 The fair value for options granted has been estimated at the date of grant using a Black-Scholes model, generally with the following weighted average assumptions: 2016 2015 2014 Risk-free interest rate 1.2 % 1.6 % 1.3 % Dividend yield 0.00 % 0.00 % 0.00 % Volatility factor .26 .30 .33 Expected option life 7 years 7 years 7 years The following table summarizes information about the options outstanding as of fiscal 2016: Number Intrinsic Value Weighted Number Intrinsic Value Unrecognized Weighted Range of Outstanding of Outstanding Remaining Weighted Exercisable of Exercisable Compensation Recognition Exercise Prices (in thousands) (in millions) Contractual Life Exercise Price (in thousands) (in millions) (in millions) Period $ 3.04 45.62 11,716 $ 263 7 years $ 21.44 4,573 $ 134 $ 26 2 years |
Segment And Geographic Data
Segment And Geographic Data | 12 Months Ended |
Oct. 01, 2016 | |
Segment And Geographic Data [Abstract] | |
Segment And Geographic Data | 13. Segment and Geographic Data Berry's operations are organized into three Materials. The structure is designed to align us with our customers, provide improved service, drive future growth, and to facilitate future cost saving synergies. The Company has manufacturing and distribution centers in the United States, Canada, Mexico, Belgium, France, Spain, United Kingdom, Italy, Germany, Australia, Brazil, Argentina, Colombia, Malaysia, India, China, and the Netherlands. The North American operation represents 81 81 83 2016 2015 2014 Net sales Consumer Packaging $ 2,768 $ 2,870 $ 2,904 Health, Hygiene & Specialties 2,259 502 450 Engineered Materials 1,462 1,509 1,604 Total $ 6,489 $ 4,881 $ 4,958 Operating income Consumer Packaging $ 225 $ 229 $ 164 Health, Hygiene & Specialties 169 31 20 Engineered Materials 187 148 132 Total $ 581 $ 408 $ 316 Depreciation and amortization Consumer Packaging $ 260 $ 237 $ 239 Health, Hygiene & Specialties 192 35 31 Engineered Materials 73 78 88 Total $ 525 $ 350 $ 358 2016 2015 Total assets: Consumer Packaging $ 3,568 $ 3,832 Health, Hygiene & Specialties 3,374 385 Engineered Materials 711 811 Total assets $ 7,653 $ 5,028 Goodwill: Consumer Packaging $ 1,520 $ 1,520 Health, Hygiene & Specialties 801 48 Engineered Materials 85 84 Total goodwill $ 2,406 $ 1,652 Selected information by geography is presented in the following tables: 2016 2015 2014 Net sales: North America $ 5,250 $ 4,692 $ 4,769 South America 336 6 7 Europe 628 118 128 Asia 275 65 54 Total net sales $ 6,489 $ 4,881 $ 4,958 2016 2015 Long-lived assets: North America $ 4,724 $ 3,510 South America 386 5 Europe 452 79 Asia 299 51 Total Long-lived assets $ 5,861 $ 3,645 |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Oct. 01, 2016 | |
Net Income Per Share [Abstract] | |
Net Income Per Share | 14. Net Income per Share Basic net income per share is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, stock options are considered to be common stock equivalents and are only included in the calculation of diluted net income per share when their effect is dilutive. The Company's redeemable common stock is included in the weighted-average number of common shares outstanding for calculating basic and diluted net income per share. The following tables and discussion provide a reconciliation of the numerator and denominator of the basic and diluted net income per share computations. The calculation below provides net income on both basic and diluted basis for fiscal year end. (in millions, except per share amounts) 2016 2015 2014 Numerator Net income attributable to the Company $ 236 $ 86 $ 62 Denominator Weighted average common shares outstanding - basic 120.8 119.1 116.9 Dilutive shares 4.2 4.3 4.6 Weighted average common and common equivalent shares outstanding - diluted 125.0 123.4 121.5 Per common share income (loss) Basic $ 1.95 $ 0.72 $ 0.53 Diluted $ 1.89 $ 0.70 $ 0.51 |
Purchase Of Non-Controlling Int
Purchase Of Non-Controlling Interest | 12 Months Ended |
Oct. 01, 2016 | |
Purchase Of Non-controlling Interest [Abstract] | |
Purchase Of Non-controlling Interest | 15. Purchase of Non-controlling Interest At the time of our acquisition, Avintiv owned a 71.25 28.75 66 3 |
Guarantor And Non-Guarantor Fin
Guarantor And Non-Guarantor Financial Information | 12 Months Ended |
Oct. 01, 2016 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Guarantor And Non-Guarantor Financial Information | 16. 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, "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 Statements of Operations Fiscal 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 599 $ 4,220 $ 1,670 $ — $ 6,489 Cost of goods sold — 476 3,388 1,338 — 5,202 Selling, general and administrative — 72 324 135 — 531 Amortization of intangibles — 8 107 28 — 143 Restructuring and impairment charges — — 28 4 — 32 Operating income — 43 373 165 — 581 Debt extinguishment — 4 — — — 4 Other expense (income), net — 11 (211 ) 178 — (22 ) Interest expense, net — 36 205 50 — 291 Equity in net income of subsidiaries (308 ) (279 ) — — 587 — Income (loss) before income taxes 308 271 379 (63 ) (587 ) 308 Income tax expense (benefit) 72 34 8 29 (71 ) 72 Consolidated net income (loss) 236 237 371 (92 ) (516 ) 236 Net income(loss) attributable to non- controlling interests — — — — — — Net income(loss) attributable to the Company $ 236 $ 237 $ 371 $ (92 ) $ (516 ) $ 236 Currency translation (1 ) — — (1 ) 1 (1 ) Interest rate hedges (14 ) (14 ) — — 14 (14 ) Defined benefit pension and retiree benefit plans (23 ) (10 ) — (13 ) 23 (23 ) Provision for income taxes related to other comprehensive income items 9 9 — — (9 ) 9 Comprehensive income (loss) $ 207 $ 222 $ 371 $ (106 ) $ (487 ) $ 207 Fiscal 2015 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 622 $ 3,807 $ 452 $ — $ 4,881 Cost of goods sold — 526 3,128 358 — 4,012 Selling, general and administrative — 64 244 49 — 357 Amortization of intangibles — 8 75 8 — 91 Restructuring and impairment charges — — 13 — — 13 Operating income — 24 347 37 — 408 Debt extinguishment — 94 — — — 94 Other expense (income), net (3 ) — 3 1 — 1 Interest expense, net — 25 148 18 — 191 Equity in net income of subsidiaries (119 ) (210 ) — — 329 — Income (loss) before income taxes 122 115 196 18 (329 ) 122 Income tax expense (benefit) 36 25 — 4 (29 ) 36 Consolidated net income (loss) 86 90 196 14 (300 ) 86 Net income(loss) attributable to non- controlling interests — — — — — — Net income(loss) attributable to the Company $ 86 $ 90 $ 196 $ 14 $ (300 ) $ 86 Currency translation (45 ) — — (45 ) 45 (45 ) Interest rate hedges (33 ) (33 ) — — 33 (33 ) Defined benefit pension and retiree benefit plans (16 ) (16 ) — — 16 (16 ) Provision for income taxes related to other comprehensive income items 18 18 — — (18 ) 18 Comprehensive income (loss) $ 10 $ 59 $ 196 $ (31 ) $ (224 ) $ 10 Fiscal 2014 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 638 $ 3,904 $ 416 $ — $ 4,958 Cost of goods sold — 557 3,284 349 — 4,190 Selling, general and administrative — 52 232 36 — 320 Amortization of intangibles — 10 84 8 — 102 Restructuring and impairment charges — — 30 — — 30 Operating income — 19 274 23 — 316 Debt extinguishment — 35 — — — 35 Other income, net (3 ) — (4 ) — — (7 ) Interest expense, net 34 27 176 (97 ) 81 221 Equity in net income of subsidiaries (98 ) (218 ) — — 316 — Income (loss) before income taxes 67 175 102 120 (397 ) 67 Income tax expense (benefit) 4 44 — 5 (49 ) 4 Consolidated net income (loss) 63 131 102 115 (348 ) 63 Net income(loss) attributable to non- controlling interests 1 — — — — 1 Net income(loss) attributable to the Company $ 62 $ 131 $ 102 $ 115 $ (348 ) $ 62 Currency translation (16 ) — — (16 ) 16 (16 ) Interest rate hedges (3 ) (3 ) — — 3 (3 ) Defined benefit pension and retiree benefit plans (11 ) (11 ) — — 11 (11 ) Provision for income taxes related to other comprehensive income items 5 5 — — (5 ) 5 Comprehensive income (loss) $ 37 $ 122 $ 102 $ 99 $ (323 ) $ 37 Condensed Supplemental Consolidated Balance Sheet As of fiscal year end 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 102 $ 5 $ 216 $ — $ 323 Accounts receivable, net — (2 ) 423 283 — 704 Intercompany receivable 364 2,797 — — (3,161 ) — Inventories — 46 477 137 — 660 Prepaid expenses and other current — 15 40 50 — 105 Total current assets 364 2,958 945 686 (3,161 ) 1,792 Property, plant and equipment, net — 76 1,434 714 — 2,224 Goodwill and intangible assets, net — 85 2,988 533 — 3,606 Investment in subsidiaries 302 4,010 1,105 — (5,417 ) — Other assets — 6 1 24 — 31 Total assets $ 666 $ 7,135 $ 6,473 $ 1,957 $ (8,578 ) $ 7,653 Liabilities and equity Current liabilities: Accounts payable $ — $ (7 ) $ 327 $ 219 $ — $ 539 Accrued expenses and other current liabilities 60 172 153 64 — 449 Intercompany payable — — 2,992 169 (3,161 ) — Current portion of long-term debt — 42 — 1 — 43 Total current liabilities 60 207 3,472 453 (3,161 ) 1,031 Long-term debt, less current portion — 5,681 29 2 — 5,712 Deferred income taxes 272 — — — — 272 Other long-term liabilities 113 141 97 66 — 417 Total long-term liabilities 385 5,822 126 68 — 6,401 Total liabilities 445 6,029 3,598 521 (3,161 ) 7,432 Redeemable non-controlling interests — — — — — — Other equity (deficit) 221 1,106 2,875 1,436 (5,417 ) 221 Total equity (deficit) 221 1,106 2,875 1,436 (5,417 ) 221 Total liabilities and equity (deficit) $ 666 $ 7,135 $ 6,473 $ 1,957 (8,578 ) $ 7,653 Condensed Supplemental Consolidated Balance Sheet As of fiscal year end 2015 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 163 $ — $ 65 $ — $ 228 Accounts receivable, net — 23 337 74 — 434 Intercompany receivable 329 2,963 — 83 (3,375 ) — Inventories — 49 425 48 — 522 Deferred income taxes 162 — — — — 162 Prepaid expenses and other current — 22 5 10 — 37 Total current assets 491 3,220 767 280 (3,375 ) 1,383 Property, plant and equipment, net — 79 1,111 104 — 1,294 Goodwill and intangible assets, net — 93 2,151 101 — 2,345 Investment in subsidiaries 75 1,456 — — (1,531 ) — Other assets — 4 1 1 — 6 Total assets $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906 ) $ 5,028 Liabilities and equity Current liabilities: Accounts payable $ — $ 28 $ 245 $ 57 $ — $ 330 Accrued expenses and other current liabilities 57 140 121 20 — 338 Intercompany payable — — 3,375 — (3,375 ) — Current portion of long-term debt — 37 — — — 37 Total current liabilities 57 205 3,741 77 (3,375 ) 705 Long-term debt, less current portion — 3,647 — 1 — 3,648 Deferred income taxes 387 — — — — 387 Other long-term liabilities 175 122 39 5 — 341 Total long-term liabilities 562 3,769 39 6 — 4,376 Total liabilities 619 3,974 3,780 83 (3,375 ) 5,081 Redeemable non-controlling interests 12 — — — — 12 Other equity (deficit) (65 ) 878 250 403 (1,531 ) (65 ) Total equity (deficit) (65 ) 878 250 403 (1,531 ) (65 ) Total liabilities and equity (deficit) $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906 ) $ 5,028 Condensed Supplemental Consolidated Statements of Cash Flows Fiscal 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 103 $ 566 $ 188 $ — $ 857 Cash Flow from Investing Activities Additions to property, plant and equipment — (13 ) (239 ) (36 ) — (288 ) Proceeds from sale of assets — — 5 — — 5 Investment in Parent — — — — — — (Contributions) distributions to/from subsidiaries (26 ) (2,234 ) — — 2,260 — Intercompany advances (repayments) — 96 — — (96 ) — Acquisition of business, net of cash acquired — — (368 ) (1,915 ) — (2,283 ) Other investing activities, net — (13 ) — — — (13 ) Net cash from investing activities (26 ) (2,164 ) (602 ) (1,951 ) 2,164 (2,579 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 2,490 — — — 2,490 Repayment of long-term borrowings — (450 ) (23 ) (51 ) — (524 ) Proceed from issuance of common stock 26 — — — — 26 Payment of tax receivable agreement (57 ) — — — — (57 ) Debt financing costs — (40 ) — — — (40 ) Purchase of non-controlling interest — — (66 ) (12 ) — (78 ) Changes in intercompany balances 57 — (238 ) 85 96 — Contribution from Parent — — 368 1,892 (2,260 ) — Net cash from financing activities 26 2,000 41 1,914 (2,164 ) 1,817 Effect of currency translation on cash — — — — — — Net change in cash and cash equivalents — (61 ) 5 151 — 95 Cash and cash equivalents at beginning of period — 163 — 65 — 228 Cash and cash equivalents at end of period $ — $ 102 $ 5 $ 216 $ — $ 323 Fiscal 2015 Non- Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 60 $ 542 $ 34 $ 1 $ 637 Cash Flow from Investing Activities Additions to property, plant and equipment — (13 ) (164 ) (3 ) — (180 ) Proceeds from sale of assets — — 18 — — 18 Investment in Parent — — — — — — (Contributions) distributions to/from subsidiaries (18 ) 18 — — — — Intercompany advances (repayments) — 368 — — (368 ) — Acquisition of business, net of cash acquired — — (3 ) — — (3 ) Net cash from investing activities (18 ) 373 (149 ) (3 ) (368 ) (165 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 693 — — — 693 Repayment of long-term borrowings — (947 ) — (4 ) — (951 ) Proceed from issuance of common stock 18 — — — — 18 Payment of tax receivable agreement (39 ) — — — — (39 ) Debt financing costs — (86 ) — — — (86 ) Changes in intercompany balances 39 — (408 ) 2 367 — Net cash from financing activities 18 (340 ) (408 ) (2 ) 367 (365 ) Effect of currency translation on cash — — — (8 ) — (8 ) Net change in cash and cash equivalents — 93 (15 ) 21 — 99 Cash and cash equivalents at beginning of period — 70 15 44 — 129 Cash and cash equivalents at end of period $ — $ 163 $ — $ 65 $ — $ 228 Fiscal 2014 Non- Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 27 $ 473 $ 30 $ — $ 530 Cash Flow from Investing Activities Additions to property, plant and equipment — (6 ) (200 ) (9 ) — (215 ) Proceeds from sale of assets — — 19 — 19 Investment in Parent — — — — — (Contributions) distributions to/from subsidiaries 723 (2 ) — 721 (1,442 ) — Intercompany advances (repayments) — 20 — — (20 ) — Investment in Issuer debt securities — — — — — — Acquisition of business, net of cash acquired — — (136 ) (90 ) — (226 ) Net cash from investing activities 723 12 (317 ) 622 (1,462 ) (422 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 1,627 — — — 1,627 Repayment of long-term borrowings (740 ) (1,668 ) — — 721 (1,687 ) Proceeds from issuance of common stock 17 — — — — 17 Payment of tax receivable agreement (32 ) — — — — (32 ) Debt financing costs — (44 ) — — — (44 ) Changes in intercompany balances 32 — (141 ) 89 20 — Contribution from Parent — — — (721 ) 721 — Net cash from financing activities (723 ) (85 ) (141 ) (632 ) 1,462 (119 ) Effect of currency translation on cash — — — (2 ) — (2 ) Net change in cash and cash equivalents — (46 ) 15 18 — (13 ) Cash and cash equivalents at beginning of period — 116 — 26 — 142 Cash and cash equivalents at end of period $ — $ 70 $ 15 $ 44 $ — $ 129 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Oct. 01, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | 17. Quarterly Financial Data (Unaudited) The following table contains selected unaudited quarterly financial data for fiscal years ended. 2016 2015 First Second Third Fourth First Second Third Fourth Net sales $ 1,612 $ 1,614 $ 1,645 $ 1,618 $ 1,220 $ 1,224 $ 1,241 $ 1,196 Cost of sales 1,320 1,269 1,296 1,317 1,037 997 1,003 975 Gross profit 292 345 349 301 183 227 238 221 Net income (loss) attributable to the Company $ 4 $ 59 $ 96 $ 77 $ 13 $ 38 $ (13 ) $ 48 Net income (loss) attributable to the Company per share: Basic 0.03 0.49 0.79 0.63 0.11 0.32 (0.11 ) 0.40 Diluted 0.03 0.47 0.76 0.61 0.11 0.31 (0.11 ) 0.39 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Oct. 01, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events AEP Industries Inc. In August, 2016, the Company entered into a definitive merger agreement to acquire all of the outstanding shares of AEP Industries Inc. ("AEP") in a cash and stock merger transaction (the "AEP Transaction") for an estimated aggregate consideration to stockholders of AEP of approximately $ 294 6.7 735 147 |
