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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/18/22 Berry Global Group, Inc. 10-K 10/01/22 92:12M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-K Berry Global Group, Inc. 10-K HTML 2.22M 2: EX-21.1 Exh 21.1 Subsidiaries of the Registrant HTML 88K 3: EX-22.1 Ex 22.1 List of Subsidiary Guarantors HTML 224K 4: EX-23.1 Exh 23.1 Consent of Independent Registered Public HTML 29K Accounting Firm 5: EX-31.1 Exh 31.1 Rule 13A-14(A)/15D-14(A) Certification of HTML 34K the Chief Executive Officer 6: EX-31.2 Exh 31.2 Rule 13A-14(A)/15D-14(A) Certification of HTML 34K the Chief Financial Officer 7: EX-32.1 Exh 32.1 Section 1350 Certification of the Chief HTML 28K Executive Officer 8: EX-32.2 Exh 32.2 Section 1350 Certification of the Chief HTML 28K Financial Officer 14: R1 Document and Entity Information HTML 94K 15: R2 Consolidated Statements of Income HTML 86K 16: R3 Consolidated Statements of Comprehensive Income HTML 54K 17: R4 Consolidated Balance Sheets HTML 124K 18: R5 Consolidated Balance Sheets (Parenthetical) HTML 29K 19: R6 Consolidated Statements of Cash Flows HTML 108K 20: R7 Consolidated Statements of Changes in HTML 79K Stockholders' Equity 21: R8 Basis of Presentation and Summary of Significant HTML 158K Accounting Policies 22: R9 Dispositions HTML 29K 23: R10 Long-Term Debt HTML 59K 24: R11 Financial Instruments and Fair Value Measurements HTML 106K 25: R12 Commitments, Leases and Contingencies HTML 59K 26: R13 Income Taxes HTML 121K 27: R14 Retirement Plans HTML 223K 28: R15 Restructuring and Transaction Activities HTML 69K 29: R16 Stockholders' Equity HTML 90K 30: R17 Segment and Geographic Data HTML 123K 31: R18 Net Income per Share HTML 48K 32: R19 Subsequent Events HTML 30K 33: R20 Basis of Presentation and Summary of Significant HTML 217K Accounting Policies (Policies) 34: R21 Basis of Presentation and Summary of Significant HTML 152K Accounting Policies (Tables) 35: R22 Long-Term Debt (Tables) HTML 59K 36: R23 Financial Instruments and Fair Value Measurements HTML 103K (Tables) 37: R24 Commitments, Leases and Contingencies (Tables) HTML 60K 38: R25 Income Taxes (Tables) HTML 122K 39: R26 Retirement Plans (Tables) HTML 226K 40: R27 Restructuring and Transaction Activities (Tables) HTML 70K 41: R28 Stockholders' Equity (Tables) HTML 90K 42: R29 Segment and Geographic Data (Tables) HTML 124K 43: R30 Net Income per Share (Tables) HTML 46K 44: R31 Basis of Presentation and Summary of Significant HTML 32K Accounting Policies, Revenue Recognition and Accounts Receivable (Details) 45: R32 Basis of Presentation and Summary of Significant HTML 30K Accounting Policies, Research and Development (Details) 46: R33 Basis of Presentation and Summary of Significant HTML 29K Accounting Policies, Share-Based Compensation (Details) 47: R34 Basis of Presentation and Summary of Significant HTML 34K Accounting Policies, Inventories (Details) 48: R35 Basis of Presentation and Summary of Significant HTML 50K Accounting Policies, Property, Plant and Equipment (Details) 49: R36 Basis of Presentation and Summary of Significant HTML 52K Accounting Policies, Goodwill (Details) 50: R37 Basis of Presentation and Summary of Significant HTML 29K Accounting Policies, Deferred Financing Fees (Details) 51: R38 Basis of Presentation and Summary of Significant HTML 98K Accounting Policies, Intangible Assets (Details) 52: R39 Basis of Presentation and Summary of Significant HTML 67K Accounting Policies, Leases (Details) 53: R40 Basis of Presentation and Summary of Significant HTML 50K Accounting Policies, Comprehensive Income (Loss) (Details) 54: R41 Dispositions (Details) HTML 42K 55: R42 Long-Term Debt, Summary of Long-Term Debt HTML 77K (Details) 56: R43 Long-Term Debt, Berry Global, Inc. Senior Secured HTML 35K Credit Facility (Details) 57: R44 Long-Term Debt, Future Maturities of Long-Term HTML 50K Debt (Details) 58: R45 Financial Instruments and Fair Value Measurements, HTML 48K Cross-Currency Swaps (Details) 59: R46 Financial Instruments and Fair Value Measurements, HTML 50K Interest Rate Swaps (Details) 60: R47 Financial Instruments and Fair Value Measurements, HTML 40K Fair Value of Derivatives and Location on Consolidated Balance Sheets (Details) 61: R48 Financial Instruments and Fair Value Measurements, HTML 42K Effect of Derivatives on Consolidated Statements of Income (Details) 62: R49 Financial Instruments and Fair Value Measurements, HTML 68K Assets Measured at Fair Value on Non-Recurring Basis (Details) 63: R50 Commitments, Leases and Contingencies, Collective HTML 30K Bargaining Agreements (Details) 64: R51 Commitments, Leases and Contingencies, Leases HTML 79K (Details) 65: R52 Income Taxes, Components of Income Tax Expense HTML 63K (Details) 66: R53 Income Taxes, Effective Income Tax Rate HTML 60K Reconciliation (Details) 67: R54 Income Taxes, Net Deferred Income Tax Liability HTML 78K (Details) 68: R55 Income Taxes, Uncertain Tax Positions (Details) HTML 45K 69: R56 Retirement Plans, Change in Projected Benefit HTML 108K Obligations and Fair Value of Plan Assets (Details) 70: R57 Retirement Plans, Weighted Average Assumptions HTML 43K Used to Determine Benefit Obligation and Benefit Cost (Details) 71: R58 Retirement Plans, Fair Value of Plan Assets HTML 87K (Details) 72: R59 Retirement Plans, Expected Future Benefit Payments HTML 51K (Details) 73: R60 Retirement Plans, Net Pension Expense (Details) HTML 46K 74: R61 Retirement Plans, Plan Asset Allocations (Details) HTML 43K 75: R62 Restructuring and Transaction Activities, HTML 40K Restructuring Charges by Segment (Details) 76: R63 Restructuring and Transaction Activities, HTML 55K Restructuring Accrual Activity (Details) 77: R64 Stockholders' Equity, Share Repurchases (Details) HTML 39K 78: R65 Stockholders' Equity, Equity Incentive Plans HTML 35K (Details) 79: R66 Stockholders' Equity, Stock Option Activity HTML 64K (Details) 80: R67 Stockholders' Equity, Valuation Assumptions used HTML 52K for Options Granted (Details) 81: R68 Stockholders' Equity, Options Outstanding HTML 46K (Details) 82: R69 Stockholders' Equity, Restricted Stock Units HTML 62K Activity (Details) 83: R70 Segment and Geographic Data, Selected Information HTML 65K by Reportable Segment (Details) 84: R71 Segment and Geographic Data, Selected Information HTML 43K by Geographical Region (Details) 85: R72 Segment and Geographic Data, Selected Information HTML 61K by Product Line (Details) 86: R73 Net Income per Share (Details) HTML 67K 87: R74 Subsequent Events (Details) HTML 39K 90: XML IDEA XML File -- Filing Summary XML 168K 88: XML XBRL Instance -- form10k_htm XML 3.53M 89: EXCEL IDEA Workbook of Financial Reports XLSX 163K 10: EX-101.CAL XBRL Calculations -- bery-20221001_cal XML 262K 11: EX-101.DEF XBRL Definitions -- bery-20221001_def XML 873K 12: EX-101.LAB XBRL Labels -- bery-20221001_lab XML 2.48M 13: EX-101.PRE XBRL Presentations -- bery-20221001_pre XML 1.40M 9: EX-101.SCH XBRL Schema -- bery-20221001 XSD 182K 91: JSON XBRL Instance as JSON Data -- MetaLinks 523± 799K 92: ZIP XBRL Zipped Folder -- 0001140361-22-042319-xbrl Zip 496K
i ☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
i ☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
|
A i Delaware corporation
|
i 101 Oakley Street, i Evansville, i Indiana,
i 47710
( i 812) i 424-2904
|
IRS employer identification number
i 20-5234618
|
Title of Each Class
|
Trading Symbol(s)
|
Name of Each Exchange on Which Registered
|
i Common Stock, $0.01 par value per share
|
i BERY
|
i New York Stock Exchange LLC
