Document and Entity Information
Document and Entity Information - shares shares in Millions | 6 Months Ended | |
Mar. 30, 2019 | May 02, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | BERRY GLOBAL GROUP INC | |
Entity Central Index Key | 0001378992 | |
Current Fiscal Year End Date | --09-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 131.6 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Consolidated Statements of Income (Unaudited) [Abstract] | ||||
Net sales | $ 1,950 | $ 1,967 | $ 3,922 | $ 3,743 |
Costs and expenses: | ||||
Cost of goods sold | 1,578 | 1,596 | 3,197 | 3,043 |
Selling, general and administrative | 143 | 130 | 267 | 247 |
Amortization of intangibles | 39 | 38 | 81 | 76 |
Restructuring and impairment charges | 5 | 15 | 16 | 26 |
Operating income | 185 | 188 | 361 | 351 |
Other expense, net | 23 | 5 | 23 | 14 |
Interest expense, net | 66 | 66 | 130 | 128 |
Income before income taxes | 96 | 117 | 208 | 209 |
Income tax expense (benefit) | 22 | 27 | 46 | (44) |
Net income | $ 74 | $ 90 | $ 162 | $ 253 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.57 | $ 0.69 | $ 1.24 | $ 1.93 |
Diluted (in dollars per share) | $ 0.55 | $ 0.66 | $ 1.21 | $ 1.86 |
Outstanding weighted-average shares: | ||||
Basic (in shares) | 130.5 | 131.3 | 130.8 | 131 |
Diluted (in shares) | 133.8 | 135.8 | 133.9 | 135.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ||||
Net income | $ 74 | $ 90 | $ 162 | $ 253 |
Currency translation | 6 | 7 | 2 | (17) |
Pension and other postretirement benefits | 0 | 0 | 0 | (1) |
Interest rate hedges | (20) | 23 | (43) | 41 |
Provision for income taxes | 5 | (6) | 11 | (11) |
Other comprehensive income (loss), net of tax | (9) | 24 | (30) | 12 |
Comprehensive income | $ 65 | $ 114 | $ 132 | $ 265 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 30, 2019 | Sep. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 353 | $ 381 |
Accounts receivable (less allowance of $14 and $13, respectively) | 907 | 941 |
Inventories: | ||
Finished goods | 557 | 503 |
Raw materials and supplies | 372 | 384 |
Inventories | 929 | 887 |
Prepaid expenses and other current assets | 78 | 76 |
Total current assets | 2,267 | 2,285 |
Property, plant and equipment, net | 2,449 | 2,488 |
Goodwill and intangible assets, net | 4,201 | 4,284 |
Other assets | 67 | 74 |
Total assets | 8,984 | 9,131 |
Current liabilities: | ||
Accounts payable | 657 | 783 |
Accrued expenses and other current liabilities | 433 | 416 |
Current portion of long-term debt | 37 | 38 |
Total current liabilities | 1,127 | 1,237 |
Long-term debt, less current portion | 5,690 | 5,806 |
Deferred income taxes | 346 | 365 |
Other long-term liabilities | 290 | 289 |
Total liabilities | 7,453 | 7,697 |
Stockholders' equity | ||
Common stock (130.9 and 131.4 million shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 901 | 867 |
Non-controlling interest | 3 | 3 |
Retained earnings | 812 | 719 |
Accumulated other comprehensive loss | (186) | (156) |
Total stockholders' equity | 1,531 | 1,434 |
Total liabilities and stockholders' equity | $ 8,984 | $ 9,131 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 30, 2019 | Sep. 29, 2018 |
Current assets: | ||
Accounts receivable, allowance | $ 14 | $ 13 |
Stockholders' equity | ||
Common stock, shares issued (in shares) | 130.9 | 131.4 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Non-Controlling Interest [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
Balance at Sep. 30, 2017 | $ 1 | $ 823 | $ 3 | $ (68) | $ 256 | $ 1,015 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense | 0 | 14 | 0 | 0 | 0 | 14 |
Proceeds from issuance of common stock | 0 | 12 | 0 | 0 | 0 | 12 |
Interest rate hedge, net of tax | 0 | 0 | 0 | 30 | 0 | 30 |
Net income attributable to the Company | 0 | 0 | 0 | 0 | 253 | 253 |
Currency translation | 0 | 0 | 0 | (17) | 0 | (17) |
Pension | 0 | 0 | 0 | (1) | 0 | (1) |
Balance at Mar. 31, 2018 | 1 | 849 | 3 | (56) | 509 | 1,306 |
Balance at Dec. 30, 2017 | 1 | 831 | 3 | (80) | 419 | 1,174 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense | 0 | 10 | 0 | 0 | 0 | 10 |
Proceeds from issuance of common stock | 0 | 8 | 0 | 0 | 0 | 8 |
Interest rate hedge, net of tax | 0 | 0 | 0 | 17 | 0 | 17 |
Net income attributable to the Company | 0 | 0 | 0 | 0 | 90 | 90 |
Currency translation | 0 | 0 | 0 | 7 | 0 | 7 |
Pension | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Mar. 31, 2018 | 1 | 849 | 3 | (56) | 509 | 1,306 |
Balance at Sep. 29, 2018 | 1 | 867 | 3 | (156) | 719 | 1,434 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense | 0 | 17 | 0 | 0 | 0 | 17 |
Proceeds from issuance of common stock | 0 | 20 | 0 | 0 | 0 | 20 |
Common stock repurchased and retired | 0 | (3) | 0 | 0 | (69) | (72) |
Interest rate hedge, net of tax | 0 | 0 | 0 | (32) | 0 | (32) |
Net income attributable to the Company | 0 | 0 | 0 | 0 | 162 | 162 |
Currency translation | 0 | 0 | 0 | 2 | 0 | 2 |
Balance at Mar. 30, 2019 | 1 | 901 | 3 | (186) | 812 | 1,531 |
Balance at Dec. 29, 2018 | 1 | 873 | 3 | (177) | 755 | 1,455 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense | 0 | 14 | 0 | 0 | 0 | 14 |
Proceeds from issuance of common stock | 0 | 15 | 0 | 0 | 0 | 15 |
Common stock repurchased and retired | 0 | (1) | 0 | 0 | (17) | (18) |
Interest rate hedge, net of tax | 0 | 0 | 0 | (15) | 0 | (15) |
Net income attributable to the Company | 0 | 0 | 0 | 0 | 74 | 74 |
Currency translation | 0 | 0 | 0 | 6 | 0 | 6 |
Balance at Mar. 30, 2019 | $ 1 | $ 901 | $ 3 | $ (186) | $ 812 | $ 1,531 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities: | ||
Net income | $ 162 | $ 253 |
Adjustments to reconcile net cash provided by operating activities: | ||
Depreciation | 189 | 185 |
Amortization of intangibles | 81 | 76 |
Non-cash interest | (3) | 4 |
Loss on foreign exchange forward contracts | 18 | 0 |
Deferred income tax | (2) | (102) |
Share-based compensation expense | 17 | 14 |
Other non-cash operating activities, net | 10 | 12 |
Changes in working capital | (138) | (191) |
Changes in other assets and liabilities | (3) | 34 |
Net cash from operating activities | 331 | 285 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (167) | (184) |
Proceeds from sale of assets | 0 | 3 |
Acquisition of business, net of cash acquired | 0 | (474) |
Net cash from investing activities | (167) | (655) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term borrowings | 0 | 497 |
Repayments on long-term borrowings | (122) | (117) |
Proceeds from issuance of common stock | 20 | 12 |
Repurchase of common stock | (74) | 0 |
Payment of tax receivable agreement | (16) | (37) |
Debt financing costs | 0 | (1) |
Net cash from financing activities | (192) | 354 |
Effect of exchange rate changes on cash | 0 | 1 |
Net change in cash | (28) | (15) |
Cash and cash equivalents at beginning of period | 381 | 306 |
Cash and cash equivalents at end of period | $ 353 | $ 291 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Mar. 30, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Berry Global Group, Inc. ("the Company," "we," 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 and disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. Certain reclassifications have been made to prior periods to conform to current reporting. 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 Company's most recent Form 10-K filed with the Securities and Exchange Commission. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Mar. 30, 2019 | |
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 2019, with the exception of the below, there have been no developments to the recently adopted accounting pronouncements from those disclosed in the Company's 2018 Annual Report on Form 10-K that are considered to have a material impact on our unaudited consolidated financial statements. Revenue Recognition In May 2014, the 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. For public entities, the provisions of the new standard are effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. 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 adopted the new standard effective for fiscal 2019 using the modified retrospective approach. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. 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 are required to adopt this standard using a modified retrospective transition method. Amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company established a cross-functional implementation team that is progressing through inventorying its lease contracts and developing business processes and internal controls to ensure we meet the reporting and disclosure requirements of the new standard. The standard will be effective for the Company beginning fiscal 2020. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Mar. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Our revenues are primarily derived from the sale of plastic packaging products to customers. Revenue is recognized when performance obligations are satisfied, in an amount reflecting the consideration the Company expects to be entitled. We consider the promise to transfer products to be our sole performance obligation. If the consideration agreed to in a contract includes a variable amount, we estimate the amount of consideration we expect to be entitled to in exchange for transferring the promised goods to the customer using the most likely amount method. Our main sources of variable consideration are customer rebates and cash discounts. There are no material instances where variable consideration is constrained and not recorded at the initial time of sale. Generally our revenue is recognized at a point in time for standard promised goods at the time of shipment, when title and risk of loss pass to the customer. A small number of our contracts are for sales of products which are customer specific and cannot be repurposed. Sales for these products qualify for over time recognition and are immaterial to the Company. Our 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 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 $56 million and $58 million at March 30, 2019 and September 29, 2018, respectively, and is included in Accrued expenses and other current liabilities. Due to the nature of our sales transactions, we have elected the following practical expedients: (i) Shipping and handling costs are treated as fulfillment costs. Accordingly, shipping and handling costs are classified as a component of Cost of goods sold while amounts billed to customers are classified as a component of Net Sales; (ii) We exclude sales and similar taxes that are imposed on our sales and collected from customers; (iii) As our standard payment terms are less than one year, we did not assess whether a contract has a significant financing component. The Company disaggregates revenue based on reportable business segment, geography, and significant product line. Refer to Note 11. Operating Segments for further information. |
Acquisitions
Acquisitions | 6 Months Ended |
Mar. 30, 2019 | |
Acquisitions [Abstract] | |