Basis Of Presentation And Sum26
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Oct. 01, 2016 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation Periods presented in these financial statements include fiscal periods ending October 1, 2016 ("fiscal 2016"), September 26, 2015 ("fiscal 2015"), and September 27, 2014 ("fiscal 2014"). Prior to the acquisition of Avintiv, Inc., the Company operated in four |
Consolidation | The consolidated financial statements include the accounts of Berry and its subsidiaries, all of which includes our wholly owned and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Where our ownership of consolidated subsidiaries is less than 100% the non-controlling interests are reflected in Non-controlling interest and Redeemable non-controlling interests. |
Revenue Recognition | Revenue Recognition Revenue from the sales of products is recognized at the time title and risks and rewards of ownership pass to the customer, there is persuasive evidence of an arrangement, the sales price is fixed and determinable and collection is reasonably assured. Provisions for certain rebates, sales incentives, trade promotions, coupons, product returns and discounts to customers are accounted for as reductions in gross sales to arrive at net sales. In accordance with the Revenue Recognition standards of the Accounting Standards Codification ("Codification" or "ASC"), the Company provides for these items as reductions of revenue at the later of the date of the sale or the date the incentive is offered. These provisions are based on estimates derived from current program requirements and historical experience. Shipping, handling, purchasing, receiving, inspecting, warehousing, and other costs of distribution are presented in Cost of goods sold in the Consolidated Statements of Income. The Company classifies amounts charged to its customers for shipping and handling in Net sales in the Consolidated Statements of Income. |
Purchases Of Raw Materials And Concentration Of Risk | Purchases of Raw Materials and Concentration of Risk The Company's most significant raw material used in the production of its products is plastic resin. The largest supplier of the Company's total resin material requirements represented approximately 16 |
Research And Development | Research and Development Research and development costs are expensed when incurred. The Company incurred research and development expenditures of $ 48 33 32 |
Stock-Based Compensation | Stock-Based Compensation The compensation guidance of the FASB requires that the compensation cost relating to share-based payment transactions be recognized in financial statements based on alternative fair value models. The share-based compensation cost is measured based on the fair value of the equity or liability instruments issued. The Company's share-based compensation plan is more fully described in Note 12. The Company recorded total stock compensation expense of $ 20 21 15 The Company utilizes the Black-Scholes option valuation model for estimating the fair value of the stock options. The model allows for the use of a range of assumptions. Expected volatilities utilized in the Black-Scholes model are based on implied volatilities from traded stocks of peer companies. Similarly, the dividend yield is based on historical experience and the estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The Company's options have a ten year contractual life. For purposes of the valuation model in fiscal years 2016, 2015, and 2014, the Company used the simplified method for determining the granted options expected lives (see footnote 12). |
Foreign Currency | Foreign Currency For the non-U.S. subsidiaries that account in a functional currency other than U.S. Dollars, assets and liabilities are translated into U.S. Dollars using period-end exchange rates. Sales and expenses are translated at the average exchange rates in effect during the period. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss) within stockholders' equity (deficit). Gains and losses resulting from foreign currency transactions are included in the Consolidated Statements of Income. |
Cash And Cash Equivalents | Cash and Cash Equivalents All highly liquid investments purchased with a maturity of three months or less from the time of purchase are considered to be cash equivalents. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts The Company's accounts receivable and related allowance for doubtful accounts are analyzed in detail on a quarterly basis and all significant customers with delinquent balances are reviewed to determine future collectability. The determinations are based on legal issues (such as bankruptcy status), past history, current financial and credit agency reports, and the experience of the credit representatives. Reserves are established in the quarter in which the Company makes the determination that the account is deemed uncollectible. The Company maintains additional reserves based on its historical bad debt experience. The following table summarizes the activity for fiscal years ended for the allowance for doubtful accounts: 2016 2015 2014 Allowance for doubtful accounts, beginning $ 3 $ 3 $ 3 Avintiv allowance for doubtful accounts 6 — — Bad debt expense 1 2 — Write-offs against allowance (2 ) (2 ) — Allowance for doubtful accounts, ending $ 8 $ 3 $ 3 |
Accounts Receivable Factoring Agreements | 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: 2016 2015 Trade receivables sold to financial institutions $ 23 $ — Net amounts advanced from financial institutions (18 ) — 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 October 1, 2016. The fees associated with transfer of receivables for all programs were not material for any of the periods presented. |
Inventories | Inventories Inventories are stated at the lower of cost or market and are valued using the first-in, first-out method. Management periodically reviews inventory balances, using recent and future expected sales to identify slow-moving and/or obsolete items. The cost of spare parts is charged to cost of goods sold when purchased. We evaluate our reserve for inventory obsolescence on a quarterly basis and review inventory on-hand to determine future salability. We base our determinations on the age of the inventory and the experience of our personnel. We reserve inventory that we deem to be not salable in the quarter in which we make the determination. We believe, based on past history and our policies and procedures, that our net inventory is salable. Inventory as of fiscal 2016 and 2015 was: Inventories: 2016 2015 Finished goods $ 397 $ 309 Raw materials 263 213 $ 660 $ 522 |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from 5 to 25 years for buildings and improvements, 2 to 10 years for machinery, equipment, and tooling and over the term of the agreement for capital leases. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term. Repairs and maintenance costs are charged to expense as incurred. The Company capitalized interest of $ 6 Property, plant and equipment: 2016 2015 Land, buildings and improvements $ 667 $ 367 Equipment and construction in progress 3,552 2,618 4,219 2,985 Less accumulated depreciation (1,995 ) (1,691 ) $ 2,224 $ 1,294 |
Long-Lived Assets | Long-lived Assets Long-lived assets, including property, plant and equipment and definite lived intangible assets are reviewed for impairment in accordance with ASC 360, "Property, Plant and Equipment," whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset's carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. Long-lived assets that are held for sale are reported at the lower of the assets' carrying amount or fair value less costs related to the assets' disposition. We recorded impairment charges totaling $ 3 2 7 |
Goodwill | Goodwill The Company follows the principles provided by ASC 350, "Intangibles - Goodwill and Other." Goodwill is not amortized but rather reviewed annually for impairment. In connection with the Company's segment re-alignment, the Company performed a goodwill assessment before and after the segment realignment to determine if any impairment was present, noting that in each case the fair value of the reporting unit for each of historical reporting units exceeded its carrying value. The Company performed their annual impairment evaluation on the first day of the fourth fiscal quarter. For purposes of conducting our annual goodwill impairment test, the Company determined that we have seven opportunities, obtain synergies and create manufacturing efficiencies. In addition, we utilize our research and development centers, design center, tool shops, and graphics center which all provide benefits to each of the reporting units and work on new products that can benefit multiple product lines. We also believe that the goodwill is recoverable from the overall operations of the unit given our synergies from leveraging the combined resources, common raw materials, common research and development, similar margins and similar distribution methodologies. In our HHS segment, we operate in four 165 The changes in the carrying amount of goodwill by reportable segment are as follows: Health, Consumer Hygiene & Engineered Packaging Specialties Materials Total Balance as of fiscal 2014 1,524 49 86 $ 1,659 Foreign currency translation adjustment (5 ) (2 ) (2 ) (9 ) Acquisitions (realignment), net 1 1 — 2 Balance as of fiscal 2015 1,520 48 84 $ 1,652 Foreign currency translation adjustment — 13 1 14 Acquisitions, net — 740 — 740 Balance as of fiscal 2016 $ 1,520 $ 801 $ 85 $ 2,406 |
Deferred Financing Fees | Deferred Financing Fees Deferred financing fees are amortized to interest expense using the effective interest method over the lives of the respective debt agreements. Pursuant to ASC 835-30 the Company presents $ 75 4 |
Intangible Assets | Intangible Assets Customer relationships are being amortized using an accelerated amortization method which corresponds with the customer attrition rates used in the initial valuation of the intangibles over the estimated life of the relationships which range from 10 to 15 years. Trademarks that are expected to remain in use, which are indefinite lived intangible assets, are required to be reviewed for impairment annually. Technology intangibles are being amortized using the straight-line method over the estimated life of the technology which range from 8 to 14 years. License intangibles are being amortized using the straight-line method over the life of the license which is 10 years. The Company evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. The Company has certain tradenames that total approximately $ 248 no Customer Other Accumulated Relationships Trademarks Intangibles Amortization Total Balance as of fiscal 2014 $ 1,167 $ 282 $ 109 $ (766 ) $ 792 Adjustment for income taxes (3 ) — — — (3 ) Foreign currency translation adjustment (6 ) (1 ) (3 ) 4 (6 ) Amortization expense — — — (91 ) (91 ) Acquisition intangibles 1 — — — 1 Balance as of fiscal 2015 $ 1,159 $ 281 $ 106 $ (853 ) $ 693 Adjustment for income taxes (3 ) — — — (3 ) Foreign currency translation adjustment 11 — 1 (2 ) 10 Amortization expense — — — (143 ) (143 ) Acquisition intangibles 523 45 75 — 643 Balance as of fiscal 2016 $ 1,690 $ 326 $ 182 $ (998 ) $ 1,200 |
Insurable Liabilities | Insurable Liabilities The Company records liabilities for the self-insured portion of workers' compensation, health, product, general and auto liabilities. The determination of these liabilities and related expenses is dependent on claims experience. For most of these liabilities, claims incurred but not yet reported are estimated based upon historical claims experience. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company's financial statements or income tax returns. Income taxes are recognized during the period in which the underlying transactions are recorded. Deferred taxes, with the exception of non-deductible goodwill, are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and such amounts as measured by tax laws. If the Company determines that a deferred tax asset arising from temporary differences is not likely to be utilized, the Company will establish a valuation allowance against that asset to record it at its expected realizable value. The Company recognizes uncertain tax positions when it is more likely than not that the tax position will be sustained upon examination by relevant taxing authorities, based on the technical merits of the position. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company's effective tax rate is dependent on many factors including: the impact of enacted tax laws in jurisdictions in which the Company operates; the amount of earnings by jurisdiction, due to varying tax rates in each country; and the Company's ability to utilize foreign tax credits related to foreign taxes paid on foreign earnings that will be remitted to the United States. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive losses include net unrealized gains or losses resulting from currency translations of foreign subsidiaries, changes in the value of our derivative instruments and adjustments to the pension liability. The accumulated balances related to each component of other comprehensive income (loss) were as follows (amounts below are net of taxes): Defined Benefit Pension and Retiree Accumulated Other Currency Translation Health Benefit Plans Interest Rate Hedges Comprehensive Loss Balance as of fiscal 2013 $ (20 ) $ (8 ) $ 10 $ (18 ) Other comprehensive income (loss) (16 ) (11 ) (3 ) (30 ) Provision for income taxes — 4 1 5 Balance as of fiscal 2014 $ (36 ) $ (15 ) $ 8 $ (43 ) Other comprehensive loss (45 ) (16 ) (33 ) (94 ) Provision for income taxes — 6 12 18 Balance as of fiscal 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Other comprehensive income (loss) (1 ) (25 ) (30 ) (56 ) Net amount reclassified from accumulated other comprehensive income (loss) — 2 16 18 Provision for income taxes — 4 5 9 Balance as of fiscal 2016 $ (82 ) $ (44 ) $ (22 ) $ (148 ) |
Accrued Rebates | Accrued Rebates The Company offers various rebates to customers based on purchases. These rebate programs are individually negotiated with customers and contain a variety of different terms and conditions. Certain rebates are calculated as flat percentages of purchases, while others included tiered volume incentives. These rebates may be payable monthly, quarterly, or annually. The calculation of the accrued rebate balance involves significant management estimates, especially where the terms of the rebate involve tiered volume levels that require estimates of expected annual sales. These provisions are based on estimates derived from current program requirements and historical experience. The accrual for customer rebates was $ 54 53 |
Pension | Pension Pension benefit costs include assumptions for the discount rate, retirement age, and expected return on plan assets. Retiree medical plan costs include assumptions for the discount rate, retirement age, and health-care-cost trend rates. Periodically, the Company evaluates the discount rate and the expected return on plan assets in its defined benefit pension and retiree health benefit plans. In evaluating these assumptions, the Company considers many factors, including an evaluation of the discount rates, expected return on plan assets and the health-care-cost trend rates of other companies; historical assumptions compared with actual results; an analysis of current market conditions and asset allocations; and the views of advisers. |