|
i Large Accelerated Filer ☒
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Small reporting company i ☐
|
Emerging growth company i ☐
|
Page
|
||
PART I
|
||
3
|
||
5
|
||
8
|
||
8
|
||
8
|
||
8
|
||
PART II
|
||
9
|
||
9
|
||
10
|
||
15
|
||
16
|
||
17
|
||
17
|
||
17
|
||
17
|
||
PART III
|
||
18
|
||
18
|
||
18
|
||
18
|
||
18
|
||
PART IV
|
||
19
|
||
19
|
Geographic Region
|
Total Facilities
|
Leased Facilities
|
||
US and Canada
|
107
|
19
|
||
Europe
|
119
|
23
|
||
Rest of world
|
41
|
24
|
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)
|
||||||||||||
July
|
132,000
|
$
|
55.00
|
132,000
|
$
|
407
|
||||||||||
August
|
716,963
|
57.13
|
716,963
|
366
|
||||||||||||
September
|
440,850
|
54.54
|
440,850
|
342
|
||||||||||||
Total
|
1,289,813
|
$
|
56.02
|
1,289,813
|
$
|
342
|
(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 9. Stockholders' Equity and Note 12. Subsequent Events)
|
Consolidated Overview
|
Fiscal Year
|
|||||||||||||||
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
14,495
|
$
|
13,850
|
$
|
645
|
5
|
%
|
||||||||
Cost of goods sold
|
12,123
|
11,352
|
771
|
7
|
%
|
|||||||||||
Other operating expenses
|
1,130
|
1,206
|
(76
|
)
|
(6
|
)%
|
||||||||||
Operating income
|
$
|
1,242
|
$
|
1,292
|
$
|
(50
|
)
|
(4
|
)%
|
Consumer Packaging International
|
Fiscal Year
|
|||||||||||||||
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
4,293
|
$
|
4,242
|
$
|
51
|
1
|
%
|
||||||||
Operating income
|
$
|
346
|
$
|
317
|
$
|
29
|
9
|
%
|
Consumer Packaging North America
|
Fiscal Year
|
|||||||||||||||
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
3,548
|
$
|
3,141
|
$
|
407
|
13
|
%
|
||||||||
Operating income
|
$
|
338
|
$
|
276
|
$
|
62
|
22
|
%
|
Engineered Materials
|
Fiscal Year
|
|||||||||||||||
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
3,488
|
$
|
3,309
|
$
|
179
|
5
|
%
|
||||||||
Operating income
|
$
|
328
|
$
|
301
|
$
|
27
|
9
|
%
|
Health, Hygiene & Specialties
|
Fiscal Year
|
|||||||||||||||
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
3,166
|
$
|
3,158
|
$
|
8
|
0
|
%
|
||||||||
Operating income
|
$
|
230
|
$
|
398
|
$
|
(168
|
)
|
(42
|
)%
|
Other expense, net
|
Fiscal Year
|
|||||||||||||||
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||
Other expense, net
|
$
|
22
|
$
|
51
|
$
|
(29
|
)
|
(57
|
)%
|
Interest expense, net
|
Fiscal Year
|
|||||||||||||||
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||
Interest expense, net
|
$
|
286
|
$
|
336
|
$
|
(50
|
)
|
(15
|
)%
|
Income tax expense
|
Fiscal Year
|
|||||||||||||||
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||
Income tax expense
|
$
|
168
|
$
|
172
|
$
|
(4
|
)
|
(2
|
)%
|
Comprehensive Income
|
Fiscal Year
|
|||||||||||||||
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||
Comprehensive Income
|
$
|
659
|
$
|
988
|
$
|
(329
|
)
|
(33
|
)%
|
Fiscal years ended
|
||||||||
Cash flow from operating activities
|
$
|
1,563
|
$
|
1,580
|
||||
Additions to property, plant and equipment, net
|
(687
|
)
|
(676
|
)
|
||||
Free cash flow
|
$
|
876
|
$
|
904
|
Year Ended
|
||||
Net sales
|
$
|
7,654
|
||
Gross profit
|
1,581
|
|||
Earnings from continuing operations
|
506
|
|||
Net income (a)
|
$
|
506
|
Assets
|
||||||||
Current assets
|
$
|
2,432
|
$
|
2,293
|
||||
Noncurrent assets
|
6,137
|
5,979
|
||||||
Liabilities
|
||||||||
Current liabilities
|
$
|
1,536
|
$
|
1,533
|
||||
Intercompany payable
|
634
|
629
|
||||||
Noncurrent liabilities
|
10,630
|
11,083
|
Page
|
|
Reports of Independent Registered Public Accounting
Firm (PCAOB ID 42)
|
20
|
22
|
|
23
|
|
24
|
|
25
|
|
26
|
1. |
Financial Statements
|
2. |
Financial Statement Schedules
|
3. |
Exhibits
|
United Kingdom Defined Benefit Pension Obligation
|
||
Description of the Matter
|
At October 1, 2022 the aggregate United Kingdom (UK) defined benefit pension obligation was $480 million and exceeded the fair value of pension plan assets, resulting
in an underfunded defined benefit pension obligation. As disclosed in Notes 1 and 7 to the consolidated financial statements, the Company recognizes the overfunded or underfunded status of its pension plans in the consolidated balance sheet.
The obligations for these plans are actuarially determined and affected by assumptions, including discount rates and mortality rates.
Auditing the UK defined benefit pension obligation is complex and required the involvement of our actuarial specialists due to the highly judgmental nature of
actuarial assumptions (e.g., discount rates and mortality rates) used in the measurement process. These assumptions have a significant effect on the projected benefit obligation.
|
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the measurement and valuation of the UK defined
benefit pension obligation. This included management’s review of the UK defined benefit pension obligation calculations and the significant actuarial assumptions used by management.
To test the UK defined benefit pension obligation, we performed audit procedures that included, among others, evaluating the methodology used and the significant
actuarial assumptions described above. We involved our actuarial specialists to assist with our audit procedures. We compared the actuarial assumptions used by management to historical trends and evaluated the change in the defined benefit
pension obligation from prior year due to the change in service cost, interest cost, actuarial gains and losses, benefit payments, contributions and other activities. In addition, we evaluated management’s methodology for determining the
discount rate that reflects the maturity and duration of the benefit payments and is used to measure the defined benefit pension obligation. As part of this assessment, we compared management’s selected discount rate to an independently
developed range of reasonable discount rates. To evaluate the mortality rate assumption, we assessed whether the information is consistent with publicly available information, and whether any market data adjusted for entity-specific factors
were applied.
|
Fiscal years ended
|
||||||||||||
Net sales
|
$
|
i 14,495
|
$
|
i 13,850
|
$
|
i 11,709
|
||||||
Costs and expenses:
|
||||||||||||
Cost of goods sold
|
i 12,123
|
i 11,352
|
i 9,301
|
|||||||||
Selling, general and administrative
|
i 850
|
i 867
|
i 850
|
|||||||||
Amortization of intangibles
|
i 257
|
i 288
|
i 300
|
|||||||||
Restructuring and transaction activities
|
i 23
|
i 51
|
i 79
|
|||||||||
Operating income
|
i 1,242
|
i 1,292
|
i 1,179
|
|||||||||
Other expense
|
i 22
|
i 51
|
i 31
|
|||||||||
Interest expense
|
i 286
|
i 336
|
i 435
|
|||||||||
Income before income taxes
|
i 934
|
i 905
|
i 713
|
|||||||||
Income tax expense
|
i 168
|
i 172
|
i 154
|
|||||||||
Net income
|
$
|
i 766
|
$
|
i 733
|
$
|
i 559
|
||||||
Net income per share (see Note 11):
|
||||||||||||
Basic
|
$
|
i 5.87
|
$
|
i 5.45
|
$
|
i 4.22
|
||||||
Diluted
|
$
|
i 5.77
|
$
|
i 5.30
|
$
|
i 4.14
|
Fiscal years ended
|
||||||||||||
Net income
|
$
|
i 766
|
$
|
i 733
|
$
|
i 559
|
||||||
Currency translation
|
( i 301
|
)
|
i 124
|
i 1
|
||||||||
Pension and postretirement benefits
|
i 35
|
i 49
|
( i 60
|
)
|
||||||||
Derivative instruments
|
i 159
|
i 82
|
( i 106
|
)
|
||||||||
Other comprehensive (loss) income
|
( i 107
|
)
|
i 255
|
( i 165
|
)
|
|||||||
Comprehensive income
|
$
|
i 659
|
$
|
i 988
|
$
|
i 394
|
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
i 1,410
|
$
|
i 1,091
|
||||
Accounts receivable
|
i 1,777
|
i 1,879
|
||||||
Inventories
|
i 1,802
|
i 1,907
|
||||||
