QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
|
A
|
(
|
IRS employer identification number
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
|
Accelerated Filer ☐
|
Non-Accelerated Filer ☐
|
Smaller Reporting Company
|
Emerging Growth Company
|
Part I.
|
Financial Information
|
Page No.
|
|
Item 1.
|
Financial Statements:
|
||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
8
|
|||
Item 2.
|
14
|
||
Item 3.
|
21
|
||
Item 4.
|
21
|
||
Part II.
|
Other Information
|
||
Item 1.
|
22
|
||
Item 1A.
|
22
|
||
Item 2.
|
22
|
||
Item 6.
|
23
|
||
24
|
Item 1. |
Financial Statements
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Costs and expenses:
|
||||||||||||||||
Cost of goods sold
|
|
|
|
|
||||||||||||
Selling, general and administrative
|
|
|
|
|
||||||||||||
Amortization of intangibles
|
|
|
|
|
||||||||||||
Restructuring and transaction activities
|
|
|
|
|
||||||||||||
Operating income
|
|
|
|
|
||||||||||||
Other expense
|
|
|
|
|
||||||||||||
Interest expense
|
|
|
|
|
||||||||||||
Income before income taxes
|
|
|
|
|
||||||||||||
Income tax expense
|
|
|
|
|
||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted
|
|
|
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other comprehensive income, net of tax:
|
||||||||||||||||
Currency translation
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Derivative instruments
|
|
(
|
)
|
|
|
|||||||||||
Other comprehensive (loss) income
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Comprehensive income
|
$
|
|
$
|
|
$
|
|
$
|
|
July 2, 2022
|
October 2, 2021
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Accounts receivable
|
|
|
||||||
Finished goods
|
|
|
||||||
Raw materials and supplies
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Noncurrent assets:
|
||||||||
Property, plant and equipment
|
|
|
||||||
Goodwill and intangible assets
|
|
|
||||||
Right-of-use assets
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
|
$
|
|
||||
Accrued employee costs
|
|
|
||||||
Other current liabilities
|
|
|
||||||
Current portion of long-term debt
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Noncurrent liabilities:
|
||||||||
Long-term debt
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Employee benefit obligations
|
|
|
||||||
Operating lease liabilities
|
|
|
||||||
Other long-term liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Stockholders’ equity:
|
||||||||
Common stock (
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Total stockholders’ equity
|
|
|
||||||
Total liabilities and stockholders’ equity
|
$
|
|
$
|
|
Three Quarterly Periods Ended
|
||||||||
July 2, 2022
|
July 3, 2021
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net cash from operating activities:
|
||||||||
Depreciation
|
|
|
||||||
Amortization of intangibles
|
|
|
||||||
Non-cash interest expense
|
|
|
||||||
Deferred income tax
|
(
|
)
|
(
|
)
|
||||
Share-based compensation expense
|
|
|
||||||
Other non-cash operating activities, net
|
(
|
)
|
|
|||||
Settlement of derivatives
|
|
|
||||||
Changes in working capital
|
(
|
)
|
(
|
)
|
||||
Changes in other assets and liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash from operating activities
|
|
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Additions to property, plant and equipment, net
|
(
|
)
|
(
|
)
|
||||
Divestiture of businesses
|
|
|
||||||
Other investing activities
|
|
|
||||||
Net cash from investing activities
|
(
|
)
|
(
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from long-term borrowings
|
|
|
||||||
Repayments on long-term borrowings
|
(
|
)
|
(
|
)
|
||||
Proceeds from issuance of common stock
|
|
|
||||||
Repurchase of common stock
|
(
|
)
|
|
|||||
Debt financing costs
|
|
(
|
)
|
|||||
Net cash from financing activities
|
(
|
)
|
(
|
)
|
||||
Effect of currency translation on cash
|
(
|
)
|
|
|||||
Net change in cash and cash equivalents
|
(
|
)
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
Quarterly Period Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at April 2, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and retired
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Balance at July 2, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Balance at April 3, 2021
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive loss
|
|
|
|
|
|
|||||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Balance at July 3, 2021
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Three Quarterly Periods Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at October 2, 2021
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and retired
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Balance at July 2, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Balance at September 26, 2020