Net Income Per Share | Net Income Per Share The Company calculates basic net income per share based on the weighted-average number of outstanding common shares. The Company calculates diluted net income per share based on the weighted-average number of outstanding common shares plus the effect of dilutive securities. |
Use Of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make extensive use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of sales and expenses. Actual results could differ materially from these estimates. Changes in estimates are recorded in results of operations in the period that the event or circumstances giving rise to such changes occur. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (FASB) issued a final standard on revenue recognition. Under the new standard, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to do so, an entity would follow the five-step process for in-scope transactions: 1) identify the contract with a customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the separate performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the provisions of the new standard are effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption for annual reporting periods beginning after December 15, 2016 is permitted. An entity can apply the new revenue standard on a full retrospective approach to each prior reporting period presented or on a modified retrospective approach with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. The Company is in the process of determining our approach to the adoption of this new standard, and the anticipated impact to the consolidated financial statements which will not be effective until our Fiscal 2019. 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. 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 adoption 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. 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 elected to early adopt this guidance effective for our fiscal year ending October 1, 2016, on a retrospective basis, and recorded a $ 36 15 |
Basis Of Presentation And Sum27
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Activity For Allowance For Doubtful Accounts | 2016 2015 2014 Allowance for doubtful accounts, beginning $ 3 $ 3 $ 3 Avintiv allowance for doubtful accounts 6 — — Bad debt expense 1 2 — Write-offs against allowance (2 ) (2 ) — Allowance for doubtful accounts, ending $ 8 $ 3 $ 3 |
Summary Of Accounts Receivable Sold | 2016 2015 Trade receivables sold to financial institutions $ 23 $ — Net amounts advanced from financial institutions (18 ) — Amounts due from financial institutions $ 5 $ — |
Schedule Of Inventory | Inventories: 2016 2015 Finished goods $ 397 $ 309 Raw materials 263 213 $ 660 $ 522 |
Schedule Of Property, Plant And Equipment | Property, plant and equipment: 2016 2015 Land, buildings and improvements $ 667 $ 367 Equipment and construction in progress 3,552 2,618 4,219 2,985 Less accumulated depreciation (1,995 ) (1,691 ) $ 2,224 $ 1,294 |
Changes In The Carrying Amount Of Goodwill | Health, Consumer Hygiene & Engineered Packaging Specialties Materials Total Balance as of fiscal 2014 1,524 49 86 $ 1,659 Foreign currency translation adjustment (5 ) (2 ) (2 ) (9 ) Acquisitions (realignment), net 1 1 — 2 Balance as of fiscal 2015 1,520 48 84 $ 1,652 Foreign currency translation adjustment — 13 1 14 Acquisitions, net — 740 — 740 Balance as of fiscal 2016 $ 1,520 $ 801 $ 85 $ 2,406 |
Schedule Of Intangible Assets | Customer Other Accumulated Relationships Trademarks Intangibles Amortization Total Balance as of fiscal 2014 $ 1,167 $ 282 $ 109 $ (766 ) $ 792 Adjustment for income taxes (3 ) — — — (3 ) Foreign currency translation adjustment (6 ) (1 ) (3 ) 4 (6 ) Amortization expense — — — (91 ) (91 ) Acquisition intangibles 1 — — — 1 Balance as of fiscal 2015 $ 1,159 $ 281 $ 106 $ (853 ) $ 693 Adjustment for income taxes (3 ) — — — (3 ) Foreign currency translation adjustment 11 — 1 (2 ) 10 Amortization expense — — — (143 ) (143 ) Acquisition intangibles 523 45 75 — 643 Balance as of fiscal 2016 $ 1,690 $ 326 $ 182 $ (998 ) $ 1,200 |
Schedule Of Other Comprehensive Income (Loss) | Defined Benefit Pension and Retiree Accumulated Other Currency Translation Health Benefit Plans Interest Rate Hedges Comprehensive Loss Balance as of fiscal 2013 $ (20 ) $ (8 ) $ 10 $ (18 ) Other comprehensive income (loss) (16 ) (11 ) (3 ) (30 ) Provision for income taxes — 4 1 5 Balance as of fiscal 2014 $ (36 ) $ (15 ) $ 8 $ (43 ) Other comprehensive loss (45 ) (16 ) (33 ) (94 ) Provision for income taxes — 6 12 18 Balance as of fiscal 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Other comprehensive income (loss) (1 ) (25 ) (30 ) (56 ) Net amount reclassified from accumulated other comprehensive income (loss) — 2 16 18 Provision for income taxes — 4 5 9 Balance as of fiscal 2016 $ (82 ) $ (44 ) $ (22 ) $ (148 ) |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Acquisition [Abstract] | |
Summary Of Acquisition | Working capital (a) $ 198 Property and equipment 964 Intangible assets 631 Goodwill 737 Avintiv debt assumed (53 ) Non-controlling interest - Providencia (63 ) Deferred purchase price - Providencia (30 ) Deferred taxes (59 ) Other assets 28 Other long-term liabilities (93 ) (a) Includes an $11 million step up of inventory to fair value |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Long-Term Debt [Abstract] | |
Summary Of Long-Term Debt | October 1, September 26, Maturity Date 2016 2015 Term loan February 2020 $ 1,351 $ 1,369 Term loan January 2021 814 — Term loan October 2022 1,895 — Modified term loan - — 1,019 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 500 700 6% October 2022 400 — Debt discounts and deferred fees (58 ) (29 ) Capital leases and other Various 153 126 Total long-term debt 5,755 3,685 Current portion of long-term debt (43 ) (37 ) Long-term debt, less current portion $ 5,712 $ 3,648 |
Schedule Of Future Maturities | Fiscal Year Maturities 2017 $ 43 2018 41 2019 39 2020 1,335 2021 833 Thereafter 3,522 $ 5,813 |
Financial Instruments And Fai30
Financial Instruments And Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Schedule Of Derivatives Instruments | Balance Sheet Location 2016 2015 Interest rate swaps Other long-term liabilities $ 45 $ 36 |
Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location | Fiscal years Ended Statement of October 1, September 26, September 27, Derivatives instruments Operations Location 2016 2015 2014 Interest rate swaps Interest expense, net $ 16 $ — $ — Foreign currency swaps Other (income) expense $ 13 $ — $ — |
Schedule Of Fair Value Assets Measured On Non-Recurring Basis | As of the end of fiscal 2016 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 2,406 2,406 — Definite lived intangible assets — — 952 952 — Property, plant and equipment — — 2,224 2,224 3 Total $ — $ — $ 5,830 $ 5,830 $ 3 As of the end of fiscal 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 As of the end of fiscal 2014 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,659 1,659 — Definite lived intangible assets — — 585 585 — Property, plant and equipment — — 1,364 1,364 7 Total $ — $ — $ 3,815 $ 3,815 $ 7 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Goodwill And Intangible Assets [Abstract] | |
Schedule Of Goodwill And Intangible Assets | Amortization 2016 2015 Period Goodwill 2,406 1,652 Indefinite lived Customer relationships 1,690 1,159 10 – 15 years Trademarks (indefinite lived) 248 207 Indefinite lived Trademarks (definite lived) 78 74 10 years Other intangibles 182 106 8-14 years Accumulated amortization (998 ) (853 ) Intangible assets, net 1,200 693 Total goodwill and intangible assets, net $ 3,606 $ 2,345 |
Lease And Other Commitments A32
Lease And Other Commitments And Contingencies (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Lease And Other Commitments And Contingencies [Abstract] | |
Schedule Of Future Minimum Payments For Capital And Operating Leases | Capital Operating Leases Leases 2017 $ 34 $ 57 2018 31 49 2019 28 43 2020 29 37 2021 21 35 Thereafter 30 165 173 $ 386 Less: amount representing interest (20 ) Present value of net minimum lease payments $ 153 |
Accrued Expenses, Other Curre33
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Summary Of Accrued Expenses And Other Current Liabilities | 2016 2015 Employee compensation, payroll, and other $ 152 $ 95 Interest 53 38 Rebates 54 53 Restructuring 13 10 Accrued taxes 40 20 Tax receivable agreement obligation 60 57 Other 77 65 $ 449 $ 338 |
Summary Of Other Long-Term Liabilities | 2016 2015 Lease retirement obligation $ 34 $ 32 Sale-lease back deferred gain 26 28 Pension liability 88 57 Deferred purchase price 41 — Tax receivable agreement obligation 114 175 Interest rate swaps 45 36 Other 69 13 $ 417 $ 341 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | 2016 2015 2014 Current United States Federal $ — — $ — State 5 3 5 Non-U.S. 36 7 3 Current income tax provision 41 10 8 Deferred: United States Federal 35 31 3 State 3 (4 ) (5 ) Non-U.S. (7 ) (1 ) (2 ) Deferred income tax expense (benefit) 31 26 (4 ) Expense for income taxes $ 72 $ 36 $ 4 |
Schedule of Effective Income Tax Rate Reconciliation | 2016 2015 2014 U.S. Federal income tax expense at the statutory rate $ 108 $ 43 $ 23 Adjustments to reconcile to the income tax provision: U.S. state income tax expense 8 7 5 Changes in state valuation allowance 2 (7 ) — Research and development credits (8 ) (5 ) (20 ) Share-based compensation (15 ) — — Permanent differences 2 — (2 ) Changes in foreign valuation allowance (1 ) — 1 Foreign income taxed in the U.S. 7 — — Deduction of worthless investment (9 ) — — Permanent foreign currency differences (8 ) — — Rate differences between U.S. and foreign (14 ) (2 ) (1 ) APB 23 — — (1 ) Other — — (1 ) Expense for income taxes $ 72 $ 36 $ 4 |
Components Of Net Deferred Income Tax Liability | 2016 2015 Deferred tax assets: Allowance for doubtful accounts $ 7 $ 3 Deferred gain on sale-leaseback 11 12 Accrued liabilities and reserves 129 84 Inventories 10 9 Net operating loss carryforward 371 130 Alternative minimum tax (AMT) credit carryforward 10 9 Research and development credit carryforward 36 22 Federal and state tax credits 2 7 Other 6 3 Total deferred tax assets 582 279 Valuation allowance (82 ) (29 ) Total deferred tax assets, net of valuation allowance 500 250 Deferred tax liabilities: Property, plant and equipment 282 137 Intangible assets 435 256 Debt extinguishment 53 79 Other 2 3 Total deferred tax liabilities 772 475 Net deferred tax liability $ (272 ) $ (225 ) |
Activity Related To Gross Unrecognized Tax Benefits | 2016 2015 Beginning unrecognized tax benefits $ 13 $ 14 Gross increases – tax positions in prior periods 4 — Gross increases – current period tax positions 1 1 Gross increases – from acquisitions 48 — Settlements (1 ) (1 ) Lapse of statute of limitations (3 ) (1 ) Ending unrecognized tax benefits $ 62 $ 13 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Retirement Plan [Abstract] | |
Schedule Of Projected Benefit Obligations And Change In Fair Value Of Plan Assets | Defined Benefit Pension Plans Retiree Health Plans 2016 2015 2016 2015 Change in Projected Benefit Obligations (PBO) PBO at beginning of period $ 193 $ 192 $ 2 $ 2 Acquisitions 256 — 5 — Service cost 3 1 — — Interest cost 15 8 — — Actuarial loss (gain) 44 11 — — Currency impact 1 — — — Benefit settlements — (9 ) — — Benefits paid (20 ) (10 ) — — PBO at end of period $ 492 $ 193 $ 7 $ 2 Change in Fair Value of Plan Assets Plan assets at beginning of period $ 142 $ 154 $ — $ — Acquisitions 253 — — — Currency impact 1 — — — Actual return on plan assets 37 3 — — Company contributions 5 4 — — Benefit settlements — (9 ) — — Benefits paid (20 ) (10 ) — — Plan assets at end of period 418 142 — — Net amount recognized $ (74 ) $ (51 ) $ (7 ) $ (2 ) |
Weighted Average Assumptions Used To Determine Benefit Obligation And Benefit Cost | Defined Benefit Pension Plans Retiree Health Plan (Percents) 2016 2015 2016 2015 Weighted-average assumptions: Discount rate for benefit obligation 2.7 4.0 2.9 3.0 Discount rate for net benefit cost 3.5 4.0 3.5 2.9 Expected return on plan assets for net benefit costs 5.3 7.3 — — |
Schedule Of Plan Asset Fair Values | Fiscal 2016 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 9 $ — $ — $ 9 U.S. large cap comingled equity funds — 55 — 55 U.S. mid cap equity mutual funds 45 — — 45 U.S. small cap equity mutual funds 3 — — 3 International equity mutual funds 13 — — 13 Real estate equity investment funds 4 — — 4 Corporate bond mutual funds 20 — — 20 Corporate bonds — 114 — 114 Guaranteed investment account — — 10 10 International fixed income funds 6 — — 6 International insurance contracts 139 — — 139 Total $ 239 $ 169 $ 10 $ 418 Fiscal 2015 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8 $ — $ — $ 8 U.S. large cap comingled equity funds — 37 — 37 U.S. mid cap equity mutual funds 24 — — 24 U.S. small cap equity mutual funds 2 — — 2 International equity mutual funds 6 — — 6 Real estate equity investment funds 3 — — 3 Corporate bond mutual funds 21 — — 21 Corporate bonds — 31 — 31 Guaranteed investment account — — 10 10 Total $ 64 $ 68 $ 10 $ 142 |
Schedule Of Expected Benefit Payments | Defined Benefit Retiree Health Pension Plans Plan 2017 $ 21 $ 1 2018 21 1 2019 22 — 2020 22 1 2021 23 — 2022-2026 118 3 |
Schedule Of Net Pension And Retiree Health Benefit Expense | 2016 2015 2014 Defined Benefit Pension Plans Service cost $ 3 $ 1 $ — Interest cost 16 8 8 Amortization of net actuarial loss 2 1 — Settlement charge — 2 — Expected return on plan assets (20 ) (12 ) (11 ) Net periodic benefit cost $ 1 $ — $ (3 ) |
Schedule Of Defined Benefit Pension Plan Asset Allocations | 2016 2015 Asset Category Equity securities and equity-like instruments 29 % 51 % Debt securities and debt-like 33 37 International insurance contracts 33 — Other 5 12 Total 100 % 100 % |
Restructuring And Impairment 36
Restructuring And Impairment Charges (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Restructuring And Impairment Charges [Abstract] | |
Schedule Of Estimated Costs For Restructuring Programs | Cumulative To be Expected charges through Recognized in Total Costs Fiscal 2016 Future Severance and termination benefits $ 36 $ 36 $ — Facility exit costs 30 27 3 Asset impairment 12 12 — Total $ 78 $ 75 $ 3 |
Components Of Restructuring Charges By Segment | 2016 2015 2014 Consumer Packaging $ 9 $ 11 $ 24 Health, Hygiene & Specialties 20 — — Engineered Materials 3 2 6 Consolidated $ 32 $ 13 $ 30 |
Schedule Of Restructuring Accrual Costs | Employee Non-cash Severance Facility impairment and Benefits Exit Costs charges Total Balance as of fiscal 2014 $ 5 8 — 13 Charges 4 7 2 13 Non-cash asset impairment — — (2 ) (2 ) Cash payments (7 ) (7 ) — (14 ) Balance as of fiscal 2015 $ 2 $ 8 $ — $ 10 Charges 23 6 3 32 Non-cash asset impairment — — (3 ) (3 ) Cash payments (18 ) (8 ) — ) (26 ) Balance as of fiscal 2016 $ 7 $ 6 $ — $ 13 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Stockholders' Equity [Abstract] | |
Schedule Of Stock Option Activity | 2016 2015 Number Of Weighted Number Of Weighted Shares Average Shares Average (in thousands) Exercise Price (in thousands) Exercise Price Options outstanding, beginning of period 11,351 $ 17.71 10,504 $ 13.13 Options granted 2,805 30.27 2,839 28.78 Options exercised (2,061 ) 12.57 (1,929 ) 9.07 Options forfeited or cancelled (379 ) 23.37 (63 ) 17.59 Options outstanding, end of period 11,716 $ 21.44 11,351 $ 17.71 Option price range at end of period $ 3.04 45.62 $ 3.04 33.91 Options exercisable at end of period 4,573 4,786 Options available for grant at period end 4,695 7,500 Weighted average fair value of options granted during period $ 8.68 $ 9.51 |
Schedule Of Assumptions Used For Options Granted | 2016 2015 2014 Risk-free interest rate 1.2 % 1.6 % 1.3 % Dividend yield 0.00 % 0.00 % 0.00 % Volatility factor .26 .30 .33 Expected option life 7 years 7 years 7 years |
