Document And Entity Information
Document And Entity Information - shares shares in Millions | 3 Months Ended | |
Dec. 31, 2016 | Feb. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
Entity Registrant Name | BERRY PLASTICS GROUP INC | |
Entity Central Index Key | 1,378,992 | |
Trading Symbol | bery | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 128.8 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Consolidated Statements Of Income [Abstract] | ||
Net sales | $ 1,502 | $ 1,612 |
Costs and expenses: | ||
Cost of goods sold | 1,206 | 1,320 |
Selling, general and administrative | 113 | 154 |
Amortization of intangibles | 33 | 36 |
Restructuring and impairment charges | 4 | 16 |
Operating income | 146 | 86 |
Other (income) expense, net | (1) | 4 |
Interest expense, net | 68 | 75 |
Income before income taxes | 79 | 7 |
Income tax expense | 28 | 3 |
Net income | $ 51 | $ 4 |
Net income per share: | ||
Basic | $ 0.42 | $ 0.03 |
Diluted | $ 0.40 | $ 0.03 |
Outstanding weighted-average shares: | ||
Basic | 122 | 120.1 |
Diluted | 127.8 | 124.9 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 51 | $ 4 |
Currency translation | (45) | (29) |
Interest rate hedges | 17 | 4 |
Provision for income taxes related to other comprehensive income items | (6) | (1) |
Other comprehensive loss, net of tax | (34) | (26) |
Comprehensive income (loss) | $ 17 | $ (22) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Oct. 01, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 331 | $ 323 |
Accounts receivable (less allowance of $8 and $8, respectively) | 622 | 704 |
Finished goods | 410 | 397 |
Raw materials and supplies | 276 | 263 |
Inventory, total | 686 | 660 |
Prepaid expenses and other current assets | 104 | 105 |
Total current assets | 1,743 | 1,792 |
Property, plant, and equipment, net | 2,182 | 2,224 |
Goodwill and intangible assets, net | 3,556 | 3,606 |
Other assets | 30 | 31 |
Total assets | 7,511 | 7,653 |
Current liabilities: | ||
Accounts payable | 503 | 539 |
Accrued expenses and other current liabilities | 434 | 449 |
Current portion of long-term debt | 43 | 43 |
Total current liabilities | 980 | 1,031 |
Long-term debt, less current portion | 5,710 | 5,712 |
Deferred income taxes | 281 | 272 |
Other long-term liabilities | 294 | 417 |
Total liabilities | 7,265 | 7,432 |
Stockholders' equity | ||
Common stock (122.3 and 122.0 million shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 457 | 449 |
Non-controlling interest | 3 | 3 |
Accumulated deficit | (33) | (84) |
Accumulated other comprehensive loss | (182) | (148) |
Total stockholders' equity | 246 | 221 |
Total liabilities and stockholders' equity | $ 7,511 | $ 7,653 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2016 | Oct. 01, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 8 | $ 8 |
Common stock, shares issued | 122.3 | 122 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Cash Flows from Operating Activities: | ||
Net income | $ 51 | $ 4 |
Adjustments to reconcile net cash provided by operating activities: | ||
Depreciation | 87 | 103 |
Amortization of intangibles | 33 | 36 |
Non-cash interest expense | 1 | 3 |
Deferred income tax | 14 | (8) |
Stock compensation expense | 3 | 4 |
Other non-cash operating activities, net | (1) | 7 |
Changes in working capital | (43) | 37 |
Changes in other assets and liabilities | (2) | 5 |
Net cash from operating activities | 143 | 191 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (65) | (93) |
Proceeds from sale of assets | 2 | 4 |
Acquisition of business, net of cash acquired | (2,286) | |
Other investing activities, net | (1) | |
Net cash from investing activities | (64) | (2,375) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 2,492 | |
Repayments on long-term borrowings | (10) | (100) |
Proceeds from issuance of common stock | 5 | 7 |
Payment of tax receivable agreement | (60) | (57) |
Debt financing costs | (36) | |
Purchase of non-controlling interest | (66) | |
Net cash from financing activities | (65) | 2,240 |
Effect of exchange rate changes on cash | (6) | (2) |
Net change in cash | 8 | 54 |
Cash and cash equivalents at beginning of period | 323 | 228 |
Cash and cash equivalents at end of period | $ 331 | $ 282 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Dec. 31, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Berry Plastics Group, Inc. ("the Company" or "Berry") have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included, and all subsequent events up to the time of the filing have been evaluated. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's most recent Form 10-K filed with the Securities and Exchange Commission. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2016 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates to the FASB's Accounting Standards Codification. During fiscal 2017, there have been no developments to the recently adopted accounting pronouncements from those disclosed in the Company's 2016 Annual Report on Form 10-K that are considered to have a material impact on our unaudited consolidated financial statements. |
Accounts Receivable Factoring A
Accounts Receivable Factoring Agreements | 3 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable Factoring Agreements [Abstract] | |
Accounts Receivable Factoring Agreements | 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 as of the end of the first fiscal quarter: December 31, 2016 October 1, 2016 Trade receivables sold to financial institutions $ 23 $ 23 Net amounts advanced from financial institutions (19 ) (18 ) Amounts due from financial institutions $ 4 $ 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 December 31, 2016. The fees associated with transfer of receivables for all programs were not material for any of the periods presented. |
Restructuring And Impairment Ch
Restructuring And Impairment Charges | 3 Months Ended |
Dec. 31, 2016 | |
Restructuring And Impairment Charges [Abstract] | |
Restructuring And Impairment Charges | 4. Restructuring and Impairment Charges The Company incurred restructuring costs related to severance, asset impairment, and facility exit costs of $4 million and $16 million for the quarterly periods ended December 31, 2016 and January 2, 2016, respectively. The tables below set forth the significant components of the restructuring charges recognized, by segment: Quarterly Period Ended December 31, 2016 January 2, 2016 Consumer Packaging $ 2 $ 3 Health, Hygiene & Specialties 2 12 Engineered Materials — 1 Consolidated $ 4 $ 16 The table below sets forth the activity with respect to the restructuring accrual at December 31, 2016: Employee Facilities Exit Severance Costs Total Balance at October 1, 2016 $ 7 $ 6 $ 13 Charges 3 1 4 Cash payments (5 ) (2 ) (7 ) Balance at December 31, 2016 $ 5 $ 5 $ 10 |
Accrued Expenses, Other Current
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 3 Months Ended |
