02/08/2024 | Press release | Distributed by Public on 02/08/2024 21:10
☒ |
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 Delaware corporation
|
101 Oakley Street, Evansville, Indiana, 47710
(812) 424-2904
|
IRS employer identification number
20-5234618
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value per share
|
BERY
|
New York Stock Exchange LLC
|
Large Accelerated Filer☒
|
Accelerated Filer ☐
|
Non-Accelerated Filer ☐
|
Smaller Reporting Company ☐
|
Emerging Growth Company ☐
|
Part I.
|
Financial Information
|
Page No.
|
|
Item 1.
|
Financial Statements:
|
||
Consolidated Statements of Income and Comprehensive Income
|
4
|
||
Consolidated Balance Sheets
|
5
|
||
Consolidated Statements of Cash Flows
|
6
|
||
Consolidated Statements of Changes in Stockholders' Equity
|
7
|
||
Notes to Consolidated Financial Statements
|
8
|
||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
15
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
20
|
|
Item 4.
|
Controls and Procedures
|
20
|
|
Part II.
|
Other Information
|
||
Item 1.
|
Legal Proceedings
|
21
|
|
Item 1A.
|
Risk Factors
|
21
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
21
|
|
Item 5.
|
Other Information
|
21
|
|
Item 6.
|
Exhibits
|
22
|
|
Signature
|
23
|
Item 1. |
Financial Statements
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Net sales
|
$
|
3,161
|
$
|
3,229
|
$
|
9,090
|
$
|
9,577
|
||||||||
Costs and expenses:
|
||||||||||||||||
Cost of goods sold
|
2,560
|
2,649
|
7,448
|
7,873
|
||||||||||||
Selling, general and administrative
|
216
|
215
|
664
|
671
|
||||||||||||
Amortization of intangibles
|
58
|
61
|
177
|
181
|
||||||||||||
Restructuring and transaction activities
|
24
|
37
|
133
|
74
|
||||||||||||
Operating income
|
303
|
267
|
668
|
778
|
||||||||||||
Other expense (income)
|
(5
|
)
|
11
|
8
|
13
|
|||||||||||
Interest expense
|
77
|
78
|
225
|
228
|
||||||||||||
Income before income taxes
|
231
|
178
|
435
|
537
|
||||||||||||
Income tax expense
|
38
|
35
|
67
|
114
|
||||||||||||
Net income
|
$
|
193
|
$
|
143
|
$
|
368
|
$
|
423
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
1.69
|
$
|
1.20
|
$
|
3.19
|
$
|
3.50
|
||||||||
Diluted
|
1.65
|
1.18
|
3.11
|
3.47
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Net income
|
$
|
193
|
$
|
143
|
$
|
368
|
$
|
423
|
||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Currency translation
|
(63
|
)
|
23
|
6
|
224
|
|||||||||||
Derivative instruments
|
(6
|
)
|
31
|
(65
|
)
|
(1
|
)
|
|||||||||
Other comprehensive income (loss)
|
(69
|
)
|
54
|
(59
|
)
|
223
|
||||||||||
Comprehensive income
|
$
|
124
|
$
|
197
|
$
|
309
|
$
|
646
|
June 29, 2024
|
September 30, 2023
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
509
|
$
|
1,203
|
||||
Accounts receivable
|
1,630
|
1,568
|
||||||
Finished goods
|
1,047
|
933
|
||||||
Raw materials and supplies
|
632
|
624
|
||||||
Prepaid expenses and other current assets
|
318
|
205
|
||||||
Total current assets
|
4,136
