Delaware
|
20-5234618
|
(State or other jurisdiction
of incorporation or organization)
|
(IRS employer
identification number)
|
101 Oakley Street
Evansville, Indiana
|
47710
|
(Address of principal executive offices)
|
(Zip code)
|
Class
|
Outstanding at August 3, 2015
|
|
Common Stock, $.01 par value per share
|
119.8 million shares
|
Page No.
|
||
Part I.
|
Financial Information
|
|
Item 1.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Part II.
|
Other Information
|
|
Item 1.
|
||
Item 1A.
|
||
Item 6.
|
||
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 27,
2015 |
June 28,
2014 |
June 27,
2015 |
June 28,
2014 |
|||||||||||||
Net sales
|
$ | 1,241 | $ | 1,298 | $ | 3,685 | $ | 3,648 | ||||||||
Costs and expenses:
|
||||||||||||||||
Cost of goods sold
|
1,003 | 1,089 | 3,037 | 3,076 | ||||||||||||
Selling, general and administrative
|
92 | 85 | 266 | 244 | ||||||||||||
Amortization of intangibles
|
22 | 26 | 70 | 77 | ||||||||||||
Restructuring and impairment charges
|
3 | 15 | 11 | 28 | ||||||||||||
Operating income
|
121 | 83 | 301 | 223 | ||||||||||||
Debt extinguishment
|
94 | 33 | 94 | 35 | ||||||||||||
Other expense (income), net
|
2 | (2 | ) | 2 | (3 | ) | ||||||||||
Interest expense, net
|
47 | 56 | 152 | 168 | ||||||||||||
Income (loss) before income taxes
|
(22 | ) | (4 | ) | 53 | 23 | ||||||||||
Income tax expense (benefit)
|
(9 | ) | (19 | ) | 15 | (10 | ) | |||||||||
Consolidated net income (loss)
|
$ | (13 | ) | $ | 15 | $ | 38 | $ | 33 |
Net income (loss) per share:
|
||||||||||||||||
Basic
|
$ | (0.11 | ) | $ | 0.13 | $ | 0.32 | $ | 0.28 | |||||||
Diluted
|
(0.11 | ) | 0.12 | 0.31 | 0.27 | |||||||||||
Outstanding weighted-average shares:
|
||||||||||||||||
Basic
|
119.5 | 117.3 | 118.9 | 116.6 | ||||||||||||
Diluted
|
119.5 | 121.5 | 123.7 | 120.8 |
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 27, 2015
|
June 28, 2014
|
June 27, 2015
|
June 28, 2014
|
|||||||||||||
Consolidated net income (loss)
|
$ | (13 | ) | $ | 15 | $ | 38 | $ | 33 | |||||||
Currency translation
|
2 | 4 | (32 | ) | — | |||||||||||
Interest rate hedge
|
2 | (10 | ) | (18 | ) | (6 | ) | |||||||||
Provision for income taxes related to other comprehensive income items
|
— | 3 | 6 | 1 | ||||||||||||
Comprehensive income (loss)
|
$ | (9 | ) | $ | 12 | $ | (6 | ) | $ | 28 |
June 27,
2015 |
September 27,
2014 |
|||||||
Assets
|
(Unaudited)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 62 | $ | 129 | ||||
Accounts receivable (less allowance of $3)
|
473 | 491 | ||||||
Inventories:
|
||||||||
Finished goods
|
323 | 353 | ||||||
Raw materials and supplies
|
251 | 251 | ||||||
574 | 604 | |||||||
Deferred income taxes
|
181 | 166 | ||||||
Prepaid expenses and other current assets
|
38 | 42 | ||||||
Total current assets
|
1,328 | 1,432 | ||||||
Property, plant, and equipment, net
|
1,301 | 1,364 | ||||||
Goodwill, intangible assets and deferred costs, net
|
2,381 | 2,471 | ||||||
Other assets
|
1 | 1 | ||||||
Total assets
|
$ | 5,011 | $ | 5,268 | ||||
Liabilities
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 353 | $ | 395 | ||||
Accrued expenses and other current liabilities
|
302 | 314 | ||||||
Current portion of long-term debt
|
39 | 58 | ||||||
Total current liabilities
|
694 | 767 | ||||||
Long-term debt, less current portion