Dec. 31, 2016 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 5. Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities The following table sets forth the totals included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets: December 31, 2016 October 1, 2016 Employee compensation, payroll and other $ 105 $ 152 Interest 44 53 Rebates 56 54 Restructuring 10 13 Accrued taxes 45 40 Tax receivable agreement obligation 100 60 Accrued operating expenses 74 77 $ 434 $ 449 The following table sets forth the totals included in Other long-term liabilities on the Consolidated Balance Sheets: December 31, 2016 October 1, 2016 Lease retirement obligation $ 35 $ 34 Sale-lease back deferred gain 25 26 Pension liability 85 88 Deferred purchase price 42 41 Tax receivable agreement obligation 14 114 Interest rate swaps 26 45 Other 67 69 $ 294 $ 417 The Company made $ 60 48 85 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-term debt consists of the following: Maturity Date December 31, 2016 October 1, 2016 Term loan February 2020 $ 1,348 $ 1,351 Term loan January 2021 814 814 Term loan October 2022 1,895 1,895 Revolving line of credit May 2020 — — 5 1 / 8 % Second Priority Senior Secured Notes July 2023 700 700 5 1 / 2 % Second Priority Senior Secured Notes May 2022 500 500 6% Second Priority Senior Secured Notes October 2022 400 400 Debt discounts and deferred fees (52 ) (58 ) Capital leases and other Various 148 153 Total long-term debt 5,753 5,755 Current portion of long-term debt (43 ) (43 ) Long-term debt, less current portion $ 5,710 $ 5,712 The Company was in compliance with all covenants as of December 31, 2016. Debt discounts and deferred financing fees are presented net of Long-term debt, less the current portion on the Consolidated Balance Sheets and are amortized to Interest expense through maturity. |
Financial Instruments And Fair
Financial Instruments And Fair Value Measurements | 3 Months Ended |
Dec. 31, 2016 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Financial Instruments And Fair Value Measurements | 7. 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 purpose of our foreign currency hedging activities is to manage the potential changes in value associated with the changes in foreign currencies on future foreign cash movements for certain jurisdictions. The changes in fair value of these derivative contracts are recognized in Other (income) expense, net, on our Consolidated Statements of Income 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 interest rate volatility on $ 1 1.00 annual 2.355 May 2016 May 2019 16 In March 2014, the Company entered into an interest rate swap transaction to manage cash flow variability associated with interest rate volatility on $ 1 1.00 annual 2.59 February 2016 February 2019 In September 2015, the Company entered into an interest rate swap transaction to manage cash flow variability associated with interest rate volatility on $ 1 1.00 annual 1.7185 December 2015 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 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 Income. The Company has designated all of their interest rate swaps as cash flow hedges. Balance Sheet Location December 31, 2016 October 1, 2016 Interest rate swaps Other long-term liabilities $ 26 $ 45 The effect of the Company's derivative instruments on the Consolidated Statement of Income is as follows: Quarterly Period Ended Derivatives instruments Statement of Operations Location December 31, 2016 January 2, 2016 Interest rate swaps Interest expense, net $ 5 $ — Foreign currency swaps Other (income) expense, net $ 1 $ — 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. 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. 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 2016 assessment. No impairment indicators were identified in the current quarter. Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of December 31, 2016 and October 1, 2016, along with the impairment loss recognized on the fair value measurement during the period: As of December 31, 2016 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 2,394 2,394 — Definite lived intangible assets — — 914 914 — Property, plant, and equipment — — 2,182 2,182 — Total $ — $ — $ 5,738 $ 5,738 $ — As of October 1, 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 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 $ 63 |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes The Company's effective tax rate was 35 43 4 |
Operating Segments
Operating Segments | 3 Months Ended |
Dec. 31, 2016 | |
Operating Segments [Abstract] | |
Operating Segments | 9. Operating Segments The Company's operations are organized into three 36 79 presented in the following tables: Quarterly Period Ended December 31, 2016 January 2, 2016 Net sales: Consumer Packaging $ 549 $ 604 Health, Hygiene & Specialties 570 600 Engineered Materials 383 408 Total net sales $ 1,502 $ 1,612 Operating income: Consumer Packaging $ 34 $ 39 Health, Hygiene & Specialties 59 13 Engineered Materials 53 34 Total operating income $ 146 $ 86 Depreciation and amortization: Consumer Packaging $ 59 $ 62 Health, Hygiene & Specialties 44 55 Engineered Materials 17 22 Total depreciation and amortization $ 120 $ 139 December 31, 2016 October 1, 2016 Total assets: Consumer Packaging $ 3,254 $ 3,315 Health, Hygiene & Specialties 3,439 3,504 Engineered Materials 818 834 Total assets $ 7,511 $ 7,653 Selected information by geography is presented in the following tables: Quarterly Period Ended December 31, 2016 January 2, 2016 Net sales: North America $ 1,204 $ 1,307 South America 80 79 Europe 149 165 Asia 69 61 Total net sales $ 1,502 $ 1,612 December 31, 2016 October 1, 2016 Long-lived assets: North America $ 4,677 $ 4,724 South America 375 386 Europe 431 462 Asia 285 289 Total long-lived assets: $ 5,768 $ 5,861 Selected information by product line is presented in the following tables: Quarterly Period Ended December 31, 2016 January 2, 2016 Net sales: Rigid Open Top 42 42 Rigid Closed Top 58 58 Consumer Packaging 100 % 100 % Health 20 17 Hygiene 46 45 Specialties 34 38 Health, Hygiene & Specialties 100 % 100 % Core Films 73 71 Retail & Industrial 27 29 Engineered Materials 100 % 100 % Goodwill In connection with the change in reporting segments, the Company reallocated goodwill to the segments under the provisions of ASC 350. The changes in the carrying amount of goodwill by reportable segment are as follows: Consumer Health, Hygiene Engineered Packaging & Specialties Materials Total Balance as of October 1, 2016 $ 1,520 $ 801 $ 85 $ 2,406 Segment realignment (110 ) 7 103 — Foreign currency translation adjustment (1 ) (11 ) — (12 ) Balance as of December 31, 2016 $ 1,409 $ 797 $ 188 $ 2,394 |
Contingencies And Commitments
Contingencies And Commitments | 3 Months Ended |
Dec. 31, 2016 | |
Contingencies And Commitments [Abstract] | |
Contingencies And Commitments | 10. Contingencies and Commitments The Company is party to various legal proceedings in addition to the above involving routine claims which are incidental to its business. Although the Company's legal and financial liability with respect to such proceedings cannot be estimated with certainty, management believes that any ultimate liability would not be material to its financial statements. The Company has various purchase commitments for raw materials, supplies, and property and equipment incidental to the ordinary conduct of business. |
Basic And Diluted Net Income Pe
Basic And Diluted Net Income Per Share | 3 Months Ended |
Dec. 31, 2016 | |
Basic And Diluted Net Income Per Share [Abstract] | |