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|||||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Balance at July 3, 2021
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Engineered Materials
|
|
|
|
(
|
)
|
|||||||||||
Consolidated
|
$
|
|
$
|
|
$
|
|
$
|
|
Restructuring
|
||||||||||||||||
Employee Severance
and Benefits
|
Facility
Exit Costs
|
Transaction
Activities
|
Total
|
|||||||||||||
Balance as of October 2, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Charges
|
|
|
|
|
||||||||||||
Cash
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Balance as of July 2, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
Leases
|
Classification
|
July 2, 2022
|
October 2, 2021
|
||||||
Operating leases:
|
|||||||||
Operating lease right-of-use assets
|
|
$
|
|
$
|
|
||||
Current operating lease liabilities
|
|
|
|
||||||
Noncurrent operating lease liabilities
|
|
|
|
||||||
Finance leases:
|
|||||||||
Finance lease right-of-use assets
|
|
$
|
|
$
|
|
||||
Current finance lease liability
|
|
|
|
||||||
Noncurrent finance lease liabilities
|
|
|
|
Three Quarterly Periods Ended
|
||||||||||||
Lease Type
|
Cash Flow Classification
|
Lease Expense Category
|
July 2, 2022
|
July 3, 2021
|
||||||||
Operating
|
Operating
|
Lease cost
|
$
|
|
$
|
|
||||||
Finance
|
Operating
|
Interest expense
|
|
|
||||||||
Finance
|
Financing
|
- |
|
|
||||||||
Finance
|
-
|
Amortization of right-of-use assets
|
|
|
Facility
|
Maturity Date
|
July 2, 2022
|
October 2, 2021
|
||||||
Term loan
|
|
$
|
|
|
|||||
Revolving line of credit
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
Debt discounts and deferred fees
|
(
|
)
|
(
|
)
|
|||||
Finance leases and other
|
Various
|
|
|
||||||
Total long-term debt
|
|
|
|||||||
Current portion of long-term debt
|
(
|
)
|
(
|
)
|
|||||
Long-term debt, less current portion
|
$
|
|
|
(a) |
|
Derivative Instruments
|
Hedge Designation
|
Balance Sheet Location
|
July 2, 2022
|
October 2, 2021
|
||||||
Cross-currency swaps
|
Designated
|
Other assets
|
$
|
|
$
|
|
||||
Cross-currency swaps
|
Designated
|
Other long-term liabilities
|
|
|
||||||
Interest rate swaps
|
Designated
|
Other assets
|
|
|
||||||
Interest rate swaps
|
Designated
|
Other long-term liabilities
|
|
|
||||||
Interest rate swaps
|
Not designated
|
Other assets
|
|
|
||||||
Interest rate swaps
|
Not designated
|
Other long-term liabilities
|
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
||||||||||||||||
Derivative Instruments
|
Statements of Income Location
|
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||
Cross-currency swaps
|
Interest expense
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Interest rate swaps
|
Interest expense
|
|
|
|
|
As of July 2, 2022
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant, and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
As of October 2, 2021
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant, and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Net sales:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Engineered Materials
|
|
|
|
|
||||||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Operating income:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Engineered Materials
|
|
|
|
|
||||||||||||
Total operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Depreciation and amortization:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Engineered Materials
|
|
|
|
|
||||||||||||
Total depreciation and amortization
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Net sales:
|
||||||||||||||||
United States and Canada
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Rest of world
|
|
|
|
|
||||||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
(in millions, except per share amounts)
|
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||
Numerator
|
||||||||||||||||
Consolidated net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Denominator
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
|
|
|
|
||||||||||||
Dilutive shares
|
|
|
|
|
||||||||||||
Weighted average common and common equivalent shares outstanding - diluted
|
|
|
|
|
||||||||||||
Per common share earnings
|
||||||||||||||||
Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at April 2, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Net amount reclassified
|
|
|
|
|
||||||||||||
Balance at July 2, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at April 3, 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
|
|
(
|
)
|
|
|||||||||||
Net amount reclassified
|
|
|
|
|
||||||||||||
Balance at July 3, 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Three Quarterly Periods Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at October 2, 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Net amount reclassified
|
|
|
|
|
||||||||||||
Balance at July 2, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at September 26, 2020