Prepaid expenses and other current assets
|
i 175
|
i 217
|
||||||
Total current assets
|
i 5,164
|
i 5,094
|
||||||
Property, plant and equipment
|
i 4,342
|
i 4,677
|
||||||
Goodwill and intangible assets
|
i 6,685
|
i 7,434
|
||||||
Right-of-use assets
|
i 521
|
i 562
|
||||||
Other assets
|
i 244
|
i 115
|
||||||
Total assets
|
$
|
i 16,956
|
$
|
i 17,882
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
i 1,795
|
$
|
i 2,041
|
||||
Accrued employee costs
|
i 253
|
i 336
|
||||||
Other current liabilities
|
i 783
|
i 788
|
||||||
Current portion of long-term debt
|
i 13
|
i 21
|
||||||
Total current liabilities
|
i 2,844
|
i 3,186
|
||||||
Long-term debt
|
i 9,242
|
i 9,439
|
||||||
Deferred income taxes
|
i 707
|
i 568
|
||||||
Employee benefit obligations
|
i 160
|
i 276
|
||||||
Operating lease liabilities
|
i 429
|
i 466
|
||||||
Other long-term liabilities
|
i 378
|
i 767
|
||||||
Total liabilities
|
i 13,760
|
i 14,702
|
||||||
Stockholders’ equity:
|
||||||||
Common stock ( i 124.2
and i 135.5 shares issued, respectively)
|
i 1
|
i 1
|
||||||
Additional paid-in capital
|
i 1,177
|
i 1,134
|
||||||
Retained earnings
|
i 2,421
|
i 2,341
|
||||||
Accumulated other comprehensive loss
|
( i 403
|
)
|
( i 296
|
)
|
||||
Total stockholders’ equity
|
i 3,196
|
i 3,180
|
||||||
Total liabilities and stockholders’ equity
|
$
|
i 16,956
|
$
|
i 17,882
|
Fiscal years ended
|
||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net income
|
$
|
i 766
|
$
|
i 733
|
$
|
i 559
|
||||||
Adjustments to reconcile net cash from operating activities:
|
||||||||||||
Depreciation
|
i 562
|
i 566
|
i 545
|
|||||||||
Amortization of intangibles
|
i 257
|
i 288
|
i 300
|
|||||||||
Non-cash interest expense
|
i 6
|
i 32
|
i 27
|
|||||||||
Share-based compensation expense
|
i 39
|
i 40
|
i 33
|
|||||||||
Deferred income tax
|
( i 48
|
)
|
( i 73
|
)
|
( i 96
|
)
|
||||||
Other non-cash operating activities, net
|
( i 22
|
)
|
i 49
|
i 42
|
||||||||
Settlement of derivatives
|
i 201
|
i —
|
i 11
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable
|
( i 86
|
)
|
( i 331
|
)
|
i 49
|
|||||||
Inventories
|
( i 3
|
)
|
( i 639
|
)
|
i 48
|
|||||||
Prepaid expenses and other assets
|
i 11
|
( i 30
|
)
|
( i 12
|
)
|
|||||||
Accounts payable and other liabilities
|
( i 120
|
)
|
i 945
|
i 24
|
||||||||
Net cash from operating activities
|
i 1,563
|
i 1,580
|
i 1,530
|
|||||||||
Cash Flows from Investing Activities:
|
||||||||||||
Additions to property, plant and equipment, net
|
( i 687
|
)
|
( i 676
|
)
|
( i 583
|
)
|
||||||
Divestiture of businesses
|
i 128
|
i 165
|
i —
|
|||||||||
Acquisition of business and purchase price derivatives
|
i —
|
i —
|
( i 14
|
)
|
||||||||
Settlement of net investment hedges
|
i 76
|
i —
|
i 281
|
|||||||||
Net cash from investing activities
|
( i 483
|
)
|
( i 511
|
)
|
( i 316
|
)
|
||||||
Cash Flows from Financing Activities:
|
||||||||||||
Proceeds from long-term borrowings
|
i —
|
i 2,716
|
i 1,202
|
|||||||||
Repayment of long-term borrowings
|
( i 22
|
)
|
( i 3,496
|
)
|
( i 2,436
|
)
|
||||||
Proceeds from issuance of common stock
|
i 27
|
i 60
|
i 30
|
|||||||||
Repurchase of common stock
|
( i 709
|
)
|
i —
|
i —
|
||||||||
Debt financing costs
|
i —
|
( i 21
|
)
|
( i 16
|
)
|
|||||||
Net cash from financing activities
|
( i 704
|
)
|
( i 741
|
)
|
( i 1,220
|
)
|
||||||
Effect of currency translation on cash
|
( i 57
|
)
|
i 13
|
i 6
|
||||||||
Net change in cash and cash equivalents
|
i 319
|
i 341
|
i —
|
|||||||||
Cash and cash equivalents at beginning of period
|
i 1,091
|
i 750
|
i 750
|
|||||||||
Cash and cash equivalents at end of period
|
$
|
i 1,410
|
$
|
i 1,091
|
$
|
i 750
|
Common Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
||||||||||||||||
Balance at September 28, 2019
|
$
|
i 1
|
$
|
i 949
|
$
|
( i 386
|
)
|
$
|
i 1,054
|
$
|
i 1,618
|
|||||||||
Net income
|
i —
|
i —
|
i —
|
i 559
|
i 559
|
|||||||||||||||
Other comprehensive loss
|
i —
|
i —
|
( i 165
|
)
|
i —
|
( i 165
|
)
|
|||||||||||||
Share-based compensation
|
i —
|
i 33
|
i —
|
i —
|
i 33
|
|||||||||||||||
Proceeds from issuance of common stock
|
i —
|
i 30
|
i —
|
i —
|
i 30
|
|||||||||||||||
Acquisition(a)
|
i —
|
i 22
|
i —
|
i —
|
i 22
|
|||||||||||||||
Adoption of ASC 842
|
i —
|
i —
|
i —
|
( i 5
|
)
|
( i 5
|
)
|
|||||||||||||
Balance at September 26, 2020
|
$
|
i 1
|
$
|
i 1,034
|
$
|
( i 551
|
)
|
$
|
i 1,608
|
$
|
i 2,092
|
|||||||||
Net income
|
i —
|
i —
|
i —
|
i 733
|
i 733
|
|||||||||||||||
Other comprehensive income
|
i —
|
i —
|
i 255
|
i —
|
i 255
|
|||||||||||||||
Share-based compensation
|
i —
|
i 40
|
i —
|
i —
|
i 40
|
|||||||||||||||
Proceeds from issuance of common stock
|
i —
|
i 60
|
i —
|
i —
|
i 60
|
|||||||||||||||
Balance at October 2, 2021
|
$
|
i 1
|
$
|
i 1,134
|
$
|
( i 296
|
)
|
$
|
i 2,341
|
$
|
i 3,180
|
|||||||||
Net income
|
i —
|
i —
|
i —
|
i 766
|
i 766
|
|||||||||||||||
Other comprehensive loss
|
i —
|
i —
|
( i 107
|
)
|
i —
|
( i 107
|
)
|
|||||||||||||
Share-based compensation
|
i —
|
i 39
|
i —
|
i —
|
i 39
|
|||||||||||||||
Proceeds from issuance of common stock
|
i —
|
i 27
|
i —
|
i —
|
i 27
|
|||||||||||||||
Common stock repurchased and retired
|
i —
|
( i 23
|
)
|
i —
|
( i 686
|
)
|
( i 709
|
)
|
||||||||||||
Balance at October 1, 2022
|
$
|
i 1
|
$
|
i 1,177
|
$
|
( i 403
|
)
|
$
|
i 2,421
|
$
|
i 3,196
|
(a) |
Represents noncontrolling interest
|
Inventories:
|
2022
|
2021
|
||||||
Finished goods
|
$
|
i 1,010
|
$
|
i 960
|
||||
Raw materials
|
i 792
|
i 947
|
||||||
$
|
i 1,802
|
$
|
i 1,907
|
Property, plant and equipment:
|
2022
|
2021
|
||||||
Land, buildings and improvements
|
$
|
i 1,602
|
$
|
i 1,699
|
||||
Equipment and construction in progress
|
i 6,916
|
i 6,800
|
||||||
i 8,518
|
i 8,499
|
|||||||
Less accumulated depreciation
|
( i 4,176
|
)
|
( i 3,822
|
)
|
||||
$
|
i 4,342
|
$
|
i 4,677
|
Consumer Packaging
International
|
Consumer Packaging
North America
|
Engineered
Materials
|
Health, Hygiene
& Specialties
|
Total
|
||||||||||||||||
Balance as of fiscal 2020
|
$
|
i 1,999
|
$
|
i 1,540
|
$
|
i 700
|
$
|
i 934
|
$
|
i 5,173
|
||||||||||
Foreign currency translation adjustment
|
i 36
|
i 1
|
( i 1
|
)
|
i 2
|
i 38
|
||||||||||||||
Dispositions
|
( i 19
|
)
|
i —
|
i —
|
i —
|
( i 19
|
)
|
|||||||||||||
Balance as of fiscal 2021
|
$
|
i 2,016
|
$
|
i 1,541
|
$
|
i 699
|
$
|
i 936
|
$
|
i 5,192
|
||||||||||
Foreign currency translation adjustment
|
( i 250
|
)
|
( i 1
|
)
|
( i 37
|
)
|
( i 18
|
)
|
( i 306
|
)
|
||||||||||
Dispositions
|
( i 54
|
)
|
i —
|
i —
|
i —
|
( i 54
|
)
|
|||||||||||||
Balance as of fiscal 2022
|
$
|
i 1,712
|
$
|
i 1,540
|
$
|
i 662
|
$
|
i 918
|
$
|
i 4,832
|
Customer
Relationships
|
Trademarks
|
Other
Intangibles
|
Accumulated
Amortization
|
Total
|
||||||||||||||||
Balance as of fiscal 2020
|
$
|
i 3,323
|
$
|
i 522
|
$
|
i 129
|
$
|
( i 1,477
|
)
|
$
|
i 2,497
|
|||||||||
Foreign currency translation adjustment
|
i 32
|
i 4
|
( i 1
|
)
|
( i 2
|
)
|
i 33
|
|||||||||||||
Amortization expense
|
—
|
—
|
—
|
( i 288
|
)
|
( i 288
|
)
|
|||||||||||||
Netting of fully amortized intangibles
|
( i 26
|
)
|
( i 1
|
)
|
( i 6
|
)
|
i 33
|
i —
|
||||||||||||
Balance as of fiscal 2021
|
$
|
i 3,329
|
$
|
i 525
|
$
|
i 122
|
$
|
( i 1,734
|
)
|
$
|
i 2,242
|
|||||||||
Foreign currency translation adjustment
|
( i 172
|
)
|
( i 31
|
)
|
( i 1
|
)
|
i 66
|
( i 138
|
)
|
|||||||||||
Amortization expense
|
—
|
—
|
—
|
( i 257
|
)
|
( i 257
|
)
|
|||||||||||||
Additions
|
i —
|
i —
|
i 6
|
—
|
i 6
|
|||||||||||||||
Balance as of fiscal 2022
|