Acquisitions | 4. Acquisitions RPC Group Plc On March 8, 2019, the Company issued an announcement pursuant to Rule 2.7 of the UK City Code on Takeovers and Mergers disclosing the terms of an all-cash firm offer for the entire issued and to be issued share capital of RPC Group Plc (“RPC”). Pursuant to the offer, RPC shareholders will be entitled to receive 793 pence in cash for each RPC share (implying a value of approximately £3.3 billion, or $4.3 billion using the exchange rate at the time of the offer). Aggregate consideration will be approximately £5.0 billion, or $6.5 billion, including refinancing of RPC’s net debt, using the exchange rate at the time of the offer. The Company has entered into certain foreign exchange forward contracts to partially mitigate its currency exchange rate risk associated with the GBP denominated purchase price. Refer to Note 9. Financial Instruments and Fair Value Measurements for further information. On April 18, 2019, the requisite majority of RPC shareholders voted to approve the RPC transaction. The transaction remains subject to, among other things, receipt of antitrust clearances and satisfaction of other customary closing conditions. Antitrust approvals have been obtained in the United States, Turkey, South Africa and the European Union. Filings for the other antitrust clearances required to be obtained to satisfy the other applicable conditions (in Mexico, Russia and China) have been made. The Company expects to complete the RPC acquisition early in the third quarter of calendar year 2019. To finance the all-cash purchase, the Company intends to obtain permanent financing prior to the completion of the acquisition. RPC is a leading plastic product design and engineering company that works responsibly across a broad range of industries from food to technical components, healthcare to industrial with total revenue of £3.7 billion for the twelve-month period ended March 31, 2018. It is a global business with 189 operating sites in 34 countries that are strategically placed to support customers on a local, national and international basis, as well as providing multi-site security of supply. RPC manufactures in five of the major polymer conversion processes (consisting of injection molding, blow molding, thermoforming, rotational molding and blown film extrusion) allowing RPC to produce innovative and sustainable value added products. Laddawn, Inc. In August 2018, the Company acquired Laddawn, Inc. ("Laddawn") for a purchase price of $242 million, which is preliminary and subject to adjustment. Laddawn is a custom bag and film manufacturer with a unique-to-industry e-commerce sales platform. The acquired business is operated in our Engineered Materials segment. To finance the purchase, the Company used existing liquidity. The acquisition has been accounted for under the purchase method of accounting and accordingly, the purchase price has been allocated to the identifiable assets and liabilities based on preliminary estimates of fair value at the acquisition date. The results of Laddawn have been included in the consolidated results of the Company since the date of the acquisition. The Company has not finalized the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed. The assets acquired and liabilities assumed consisted of working capital of $26 million, property and equipment of $39 million, intangible assets of $98 million, and goodwill of $79 million. The working capital includes a $2 million step up of inventory to fair value. The Company has recognized goodwill on this transaction primarily as a result of expected cost synergies, and expects goodwill to be deductible for tax purposes. Clopay Plastic Products Company, Inc. In February 2018, the Company acquired Clopay Plastic Products Company, Inc. ("Clopay") for a purchase price of $475 million. Clopay is an innovator in the development of printed breathable films, elastic films, and laminates with product offerings uniquely designed for applications used in a number of markets including: hygiene, healthcare, construction and industrial protective apparel. The acquired business is operated within our Health, Hygiene & Specialties segment. To finance the purchase, the Company issued $500 million aggregate principal amount of 4.5% second priority notes through a private placement offering. The acquisition has been accounted for under the purchase method of accounting, and accordingly, the purchase price has been allocated to the identifiable assets and liabilities based on fair values at the acquisition date. The results of Clopay have been included in the consolidated results of the Company since the date of the acquisition. The Company has recognized goodwill on this transaction primarily as a result of expected cost synergies, and expects goodwill to be deductible for tax purposes. The following table summarizes the purchase price allocation and estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition: Working capital (a) $ 70 Property and equipment 164 Intangible assets 125 Goodwill 111 Other assets and long-term liabilities 5 (a) Includes a $3 million step up of inventory to fair value |
Accounts Receivable Factoring A
Accounts Receivable Factoring Agreements | 6 Months Ended |
Mar. 30, 2019 | |
Accounts Receivable Factoring Agreements [Abstract] | |
Accounts Receivable Factoring Agreements | 5. Accounts Receivable Factoring Agreements The Company has entered into various factoring agreements, both in the U.S. and at a number of foreign subsidiaries, 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. There were no amounts outstanding from financial institutions related to U.S. based programs at March 30, 2019 or September 29, 2018. Gross amounts factored under these U.S. based programs at March 30, 2019 and September 29, 2018 were $203 million and $162 million, respectively. 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 | 6 Months Ended |
Mar. 30, 2019 | |
Restructuring and Impairment Charges [Abstract] | |
Restructuring and Impairment Charges | 6. Restructuring and Impairment Charges The Company incurred restructuring costs related to severance charges associated with acquisition integrations and facility exit costs. The tables below set forth the significant components of the restructuring charges recognized, by segment: Quarterly Period Ended Two Quarterly Periods Ended March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Engineered Materials $ 1 $ 2 $ 1 $ 2 Health, Hygiene & Specialties 2 12 12 22 Consumer Packaging 2 1 3 2 Consolidated $ 5 $ 15 $ 16 $ 26 The table below sets forth the activity with respect to the restructuring accrual at March 30, 2019: Employee Severance and Benefits Facility Exit Costs Non-cash Impairment Charges Total Balance at September 29, 2018 $ 9 $ 4 $ — $ 13 Charges 6 3 7 16 Non-cash asset impairment — — (7 ) (7 ) Cash payments (11 ) (2 ) — (13 ) Balance at March 30, 2019 $ 4 $ 5 $ — $ 9 |
Accrued Expenses, Other Current
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities | 6 Months Ended |
Mar. 30, 2019 | |
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 on the Consolidated Balance Sheets: March 30, 2019 September 29, 2018 Employee compensation $ 107 $ 113 Accrued taxes 73 72 Rebates 56 58 Interest 46 49 Derivative instruments 18 — Tax receivable agreement obligation 12 16 Restructuring 9 13 Accrued operating expenses 112 95 $ 433 $ 416 The following table sets forth the totals included in Other long-term liabilities on the Consolidated Balance Sheets: March 30, 2019 September 29, 2018 Uncertain tax positions $ 70 $ 67 Deferred purchase price 44 40 Pension liability 42 45 Lease retirement obligation 40 39 Derivative instruments 21 12 Sale-lease back deferred gain 20 21 Transition tax 17 18 Tax receivable agreement obligation 12 23 Other 24 24 $ 290 $ 289 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Mar. 30, 2019 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 8. Long-Term Debt Long-term debt consists of the following: Maturity Date March 30, 2019 September 29, 2018 Term loan February 2020 (a) $ 700 $ 800 Term loan January 2021 814 814 Term loan October 2022 1,545 1,545 Term loan January 2024 490 493 Revolving line of credit May 2020 — — 5 1 / 2 May 2022 500 500 6% Second Priority Senior Secured Notes October 2022 400 400 5 1 / 8 July 2023 700 700 4 1 / 2 February 2026 500 500 Debt discounts and deferred fees (38 ) (43 ) Capital leases and other Various 116 135 Total long-term debt 5,727 5,844 Current portion of long-term debt (37 ) (38 ) Long-term debt, less current portion $ 5,690 $ 5,806 (a) The Company classifies the term loan as long-term based on our intent and ability (through the use of alternative financing including our revolving line of credit, if necessary) to refinance prior to its maturity date. The Company was in compliance with all debt covenants for all periods presented. 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, net through maturity. During fiscal 2019, the Company has made $122 million of repayments on long-term borrowings using existing liquidity. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Mar. 30, 2019 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements | 9. 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. Any identified ineffectiveness, or changes in the fair value of a derivative not designated as a hedge, is recorded to the Consolidated Statements of Income. Cross-Currency Swaps The Company is party to certain cross-currency swap agreements with a notional amount of 250 million euro to effectively convert a portion of our fixed-rate U.S. dollar denominated term loans, including the monthly interest payments, to fixed-rate euro-denominated debt. The swap agreements mature in May 2022. The risk management objective is to manage foreign currency risk relating to net investments in certain European subsidiaries denominated in foreign currencies and reduce the variability in the functional currency cash flows of a portion of the Company’s term loans. Changes in fair value of the derivative instruments are recognized in a component of Accumulated other comprehensive loss, to offset the changes in the values of the net investments being hedged. Foreign Exchange Forward Contracts — RPC Acquisition In connection with the announced, proposed acquisition of RPC, the Company entered into certain foreign exchange forward contracts to partially mitigate the currency exchange rate risk associated with the GBP denominated purchase price. At March 30, 2019, the Company had outstanding forward contracts totaling £2.7 billion and are expected to settle upon the closing of the transaction. For the quarter ended March 30, 2019, the Company recognized an unrealized loss of $18 million in Other expense, net in the Consolidated Statement of Income associated with the forward contracts. Interest Rate Swaps The primary purpose of the Company’s interest rate swap activities is to manage cash flow variability associated with our outstanding variable rate term loan debt. During fiscal 2017 the Company modified various term loan rates and maturities. In conjunction with these modifications the Company realigned existing swap agreements which resulted in the de-designation of the original hedge and re-designation of the modified swaps as effective cash flow hedges. The amounts included in Accumulated other comprehensive loss at the date of de-designation are being amortized to Interest expense through the terms of the original swaps. As of March 30, 2019, the Company effectively had (i) a $450 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 2.000%, with an effective date in May 2017 and expiration in May 2022, (ii) a $1 billion interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 2.808% with an effective date in June 2018 and expiration in September 2021, and (iii) a $400 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 2.533% with an effective date in February 2019 and expiration in July 2023. The Company records the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized. The categorization of the framework used to value the instruments is considered Level 2, due to the analysis that incorporates observable market inputs including foreign currency spot and forward rates, various interest rate curves, and obtained from pricing data quoted by various banks, third party sources and foreign currency dealers. Balances on a gross basis are as follows: Derivatives Instruments Hedge Designation Balance Sheet Location March 30, 2019 September 29, 2018 Cross-currency swaps Designated Other assets $ 6 $ — Cross-currency swaps Designated Other long-term liabilities — 11 Interest rate swaps Designated Other assets 2 16 Interest rate swaps Not designated Other assets — — Interest rate swaps Designated Other long-term liabilities 21 — Interest rate swaps Not designated Other long-term liabilities — 1 Foreign exchange forward contracts Not designated Other current liabilities 18 — The effect of the Company's derivative instruments on the Consolidated Statements of Income is as follows: Quarterly Period Ended Two Quarterly Periods Ended Derivative Instruments Statements of Income Location March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Cross-currency swaps Interest expense, net $ (1 ) $ (1 ) $ (3 ) $ (2 ) Foreign exchange forward contracts Other expense, net 18 — 18 — Interest rate swaps Interest expense, net (5 ) 1 (9 ) 3 The amortization related to unrealized losses in Accumulated other comprehensive loss is expected to be $7 million in the next 12 months. 