Document And Entity Information
Document And Entity Information | 12 Months Ended |
Sep. 26, 2015 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | BERRY PLASTICS GROUP INC |
Entity Central Index Key | 1,378,992 |
Document Type | S4 |
Document Period End Date | Sep. 26, 2015 |
Amendment Flag | false |
Trading Symbol | bery |
Current Fiscal Year End Date | --09-26 |
Entity Filer Category | Large Accelerated Filer |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Consolidated Statements Of Income [Abstract] | |||||||||||
Net sales | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 1,310 | $ 1,298 | $ 1,210 | $ 1,140 | $ 4,881 | $ 4,958 | $ 4,647 |
Costs and expenses: | |||||||||||
Cost of goods sold | 975 | 1,003 | 997 | 1,037 | 1,114 | 1,089 | 1,023 | 964 | 4,012 | 4,190 | 3,835 |
Selling, general and administrative | 357 | 320 | 307 | ||||||||
Amortization of intangibles | 91 | 102 | 105 | ||||||||
Restructuring and impairment charges | 13 | 30 | 14 | ||||||||
Operating income | 408 | 316 | 386 | ||||||||
Debt extinguishment | 94 | 35 | 64 | ||||||||
Other expense (income), net | 1 | (7) | (7) | ||||||||
Interest expense, net | 191 | 221 | 244 | ||||||||
Income before income taxes | 122 | 67 | 85 | ||||||||
Income tax expense | 36 | 4 | 28 | ||||||||
Consolidated net income | 86 | 63 | 57 | ||||||||
Net income attributable to non-controlling interests | 1 | ||||||||||
Net income attributable to the Company | $ 48 | $ (13) | $ 38 | $ 13 | $ 29 | $ 15 | $ 12 | $ 6 | $ 86 | $ 62 | $ 57 |
Net income per share: | |||||||||||
Basic (see footnote 14) | $ 0.40 | $ (0.11) | $ 0.32 | $ 0.11 | $ 0.25 | $ 0.13 | $ 0.10 | $ 0.05 | $ 0.72 | $ 0.53 | $ 0.50 |
Diluted (see footnote 14) | $ 0.39 | $ (0.11) | $ 0.31 | $ 0.11 | $ 0.24 | $ 0.12 | $ 0.10 | $ 0.05 | $ 0.70 | $ 0.51 | $ 0.48 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Consolidated net income | $ 86 | $ 63 | $ 57 |
Currency translation | (45) | (16) | (5) |
Interest rate hedges | (33) | (3) | 20 |
Defined benefit pension and retiree health benefit plans | (16) | (11) | 34 |
Provision for income taxes related to other comprehensive income items | 18 | 5 | (20) |
Comprehensive income | 10 | 38 | 86 |
Comprehensive income attributable to non-controlling interests | 1 | ||
Comprehensive income attributable to the Company | $ 10 | $ 37 | $ 86 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 228 | $ 129 |
Accounts receivable, net | 434 | 491 |
Inventories | 522 | 604 |
Deferred income taxes | 162 | 166 |
Prepaid expenses and other current assets | 37 | 42 |
Total current assets | 1,383 | 1,432 |
Property, plant and equipment, net | 1,294 | 1,364 |
Goodwill, intangible assets and deferred costs, net | 2,349 | 2,455 |
Other assets | 2 | 1 |
Total assets | 5,028 | 5,252 |
Current liabilities: | ||
Accounts payable | 330 | 395 |
Accrued expenses and other current liabilities | 338 | 314 |
Current portion of long-term debt | 37 | 58 |
Total current liabilities | 705 | 767 |
Long-term debt, less current portion | 3,648 | 3,844 |
Deferred income taxes | 387 | 386 |
Other long-term liabilities | 341 | 356 |
Total liabilities | $ 5,081 | $ 5,353 |
Commitments and contingencies | ||
Redeemable non-controlling interest | $ 12 | $ 13 |
Stockholders' equity (deficit): | ||
Common stock: (119.9 and 118.0 shares issued, respectively) | 1 | 1 |
Additional paid-in capital | 406 | 367 |
Non-controlling interest | 3 | 3 |
Accumulated deficit | (356) | (442) |
Accumulated other comprehensive loss | (119) | (43) |
Total stockholders' equity (deficit) | (65) | (114) |
Total liabilities and stockholders' equity (deficit) | $ 5,028 | $ 5,252 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 26, 2015 | Sep. 27, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, shares issued | 119.9 | 118 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Millions | Common Stock | Additional Paid-in Capital | Notes Receivable - Common Stock | Non-Controlling Interest | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total |
Balance at Sep. 29, 2012 | $ 1 | $ 131 | $ (2) | $ 3 | $ (47) | $ (561) | $ (475) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation expense | 16 | 16 | |||||
Repayment of note receivable | $ 2 | 2 | |||||
Proceeds from issuance of common stock | 27 | 27 | |||||
Termination of redeemable shares | 23 | 23 | |||||
Proceeds from initial public offering | 438 | 438 | |||||
Obligation under tax receivable agreement | (313) | (313) | |||||
Interest rate hedge, net of tax | 10 | 10 | |||||
Net income attributable to the Company | 57 | 57 | |||||
Currency translation | (5) | (5) | |||||
Defined benefit pension and retiree health benefit plans, net of tax | 21 | 21 | |||||
Derivative amortization, net of tax | 3 | 3 | |||||
Balance at Sep. 28, 2013 | 1 | 322 | 3 | (18) | (504) | (196) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation expense | 15 | 15 | |||||
Proceeds from issuance of common stock | 17 | 17 | |||||
Obligation under tax receivable agreement | 13 | 13 | |||||
Interest rate hedge, net of tax | (2) | (2) | |||||
Net income attributable to the Company | 62 | 62 | |||||
Currency translation | (16) | (16) | |||||
Defined benefit pension and retiree health benefit plans, net of tax | (7) | (7) | |||||
Balance at Sep. 27, 2014 | 1 | 367 | 3 | (43) | (442) | (114) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation expense | 21 | 21 | |||||
Proceeds from issuance of common stock | 18 | 18 | |||||
Interest rate hedge, net of tax | (21) | (21) | |||||
Net income attributable to the Company | 86 | 86 | |||||
Currency translation | (45) | (45) | |||||
Defined benefit pension and retiree health benefit plans, net of tax | (10) | (10) | |||||
Balance at Sep. 26, 2015 | $ 1 | $ 406 | $ 3 | $ (119) | $ (356) | $ (65) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Cash Flows from Operating Activities: | |||
Consolidated net income | $ 86 | $ 63 | $ 57 |
Net income attributable to non-controlling interests | 1 | ||
Net income attributable to the Company | 86 | 62 | 57 |
Adjustments to reconcile net cash from operating activities: | |||
Depreciation | 259 | 256 | 236 |
Amortization of intangibles | 91 | 102 | 105 |
Non-cash interest expense | 6 | 7 | 14 |
Debt extinguishment | 94 | 35 | 64 |
Settlement of interest rate hedge | 16 | ||
Stock compensation expense | 21 | 15 | 16 |
Deferred income tax | 26 | (4) | 22 |
Impairment of long-lived assets | 2 | 7 | 6 |
Other non-cash items | (3) | (6) | |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 46 | 5 | 3 |
Inventories | 74 | 19 | (43) |
Prepaid expenses and other assets | (8) | (1) | 15 |
Accounts payable and other liabilities | (60) | 30 | (41) |
Net cash from operating activities | 637 | 530 | 464 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | (180) | (215) | (239) |
Proceeds from sale of assets | 18 | 19 | 18 |
Acquisitions of business, net of cash acquired | (3) | (226) | (24) |
Net cash from investing activities | (165) | (422) | (245) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term borrowings | 693 | 1,627 | 1,391 |
Repayment of long-term borrowings | (951) | (1,687) | (1,978) |
Proceeds from issuance of common stock | 18 | 17 | 27 |
Payment of tax receivable agreement | (39) | (32) | (5) |
Proceeds from initial public offering | 438 | ||
Repayment of notes receivable | 2 | ||
Debt financing costs | (86) | (44) | (39) |
Net cash from financing activities | (365) | (119) | $ (164) |
Effect of currency translation on cash | (8) | (2) | |
Net change in cash and cash equivalents | 99 | (13) | $ 55 |
Cash and cash equivalents at beginning of period | 129 | 142 | 87 |
Cash and cash equivalents at end of period | $ 228 | $ 129 | $ 142 |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 26, 2015 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Summary Of Significant Accounting Policies | 1. Basis of Presentation and Summary of Significant Accounting Policies Background Berry Plastics Group, Inc. (“Berry” or the “Company”) is a leading provider of value-added plastic consumer packaging and engineered materials with a track record of delivering high-quality customized solutions to our customers. Representative examples of our products include specialty closures, prescription vials, specialty films, adhesives, corrosion protection materials, and nonwovens, as well as drink cups, thin-wall containers, and bottles. We sell our products predominantly into stable, consumer-oriented end-markets, such as healthcare, personal care, and food and beverage. Basis of Presentation Periods presented in these financial statements include fiscal periods ending September 26, 2015 (“fiscal 2015”), September 27, 2014 (“fiscal 2014”), and September 28, 2013 (“fiscal 2013”). Berry, through its wholly-owned subsidiaries operates in three primary segments: Consumer Packaging, Health, Hygiene & Specialties, and Engineered Materials. The Company’s customers are located principally throughout the United States, without significant concentration with any one customer. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company’s fiscal year is based on fifty two week periods. The Company has evaluated subsequent events through the date the financial statements were issued. In November 2015, the Company reorganized into three operating segments: Consumer Packaging, Health, Hygiene & Specialties, and Engineered Materials. The Consumer Packaging segment consists of our historical Rigid Open Top and Rigid Closed Top segments, the food and consumer films business that was historically reported in our Flexible Packaging segment, and the custom shrink films business that was historically reported in our Engineered Materials segment. The Health, Hygiene & Specialties segment includes the recently acquired Avintiv business, as well as the personal care films and international businesses that were historically reported in our Flexible Packaging segment. The Engineered Materials segment includes the historical Engineered Materials segment excluding the custom shrink films business, and the converter films business that was historically reported in our Flexible Packaging segment. The consolidated financial statements include the accounts of Berry and its subsidiaries, all of which includes our wholly owned and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Where our ownership of consolidated subsidiaries is less than 100% the non-controlling interests are reflected in Non-controlling interest and Redeemable non-controlling interests. Revenue Recognition Revenue from the sales of products is recognized at the time title and risks and rewards of ownership pass to the customer, there is persuasive evidence of an arrangement, the sales price is fixed and determinable and collection is reasonably assured. Provisions for certain rebates, sales incentives, trade promotions, coupons, product returns and discounts to customers are accounted for as reductions in gross sales to arrive at net sales. In accordance with the Revenue Recognition standards of the Accounting Standards Codification (“Codification” or “ASC”), the Company provides for these items as reductions of revenue at the later of the date of the sale or the date the incentive is offered. These provisions are based on estimates derived from current program requirements and historical experience. Shipping, handling, purchasing, receiving, inspecting, warehousing, and other costs of distribution are presented in Cost of goods sold in the Consolidated Statements of Income. The Company classifies amounts charged to its customers for shipping and handling in Net sales in the Consolidated Statements of Income. Purchases of Raw Materials and Concentration of Risk The largest supplier of the Company’s total resin material requirements represented approximately 21% of purchases in fiscal 2015. The Company uses a variety of suppliers to meet its resin requirements. Research and Development Research and development costs are expensed when incurred. The Company incurred research and development expenditures of $33 million, $32 million, and $28 million in fiscal 2015, 2014, and 2013, respectively. Stock-Based Compensation The compensation guidance of the FASB requires that the compensation cost relating to share-based payment transactions be recognized in financial statements based on alternative fair value models. The share-based compensation cost is measured based on the fair value of the equity or liability instruments issued. The Company’s share-based compensation plan is more fully described in Note 12. The Company recorded total stock compensation expense of $21 million, $15 million, and $16 million for fiscal 2015, 2014 and 2013, respectively. In August 2013, the Company recorded an $8 million stock compensation charge related to certain modifications to prior Berry Plastics Incentive Plans, and amended outstanding non-qualified stock option agreements to reflect such modifications. The Company utilizes the Black-Scholes option valuation model for estimating the fair value of the stock options. The model allows for the use of a range of assumptions. Expected volatilities utilized in the Black-Scholes model are based on implied volatilities from traded stocks of peer companies. Similarly, the dividend yield is based on historical experience and the estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The Company’s options have a ten year contractual life. For purposes of the valuation model in fiscal years 2015, 2014, and 2013, the Company used the simplified method for determining the granted options expected lives. The fair value for options granted has been estimated at the date of grant using a Black-Scholes model, with the following weighted average assumptions: Fiscal year 2015 2014 2013 Risk-free interest rate 1.6 % 1.3 % 0.6 % Dividend yield 0.0 % 0.0 % 0.0 % Volatility factor .30 .33 .38 Expected option life 7 years 7 years 7 years Foreign Currency For the non-U.S. subsidiaries that account in a functional currency other than U.S. Dollars, assets and liabilities are translated into U.S. Dollars using period-end exchange rates. Sales and expenses are translated at the average exchange rates in effect during the period. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss) within stockholders’ equity (deficit). Gains and losses resulting from foreign currency transactions are included in the Consolidated Statements of Income. Cash and Cash Equivalents All highly liquid investments purchased with a maturity of three months or less from the time of purchase are considered to be cash equivalents. Allowance for Doubtful Accounts The Company’s accounts receivable and related allowance for doubtful accounts are analyzed in detail on a quarterly basis and all significant customers with delinquent balances are reviewed to determine future collectability. The determinations are based on legal issues (such as bankruptcy status), past history, current financial and credit agency reports, and the experience of the credit representatives. Reserves are established in the quarter in which the Company makes the determination that the account is deemed uncollectible. The Company maintains additional reserves based on its historical bad debt experience. The following table summarizes the activity for fiscal years ended for the allowance for doubtful accounts: 2015 2014 2013 Allowance for doubtful accounts, beginning $ 3 $ 3 $ 3 Bad debt expense 2 — 1 Write-offs against allowance (2 ) — (1 ) Allowance for doubtful accounts, ending $ 3 $ 3 $ 3 Inventories Inventories are stated at the lower of cost or market and are valued using the first-in, first-out method. Management periodically reviews inventory balances, using recent and future expected sales to identify slow-moving and/or obsolete items. The cost of spare parts is charged to cost of goods sold when purchased. We evaluate our reserve for inventory obsolescence on a quarterly basis and review inventory on-hand to determine future salability. We base our determinations on the age of the inventory and the experience of our personnel. We reserve inventory that we deem to be not salable in the quarter in which we make the determination. We believe, based on past history and our policies and procedures, that our net inventory is salable. Our inventory reserves were $20 million and $19 million as of fiscal 2015 and fiscal 2014, respectively. Inventory as of fiscal 2015 and 2014 was: 2015 2014 Inventories: Finished goods $ 309 $ 353 Raw materials 213 251 $ 522 $ 604 Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from 15 to 25 years for buildings and improvements, 2 to 10 years for machinery, equipment, and tooling and over the term of the agreement for capital leases. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term. Repairs and maintenance costs are charged to expense as incurred. The Company capitalized interest of $6 million, $6 million, and $5 million in fiscal 2015, 2014, and 2013, respectively. Property, plant and equipment as of fiscal 2015 and 2014 was: 2015 2014 Property, plant and equipment: Land, buildings and improvements $ 367 $ 363 Equipment and construction in progress 2,618 2,509 2,985 2,872 Less accumulated depreciation (1,691 ) (1,508 ) $ 1,294 $ 1,364 Long-lived Assets Long-lived assets, including property, plant and equipment and definite lived intangible assets are reviewed for impairment in accordance with the Property, plant and equipment standard of the ASC whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset’s carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. Long-lived assets that are held for sale are reported at the lower of the assets’ carrying amount or fair value less costs related to the assets’ disposition. We recorded impairment charges totaling $2 million, $7 million, and $5 million to write-down long-lived assets to their net realizable valuables during fiscal years 2015, 2014, and 2013 respectively. Goodwill The Company follows the principles provided by the Goodwill and Other Intangibles standard of the ASC. Goodwill is not amortized but rather tested annually for impairment. The Company performs their annual impairment assessment on the first day of the fourth quarter in each respective fiscal year. The Company has recognized cumulative charges for goodwill impairment of $165 million which occurred in fiscal 2011. For purposes of conducting our annual goodwill impairment test prior to the November 2015 realignment, the Company determined that we had six reporting units, Open Top, Rigid Closed Top, Engineered Films, Flexible Packaging, International and Tapes. We determined that each of the components within our respective reporting units should be aggregated. We reached this conclusion because within each of our reporting units, we have similar products, management oversight, production processes and markets served which allow us to share assets and resources across the product lines. We regularly re-align our production equipment and manufacturing facilities in order to take advantage of cost savings opportunities, obtain synergies and create manufacturing efficiencies. In addition, we utilize our research and development centers, design center, tool shops, and graphics center which all provide benefits to each of the reporting units and work on new products that can benefit multiple product lines. We also believe that the goodwill is recoverable from the overall operations of the unit given the similarity in production processes, synergies from leveraging the combined resources, common raw materials, common research and development, similar margins and similar distribution methodologies. In fiscal year 2015, the Company applied the qualitative assessment and determined that it is more likely than not that the fair value of the reporting unit exceeded the carrying amount of each of their reporting units. The Company reached this conclusion based on the increased valuations within the packaging industry and projected future operating results and an increase in the Company’s common stock price, market capitalization and total enterprise value. In fiscal 2014, the Company applied the qualitative assessment to determine whether it is more likely than not that the fair value of each reporting unit may be less than the carrying amount, and concluded that it was more likely than not that the fair value of each reporting unit exceeded the carrying except for the Rigid Open Top reporting unit due to the decline in that units operating income. The Company completed step 1 in Fiscal 2014 of the impairment test which indicated no impairment existed for Rigid Open Top. In fiscal 2013, the Company applied the qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit may be less than the carrying amount and determined that no impairment was indicated and therefore did not perform a two-step impairment test. The changes in the carrying amount of goodwill by reportable segment are as follows: Consumer Health, Engineered Total Balance as of fiscal 2013 $ 1,524 $ 27 $ 83 $ 1,634 Foreign currency translation adjustment (2 ) — (2 ) (4 ) Acquisitions (realignment), net 2 22 5 29 Balance as of fiscal 2014 $ 1,524 $ 49 $ 86 $ 1,659 Foreign currency translation adjustment (5 ) (2 ) (2 ) (9 ) Acquisitions, net 1 1 — 2 Balance as of fiscal 2015 $ 1,520 $ 48 $ 84 $ 1,652 Deferred Financing Fees Deferred financing fees are amortized to interest expense using the effective interest method over the lives of the respective debt agreements. Pursuant to ASC 835-30 the Company presents $5 million of its debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. In addition, the remaining $4 million of deferred charges, which relate to the Company’s revolving line of credit, are presented in Goodwill, intangible assets and deferred costs, net. Intangible Assets Customer relationships are being amortized using an accelerated amortization method which corresponds with the customer attrition rates used in the initial valuation of the intangibles over the estimated life of the relationships which range from 11 to 20 years. Trademarks that are expected to remain in use, which are indefinite lived intangible assets, are required to be reviewed for impairment annually. Technology intangibles are being amortized using the straight-line method over the estimated life of the technology which is 11 years. License intangibles are being amortized using the straight-line method over the life of the license which is 10 years. Patent intangibles are being amortized using the straight-line method over the shorter of the estimated life of the technology or the patent expiration date ranging from 10 to 20 years, with a weighted-average life of 15 years. The Company evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. We completed the annual impairment test of our indefinite lived trade names and noted no impairment. Customer Trademarks Other Accumulated Total Balance as of fiscal 2013 $ 1,134 $ 283 $ 107 $ (668 ) $ 856 Adjustment for income taxes (2 ) — (1 ) — (3 ) Foreign currency translation adjustment (3 ) (1 ) (2 ) 4 (2 ) Amortization expense — — — (102 ) (102 ) Acquisition intangibles 38 — 5 — 43 Balance as of fiscal 2014 $ 1,167 $ 282 $ 109 $ (766 ) $ 792 Adjustment for income taxes (3 ) — — — (3 ) Foreign currency translation adjustment (6 ) (1 ) (3 ) 4 (6 ) Amortization expense — — — (91 ) (91 ) Acquisition intangibles 1 — — — 1 Balance as of fiscal 2015 $ 1,159 $ 281 $ 106 $ (853 ) $ 693 Insurable Liabilities The Company records liabilities for the self-insured portion of workers’ compensation, health, product, general and auto liabilities. The determination of these liabilities and related expenses is dependent on claims experience. For most of these liabilities, claims incurred but not yet reported are estimated based upon historical claims experience. Income Taxes The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s financial statements or income tax returns. Income taxes are recognized during the period in which the underlying transactions are recorded. Deferred taxes, with the exception of non-deductible goodwill, are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and such amounts as measured by tax laws. If the Company determines that a deferred tax asset arising from temporary differences is not likely to be utilized, the Company will establish a valuation allowance against that asset to record it at its expected realizable value. The Company recognizes uncertain tax positions when it is more likely than not that the tax position will be sustained upon examination by relevant taxing authorities, based on the technical merits of the position. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company’s effective tax rate is dependent on many factors including: the impact of enacted tax laws in jurisdictions in which the Company operates; the amount of earnings by jurisdiction, due to varying tax rates in each country; and the Company’s ability to utilize foreign tax credits related to foreign taxes paid on foreign earnings that will be remitted to the U.S. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive losses include net unrealized gains or losses resulting from currency translations of foreign subsidiaries, changes in the value of our derivative instruments and adjustments to the pension liability. The accumulated balances related to each component of other comprehensive income (loss) were as follows (amounts below are net of taxes): Currency Defined Benefit Interest Accumulated Balance as of fiscal 2012 $ (15 ) $ (29 ) $ (3 ) $ (47 ) Other comprehensive income (loss) (5 ) 34 20 49 Provision for income taxes — (13 ) (7 ) (20 ) Balance as of fiscal 2013 $ (20 ) $ (8 ) $ 10 $ (18 ) Other comprehensive loss (16 ) (11 ) (3 ) (30 ) Provision for income taxes — 4 1 5 Balance as of fiscal 2014 $ (36 ) $ (15 ) $ 8 $ (43 ) Other comprehensive loss (45 ) (16 ) (33 ) (94 ) Provision for income taxes — 6 12 18 Balance as of fiscal 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) Accrued Rebates The Company offers various rebates to customers based on purchases. These rebate programs are individually negotiated with customers and contain a variety of different terms and conditions. Certain rebates are calculated as flat percentages of purchases, while others included tiered volume incentives. These rebates may be payable monthly, quarterly, or annually. The calculation of the accrued rebate balance involves significant management estimates, especially where the terms of the rebate involve tiered volume levels that require estimates of expected annual sales. These provisions are based on estimates derived from current program requirements and historical experience. The accrual for customer rebates was $53 million and $50 million at the end of fiscal 2015 and 2014, respectively and is included in Accrued expenses and other current liabilities. Pension Pension benefit costs include assumptions for the discount rate, retirement age, and expected return on plan assets. Retiree medical plan costs include assumptions for the discount rate, retirement age, and health-care-cost trend rates. Periodically, the Company evaluates the discount rate and the expected return on plan assets in its defined benefit pension and retiree health benefit plans. In evaluating these assumptions, the Company considers many factors, including an evaluation of the discount rates, expected return on plan assets and the health-care-cost trend rates of other companies; historical assumptions compared with actual results; an analysis of current market conditions and asset allocations; and the views of advisers. Net Income Per Share The Company calculates basic net income per share based on the weighted-average number of outstanding common shares. The Company calculates diluted net income per share based on the weighted-average number of outstanding common shares plus the effect of dilutive securities. Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make extensive use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of sales and expenses. Actual results could differ materially from these estimates. Changes in estimates are recorded in results of operations in the period that the event or circumstances giving rise to such changes occur. Recently Issued Accounting Pronouncements Income Taxes In July 2013, the FASB issued Accounting Standards Update No. 2013-11: Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-11”). An entity is required to present unrecognized tax benefits as a decrease in a net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The determination of whether a deferred tax asset is available is based on the unrecognized tax benefit and the deferred tax asset that exists at the reporting date and presumes disallowance of the tax position at the reporting date. The guidance will eliminate the diversity in practice in the presentation of unrecognized tax benefits but will not alter the way in which entities assess deferred tax assets for realizability. The adoption of ASU 2013-11 did not have an impact on the Company’s 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. In order to do so, an entity would follow the five-step process for in-scope transactions: 1) identify the contract with a customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the separate performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the provisions of the new standard are effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption for annual reporting periods beginning after December 15, 2016 is permitted. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. There are areas within the standard that are currently under review and reconsideration by the FASB, which could lead to future updates to the standard. As the outcomes of this process could lead to changes to the standard, we are still in the process of determining our approach to the adoption of this new standard, and the anticipated impact to the consolidated financial statements. Classification of Debt Issuance Costs In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company has elected to early adopt this guidance. The effects of the adoption for fiscal years ended September 26, 2015 and September 27, 2014, were a $5 million and $16 million, respectively, reduction of Goodwill, intangible assets, and deferred costs, net and Long-term debt, less current portion on the consolidated balance sheets by amounts classified as deferred costs. Inventory In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory Business Combinations In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) — Simplifying the accounting for Measurement-Period Adjustments |
Acquisition
Acquisition | 12 Months Ended |
Sep. 26, 2015 | |
Acquisition [Abstract] | |
Acquisition | 2. Acquisition Graphic Flexible Packaging LLC’s Flexible Plastics and Films In September 2013, the Company acquired Graphic Flexible Packaging LLC’s flexible plastics and films business (“Graphic Plastics”) for a purchase price of $61 million, net of cash acquired. Graphic Plastics is a producer of wraps, films, pouches, and bags for the food, medical, industrial, personal care, and pet food markets. The Graphic Plastics medical and personal care business is operated in the Health, Hygiene & Specialties segment, the food business is operated in the Consumer Packaging segment, and the remaining business is operated in the Engineered Materials segment. To finance the purchase, the Company used existing liquidity. The Graphic Plastics 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 estimated fair values at the acquisition date. The acquired assets and assumed liabilities consisted of working capital of $8 million, property and equipment of $18 million, intangible assets of $25 million, goodwill of $14 million and other long-term liabilities of $4 million. Qingdao P&B Co., Ltd In January 2014, the Company acquired the controlling interest (75%) of Qingdao P&B Co., Ltd (“P&B”) for a purchase price of $35 million, net of cash acquired. P&B utilizes thermoform, injection, and automated assembly manufacturing processes to produce products for multiple markets across China as well as globally, most predominately serving the food and personal care markets. P&B is operated in the Health, Hygiene & Specialties segment. To finance the purchase, the Company used existing liquidity. The P&B 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 estimated fair values at the acquisition date. As part of the P&B acquisition, the non-controlling interest holder has a put option, and the Company has a call option on the remaining 25% interest in P&B that becomes effective three years from the date of purchase. Upon execution of the put or call option, the purchase price for the remaining equity interest will be determined based on the fair value at the date of execution. The non-controlling interest of P&B is recorded in Redeemable non-controlling interest and will be carried at fair value with adjustments in the fair value being recorded in Additional paid-in capital. The acquired assets and assumed liabilities consisted of working capital of $9 million, property and equipment of $24 million, intangible assets of $11 million, goodwill of $10 million, other long-term liabilities of $4 million and Redeemable non-controlling interest of $13 million. Rexam Healthcare Containers and Closures In June 2014, the Company acquired Rexam’s C&C for a purchase price of $133 million, net of cash acquired. The C&C business produces bottles, closures and specialty products for pharmaceutical and over-the-counter applications. Facilities located in the U.S. are operated in the Consumer Packaging segment, and locations outside the U.S. are operated in the Health, Hygiene & Specialties segment. To finance the purchase, the Company used existing liquidity. The C&C 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 estimated fair values at the acquisition date. The acquired assets and assumed liabilities consisted of working capital of $32 million, property and equipment of $85 million, non-current deferred tax asset of $3 million, intangible assets of $9 million, goodwill of $7 million, and other long-term liabilities of $3 million. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Sep. 26, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 3. Long-Term Debt Revolving Line of Credit In May 2015, the Company amended the credit agreement relating to its existing $650 million secured revolving credit facility to extend the maturity date of the revolving credit facility from June 2016 to May 2020 and to reduce interest margins and certain commitment fees. 5 1 8 % Second Priority Senior Secured Notes In June 2015, the Company issued $ 700 1 8 % second priority senior secured notes due July 2023 1 8 % second priority senior secured notes is due semi-annually on January 15 and July 15. Proceeds from the issuance and existing liquidity were used to satisfy and discharge all of the outstanding 9¾% second priority senior secured notes. The Company recognized a $ 94 83 11 Long-term debt consists of the following: Maturity September 26, September 27, Term loan February 2020 $ 1,369 $ 1,383 Term loan January 2021 1,019 1,122 Revolving line of credit May 2020 — — 5 1 8 July 2023 700 — 5 1 2 May 2022 500 500 9 3 4 Retired — 800 Debt discounts and deferred fees (29 ) (36 ) Capital leases and other Various 126 133 Total long-term debt 3,685 3,902 Current portion of long-term debt (37 ) (58 ) Long-term debt, less current portion $ 3,648 $ 3,844 Berry Plastics Corporation Senior Secured Credit Facility Our wholly owned subsidiary Berry Plastics Corporation's senior secured credit facilities consist of $ 2.4 650 The borrowings under the senior secured credit facilities bear interest at a rate equal to an applicable margin plus, as determined at the Company's option, either (a) a base rate determined by reference to the higher of (1) the prime rate of Credit Suisse, Cayman Islands Branch, as administrative agent, in the case of the term loan facility or Bank of America, N.A., as administrative agent, in the case of the revolving credit facility and (2) the U.S. federal funds rate plus 1/2 of 1% or (b) LIBOR determined by reference to the costs of funds for eurodollar deposits in dollars in the London interbank market for the interest period relevant to such borrowing Bank Compliance for certain additional costs. The applicable margin for LIBOR rate borrowings under the revolving credit facility range from 1.25 1.75 2.75 annum with a LIBOR floor of 1.00 2.50 1.00 In addition to paying interest on outstanding principal under the senior secured credit facilities, the Company is required to pay a commitment fee to the lenders under the revolving credit facilities in respect of the unutilized commitments thereunder at a rate equal to 0.25 0.325 0.125 The term loan facility requires minimum quarterly principal payments of $ 4 100 1 Our fixed charge coverage ratio, as defined in the revolving credit facility, is calculated based on a numerator consisting of adjusted EBITDA less pro forma adjustments, income taxes paid in cash and capital expenditures, and a denominator consisting of scheduled principal payments in respect of indebtedness for borrowed money, interest expense and certain distributions. We are obligated to sustain a minimum fixed charge coverage ratio of 1.0 10 471 2.9 Despite not having financial maintenance covenants, our debt agreements contain certain negative covenants. The failure to comply with these negative covenants could restrict our ability to incur additional indebtedness, effect acquisitions, enter into certain significant business combinations, make distributions or redeem indebtedness. The term loan facility contains a negative covenant first lien secured leverage ratio covenant of 4.0 2.8 Future maturities of long-term debt as of fiscal year end 2015 are as follows: Fiscal Year Maturities 2016 $ 37 2017 35 2018 35 2019 33 2020 1,332 Thereafter 2,242 $ 3,714 Interest paid was $ 191 214 245 |
Financial Instruments And Fair
Financial Instruments And Fair Value Measurements | 12 Months Ended |
Sep. 26, 2015 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Financial Instruments And Fair Value Measurements | 4. Financial Instruments and Fair Value Measurements As part of the overall risk management, the Company uses derivative instruments to reduce exposure to changes in interest rates attributed to the Company's floating-rate borrowings. 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 fair value of the derivatives are offset by changes in the fair value of the related hedged item are recorded to Accumulated other comprehensive loss. Management believes hedge effectiveness is evaluated properly in preparation of the financial statements, and did not identify any hedge ineffectiveness related to the interest rate swaps recorded on the Consolidated Balance Sheets in the current period. Cash Flow Hedging Strategy For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of Accumulated other comprehensive loss and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. The categorization of the framework used to price these derivative instruments is considered a Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. In February 2013, the Company entered into an interest rate swap transaction to protect $ 1 1.00 2.355 May 2016 May 2019 16 In March 2014, the Company entered into an interest rate swap transaction to manage cash flow variability associated with $ 1 1.00 2.59 February 2016 February 2019 In September 2015, the Company entered into an interest rate swap transaction to protect $ 1 1.00 1.7185 December 2015 June 2019 Liability Derivatives Balance Sheet Location 2015 2014 Interest rate swaps Other long-term liabilities $ 36 $ 3 The Fair Value Measurements and Disclosures section of the ASC defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, and establishes a framework for measuring fair value. This section also establishes a three-level hierarchy (Level 1, 2, or 3) for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. This section also requires the consideration of the counterparty's or the Company's nonperformance risk when assessing fair value. The Company's interest rate swap fair values were determined using Level 2 inputs as other significant observable inputs were not available. The Company's financial instruments consist primarily of cash and cash equivalents, long-term debt, interest rate swap agreements and capital lease obligations. The book value of our long-term indebtedness exceeded fair value by $ 55 86 Non-recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis under the circumstances and events described in Note 1 and Note 10. The assets are adjusted to fair value only when the carrying values exceed the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value (see Note 1 and 10 for additional discussion). These assets include primarily our definite lived and indefinite lived intangible assets, including Goodwill and our property plant and equipment. The Company reviews Goodwill and other indefinite lived assets for impairment as of the first day of the fourth fiscal quarter each year, and more frequently if impairment indicators exist. The Company determined Goodwill and other indefinite lived assets were not impaired in our annual fiscal 2014 assessment and no impairment indicators existed in the current quarter. Included in the following tables are the major categories of assets measured at fair value on a non-recurring basis along with the impairment loss recognized on the fair value measurement for the fiscal years then ended. As of the end of fiscal 2015 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,652 1,652 — Definite lived intangible assets — — 486 486 — Property, plant, and equipment — — 1,294 1,294 2 Total $ — $ — $ 3,639 $ 3,639 $ 2 As of the end of fiscal 2014 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,659 1,659 — Definite lived intangible assets — — 585 585 — Property, plant, and equipment — — 1,364 1,364 7 Total $ — $ — $ 3,815 $ 3,815 $ 7 As of the end of fiscal 2013 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,634 1,634 — Definite lived intangible assets — — 649 649 5 Property, plant, and equipment — — 1,266 1,266 — Total $ — $ — $ 3,756 $ 3,756 $ 5 Valuation of Goodwill and Indefinite Lived Intangible Assets ASC Topic 350 requires the Company to test goodwill for impairment at least annually. The Company conducts the impairment test on the first day of the fourth fiscal quarter, unless indications of impairment exist during an interim period. When assessing its goodwill for impairment, the Company utilizes a comparable company market approach in combination with a discounted cash flow analysis to determine the fair value of their reporting units and corroborate the fair values. The Company utilizes a relief from royalty method to value their indefinite lived trademarks and uses the forecasts that are consistent with those used in the reporting unit analysis. The Company's reporting units are more fully discussed in Note 1. In fiscal 2015, fiscal 2014 and fiscal 2013 the Company determined no impairment existed. The Company did not recognize any impairment charges on the indefinite lived intangible assets in any of the years presented. Valuation of Property, Plant and Equipment and Definite Lived Intangible Assets The Company periodically realigns their manufacturing operations which results in facilities being closed and shut down and equipment transferred to other facilities or equipment being scrapped or sold. The Company utilizes appraised values to corroborate the fair value of the facilities and has utilized a scrap value based on prior facility shut downs to estimate the fair value of the equipment, which has approximated the actual value that was received. When impairment indicators exist, the Company will also perform an undiscounted cash flow analysis to determine the recoverability of the Company's long-lived assets. The Company incurred an impairment charges of $2 million and $7 million related to property, plant and equipment in fiscal years 2015 and 2014, respectively. The Company did not incur an impairment charge related to property, plant and equipment in fiscal 2013. The Company did not incur an impairment charge on definite lived intangible assets in fiscal 2015 or 2014. The Company did recognize an impairment charge of $5 million on definite lived intangible assets related to the decision to exit certain businesses during fiscal 2013. |
Goodwill, Intangible Assets And
Goodwill, Intangible Assets And Deferred Costs | 12 Months Ended |
Sep. 26, 2015 | |
Goodwill, Intangible Assets And Deferred Costs [Abstract] | |
Goodwill, Intangible Assets And Deferred Costs | 5. Goodwill, Intangible Assets and Deferred Costs The following table sets forth the gross carrying amount and accumulated amortization of the Company's goodwill, intangible assets and deferred costs as of the fiscal year end: 2015 2014 Amortization Period Deferred financing fees – revolving line of credit $ 4 $ 8 Effective Interest Accumulated amortization — (4 ) Deferred financing fees, net 4 4 Goodwill 1,652 1,659 Indefinite lived Customer relationships 1,159 1,167 11 – 20 years Trademarks (indefinite lived) 207 207 Indefinite lived Trademarks (definite lived) 74 75 8 – 15 years Other intangibles 106 109 10 – 20 years Accumulated amortization (853 ) (766 ) Intangible assets, net 693 792 Total goodwill, intangible assets and deferred costs $ 2,349 $ 2,455 Future amortization expense for definite lived intangibles as of fiscal 2015 for the next five fiscal years is $ 84 72 55 50 46 |
Lease And Other Commitments And
Lease And Other Commitments And Contingencies | 12 Months Ended |
Sep. 26, 2015 | |
Lease And Other Commitments And Contingencies [Abstract] | |
Lease And Other Commitments And Contingencies | 6. Lease and Other Commitments and Contingencies The Company leases certain property, plant and equipment under long-term lease agreements. Property, plant, and equipment under capital leases are reflected on the Company’s balance sheet as owned. The Company entered into new capital lease obligations totaling $29 million, $45 million, and $49 million during fiscal 2015, 2014, and 2013, respectively, with various lease expiration dates through 2025. The Company records amortization of capital leases in Cost of goods sold in the Consolidated Statement of Income. Assets under operating leases are not recorded on the Company’s balance sheet. Operating leases expire at various dates in the future with certain leases containing renewal options. The Company had minimum lease payments or contingent rentals of $24 million and $24 million and asset retirement obligations of $8 million and $7 million as of fiscal 2015 and 2014, respectively. Total rental expense from operating leases was $53 million, $54 million, and $53 million in fiscal 2015, 2014, and 2013, respectively. Future minimum lease payments for capital leases and non-cancellable operating leases with initial terms in excess of one year as of fiscal year end 2015 are as follows: Capital Leases Operating Leases 2016 $ 28 $ 50 2017 25 46 2018 23 39 2019 21 34 2020 21 28 Thereafter 24 137 142 $ 334 Less: amount representing interest (16 ) Present value of net minimum lease payments $ 126 The Company has entered into a series of sale-leaseback transactions, pursuant to which it sold certain facilities and is leasing these facilities back. The Company has a total deferred gain on these sale-leaseback transactions of $28 million and is amortizing this over the respective lease of the facility. Litigation In July 2012, Berry Plastics Corporation (“BPC”) was sued by a customer for breach of contract, breach of express warranty, and breach of implied warranties. The customer alleged that in December 2007 and January 2008 BPC supplied the customer with defective woven polypropylene fabric used to manufacture containers that it then sold to its customers. In November 2015, a jury rendered a judgment in favor of the customer which is immaterial to the Company. The Company intends to appeal the judgment and file certain post-trial motions. While we are unable to predict the ultimate outcome of this matter, management expects any final judgment against BPC to be covered by insurance maintained by the Company. The Company is party to various legal proceedings in addition to the above involving routine claims which are incidental to its business. Although the Company’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, the Company believes that any ultimate liability would not be material to its financial position, results of operations or cash flows. The Company has various purchase commitments for raw materials, supplies and property and equipment incidental to the ordinary conduct of business. Collective Bargaining Agreements At the end of fiscal 2015, we employed approximately 16,000 employees, and approximately 12% of those employees are covered by collective bargaining agreements. There are four agreements, representing approximately 56% of union employees, due for renegotiation in fiscal 2016. The remaining agreements expire after fiscal 2016. Our relations with employees under collective bargaining agreements remain satisfactory and there have been no significant work stoppages or other labor disputes during the past three years. |