Summary Of Options Outstanding By Exercise Price Range | Number Intrinsic Value Weighted Number Intrinsic Value Unrecognized Weighted Range of Outstanding of Outstanding Remaining Weighted Exercisable of Exercisable Compensation Recognition Exercise Prices (in thousands) (in millions) Contractual Life Exercise Price (in thousands) (in millions) (in millions) Period $ 3.04 45.62 11,716 $ 263 7 years $ 21.44 4,573 $ 134 $ 26 2 years |
Segment And Geographic Data (Ta
Segment And Geographic Data (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Segment And Geographic Data [Abstract] | |
Summary Of Selected Information By Reportable Segment | 2016 2015 2014 Net sales Consumer Packaging $ 2,768 $ 2,870 $ 2,904 Health, Hygiene & Specialties 2,259 502 450 Engineered Materials 1,462 1,509 1,604 Total $ 6,489 $ 4,881 $ 4,958 Operating income Consumer Packaging $ 225 $ 229 $ 164 Health, Hygiene & Specialties 169 31 20 Engineered Materials 187 148 132 Total $ 581 $ 408 $ 316 Depreciation and amortization Consumer Packaging $ 260 $ 237 $ 239 Health, Hygiene & Specialties 192 35 31 Engineered Materials 73 78 88 Total $ 525 $ 350 $ 358 |
Summary Of Assets And Goodwill By Segment | 2016 2015 Total assets: Consumer Packaging $ 3,568 $ 3,832 Health, Hygiene & Specialties 3,374 385 Engineered Materials 711 811 Total assets $ 7,653 $ 5,028 Goodwill: Consumer Packaging $ 1,520 $ 1,520 Health, Hygiene & Specialties 801 48 Engineered Materials 85 84 Total goodwill $ 2,406 $ 1,652 |
Summary Of Selected Information By Geography | 2016 2015 2014 Net sales: North America $ 5,250 $ 4,692 $ 4,769 South America 336 6 7 Europe 628 118 128 Asia 275 65 54 Total net sales $ 6,489 $ 4,881 $ 4,958 |
Summary Of Long-Lived Assets By Geography | 2016 2015 Long-lived assets: North America $ 4,724 $ 3,510 South America 386 5 Europe 452 79 Asia 299 51 Total Long-lived assets $ 5,861 $ 3,645 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Net Income Per Share [Abstract] | |
Schedule Of Net Income Per Share | (in millions, except per share amounts) 2016 2015 2014 Numerator Net income attributable to the Company $ 236 $ 86 $ 62 Denominator Weighted average common shares outstanding - basic 120.8 119.1 116.9 Dilutive shares 4.2 4.3 4.6 Weighted average common and common equivalent shares outstanding - diluted 125.0 123.4 121.5 Per common share income (loss) Basic $ 1.95 $ 0.72 $ 0.53 Diluted $ 1.89 $ 0.70 $ 0.51 |
Guarantor And Non-Guarantor F40
Guarantor And Non-Guarantor Financial Information (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Condensed Supplemental Consolidated Financial Information | Condensed Supplemental Consolidated Statements of Operations Fiscal 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 599 $ 4,220 $ 1,670 $ — $ 6,489 Cost of goods sold — 476 3,388 1,338 — 5,202 Selling, general and administrative — 72 324 135 — 531 Amortization of intangibles — 8 107 28 — 143 Restructuring and impairment charges — — 28 4 — 32 Operating income — 43 373 165 — 581 Debt extinguishment — 4 — — — 4 Other expense (income), net — 11 (211 ) 178 — (22 ) Interest expense, net — 36 205 50 — 291 Equity in net income of subsidiaries (308 ) (279 ) — — 587 — Income (loss) before income taxes 308 271 379 (63 ) (587 ) 308 Income tax expense (benefit) 72 34 8 29 (71 ) 72 Consolidated net income (loss) 236 237 371 (92 ) (516 ) 236 Net income(loss) attributable to non- controlling interests — — — — — — Net income(loss) attributable to the Company $ 236 $ 237 $ 371 $ (92 ) $ (516 ) $ 236 Currency translation (1 ) — — (1 ) 1 (1 ) Interest rate hedges (14 ) (14 ) — — 14 (14 ) Defined benefit pension and retiree benefit plans (23 ) (10 ) — (13 ) 23 (23 ) Provision for income taxes related to other comprehensive income items 9 9 — — (9 ) 9 Comprehensive income (loss) $ 207 $ 222 $ 371 $ (106 ) $ (487 ) $ 207 Fiscal 2015 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 622 $ 3,807 $ 452 $ — $ 4,881 Cost of goods sold — 526 3,128 358 — 4,012 Selling, general and administrative — 64 244 49 — 357 Amortization of intangibles — 8 75 8 — 91 Restructuring and impairment charges — — 13 — — 13 Operating income — 24 347 37 — 408 Debt extinguishment — 94 — — — 94 Other expense (income), net (3 ) — 3 1 — 1 Interest expense, net — 25 148 18 — 191 Equity in net income of subsidiaries (119 ) (210 ) — — 329 — Income (loss) before income taxes 122 115 196 18 (329 ) 122 Income tax expense (benefit) 36 25 — 4 (29 ) 36 Consolidated net income (loss) 86 90 196 14 (300 ) 86 Net income(loss) attributable to non- controlling interests — — — — — — Net income(loss) attributable to the Company $ 86 $ 90 $ 196 $ 14 $ (300 ) $ 86 Currency translation (45 ) — — (45 ) 45 (45 ) Interest rate hedges (33 ) (33 ) — — 33 (33 ) Defined benefit pension and retiree benefit plans (16 ) (16 ) — — 16 (16 ) Provision for income taxes related to other comprehensive income items 18 18 — — (18 ) 18 Comprehensive income (loss) $ 10 $ 59 $ 196 $ (31 ) $ (224 ) $ 10 Fiscal 2014 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 638 $ 3,904 $ 416 $ — $ 4,958 Cost of goods sold — 557 3,284 349 — 4,190 Selling, general and administrative — 52 232 36 — 320 Amortization of intangibles — 10 84 8 — 102 Restructuring and impairment charges — — 30 — — 30 Operating income — 19 274 23 — 316 Debt extinguishment — 35 — — — 35 Other income, net (3 ) — (4 ) — — (7 ) Interest expense, net 34 27 176 (97 ) 81 221 Equity in net income of subsidiaries (98 ) (218 ) — — 316 — Income (loss) before income taxes 67 175 102 120 (397 ) 67 Income tax expense (benefit) 4 44 — 5 (49 ) 4 Consolidated net income (loss) 63 131 102 115 (348 ) 63 Net income(loss) attributable to non- controlling interests 1 — — — — 1 Net income(loss) attributable to the Company $ 62 $ 131 $ 102 $ 115 $ (348 ) $ 62 Currency translation (16 ) — — (16 ) 16 (16 ) Interest rate hedges (3 ) (3 ) — — 3 (3 ) Defined benefit pension and retiree benefit plans (11 ) (11 ) — — 11 (11 ) Provision for income taxes related to other comprehensive income items 5 5 — — (5 ) 5 Comprehensive income (loss) $ 37 $ 122 $ 102 $ 99 $ (323 ) $ 37 Condensed Supplemental Consolidated Balance Sheet As of fiscal year end 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 102 $ 5 $ 216 $ — $ 323 Accounts receivable, net — (2 ) 423 283 — 704 Intercompany receivable 364 2,797 — — (3,161 ) — Inventories — 46 477 137 — 660 Prepaid expenses and other current — 15 40 50 — 105 Total current assets 364 2,958 945 686 (3,161 ) 1,792 Property, plant and equipment, net — 76 1,434 714 — 2,224 Goodwill and intangible assets, net — 85 2,988 533 — 3,606 Investment in subsidiaries 302 4,010 1,105 — (5,417 ) — Other assets — 6 1 24 — 31 Total assets $ 666 $ 7,135 $ 6,473 $ 1,957 $ (8,578 ) $ 7,653 Liabilities and equity Current liabilities: Accounts payable $ — $ (7 ) $ 327 $ 219 $ — $ 539 Accrued expenses and other current liabilities 60 172 153 64 — 449 Intercompany payable — — 2,992 169 (3,161 ) — Current portion of long-term debt — 42 — 1 — 43 Total current liabilities 60 207 3,472 453 (3,161 ) 1,031 Long-term debt, less current portion — 5,681 29 2 — 5,712 Deferred income taxes 272 — — — — 272 Other long-term liabilities 113 141 97 66 — 417 Total long-term liabilities 385 5,822 126 68 — 6,401 Total liabilities 445 6,029 3,598 521 (3,161 ) 7,432 Redeemable non-controlling interests — — — — — — Other equity (deficit) 221 1,106 2,875 1,436 (5,417 ) 221 Total equity (deficit) 221 1,106 2,875 1,436 (5,417 ) 221 Total liabilities and equity (deficit) $ 666 $ 7,135 $ 6,473 $ 1,957 (8,578 ) $ 7,653 Condensed Supplemental Consolidated Balance Sheet Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 163 $ — $ 65 $ — $ 228 Accounts receivable, net — 23 337 74 — 434 Intercompany receivable 329 2,963 — 83 (3,375 ) — Inventories — 49 425 48 — 522 Deferred income taxes 162 — — — — 162 Prepaid expenses and other current — 22 5 10 — 37 Total current assets 491 3,220 767 280 (3,375 ) 1,383 Property, plant and equipment, net — 79 1,111 104 — 1,294 Goodwill and intangible assets, net — 93 2,151 101 — 2,345 Investment in subsidiaries 75 1,456 — — (1,531 ) — Other assets — 4 1 1 — 6 Total assets $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906 ) $ 5,028 Liabilities and equity Current liabilities: Accounts payable $ — $ 28 $ 245 $ 57 $ — $ 330 Accrued expenses and other current liabilities 57 140 121 20 — 338 Intercompany payable — — 3,375 — (3,375 ) — Current portion of long-term debt — 37 — — — 37 Total current liabilities 57 205 3,741 77 (3,375 ) 705 Long-term debt, less current portion — 3,647 — 1 — 3,648 Deferred income taxes 387 — — — — 387 Other long-term liabilities 175 122 39 5 — 341 Total long-term liabilities 562 3,769 39 6 — 4,376 Total liabilities 619 3,974 3,780 83 (3,375 ) 5,081 Redeemable non-controlling interests 12 — — — — 12 Other equity (deficit) (65 ) 878 250 403 (1,531 ) (65 ) Total equity (deficit) (65 ) 878 250 403 (1,531 ) (65 ) Total liabilities and equity (deficit) $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906 ) $ 5,028 Condensed Supplemental Consolidated Statements of Cash Flows Fiscal 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 103 $ 566 $ 188 $ — $ 857 Cash Flow from Investing Activities Additions to property, plant and equipment — (13 ) (239 ) (36 ) — (288 ) Proceeds from sale of assets — — 5 — — 5 Investment in Parent — — — — — — (Contributions) distributions to/from subsidiaries (26 ) (2,234 ) — — 2,260 — Intercompany advances (repayments) — 96 — — (96 ) — Acquisition of business, net of cash acquired — — (368 ) (1,915 ) — (2,283 ) Other investing activities, net — (13 ) — — — (13 ) Net cash from investing activities (26 ) (2,164 ) (602 ) (1,951 ) 2,164 (2,579 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 2,490 — — — 2,490 Repayment of long-term borrowings — (450 ) (23 ) (51 ) — (524 ) Proceed from issuance of common stock 26 — — — — 26 Payment of tax receivable agreement (57 ) — — — — (57 ) Debt financing costs — (40 ) — — — (40 ) Purchase of non-controlling interest — — (66 ) (12 ) — (78 ) Changes in intercompany balances 57 — (238 ) 85 96 — Contribution from Parent — — 368 1,892 (2,260 ) — Net cash from financing activities 26 2,000 41 1,914 (2,164 ) 1,817 Effect of currency translation on cash — — — — — — Net change in cash and cash equivalents — (61 ) 5 151 — 95 Cash and cash equivalents at beginning of period — 163 — 65 — 228 Cash and cash equivalents at end of period $ — $ 102 $ 5 $ 216 $ — $ 323 Fiscal 2015 Non- Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 60 $ 542 $ 34 $ 1 $ 637 Cash Flow from Investing Activities Additions to property, plant and equipment — (13 ) (164 ) (3 ) — (180 ) Proceeds from sale of assets — — 18 — — 18 Investment in Parent — — — — — — (Contributions) distributions to/from subsidiaries (18 ) 18 — — — — Intercompany advances (repayments) — 368 — — (368 ) — Acquisition of business, net of cash acquired — — (3 ) — — (3 ) Net cash from investing activities (18 ) 373 (149 ) (3 ) (368 ) (165 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 693 — — — 693 Repayment of long-term borrowings — (947 ) — (4 ) — (951 ) Proceed from issuance of common stock 18 — — — — 18 Payment of tax receivable agreement (39 ) — — — — (39 ) Debt financing costs — (86 ) — — — (86 ) Changes in intercompany balances 39 — (408 ) 2 367 — Net cash from financing activities 18 (340 ) (408 ) (2 ) 367 (365 ) Effect of currency translation on cash — — — (8 ) — (8 ) Net change in cash and cash equivalents — 93 (15 ) 21 — 99 Cash and cash equivalents at beginning of period — 70 15 44 — 129 Cash and cash equivalents at end of period $ — $ 163 $ — $ 65 $ — $ 228 Fiscal 2014 Non- Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 27 $ 473 $ 30 $ — $ 530 Cash Flow from Investing Activities Additions to property, plant and equipment — (6 ) (200 ) (9 ) — (215 ) Proceeds from sale of assets — — 19 — 19 Investment in Parent — — — — — (Contributions) distributions to/from subsidiaries 723 (2 ) — 721 (1,442 ) — Intercompany advances (repayments) — 20 — — (20 ) — Investment in Issuer debt securities — — — — — — Acquisition of business, net of cash acquired — — (136 ) (90 ) — (226 ) Net cash from investing activities 723 12 (317 ) 622 (1,462 ) (422 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 1,627 — — — 1,627 Repayment of long-term borrowings (740 ) (1,668 ) — — 721 (1,687 ) Proceeds from issuance of common stock 17 — — — — 17 Payment of tax receivable agreement (32 ) — — — — (32 ) Debt financing costs — (44 ) — — — (44 ) Changes in intercompany balances 32 — (141 ) 89 20 — Contribution from Parent — — — (721 ) 721 — Net cash from financing activities (723 ) (85 ) (141 ) (632 ) 1,462 (119 ) Effect of currency translation on cash — — — (2 ) — (2 ) Net change in cash and cash equivalents — (46 ) 15 18 — (13 ) Cash and cash equivalents at beginning of period — 116 — 26 — 142 Cash and cash equivalents at end of period $ — $ 70 $ 15 $ 44 $ — $ 129 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Oct. 01, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Data | 2016 2015 First Second Third Fourth First Second Third Fourth Net sales $ 1,612 $ 1,614 $ 1,645 $ 1,618 $ 1,220 $ 1,224 $ 1,241 $ 1,196 Cost of sales 1,320 1,269 1,296 1,317 1,037 997 1,003 975 Gross profit 292 345 349 301 183 227 238 221 Net income (loss) attributable to the Company $ 4 $ 59 $ 96 $ 77 $ 13 $ 38 $ (13 ) $ 48 Net income (loss) attributable to the Company per share: Basic 0.03 0.49 0.79 0.63 0.11 0.32 (0.11 ) 0.40 Diluted 0.03 0.47 0.76 0.61 0.11 0.31 (0.11 ) 0.39 |
Basis Of Presentation And Sum42
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 01, 2016USD ($) | Jul. 02, 2016USD ($) | Apr. 02, 2016USD ($) | Jan. 02, 2016USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Oct. 01, 2016USD ($)segmentitem | Sep. 26, 2015USD ($)segment | Sep. 27, 2014USD ($) | Oct. 01, 2011USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of reporting units | item | 7 | |||||||||||
Number of operating segments | segment | 3 | 4 | ||||||||||
Research and development expenditures | $ 48,000,000 | $ 33,000,000 | $ 32,000,000 | |||||||||
Stock based compensation expense | $ 20,000,000 | 21,000,000 | 15,000,000 | |||||||||
Stock-based compensation, contractual life | 10 years | |||||||||||
Interest costs capitalized | $ 6,000,000 | 6,000,000 | 6,000,000 | |||||||||
Number of reporting segments | segment | 3 | |||||||||||
Goodwill impairment charge | $ 0 | 0 | 0 | $ 165,000,000 | ||||||||
Indefinite-lived trade names | $ 248,000,000 | 248,000,000 | ||||||||||
Debt issuance costs | 75,000,000 | |||||||||||
Deferred charges | 4,000,000 | 4,000,000 | ||||||||||
Definite lived intangible assets, Impairment | 0 | 0 | 0 | |||||||||
Accrual for customer rebates | 54,000,000 | $ 53,000,000 | 54,000,000 | 53,000,000 | ||||||||
Cost of goods sold | 1,317,000,000 | $ 1,296,000,000 | $ 1,269,000,000 | $ 1,320,000,000 | 975,000,000 | $ 1,003,000,000 | $ 997,000,000 | $ 1,037,000,000 | 5,202,000,000 | 4,012,000,000 | 4,190,000,000 | |
Capitalized interest amount | 6,000,000 | 6,000,000 | 6,000,000 | |||||||||
Deferred income taxes | 162,000,000 | 162,000,000 | ||||||||||
Income tax expense | 72,000,000 | 36,000,000 | 4,000,000 | |||||||||
Impairment of indefinite lived assets | 0 | 0 | 0 | |||||||||
Write down Long lived Debt Assets [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Fixed asset impairment charges | 3,000,000 | 2,000,000 | 7,000,000 | |||||||||
Accounting Standards Update 2016-09 [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Income tax expense | 15,000,000 | |||||||||||
Cumulative effect of excess tax benefit from the adoptions of ASU 2016-09 | 36,000,000 | 36,000,000 | ||||||||||
Accounting Standards Update 2015-17 [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Deferred income taxes | 175,000,000 | $ 175,000,000 | ||||||||||
