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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Berry Global Group Inc | NYSE:BERY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.83 | 1.38% | 60.95 | 61.20 | 60.00 | 60.24 | 1,765,288 | 22:30:00 |
A Delaware corporation
|
101 Oakley Street, Evansville, Indiana, 47710
(812) 424-2904
|
IRS employer identification number 20-5234618
|
Title of Each Class
|
Name of Each Exchange on Which Registered
|
Common Stock, $0.01 par value per share
|
New York Stock Exchange
|
Large accelerated filer
|
Accelerated filer
|
Non-accelerated filer
|
Small reporting company
|
Emerging growth company
☐
|
Class
|
|
Outstanding at November 16, 2018
|
Common Stock, $.01 par value per share
|
|
131.2 million shares
|
|
risks associated with our substantial indebtedness and debt service;
|
|
changes in prices and availability of resin and other raw materials and our ability to pass on changes in raw material prices on a timely basis;
|
|
performance of our business and future operating results;
|
|
risks related to acquisitions and integration of acquired businesses;
|
|
reliance on unpatented proprietary know-how and trade secrets;
|
|
increases in the cost of compliance with laws and regulations, including environmental, safety, production and product laws and regulations;
|
|
risks related to disruptions in the overall economy and the financial markets that may adversely impact our business;
|
|
risks of catastrophic loss of one of our key manufacturing facilities, natural disasters, and other unplanned business interruptions;
|
·
|
risks related to market acceptance of our developing technologies and products;
|
·
|
general business and economic conditions, particularly an economic downturn;
|
·
|
ability of our insurance to fully cover potential exposures;
|
·
|
risks that our restructuring programs may entail greater implementation costs or result in lower savings than anticipated;
|
|
risks of competition, including foreign competition, in our existing and future markets;
|
·
|
new legislation or new regulations and the Company's corresponding interpretations of either may affect our business and consolidated financial condition and results of operations; and
|
|
the other factors discussed in the section titled "Risk Factors."
|
|
|
Page
|
|
PART I
|
|
|
PART II
|
|
|
|
|
|
PART III
|
|
|
|
|
|
PART IV
|
|
|
|
|
|
limit our ability to borrow money for our working capital, capital expenditures, debt service requirements or other corporate purposes;
|
|
increase our vulnerability to general adverse economic and industry conditions; and
|
|
limit our ability to respond to business opportunities, including growing our business through acquisitions.
|
Geographic Region
|
Total Facilities
|
Leased Facilities
|
||
North America
|
103
|
27
|
||
Europe, Middle East
|
18
|
5
|
||
South America
|
5
|
1
|
||
Asia
|
9
|
2
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Programs
|
Dollar Value of Shares that May Yet be Purchased Under the Program (in millions)
|
||||||||||||
Fiscal August
|
400,455
|
$
|
46.75
|
400,455
|
$
|
481
|
||||||||||
Fiscal September
|
330,565
|
48.80
|
330,565
|
465
|
||||||||||||
Total
|
731,020
|
$
|
47.75
|
731,020
|
$
|
465
|
|
Fiscal 2018
|
Fiscal 2017
|
Fiscal 2016
|
Fiscal 2015
|
Fiscal 2014
|
|||||||||||||||
Statement of Operations Data:
Net sales
|
$
|
7,869
|
$
|
7,095
|
$
|
6,489
|
$
|
4,881
|
$
|
4,958
|
||||||||||
Operating income
|
761
|
732
|
581
|
408
|
316
|
|||||||||||||||
Net income
|
496
|
340
|
236
|
86
|
62
|
|||||||||||||||
Net Income Per Share Data:
|
||||||||||||||||||||
Basic, net income per share
|
$
|
3.77
|
$
|
2.66
|
$
|
1.95
|
$
|
0.72
|
$
|
0.53
|
||||||||||
Diluted, net income per share
|
3.67
|
2.56
|
1.89
|
0.70
|
0.51
|
|||||||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Total assets
|
$
|
9,127
|
$
|
8,476
|
$
|
7,653
|
$
|
5,028
|
$
|
5,252
|
||||||||||
Long-term debt obligations
|
5,844
|
5,641
|
5,755
|
3,685
|
3,902
|
|||||||||||||||
Statement of Cash Flow Data:
|
||||||||||||||||||||
Net cash from operating activities
|
$
|
1,004
|
$
|
975
|
$
|
857
|
$
|
637
|
$
|
530
|
||||||||||
Net cash from investing activities
|
(1,035
|
)
|
(774
|
)
|
(2,579
|
)
|
(165
|
)
|
(422
|
)
|
||||||||||
Net cash from financing activities
|
113
|
(226
|
)
|
1,817
|
(365
|
)
|
(119
|
)
|
|
Polyethylene Butene Film
|
Polypropylene
|
||||||||||||||||||||||
|
2018
|
2017
|
2016
|
2018
|
2017
|
2016
|
||||||||||||||||||
1st quarter
|
$
|
.68
|
$
|
.56
|
$
|
.50
|
$
|
.71
|
$
|
.56
|
$
|
.57
|
||||||||||||
2nd quarter
|
.69
|
.58
|
.47
|
.75
|
.67
|
.62
|
||||||||||||||||||
3rd quarter
|
.68
|
.60
|
.54
|
.76
|
.61
|
.58
|
||||||||||||||||||
4th quarter
|
.66
|
.62
|
.56
|
.85
|
.62
|
.58
|
Consolidated Overview
|
Fiscal Year
|
|||||||||||||||
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
7,869
|
$
|
7,095
|
$
|
774
|
11
|
%
|
||||||||
Operating income
|
$
|
761
|
$
|
732
|
$
|
29
|
4
|
%
|
||||||||
Operating income percentage of net sales
|
10
|
%
|
10
|
%
|
Engineered Materials
|
Fiscal Year
|
|||||||||||||||
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,672
|
$
|
2,375
|
$
|
297
|
13
|
%
|
||||||||
Operating income
|
$
|
368
|
$
|
316
|
$
|
52
|
16
|
%
|
||||||||
Operating income percentage of net sales
|
14
|
%
|
13
|
%
|
Health, Hygiene & Specialties
|
Fiscal Year
|
|||||||||||||||
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,734
|
$
|
2,369
|
$
|
365
|
15
|
%
|
||||||||
Operating income
|
$
|
202
|
$
|
216
|
$
|
(14
|
)
|
(6
|
)%
|
|||||||
Operating income percentage of net sales
|
7
|
%
|
9
|
%
|
Consumer Packaging
|
Fiscal Year
|
|||||||||||||||
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,463
|
$
|
2,351
|
$
|
112
|
5
|
%
|
||||||||
Operating income
|
$
|
191
|
$
|
200
|
$
|
(9
|
)
|
(5
|
)%
|
|||||||
Operating income percentage of net sales
|
8
|
%
|
9
|
%
|
Other expense, net
|
Fiscal Year
|
|||||||||||||||
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Other expense, net
|
$
|
25
|
$
|
14
|
$
|
11
|
79
|
%
|
Interest expense
|
Fiscal Year
|
|||||||||||||||
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Interest expense, net
|
$
|
259
|
$
|
269
|
$
|
(10
|
)
|
(4
|
)%
|
Income tax (benefit) expense
|
Fiscal Year
|
|||||||||||||||
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Income tax (benefit) expense
|
$
|
(19
|
)
|
$
|
109
|
$
|
(128
|
)
|
(117
|
)%
|
Comprehensive Income
|
Fiscal Year
|
|||||||||||||||
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Comprehensive Income
|
$
|
408
|
$
|
420
|
$
|
(12
|
)
|
(3
|
%)
|
Consolidated Overview
|
Fiscal Year
|
|||||||||||||||
|
2017
|
2016
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
7,095
|
$
|
6,489
|
$
|
606
|
9
|
%
|
||||||||
Operating income
|
$
|
732
|
$
|
581
|
$
|
151
|
26
|
%
|
||||||||
Operating income percentage of net sales
|
10
|
%
|
9
|
%
|
Engineered Materials
|
Fiscal Year
|
|||||||||||||||
|
2017
|
2016
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,375
|
$
|
1,627
|
$
|
748
|
46
|
%
|
||||||||
Operating income
|
$
|
316
|
$
|
182
|
$
|
134
|
74
|
%
|
||||||||
Operating income percentage of net sales
|
13
|
%
|
11
|
%
|
Health, Hygiene & Specialties
|
Fiscal Year
|
|||||||||||||||
|
2017
|
2016
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,369
|
$
|
2,400
|
$
|
(31
|
)
|
(1
|
)%
|
|||||||
Operating income
|
$
|
216
|
$
|
196
|
$
|
20
|
10
|
%
|
||||||||
Operating income percentage of net sales
|
9
|
%
|
8
|
%
|
Consumer Packaging
|
Fiscal Year
|
|||||||||||||||
|
2017
|
2016
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,351
|
$
|
2,462
|
$
|
(111
|
)
|
(5
|
)%
|
|||||||
Operating income
|
$
|
200
|
$
|
203
|
$
|
(3
|
)
|
(1
|
)%
|
|||||||
Operating income percentage of net sales
|
9
|
%
|
8
|
%
|
Other expense (income), net
|
Fiscal Year
|
|||||||||||||||
|
2017
|
2016
|
$ Change
|
% Change
|
||||||||||||
Other expense (income), net
|
$
|
14
|
$
|
(18
|
)
|
$
|
32
|
(178
|
)%
|
Interest expense
|
Fiscal Year
|
|||||||||||||||
|
2017
|
2016
|
$ Change
|
% Change
|
||||||||||||
Interest expense, net
|
$
|
269
|
$
|
291
|
$
|
(22
|
)
|
(8
|
)%
|
Income tax expense
|
Fiscal Year
|
|||||||||||||||
|
2017
|
2016
|
$ Change
|
% Change
|
||||||||||||
Income tax expense
|
$
|
109
|
$
|
72
|
$
|
37
|
51
|
%
|
Comprehensive Income
|
Fiscal Year
|
|||||||||||||||
|
2017
|
2016
|
$ Change
|
% Change
|
||||||||||||
Comprehensive Income
|
$
|
420
|
$
|
207
|
$
|
213
|
103
|
%
|
|
Payments due by period as of the end of fiscal 2018
|
|||||||||||||||||||
|
Total
|
< 1 year
|
1-3 years
|
4-5 years
|
> 5 years
|
|||||||||||||||
Long-term debt, excluding capital leases
|
$
|
5,752
|
$
|
5
|
$
|
1,624
|
$
|
2,455
|
$
|
1,668
|
||||||||||
Capital leases
(a)
|
149
|
37
|
59
|
34
|
19
|
|||||||||||||||
Fixed interest rate payments
|
599
|
110
|
220
|
187
|
82
|
|||||||||||||||
Variable interest rate payments
(b)
|
530
|
156
|
246
|
119
|
9
|
|||||||||||||||
Operating leases
|
420
|
67
|
107
|
81
|
165
|
|||||||||||||||
Total contractual cash obligations
|
$
|
7,450
|
$
|
375
|
$
|
2,256
|
$
|
2,876
|
$
|
1,943
|
(a) |
Includes anticipated interest of $14 million over the life of the capital leases.