|
4,533
|
||||||
Noncurrent assets:
|
||||||||
Property, plant and equipment
|
4,558
|
4,576
|
||||||
Goodwill and intangible assets
|
6,558
|
6,684
|
||||||
Right-of-use assets
|
619
|
625
|
||||||
Other assets
|
117
|
169
|
||||||
Total assets
|
$
|
15,988
|
$
|
16,587
|
||||
Liabilities and stockholders' equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
1,242
|
$
|
1,528
|
||||
Accrued employee costs
|
234
|
273
|
||||||
Other current liabilities
|
769
|
902
|
||||||
Current portion of long-term debt
|
23
|
10
|
||||||
Total current liabilities
|
2,268
|
2,713
|
||||||
Noncurrent liabilities:
|
||||||||
Long-term debt
|
8,676
|
8,970
|
||||||
Deferred income taxes
|
453
|
573
|
||||||
Employee benefit obligations
|
186
|
193
|
||||||
Operating lease liabilities
|
510
|
525
|
||||||
Other long-term liabilities
|
524
|
397
|
||||||
Total liabilities
|
12,617
|
13,371
|
||||||
Stockholders' equity:
|
||||||||
Common stock (114.6 and 115.5 million shares issued, respectively)
|
1
|
1
|
||||||
Additional paid-in capital
|
1,294
|
1,231
|
||||||
Retained earnings
|
2,471
|
2,320
|
||||||
Accumulated other comprehensive loss
|
(395
|
)
|
(336
|
)
|
||||
Total stockholders' equity
|
3,371
|
3,216
|
||||||
Total liabilities and stockholders' equity
|
$
|
15,988
|
$
|
16,587
|
Three Quarterly Periods Ended
|
||||||||
June 29, 2024
|
July 1, 2023
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
368
|
$
|
423
|
||||
Adjustments to reconcile net cash from operating activities:
|
||||||||
Depreciation
|
463
|
425
|
||||||
Amortization of intangibles
|
177
|
181
|
||||||
Non-cash interest (income), net
|
(61
|
)
|
(45
|
)
|
||||
Settlement of derivatives
|
27
|
36
|
||||||
Deferred income tax
|
(78
|
)
|
(94
|
)
|
||||
Share-based compensation expense
|
38
|
36
|
||||||
Loss on divestitures
|
57
|
-
|
||||||
Other non-cash operating activities, net
|
14
|
18
|
||||||
Changes in working capital
|
(700
|
)
|
(473
|
)
|
||||
Changes in other assets and liabilities
|
(8
|
)
|
(17
|
)
|
||||
Net cash from operating activities
|
297
|
490
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Additions to property, plant and equipment, net
|
(473
|
)
|
(560
|
)
|
||||
Divestiture of business
|
47
|
-
|
||||||
Acquisition of business and other
|
(68
|
)
|
(88
|
)
|
||||
Net cash from investing activities
|
(494
|
)
|
(648
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from long-term borrowings
|
3,150
|
500
|
||||||
Repayments on long-term borrowings
|
(3,441
|
)
|
(687
|
)
|
||||
Proceeds from issuance of common stock
|
33
|
26
|
||||||
Repurchase of common stock
|
(117
|
)
|
(415
|
)
|
||||
Dividends paid
|
(104
|
)
|
(97
|
)
|
||||
Other, net
|
(22
|
)
|
7
|
|||||
Net cash from financing activities
|
(501
|
)
|
(666
|
)
|
||||
Effect of currency translation on cash
|
4
|
47
|
||||||
Net change in cash and cash equivalents
|
(694
|
)
|
(777
|
)
|
||||
Cash and cash equivalents at beginning of period
|
1,203
|
1,410
|
||||||