Accrued Expenses, Other Current
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 12 Months Ended |
Sep. 26, 2015 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities | 7. Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities The following table sets forth the totals included in Accrued expenses and other current liabilities as of fiscal year end. 2015 2014 Employee compensation, payroll, and other taxes $ 102 $ 91 Interest 38 44 Rebates 53 50 Property taxes 13 13 Restructuring 10 13 Tax receivable agreement obligation 57 39 Other 65 64 $ 338 $ 314 The following table sets forth the totals included in Other long-term liabilities as of fiscal year end. 2015 2014 Lease retirement obligation $ 32 $ 31 Sale-lease back deferred gain 28 30 Pension liability 57 45 Tax receivable agreement obligation 175 234 Interest rate swaps 36 3 Other 13 13 $ 341 $ 356 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 26, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes The Company is being taxed at the U.S. corporate level as a C-Corporation and has provided U.S. Federal, State and foreign income taxes. Significant components of income tax expense for the fiscal years ended are as follows: 2015 2014 2013 Current: United States Federal $ — — $ — State 3 5 2 Non-U.S. 7 3 4 Current income tax provision 10 8 6 Deferred: United States Federal 31 3 26 State (4 ) (5 ) (3 ) Non-U.S. (1 ) (2 ) (1 ) Deferred income tax expense (benefit) 26 (4 ) 22 Expense for income taxes $ 36 $ 4 $ 28 The reconciliation between U.S. Federal income taxes at the statutory rate and the Company’s benefit for income taxes on continuing operations for fiscal year end is follows: 2015 2014 2013 U.S. Federal income tax expense at the statutory rate $ 43 $ 23 $ 29 Adjustments to reconcile to the income tax provision: U.S. State income tax expense 7 5 (1 ) Changes in state valuation allowance (7 ) — — Research and development credits (5 ) (20 ) — Permanent differences — (2 ) — Changes in foreign valuation allowance — 1 1 Rate differences between U.S. and foreign (2 ) (1 ) (2 ) APB 23 — (1 ) — Other — (1 ) 1 Expense for income taxes $ 36 $ 4 $ 28 Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax liability as of fiscal year end are as follows: 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 3 $ 3 Deferred gain on sale-leaseback 12 13 Accrued liabilities and reserves 84 58 Inventories 9 10 Net operating loss carryforward 130 248 Alternative minimum tax (AMT) credit carryforward 9 9 Research and development credit carryforward 22 22 Federal and state tax credits 7 13 Other 3 9 Total deferred tax assets 279 385 Valuation allowance (29 ) (56 ) Total deferred tax assets, net of valuation allowance 250 329 Deferred tax liabilities: Property, plant and equipment 137 157 Intangible assets 256 279 Debt extinguishment 79 107 Other 3 6 Total deferred tax liabilities 475 549 Net deferred tax liability $ (225 ) $ (220 ) In the U.S. the Company had $361 million of federal net operating loss carryforwards as of fiscal 2015, which will be available to offset future taxable income. As of fiscal year end 2015, the Company had state and foreign net operating loss carryforwards of $684 million and $52 million, respectively, which will be available to offset future taxable income. If not used, the federal net operating loss carryforwards will expire in future years beginning 2025 through 2031. AMT credit carryforwards totaling $9 million are available to the Company indefinitely to reduce future years’ federal income taxes. The state net operating loss carryforwards will expire in future years beginning in 2015 through 2033. The Company has $22 million and $7 million of federal and state Research and Development tax credits, respectively, that will expire in future years beginning 2027 through 2034. In addition, the Company has $4 million of other state tax credits that will expire in future years beginning in 2016 through 2020. In connection with the initial public offering, the Company entered into an income tax receivable agreement that provides for the payment to pre-initial public offering stockholders, option holders and holders of our stock appreciation rights, 85% of the amount of cash savings, if any, in U.S. federal, foreign, state and local income tax that are actually realized (or are deemed to be realized in the case of a change of control) as a result of the utilization of our and our subsidiaries’ net operating losses attributable to periods prior to the initial public offering. Based on the Company's assumptions using various items, including valuation analysis and current tax law, the Company recorded an obligation of $313 million which was recognized as a reduction of Paid-in capital on the Consolidated Balance Sheets. The Company made payments of $39 million, $32 million, and $5 million in fiscal years 2015, 2014, and 2013, respectively. The balance at the end of fiscal 2015 was $232 million, and the Company made its fiscal year 2016 payment of $57 million in October 2015. The Company believes that it will not generate sufficient future taxable income to realize the tax benefits in certain foreign jurisdictions related to the deferred tax assets. The Company also has certain state net operating losses that may expire before they are fully utilized. Therefore, the Company has provided a full valuation allowance against certain of its foreign deferred tax assets and a valuation allowance against certain of its state deferred tax assets included within the deferred tax assets. Prior changes in ownership have created limitations under Sec. 382 of the Internal Revenue Code on annual usage of net operating loss carryforwards. However, all of the Company’s Federal net operating loss carryforwards should be available for use within the next five years. As part of the effective tax rate calculation, if we determine that a deferred tax asset arising from temporary differences is not likely to be utilized, we will establish a valuation allowance against that asset to record it at its expected realizable value. The Company has not provided a valuation allowance on its federal net operating loss carryforwards in the U.S. because it has cumulative income, federal taxable income and has also determined that future reversals of its temporary taxable differences will occur in the same periods and are of the same nature as the temporary differences giving rise to the deferred tax assets. Our valuation allowance against deferred tax assets was $29 million and $56 million as of fiscal year end 2015 and 2014, respectively, related to the foreign and U.S. state operations. The Company paid cash taxes of $9 million, $7 million, and $3 million in fiscal 2015, 2014, and 2013, respectively. Uncertain Tax Positions We adopted the provisions of the Income Taxes standard of the Codification. This interpretation clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with guidance provided by FASB and prescribes a recognition threshold of more-likely-than-not to be sustained upon examination. Our policy to include interest and penalties related to gross unrecognized tax benefits within our provision for income taxes did not change. The following table summarizes the activity related to our gross unrecognized tax benefits for fiscal year end: 2015 2014 Beginning unrecognized tax benefits $ 14 $ 14 Gross increases – tax positions in prior periods — 2 Gross increases – current period tax positions 1 1 Settlements (1 ) (2 ) Lapse of statute of limitations (1 ) (1 ) Ending unrecognized tax benefits $ 13 $ 14 The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was $7 million and $8 million for fiscal year end 2015 and 2014. As of fiscal year end 2015, we had $2 million accrued for payment of interest and penalties related to our uncertain tax positions. Our penalties and interest related to uncertain tax positions are included in income tax expense. We and our subsidiaries are routinely examined by various taxing authorities. Although we file U.S. federal, U.S. state, and foreign tax returns, our major tax jurisdiction is the U.S. The IRS has completed an examination of our 2003, 2010 and 2011 tax years. Our 2004 – 2009, 2012 and 2013 tax years remain subject to examination by the IRS. There are various other on-going audits in various other jurisdictions that are not material to our financial statements. As of the end of fiscal 2015, we had unremitted earnings from foreign subsidiaries that are permanently reinvested for continued use in foreign operations, accordingly, no provision for U.S. federal or state income taxes has been provided thereon. If distributed, those earnings would result in additional income tax expense at approximately the U.S. statutory rate. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable due to the complexities associated with its hypothetical calculation. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Sep. 26, 2015 | |
Retirement Plan [Abstract] | |
Retirement Plan | 9. Retirement Plan The Company maintains four defined benefit pension plans which cover certain manufacturing facilities. The Company also maintains a retiree health plan, which covers certain healthcare and life insurance benefits for certain retired employees and their spouses. Each of the four defined benefit plans and the retiree health plan are frozen plans. The Company uses fiscal year end as a measurement date for the retirement plans. The Company sponsors two defined contribution 401(k) retirement plans covering substantially all employees. Contributions are based upon a fixed dollar amount for employees who participate and percentages of employee contributions at specified thresholds. Contribution expense for these plans was $7 million, $8 million, and $7 million for fiscal 2015, 2014, and 2013, respectively. The projected benefit obligations of the Company’s plans presented herein are equal to the accumulated benefit obligations of such plans. The tables below exclude the obligations related to the foreign plans, which carry immaterial balances. The net amount of liability recognized is included in Other long-term liabilities on the Consolidated Balance Sheets. Defined Benefit Pension Plans Retiree Health Plan 2015 2014 2015 2014 Change in Projected Benefit Obligations (PBO) PBO at beginning of period $ 192 $ 178 $ 2 $ 2 Service cost 1 — — — Interest cost 8 8 — — Actuarial loss (gain) 11 15 — — Benefit settlements (9 ) — — — Benefits paid (10 ) (9 ) — — PBO at end of period $ 193 $ 192 $ 2 $ 2 Change in Fair Value of Plan Assets Plan assets at beginning of period $ 154 $ 141 $ — $ — Actual return on plan assets 3 15 — — Company contributions 4 7 — — Benefit settlements (9 ) — — — Benefits paid (10 ) (9 ) — — Plan assets at end of period 142 154 — — Net amount recognized $ (51 ) $ (38 ) $ (2 ) $ (2 ) At the end of fiscal 2015 the Company had $45 million of net unrealized losses recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets. The Company expects $2 million to be realized in fiscal 2016, and the remaining to be recognized over the next 13 fiscal years. The following table presents significant weighted-average assumptions used to determine benefit obligation and benefit cost for the fiscal years ended: Defined Benefit Pension Plans Retiree Health Plan 2015 2014 2015 2014 (Percents) Weighted-average assumptions: Discount rate for benefit obligation 4.0 4.0 3.0 2.9 Discount rate for net benefit cost 4.0 4.5 2.9 3.1 Expected return on plan assets for net benefit costs 7.25 8.0 N/A N/A In evaluating the expected return on plan assets, Berry considered its historical assumptions compared with actual results, an analysis of current market conditions, asset allocations, and the views of advisors. The return on plan assets is derived from target allocations and historical yield by asset type. Health-care-cost trend rates were assumed to increase at an annual rate of 7.0%. A one-percentage-point change in these assumed health care cost trend rates would not have a material impact on our postretirement benefit obligation. In accordance with the guidance from the FASB for employers’ disclosure about postretirement benefit plan assets the table below discloses fair values of each pension plan asset category and level within the fair value hierarchy in which it falls. There were no material changes or transfers between level 3 assets and the other levels. Fiscal 2015 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8 $ — $ — $ 8 U.S. large cap comingled equity funds — 37 — 37 U.S. mid cap equity mutual funds 24 — — 24 U.S. small cap equity mutual funds 2 — — 2 International equity mutual funds 6 — — 6 Real estate equity investment funds 3 — — 3 Corporate bond mutual funds 21 — — 21 Corporate bonds — 31 — 31 Guaranteed investment account — — 10 10 Total $ 64 $ 68 $ 10 $ 142 Fiscal 2014 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 7 $ — $ — $ 7 U.S. large cap comingled equity funds — 47 — 47 U.S. mid cap equity mutual funds 27 — — 27 U.S. small cap equity mutual funds 6 — — 6 International equity mutual funds 10 — — 10 Real estate equity investment funds 3 — — 3 Corporate bond mutual funds 28 — — 28 Corporate bonds — 15 — 15 Guaranteed investment account — — 11 11 Total $ 81 $ 62 $ 11 $ 154 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the fiscal year end: Defined Benefit Retiree Health 2016 $ 10 $ - 2017 10 - 2018 10 - 2019 10 - 2020 11 - 2021-2025 56 1 Net pension and retiree health benefit expense included the following components as of fiscal year end: 2015 2014 2013 Defined Benefit Pension Plans Service cost $ 1 $ — $ — Interest cost 8 8 7 Amortization 1 — 3 Settlement charge 2 — — Expected return on plan assets (12 ) (11 ) (10 ) Net periodic benefit cost $ — $ (3 ) $ — Our defined benefit pension plan asset allocations as of fiscal year end are as follows: 2015 2014 Asset Category Equity securities and equity-like instruments 51 % 60 % Debt securities and debt-like 37 28 Other 12 12 Total 100 % 100 % The Company’s retirement plan assets are invested with the objective of providing the plans the ability to fund current and future benefit payment requirements while minimizing annual Company contributions. The retirement plans held $17 million of the Company’s stock at the end of fiscal 2015. The Company re-addresses the allocation of its investments on a regular basis. |
Restructuring And Impairment Ch
Restructuring And Impairment Charges | 12 Months Ended |
Sep. 26, 2015 | |
Restructuring And Impairment Charges [Abstract] | |
Restructuring And Impairment Charges | 10. Restructuring and Impairment Charges The Company has announced various restructuring plans in the last three fiscal years which included shutting down facilities in all four of the Company’s operating segments. In all instances, the majority of the operations from rationalized facilities was transferred to other facilities within the respective division. During fiscal 2013, the Company made the decision to exit certain operations in the Engineered Materials division. This decision resulted in a non-cash impairment charges of $6 million related to certain intangible assets deemed to have no further value recorded in Restructuring and impairment charges on the Consolidated Statement of Income. The exited businesses were immaterial to the Company and the Engineered Materials segment. During fiscal 2014, the Company initiated a cost reduction plan designed to deliver meaningful cost savings and improved equipment utilization. The Company announced the intention to shut down four facilities, three in the Consumer Packaging division, and one in the Engineered Materials division. The affected Consumer Packaging and Engineered Materials businesses accounted for approximately $153 million and $9 million of annual net sales, respectively. During fiscal 2015, the Company announced the intention to shut down two facilities, one each in the Consumer Packaging and Engineered Materials divisions. The affected Consumer Packaging and Engineered Materials businesses accounted for approximately $24 million and $16 million of annual net sales, respectively. Since 2013, total expected costs attributed to restructuring programs total $60 million with $3 million remaining to be recognized in the future. Expected Total Cumulative charges To be Severance and termination benefits $ 18 $ 18 $ — Facility exit costs 27 24 3 Asset impairment 15 15 — Total $ 60 $ 57 $ 3 The tables below sets forth the significant components of the restructuring charges recognized for the fiscal years ended, by segment: 2015 2014 2013 Consumer Packaging $ 11 $ 24 $ 5 Health, Hygiene & Specialties — — — Engineered Materials 2 6 9 Consolidated $ 13 $ 30 $ 14 The table below sets forth the activity with respect to the restructuring accrual: Employee Facility Non-cash Total Balance as of fiscal 2013 $ 2 2 — 4 Charges 9 14 7 30 Non-cash asset impairment — — (7 ) (7 ) Cash payments (6 ) (8 ) — (14 ) Balance as of fiscal 2014 $ 5 $ 8 $ — $ 13 Charges 4 7 2 13 Non-cash asset impairment — — (2 ) (2 ) Cash payments (7 ) (7 ) — (14 ) Balance as of fiscal 2015 $ 2 $ 8 $ — $ 10 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 26, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions In connection with the term loan refinancing entered into in January 2014, the Company paid a $ 1 The Company made payments related to the income tax receivable agreement ("TRA") of $ 39 32 33 28 |
Stockholders Equity
Stockholders Equity | 12 Months Ended |
Sep. 26, 2015 | |
Stockholders Equity [Abstract] | |
Stockholders Equity | 12. Stockholders' Equity Equity Incentive Plans In fiscal 2015, the Company adopted the 2015 Berry Plastics Group, Inc. Long-Term Incentive Plan ("2015 Plan") to align its incentive plans with plans of similar public companies by permitting for, among other things, the issuance of performance-based awards. The 2015 Plan authorized the issuance of 7,500,000 5 no The Company recognized total stock-based compensation expense of $ 21 15 16 41 Information related to the equity incentive plans as of the fiscal year end is as follows: 2015 2014 Number Of Weighted Number Of Weighted Options outstanding, beginning of period 10,504 $ 13.13 10,035 $ 9.96 Options granted 2,839 28.78 2,727 21.02 Options exercised (1,929 ) 9.07 (2,137 ) 8.19 Options forfeited or cancelled (63 ) 17.59 (121 ) 15.20 Options outstanding, end of period 11,351 $ 17.71 10,504 $ 13.13 Option price range at end of period $ 3.04 − 33.91 $ 3.04 − 22.95 Options exercisable at end of period 4,786 5,098 Options available for grant at period end 7,500 5,349 Weighted average fair value of options granted $ 9.51 $ 7.53 The fair value for options granted has been estimated at the date of grant using a Black-Scholes model, generally with the following weighted average assumptions: 2015 2014 2013 Risk-free interest rate 1.6 % 1.3% .6% Dividend yield 0.00 % 0.00% 0.00% Volatility factor .30 .33 .38 Expected option life 7 years 7 years 7 years The following table summarizes information about the options outstanding as of fiscal 2015: Range of Exercise Number Intrinsic Weighted Weighted Number Intrinsic Unrecognized Weighted $3.04 – 33.91 11,351 $ 143 8 years $ 17.71 4,786 $ 92 $ 25 2 years |
Segment And Geographic Data
Segment And Geographic Data | 12 Months Ended |
Sep. 26, 2015 | |
Operating Segments And Geographic Data[Abstract] | |
Operating Segments And Geographic Data | 13. Segment and Geographic Data Berry’s operations are organized into three reportable segments: Consumer Packaging, Health, Hygiene & Specialties, and Engineered Materials. The Company has manufacturing and distribution centers in the United States, Canada, Mexico, Belgium, France, Australia, Germany, Brazil, Malaysia, India, China, and the Netherlands. The North American operation represents 95% of the Company’s net sales, 96% of total long-lived assets, and 95% of the total assets. Selected information by reportable segment is presented in the following table. 2015 2014 2013 Net sales Consumer Packaging $ 2,870 $ 2,904 $ 2,791 Health, Hygiene & Specialties 502 450 353 Engineered Materials 1,509 1,604 1,503 Total $ 4,881 $ 4,958 $ 4,647 Operating income Consumer Packaging $ 229 $ 164 $ 258 Health, Hygiene & Specialties 31 20 8 Engineered Materials 148 132 120 Total $ 408 $ 316 $ 386 Depreciation and amortization Consumer Packaging $ 237 $ 239 $ 228 Health, Hygiene & Specialties 35 31 29 Engineered Materials 78 88 84 Total $ 350 $ 358 $ 341 2015 2014 Total assets: Consumer Packaging $ 3,832 $ 3,991 Health, Hygiene & Specialties 385 392 Engineered Materials 811 869 Total assets $ 5,028 $ 5,252 Goodwill: Consumer Packaging $ 1,520 $ 1,524 Health, Hygiene & Specialties 48 49 Engineered Materials 84 86 Total goodwill $ 1,652 $ 1,659 |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Sep. 26, 2015 | |
Net Income Per Share [Abstract] | |
Net Income Per Share | 14. Net Income per Share Basic net income per share is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, stock options are considered to be common stock equivalents and are only included in the calculation of diluted net income per share when their effect is dilutive. The Company's redeemable common stock is included in the weighted-average number of common shares outstanding for calculating basic and diluted net income per share. The following tables and discussion provide a reconciliation of the numerator and denominator of the basic and diluted net income per share computations. The calculation below provides net income on both basic and diluted basis for fiscal year end. (in millions, except per share amounts) 2015 2014 2013 Numerator Net income attributable to the Company $ 86 $ 62 $ 57 Denominator Weighted average common shares outstanding – basic 119.1 116.9 113.5 Dilutive shares 4.3 4.6 6.0 Weighted average common and common equivalent shares outstanding – diluted 123.4 121.5 119.5 Per common share income (loss) Basic $ 0.72 $ 0.53 $ 0.50 Diluted $ 0.70 $ 0.51 $ 0.48 |
Guarantor And Non-Guarantor Fin
Guarantor And Non-Guarantor Financial Information | 12 Months Ended |