|
3,669 | 3,860 | ||||||
Deferred income taxes
|
406 | 386 | ||||||
Other long-term liabilities
|
316 | 356 | ||||||
Total liabilities
|
5,085 | 5,369 | ||||||
Redeemable non-controlling interest
|
13 | 13 | ||||||
Stockholders’ equity (deficit)
|
||||||||
Common stock (119.5 and 118.0 shares issued, respectively)
|
1 | 1 | ||||||
Additional paid-in capital
|
400 | 367 | ||||||
Non-controlling interest
|
3 | 3 | ||||||
Accumulated deficit
|
(404 | ) | (442 | ) | ||||
Accumulated other comprehensive loss
|
(87 | ) | (43 | ) | ||||
Total stockholders’ equity (deficit)
|
(87 | ) | (114 | ) | ||||
Total liabilities and stockholders’ equity (deficit)
|
$ | 5,011 | $ | 5,268 |
Common Stock
|
Additional Paid-in Capital
|
Non-controlling Interest
|
Accumulated Other Comprehensive Loss
|
Accumulated Deficit
|
Total
|
|||||||||||||||||||
Balance at September 28, 2013
|
$ | 1 | $ | 322 | $ | 3 | $ | (18 | ) | $ | (504 | ) | $ | (196 | ) | |||||||||
Proceeds from issuance of common stock
|
— | 13 | — | — | — | 13 | ||||||||||||||||||
Obligation under tax receivable agreement
|
— | 13 | — | — | — | 13 | ||||||||||||||||||
Stock compensation expense
|
— | 12 | — | — | — | 12 | ||||||||||||||||||
Consolidated net income
|
— | 33 | 33 | |||||||||||||||||||||
Interest rate hedge, net of tax
|
— | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||
Balance at June 28, 2014
|
$ | 1 | $ | 360 | $ | 3 | $ | (23 | ) | $ | (471 | ) | $ | (130 | ) | |||||||||
Balance at September 27, 2014
|
$ | 1 | $ | 367 | $ | 3 | $ | (43 | ) | $ | (442 | ) | $ | (114 | ) | |||||||||
Proceeds from issuance of common stock
|
— | 16 | — | — | — | 16 | ||||||||||||||||||
Stock compensation expense
|
— | 17 | — | — | — | 17 | ||||||||||||||||||
Consolidated net income
|
— | — | — | — | 38 | 38 | ||||||||||||||||||
Interest rate hedge, net of tax
|
— | — | — | (12 | ) | — | (12 | ) | ||||||||||||||||
Currency translation
|
— | — | — | (32 | ) | — | (32 | ) | ||||||||||||||||
Balance at June 27, 2015
|
$ | 1 | $ | 400 | $ | 3 | $ | (87 | ) | $ | (404 | ) | $ | (87 | ) |
Three Quarterly Periods Ended
|
||||||||
June 27,
2015
|
June 28,
2014
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Consolidated net income
|
$ | 38 | $ | 33 | ||||
Adjustments to reconcile net cash provided by operating activities:
|
||||||||
Depreciation
|
193 | 184 | ||||||
Amortization of intangibles
|
70 | 77 | ||||||
Non-cash interest expense
|
5 | 5 | ||||||
Deferred income tax
|
12 | (15 | ) | |||||
Debt extinguishment
|
94 | 35 | ||||||
Stock compensation expense
|
17 | 12 | ||||||
Impairment of long-lived assets
|
2 | 6 | ||||||
Other non-cash items
|
3 | — | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable, net
|
10 | (21 | ) | |||||
Inventories
|
22 | (35 | ) | |||||
Prepaid expenses and other assets
|
(4 | ) | 2 | |||||
Accounts payable and other liabilities
|
(70 | ) | 87 | |||||
Net cash provided by operating activities
|
392 | 370 | ||||||
Cash Flows from Investing Activities:
|
||||||||
Additions to property, plant and equipment
|
(124 | ) | (172 | ) | ||||
Proceeds from sale of assets
|
18 | 5 | ||||||
Acquisition of business, net of cash acquired
|
— | (225 | ) | |||||
Net cash used in investing activities
|