|
(b) |
Based on applicable interest rates in effect end of fiscal 2018.
|
Years Ended
|
||||||||||||
September 29, 2018
|
September 30, 2017
|
October 1, 2016
|
||||||||||
Cash flow from operating activities
|
$
|
1,004
|
$
|
975
|
$
|
857
|
||||||
Net additions to property, Additions to property, plant and equipment, net
|
(333
|
)
|
(263
|
)
|
(283
|
)
|
||||||
Payments of tax receivable agreement
|
(37
|
)
|
(111
|
)
|
(57
|
)
|
||||||
Adjusted free cash flow
|
$
|
634
|
$
|
601
|
$
|
517
|
|
Fair Value
July 1, 2018
|
Carrying Value July 1, 2018
|
Goodwill as of
September 29, 2018
|
|||||||||
HHS – South America
|
380
|
342
|
86
|
Item 7A. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Reports of Independent Registered Public Accounting Firm
|
23
|
Consolidated Statements of Income and Comprehensive Income for fiscal 2018, 2017 and 2016
|
25
|
Consolidated Balance Sheets as of fiscal 2018 and 2017
|
26
|
Consolidated Statements of Changes in Stockholders' Equity for fiscal 2018, 2017 and 2016
|
27
|
Consolidated Statements of Cash Flows for fiscal 2018, 2017 and 2016
|
28
|
Notes to Consolidated Financial Statements
|
29
|
Item 12. |
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
1. |
Financial Statements
|
2. |
Financial Statement Schedules
|
3. |
Exhibits
|
|
Fiscal years ended
|
|||||||||||
|
September 29, 2018
|
September 30, 2017
|
October 1, 2016
|
|||||||||
Net sales
|
$
|
7,869
|
$
|
7,095
|
$
|
6,489
|
||||||
Costs and expenses:
|
||||||||||||
Cost of goods sold
|
6,438
|
5,691
|
5,202
|
|||||||||
Selling, general and administrative
|
480
|
494
|
531
|
|||||||||
Amortization of intangibles
|
154
|
154
|
143
|
|||||||||
Restructuring and impairment charges
|
36
|
24
|
32
|
|||||||||
Operating income
|
761
|
732
|
581
|
|||||||||
|
||||||||||||
Other expense (income), net
|
25
|
14
|
(18
|
)
|
||||||||
Interest expense, net
|
259
|
269
|
291
|
|||||||||
Income before income taxes
|
477
|
449
|
308
|
|||||||||
Income tax (benefit) expense
|
(19
|
)
|
109
|
72
|
||||||||
Net income
|
$
|
496
|
$
|
340
|
$
|
236
|
||||||
Net income per share:
|
||||||||||||
Basic (see Note 14)
|
$
|
3.77
|
$
|
2.66
|
$
|
1.95
|
||||||
Diluted (see Note 14)
|
$
|
3.67
|
$
|
2.56
|
$
|
1.89
|
|
Fiscal years ended
|
|||||||||||
|
September 29, 2018
|
September 30, 2017
|
October 1, 2016
|
|||||||||
Net income
|
$
|
496
|
$
|
340
|
$
|
236
|
||||||
Currency translation
|
(127
|
)
|
34
|
(1
|
)
|
|||||||
Pension and postretirement benefits
|
3
|
38
|
(23
|
)
|
||||||||
Interest rate hedges
|
49
|
28
|
(14
|
)
|
||||||||
Provision for income taxes
|
(13
|
)
|
(20
|
)
|
9
|
|||||||
Other comprehensive (loss) income, net of tax
|
(88
|
)
|
80
|
(29
|
)
|
|||||||
Comprehensive income
|
$
|
408
|
$
|
420
|
$
|
207
|
|
September 29, 2018
|
September 30, 2017
|
||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
381
|
$
|
306
|
||||
Accounts receivable, net
|
941
|
847
|
||||||
Inventories
|
887
|
762
|
||||||
Prepaid expenses and other current assets
|
76
|
89
|
||||||
Total current assets
|
2,285
|
2,004
|
||||||
Property, plant and equipment, net
|
2,488
|
2,366
|
||||||
Goodwill and intangible assets, net
|
4,284
|
4,061
|
||||||
Other assets
|
74
|
45
|
||||||
Total assets
|
$
|
9,131
|
$
|
8,476
|
||||
|
||||||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
783
|
$
|
638
|
||||
Accrued expenses and other current liabilities
|
416
|
463
|
||||||
Current portion of long-term debt
|
38
|
33
|
||||||
Total current liabilities
|
1,237
|
1,134
|
||||||
Long-term debt, less current portion
|
5,806
|
5,608
|
||||||
Deferred income taxes
|
365
|
419
|
||||||
Other long-term liabilities
|
289
|
300
|
||||||
Total liabilities
|
7,697
|
7,461
|
||||||
Commitments and contingencies
|
||||||||
Stockholders' equity:
|
||||||||
Common stock (131.4 and 130.9 shares issued, respectively)
|
1
|
1
|
||||||
Additional paid-in capital
|
867
|
823
|
||||||
Non-controlling interest
|
3
|
3
|
||||||
Retained earnings
|
719
|
256
|
||||||
Accumulated other comprehensive loss
|
(156
|
)
|
(68
|
)
|
||||
Total stockholders' equity
|
1,434
|
1,015
|
||||||
Total liabilities and stockholders' equity
|
$
|
9,131
|
$
|
8,476
|
|
Common Stock
|
Additional Paid-in Capital
|
Non-Controlling Interest
|
Accumulated Other Comprehensive Loss
|
Retained Earnings (Deficit)
|
Total
|
||||||||||||||||||
Balance at September 26, 2015
|
$
|
1
|
$
|
406
|
$
|
3
|
$
|
(119
|
)
|
$
|
(356
|
)
|
$
|
(65
|
)
|
|||||||||
Share-based compensation expense
|
—
|
20
|
—
|
—
|
—
|
20
|
||||||||||||||||||
Cumulative effect of excess tax benefit from the adoption of ASU 2016-09
|
—
|
—
|
—
|
—
|
36
|
36
|
||||||||||||||||||
Proceeds from issuance of common stock
|
—
|
26
|
—
|
—
|
—
|
26
|
||||||||||||||||||
Interest rate hedge, net of tax
|
—
|
—
|
—
|
(9
|
)
|
—
|
(9
|
)
|
||||||||||||||||
Net income attributable to the Company
|
—
|
—
|
—
|
—
|
236
|
236
|
||||||||||||||||||
Currency translation
|
—
|
—
|
—
|
(1
|
)
|
—
|
(1
|
)
|
||||||||||||||||
Defined benefit pension and retiree health benefit plans, net of tax
|
—
|
—
|
—
|
(19
|
)
|
—
|
(19
|
)
|
||||||||||||||||
Other equity
|
—
|
(3
|
)
|
—
|
—
|
—
|
(3
|
)
|
||||||||||||||||
Balance at October 1, 2016
|
$
|
1
|
$
|
449
|
$
|
3
|
$
|
(148
|
)
|
$
|
(84
|
)
|
$
|
221
|
||||||||||
Share-based compensation expense
|
—
|
20
|
—
|
—
|
—
|
20
|
||||||||||||||||||
Proceeds from issuance of common stock
|
—
|
31
|
—
|
—
|
—
|
31
|
||||||||||||||||||
Interest rate hedge, net of tax
|
—
|
—
|
—
|
18
|
—
|
18
|
||||||||||||||||||
Net income attributable to the Company
|
—
|
—
|
—
|
—
|
340
|
340
|
||||||||||||||||||
Currency translation
|
—
|
—
|
—
|
34
|
—
|
34
|
||||||||||||||||||
Defined benefit pension and retiree health benefit plans, net of tax
|
—
|
—
|
—
|
28
|
—
|
28
|
||||||||||||||||||
Equity issuance, net (see Note 2)
|
—
|
323
|
—
|
—
|
—
|
323
|
||||||||||||||||||
Balance at September 30, 2017
|
$
|
1
|
$
|
823
|
$
|
3
|
$
|
(68
|
)
|
$
|
256
|
$
|
1,015
|
|||||||||||
Share-based compensation expense
|
—
|
23
|
—
|
—
|
—
|
23
|
||||||||||||||||||
Proceeds from issuance of common stock
|
—
|
23
|
—
|
—
|
—
|
23
|
||||||||||||||||||
Common stock repurchased and retired
|
—
|
(2
|
)
|
—
|
—
|
(33
|
)
|
(35
|
)
|
|||||||||||||||
Interest rate hedge, net of tax
|
—
|
—
|
—
|
36
|
—
|
36
|
||||||||||||||||||
Net income attributable to the Company
|
—
|
—
|
—
|
—
|
496
|