Cash and cash equivalents at end of period
|
$
|
509
|
$
|
633
|
Quarterly Period Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at March 30, 2024
|
$
|
1
|
$
|
1,279
|
$
|
(326
|
)
|
$
|
2,340
|
$
|
3,294
|
|||||||||
Net income
|
-
|
-
|
-
|
193
|
193
|
|||||||||||||||
Other comprehensive (loss)
|
-
|
-
|
(69
|
)
|
-
|
(69
|
)
|
|||||||||||||
Share-based compensation
|
-
|
8
|
-
|
-
|
8
|
|||||||||||||||
Proceeds from issuance of common stock
|
-
|
8
|
-
|
-
|
8
|
|||||||||||||||
Common stock repurchased and other
|
-
|
(1
|
)
|
-
|
(28
|
)
|
(29
|
)
|
||||||||||||
Dividends paid
|
-
|
-
|
-
|
(34
|
)
|
(34
|
)
|
|||||||||||||
Balance at June 29, 2024
|
$
|
1
|
$
|
1,294
|
$
|
(395
|
)
|
$
|
2,471
|
$
|
3,371
|
|||||||||
Balance at April 1, 2023
|
$
|
1
|
$
|
1,214
|
$
|
(234
|
)
|
$
|
2,314
|
$
|
3,295
|
|||||||||
Net income
|
-
|
-
|
-
|
143
|
143
|
|||||||||||||||
Other comprehensive income
|
-
|
-
|
54
|
-
|
54
|
|||||||||||||||
Share-based compensation
|
-
|
6
|
-
|
-
|
6
|
|||||||||||||||
Proceeds from issuance of common stock
|
-
|
8
|
-
|
-
|
8
|
|||||||||||||||
Common stock repurchased and other
|
-
|
(6
|
)
|
-
|
(81
|
)
|
(87
|
)
|
||||||||||||
Dividends paid
|
-
|
-
|
-
|
(32
|
)
|
(32
|
)
|
|||||||||||||
Balance at July 1, 2023
|
$
|
1
|
$
|
1,222
|
$
|
(180
|
)
|
$
|
2,344
|
$
|
3,387
|
Three Quarterly Periods Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at September 30, 2023
|
$
|
1
|
$
|
1,231
|
$
|
(336
|
)
|
$
|
2,320
|
$
|
3,216
|
|||||||||
Net income
|
-
|
-
|
-
|
368
|
368
|
|||||||||||||||
Other comprehensive (loss)
|
-
|
-
|
(59
|
)
|
-
|
(59
|
)
|
|||||||||||||
Share-based compensation
|
-
|
38
|
-
|
-
|
38
|
|||||||||||||||
Proceeds from issuance of common stock
|
-
|
29
|
-
|
-
|
29
|
|||||||||||||||
Common stock repurchased and other
|
-
|
(4
|
)
|
-
|
(113
|
)
|
(117
|
)
|
||||||||||||
Dividends paid
|
-
|
-
|
-
|
(104
|
)
|
(104
|
)
|
|||||||||||||
Balance at June 29, 2024
|
$
|
1
|
$
|
1,294
|
$
|
(395
|
)
|
$
|
2,471
|
$
|
3,371
|
|||||||||
Balance at October 1, 2022
|
$
|
1
|
$
|
1,177
|
$
|
(403
|
)
|
$
|
2,421
|
$
|
3,196
|
|||||||||
Net income
|
-
|
-
|
-
|
423
|
423
|
|||||||||||||||
Other comprehensive income
|
-
|
-
|
223
|
-
|
223
|
|||||||||||||||
Share-based compensation
|
-
|
36
|
-
|
-
|
36
|
|||||||||||||||
Proceeds from issuance of common stock
|
-
|
26
|
-
|
-
|
26
|
|||||||||||||||
Common stock repurchased and other
|
-
|
(17
|
)
|
-
|
(403
|
)
|
(420
|
)
|
||||||||||||
Dividends paid
|
-
|
-
|
-
|
(97
|
)
|
(97
|
)
|
|||||||||||||
Balance at July 1, 2023
|
$
|
1
|
$
|
1,222
|
$
|
(180
|
)
|
$
|
2,344
|
$
|
3,387
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
Restructuring Plans
|
||||||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
Life to date (a)
|
||||||||||||||||
Consumer Packaging International
|
$
|
11
|
$
|
17
|
$
|
90
|
$
|
32
|
83
|
|||||||||||
Consumer Packaging North America
|
6
|
6
|
17
|
14
|
40
|
|||||||||||||||
Health, Hygiene & Specialties
