BERRY PLASTICS GROUP INC

CIK:0001378992|SEC Filings

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Consolidated Statements of Income [Abstract]
Net sales	$ 2,520	$ 2,519	$ 4,905	$ 4,852
Costs and expenses:
Cost of goods sold	2,018	2,019	3,947	3,922
Selling, general and administrative	200	187	423	393
Amortization of intangibles	44	48	90	95
Business consolidation and other activities	(133)	83	(98)	95
Operating income	391	182	543	347
Other expense (income)	12	(1)	(10)	14
Interest expense	73	75	148	146
Income from continuing operations before income taxes	306	108	405	187
Income tax expense	110	13	128	27
Income from continuing operations	196	95	277	160
Discontinued operations
Income (loss) from discontinued operations	(4)	23	(74)	17
Income tax expense (benefit)	(1)	2	(4)	2
Net income (loss) on discontinued operations	(3)	21	(70)	15
Net income	$ 193	$ 116	$ 207	$ 175
Basic earnings (loss) per share
Continuing operations (in dollars per share)	$ 1.69	$ 0.82	$ 2.4	$ 1.38
Discontinued operations (in dollars per share)	(0.03)	0.18	(0.61)	0.13
Basic (in dollars per share)	1.66	1	1.79	1.51
Diluted earnings (loss) per share
Continuing operations (in dollars per share)	1.64	0.8	2.33	1.35
Discontinued operations (in dollars per share)	(0.02)	0.18	(0.59)	0.13
Diluted (in dollars per share)	$ 1.62	$ 0.98	$ 1.74	$ 1.48

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Cash Flows from Operating Activities:
Net income	$ 207	$ 175
Income (loss) from discontinued operations	(70)	15
Income from continuing operations	277	160
Adjustments to reconcile net cash from operating activities:
Depreciation	250	246
Amortization of intangibles	90	95
Non-cash interest (income), net	(25)	(44)
Settlement of derivatives	0	23
Deferred income tax	(179)	(24)
Debt extinguishment	3	3
Share-based compensation expense	29	25
(Gain)/loss on disposition of business	(184)	57
Other non-cash operating activities, net	(9)	15
Changes in working capital	(480)	(524)
Changes in other assets and liabilities	16	13
Operating cash from (used in) continuing operations	(212)	45
Operating cash used in discontinued operations	(109)	(45)
Net cash from operating activities	(321)	0
Cash Flows from Investing Activities:
Additions to property, plant and equipment, net	(257)	(292)
Divestiture of business	443	47
Acquisition of business and other	(48)	0
Investing cash from (used in) continuing operations	138	(245)
Investing cash used in discontinued operations	(9)	(41)
Net cash from investing activities	129	(286)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings	0	2,350
Repayments on long-term borrowings	(1,285)	(2,640)
Proceeds from HHNF long-term borrowings related to spin-off (Note 2)	1,585	0
Cash transferred to HHFN related to spin-off (Note 2)	(624)	0
Proceeds from issuance of common stock	53	24
Repurchase of common stock	0	(88)
Dividends paid	(80)	(70)
Debt financing costs and other (Note 2)	(40)	(12)
Net cash from financing activities	(391)	(436)
Effect of currency translation on cash	(29)	13
Net change in cash and cash equivalents	(612)	(709)
Cash and cash equivalents at beginning of period	1,095	1,203
Cash and cash equivalents at end of period	$ 483	$ 494

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 29, 2025	Sep. 28, 2024
Current assets:
Cash and cash equivalents	$ 483	$ 865
Accounts receivable	1,284	1,271
Finished goods	870	835
Raw materials and supplies	504	534
Prepaid expenses and other current assets	172	182
Current assets of discontinued operations (Note 2)	0	887
Total current assets	3,313	4,574
Noncurrent assets:
Property, plant and equipment	3,534	3,627
Goodwill and intangible assets	5,350	5,588
Right-of-use assets	567	602
Other assets	118	152
Non-current assets of discontinued operations (Note 2)	0	2,070
Total assets	12,882	16,613
Current liabilities:
Accounts payable	1,080	1,471
Accrued employee costs	190	267
Other current liabilities	819	711
Current portion of long-term debt	1,535	810
Current liabilities of discontinued operations (Note 2)	0	413
Total current liabilities	3,624	3,672
Noncurrent liabilities:
Long-term debt	5,444	7,505
Deferred income taxes	252	413
Employee benefit obligations	135	152
Operating lease liabilities	468	495
Other long-term liabilities	483	579
Non-current liabilities of discontinued operations (Note 2)	0	189
Total liabilities	10,406	13,005
Stockholders' equity:
Common stock (115.7 and 115.0 million shares issued, respectively)	1	1
Additional paid-in capital	1,403	1,321
Retained earnings	1,269	2,581
Accumulated other comprehensive loss	(197)	(295)
Total stockholders' equity	2,476	3,608
Total liabilities and stockholders' equity	$ 12,882	$ 16,613