496
|
||||||||||||||||||
Currency translation
|
—
|
—
|
—
|
(127
|
)
|
—
|
(127
|
)
|
||||||||||||||||
Defined benefit pension and retiree health benefit plans, net of tax
|
—
|
—
|
—
|
3
|
—
|
3
|
||||||||||||||||||
Balance at September 29, 2018
|
$
|
1
|
$
|
867
|
$
|
3
|
$
|
(156
|
)
|
$
|
719
|
$
|
1,434
|
|
Fiscal years ended
|
|||||||||||
|
September 29, 2018
|
September 30, 2017
|
October 1, 2016
|
|||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net income
|
$
|
496
|
$
|
340
|
$
|
236
|
||||||
|
||||||||||||
Adjustments to reconcile net cash from operating activities:
|
||||||||||||
Depreciation
|
384
|
367
|
382
|
|||||||||
Amortization of intangibles
|
154
|
154
|
143
|
|||||||||
Non-cash interest expense
|
4
|
9
|
9
|
|||||||||
Share-based compensation expense
|
23
|
20
|
20
|
|||||||||
Deferred income tax
|
(86
|
)
|
5
|
31
|
||||||||
Settlement of interest rate hedge
|
30
|
—
|
—
|
|||||||||
Other non-cash operating activities, net
|
16
|
25
|
(9
|
)
|
||||||||
Changes in operating assets and liabilities:
|
—
|
|||||||||||
Accounts receivable, net
|
(53
|
)
|
(41
|
)
|
(34
|
)
|
||||||
Inventories
|
(79
|
)
|
10
|
9
|
||||||||
Prepaid expenses and other assets
|
18
|
27
|
21
|
|||||||||
Accounts payable and other liabilities
|
97
|
59
|
49
|
|||||||||
Net cash from operating activities
|
1,004
|
975
|
857
|
|||||||||
|
||||||||||||
Cash Flows from Investing Activities:
|
||||||||||||
Additions to property, plant and equipment
|
(336
|
)
|
(269
|
)
|
(288
|
)
|
||||||
Proceeds from sale of assets
|
3
|
6
|
5
|
|||||||||
Acquisition of business, net
|
(702
|
)
|
(515
|
)
|
(2,283
|
)
|
||||||
Other investing activities, net
|
—
|
4
|
(13
|
)
|
||||||||
Net cash from investing activities
|
(1,035
|
)
|
(774
|
)
|
(2,579
|
)
|
||||||
|
||||||||||||
Cash Flows from Financing Activities:
|
||||||||||||
Proceeds from long-term borrowings
|
498
|
495
|
2,490
|
|||||||||
Repayment of long-term borrowings
|
(335
|
)
|
(636
|
)
|
(524
|
)
|
||||||
Proceeds from issuance of common stock
|
23
|
31
|
26
|
|||||||||
Repurchase of common stock
|
(33
|
)
|
—
|
—
|
||||||||
Payment of tax receivable agreement
|
(37
|
)
|
(111
|
)
|
(57
|
)
|
||||||
Debt financing costs
|
(3
|
)
|
(5
|
)
|
(40
|
)
|
||||||
Purchase of non-controlling interest
|
—
|
—
|
(78
|
)
|
||||||||
Net cash from financing activities
|
113
|
(226
|
)
|
1,817
|
||||||||
Effect of currency translation on cash
|
(7
|
)
|
8
|
—
|
||||||||
Net change in cash and cash equivalents
|
75
|
(17
|
)
|
95
|
||||||||
Cash and cash equivalents at beginning of period
|
306
|
323
|
228
|
|||||||||
Cash and cash equivalents at end of period
|
$
|
381
|
$
|
306
|
$
|
323
|
|
2018
|
2017
|
2016
|
|||||||||
Allowance for doubtful accounts, beginning
|
$
|
13
|
$
|
8
|
$
|
3
|
||||||
Acquisition allowance for doubtful accounts
|
2
|
5
|
6
|
|||||||||
Bad debt expense
|
1
|
1
|
1
|
|||||||||
Write-offs against allowance
|
(3
|
)
|
(1
|
)
|
(2
|
)
|
||||||
Allowance for doubtful accounts, ending
|
$
|
13
|
$
|
13
|
$
|
8
|
Inventories:
|
2018
|
2017
|
||||||
Finished goods
|
$
|
503
|
$
|
428
|
||||
Raw materials
|
384
|
334
|
||||||
|
$
|
887
|
$
|
762
|
Property, plant and equipment:
|
2018
|
2017
|
||||||
Land, buildings and improvements
|
$
|
875
|
$
|
792
|
||||
Equipment and construction in progress
|
4,242
|
3,895
|
||||||
|
5,117
|
4,687
|
||||||
Less accumulated depreciation
|
(2,629
|
)
|
(2,321
|
)
|
||||
|
$
|
2,488
|
$
|
2,366
|
|
Consumer
Packaging
|
Health, Hygiene &
Specialties
|
Engineered
Materials
|
Total
|
||||||||||||
Balance as of fiscal 2016
|
$
|
1,520
|
$
|
801
|
$
|
85
|
$
|
2,406
|
||||||||
Segment re-alignment
|
(110
|
)
|
7
|
103
|
—
|
|||||||||||
Foreign currency translation adjustment
|
1
|
11
|
(1
|
)
|
11
|
|||||||||||
Acquisitions, net
|
—
|
—
|
358
|
358
|
||||||||||||
Balance as of fiscal 2017
|
$
|
1,411
|
$
|
819
|
$
|
545
|
$
|
2,775
|
||||||||
Foreign currency translation adjustment
|
(2
|
)
|
(26
|
)
|
1
|
(27
|
)
|
|||||||||
Acquisitions, net
|
—
|
109
|
87
|
196
|
||||||||||||
Balance as of fiscal 2018
|
$
|
1,409
|
$
|
902
|
$
|
633
|
$
|
2,944
|
|
Customer
Relationships
|
Trademarks
|
Other
Intangibles
|
Accumulated
Amortization
|
Total
|
|||||||||||||||
Balance as of fiscal 2016
|
$
|
1,690
|
$
|
326
|
$
|
182
|
$
|
(998
|
)
|
$
|
1,200
|
|||||||||
Adjustment for income taxes
|
—
|
1
|
—
|
—
|
1
|
|||||||||||||||
Foreign currency translation adjustment
|
6
|
(1
|
)
|
1
|
(3
|
)
|
3
|
|||||||||||||
Amortization expense
|
—
|
—
|
—
|
(154
|
)
|
(154
|
)
|
|||||||||||||
Acquisition intangibles
|
226
|
9
|
1
|
—
|
236
|
|||||||||||||||
Balance as of fiscal 2017
|
$
|
1,922
|
$
|
335
|
$
|
184
|
$
|
(1,155
|
)
|
$
|
1,286
|
|||||||||
|
||||||||||||||||||||
Foreign currency translation adjustment
|
(17
|
)
|
(1
|
)
|
(2
|
)
|
8
|
(12
|
)
|
|||||||||||
Amortization expense
|
—
|
—
|
—
|
(154
|
)
|
(154
|
)
|
|||||||||||||
Acquisition intangibles
|
177
|
9
|
34
|
—
|
220
|
|||||||||||||||
Netting of fully amortized intangibles
|
(200
|
)
|
(50
|
)
|
(31
|
)
|
281
|
—
|
||||||||||||
Balance as of fiscal 2018
|
$
|
1,882
|
$
|
293
|
$
|
185
|
$
|
(1,020
|
)
|
$
|
1,340
|
Currency Translation
|
Defined Benefit Pension and Retiree Health Benefit Plans
|
Interest Rate Swaps
|
Accumulated Other Comprehensive Loss
|
|||||||||||||
Balance as of fiscal 2015
|
$
|
(81
|
)
|
$
|
(25
|
)
|
$
|
(13
|
)
|
$
|
(119
|
)
|
||||
Other comprehensive loss
|
(1
|
)
|
(25
|
)
|
(30
|
)
|
(56
|
)
|
||||||||
Net amount reclassified from accumulated other comprehensive income (loss)
|
—
|
2
|
16
|
18
|
||||||||||||
Provision for income taxes
|
—
|
4
|
5
|
9
|
||||||||||||
Balance as of fiscal 2016
|
$
|
(82
|
)
|
$
|
(44
|
)
|
$
|
(22
|
)
|
$
|
(148
|
)
|
||||
Other comprehensive income
|
34
|
25
|
7
|
66
|
||||||||||||
Net amount reclassified from accumulated other comprehensive income (loss)
|
—
|
13
|
21
|
34
|
||||||||||||
Provision for income taxes
|
—
|
(10
|
)
|
(10
|
)
|
(20
|
)
|
|||||||||
Balance as of fiscal 2017
|
$
|
(48
|
)
|
$
|
(16
|
)
|
$
|
(4
|
)
|
$
|
(68
|
)
|
||||
Other comprehensive income (loss)
|
(127
|
)
|
9
|
46
|
(72
|
)
|
||||||||||
Net amount reclassified from accumulated other comprehensive income (loss)
(a)
|
—
|
(6
|
)
|
3
|
(3
|
)
|
||||||||||
Provision for income taxes
|
—
|
—
|
(13
|
)
|
(13
|
)
|
||||||||||
Balance as of fiscal 2018
|
$
|
(175
|
)
|
$
|
(13
|
)
|
$
|
32
|
$
|
(156