|
5
|
12
|
23
|
21
|
30
|
|||||||||||||||
Flexibles
|
2
|
2
|
3
|
7
|
25
|
|||||||||||||||
Consolidated
|
$
|
24
|
$
|
37
|
$
|
133
|
$
|
74
|
178
|
Restructuring
|
||||||||||||||||||||
Employee
Severance
and Benefits
|
Facility
Exit Costs
|
Non-cash
Impairment
Charges
|
Transaction
Activities
|
Total
|
||||||||||||||||
Balance as of September 30, 2023
|
$
|
10
|
$
|
1
|
$
|
-
|
$
|
-
|
$
|
11
|
||||||||||
Charges
|
22
|
26
|
8
|
77
|
133
|
|||||||||||||||
Non-cash items
|
-
|
-
|
(8
|
)
|
(57
|
)
|
(65
|
)
|
||||||||||||
Cash
|
(16
|
)
|
(27
|
)
|
-
|
(20
|
)
|
(63
|
)
|
|||||||||||
Balance as of June 29, 2024
|
$
|
16
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
16
|
Leases
|
Classification
|
June 29, 2024
|
September 30, 2023
|
||||||
Operating leases:
|
|||||||||
Operating lease right-of-use assets
|
Right-of-use assets
|
$
|
619
|
$
|
625
|
||||
Current operating lease liabilities
|
Other current liabilities
|
125
|
116
|
||||||
Noncurrent operating lease liabilities
|
Operating lease liability
|
510
|
525
|
||||||
Finance leases:
|
|||||||||
Finance lease right-of-use assets
|
Property, plant, and equipment, net
|
$
|
32
|
$
|
32
|
||||
Current finance lease liability
|
Current portion of long-term debt
|
7
|
9
|
||||||
Noncurrent finance lease liabilities
|
Long-term debt, less current portion
|
21
|
19
|
Facility
|
Maturity Date
|
June 29, 2024
|
September 30, 2023
|
||||||
Term loan (a)
|
July 2026
|
$
|
440
|
$
|
3,090
|
||||
Term loan (a)
|
July 2029
|
1,538
|
-
|
||||||
Revolving line of credit
|
June 2028
|
-
|
-
|
||||||
1.00% First Priority Senior Secured Notes (b)(c)
|
January 2025
|
750
|
741
|
||||||
1.57% First Priority Senior Secured Notes
|
January 2026
|
1,525
|
1,525
|
||||||
4.875% First Priority Senior Secured Notes
|
July 2026
|
750
|
1,250
|
||||||
1.65% First Priority Senior Secured Notes
|
January 2027
|
400
|
400
|
||||||
1.50% First Priority Senior Secured Notes (b)
|
January 2027
|
402
|
397
|
||||||
5.50% First Priority Senior Secured Notes
|
April 2028
|
500
|
500
|
||||||
5.80% First Priority Senior Secured Notes
|
June 2031
|
800
|
-
|
||||||
5.65% First Priority Senior Secured Notes
|
January 2034
|
800
|
-
|
||||||
4.50% Second Priority Senior Secured Notes
|
February 2026
|
291
|
291
|
||||||
5.625% Second Priority Senior Secured Notes
|
July 2027
|
500
|
500
|
||||||
Debt discounts and deferred fees
|
(36
|
)
|
(34
|
)
|
|||||
Finance leases and other
|
Various
|
39
|
41
|
||||||
Retired debt
|
-
|
279
|
|||||||
Total long-term debt
|
8,699
|
8,980
|
|||||||
Current portion of long-term debt
|
(23
|
)
|
(10
|
)
|
|||||
Long-term debt, less current portion
|
$
|
8,676
|
$
|
8,970
|
(a) |
Interest rates on term loans are effectively 68% fixed with interest rate swaps (see Note 8).
|
(b) |
Euro denominated
|
(c) |
Indicates debt which has been classified as long-term debt in accordance with the Company's ability and intention to refinance such obligations on a long-term basis.