Sep. 26, 2015 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Guarantor And Non-Guarantor Financial Information | 15. Guarantor and Non-Guarantor Financial Information Berry Plastics Corporation (“Issuer”) has notes outstanding which are fully, jointly, severally, and unconditionally guaranteed by substantially all of Berry’s domestic subsidiaries. Separate narrative information or financial statements of the guarantor subsidiaries have not been included because they are 100% owned by the parent company and the guarantor subsidiaries unconditionally guarantee such debt on a joint and several basis. A guarantee of a guarantor 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 indenture, the designation of such guarantor as an unrestricted subsidiary, the defeasance or discharge of the indenture, as a result of the holders of certain other indebtedness foreclosing on a pledge of the shares of a guarantor subsidiary or if such guarantor no longer guarantees certain other indebtedness of the Issuer. The guarantees are also limited as necessary to prevent them from constituting a fraudulent conveyance under applicable law and guarantees guaranteeing subordinated debt are subordinated to certain other of the Company’s debts. Presented below is condensed consolidating financial information for the parent, issuer, guarantor subsidiaries and non-guarantor subsidiaries. Our Issuer and guarantor financial information includes all of our domestic operating subsidiaries, our non-guarantor subsidiaries include our foreign subsidiaries, and BP Parallel, LLC. BP Parallel, LLC is the entity that we established to buyback debt securities of Berry Plastics Group, Inc. and Berry Plastics Corporation. Berry Plastics Group, Inc. uses the equity method to account for its ownership in Berry Plastics Corporation in the Condensed Consolidating Supplemental Financial Statements. Berry Plastics Corporation 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 Statements of Operations Fiscal 2015 Parent Issuer Guarantor Non- Eliminations Total Net sales $ — $ 622 $ 3,807 $ 452 $ — $ 4,881 Cost of goods sold — 526 3,128 358 — 4,012 Selling, general and administrative — 64 244 49 — 357 Amortization of intangibles — 8 75 8 — 91 Restructuring and impairment charges — — 13 — — 13 Operating income — 24 347 37 — 408 Debt extinguishment — 94 — — — 94 Other expense (income), net (3 ) — 3 1 — 1 Interest expense, net — 25 148 18 — 191 Equity in net income of subsidiaries (119 ) (210 ) — — 329 — Income (loss) before income taxes 122 115 196 18 (329 ) 122 Income tax expense (benefit) 36 25 — 4 (29 ) 36 Consolidated net income (loss) 86 90 196 14 (300 ) 86 Net income (loss) attributable to non-controlling interests — — — — — — Net income (loss) attributable to the Company $ 86 $ 90 $ 196 $ 14 $ (300 ) $ 86 Currency translation — — — (45 ) — (45 ) Interest rate hedges — (33 ) — — — (33 ) Defined benefit pension and retiree benefit plans — (16 ) — — — (16 ) Provision for income taxes related to other comprehensive income items — 18 — — — 18 Comprehensive income (loss) $ 86 $ 59 $ 196 $ (31 ) $ (300 ) $ 10 Fiscal 2014 Parent Issuer Guarantor Non- Eliminations Total Net sales $ - $ 638 $ 3,904 $ 416 $ - $ 4,958 Cost of goods sold - 557 3,284 349 - 4,190 Selling, general and administrative - 52 232 36 - 320 Amortization of intangibles - 10 84 8 - 102 Restructuring and impairment charges - - 30 - - 30 Operating income - 19 274 23 - 316 Debt extinguishment - 35 - - - 35 Other income, net (3 ) - (4 ) - - (7 ) Interest expense, net 34 27 176 (97 ) 81 221 Equity in net income of subsidiaries (98 ) (218 ) - - 316 - Income (loss) before income taxes 67 175 102 120 (397 ) 67 Income tax expense (benefit) 4 44 - 5 (49 ) 4 Consolidated net income (loss) 63 131 102 115 (348 ) 63 Net income (loss) attributable to non-controlling interests 1 - - - - 1 Net income (loss) attributable to the Company $ 62 $ 131 $ 102 $ 115 $ (348 ) $ 62 Currency translation - - - (16 ) - (16 ) Interest rate hedges - (3 ) - - - (3 ) Defined benefit pension and retiree benefit plans - (11 ) - - - (11 ) Provision for income taxes related to other comprehensive income items - 5 - - - 5 Comprehensive income (loss) $ 62 $ 122 $ 102 $ 99 $ (348 ) $ 37 Fiscal 2013 Parent Issuer Guarantor Non- Eliminations Total Net sales $ - $ 571 $ 3,706 $ 370 $ - $ 4,647 Cost of sales - 506 3,021 308 - 3,835 Selling, general and administrative expenses - 58 314 40 - 412 Restructuring and impairment charges, net - 1 13 - - 14 Operating income (loss) - 6 358 22 - 386 Other income - 56 1 - - 57 Interest expense, net 47 24 201 (120 ) 92 244 Equity in net income of subsidiaries (132 ) (297 ) - - 429 - Net income (loss) before income taxes 85 223 156 142 (521 ) 85 Income tax expense (benefit) 28 80 - 2 (82 ) 28 Net income (loss) $ 57 $ 143 $ 156 $ 140 $ (439 ) $ 57 Currency translation - - - (5 ) - (5 ) Interest rate hedges - 20 - - - 20 Defined benefit pension and retiree benefit plans - 34 - - - 34 Provision for income taxes related to other comprehensive income items - (20 ) - - - (20 ) Comprehensive income (loss) $ 57 $ 177 $ 156 $ 135 $ (439 ) $ 86 Condensed Supplemental Consolidated Balance Sheet As of fiscal year end 2015 Parent Issuer Guarantor Non- Eliminations Total Assets Current assets: Cash and cash equivalents $ - $ 163 $ - $ 65 $ - $ 228 Accounts receivable, net - 23 337 74 - 434 Intercompany receivable 329 2,963 - 83 (3,375 ) - Inventories - 49 425 48 - 522 Deferred income taxes 162 - - - - 162 Prepaid expenses and other current - 22 5 10 - 37 Total current assets 491 3,220 767 280 (3,375 ) 1,383 Property, plant and equipment, net - 79 1,111 104 - 1,294 Intangible assets, net - 97 2,151 101 - 2,349 Investment in subsidiaries 75 1,456 - - (1,531 ) - Other assets - - 1 1 - 2 Total assets $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906 ) $ 5,028 Liabilities and equity Current liabilities: Accounts payable $ - $ 28 $ 245 $ 57 $ - $ 330 Accrued expenses and other current liabilities 57 140 121 20 - 338 Intercompany payable - - 3,375 - (3,375 ) - Current portion of long-term debt - 37 - - - 37 Total current liabilities 57 205 3,741 77 (3,375 ) 705 Long-term debt, less current portion - 3,647 - 1 - 3,648 Deferred income taxes 387 - - - - 387 Other long-term liabilities 175 122 39 5 - 341 Total long-term liabilities 562 3,769 39 6 - 4,376 Total liabilities 619 3,974 3,780 83 (3,375 ) 5,081 Redeemable non-controlling interests 12 - - - - 12 Other equity (deficit) (65 ) 878 250 403 (1,531 ) (65 ) Total equity (deficit) (65 ) 878 250 403 (1,531 ) (65 ) Total liabilities and equity (deficit) $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906 ) $ 5,028 Condensed Supplemental Consolidated Balance Sheet As of fiscal year end 2014 Parent Issuer Guarantor Non- Eliminations Total Assets Current assets: Cash and cash equivalents $ - $ 70 $ 15 $ 44 $ - $ 129 Accounts receivable, net of allowance - 35 377 79 - 491 Intercompany receivable 319 3,343 - 87 (3,749 ) - Inventories - 51 496 57 - 604 Deferred income taxes 166 - - - - 166 Prepaid expenses and other current - 15 13 14 - 42 Total current assets 485 3,514 901 281 (3,749 ) 1,432 Property, plant and equipment, net - 84 1,162 118 - 1,364 Intangible assets, net - 104 2,226 125 - 2,455 Investment in subsidiaries 69 1,237 - - (1,306 ) - Other assets - - 1 - - 1 Total assets $ 554 $ 4,939 $ 4,290 $ 524 $ (5,055 ) $ 5,252 Liabilities and equity Current liabilities: Accounts payable $ - $ 31 $ 303 $ 61 $ - $ 395 Accrued and other current liabilities 35 127 132 20 - 314 Intercompany payable - - 3,749 - (3,749 ) - Long-term debt-current portion - 54 - 4 - 58 Total current liabilities 35 212 4,184 85 (3,749 ) 767 Long-term debt, less current portion - 3,842 - 2 - 3,844 Deferred tax liabilities 386 - - - - 386 Other long-term liabilities 234 76 42 4 - 356 Total long-term liabilities 620 3,918 42 6 - 4,586 Total liabilities 655 4,130 4,226 91 (3,749 ) 5,353 Redeemable non-controlling interests 13 - - - - 13 Other equity (deficit) (114 ) 809 64 433 (1,306 ) (114 ) Total equity (deficit) (114 ) 809 64 433 (1,306 ) (114 ) Total liabilities and equity (deficit) $ 554 $ 4,939 $ 4,290 $ 524 $ (5,055 ) $ 5,252 Condensed Supplemental Consolidated Statements of Cash Flows Fiscal 2015 Parent Issuer Guarantor Non- Eliminations Total Cash Flow from Operating Activities $ - $ 60 $ 542 $ 34 $ 1 $ 637 Cash Flow from Investing Activities Additions to property, plant, and equipment - (13 ) (164 ) (3 ) - (180 ) Proceeds from sale of assets - - 18 - - 18 Investment in Parent - - - - - - (Contributions) distributions to/from subsidiaries (18 ) 18 - - - - Intercompany advances (repayments) - 368 - - (368 ) - Acquisition of business, net of cash acquired - - (3 ) - - (3 ) Net cash from investing activities (18 ) 373 (149 ) (3 ) (368 ) (165 ) Cash Flow from Financing Activities Proceeds from long-term borrowings - 693 - - - 693 Payment of tax receivable agreement (39 ) - - - - (39 ) Proceed from issuance of common stock 18 - - - - 18 Repayment of note receivable - - - - - - Repayment of long-term borrowings - (947 ) - (4 ) - (951 ) Changes in intercompany balances 39 - (408 ) 2 367 - Contribution from Parent - - - - - - Debt financing costs - (86 ) - - - (86 ) Net cash from financing activities 18 (340 ) (408 ) (2 ) 367 (365 ) Effect of currency translation on cash - - - (8 ) - (8 ) Net change in cash and cash equivalents - 93 (15 ) 21 - 99 Cash and cash equivalents at beginning of period - 70 15 44 - 129 Cash and cash equivalents at end of period $ - $ 163 $ - $ 65 $ - $ 228 Fiscal 2014 Parent Issuer Guarantor Non- Eliminations Total Cash Flow from Operating Activities $ - $ 27 $ 473 $ 30 $ - $ 530 Cash Flow from Investing Activities Additions to property, plant, and equipment - (6 ) (200 ) (9 ) - (215 ) Proceeds from sale of assets - - 19 - - 19 Investment in Parent - - - - - - (Contributions) distributions to/from subsidiaries 723 (2 ) - 721 (1,442 ) - Intercompany advances (repayments) - 20 - - (20 ) - Investment in Issuer debt securities - - - - - - Acquisition of business, net of cash acquired - - (136 ) (90 ) - (226 ) Net cash from investing activities 723 12 (317 ) 622 (1,462 ) (422 ) Cash Flow from Financing Activities Proceeds from long-term borrowings - 1,627 - - - 1,627 Proceeds from initial public offering - - - - - - Payment of tax receivable agreement (32 ) - - - - (32 ) Proceed from issuance of common stock 17 - - - - 17 Repayment of note receivable - - - - - - Repayment of long-term borrowings (740 ) (1,668 ) - - 721 (1,687 ) Changes in intercompany balances 32 - (141 ) 89 20 - Contribution from Parent - - - (721 ) 721 - Debt financing costs - (44 ) - - - (44 ) Net cash from financing activities (723 ) (85 ) (141 ) (632 ) 1,462 (119 ) Effect of currency translation on cash - - - (2 ) - (2 ) Net change in cash and cash equivalents - (46 ) 15 18 - (13 ) Cash and cash equivalents at beginning of period - 116 - 26 - 142 Cash and cash equivalents at end of period $ - $ 70 $ 15 $ 44 $ - $ 129 Fiscal 2013 Parent Issuer Guarantor Non- Eliminations Total Cash Flow from Operating Activities $ - $ 11 $ 417 $ 36 $ - $ 464 Cash Flow from Investing Activities Additions to property, plant, and equipment - (7 ) (218 ) (14 ) - (239 ) Proceeds from disposal of assets - 1 17 - - 18 Investment in Parent - - - (21 ) 21 - (Contributions) distributions to/from subsidiaries (462 ) 441 - - 21 - Intercompany advances (repayments) - 210 - - (210 ) - Investment in Issuer debt securities - - - - - - Acquisition of business net of cash acquired - - (24 ) - - (24 ) Net cash from investing activities (462 ) 645 (225 ) (35 ) (168 ) (245 ) Cash Flow from Financing Activities Proceeds from long-term debt - 1,391 - - - 1,391 IPO proceeds 438 - - - - 438 Payment of TRA (5 ) (5 ) - - 5 (5 ) Proceed from issuance of common stock 27 - - - - 27 Repayment of note receivable 2 2 - - (2 ) 2 Repayment of long-term debt - (1,955 ) - (2 ) (21 ) (1,978 ) Changes in intercompany balances - - (192 ) (15 ) 207 - Contribution from Parent - - - 21 (21 ) - Deferred financing costs - (39 ) - - - (39 ) Net cash from financing activities 462 (606 ) (192 ) 4 168 (164 ) Net change in cash and cash equivalents - 50 - 5 - 55 Cash and cash equivalents at beginning of period - 66 - 21 - 87 Cash and cash equivalents at end of period $ - $ 116 $ - $ 26 $ - $ 142 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Sep. 26, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | 16. Quarterly Financial Data (Unaudited) The following table contains selected unaudited quarterly financial data for fiscal years ended. 2015 2014 First Second Third Fourth First Second Third Fourth Net sales $ 1,220 $ 1,224 $ 1,241 $ 1,196 $ 1,140 $ 1,210 $ 1,298 $ 1,310 Cost of sales 1,037 997 1,003 975 964 1,023 1,089 1,114 Gross profit 183 227 238 221 176 187 209 196 Net income (loss) attributable to $ 13 $ 38 $ (13 ) $ 48 $ 6 $ 12 $ 15 $ 29 Net income (loss) attributable to Basic 0.11 0.32 (0.11 ) 0.40 0.05 0.10 0.13 0.25 Diluted 0.11 0.31 (0.11 ) 0.39 0.05 0.10 0.12 0.24 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 26, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events AVINTIV Inc. In October 2015, the Company acquired 100% of the capital stock of AVINTIV Inc. (“Avintiv”) for a purchase price of $2.3 billion which is preliminary, unaudited and subject to adjustment. Avintiv is one of the world’s leading developers, producers, and marketers of nonwoven specialty materials used in hygiene, infection prevention, personal care, and high-performance solutions. With 23 locations in 14 countries, an employee base of over 4,500 people, and the broadest range of process technologies in the industry, Avintiv’s strategically located manufacturing facilities position it as a global supplier to many of the same leading consumer and industrial product manufacturers that the Company supplies and utilize similar key raw materials as the Company’s existing business. The acquired business will primarily be operated in Berry’s newly announced Health, Hygiene & Specialties reporting segment. To finance the purchase, the Company issued $400 million aggregate principal amount of 6.0% second priority senior secured notes due 2022 and entered into an incremental assumption agreement to increase the commitments under the Company’s existing term loan credit agreement by $2.1 billion due 2022. The acquisition has been accounted for under the purchase method of accounting, and accordingly, the purchase price will be allocated to the identifiable assets and liabilities based on preliminary fair values at the acquisition date. The Company is in the process of determining the allocation of the purchase price to the fair value on fixed assets, intangibles, deferred income taxes and reviewing all of the working capital acquired. The preliminary unaudited allocation of purchase price and estimated fair values of acquired assets and assumed liabilities consisted of working capital of $181 million, property and equipment of $969 million, intangible assets of $586 million, goodwill of $802 million, other assets of $46 million, a net deferred tax liability of $114 million, and other long-term liabilities of $207 million. Unaudited pro forma net sales were $6,739 million and $6,666 million and unaudited pro forma net losses were $40 million and $47 million for fiscal 2015 and fiscal 2014, respectively. The unaudited pro forma net sales and net loss assume that the Avintiv acquisition had occurred as of the beginning of the respective periods. The results of the Providência and Dounor acquisitions have been included in Avintiv’s operations since June 11, 2014 and April 17, 2015, respectively. However, no pro forma adjustments have been made with respect to their operations prior to the date of acquisition by Avintiv as these acquisitions were not considered significant to Berry under Regulation S-X. The unaudited pro forma information presented above is for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the Avintiv acquisition been consummated at the beginning of the respective period, nor is it necessarily indicative of future operating results. Further, the information reflects only pro forma adjustments for additional interest expense, depreciation, and amortization, net of the applicable income tax effects. At the time of the acquisition of Avintiv, it indirectly owned a 71.25% controlling interest in Providência, their Brazilian subsidiary acquired in 2014. In November 2016, the Company, through a wholly-owned subsidiary, acquired the remaining 28.75% non-controlling ownership interest of Providência for $66 million of cash. As a result of this transaction, Providência became a wholly-owned subsidiary of the Company and the Company recorded $3 million to Additional paid-in capital. Business Reorganization In November 2015, the Company reorganized into three operating segments: Consumer Packaging, Health, Hygiene & Specialties, and Engineered Materials. The Consumer Packaging segment consists of our historical Rigid Open Top and Rigid Closed Top segments, the food and consumer films business that was historically reported in our Flexible Packaging segment, and the custom shrink films business that was historically reported in our Engineered Materials segment. The Health, Hygiene & Specialties segment includes the recently acquired Avintiv business, as well as the personal care films and international businesses that were historically reported in our Flexible Packaging segment. The Engineered Materials segment includes the historical Engineered Materials segment excluding the custom shrink films business, and the converter films business that was historically reported in our Flexible Packaging segment. Term Loan Repayments In December 2015 and February 2016, the Company made a $50 million and $100 million, respectively, voluntary principal payment on its outstanding term loan using existing liquidity. |
Basis Of Presentation And Sum25
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Sep. 26, 2015 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation Periods presented in these financial statements include fiscal periods ending September 26, 2015 (“fiscal 2015”), September 27, 2014 (“fiscal 2014”), and September 28, 2013 (“fiscal 2013”). Berry, through its wholly-owned subsidiaries operates in three primary segments: Consumer Packaging, Health, Hygiene & Specialties, and Engineered Materials. The Company’s customers are located principally throughout the United States, without significant concentration with any one customer. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company’s fiscal year is based on fifty two week periods. The Company has evaluated subsequent events through the date the financial statements were issued. In November 2015, the Company reorganized into three operating segments: Consumer Packaging, Health, Hygiene & Specialties, and Engineered Materials. The Consumer Packaging segment consists of our historical Rigid Open Top and Rigid Closed Top segments, the food and consumer films business that was historically reported in our Flexible Packaging segment, and the custom shrink films business that was historically reported in our Engineered Materials segment. The Health, Hygiene & Specialties segment includes the recently acquired Avintiv business, as well as the personal care films and international businesses that were historically reported in our Flexible Packaging segment. The Engineered Materials segment includes the historical Engineered Materials segment excluding the custom shrink films business, and the converter films business that was historically reported in our Flexible Packaging segment. |
Consolidation | The consolidated financial statements include the accounts of Berry and its subsidiaries, all of which includes our wholly owned and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Where our ownership of consolidated subsidiaries is less than 100% the non-controlling interests are reflected in Non-controlling interest and Redeemable non-controlling interests. |
Revenue Recognition | Revenue Recognition Revenue from the sales of products is recognized at the time title and risks and rewards of ownership pass to the customer, there is persuasive evidence of an arrangement, the sales price is fixed and determinable and collection is reasonably assured. Provisions for certain rebates, sales incentives, trade promotions, coupons, product returns and discounts to customers are accounted for as reductions in gross sales to arrive at net sales. In accordance with the Revenue Recognition standards of the Accounting Standards Codification ("Codification" or "ASC"), the Company provides for these items as reductions of revenue at the later of the date of the sale or the date the incentive is offered. These provisions are based on estimates derived from current program requirements and historical experience. Shipping, handling, purchasing, receiving, inspecting, warehousing, and other costs of distribution are presented in Cost of goods sold in the Consolidated Statements of Income. The Company classifies amounts charged to its customers for shipping and handling in Net sales in the Consolidated Statements of Income. |
Purchases Of Raw Materials And Concentration Of Risk | Purchases of Raw Materials and Concentration of Risk The largest supplier of the Company's total resin material requirements represented approximately 21 |
Research and Development | Research and Development Research and development costs are expensed when incurred. The Company incurred research and development expenditures of $ 33 32 28 |
Stock-Based Compensation | Stock-Based Compensation The compensation guidance of the FASB requires that the compensation cost relating to share-based payment transactions be recognized in financial statements based on alternative fair value models. The share-based compensation cost is measured based on the fair value of the equity or liability instruments issued. The Company's share-based compensation plan is more fully described in Note 12. The Company recorded total stock compensation expense of $ 21 15 16 In August 2013, the Company recorded an $ 8 The Company utilizes the Black-Scholes option valuation model for estimating the fair value of the stock options. The model allows for the use of a range of assumptions. Expected volatilities utilized in the Black-Scholes model are based on implied volatilities from traded stocks of peer companies. Similarly, the dividend yield is based on historical experience and the estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The Company's options have a ten year contractual life. For purposes of the valuation model in fiscal years 2015, 2014, and 2013, the Company used the simplified method for determining the granted options expected lives. The fair value for options granted has been estimated at the date of grant using a Black-Scholes model, with the following weighted average assumptions: Fiscal year 2015 2014 2013 Risk-free interest rate 1.6 % 1.3 % 0.6 % Dividend yield 0.0 % 0.0 % 0.0 % Volatility factor .30 .33 .38 Expected option life 7 years 7 years 7 years |
Foreign Currency | Foreign Currency For the non-U.S. subsidiaries that account in a functional currency other than U.S. Dollars, assets and liabilities are translated into U.S. Dollars using period-end exchange rates. Sales and expenses are translated at the average exchange rates in effect during the period. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss) within stockholders' equity (deficit). Gains and losses resulting from foreign currency transactions are included in the Consolidated Statements of Income. |
Cash And Cash Equivalents | Cash and Cash Equivalents All highly liquid investments purchased with a maturity of three months or less from the time of purchase are considered to be cash equivalents. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts The Company's accounts receivable and related allowance for doubtful accounts are analyzed in detail on a quarterly basis and all significant customers with delinquent balances are reviewed to determine future collectability. The determinations are based on legal issues (such as bankruptcy status), past history, current financial and credit agency reports, and the experience of the credit representatives. Reserves are established in the quarter in which the Company makes the determination that the account is deemed uncollectible. The Company maintains additional reserves based on its historical bad debt experience. The following table summarizes the activity for fiscal years ended for the allowance for doubtful accounts: 2015 2014 2013 Allowance for doubtful accounts, beginning $ 3 $ 3 $ 3 Bad debt expense 2 — 1 Write-offs against allowance (2 ) — (1 ) Allowance for doubtful accounts, ending $ 3 $ 3 $ 3 |