|
)
|
Working capital
(a)
|
$
|
70
|
||
Property and equipment
|
164
|
|||
Intangible assets
|
125
|
|||
Goodwill
|
110
|
|||
Other assets and long-term liabilities
|
6
|
|||
(a)
Includes a $3 million step up of inventory to fair value
|
Maturity Date |
September 29, 2018
|
September 30, 2017
|
|||||||
Term loan
|
February 2020
|
$
|
800
|
$
|
1,000
|
||||
Term loan
|
January 2021
|
814
|
814
|
||||||
Term loan
|
October 2022
|
1,545
|
1,645
|
||||||
Term loan
|
January 2024
|
493
|
498
|
||||||
Revolving line of credit
|
May 2020
|
—
|
—
|
||||||
5
1
/
2
% Second Priority Senior Secured Notes
|
May 2022
|
500
|
500
|
||||||
6% Second Priority Senior Secured Notes
|
October 2022
|
400
|
400
|
||||||
5
1
/
8
% Second Priority Senior Secured Notes
|
July 2023
|
700
|
700
|
||||||
4
1
/
2
% Second Priority Senior Secured Notes
|
February 2026
|
500
|
—
|
||||||
Debt discounts and deferred fees
|
|
(43
|
)
|
(48
|
)
|
||||
Capital leases and other
|
Various
|
135
|
132
|
||||||
Total long-term debt
|
|
5,844
|
5,641
|
||||||
Current portion of long-term debt
|
|
(38
|
)
|
(33
|
)
|
||||
Long-term debt, less current portion
|
|
$
|
5,806
|
$
|
5,608
|
Fiscal Year
|
Maturities
|
|||
2019
|
$
|
38
|
||
2020
|
837
|
|||
2021
|
842
|
|||
2022
|
27
|
|||
2023
|
2,458
|
|||
Thereafter
|
1,685
|
|||
|
$
|
5,887
|
Derivatives Instruments
|
Hedge Designation
|
Balance Sheet Location
|
2018
|
2017
|
||||||
Cross-currency swaps
|
Designated
|
Other long-term liabilities
|
$
|
11
|
$
|
—
|
||||
Interest rate swaps
|
Designated
|
Other assets
|
16
|
1
|
||||||
Interest rate swaps
|
Not designated
|
Other assets
|
—
|
13
|
||||||
Interest rate swaps
|
Designated
|
Other long-term liabilities
|
—
|
15
|
||||||
Interest rate swaps
|
Not designated
|
Other long-term liabilities
|
1
|
13
|
|
|
Fiscal years ended
|
|||||||||||
Derivatives instruments
|
Statement of Income Location
|
September 29, 2018
|
September 30, 2017
|
October 1, 2016
|
|||||||||
Cross-currency swaps
|
Interest expense, net
|
$
|
(5
|
)
|
$
|
—
|
$
|
—
|
|||||
Foreign currency swaps
|
Other (income) expense
|
—
|
(2
|
)
|
13
|
||||||||
Interest rate swaps
|
Interest expense, net
|
$
|
(1
|
)
|
$
|
24
|
$
|
16
|
|
As of the end of fiscal 2018
|
|||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
|||||||||||||||
Indefinite-lived trademarks
|
$
|
—
|
$
|
—
|
$
|
248
|
$
|
248
|
$
|
—
|
||||||||||
Goodwill
|
—
|
—
|
2,944
|
2,944
|
—
|
|||||||||||||||
Definite lived intangible assets
|
—
|
—
|
1,092
|
1,092
|
—
|
|||||||||||||||
Property, plant and equipment
|
—
|
—
|
2,488
|
2,488
|
—
|
|||||||||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
6,772
|
$
|
6,772
|
$
|
—
|
|
As of the end of fiscal 2017
|
|||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
|||||||||||||||
Indefinite-lived trademarks
|
$
|
—
|
$
|
—
|
$
|
248
|
$
|
248
|
$
|
—
|
||||||||||
Goodwill
|
—
|
—
|
2,775
|
2,775
|
—
|
|||||||||||||||
Definite lived intangible assets
|
—
|
—
|
1,038
|
1,038
|
—
|
|||||||||||||||
Property, plant and equipment
|
—
|
—
|
2,366
|
2,366
|
2
|
|||||||||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
6,427
|
$
|
6,427
|
$
|
2
|
|
As of the end of fiscal 2016
|
|||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
|||||||||||||||
Indefinite-lived trademarks
|
$
|
—
|
$
|
—
|
$
|
248
|
$
|
248
|
$
|
—
|
||||||||||
Goodwill
|
—
|
—
|
2,406
|
2,406
|
—
|
|||||||||||||||
Definite lived intangible assets
|
—
|
—
|
952
|
952
|
—
|
|||||||||||||||
Property, plant and equipment
|
—
|
—
|
2,224
|
2,224
|
3
|
|||||||||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
5,830
|
$
|
5,830
|
$
|
3
|
|
2018
|
2017
|
Amortization
Period
|
||||||
Goodwill
|
$
|
2,944
|
$
|
2,775
|
Indefinite lived
|
||||
|
|
||||||||
Customer relationships
|
1,882
|
1,922
|
5 – 15 years
|
||||||
Trademarks (indefinite lived)
|
248
|
248
|
Indefinite lived
|
||||||
Trademarks (definite lived)
|
45
|
87
|
Not more than 15 years
|
||||||
Other intangibles
|
185
|
184
|
5 – 14 years
|
||||||
Accumulated amortization
|
(1,020
|
)
|
(1,155
|
)
|
|
||||
Intangible assets, net
|
1,340
|
1,286
|
|
||||||
Total goodwill and intangible assets, net
|
$
|
4,284
|
$
|
4,061
|
|
|
Capital Leases
|
Operating Leases
|
||||||
2019
|
$
|
37
|
$
|
67
|
||||
2020
|
32
|
56
|
||||||
2021
|
27
|
51
|
||||||
2022
|
24
|
44
|
||||||
2023
|
10
|
37
|
||||||
Thereafter
|
19
|
165
|
||||||
|
149
|
$
|
420
|
|||||
Less: amount representing interest
|
(14
|
)
|
||||||
Present value of net minimum lease payments
|
$
|
135
|
|
2018
|
2017
|
||||||
Employee compensation, payroll, and other
|
$
|
113
|
$
|
147
|
||||
Accrued taxes
|
72
|
90
|
||||||
Rebates
|
58
|
58
|
||||||
Interest
|
49
|
36
|
||||||
Tax receivable agreement obligation
|
16
|
35
|
||||||
Restructuring
|
13
|
19
|
||||||
Other
|
95
|
78
|
||||||
|
$
|
416
|
$
|
463
|
|
2018
|
2017
|
||||||
Lease retirement obligation
|
$
|
39
|
$
|
37
|
||||
Uncertain tax positions
|
74
|
59
|
||||||
Pension liability
|
45
|
56
|
||||||
Deferred purchase price
|
40
|
46
|
||||||
Tax receivable agreement obligation
|
23
|
34
|
||||||
Sale-lease back deferred gain
|
21
|
24
|
||||||
Transition tax
|
18
|
—
|
||||||
Derivative instruments
|
12
|
27
|
||||||
Other
|
17
|
17
|
||||||
|
$
|
289
|
$
|
300
|
|
2018
|
2017
|
2016
|
|||||||||
Current
|
||||||||||||
U.S.
|
||||||||||||
Federal
|
$
|
19
|
$
|
40
|
$
|
—
|
||||||
State
|
8
|
6
|
5
|
|||||||||
Non-U.S.
|
40
|
58
|
36
|
|||||||||
Total current
|
67
|
104
|
41
|
|||||||||
Deferred:
|
||||||||||||
U.S.
|
||||||||||||
Federal
|
(72
|
)
|
34
|
35
|
||||||||
State
|
12
|
(10
|
)
|
3
|
||||||||
Non-U.S.
|
(26
|
)
|
(19
|
)
|
(7
|
)
|
||||||
Total deferred
|
(86
|
)
|
5
|
31
|
||||||||
Expense for income taxes
|
$
|
(19
|
)
|
$
|
109
|
$
|
72
|
|
2018
|
2017
|
2016
|
|||||||||
U.S. Federal income tax expense at the statutory rate
|
$
|
117
|
$
|
157
|
$
|
108
|
||||||
Adjustments to reconcile to the income tax provision:
|
||||||||||||
U.S. state income tax expense
|
12
|
6
|
8
|
|||||||||
Changes in state valuation allowance
|
—
|
(9
|
)
|
2
|
||||||||
Research and development credits
|
(7
|
)
|
(7
|
)
|
(8
|
)
|
||||||
Share-based compensation
|
(8
|
)
|
(33
|
)
|
(15
|
)
|
||||||
U.S. tax reform
|
(124
|
)
|
—
|
—
|
||||||||
Permanent differences
|
—
|
2
|
2
|
|||||||||
Changes in foreign valuation allowance
|
(10
|
)
|
3
|
(1
|
)
|
|||||||
Foreign income taxed in the U.S.