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 2018 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 March 30, 2019 and September 29, 2018, along with the impairment loss recognized on the fair value measurement during the period: As of March 30, 2019 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 2,938 2,938 — Definite lived intangible assets — — 1,015 1,015 — Property, plant, and equipment — — 2,449 2,449 7 Total $ — $ — $ 6,650 $ 6,650 $ 7 As of September 29, 2018 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 2,944 2,944 — Definite lived intangible assets — — 1,092 1,092 — Property, plant, and equipment — — 2,488 2,488 — Total $ — $ — $ 6,772 $ 6,772 $ - The Company's financial instruments consist primarily of cash and cash equivalents, long-term debt, interest rate and cross-currency swap agreements, foreign exchange forward contracts, and capital lease obligations. The book value of our marketable long-term indebtedness exceeded fair value by $10 million as of March 30, 2019. The Company's long-term debt fair values were determined using Level 2 inputs as other significant observable inputs were not available. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes In December 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The transitional impacts of the Tax Act resulted in a transition benefit of $95 million in the six month period ended March 31, 2018. The effective tax rate was 23% for the quarterly period ended March 30, 2019 and was positively impacted by 4% from the share-based compensation excess tax benefit deduction, 1% from research and development credits, and other discrete items. These favorable items were offset by increases of 4% from U.S. state income taxes, 2% from foreign valuation allowance, and other discrete items. The effective tax rate was 22% for the two quarterly periods ended March 30, 2019 and was positively impacted by 3% from the share-based compensation excess tax benefit, 1% from research and development credits, and other discrete items. These favorable items were partially offset by increases of 4% from U.S. state taxes, 2% from foreign valuation allowance, and other discrete items. |
Operating Segments
Operating Segments | 6 Months Ended |
Mar. 30, 2019 | |
Operating Segments [Abstract] | |
Operating Segments | 11. Operating Segments The Company's operations are organized into three operating segments: Engineered Materials, Health, Hygiene & Specialties, and Consumer Packaging. The structure is designed to align us with our customers, provide optimal service, and drive future growth in a cost efficient manner. Selected information by reportable segment is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Net sales: Engineered Materials $ 628 $ 655 $ 1,297 $ 1,303 Health, Hygiene & Specialties 683 706 1,385 1,283 Consumer Packaging 639 606 1,240 1,157 Total net sales $ 1,950 $ 1,967 $ 3,922 $ 3,743 Operating income: Engineered Materials $ 74 $ 94 $ 168 $ 182 Health, Hygiene & Specialties 57 41 106 78 Consumer Packaging 54 53 87 91 Total operating income $ 185 $ 188 $ 361 $ 351 Depreciation and amortization: Engineered Materials $ 29 $ 27 $ 60 $ 56 Health, Hygiene & Specialties 50 49 104 95 Consumer Packaging 53 56 106 110 Total depreciation and amortization $ 132 $ 132 $ 270 $ 261 March 30, 2019 September 29, 2018 Total assets: Engineered Materials $ 1,997 $ 1,998 Health, Hygiene & Specialties 3,772 3,913 Consumer Packaging 3,215 3,220 Total assets $ 8,984 $ 9,131 Total goodwill: Engineered Materials $ 630 $ 632 Health, Hygiene & Specialties 899 902 Consumer Packaging 1,409 1,410 Total goodwill $ 2,938 $ 2,944 Selected information by geography is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Net sales: North America $ 1,595 $ 1,601 $ 3,200 $ 3,067 South America 88 80 184 154 Europe 210 226 414 396 Asia 57 60 124 126 Total net sales $ 1,950 $ 1,967 $ 3,922 $ 3,743 March 30, 2019 September 29, 2018 Long-lived assets: North America $ 5,653 $ 5,764 South America 327 320 Europe 437 463 Asia 300 299 Total Long-lived assets $ 6,717 $ 6,846 Selected information by product line is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Net sales: Performance Materials 40 45 39 46 Engineered Products 60 55 61 54 Engineered Materials 100 % 100 % 100 % 100 % Health 17 18 17 19 Hygiene 51 43 52 43 Specialties 32 39 31 38 Health, Hygiene & Specialties 100 % 100 % 100 % 100 % Rigid Open Top 43 41 44 42 Rigid Closed Top 57 59 56 58 Consumer Packaging 100 % 100 % 100 % 100 % |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Mar. 30, 2019 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | 12. Contingencies and Commitments The Company is party to various legal proceedings 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. |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
Mar. 30, 2019 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program | 13. Share Repurchase Program In fiscal 2018, the Company announced a $500 million share repurchase program. Berry may repurchase shares through the open market, privately negotiated transactions, or other programs, subject to market conditions. This authorization has no expiration date and may be suspended at any time. During the quarterly period ended March 30, 2019, the Company repurchased approximately 380 thousand shares for $18 million. For the two quarterly periods ended March 30, 2019, the Company repurchased approximately 1,512 thousand shares for $72 million. As of March 30, 2019, $393 million of authorized share repurchases remain available to the Company. |
Basic and Diluted Net Income Pe
Basic and Diluted Net Income Per Share | 6 Months Ended |
Mar. 30, 2019 | |
Basic and Diluted Net Income Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | 14. 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 calculated 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. For the three and six months ended March 30, 2019, 2 million and 5 million shares, respectively, we The following tables provide a reconciliation of the numerator and denominator of the basic and diluted net income per share calculations. Quarterly Period Ended Two Quarterly Periods Ended (in millions, except per share amounts) March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Numerator Net income $ 74 $ 90 $ 162 $ 253 Denominator Weighted average common shares outstanding - basic 130.5 131.3 130.8 131.0 Dilutive shares 3.3 4.5 3.1 4.9 Weighted average common and common equivalent shares outstanding - diluted 133.8 135.8 133.9 135.9 Per common share income Basic $ 0.57 $ 0.69 $ 1.24 $ 1.93 Diluted $ 0.55 $ 0.66 $ 1.21 $ 1.86 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Mar. 30, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 15. Accumulated Other Comprehensive Loss The components and activity of Accumulated other comprehensive loss are as follows: Quarterly Period Ended Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at December 29, 2018 $ (179 ) $ (13 ) $ 15 $ (177 ) Other comprehensive income (loss) before reclassifications 6 — (16 ) (10 ) Net amount reclassified from accumulated other comprehensive income (loss) — — (4 ) (4 ) Provision for income taxes — — 5 5 Balance at March 30, 2019 $ (173 ) $ (13 ) $ — $ (186 ) Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at December 30, 2017 $ (72 ) $ (17 ) $ 9 $ (80 ) Other comprehensive income (loss) before reclassifications 7 — 21 28 Net amount reclassified from accumulated other comprehensive income (loss) — — 2 2 Provision for income taxes — — (6 ) (6 ) Balance at March 31, 2018 $ (65 ) $ (17 ) $ 26 $ (56 ) Two Quarterly Periods Ended Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at September 29, 2018 $ (175 ) $ (13 ) $ 32 $ (156 ) Other comprehensive income (loss) before reclassifications 2 — (38 ) (36 ) Net amount reclassified from accumulated other comprehensive income (loss) — — (5 ) (5 ) Provision for income taxes — — 11 11 Balance at March 30, 2019 $ (173 ) $ (13 ) $ — $ (186 ) Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at September 30, 2017 $ (48 ) $ (16 ) $ (4 ) $ (68 ) Other comprehensive income (loss) before reclassifications (17 ) (1 ) 35 17 Net amount reclassified from accumulated other comprehensive income (loss) — — 6 6 Provision for income taxes — — (11 ) (11 ) Balance at March 31, 2018 $ (65 ) $ (17 ) $ 26 $ (56 ) |
Guarantor and Non-Guarantor Fin
Guarantor and Non-Guarantor Financial Information | 6 Months Ended |
Mar. 30, 2019 | |
Guarantor and Non-Guarantor Financial Information [Abstract] | |
Guarantor and Non-Guarantor Financial Information | 16. Guarantor and Non-Guarantor Financial Information Berry Global, Inc. (“Issuer”) has notes outstanding which are fully, jointly, severally, and unconditionally guaranteed by its parent, Berry Global 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% owned by Parent and the guarantor subsidiaries unconditionally guarantee such debt on a joint and several basis. A guarantee of a guarantor subsidiary of the securities will terminate upon the following customary circumstances: the sale of the capital stock of such guarantor if such sale complies with the indentures, the designation of such guarantor as an unrestricted subsidiary, the defeasance or discharge of the indenture or in the case of a restricted subsidiary that is required to guarantee after the relevant issuance date, if such guarantor no longer guarantees certain other indebtedness of the issuer. The guarantees of the guarantor subsidiaries are also limited as necessary to prevent them from constituting a fraudulent conveyance under applicable law and any guarantees guaranteeing subordinated debt are subordinated to certain other of the Company’s debts. Parent also guarantees the Issuer’s term loans and revolving credit facilities. The guarantor subsidiaries guarantee our term loans and are co-borrowers under our revolving credit facility. Presented below is condensed consolidating financial information for the Parent, Issuer, guarantor subsidiaries and non-guarantor subsidiaries. The Issuer and guarantor financial information includes all of our domestic operating subsidiaries; our non-guarantor subsidiaries include our foreign subsidiaries, certain immaterial domestic subsidiaries and the unrestricted subsidiaries under the Issuer’s indentures. The Parent uses the equity method to account for its ownership in the Issuer in the Condensed Consolidating Supplemental Financial Statements. The Issuer uses the equity method to account for its ownership in the guarantor and non-guarantor subsidiaries. All consolidating entries are included in the eliminations column along with the elimination of intercompany balances. Condensed Supplemental Consolidated Balance Sheet March 30, 2019 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Current assets $ — $ 258 $ 1,255 $ 754 $ — $ 2,267 Intercompany receivable 225 1,867 — 12 (2,104 ) — Property, plant, and equipment, net — 79 1,659 711 — 2,449 Other assets 1,675 6,376 4,776 479 (9,038 ) 4,268 Total assets $ 1,900 $ 8,580 $ 7,690 $ 1,956 $ (11,142 ) $ 8,984 Current liabilities $ 12 $ 264 $ 581 $ 270 $ — $ 1,127 Intercompany payable — — 2,104 — (2,104 ) — Other long-term liabilities 357 5,851 59 59 — 6,326 Stockholders' equity 1,531 2,465 4,946 1,627 (9,038 ) 1,531 Total liabilities and stockholders' equity $ 1,900 $ 8,580 $ 7,690 $ 1,956 $ (11,142 ) $ 8,984 September 29, 2018 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Current assets $ — $ 249 $ 1,240 $ 796 $ — $ 2,285 Intercompany receivable 296 1,907 — 49 (2,252 ) — Property, plant and