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|
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.
|
17
|
||
Item 3.
|
24
|
||
Item 4.
|
25
|
||
Part II.
|
Other Information
|
||
Item 1.
|
26
|
||
Item 1A.
|
26
|
||
Item 2.
|
28
|
||
Item 6.
|
29
|
||
30
|
Item 1. |
Financial Statements
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 27, 2020
|
June 29, 2019
|
June 27, 2020
|
June 29, 2019
|
|||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Costs and expenses:
|
||||||||||||||||
Cost of goods sold
|
|
|
|
|
||||||||||||
Selling, general and administrative
|
|
|
|
|
||||||||||||
Amortization of intangibles
|
|
|
|
|
||||||||||||
Restructuring and transaction activities
|
|
|
|
|
||||||||||||
Operating income
|
|
|
|
|
||||||||||||
Other (income) expense, net
|
(
|
)
|
|
|
|
|||||||||||
Interest expense, net
|
|
|
|
|
||||||||||||
Income before income taxes
|
|
|
|
|
||||||||||||
Income tax expense (benefit)
|
|
(
|
)
|
|
|
|||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted
|
|
|
|
|
||||||||||||
Outstanding weighted-average shares:
|
||||||||||||||||
Basic
|
|
|
|
|
||||||||||||
Diluted
|
|
|
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 27, 2020
|
June 29, 2019
|
June 27, 2020
|
June 29, 2019
|
|||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Currency translation
|
|
|
(
|
)
|
|
|||||||||||
Pension
|
|
|
(
|
)
|
|
|||||||||||
Derivative instruments
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Other comprehensive income (loss)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Comprehensive income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
June 27, 2020
|
September 28, 2019
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Accounts receivable (less allowance of
|
|
|
||||||
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, less current portion
|
|
|
||||||
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
|
$
|
|
$
|
|
Quarterly Period Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at March 28, 2020
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive loss
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Acquisition
(a)
|
|
|
|
|
|
|||||||||||||||
Balance at June 27, 2020
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Balance at March 30, 2019
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive loss
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and retired
|
|
|
|
|
|
|||||||||||||||
Balance at June 29, 2019
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Three Quarterly Periods Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at September 28, 2019
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive loss
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Acquisition
(a)
|
|
|
|
|
|
|||||||||||||||
Adoption of lease accounting standard
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at June 27, 2020
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Balance at September 29, 2018
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive loss
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and retired
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Balance at June 29, 2019
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
(a) |
|
Three Quarterly Periods Ended
|
||||||||
June 27, 2020
|
June 29, 2019
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net cash provided by operating activities:
|
||||||||
Depreciation
|
|
|
||||||
Amortization of intangibles
|
|
|
||||||
Non-cash interest
|
|
(
|
)
|
|||||
Loss on foreign exchange forward contracts
|
|
|
||||||
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
|
(
|
)
|
(
|
)
|
||||
Settlement of net investment hedges
|
|
|
||||||
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
|
|
(
|
)
|
|||||
Payment of tax receivable agreement
|
|
(
|
)
|
|||||
Debt financing costs
|
(
|
)
|
|
|||||
Net cash from financing activities
|
(
|
)
|
(
|
)
|
||||
Effect of exchange rate changes on cash
|
(
|
)
|
|
|||||
Net change in cash
|
|
(
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
Consideration
|
||||
Cash
|
$
|
|
||
Total consideration transferred
|
|
|||
Identifiable assets acquired and liabilities assumed
|
||||
Working capital
(a)
|
|
|||
Property, plant and equipment
|
|
|||
Identifiable intangible assets
|
|
|||
Other assets
|
|
|||
Other long-term liabilities
|
(
|
)
|
||
Goodwill
|
|
|||
Net assets acquired and liabilities assumed
|
|
|||
Noncontrolling interest
|
(
|
)
|
||
Total consideration transferred
|
$
|
|
||
(a)
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 27, 2020
|
June 29, 2019
|
June 27, 2020
|
June 29, 2019
|
|||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Engineered Materials
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
(
|
)
|
|
|
|||||||||||
Consolidated
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Restructuring
|
|||||||||||||||||||
Employee Severance
and Benefits
|
Facility
Exit Costs
|
Non-cash
Impairment Charges
|
Transaction