|
—
|
—
|
7
|
|||||||||
Manufacturing tax benefits
|
(6
|
)
|
(6
|
)
|
—
|
|||||||
Deduction of worthless investment
|
—
|
—
|
(9
|
)
|
||||||||
Permanent foreign currency differences
|
—
|
(1
|
)
|
(8
|
)
|
|||||||
Rate differences between U.S. and foreign
|
3
|
(11
|
)
|
(14
|
)
|
|||||||
Other
|
4
|
8
|
—
|
|||||||||
Expense for income taxes
|
$
|
(19
|
)
|
$
|
109
|
$
|
72
|
|
2018
|
2017
|
||||||
Deferred tax assets:
|
||||||||
Allowance for doubtful accounts
|
$
|
4
|
$
|
7
|
||||
Deferred gain on sale-leaseback
|
6
|
10
|
||||||
Accrued liabilities and reserves
|
28
|
89
|
||||||
Inventories
|
9
|
6
|
||||||
Net operating loss carryforward
|
212
|
292
|
||||||
Alternative minimum tax (AMT) credit carryforward
|
8
|
11
|
||||||
Research and development credit carryforward
|
13
|
18
|
||||||
Federal and state tax credits
|
10
|
9
|
||||||
Other
|
19
|
14
|
||||||
Total deferred tax assets
|
309
|
456
|
||||||
Valuation allowance
|
(93
|
)
|
(93
|
)
|
||||
Total deferred tax assets, net of valuation allowance
|
216
|
363
|
||||||
Deferred tax liabilities:
|
||||||||
Property, plant and equipment
|
239
|
277
|
||||||
Intangible assets
|
306
|
475
|
||||||
Debt extinguishment
|
—
|
27
|
||||||
Other
|
5
|
3
|
||||||
Total deferred tax liabilities
|
550
|
782
|
||||||
Net deferred tax liability
|
$
|
(334
|
)
|
$
|
(419
|
)
|
|
2018
|
2017
|
||||||
Beginning unrecognized tax benefits
|
$
|
59
|
$
|
62
|
||||
Gross increases – tax positions in prior periods
|
1
|
1
|
||||||
Gross increases – current period tax positions
|
19
|
4
|
||||||
Gross decreases – tax positions in prior periods
|
—
|
(1
|
)
|
|||||
Settlements
|
—
|
(3
|
)
|
|||||
Lapse of statute of limitations
|
(5
|
)
|
(4
|
)
|
||||
Ending unrecognized tax benefits
|
$
|
74
|
$
|
59
|
|
Defined Benefit Pension Plans
|
Retiree Health Plans
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Change in Projected Benefit Obligations (PBO)
|
||||||||||||||||
|
||||||||||||||||
PBO at beginning of period
|
$
|
330
|
$
|
492
|
$
|
7
|
$
|
7
|
||||||||
Interest cost
|
11
|
11
|
—
|
—
|
||||||||||||
Actuarial loss (gain)
|
(17
|
)
|
(15
|
)
|
—
|
—
|
||||||||||
Plan conversion
(a)
|
—
|
(139
|
)
|
—
|
—
|
|||||||||||
Benefit settlements
|
—
|
(3
|
)
|
—
|
—
|
|||||||||||
Benefits paid
|
(17
|
)
|
(16
|
)
|
(1
|
)
|
—
|
|||||||||
PBO at end of period
|
$
|
307
|
$
|
330
|
$
|
6
|
$
|
7
|
||||||||
|
||||||||||||||||
Change in Fair Value of Plan Assets
|
||||||||||||||||
|
||||||||||||||||
Plan assets at beginning of period
|
$
|
291
|
$
|
418
|
$
|
—
|
$
|
—
|
||||||||
Actual return on plan assets
|
3
|
22
|
—
|
—
|
||||||||||||
Company contributions
|
—
|
7
|
1
|
1
|
||||||||||||
Plan conversion
(a)
|
—
|
(136
|
)
|
—
|
—
|
|||||||||||
Benefit settlements
|
—
|
(2
|
)
|
—
|
—
|
|||||||||||
Benefits paid
|
(17
|
)
|
(18
|
)
|
(1
|
)
|
(1
|
)
|
||||||||
Plan assets at end of period
|
277
|
291
|
—
|
—
|
||||||||||||
Net amount recognized
|
$
|
(30
|
)
|
$
|
(39
|
)
|
$
|
(6
|
)
|
$
|
(7
|
)
|
|
Defined Benefit Pension Plans
|
Retiree Health Plan
|
||||||||||||||
(Percentages)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Weighted-average assumptions:
|
||||||||||||||||
Discount rate for benefit obligation
|
4.0
|
3.5
|
3.8
|
3.3
|
||||||||||||
Discount rate for net benefit cost
|
3.5
|
3.2
|
3.3
|
2.9
|
||||||||||||
Expected return on plan assets for net benefit costs
|
6.1
|
6.4
|
—
|
—
|
Fiscal 2018 Asset Category
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Cash and cash equivalents
|
$
|
6
|
$
|
—
|
$
|
—
|
$
|
6
|
||||||||
U.S. large cap comingled equity funds
|
—
|
67
|
—
|
67
|
||||||||||||
U.S. mid cap equity mutual funds
|
50
|
—
|
—
|
50
|
||||||||||||
U.S. small cap equity mutual funds
|
3
|
—
|
—
|
3
|
||||||||||||
International equity mutual funds
|
15
|
—
|
—
|
15
|
||||||||||||
Real estate equity investment funds
|
3
|
—
|
—
|
3
|
||||||||||||
Corporate bond mutual funds
|
11
|
—
|
—
|
11
|
||||||||||||
Corporate bonds
|
—
|
108
|
—
|
108
|
||||||||||||
Guaranteed investment account
|
—
|
—
|
8
|
8
|
||||||||||||
International fixed income funds
|
6
|
—
|
—
|
6
|
||||||||||||
Total
|
$
|
94
|
$
|
175
|
$
|
8
|
$
|
277
|
Fiscal 2017 Asset Category
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Cash and cash equivalents
|
$
|
6
|
$
|
—
|
$
|
—
|
$
|
6
|
||||||||
U.S. large cap comingled equity funds
|
—
|
61
|
—
|
61
|
||||||||||||
U.S. mid cap equity mutual funds
|
57
|
—
|
—
|
57
|
||||||||||||
U.S. small cap equity mutual funds
|
3
|
—
|
—
|
3
|
||||||||||||
International equity mutual funds
|
14
|
—
|
—
|
14
|
||||||||||||
Real estate equity investment funds
|
4
|
—
|
—
|
4
|
||||||||||||
Corporate bond mutual funds
|
17
|
—
|
—
|
17
|
||||||||||||
Corporate bonds
|
—
|
114
|
—
|
114
|
||||||||||||
Guaranteed investment account
|
—
|
—
|
9
|
9
|
||||||||||||
International fixed income funds
|
6
|
—
|
—
|
6
|
||||||||||||
Total
|
$
|
107
|
$
|
175
|
$
|
9
|
$
|
291
|
|
Defined Benefit Pension Plans
|
Retiree Health Plan
|
||||||
2019
|
$
|
18
|
$
|
1
|
||||
2020
|
18
|
1
|
||||||
2021
|
19
|
1
|
||||||
2022
|
19
|
—
|
||||||
2023
|
19
|
—
|
||||||
2024-2028
|
96
|
2
|
|
2018
|
2017
|
2016
|
|||||||||
Service cost
|
$
|
—
|
$
|
—
|
$
|
3
|
||||||
Interest cost
|
11
|
11
|
16
|
|||||||||
Amortization of net actuarial loss
|
2
|
3
|
2
|
|||||||||
Expected return on plan assets
|
(17
|
)
|
(17
|
)
|
(20
|
)
|
||||||
Net periodic benefit cost
|
$
|
(4
|
)
|
$
|
(3
|
)
|
$
|
1
|
|
2018
|
2017
|
||||||
Asset Category
|
||||||||
Equity securities and equity-like instruments
|
50
|
%
|
48
|
%
|
||||
Debt securities and debt-like
|
45
|
47
|
||||||
Other
|
5
|
5
|
||||||
Total
|
100
|
%
|
100
|
%
|
|
Expected Total
Costs
|
Cumulative Charges
through Fiscal 2018
|
To be Recognized
in Future
|
|||||||||
Severance and termination benefits
|
$
|
75
|
$
|
75
|
$
|
—
|
||||||
Facility exit costs
|
15
|
12
|
3
|
|||||||||
Asset impairment
|
5
|
5
|
—
|
|||||||||
Total
|
$
|
95
|
$
|
92
|
$
|
3
|
|
2018
|
2017
|
2016
|
|||||||||
Engineered Materials
|
$
|
6
|
$
|
5
|
$
|
3
|
||||||
Health, Hygiene & Specialties
|
27
|
11
|
20
|
|||||||||
Consumer Packaging
|
3
|
8
|
9
|
|||||||||
Consolidated
|
$
|
36
|
$
|
24
|
$
|
32
|
|
Employee
Severance
and Benefits
|
Facility
Exit
Costs
|
Non-cash Impairment Charges
|
Total
|
||||||||||||
Balance as of fiscal 2016
|
$
|
7
|
$
|
6
|
$
|
—
|
$
|
13
|
||||||||
Acquisition
|
13
|
—
|
—
|
13
|
||||||||||||
Charges
|
18
|
4
|
2
|
24
|
||||||||||||
Non-cash asset impairment
|
—
|
—
|
(2
|
)
|
(2
|
)
|
||||||||||
Cash payments
|
(24
|
)
|
(5
|
)
|
—
|
(29
|
)
|
|||||||||
Balance as of fiscal 2017
|
$
|
14
|
$
|
5
|
$
|
—
|
$
|
19
|
||||||||
Charges
|
34
|
2
|
—
|
36
|
||||||||||||
Cash payments
|
(39
|
)
|
(3
|
)
|
—
|
(42
|
)
|
|||||||||
Balance as of fiscal 2018
|
$
|
9
|
$
|
4
|
$
|
—
|
$
|
13
|
|
2018
|
2017
|
||||||||||||||
|
Number of Shares
(in thousands)
|
Weighted Average Exercise Price
|
Number of Shares
(in thousands)
|
Weighted Average Exercise Price
|
||||||||||||
Options outstanding, beginning of period
|
10,760
|
$
|
28.18
|
11,716
|
$
|
21.44
|
||||||||||
Options granted
|
1,453
|
54.33
|
1,820
|
49.53
|
||||||||||||
Options exercised
|
(1,176
|
)
|
18.62
|
(2,562
|
)
|
12.07
|
||||||||||
Options forfeited or cancelled
|
(293
|
)
|
41.30
|
(214
|
)
|
33.52
|
||||||||||
Options outstanding, end of period
|
10,744
|
$
|
32.40
|
10,760
|
$
|
28.18
|
||||||||||
|
||||||||||||||||
Option price range at end of period
|
$
|
3.04-54.33
|
$
|
3.04-49.53
|
||||||||||||
Options exercisable at end of period
|
5,154
|
4,108
|
||||||||||||||
Options available for grant at period end
|
6,422
|
2,875
|
||||||||||||||
Weighted average fair value of options granted during period
|
$
|
17.84
|
$
|
15.52
|
|
2018
|
2017
|
2016
|
|||||||||
Risk-free interest rate
|
2.7
|
%
|
2.2
|
%
|
1.2
|
%
|
||||||
Dividend yield
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
||||||
Volatility factor
|
26.1
|
%
|
26.0
|
%
|
25.7
|
%
|
||||||
Expected option life
|
6.5 years
|
6.5 years
|
6.5 years
|
Range of
Exercise Prices
|
Number
Outstanding
(in thousands)
|
Intrinsic Value
of Outstanding
(in millions)
|
Weighted Remaining Contractual Life
|
Weighted
Exercise Price
|
Number
Exercisable
(in thousands)
|
Intrinsic Value
of Exercisable
(in millions)
|
Unrecognized
Compensation
(in millions)
|
Weighted
Recognition Period
|
|||||||||||||||||||||
$
|
3.04-54.33
|
10,744
|
$
|
172
|
6.5 years
|
$
|
32.40
|
5,154
|
$
|
120
|
$
|
25
|
1.9 years
|
|
2018
|