equipment, net — 79 1,684 725 — 2,488 Other assets 1,544 6,247 4,849 487 (8,769 ) 4,358 Total assets $ 1,840 $ 8,482 $ 7,773 $ 2,057 $ (11,021 ) $ 9,131 Current liabilities $ 18 $ 218 $ 635 $ 366 $ — $ 1,237 Intercompany payable — — 2,252 — (2,252 ) — Other long-term liabilities 388 5,945 68 59 — 6,460 Stockholders' equity 1,434 2,319 4,818 1,632 (8,769 ) 1,434 Total liabilities and stockholders' equity $ 1,840 $ 8,482 $ 7,773 $ 2,057 $ (11,021 ) $ 9,131 Condensed Supplemental Consolidated Statements of Income Quarterly Period Ended March 30, 2019 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 137 $ 1,362 $ 451 $ — $ 1,950 Cost of goods sold — 76 1,122 380 — 1,578 Selling, general and administrative — 24 88 31 — 143 Amortization of intangibles — — 33 6 — 39 Restructuring and impairment charges — — 3 2 — 5 Operating income — 37 116 32 — 185 Other expense (income), net — 18 1 4 — 23 Interest expense, net — 4 46 16 — 66 Equity in net income of subsidiaries (96 ) (70 ) — — 166 — Income before income taxes 96 85 69 12 (166 ) 96 Income tax expense 22 11 — 11 (22 ) 22 Net income $ 74 $ 74 $ 69 $ 1 $ (144 ) $ 74 Comprehensive net income $ 74 $ 67 $ 69 $ (1 ) $ (144 ) $ 65 Quarterly Period Ended March 31, 2018 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 139 $ 1,349 $ 479 $ — $ 1,967 Cost of goods sold — 95 1,103 398 — 1,596 Selling, general and administrative — 18 83 29 — 130 Amortization of intangibles — — 31 7 — 38 Restructuring and impairment charges — — 9 6 — 15 Operating income (loss) — 26 123 39 — 188 Other income, net — — — 5 — 5 Interest expense, net — 4 45 17 — 66 Equity in net income of subsidiaries (117 ) (87 ) — — 204 — Income before income taxes 117 109 78 17 (204 ) 117 Income tax expense 27 19 1 7 (27 ) 27 Net income $ 90 $ 90 $ 77 $ 10 $ (177 ) $ 90 Comprehensive net income $ 90 $ 94 $ 77 $ 30 $ (177 ) $ 114 Two Quarterly Periods Ended March 30, 2019 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 278 $ 2,739 $ 905 $ — $ 3,922 Cost of goods sold — 161 2,264 772 — 3,197 Selling, general and administrative — 37 175 55 — 267 Amortization of intangibles — — 69 12 — 81 Restructuring and impairment charges — — 10 6 — 16 Operating income — 80 221 60 — 361 Other expense (income), net — 19 2 2 — 23 Interest expense, net — 9 91 30 — 130 Equity in net income of subsidiaries (208 ) (137 ) — — 345 — Income before income taxes 208 189 128 28 (345 ) 208 Income tax expense 46 27 — 19 (46 ) 46 Net income $ 162 $ 162 $ 128 $ 9 $ (299 ) $ 162 Comprehensive net income $ 162 $ 146 $ 128 $ (5 ) $ (299 ) $ 132 Two Quarterly Periods Ended March 31, 2018 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 277 $ 2,574 $ 892 $ — $ 3,743 Cost of goods sold — 201 2,092 750 — 3,043 Selling, general and administrative — 30 163 54 — 247 Amortization of intangibles — — 62 14 — 76 Restructuring and impairment charges — — 16 10 — 26 Operating income — 46 241 64 — 351 Other expense (income), net — 5 7 2 — 14 Interest expense, net — 9 88 31 — 128 Equity in net income of subsidiaries (209 ) (159 ) — — 368 — Income before income taxes 209 191 146 31 (368 ) 209 Income tax expense (44 ) (62 ) 1 17 44 (44 ) Net income $ 253 $ 253 $ 145 $ 14 $ (412 ) $ 253 Comprehensive net income $ 253 $ 254 $ 145 $ 25 $ (412 ) $ 265 Condensed Supplemental Consolidated Statements of Cash Flows Quarterly Period Ended March 30, 2019 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 67 $ 281 $ (17 ) $ — $ 331 Cash Flow from Investing Activities Additions to property, plant, and equipment — — (141 ) (26 ) — (167 ) Proceeds from sale of assets — — — — — — (Contributions) distributions to/from subsidiaries 54 (54 ) — — — — Intercompany advances (repayments) — 95 — — (95 ) — Net cash from investing activities 54 41 (141 ) (26 ) (95 ) (167 ) Cash Flow from Financing Activities Repayments on long-term borrowings — (117 ) (4 ) (1 ) — (122 ) Proceeds from issuance of common stock 20 — — — — 20 Repurchase of common stock (74 ) — — — — (74 ) Payment of tax receivable agreement (16 ) — — — — (16 ) Changes in intercompany balances 16 — (138 ) 27 95 — Net cash from financing activities (54 ) (117 ) (142 ) 26 95 (192 ) Effect of exchange rate changes on cash — — — — — — Net change in cash — (9 ) (2 ) (17 ) — (28 ) Cash and cash equivalents at beginning of period — 133 4 244 — 381 Cash and cash equivalents at end of period $ — $ 124 $ 2 $ 227 $ — $ 353 Quarterly Period Ended March 31, 2018 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 14 $ 258 $ 13 $ — $ 285 Cash Flow from Investing Activities Additions to property, plant, and equipment — (5 ) (137 ) (42 ) — (184 ) Proceeds from sale of assets — — — 3 — 3 (Contributions) distributions to/from subsidiaries (12 ) (462 ) — — 474 — Intercompany advances (repayments) — 137 — — (137 ) — Acquisition of business, net of cash acquired — — (404 ) (70 ) — (474 ) Net cash from investing activities (12 ) (330 ) (541 ) (109 ) 337 (655 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 497 — — — 497 Repayments on long-term borrowings — (113 ) (4 ) — — (117 ) Proceeds from issuance of common stock 12 — — — — 12 Payment of tax receivable agreement (37 ) — — — — (37 ) Contribution from Parent — — 404 70 (474 ) — Debt financing costs — (1 ) — — — (1 ) Changes in intercompany balances 37 — (116 ) (58 ) 137 — Net cash from financing activities 12 383 284 12 (337 ) 354 Effect of exchange rate changes on cash — — — 1 — 1 Net change in cash — 67 1 (83 ) — (15 ) Cash and cash equivalents at beginning of period — 18 12 276 — 306 Cash and cash equivalents at end of period $ — $ 85 $ 13 $ 193 $ — $ 291 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Mar. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events In April 2019, the Company (i) amended and extended its existing revolving line of credit from total capacity of $750 million maturing in May 2020 to $850 million maturing in April 2024 and (ii) completed term loan amendments required to complete the RPC acquisition. The term loan amendments, which become effective upon completion of the RPC acquisition, will result in an increase of 0.25% to the applicable spread of each loan and a one-time 0.125% amendment fee. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Mar. 30, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | The accompanying unaudited Condensed Consolidated Financial Statements of Berry Global Group, Inc. ("the Company," "we," 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. |
Use of Estimates | In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. |
Reclassifications | Certain reclassifications have been made to prior periods to conform to current reporting. |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Mar. 30, 2019 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | 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 2019, with the exception of the below, there have been no developments to the recently adopted accounting pronouncements from those disclosed in the Company's 2018 Annual Report on Form 10-K that are considered to have a material impact on our unaudited consolidated financial statements. Revenue Recognition In May 2014, the 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. For public entities, the provisions of the new standard are effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. 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 adopted the new standard effective for fiscal 2019 using the modified retrospective approach. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. 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 are required to adopt this standard using a modified retrospective transition method. Amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company established a cross-functional implementation team that is progressing through inventorying its lease contracts and developing business processes and internal controls to ensure we meet the reporting and disclosure requirements of the new standard. The standard will be effective for the Company beginning fiscal 2020. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Acquisitions [Abstract] | |
Purchase Price Allocation | The following table summarizes the purchase price allocation and estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition: Working capital (a) $ 70 Property and equipment 164 Intangible assets 125 Goodwill 111 Other assets and long-term liabilities 5 (a) Includes a $3 million step up of inventory to fair value |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Restructuring and Impairment Charges [Abstract] | |
Restructuring Charges by Segment | The tables below set forth the significant components of the restructuring charges recognized, by segment: Quarterly Period Ended Two Quarterly Periods Ended March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Engineered Materials $ 1 $ 2 $ 1 $ 2 Health, Hygiene & Specialties 2 12 12 22 Consumer Packaging 2 1 3 2 Consolidated $ 5 $ 15 $ 16 $ 26 |
Restructuring Accrual Activity | The table below sets forth the activity with respect to the restructuring accrual at March 30, 2019: Employee Severance and Benefits Facility Exit Costs Non-cash Impairment Charges Total Balance at September 29, 2018 $ 9 $ 4 $ — $ 13 Charges 6 3 7 16 Non-cash asset impairment — — (7 ) (7 ) Cash payments (11 ) (2 ) — (13 ) Balance at March 30, 2019 $ 4 $ 5 $ — $ 9 |
Accrued Expenses, Other Curre_2
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | The following table sets forth the totals included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets: March 30, 2019 September 29, 2018 Employee compensation $ 107 $ 113 Accrued taxes 73 72 Rebates 56 58 Interest 46 49 Derivative instruments 18 — Tax receivable agreement obligation 12 16 Restructuring 9 13 Accrued operating expenses 112 95 $ 433 $ 416 |
Other Long-Term Liabilities | The following table sets forth the totals included in Other long-term liabilities on the Consolidated Balance Sheets: March 30, 2019 September 29, 2018 Uncertain tax positions $ 70 $ 67 Deferred purchase price 44 40 Pension liability 42 45 Lease retirement obligation 40 39 Derivative instruments 21 12 Sale-lease back deferred gain 20 21 Transition tax 17 18 Tax receivable agreement obligation 12 23 Other 24 24 $ 290 $ 289 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Long-term debt consists of the following: Maturity Date March 30, 2019 September 29, 2018 Term loan February 2020 (a) $ 700 $ 800 Term loan January 2021 814 814 Term loan October 2022 1,545 1,545 Term loan January 2024 490 493 Revolving line of credit May 2020 — — 5 1 / 2 May 2022 500 500 6% Second Priority Senior Secured Notes October 2022 400 400 5 1 / 8 July 2023 700 700 4 1 / 2 February 2026 500 500 Debt discounts and deferred fees (38 ) (43 ) Capital leases and other Various 116 135 Total long-term debt 5,727 5,844 Current portion of long-term debt (37 ) (38 ) Long-term debt, less current portion $ 5,690 $ 5,806 (a) The Company classifies the term loan as long-term based on our intent and ability (through the use of alternative financing including our revolving line of credit, if necessary) to refinance prior to its maturity date. |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Fair Value of Derivatives and Location on Consolidated Balance Sheets | The Company records the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized. The categorization of the framework used to value the instruments is considered Level 2, due to the analysis that incorporates observable market inputs including foreign currency spot and forward rates, various interest rate curves, and obtained from pricing data quoted by various banks, third party sources and foreign currency dealers. Balances on a gross basis are as follows: Derivatives Instruments Hedge Designation Balance Sheet Location March 30, 2019 September 29, 2018 Cross-currency swaps Designated Other assets $ 6 $ — Cross-currency swaps Designated Other long-term liabilities — 11 Interest rate swaps Designated Other assets 2 16 Interest rate swaps Not designated Other assets — — Interest rate swaps Designated Other long-term liabilities 21 — Interest rate swaps Not designated Other long-term liabilities — 1 Foreign exchange forward contracts Not designated Other current liabilities 18 — |