Activities
|
Total
|
||||||||||||||||
Balance as of September 28, 2019
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Charges
|
|
|
|
|
|
|||||||||||||||
Non-cash items
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Cash payments
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||
Balance as of June 27, 2020
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Leases
|
Classification
|
June 27, 2020
|
|||
Assets
|
|||||
Operating lease right-of-use assets
|
Right-of-use assets
|
$
|
|
||
Finance lease right-of-use assets
|
Property, plant, and equipment
|
|
|||
Current liabilities
|
|||||
Operating lease liabilities
|
Other current liabilities
|
$
|
|
||
Finance lease liabilities
|
Current portion of long-term debt
|
|
|||
Non-current liabilities
|
|||||
Operating lease liabilities
|
Operating lease liabilities
|
$
|
|
||
Finance lease liabilities
|
Long-term debt, less current portion
|
|
Lease cost
|
Quarterly Period Ended
June 27, 2020
|
Three Quarterly Periods Ended
June 27, 2020
|
||||||
Operating lease cost
|
$
|
|
$
|
|
||||
Finance lease cost:
|
||||||||
Amortization of right-of-use assets
|
|
|
||||||
Interest on lease liabilities
|
|
|
||||||
Total finance lease cost
|
|
|
||||||
Short-term lease cost
|
|
|
||||||
Total lease cost
|
$
|
|
$
|
|
Cash paid for amounts included in lease liabilities
|
Three Quarterly Periods Ended
June 27, 2020
|
|||
Operating cash flows from operating leases
|
$
|
|
||
Operating cash flows from finance leases
|
|
|||
Financing cash flows from finance leases
|
|
|
June 27, 2020
|
|||
Weighted-average remaining lease term - operating leases
|
|
|||
Weighted-average remaining lease term - finance leases
|
|
|||
Weighted-average discount rate - operating leases
|
|
%
|
||
Weighted-average discount rate - finance leases
|
|
%
|
Fiscal Year
|
Operating Leases
|
Finance Leases
|
||||||
Remainder of 2020
|
$
|
|
$
|
|
||||
2021
|
|
|
||||||
2022
|
|
|
||||||
2023
|
|
|
||||||
2024
|
|
|
||||||
Thereafter
|
|
|
||||||
Total lease payments
|
|
|
||||||
Less: Interest
|
(
|
)
|
(
|
)
|
||||
Present value of lease liabilities
|
$
|
|
$
|
|
Facility
|
Maturity Date
|
June 27, 2020
|
September 28, 2019
|
||||||
Term loan
|
October 2022
|
$
|
|
$
|
|
||||
Term loan
|
January 2024
|
|
|
||||||
Term loan
|
July 2026
|
|
|
||||||
Revolving line of credit
|
May 2024
|
|
|
||||||
|
May 2022
|
|
|
||||||
|
October 2022
|
|
|
||||||
|
July 2023
|
|
|
||||||
|
July 2025
|
|
|
||||||
|
February 2026
|
|
|
||||||
|
July 2026
|
|
|
||||||
|
July 2027
|
|
|
||||||
|
July 2027
|
|
|
||||||
Debt discounts and deferred fees
|
(
|
)
|
(
|
)
|
|||||
Finance leases and other
|
Various
|
|
|
||||||
Retired debt
|
|
|
|||||||
Total long-term debt
|
|
|
|||||||
Current portion of long-term debt
|
(
|
)
|
(
|
)
|
|||||
Long-term debt, less current portion
|
$
|
|
|
Derivative Instruments
|
Hedge Designation
|
Balance Sheet Location
|
June 27, 2020
|
September 28, 2019
|
||||||
Cross-currency swaps
|
Designated
|
Other assets
|
$
|
|
$
|
|
||||
Cross-currency swaps
|
Designated
|
Other long-term liabilities
|
|
|
||||||
Interest rate swaps
|
Designated
|
Other long-term liabilities
|
|
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
Derivative Instruments
|
Statements of Income Location
|
June 27, 2020
|
June 29, 2019
|
June 27, 2020
|
June 29, 2019
|
||||||||||||
Cross-currency swaps
|
Interest expense, net
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Cross-currency swaps
|
Other expense, net
|
|
|
|
|
||||||||||||
Foreign exchange forward contracts
|
Other expense, net
|
|
|
|
|
||||||||||||
Interest rate swaps
|
Interest expense, net
|
|
(
|
)
|
|
(
|
)
|
As of June 27, 2020
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant, and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
As of September 28, 2019
|
||||||||||||||||||||
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
|
||||||||||||||
June 27, 2020
|
June 29, 2019
|
June 27, 2020
|
June 29, 2019
|
|||||||||||||
Net sales:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Engineered Materials
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Operating income:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Engineered Materials
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Total operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Depreciation and amortization:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Engineered Materials
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
|
|
|
||||||||||||
Total depreciation and amortization
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
||||||||||||||
June 27, 2020
|
June 29, 2019
|
June 27, 2020
|
June 29, 2019
|
|||||||||||||
Net sales:
|
||||||||||||||||
United States and Canada
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Rest of world
|
|
|
|
|
||||||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
||||||||||||||
June 27, 2020
|
June 29, 2019
|
June 27, 2020
|
June 29, 2019