Basic And Diluted Net Income Per Share | 11. Basic and Diluted Net Income per Share Basic net income per share is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, stock options are considered to be common stock equivalents and are only included in the calculation of diluted net income per share when their effect is dilutive. The 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 per share on both a basic and diluted basis for the quarterly periods ended December 31, 2016 and January 2, 2016: Quarterly Period Ended (in millions, except per share amounts) December 31, 2016 January 2, 2016 Numerator Consolidated net income $ 51 $ 4 Denominator Weighted average common shares outstanding - basic 122.0 120.1 Dilutive shares 5.8 4.8 Weighted average common and common equivalent shares outstanding - diluted 127.8 124.9 Per common share income Basic $ 0.42 $ 0.03 Diluted $ 0.40 $ 0.03 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 12. Accumulated Other Comprehensive Income (Loss) The components and activity of Accumulated other comprehensive income (loss) are as follows: Defined Benefit Accumulated Other Pension and Retiree Interest Rate Comprehensive Currency Translation Health Benefit Plans Hedges Income (Loss) Balance at October 1, 2016 $ (82 ) $ (44 ) $ (22 ) $ (148 ) Other comprehensive income (loss) before reclassifications (45 ) — 12 (33 ) Net amount reclassified from accumulated other comprehensive income (loss) — — 5 5 Provision for income taxes related to other comprehensive income items — — (6 ) (6 ) Balance at December 31, 2016 $ (127 ) $ (44 ) $ (11 ) $ (182 ) Defined Benefit Accumulated Other Pension and Retiree Interest Rate Comprehensive Currency Translation Health Benefit Plans Hedges Income (Loss) Balance at September 26, 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Other comprehensive income (loss) before reclassifications (29 ) — 4 (25 ) Net amount reclassified from accumulated other comprehensive income (loss) — — — — Provision for income taxes related to other comprehensive income items — — (1 ) (1 ) Balance at January 2, 2016 $ (110 ) $ (25 ) $ (10 ) $ (145 ) |
Guarantor And Non-Guarantor Fin
Guarantor And Non-Guarantor Financial Information | 3 Months Ended |
Dec. 31, 2016 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Guarantor And Non-Guarantor Financial Information | 13. Guarantor and Non-Guarantor Financial Information Berry Plastics Corporation ("Issuer") has notes outstanding which are fully, jointly, severally, and unconditionally guaranteed by 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 Balance Sheet December 31, 2016 Non- Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Current assets — 226 879 638 — 1,743 Intercompany receivable 275 2,840 — — (3,115 ) — Property, plant, and equipment, net — 74 1,416 692 — 2,182 Other assets 365 4,142 4,070 533 (5,524 ) 3,586 Total assets $ 640 $ 7,282 $ 6,365 $ 1,863 $ (8,639 ) $ 7,511 Current liabilities 100 226 419 235 — 980 Intercompany payable — 66 2,926 123 (3,115 ) — Other long-term liabilities 294 5,822 104 65 — 6,285 Stockholders' equity (deficit) 246 1,168 2,916 1,440 (5,524 ) 246 Total liabilities and stockholders' equity (deficit) $ 640 $ 7,282 $ 6,365 $ 1,863 $ (8,639 ) $ 7,511 October 1, 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Current assets — 161 945 686 — 1,792 Intercompany receivable 364 2,797 — — (3,161 ) — Property, plant and equipment, net — 76 1,434 714 — 2,224 Other assets 302 4,101 4,094 557 (5,417 ) 3,637 Total assets $ 666 $ 7,135 $ 6,473 $ 1,957 $ (8,578 ) $ 7,653 Current liabilities 60 207 480 284 — 1,031 Intercompany payable — — 2,992 169 (3,161 ) — Other long-term liabilities 385 5,822 126 68 — 6,401 Stockholders' equity (deficit) 221 1,106 2,875 1,436 (5,417 ) 221 Total liabilities and stockholders' equity (deficit) $ 666 $ 7,135 $ 6,473 $ 1,957 $ (8,578 ) $ 7,653 Condensed Supplemental Consolidated Statements of Operations Quarterly Period Ended December 31, 2016 Non - Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 143 $ 979 $ 380 $ — $ 1,502 Cost of goods sold — 116 789 301 — 1,206 Selling, general and administrative — 42 75 (4 ) — 113 Amortization of intangibles — 2 25 6 — 33 Restructuring and impairment charges — — 4 — — 4 Operating income — (17 ) 86 77 — 146 Other expense (income), net — 4 — (5 ) — (1 ) Interest expense, net — 6 45 17 — 68 Equity in net income of subsidiaries (79 ) (92 ) — — 171 — Income (loss) before income taxes 79 65 41 65 (171 ) 79 Income tax expense (benefit) 28 14 — 14 (28 ) 28 Consolidated net income (loss) $ 51 $ 51 $ 41 $ 51 $ (143 ) $ 51 Comprehensive net income (loss) $ 51 $ 62 $ 41 $ 6 $ (143 ) $ 17 Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (19 ) $ 120 $ 42 $ — $ 143 Cash Flow from Investing Activities Additions to property, plant, and equipment — (2 ) (50 ) (13 ) — (65 ) Proceeds from sale of assets — 1 1 — — 2 (Contributions) distributions to/from subsidiaries (5 ) 5 — — — — Intercompany advances (repayments) — 39 — — (39 ) — Other investing activities, net — (1 ) — — — (1 ) Net cash from investing activities (5 ) 42 (49 ) (13 ) (39 ) (64 ) Cash Flow from Financing Activities Proceeds from long-term debt — — — — — — Repayments on long-term borrowings — (9 ) (1 ) — — (10 ) Proceeds from issuance of common stock 5 — — — — 5 Payment of tax receivable agreement (60 ) — — — — (60 ) Changes in intercompany balances 60 — (67 ) (32 ) 39 — Net cash from financing activities 5 (9 ) (68 ) (32 ) 39 (65 ) Effect of exchange rate changes on cash — — — (6 ) — (6 ) Net change in cash — 14 3 (9 ) — 8 Cash and cash equivalents at beginning of period — 102 5 216 — 323 Cash and cash equivalents at end of period $ — $ 116 $ 8 $ 207 $ — $ 331 Quarterly Period Ended January 2, 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 150 $ 992 $ 470 $ — $ 1,612 Cost of goods sold — 123 815 382 — 1,320 Selling, general and administrative — 56 75 23 — 154 Amortization of intangibles — 2 26 8 — 36 Restructuring and impairment charges — — 15 1 — 16 Operating income (loss) — (31 ) 61 56 — 86 Other income, net — (1 ) (4 ) 9 — 4 Interest expense, net — 9 46 20 — 75 Equity in net income of subsidiaries (7 ) (33 ) — — 40 — Income (loss) before income taxes 7 (6 ) 19 27 (40 ) 7 Income tax expense (benefit) 3 (8 ) — 12 (4 ) 3 Consolidated net income (loss) $ 4 $ 2 $ 19 $ 15 $ (36 ) $ 4 Comprehensive net income (loss) $ 4 $ 5 $ 19 $ (14 ) $ (36 ) $ (22 ) Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (30 ) $ 153 $ 68 $ — $ 191 Cash Flow from Investing Activities Additions to property, plant, and equipment — (3 ) (80 ) (10 ) — (93 ) Proceeds from sale of assets — — 4 — — 4 (Contributions) distributions to/from subsidiaries (7 ) (2,253 ) — — 2,260 — Intercompany advances (repayments) — (162 ) — — 162 — Acquisition of business, net of cash acquired — — (291 ) (1,995 ) — (2,286 ) Net cash from investing activities (7 ) (2,418 ) (367 ) (2,005 ) 2,422 (2,375 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 2,489 — 3 — 2,492 Repayments on long-term borrowings — (70 ) — (30 ) — (100 ) Proceeds from issuance of common stock 7 — — — — 7 Payment of tax receivable agreement (57 ) — — — — (57 ) Contributions from parent — — 291 1,969 (2,260 ) — Debt financing costs — (36 ) — — — (36 ) Purchase of non-controlling interest — — (66 ) — — (66 ) Changes in intercompany balances 57 — 7 98 (162 ) — Net cash from financing activities 7 2,383 232 2,040 (2,422 ) 2,240 Effect of exchange rate changes on cash — — — (2 ) — (2 ) Net change in cash — (65 ) 18 101 — 54 Cash and cash equivalents at beginning of period — 163 — 65 — 228 Cash and cash equivalents at end of period $ — $ 98 $ 18 $ 166 $ — $ 282 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events AEP Industries Inc. In January 2017, the Company completed the previously announced acquisition of AEP Industries Inc. ("AEP") for a purchase price of approximately 6.5 297 164 500 Term Loan In January 2017, the Company entered into an incremental assumption agreement and amendment to lower the interest rates under certain of the term loans maturing in October 2022 2.75 1 2.50 no Interest Rate Swap In January 2017, the Company entered into an interest rate swap transaction to manage cash flow variability associated with $ 450 2.00 May 2017 May 2022 |