Supplier Concentration Risk [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Concentration risk, percentage | 16.00% | |||||||||||
Minimum [Member] | Buildings And Improvements [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, plant and equipment, useful life | 5 years | |||||||||||
Minimum [Member] | Machinery, Equipment, And Tooling [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, plant and equipment, useful life | 2 years | |||||||||||
Maximum [Member] | Buildings And Improvements [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, plant and equipment, useful life | 25 years | |||||||||||
Maximum [Member] | Machinery, Equipment, And Tooling [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, plant and equipment, useful life | 10 years | |||||||||||
Parent Company [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Deferred income taxes | $ 162,000,000 | 162,000,000 | ||||||||||
Income tax expense | $ 72,000,000 | $ 36,000,000 | $ 4,000,000 | |||||||||
Customer Relationships [Member] | Minimum [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite intangible assets, useful life | 10 years | |||||||||||
Customer Relationships [Member] | Maximum [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite intangible assets, useful life | 15 years | |||||||||||
Technology [Member] | Minimum [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite intangible assets, useful life | 8 years | |||||||||||
Technology [Member] | Maximum [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite intangible assets, useful life | 14 years | |||||||||||
Licenses [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite intangible assets, useful life | 10 years | |||||||||||
Health, Hygiene, & Specialities [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of geographical regions | item | 4 | |||||||||||
Accumulated Deficit [Member] | Accounting Standards Update 2016-09 [Member] | ||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cumulative effect of excess tax benefit from the adoptions of ASU 2016-09 | $ 36,000,000 | $ 36,000,000 |
Basis Of Presentation And Sum43
Basis Of Presentation And Summary Of Significant Accounting Policies (Activity For Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |||
Allowance for doubtful accounts, beginning | $ 3 | $ 3 | $ 3 |
Avintiv Allowance for doubtful accounts | 6 | ||
Bad debt expense | 1 | 2 | |
Write-offs against allowance | (2) | (2) | |
Allowance for doubtful accounts, ending | $ 8 | $ 3 | $ 3 |
Basis Of Presentation And Sum44
Basis Of Presentation And Summary Of Significant Accounting Policies (Summary Of Accounts Receivable Sold) (Details) $ in Millions | Oct. 01, 2016USD ($) |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Trade receivables sold to financial institutions | $ 23 |
Net amounts advanced from financial institutions | (18) |
Amounts due from financial institutions | $ 5 |
Basis Of Presentation And Sum45
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Inventory) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ||
Finished goods | $ 397 | $ 309 |
Raw materials | 263 | 213 |
Inventory, total | $ 660 | $ 522 |
Basis Of Presentation And Sum46
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 4,219 | $ 2,985 |
Less accumulated depreciation | (1,995) | (1,691) |
Property, plant and equipment, net | 2,224 | 1,294 |
Land, Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 667 | 367 |
Equipment And Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 3,552 | $ 2,618 |
Basis Of Presentation And Sum47
Basis Of Presentation And Summary Of Significant Accounting Policies (Changes In The Carrying Amount Of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
Goodwill [Line Items] | ||
Goodwill, Beginning balance | $ 1,652 | $ 1,659 |
Foreign currency translation adjustment | 14 | (9) |
Acquisitions, net | 740 | 2 |
Goodwill, Ending balance | 2,406 | 1,652 |
Consumer Packaging [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 1,520 | 1,524 |
Foreign currency translation adjustment | (5) | |
Acquisitions, net | 1 | |
Goodwill, Ending balance | 1,520 | 1,520 |
Health, Hygiene, & Specialities [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 48 | 49 |
Foreign currency translation adjustment | 13 | (2) |
Acquisitions, net | 740 | 1 |
Goodwill, Ending balance | 801 | 48 |
Engineered Materials [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 84 | 86 |
Foreign currency translation adjustment | 1 | (2) |
Goodwill, Ending balance | $ 85 | $ 84 |
Basis Of Presentation And Sum48
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net, beginning balance | $ 693 | $ 792 | |
Finite intangible assets, accumulated amortization, beginning balance | (853) | ||
Adjustment for income taxes | (3) | (3) | |
Foreign currency translation adjustment | 10 | (6) | |
Amortization expense | (143) | (91) | $ (102) |
Acquisition intangibles | 643 | 1 | |
Intangible assets, net, ending balance | 1,200 | 693 | 792 |
Finite intangible assets, accumulated amortization, ending balance | (998) | (853) | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross, beginning balance | 1,159 | 1,167 | |
Adjustment for income taxes | (3) | (3) | |
Foreign currency translation adjustment | 11 | (6) | |
Acquisition intangibles | 523 | 1 | |
Intangible assets, gross, ending balance | 1,690 | 1,159 | 1,167 |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross, beginning balance | 281 | 282 | |
Foreign currency translation adjustment | (1) | ||
Acquisition intangibles | 45 | ||
Intangible assets, gross, ending balance | 326 | 281 | 282 |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross, beginning balance | 106 | 109 | |
Foreign currency translation adjustment | 1 | (3) | |
Acquisition intangibles | 75 | ||
Intangible assets, gross, ending balance | 182 | 106 | 109 |
Accumulated Amortization [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite intangible assets, accumulated amortization, beginning balance | (853) | (766) | |
Foreign currency translation adjustment | (2) | 4 | |
Amortization expense | (143) | (91) | |
Finite intangible assets, accumulated amortization, ending balance | $ (998) | $ (853) | $ (766) |
Basis Of Presentation And Sum49
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), Currency Translation | $ (1) | $ (45) | $ (16) |
Other comprehensive income (loss), Defined Benefit Pension and Retiree Health Benefit Plans | (23) | (16) | (11) |
Balance, Defined Benefit Pension and Retiree Health Benefit Plans | 72 | ||
Other comprehensive income (loss), Interest Rate Hedges | (14) | (33) | (3) |
Balance, Accumulated Other Comprehensive Loss | (119) | (43) | (18) |
Other comprehensive income (loss), Accumulated Other Comprehensive Loss | (56) | (94) | (30) |
Net amount reclassified from accumulated other comprehensive income (loss), Accumulated Other Comprehensive Loss | 18 | ||
Provision for income taxes, Accumulated Other Comprehensive Loss | 9 | 18 | 5 |
Balance, Accumulated Other Comprehensive Loss | (148) | (119) | (43) |
Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, Currency Translation | (81) | (36) | (20) |
Other comprehensive income (loss), Currency Translation | (1) | (45) | (16) |
Balance, Currency Translation | (82) | (81) | (36) |
Defined Benefit Pension And Retiree Health Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, Defined Benefit Pension and Retiree Health Benefit Plans | 25 | 15 | (8) |
Other comprehensive income (loss), Defined Benefit Pension and Retiree Health Benefit Plans | (25) | (16) | (11) |
Provision for income taxes, Defined Benefit Pension and Retiree Health Benefit Plans | 4 | 6 | 4 |
Net amount reclassified from accumulated other comprehensive income (loss), Defined Benefit Pension and Retiree Health Benefit Plans | 2 | ||
Balance, Defined Benefit Pension and Retiree Health Benefit Plans | (44) | (25) | (15) |
Interest Rate Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, Interest Rate Hedges | (13) | 8 | 10 |
Other comprehensive income (loss), Interest Rate Hedges | (30) | (33) | (3) |
Net amount reclassified from accumulated other comprehensive income (loss), Interest Rate Hedges | 16 | ||
Provision for income taxes, Interest Rate Hedges | 5 | 12 | 1 |
Balance, Interest Rate Hedges | (22) | (13) | 8 |
Parent Company [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), Currency Translation | (1) | (45) | (16) |
Other comprehensive income (loss), Defined Benefit Pension and Retiree Health Benefit Plans | (23) | (16) | (11) |
Other comprehensive income (loss), Interest Rate Hedges | (14) | (33) | (3) |
Provision for income taxes, Accumulated Other Comprehensive Loss | $ 9 | $ 18 | $ 5 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2015USD ($)itemcountryemployee | Oct. 01, 2016USD ($) | Jul. 02, 2016USD ($) | Apr. 02, 2016USD ($) | Jan. 02, 2016USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Oct. 01, 2016USD ($) | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | |
Business Acquisitions [Line Item] | ||||||||||||
Percentage of capital stock acquired | 71.25% | |||||||||||
Net sales | $ 1,618 | $ 1,645 | $ 1,614 | $ 1,612 | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 6,489 | $ 4,881 | $ 4,958 | |
AVINTIV [Member] | ||||||||||||
Business Acquisitions [Line Item] | ||||||||||||
Percentage of capital stock acquired | 100.00% | |||||||||||
Purchase price | $ 2,260 | |||||||||||
Number of locations | item | 23 | |||||||||||
Number of countries | country | 14 | |||||||||||
Number of employees | employee | 4,500 | |||||||||||
Net sales | $ 1,800 | |||||||||||
Net sales | 6,700 | |||||||||||
Net losses | $ 28 |
Acquisition (Summary Of Acquisi
Acquisition (Summary Of Acquisition) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,406 | $ 1,652 | $ 1,659 | |
Deferred purchase price - Providencia | (41) | |||
AVINTIV [Member] | ||||
Business Acquisition [Line Items] | ||||
Working capital | [1] | 198 | ||
Property and equipment | 964 | |||
Intangible asset | 631 | |||
Goodwill | 737 | |||
Avintiv debt assumed | (53) | |||
Non-controlling interest - Providencia | (63) | |||
Deferred purchase price - Providencia | (30) | |||
Deferred taxes | (59) | |||
Other assets | 28 | |||
Other long-term liabilities | (93) | |||
Inventory | $ 11 | |||
[1] | Includes an $11 million step up of inventory to fair value |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Oct. 01, 2016USD ($) | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||
Interest Paid | $ 276 | $ 191 | $ 214 | |||
Debt extinguishment | 4 | 94 | $ 35 | |||
Debt discount | 58 | $ 29 | ||||
Deferred financing fees | $ 75 | |||||
9 3/4% Second Priority Senior Secured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 9.75% | |||||
Debt extinguishment | $ 94 | |||||
Incur tender amount | 83 | |||||
Write-off of deferred financing fees | 11 | |||||
Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Voluntary payment | $ 524 | |||||
Debt instrument, face amount | 4,100 | |||||
Minimum quarterly principal payment | $ 4 | |||||
6.0% Second Priority Senior Secured Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 400 | |||||
Maturity date | Oct. 1, 2022 | |||||
Term Loan Due February 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, effective rate | 2.50% | |||||
Maturity date | Feb. 1, 2020 | |||||
Term Loan Due January 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, effective rate | 2.50% | |||||
Maturity date | Jan. 1, 2021 | |||||
Term Loan Due October 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Incremental term loan bears interest at LIBOR plus | 2.75% | |||||
Per annum with a LIBOR floor | 1 | |||||
Debt instrument, effective rate | 2.75% | |||||
Maturity date | Oct. 1, 2022 | |||||
First Lien Secured Leverage Ratio For Term Loan Due October 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Incremental term loan bears interest at LIBOR plus | 2.50% | |||||
5 1/8% Second Priority Senior Secured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 700 | |||||
Debt instrument, interest rate | 5.125% | |||||
Maturity date | Jul. 1, 2023 | |||||
Maximum [Member] | First Lien Secured Leverage Ratio For Term Loan Due October 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Leverage ratio | 3 | |||||
LIBOR [Member] | Term Loan Due February 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, LIBOR floor | 1.00% | |||||
LIBOR [Member] | Term Loan Due January 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, LIBOR floor | 1.00% | |||||
LIBOR [Member] | Term Loan Due October 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, LIBOR floor | 1.00% | |||||
Revolving Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 650 | |||||
Maturity date | May 1, 2020 | |||||
Revolving Line Of Credit [Member] | Minimum [Member] | Term Loan Due February 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, LIBOR floor | 1.25% | |||||
Revolving Line Of Credit [Member] | Maximum [Member] | Term Loan Due February 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, LIBOR floor | 1.75% | |||||
AVINTIV [Member] | 6.0% Second Priority Senior Secured Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing fees | $ 5 | |||||
AVINTIV [Member] | Term Loan Due January 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Incremental term loan bears interest at LIBOR plus | 2.50% | |||||
Per annum with a LIBOR floor | 1 | |||||
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 | $ 2.1 | |||||
Debt discount | 11 | |||||
Deferred financing fees | $ 25 | |||||
AVINTIV [Member] | Term Loans Due October 2022 and January 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt extinguishment | $ 4 | |||||
Debt discount | $ 2 |
Long-Term Debt (Summary Of Long
Long-Term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 5,813 | |
Debt discounts and deferred fees | (58) | $ (29) |
Capital leases and other | 153 | 126 |
Total long-term debt | 5,755 | 3,685 |
Current portion of long-term debt | (43) | (37) |
Long-term Debt, Current Maturities | (43) | (37) |
Long-term debt, less current portion | $ 5,712 | 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 | $ 1,351 | 1,369 |
Maturity date | Feb. 1, 2020 | |
Term Loan Due January 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 814 | |
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 | |
Modified Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,019 | |
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 | $ 700 |
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 |
Long-Term Debt (Future Maturiti
Long-Term Debt (Future Maturities Of Long-Term Debt) (Details) $ in Millions | Oct. 01, 2016USD ($) |
Long-Term Debt [Abstract] | |
2,017 | $ 43 |
2,018 | 41 |
2,019 | 39 |
2,020 | 1,335 |
2,021 | 833 |
Thereafter | 3,522 |
Long-term Debt, Total | $ 5,813 |
Financial Instruments And Fai55
Financial Instruments And Fair Value Measurements (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2013USD ($) | Oct. 01, 2016USD ($)item | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Oct. 01, 2011USD ($) | Mar. 31, 2014USD ($) | |
Derivative [Line Items] | ||||||
Fair value of investments exceeding book value | $ 56 | $ 55 | ||||
Indefinite-lived trademark, Impairment | 0 | 0 | $ 0 | |||
Goodwill impairment charge | 0 | 0 | 0 | $ 165 | ||
Definite lived intangible assets, Impairment | $ 0 | 0 | 0 | |||
Number of reporting units | item | 7 | |||||
Impairment of long-lived assets | $ 3 | $ 2 | $ 7 | |||
2013 Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative variable interest rate | 1.00% | |||||
Variable rate term loan, amount outstanding | $ 1,000 | |||||
Derivative settlement receivables | $ 16 | |||||
Term of fixed interest rate | 1 year | |||||
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 | 1 year | |||||
Derivative instrument fixed interest rate | 2.59% | |||||
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% | |||||