(106 | ) | (392 | ) | ||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from long-term borrowings
|
702 | 1,664 | ||||||
Repayments on long-term borrowings
|
(940 | ) | (1,675 | ) | ||||
Proceeds from issuance of common stock
|
16 | 13 | ||||||
Payment of tax receivable agreement
|
(39 | ) | (32 | ) | ||||
Debt financing costs
|
(87 | ) | (44 | ) | ||||
Net cash used in financing activities
|
(348 | ) | (74 | ) | ||||
Effect of exchange rate changes on cash
|
(5 | ) | (1 | ) | ||||
Net change in cash
|
(67 | ) | (97 | ) | ||||
Cash and cash equivalents at beginning of period
|
129 | 142 | ||||||
Cash and cash equivalents at end of period
|
$ | 62 | $ | 45 |
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 27,
2015 |
June 28,
2014 |
June 27,
2015 |
June 28,
2014 |
|||||||||||||
Rigid Open Top
|
$ | 1 | $ | 11 | $ | 3 | $ | 13 | ||||||||
Rigid Closed Top
|
— | — | 3 | 1 | ||||||||||||
Engineered Materials
|
1 | 2 | 1 | 6 | ||||||||||||
Flexible Packaging
|
1 | 2 | 4 | 8 | ||||||||||||
Consolidated
|
$ | 3 | $ | 15 | $ | 11 | $ | 28 |
Severance and termination benefits
|
Facilities exit costs and other
|
Non-cash
|
Total
|
|||||||||||||
Balance at September 27, 2014
|
$ | 5 | $ | 8 | $ | — | $ | 13 | ||||||||
Charges
|
3 | 6 | 2 | 11 | ||||||||||||
Non-cash asset impairment
|
— | — | (2 | ) | (2 | ) | ||||||||||
Cash payments
|
(5 | ) | (6 | ) | — | (11 | ) | |||||||||
Balance at June 27, 2015
|
$ | 3 | $ | 8 | $ | — | $ | 11 |
June 27, 2015
|
September 27, 2014
|
|||||||
Employee compensation, payroll and other taxes
|
$ | 90 | $ | 99 | ||||
Interest
|
22 | 44 | ||||||
Rebates
|
49 | 50 | ||||||
Restructuring
|
11 | 13 | ||||||
Tax receivable agreement obligation
|
55 | 39 | ||||||
Other
|
75 | 69 | ||||||
$ | 302 | $ | 314 |
June 27, 2015
|
September 27, 2014
|
|||||||
Lease retirement obligation
|
$ | 32 | $ | 31 | ||||
Sale-lease back deferred gain
|
28 | 30 | ||||||
Pension liability
|
42 | 45 | ||||||
Tax receivable agreement obligation
|
179 | 234 | ||||||
Other
|
35 | 16 | ||||||
$ | 316 | $ | 356 |
Maturity Date
|
June 27, 2015
|
September 27, 2014
|
|||||||
Term loan
|
February 2020
|
$ | 1,372 | $ | 1,383 | ||||
Term loan
|
January 2021
|
1,019 | 1,122 | ||||||
Revolving line of credit
|
May 2020
|
9 | — | ||||||
51/8% Second Priority Senior Secured Notes
|
July 2023
|
700 | — | ||||||
51/2% Second Priority Senior Secured Notes
|
May 2022
|
500 | 500 | ||||||
9¾% Second Priority Senior Secured Notes
|
Retired
|
— | 800 | ||||||
Debt discounts
|
(24 | ) | (20 | ) | |||||
Capital leases and other
|
Various
|
132 | 133 | ||||||
Total long-term debt
|
3,708 | 3,918 | |||||||
Current portion of long-term debt
|
(39 | ) | (58 | ) | |||||
Long-term debt, less current portion
|
$ | 3,669 | $ | 3,860 |
Derivatives instruments
|
Balance Sheet Location
|
June 27,
2015 |
September 27,
2014 |
||||||
Interest rate swap
|
Other long-term liabilities
|
$ | 21 | $ | 3 |
As of June 27, 2015
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$ | — | $ | — | $ | 207 | $ | 207 | $ | — | ||||||||||
Goodwill
|
— | — | 1,654 | 1,654 | — | |||||||||||||||
Definite lived intangible assets
|
— | — | 511 | 511 | — | |||||||||||||||
Property, plant, and equipment
|
— | — | 1,301 | 1,301 | 2 | |||||||||||||||
Total
|
$ | — | $ | — | $ | 3,673 | $ | 3,673 | $ | 2 |
As of September 27, 2014
