QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
|

A
|
(
|
IRS employer identification number
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
|
Accelerated Filer ☐
|
Non-Accelerated Filer ☐
|
Smaller Reporting Company
|
Emerging Growth Company
|
Part I.
|
Financial Information
|
Page No.
|
|
Item 1.
|
Financial Statements:
|
||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
8
|
|||
Item 2.
|
18
|
||
Item 3.
|
23
|
||
Item 4.
|
24
|
||
Part II.
|
Other Information
|
||
Item 1.
|
24
|
||
Item 1A.
|
24
|
||
Item 2.
|
25
|
||
Item 5.
|
25
|
||
Item 6.
|
25
|
||
26
|
Item 1. |
Financial Statements
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
|||||||||||||||
March 29, 2025
|
March 30, 2024
|
March 29, 2025
|
March 30, 2024
|
|||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Costs and expenses:
|
||||||||||||||||
Cost of goods sold
|
|
|
|
|
||||||||||||
Selling, general and administrative
|
|
|
|
|
||||||||||||
Amortization of intangibles
|
|
|
|
|
||||||||||||
Business consolidation and other activities
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Operating income
|
|
|
|
|
||||||||||||
Other expense (income)
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Interest expense
|
|
|
|
|
||||||||||||
Income from continuing operations before income taxes
|
|
|
|
|
||||||||||||
Income tax expense
|
|
|
|
|
||||||||||||
Income from continuing operations
|
|
|
|
|
||||||||||||
Discontinued operations
|
||||||||||||||||
Income (loss) from discontinued operations
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Income tax expense (benefit)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Net income (loss) on discontinued operations (Note 2)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Net income (loss) per share:
|
||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||
Continuing operations
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Discontinued operations
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||
Continuing operations
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Discontinued operations
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
|||||||||||||||
March 29, 2025
|
March 30, 2024
|
March 29, 2025
|
March 30, 2024
|
|||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Currency translation
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Pension
|
|
|
(
|
)
|
|
|||||||||||
Derivative instruments
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Other comprehensive income (loss)
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Comprehensive income
|
$
|
|
$
|
|
$
|
|
$
|
|
March 29, 2025
|
September 28, 2024
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Accounts receivable
|
|
|
||||||
Finished goods
|
|
|
||||||
Raw materials and supplies
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Current assets of discontinued operations (Note 2)
|
|
|
||||||
Total current assets
|
|
|
||||||
Noncurrent assets:
|
||||||||
Property, plant and equipment
|
|
|
||||||
Goodwill and intangible assets
|
|
|
||||||
Right-of-use assets
|
|
|
||||||
Other assets
|
|
|
||||||
Non-current assets of discontinued operations (Note 2)
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
|
$
|
|
||||
Accrued employee costs
|
|
|
||||||
Other current liabilities
|
|
|
||||||
Current portion of long-term debt
|
|
|
||||||
Current liabilities of discontinued operations (Note 2)
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Noncurrent liabilities:
|
||||||||
Long-term debt
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Employee benefit obligations
|
|
|
||||||
Operating lease liabilities
|
|
|
||||||
Other long-term liabilities
|
|
|
||||||
Non-current liabilities of discontinued operations (Note 2)
|
|
|
||||||
Total liabilities
|
|
|
||||||
Stockholders’ equity:
|
||||||||
Common stock (
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Total stockholders’ equity
|
|
|
||||||
Total liabilities and stockholders’ equity
|
$
|
|
$
|
|
Two Quarterly Periods Ended
|
||||||||
March 29, 2025
|
March 30, 2024
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Income (loss) from discontinued operations
|
(
|
)
|
|
|||||
Income from continuing operations
|
|
|
||||||
Adjustments to reconcile net cash from operating activities:
|
||||||||
Depreciation
|
|
|
||||||
Amortization of intangibles
|
|
|
||||||
Non-cash interest (income), net
|
(
|
)
|
(
|
)
|
||||
Settlement of derivatives
|
|
|
||||||
Deferred income tax
|
(
|
)
|
(
|
)
|
||||
Debt extinguishment
|
|
|
||||||
Share-based compensation expense
|
|
|
||||||
(Gain)/loss on disposition of business
|
(
|
)
|
|
|||||
Other non-cash operating activities, net
|
(
|
)
|
|
|||||
Changes in working capital
|
(
|
)