Accounts Receivable Factoring21
Accounts Receivable Factoring Agreements (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable Factoring Agreements [Abstract] | |
Summary Of Accounts Receivable Sold | December 31, 2016 October 1, 2016 Trade receivables sold to financial institutions $ 23 $ 23 Net amounts advanced from financial institutions (19 ) (18 ) Amounts due from financial institutions $ 4 $ 5 |
Restructuring And Impairment 22
Restructuring And Impairment Charges (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Restructuring And Impairment Charges [Abstract] | |
Components Of Restructuring Charges By Segment | Quarterly Period Ended December 31, 2016 January 2, 2016 Consumer Packaging $ 2 $ 3 Health, Hygiene & Specialties 2 12 Engineered Materials — 1 Consolidated $ 4 $ 16 |
Schedule Of Restructuring Accrual Costs | Employee Facilities Exit Severance Costs Total Balance at October 1, 2016 $ 7 $ 6 $ 13 Charges 3 1 4 Cash payments (5 ) (2 ) (7 ) Balance at December 31, 2016 $ 5 $ 5 $ 10 |
Accrued Expenses, Other Curre23
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Summary Of Accrued Expenses And Other Current Liabilities | December 31, 2016 October 1, 2016 Employee compensation, payroll and other $ 105 $ 152 Interest 44 53 Rebates 56 54 Restructuring 10 13 Accrued taxes 45 40 Tax receivable agreement obligation 100 60 Accrued operating expenses 74 77 $ 434 $ 449 |
Summary Of Other Long-Term Liabilities | December 31, 2016 October 1, 2016 Lease retirement obligation $ 35 $ 34 Sale-lease back deferred gain 25 26 Pension liability 85 88 Deferred purchase price 42 41 Tax receivable agreement obligation 14 114 Interest rate swaps 26 45 Other 67 69 $ 294 $ 417 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt [Abstract] | |
Summary Of Long-Term Debt | Maturity Date December 31, 2016 October 1, 2016 Term loan February 2020 $ 1,348 $ 1,351 Term loan January 2021 814 814 Term loan October 2022 1,895 1,895 Revolving line of credit May 2020 — — 5 1 / 8 % Second Priority Senior Secured Notes July 2023 700 700 5 1 / 2 % Second Priority Senior Secured Notes May 2022 500 500 6% Second Priority Senior Secured Notes October 2022 400 400 Debt discounts and deferred fees (52 ) (58 ) Capital leases and other Various 148 153 Total long-term debt 5,753 5,755 Current portion of long-term debt (43 ) (43 ) Long-term debt, less current portion $ 5,710 $ 5,712 |
Financial Instruments And Fai25
Financial Instruments And Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Schedule Of Derivatives Instruments | Balance Sheet Location December 31, 2016 October 1, 2016 Interest rate swaps Other long-term liabilities $ 26 $ 45 |
Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location | Quarterly Period Ended Derivatives instruments Statement of Operations Location December 31, 2016 January 2, 2016 Interest rate swaps Interest expense, net $ 5 $ — Foreign currency swaps Other (income) expense, net $ 1 $ — |
Schedule Of Fair Value Assets Measured On Non-Recurring Basis | As of December 31, 2016 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 2,394 2,394 — Definite lived intangible assets — — 914 914 — Property, plant, and equipment — — 2,182 2,182 — Total $ — $ — $ 5,738 $ 5,738 $ — As of October 1, 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 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Operating Segments [Abstract] | |
Summary Of Selected Information By Reportable Segment | Quarterly Period Ended December 31, 2016 January 2, 2016 Net sales: Consumer Packaging $ 549 $ 604 Health, Hygiene & Specialties 570 600 Engineered Materials 383 408 Total net sales $ 1,502 $ 1,612 Operating income: Consumer Packaging $ 34 $ 39 Health, Hygiene & Specialties 59 13 Engineered Materials 53 34 Total operating income $ 146 $ 86 Depreciation and amortization: Consumer Packaging $ 59 $ 62 Health, Hygiene & Specialties 44 55 Engineered Materials 17 22 Total depreciation and amortization $ 120 $ 139 |
Summary Of Assets And Goodwill By Segment | December 31, 2016 October 1, 2016 Total assets: Consumer Packaging $ 3,254 $ 3,315 Health, Hygiene & Specialties 3,439 3,504 Engineered Materials 818 834 Total assets $ 7,511 $ 7,653 |
Summary Of Selected Information By Geography | Quarterly Period Ended December 31, 2016 January 2, 2016 Net sales: North America $ 1,204 $ 1,307 South America 80 79 Europe 149 165 Asia 69 61 Total net sales $ 1,502 $ 1,612 |
Summary Of Long-Lived Assets By Geography | December 31, 2016 October 1, 2016 Long-lived assets: North America $ 4,677 $ 4,724 South America 375 386 Europe 431 462 Asia 285 289 Total long-lived assets: $ 5,768 $ 5,861 |
Schedule Of Selected Information By Product Line | Quarterly Period Ended December 31, 2016 January 2, 2016 Net sales: Rigid Open Top 42 42 Rigid Closed Top 58 58 Consumer Packaging 100 % 100 % Health 20 17 Hygiene 46 45 Specialties 34 38 Health, Hygiene & Specialties 100 % 100 % Core Films 73 71 Retail & Industrial 27 29 Engineered Materials 100 % 100 % |
Changes In The Carrying Amount Of Goodwill | Consumer Health, Hygiene Engineered Packaging & Specialties Materials Total Balance as of October 1, 2016 $ 1,520 $ 801 $ 85 $ 2,406 Segment realignment (110 ) 7 103 — Foreign currency translation adjustment (1 ) (11 ) — (12 ) Balance as of December 31, 2016 $ 1,409 $ 797 $ 188 $ 2,394 |
Basic And Diluted Net Income 27
Basic And Diluted Net Income Per Share (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Basic And Diluted Net Income Per Share [Abstract] | |
Schedule Of Net Income Per Share | Quarterly Period Ended (in millions, except per share amounts) December 31, 2016 January 2, 2016 Numerator Consolidated net income $ 51 $ 4 Denominator Weighted average common shares outstanding - basic 122.0 120.1 Dilutive shares 5.8 4.8 Weighted average common and common equivalent shares outstanding - diluted 127.8 124.9 Per common share income Basic $ 0.42 $ 0.03 Diluted $ 0.40 $ 0.03 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | Defined Benefit Accumulated Pension and Other Currency Retiree Health Interest Rate Comprehensive (Amounts presented net of taxes) Translation Benefit Plans Hedges Income (Loss) Balance at October 1, 2016 $ (82 ) $ (44 ) $ (22 ) $ (148 ) Other comprehensive income (loss) before reclassifications — — — — Net amount reclassified from accumulated other comprehensive income (loss) — — — — Provision for income taxes related to other comprehensive income items — — — — Balance at December 31, 2016 $ (82 ) $ (44 ) $ (22 ) $ (148 ) Defined Benefit Accumulated Pension and Other Currency Retiree Health Interest Rate Comprehensive (Amounts presented net of taxes) Translation Benefit Plans Hedges Income (Loss) Balance at September 26, 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Other comprehensive income (loss) before reclassifications (29 ) — 4 (25 ) Net amount reclassified from accumulated other comprehensive income (loss) — — — — Provision for income taxes related to other comprehensive income items — — (1 ) (1 ) Balance at January 2, 2016 $ (110 ) $ (25 ) $ (10 ) $ (145 ) |
Guarantor And Non-Guarantor F29