$
|
i 3,157
|
$
|
i 494
|
$
|
i 127
|
$
|
( i 1,925
|
)
|
$
|
i 1,853
|
Fiscal Year
|
Operating Leases
|
Finance Leases
|
||||||
2023
|
$
|
i 111
|
$
|
i 11
|
||||
2024
|
i 96
|
i 9
|
||||||
2025
|
i 85
|
i 6
|
||||||
2026
|
i 75
|
i 8
|
||||||
2027
|
i 65
|
i 1
|
||||||
Thereafter
|
i 205
|
i 3
|
||||||
Total lease payments
|
i 637
|
i 38
|
||||||
Less: Interest
|
( i 100
|
)
|
( i 5
|
)
|
||||
Present value of lease liabilities
|
$
|
i 537
|
$
|
i 33
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance as of fiscal 2019
|
$
|
( i 279
|
)
|
$
|
( i 56
|
)
|
$
|
( i 51
|
)
|
$
|
( i 386
|
)
|
||||
Other comprehensive income (loss)
|
i 1
|
i 3
|
( i 137
|
)
|
( i 133
|
)
|
||||||||||
Net amount reclassified from accumulated other comprehensive income (loss)
|
i —
|
( i 63
|
)
|
i 31
|
( i 32
|
)
|
||||||||||
Balance as of fiscal 2020
|
$
|
( i 278
|
)
|
$
|
( i 116
|
)
|
$
|
( i 157
|
)
|
$
|
( i 551
|
)
|
||||
Other comprehensive income (loss)
|
i 124
|
( i 5
|
)
|
i 70
|
i 189
|
|||||||||||
Net amount reclassified from accumulated other comprehensive income (loss)
|
i —
|
i 54
|
i 12
|
i 66
|
||||||||||||
Balance as of fiscal 2021
|
$
|
( i 154
|
)
|
$
|
( i 67
|
)
|
$
|
( i 75
|
)
|
$
|
( i 296
|
)
|
||||
Other comprehensive income (loss)
|
( i 301
|
)
|
i 32
|
i 158
|
( i 111
|
)
|
||||||||||
Net amount reclassified from accumulated other comprehensive income (loss)
|
i —
|
i 3
|
i 1
|
i 4
|
||||||||||||
Balance as of fiscal 2022
|
$
|
( i 455
|
)
|
$
|
( i 32
|
)
|
$
|
i 84
|
$
|
( i 403
|
)
|
Facility
|
Maturity Date
|
2022
|
2021
|
||||||
Term loan
|
July 2026
|
$
|
i 3,440
|
$
|
i 3,440
|
||||
Revolving line of credit
|
May 2024
|
i —
|
i —
|
||||||
i 0.95% First Priority
Senior Secured Notes
|
February 2024
|
i 800
|
i 800
|
||||||
i 1.00% First Priority
Senior Secured Notes(a)
|
July 2025
|
i 686
|
i 810
|
||||||
i 1.57% First Priority
Senior Secured Notes
|
January 2026
|
i 1,525
|
i 1,525
|
||||||
i 4.875% First Priority
Senior Secured Notes
|
July 2026
|
i 1,250
|
i 1,250
|
||||||
i 1.65% First Priority
Senior Secured Notes
|
January 2027
|
i 400
|
i 400
|
||||||
i 1.50% First Priority
Senior Secured Notes(a)
|
July 2027
|
i 367
|
i 434
|
||||||
i 4.50% Second Priority
Senior Secured Notes
|
February 2026
|
i 298
|
i 300
|
||||||
i 5.625% Second Priority
Senior Secured Notes
|
July 2027
|
i 500
|
i 500
|
||||||
Debt discounts and deferred fees
|
( i 60
|
)
|
( i 77
|
)
|
|||||
Finance leases and other
|
Various
|
i 49
|
i 78
|
||||||
Total long-term debt
|
i 9,255
|
i 9,460
|
|||||||
Current portion of long-term debt
|
( i 13
|
)
|
( i 21
|
)
|
|||||
Long-term debt, less current portion
|
$
|
i 9,242
|
$
|
i 9,439
|
(a) |
Euro denominated
|
Fiscal Year
|
Maturities
|
||
2023
|
$
|
i 13
|
|
2024
|
i 810
|
||
2025
|
i 692
|
||
2026
|
i 6,523
|
||
2027
|
i 1,269
|
||
Thereafter
|
i 8
|
||
$
|
i 9,315
|
Derivative Instruments
|
Hedge Designation
|
Balance Sheet Location
|
2022
|
2021
|
||||||
Cross-currency swaps
|
Designated
|
Other assets
|
$
|
i 147
|
$
|
i —
|
||||
Cross-currency swaps
|
Designated
|
Other long-term liabilities
|
i —
|
i 323
|
||||||
Interest rate swaps
|
Designated
|
Other assets
|
i 11
|
i —
|
||||||
Interest rate swaps
|
Designated
|
Other long-term liabilities
|
i 3
|
i 82
|
||||||
Interest rate swaps
|
Not designated
|
Other long-term liabilities
|
i 117
|
i 49
|
Derivative instruments
|
Statements of Income Location
|
2022
|
2021
|
2020
|
|||||||||
Cross-currency swaps
|
Interest expense
|
$
|
( i 21
|
)
|
$
|
( i 8
|
)
|
$
|
( i 25
|
)
|
|||
Interest rate swaps
|
Interest expense
|
i 40
|
i 69
|
i 32
|
2022
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite lived trademarks
|
$
|
i —
|
$
|
i —
|
$
|
i 247
|
$
|
i 247
|
$
|
i —
|
||||||||||
Goodwill
|
i —
|
i —
|
i 4,832
|
i 4,832
|
i —
|
|||||||||||||||
Definite lived intangible assets
|
i —
|
i —
|
i 1,606
|
i 1,606
|
i —
|
|||||||||||||||
Property, plant and equipment
|
i —
|
i —
|
i 4,342
|
i 4,342
|
i —
|
|||||||||||||||
Total
|
$
|
i —
|
$
|
i —
|
$
|
i 11,027
|
$
|
i 11,027
|
$
|
i —
|
2021
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite lived trademarks
|
$
|
i —
|
$
|
i —
|
$
|
i 248
|
$
|
i 248
|
$
|
i —
|
||||||||||
Goodwill
|
i —
|
i —
|
i 5,192
|
i 5,192
|
i —
|
|||||||||||||||
Definite lived intangible assets
|
i —
|
i —
|
i 1,994
|
i 1,994
|
i —
|
|||||||||||||||
Property, plant and equipment
|
i —
|
i —
|
i 4,677
|
i 4,677
|
i 1
|
|||||||||||||||
Total
|
$
|
i —
|
$
|
i —
|
$
|
i 12,111
|
$
|
i 12,111
|
$
|
i 1
|
2020
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite lived trademarks
|
$
|
i —
|
$
|
i —
|
$
|
i 248
|
$
|
i 248
|
$
|
i —
|
||||||||||
Goodwill
|
i —
|
i —
|
i 5,173
|
i 5,173
|
i —
|
|||||||||||||||
Definite lived intangible assets
|
i —
|
i —
|
i 2,249
|
i 2,249
|
i —
|
|||||||||||||||
Property, plant and equipment
|
i —
|
i —
|
i 4,561
|
i 4,561
|
i 2
|
|||||||||||||||
Total
|
$
|
i —
|
$
|
i —
|
$
|
i 12,231
|
$
|
i 12,231
|
$
|
i 2
|
Leases
|
Classification
|
2022
|
2021
|
||||||
Operating leases:
|
|||||||||
Operating lease right-of-use assets
|
Right-of-use asset
|
$
|
i 521
|
$
|
i 562
|
||||
Current operating lease liabilities
|
Other current liabilities
|
i 108
|
i 113
|
||||||
Noncurrent operating lease liabilities
|
Operating lease liability
|
i 429
|
i 466
|
||||||
Finance leases:
|
|||||||||
Finance lease right-of-use assets
|
Property, plant, and equipment, net
|
$
|
i 38
|
$
|
i 57
|
||||
Current finance lease liabilities
|
Current portion of long-term debt
|
i 9
|
i 14
|
||||||
Noncurrent finance lease liabilities
|
Long-term debt, less current portion
|
i 24
|
i 38
|
Lease Type
|
Cash Flow Classification
|
Lease Expense Category
|
2022
|
2021
|
||||||
Operating leases
|
Operating cash flows
|
Lease cost
|
$
|
i 132
|
$
|
i 127
|
||||
Finance leases
|
Operating cash flows
|
Interest expense
|
i 2
|
i 2
|
||||||
Finance leases
|
Financing cash flows
|
-
|
i 19
|
i 23
|
||||||
Finance leases
|
-
|
Amortization of right-of-use assets
|
i 9
|
i 14
|
2022
|
2021
|
|||||||
Weighted-average remaining lease term - operating leases
|
i 7 years
|
i 8 years
|
||||||
Weighted-average remaining lease term - finance leases
|
i 3 years
|
i 4 years
|
||||||
Weighted-average discount rate - operating leases
|
i 4.5
|
%
|
i 4.5
|
%
|
||||
Weighted-average discount rate - finance leases
|
i 4.5
|
%
|
i 4.1
|
%
|
2022
|
2021
|
2020
|
||||||||||
Current
|
||||||||||||
U.S.
|
||||||||||||
Federal
|
$
|
i 87
|
$
|
i 56
|
$
|
i 84
|
||||||
State
|
i 20
|
i 14
|
i 12
|
|||||||||
Non-U.S.
|
i 109
|
i 175
|
i 154
|
|||||||||
Total current
|
i 216
|
i 245
|
i 250
|
|||||||||
Deferred:
|
||||||||||||
U.S.
|
||||||||||||
Federal
|
i 4
|
i 17
|
( i 29
|
)
|
||||||||
State
|
( i 7
|
)
|
( i 6
|
)
|
( i 13
|
)
|
||||||
Non-U.S.
|
( i 45
|
)
|
( i 84
|
)
|
( i 54
|
)
|
||||||
Total deferred
|
( i 48
|
)
|
( i 73
|
)
|
( i 96
|
)
|
||||||
Expense for income taxes
|
$
|
i 168
|
$
|
i 172
|
$
|
i 154
|
2022
|
2021
|
2020
|
||||||||||
U.S. Federal income tax expense at the statutory rate
|
$
|
i 196
|
$
|
i 190
|
$
|
i 150
|
||||||
Adjustments to reconcile to the income tax provision:
|
||||||||||||
U.S. state income tax expense
|
i 20
|
i 11
|
i 6
|
|||||||||
Federal and state credits
|
( i 15
|
)
|
( i 10
|
)
|
( i 14
|
)
|
||||||
Share-based compensation
|
( i 3
|
)
|
( i 8
|
)
|
( i 4
|
)
|
||||||
Tax law changes
|
( i 17
|
)
|
i 11
|
i —
|
||||||||
Withholding taxes
|
i 6
|
i 13
|
i 15
|
|||||||||
Changes in foreign valuation allowance
|
( i 5
|
)
|
( i 14
|
)
|
( i 8
|
)
|
||||||
Foreign income taxed in the U.S.