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive income before reclassifications
|
|
|
|
|
||||||||||||
Net amount reclassified
|
|
|
|
|
||||||||||||
Balance at July 3, 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Consolidated Overview
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
3,726
|
$
|
3,675
|
$
|
51
|
1
|
%
|
||||||||
Cost of goods sold
|
3,105
|
3,049
|
56
|
2
|
%
|
|||||||||||
Other operating expenses
|
285
|
283
|
2
|
1
|
%
|
|||||||||||
Operating income
|
$
|
336
|
$
|
343
|
$
|
(7
|
)
|
(2
|
)%
|
Consumer Packaging International
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,096
|
$
|
1,095
|
$
|
1
|
—
|
|||||||||
Operating income
|
$
|
82
|
$
|
79
|
$
|
3
|
4
|
%
|
Consumer Packaging North America
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
927
|
$
|
847
|
$
|
80
|
9
|
%
|
||||||||
Operating income
|
$
|
104
|
$
|
76
|
$
|
28
|
37
|
%
|
Health, Hygiene & Specialties
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
788
|
$
|
828
|
$
|
(40
|
)
|
(5
|
)%
|
|||||||
Operating income
|
$
|
56
|
$
|
113
|
$
|
(57
|
)
|
(50
|
)%
|
Engineered Materials
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
915
|
$
|
905
|
$
|
10
|
1
|
%
|
||||||||
Operating income
|
$
|
94
|
$
|
75
|
$
|
19
|
25
|
%
|
Other expense, net
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Other expense, net
|
$
|
7
|
$
|
14
|
$
|
(7
|
)
|
(50
|
)%
|
Interest expense, net
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Interest expense, net
|
$
|
70
|
$
|
76
|
$
|
(6
|
)
|
(8
|
)%
|
Consolidated Overview
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
11,074
|
$
|
10,181
|
$
|
893
|
9
|
%
|
||||||||
Cost of goods sold
|
9,297
|
8,273
|
1,024
|
12
|
%
|
|||||||||||
Other operating expenses
|
871
|
928
|
(57
|
)
|
(6
|
)%
|
||||||||||
Operating income
|
$
|
906
|
$
|
980
|
$
|
(74
|
)
|
(8
|
)%
|
Consumer Packaging International
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
3,290
|
$
|
3,143
|
$
|
147
|
5
|
%
|
||||||||
Operating income
|
$
|
248
|
$
|
214
|
$
|
34
|
16
|
%
|
Consumer Packaging North America
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,659
|
$
|
2,264
|
$
|
395
|
17
|
%
|
||||||||
Operating income
|
$
|
235
|
$
|
212
|
$
|
23
|
11
|
%
|
Health, Hygiene & Specialties
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,429
|
$
|
2,349
|
$
|
80
|
3
|
%
|
||||||||
Operating income
|
$
|
186
|
$
|
323
|
$
|
(137
|
)
|
(42
|
)%
|
Engineered Materials
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,696
|
$
|
2,425
|
$
|
271
|
11
|
%
|
||||||||
Operating income
|
$
|
237
|
$
|
231
|
$
|
6
|
3
|
%
|
Other expense
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Other expense
|
$
|
13
|
$
|
45
|
$
|
(32
|
)
|
(71
|
)%
|
Interest expense
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Interest expense
|
$
|
212
|
$
|
257
|
$
|
(45
|
)
|
(18
|
)%
|
July 2, 2022
|
Fiscal 2022 Outlook
|
|||||||
Cash flow from operating activities
|
$
|
345
|
$
|
1,500
|
||||
Additions to property, plant and equipment, net
|
(556
|
)
|
(750
|
)
|
||||
Free cash flow
|
$
|
(211
|
)
|
$
|
750
|
Three Quarterly Periods Ended
|
||||
July 2, 2022
|
||||
Net sales
|
$
|
5,772
|
||
Gross profit
|
956
|
|||
Earnings from continuing operations
|
319
|
|||
Net income
|
$
|
319
|
July 2, 2022
|
October 2, 2021
|
|||||||
Assets
|
||||||||
Current assets
|
$
|
2,008
|
$
|
2,293
|
||||
Noncurrent assets
|
6,040
|
5,979
|
||||||
Liabilities
|
||||||||
Current liabilities
|
$
|
1,225
|
$
|
1,533
|
||||
Intercompany payable
|
634
|
629
|
||||||
Noncurrent liabilities
|
10,812
|
11,083
|
Fiscal 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) (a)
|
||||||||||||
April
|
147,000
|
$
|
59.03
|
147,000
|
$
|
691
|
||||||||||
May
|
2,912,000
|
55.93
|
2,912,000
|
528
|
||||||||||||
June
|
2,055,150
|
55.51
|
2,055,150
|
414
|
||||||||||||
Total
|
5,114,150
|
$
|
55.85
|
5,114,150
|
$
|
414
|
(a) |
All open market purchases during the quarter were made under the fiscal 2022 authorization from our board of directors to
purchase up to $1 billion of shares of common stock. (See Note 12.)
|
Exhibit No.
|
Description of Exhibit
|
|
22.1*
|
Subsidiary Guarantors
|
|
31.1*
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.
|
|
31.2*
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.
|
|
32.1**
|
Section 1350 Certification of the Chief Executive Officer.
|
|
32.2**
|
Section 1350 Certification of the Chief Financial Officer.
|
|
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline
XBRL document).
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
104
|
Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101).
|
* |
Filed herewith
|
** |
Furnished herewith
|
Berry Global Group, Inc.
|
|||
August 4, 2022
|
By:
|
/s/ Mark W. Miles
|
|
Mark W. Miles
|
|||
Chief Financial Officer
|