Effect of Derivatives on Consolidated Statements of Income | The effect of the Company's derivative instruments on the Consolidated Statements of Income is as follows: Quarterly Period Ended Two Quarterly Periods Ended Derivative Instruments Statements of Income Location March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Cross-currency swaps Interest expense, net $ (1 ) $ (1 ) $ (3 ) $ (2 ) Foreign exchange forward contracts Other expense, net 18 — 18 — Interest rate swaps Interest expense, net (5 ) 1 (9 ) 3 |
Assets Measured at Fair Value on Non-recurring Basis | Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of March 30, 2019 and September 29, 2018, along with the impairment loss recognized on the fair value measurement during the period: As of March 30, 2019 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 2,938 2,938 — Definite lived intangible assets — — 1,015 1,015 — Property, plant, and equipment — — 2,449 2,449 7 Total $ — $ — $ 6,650 $ 6,650 $ 7 As of September 29, 2018 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 248 $ 248 $ — Goodwill — — 2,944 2,944 — Definite lived intangible assets — — 1,092 1,092 — Property, plant, and equipment — — 2,488 2,488 — Total $ — $ — $ 6,772 $ 6,772 $ - |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Operating Segments [Abstract] | |
Selected Information by Reportable Segment | Selected information by reportable segment is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Net sales: Engineered Materials $ 628 $ 655 $ 1,297 $ 1,303 Health, Hygiene & Specialties 683 706 1,385 1,283 Consumer Packaging 639 606 1,240 1,157 Total net sales $ 1,950 $ 1,967 $ 3,922 $ 3,743 Operating income: Engineered Materials $ 74 $ 94 $ 168 $ 182 Health, Hygiene & Specialties 57 41 106 78 Consumer Packaging 54 53 87 91 Total operating income $ 185 $ 188 $ 361 $ 351 Depreciation and amortization: Engineered Materials $ 29 $ 27 $ 60 $ 56 Health, Hygiene & Specialties 50 49 104 95 Consumer Packaging 53 56 106 110 Total depreciation and amortization $ 132 $ 132 $ 270 $ 261 March 30, 2019 September 29, 2018 Total assets: Engineered Materials $ 1,997 $ 1,998 Health, Hygiene & Specialties 3,772 3,913 Consumer Packaging 3,215 3,220 Total assets $ 8,984 $ 9,131 Total goodwill: Engineered Materials $ 630 $ 632 Health, Hygiene & Specialties 899 902 Consumer Packaging 1,409 1,410 Total goodwill $ 2,938 $ 2,944 |
Selected Information by Geography | Selected information by geography is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Net sales: North America $ 1,595 $ 1,601 $ 3,200 $ 3,067 South America 88 80 184 154 Europe 210 226 414 396 Asia 57 60 124 126 Total net sales $ 1,950 $ 1,967 $ 3,922 $ 3,743 March 30, 2019 September 29, 2018 Long-lived assets: North America $ 5,653 $ 5,764 South America 327 320 Europe 437 463 Asia 300 299 Total Long-lived assets $ 6,717 $ 6,846 |
Selected Information by Product Line | Selected information by product line is presented in the following tables: Quarterly Period Ended Two Quarterly Periods Ended March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Net sales: Performance Materials 40 45 39 46 Engineered Products 60 55 61 54 Engineered Materials 100 % 100 % 100 % 100 % Health 17 18 17 19 Hygiene 51 43 52 43 Specialties 32 39 31 38 Health, Hygiene & Specialties 100 % 100 % 100 % 100 % Rigid Open Top 43 41 44 42 Rigid Closed Top 57 59 56 58 Consumer Packaging 100 % 100 % 100 % 100 % |
Basic and Diluted Net Income _2
Basic and Diluted Net Income Per Share (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Basic and Diluted Net Income Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | The following tables provide a reconciliation of the numerator and denominator of the basic and diluted net income per share calculations. Quarterly Period Ended Two Quarterly Periods Ended (in millions, except per share amounts) March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018 Numerator Net income $ 74 $ 90 $ 162 $ 253 Denominator Weighted average common shares outstanding - basic 130.5 131.3 130.8 131.0 Dilutive shares 3.3 4.5 3.1 4.9 Weighted average common and common equivalent shares outstanding - diluted 133.8 135.8 133.9 135.9 Per common share income Basic $ 0.57 $ 0.69 $ 1.24 $ 1.93 Diluted $ 0.55 $ 0.66 $ 1.21 $ 1.86 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | The components and activity of Accumulated other comprehensive loss are as follows: Quarterly Period Ended Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at December 29, 2018 $ (179 ) $ (13 ) $ 15 $ (177 ) Other comprehensive income (loss) before reclassifications 6 — (16 ) (10 ) Net amount reclassified from accumulated other comprehensive income (loss) — — (4 ) (4 ) Provision for income taxes — — 5 5 Balance at March 30, 2019 $ (173 ) $ (13 ) $ — $ (186 ) Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at December 30, 2017 $ (72 ) $ (17 ) $ 9 $ (80 ) Other comprehensive income (loss) before reclassifications 7 — 21 28 Net amount reclassified from accumulated other comprehensive income (loss) — — 2 2 Provision for income taxes — — (6 ) (6 ) Balance at March 31, 2018 $ (65 ) $ (17 ) $ 26 $ (56 ) Two Quarterly Periods Ended Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at September 29, 2018 $ (175 ) $ (13 ) $ 32 $ (156 ) Other comprehensive income (loss) before reclassifications 2 — (38 ) (36 ) Net amount reclassified from accumulated other comprehensive income (loss) — — (5 ) (5 ) Provision for income taxes — — 11 11 Balance at March 30, 2019 $ (173 ) $ (13 ) $ — $ (186 ) Currency Translation Defined Benefit Pension and Retiree Health Benefit Plans Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at September 30, 2017 $ (48 ) $ (16 ) $ (4 ) $ (68 ) Other comprehensive income (loss) before reclassifications (17 ) (1 ) 35 17 Net amount reclassified from accumulated other comprehensive income (loss) — — 6 6 Provision for income taxes — — (11 ) (11 ) Balance at March 31, 2018 $ (65 ) $ (17 ) $ 26 $ (56 ) |
Guarantor and Non-Guarantor F_2
Guarantor and Non-Guarantor Financial Information (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Guarantor and Non-Guarantor Financial Information [Abstract] | |
Condensed Supplemental Consolidated Financial Information | Condensed Supplemental Consolidated Balance Sheet March 30, 2019 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Current assets $ — $ 258 $ 1,255 $ 754 $ — $ 2,267 Intercompany receivable 225 1,867 — 12 (2,104 ) — Property, plant, and equipment, net — 79 1,659 711 — 2,449 Other assets 1,675 6,376 4,776 479 (9,038 ) 4,268 Total assets $ 1,900 $ 8,580 $ 7,690 $ 1,956 $ (11,142 ) $ 8,984 Current liabilities $ 12 $ 264 $ 581 $ 270 $ — $ 1,127 Intercompany payable — — 2,104 — (2,104 ) — Other long-term liabilities 357 5,851 59 59 — 6,326 Stockholders' equity 1,531 2,465 4,946 1,627 (9,038 ) 1,531 Total liabilities and stockholders' equity $ 1,900 $ 8,580 $ 7,690 $ 1,956 $ (11,142 ) $ 8,984 September 29, 2018 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Current assets $ — $ 249 $ 1,240 $ 796 $ — $ 2,285 Intercompany receivable 296 1,907 — 49 (2,252 ) — Property, plant and equipment, net — 79 1,684 725 — 2,488 Other assets 1,544 6,247 4,849 487 (8,769 ) 4,358 Total assets $ 1,840 $ 8,482 $ 7,773 $ 2,057 $ (11,021 ) $ 9,131 Current liabilities $ 18 $ 218 $ 635 $ 366 $ — $ 1,237 Intercompany payable — — 2,252 — (2,252 ) — Other long-term liabilities 388 5,945 68 59 — 6,460 Stockholders' equity 1,434 2,319 4,818 1,632 (8,769 ) 1,434 Total liabilities and stockholders' equity $ 1,840 $ 8,482 $ 7,773 $ 2,057 $ (11,021 ) $ 9,131 Condensed Supplemental Consolidated Statements of Income Quarterly Period Ended March 30, 2019 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 137 $ 1,362 $ 451 $ — $ 1,950 Cost of goods sold — 76 1,122 380 — 1,578 Selling, general and administrative — 24 88 31 — 143 Amortization of intangibles — — 33 6 — 39 Restructuring and impairment charges — — 3 2 — 5 Operating income — 37 116 32 — 185 Other expense (income), net — 18 1 4 — 23 Interest expense, net — 4 46 16 — 66 Equity in net income of subsidiaries (96 ) (70 ) — — 166 — Income before income taxes 96 85 69 12 (166 ) 96 Income tax expense 22 11 — 11 (22 ) 22 Net income $ 74 $ 74 $ 69 $ 1 $ (144 ) $ 74 Comprehensive net income $ 74 $ 67 $ 69 $ (1 ) $ (144 ) $ 65 Quarterly Period Ended March 31, 2018 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 139 $ 1,349 $ 479 $ — $ 1,967 Cost of goods sold — 95 1,103 398 — 1,596 Selling, general and administrative — 18 83 29 — 130 Amortization of intangibles — — 31 7 — 38 Restructuring and impairment charges — — 9 6 — 15 Operating income (loss) — 26 123 39 — 188 Other income, net — — — 5 — 5 Interest expense, net — 4 45 17 — 66 Equity in net income of subsidiaries (117 ) (87 ) — — 204 — Income before income taxes 117 109 78 17 (204 ) 117 Income tax expense 27 19 1 7 (27 ) 27 Net income $ 90 $ 90 $ 77 $ 10 $ (177 ) $ 90 Comprehensive net income $ 90 $ 94 $ 77 $ 30 $ (177 ) $ 114 Two Quarterly Periods Ended March 30, 2019 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 278 $ 2,739 $ 905 $ — $ 3,922 Cost of goods sold — 161 2,264 772 — 3,197 Selling, general and administrative — 37 175 55 — 267 Amortization of intangibles — — 69 12 — 81 Restructuring and impairment charges — — 10 6 — 16 Operating income — 80 221 60 — 361 Other expense (income), net — 19 2 2 — 23 Interest expense, net — 9 91 30 — 130 Equity in net income of subsidiaries (208 ) (137 ) — — 345 — Income before income taxes 208 189 128 28 (345 ) 208 Income tax expense 46 27 — 19 (46 ) 46 Net income $ 162 $ 162 $ 128 $ 9 $ (299 ) $ 162 Comprehensive net income $ 162 $ 146 $ 128 $ (5 ) $ (299 ) $ 132 Two Quarterly Periods Ended March 31, 2018 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Net sales $ — $ 277 $ 2,574 $ 892 $ — $ 3,743 Cost of goods sold — 201 2,092 750 — 3,043 Selling, general and administrative — 30 163 54 — 247 Amortization of intangibles — — 62 14 — 76 Restructuring and impairment charges — — 16 10 — 26 Operating income — 46 241 64 — 351 Other expense (income), net — 5 7 2 — 14 Interest expense, net — 9 88 31 — 128 Equity in net income of subsidiaries (209 ) (159 ) — — 368 — Income before income taxes 209 191 146 31 (368 ) 209 Income tax expense (44 ) (62 ) 1 17 44 (44 ) Net income $ 253 $ 253 $ 145 $ 14 $ (412 ) $ 253 Comprehensive net income $ 253 $ 254 $ 145 $ 25 $ (412 ) $ 265 Condensed Supplemental Consolidated Statements of Cash Flows Quarterly Period Ended March 30, 2019 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 67 $ 281 $ (17 ) $ — $ 331 Cash Flow from Investing Activities Additions to property, plant, and equipment — — (141 ) (26 ) — (167 ) Proceeds from sale of assets — — — — — — (Contributions) distributions to/from subsidiaries 54 (54 ) — — — — Intercompany advances (repayments) — 95 — — (95 ) — Net cash from investing activities 54 41 (141 ) (26 ) (95 ) (167 ) Cash Flow from Financing Activities Repayments on long-term borrowings — (117 ) (4 ) (1 ) — (122 ) Proceeds from issuance of common stock 20 — — — — 20 Repurchase of common stock (74 ) — — — — (74 ) Payment of tax receivable agreement (16 ) — — — — (16 ) Changes in intercompany balances 16 — (138 ) 27 95 — Net cash from financing activities (54 ) (117 ) (142 ) 26 95 (192 ) Effect of exchange rate changes on cash — — — — — — Net change in cash — (9 ) (2 ) (17 ) — (28 ) Cash and cash equivalents at beginning of period — 133 4 244 — 381 Cash and cash equivalents at end of period $ — $ 124 $ 2 $ 227 $ — $ 353 Quarterly Period Ended March 31, 2018 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Cash Flow from Operating Activities $ — $ 14 $ 258 $ 13 $ — $ 285 Cash Flow from Investing Activities Additions to property, plant, and equipment — (5 ) (137 ) (42 ) — (184 ) Proceeds from sale of assets — — — 3 — 3 (Contributions) distributions to/from subsidiaries (12 ) (462 ) — — 474 — Intercompany advances (repayments) — 137 — — (137 ) — Acquisition of business, net of cash acquired — — (404 ) (70 ) — (474 ) Net cash from investing activities (12 ) (330 ) (541 ) (109 ) 337 (655 ) Cash Flow from Financing Activities Proceeds from long-term borrowings — 497 — — — 497 Repayments on long-term borrowings — (113 ) (4 ) — — (117 ) Proceeds from issuance of common stock 12 — — — — 12 Payment of tax receivable agreement (37 ) — — — — (37 ) Contribution from Parent — — 404 70 (474 ) — Debt financing costs — (1 ) — — — (1 ) Changes in intercompany balances 37 — (116 ) (58 ) 137 — Net cash from financing activities 12 383 284 12 (337 ) 354 Effect of exchange rate changes on cash — — — 1 — 1 Net change in cash — 67 1 (83 ) — (15 ) Cash and cash equivalents at beginning of period — 18 12 276 — 306 Cash and cash equivalents at end of period $ — $ 85 $ 13 $ 193 $ — $ 291 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | Mar. 30, 2019 | Sep. 29, 2018 |