|
i 8
|
i 12
|
i 9
|
|||||||||
Rate differences between U.S. and foreign
|
( i 8
|
)
|
( i 8
|
)
|
( i 6
|
)
|
||||||
Sale of subsidiary
|
i —
|
i 16
|
i —
|
|||||||||
Permanent foreign currency differences
|
i —
|
( i 30
|
)
|
i —
|
||||||||
Other
|
( i 14
|
)
|
( i 11
|
)
|
i 6
|
|||||||
Expense for income taxes
|
$
|
i 168
|
$
|
i 172
|
$
|
i 154
|
2022
|
2021
|
|||||||
Deferred tax assets:
|
||||||||
Accrued liabilities and reserves
|
$
|
i 75
|
$
|
i 101
|
||||
Inventories
|
i 11
|
i 13
|
||||||
Net operating loss carryforward
|
i 235
|
i 273
|
||||||
Interest expense carryforward
|
i 107
|
i 58
|
||||||
Derivatives
|
i —
|
i 105
|
||||||
Lease liability
|
i 134
|
i 144
|
||||||
Research and development credit carryforward
|
i 13
|
i 13
|
||||||
Federal and state tax credits
|
i 9
|
i 13
|
||||||
Other
|
i 48
|
i 49
|
||||||
Total deferred tax assets
|
i 632
|
i 769
|
||||||
Valuation allowance
|
( i 104
|
)
|
( i 126
|
)
|
||||
Total deferred tax assets, net of valuation allowance
|
i 528
|
i 643
|
||||||
Deferred tax liabilities:
|
||||||||
Property, plant and equipment
|
i 450
|
i 430
|
||||||
Intangible assets
|
i 471
|
i 563
|
||||||
Derivatives
|
i 94
|
i —
|
||||||
Leased asset
|
i 131
|
i 139
|
||||||
Other
|
i 24
|
i 13
|
||||||
Total deferred tax liabilities
|
i 1,170
|
i 1,145
|
||||||
Net deferred tax liability
|
$
|
( i 642
|
)
|
$
|
( i 502
|
)
|
2022
|
2021
|
|||||||
Beginning unrecognized tax benefits
|
$
|
i 159
|
$
|
i 168
|
||||
Gross increases – tax positions in prior periods
|
i 2
|
i 9
|
||||||
Gross decreases - tax positions in prior periods
|
( i 19
|
)
|
( i 6
|
)
|
||||
Gross increases – current period tax positions
|
i 13
|
i 6
|
||||||
Settlements
|
( i 9
|
)
|
( i 4
|
)
|
||||
Lapse of statute of limitations
|
( i 25
|
)
|
( i 14
|
)
|
||||
Ending unrecognized tax benefits
|
$
|
i 121
|
$
|
i 159
|
2022
|
2021
|
|||||||||||||||||||||||||||||||
Change in Projected
Benefit Obligations (PBO)
|
North
America
|
UK
|
Mainland
Europe
|
Total
|
North
America
|
UK
|
Mainland
Europe
|
Total
|
||||||||||||||||||||||||
Beginning of period
|
$
|
i 338
|
$
|
i 888
|
$
|
i 196
|
$
|
i 1,422
|
$
|
i 361
|
$
|
i 888
|
$
|
i 192
|
$
|
i 1,441
|
||||||||||||||||
Service cost
|
i —
|
i 1
|
i 5
|
i 6
|
i —
|
i 1
|
i 4
|
i 5
|
||||||||||||||||||||||||
Interest cost
|
i 8
|
i 17
|
i 2
|
i 27
|
i 8
|
i 15
|
i 1
|
i 24
|
||||||||||||||||||||||||
Currency
|
( i 1
|
)
|
( i 152
|
)
|
( i 30
|
)
|
( i 183
|
)
|
i 1
|
i 48
|
i 2
|
i 51
|
||||||||||||||||||||
Actuarial loss (gain)
|
( i 77
|
)
|
( i 244
|
)
|
( i 37
|
)
|
( i 358
|
)
|
( i 12
|
)
|
( i 28
|
)
|
i 9
|
( i 31
|
)
|
|||||||||||||||||
Benefit settlements
|
i —
|
i —
|
( i 5
|
)
|
( i 5
|
)
|
( i 3
|
)
|
i —
|
( i 5
|
)
|
( i 8
|
)
|
|||||||||||||||||||
Benefits paid
|
( i 16
|
)
|
( i 30
|
)
|
( i 7
|
)
|
( i 53
|
)
|
( i 17
|
)
|
( i 36
|
)
|
( i 7
|
)
|
( i 60
|
)
|
||||||||||||||||
End of period
|
$
|
i 252
|
$
|
i 480
|
$
|
i 124
|
$
|
i 856
|
$
|
i 338
|
$
|
i 888
|
$
|
i 196
|
$
|
i 1,422
|
2022
|
2021
|
|||||||||||||||||||||||||||||||
Change in Fair
Value of Plan Assets
|
North
America
|
UK
|
Mainland
Europe
|
Total
|
North
America
|
UK
|
Mainland
Europe
|
Total
|
||||||||||||||||||||||||
Beginning of period
|
$
|
i 286
|
$
|
i 828
|
$
|
i 53
|
$
|
i 1,167
|
$
|
i 268
|
$
|
i 769
|
$
|
i 54
|
$
|
i 1,091
|
||||||||||||||||
Currency
|
( i 1
|
)
|
( i 146
|
)
|
( i 7
|
)
|
( i 154
|
)
|
i 1
|
i 41
|
i 1
|
i 43
|
||||||||||||||||||||
Return on assets
|
( i 41
|
)
|
( i 225
|
)
|
( i 2
|
)
|
( i 268
|
)
|
i 36
|
i 28
|
i 3
|
i 67
|
||||||||||||||||||||
Contributions
|
i —
|
i 19
|
i 8
|
i 27
|
i 1
|
i 26
|
i 7
|
i 34
|
||||||||||||||||||||||||
Benefit settlements
|
i —
|
i —
|
( i 5
|
)
|
( i 5
|
)
|
( i 3
|
)
|
i —
|
( i 5
|
)
|
( i 8
|
)
|
|||||||||||||||||||
Benefits paid
|
( i 16
|
)
|
( i 30
|
)
|
( i 7
|
)
|
( i 53
|
)
|
( i 17
|
)
|
( i 36
|
)
|
( i 7
|
)
|
( i 60
|
)
|
||||||||||||||||
End of period
|
$
|
i 228
|
$
|
i 446
|
$
|
i 40
|
$
|
i 714
|
$
|
i 286
|
$
|
i 828
|
$
|
i 53
|
$
|
i 1,167
|
||||||||||||||||
Underfunded status
|
$
|
( i 24
|
)
|
$
|
( i 34
|
)
|
$
|
( i 84
|
)
|
$
|
( i 142
|
)
|
$
|
( i 52
|
)
|
$
|
( i 60
|
)
|
$
|
( i 143
|
)
|
$
|
( i 255
|
)
|
(Percentages)
|
2022
|
||||||||
North America
|
UK
|
Mainland Europe
|
|||||||
Weighted-average assumptions:
|
|||||||||
Discount rate for benefit obligation
|
i 5.1
|
i 5.2
|
i 3.6
|
||||||
Discount rate for net benefit cost
|
i 2.5
|
i 2.1
|
i 1.0
|
||||||
Expected return on plan assets for net benefit costs
|
i 6.1
|
i 4.2
|
i 2.1
|
(Percentages)
|
2021
|
||||||||
North America
|
UK
|
Mainland Europe
|
|||||||
Weighted-average assumptions:
|
|||||||||
Discount rate for benefit obligation
|
i 2.5
|
i 2.2
|
i 1.0
|
||||||
Discount rate for net benefit cost
|
i 2.2
|
i 1.6
|
i 0.8
|
||||||
Expected return on plan assets for net benefit costs
|
i 6.1
|
i 4.1
|
i 2.0
|
Fiscal 2022
Asset Category
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Cash and cash equivalents
|
$
|
i 14
|
$
|
i —
|
$
|
i —
|
$
|
i 14
|
||||||||
U.S. large cap comingled equity funds
|
i 69
|
i —
|
i —
|
i 69
|
||||||||||||
U.S. mid cap equity mutual funds
|
i 35
|
i —
|
i —
|
i 35
|
||||||||||||
U.S. small cap equity & Corporate bond mutual funds
|
i 4
|
i —
|
i —
|
i 4
|
||||||||||||
International equity mutual funds
|
i 9
|
i 99
|
i —
|
i 108
|
||||||||||||
Real estate equity investment funds
|
i 4
|
i 26
|
i 94
|
i 124
|
||||||||||||
Corporate bonds
|
i —
|
i 128
|
i 56
|
i 184
|
||||||||||||
International fixed income funds
|
i 5
|
i 130
|
i —
|
i 135
|
||||||||||||
International insurance policies
|
i —
|
i —
|
i 41
|
i 41
|
||||||||||||
Total
|
$
|
i 140
|
$
|
i 383
|
$
|
i 191
|
$
|
i 714
|
Fiscal 2021
Asset Category
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Cash and cash equivalents
|
$
|
i 55
|
$
|
i —
|
$
|
i —
|
$
|
i 55
|
||||||||
U.S. large cap comingled equity funds
|
i 84
|
i —
|
i —
|
i 84
|
||||||||||||
U.S. mid cap equity mutual funds
|
i 50
|
i —
|
i —
|
i 50
|
||||||||||||
U.S. small cap equity & Corporate bond mutual funds
|
i 8
|
i —
|
i —
|
i 8
|
||||||||||||
International equity mutual funds
|
i 14
|
i 271
|
i —
|
i 285
|
||||||||||||
Real estate equity investment funds
|
i 7
|
i 86
|
i 101
|
i 194
|
||||||||||||
Corporate bonds
|
i —
|
i 157
|
i 40
|
i 197
|
||||||||||||
International fixed income funds
|
i 81
|
i 161
|
i —
|
i 242
|
||||||||||||
International insurance policies
|
i —
|
i —
|
i 52
|
i 52
|
||||||||||||
Total
|
$
|
i 299
|
$
|
i 675
|
$
|
i 193
|
$
|
i 1,167
|
North America
|
UK
|
Mainland Europe
|
Total
|
|||||||||||||
2023
|
$
|
i 19
|
$
|
i 27
|
$
|
i 7
|
$
|
i 53
|
||||||||
2024
|
i 18
|
i 28
|
i 8
|
i 54
|
||||||||||||
2025
|
i 18
|
i 28
|
i 6
|
i 52
|
||||||||||||
2026
|
i 19
|
i 29
|
i 6
|
i 54
|
||||||||||||
2027
|
i 19
|
i 30
|
i 8
|
i 57
|
||||||||||||
2028-2032
|
i 90
|
i 164
|
i 43
|
i 297
|
2022
|
2021
|
2020
|
||||||||||
Service cost
|
$
|
i 6
|
$
|
i 5
|
$
|
i 1
|
||||||
Interest cost
|
i 27
|
i 24
|
i 26
|
|||||||||
Amortization of net actuarial loss
|
i 3
|
i 9
|
i 5
|
|||||||||
Expected return on plan assets
|
( i 51
|
)
|
( i 51
|
)
|
( i 46
|
)
|
||||||
Net periodic benefit expense (income)