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite-lived trademarks
|
$ | — | $ | — | $ | 207 | $ | 207 | $ | — | ||||||||||
Goodwill
|
— | — | 1,659 | 1,659 | — | |||||||||||||||
Definite lived intangible assets
|
— | — | 585 | 585 | — | |||||||||||||||
Property, plant, and equipment
|
— | — | 1,364 | 1,364 | 7 | |||||||||||||||
Total
|
$ | — | $ | — | $ | 3,815 | $ | 3,815 | $ | 7 |
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 27, 2015
|
June 28, 2014
|
June 27, 2015
|
June 28, 2014
|
|||||||||||||
Income tax expense (benefit) computed at statutory rate
|
$ | (9 | ) | $ | (2 | ) | $ | 19 | $ | 8 | ||||||
Research and development credits
|
— | (18 | ) | (3 | ) | (18 | ) | |||||||||
Uncertain tax positions
|
— | — | — | (1 | ) | |||||||||||
Change in valuation allowance
|
— | 1 | — | 1 | ||||||||||||
Other
|
— | — | (1 | ) | — | |||||||||||
Income tax expense (benefit)
|
$ | (9 | ) | $ | (19 | ) | $ | 15 | $ | (10 | ) |
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
June 27, 2015
|
June 28, 2014
|
June 27, 2015
|
June 28, 2014
|
|||||||||||||
Net sales:
|
||||||||||||||||
Rigid Open Top
|
$ | 276 | $ | 303 | $ | 784 | $ | 820 | ||||||||
Rigid Closed Top
|
368 | 381 | 1,121 | 1,073 | ||||||||||||
Engineered Materials
|
359 | 371 | 1,052 | 1,081 | ||||||||||||
Flexible Packaging
|
238 | 243 | 728 | 674 | ||||||||||||
Total net sales
|
$ | 1,241 | $ | 1,298 | $ | 3,685 | $ | 3,648 | ||||||||
Operating income :
|
||||||||||||||||
Rigid Open Top
|
$ | 26 | $ | 1 | $ | 51 | $ | 20 | ||||||||
Rigid Closed Top
|
42 | 38 | 104 | 101 | ||||||||||||
Engineered Materials
|
38 | 33 | 105 | 90 | ||||||||||||
Flexible Packaging
|
15 | 11 | 41 | 12 | ||||||||||||
Total operating income
|
$ | 121 | $ | 83 | $ | 301 | $ | 223 | ||||||||
Depreciation and amortization:
|
||||||||||||||||
Rigid Open Top
|
$ | 23 | $ | 23 | $ | 68 | $ | 70 | ||||||||
Rigid Closed Top
|
32 | 33 | 99 | 93 | ||||||||||||
Engineered Materials
|
17 | 19 | 52 | 56 | ||||||||||||
Flexible Packaging
|
15 | 16 | 44 | 42 | ||||||||||||
Total depreciation and amortization
|
$ | 87 | $ | 91 | $ | 263 | $ | 261 |
June 27,
2015 |
September 27,
2014 |
|||||||
Total assets:
|
||||||||
Rigid Open Top
|
$ | 1,760 | $ | 1,808 | ||||
Rigid Closed Top
|
1,850 | 1,966 | ||||||
Engineered Materials
|
674 | 722 | ||||||
Flexible Packaging
|
727 | 772 | ||||||
Total assets
|
$ | 5,011 | $ | 5,268 | ||||
Goodwill:
|
||||||||
Rigid Open Top
|
$ | 681 | $ | 681 | ||||
Rigid Closed Top
|
825 | 827 | ||||||
Engineered Materials
|
69 | 71 | ||||||
Flexible Packaging
|
79 | 80 | ||||||
Total goodwill
|
$ | 1,654 | $ | 1,659 |
Quarterly Period Ended
|
Three Quarterly Periods Ended
|
|||||||||||||||
(in millions, except per share amounts)
|
June 27, 2015
|
June 28, 2014
|
June 27, 2015
|
June 28, 2014
|
||||||||||||
Numerator
|
||||||||||||||||
Consolidated net income (loss)
|
$ | (13 | ) | $ | 15 | $ | 38 | $ | 33 | |||||||
Denominator
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
119.5 | 117.3 | 118.9 | 116.6 | ||||||||||||
Dilutive shares
|
— | 4.2 | 4.8 | 4.2 | ||||||||||||
Weighted average common and common equivalent shares outstanding - diluted
|
119.5 | 121.5 | 123.7 | 120.8 | ||||||||||||
Per common share income (loss)
|
||||||||||||||||
Basic
|