Revenue Recognition [Abstract] | ||
Accrual for customer rebates | $ 56 | $ 58 |
Acquisitions, RPC Group Plc (De
Acquisitions, RPC Group Plc (Details) - RPC Group Plc [Member] £ / shares in Units, £ in Millions, $ in Billions | Mar. 08, 2019USD ($)SiteProcess | Mar. 08, 2019GBP (£)SiteCountryProcess£ / shares | Mar. 31, 2018GBP (£) |
Acquisitions [Abstract] | |||
Cash price per share offered to shareholders (in pounds per share) | £ / shares | £ 7.93 | ||
Purchase price | $ 4.3 | £ 3.3 | |
Aggregate consideration | $ 6.5 | £ 5 | |
Total revenue | £ | £ 3.7 | ||
Number of operating sites | Site | 189 | 189 | |
Number of countries where operating sites are located | Country | 34 | ||
Number of major polymer conversion processes in which products are manufactured | Process | 5 | 5 |
Acquisitions, Laddawn, Inc. (De
Acquisitions, Laddawn, Inc. (Details) - USD ($) $ in Millions | Aug. 31, 2018 | Mar. 30, 2019 | Sep. 29, 2018 |
Acquisitions [Abstract] | |||
Goodwill | $ 2,938 | $ 2,944 | |
Laddawn [Member] | |||
Acquisitions [Abstract] | |||
Purchase price | $ 242 | ||
Working capital | 26 | ||
Property and equipment | 39 | ||
Intangible assets | 98 | ||
Goodwill | 79 | ||
Step up of inventory to fair value | $ 2 |
Acquisitions, Clopay Plastic Pr
Acquisitions, Clopay Plastic Products Company, Inc. (Details) - USD ($) $ in Millions | Feb. 28, 2018 | Mar. 30, 2019 | Sep. 29, 2018 | Jan. 31, 2018 | |
Allocation of Purchase Price [Abstract] | |||||
Goodwill | $ 2,938 | $ 2,944 | |||
4.50% Second Priority Senior Secured Notes due 2026 [Member] | |||||
Acquisitions [Abstract] | |||||
Face amount of debt issued | $ 500 | ||||
Interest rate | 4.50% | ||||
Clopay [Member] | |||||
Acquisitions [Abstract] | |||||
Purchase price | $ 475 | ||||
Allocation of Purchase Price [Abstract] | |||||
Working capital | [1] | 70 | |||
Property and equipment | 164 | ||||
Intangible assets | 125 | ||||
Goodwill | 111 | ||||
Other assets and long-term liabilities | 5 | ||||
Step up of inventory to fair value | $ 3 | ||||
[1] | Includes a $3 million step up of inventory to fair value. |
Accounts Receivable Factoring_2
Accounts Receivable Factoring Agreements (Details) - USD ($) $ in Millions | Mar. 30, 2019 | Sep. 29, 2018 |
Accounts Receivable Factoring Agreements [Abstract] | ||
Amounts due from financial institutions | $ 0 | $ 0 |
Trade receivables sold to financial institutions | $ 203 | $ 162 |
Restructuring and Impairment _3
Restructuring and Impairment Charges, Restructuring Charges by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Restructuring Charges [Abstract] | ||||
Restructuring charges | $ 5 | $ 15 | $ 16 | $ 26 |
Engineered Materials [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | 1 | 2 | 1 | 2 |
Health, Hygiene & Specialties [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | 2 | 12 | 12 | 22 |
Consumer Packaging [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | $ 2 | $ 1 | $ 3 | $ 2 |
Restructuring and Impairment _4
Restructuring and Impairment Charges, Restructuring Accrual Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | Sep. 29, 2018 | |
Restructuring Accrual [Roll Forward] | |||||
Beginning balance | $ 13 | ||||
Charges | $ 5 | $ 15 | 16 | $ 26 | |
Non-cash asset impairment | (7) | $ 0 | |||
Cash payments | (13) | ||||
Ending balance | 9 | 9 | 13 | ||
Employee Severance and Benefits [Member] | |||||
Restructuring Accrual [Roll Forward] | |||||
Beginning balance | 9 | ||||
Charges | 6 | ||||
Non-cash asset impairment | 0 | ||||
Cash payments | (11) | ||||
Ending balance | 4 | 4 | 9 | ||
Facility Exit Costs [Member] | |||||
Restructuring Accrual [Roll Forward] | |||||
Beginning balance | 4 | ||||
Charges | 3 | ||||
Non-cash asset impairment | 0 | ||||
Cash payments | (2) | ||||
Ending balance | 5 | 5 | 4 | ||
Non-Cash Impairment Charges [Member] | |||||
Restructuring Accrual [Roll Forward] | |||||
Beginning balance | 0 | ||||
Charges | 7 | ||||
Non-cash asset impairment | (7) | ||||
Cash payments | 0 | ||||
Ending balance | $ 0 | $ 0 | $ 0 |
Accrued Expenses, Other Curre_3
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions | Mar. 30, 2019 | Sep. 29, 2018 |
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities [Abstract] | ||
Employee compensation | $ 107 | $ 113 |
Accrued taxes | 73 | 72 |
Rebates | 56 | 58 |
Interest | 46 | 49 |
Derivative instruments | 18 | 0 |
Tax receivable agreement obligation | 12 | 16 |
Restructuring | 9 | 13 |
Accrued operating expenses | 112 | 95 |
Accrued expenses and other current liabilities | $ 433 | $ 416 |
Accrued Expenses, Other Curre_4
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities, Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Mar. 30, 2019 | Sep. 29, 2018 |
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities [Abstract] | ||
Uncertain tax positions | $ 70 | $ 67 |
Deferred purchase price | 44 | 40 |
Pension liability | 42 | 45 |
Lease retirement obligation | 40 | 39 |
Derivative instruments | 21 | 12 |
Sale-lease back deferred gain | 20 | 21 |
Transition tax | 17 | 18 |
Tax receivable agreement obligation | 12 | 23 |
Other | 24 | 24 |
Other long-term liabilities | $ 290 | $ 289 |
Long-Term Debt, Summary of Long
Long-Term Debt, Summary of Long-Term Debt (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Sep. 29, 2018 | ||
Long-term Debt [Abstract] | ||||
Debt discounts and deferred fees | $ (38) | $ (43) | ||
Capital leases and other | 116 | 135 | ||
Total long-term debt | 5,727 | 5,844 | ||
Current portion of long-term debt | (37) | (38) | ||
Long-term debt, less current portion | 5,690 | 5,806 | ||
Repayments on long-term borrowings | 122 | $ 117 | ||
Term Loan due February 2020 [Member] | ||||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 700 | 800 | ||
Maturity date | [1] | Feb. 29, 2020 | ||
Term Loan due January 2021 [Member] | ||||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 814 | 814 | ||
Maturity date | Jan. 31, 2021 | |||
Term Loan due October 2022 [Member] | ||||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 1,545 | 1,545 | ||
Maturity date | Oct. 31, 2022 | |||
Term Loan due January 2024 [Member] | ||||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 490 | 493 | ||
Maturity date | Jan. 31, 2024 | |||
Revolving Line of Credit [Member] | ||||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 0 | 0 | ||
Maturity date | May 31, 2020 | |||
5 1/2% Second Priority Senior Secured Notes due May 2022 [Member] | ||||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 500 | 500 | ||
Interest rate | 5.50% | |||
Maturity date | May 31, 2022 | |||
6% Second Priority Senior Secured Notes due October 2022 [Member] | ||||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 400 | 400 | ||
Interest rate | 6.00% | |||
Maturity date | Oct. 31, 2022 | |||
5 1/8% Second Priority Senior Secured Notes due July 2023 [Member] | ||||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 700 | 700 | ||
Interest rate | 5.125% | |||
Maturity date | Jul. 31, 2023 | |||
4 1/2% Second Priority Senior Secured Notes due February 2026 [Member] | ||||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 500 | $ 500 | ||
Interest rate | 4.50% | |||
Maturity date | Feb. 28, 2026 | |||
[1] | The Company classifies the term loan as long-term based on our intent and ability to refinance prior to its maturity date. |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements, Cross-Currency Swaps, Foreign Exchange Forward Contracts and Interest Rate Swaps (Details) € in Millions, $ in Millions, £ in Billions | 3 Months Ended | 6 Months Ended | ||||
Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 30, 2019GBP (£) | Mar. 30, 2019EUR (€) | |
Cross-Currency Swaps [Member] | ||||||
Cross-Currency, Foreign Exchange Forward Contracts and Interest Rate Swaps [Abstract] | ||||||
Notional amount of swap | € | € 250 | |||||
Foreign Exchange Forward Contracts [Member] | ||||||
Cross-Currency, Foreign Exchange Forward Contracts and Interest Rate Swaps [Abstract] | ||||||
Notional amount of swap | £ | £ 2.7 | |||||
Foreign Exchange Forward Contracts [Member] | Other Expense, Net [Member] | ||||||
Cross-Currency, Foreign Exchange Forward Contracts and Interest Rate Swaps [Abstract] | ||||||
Loss on derivative instruments | $ (18) | $ 0 | $ (18) | $ 0 | ||
Interest Rate Swap - May 2017 [Member] | ||||||
Cross-Currency, Foreign Exchange Forward Contracts and Interest Rate Swaps [Abstract] | ||||||
Notional amount of swap | $ 450 | $ 450 | ||||
Fixed annual rate of swap | 2.00% | 2.00% | 2.00% | 2.00% | ||
Interest Rate Swap - May 2017 [Member] | LIBOR [Member] | ||||||
Cross-Currency, Foreign Exchange Forward Contracts and Interest Rate Swaps [Abstract] | ||||||
Term of variable rate | 1 month | |||||
Interest Rate Swap - June 2018 [Member] | ||||||
Cross-Currency, Foreign Exchange Forward Contracts and Interest Rate Swaps [Abstract] | ||||||
Notional amount of swap | $ 1,000 | $ 1,000 | ||||
Fixed annual rate of swap | 2.808% | 2.808% | 2.808% | 2.808% | ||
Interest Rate Swap - June 2018 [Member] | LIBOR [Member] | ||||||
Cross-Currency, Foreign Exchange Forward Contracts and Interest Rate Swaps [Abstract] | ||||||
Term of variable rate | 1 month | |||||
Interest Rate Swap - February 2019 [Member] | ||||||
Cross-Currency, Foreign Exchange Forward Contracts and Interest Rate Swaps [Abstract] | ||||||
Notional amount of swap | $ 400 | $ 400 | ||||
Fixed annual rate of swap | 2.533% | 2.533% | 2.533% | 2.533% | ||
Interest Rate Swap - February 2019 [Member] | LIBOR [Member] | ||||||
Cross-Currency, Foreign Exchange Forward Contracts and Interest Rate Swaps [Abstract] | ||||||
Term of variable rate | 1 month |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements, Fair Value of Derivative and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Mar. 30, 2019 | Sep. 29, 2018 |
Cross-Currency Swaps [Member] | Designated [Member] | Other Assets [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | $ 6 | $ 0 |
Cross-Currency Swaps [Member] | Designated [Member] | Other Long-Term Liabilities [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | 0 | 11 |
Interest Rate Swaps [Member] | Designated [Member] | Other Assets [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | 2 | 16 |
Interest Rate Swaps [Member] | Designated [Member] | Other Long-Term Liabilities [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | 21 | 0 |
Interest Rate Swaps [Member] | Not Designated [Member] | Other Assets [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | 0 | 0 |
Interest Rate Swaps [Member] | Not Designated [Member] | Other Long-Term Liabilities [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | 0 | 1 |
Foreign Exchange Forward Contracts [Member] | Not Designated [Member] | Other Current Liabilities [Member] | ||
Derivative Instruments [Abstract] | ||
Fair value of derivative instruments | $ 18 | $ 0 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements, Effect of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Derivative Instruments [Abstract] | ||||
Amortization related to unrealized losses in Accumulated other comprehensive loss for next 12 months | $ 7 | |||