2017
|
2016
|
|||||||||
Net sales
|
||||||||||||
Engineered Materials
|
$
|
2,672
|
$
|
2,375
|
$
|
1,627
|
||||||
Health, Hygiene & Specialties
|
2,734
|
2,369
|
2,400
|
|||||||||
Consumer Packaging
|
2,463
|
2,351
|
2,462
|
|||||||||
Total
|
$
|
7,869
|
$
|
7,095
|
$
|
6,489
|
||||||
|
||||||||||||
Operating income
|
||||||||||||
Engineered Materials
|
$
|
368
|
$
|
316
|
$
|
182
|
||||||
Health, Hygiene & Specialties
|
202
|
216
|
196
|
|||||||||
Consumer Packaging
|
191
|
200
|
203
|
|||||||||
Total
|
$
|
761
|
$
|
732
|
$
|
581
|
||||||
|
||||||||||||
Depreciation and amortization
|
||||||||||||
Engineered Materials
|
$
|
109
|
$
|
106
|
$
|
82
|
||||||
Health, Hygiene & Specialties
|
200
|
184
|
199
|
|||||||||
Consumer Packaging
|
229
|
231
|
244
|
|||||||||
Total
|
$
|
538
|
$
|
521
|
$
|
525
|
|
2018
|
2017
|
||||||
Total assets:
|
||||||||
Engineered Materials
|
$
|
1,998
|
$
|
1,803
|
||||
Health, Hygiene & Specialties
|
3,913
|
3,496
|
||||||
Consumer Packaging
|
3,220
|
3,177
|
||||||
Total assets
|
$
|
9,131
|
$
|
8,476
|
||||
Goodwill:
|
||||||||
Engineered Materials
|
$
|
633
|
$
|
545
|
||||
Health, Hygiene & Specialties
|
902
|
819
|
||||||
Consumer Packaging
|
1,409
|
1,411
|
||||||
Total goodwill
|
$
|
2,944
|
$
|
2,775
|
|
2018
|
2017
|
2016
|
|||||||||
Net sales:
|
||||||||||||
North America
|
$
|
6,474
|
$
|
5,850
|
$
|
5,250
|
||||||
South America
|
332
|
333
|
336
|
|||||||||
Europe
|
807
|
646
|
661
|
|||||||||
Asia
|
256
|
266
|
242
|
|||||||||
Total net sales
|
$
|
7,869
|
$
|
7,095
|
$
|
6,489
|
|
2018
|
2017
|
||||||
Long-lived assets:
|
||||||||
North America
|
$
|
5,764
|
$
|
5,303
|
||||
South America
|
320
|
418
|
||||||
Europe
|
463
|
467
|
||||||
Asia
|
299
|
284
|
||||||
Total Long-lived assets
|
$
|
6,846
|
$
|
6,472
|
(in percentages)
|
2018
|
2017
|
2016
|
|||||||||
Net sales:
|
||||||||||||
Core Films
|
46
|
%
|
49
|
%
|
72
|
%
|
||||||
Retail & Industrial
|
54
|
51
|
28
|
|||||||||
Engineered Materials
|
100
|
%
|
100
|
%
|
100
|
%
|
||||||
Health
|
19
|
%
|
22
|
%
|
20
|
%
|
||||||
Hygiene
|
43
|
44
|
45
|
|||||||||
Specialties
|
38
|
34
|
35
|
|||||||||
Health, Hygiene & Specialties
|
100
|
%
|
100
|
%
|
100
|
%
|
||||||
Rigid Open Top
|
44
|
%
|
43
|
%
|
42
|
%
|
||||||
Rigid Closed Top
|
56
|
57
|
58
|
|||||||||
Consumer Packaging
|
100
|
%
|
100
|
%
|
100
|
%
|
(in millions, except per share amounts)
|
2018
|
2017
|
2016
|
|||||||||
Numerator
|
||||||||||||
Net income attributable to the Company
|
$
|
496
|
$
|
340
|
$
|
236
|
||||||
Denominator
|
||||||||||||
Weighted average common shares outstanding - basic
|
131.4
|
127.6
|
120.8
|
|||||||||
Dilutive shares
|
3.8
|
5.0
|
4.2
|
|||||||||
Weighted average common and common equivalent shares outstanding - diluted
|
135.2
|
132.6
|
125.0
|
|||||||||
|
||||||||||||
Per common share income
|
||||||||||||
Basic
|
$
|
3.77
|
$
|
2.66
|
$
|
1.95
|
||||||
Diluted
|
$
|
3.67
|
$
|
2.56
|
$
|
1.89
|
|
Fiscal 2018
|
|||||||||||||||||||||||
|
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Total
|
||||||||||||||||||
Net sales
|
$
|
—
|
$
|
574
|
$
|
5,465
|
$
|
1,830
|
$
|
—
|
$
|
7,869
|
||||||||||||
Cost of goods sold
|
—
|
346
|
4,558
|
1,534
|
—
|
6,438
|
||||||||||||||||||
Selling, general and administrative
|
—
|
63
|
309
|
108
|
—
|
480
|
||||||||||||||||||
Amortization of intangibles
|
—
|
1
|
127
|
26
|
—
|
154
|
||||||||||||||||||
Restructuring and impairment charges
|
—
|
—
|
20
|
16
|
—
|
36
|
||||||||||||||||||
Operating income
|
—
|
164
|
451
|
146
|
—
|
761
|
||||||||||||||||||
Other (income) expense, net
|
—
|
8
|
8
|
9
|
—
|
25
|
||||||||||||||||||
Interest expense, net
|
—
|
8
|
225
|
26
|
—
|
259
|
||||||||||||||||||
Equity in net income of subsidiaries
|
(477
|
)
|
(307
|
)
|
—
|
—
|
784
|
—
|
||||||||||||||||
Income (loss) before income taxes
|
477
|
455
|
218
|
111
|
(784
|
)
|
477
|
|||||||||||||||||
Income tax expense (benefit)
|
(19
|
)
|
(41
|
)
|
(2
|
)
|
24
|
19
|
(19
|
)
|
||||||||||||||
Net income (loss)
|
$
|
496
|
$
|
496
|
$
|
220
|
$
|
87
|
$
|
(803
|
)
|
$
|
496
|
|||||||||||
Currency translation
|
(127
|
)
|
(11
|
)
|
(3
|
)
|
(113
|
)
|
127
|
(127
|
)
|
|||||||||||||
Interest rate hedges
|
49
|
49
|
—
|
—
|
(49
|
)
|
49
|
|||||||||||||||||
Defined benefit pension and retiree health benefit plans
|
3
|
—
|
—
|
3
|
(3
|
)
|
3
|
|||||||||||||||||
Provision for income taxes related to other comprehensive income items
|
(13
|
)
|
(13
|
)
|
—
|
—
|
13
|
(13
|
)
|
|||||||||||||||
Comprehensive income (loss)
|
$
|
408
|
$
|
521
|
$
|
217
|
$
|
(23
|
)
|
$
|
(715
|
)
|
$
|
408
|
|
Fiscal 2017
|
|||||||||||||||||||||||
|
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Total
|
||||||||||||||||||
Net sales
|
$
|
—
|
$
|
587
|
$
|
4,861
|
$
|
1,647
|
$
|
—
|
$
|
7,095
|
||||||||||||
Cost of goods sold
|
—
|
438
|
3,920
|
1,333
|
—
|
5,691
|
||||||||||||||||||
Selling, general and administrative
|
—
|
55
|
335
|
104
|
—
|
494
|
||||||||||||||||||
Amortization of intangibles
|
—
|
6
|
120
|
28
|
—
|
154
|
||||||||||||||||||
Restructuring and impairment charges
|
—
|
—
|
14
|
10
|
—
|
24
|
||||||||||||||||||
Operating income
|
—
|
88
|
472
|
172
|
—
|
732
|
||||||||||||||||||
Other (income) expense, net
|
—
|
8
|
(1
|
)
|
7
|
—
|
14
|
|||||||||||||||||
Interest expense, net
|
—
|
12
|
229
|
28
|
—
|
269
|
||||||||||||||||||
Equity in net income of subsidiaries
|
(449
|
)
|
(341
|
)
|
—
|
—
|
790
|
—
|
||||||||||||||||
Income (loss) before income taxes
|
449
|
409
|
244
|
137
|
(790
|
)
|
449
|
|||||||||||||||||
Income tax expense (benefit)
|
109
|
69
|
—
|
40
|
(109
|
)
|
109
|
|||||||||||||||||
Net income (loss)
|
$
|
340
|
$
|
340
|
$
|
244
|
$
|
97
|
$
|
(681
|
)
|
$
|
340
|
|||||||||||
Currency translation
|
34
|
—
|
—
|
34
|
(34
|
)
|
34
|
|||||||||||||||||
Interest rate hedges
|
28
|
28
|
—
|
—
|
(28
|
)
|
28
|
|||||||||||||||||
Defined benefit pension and retiree health benefit plans
|
38
|
25
|
—
|
13
|
(38
|
)
|
38
|
|||||||||||||||||
Provision for income taxes related to other comprehensive income items
|
(20
|
)
|
(20
|
)
|
—
|
—
|
20
|
(20
|
)
|
|||||||||||||||
Comprehensive income (loss)
|
$
|
420
|
$
|
373
|
$
|
244
|
$
|
144
|
$
|
(761
|
)
|
$
|
420
|
|
Fiscal 2016
|
|||||||||||||||||||||||
|
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Total
|
||||||||||||||||||
Net sales
|
$
|
—
|
$
|
599
|
$
|
4,220
|
$
|
1,670
|
$
|
—
|
$
|
6,489
|
||||||||||||
Cost of goods sold
|
—
|
476
|
3,388
|
1,338
|
—
|
5,202
|
||||||||||||||||||
Selling, general and administrative
|
—
|
72
|
324
|
135
|
—
|
531
|
||||||||||||||||||
Amortization of intangibles
|
—
|
8
|
107
|
28
|
—
|
143
|
||||||||||||||||||
Restructuring and impairment charges
|
—
|
—
|
28
|
4
|
—
|
32
|
||||||||||||||||||
Operating income
|
—
|
43
|
373
|
165
|
—
|
581
|
||||||||||||||||||
Other (income) expense, net
|
—
|
15
|
(211
|
)
|
178
|
—
|
(18
|
)
|
||||||||||||||||
Interest expense, net
|
—
|
36
|
205
|
50
|
—
|
291
|
||||||||||||||||||
Equity in net income of subsidiaries
|
(308
|
)
|
(279
|
)
|
—
|
—
|
587
|
—
|
||||||||||||||||
Income (loss) before income taxes
|
308
|
271
|
379
|
(63
|
)
|
(587
|
)
|
308
|
||||||||||||||||
Income tax expense (benefit)
|
72
|
34
|
8
|
29
|
(71
|
)
|
72
|
|||||||||||||||||
Net income (loss)
|
$
|
236
|
$
|
237
|
$
|
371
|
$
|
(92
|
)
|
$
|
(516
|
)
|
$
|
236
|
||||||||||
Currency translation
|
(1
|
)
|
—
|
—
|
(1
|
)
|
1
|
(1
|
)
|
|||||||||||||||
Interest rate hedges
|
(14
|
)
|
(14
|
)
|
—
|
—
|
14
|
(14
|
)
|
|||||||||||||||
Defined benefit pension and retiree health benefit plans
|
(23
|
)
|
(10
|
)
|
—
|
(13
|
)
|
23
|
(23
|
)
|
||||||||||||||
Provision for income taxes related to other comprehensive income items
|
9
|
9
|
—
|
—
|
(9
|
)
|
9
|
|||||||||||||||||
Comprehensive income (loss)
|
$
|
207
|
$
|
222
|
$
|
371
|
$
|
(106
|
)
|
$
|
(487
|
)
|
$
|
207
|
|
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Total
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
—
|
$
|
133
|
$
|
4
|
$
|
244
|
$
|
—
|
$
|
381
|
||||||||||||
Accounts receivable, net
|
—
|
42
|
555
|
344
|
—
|
941
|
||||||||||||||||||
Intercompany receivable
|
296
|
1,907
|
—
|
49
|
(2,252
|
)
|
—
|
|||||||||||||||||
Inventories
|
—
|
56
|
664
|
167
|
—
|
887
|
||||||||||||||||||
Prepaid expenses and other current
|
—
|
18
|
17
|
41
|
—
|
76
|
||||||||||||||||||
Total current assets
|
296
|
2,156
|
1,240
|
845
|
(2,252
|
)
|
2,285
|
|||||||||||||||||
Property, plant and equipment, net
|
—
|
79
|
1,684
|
725
|
—
|
2,488
|
||||||||||||||||||