Consumer Packaging [Member] | ||||||
Derivative [Line Items] | ||||||
Terminal year growth rates | 3.00% | |||||
Consumer Packaging [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 0.00% | |||||
Consumer Packaging [Member] | Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 3.00% | |||||
Engineered Materials [Member] | ||||||
Derivative [Line Items] | ||||||
Terminal year growth rates | 3.00% | |||||
Engineered Materials [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 0.00% | |||||
Engineered Materials [Member] | Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 3.00% | |||||
Tapes [Member] | ||||||
Derivative [Line Items] | ||||||
Terminal year growth rates | 3.00% | |||||
Tapes [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 0.00% | |||||
Tapes [Member] | Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 3.00% | |||||
Health, Hygiene And Specialties, North America [Member] | ||||||
Derivative [Line Items] | ||||||
Terminal year growth rates | 3.00% | |||||
Health, Hygiene And Specialties, North America [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 2.00% | |||||
Health, Hygiene And Specialties, North America [Member] | Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 8.00% | |||||
Health, Hygiene And Specialties, South America [Member] | ||||||
Derivative [Line Items] | ||||||
Terminal year growth rates | 3.00% | |||||
Health, Hygiene And Specialties, South America [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 2.00% | |||||
Health, Hygiene And Specialties, South America [Member] | Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 8.00% | |||||
Health, Hygiene And Specialties, Europe [Member] | ||||||
Derivative [Line Items] | ||||||
Terminal year growth rates | 3.00% | |||||
Health, Hygiene And Specialties, Europe [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 2.00% | |||||
Health, Hygiene And Specialties, Europe [Member] | Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 8.00% | |||||
Health, Hygiene And Specialties, Asia [Member] | ||||||
Derivative [Line Items] | ||||||
Terminal year growth rates | 3.00% | |||||
Health, Hygiene And Specialties, Asia [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 2.00% | |||||
Health, Hygiene And Specialties, Asia [Member] | Maximum [Member] | ||||||
Derivative [Line Items] | ||||||
Growth rates | 8.00% |
Financial Instruments And Fai56
Financial Instruments And Fair Value Measurements (Schedule Of Derivative Instruments (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 |
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 45 | $ 36 |
Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 45 | $ 36 |
Financial Instruments And Fai57
Financial Instruments And Fair Value Measurements (Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location) (Details) $ in Millions | 12 Months Ended |
Oct. 01, 2016USD ($) | |
Interest Rate Swap [Member] | Interest Expense, Net [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative instruments | $ 16 |
Foreign Currency Swaps [Member] | Other (Income) Expense [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative instruments | $ 13 |
Financial Instruments And Fai58
Financial Instruments And Fair Value Measurements (Schedule of Fair Value Assets Measured On A Non-Recurring Basis) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | Oct. 01, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Indefinite-lived trademarks | $ 248 | $ 207 | $ 207 | |
Goodwill | 2,406 | 1,652 | 1,659 | |
Definite lived intangible assets | 952 | 486 | 585 | |
Property, plant, and equipment | 2,224 | 1,294 | 1,364 | |
Total | 5,830 | 3,639 | 3,815 | |
Indefinite-lived trademark, Impairment | 0 | 0 | 0 | |
Goodwill, Impairment | 0 | 0 | 0 | $ 165 |
Definite lived intangible assets, Impairment | 0 | 0 | 0 | |
Property, plant, and equipment, Impairment | 3 | 2 | 7 | |
Fair value asset impairment charges | 3 | 2 | 7 | |
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Indefinite-lived trademarks | ||||
Goodwill | ||||
Definite lived intangible assets | ||||
Property, plant, and equipment | ||||
Total | ||||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Indefinite-lived trademarks | ||||
Goodwill | ||||
Definite lived intangible assets | ||||
Property, plant, and equipment | ||||
Total | ||||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Indefinite-lived trademarks | 248 | 207 | 207 | |
Goodwill | 2,406 | 1,652 | 1,659 | |
Definite lived intangible assets | 952 | 486 | 585 | |
Property, plant, and equipment | 2,224 | 1,294 | 1,364 | |
Total | $ 5,830 | $ 3,639 | $ 3,815 |
Goodwill And Intangible Asset59
Goodwill And Intangible Assets (Narrative) (Details) $ in Millions | Oct. 01, 2016USD ($) |
Goodwill And Intangible Assets [Abstract] | |
Future amortization expense, 2017 | $ 128 |
Future amortization expense, 2018 | 109 |
Future amortization expense, 2019 | 101 |
Future amortization expense, 2020 | 93 |
Future amortization expense, 2021 | $ 85 |
Goodwill And Intangible Asset60
Goodwill And Intangible Assets (Schedule Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 2,406 | $ 1,652 | $ 1,659 |
Finite intangible assets, accumulated amortization | (998) | (853) | |
Intangible assets, net | 1,200 | 693 | $ 792 |
Total goodwill and intangible assets, net | 3,606 | 2,345 | |
Trademarks [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Indefinite intangible assets | 248 | 207 | |
Customer Relationships [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Indefinite intangible assets | 1,690 | 1,159 | |
Trademarks [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite intangible assets | $ 78 | 74 | |
Finite intangible assets, amortization period | 10 years | ||
Other Intangible Assets [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Indefinite intangible assets | $ 182 | $ 106 | |
Minimum [Member] | Customer Relationships [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite intangible assets, amortization period | 10 years | ||
Minimum [Member] | Other Intangible Assets [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite intangible assets, amortization period | 8 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite intangible assets, amortization period | 15 years | ||
Maximum [Member] | Other Intangible Assets [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite intangible assets, amortization period | 14 years |
Lease And Other Commitments A61
Lease And Other Commitments And Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016USD ($)employee | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | |
Lease And Other Commitments And Contingencies [Abstract] | |||
New capital lease obligations | $ 51 | $ 29 | $ 45 |
Lease expirations, final year | 2,025 | ||
Minimum lease payments or contingent rentals | $ 26 | 24 | |
Asset retirement obligations | 9 | 8 | |
Rent expense from operating leases | 60 | $ 53 | $ 54 |
Sale leaseback transaction, deferred gain | $ 26 | ||
Number of employees | employee | 21,000 | ||
Percentage of employees covered by collective bargaining agreements | 20.00% |
Lease And Other Commitments A62
Lease And Other Commitments And Contingencies (Schedule Of Future Minimum Payments For Capital And Operating Leases) (Details) $ in Millions | Oct. 01, 2016USD ($) |
Lease And Other Commitments And Contingencies [Abstract] | |
Capital Leases, 2017 | $ 34 |
Capital Leases, 2018 | 31 |
Capital Leases, 2019 | 28 |
Capital Leases, 2020 | 29 |
Capital Leases, 2021 | 21 |
Capital Leases, Thereafter | 30 |
Capital Leases, Total net minimum payments | 173 |
Capital Leases, Less: amount representing interest | (20) |
Capital Leases, Present value of net minimum lease payments | 153 |
Operating Leases, 2017 | 57 |
Operating Leases, 2018 | 49 |
Operating Leases, 2019 | 43 |
Operating Leases, 2020 | 37 |
Operating Leases, 2021 | 35 |
Operating Leases, Thereafter | 165 |
Operating Leases, Total net minimum payments | $ 386 |
Accrued Expenses, Other Curre63
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Employee compensation, payroll and other | $ 152 | $ 95 |
Interest | 53 | 38 |
Rebates | 54 | 53 |
Restructuring | 13 | 10 |
Accrued taxes | 40 | 20 |
Tax receivable agreement obligation | 60 | 57 |
Other | 77 | 65 |
Total accrued liabilities, current | $ 449 | $ 338 |
Accrued Expenses, Other Curre64
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Oct. 01, 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 | 26 | 28 |
Pension liability | 88 | 57 |
Deferred purchase price | 41 | |
Tax receivable agreement obligation | 114 | 175 |
Interest rate swaps | 45 | 36 |
Other | 69 | 13 |
Other long-term liabilities | $ 417 | $ 341 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Taxes [Line Items] | ||||
U.S. income (loss) from continuing operations before income taxes | $ 168 | $ 99 | $ 58 | |
Non-U.S. income (loss) from continuing operations before income taxes | 140 | 23 | 9 | |
AMT credit carryforwards | 10 | |||
Deferred tax assets, valuation allowance | 82 | 29 | ||
Payment of tax receivable agreement | 57 | 39 | 32 | |
Reduction of short term capital lease obligations | 313 | |||
Taxes Payable | 174 | |||
Cash paid for taxes | 43 | 9 | 7 | |
Unrecognized tax benefits that would affect effective tax rate if recognized | 6 | 7 | ||
Interest and penalties accrued for uncertain tax positions | 23 | |||
Unremitted earnings from foreign subsidiaries | 479 | |||
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 682 | |||
Federal research and development tax credits | 29 | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 1,441 | |||
Federal research and development tax credits | 7 | |||
Other state tax credits | 4 | |||
Foreign [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 302 | |||
Tax Year 2017 [Member] | ||||
Income Taxes [Line Items] | ||||
Cash paid for taxes | $ 60 | |||
Parent Company [Member] | ||||
Income Taxes [Line Items] | ||||
Payment of tax receivable agreement | $ 57 | $ 39 | $ 32 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Taxes [Abstract] | |||
Current - State | $ 5 | $ 3 | $ 5 |
Current - Non-U.S. | 36 | 7 | 3 |
Current income tax provision | 41 | 10 | 8 |
Deferred - Federal | 35 | 31 | 3 |
Deferred - State | 3 | (4) | (5) |
Deferred - Non-U.S. | (7) | (1) | (2) |
Deferred income tax expense (benefit) | 31 | 26 | (4) |
Expense for income tax | $ 72 | $ 36 | $ 4 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Taxes [Abstract] | |||
U.S. Federal income tax expense at the statutory rate | $ 108 | $ 43 | $ 23 |
U.S. state income tax expense | 8 | 7 | 5 |
Changes in state valuation allowance | 2 | (7) | |
Research and development credits | (8) | (5) | (20) |
Share-based compensation | (15) | ||
Permanent differences | 2 | (2) | |
Changes in foreign valuation allowance | (1) | 1 | |
Foreign income taxed in the U.S. | 7 | ||
Deduction of worthless investment | (9) | ||
Permanent foreign currency differences | (8) | ||
Rate differences between U.S. and foreign | (14) | (2) | (1) |
APB 23 | (1) | ||
Other | (1) | ||
Expense for income tax | $ 72 | $ 36 | $ 4 |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Income Tax Liability) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 |
Income Taxes [Abstract] | ||
Allowance for doubtful accounts | $ 7 | $ 3 |
Deferred gain on sale-leaseback | 11 | 12 |
Accrued liabilities and reserves | 129 | 84 |
Inventories | 10 | 9 |
Net operating loss carryforward | 371 | 130 |
Alternative minimum tax (AMT) credit carryforward | 10 | 9 |
Research and development credit carryforward | 36 | 22 |
Federal and state tax credits | 2 | 7 |
Other | 6 | 3 |
Total deferred tax assets | 582 | 279 |
Valuation allowance | (82) | (29) |
Total deferred tax assets, net of valuation allowance | 500 | 250 |
Property, plant and equipment | 282 | 137 |
Intangible assets | 435 | 256 |
Debt extinguishment | 53 | 79 |
Other | 2 | 3 |
Total deferred tax liabilities | 772 | 475 |
Net deferred tax liability | $ (272) | $ (225) |
Income Taxes (Activity Related
Income Taxes (Activity Related To Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
Income Taxes [Abstract] | ||
Beginning unrecognized tax benefits | $ 13 | $ 14 |
Gross increases - tax positions in prior periods | 4 | |
Gross increases - current period tax positions | 1 | 1 |
Gross increases - from acquisitions | 48 | |
Settlements | (1) | (1) |
Lapse of statue of limitations | (3) | (1) |
Ending unrecognized tax benefits | $ 62 | $ 13 |
Retirement Plan (Narrative) (De
Retirement Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan expense | $ 10 | $ 7 | $ 8 |
Amount expected to be amortized from accumulated other comprehensive income (loss) | 4 | ||
Net unrealized losses in accumulated other comprehensive loss | (72) | ||
Net unrealized defined benefit losses in accumulated other comprehensive loss | $ 72 | ||
Assumed health care cost trend rate | 7.00% | ||
Plan assets | $ 418 | 142 | |
10 1/4% Senior Subordinated Notes [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 39 | ||
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 418 | $ 142 | $ 154 |
Retirement Plan (Schedule Of Pr
Retirement Plan (Schedule Of Projected Benefit Obligations And Change In Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 3 | $ 1 | |
Interest cost | 16 | 8 | 8 |
Plan assets at beginning of period | 142 | ||
Plan assets at end of period | 418 | 142 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
PBO at beginning of period | 193 | 192 | |
Acquistions | 256 | ||
Service cost | 3 | 1 | |
Interest cost | 15 | 8 | |
Actuarial loss (gain) | 44 | 11 | |
Currency impact | 1 | ||
Benefit settlements | (9) | ||
Benefits paid | (20) | (10) | |
PBO at end of period | 492 | 193 | 192 |
Plan assets at beginning of period | 142 | 154 | |
Acquisitions | 253 | ||
Currency impact | 1 | ||
Actual return on plan assets | 37 | 3 | |
Company contributions | 5 | 4 | |
Benefit settlements | (9) | ||
Plan assets at end of period | 418 | 142 | 154 |
Net amount recognized | (74) | (51) | |
Retiree Health Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
PBO at beginning of period | 2 | 2 | |
Acquistions | 5 | ||
PBO at end of period | 7 | 2 | $ 2 |
Net amount recognized | $ (7) | $ (2) |
Retirement Plan (Weighted Avera
Retirement Plan (Weighted Average Assumptions Used To Determine Benefit Obligation And Benefit Cost) (Details) | 12 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for benefit obligation | 2.70% | 4.00% |
Discount rate for net benefit cost | 3.50% | 4.00% |
Expected return on plan assets for net benefit costs | 5.30% | 7.30% |
Retiree Health Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for benefit obligation | 2.90% | 3.00% |
Discount rate for net benefit cost | 3.50% | 2.90% |
Retirement Plan (Schedule Of Pl
Retirement Plan (Schedule Of Plan Asset Fair Values) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 418 | $ 142 |
Corporate Bond [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 114 | 31 |
Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 9 | 8 |
U.S. Large Cap Comingled Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 55 | 37 |
U.S. Mid Cap Equity Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45 | 24 |
U.S. Small Cap Equity Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3 | 2 |
International Equity Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13 | 6 |
Real Estate Equity Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4 | 3 |
Corporate Bond Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20 | 21 |
Guaranteed Investment Account [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10 | 10 |
International Fixed Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6 | |
International Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 139 | |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 100 | 64 |
Level 1 [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 9 | 8 |