Inventories | Inventories Inventories are stated at the lower of cost or market and are valued using the first-in, first-out method. Management periodically reviews inventory balances, using recent and future expected sales to identify slow-moving and/or obsolete items. The cost of spare parts is charged to cost of goods sold when purchased. We evaluate our reserve for inventory obsolescence on a quarterly basis and review inventory on-hand to determine future salability. We base our determinations on the age of the inventory and the experience of our personnel. We reserve inventory that we deem to be not salable in the quarter in which we make the determination. We believe, based on past history and our policies and procedures, that our net inventory is salable. Our inventory reserves were $ 20 19 2015 2014 Inventories: Finished goods $ 309 $ 353 Raw materials 213 251 $ 522 $ 604 |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from 15 to 25 years for buildings and improvements, 2 to 10 years for machinery, equipment, and tooling and over the term of the agreement for capital leases. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term. Repairs and maintenance costs are charged to expense as incurred. The Company capitalized interest of $ 6 6 5 2015 2014 Property, plant and equipment: Land, buildings and improvements $ 367 $ 363 Equipment and construction in progress 2,618 2,509 2,985 2,872 Less accumulated depreciation (1,691 ) (1,508 ) $ 1,294 $ 1,364 |
Long-Lived Assets | Long-lived Assets Long-lived assets, including property, plant and equipment and definite lived intangible assets are reviewed for impairment in accordance with the Property, plant and equipment standard of the ASC whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset's carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. Long-lived assets that are held for sale are reported at the lower of the assets' carrying amount or fair value less costs related to the assets' disposition. We recorded impairment charges totaling $ 2 7 5 |
Goodwill | Goodwill The Company follows the principles provided by the Goodwill and Other Intangibles standard of the ASC. Goodwill is not amortized but rather tested annually for impairment. The Company performs their annual impairment assessment on the first day of the fourth quarter in each respective fiscal year. The Company has recognized cumulative charges for goodwill impairment of $ 165 six Company applied the qualitative assessment to determine whether it is more likely than not that the fair value of each reporting unit may be less than the carrying amount, and concluded that it was more likely than not that the fair value of each reporting unit exceeded the carrying except for the Rigid Open Top reporting unit due to the decline in that units operating income. The Company completed step 1 in Fiscal 2014 of the impairment test which indicated no impairment existed for Rigid Open Top. In fiscal 2013, the Company applied the qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit may be less than the carrying amount and determined that no impairment was indicated and therefore did not perform a two-step impairment test. The changes in the carrying amount of goodwill by reportable segment are as follows: Consumer Health, Engineered Total Balance as of fiscal 2013 $ 1,524 $ 27 $ 83 $ 1,634 Foreign currency translation adjustment (2 ) — (2 ) (4 ) Acquisitions (realignment), net 2 22 5 29 Balance as of fiscal 2014 $ 1,524 $ 49 $ 86 $ 1,659 Foreign currency translation adjustment (5 ) (2 ) (2 ) (9 ) Acquisitions, net 1 1 — 2 Balance as of fiscal 2015 $ 1,520 $ 48 $ 84 $ 1,652 |
Deferred Financing Fees | Deferred Financing Fees Deferred financing fees are amortized to interest expense using the effective interest method over the lives of the respective debt agreements. Pursuant to ASC 835-30 the Company presents $ 5 4 |
Intangible Assets | Intangible Assets Customer relationships are being amortized using an accelerated amortization method which corresponds with the customer attrition rates used in the initial valuation of the intangibles over the estimated life of the relationships which range from 11 to 20 years. Trademarks that are expected to remain in use, which are indefinite lived intangible assets, are required to be reviewed for impairment annually. Technology intangibles are being amortized using the straight-line method over the estimated life of the technology which is 11 years. License intangibles are being amortized using the straight-line method over the life of the license which is 10 years. Patent intangibles are being amortized using the straight-line method over the shorter of the estimated life of the technology or the patent expiration date ranging from 10 to 20 years, with a weighted-average life of 15 years. The Company evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. We completed the annual impairment test of our indefinite lived trade names and noted no impairment. Customer Trademarks Other Accumulated Total Balance as of fiscal 2013 $ 1,134 $ 283 $ 107 $ (668 ) $ 856 Adjustment for income taxes (2 ) — (1 ) — (3 ) Foreign currency translation adjustment (3 ) (1 ) (2 ) 4 (2 ) Amortization expense — — — (102 ) (102 ) Acquisition intangibles 38 — 5 — 43 Balance as of fiscal 2014 $ 1,167 $ 282 $ 109 $ (766 ) $ 792 Adjustment for income taxes (3 ) — — — (3 ) Foreign currency translation adjustment (6 ) (1 ) (3 ) 4 (6 ) Amortization expense — — — (91 ) (91 ) Acquisition intangibles 1 — — — 1 Balance as of fiscal 2015 $ 1,159 $ 281 $ 106 $ (853 ) $ 693 |
Insurable Liabilities | Insurable Liabilities The Company records liabilities for the self-insured portion of workers' compensation, health, product, general and auto liabilities. The determination of these liabilities and related expenses is dependent on claims experience. For most of these liabilities, claims incurred but not yet reported are estimated based upon historical claims experience. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s financial statements or income tax returns. Income taxes are recognized during the period in which the underlying transactions are recorded. Deferred taxes, with the exception of non-deductible goodwill, are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and such amounts as measured by tax laws. If the Company determines that a deferred tax asset arising from temporary differences is not likely to be utilized, the Company will establish a valuation allowance against that asset to record it at its expected realizable value. The Company recognizes uncertain tax positions when it is more likely than not that the tax position will be sustained upon examination by relevant taxing authorities, based on the technical merits of the position. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company’s effective tax rate is dependent on many factors including: the impact of enacted tax laws in jurisdictions in which the Company operates; the amount of earnings by jurisdiction, due to varying tax rates in each country; and the Company’s ability to utilize foreign tax credits related to foreign taxes paid on foreign earnings that will be remitted to the U.S. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive losses include net unrealized gains or losses resulting from currency translations of foreign subsidiaries, changes in the value of our derivative instruments and adjustments to the pension liability. The accumulated balances related to each component of other comprehensive income (loss) were as follows (amounts below are net of taxes): Currency Defined Benefit Interest Accumulated Balance as of fiscal 2012 $ (15 ) $ (29 ) $ (3 ) $ (47 ) Other comprehensive income (loss) (5 ) 34 20 49 Provision for income taxes — (13 ) (7 ) (20 ) Balance as of fiscal 2013 $ (20 ) $ (8 ) $ 10 $ (18 ) Other comprehensive loss (16 ) (11 ) (3 ) (30 ) Provision for income taxes — 4 1 5 Balance as of fiscal 2014 $ (36 ) $ (15 ) $ 8 $ (43 ) Other comprehensive loss (45 ) (16 ) (33 ) (94 ) Provision for income taxes — 6 12 18 Balance as of fiscal 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) |
Accrued Rebates | Accrued Rebates The Company offers various rebates to customers based on purchases. These rebate programs are individually negotiated with customers and contain a variety of different terms and conditions. Certain rebates are calculated as flat percentages of purchases, while others included tiered volume incentives. These rebates may be payable monthly, quarterly, or annually. The calculation of the accrued rebate balance involves significant management estimates, especially where the terms of the rebate involve tiered volume levels that require estimates of expected annual sales. These provisions are based on estimates derived from current program requirements and historical experience. The accrual for customer rebates was $ 53 $ 50 |
Pension | Pension Pension benefit costs include assumptions for the discount rate, retirement age, and expected return on plan assets. Retiree medical plan costs include assumptions for the discount rate, retirement age, and health-care-cost trend rates. Periodically, the Company evaluates the discount rate and the expected return on plan assets in its defined benefit pension and retiree health benefit plans. In evaluating these assumptions, the Company considers many factors, including an evaluation of the discount rates, expected return on plan assets and the health-care-cost trend rates of other companies; historical assumptions compared with actual results; an analysis of current market conditions and asset allocations; and the views of advisers. |
Net Income Per Share | Net Income Per Share The Company calculates basic net income per share based on the weighted-average number of outstanding common shares. The Company calculates diluted net income per share based on the weighted-average number of outstanding common shares plus the effect of dilutive securities. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make extensive use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of sales and expenses. Actual results could differ materially from these estimates. Changes in estimates are recorded in results of operations in the period that the event or circumstances giving rise to such changes occur. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Income Taxes In July 2013, the FASB issued Accounting Standards Update No. 2013-11: Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) ("ASU 2013-11"). An entity is required to present unrecognized tax benefits as a decrease in a net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The determination of whether a deferred tax asset is available is based on the unrecognized tax benefit and the deferred tax asset that exists at the reporting date and presumes disallowance of the tax position at the reporting date. The guidance will eliminate the diversity in practice in the presentation of unrecognized tax benefits but will not alter the way in which entities assess deferred tax assets for realizability. The adoption of ASU 2013-11 did not have an impact on the Company's 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. In order to do so, an entity would follow the five-step process for in-scope transactions: 1) identify the contract with a customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the separate performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the provisions of the new standard are effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption for annual reporting periods beginning after December 15, 2016 is permitted. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. There are areas within the standard that are currently under review and reconsideration by the FASB, which could lead to future updates to the standard. As the outcomes of this process could lead to changes to the standard, we are still in the process of determining our approach to the adoption of this new standard, and the anticipated impact to the consolidated financial statements. Classification of Debt Issuance Costs In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company has elected to early adopt this guidance. The effects of the adoption for fiscal years ended September 26, 2015 and September 27, 2014, were a $5 million and $16 million, respectively, reduction of Goodwill, intangible assets, and deferred costs, net and Long-term debt, less current portion on the consolidated balance sheets by amounts classified as deferred costs. Inve ntory In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory to simplify the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, inventory should be at the lower of cost and net realizable value. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. We are evaluating the effect this guidance will have on our consolidated financial statements and related disclosures, but do not expect the standard to have a material effect on our financial statements. Business Combinations In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) — Simplifying the accounting for Measurement-Period Adjustments |
Basis Of Presentation And Sum26
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Assumptions Used For Options Granted | 2015 2014 2013 Risk-free interest rate 1.6 % 1.3% .6% Dividend yield 0.00 % 0.00% 0.00% Volatility factor .30 .33 .38 Expected option life 7 years 7 years 7 years |
Activity For Allowance For Doubtful Accounts | 2015 2014 2013 Allowance for doubtful accounts, beginning $ 3 $ 3 $ 3 Bad debt expense 2 — 1 Write-offs against allowance (2 ) — (1 ) Allowance for doubtful accounts, ending $ 3 $ 3 $ 3 |
Schedule Of Inventory | 2015 2014 Inventories: Finished goods $ 309 $ 353 Raw materials 213 251 $ 522 $ 604 |
Schedule Of Property, Plant And Equipment | 2015 2014 Property, plant and equipment: Land, buildings and improvements $ 367 $ 363 Equipment and construction in progress 2,618 2,509 2,985 2,872 Less accumulated depreciation (1,691 ) (1,508 ) $ 1,294 $ 1,364 |
Changes In The Carrying Amount Of Goodwill | Consumer Health, Engineered Total Balance as of fiscal 2013 $ 1,524 $ 27 $ 83 $ 1,634 Foreign currency translation adjustment (2 ) — (2 ) (4 ) Acquisitions (realignment), net 2 22 5 29 Balance as of fiscal 2014 $ 1,524 $ 49 $ 86 $ 1,659 Foreign currency translation adjustment (5 ) (2 ) (2 ) (9 ) Acquisitions, net 1 1 — 2 Balance as of fiscal 2015 $ 1,520 $ 48 $ 84 $ 1,652 |
Schedule Of Intangible Assets | Customer Trademarks Other Accumulated Total Balance as of fiscal 2013 $ 1,134 $ 283 $ 107 $ (668 ) $ 856 Adjustment for income taxes (2 ) — (1 ) — (3 ) Foreign currency translation adjustment (3 ) (1 ) (2 ) 4 (2 ) Amortization expense — — — (102 ) (102 ) Acquisition intangibles 38 — 5 — 43 Balance as of fiscal 2014 $ 1,167 $ 282 $ 109 $ (766 ) $ 792 Adjustment for income taxes (3 ) — — — (3 ) Foreign currency translation adjustment (6 ) (1 ) (3 ) 4 (6 ) Amortization expense — — — (91 ) (91 ) Acquisition intangibles 1 — — — 1 Balance as of fiscal 2015 $ 1,159 $ 281 $ 106 $ (853 ) $ 693 |
Comprehensive Income (Loss) | Currency Defined Benefit Interest Accumulated Balance as of fiscal 2012 $ (15 ) $ (29 ) $ (3 ) $ (47 ) Other comprehensive income (loss) (5 ) 34 20 49 Provision for income taxes — (13 ) (7 ) (20 ) Balance as of fiscal 2013 $ (20 ) $ (8 ) $ 10 $ (18 ) Other comprehensive loss (16 ) (11 ) (3 ) (30 ) Provision for income taxes — 4 1 5 Balance as of fiscal 2014 $ (36 ) $ (15 ) $ 8 $ (43 ) Other comprehensive loss (45 ) (16 ) (33 ) (94 ) Provision for income taxes — 6 12 18 Balance as of fiscal 2015 $ (81 ) $ (25 ) $ (13 ) $ (119 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | Maturity September 26, September 27, Term loan February 2020 $ 1,369 $ 1,383 Term loan January 2021 1,019 1,122 Revolving line of credit May 2020 — — 5 1 8 July 2023 700 — 5 1 2 May 2022 500 500 9 3 4 Retired — 800 Debt discounts and deferred fees (29 ) (36 ) Capital leases and other Various 126 133 Total long-term debt 3,685 3,902 Current portion of long-term debt (37 ) (58 ) Long-term debt, less current portion $ 3,648 $ 3,844 |
Schedule Of Future Maturities | Fiscal Year Maturities 2016 $ 37 2017 35 2018 35 2019 33 2020 1,332 Thereafter 2,242 $ 3,714 |
Financial Instruments And Fai28
Financial Instruments And Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Schedule Of Derivatives Instruments | Liability Derivatives Balance Sheet Location 2015 2014 Interest rate swaps Other long-term liabilities $ 36 $ 3 |
Schedule Of Fair Value Assets Measured On A Non-Recurring Basis | As of the end of fiscal 2015 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,652 1,652 — Definite lived intangible assets — — 486 486 — Property, plant, and equipment — — 1,294 1,294 2 Total $ — $ — $ 3,639 $ 3,639 $ 2 As of the end of fiscal 2014 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,659 1,659 — Definite lived intangible assets — — 585 585 — Property, plant, and equipment — — 1,364 1,364 7 Total $ — $ — $ 3,815 $ 3,815 $ 7 As of the end of fiscal 2013 Level 1 Level 2 Level 3 Total Impairment Indefinite-lived trademarks $ — $ — $ 207 $ 207 $ — Goodwill — — 1,634 1,634 — Definite lived intangible assets — — 649 649 5 Property, plant, and equipment — — 1,266 1,266 — Total $ — $ — $ 3,756 $ 3,756 $ 5 |
Goodwill, Intangible Assets A29
Goodwill, Intangible Assets And Deferred Costs (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Goodwill, Intangible Assets And Deferred Costs [Abstract] | |
Schedule Of Intangible Assets, Goodwill And Deferred Costs | 2015 2014 Amortization Period Deferred financing fees – revolving line of credit $ 4 $ 8 Effective Interest Accumulated amortization — (4 ) Deferred financing fees, net 4 4 Goodwill 1,652 1,659 Indefinite lived Customer relationships 1,159 1,167 11 – 20 years Trademarks (indefinite lived) 207 207 Indefinite lived Trademarks (definite lived) 74 75 8 – 15 years Other intangibles 106 109 10 – 20 years Accumulated amortization (853 ) (766 ) Intangible assets, net 693 792 Total goodwill, intangible assets and deferred costs $ 2,349 $ 2,455 |
Lease And Other Commitments A30
Lease And Other Commitments And Contingencies (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Lease And Other Commitments And Contingencies [Abstract] | |
Schedule Of Future Minimum Payments For Capital And Operating Leases | Capital Leases Operating Leases 2016 $ 28 $ 50 2017 25 46 2018 23 39 2019 21 34 2020 21 28 Thereafter 24 137 142 $ 334 Less: amount representing interest (16 ) Present value of net minimum lease payments $ 126 |
Accrued Expenses, Other Curre31
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | |
Summary Of Accrued Expenses And Other Current Liabilities | 2015 2014 Employee compensation, payroll, and other taxes $ 102 $ 91 Interest 38 44 Rebates 53 50 Property taxes 13 13 Restructuring 10 13 Tax receivable agreement obligation 57 39 Other 65 64 $ 338 $ 314 |
Summary Of Other Long-Term Liabilities | 2015 2014 Lease retirement obligation $ 32 $ 31 Sale-lease back deferred gain 28 30 Pension liability 57 45 Tax receivable agreement obligation 175 234 Interest rate swaps 36 3 Other 13 13 $ 341 $ 356 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense (Benefit) | 2015 2014 2013 Current: United States Federal $ — — $ — State 3 5 2 Non-U.S. 7 3 4 Current income tax provision 10 8 6 Deferred: United States Federal 31 3 26 State (4 ) (5 ) (3 ) Non-U.S. (1 ) (2 ) (1 ) Deferred income tax expense (benefit) 26 (4 ) 22 Expense for income taxes $ 36 $ 4 $ 28 |
Schedule Of Effective Income Tax Rate Reconciliation | 2015 2014 2013 U.S. Federal income tax expense at the statutory rate $ 43 $ 23 $ 29 Adjustments to reconcile to the income tax provision: U.S. State income tax expense 7 5 (1 ) Changes in state valuation allowance (7 ) — — Research and development credits (5 ) (20 ) — Permanent differences — (2 ) — Changes in foreign valuation allowance — 1 1 Rate differences between U.S. and foreign (2 ) (1 ) (2 ) APB 23 — (1 ) — Other — (1 ) 1 Expense for income taxes $ 36 $ 4 $ 28 |
Components Of Net Deferred Income Tax Liability | 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 3 $ 3 Deferred gain on sale-leaseback 12 13 Accrued liabilities and reserves 84 58 Inventories 9 10 Net operating loss carryforward 130 248 Alternative minimum tax (AMT) credit carryforward 9 9 Research and development credit carryforward 22 22 Federal and state tax credits 7 13 Other 3 9 Total deferred tax assets 279 385 Valuation allowance (29 ) (56 ) Total deferred tax assets, net of valuation allowance 250 329 Deferred tax liabilities: Property, plant and equipment 137 157 Intangible assets 256 279 Debt extinguishment 79 107 Other 3 6 Total deferred tax liabilities 475 549 Net deferred tax liability $ (225 ) $ (220 ) |
Activity Related To Gross Unrecognized Tax Benefits | 2015 2014 Beginning unrecognized tax benefits $ 14 $ 14 Gross increases – tax positions in prior periods — 2 Gross increases – current period tax positions 1 1 Settlements (1 ) (2 ) Lapse of statute of limitations (1 ) (1 ) Ending unrecognized tax benefits $ 13 $ 14 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Retirement Plan [Abstract] | |
Schedule Of Projected Benefit Obligations And Change In Fair Value Of Plan Assets | Defined Benefit Pension Plans Retiree Health Plan 2015 2014 2015 2014 Change in Projected Benefit Obligations (PBO) PBO at beginning of period $ 192 $ 178 $ 2 $ 2 Service cost 1 — — — Interest cost 8 8 — — Actuarial loss (gain) 11 15 — — Benefit settlements (9 ) — — — Benefits paid (10 ) (9 ) — — PBO at end of period $ 193 $ 192 $ 2 $ 2 Change in Fair Value of Plan Assets Plan assets at beginning of period $ 154 $ 141 $ — $ — Actual return on plan assets 3 15 — — Company contributions 4 7 — — Benefit settlements (9 ) — — — Benefits paid (10 ) (9 ) — — Plan assets at end of period 142 154 — — Net amount recognized $ (51 ) $ (38 ) $ (2 ) $ (2 ) |
Weighted Average Assumptions Used To Determine Benefit Obligation And Benefit Cost | Defined Benefit Pension Plans Retiree Health Plan 2015 2014 2015 2014 (Percents) Weighted-average assumptions: Discount rate for benefit obligation 4.0 4.0 3.0 2.9 Discount rate for net benefit cost 4.0 4.5 2.9 3.1 Expected return on plan assets for net benefit costs 7.25 8.0 N/A N/A |
Schedule Of Plan Asset Fair Values | Fiscal 2015 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8 $ — $ — $ 8 U.S. large cap comingled equity funds — 37 — 37 U.S. mid cap equity mutual funds 24 — — 24 U.S. small cap equity mutual funds 2 — — 2 International equity mutual funds 6 — — 6 Real estate equity investment funds 3 — — 3 Corporate bond mutual funds 21 — — 21 Corporate bonds — 31 — 31 Guaranteed investment account — — 10 10 Total $ 64 $ 68 $ 10 $ 142 Fiscal 2014 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 7 $ — $ — $ 7 U.S. large cap comingled equity funds — 47 — 47 U.S. mid cap equity mutual funds 27 — — 27 U.S. small cap equity mutual funds 6 — — 6 International equity mutual funds 10 — — 10 Real estate equity investment funds 3 — — 3 Corporate bond mutual funds 28 — — 28 Corporate bonds — 15 — 15 Guaranteed investment account — — 11 11 Total $ 81 $ 62 $ 11 $ 154 |
Schedule Of Expected Benefit Payments | Defined Benefit Retiree 2016 $ 10 $ — 2017 10 — 2018 10 — 2019 10 — 2020 11 — 2021 − 2025 56 1 |
Schedule Of Net Pension And Retiree Health Benefit Expense | 2015 2014 2013 Defined Benefit Pension Plans Service cost $ 1 $ — $ — Interest cost 8 8 7 Amortization 1 — 3 Settlement charge 2 — — Expected return on plan assets (12 ) (11 ) (10 ) Net periodic benefit cost $ — $ (3 ) $ — |
Schedule Of Defined Benefit Pension Plan Asset Allocations | 2015 2014 Asset Category Equity securities and equity-like instruments 51 % 60 % Debt securities and debt-like 37 28 Other 12 12 Total 100 % 100 % |
Restructuring And Impairment 34
Restructuring And Impairment Charges (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Restructuring And Impairment Charges [Abstract] | |
Components Of Restructuring Charges By Segment | Expected Total Cumulative charges To be Severance and termination benefits $ 18 $ 18 $ — Facility exit costs 27 24 3 Asset impairment 15 15 — Total $ 60 $ 57 $ 3 |
Schedule Of Estimated Costs For Restructuring Programs | 2015 2014 2013 Consumer Packaging $ 11 $ 24 $ 5 Health, Hygiene & Specialties — — — Engineered Materials 2 6 9 Consolidated $ 13 $ 30 $ 14 |
Schedule Of Restructuring Accrual Costs | Employee Facility Non-cash Total Balance as of fiscal 2013 $ 2 2 — 4 Charges 9 14 7 30 Non-cash asset impairment — — (7 ) (7 ) Cash payments (6 ) (8 ) — (14 ) Balance as of fiscal 2014 $ 5 $ 8 $ — $ 13 Charges 4 7 2 13 Non-cash asset impairment — — (2 ) (2 ) Cash payments (7 ) (7 ) — (14 ) Balance as of fiscal 2015 $ 2 $ 8 $ — $ 10 |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Stockholders Equity [Abstract] | |