Goodwill and intangible assets, net
|
—
|
79
|
3,742
|
463
|
—
|
4,284
|
||||||||||||||||||
Investment in subsidiaries
|
1,513
|
6,151
|
1,105
|
—
|
(8,769
|
)
|
—
|
|||||||||||||||||
Other assets
|
31
|
17
|
2
|
24
|
—
|
74
|
||||||||||||||||||
Total assets
|
$
|
1,840
|
$
|
8,482
|
$
|
7,773
|
$
|
2,057
|
$
|
(11,021
|
)
|
$
|
9,131
|
|||||||||||
Liabilities and equity
|
||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||
Accounts payable
|
$
|
—
|
$
|
42
|
$
|
468
|
$
|
273
|
$
|
—
|
$
|
783
|
||||||||||||
Accrued expenses and other current liabilities
|
18
|
146
|
159
|
93
|
—
|
416
|
||||||||||||||||||
Intercompany payable
|
—
|
—
|
2,252
|
—
|
(2,252
|
)
|
—
|
|||||||||||||||||
Current portion of long-term debt
|
—
|
30
|
8
|
—
|
—
|
38
|
||||||||||||||||||
Total current liabilities
|
18
|
218
|
2,887
|
366
|
(2,252
|
)
|
1,237
|
|||||||||||||||||
Long-term debt, less current portion
|
—
|
5,782
|
23
|
1
|
—
|
5,806
|
||||||||||||||||||
Deferred income taxes
|
365
|
—
|
—
|
—
|
—
|
365
|
||||||||||||||||||
Other long-term liabilities
|
23
|
163
|
45
|
58
|
—
|
289
|
||||||||||||||||||
Total long-term liabilities
|
388
|
5,945
|
68
|
59
|
—
|
6,460
|
||||||||||||||||||
Total liabilities
|
406
|
6,163
|
2,955
|
425
|
(2,252
|
)
|
7,697
|
|||||||||||||||||
|
||||||||||||||||||||||||
Total equity (deficit)
|
1,434
|
2,319
|
4,818
|
1,632
|
(8,769
|
)
|
1,434
|
|||||||||||||||||
Total liabilities and equity (deficit)
|
$
|
1,840
|
$
|
8,482
|
$
|
7,773
|
$
|
2,057
|
$
|
(11,021
|
)
|
$
|
9,131
|
|
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Total
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
—
|
$
|
18
|
$
|
12
|
$
|
276
|
$
|
—
|
$
|
306
|
||||||||||||
Accounts receivable, net
|
—
|
49
|
503
|
295
|
—
|
847
|
||||||||||||||||||
Intercompany receivable
|
512
|
2,217
|
—
|
—
|
(2,729
|
)
|
—
|
|||||||||||||||||
Inventories
|
—
|
42
|
567
|
153
|
—
|
762
|
||||||||||||||||||
Prepaid expenses and other current
|
—
|
7
|
31
|
51
|
—
|
89
|
||||||||||||||||||
Total current assets
|
512
|
2,333
|
1,113
|
775
|
(2,729
|
)
|
2,004
|
|||||||||||||||||
Property, plant and equipment, net
|
—
|
80
|
1,564
|
722
|
—
|
2,366
|
||||||||||||||||||
Goodwill and intangible assets, net
|
—
|
79
|
3,476
|
506
|
—
|
4,061
|
||||||||||||||||||
Investment in subsidiaries
|
992
|
5,240
|
1,105
|
—
|
(7,337
|
)
|
—
|
|||||||||||||||||
Other assets
|
—
|
16
|
2
|
27
|
—
|
45
|
||||||||||||||||||
Total assets
|
$
|
1,504
|
$
|
7,748
|
$
|
7,260
|
$
|
2,030
|
$
|
(10,066
|
)
|
$
|
8,476
|
|||||||||||
Liabilities and equity
|
||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||
Accounts payable
|
$
|
—
|
$
|
43
|
$
|
356
|
$
|
239
|
$
|
—
|
$
|
638
|
||||||||||||
Accrued expenses and other current liabilities
|
36
|
168
|
181
|
78
|
—
|
463
|
||||||||||||||||||
Intercompany payable
|
—
|
—
|
2,667
|
62
|
(2,729
|
)
|
—
|
|||||||||||||||||
Current portion of long-term debt
|
—
|
32
|
—
|
1
|
—
|
33
|
||||||||||||||||||
Total current liabilities
|
36
|
243
|
3,204
|
380
|
(2,729
|
)
|
1,134
|
|||||||||||||||||
Long-term debt, less current portion
|
—
|
5,579
|
29
|
—
|
—
|
5,608
|
||||||||||||||||||
Deferred income taxes
|
419
|
—
|
—
|
—
|
—
|
419
|
||||||||||||||||||
Other long-term liabilities
|
34
|
128
|
70
|
68
|
—
|
300
|
||||||||||||||||||
Total long-term liabilities
|
453
|
5,707
|
99
|
68
|
—
|
6,327
|
||||||||||||||||||
Total liabilities
|
489
|
5,950
|
3,303
|
448
|
(2,729
|
)
|
7,461
|
|||||||||||||||||
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Total equity (deficit)
|
1,015
|
1,798
|
3,957
|
1,582
|
(7,337
|
)
|
1,015
|
|||||||||||||||||
Total liabilities and equity (deficit)
|
$
|
1,504
|
$
|
7,748
|
$
|
7,260
|
$
|
2,030
|
$
|
(10,066
|
)
|
$
|
8,476
|
|
Fiscal 2018
|
|||||||||||||||||||||||
|
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Total
|
||||||||||||||||||
Cash Flow from Operating Activities
|
$
|
—
|
$
|
133
|
$
|
651
|
$
|
220
|
$
|
—
|
$
|
1,004
|
||||||||||||
|
||||||||||||||||||||||||
Cash Flow from Investing Activities
|
||||||||||||||||||||||||
Additions to property, plant and equipment
|
—
|
(5
|
)
|
(241
|
)
|
(90
|
)
|
—
|
(336
|
)
|
||||||||||||||
Proceeds from sale of assets
|
—
|
—
|
3
|
—
|
—
|
3
|
||||||||||||||||||
(Contributions) distributions to/from subsidiaries
|
10
|
(715
|
)
|
—
|
—
|
705
|
—
|
|||||||||||||||||
Intercompany advances (repayments)
|
—
|
538
|
—
|
—
|
(538
|
)
|
—
|
|||||||||||||||||
Acquisition of business, net of cash acquired
|
—
|
—
|
(632
|
)
|
(70
|
)
|
—
|
(702
|
)
|
|||||||||||||||
Net cash from investing activities
|
10
|
(182
|
)
|
(870
|
)
|
(160
|
)
|
167
|
(1,035
|
)
|
||||||||||||||
|
||||||||||||||||||||||||
Cash Flow from Financing Activities
|
||||||||||||||||||||||||
Proceeds from long-term borrowings
|
—
|
498
|
—
|
—
|
—
|
498
|
||||||||||||||||||
Repayment of long-term borrowings
|
—
|
(331
|
)
|
(3
|
)
|
(1
|
)
|
—
|
(335
|
)
|
||||||||||||||
Proceed from issuance of common stock
|
23
|
—
|
—
|
—
|
—
|
23
|
||||||||||||||||||
Repurchase of common stock
|
(33
|
)
|
—
|
—
|
—
|
—
|
(33
|
)
|
||||||||||||||||
Payment of tax receivable agreement
|
(37
|
)
|
—
|
—
|
—
|
—
|
(37
|
)
|
||||||||||||||||
Debt financing costs
|
—
|
(3
|
)
|
—
|
—
|
—
|
(3
|
)
|
||||||||||||||||
Changes in intercompany balances
|
37
|
—
|
(418
|
)
|
(157
|
)
|
538
|
—
|
||||||||||||||||
Contribution from Parent
|
—
|
—
|
632
|
73
|
(705
|
)
|
—
|
|||||||||||||||||
Net cash from financing activities
|
(10
|
)
|
164
|
211
|
(85
|
)
|
(167
|
)
|
113
|
|||||||||||||||
Effect of currency translation on cash
|
—
|
—
|
—
|
(7
|
)
|
—
|
(7
|
)
|
||||||||||||||||
Net change in cash and cash equivalents
|
—
|
115
|
(8
|
)
|
(32
|
)
|
—
|
75
|
||||||||||||||||
Cash and cash equivalents at beginning of period
|
—
|
18
|
12
|
276
|
—
|
306
|
||||||||||||||||||
Cash and cash equivalents at end of period
|
$
|
—
|
$
|
133
|
$
|
4
|
$
|
244
|
$
|
—
|
$
|
381
|
|
Fiscal 2017
|
|||||||||||||||||||||||
|
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Total
|
||||||||||||||||||
Cash Flow from Operating Activities
|
$
|
—
|
$
|
128
|
$
|
647
|
$
|
200
|
$
|
—
|
$
|
975
|
||||||||||||
|
||||||||||||||||||||||||
Cash Flow from Investing Activities
|
||||||||||||||||||||||||
Additions to property, plant and equipment
|
—
|
(19
|
)
|
(209
|
)
|
(41
|
)
|
—
|
(269
|
)
|
||||||||||||||
Proceeds from sale of assets
|
—
|
1
|
5
|
—
|
—
|
6
|
||||||||||||||||||
(Contributions) distributions to/from subsidiaries
|
(31
|
)
|
(484
|
)
|
—
|
—
|
515
|
—
|
||||||||||||||||
Intercompany advances (repayments)
|
—
|
428
|
—
|
—
|
(428
|
)
|
—
|
|||||||||||||||||
Acquisition of business, net of cash acquired
|
—
|
—
|
(515
|
)
|
—
|
—
|
(515
|
)
|
||||||||||||||||
Other investing activities, net
|
—
|
4
|
—
|
—
|
—
|
4
|
||||||||||||||||||
Net cash from investing activities
|
(31
|
)
|
(70
|
)
|
(719
|
)
|
(41
|
)
|
87
|
(774
|
)
|
|
||||||||||||||||||||||||
Cash Flow from Financing Activities
|
||||||||||||||||||||||||
Proceeds from long-term borrowings
|
—
|
495
|
—
|
—
|
—
|
495
|
||||||||||||||||||
Repayment of long-term borrowings
|
—
|
(632
|
)
|
(3
|
)
|
(1
|
)
|
—
|
(636
|
)
|
||||||||||||||
Proceed from issuance of common stock
|
31
|
—
|
—
|
—
|
—
|
31
|
||||||||||||||||||
Payment of tax receivable agreement
|
(111
|
)
|
—
|
—
|
—
|
—
|
(111
|
)
|
||||||||||||||||
Debt financing costs
|
—
|
(5
|
)
|
—
|
—
|
—
|
(5
|
)
|
||||||||||||||||
Changes in intercompany balances
|
111
|
—
|
(433
|
)
|
(106
|
)
|
428
|
—
|
||||||||||||||||
Contribution from Parent
|
—
|
—
|
515
|
—
|
(515
|
)
|
—
|
|||||||||||||||||
Net cash from financing activities
|
31
|
(142
|
)
|
79
|
(107
|
)
|
(87
|
)
|
(226
|
)
|
||||||||||||||
Effect of currency translation on cash
|
—
|
—
|
—
|
8
|
—
|
8
|
||||||||||||||||||
Net change in cash and cash equivalents
|
—
|
(84
|
)
|
7
|
60
|
—
|
(17
|
)
|
||||||||||||||||
Cash and cash equivalents at beginning of period
|
—
|
102
|
5
|
216
|
—
|
323
|
||||||||||||||||||
Cash and cash equivalents at end of period
|
$
|
—
|
$
|
18
|
$
|
12
|
$
|
276
|
$
|
—
|
$
|
306
|
|
Fiscal 2016
|
|||||||||||||||||||||||
|
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Total
|
||||||||||||||||||
Cash Flow from Operating Activities
|
$
|
—
|
$
|
103
|
$
|
566
|
$
|
188
|
$
|
—
|
$
|
857
|
||||||||||||
|
||||||||||||||||||||||||
Cash Flow from Investing Activities
|
||||||||||||||||||||||||
Additions to property, plant and equipment
|
—
|
(13
|
)
|
(239
|
)
|
(36
|
)
|
—
|
(288
|
)