Guarantor And Non-Guarantor Financial Information (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Condensed Supplemental Consolidated Financial Information | Condensed Supplemental Consolidated Balance Sheet December 31, 2016 Non- Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Current assets — 226 879 638 — 1,743 Intercompany receivable 275 2,840 — — (3,115 ) — Property, plant, and equipment, net — 74 1,416 692 — 2,182 Other assets 365 4,142 4,070 533 (5,524 ) 3,586 Total assets $ 640 $ 7,282 $ 6,365 $ 1,863 $ (8,639 ) $ 7,511 Current liabilities 100 226 419 235 — 980 Intercompany payable — 66 2,926 123 (3,115 ) — Other long-term liabilities 294 5,822 104 65 — 6,285 Stockholders' equity (deficit) 246 1,168 2,916 1,440 (5,524 ) 246 Total liabilities and stockholders' equity (deficit) $ 640 $ 7,282 $ 6,365 $ 1,863 $ (8,639 ) $ 7,511 October 1, 2016 Non Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Current assets — 161 945 686 — 1,792 Intercompany receivable 364 2,797 — — (3,161 ) — Property, plant and equipment, net — 76 1,434 714 — 2,224 Other assets 302 4,101 4,094 557 (5,417 ) 3,637 Total assets $ 666 $ 7,135 $ 6,473 $ 1,957 $ (8,578 ) $ 7,653 Current liabilities 60 207 480 284 — 1,031 Intercompany payable — — 2,992 169 (3,161 ) — Other long-term liabilities 385 5,822 126 68 — 6,401 Stockholders' equity (deficit) 221 1,106 2,875 1,436 (5,417 ) 221 Total liabilities and stockholders' equity (deficit) $ 666 $ 7,135 $ 6,473 $ 1,957 $ (8,578 ) $ 7,653 Condensed Supplemental Consolidated Statements of Operations Quarterly Period Ended December 31, 2016 Non - Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 143 $ 979 $ 380 $ — $ 1,502 Cost of goods sold — 116 789 301 — 1,206 Selling, general and administrative — 42 75 (4 ) — 113 Amortization of intangibles — 2 25 6 — 33 Restructuring and impairment charges — — 4 — — 4 Operating income — (17 ) 86 77 — 146 Other expense (income), net — 4 — (5 ) — (1 ) Interest expense, net — 6 45 17 — 68 Equity in net income of subsidiaries (79 ) (92 ) — — 171 — Income (loss) before income taxes 79 65 41 65 (171 ) 79 Income tax expense (benefit) 28 14 — 14 (28 ) 28 Consolidated net income (loss) $ 51 $ 51 $ 41 $ 51 $ (143 ) $ 51 Comprehensive net income (loss) $ 51 $ 62 $ 41 $ 6 $ (143 ) $ 17 Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (19 ) $ 120 $ 42 $ — $ 143 Cash Flow from Investing Activities Additions to property, plant, and equipment — (2 ) (50 ) (13 ) — (65 ) Proceeds from sale of assets — 1 1 — — 2 (Contributions) distributions to/from subsidiaries (5 ) 5 — — — — Intercompany advances (repayments) — 39 — — (39 ) — Other investing activities, net — (1 ) — — — (1 ) Net cash from investing activities (5 ) 42 (49 ) (13 ) (39 ) (64 ) Cash Flow from Financing Activities Proceeds from long-term debt — — — — — — Repayments on long-term borrowings — (9 ) (1 ) — — (10 ) Proceeds from issuance of common stock 5 — — — — 5 Payment of tax receivable agreement (60 ) — — — — (60 ) Changes in intercompany balances 60 — (67 ) (32 ) 39 — Net cash from financing activities 5 (9 ) (68 ) (32 ) 39 (65 ) Effect of exchange rate changes on cash — — — (6 ) — (6 ) Net change in cash — 14 3 (9 ) — 8 Cash and cash equivalents at beginning of period — 102 5 216 — 323 Cash and cash equivalents at end of period $ — $ 116 $ 8 $ 207 $ — $ 331 Quarterly Period Ended January 2, 2016 Non — Guarantor Guarantor Parent Issuer Subsidiaries Subsidiaries Eliminations Total Net sales $ — $ 150 $ 992 $ 470 $ — $ 1,612 Cost of goods sold — 123 815 382 — 1,320 Selling, general and administrative — 56 75 23 — 154 Amortization of intangibles — 2 26 8 — 36 Restructuring and impairment charges — — 15 1 — 16 Operating income (loss) — (31 ) 61 56 — 86 Other income, net — (1 ) (4 ) 9 — 4 Interest expense, net — 9 46 20 — 75 Equity in net income of subsidiaries (7 ) (33 ) — — 40 — Income (loss) before income taxes 7 (6 ) 19 27 (40 ) 7 Income tax expense (benefit) 3 (8 ) — 12 (4 ) 3 Consolidated net income (loss) $ 4 $ 2 $ 19 $ 15 $ (36 ) $ 4 Comprehensive net income (loss) $ 4 $ 5 $ 19 $ (14 ) $ (36 ) $ (22 ) Consolidating Statement of Cash Flows Cash Flow from Operating Activities $ — $ (30 ) $ 153 $ 68 $ — $ 191 Cash Flow from Investing Activities Additions to property, plant, and equipment — (3 ) (80 ) (10 ) — (93 ) Proceeds from sale of assets — — 4 — — 4 (Contributions) distributions to/from subsidiaries (7 ) (2,253 ) — — 2,260 — Intercompany advances (repayments) — (162 ) — — 162 — Acquisition of business, net of cash acquired — — (291 ) (1,995 ) — (2,286 ) Net cash from investing activities (7 ) (2,418 ) (367 ) (2,005 ) 2,422 (2,375 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 2,489 — 3 — 2,492 Repayments on long-term borrowings — (70 ) — (30 ) — (100 ) Proceeds from issuance of common stock 7 — — — — 7 Payment of tax receivable agreement (57 ) — — — — (57 ) Contributions from parent — — 291 1,969 (2,260 ) — Debt financing costs — (36 ) — — — (36 ) Purchase of non-controlling interest — — (66 ) — — (66 ) Changes in intercompany balances 57 — 7 98 (162 ) — Net cash from financing activities 7 2,383 232 2,040 (2,422 ) 2,240 Effect of exchange rate changes on cash — — — (2 ) — (2 ) Net change in cash — (65 ) 18 101 — 54 Cash and cash equivalents at beginning of period — 163 — 65 — 228 Cash and cash equivalents at end of period $ — $ 98 $ 18 $ 166 $ — $ 282 |
Accounts Receivable Factoring30
Accounts Receivable Factoring Agreements (Summary Of Accounts Receivable Sold) (Details) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Oct. 01, 2016 |
Accounts Receivable Factoring Agreements [Abstract] | ||
Trade receivables sold to financial institutions | $ 23 | $ 23 |
Net amounts advanced from financial institutions | (19) | (18) |
Amounts due from financial institutions | $ 4 | $ 5 |
Restructuring And Impairment 31
Restructuring And Impairment Charges (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Restructuring And Impairment Charges [Abstract] | ||
Restructuring Charges | $ 4 | $ 16 |
Restructuring And Impairment 32
Restructuring And Impairment Charges (Components Of Restructuring Charges By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Restructuring And Impairment Charges [Line Items] | ||
Charges | $ 4 | $ 16 |
Consumer Packaging [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Charges | 2 | 3 |
Health, Hygiene, & Specialities [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Charges | $ 2 | 12 |
Engineered Materials [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Charges | $ 1 |
Restructuring And Impairment 33
Restructuring And Impairment Charges (Schedule Of Restructuring Accrual Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Restructuring And Impairment Charges [Line Items] | ||
Beginning balance | $ 13 | |
Charges | 4 | $ 16 |
Cash payments | (7) | |
Ending balance | 10 | |
Employee Severance [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Beginning balance | 7 | |
Charges | 3 | |
Cash payments | (5) | |
Ending balance | 5 | |
Facilities Exit Costs [Member] | ||
Restructuring And Impairment Charges [Line Items] | ||
Beginning balance | 6 | |
Charges | 1 | |
Cash payments | (2) | |
Ending balance | $ 5 |
Accrued Expenses, Other Curre34
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Narrative) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Accrued Expenses And Other Current Liabilities [Line Items] | |
Tax receivable agreement holders percentage | 85.00% |
Payments related to income tax receivable agreement | $ 60 |
Apollo Global Management, LLC [Member] | |
Accrued Expenses And Other Current Liabilities [Line Items] | |
Payments related to income tax receivable agreement | $ 48 |
Accrued Expenses, Other Curre35
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Oct. 01, 2016 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Employee compensation, payroll and other | $ 105 | $ 152 |
Interest | 44 | 53 |
Rebates | 56 | 54 |
Restructuring | 10 | 13 |
Accrued taxes | 45 | 40 |
Tax receivable agreement obligation | 100 | 60 |
Accrued operating expenses | 74 | 77 |