|
|||||||||||||
Net sales:
|
||||||||||||||||
Packaging
|
|
|
|
|
||||||||||||
Non-packaging
|
|
|
|
|
||||||||||||
Consumer Packaging International
|
|
%
|
|
%
|
|
%
|
|
%
|
||||||||
Rigid Open Top
|
|
|
|
|
||||||||||||
Rigid Closed Top
|
|
|
|
|
||||||||||||
Consumer Packaging North America
|
|
%
|
|
%
|
|
%
|
|
%
|
||||||||
Core Films
|
|
|
|
|
||||||||||||
Retail & Industrial
|
|
|
|
|
||||||||||||
Engineered Materials
|
|
%
|
|
%
|
|
%
|
|
%
|
||||||||
Health
|
|
|
|
|
||||||||||||
Hygiene
|
|
|
|
|
||||||||||||
Specialties
|
|
|
|
|
||||||||||||
Health, Hygiene & Specialties
|
|
%
|
|
%
|
|
%
|
|
%
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
(in millions, except per share amounts)
|
June 27, 2020
|
June 29, 2019
|
June 27, 2020
|
June 29, 2019
|
||||||||||||
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 income
|
||||||||||||||||
Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at March 28, 2020
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive income (loss), net of tax before reclassifications
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Net amount reclassified from accumulated other comprehensive loss
|
|
|
|
|
||||||||||||
Balance at June 27, 2020
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at March 30, 2019
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss), net of tax before reclassifications
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Net amount reclassified from accumulated other comprehensive loss
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at June 29, 2019
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Three Quarterly Periods Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at September 28, 2019
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive loss, net of tax before reclassifications
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Net amount reclassified from accumulated other comprehensive loss
|
|
|
|
|
||||||||||||
Balance at June 27, 2020
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at September 29, 2018
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss), net of tax before reclassifications
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Net amount reclassified from accumulated other comprehensive loss
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at June 29, 2019
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Polyethylene Butene Film
|
Polypropylene
|
|||||||||||||||||||||||
2020
|
2019
|
2018
|
2020
|
2019
|
2018
|
|||||||||||||||||||
1st quarter
|
$
|
.58
|
$
|
.64
|
$
|
.68
|
$
|
.58
|
$
|
.76
|
$
|
.71
|
||||||||||||
2nd quarter
|
.59
|
.61
|
.69
|
.53
|
.63
|
.75
|
||||||||||||||||||
3rd quarter
|
.56
|
.63
|
.68
|
.48
|
.62
|
.76
|
||||||||||||||||||
4th quarter
|
—
|
.59
|
.66
|
—
|
.62
|
.85
|
Consolidated Overview
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,910
|
$
|
1,937
|
$
|
973
|
50
|
%
|
||||||||
Operating income
|
$
|
347
|
$
|
215
|
$
|
132
|
61
|
%
|
||||||||
Operating income percentage of net sales
|
12
|
%
|
11
|
%
|
Consumer Packaging International
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,020
|
$
|
52
|
$
|
968
|
—
|
|||||||||
Operating income (loss)
|
$
|
89
|
$
|
(1
|
)
|
$
|
90
|
—
|
||||||||
Operating income percentage of net sales
|
9
|
%
|
(2
|
)%
|
Consumer Packaging North America
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
718
|
$
|
652
|
$
|
66
|
10
|
%
|
||||||||
Operating income
|
$
|
93
|
$
|
73
|
$
|
20
|
27
|
%
|
||||||||
Operating income percentage of net sales
|
13
|
%
|
11
|
%
|
Engineered Materials
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
564
|
$
|
630
|
$
|
(66
|
)
|
(10
|
)%
|
|||||||
Operating income
|
$
|
81
|
$
|
83
|
$
|
(2
|
)
|
(2
|
)%
|
|||||||
Operating income percentage of net sales
|
14
|
%
|
13
|
%
|
Health, Hygiene & Specialties
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
608
|
$
|
603
|
$
|
5
|
1
|
%
|
||||||||
Operating income
|
$
|
84
|
$
|
60
|
$
|
24
|
40
|
%
|
||||||||
Operating income percentage of net sales
|
14
|
%
|
10
|
%
|
Other (income) expense, net
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Other (income) expense, net
|
$
|
(7
|
)
|
$
|
136
|
$
|
(143
|
)
|
(105
|
)%
|
Interest expense, net
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Interest expense, net
|
$
|
110
|
$
|
71
|
$
|
39
|
55
|
%
|
Income tax expense (benefit)
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Income tax expense (benefit)
|
$
|
53
|
$
|
(5
|
)
|
$
|
58
|
—
|
Consolidated Overview
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
8,701
|
$
|
5,859
|
$
|
2,842
|
49
|
%
|
||||||||
Operating income
|
$
|
830
|
$
|
576
|
$
|
254
|
44
|
%
|
||||||||
Operating income percentage of net sales
|
10
|
%
|
10
|
%
|
Consumer Packaging International
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
3,125
|
$
|
153
|
$
|
2,972
|
—
|
|||||||||
Operating income
|
$
|
195
|
$
|
(2
|
)
|
$
|
197
|
—
|
||||||||
