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.
|
15
|
||
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
|
Two Quarterly Periods Ended
|
|||||||||||||||
April 1, 2023
|
April 2, 2022
|
April 1, 2023
|
April 2, 2022
|
|||||||||||||
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
|
Two Quarterly Periods Ended
|
|||||||||||||||
April 1, 2023
|
April 2, 2022
|
April 1, 2023
|
April 2, 2022
|
|||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other comprehensive income, net of tax:
|
||||||||||||||||
Currency translation
|
|
|
|
|
||||||||||||
Derivative instruments
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Other comprehensive income
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
|
$
|
|
$
|
|
$
|
|
April 1, 2023
|
October 1, 2022
|
|||||||
(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
|
$
|
|
$
|
|
Two Quarterly Periods Ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net cash from operating activities:
|
||||||||
Depreciation
|
|
|
||||||
Amortization of intangibles
|
|
|
||||||
Non-cash interest (income) expense, net
|
(
|
)
|
|
|||||
Settlement of derivatives
|
|
|
||||||
Deferred income tax
|
(
|
)
|
(
|
)
|
||||
Share-based compensation expense
|
|
|
||||||
Other non-cash operating activities, net
|
|
(
|
)
|
|||||
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
|
(
|
)
|
(
|
)
|
||||
Acquisition of a business and other
|
(
|
)
|
|
|||||
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
|
(
|
)
|
(
|
)
|
||||
Dividends paid
|
(
|
)
|
|
|||||
Other, net
|
|
|
||||||
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 December 31, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|||||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and retired
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at April 1, 2023
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Balance at January 1, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|||||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and retired
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Balance at April 2, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Two Quarterly Periods Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at October 1, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|||||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and retired
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at April 1, 2023
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
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 April 2, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
|||||||||||||||
April 1, 2023
|
April 2, 2022
|
April 1, 2023
|
April 2, 2022
|
|||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
(
|
)
|
|||||||||||
Engineered Materials
|
|
|
|
|
||||||||||||
Consolidated
|
$
|
|
$
|
|
$
|
|
$
|
|
Restructuring
|
||||||||||||||||||||
Employee
Severance
and Benefits
|
Facility
Exit Costs
|
Non-cash
Impairment
Charges
|
Transaction
Activities
|
Total
|
||||||||||||||||
Balance as of October 1, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Charges
|
|
|
|
|
|
|||||||||||||||
Non-cash items
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Cash
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||
Balance as of April 1, 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Leases
|
Classification
|
April 1, 2023
|
October 1, 2022
|
||||||
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
|
|
|
|
Facility
|
Maturity Date
|
April 1, 2023
|
October 1, 2022
|
||||||
Term loan (a)
|
|
$
|
|
|
|||||
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) |
|
(b) |
|
(c) |
|
Derivative Instruments
|
Hedge Designation
|
Balance Sheet Location
|
April 1, 2023
|
October 1, 2022
|
||||||
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 long-term liabilities
|
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
||||||||||||||||
Derivative Instruments
|
Statements of Income Location
|
April 1, 2023
|
April 2, 2022
|
April 1, 2023
|
April 2, 2022
|
||||||||||||
Cross-currency swaps
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Interest rate swaps
|
|
(
|
)
|
|
(
|
)
|
|
As of April 1, 2023
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant, and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
As of October 1, 2022
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant, and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
|||||||||||||||
April 1, 2023
|
April 2, 2022
|
April 1, 2023
|
April 2, 2022
|
|||||||||||||
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
|
Two Quarterly Periods Ended
|
|||||||||||||||
April 1, 2023
|
April 2, 2022
|
April 1, 2023
|
April 2, 2022
|
|||||||||||||
Net sales:
|
||||||||||||||||
United States and Canada
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Rest of world
|
|
|
|
|
||||||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
|||||||||||||||
(in millions, except per share amounts)
|
April 1, 2023
|
April 2, 2022
|
April 1, 2023
|
April 2, 2022
|
||||||||||||
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 December 31, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
|
|
(
|
)
|
|