|
(
|
)
|
||||
Changes in other assets and liabilities
|
|
|
||||||
Operating cash from (used in) continuing operations
|
(
|
)
|
|
|||||
Operating cash used in discontinued operations
|
(
|
)
|
(
|
)
|
||||
Net cash from operating activities
|
(
|
)
|
|
|||||
Cash Flows from Investing Activities:
|
||||||||
Additions to property, plant and equipment, net
|
(
|
)
|
(
|
)
|
||||
Divestiture of business
|
|
|
||||||
Acquisition of business and other
|
(
|
)
|
|
|||||
Investing cash from (used in) continuing operations
|
|
(
|
)
|
|||||
Investing cash used in discontinued operations
|
(
|
)
|
(
|
)
|
||||
Net cash from investing activities
|
|
(
|
)
|
|||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from long-term borrowings
|
|
|
||||||
Repayments on long-term borrowings
|
(
|
)
|
(
|
)
|
||||
Proceeds from HHNF long-term borrowings related to spin-off (Note 2)
|
|
|
||||||
Cash transferred to HHNF related to spin-off (Note 2)
|
(
|
)
|
|
|||||
Proceeds from issuance of common stock
|
|
|
||||||
Repurchase of common stock
|
|
(
|
)
|
|||||
Dividends paid
|
(
|
)
|
(
|
)
|
||||
Debt financing costs and other (Note 2)
|
(
|
)
|
(
|
)
|
||||
Net cash from financing activities
|
(
|
)
|
(
|
)
|
||||
Effect of currency translation on cash
|
(
|
)
|
|
|||||
Net change in cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
Quarterly Period Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at December 28, 2024
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive (loss)
|
|
|
|
|
|
|||||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and other
|
|
|
|
|
|
|||||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Spin-off of HHNF business
|
|
|
|
|
|
|||||||||||||||
Balance at March 29, 2025
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Balance at December 30, 2023
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and other
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at March 30, 2024
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Two Quarterly Periods Ended
|
Common
Stock
|
Additional
Paid-in Capital
|
Accumulated Other
Comprehensive Loss
|
Retained
Earnings
|
Total
|
|||||||||||||||
Balance at September 28, 2024
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive (loss)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and other
|
|
|
|
|
|
|||||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Spin-off of HHNF business
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at March 29, 2025
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Balance at September 30, 2023
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Net income
|
|
|
|
|
|
|||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|||||||||||||||
Share-based compensation
|
|
|
|
|
|
|||||||||||||||
Proceeds from issuance of common stock
|
|
|
|
|
|
|||||||||||||||
Common stock repurchased and other
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Dividends paid
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance at March 30, 2024
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
|||||||||||||||
March 29, 2025
|
March 30, 2024
|
March 29, 2025
|
March 30, 2024
|
|||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Cost of sales
|
|
|
|
|
||||||||||||
Selling, general and administrative expenses
|
|
|
|
|
||||||||||||
Amortization of intangibles
|
|
|
|
|
||||||||||||
Business consolidation and other activities
|
|
|
|
|
||||||||||||
Operating income (loss)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Interest expense
|
|
|
|
|
||||||||||||
Other expense (income)
|
|
|
|
(
|
)
|
|||||||||||
Income (loss) before income taxes
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Income tax expense (benefit)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Net income (loss) from discontinued operations
|
(
|
)
|
|
(
|
)
|
|
September 28, 2024
|
||||
Assets
|
||||
Cash and cash equivalents
|
$
|
|
||
Receivables, net
|
|
|||
Inventories, net
|
|
|||
Other current assets
|
|
|||
Total current assets, discontinued operations
|
$
|
|
||
Property, plant and equipment, net
|
$
|
|
||
Goodwill and intangibles, net
|
|
|||
Right of use asset
|
|
|||
Other assets
|
|
|||
Total non-current assets, discontinued operations
|
$
|
|
||
Liabilities
|
||||
Accounts payable
|
$
|
|
||
Other current liabilities
|
|
|||
Total current liabilities, discontinued operations
|
$
|
|
||
Deferred income taxes
|
$
|
|
||
Operating lease liability
|
|
|||
Other non-current liabilities
|
|
|||
Total non-current liabilities, discontinued operations
|
$
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
Restructuring Plans
|
||||||||||||||||||
March 29, 2025(a)
|
March 30, 2024
|
March 29, 2025(a)
|
March 30, 2024
|
Life to date (a)