Operating income percentage of net sales
|
6
|
%
|
(1
|
)%
|
Consumer Packaging North America
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,104
|
$
|
1,892
|
$
|
212
|
11
|
%
|
||||||||
Operating income
|
$
|
226
|
$
|
168
|
$
|
58
|
35
|
%
|
||||||||
Operating income percentage of net sales
|
11
|
%
|
9
|
%
|
Engineered Materials
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,747
|
$
|
1,910
|
$
|
(163
|
)
|
(9
|
)%
|
|||||||
Operating income
|
$
|
239
|
$
|
250
|
$
|
(11
|
)
|
(4
|
)%
|
|||||||
Operating income percentage of net sales
|
14
|
%
|
13
|
%
|
Health, Hygiene & Specialties
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,725
|
$
|
1,904
|
$
|
(179
|
)
|
(9
|
)%
|
|||||||
Operating income
|
$
|
170
|
$
|
160
|
$
|
10
|
6
|
%
|
||||||||
Operating income percentage of net sales
|
10
|
%
|
8
|
%
|
Other expense, net
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Other expense, net
|
$
|
6
|
$
|
159
|
$
|
(153
|
)
|
(105
|
)%
|
Interest expense, net
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Interest expense, net
|
$
|
339
|
$
|
201
|
$
|
138
|
69
|
%
|
Income tax expense
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Income tax expense
|
$
|
121
|
$
|
41
|
$
|
80
|
195
|
%
|
Three Quarterly Periods Ended
|
||||
June 27, 2020
|
||||
Cash flow from operating activities
|
$
|
979
|
||
Additions to property, plant and equipment, net
|
(419
|
)
|
||
Free cash flow
|
$
|
560
|
Three Quarterly Periods Ended
|
||||
June 27, 2020
|
||||
Net sales
|
$
|
4,361
|
||
Gross profit
|
932
|
|||
Earnings from continuing operations
|
189
|
|||
Net income
|
$
|
189
|
June 27, 2020
|
September 28, 2019
|
|||||||
Assets
|
||||||||
Current assets
|
$
|
1,674
|
$
|
1,237
|
||||
Noncurrent assets
|
6,339
|
5,088
|
||||||
Liabilities
|
||||||||
Current liabilities
|
$
|
915
|
$
|
862
|
||||
Noncurrent liabilities
|
12,391
|
11,915
|
● |
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 to our customers on a timely basis;
|
● |
risks related to acquisitions or divestitures and integration of acquired businesses and their operations, and realization of anticipated cost savings and synergies;
|
● |
risk related to international business, including as a result of the RPC transaction, including foreign currency exchange rate risk and the risks of compliance with applicable export controls, sanctions, anti-corruption laws and regulations;
|
● |
uncertainty regarding the United Kingdom’s withdrawal from the European Union and the outcome of future arrangements between the United Kingdom and the European Union;
|
● |
reliance on unpatented proprietary know-how and trade secrets;
|
● |
the phase-out of the London Interbank Offered Rate (LIBOR), or the replacement of LIBOR with a different reference rate or modification of the method used to calculate LIBOR, which may adversely affect interest rates;
|
● |
increases in the cost of compliance with laws and regulations, including environmental, safety, anti-plastic legislation, production and product laws and regulations;
|
● |
employee shutdowns or strikes or the failure to renew effective bargaining agreements;
|
● |
risks related to disruptions in the overall economy and the financial markets that may adversely impact our business, including as a result of the COVID-19 pandemic;
|
● |
risk of catastrophic loss of one of our key manufacturing facilities, natural disasters, and other unplanned business interruptions;
|
● |
risks related to the failure of, inadequacy of, or cybersecurity attacks on our information technology systems and infrastructure;
|
● |
risks related to market acceptance of our developing technologies and products;
|
● |
general business and economic conditions, particularly an economic downturn;
|
● |
risks that our restructuring programs may entail greater implementation costs or result in lower cost savings than anticipated;
|
● |
ability of our insurance to fully cover potential exposures;
|
● |
risks related to future write-offs of our substantial goodwill;
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● |
risks of competition, including foreign competition, in our existing and future markets;
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● |
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 our most recent Form 10-K and in this Form 10-Q in the section titled "Risk Factors."
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Exhibit No.
|
Description of Exhibit
|
|
31.1
*
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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.
|
|
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).
|
Berry Global Group, Inc.
|
|||
July 31, 2020
|
By:
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/s/ Mark W. Miles
|
|
Mark W. Miles
|
|||
Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Performance Food Group Company | PFGC |
Sysco Corporation | SYY |
Yum! Brands, Inc. | YUM |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|