|||||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at April 1, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at January 1, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
|
|
|
|
||||||||||||
Net amount reclassified
|
|
|
|
|
||||||||||||
Balance at April 2, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Two Quarterly Periods Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at October 1, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
|
|
(
|
)
|
|
|||||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at April 1, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
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 April 2, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Consolidated Overview
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
3,288
|
$
|
3,775
|
$
|
(487
|
)
|
(13
|
)%
|
|||||||
Cost of goods sold
|
2,682
|
3,154
|
(472
|
)
|
(15
|
)%
|
||||||||||
Other operating expenses
|
305
|
280
|
25
|
9
|
%
|
|||||||||||
Operating income
|
$
|
301
|
$
|
341
|
$
|
(40
|
)
|
(12
|
)%
|
Consumer Packaging International
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,059
|
$
|
1,139
|
$
|
(80
|
)
|
(7
|
)%
|
|||||||
Operating income
|
$
|
75
|
$
|
97
|
$
|
(22
|
)
|
(23
|
)%
|
Consumer Packaging North America
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
774
|
$
|
880
|
$
|
(106
|
)
|
(12
|
)%
|
|||||||
Operating income
|
$
|
93
|
$
|
85
|
$
|
8
|
9
|
%
|
Health, Hygiene & Specialties
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
677
|
$
|
822
|
$
|
(145
|
)
|
(18
|
)%
|
|||||||
Operating income
|
$
|
34
|
$
|
69
|
$
|
(35
|
)
|
(51
|
)%
|
Engineered Materials
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
778
|
$
|
934
|
$
|
(156
|
)
|
(17
|
)%
|
|||||||
Operating income
|
$
|
99
|
$
|
90
|
$
|
9
|
10
|
%
|
Interest expense
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Interest expense
|
$
|
79
|
$
|
71
|
$
|
8
|
11
|
%
|
Consolidated Overview
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
6,348
|
$
|
7,348
|
$
|
(1,000
|
)
|
(14
|
)%
|
|||||||
Cost of goods sold
|
5,224
|
6,192
|
(968
|
)
|
(16
|
)%
|
||||||||||
Other operating expenses
|
613
|
586
|
27
|
5
|
%
|
|||||||||||
Operating income
|
$
|
511
|
$
|
570
|
$
|
(59
|
)
|
(10
|
)%
|
Consumer Packaging International
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,995
|
$
|
2,195
|
$
|
(200
|
)
|
(9
|
)%
|
|||||||
Operating income
|
$
|
121
|
$
|
166
|
$
|
(45
|
)
|
(27
|
)%
|
Consumer Packaging North America
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,537
|
$
|
1,732
|
$
|
(195
|
)
|
(11
|
)%
|
|||||||
Operating income
|
$
|
164
|
$
|
131
|
$
|
33
|
25
|
%
|
Health, Hygiene & Specialties
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,340
|
$
|
1,640
|
$
|
(300
|
)
|
(18
|
)%
|
|||||||
Operating income
|
$
|
68
|
$
|
131
|
$
|
(63
|
)
|
(48
|
)%
|
Engineered Materials
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,476
|
$
|
1,781
|
$
|
(305
|
)
|
(17
|
)%
|
|||||||
Operating income
|
$
|
158
|
$
|
142
|
$
|
16
|
11
|
%
|
Interest expense
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Interest expense
|
$
|
150
|
$
|
142
|
$
|
8
|
6
|
%
|
April 1, 2023
|
April 2, 2022
|
|||||||
Cash flow from operating activities
|
$
|
168
|
$
|
(14
|
)
|
|||
Additions to property, plant and equipment, net
|
(385
|
)
|
(367
|
)
|
||||
Free cash flow
|
$
|
(217
|
)
|
$
|
(381
|
)
|
Two Quarterly Periods Ended
|
||||
April 1, 2023
|
||||
Net sales
|
$
|
3,346
|
||
Gross profit
|
653
|
|||
Earnings from continuing operations
|
231
|
|||
Net income
|
$
|
231
|
April 1, 2023
|
October 1, 2022
|
|||||||
Assets
|
||||||||
Current assets
|
$
|
1,618
|
$
|
2,432
|
||||
Noncurrent assets
|
5,961
|
6,137
|
||||||
Liabilities
|
||||||||
Current liabilities
|
$
|
915
|
$
|
1,536
|
||||
Intercompany payable
|
636
|
634
|
||||||
Noncurrent liabilities
|
10,676
|
10,630
|
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)
|
||||||||||||
January
|
80,000
|
$
|
64.50
|
80,000
|
$
|
859
|
||||||||||
February
|
1,519,597
|
62.50
|
1,519,597
|
764
|
||||||||||||
March
|
944,808
|
58.06
|
944,808
|
710
|
||||||||||||
Total
|
2,544,405
|
$
|
60.92
|
2,544,405
|
$
|
710
|
(a) |
All open market purchases during the quarter were made under the 2023 authorization from our board of directors.
|
Exhibit No.
|
Description of Exhibit
|
|
Indenture, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank Trust Company, National Association, as Trustee and Collateral Agent,
relating to the 5.50% First Priority Senior Secured Notes due 2028, dated March 30, 2023 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on March 30, 2023).
|
||
Registration Rights Agreement, by and between Berry Global, Inc., Berry Global Group, Inc., each subsidiary of Berry Global, Inc. identified therein,
and Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, on behalf of themselves and as representatives of the initial purchasers, relating to the 5.50% First Priority Senior Secured Notes due 2028
(incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on March 30, 2023).
|
||
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.
|
|||
May 4, 2023
|
By:
|
/s/ Mark W. Miles
|
|
Mark W. Miles
|
|||
Chief Financial Officer
|