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|||||||||||
Consumer Packaging North America
|
|
|
|
|
|
|||||||||||||||
Flexibles
|
|
|
|
|
|
|||||||||||||||
Consolidated
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Business Consolidation
|
||||||||||||||||||||
Employee
Severance
and Benefits
|
Facility
Exit Costs
|
Non-Cash
Impairment
Charges
|
Transaction
Activities
|
Total
|
||||||||||||||||
Balance as of September 28, 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Charges
|
|
|
|
|
|
|||||||||||||||
Non-cash items
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Cash
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||
Balance as of March 29, 2025
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Leases
|
Classification
|
March 29, 2025
|
September 28, 2024
|
||||||
Operating leases:
|
|||||||||
Operating lease right-of-use assets
|
Right-of-use assets
|
$
|
|
$
|
|
||||
Current operating lease liabilities
|
|
|
|
||||||
Noncurrent operating lease liabilities
|
Operating lease liability
|
|
|
||||||
Finance leases:
|
|||||||||
Finance lease right-of-use assets
|
|
$
|
|
$
|
|
||||
Current finance lease liability
|
|
|
|
||||||
Noncurrent finance lease liabilities
|
|
|
|
Facility
|
Maturity Date
|
March 29, 2025
|
September 28, 2024
|
||||||
Term loan
|
|
$
|
|
$
|
|
||||
Revolving line of credit
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
Debt discounts and deferred fees
|
(
|
)
|
(
|
)
|
|||||
Finance leases and other
|
Various
|
|
|
||||||
Total long-term debt
|
|
|
|||||||
Current portion of long-term debt
|
(
|
)
|
(
|
)
|
|||||
Long-term debt, less current portion
|
$
|
|
$
|
|
(a) |
|
(b) |
|
Derivative Instruments
|
Hedge Designation
|
Balance Sheet Location
|
March 29, 2025
|
September 28, 2024
|
||||||
Cross-currency swaps
|
Not designated
|
Other long-term liabilities
|
|
|
||||||
Cross-currency swaps
|
Designated
|
Other long-term liabilities
|
|
|
||||||
Interest rate swaps
|
Designated
|
Other long-term assets
|
|
|
||||||
Interest rate swaps
|
Designated
|
Other long-term liabilities
|
|
|
||||||
Interest rate swaps
|
Not designated
|
Other long-term assets
|
|
|
||||||
Interest rate swaps
|
Not designated
|
Other long-term liabilities
|
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
||||||||||||||||
Derivative Instruments
|
Statements of Income Location
|
March 29, 2025
|
March 30, 2024
|
March 29, 2025
|
March 30, 2024
|
||||||||||||
Cross-currency swaps
|
Interest expense
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Interest rate swaps
|
Interest expense
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Cross-currency swaps
|
Other expense (income)
|
(
|
)
|
|
(
|
)
|
|
As of March 29, 2025
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant, and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
As of September 28, 2024
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant, and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
|||||||||||||||
March 29, 2025
|
March 30, 2024
|
March 29, 2025
|
March 30, 2024
|
|||||||||||||
Net sales:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Flexibles
|
|
|
|
|
||||||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Operating income:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Flexibles (a)
|
|
|
|
|
||||||||||||
Total operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Depreciation and amortization:
|
||||||||||||||||
Consumer Packaging International
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Consumer Packaging North America
|
|
|
|
|
||||||||||||
Flexibles
|
|
|
|
|
||||||||||||
Total depreciation and amortization
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
|||||||||||||||
March 29, 2025
|
March 30, 2024
|
March 29, 2025
|
March 30, 2024
|
|||||||||||||
Net sales:
|
||||||||||||||||
United States and Canada
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Rest of world
|
|
|
|
|
||||||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
Quarterly Period Ended
|
Two Quarterly Periods Ended
|
|||||||||||||||
(in millions, except per share amounts)
|
March 29, 2025
|
March 30, 2024
|
March 29, 2025
|
March 30, 2024
|
||||||||||||
Numerator
|
||||||||||||||||
Consolidated net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Denominator
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
|
|
|
|
||||||||||||
Dilutive shares
|
|
|
|
|
||||||||||||
Weighted average common and common equivalent shares outstanding - diluted
|
|
|
|
|
||||||||||||
Per common share earnings (loss)
|
||||||||||||||||
Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted
|
|
|
|
|
Quarterly Period Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at December 28, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