Total accrued liabilities, current | $ 434 | $ 449 |
Accrued Expenses, Other Curre36
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Oct. 01, 2016 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Lease retirement obligation | $ 35 | $ 34 |
Sale-lease back deferred gain | 25 | 26 |
Pension liability | 85 | 88 |
Deferred purchase price | 42 | 41 |
Tax receivable agreement obligation | 14 | 114 |
Interest rate swaps | 26 | 45 |
Other | 67 | 69 |
Other long-term liabilities | $ 294 | $ 417 |
Long-Term Debt (Summary Of Long
Long-Term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Oct. 01, 2016 | |
Debt Instrument [Line Items] | ||
Debt discounts and deferred fees | $ (52) | $ (58) |
Capital leases and other | 148 | 153 |
Total long-term debt | 5,753 | 5,755 |
Current portion of long-term debt | (43) | (43) |
Long-term debt, less current portion | $ 5,710 | 5,712 |
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 | $ 1,348 | 1,351 |
Maturity date | Feb. 1, 2020 | |
Term Loan Due January 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 814 | 814 |
Maturity date | Jan. 1, 2021 | |
Term Loan Due October 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,895 | 1,895 |
Maturity date | Oct. 1, 2022 | |
5 1/8% Second Priority Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 700 | 700 |
Debt instrument, interest rate | 5.125% | |
Maturity date | Jul. 1, 2023 | |
5 1/2% Second Priority Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 500 | 500 |
Debt instrument, interest rate | 5.50% | |
Maturity date | May 1, 2022 | |
6% Second Priority Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 400 | $ 400 |
Debt instrument, interest rate | 6.00% | |
Maturity date | Oct. 1, 2022 |
Financial Instruments And Fai38
Financial Instruments And Fair Value Measurements (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 28, 2013 | Dec. 31, 2016 | Oct. 01, 2016 | Sep. 30, 2015 | Mar. 31, 2014 | Feb. 28, 2013 | |
Derivative [Line Items] | ||||||
Fair value of investments exceeding book value | $ 63,000,000 | |||||
Indefinite-lived trademark, Impairment | ||||||
Goodwill impairment charge | ||||||
Definite lived intangible assets, Impairment | ||||||
Impairment of long-lived assets | $ 3,000,000 | |||||
2013 Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Debt instrument, face amount | $ 1,000,000,000 | |||||
Derivative variable interest rate | 1.00% | |||||
Derivative settlement receivables | $ 16,000,000 | |||||
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 | $ 1,000,000,000 | |||||
Derivative variable interest rate | 1.00% | |||||
Term of fixed interest rate | 1 year | |||||
Derivative instrument fixed interest rate | 2.59% | |||||
Derivative effective date | Feb. 1, 2016 | |||||
Derivative maturity date | Feb. 1, 2019 | |||||
2015 Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Debt instrument, face amount | $ 1,000,000,000 | |||||
Derivative variable interest rate | 1.00% | |||||
Term of fixed interest rate | 1 year | |||||
Derivative instrument fixed interest rate | 1.7185% | |||||
Derivative effective date | Dec. 1, 2015 | |||||
Derivative maturity date | Jun. 1, 2019 |
Financial Instruments And Fai39
Financial Instruments And Fair Value Measurements (Schedule Of Derivative Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Oct. 01, 2016 |
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 26 | $ 45 |
Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap | $ 26 | $ 45 |
Financial Instruments And Fai40
Financial Instruments And Fair Value Measurements (Schedule Of Derivatives Not Designated As Hedging, By Statement Of Operations Location) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Interest Rate Swap [Member] | Interest Expense, Net [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative instruments | $ 5 |
Foreign Currency Swaps [Member] | Other (Income) Expense, Net [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative instruments | $ 1 |
Financial Instruments And Fai41
Financial Instruments And Fair Value Measurements (Schedule of Fair Value Assets Measured On A Non-Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Oct. 01, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | $ 248 | $ 248 |
Goodwill | 2,394 | 2,406 |
Definite lived intangible assets | 914 | 952 |
Property, plant, and equipment | 2,182 | 2,224 |
Total | 5,738 | 5,830 |
Indefinite-lived trademark, Impairment | ||
Goodwill, Impairment | ||
Definite lived intangible assets, Impairment | ||
Property, plant, and equipment, Impairment | 3 | |
Total | 3 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived trademarks | 248 | 248 |
Goodwill | 2,394 | 2,406 |
Definite lived intangible assets | 914 | 952 |
Property, plant, and equipment | 2,182 | 2,224 |
Total | $ 5,738 | $ 5,830 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Income Taxes [Abstract] | ||
Effective tax rate | 35.00% | 43.00% |
Effective tax rate due to valuation allowances | 4.00% |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) $ in Millions | 3 Months Ended | |
Dec. 31, 2016USD ($)segment | Jan. 02, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reporting segments | segment | 3 | |
Net sales | $ 1,502 | $ 1,612 |
Restatement Adjustment [Member] | Retail & Industrial [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 36 | |
Restatement Adjustment [Member] | Core Films [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 79 |
Operating Segments (Summary Of
Operating Segments (Summary Of Selected Information By Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Segment Reporting Information [Line Items] | ||
Total net sales | $ 1,502 | $ 1,612 |
Total operating income | 146 | 86 |
Total depreciation and amortization | 120 | 139 |
Consumer Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 549 | 604 |
Total operating income | 34 | 39 |
Total depreciation and amortization | 59 | 62 |
Health, Hygiene, & Specialities [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 570 | 600 |
Total operating income | 59 | 13 |
Total depreciation and amortization | 44 | 55 |
Engineered Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 383 | 408 |
Total operating income | 53 | 34 |
Total depreciation and amortization | $ 17 | $ 22 |
Operating Segments (Summary O45
Operating Segments (Summary Of Assets And Goodwill By Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Oct. 01, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 7,511 | $ 7,653 |
Consumer Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,254 | 3,315 |
Health, Hygiene, & Specialities [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,439 | 3,504 |
Engineered Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 818 | $ 834 |
Operating Segments (Summary O46
Operating Segments (Summary Of Selected Information By Geography) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Segment Reporting Information [Line Items] | ||
Total net sales | $ 1,502 | $ 1,612 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 1,204 | 1,307 |
South America [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 80 | 79 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 149 | 165 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | $ 69 | $ 61 |
Operating Segments (Summary O47
Operating Segments (Summary Of Long-Lived Assets By Geography) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Oct. 01, 2016 |
Segment Reporting Information [Line Items] | ||
Total long-lived assets | $ 5,768 | $ 5,861 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 4,677 | 4,724 |