Schedule Of Stock Option Activity | 2015 2014 Number Of Weighted Number Of Weighted Options outstanding, beginning of period 10,504 $ 13.13 10,035 $ 9.96 Options granted 2,839 28.78 2,727 21.02 Options exercised (1,929 ) 9.07 (2,137 ) 8.19 Options forfeited or cancelled (63 ) 17.59 (121 ) 15.20 Options outstanding, end of period 11,351 $ 17.71 10,504 $ 13.13 Option price range at end of period $ 3.04 − 33.91 $ 3.04 − 22.95 Options exercisable at end of period 4,786 5,098 Options available for grant at period end 7,500 5,349 Weighted average fair value of options granted $ 9.51 $ 7.53 |
Schedule Of Assumptions Used For Options Granted | 2015 2014 2013 Risk-free interest rate 1.6 % 1.3% .6% Dividend yield 0.00 % 0.00% 0.00% Volatility factor .30 .33 .38 Expected option life 7 years 7 years 7 years |
Summary Of Options Outstanding By Exercise Price Range | Range of Exercise Number Intrinsic Weighted Weighted Number Intrinsic Unrecognized Weighted $3.04 – 33.91 11,351 $ 143 8 years $ 17.71 4,786 $ 92 $ 25 2 years |
Segment And Geographic Data (Ta
Segment And Geographic Data (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Operating Segments And Geographic Data[Abstract] | |
Summary Of Selected Information By Reportable Segment | 2015 2014 2013 Net sales Consumer Packaging $ 2,870 $ 2,904 $ 2,791 Health, Hygiene & Specialties 502 450 353 Engineered Materials 1,509 1,604 1,503 Total $ 4,881 $ 4,958 $ 4,647 Operating income Consumer Packaging $ 229 $ 164 $ 258 Health, Hygiene & Specialties 31 20 8 Engineered Materials 148 132 120 Total $ 408 $ 316 $ 386 Depreciation and amortization Consumer Packaging $ 237 $ 239 $ 228 Health, Hygiene & Specialties 35 31 29 Engineered Materials 78 88 84 Total $ 350 $ 358 $ 341 |
Summary Of Assets And Goodwill By Segment | 2015 2014 Total assets: Consumer Packaging $ 3,832 $ 3,991 Health, Hygiene & Specialties 385 392 Engineered Materials 811 869 Total assets $ 5,028 $ 5,252 Goodwill: Consumer Packaging $ 1,520 $ 1,524 Health, Hygiene & Specialties 48 49 Engineered Materials 84 86 Total goodwill $ 1,652 $ 1,659 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Net Income Per Share [Abstract] | |
Schedule Of Net Income Per Share | (in millions, except per share amounts) 2015 2014 2013 Numerator Net income attributable to the Company $ 86 $ 62 $ 57 Denominator Weighted average common shares outstanding – basic 119.1 116.9 113.5 Dilutive shares 4.3 4.6 6.0 Weighted average common and common equivalent shares outstanding – diluted 123.4 121.5 119.5 Per common share income (loss) Basic $ 0.72 $ 0.53 $ 0.50 Diluted $ 0.70 $ 0.51 $ 0.48 |
Guarantor And Non-Guarantor F38
Guarantor And Non-Guarantor Financial Information (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Guarantor And Non-Guarantor Financial Information [Abstract] | |
Condensed Supplemental Consolidated Financial Information | Condensed Supplemental Consolidated Statements of Operations Fiscal 2015 Parent Issuer Guarantor Non- Eliminations Total Net sales $ — $ 622 $ 3,807 $ 452 $ — $ 4,881 Cost of goods sold — 526 3,128 358 — 4,012 Selling, general and administrative — 64 244 49 — 357 Amortization of intangibles — 8 75 8 — 91 Restructuring and impairment charges — — 13 — — 13 Operating income — 24 347 37 — 408 Debt extinguishment — 94 — — — 94 Other expense (income), net (3 ) — 3 1 — 1 Interest expense, net — 25 148 18 — 191 Equity in net income of subsidiaries (119 ) (210 ) — — 329 — Income (loss) before income taxes 122 115 196 18 (329 ) 122 Income tax expense (benefit) 36 25 — 4 (29 ) 36 Consolidated net income (loss) 86 90 196 14 (300 ) 86 Net income (loss) attributable to non-controlling interests — — — — — — Net income (loss) attributable to the Company $ 86 $ 90 $ 196 $ 14 $ (300 ) $ 86 Currency translation — — — (45 ) — (45 ) Interest rate hedges — (33 ) — — — (33 ) Defined benefit pension and retiree benefit plans — (16 ) — — — (16 ) Provision for income taxes related to other comprehensive income items — 18 — — — 18 Comprehensive income (loss) $ 86 $ 59 $ 196 $ (31 ) $ (300 ) $ 10 Fiscal 2014 Parent Issuer Guarantor Non- Eliminations Total Net sales $ - $ 638 $ 3,904 $ 416 $ - $ 4,958 Cost of goods sold - 557 3,284 349 - 4,190 Selling, general and administrative - 52 232 36 - 320 Amortization of intangibles - 10 84 8 - 102 Restructuring and impairment charges - - 30 - - 30 Operating income - 19 274 23 - 316 Debt extinguishment - 35 - - - 35 Other income, net (3 ) - (4 ) - - (7 ) Interest expense, net 34 27 176 (97 ) 81 221 Equity in net income of subsidiaries (98 ) (218 ) - - 316 - Income (loss) before income taxes 67 175 102 120 (397 ) 67 Income tax expense (benefit) 4 44 - 5 (49 ) 4 Consolidated net income (loss) 63 131 102 115 (348 ) 63 Net income(loss) attributable to non-controlling interests 1 - - - - 1 Net income(loss) attributable to the Company $ 62 $ 131 $ 102 $ 115 $ (348 ) $ 62 Currency translation - - - (16 ) - (16 ) Interest rate hedges - (3 ) - - - (3 ) Defined benefit pension and retiree benefit plans - (11 ) - - - (11 ) Provision for income taxes related to other comprehensive income items - 5 - - - 5 Comprehensive income (loss) $ 62 $ 122 $ 102 $ 99 $ (348 ) $ 37 Fiscal 2013 Parent Issuer Guarantor Non- Eliminations Total Net sales $ - $ 571 $ 3,706 $ 370 $ - $ 4,647 Cost of sales - 506 3,021 308 - 3,835 Selling, general and administrative expenses - 58 314 40 - 412 Restructuring and impairment charges, net - 1 13 - - 14 Operating income (loss) - 6 358 22 - 386 Other income - 56 1 - - 57 Interest expense, net 47 24 201 (120 ) 92 244 Equity in net income of subsidiaries (132 ) (297 ) - - 429 - Net income (loss) before income taxes 85 223 156 142 (521 ) 85 Income tax expense (benefit) 28 80 - 2 (82 ) 28 Net income (loss) $ 57 $ 143 $ 156 $ 140 $ (439 ) $ 57 Currency translation - - - (5 ) - (5 ) Interest rate hedges - 20 - - - 20 Defined benefit pension and retiree benefit plans - 34 - - - 34 Provision for income taxes related to other comprehensive income items - (20 ) - - - (20 ) Comprehensive income (loss) $ 57 $ 177 $ 156 $ 135 $ (439 ) $ 86 Condensed Supplemental Consolidated Balance Sheet As of fiscal year end 2015 Parent Issuer Guarantor Non- Eliminations Total Assets Current assets: Cash and cash equivalents $ - $ 163 $ - $ 65 $ - $ 228 Accounts receivable, net - 23 337 74 - 434 Intercompany receivable 329 2,963 - 83 (3,375 ) - Inventories - 49 425 48 - 522 Deferred income taxes 162 - - - - 162 Prepaid expenses and other current - 22 5 10 - 37 Total current assets 491 3,220 767 280 (3,375 ) 1,383 Property, plant and equipment, net - 79 1,111 104 - 1,294 Intangible assets, net - 97 2,151 101 - 2,349 Investment in subsidiaries 75 1,456 - - (1,531 ) - Other assets - - 1 1 - 2 Total assets $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906 ) $ 5,028 Liabilities and equity Current liabilities: Accounts payable $ - $ 28 $ 245 $ 57 $ - $ 330 Accrued expenses and other current liabilities 57 140 121 20 - 338 Intercompany payable - - 3,375 - (3,375 ) - Current portion of long-term debt - 37 - - - 37 Total current liabilities 57 205 3,741 77 (3,375 ) 705 Long-term debt, less current portion - 3,647 - 1 - 3,648 Deferred income taxes 387 - - - - 387 Other long-term liabilities 175 122 39 5 - 341 Total long-term liabilities 562 3,769 39 6 - 4,376 Total liabilities 619 3,974 3,780 83 (3,375 ) 5,081 Redeemable non-controlling interests 12 - - - - 12 Other equity (deficit) (65 ) 878 250 403 (1,531 ) (65 ) Total equity (deficit) (65 ) 878 250 403 (1,531 ) (65 ) Total liabilities and equity (deficit) $ 566 $ 4,852 $ 4,030 $ 486 $ (4,906 ) $ 5,028 Condensed Supplemental Consolidated Balance Sheet As of fiscal year end 2014 Parent Issuer Guarantor Non- Eliminations Total Assets Current assets: Cash and cash equivalents $ - $ 70 $ 15 $ 44 $ - $ 129 Accounts receivable, net of allowance - 35 377 79 - 491 Intercompany receivable 319 3,343 - 87 (3,749 ) - Inventories - 51 496 57 - 604 Deferred income taxes 166 - - - - 166 Prepaid expenses and other current - 15 13 14 - 42 Total current assets 485 3,514 901 281 (3,749 ) 1,432 Property, plant and equipment, net - 84 1,162 118 - 1,364 Intangible assets, net - 104 2,226 125 - 2,455 Investment in subsidiaries 69 1,237 - - (1,306 ) - Other assets - - 1 - - 1 Total assets $ 554 $ 4,939 $ 4,290 $ 524 $ (5,055 ) $ 5,252 Liabilities and equity Current liabilities: Accounts payable $ - $ 31 $ 303 $ 61 $ - $ 395 Accrued and other current liabilities 35 127 132 20 - 314 Intercompany payable - - 3,749 - (3,749 ) - Long-term debt-current portion - 54 - 4 - 58 Total current liabilities 35 212 4,184 85 (3,749 ) 767 Long-term debt, less current portion - 3,842 - 2 - 3,844 Deferred tax liabilities 386 - - - - 386 Other long-term liabilities 234 76 42 4 - 356 Total long-term liabilities 620 3,918 42 6 - 4,586 Total liabilities 655 4,130 4,226 91 (3,749 ) 5,353 Redeemable non-controlling interests 13 - - - - 13 Other equity (deficit) (114 ) 809 64 433 (1,306 ) (114 ) Total equity (deficit) (114 ) 809 64 433 (1,306 ) (114 ) Total liabilities and equity (deficit) $ 554 $ 4,939 $ 4,290 $ 524 $ (5,055 ) $ 5,252 Condensed Supplemental Consolidated Statements of Cash Flows Fiscal 2015 Parent Issuer Guarantor Non- Eliminations Total Cash Flow from Operating Activities $ - $ 60 $ 542 $ 34 $ 1 $ 637 Cash Flow from Investing Activities Additions to property, plant, and equipment - (13 ) (164 ) (3 ) - (180 ) Proceeds from sale of assets - - 18 - - 18 Investment in Parent - - - - - - (Contributions) distributions to/from subsidiaries (18 ) 18 - - - - Intercompany advances (repayments) - 368 - - (368 ) - Acquisition of business, net of cash acquired - - (3 ) - - (3 ) Net cash from investing activities (18 ) 373 (149 ) (3 ) (368 ) (165 ) Cash Flow from Financing Activities Proceeds from long-term borrowings - 693 - - - 693 Payment of tax receivable agreement (39 ) - - - - (39 ) Proceed from issuance of common stock 18 - - - - 18 Repayment of note receivable - - - - - - Repayment of long-term borrowings - (947 ) - (4 ) - (951 ) Changes in intercompany balances 39 - (408 ) 2 367 - Contribution from Parent - - - - - - Debt financing costs - (86 ) - - - (86 ) Net cash from financing activities 18 (340 ) (408 ) (2 ) 367 (365 ) Effect of currency translation on cash - - - (8 ) - (8 ) Net change in cash and cash equivalents - 93 (15 ) 21 - 99 Cash and cash equivalents at beginning of period - 70 15 44 - 129 Cash and cash equivalents at end of period $ - $ 163 $ - $ 65 $ - $ 228 Fiscal 2014 Parent Issuer Guarantor Non- Eliminations Total Cash Flow from Operating Activities $ - $ 27 $ 473 $ 30 $ - $ 530 Cash Flow from Investing Activities Additions to property, plant, and equipment - (6 ) (200 ) (9 ) - (215 ) Proceeds from sale of assets - - 19 - - 19 Investment in Parent - - - - - - (Contributions) distributions to/from subsidiaries 723 (2 ) - 721 (1,442 ) - Intercompany advances (repayments) - 20 - - (20 ) - Investment in Issuer debt securities - - - - - - Acquisition of business, net of cash acquired - - (136 ) (90 ) - (226 ) Net cash from investing activities 723 12 (317 ) 622 (1,462 ) (422 ) Cash Flow from Financing Activities Proceeds from long-term borrowings - 1,627 - - - 1,627 Proceeds from initial public offering - - - - - - Payment of tax receivable agreement (32 ) - - - - (32 ) Proceed from issuance of common stock 17 - - - - 17 Repayment of note receivable - - - - - - Repayment of long-term borrowings (740 ) (1,668 ) - - 721 (1,687 ) Changes in intercompany balances 32 - (141 ) 89 20 - Contribution from Parent - - - (721 ) 721 - Debt financing costs - (44 ) - - - (44 ) Net cash from financing activities (723 ) (85 ) (141 ) (632 ) 1,462 (119 ) Effect of currency translation on cash - - - (2 ) - (2 ) Net change in cash and cash equivalents - (46 ) 15 18 - (13 ) Cash and cash equivalents at beginning of period - 116 - 26 - 142 Cash and cash equivalents at end of period $ - $ 70 $ 15 $ 44 $ - $ 129 Fiscal 2013 Parent Issuer Guarantor Non- Eliminations Total Cash Flow from Operating Activities $ - $ 11 $ 417 $ 36 $ - $ 464 Cash Flow from Investing Activities Additions to property, plant, and equipment - (7 ) (218 ) (14 ) - (239 ) Proceeds from disposal of assets - 1 17 - - 18 Investment in Parent - - - (21 ) 21 - (Contributions) distributions to/from subsidiaries (462 ) 441 - - 21 - Intercompany advances (repayments) - 210 - - (210 ) - Investment in Issuer debt securities - - - - - - Acquisition of business net of cash acquired - - (24 ) - - (24 ) Net cash from investing activities (462 ) 645 (225 ) (35 ) (168 ) (245 ) Cash Flow from Financing Activities Proceeds from long-term debt - 1,391 - - - 1,391 IPO proceeds 438 - - - - 438 Payment of TRA (5 ) (5 ) - - 5 (5 ) Proceed from issuance of common stock 27 - - - - 27 Repayment of note receivable 2 2 - - (2 ) 2 Repayment of long-term debt - (1,955 ) - (2 ) (21 ) (1,978 ) Changes in intercompany balances - - (192 ) (15 ) 207 - Contribution from Parent - - - 21 (21 ) - Deferred financing costs - (39 ) - - - (39 ) Net cash from financing activities 462 (606 ) (192 ) 4 168 (164 ) Net change in cash and cash equivalents - 50 - 5 - 55 Cash and cash equivalents at beginning of period - 66 - 21 - 87 Cash and cash equivalents at end of period $ - $ 116 $ - $ 26 $ - $ 142 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Data | 2015 2014 First Second Third Fourth First Second Third Fourth Net sales $ 1,220 $ 1,224 $ 1,241 $ 1,196 $ 1,140 $ 1,210 $ 1,298 $ 1,310 Cost of sales 1,037 997 1,003 975 964 1,023 1,089 1,114 Gross profit 183 227 238 221 176 187 209 196 Net income (loss) attributable to $ 13 $ 38 $ (13 ) $ 48 $ 6 $ 12 $ 15 $ 29 Net income (loss) attributable to Basic 0.11 0.32 (0.11 ) 0.40 0.05 0.10 0.13 0.25 Diluted 0.11 0.31 (0.11 ) 0.39 0.05 0.10 0.12 0.24 |
Basis Of Presentation And Sum40
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Aug. 31, 2013USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Sep. 26, 2015USD ($)Segment | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | Oct. 01, 2011USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Number of operating segments | Segment | 4 | ||||||||||||
Research and development expenditures | $ 33 | $ 32 | $ 28 | ||||||||||
Stock based compensation expense | $ 8 | 21 | 15 | 16 | |||||||||
Inventory reserve | $ 20 | $ 19 | $ 20 | 19 | |||||||||
Contractual period | 10 years | ||||||||||||
Interest costs capitalized | $ 6 | 6 | 5 | ||||||||||
Fixed asset impairment charges | 2 | 7 | 5 | ||||||||||
Goodwill impairment charge | $ 165 | ||||||||||||
Debt issuance costs | 5 | ||||||||||||
Deferred charges | 4 | 4 | 4 | 4 | |||||||||
Accrual for customer rebates | 53 | 50 | 53 | 50 | |||||||||
Cost of goods sold | $ 975 | $ 1,003 | $ 997 | $ 1,037 | $ 1,114 | $ 1,089 | $ 1,023 | $ 964 | 4,012 | 4,190 | $ 3,835 | ||
Early adoption adjustment | $ 5 | $ 16 | |||||||||||
Supplier Concentration Risk | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Concentration risk, percentage | 21.00% | ||||||||||||
Minimum | Buildings and improvements | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, useful life | 15 years | ||||||||||||
Minimum | Machinery, equipment, and tooling | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, useful life | 2 years | ||||||||||||
Maximum | Buildings and improvements | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, useful life | 25 years | ||||||||||||
Maximum | Machinery, equipment, and tooling | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, useful life | 10 years | ||||||||||||
Customer Relationships | Minimum | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite intangible assets, useful life | 11 years | ||||||||||||
Customer Relationships | Maximum | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite intangible assets, useful life | 20 years | ||||||||||||
Technology | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite intangible assets, useful life | 11 years | ||||||||||||
Licenses | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite intangible assets, useful life | 10 years | ||||||||||||
Patents | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite intangible assets, weighted-average life | 15 years | ||||||||||||
Patents | Minimum | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite intangible assets, useful life | 10 years | ||||||||||||
Patents | Maximum | |||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite intangible assets, useful life | 20 years |
Basis Of Presentation And Sum41
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Assumptions Used For Options Granted) (Details) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |||
Risk-free interest rate | 1.60% | 1.30% | 0.60% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility factor | 0.30% | 0.33% | 0.38% |
Expected option life | 7 years | 7 years | 7 years |
Basis Of Presentation And Sum42
Basis Of Presentation And Summary Of Significant Accounting Policies (Activity For Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |||
Allowance for doubtful accounts, beginning | $ 3 | $ 3 | $ 3 |
Bad debt expense | 2 | 1 | |
Write-offs against allowance | (2) | (1) | |
Allowance for doubtful accounts, ending | $ 3 | $ 3 | $ 3 |
Basis Of Presentation And Sum43
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Inventory) (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ||
Finished goods | $ 309 | $ 353 |
Raw materials | 213 | 251 |
Inventory, total | $ 522 | $ 604 |
Basis Of Presentation And Sum44
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 2,985 | $ 2,872 |
Less accumulated depreciation | (1,691) | (1,508) |
Property, plant and equipment, net | 1,294 | 1,364 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 367 | 363 |
Equipment and construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 2,618 | $ 2,509 |
Basis Of Presentation And Sum45
Basis Of Presentation And Summary Of Significant Accounting Policies (Changes In The Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | $ 1,659 | $ 1,634 |
Foreign currency translation adjustment | (9) | (4) |
Acquisitions (realignment), net | 2 | 29 |
Goodwill, Ending balance | 1,652 | 1,659 |
Consumer Packaging | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | 1,524 | 1,524 |
Foreign currency translation adjustment | (5) | (2) |
Acquisitions (realignment), net | 1 | 2 |
Goodwill, Ending balance | 1,520 | 1,524 |
Health, Hygiene & Specialties | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | 49 | 27 |
Foreign currency translation adjustment | (2) | |
Acquisitions (realignment), net | 1 | 22 |
Goodwill, Ending balance | 48 | 49 |
Engineered Materials | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | 86 | 83 |
Foreign currency translation adjustment | (2) | (2) |
Acquisitions (realignment), net | 5 | |
Goodwill, Ending balance | $ 84 | $ 86 |
Basis Of Presentation And Sum46
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Intangible Assets, Net Excluding Goodwill [Roll Forward] | |||
Intangible assets, net, beginning balance | $ 792 | $ 856 | |
Adjustment for income taxes | (3) | (3) | |
Foreign currency translation adjustment | (6) | (2) | |
Amortization expense | (91) | (102) | $ (105) |
Acquisition intangibles | 1 | 43 | |
Intangible assets, net, ending balance | 693 | 792 | 856 |
Customer Relationships | |||
Intangible Assets, Net Excluding Goodwill [Roll Forward] | |||
Intangible assets, net, beginning balance | 1,167 | 1,134 | |
Adjustment for income taxes | (3) | (2) | |
Foreign currency translation adjustment | (6) | (3) | |
Acquisition intangibles | 1 | 38 | |
Intangible assets, net, ending balance | 1,159 | 1,167 | 1,134 |
Trademarks | |||
Intangible Assets, Net Excluding Goodwill [Roll Forward] | |||
Intangible assets, net, beginning balance | 282 | 283 | |
Foreign currency translation adjustment | (1) | (1) | |
Intangible assets, net, ending balance | 281 | 282 | 283 |
Other Intangibles | |||
Intangible Assets, Net Excluding Goodwill [Roll Forward] | |||
Intangible assets, net, beginning balance | 109 | 107 | |
Adjustment for income taxes | (1) | ||
Foreign currency translation adjustment | (3) | (2) | |
Acquisition intangibles | 5 | ||
Intangible assets, net, ending balance | 106 | 109 | 107 |
Accumulated Amortization | |||
Intangible Assets, Net Excluding Goodwill [Roll Forward] | |||
Intangible assets, net, beginning balance | (766) | (668) | |
Foreign currency translation adjustment | 4 | 4 | |
Amortization expense | (91) | (102) | |
Intangible assets, net, ending balance | $ (853) | $ (766) | $ (668) |
Basis Of Presentation And Sum47
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Currency translation | $ (45) | $ (16) | $ (5) |
Defined benefit pension and retiree health benefit plans | (16) | (11) | 34 |
Ending Balance, Defined Benefit Pension and Retiree Health Benefit Plans | 45 | ||
Other Comprehensive Income (Loss), Interest Rate Hedges | (33) | (3) | 20 |
Beginning balance, Accumulated Other Comprehensive Loss | (43) | (18) | (47) |
Other Comprehensive Income (Loss), Accumulated Other Comprehensive Loss | (94) | (30) | 49 |
Provision for income taxes related to other comprehensive income items | (18) | (5) | 20 |
Ending Balance, Accumulated Other Comprehensive Loss | (119) | (43) | (18) |
Currency Translation | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance, Currency Translation | (36) | (20) | (15) |
Currency translation | (45) | (16) | (5) |
Ending Balance, Currency Translation | (81) | (36) | (20) |
Defined Benefit Pension and Retiree Health Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance, Defined Benefit Pension and Retiree Health Benefit Plans | (15) | (8) | (29) |
Defined benefit pension and retiree health benefit plans | (16) | (11) | 34 |
Provision for income taxes, Defined Benefit Pension and Retiree Health Benefit Plans | 6 | 4 | (13) |
Ending Balance, Defined Benefit Pension and Retiree Health Benefit Plans | (25) | (15) | (8) |
Interest Rate Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance, Interest Rate Hedges | 8 | 10 | (3) |
Other Comprehensive Income (Loss), Interest Rate Hedges | (33) | (3) | 20 |
Provision for income taxes, Interest Rate Hedges | 12 | 1 | (7) |
Ending Balance, Interest Rate Hedges | $ (13) | $ 8 | $ 10 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |||||
Jan. 31, 2014 | Sep. 30, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Jun. 30, 2014 | Sep. 28, 2013 | |
Acquisitions [Line Item] | ||||||
Goodwill | $ 1,652 | $ 1,659 | $ 1,634 | |||
Temporary Equity, Redemption Value | $ 12 | $ 13 | ||||
Graphic Flexible Packaging LLC's Flexible Plastics And Films | ||||||
Acquisitions [Line Item] | ||||||
Purchase price, net of cash acquired | $ 61 | |||||
Capital | 8 | |||||
Property, plant and equipment | 18 | |||||
Intangible asset | 25 | |||||
Goodwill | 14 | |||||
Other long-term liabilities | $ 4 | |||||
Qingdao P&B Co., Ltd | ||||||
Acquisitions [Line Item] | ||||||
Purchase price, net of cash acquired | $ 35 | |||||
Capital | 9 | |||||
Property, plant and equipment | 24 | |||||
Intangible asset | 11 | |||||
Goodwill | 10 | |||||
Other long-term liabilities | 4 | |||||
Temporary Equity, Redemption Value | $ 13 | |||||
Percentage of capital stock acquired | 75.00% | |||||
Call option on the remaining interest | 25.00% | |||||
Call option period | 3 years | |||||
Rexam Healthcare Containers and Closures | ||||||
Acquisitions [Line Item] | ||||||
Aggregate purchase price | $ 133 | |||||
Capital | 32 | |||||
Property, plant and equipment | 85 | |||||
Intangible asset | 9 | |||||
Goodwill | 7 | |||||
Other long-term liabilities | $ 3 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Oct. 31, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Debt Instrument [Line Items] | |||||
Interest Paid | $ 191,000,000 | $ 214,000,000 | $ 245,000,000 | ||
Debt extinguishment | $ 94,000,000 | $ 35,000,000 | $ 64,000,000 | ||
51/8% Second Priority Senior Secured Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 700,000,000 | ||||
Maturity date | Jul. 1, 2023 | ||||
9 3/4% Second Priority Senior Secured Notes, Retired | |||||