|
||||||||||||||
Proceeds from sale of assets
|
—
|
—
|
5
|
—
|
—
|
5
|
||||||||||||||||||
(Contributions) distributions to/from subsidiaries
|
(26
|
)
|
(2,234
|
)
|
—
|
—
|
2,260
|
—
|
||||||||||||||||
Intercompany advances (repayments)
|
—
|
96
|
—
|
—
|
(96
|
)
|
—
|
|||||||||||||||||
Acquisition of business, net of cash acquired
|
—
|
—
|
(368
|
)
|
(1,915
|
)
|
—
|
(2,283
|
)
|
|||||||||||||||
Other investing activities, net
|
—
|
(13
|
)
|
—
|
—
|
—
|
(13
|
)
|
||||||||||||||||
Net cash from investing activities
|
(26
|
)
|
(2,164
|
)
|
(602
|
)
|
(1,951
|
)
|
2,164
|
(2,579
|
)
|
|||||||||||||
|
||||||||||||||||||||||||
Cash Flow from Financing Activities
|
||||||||||||||||||||||||
Proceeds from long-term borrowings
|
—
|
2,490
|
—
|
—
|
—
|
2,490
|
||||||||||||||||||
Repayment of long-term borrowings
|
—
|
(450
|
)
|
(23
|
)
|
(51
|
)
|
—
|
(524
|
)
|
||||||||||||||
Proceeds from issuance of common stock
|
26
|
—
|
—
|
—
|
—
|
26
|
||||||||||||||||||
Payment of tax receivable agreement
|
(57
|
)
|
—
|
—
|
—
|
—
|
(57
|
)
|
||||||||||||||||
Debt financing costs
|
—
|
(40
|
)
|
—
|
—
|
—
|
(40
|
)
|
||||||||||||||||
Purchase of non-controlling interest
|
—
|
—
|
(66
|
)
|
(12
|
)
|
—
|
(78
|
)
|
|||||||||||||||
Changes in intercompany balances
|
57
|
—
|
(238
|
)
|
85
|
96
|
—
|
|||||||||||||||||
Contribution from Parent
|
—
|
—
|
368
|
1,892
|
(2,260
|
)
|
—
|
|||||||||||||||||
Net cash from financing activities
|
26
|
2,000
|
41
|
1,914
|
(2,164
|
)
|
1,817
|
|||||||||||||||||
Effect of currency translation on cash
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net change in cash and cash equivalents
|
—
|
(61
|
)
|
5
|
151
|
—
|
95
|
|||||||||||||||||
Cash and cash equivalents at beginning of period
|
—
|
163
|
—
|
65
|
—
|
228
|
||||||||||||||||||
Cash and cash equivalents at end of period
|
$
|
—
|
$
|
102
|
$
|
5
|
$
|
216
|
$
|
—
|
$
|
323
|
|
2018
|
2017
|
||||||||||||||||||||||||||||||
|
First
|
Second
|
Third
|
Fourth
|
First
|
Second
|
Third
|
Fourth
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net sales
|
$
|
1,776
|
$
|
1,967
|
$
|
2,072
|
$
|
2,054
|
$
|
1,502
|
$
|
1,806
|
$
|
1,906
|
$
|
1,881
|
||||||||||||||||
Cost of goods sold
|
1,447
|
1,596
|
1,690
|
1,705
|
1,206
|
1,453
|
1,518
|
1,514
|
||||||||||||||||||||||||
Gross profit
|
329
|
371
|
382
|
349
|
296
|
353
|
388
|
367
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net income
|
$
|
163
|
$
|
90
|
$
|
110
|
$
|
133
|
$
|
51
|
$
|
72
|
$
|
107
|
$
|
110
|
||||||||||||||||
Net income per share:
|
||||||||||||||||||||||||||||||||
Basic
|
1.24
|
0.69
|
0.84
|
1.01
|
0.42
|
0.56
|
0.82
|
0.84
|
||||||||||||||||||||||||
Diluted
|
1.20
|
0.66
|
0.81
|
0.99
|
0.40
|
0.54
|
0.79
|
0.81
|
Exhibit No
|
Description of Exhibit
|
||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
10.24 | † | Employment Agreement of Thomas E. Salmon (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on February 6, 2017). | |
10.27 | † | ||
† | |||
10.33 | † | ||
Employment Agreement, dated February 28, 1998, between Berry Plastics Corporation and Mark Miles, together with amendments dated February 28, 2003, September 13, 2006, December 31, 2008, and December 31, 2011 (incorporated herein by reference to Exhibit 10.40 to the Company's Form 10-K filed on November 30, 2016). | |||
21.1* | * |
Subsidiaries of the Registrant.
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23.1 | * |
Consent of Independent Registered Public Accounting Firm
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31.1 | * |
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer
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31.2 | * |
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer
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32.1 | * |
Section 1350 Certification of the Chief Executive Officer
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101. | * |
Interactive Data Files
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* |
Filed herewith.
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||
† |
Management contract or compensatory plan or arrangement.
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BERRY GLOBAL GROUP, INC.
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By
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/s/ Thomas E. Salmon
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Thomas E. Salmon
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Chief Executive Officer
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Signature
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Title
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Date
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/s/ Thomas E. Salmon
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Chief Executive Officer and Chairman of the Board of Directors and Director (Principal Executive Officer)
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November 16, 2018
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Thomas E. Salmon
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/s/ Mark W. Miles
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Chief Financial Officer (Principal Financial Officer)
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November 16, 2018
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Mark W. Miles
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/s/ James M. Till
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Executive Vice President and Controller (Principal Accounting Officer)
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November 16, 2018
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James M. Till
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/s/ B. Evan Bayh
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Director
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November 16, 2018
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B. Evan Bayh
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/s/ Jonathan F. Foster
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Director
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November 16, 2018
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Jonathan F. Foster
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/s/ Idalene F. Kesner
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Director
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November 16, 2018
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Idalene F. Kesner
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/s/ Carl J. Rickertsen
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Director
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November 16, 2018
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Carl J. Rickertsen
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/s/ Ronald S. Rolfe
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Director
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November 16, 2018
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Ronald S. Rolfe
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/s/ Robert V. Seminara
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Director
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November 16, 2018
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Robert V. Seminara
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/s/ Paula Sneed
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Director
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November 16, 2018
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Paula Sneed
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/s/ Robert A. Steele
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Director
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November 16, 2018
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Robert A. Steele
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/s/ Stephen E. Sterrett
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Director
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November 16, 2018
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Stephen E. Sterrett
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|||
/s/ Scott B. Ullem
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Director
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November 16, 2018
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Scott B. Ullem
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