|
$
|
( i 15
|
)
|
$
|
( i 13
|
)
|
$
|
( i 14
|
)
|
Asset Category
|
2022
|
2021
|
||||||
Equity securities and equity-like instruments
|
i 47
|
%
|
i 53
|
%
|
||||
Debt securities and debt-like
|
i 45
|
i 38
|
||||||
International insurance policies
|
i 6
|
i 4
|
||||||
Other
|
i 2
|
i 5
|
||||||
Total
|
i 100
|
%
|
i 100
|
%
|
2022
|
2021
|
2020
|
||||||||||
Consumer Packaging International
|
$
|
i 10
|
$
|
i 56
|
$
|
i 58
|
||||||
Consumer Packaging North America
|
i 5
|
i —
|
i 10
|
|||||||||
Engineered Materials
|
i 2
|
( i 4
|
)
|
i 6
|
||||||||
Health, Hygiene & Specialties
|
i 6
|
( i 1
|
)
|
i 5
|
||||||||
Consolidated
|
$
|
i 23
|
$
|
i 51
|
$
|
i 79
|
Restructuring
|
||||||||||||||||||||
Employee Severance
and Benefits
|
Facility
Exit Costs
|
Non-cash
Impairment Charges
|
Transaction
Activities
|
Total
|
||||||||||||||||
Balance as of fiscal 2020
|
$
|
i 10
|
$
|
i 7
|
$
|
i —
|
$
|
i —
|
$
|
i 17
|
||||||||||
Charges
|
i 11
|
i 7
|
i 1
|
i 32
|
i 51
|
|||||||||||||||
Non-cash asset impairment
|
i —
|
i —
|
( i 1
|
)
|
i —
|
( i 1
|
)
|
|||||||||||||
Cash
|
( i 15
|
)
|
( i 9
|
)
|
i —
|
( i 32
|
)
|
( i 56
|
)
|
|||||||||||
Balance as of fiscal 2021
|
$
|
i 6
|
$
|
i 5
|
$
|
i —
|
$
|
i —
|
$
|
i 11
|
||||||||||
Charges
|
i 7
|
i 9
|
i —
|
i 7
|
i 23
|
|||||||||||||||
Cash
|
( i 11
|
)
|
( i 11
|
)
|
i —
|
( i 7
|
)
|
( i 29
|
)
|
|||||||||||
Balance as of fiscal 2022
|
$
|
i 2
|
$
|
i 3
|
$
|
i —
|
$
|
i —
|
$
|
i 5
|
2022
|
2021
|
|||||||||||||||
Number of Shares
(in thousands)
|
Weighted Average
Exercise Price
|
Number of Shares
(in thousands)
|
Weighted Average
Exercise Price
|
|||||||||||||
Options outstanding, beginning of period
|
i 11,302
|
$
|
i 44.54
|
i 11,460
|
$
|
i 40.84
|
||||||||||
Options granted
|
i 1,192
|
i 66.47
|
i 1,946
|
i 54.22
|
||||||||||||
Options exercised
|
( i 752
|
)
|
i 35.31
|
( i 1,961
|
)
|
i 32.23
|
||||||||||
Options forfeited or cancelled
|
( i 86
|
)
|
i 51.72
|
( i 143
|
)
|
i 48.72
|
||||||||||
Options outstanding, end of period
|
i 11,656
|
$
|
i 47.33
|
i 11,302
|
$
|
i 44.54
|
||||||||||
Option price range at end of period
|
$
|
i 16.00- i 66.47
|
$
|
i 10.24- i 54.33
|
||||||||||||
Options exercisable at end of period
|
i 6,718
|
i 5,260
|
||||||||||||||
Weighted average fair value of options granted during period
|
$
|
i 20.73
|
$
|
i 16.36
|
2022
|
2021
|
2020
|
||||||||||
Risk-free interest rate
|
i 1.3
|
%
|
i 0.5
|
%
|
i 1.7
|
%
|
||||||
Dividend yield
|
i 0.0
|
%
|
i 0.0
|
%
|
i 0.0
|
%
|
||||||
Volatility factor
|
i 29.7
|
%
|
i 30.4
|
%
|
i 27.2
|
%
|
||||||
Expected option life
|
i 6.0 years
|
i 6.0 years
|
i 6.5 years
|
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
|
||||||||||||||
$
|
i 46
|
i 6.1 years
|
$
|
i 47.33
|
i 6,718
|
$
|
i 42
|
$
|
i 30
|
i 1.3 years
|
2022
|
2021
|
|||||||||||||||
Number of Shares
(in thousands)
|
Weighted Average
Grant Price
|
Number of Shares
(in thousands)
|
Weighted Average
Grant Price
|
|||||||||||||
Awards outstanding, beginning of period
|
i 196
|
$
|
i 54.22
|
i —
|
$
|
i —
|
||||||||||
Awards granted
|
i 232
|
i 66.47
|
i 203
|
i 54.22
|
||||||||||||
Awards vested
|
( i 64
|
)
|
i 54.70
|
( i 2
|
)
|
i 54.22
|
||||||||||
Awards forfeited or cancelled
|
( i 10
|
)
|
i 60.30
|
( i 5
|
)
|
i 54.22
|
||||||||||
Awards outstanding, end of period
|
i 354
|
$
|
i 61.99
|
i 196
|
$
|
i 54.22
|
2022
|
2021
|
2020
|
||||||||||
Net sales
|
||||||||||||
Consumer Packaging International
|
$
|
i 4,293
|
$
|
i 4,242
|
$
|
i 3,789
|
||||||
Consumer Packaging North America
|
i 3,548
|
i 3,141
|
i 2,560
|
|||||||||
Engineered Materials
|
i 3,488
|
i 3,309
|
i 2,766
|
|||||||||
Health, Hygiene & Specialties
|
i 3,166
|
i 3,158
|
i 2,594
|
|||||||||
Total
|
$
|
i 14,495
|
$
|
i 13,850
|
$
|
i 11,709
|
||||||
Operating income
|
||||||||||||
Consumer Packaging International
|
$
|
i 346
|
$
|
i 317
|
$
|
i 273
|
||||||
Consumer Packaging North America
|
i 338
|
i 276
|
i 275
|
|||||||||
Engineered Materials
|
i 328
|
i 301
|
i 336
|
|||||||||
Health, Hygiene & Specialties
|
i 230
|
i 398
|
i 295
|
|||||||||
Total
|
$
|
i 1,242
|
$
|
i 1,292
|
$
|
i 1,179
|
||||||
Depreciation and amortization
|
||||||||||||
Consumer Packaging International
|
$
|
i 317
|
$
|
i 341
|
$
|
i 315
|
||||||
Consumer Packaging North America
|
i 214
|
i 224
|
i 230
|
|||||||||
Engineered Materials
|
i 112
|
i 112
|
i 117
|
|||||||||
Health, Hygiene & Specialties
|
i 176
|
i 177
|
i 183
|
|||||||||
Total
|
$
|
i 819
|
$
|
i 854
|
$
|
i 845
|
2022
|
2021
|
|||||||
Total assets:
|
||||||||
Consumer Packaging International
|
$
|
i 6,993
|
$
|
i 7,800
|
||||
Consumer Packaging North America
|
i 3,992
|
i 3,861
|
||||||
Engineered Materials
|
i 2,236
|
i 2,331
|
||||||
Health, Hygiene & Specialties
|
i 3,735
|
i 3,890
|
||||||
Total assets
|
$
|
i 16,956
|
$
|
i 17,882
|
2022
|
2021
|
2020
|
||||||||||
Net sales:
|
||||||||||||
United States and Canada
|
$
|
i 7,907
|
$
|
i 7,351
|
$
|
i 6,250
|
||||||
Europe
|
i 5,065
|
i 4,898
|
i 4,223
|
|||||||||
Rest of world
|
i 1,523
|
i 1,601
|
i 1,236
|
|||||||||
Total net sales
|
$
|
i 14,495
|
$
|
i 13,850
|
$
|
i 11,709
|
2022
|
2021
|
|||||||
Long-lived assets:
|
||||||||
United States and Canada
|
$
|
i 6,826
|
$
|
i 6,682
|
||||
Europe
|
i 3,616
|
i 4,574
|
||||||
Rest of world
|
i 1,350
|
i 1,532
|
||||||
Total long-lived assets
|
$
|
i 11,792
|
$
|
i 12,788
|
(in percentages)
|
2022
|
2021
|
2020
|
|||||||||
Net sales:
|
||||||||||||
Packaging
|
i 76
|
%
|
i 81
|
%
|
i 80
|
%
|
||||||
Non-packaging
|
i 24
|
i 19
|
i 20
|
|||||||||
Consumer Packaging International
|
i 100
|
%
|
i 100
|
%
|
i 100
|
%
|
||||||
Rigid Open Top
|
i 62
|
%
|
i 57
|
%
|
i 55
|
%
|
||||||
Rigid Closed Top
|
i 38
|
i 43
|
i 45
|
|||||||||
Consumer Packaging North America
|
i 100
|
%
|
i 100
|
%
|
i 100
|
%
|
||||||
Core Films
|
i 59
|
%
|
i 63
|
%
|
i 58
|
%
|
||||||
Retail & Industrial
|
i 41
|
i 37
|
i 42
|
|||||||||
Engineered Materials
|
i 100
|
%
|
i 100
|
%
|
i 100
|
%
|
||||||
Health
|
i 14
|
%
|
i 18
|
%
|
i 18
|
%
|
||||||
Hygiene
|
i 51
|
i 47
|
i 47
|
|||||||||
Specialties
|
i 35
|
i 35
|
i 35
|
|||||||||
Health, Hygiene & Specialties
|
i 100
|
%
|
i 100
|
%
|
i 100
|
%
|
(in millions, except per share amounts)
|
2022
|
2021
|
2020
|
|||||||||
Numerator
|
||||||||||||
Consolidated net income
|
$
|
i 766
|
$
|
i 733
|
$
|
i 559
|
||||||
Denominator
|
||||||||||||
Weighted average common shares outstanding - basic
|
i 130.6
|
i 134.6
|
i 132.6
|
|||||||||
Dilutive shares
|
i 2.2
|
i 3.7
|
i 2.5
|
|||||||||
Weighted average common and common equivalent shares outstanding - diluted
|
i 132.8
|
i 138.3
|
i 135.1
|
|||||||||
Per common share earnings
|
||||||||||||
Basic
|
$
|
i 5.87
|
$
|
i 5.45
|
$
|
i 4.22
|
||||||
Diluted
|
$
|
i 5.77
|
$
|
i 5.30
|
$
|
i 4.14
|
Exhibit No
|
Description of Exhibit
|
||
Rule 2.7 Announcement, dated as of March 8, 2019 (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on March
14, 2019).
|
|||
Co-Operation Agreement, dated as of March 8, 2019, by and among Berry Global Group, Inc., Berry Global International Holdings Limited and RPC Group
Plc (incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K filed on March 14, 2019).