Cross-Currency Swaps [Member] | Interest Expense, Net [Member] | ||||
Derivative Instruments [Abstract] | ||||
Loss (gain) on derivative instruments | $ (1) | $ (1) | (3) | $ (2) |
Foreign Exchange Forward Contracts [Member] | Other Expense, Net [Member] | ||||
Derivative Instruments [Abstract] | ||||
Loss (gain) on derivative instruments | 18 | 0 | 18 | 0 |
Interest Rate Swaps [Member] | Interest Expense, Net [Member] | ||||
Derivative Instruments [Abstract] | ||||
Loss (gain) on derivative instruments | $ (5) | $ 1 | $ (9) | $ 3 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements, Assets Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Mar. 30, 2019 | Sep. 29, 2018 | |
Impairment [Abstract] | ||
Indefinite-lived trademarks | $ 0 | $ 0 |
Goodwill | 0 | 0 |
Definite lived intangible assets | 0 | 0 |
Property, plant, and equipment | 7 | 0 |
Impairment charges | 7 | 0 |
Fair Value Adjustment [Abstract] | ||
Fair value of long-term indebtedness in excess of book value | 10 | |
Fair Value on Nonrecurring Basis [Member] | ||
Fair Value of Assets [Abstract] | ||
Indefinite-lived trademarks | 248 | 248 |
Goodwill | 2,938 | 2,944 |
Definite lived intangible assets | 1,015 | 1,092 |
Property, plant, and equipment | 2,449 | 2,488 |
Total | 6,650 | 6,772 |
Fair Value on Nonrecurring Basis [Member] | Level 1 [Member] | ||
Fair Value of Assets [Abstract] | ||
Indefinite-lived trademarks | 0 | 0 |
Goodwill | 0 | 0 |
Definite lived intangible assets | 0 | 0 |
Property, plant, and equipment | 0 | 0 |
Total | 0 | 0 |
Fair Value on Nonrecurring Basis [Member] | Level 2 [Member] | ||
Fair Value of Assets [Abstract] | ||
Indefinite-lived trademarks | 0 | 0 |
Goodwill | 0 | 0 |
Definite lived intangible assets | 0 | 0 |
Property, plant, and equipment | 0 | 0 |
Total | 0 | 0 |
Fair Value on Nonrecurring Basis [Member] | Level 3 [Member] | ||
Fair Value of Assets [Abstract] | ||
Indefinite-lived trademarks | 248 | 248 |
Goodwill | 2,938 | 2,944 |
Definite lived intangible assets | 1,015 | 1,092 |
Property, plant, and equipment | 2,449 | 2,488 |
Total | $ 6,650 | $ 6,772 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 30, 2019 | Mar. 30, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | |||
Transition tax benefit | $ (95) | ||
Effective tax rate | 23.00% | 22.00% | |
Share-based compensation excess tax benefit | (4.00%) | (3.00%) | |
Research and development credits | (1.00%) | (1.00%) | |
U.S. state income taxes | 4.00% | 4.00% | |
Foreign valuation allowance | 2.00% | 2.00% |
Operating Segments, Selected In
Operating Segments, Selected Information by Reportable Segment (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 30, 2019USD ($)Segment | Mar. 31, 2018USD ($) | Sep. 29, 2018USD ($) | |
Selected Information by Reportable Segment [Abstract] | |||||
Number of reportable segments | Segment | 3 | ||||
Net sales | $ 1,950 | $ 1,967 | $ 3,922 | $ 3,743 | |
Operating income | 185 | 188 | 361 | 351 | |
Depreciation and amortization | 132 | 132 | 270 | 261 | |
Total assets | 8,984 | 8,984 | $ 9,131 | ||
Total goodwill | 2,938 | 2,938 | 2,944 | ||
Operating Segment [Member] | Engineered Materials [Member] | |||||
Selected Information by Reportable Segment [Abstract] | |||||
Net sales | 628 | 655 | 1,297 | 1,303 | |
Operating income | 74 | 94 | 168 | 182 | |
Depreciation and amortization | 29 | 27 | 60 | 56 | |
Total assets | 1,997 | 1,997 | 1,998 | ||
Total goodwill | 630 | 630 | 632 | ||
Operating Segment [Member] | Health, Hygiene & Specialties [Member] | |||||
Selected Information by Reportable Segment [Abstract] | |||||
Net sales | 683 | 706 | 1,385 | 1,283 | |
Operating income | 57 | 41 | 106 | 78 | |
Depreciation and amortization | 50 | 49 | 104 | 95 | |
Total assets | 3,772 | 3,772 | 3,913 | ||
Total goodwill | 899 | 899 | 902 | ||
Operating Segment [Member] | Consumer Packaging [Member] | |||||
Selected Information by Reportable Segment [Abstract] | |||||
Net sales | 639 | 606 | 1,240 | 1,157 | |
Operating income | 54 | 53 | 87 | 91 | |
Depreciation and amortization | 53 | $ 56 | 106 | $ 110 | |
Total assets | 3,215 | 3,215 | 3,220 | ||
Total goodwill | $ 1,409 | $ 1,409 | $ 1,410 |
Operating Segments, Selected _2
Operating Segments, Selected Information by Geography (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | Sep. 29, 2018 | |
Selected Information by Geography [Abstract] | |||||
Net sales | $ 1,950 | $ 1,967 | $ 3,922 | $ 3,743 | |
Long-lived assets | 6,717 | 6,717 | $ 6,846 | ||
Reportable Geography [Member] | North America [Member] | |||||
Selected Information by Geography [Abstract] | |||||
Net sales | 1,595 | 1,601 | 3,200 | 3,067 | |
Long-lived assets | 5,653 | 5,653 | 5,764 | ||
Reportable Geography [Member] | South America [Member] | |||||
Selected Information by Geography [Abstract] | |||||
Net sales | 88 | 80 | 184 | 154 | |
Long-lived assets | 327 | 327 | 320 | ||
Reportable Geography [Member] | Europe [Member] | |||||
Selected Information by Geography [Abstract] | |||||
Net sales | 210 | 226 | 414 | 396 | |
Long-lived assets | 437 | 437 | 463 | ||
Reportable Geography [Member] | Asia [Member] | |||||
Selected Information by Geography [Abstract] | |||||
Net sales | 57 | $ 60 | 124 | $ 126 | |
Long-lived assets | $ 300 | $ 300 | $ 299 |
Operating Segments, Selected _3
Operating Segments, Selected Information by Product Line (Details) - Net Sales [Member] | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Engineered Materials [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Engineered Materials [Member] | Performance Materials [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 40.00% | 45.00% | 39.00% | 46.00% |
Engineered Materials [Member] | Engineered Products [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 60.00% | 55.00% | 61.00% | 54.00% |
Health, Hygiene & Specialties [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Health, Hygiene & Specialties [Member] | Health [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 17.00% | 18.00% | 17.00% | 19.00% |
Health, Hygiene & Specialties [Member] | Hygiene [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 51.00% | 43.00% | 52.00% | 43.00% |
Health, Hygiene & Specialties [Member] | Specialties [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 32.00% | 39.00% | 31.00% | 38.00% |
Consumer Packaging [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Consumer Packaging [Member] | Rigid Open Top [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 43.00% | 41.00% | 44.00% | 42.00% |
Consumer Packaging [Member] | Rigid Closed Top [Member] | ||||
Selected Information by Product Line [Abstract] | ||||
Concentration risk percentage | 57.00% | 59.00% | 56.00% | 58.00% |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 30, 2019 | Mar. 30, 2019 | Sep. 29, 2018 | |
Share Repurchase Program [Abstract] | |||
Authorized amount of share repurchase program | $ 500 | ||
Number of shares repurchased and retired (in shares) | 380 | 1,512 | |
Shares repurchased and retired | $ 18 | $ 72 | |
Remaining amount of share repurchase program | $ 393 | $ 393 |
Basic and Diluted Net Income _3
Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Basic and Diluted Net Income Per Share [Abstract] | ||||
Antidilutive shares excluded from computation of earnings per share (in shares) | 2 | 5 | ||
Numerator [Abstract] | ||||
Net income | $ 74 | $ 90 | $ 162 | $ 253 |
Denominator [Abstract] | ||||
Weighted average common shares outstanding - basic (in shares) | 130.5 | 131.3 | 130.8 | 131 |
Dilutive shares (in shares) | 3.3 | 4.5 | 3.1 | 4.9 |
Weighted average common and common equivalent shares outstanding - diluted (in shares) | 133.8 | 135.8 | 133.9 | 135.9 |
Per Common Share Income [Abstract] | ||||
Basic (in dollars per share) | $ 0.57 | $ 0.69 | $ 1.24 | $ 1.93 |
Diluted (in dollars per share) | $ 0.55 | $ 0.66 | $ 1.21 | $ 1.86 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Other comprehensive income (loss) before reclassifications | $ (10) | $ 28 | $ (36) | $ 17 |
Net amount reclassified from accumulated other comprehensive income (loss) | (4) | 2 | (5) | 6 |
Provision for income taxes | 5 | (6) | 11 | (11) |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (177) | (80) | (156) | (68) |
Ending balance | (186) | (56) | (186) | (56) |
Currency Translation [Member] | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (179) | (72) | (175) | (48) |
Other comprehensive income (loss) before reclassifications | 6 | 7 | 2 | (17) |
Net amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Ending balance | (173) | (65) | (173) | (65) |
Defined Benefit Pension and Retiree Health Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | (13) | (17) | (13) | (16) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | (1) |
Net amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Ending balance | (13) | (17) | (13) | (17) |
Interest Rate Swaps [Member] | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | ||||
Beginning balance | 15 | 9 | 32 | (4) |
Other comprehensive income (loss) before reclassifications | (16) | 21 | (38) | 35 |
Net amount reclassified from accumulated other comprehensive income (loss) | (4) | 2 | (5) | 6 |
Provision for income taxes | 5 | (6) | 11 | (11) |
Ending balance | $ 0 | $ 26 | $ 0 | $ 26 |
Guarantor and Non-Guarantor F_3
Guarantor and Non-Guarantor Financial Information, Condensed Supplemental Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 |
Assets [Abstract] | ||||||
Current assets | $ 2,267 | $ 2,285 | ||||
Intercompany receivable | 0 | 0 | ||||
Property, plant and equipment, net | 2,449 | 2,488 | ||||
Other assets | 4,268 | 4,358 | ||||
Total assets | 8,984 | 9,131 | ||||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Current liabilities | 1,127 | 1,237 | ||||
Intercompany payable | 0 | 0 | ||||
Other long-term liabilities | 6,326 | 6,460 | ||||
Stockholders' equity | 1,531 | $ 1,455 | 1,434 | $ 1,306 | $ 1,174 | $ 1,015 |
Total liabilities and stockholders' equity | 8,984 | 9,131 | ||||
Eliminations [Member] | ||||||
Assets [Abstract] | ||||||
Current assets | 0 | 0 | ||||
Intercompany receivable | (2,104) | (2,252) | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Other assets | (9,038) | (8,769) | ||||
Total assets | (11,142) | (11,021) | ||||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Current liabilities | 0 | 0 | ||||
Intercompany payable | (2,104) | (2,252) | ||||
Other long-term liabilities | 0 | 0 | ||||
Stockholders' equity | (9,038) | (8,769) | ||||
Total liabilities and stockholders' equity | (11,142) | (11,021) | ||||
Parent [Member] | ||||||
Assets [Abstract] | ||||||
Current assets | 0 | 0 | ||||
Intercompany receivable | 225 | 296 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Other assets | 1,675 | 1,544 | ||||
Total assets | 1,900 | 1,840 | ||||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Current liabilities | 12 | 18 | ||||
Intercompany payable | 0 | 0 | ||||
Other long-term liabilities | 357 | 388 | ||||
Stockholders' equity | 1,531 | 1,434 | ||||
Total liabilities and stockholders' equity | 1,900 | 1,840 | ||||
Issuer [Member] | ||||||
Assets [Abstract] | ||||||
Current assets | 258 | 249 | ||||
Intercompany receivable | 1,867 | 1,907 | ||||
Property, plant and equipment, net | 79 | 79 | ||||
Other assets | 6,376 | 6,247 | ||||
Total assets | 8,580 | 8,482 | ||||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Current liabilities | 264 | 218 | ||||
Intercompany payable | 0 | 0 | ||||
Other long-term liabilities | 5,851 | 5,945 | ||||
Stockholders' equity | 2,465 | 2,319 | ||||
Total liabilities and stockholders' equity | 8,580 | 8,482 | ||||
Guarantor Subsidiaries [Member] | ||||||
Assets [Abstract] | ||||||
Current assets | 1,255 | 1,240 | ||||
Intercompany receivable | 0 | 0 | ||||
Property, plant and equipment, net | 1,659 | 1,684 | ||||
Other assets | 4,776 | 4,849 | ||||
Total assets | 7,690 | 7,773 | ||||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Current liabilities | 581 | 635 | ||||
Intercompany payable | 2,104 | 2,252 | ||||
Other long-term liabilities | 59 | 68 | ||||