Debt Instrument [Line Items] | |||||
Debt extinguishment | 94,000,000 | ||||
Write-off of deferred financing fees | 11,000,000 | ||||
Incur tender amount | $ 83,000,000 | ||||
Term Loan Due January 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective rate | 2.75% | ||||
Maturity date | Jan. 1, 2021 | ||||
First lien secured leverage ratio | 4 | ||||
Term Loan Due February 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective rate | 2.50% | ||||
Maturity date | Feb. 1, 2020 | ||||
Term Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 1,000,000,000 | $ 2,400,000,000 | |||
Minimum quarterly principal payment | $ 4,000,000 | ||||
Principal payment of term loan | $ 100,000,000 | ||||
First lien secured leverage ratio | 2.8 | ||||
Revolving Line Of Credit | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 650,000,000 | ||||
Unused borrowed amount | $ 471,000,000 | ||||
Maturity date | May 1, 2020 | ||||
Letter of credit fronting fee | 0.125% | ||||
Fixed charge coverage ratio | 2.90% | ||||
Line of credit facility unused capacity percentage | 10.00% | ||||
Revolving Line Of Credit | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, commitment fee rate | 0.25% | ||||
Fixed charge coverage ratio | 1.00% | ||||
Revolving Line Of Credit | Minimum | Term Loan Due January 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, LIBOR floor | 1.25% | ||||
Revolving Line Of Credit | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, commitment fee rate | 0.325% | ||||
Revolving Line Of Credit | Maximum | Term Loan Due January 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, LIBOR floor | 1.75% | ||||
LIBOR | Term Loan Due January 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, LIBOR floor | 1.00% | ||||
LIBOR | Term Loan Due February 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, LIBOR floor | 1.00% |
Long-Term Debt (Summary Of Long
Long-Term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,714 | |
Debt discounts and deferred fees | (29) | $ (36) |
Capital leases and other | 126 | 133 |
Total long-term debt | 3,685 | 3,902 |
Current portion of long-term debt | (37) | (58) |
Long-term debt, less current portion | $ 3,648 | 3,844 |
Revolving Line Of Credit | ||
Debt Instrument [Line Items] | ||
Maturity date | May 1, 2020 | |
Term Loan Due February 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,369 | 1,383 |
Maturity date | Feb. 1, 2020 | |
Term Loan Due January 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,019 | 1,122 |
Maturity date | Jan. 1, 2021 | |
51/8% Second Priority Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 700 | |
Maturity date | Jul. 1, 2023 | |
5 1/2% Second Priority Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 500 | 500 |
Maturity date | May 1, 2022 | |
9 3/4% Second Priority Senior Secured Notes, Retired | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 800 |
Long-Term Debt (Future Maturiti
Long-Term Debt (Future Maturities Of Long-Term Debt) (Details) $ in Millions | Sep. 26, 2015USD ($) |
Long-Term Debt [Abstract] | |
2,016 | $ 37 |
2,017 | 35 |
2,018 | 35 |
2,019 | 33 |
2,020 | 1,332 |
Thereafter | 2,242 |
Long-term Debt, Total | $ 3,714 |
Financial Instruments And Fai52
Financial Instruments And Fair Value Measurements (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Mar. 31, 2014 | |
Derivative [Line Items] | |||||
Fair value of investments exceeding book value | $ 55,000,000 | $ 86,000,000 | |||
Impairment on definite lived intangible assets | $ 5,000,000 | ||||
Impairment charges on property, plant and equipment | $ 2,000,000 | $ 7,000,000 | $ 5,000,000 | ||
2013 Interest rate swap | |||||
Derivative [Line Items] | |||||
Derivative variable interest rate | 1.00% | ||||
Variable rate term loan, amount outstanding | $ 1,000,000,000 | ||||
Derivative instrument fixed interest rate | 2.355% | ||||
Derivative maturity date | May 1, 2019 | ||||
Derivative effective date | May 1, 2016 | ||||
Derivative settlement receivables | $ 16,000,000 | ||||
Term of fixed interest rate | 1 year | ||||
2014 Interest rate swap | |||||
Derivative [Line Items] | |||||
Debt instrument, face amount | $ 1,000,000,000 | ||||
Derivative variable interest rate | 1.00% | ||||
Derivative instrument fixed interest rate | 2.59% | ||||
Derivative maturity date | Feb. 1, 2019 | ||||
Derivative effective date | Feb. 1, 2016 | ||||
Term of fixed interest rate | 1 year | ||||
2015 Interest rate swap | |||||
Derivative [Line Items] | |||||
Debt instrument, face amount | $ 1,000,000,000 | ||||
Derivative variable interest rate | 1.00% | ||||
Derivative instrument fixed interest rate | 1.7185% | ||||
Derivative maturity date | Jun. 1, 2019 | ||||
Derivative effective date | Dec. 1, 2015 | ||||
Term of fixed interest rate | 1 year |
Financial Instruments And Fai53
Financial Instruments And Fair Value Measurements (Schedule Of Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 36 | $ 3 |
Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 36 | $ 3 |
Financial Instruments And Fai54
Financial Instruments And Fair Value Measurements (Schedule Of Fair Value Assets Measured On A Non-Recurring Basis) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Indefinite-lived trademarks | $ 207 | $ 207 | $ 207 |
Goodwill | 1,652 | 1,659 | 1,634 |
Definite lived intangible assets | 486 | 585 | 649 |
Property, plant, and equipment | 1,294 | 1,364 | 1,266 |
Total | 3,639 | 3,815 | 3,756 |
Definite lived intangible assets, Impairment | 5 | ||
Property, plant, and equipment, Impairment | 2 | 7 | |
Fair value asset impairment charges | 2 | $ 7 | $ 5 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Indefinite-lived trademarks | |||
Goodwill | |||
Definite lived intangible assets | |||
Property, plant, and equipment | |||
Total | |||
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Indefinite-lived trademarks | |||
Goodwill | |||
Definite lived intangible assets | |||
Property, plant, and equipment | |||
Total | |||
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Indefinite-lived trademarks | 207 | $ 207 | $ 207 |
Goodwill | 1,652 | 1,659 | 1,634 |
Definite lived intangible assets | 486 | 585 | 649 |
Property, plant, and equipment | 1,294 | 1,364 | 1,266 |
Total | $ 3,639 | $ 3,815 | $ 3,756 |
Goodwill, Intangible Assets A55
Goodwill, Intangible Assets And Deferred Costs (Narrative) (Details) $ in Millions | Sep. 26, 2015USD ($) |
Goodwill, Intangible Assets And Deferred Costs [Abstract] | |
Future amortization expense, 2016 | $ 84 |
Future amortization expense, 2017 | 72 |
Future amortization expense, 2018 | 55 |
Future amortization expense, 2019 | 50 |
Future amortization expense, 2020 | $ 46 |
Goodwill, Intangible Assets A56
Goodwill, Intangible Assets And Deferred Costs (Schedule Of Intangible Assets, Goodwill And Deferred Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Deferred financing fees - revolving line of credit | $ 4 | $ 8 | |
Deferred financing fees, accumulated amortization | (4) | ||
Deferred financing fees, net | 4 | 4 | |
Goodwill | 1,652 | 1,659 | $ 1,634 |
Finite intangible assets, accumulated amortization | (853) | (766) | |
Intangible assets, net | 693 | 792 | 856 |
Total goodwill, intangible assets and deferred costs | 2,349 | 2,455 | |
Trademarks | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Indefinite intangible assets | 207 | 207 | |
Customer Relationships | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Finite intangible assets | 1,159 | 1,167 | |
Intangible assets, net | 1,159 | 1,167 | 1,134 |
Trademarks | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Finite intangible assets | 74 | 75 | |
Intangible assets, net | 281 | 282 | 283 |
Other Intangibles | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Finite intangible assets | 106 | 109 | |
Intangible assets, net | $ 106 | $ 109 | $ 107 |
Minimum | Customer Relationships | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Finite intangible assets, amortization period | 11 years | ||
Minimum | Trademarks | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Finite intangible assets, amortization period | 8 years | ||
Minimum | Other Intangibles | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Finite intangible assets, amortization period | 10 years | ||
Maximum | Customer Relationships | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Finite intangible assets, amortization period | 20 years | ||
Maximum | Trademarks | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Finite intangible assets, amortization period | 15 years | ||
Maximum | Other Intangibles | |||
Goodwill, Intangible Assets And Deferred Costs [Line Items] | |||
Finite intangible assets, amortization period | 20 years |
Lease And Other Commitments A57
Lease And Other Commitments And Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015USD ($)EmployeeLocation | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | |
Lease And Other Commitments And Contingencies [Abstract] | |||
New capital lease obligations | $ 29 | $ 45 | $ 49 |
Minimum lease payments or contingent rentals | 24 | 24 | |
Asset retirement obligations | 8 | 7 | |
Rent expense from operating leases | 53 | $ 54 | $ 53 |
Sale leaseback transaction, deferred gain | $ 28 | ||
Entity Number of Employees | Employee | 16,000 | ||
Lease expirations, final year | 2,025 | ||
Percentage of employees covered by collective bargaining agreements | 12.00% | ||
Number of collective bargaining agreements | Location | 4 | ||
Percentage of employees due for renegotiation | 56.00% | ||
Bargaining agreement expiration year | 2,016 |
Lease And Other Commitments A58
Lease And Other Commitments And Contingencies (Schedule Of Future Minimum Payments For Capital And Operating Leases) (Details) $ in Millions | Sep. 26, 2015USD ($) |
Lease And Other Commitments And Contingencies [Abstract] | |
Capital Leases, 2016 | $ 28 |
Capital Leases, 2017 | 25 |
Capital Leases, 2018 | 23 |
Capital Leases, 2019 | 21 |
Capital Leases, 2020 | 21 |
Capital Leases, Thereafter | 24 |
Capital Leases, Total net minimum payments | 142 |
Capital Leases, Less: amount representing interest | (16) |
Capital Leases, Present value of net minimum lease payments | 126 |
Operating Leases, 2016 | 50 |
Operating Leases, 2017 | 46 |
Operating Leases, 2018 | 39 |
Operating Leases, 2019 | 34 |
Operating Leases, 2020 | 28 |
Operating Leases, Thereafter | 137 |
Operating Leases, Total net minimum payments | $ 334 |
Accrued Expenses, Other Curre59
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Employee compensation, payroll and other taxes | $ 102 | $ 91 |
Interest | 38 | 44 |
Rebates | 53 | 50 |
Property taxes | 13 | 13 |
Restructuring | 10 | 13 |
Tax receivable agreement obligation | 57 | 39 |
Other | 65 | 64 |
Total accrued liabilities, current | $ 338 | $ 314 |
Accrued Expenses, Other Curre60
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities (Summary Of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Accrued Expenses, Other Current Liabilities And Other Long-Term Liabilities [Abstract] | ||
Lease retirement obligation | $ 32 | $ 31 |
Sale-lease back deferred gain | 28 | 30 |
Pension liability | 57 | 45 |
Tax receivable agreement obligation | 175 | 234 |
Interest rate swaps | 36 | 3 |
Other | 13 | 13 |
Other long-term liabilities | $ 341 | $ 356 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Oct. 31, 2015 | |
Income Taxes [Line Items] | ||||
U.S. income (loss) from continuing operations before income taxes | $ 99 | $ 58 | $ 77 | |
Non-U.S. income (loss) from continuing operations before income taxes | 23 | 9 | 8 | |
AMT credit carryforwards | 9 | |||
Deferred tax assets, valuation allowance | 29 | 56 | ||
Reduction of short term capital lease obligations | 313 | |||
Taxes Payable | 232 | $ 57 | ||
Cash paid for taxes | 9 | 7 | 3 | |
Unrecognized tax benefits that would affect effective tax rate if recognized | 7 | 8 | ||
Interest and penalties accrued for uncertain tax positions | 2 | |||
Payment of tax receivable agreement | $ 39 | 32 | 5 | |
Percentage of cash savings | 85.00% | |||
Federal | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | $ 361 | |||
Federal research and development tax credits | 22 | |||
State | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 684 | |||
Federal research and development tax credits | 7 | |||
Other state tax credits | 4 | |||
Foreign | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 52 | |||
Parent Company | ||||
Income Taxes [Line Items] | ||||
Payment of tax receivable agreement | $ 39 | $ 32 | $ 5 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Taxes [Abstract] | |||
Current - State | $ 3 | $ 5 | $ 2 |
Current - Non-U.S. | 7 | 3 | 4 |
Current income tax provision | 10 | 8 | 6 |
Deferred - Federal | 31 | 3 | 26 |
Deferred - State | (4) | (5) | (3) |
Deferred - Non-U.S. | (1) | (2) | (1) |
Deferred income tax expense (benefit) | 26 | (4) | 22 |
Expense for income taxes | $ 36 | $ 4 | $ 28 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Taxes [Abstract] | |||
U.S. Federal income tax expense at the statutory rate | $ 43 | $ 23 | $ 29 |
U.S. State income tax expense | 7 | 5 | (1) |
Changes in state valuation allowance | (7) | ||
Research and development credits | (5) | (20) | |
Permanent differences | (2) | ||
Change in foreign valuation allowance | 1 | 1 | |
Rate differences between U.S. and foreign | (2) | (1) | (2) |
APB 23 | (1) | ||
Other | (1) | 1 | |
Expense for income taxes | $ 36 | $ 4 | $ 28 |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Income Tax Liability) (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Income Taxes [Abstract] | ||
Allowance for doubtful accounts | $ 3 | $ 3 |
Deferred gain on sale-leaseback | 12 | 13 |
Accrued liabilities and reserves | 84 | 58 |
Inventories | 9 | 10 |
Net operating loss carryforward | 130 | 248 |
Alternative minimum tax (AMT) credit carryforward | 9 | 9 |
Research and development credit carryforward | 22 | 22 |
Federal and state tax credits | 7 | 13 |
Other | 3 | 9 |
Total deferred tax assets | 279 | 385 |
Valuation allowance | (29) | (56) |
Total deferred tax assets, net of valuation allowance | 250 | 329 |
Property, plant and equipment | 137 | 157 |
Intangible assets | 256 | 279 |
Debt extinguishment | 79 | 107 |
Other | 3 | 6 |
Total deferred tax liabilities | 475 | 549 |
Net deferred tax liability | $ (225) | $ (220) |
Income Taxes (Activity Related
Income Taxes (Activity Related To Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Income Taxes [Abstract] | ||
Beginning unrecognized tax benefits | $ 14 | $ 14 |
Gross increases - tax positions in prior periods | 2 | |
Gross increases - current period tax positions | 1 | 1 |
Settlements | (1) | (2) |
Lapse of statute of limitations | (1) | (1) |
Ending unrecognized tax benefits | $ 13 | $ 14 |
Retirement Plan (Narrative) (De
Retirement Plan (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015USD ($)Location | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan expense | $ 7 | $ 8 | $ 7 |
Amount expected to be amortized from accumulated other comprehensive income (loss) | (2) | ||
Net unrealized losses in accumulated other comprehensive loss | $ (45) | ||
Assumed health care cost trend rate | 7.00% | ||
Plan assets | $ 142 | 154 | |
Number of defined contribution plans | Location | 2 | ||
10 1/4% Senior Subordinated Notes | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 17 | ||
Defined Benefit Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 142 | $ 154 | $ 141 |
Number of defined benefit plans | Location | 4 |
Retirement Plan (Schedule Of Pr
Retirement Plan (Schedule Of Projected Benefit Obligations And Change In Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1 | ||
Interest cost | 8 | $ 8 | $ 7 |
Plan assets at beginning of period | 154 | ||
Plan assets at end of period | 142 | 154 | |
Defined Benefit Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
PBO at beginning of period | 192 | 178 | |
Service cost | 1 | ||
Interest cost | 8 | 8 | |
Actuarial loss (gain) | 11 | 15 | |
Benefit settlements | (9) | ||
Benefits paid | (10) | (9) | |
PBO at end of period | 193 | 192 | 178 |
Plan assets at beginning of period | 154 | 141 | |
Actual return on plan assets | 3 | 15 | |
Company contributions | 4 | 7 | |
Benefit settlements | (9) | ||
Plan assets at end of period | 142 | 154 | 141 |
Net amount recognized | (51) | (38) | |
Retiree Health Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
PBO at beginning of period | 2 | 2 | |
PBO at end of period | 2 | 2 | $ 2 |
Net amount recognized | $ (2) | $ (2) |
Retirement Plan (Weighted Avera
Retirement Plan (Weighted Average Assumptions Used To Determine Benefit Obligation And Benefit Cost) (Details) | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Defined Benefit Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for benefit obligation | 4.00% | 4.00% |
Discount rate for net benefit cost | 4.00% | 4.50% |
Expected return on plan assets for net benefit costs | 7.25% | 8.00% |
Retiree Health Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for benefit obligation | 3.00% | 2.90% |
Discount rate for net benefit cost | 2.90% | 3.10% |
Retirement Plan (Schedule Of Pl
Retirement Plan (Schedule Of Plan Asset Fair Values) (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 142 | $ 154 |
Corporate Bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31 | 15 |
Cash And Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 8 | 7 |
U.S. Large Cap Comingled Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37 | 47 |
U.S. Mid Cap Equity Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24 | 27 |
U.S. Small Cap Equity Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2 | 6 |
International Equity Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6 | 10 |
Real Estate Equity Investment Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3 | 3 |
Corporate Bond Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21 | 28 |
Guaranteed Investment Account | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10 | 11 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 64 | 81 |
Level 1 | Cash And Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 8 | 7 |
Level 1 | U.S. Mid Cap Equity Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24 | 27 |
Level 1 | U.S. Small Cap Equity Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2 | 6 |
Level 1 | International Equity Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6 | 10 |
Level 1 | Real Estate Equity Investment Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3 | 3 |
Level 1 | Corporate Bond Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21 | 28 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 68 | 62 |
Level 2 | Corporate Bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31 | 15 |
Level 2 | U.S. Large Cap Comingled Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37 | 47 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10 | 11 |
Level 3 | Guaranteed Investment Account | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 10 | $ 11 |
Retirement Plan (Schedule Of Ex
Retirement Plan (Schedule Of Expected Benefit Payments) (Details) $ in Millions | Sep. 26, 2015USD ($) |
Defined Benefit Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 10 |
2,017 | 10 |
2,018 | 10 |
2,019 | 10 |
2,020 | 11 |
2021-2025 | 56 |
Retiree Health Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2021-2025 | $ 1 |
Retirement Plan (Schedule Of Ne
Retirement Plan (Schedule Of Net Pension And Retiree Health Benefit Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Retirement Plan [Abstract] | |||
Service cost | $ 1 | ||
Interest cost | 8 | $ 8 | $ 7 |
Amortization | 1 | 3 | |
Settlement charge | 2 | ||
Expected return on plan | $ (12) | (11) | $ (10) |
Net periodic benefit cost | $ (3) |
Retirement Plan (Schedule Of De
Retirement Plan (Schedule Of Defined Benefit Pension Plan Asset Allocations) (Details) | Sep. 26, 2015 | Sep. 27, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan asset allocation | 100.00% | 100.00% |
Equity Securities And Equity-Like Instruments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan asset allocation | 51.00% | 60.00% |
Debt Securities And Debit-Like | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan asset allocation | 37.00% | 28.00% |
Other Asset | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan asset allocation | 12.00% | 12.00% |
Restructuring And Impairment 73
Restructuring And Impairment Charges (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Sep. 26, 2015USD ($)SegmentLocation | Sep. 27, 2014USD ($)Location | Sep. 28, 2013USD ($) | |
Restructuring And Impairment Charges [Line Items] | |||||||||||
Number of operating segments | Segment | 4 | ||||||||||
Net sales | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 1,310 | $ 1,298 | $ 1,210 | $ 1,140 | $ 4,881 | $ 4,958 | $ 4,647 |
Expected Total Costs | 60 | 60 | |||||||||
To be recognized in future | 3 | $ 3 | |||||||||
Number of facilities intended to shut down | Location | 2 | 4 | |||||||||
Shut down of facilities | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Expected Total Costs | 27 | $ 27 | |||||||||
To be recognized in future | $ 3 | 3 | |||||||||
Consumer Packaging | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Net sales | $ 2,870 | $ 2,904 | 2,791 | ||||||||
Number of facilities intended to shut down | Location | 1 | 3 | |||||||||
Consumer Packaging | Shut down of facilities | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Net sales | $ 24 | $ 153 | |||||||||
Health, Hygiene & Specialties | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Net sales | 502 | 450 | 353 | ||||||||
Engineered Materials | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Net sales | 1,509 | $ 1,604 | 1,503 | ||||||||
Number of facilities intended to shut down | Location | 1 | ||||||||||
Engineered Materials | Shut down of facilities | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Net sales | $ 16 | $ 9 | |||||||||
Certain Intangible Assets Redeemed [Member] | |||||||||||
Restructuring And Impairment Charges [Line Items] | |||||||||||
Non cash assets impairment charges | $ 6 |
Restructuring And Impairment 74
Restructuring And Impairment Charges (Schedule Of Estimated Costs For Restructuring Programs) (Details) $ in Millions | Sep. 26, 2015USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Expected Total Costs | $ 60 |
Cumulative charges through Fiscal 2015 | 57 |
To be recognized in future | 3 |
Severance and termination benefits | |
Restructuring Cost and Reserve [Line Items] | |
Expected Total Costs | 18 |
Cumulative charges through Fiscal 2015 | 18 |
Facility exit costs | |
Restructuring Cost and Reserve [Line Items] | |
Expected Total Costs | 27 |
Cumulative charges through Fiscal 2015 | 24 |
To be recognized in future | 3 |
Asset impairment | |
Restructuring Cost and Reserve [Line Items] | |
Expected Total Costs | 15 |
Cumulative charges through Fiscal 2015 | $ 15 |
Restructuring And Impairment 75
Restructuring And Impairment Charges (Components Of Restructuring Charges By Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Restructuring And Impairment Charges [Line Items] | |||
Restructuring charges | $ 13 | $ 30 | $ 14 |
Consumer Packaging | |||
Restructuring And Impairment Charges [Line Items] | |||
Restructuring charges | 11 | $ 24 | $ 5 |
Health, Hygiene & Specialties | |||
Restructuring And Impairment Charges [Line Items] | |||
Restructuring charges | |||
Engineered Materials | |||
Restructuring And Impairment Charges [Line Items] | |||
Restructuring charges | $ 2 | $ 6 | $ 9 |
Restructuring And Impairment 76
Restructuring And Impairment Charges (Schedule Of Restructuring Accrual Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 13 | $ 4 | |
Charges | 13 | 30 | $ 14 |
Non-cash asset impairment | (2) | (7) | |
Cash payments | (14) | (14) | |
Ending balance | 10 | 13 | 4 |
Severance and termination benefits | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 5 | 2 | |
Charges | 4 | 9 | |
Cash payments | (7) | (6) | |
Ending balance | 2 | 5 | 2 |
Facility exit costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 8 | 2 | |
Charges | 7 | 14 | |
Cash payments | (7) | (8) | |
Ending balance | 8 | 8 | $ 2 |