Level 1 [Member] | U.S. Mid Cap Equity Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45 | 24 |
Level 1 [Member] | U.S. Small Cap Equity Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3 | 2 |
Level 1 [Member] | International Equity Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13 | 6 |
Level 1 [Member] | Real Estate Equity Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4 | 3 |
Level 1 [Member] | Corporate Bond Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20 | 21 |
Level 1 [Member] | International Fixed Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6 | |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 169 | 68 |
Level 2 [Member] | Corporate Bond [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 114 | 31 |
Level 2 [Member] | U.S. Large Cap Comingled Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 55 | 37 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 149 | 10 |
Level 3 [Member] | Guaranteed Investment Account [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10 | $ 10 |
Level 3 [Member] | International Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 139 |
Retirement Plan (Schedule Of Ex
Retirement Plan (Schedule Of Expected Benefit Payments) (Details) $ in Millions | Oct. 01, 2016USD ($) |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 21 |
2,018 | 21 |
2,019 | 22 |
2,020 | 22 |
2,021 | 23 |
2022-2026 | 118 |
Retiree Health Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 1 |
2,018 | 1 |
2,020 | 1 |
2022-2026 | $ 3 |
Retirement Plan (Schedule Of Ne
Retirement Plan (Schedule Of Net Pension And Retiree Health Benefit Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Retirement Plan [Abstract] | |||
Service cost | $ 3 | $ 1 | |
Interest cost | 16 | 8 | 8 |
Amortization of net actuarial loss | 2 | 1 | |
Settlement charge | 2 | ||
Expected return on plan assets | (20) | $ (12) | (11) |
Net periodic benefit cost | $ 1 | $ (3) |
Retirement Plan (Schedule Of De
Retirement Plan (Schedule Of Defined Benefit Pension Plan Asset Allocations) (Details) | Oct. 01, 2016 | Sep. 26, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan asset allocation | 100.00% | 100.00% |
Equity Securities And Equity-Like Instruments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan asset allocation | 29.00% | 51.00% |
Debt Securities And Debt-Like [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan asset allocation | 33.00% | 37.00% |
International Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan asset allocation | 33.00% | |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan asset allocation | 5.00% | 12.00% |
Restructuring And Impairment 77
Restructuring And Impairment Charges (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 01, 2016USD ($) | Jul. 02, 2016USD ($) | Apr. 02, 2016USD ($) | Jan. 02, 2016USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Oct. 01, 2016USD ($)segmentitem | Sep. 26, 2015USD ($)segment | Sep. 27, 2014USD ($)item | |
Restructuring And Impairment Charges [Line Items] | |||||||||||
Number of operating segments | segment | 3 | 4 | |||||||||
Number of facilities intended to shut down | item | 2 | 4 | |||||||||
Net sales | $ 1,618 | $ 1,645 | $ 1,614 | $ 1,612 | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 6,489 | $ 4,881 | $ 4,958 |
Expected total cost | 78 | 78 | |||||||||
To be Recognized in Future | $ 3 | $ 3 | |||||||||
Consumer Packaging [Member] | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Number of facilities closed | item | 1 | ||||||||||
Number of facilities intended to shut down | item | 1 | ||||||||||
Net sales | $ 2,768 | 2,870 | 2,904 | ||||||||
Engineered Materials [Member] | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Net sales | 1,462 | 1,509 | 1,604 | ||||||||
Consumer Packaging And Engineered Materials [Member] | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Net sales | $ 36 | ||||||||||
Consumer Packaging Affected By Closures [Member] | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Net sales | 24 | 153 | |||||||||
Engineered Materials Affected By Closures [Member] | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Net sales | $ 16 | $ 9 |
Restructuring And Impairment 78
Restructuring And Impairment Charges (Schedule Of Estimated Costs For Restructuring Programs) (Details) $ in Millions | Oct. 01, 2016USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Expected Total Costs | $ 78 |
Cumulative charges through Fiscal 2016 | 75 |
To be Recognized in Future | 3 |
Severance And Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected Total Costs | 36 |
Cumulative charges through Fiscal 2016 | 36 |
Facilities Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected Total Costs | 30 |
Cumulative charges through Fiscal 2016 | 27 |
To be Recognized in Future | 3 |
Asset Impairment [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected Total Costs | 12 |
Cumulative charges through Fiscal 2016 | $ 12 |
Restructuring And Impairment 79
Restructuring And Impairment Charges (Components Of Restructuring Charges By Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Restructuring And Impairment Charges [Line Items] | |||
Charges | $ 32 | $ 13 | $ 30 |
Consumer Packaging [Member] | |||
Restructuring And Impairment Charges [Line Items] | |||
Charges | 9 | 11 | 24 |
Health, Hygiene, & Specialities [Member] | |||
Restructuring And Impairment Charges [Line Items] | |||
Charges | 20 | ||
Engineered Materials [Member] | |||
Restructuring And Impairment Charges [Line Items] | |||
Charges | $ 3 | $ 2 | $ 6 |
Restructuring And Impairment 80
Restructuring And Impairment Charges (Schedule Of Restructuring Accrual Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Restructuring And Impairment Charges [Line Items] | |||
Beginning balance | $ 10 | $ 13 | |
Charges | 32 | 13 | $ 30 |
Non-cash asset impairment | (3) | (2) | |
Cash payments | (26) | (14) | |
Ending balance | 13 | 10 | 13 |
Severance And Termination Benefits [Member] | |||
Restructuring And Impairment Charges [Line Items] | |||
Beginning balance | 2 | 5 | |
Charges | 23 | 4 | |
Cash payments | (18) | (7) | |
Ending balance | 7 | 2 | 5 |
Facilities Exit Costs [Member] | |||
Restructuring And Impairment Charges [Line Items] | |||
Beginning balance | 8 | 8 | |
Charges | 6 | 7 | |
Cash payments | (8) | (7) | |
Ending balance | 6 | 8 | $ 8 |
Non-Cash Impairment Charges [Member] | |||
Restructuring And Impairment Charges [Line Items] | |||
Charges | 3 | 2 | |
Non-cash asset impairment | $ (3) | $ (2) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 1 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Payment to acquire assignments | $ 57 | $ 39 |
Entities Affiliated With Apollo [Member] | ||
Related Party Transaction [Line Items] | ||
Payment to acquire assignments | $ 46 | $ 33 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 20 | $ 21 | $ 15 |
Options exercised or cash settled amount | $ 64 | ||
2015 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for grant | 7,500,000 | ||
Additional cost for additional shares authorized | $ 5 | ||
Shares issued | 0 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Stock Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
Stockholders' Equity [Abstract] | ||
Options outstanding, beginning of period | 11,351 | 10,504 |
Options granted, number of shares | 2,805 | 2,839 |
Options exercised, number of shares | (2,061) | (1,929) |
Options forfeited or cancelled, number of shares | (379) | (63) |
Options outstanding, end of period, number of shares | 11,716 | 11,351 |
Options outstanding, beginning of period, weighted average exercise price | $ 17.71 | $ 13.13 |
Options granted, weighted average exercise price | 30.27 | 28.78 |
Options exercised, weighted average exercise price | 12.57 | 9.07 |
Options forfeited or cancelled, weighted average exercise price | 23.37 | 17.59 |
Options outstanding, end of period, weighted average exercise price | 21.44 | 17.71 |
Optional price range at end of period, lower limit | 3.04 | 3.04 |
Optional price range at end of period, upper limit | $ 45.62 | $ 33.91 |
Options exercisable at end of period | 4,573 | 4,786 |
Options available for grant at period end | 4,695 | 7,500 |
Weighted average fair value of options granted during period | $ 8.68 | $ 9.51 |
Stockholders' Equity (Schedul84
Stockholders' Equity (Schedule Of Assumptions Used For Options Granted) (Details) | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Stockholders' Equity [Abstract] | |||
Risk-free interest rate | 1.20% | 1.60% | 1.30% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility factor | 0.26% | 0.30% | 0.33% |
Expected option life | 7 years | 7 years | 7 years |
Stockholders' Equity (Summary O
Stockholders' Equity (Summary Of Options Outstanding By Exercise Price Range) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Stockholders' Equity [Abstract] | |||
Range of exercise prices, lower limit | $ 3.04 | $ 3.04 | |
Range of exercise prices, upper limit | $ 45.62 | $ 33.91 | |
Number outstanding | 11,716 | 11,351 | 10,504 |
Intrinsic value of outstanding | $ 263 | ||
Weighted remaining contractual life | 7 years | ||
Weighted exercise price | $ 21.44 | ||
Number exercisable | 4,573 | 4,786 | |
Intrinsic value of exercisable | $ 134 | ||
Unrecognized compensation | $ 26 | ||
Weighted recognition period | 2 years |
Segment And Geographic Data (Na
Segment And Geographic Data (Narrative) (Details) | 12 Months Ended |
Oct. 01, 2016segment | |
Segment Reporting Information [Line Items] | |
Number of reporting segments | 3 |
Net Sales, Geographic Area [Member] | North America [Member] | |
Segment Reporting Information [Line Items] | |
Concentration risk, percentage | 81.00% |
Long-Lived Assets, Geographic Area [Member] | North America [Member] | |
Segment Reporting Information [Line Items] | |
Concentration risk, percentage | 81.00% |
Assets, Total [Member] | North America [Member] | |
Segment Reporting Information [Line Items] | |
Concentration risk, percentage | 83.00% |
Segment And Geographic Data (Su
Segment And Geographic Data (Summary Of Selected Information By Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,618 | $ 1,645 | $ 1,614 | $ 1,612 | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 6,489 | $ 4,881 | $ 4,958 |
Total operating income | 581 | 408 | 316 | ||||||||
Total depreciation and amortization | 525 | 350 | 358 | ||||||||
Consumer Packaging [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,768 | 2,870 | 2,904 | ||||||||
Total operating income | 225 | 229 | 164 | ||||||||
Total depreciation and amortization | 260 | 237 | 239 | ||||||||
Health, Hygiene, & Specialities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,259 | 502 | 450 | ||||||||
Total operating income | 169 | 31 | 20 | ||||||||
Total depreciation and amortization | 192 | 35 | 31 | ||||||||
Engineered Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,462 | 1,509 | 1,604 | ||||||||
Total operating income | 187 | 148 | 132 | ||||||||
Total depreciation and amortization | $ 73 | $ 78 | $ 88 |
Segment And Geographic Data (88
Segment And Geographic Data (Summary Of Assets And Goodwill By Segment) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 7,653 | $ 5,028 | |
Goodwill | 2,406 | 1,652 | $ 1,659 |
Consumer Packaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 3,568 | 3,832 | |
Goodwill | 1,520 | 1,520 | 1,524 |
Health, Hygiene, & Specialities [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 3,374 | 385 | |
Goodwill | 801 | 48 | 49 |
Engineered Materials [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 711 | 811 | |
Goodwill | $ 85 | $ 84 | $ 86 |
Segment And Geographic Data (89
Segment And Geographic Data (Summary Of Selected Information By Geography) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 1,618 | $ 1,645 | $ 1,614 | $ 1,612 | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 6,489 | $ 4,881 | $ 4,958 |
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 5,250 | 4,692 | 4,769 | ||||||||
South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 336 | 6 | 7 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 628 | 118 | 128 | ||||||||
Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 275 | $ 65 | $ 54 |
Segment And Geographic Data (90
Segment And Geographic Data (Summary Of Long-Lived Assets By Geography) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 |
Segment Reporting Information [Line Items] | ||
Total long-lived assets | $ 5,861 | $ 3,645 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 4,724 | 3,510 |
South America [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 386 | 5 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 452 | 79 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | $ 299 | $ 51 |
Net Income Per Share (Schedule
Net Income Per Share (Schedule Of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Net Income Per Share [Abstract] | |||||||||||
Net income attributable to the Company | $ 77 | $ 96 | $ 59 | $ 4 | $ 48 | $ (13) | $ 38 | $ 13 | $ 236 | $ 86 | $ 62 |
Weighted average common shares outstanding - basic | 120.8 | 119.1 | 116.9 | ||||||||
Dilutive shares | 4.2 | 4.3 | 4.6 | ||||||||
Weighted average common and common equivalent shares outstanding - diluted | 125 | 123.4 | 121.5 | ||||||||
Basic | $ 0.63 | $ 0.79 | $ 0.49 | $ 0.03 | $ 0.40 | $ (0.11) | $ 0.32 | $ 0.11 | $ 1.95 | $ 0.72 | $ 0.53 |
Diluted | $ 0.61 | $ 0.76 | $ 0.47 | $ 0.03 | $ 0.39 | $ (0.11) | $ 0.31 | $ 0.11 | $ 1.89 | $ 0.70 | $ 0.51 |
Purchase Of Non-Controlling I92
Purchase Of Non-Controlling Interest (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 02, 2016 | Sep. 27, 2014 | Oct. 01, 2016 | Sep. 26, 2015 | |
Business Acquisition [Line Items] | ||||
Percentage of controlling interest | 71.25% | |||
Additional paid-in capital | $ 449 | $ 406 | ||
Providencia [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of controlling interest | 28.75% | |||
Purchase price, cash | $ 66 | |||
Additional paid-in capital | $ 3 |
Guarantor And Non-Guarantor F93
Guarantor And Non-Guarantor Financial Information (Narrative) (Details) | Oct. 01, 2016 |
Guarantor Subsidiaries [Member] | |
Percentage ownership in guarantor subsidiaries | 100.00% |
Guarantor And Non-Guarantor F94
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Net sales | $ 1,618 | $ 1,645 | $ 1,614 | $ 1,612 | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 6,489 | $ 4,881 | $ 4,958 |
Cost of goods sold | 1,317 | 1,296 | 1,269 | 1,320 | 975 | 1,003 | 997 | 1,037 | 5,202 | 4,012 | 4,190 |
Selling, general, administrative and amortization expense | 320 | ||||||||||
Selling, general and administrative | 531 | 357 | 320 | ||||||||
Amortization of intangibles | 143 | 91 | 102 | ||||||||
Restructuring and impairment charges | 32 | 13 | 30 | ||||||||
Operating income (loss) | 581 | 408 | 316 | ||||||||
Debt extinguishment | 4 | 94 | 35 | ||||||||
Other expense (income), net | (22) | 1 | (7) | ||||||||
Other income, net | (7) | ||||||||||
Interest expense, net | 291 | 191 | 221 | ||||||||
Consolidated net income (loss) | 236 | 86 | 63 | ||||||||
Income (loss) before income taxes | 308 | 122 | 67 | ||||||||
Income tax expense (benefit) | 72 | 36 | 4 | ||||||||
Net income (loss) attributable to noncontrolling interests | (1) | ||||||||||
Net income attributable to the Company | 77 | 96 | 59 | 4 | 48 | (13) | 38 | 13 | 236 | 86 | 62 |
Currency translation | (1) | (45) | (16) | ||||||||
Interest rate hedges | (14) | (33) | (3) | ||||||||
Defined benefit pension and retiree health benefit plans | (23) | (16) | (11) | ||||||||
Net income (loss) attributable to the Company | $ 77 | $ 96 | $ 59 | $ 4 | $ 48 | $ (13) | $ 38 | $ 13 | 236 | 86 | 62 |
Provision for income taxes related to other comprehensive income items | 9 | 18 | 5 | ||||||||
Comprehensive net income (loss) | 207 | 10 | 37 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Other expense (income), net | (3) | ||||||||||