|
Derivative Instruments
|
Hedge Designation
|
Balance Sheet Location
|
June 29, 2024
|
September 30, 2023
|
||||||
Cross-currency swaps
|
Designated
|
Other current liabilities
|
-
|
66
|
||||||
Cross-currency swaps
|
Designated
|
Other long-term liabilities
|
165
|
19
|
||||||
Interest rate swaps
|
Designated
|
Other long-term assets
|
-
|
36
|
||||||
Interest rate swaps
|
Designated
|
Other long-term liabilities
|
26
|
-
|
||||||
Interest rate swaps
|
Not designated
|
Other long-term assets
|
5
|
8
|
||||||
Interest rate swaps
|
Not designated
|
Other long-term liabilities
|
75
|
104
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
||||||||||||||||
Derivative Instruments
|
Statements of Income Location
|
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||
Cross-currency swaps
|
Interest expense
|
$
|
(8
|
)
|
$
|
(10
|
)
|
$
|
(28
|
)
|
$
|
(31
|
)
|
||||
Interest rate swaps
|
Interest expense
|
(20
|
)
|
(21
|
)
|
(62
|
)
|
(38
|
)
|
As of June 29, 2024
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
-
|
$
|
-
|
$
|
248
|
$
|
248
|
$
|
-
|
||||||||||
Goodwill
|
-
|
-
|
5,019
|
5,019
|
-
|
|||||||||||||||
Definite lived intangible assets
|
-
|
-
|
1,291
|
1,291
|
-
|
|||||||||||||||
Property, plant, and equipment
|
-
|
-
|
4,558
|
4,558
|
8
|
|||||||||||||||
Total
|
$
|
-
|
$
|
-
|
$
|
11,116
|
$
|
11,116
|
$
|
8
|
As of September 30, 2023
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
-
|
$
|
-
|
$
|
248
|
$
|
248
|
$
|
-
|
||||||||||
Goodwill
|
-
|
-
|
4,981
|
4,981
|
-
|
|||||||||||||||
Definite lived intangible assets
|
-
|
-
|
1,455
|
1,455
|
-
|
|||||||||||||||
Property, plant, and equipment
|
-
|
-
|
4,576
|
4,576
|
8
|
|||||||||||||||
Total
|
$
|
-
|
$
|
-
|
$
|
11,260
|
$
|
11,260
|
$
|
8
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Net sales:
|
||||||||||||||||
Consumer Packaging International
|
$
|
959
|
$
|
1,036
|
$
|
2,844
|
$
|
3,031
|
||||||||
Consumer Packaging North America
|
831
|
798
|
2,281
|
2,335
|
||||||||||||
Health, Hygiene & Specialties
|
647
|
657
|
1,896
|
1,997
|
||||||||||||
Flexibles
|
724
|
738
|
2,069
|
2,214
|
||||||||||||
Total net sales
|
$
|
3,161
|
$
|
3,229
|
$
|
9,090
|
$
|
9,577
|
||||||||
Operating income:
|
||||||||||||||||
Consumer Packaging International
|
$
|
79
|
$
|
68
|
$
|
113
|
$
|
190
|
||||||||
Consumer Packaging North America
|
103
|
89
|
243
|
253
|
||||||||||||
Health, Hygiene & Specialties
|
34
|
22
|
64
|
89
|
||||||||||||
Flexibles
|
87
|
88
|
248
|
246
|
||||||||||||
Total operating income
|
$
|
303
|
$
|
267
|
$
|
668
|
$
|
778
|
||||||||
Depreciation and amortization:
|
||||||||||||||||
Consumer Packaging International
|
$
|
79
|
$
|
79
|
$
|
240
|
$
|
230
|
||||||||
Consumer Packaging North America
|
57
|
54
|
170
|
159
|
||||||||||||
Health, Hygiene & Specialties
|
45
|
45
|
137
|
133
|
||||||||||||
Flexibles
|
32
|
29
|
93
|
84
|
||||||||||||
Total depreciation and amortization
|
$
|
213
|
$
|
207
|
$
|
640
|
$
|
606
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Net sales:
|
||||||||||||||||
United States and Canada
|
$
|
1,763
|
$
|
1,748
|
$
|
4,996
|
$
|
5,195
|
||||||||
Europe
|
1,103
|
1,184
|
3,239
|
3,470
|
||||||||||||
Rest of world
|
295
|
297
|
855
|
912
|
||||||||||||
Total net sales
|
$
|
3,161
|
$
|
3,229
|
$
|
9,090
|
$
|
9,577
|
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
(in millions, except per share amounts)
|
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||