|
|
(
|
)
|
|
|||||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at March 29, 2025
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at December 30, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at March 30, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Two Quarterly Periods Ended
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
||||||||||||
Balance at September 28, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Spin-off of HHNF business
|
|
|
|
|
||||||||||||
Balance at March 29, 2025
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Currency
Translation
|
Defined Benefit
Pension and Retiree
Health Benefit Plans
|
Derivative
Instruments
|
Accumulated Other
Comprehensive Loss
|
|||||||||||||
Balance at September 30, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
|
|
(
|
)
|
|
|||||||||||
Net amount reclassified
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance at March 30, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Consolidated Overview
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,520
|
$
|
2,519
|
$
|
1
|
—
|
|||||||||
Cost of goods sold
|
2,018
|
2,019
|
(1
|
)
|
—
|
|||||||||||
Other operating expenses
|
111
|
318
|
(207
|
)
|
(65
|
%)
|
||||||||||
Operating income
|
$
|
391
|
$
|
182
|
$
|
209
|
115
|
%
|
Consumer Packaging International
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
970
|
$
|
969
|
$
|
1
|
—
|
|||||||||
Operating income
|
$
|
69
|
$
|
5
|
$
|
64
|
1,280
|
%
|
Consumer Packaging North America
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
789
|
$
|
751
|
$
|
38
|
5
|
%
|
||||||||
Operating income
|
$
|
69
|
$
|
75
|
$
|
(6
|
)
|
(8
|
)%
|
Flexibles
|
||||||||||||||||
Quarter
|
Prior Quarter
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
761
|
$
|
799
|
$
|
(38
|
)
|
(5
|
)%
|
|||||||
Operating income
|
$
|
253
|
$
|
102
|
$
|
151
|
148
|
%
|
Consolidated Overview
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
4,905
|
$
|
4,852
|
$
|
53
|
1
|
%
|
||||||||
Cost of goods sold
|
3,947
|
3,922
|
25
|
1
|
%
|
|||||||||||
Other operating expenses
|
415
|
583
|
(168
|
)
|
(29
|
%)
|
||||||||||
Operating income
|
$
|
543
|
$
|
347
|
$
|
196
|
56
|
%
|
Consumer Packaging International
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,855
|
$
|
1,885
|
$
|
(30
|
)
|
(2
|
)%
|
|||||||
Operating income
|
$
|
97
|
$
|
34
|
$
|
63
|
185
|
%
|
Consumer Packaging North America
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,558
|
$
|
1,450
|
$
|
108
|
7
|
%
|
||||||||
Operating income
|
$
|
128
|
$
|
135
|
$
|
(7
|
)
|
(5
|
)%
|
Flexibles
|
||||||||||||||||
YTD
|
Prior YTD
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,492
|
$
|
1,517
|
$
|
(25
|
)
|
(2
|
)%
|
|||||||
Operating income
|
$
|
318
|
$
|
178
|
$
|
140
|
79
|
%
|
March 29, 2025
|
March 30, 2024
|
|||||||
Cash flow from operating activities
|
$
|
(321
|
)
|
$
|
—
|
|||
Additions to property, plant and equipment, net
|
(257
|
)
|
(292
|
)
|
||||
Free cash flow
|
$
|
(469
|
)
|
$
|
(247
|
)
|
Two Quarterly Periods Ended
|
||||
March 29, 2025
|
||||
Net sales
|
$
|
2,732
|
||
Gross profit
|
556
|
|||
Earnings from continuing operations
|
270
|
|||
Net income
|
$
|
270
|
March 29, 2025
|
September 28, 2024
|
|||||||
Assets
|
||||||||
Current assets
|
$
|
1,343
|
$
|
1,775
|
||||
Noncurrent assets
|
2,382
|
5,553
|
||||||
Liabilities
|
||||||||
Current liabilities
|
$
|
1,092
|
$
|
2,081
|
||||
Intercompany payable
|
2,882
|
1,115
|
||||||
Noncurrent liabilities
|
8,032
|
8,843
|
Exhibit No.
|
Description of Exhibit
|
|
First Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 1.50%
First Priority Senior Secured Notes due 2027 (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on March 5, 2025).
|
||
Second Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 1.65%
First Priority Senior Secured Notes due 2027 (incorporated by reference to Exhibit 4.2 to the Company's Form 8-K filed on March 5, 2025).
|
||
Second Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 5.50%
First Priority Senior Secured Notes due 2028 (incorporated by reference to Exhibit 4.3 to the Company's Form 8-K filed on March 5, 2025).
|
||
First Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 5.800%
First Priority Senior Secured Notes due 2031 (incorporated by reference to Exhibit 4.4 to the Company's Form 8-K filed on March 5, 2025).
|
||
Second Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 5.650%
First Priority Senior Secured Notes due 2034 (incorporated by reference to Exhibit 4.5 to the Company's Form 8-K filed on March 5, 2025).
|
||
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.
|
|||
April 30, 2025
|
By:
|
/s/ Mark W. Miles
|
|
Mark W. Miles
|
|||
Chief Financial Officer
|