Other income, net | (3) | ||||||||||
Interest expense, net | 34 | ||||||||||
Equity in net income of subsidiaries | 308 | 119 | 98 | ||||||||
Consolidated net income (loss) | 236 | 86 | 63 | ||||||||
Income (loss) before income taxes | 308 | 122 | 67 | ||||||||
Income tax expense (benefit) | 72 | 36 | 4 | ||||||||
Net income (loss) attributable to noncontrolling interests | (1) | ||||||||||
Net income attributable to the Company | 236 | 86 | 62 | ||||||||
Currency translation | (1) | (45) | (16) | ||||||||
Interest rate hedges | (14) | (33) | (3) | ||||||||
Defined benefit pension and retiree health benefit plans | (23) | (16) | (11) | ||||||||
Net income (loss) attributable to the Company | 236 | 86 | 62 | ||||||||
Provision for income taxes related to other comprehensive income items | 9 | 18 | 5 | ||||||||
Comprehensive net income (loss) | 207 | 10 | 37 | ||||||||
Issuer [Member] | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Net sales | 599 | 622 | 638 | ||||||||
Cost of goods sold | 476 | 526 | 557 | ||||||||
Selling, general, administrative and amortization expense | 52 | ||||||||||
Selling, general and administrative | 72 | 64 | |||||||||
Amortization of intangibles | 8 | 8 | 10 | ||||||||
Operating income (loss) | 43 | 24 | 19 | ||||||||
Debt extinguishment | 4 | 94 | 35 | ||||||||
Other expense (income), net | 11 | ||||||||||
Interest expense, net | 36 | 25 | 27 | ||||||||
Equity in net income of subsidiaries | 279 | 210 | 218 | ||||||||
Consolidated net income (loss) | 237 | 90 | 131 | ||||||||
Income (loss) before income taxes | 271 | 115 | 175 | ||||||||
Income tax expense (benefit) | 34 | 25 | 44 | ||||||||
Net income attributable to the Company | 237 | 90 | 131 | ||||||||
Interest rate hedges | (14) | (33) | (3) | ||||||||
Defined benefit pension and retiree health benefit plans | (10) | (16) | (11) | ||||||||
Net income (loss) attributable to the Company | 237 | 90 | 131 | ||||||||
Provision for income taxes related to other comprehensive income items | 9 | 18 | 5 | ||||||||
Comprehensive net income (loss) | 222 | 59 | 122 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Net sales | 4,220 | 3,807 | 3,904 | ||||||||
Cost of goods sold | 3,388 | 3,128 | 3,284 | ||||||||
Selling, general, administrative and amortization expense | 232 | ||||||||||
Selling, general and administrative | 324 | 244 | |||||||||
Amortization of intangibles | 107 | 75 | 84 | ||||||||
Restructuring and impairment charges | 28 | 13 | 30 | ||||||||
Operating income (loss) | 373 | 347 | 274 | ||||||||
Other expense (income), net | (211) | 3 | |||||||||
Other income, net | (4) | ||||||||||
Interest expense, net | 205 | 148 | 176 | ||||||||
Consolidated net income (loss) | 371 | 196 | 102 | ||||||||
Income (loss) before income taxes | 379 | 196 | 102 | ||||||||
Income tax expense (benefit) | 8 | ||||||||||
Net income attributable to the Company | 371 | 196 | 102 | ||||||||
Net income (loss) attributable to the Company | 371 | 196 | 102 | ||||||||
Comprehensive net income (loss) | 371 | 196 | 102 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Net sales | 1,670 | 452 | 416 | ||||||||
Cost of goods sold | 1,338 | 358 | 349 | ||||||||
Selling, general, administrative and amortization expense | 36 | ||||||||||
Selling, general and administrative | 135 | 49 | |||||||||
Amortization of intangibles | 28 | 8 | 8 | ||||||||
Restructuring and impairment charges | 4 | ||||||||||
Operating income (loss) | 165 | 37 | 23 | ||||||||
Other expense (income), net | 178 | 1 | |||||||||
Interest expense, net | 50 | 18 | (97) | ||||||||
Consolidated net income (loss) | (92) | 14 | 115 | ||||||||
Income (loss) before income taxes | (63) | 18 | 120 | ||||||||
Income tax expense (benefit) | 29 | 4 | 5 | ||||||||
Net income attributable to the Company | (92) | 14 | 115 | ||||||||
Currency translation | (1) | (45) | (16) | ||||||||
Defined benefit pension and retiree health benefit plans | (13) | ||||||||||
Net income (loss) attributable to the Company | (92) | 14 | 115 | ||||||||
Comprehensive net income (loss) | (106) | (31) | 99 | ||||||||
Eliminations [Member] | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Interest expense, net | 81 | ||||||||||
Equity in net income of subsidiaries | (587) | (329) | (316) | ||||||||
Consolidated net income (loss) | (516) | (300) | (348) | ||||||||
Income (loss) before income taxes | (587) | (329) | (397) | ||||||||
Income tax expense (benefit) | (71) | (29) | (49) | ||||||||
Net income attributable to the Company | (516) | (300) | (348) | ||||||||
Currency translation | 1 | 45 | 16 | ||||||||
Interest rate hedges | 14 | 33 | 3 | ||||||||
Defined benefit pension and retiree health benefit plans | 23 | 16 | 11 | ||||||||
Net income (loss) attributable to the Company | (516) | (300) | (348) | ||||||||
Provision for income taxes related to other comprehensive income items | (9) | (18) | (5) | ||||||||
Comprehensive net income (loss) | $ (487) | $ (224) | $ (323) |
Guarantor And Non-Guarantor F95
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 |
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | $ 323 | $ 228 | $ 129 | $ 142 |
Accounts receivable, net | 704 | 434 | ||
Inventories | 660 | 522 | ||
Deferred income taxes | 162 | |||
Prepaid Expense and Other Assets, Current | 105 | 37 | ||
Total current assets | 1,792 | 1,383 | ||
Property, plant, and equipment, net | 2,224 | 1,294 | ||
Goodwill and intangible assets, net | 3,606 | 2,345 | ||
Other assets | 31 | 6 | ||
Total assets | 7,653 | 5,028 | ||
Accounts payable | 539 | 330 | ||
Accrued expenses and other current liabilities | 449 | 338 | ||
Current portion of long-term debt | 43 | 37 | ||
Total current liabilities | 1,031 | 705 | ||
Long-term debt, less current portion | 5,712 | 3,648 | ||
Deferred income taxes | 272 | 387 | ||
Other long-term liabilities | 417 | 341 | ||
Total long-term liabilities | 6,401 | 4,376 | ||
Total liabilities | 7,432 | 5,081 | ||
Redeemable non-controlling interest | 12 | |||
Other equity (deficit) | 221 | (65) | ||
Total equity (deficit) | 221 | (65) | ||
Total liabilities and stockholders' equity (deficit) | 7,653 | 5,028 | ||
Parent Company [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Intercompany receivable | 364 | 329 | ||
Deferred income taxes | 162 | |||
Total current assets | 364 | 491 | ||
Investment in subsidiaries | 302 | 75 | ||
Total assets | 666 | 566 | ||
Accrued expenses and other current liabilities | 60 | 57 | ||
Total current liabilities | 60 | 57 | ||
Deferred income taxes | 272 | 387 | ||
Other long-term liabilities | 113 | 175 | ||
Total long-term liabilities | 385 | 562 | ||
Total liabilities | 445 | 619 | ||
Redeemable non-controlling interest | 12 | |||
Other equity (deficit) | 221 | (65) | ||
Total equity (deficit) | 221 | (65) | ||
Total liabilities and stockholders' equity (deficit) | 666 | 566 | ||
Issuer [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | 102 | 163 | 70 | 116 |
Accounts receivable, net | (2) | 23 | ||
Intercompany receivable | 2,797 | 2,963 | ||
Inventories | 46 | 49 | ||
Prepaid Expense and Other Assets, Current | 15 | 22 | ||
Total current assets | 2,958 | 3,220 | ||
Property, plant, and equipment, net | 76 | 79 | ||
Goodwill and intangible assets, net | 85 | 93 | ||
Investment in subsidiaries | 4,010 | 1,456 | ||
Other assets | 6 | 4 | ||
Total assets | 7,135 | 4,852 | ||
Accounts payable | (7) | 28 | ||
Accrued expenses and other current liabilities | 172 | 140 | ||
Current portion of long-term debt | 42 | 37 | ||
Total current liabilities | 207 | 205 | ||
Long-term debt, less current portion | 5,681 | 3,647 | ||
Other long-term liabilities | 141 | 122 | ||
Total long-term liabilities | 5,822 | 3,769 | ||
Total liabilities | 6,029 | 3,974 | ||
Other equity (deficit) | 1,106 | 878 | ||
Total equity (deficit) | 1,106 | 878 | ||
Total liabilities and stockholders' equity (deficit) | 7,135 | 4,852 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | 5 | 15 | ||
Accounts receivable, net | 423 | 337 | ||
Inventories | 477 | 425 | ||
Prepaid Expense and Other Assets, Current | 40 | 5 | ||
Total current assets | 945 | 767 | ||
Property, plant, and equipment, net | 1,434 | 1,111 | ||
Goodwill and intangible assets, net | 2,988 | 2,151 | ||
Investment in subsidiaries | 1,105 | |||
Other assets | 1 | 1 | ||
Total assets | 6,473 | 4,030 | ||
Accounts payable | 327 | 245 | ||
Accrued expenses and other current liabilities | 153 | 121 | ||
Intercompany payable | 2,992 | 3,375 | ||
Total current liabilities | 3,472 | 3,741 | ||
Long-term debt, less current portion | 29 | |||
Other long-term liabilities | 97 | 39 | ||
Total long-term liabilities | 126 | 39 | ||
Total liabilities | 3,598 | 3,780 | ||
Other equity (deficit) | 2,875 | 250 | ||
Total equity (deficit) | 2,875 | 250 | ||
Total liabilities and stockholders' equity (deficit) | 6,473 | 4,030 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | 216 | 65 | $ 44 | $ 26 |
Accounts receivable, net | 283 | 74 | ||
Intercompany receivable | 83 | |||
Inventories | 137 | 48 | ||
Prepaid Expense and Other Assets, Current | 50 | 10 | ||
Total current assets | 686 | 280 | ||
Property, plant, and equipment, net | 714 | 104 | ||
Goodwill and intangible assets, net | 533 | 101 | ||
Other assets | 24 | 1 | ||
Total assets | 1,957 | 486 | ||
Accounts payable | 219 | 57 | ||
Accrued expenses and other current liabilities | 64 | 20 | ||
Intercompany payable | 169 | |||
Current portion of long-term debt | 1 | |||
Total current liabilities | 453 | 77 | ||
Long-term debt, less current portion | 2 | 1 | ||
Other long-term liabilities | 66 | 5 | ||
Total long-term liabilities | 68 | 6 | ||
Total liabilities | 521 | 83 | ||
Other equity (deficit) | 1,436 | 403 | ||
Total equity (deficit) | 1,436 | 403 | ||
Total liabilities and stockholders' equity (deficit) | 1,957 | 486 | ||
Eliminations [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Intercompany receivable | (3,161) | (3,375) | ||
Total current assets | (3,161) | (3,375) | ||
Investment in subsidiaries | (5,417) | (1,531) | ||
Total assets | (8,578) | (4,906) | ||
Intercompany payable | (3,161) | (3,375) | ||
Total current liabilities | (3,161) | (3,375) | ||
Total liabilities | (3,161) | (3,375) | ||
Other equity (deficit) | (5,417) | (1,531) | ||
Total equity (deficit) | (5,417) | (1,531) | ||
Total liabilities and stockholders' equity (deficit) | $ (8,578) | $ (4,906) |
Guarantor And Non-Guarantor F96
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | $ 857 | $ 637 | $ 530 |
Additions to property, plant and equipment | (288) | (180) | (215) |
Proceeds from sale of assets | 5 | 18 | 19 |
Net income attributable to non-controlling interests | (1) | ||
Acquisition of business net of cash acquired | (2,283) | (3) | (226) |
Other investing activities, net | (13) | ||
Net cash from investing activities | (2,579) | (165) | (422) |
Proceeds from long-term debt | 2,490 | 693 | 1,627 |
Proceeds from issuance of common stock | 26 | 18 | 17 |
Payment of tax receivable agreement | (57) | (39) | (32) |
Repayments on long-term borrowings | (524) | (951) | (1,687) |
Debt financing costs | (40) | (86) | (44) |
Purchase of non-controlling interest | (78) | ||
Net cash from financing activities | 1,817 | (365) | (119) |
Effect of currency translation on cash | (8) | (2) | |
Net change in cash | 95 | 99 | (13) |
Cash and cash equivalents at beginning of period | 228 | 129 | 142 |
Cash and cash equivalents at end of period | 323 | 228 | 129 |
Parent Company [Member] | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
(Contributions) distributions to/from subsidiaries | (26) | (18) | 723 |
Net cash from investing activities | (26) | (18) | 723 |
Proceeds from issuance of common stock | 26 | 18 | 17 |
Payment of tax receivable agreement | (57) | (39) | (32) |
Repayments on long-term borrowings | (740) | ||
Changes in intercompany balances | 57 | 39 | 32 |
Net cash from financing activities | 26 | 18 | (723) |
Issuer [Member] | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | 103 | 60 | 27 |
Additions to property, plant and equipment | (13) | (13) | (6) |
(Contributions) distributions to/from subsidiaries | (2,234) | 18 | (2) |
Intercompany advances (repayments) | 96 | 368 | 20 |
Other investing activities, net | (13) | ||
Net cash from investing activities | (2,164) | 373 | 12 |
Proceeds from long-term debt | 2,490 | 693 | 1,627 |
Repayments on long-term borrowings | (450) | (947) | (1,668) |
Debt financing costs | (40) | (86) | (44) |
Net cash from financing activities | 2,000 | (340) | (85) |
Net change in cash | (61) | 93 | (46) |
Cash and cash equivalents at beginning of period | 163 | 70 | 116 |
Cash and cash equivalents at end of period | 102 | 163 | 70 |
Guarantor Subsidiaries [Member] | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | 566 | 542 | 473 |
Additions to property, plant and equipment | (239) | (164) | (200) |
Proceeds from sale of assets | 5 | 18 | 19 |
Acquisition of business net of cash acquired | (368) | (3) | (136) |
Net cash from investing activities | (602) | (149) | (317) |
Repayments on long-term borrowings | (23) | ||
Purchase of non-controlling interest | (66) | ||
Changes in intercompany balances | (238) | (408) | (141) |
Contribution from Parent | 368 | ||
Net cash from financing activities | 41 | (408) | (141) |
Net change in cash | 5 | (15) | 15 |
Cash and cash equivalents at beginning of period | 15 | ||
Cash and cash equivalents at end of period | 5 | 15 | |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | 188 | 34 | 30 |
Additions to property, plant and equipment | (36) | (3) | (9) |
(Contributions) distributions to/from subsidiaries | 721 | ||
Acquisition of business net of cash acquired | (1,915) | (90) | |
Net cash from investing activities | (1,951) | (3) | 622 |
Repayments on long-term borrowings | (51) | (4) | |
Purchase of non-controlling interest | (12) | ||
Changes in intercompany balances | 85 | 2 | 89 |
Contribution from Parent | 1,892 | (721) | |
Net cash from financing activities | 1,914 | (2) | (632) |
Effect of currency translation on cash | (8) | (2) | |
Net change in cash | 151 | 21 | 18 |
Cash and cash equivalents at beginning of period | 65 | 44 | 26 |
Cash and cash equivalents at end of period | 216 | 65 | 44 |
Eliminations [Member] | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | 1 | ||
(Contributions) distributions to/from subsidiaries | 2,260 | (1,442) | |
Intercompany advances (repayments) | (96) | (368) | (20) |
Net cash from investing activities | 2,164 | (368) | (1,462) |
Repayments on long-term borrowings | 721 | ||
Changes in intercompany balances | 96 | 367 | 20 |
Contribution from Parent | (2,260) | 721 | |
Net cash from financing activities | $ (2,164) | $ 367 | $ 1,462 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Oct. 01, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $ 1,618 | $ 1,645 | $ 1,614 | $ 1,612 | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 6,489 | $ 4,881 | $ 4,958 |
Cost of sales | 1,317 | 1,296 | 1,269 | 1,320 | 975 | 1,003 | 997 | 1,037 | 5,202 | 4,012 | 4,190 |
Gross profit | 301 | 349 | 345 | 292 | 221 | 238 | 227 | 183 | |||
Net income (loss) attributable to the Company | $ 77 | $ 96 | $ 59 | $ 4 | $ 48 | $ (13) | $ 38 | $ 13 | $ 236 | $ 86 | $ 62 |
Basic | $ 0.63 | $ 0.79 | $ 0.49 | $ 0.03 | $ 0.40 | $ (0.11) | $ 0.32 | $ 0.11 | $ 1.95 | $ 0.72 | $ 0.53 |
Diluted | $ 0.61 | $ 0.76 | $ 0.47 | $ 0.03 | $ 0.39 | $ (0.11) | $ 0.31 | $ 0.11 | $ 1.89 | $ 0.70 | $ 0.51 |
Subsequent Events (Details)
Subsequent Events (Details) - AEP Industries Inc. [Member] shares in Millions, $ in Millions | 1 Months Ended |
Aug. 31, 2016USD ($)shares | |
Subsequent Event [Line Items] | |
Purchase price | $ 294 |
Shares acquired | shares | 6.7 |
Purchase price implied | $ 735 |
Assumption of outstanding debt | $ 147 |