Non-cash charges | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 2 | 7 | |
Non-cash asset impairment | $ (2) | $ (7) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Transaction fee received | $ 1 | ||
Payment to acquire assignments | $ 39 | $ 32 | |
Entities Affiliated With Apollo | |||
Related Party Transaction [Line Items] | |||
Payment to acquire assignments | $ 33 | $ 28 |
Stockholders Equity (Narrative)
Stockholders Equity (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 8 | $ 21 | $ 15 | $ 16 |
Options exercised or cash settled amount | $ 41 | |||
2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for grant | 7,500,000 | |||
Shares issued | 0 | |||
Additional cost for additional shares authorized | $ 5 |
Stockholders Equity (Schedule O
Stockholders Equity (Schedule Of Stock Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Stockholders Equity [Abstract] | ||
Options outstanding, beginning of period | 10,504 | 10,035 |
Options granted, number of shares | 2,839 | 2,727 |
Options exercised, number of shares | (1,929) | (2,137) |
Options forfeited or cancelled, number of shares | (63) | (121) |
Options outstanding, end of period, number of shares | 11,351 | 10,504 |
Options outstanding, beginning of period, weighted average exercise price | $ 13.13 | $ 9.96 |
Options granted, weighted average exercise price | 28.78 | 21.02 |
Options exercised, weighted average exercise price | 9.07 | 8.19 |
Options forfeited or cancelled, weighted average exercise price | 17.59 | 15.20 |
Options outstanding, end of period, weighted average exercise price | 17.71 | 13.13 |
Optional price range at end of period, lower limit | 3.04 | 3.04 |
Optional price range at end of period, upper limit | $ 33.91 | $ 22.95 |
Options exercisable at end of period | 4,786 | 5,098 |
Options available for grant at period end | 7,500 | 5,349 |
Weighted average fair value of options granted during period | $ 9.51 | $ 7.53 |
Stockholders Equity (Schedule80
Stockholders Equity (Schedule Of Assumptions Used For Options Granted) (Details) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Stockholders Equity [Abstract] | |||
Risk-free interest rate | 1.60% | 1.30% | 0.60% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility factor | 0.30% | 0.33% | 0.38% |
Expected option life | 7 years | 7 years | 7 years |
Stockholders Equity (Summary Of
Stockholders Equity (Summary Of Options Outstanding By Exercise Price Range) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Stockholders Equity [Abstract] | |||
Range of exercise prices, lower limit | $ 3.04 | $ 3.04 | |
Range of exercise prices, upper limit | $ 33.91 | $ 22.95 | |
Number outstanding | 11,351 | 10,504 | 10,035 |
Intrinsic value of outstanding | $ 143 | ||
Weighted remaining contractual life | 8 years | ||
Weighted exercise price | $ 17.71 | ||
Number exercisable | 4,786 | 5,098 | |
Intrinsic value of exercisable | $ 92 | ||
Unrecognized compensation | $ 25 | ||
Weighted recognition period | 2 years |
Segment And Geographic Data (Na
Segment And Geographic Data (Narrative) (Details) | 12 Months Ended |
Sep. 26, 2015Segment | |
Segment Reporting Information [Line Items] | |
Number of reporting segments | 3 |
Assets, Total | North America | |
Segment Reporting Information [Line Items] | |
Concentration risk, percentage | 95.00% |
Net Sales, Geographic Area | North America | |
Segment Reporting Information [Line Items] | |
Concentration risk, percentage | 95.00% |
Long-Lived Assets, Geographic Area | North America | |
Segment Reporting Information [Line Items] | |
Concentration risk, percentage | 96.00% |
Segment And Geographic Data (Su
Segment And Geographic Data (Summary Of Selected Information By Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 1,310 | $ 1,298 | $ 1,210 | $ 1,140 | $ 4,881 | $ 4,958 | $ 4,647 |
Operating income | 408 | 316 | 386 | ||||||||
Depreciation and amortization | 350 | 358 | 341 | ||||||||
Consumer Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,870 | 2,904 | 2,791 | ||||||||
Operating income | 229 | 164 | 258 | ||||||||
Depreciation and amortization | 237 | 239 | 228 | ||||||||
Health, Hygiene & Specialties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 502 | 450 | 353 | ||||||||
Operating income | 31 | 20 | 8 | ||||||||
Depreciation and amortization | 35 | 31 | 29 | ||||||||
Engineered Materials | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,509 | 1,604 | 1,503 | ||||||||
Operating income | 148 | 132 | 120 | ||||||||
Depreciation and amortization | $ 78 | $ 88 | $ 84 |
Segment And Geographic Data (84
Segment And Geographic Data (Summary Of Assets And Goodwill By Segment) (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 5,028 | $ 5,252 | |
Goodwill | 1,652 | 1,659 | $ 1,634 |
Consumer Packaging | |||
Segment Reporting Information [Line Items] | |||
Total assets | 3,832 | 3,991 | |
Goodwill | 1,520 | 1,524 | 1,524 |
Health, Hygiene & Specialties | |||
Segment Reporting Information [Line Items] | |||
Total assets | 385 | 392 | |
Goodwill | 48 | 49 | 27 |
Engineered Materials | |||
Segment Reporting Information [Line Items] | |||
Total assets | 811 | 869 | |
Goodwill | $ 84 | $ 86 | $ 83 |
Net Income Per Share (Schedule
Net Income Per Share (Schedule Of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Net Income Per Share [Abstract] | |||||||||||
Net income attributable to the Company | $ 48 | $ (13) | $ 38 | $ 13 | $ 29 | $ 15 | $ 12 | $ 6 | $ 86 | $ 62 | $ 57 |
Weighted average common shares outstanding - basic | 119.1 | 116.9 | 113.5 | ||||||||
Dilutive shares | 4.3 | 4.6 | 6 | ||||||||
Weighted average common and common equivalent shares outstanding - diluted | 123.4 | 121.5 | 119.5 | ||||||||
Basic | $ 0.40 | $ (0.11) | $ 0.32 | $ 0.11 | $ 0.25 | $ 0.13 | $ 0.10 | $ 0.05 | $ 0.72 | $ 0.53 | $ 0.50 |
Diluted | $ 0.39 | $ (0.11) | $ 0.31 | $ 0.11 | $ 0.24 | $ 0.12 | $ 0.10 | $ 0.05 | $ 0.70 | $ 0.51 | $ 0.48 |
Guarantor And Non-Guarantor F86
Guarantor And Non-Guarantor Financial Information (Narrative) (Details) | Sep. 26, 2015 |
Guarantor Subsidiaries | |
Percentage ownership in guarantor subsidiaries | 100.00% |
Guarantor And Non-Guarantor F87
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Net sales | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 1,310 | $ 1,298 | $ 1,210 | $ 1,140 | $ 4,881 | $ 4,958 | $ 4,647 |
Cost of goods sold | 975 | 1,003 | 997 | 1,037 | 1,114 | 1,089 | 1,023 | 964 | 4,012 | 4,190 | 3,835 |
Selling, general and administrative | 357 | 320 | 307 | ||||||||
Selling, general, administrative and amortization expense | 412 | ||||||||||
Amortization of intangibles | 91 | 102 | 105 | ||||||||
Restructuring and impairment charges | 13 | 30 | 14 | ||||||||
Operating income (loss) | 408 | 316 | 386 | ||||||||
Debt extinguishment | 94 | 35 | 64 | ||||||||
Other expense (income), net | 1 | (7) | (7) | ||||||||
Other income | 57 | ||||||||||
Interest expense, net | 191 | 221 | 244 | ||||||||
Income (loss) before income taxes | 122 | 67 | 85 | ||||||||
Income tax expense (benefit) | 36 | 4 | 28 | ||||||||
Consolidated net income (loss) | 86 | 63 | 57 | ||||||||
Net income attributable to noncontrolling interests | 1 | ||||||||||
Net income attributable to the Company | $ 48 | $ (13) | $ 38 | $ 13 | $ 29 | $ 15 | $ 12 | $ 6 | 86 | 62 | 57 |
Currency translation | (45) | (16) | (5) | ||||||||
Interest rate hedges | (33) | (3) | 20 | ||||||||
Defined benefit pension and retiree health benefit plans | (16) | (11) | 34 | ||||||||
Provision for income taxes related to other comprehensive income items | 18 | 5 | (20) | ||||||||
Comprehensive income attributable to the Company | 10 | 37 | 86 | ||||||||
Parent Company | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Other expense (income), net | (3) | (3) | |||||||||
Interest expense, net | 34 | 47 | |||||||||
Equity in net income of subsidiaries | (119) | (98) | (132) | ||||||||
Income (loss) before income taxes | 122 | 67 | 85 | ||||||||
Income tax expense (benefit) | 36 | 4 | 28 | ||||||||
Consolidated net income (loss) | 86 | 63 | |||||||||
Net income attributable to noncontrolling interests | 1 | ||||||||||
Net income attributable to the Company | 86 | 62 | 57 | ||||||||
Comprehensive income attributable to the Company | 86 | 62 | 57 | ||||||||
Issuer | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Net sales | 622 | 638 | 571 | ||||||||
Cost of goods sold | 526 | 557 | 506 | ||||||||
Selling, general and administrative | 64 | 52 | |||||||||
Selling, general, administrative and amortization expense | 58 | ||||||||||
Amortization of intangibles | 8 | 10 | |||||||||
Restructuring and impairment charges | 1 | ||||||||||
Operating income (loss) | 24 | 19 | 6 | ||||||||
Debt extinguishment | 94 | 35 | |||||||||
Other income | 56 | ||||||||||
Interest expense, net | 25 | 27 | 24 | ||||||||
Equity in net income of subsidiaries | (210) | (218) | (297) | ||||||||
Income (loss) before income taxes | 115 | 175 | 223 | ||||||||
Income tax expense (benefit) | 25 | 44 | 80 | ||||||||
Consolidated net income (loss) | 90 | 131 | |||||||||
Net income attributable to the Company | 90 | 131 | 143 | ||||||||
Interest rate hedges | (33) | (3) | 20 | ||||||||
Defined benefit pension and retiree health benefit plans | (16) | (11) | 34 | ||||||||
Provision for income taxes related to other comprehensive income items | 18 | 5 | (20) | ||||||||
Comprehensive income attributable to the Company | 59 | 122 | 177 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Net sales | 3,807 | 3,904 | 3,706 | ||||||||
Cost of goods sold | 3,128 | 3,284 | 3,021 | ||||||||
Selling, general and administrative | 244 | 232 | |||||||||
Selling, general, administrative and amortization expense | 314 | ||||||||||
Amortization of intangibles | 75 | 84 | |||||||||
Restructuring and impairment charges | 13 | 30 | 13 | ||||||||
Operating income (loss) | 347 | 274 | 358 | ||||||||
Other expense (income), net | 3 | (4) | |||||||||
Other income | 1 | ||||||||||
Interest expense, net | 148 | 176 | 201 | ||||||||
Income (loss) before income taxes | 196 | 102 | 156 | ||||||||
Consolidated net income (loss) | 196 | 102 | |||||||||
Net income attributable to the Company | 196 | 102 | 156 | ||||||||
Comprehensive income attributable to the Company | 196 | 102 | 156 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Net sales | 452 | 416 | 370 | ||||||||
Cost of goods sold | 358 | 349 | 308 | ||||||||
Selling, general and administrative | 49 | 36 | |||||||||
Selling, general, administrative and amortization expense | 40 | ||||||||||
Amortization of intangibles | 8 | 8 | |||||||||
Operating income (loss) | 37 | 23 | 22 | ||||||||
Other expense (income), net | 1 | ||||||||||
Interest expense, net | 18 | (97) | (120) | ||||||||
Income (loss) before income taxes | 18 | 120 | 142 | ||||||||
Income tax expense (benefit) | 4 | 5 | 2 | ||||||||
Consolidated net income (loss) | 14 | 115 | |||||||||
Net income attributable to the Company | 14 | 115 | 140 | ||||||||
Currency translation | (45) | (16) | (5) | ||||||||
Comprehensive income attributable to the Company | (31) | 99 | 135 | ||||||||
Eliminations | |||||||||||
Condensed Consolidating Financial Information [Line Items] | |||||||||||
Interest expense, net | 81 | 92 | |||||||||
Equity in net income of subsidiaries | 329 | 316 | 429 | ||||||||
Income (loss) before income taxes | (329) | (397) | (521) | ||||||||
Income tax expense (benefit) | (29) | (49) | (82) | ||||||||
Consolidated net income (loss) | (300) | (348) | |||||||||
Net income attributable to the Company | (300) | (348) | (439) | ||||||||
Comprehensive income attributable to the Company | $ (300) | $ (348) | $ (439) |
Guarantor And Non-Guarantor F88
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | $ 228 | $ 129 | $ 142 | $ 87 |
Accounts receivable, net of allowance | 434 | 491 | ||
Inventories | 522 | 604 | ||
Deferred income taxes | 162 | 166 | ||
Prepaid expenses and other current assets | 37 | 42 | ||
Total current assets | 1,383 | 1,432 | ||
Property, plant and equipment, net | 1,294 | 1,364 | ||
Intangible assets, net | 2,349 | 2,455 | ||
Other assets | 2 | 1 | ||
Total assets | 5,028 | 5,252 | ||
Accounts payable | 330 | 395 | ||
Accrued expenses and other current liabilities | 338 | 314 | ||
Long-term debt - current portion | 37 | 58 | ||
Total current liabilities | 705 | 767 | ||
Long-term debt, less current portion | 3,648 | 3,844 | ||
Deferred income taxes | 387 | 386 | ||
Other long-term liabilities | 341 | 356 | ||
Total long-term liabilities | 4,376 | 4,586 | ||
Total liabilities | 5,081 | 5,353 | ||
Redeemable non-controlling interest | 12 | 13 | ||
Other equity (deficit) | (65) | (114) | ||
Total equity (deficit) | (65) | (114) | ||
Total liabilities and stockholders' equity (deficit) | 5,028 | 5,252 | ||
Parent Company | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Intercompany receivable | 329 | 319 | ||
Deferred income taxes | 162 | 166 | ||
Total current assets | 491 | 485 | ||
Investment in subsidiaries | 75 | 69 | ||
Total assets | 566 | 554 | ||
Accrued expenses and other current liabilities | 57 | 35 | ||
Total current liabilities | 57 | 35 | ||
Deferred income taxes | 387 | 386 | ||
Other long-term liabilities | 175 | 234 | ||
Total long-term liabilities | 562 | 620 | ||
Total liabilities | 619 | 655 | ||
Redeemable non-controlling interest | 12 | 13 | ||
Other equity (deficit) | (65) | (114) | ||
Total equity (deficit) | (65) | (114) | ||
Total liabilities and stockholders' equity (deficit) | 566 | 554 | ||
Issuer | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | 163 | 70 | 116 | 66 |
Accounts receivable, net of allowance | 23 | 35 | ||
Intercompany receivable | 2,963 | 3,343 | ||
Inventories | 49 | 51 | ||
Prepaid expenses and other current assets | 22 | 15 | ||
Total current assets | 3,220 | 3,514 | ||
Property, plant and equipment, net | 79 | 84 | ||
Intangible assets, net | 97 | 104 | ||
Investment in subsidiaries | 1,456 | 1,237 | ||
Total assets | 4,852 | 4,939 | ||
Accounts payable | 28 | 31 | ||
Accrued expenses and other current liabilities | 140 | 127 | ||
Long-term debt - current portion | 37 | 54 | ||
Total current liabilities | 205 | 212 | ||
Long-term debt, less current portion | 3,647 | 3,842 | ||
Other long-term liabilities | 122 | 76 | ||
Total long-term liabilities | 3,769 | 3,918 | ||
Total liabilities | 3,974 | 4,130 | ||
Other equity (deficit) | 878 | 809 | ||
Total equity (deficit) | 878 | 809 | ||
Total liabilities and stockholders' equity (deficit) | 4,852 | 4,939 | ||
Guarantor Subsidiaries | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | 15 | |||
Accounts receivable, net of allowance | 337 | 377 | ||
Inventories | 425 | 496 | ||
Prepaid expenses and other current assets | 5 | 13 | ||
Total current assets | 767 | 901 | ||
Property, plant and equipment, net | 1,111 | 1,162 | ||
Intangible assets, net | 2,151 | 2,226 | ||
Other assets | 1 | 1 | ||
Total assets | 4,030 | 4,290 | ||
Accounts payable | 245 | 303 | ||
Accrued expenses and other current liabilities | 121 | 132 | ||
Intercompany payable | 3,375 | 3,749 | ||
Total current liabilities | 3,741 | 4,184 | ||
Other long-term liabilities | 39 | 42 | ||
Total long-term liabilities | 39 | 42 | ||
Total liabilities | 3,780 | 4,226 | ||
Other equity (deficit) | 250 | 64 | ||
Total equity (deficit) | 250 | 64 | ||
Total liabilities and stockholders' equity (deficit) | 4,030 | 4,290 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Cash and cash equivalents | 65 | 44 | $ 26 | $ 21 |
Accounts receivable, net of allowance | 74 | 79 | ||
Intercompany receivable | 83 | 87 | ||
Inventories | 48 | 57 | ||
Prepaid expenses and other current assets | 10 | 14 | ||
Total current assets | 280 | 281 | ||
Property, plant and equipment, net | 104 | 118 | ||
Intangible assets, net | 101 | 125 | ||
Other assets | 1 | |||
Total assets | 486 | 524 | ||
Accounts payable | 57 | 61 | ||
Accrued expenses and other current liabilities | 20 | 20 | ||
Long-term debt - current portion | 4 | |||
Total current liabilities | 77 | 85 | ||
Long-term debt, less current portion | 1 | 2 | ||
Other long-term liabilities | 5 | 4 | ||
Total long-term liabilities | 6 | 6 | ||
Total liabilities | 83 | 91 | ||
Other equity (deficit) | 403 | 433 | ||
Total equity (deficit) | 403 | 433 | ||
Total liabilities and stockholders' equity (deficit) | 486 | 524 | ||
Eliminations | ||||
Condensed Supplemental Consolidated Balance Sheet [Line Items] | ||||
Intercompany receivable | (3,375) | (3,749) | ||
Total current assets | (3,375) | (3,749) | ||
Investment in subsidiaries | (1,531) | (1,306) | ||
Total assets | (4,906) | (5,055) | ||
Intercompany payable | (3,375) | (3,749) | ||
Total current liabilities | (3,375) | (3,749) | ||
Total liabilities | (3,375) | (3,749) | ||
Other equity (deficit) | (1,531) | (1,306) | ||
Total equity (deficit) | (1,531) | (1,306) | ||
Total liabilities and stockholders' equity (deficit) | $ (4,906) | $ (5,055) |
Guarantor And Non-Guarantor F89
Guarantor And Non-Guarantor Financial Information (Condensed Supplemental Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | $ 637 | $ 530 | $ 464 |
Additions to property, plant and equipment | (180) | (215) | (239) |
Proceeds from sale of assets | 18 | 19 | 18 |
Acquisition of business net of cash acquired | (3) | (226) | (24) |
Net cash from investing activities | (165) | (422) | (245) |
Proceeds from long-term borrowings | 693 | 1,627 | 1,391 |
Payment of tax receivable agreement | (39) | (32) | (5) |
Proceeds from issuance of common stock | 18 | 17 | 27 |
Repayment of notes receivable | 2 | ||
Repayments on long-term borrowings | (951) | (1,687) | (1,978) |
IPO proceeds | 438 | ||
Debt financing costs | (86) | (44) | (39) |
Net cash from financing activities | (365) | (119) | $ (164) |
Effect of currency translation on cash | (8) | (2) | |
Net change in cash and cash equivalents | 99 | (13) | $ 55 |
Cash and cash equivalents at beginning of period | 129 | 142 | 87 |
Cash and cash equivalents at end of period | 228 | 129 | 142 |
Parent Company | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
(Contributions) distributions to/from subsidiaries | (18) | 723 | (462) |
Net cash from investing activities | (18) | 723 | (462) |
Payment of tax receivable agreement | (39) | (32) | (5) |
Proceeds from issuance of common stock | 18 | 17 | 27 |
Repayment of notes receivable | 2 | ||
Repayments on long-term borrowings | (740) | ||
IPO proceeds | 438 | ||
Changes in intercompany balances | 39 | 32 | |
Net cash from financing activities | 18 | (723) | 462 |
Issuer | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | 60 | 27 | 11 |
Additions to property, plant and equipment | (13) | (6) | (7) |
Proceeds from sale of assets | 1 | ||
(Contributions) distributions to/from subsidiaries | 18 | (2) | 441 |
Intercompany advances (repayments) | 368 | 20 | 210 |
Net cash from investing activities | 373 | 12 | 645 |
Proceeds from long-term borrowings | 693 | 1,627 | 1,391 |
Payment of tax receivable agreement | (5) | ||
Repayment of notes receivable | 2 | ||
Repayments on long-term borrowings | (947) | (1,668) | (1,955) |
Debt financing costs | (86) | (44) | (39) |
Net cash from financing activities | (340) | (85) | (606) |
Net change in cash and cash equivalents | 93 | (46) | 50 |
Cash and cash equivalents at beginning of period | 70 | 116 | 66 |
Cash and cash equivalents at end of period | 163 | 70 | 116 |
Guarantor Subsidiaries | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | 542 | 473 | 417 |
Additions to property, plant and equipment | (164) | (200) | (218) |
Proceeds from sale of assets | 18 | 19 | 17 |
Acquisition of business net of cash acquired | (3) | (136) | (24) |
Net cash from investing activities | (149) | (317) | (225) |
Changes in intercompany balances | (408) | (141) | (192) |
Net cash from financing activities | (408) | (141) | (192) |
Net change in cash and cash equivalents | (15) | 15 | |
Cash and cash equivalents at beginning of period | 15 | ||
Cash and cash equivalents at end of period | 15 | ||
Non-Guarantor Subsidiaries | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | 34 | 30 | 36 |
Additions to property, plant and equipment | (3) | (9) | (14) |
Investment in Parent | (21) | ||
(Contributions) distributions to/from subsidiaries | 721 | ||
Acquisition of business net of cash acquired | (90) | ||
Net cash from investing activities | (3) | 622 | (35) |
Repayments on long-term borrowings | (4) | (2) | |
Changes in intercompany balances | 2 | 89 | (15) |
Contribution from Parent | (721) | 21 | |
Net cash from financing activities | (2) | (632) | 4 |
Effect of currency translation on cash | (8) | (2) | |
Net change in cash and cash equivalents | 21 | 18 | 5 |
Cash and cash equivalents at beginning of period | 44 | 26 | 21 |
Cash and cash equivalents at end of period | 65 | 44 | 26 |
Eliminations | |||
Condensed Supplemental Consolidated Statement of Cash Flows [Line Items] | |||
Cash Flow from Operating Activities | 1 | ||
Investment in Parent | 21 | ||
(Contributions) distributions to/from subsidiaries | (1,442) | 21 | |
Intercompany advances (repayments) | (368) | (20) | (210) |
Net cash from investing activities | (368) | (1,462) | (168) |
Payment of tax receivable agreement | 5 | ||
Repayment of notes receivable | (2) | ||
Repayments on long-term borrowings | 721 | (21) | |
Changes in intercompany balances | 367 | 20 | 207 |
Contribution from Parent | 721 | (21) | |
Net cash from financing activities | $ 367 | $ 1,462 | $ 168 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $ 1,196 | $ 1,241 | $ 1,224 | $ 1,220 | $ 1,310 | $ 1,298 | $ 1,210 | $ 1,140 | $ 4,881 | $ 4,958 | $ 4,647 |
Cost of sales | 975 | 1,003 | 997 | 1,037 | 1,114 | 1,089 | 1,023 | 964 | 4,012 | 4,190 | 3,835 |
Gross profit | 221 | 238 | 227 | 183 | 196 | 209 | 187 | 176 | |||
Net income (loss) attributable to the Company | $ 48 | $ (13) | $ 38 | $ 13 | $ 29 | $ 15 | $ 12 | $ 6 | $ 86 | $ 62 | $ 57 |
Basic | $ 0.40 | $ (0.11) | $ 0.32 | $ 0.11 | $ 0.25 | $ 0.13 | $ 0.10 | $ 0.05 | $ 0.72 | $ 0.53 | $ 0.50 |
Diluted | $ 0.39 | $ (0.11) | $ 0.31 | $ 0.11 | $ 0.24 | $ 0.12 | $ 0.10 | $ 0.05 | $ 0.70 | $ 0.51 | $ 0.48 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2015USD ($)countryEmployeeLocation | Sep. 26, 2015USD ($)Segment | Sep. 27, 2014USD ($) | Feb. 29, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 28, 2013USD ($) | |
Subsequent Event [Line Items] | ||||||
Additional paid-in capital | $ 406 | $ 367 | ||||
Goodwill | $ 1,652 | $ 1,659 | $ 1,634 | |||
Number of operating segments | Segment | 4 | |||||
AVINTIV Inc. | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of capital stock acquired | 71.25% | |||||
Goodwill | $ 802 | |||||
Net sales | $ 6,739 | $ 6,666 | ||||
Net losses | $ 40 | $ 47 | ||||
AVINTIV Inc. | 6.0% Second Priority Senior Secured Notes Due 2020 | ||||||
Subsequent Event [Line Items] | ||||||
Maturity date | 2,022 | |||||
AVINTIV Inc. | Incremental Assumption Agreement | ||||||
Subsequent Event [Line Items] | ||||||
Maturity date | 2,022 | |||||
Subsequent Events | ||||||
Subsequent Event [Line Items] | ||||||
Voluntary principal payment on outstanding term loan | $ 100 | $ 50 | ||||
Subsequent Events | AVINTIV Inc. | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of capital stock acquired | 100.00% | |||||
Purchase price | $ 2,300 | |||||
Working capital | 181 | |||||
Property, plant and equipment | 969 | |||||
Intangible asset | 586 | |||||
Goodwill | 802 | |||||
Other assets | 46 | |||||
Deferred tax liability | 114 | |||||
Other long-term liabilities | $ 207 | |||||
Number of locations | Location | 23 | |||||
Number of countries | country | 14 | |||||
Number of employees | Employee | 4,500 | |||||
Subsequent Events | AVINTIV Inc. | 6.0% Second Priority Senior Secured Notes Due 2020 | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument, face amount | $ 400 | |||||
Debt instrument, interest rate | 6.00% | |||||
Subsequent Events | AVINTIV Inc. | Incremental Assumption Agreement | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument, face amount | $ 2,100 | |||||
Subsequent Events | Providencia | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of capital stock acquired | 28.75% | |||||
Purchase price | $ 66 | |||||
Additional paid-in capital | $ 3 |