Numerator
|
||||||||||||||||
Consolidated net income
|
$
|
193
|
$
|
143
|
$
|
368
|
$
|
423
|
||||||||
Denominator
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
114.5
|
118.7
|
115.2
|
121.0
|
||||||||||||
Dilutive shares
|
2.2
|
2.4
|
3.0
|
0.9
|
||||||||||||
Weighted average common and common equivalent shares outstanding - diluted
|
116.7
|
121.1
|
118.2
|
121.9
|
||||||||||||
Per common share earnings
|
||||||||||||||||
Basic
|
$
|
1.69
|
$
|
1.20
|
$
|
3.19
|
$
|
3.50
|
||||||||
Diluted
|
$
|
1.65
|
$
|
1.18
|
$
|
3.11
|
$
|
3.47
|
Quarterly Period Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at March 30, 2024
|
$
|
(271
|
)
|
$
|
(84
|
)
|
$
|
29
|
$
|
(326
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(63
|
)
|
-
|
6
|
(57
|
)
|
||||||||||
Net amount reclassified
|
-
|
-
|
(12
|
)
|
(12
|
)
|
||||||||||
Balance at June 29, 2024
|
$
|
(334
|
)
|
$
|
(84
|
)
|
$
|
23
|
$
|
(395
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at April 1, 2023
|
$
|
(254
|
)
|
$
|
(32
|
)
|
$
|
52
|
$
|
(234
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
23
|
-
|
40
|
63
|
||||||||||||
Net amount reclassified
|
-
|
-
|
(9
|
)
|
(9
|
)
|
||||||||||
Balance at July 1, 2023
|
$
|
(231
|
)
|
$
|
(32
|
)
|
$
|
83
|
$
|
(180
|
)
|
Three Quarterly Periods Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at September 30, 2023
|
$
|
(340
|
)
|
$
|
(84
|
)
|
$
|
88
|
$
|
(336
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
6
|
-
|
(32
|
)
|
(26
|
)
|
||||||||||
Net amount reclassified
|
-
|
-
|
(33
|
)
|
(33
|
)
|
||||||||||
Balance at June 29, 2024
|
$
|
(334
|
)
|
$
|
(84
|
)
|
$
|
23
|
$
|
(395
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at October 1, 2022
|
$
|
(455
|
)
|
$
|
(32
|
)
|
$
|
84
|
$
|
(403
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
224
|
-
|
24
|
248
|
||||||||||||
Net amount reclassified
|
-
|
-
|
(25
|
)
|
(25
|
)
|
||||||||||
Balance at July 1, 2023
|
$
|
(231
|
)
|
$
|
(32
|
)
|
$
|
83
|
$
|
(180
|
)
|
Consolidated Overview
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
3,161
|
$
|
3,229
|
$
|
(68
|
)
|
(2
|
)%
|
|||||||
Cost of goods sold
|
2,560
|
2,649
|
(89
|
)
|
(3
|
)%
|
||||||||||
Other operating expenses
|
298
|
313
|
(15
|
)
|
(5
|
)%
|
||||||||||
Operating income
|
$
|
303
|
$
|
267
|
$
|
36
|
13
|
%
|
Consumer Packaging International
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
959
|
$
|
1,036
|
$
|
(77
|
)
|
(7
|
)%
|
|||||||
Operating income
|
$
|
79
|
$
|
68
|
$
|
11
|
16
|
%
|
Consumer Packaging North America
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
831
|
$
|
798
|
$
|
33
|
4
|
%
|
||||||||
Operating income
|
$
|
103
|
$
|
89
|
$
|
14
|
16
|
%
|
Health, Hygiene & Specialties
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
647
|
$
|
657
|
$
|
(10
|
)
|
(2
|
)%
|
|||||||
Operating income
|
$
|
34
|
$
|
22
|
$
|
12
|
55
|
%
|
Flexibles
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
724
|
$
|
738
|
$
|
(14
|
)
|
(2
|
)%
|
|||||||
Operating income
|
$
|
87
|
$
|
88
|
$
|
(1
|
)
|
(1
|
)%
|
Consolidated Overview
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
9,090
|
$
|
9,577
|
$
|
(487
|
)
|
(5
|
)%
|
|||||||
Cost of goods sold
|
7,448
|
7,873
|
(425
|
)
|
(5
|
)%
|
||||||||||
Other operating expenses
|
974
|
926
|
48
|
5
|
%
|
|||||||||||
Operating income
|
$
|
668
|
$
|
778
|
$
|
(110
|
)
|
(14
|
)%
|
Consumer Packaging International