|
|||
Amended and Restated Certificate of Incorporation of Berry Global Group, Inc., as amended through March 6, 2019 (incorporated by reference to Exhibit
3.1 to the Company’s Quarterly Report on Form 10-Q filed on May 2, 2019).
|
|||
Certificate of Amendment of the Amended and Restated Certificate of Incorporation of Berry Global Group, Inc., dated February 24, 2021 (incorporated
by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on February 25, 2021).
|
|||
Amended and Restated Bylaws of Berry Global Group, Inc., as amended and restated effective as of February 24, 2021 (incorporated by reference to
Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on February 25, 2021).
|
|||
Form of common stock certificate of Berry Plastics Group, Inc. (incorporated by reference to Exhibit 4.27 of Amendment No. 5 to the Company’s
Registration Statement on Form S-1 filed on September 19, 2012).
|
|||
Indenture, by and between Berry Global Escrow Corporation and U.S. Bank National Association, as Trustee and Collateral Agent, relating to the 4.875%
First Priority Senior Secured Notes due 2026, dated June 5, 2019 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 6, 2019).
|
|||
Supplemental Indenture, among Berry Global Group, Inc., Berry Global, Inc., Berry Global Escrow Corporation, each of the parties identified as a
Subsidiary Guarantor thereon, and U.S. Bank National Association, as Trustee, relating to the 4.875% First Priority Senior Secured Notes due 2026, dated July 1, 2019 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on
Form 8-K filed on July 2, 2019).
|
|||
Indenture, by and between Berry Global Escrow Corporation and U.S. Bank National Association, as Trustee and Collateral Agent, relating to the 5.625%
Second Priority Senior Secured Notes due 2027, dated June 5, 2019 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on June 6, 2019).
|
|||
Supplemental Indenture, among Berry Global Group, Inc., Berry Global, Inc., Berry Global Escrow Corporation, each of the parties identified as a
Subsidiary Guarantor thereon, and U.S. Bank National Association, as Trustee, relating to the 5.625% Second Priority Senior Secured Notes due 2027, dated July 1, 2019 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on
Form 8-K filed on July 2, 2019).
|
|||
Indenture, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank National Association, as Trustee and Collateral Agent, and Elavon
Financial Services DAC, as Paying Agent, Transfer Agent and Registrar, relating to the 1.00% First Priority Senior Secured Notes due 2025 and 1.50% First Priority Senior Secured Notes due 2027, dated January 2, 2020 (incorporated by reference
to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on January 2, 2020).
|
|||
Indenture among Berry Global, Inc., certain guarantors party thereto, U.S. Bank National Association, as Trustee and Collateral Agent, relating to the
1.57% First Priority Senior Secured Notes due 2026, dated December 22, 2020 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on December 23, 2020).
|
|||
First Supplemental Indenture, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank National Association, as Trustee and Collateral
Agent, relating to the 1.57% First Priority Senior Secured Notes due 2026, dated March 4, 2021 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on March 4, 2021).
|
|||
Indenture among Berry Global, Inc., certain guarantors party thereto, U.S. Bank National Association, as Trustee and Collateral Agent, relating to the
0.95% First Priority Senior Secured Notes due 2024, dated January 15, 2021 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on January 15, 2021).
|
|||
Indenture, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank National Association, as Trustee and Collateral Agent, relating to
the 1.65% First Priority Senior Secured Notes due 2027, dated June 14, 2021 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 14, 2021).
|
_
|
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. and J.P. Morgan Securities LLC, on behalf of themselves and as representatives of the initial purchasers, relating to the 1.57% First Priority Senior Secured Notes due 2026 (incorporated by reference to Exhibit
4.2 to the Company’s Current Report on Form 8-K filed on December 23, 2020).
|
||
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. and J.P. Morgan Securities LLC, on behalf of themselves and as representatives of the initial purchasers, relating to the 0.95% First Priority Senior Secured Notes due 2024 (incorporated by reference to Exhibit
4.2 to the Company’s Current Report on Form 8-K filed on January 15, 2021).
|
|||
Registration Rights Agreement, dated March 4, 2021, by and between Berry Global, Inc., Berry Global Group, Inc., each subsidiary of Berry Global, Inc.
identified therein, and Citigroup Global Markets Inc. Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC, on behalf of themselves and as representatives of the initial purchasers, relating to the 1.57% First Priority Senior Secured
Notes due 2026 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on March 5, 2021).
|
|||
Registration Rights Agreement, by and between Berry Global, Inc., Berry Global Group, Inc., each subsidiary of Berry Global, Inc. identified therein,
and J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC, on behalf of themselves and as representatives of the initial purchasers, relating to the 1.65% First Priority Senior Secured Notes due 2027
(incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on June 14, 2021).
|
|||
Description of Securities (incorporated by reference to Exhibit 4.9 to the Company’s Annual Report on Form 10-K filed on November 11, 2019).
|
|||
$850,000,000 Third Amended and Restated Revolving Credit Agreement, dated as of May 1, 2019, by and among Berry Global, Inc., Berry Global Group,
Inc., the lenders party thereto, Bank of America, N.A., as collateral agent and administrative agent, and the financial institutions party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on
May 6, 2019).
|
|||
U.S. $1,200,000,000 Second Amended and Restated Credit Agreement, dated as of April 3, 2007, by and among Berry Plastics Corporation formerly known as
Berry Plastics Holding Corporation, Berry Plastics Group, Inc., Credit Suisse, Cayman Islands Branch, as collateral and administrative agent, the lenders party thereto from time to time, and the other financial institutions party thereto
(incorporated by reference to Exhibit 10.1(b) to Berry Plastics Corporation’s Current Report on Form 8-K filed on April 10, 2007).
|
|||
Second Amended and Restated Intercreditor Agreement, dated as of February 5, 2008, by and among Berry Plastics Group, Inc., Berry Plastics
Corporation, certain subsidiaries identified as parties thereto, Bank of America, N.A. and Credit Suisse, Cayman Islands Branch as first lien agents, and U.S. Bank National Association, as successor in interest to Wells Fargo Bank, N.A., as
trustee (incorporated by reference to Exhibit 10.3 to the Company’s Annual Report on Form 10-K filed on November 23, 2015).
|
|||
U.S. $1,147,500,000 and $814,375,000 Incremental Assumption Agreement, dated as of February 10, 2017 by and among Berry Plastics Group, Inc., Berry
Plastics Corporation and certain of its subsidiaries referenced therein, Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders under the term loan credit agreement referenced therein, Citibank, N.A., as initial Term K
lender and Citibank, N.A., as incremental term L lender therein. (incorporated by reference to Exhibit 10.7 to the Company’s Annual Report on Form 10-K filed on November 21, 2017).
|
|||
U.S. $1,644,750,000 and $498,750,000 Incremental Assumption Agreement, dated as of August 10, 2017, by and among Berry Plastics Group, Inc., Berry
Plastics Corporation and certain of its subsidiaries referenced therein, Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders under the term loan credit agreement referenced therein, Wells Fargo Bank, National
Association, as initial Term M lender and Wells Fargo Bank, National Association, as initial Term N lender therein (incorporated by reference to Exhibit 10.8 to the Company’s Annual Report on Form 10-K filed on November 21, 2017).
|
|||
U.S. $900,000,000 and $814,375,000 Incremental Assumption Agreement, dated as of November 27, 2017, by and among Berry Global Group, Inc., Berry
Global, Inc. and certain of its subsidiaries referenced therein, Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders under the term loan credit agreement referenced therein, Citibank, N.A., as initial Term O Lender,
and Citibank, N.A., as initial Term P Lender therein. (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on February 7, 2018).
|
U.S. $ 1,644,750,000 and $496,250,000 Incremental Assumption Agreement and Amendment, dated as of February 12, 2018, by and among Berry Global Group,
Inc., Berry Global, Inc. and certain of its subsidiaries referenced therein, Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders under the term loan credit agreement referenced therein, Citibank, N.A., as initial
Term Q lender, and Citibank, N.A., as initial Term R lender therein (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 3, 2018).
|
|||
U.S. $800,000,000 and $814,375,000 Incremental Assumption Agreement, dated as of May 16, 2018, by and among Berry Global Group, Inc., Berry Global,
Inc. and certain of its subsidiaries referenced therein, Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders under the term loan credit agreement referenced therein, Citibank, N.A., as initial Term S lender, and
Citibank, N.A., as initial Term T lender therein (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on August 3, 2018).
|
|||
Incremental Assumption Agreement and Amendment, among Berry Global Group, Inc., Berry Global, Inc. and certain subsidiaries of
Berry Global, Inc., as Loan Parties, Credit Suisse AG, Cayman Islands Branch, as Administrative Agent, Goldman Sachs Bank USA, as Initial Term U Lender, and Goldman Sachs Bank USA, as Initial Term V Lender, dated as of July 1, 2019
(incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 2, 2019).
|
|||
Amendment and Waiver to Equipment Lease Agreement, dated as of January 19, 2011, between Chicopee, Inc., as Lessee and Gossamer
Holdings, LLC, as Lessor (incorporated by reference to Exhibit 10.16 to AVINTIV Specialty Materials Inc.’s Registration Statement Form S-4 filed on October 25, 2011).
|
|||
Second Amendment to Equipment Lease Agreement, dated as of October 7, 2011, between Chicopee, Inc., as Lessee and Gossamer
Holdings, LLC, as Lessor (incorporated by reference to Exhibit 10.17 to AVINTIV Specialty Materials Inc.’s Registration Statement Form S-4 filed on October 25, 2011).
|
|||
Third Amendment to Equipment Lease Agreement, dated as of February 28, 2012, between Chicopee, Inc., as Lessee and Gossamer
Holdings, LLC, as Lessor (incorporated by reference to Exhibit 10.1 to AVINTIV Specialty Materials Inc.’s Quarterly Report on Form 10-Q filed on May 15, 2012).
|
|||
Fourth Amendment to Equipment Lease Agreement, dated as of March 22, 2013, between Chicopee, Inc., as Lessee and Gossamer
Holdings, LLC, as Lessor (incorporated by reference to Exhibit 10.1 to AVINTIV Specialty Materials Inc.’s Quarterly Report on Form 10-Q filed on May 9, 2013).
|
|||
†
|
2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.8 to Berry Plastics Corporation’s Registration Statement Form
S-4 filed on November 2, 2006).