South America [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 375 | 386 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 431 | 462 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | $ 285 | $ 289 |
Operating Segments (Schedule Of
Operating Segments (Schedule Of Selected Information By Product Line) (Details) - Sales Revenue, Product Line [Member] | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Rigid Open Top [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 42.00% | 42.00% |
Rigid Closed Top [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 58.00% | 58.00% |
Consumer Packaging [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 100.00% | 100.00% |
Health [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 20.00% | 17.00% |
Hygiene [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 46.00% | 45.00% |
Specialities [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 34.00% | 38.00% |
Health, Hygiene, & Specialities [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 100.00% | 100.00% |
Core Films [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 73.00% | 71.00% |
Retail & Industrial [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 27.00% | 29.00% |
Engineered Materials [Member] | ||
Product Information [Line Items] | ||
Product line percentage | 100.00% | 100.00% |
Operating Segments (Changes In
Operating Segments (Changes In The Carrying Amount Of Goodwill) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 2,406 |
Segment realignment | |
Foreign currency translation adjustment | (12) |
Goodwill, Ending balance | 2,394 |
Consumer Packaging [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 1,520 |
Segment realignment | (110) |
Foreign currency translation adjustment | (1) |
Goodwill, Ending balance | 1,409 |
Health, Hygiene, & Specialities [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 801 |
Segment realignment | 7 |
Foreign currency translation adjustment | (11) |
Goodwill, Ending balance | 797 |
Engineered Materials [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 85 |
Segment realignment | 103 |
Foreign currency translation adjustment | |
Goodwill, Ending balance | $ 188 |
Basic And Diluted Net Income 50
Basic And Diluted Net Income Per Share (Schedule Of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Basic And Diluted Net Income Per Share [Abstract] | ||
Consolidated net income | $ 51 | $ 4 |
Weighted average common shares outstanding - basic | 122 | 120.1 |
Dilutive shares | 5.8 | 4.8 |
Weighted average common and common equivalent shares outstanding - diluted | 127.8 | 124.9 |
Basic | $ 0.42 | $ 0.03 |
Diluted | $ 0.40 | $ 0.03 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, Accumulated Other Comprehensive Loss | $ (148) | $ (119) |
Other comprehensive income (loss) before reclassifications | (33) | (25) |
Net amount reclassified from accumulated other comprehensive income (loss) | 5 | |
Provision for income taxes related to other comprehensive income items | (6) | (1) |
Balance, Accumulated Other Comprehensive Loss | (182) | (145) |
Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, Accumulated Other Comprehensive Loss | (82) | (81) |
Other comprehensive income (loss) before reclassifications | (45) | (29) |
Net amount reclassified from accumulated other comprehensive income (loss) | ||
Provision for income taxes related to other comprehensive income items | ||
Balance, Accumulated Other Comprehensive Loss | (127) | (110) |
Defined Benefit Pension And Retiree Health Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, Accumulated Other Comprehensive Loss | (44) | (25) |
Other comprehensive income (loss) before reclassifications | ||
Net amount reclassified from accumulated other comprehensive income (loss) | ||
Provision for income taxes related to other comprehensive income items | ||
Balance, Accumulated Other Comprehensive Loss | (44) | (25) |
Interest Rate Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, Accumulated Other Comprehensive Loss | (22) | (13) |
Other comprehensive income (loss) before reclassifications | 12 | 4 |
Net amount reclassified from accumulated other comprehensive income (loss) | 5 | |
Provision for income taxes related to other comprehensive income items | (6) | (1) |
Balance, Accumulated Other Comprehensive Loss | $ (11) | $ (10) |
Guarantor And Non-Guarantor F52
Guarantor And Non-Guarantor Financial Information (Narrative) (Details) | Dec. 31, 2016 |
Guarantor Subsidiaries [Member] | |
Percentage ownership in guarantor subsidiaries | 100.00% |
Guarantor And Non-Guarantor F53
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Oct. 01, 2016 | Jan. 02, 2016 | Sep. 26, 2015 |
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | $ 331 | $ 323 | $ 282 | $ 228 |
Accounts receivable (less allowance of $8 and $8, respectively) | 622 | 704 | ||
Inventories | 686 | 660 | ||
Prepaid Expense and Other Assets, Current | 104 | 105 | ||
Total current assets | 1,743 | 1,792 | ||
Property, plant, and equipment, net | 2,182 | 2,224 | ||
Goodwill and intangible assets, net | 3,556 | 3,606 | ||
Other assets | 3,586 | 3,637 | ||
Other assets | 30 | 31 | ||
Total assets | 7,511 | 7,653 | ||
Accounts payable | 503 | 539 | ||
Accrued expenses and other current liabilities | 434 | 449 | ||
Total current liabilities | 980 | 1,031 | ||
Long-term debt, less current portion | 5,710 | 5,712 | ||
Deferred income taxes | 281 | 272 | ||
Other long-term liabilities | 6,285 | 6,401 | ||
Total liabilities | 7,265 | 7,432 | ||
Stockholders equity (deficit) | 246 | 221 | ||
Total liabilities and stockholders' equity | 7,511 | 7,653 | ||
Parent Company [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Intercompany receivable | 275 | 364 | ||
Other assets | 365 | 302 | ||
Total assets | 640 | 666 | ||
Total current liabilities | 100 | 60 | ||
Other long-term liabilities | 294 | 385 | ||
Stockholders equity (deficit) | 246 | 221 | ||
Total liabilities and stockholders' equity | 640 | 666 | ||
Issuer [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | 116 | 102 | 98 | 163 |
Intercompany receivable | 2,840 | 2,797 | ||
Total current assets | 226 | 161 | ||
Property, plant, and equipment, net | 74 | 76 | ||
Other assets | 4,142 | 4,101 | ||
Total assets | 7,282 | 7,135 | ||
Intercompany payable | 66 | |||
Total current liabilities | 226 | 207 | ||
Other long-term liabilities | 5,822 | 5,822 | ||
Stockholders equity (deficit) | 1,168 | 1,106 | ||
Total liabilities and stockholders' equity | 7,282 | 7,135 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | 8 | 5 | 18 | |
Total current assets | 879 | 945 | ||
Property, plant, and equipment, net | 1,416 | 1,434 | ||
Other assets | 4,070 | 4,094 | ||
Total assets | 6,365 | 6,473 | ||
Intercompany payable | 2,926 | 2,992 | ||
Total current liabilities | 419 | 480 | ||
Other long-term liabilities | 104 | 126 | ||
Stockholders equity (deficit) | 2,916 | 2,875 | ||
Total liabilities and stockholders' equity | 6,365 | 6,473 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | 207 | 216 | $ 166 | $ 65 |
Total current assets | 638 | 686 | ||
Property, plant, and equipment, net | 692 | 714 | ||
Other assets | 533 | 557 | ||
Total assets | 1,863 | 1,957 | ||
Intercompany payable | 123 | 169 | ||
Total current liabilities | 235 | 284 | ||
Other long-term liabilities | 65 | 68 | ||
Stockholders equity (deficit) | 1,440 | 1,436 | ||
Total liabilities and stockholders' equity | 1,863 | 1,957 | ||
Eliminations [Member] | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Intercompany receivable | (3,115) | (3,161) | ||
Other assets | (5,524) | (5,417) | ||
Total assets | (8,639) | (8,578) | ||
Intercompany payable | (3,115) | (3,161) | ||