Stockholders' equity | 4,946 | 4,818 | ||||
Total liabilities and stockholders' equity | 7,690 | 7,773 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Assets [Abstract] | ||||||
Current assets | 754 | 796 | ||||
Intercompany receivable | 12 | 49 | ||||
Property, plant and equipment, net | 711 | 725 | ||||
Other assets | 479 | 487 | ||||
Total assets | 1,956 | 2,057 | ||||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Current liabilities | 270 | 366 | ||||
Intercompany payable | 0 | 0 | ||||
Other long-term liabilities | 59 | 59 | ||||
Stockholders' equity | 1,627 | 1,632 | ||||
Total liabilities and stockholders' equity | $ 1,956 | $ 2,057 |
Guarantor and Non-Guarantor F_4
Guarantor and Non-Guarantor Financial Information, Condensed Supplemental Consolidated Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Guarantor and Non-Guarantor Financial Information [Abstract] | ||||
Percentage ownership in guarantor subsidiaries | 100.00% | |||
Condensed Supplemental Consolidated Statements of Operations [Abstract] | ||||
Net sales | $ 1,950 | $ 1,967 | $ 3,922 | $ 3,743 |
Cost of goods sold | 1,578 | 1,596 | 3,197 | 3,043 |
Selling, general and administrative | 143 | 130 | 267 | 247 |
Amortization of intangibles | 39 | 38 | 81 | 76 |
Restructuring and impairment charges | 5 | 15 | 16 | 26 |
Operating income | 185 | 188 | 361 | 351 |
Other expense (income), net | 23 | 5 | 23 | 14 |
Interest expense, net | 66 | 66 | 130 | 128 |
Equity in net income of subsidiaries | 0 | 0 | 0 | 0 |
Income before income taxes | 96 | 117 | 208 | 209 |
Income tax expense | 22 | 27 | 46 | (44) |
Net income | 74 | 90 | 162 | 253 |
Comprehensive net income | 65 | 114 | 132 | 265 |
Eliminations [Member] | ||||
Condensed Supplemental Consolidated Statements of Operations [Abstract] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Amortization of intangibles | 0 | 0 | 0 | 0 |
Restructuring and impairment charges | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Equity in net income of subsidiaries | 166 | 204 | 345 | 368 |
Income before income taxes | (166) | (204) | (345) | (368) |
Income tax expense | (22) | (27) | (46) | 44 |
Net income | (144) | (177) | (299) | (412) |
Comprehensive net income | (144) | (177) | (299) | (412) |
Parent [Member] | ||||
Condensed Supplemental Consolidated Statements of Operations [Abstract] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Amortization of intangibles | 0 | 0 | 0 | 0 |
Restructuring and impairment charges | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Equity in net income of subsidiaries | (96) | (117) | (208) | (209) |
Income before income taxes | 96 | 117 | 208 | 209 |
Income tax expense | 22 | 27 | 46 | (44) |
Net income | 74 | 90 | 162 | 253 |
Comprehensive net income | 74 | 90 | 162 | 253 |
Issuer [Member] | ||||
Condensed Supplemental Consolidated Statements of Operations [Abstract] | ||||
Net sales | 137 | 139 | 278 | 277 |
Cost of goods sold | 76 | 95 | 161 | 201 |
Selling, general and administrative | 24 | 18 | 37 | 30 |
Amortization of intangibles | 0 | 0 | 0 | 0 |
Restructuring and impairment charges | 0 | 0 | 0 | 0 |
Operating income | 37 | 26 | 80 | 46 |
Other expense (income), net | 18 | 0 | 19 | 5 |
Interest expense, net | 4 | 4 | 9 | 9 |
Equity in net income of subsidiaries | (70) | (87) | (137) | (159) |
Income before income taxes | 85 | 109 | 189 | 191 |
Income tax expense | 11 | 19 | 27 | (62) |
Net income | 74 | 90 | 162 | 253 |
Comprehensive net income | 67 | 94 | 146 | 254 |
Guarantor Subsidiaries [Member] | ||||
Condensed Supplemental Consolidated Statements of Operations [Abstract] | ||||
Net sales | 1,362 | 1,349 | 2,739 | 2,574 |
Cost of goods sold | 1,122 | 1,103 | 2,264 | 2,092 |
Selling, general and administrative | 88 | 83 | 175 | 163 |
Amortization of intangibles | 33 | 31 | 69 | 62 |
Restructuring and impairment charges | 3 | 9 | 10 | 16 |
Operating income | 116 | 123 | 221 | 241 |
Other expense (income), net | 1 | 0 | 2 | 7 |
Interest expense, net | 46 | 45 | 91 | 88 |
Equity in net income of subsidiaries | 0 | 0 | 0 | 0 |
Income before income taxes | 69 | 78 | 128 | 146 |
Income tax expense | 0 | 1 | 0 | 1 |
Net income | 69 | 77 | 128 | 145 |
Comprehensive net income | 69 | 77 | 128 | 145 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Supplemental Consolidated Statements of Operations [Abstract] | ||||
Net sales | 451 | 479 | 905 | 892 |
Cost of goods sold | 380 | 398 | 772 | 750 |
Selling, general and administrative | 31 | 29 | 55 | 54 |
Amortization of intangibles | 6 | 7 | 12 | 14 |
Restructuring and impairment charges | 2 | 6 | 6 | 10 |
Operating income | 32 | 39 | 60 | 64 |
Other expense (income), net | 4 | 5 | 2 | 2 |
Interest expense, net | 16 | 17 | 30 | 31 |
Equity in net income of subsidiaries | 0 | 0 | 0 | 0 |
Income before income taxes | 12 | 17 | 28 | 31 |
Income tax expense | 11 | 7 | 19 | 17 |
Net income | 1 | 10 | 9 | 14 |
Comprehensive net income | $ (1) | $ 30 | $ (5) | $ 25 |
Guarantor and Non-Guarantor F_5
Guarantor and Non-Guarantor Financial Information, Condensed Supplemental Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Consolidating Statement of Cash Flows [Abstract] | ||
Cash flow from operating activities | $ 331 | $ 285 |
Cash Flow from Investing Activities [Abstract] | ||
Additions to property, plant and equipment | (167) | (184) |
Proceeds from sale of assets | 0 | 3 |
(Contributions) distributions to/from subsidiaries | 0 | 0 |
Intercompany advances (repayments) | 0 | 0 |
Acquisition of business, net of cash acquired | 0 | (474) |
Net cash from investing activities | (167) | (655) |
Cash Flow from Financing Activities [Abstract] | ||
Proceeds from long-term borrowings | 0 | 497 |
Repayments on long-term borrowings | (122) | (117) |
Proceeds from issuance of common stock | 20 | 12 |
Repurchase of common stock | (74) | 0 |
Payment of tax receivable agreement | (16) | (37) |
Contribution from Parent | 0 | |
Debt financing costs | 0 | (1) |
Changes in intercompany balances | 0 | 0 |
Net cash from financing activities | (192) | 354 |
Effect of exchange rate changes on cash | 0 | 1 |
Net change in cash | (28) | (15) |
Cash and cash equivalents at beginning of period | 381 | 306 |
Cash and cash equivalents at end of period | 353 | 291 |
Eliminations [Member] | ||
Consolidating Statement of Cash Flows [Abstract] | ||
Cash flow from operating activities | 0 | 0 |
Cash Flow from Investing Activities [Abstract] | ||
Additions to property, plant and equipment | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
(Contributions) distributions to/from subsidiaries | 0 | 474 |
Intercompany advances (repayments) | (95) | (137) |
Acquisition of business, net of cash acquired | 0 | |
Net cash from investing activities | (95) | 337 |
Cash Flow from Financing Activities [Abstract] | ||
Proceeds from long-term borrowings | 0 | |
Repayments on long-term borrowings | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | |
Payment of tax receivable agreement | 0 | 0 |
Contribution from Parent | (474) | |
Debt financing costs | 0 | |
Changes in intercompany balances | 95 | 137 |
Net cash from financing activities | 95 | (337) |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Parent [Member] | ||
Consolidating Statement of Cash Flows [Abstract] | ||
Cash flow from operating activities | 0 | 0 |
Cash Flow from Investing Activities [Abstract] | ||
Additions to property, plant and equipment | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
(Contributions) distributions to/from subsidiaries | 54 | (12) |
Intercompany advances (repayments) | 0 | 0 |
Acquisition of business, net of cash acquired | 0 | |
Net cash from investing activities | 54 | (12) |
Cash Flow from Financing Activities [Abstract] | ||
Proceeds from long-term borrowings | 0 | |
Repayments on long-term borrowings | 0 | 0 |
Proceeds from issuance of common stock | 20 | 12 |
Repurchase of common stock | (74) | |
Payment of tax receivable agreement | (16) | (37) |
Contribution from Parent | 0 | |
Debt financing costs | 0 | |
Changes in intercompany balances | 16 | 37 |
Net cash from financing activities | (54) | 12 |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Issuer [Member] | ||
Consolidating Statement of Cash Flows [Abstract] | ||
Cash flow from operating activities | 67 | 14 |
Cash Flow from Investing Activities [Abstract] | ||
Additions to property, plant and equipment | 0 | (5) |
Proceeds from sale of assets | 0 | 0 |
(Contributions) distributions to/from subsidiaries | (54) | (462) |
Intercompany advances (repayments) | 95 | 137 |
Acquisition of business, net of cash acquired | 0 | |
Net cash from investing activities | 41 | (330) |
Cash Flow from Financing Activities [Abstract] | ||
Proceeds from long-term borrowings | 497 | |
Repayments on long-term borrowings | (117) | (113) |
Proceeds from issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | |
Payment of tax receivable agreement | 0 | 0 |
Contribution from Parent | 0 | |
Debt financing costs | (1) | |
Changes in intercompany balances | 0 | 0 |
Net cash from financing activities | (117) | 383 |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash | (9) | 67 |
Cash and cash equivalents at beginning of period | 133 | 18 |
Cash and cash equivalents at end of period | 124 | 85 |
Guarantor Subsidiaries [Member] | ||
Consolidating Statement of Cash Flows [Abstract] | ||
Cash flow from operating activities | 281 | 258 |
Cash Flow from Investing Activities [Abstract] | ||
Additions to property, plant and equipment | (141) | (137) |
Proceeds from sale of assets | 0 | 0 |
(Contributions) distributions to/from subsidiaries | 0 | 0 |
Intercompany advances (repayments) | 0 | 0 |
Acquisition of business, net of cash acquired | (404) | |
Net cash from investing activities | (141) | (541) |
Cash Flow from Financing Activities [Abstract] | ||
Proceeds from long-term borrowings | 0 | |
Repayments on long-term borrowings | (4) | (4) |
Proceeds from issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | |
Payment of tax receivable agreement | 0 | 0 |
Contribution from Parent | 404 | |
Debt financing costs | 0 | |
Changes in intercompany balances | (138) | (116) |
Net cash from financing activities | (142) | 284 |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash | (2) | 1 |
Cash and cash equivalents at beginning of period | 4 | 12 |
Cash and cash equivalents at end of period | 2 | 13 |
Non-Guarantor Subsidiaries [Member] | ||
Consolidating Statement of Cash Flows [Abstract] | ||
Cash flow from operating activities | (17) | 13 |
Cash Flow from Investing Activities [Abstract] | ||
Additions to property, plant and equipment | (26) | (42) |
Proceeds from sale of assets | 0 | 3 |
(Contributions) distributions to/from subsidiaries | 0 | 0 |
Intercompany advances (repayments) | 0 | 0 |
Acquisition of business, net of cash acquired | (70) | |
Net cash from investing activities | (26) | (109) |
Cash Flow from Financing Activities [Abstract] | ||
Proceeds from long-term borrowings | 0 | |
Repayments on long-term borrowings | (1) | 0 |
Proceeds from issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | |
Payment of tax receivable agreement | 0 | 0 |
Contribution from Parent | 70 | |
Debt financing costs | 0 | |
Changes in intercompany balances | 27 | (58) |
Net cash from financing activities | 26 | 12 |
Effect of exchange rate changes on cash | 0 | 1 |
Net change in cash | (17) | (83) |
Cash and cash equivalents at beginning of period | 244 | 276 |
Cash and cash equivalents at end of period | $ 227 | $ 193 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Apr. 30, 2019 | Mar. 30, 2019 | |
Revolving Line of Credit [Member] | ||
Subsequent Events [Abstract] | ||
Maximum borrowing capacity | $ 750 | |
Maturity date | May 31, 2020 | |
Subsequent Event [Member] | Revolving Line of Credit [Member] | ||
Subsequent Events [Abstract] | ||
Maximum borrowing capacity | $ 850 | |
Maturity date | Apr. 30, 2024 | |
Subsequent Event [Member] | Term Loans [Member] | ||
Subsequent Events [Abstract] | ||
Increase in basis spread on variable rate | 0.25% | |
One-time amendment fee | 0.125% |