|
||
†
|
Amendment No. 2 to the Berry Plastics Group, Inc., 2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.9 to the
Company’s Annual Report on Form 10-K filed on December 11, 2013).
|
||
†
|
Amendment No. 3 to Berry Plastics Group, Inc. 2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the
Company’s Current Report on Form 8-K filed on March 10, 2015).
|
||
†
|
Form of 2016 Omnibus Amendment to Awards Granted Under the Berry Plastics Group, Inc. 2006 Equity Incentive Plan (incorporated by
reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 22, 2016).
|
||
†
|
Omnibus amendment to awards granted under the Berry Plastics Group, Inc., 2006 Long-Term Incentive Plan (incorporated by
reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K filed on December 11, 2013).
|
||
†
|
Form of Performance-Based Stock Option Agreement of Berry Plastics Group, Inc. (incorporated by reference to Exhibit 10.9 to
Berry Plastics Corporation’s Registration Statement Form S-4 filed on November 2, 2006).
|
||
†
|
Form of Accreting Stock Option Agreement of Berry Plastics Group, Inc. (incorporated by reference to Exhibit 10.10 to Berry
Plastics Corporation’s Registration Statement Form S-4 filed on November 2, 2006).
|
||
†
|
Form of Time-Based Stock Option Agreement of Berry Plastics Group, Inc. (incorporated by reference to Exhibit 10.11 to Berry
Plastics Corporation’s Registration Statement Form S-4 filed on November 2, 2006).
|
||
†
|
Form of Performance-Based Stock Appreciation Rights Agreement of Berry Plastics Group, Inc. (incorporated by reference to Exhibit
10.12 to Berry Plastics Corporation’s Registration Statement Form S-4 filed on November 2, 2006).
|
||
†
|
Employment Agreement of Thomas E. Salmon (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K
filed on February 6, 2017).
|
||
†
|
Berry Plastics Group, Inc. Executive Bonus Plan, amended and restated December 22, 2015, effective as of September 27, 2015
(incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 28, 2015).
|
||
†
|
Berry Plastics Group, Inc. 2012 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.27 to the Company’s Annual
Report on Form 10-K filed on December 17, 2012).
|
†
|
Amendment No. 1 to the Berry Plastics Group, Inc., 2012 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.31 to
the Company’s Annual Report on Form 10-K filed on December 11, 2013).
|
||
†
|
Omnibus amendment to awards granted under the Berry Plastics Group, Inc., 2012 Long-Term Incentive Plan (incorporated by
reference to Exhibit 10.32 to the Company’s Annual Report on Form 10-K filed on December 11, 2013).
|
||
†
|
Amendment No. 2 to the Berry Plastics Group, Inc. 2012 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the
Company’s Current Report on Form 8-K filed on March 10, 2015).
|
||
†
|
Form of 2016 Omnibus Amendment to Awards Granted Under the Berry Plastics Group, Inc. 2012 Long-Term Incentive Plan (incorporated
by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on July 22, 2016).
|
||
†
|
2015 Berry Plastics Group, Inc. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company’s Current
Report on Form 8-K filed on March 10, 2015).
|
||
†
|
First Amendment to 2015 Berry Plastics Group, Inc. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to the
Company’s Current Report on Form 8-K filed on March 6, 2018).
|
||
†
|
Form of 2016 Omnibus Amendment to Awards Granted Under the Berry Plastics Group, Inc. 2015 Long-Term Incentive Plan (incorporated by reference to
Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on July 22, 2016).
|
||
†
|
Fourth Amended and Restated Stockholders Agreement, by and among Berry Plastics Group, Inc., and the stockholders of the Corporation listed on
schedule A thereto, dated as of January 15, 2015 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on January 30, 2015).
|
||
†
|
Employment Agreement, dated January 1, 2002, between the Berry Plastics Corporation and Curtis Begle (incorporated by reference to Exhibit 10.1 to the
Company’s Quarterly Report on Form 10-Q filed on January 31, 2014).
|
||
†
|
Amendment No. 1 to Employment Agreement, dated as of September 13, 2006, by and between the Berry Plastics Corporation and Curtis Begle (incorporated
by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on January 31, 2014).
|
||
†
|
Amendment No. 2 to Employment Agreement, dated December 31, 2008, by and between the Berry Plastics Corporation and Curtis Begle (incorporated by
reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed on January 31, 2014).
|
||
†
|
Amendment No. 3 to Employment Agreement, dated August 1, 2010, by and between the Berry Plastics Corporation and Curtis L. Begle (incorporated by
reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed on January 31, 2014).
|
||
†
|
Amendment No. 4 to Employment Agreement, dated December 16, 2011, by and between the Berry Plastics Corporation and Curtis L. Begle (incorporated by
reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q filed on January 31, 2014).
|
||
†
|
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 by reference to Exhibit 10.40 to the Company’s Annual Report on Form 10-K filed on November 30, 2016).
|
||
†
|
Form of Amendment to Employment Agreement by and between Berry Plastics Corporation and each of Curtis L Begle, Mark W. Miles, and Thomas E. Salmon
(incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 22, 2016).
|
||
†
|
Senior Executive Employment Contract dated as of September 30, 2015 by and between PGI Specialty Materials Inc. and Jean Marc Galvez, together with
the International Assignment Letter dated December 18, 2016 from Berry Global, Inc. (f/k/a Berry Plastics Corporation) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on February 7, 2018).
|
||
†
|
Employment Agreement, dated December 16, 2010, between Berry Plastics Corporation and Jason Greene, together with amendments dated December 31, 2011
and July 20, 2016 (incorporated by reference to Exhibit 10.43 to the Company’s Annual Report on Form 10-K filed on November 23, 2020).
|
||
†
|
Amended and Restated Berry Global Group, Inc. 2015 Long-Term Incentive Plan, effective February 24, 2021 (incorporated by reference to Exhibit 10.1 to
the Company’s Current Report on Form 8-K filed on February 25, 2021).
|
||
†
|
Form of Employee Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K
filed on November 30, 2020).
|
||
†
|
Form of Employee Performance-Based Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K
filed on November 30, 2020).
|
||
†
|
Form of Director Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K
filed on November 30, 2020).
|
*
|
|||
*
|
List of Subsidiary Guarantors.
|
||
*
|
Consent of Independent Registered Public Accounting Firm.
|
||
*
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.
|
||
*
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.
|
||
*
|
Section 1350 Certification of the Chief Executive Officer.
|
||
*
|
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 or furnished herewith, as applicable.
|
† |
Management contract or compensatory plan or arrangement.
|
BERRY GLOBAL GROUP, INC.
|
|||
By
|
/s/ Thomas E. Salmon
|
||
Chief Executive Officer
|
Signature
|
Title
|
Date
|
||
/s/ Thomas E. Salmon
|
Chief Executive Officer and Chairman of the Board of Directors and Director (Principal Executive Officer)
|
|||
/s/ Mark W. Miles
|
Chief Financial Officer (Principal Financial Officer)
|
|||
/s/ James M. Till
|
Executive Vice President and Controller (Principal Accounting Officer)
|
|||
/s/ B. Evan Bayh
|
Director
|
|||
Director
|
||||
Director
|
||||
/s/ Jill A. Rahman
|
Director
|
|||
Director
|
||||
/s/ Paula Sneed
|
Director
|
|||
/s/ Robert A. Steele
|
Director
|
|||
Director
|
||||
/s/ Scott B. Ullem
|
Director
|
|||
This ‘10-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/15/22 | ||||
12/1/22 | ||||
Filed on: | 11/18/22 | |||
For Period end: | 10/1/22 | |||
4/2/22 | 10-Q | |||
11/18/21 | 10-K, 8-K | |||
10/2/21 | 10-K | |||
6/14/21 | 8-K | |||
3/5/21 | 8-K | |||
3/4/21 | 8-K | |||
2/25/21 | 8-K | |||
2/24/21 | 8-K, DEF 14A, PRE 14A | |||
1/15/21 | 8-K | |||
12/23/20 | 8-K | |||
12/22/20 | 8-K | |||
11/30/20 | 8-K | |||
11/23/20 | 10-K, 4, 8-K | |||
9/26/20 | 10-K, 8-K | |||
1/2/20 | 8-K | |||
11/11/19 | ||||
9/28/19 | 10-K | |||
7/2/19 | 8-K | |||
7/1/19 | 3, 8-K | |||
6/6/19 | 8-K | |||
6/5/19 | 8-K | |||
5/6/19 | 8-K | |||
5/2/19 | 10-Q, 8-K | |||
5/1/19 | ||||
3/14/19 | 8-K | |||
3/8/19 | 8-K | |||
3/6/19 | 8-K, DEF 14A, PRE 14A | |||
8/3/18 | 10-Q, 8-K | |||
5/16/18 | ||||
5/3/18 | 10-Q, 8-K | |||
3/6/18 | 3, 8-K | |||
2/12/18 | SC 13G/A | |||
2/7/18 | 10-Q, 8-K | |||
11/27/17 | 4 | |||
11/21/17 | 10-K, 4 | |||
8/10/17 | ||||
2/10/17 | 4, SC 13G/A | |||
2/6/17 | 4, 8-K | |||
12/18/16 | ||||
11/30/16 | 10-K, 4, 425 | |||
7/22/16 | 8-K | |||
7/20/16 | ||||
12/28/15 | 8-K | |||
12/22/15 | ||||
11/23/15 | 10-K, 4 | |||
9/30/15 | ||||
9/27/15 | ||||
3/10/15 | 8-K | |||
1/30/15 | 10-Q, 8-K | |||
1/15/15 | 3, PRE 14A | |||
1/31/14 | 10-Q | |||
12/11/13 | 10-K | |||
5/9/13 | ||||
3/22/13 | ||||
12/17/12 | 10-K | |||
9/19/12 | S-1/A | |||
5/15/12 | ||||
2/28/12 | ||||
12/31/11 | ||||
12/16/11 | ||||
10/25/11 | ||||
10/7/11 | ||||
1/19/11 | ||||
12/16/10 | ||||
8/1/10 | ||||
12/31/08 | ||||
2/5/08 | ||||
4/10/07 | ||||
4/3/07 | ||||
11/2/06 | ||||
9/13/06 | ||||
2/28/03 | ||||
1/1/02 | ||||
2/28/98 | ||||
List all Filings |