Stockholders equity (deficit) | (5,524) | (5,417) | ||
Total liabilities and stockholders' equity | $ (8,639) | $ (8,578) |
Guarantor And Non-Guarantor F54
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Condensed Consolidating Financial Information [Line Items] | ||
Net sales | $ 1,502 | $ 1,612 |
Cost of goods sold | 1,206 | 1,320 |
Selling, general and administrative | 113 | 154 |
Amortization of intangibles | 33 | 36 |
Restructuring and impairment charges | 4 | 16 |
Operating income (loss) | 146 | 86 |
Other expense (income), net | (1) | 4 |
Interest expense, net | 68 | 75 |
Income before income taxes | 79 | 7 |
Income tax expense (benefit) | 28 | 3 |
Net income | 51 | 4 |
Comprehensive net income (loss) | 17 | (22) |
Parent Company [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Equity in net income of subsidiaries | (79) | (7) |
Income before income taxes | 79 | 7 |
Income tax expense (benefit) | 28 | 3 |
Net income | 51 | 4 |
Comprehensive net income (loss) | 51 | 4 |
Issuer [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Net sales | 143 | 150 |
Cost of goods sold | 116 | 123 |
Selling, general and administrative | 42 | 56 |
Amortization of intangibles | 2 | 2 |
Operating income (loss) | (17) | (31) |
Other expense (income), net | 4 | (1) |
Interest expense, net | 6 | 9 |
Equity in net income of subsidiaries | (92) | (33) |
Income before income taxes | 65 | (6) |
Income tax expense (benefit) | 14 | (8) |
Net income | 51 | 2 |
Comprehensive net income (loss) | 62 | 5 |
Guarantor Subsidiaries [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Net sales | 979 | 992 |
Cost of goods sold | 789 | 815 |
Selling, general and administrative | 75 | 75 |
Amortization of intangibles | 25 | 26 |
Restructuring and impairment charges | 4 | 15 |
Operating income (loss) | 86 | 61 |
Other expense (income), net | (4) | |
Interest expense, net | 45 | 46 |
Income before income taxes | 41 | 19 |
Net income | 41 | 19 |
Comprehensive net income (loss) | 41 | 19 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Net sales | 380 | 470 |
Cost of goods sold | 301 | 382 |
Selling, general and administrative | (4) | 23 |
Amortization of intangibles | 6 | 8 |
Restructuring and impairment charges | 1 | |
Operating income (loss) | 77 | 56 |
Other expense (income), net | (5) | 9 |
Interest expense, net | 17 | 20 |
Income before income taxes | 65 | 27 |
Income tax expense (benefit) | 14 | 12 |
Net income | 51 | 15 |
Comprehensive net income (loss) | 6 | (14) |
Eliminations [Member] | ||
Condensed Consolidating Financial Information [Line Items] | ||
Equity in net income of subsidiaries | 171 | 40 |
Income before income taxes | (171) | (40) |
Income tax expense (benefit) | (28) | (4) |
Net income | (143) | (36) |
Comprehensive net income (loss) | $ (143) | $ (36) |
Guarantor And Non-Guarantor F55
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | $ 143 | $ 191 |
Additions to property, plant and equipment | (65) | (93) |
Proceeds from sale of assets | 2 | 4 |
Acquisition of business net of cash acquired | (2,286) | |
Other investing activities, net | (1) | |
Net cash from investing activities | (64) | (2,375) |
Proceeds from long-term debt | 2,492 | |
Payment of tax receivable agreement | (60) | (57) |
Proceeds from issuance of common stock | 5 | 7 |
Repayments on long-term borrowings | (10) | (100) |
Debt financing costs | (36) | |
Purchase of non-controlling interest | (66) | |
Net cash from financing activities | (65) | 2,240 |
Effect of exchange rate changes on cash | (6) | (2) |
Net change in cash | 8 | 54 |
Cash and cash equivalents at beginning of period | 323 | 228 |
Cash and cash equivalents at end of period | 331 | 282 |
Parent Company [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
(Contributions) distributions to/from subsidiaries | (5) | (7) |
Net cash from investing activities | (5) | (7) |
Payment of tax receivable agreement | (60) | (57) |
Proceeds from issuance of common stock | 5 | 7 |
Changes in intercompany balances | 60 | 57 |
Net cash from financing activities | 5 | 7 |
Issuer [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | (19) | (30) |
Additions to property, plant and equipment | (2) | (3) |
Proceeds from sale of assets | 1 | |
(Contributions) distributions to/from subsidiaries | 5 | (2,253) |
Intercompany advances (repayments) | 39 | (162) |
Other investing activities, net | (1) | |
Net cash from investing activities | 42 | (2,418) |
Proceeds from long-term debt | 2,489 | |
Repayments on long-term borrowings | (9) | (70) |
Debt financing costs | (36) | |
Net cash from financing activities | (9) | 2,383 |
Net change in cash | 14 | (65) |
Cash and cash equivalents at beginning of period | 102 | 163 |
Cash and cash equivalents at end of period | 116 | 98 |
Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | 120 | 153 |
Additions to property, plant and equipment | (50) | (80) |
Proceeds from sale of assets | 1 | 4 |
Acquisition of business net of cash acquired | (291) | |
Net cash from investing activities | (49) | (367) |
Repayments on long-term borrowings | (1) | |
Purchase of non-controlling interest | (66) | |
Changes in intercompany balances | (67) | 7 |
Contribution from Parent | 291 | |
Net cash from financing activities | (68) | 232 |
Net change in cash | 3 | 18 |
Cash and cash equivalents at beginning of period | 5 | |
Cash and cash equivalents at end of period | 8 | 18 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
Cash Flow from Operating Activities | 42 | 68 |
Additions to property, plant and equipment | (13) | (10) |
Acquisition of business net of cash acquired | (1,995) | |
Net cash from investing activities | (13) | (2,005) |
Proceeds from long-term debt | 3 | |
Repayments on long-term borrowings | (30) | |
Changes in intercompany balances | (32) | 98 |
Contribution from Parent | 1,969 | |
Net cash from financing activities | (32) | 2,040 |
Effect of exchange rate changes on cash | (6) | (2) |
Net change in cash | (9) | 101 |
Cash and cash equivalents at beginning of period | 216 | 65 |
Cash and cash equivalents at end of period | 207 | 166 |
Eliminations [Member] | ||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | ||
(Contributions) distributions to/from subsidiaries | 2,260 | |
Intercompany advances (repayments) | (39) | 162 |
Net cash from investing activities | (39) | 2,422 |
Changes in intercompany balances | 39 | (162) |
Contribution from Parent | (2,260) | |
Net cash from financing activities | $ 39 | $ (2,422) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2017 | Dec. 31, 2016 | |
Term Loan Due October 2022 [Member] | ||
Subsequent Event [Line Items] | ||
Maturity date | Oct. 1, 2022 | |
2017 Swap [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument, face amount | $ 450,000,000 | |
Derivative instrument fixed interest rate | 2.00% | |
Derivative effective date | May 1, 2017 | |
Derivative maturity date | May 1, 2022 | |
AEP Industries Inc. [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Shares acquired | 6.5 | |
Purchase price | $ 297,000,000 | |
Assumption of outstanding debt | 164,000,000 | |
Increased existing term loan agreement | $ 500,000,000 | |
AVINTIV [Member] | Term Loan Due October 2022 [Member] | ||
Subsequent Event [Line Items] | ||
Maturity date | Oct. 1, 2022 | |
Incremental term loan bears interest at LIBOR plus | 2.75% | |
Per annum with a LIBOR floor | 1 | |
AVINTIV [Member] | Term Loan Due October 2022 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Incremental term loan bears interest at LIBOR plus | 2.50% | |
Per annum with a LIBOR floor | 0 |