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,844
|
$
|
3,031
|
$
|
(187
|
)
|
(6
|
)%
|
|||||||
Operating income
|
$
|
113
|
$
|
190
|
$
|
(77
|
)
|
(41
|
)%
|
Consumer Packaging North America
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,281
|
$
|
2,335
|
$
|
(54
|
)
|
(2
|
)%
|
|||||||
Operating income
|
$
|
243
|
$
|
253
|
$
|
(10
|
)
|
(4
|
)%
|
Health, Hygiene & Specialties
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,896
|
$
|
1,997
|
$
|
(101
|
)
|
(5
|
)%
|
|||||||
Operating income
|
$
|
64
|
$
|
89
|
$
|
(25
|
)
|
(28
|
)%
|
Flexibles
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,069
|
$
|
2,214
|
$
|
(145
|
)
|
(7
|
)%
|
|||||||
Operating income
|
$
|
248
|
$
|
246
|
$
|
2
|
1
|
%
|
June 29, 2024
|
July 1, 2023
|
|||||||
Cash flow from operating activities
|
$
|
297
|
$
|
490
|
||||
Additions to property, plant and equipment, net
|
(473
|
)
|
(560
|
)
|
||||
Free cash flow
|
$
|
(176
|
)
|
$
|
(70
|
)
|
Three Quarterly Periods Ended
|
||||
June 29, 2024
|
||||
Net sales
|
$
|
4,815
|
||
Gross profit
|
981
|
|||
Earnings from continuing operations
|
359
|
|||
Net income
|
$
|
359
|
June 29, 2024
|
September 30, 2023
|
|||||||
Assets
|
||||||||
Current assets
|
$
|
1,485
|
$
|
1,975
|
||||
Noncurrent assets
|
5,903
|
5,997
|
||||||
Liabilities
|
||||||||
Current liabilities
|
$
|
1,010
|
$
|
1,363
|
||||
Intercompany payable
|
799
|
754
|
||||||
Noncurrent liabilities
|
9,970
|
10,271
|
Fiscal Period
|
Total Number of
Shares Purchased
|
Average Price
Paid Per Share
|
Total Number of Shares
Purchased as Part of Publicly
Announced Programs
|
Dollar Value of Shares that
May Yet be Purchased Under
the Program (in millions) (a)
|
||||||||||||
April
|
390,402
|
$
|
58.87
|
390,402
|
$
|
331
|
||||||||||
May
|
22,500
|
58.40
|
22,500
|
329
|
||||||||||||
June
|
80,148
|
58.99
|
80,148
|
324
|
||||||||||||
Total
|
493,050
|
$
|
58.87
|
493,050
|
$
|
324
|
(a) |
All open market purchases during the quarter were made under the 2023 authorization from our board of directors.
|
Exhibit No.
|
Description of Exhibit
|
|
Indenture, dated May 28, 2024, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank Trust Company, National Association, as Trustee and Collateral Agent, relating to the 5.800% First Priority Senior Secured Notes due 2031 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on May 28, 2024).
|
||
Registration Rights Agreement, dated May 28, 2024, by and among Berry Global, Inc., Berry Global Group, Inc., each subsidiary of Berry Global, Inc. identified therein, and Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, on behalf of themselves and as representatives of the initial purchasers, relating to the 5.800% First Priority Senior Secured Notes due 2031 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 28, 2024).
|
||
22.1*
|
Subsidiary Guarantors.
|
|
31.1*
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.
|
|
31.2*
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.
|
|
32.1**
|
Section 1350 Certification of the Chief Executive Officer.
|
|
32.2**
|
Section 1350 Certification of the Chief Financial Officer.
|
|
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
104
|
Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101).
|
* |
Filed herewith
|
** |
Furnished herewith
|
Berry Global Group, Inc.
|
|||
August 2, 2024
|
By:
|
/s/ Mark W. Miles
|
|
Mark W. Miles
|
|||
Chief Financial Officer
|