$ | ( 0.11 | ) | $ | 0.13 | $ | 0.32 | $ | 0.28 | |||||||
Diluted
|
$ | ( 0.11 | ) | $ | 0.12 | $ | 0.31 | $ | 0.27 |
Currency Translation
|
Defined Benefit Pension and Retiree Health Benefit Plans
|
Derivative Instruments
|
Accumulated Other Comprehensive Loss
|
|||||||||||||
Balance at September 27, 2014
|
$ | (36 | ) | $ | (15 | ) | $ | 8 | $ | (43 | ) | |||||
Other comprehensive loss
|
(32 | ) | — | (18 | ) | (50 | ) | |||||||||
Tax expense
|
— | — | 6 | 6 | ||||||||||||
Balance at June 27, 2015
|
$ | (68 | ) | $ | (15 | ) | $ | (4 | ) | $ | (87 | ) |
June 27, 2015
|
||||||||||||||||||||||||
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non—
Guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||||||
Current assets
|
181 | 99 | 837 | 211 | — | 1,328 | ||||||||||||||||||
Intercompany receivable
|
— | 3,135 | — | 102 | (3,237 | ) | — | |||||||||||||||||
Property, plant, and equipment, net
|
— | 81 | 1,114 | 106 | — | 1,301 | ||||||||||||||||||
Other assets
|
106 | 1,458 | 2,172 | 106 | (1,460 | ) | 2,382 | |||||||||||||||||
Total assets
|
$ | 287 | $ | 4,773 | $ | 4,123 | $ | 525 | $ | (4,697 | ) | $ | 5,011 | |||||||||||
|
||||||||||||||||||||||||
Current liabilities
|
50 | 177 | 379 | 88 | — | 694 | ||||||||||||||||||
Intercompany payable
|
(274 | ) | — | 3,511 | — | (3,237 | ) | — | ||||||||||||||||
Other long-term liabilities
|
585 | 3,761 | 38 | 7 | — | 4,391 | ||||||||||||||||||
Redeemable non-controlling interest
|
13 | — | — | 13 | (13 | ) | 13 | |||||||||||||||||
Stockholders’ equity (deficit)
|
(87 | ) | 835 | 195 | 417 | (1,447 | ) | (87 | ) | |||||||||||||||
Total liabilities and stockholders’ equity (deficit)
|
$ | 287 | $ | 4,773 | $ | 4,123 | $ | 525 | $ | (4,697 | ) | $ | 5,011 |
September 27, 2014
|
||||||||||||||||||||||||
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non—
Guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||||||
Current assets
|
166 | 171 | 901 | 194 | — | 1,432 | ||||||||||||||||||
Intercompany receivable
|
— | 3,343 | — | 87 | (3,430 | ) | — | |||||||||||||||||
Property, plant and equipment, net
|
— | 84 | 1,162 | 118 | — | 1,364 | ||||||||||||||||||
Other assets
|
69 | 1,357 | 2,227 | 125 | (1,306 | ) | 2,472 | |||||||||||||||||
Total assets
|
$ | 235 | $ | 4,955 | $ | 4,290 | $ | 524 | $ | (4,736 | ) | $ | 5,268 | |||||||||||
|
||||||||||||||||||||||||
Current liabilities
|
35 | 212 | 435 | 85 | — | 767 | ||||||||||||||||||
Intercompany payable
|
(319 | ) | — | 3,749 | — | (3,430 | ) | — | ||||||||||||||||
Other long-term liabilities
|
620 | 3,934 | 42 | 6 | — | 4,602 | ||||||||||||||||||
Redeemable non-controlling interest
|
13 | — | — | 13 | (13 | ) | 13 | |||||||||||||||||
Stockholders’ equity (deficit)
|
(114 | ) | 809 | 64 | 420 | (1,293 | ) | (114 | ) | |||||||||||||||
Total liabilities and stockholders’ equity (deficit)
|
$ | 235 | $ | 4,955 | $ | 4,290 | $ | 524 | $ | (4,736 | ) | $ | 5,268 |
Quarterly Period Ended June 27, 2015
|
||||||||||||||||||||||||
Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-
Guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||||||
Net sales
|
$ | — | $ | 155 | $ | 961 | $ | 125 | $ | — | $ | 1,241 | ||||||||||||
Cost of goods sold
|
— | 121 | 773 | 109 | — | 1,003 | ||||||||||||||||||
Selling, general and administrative
|
— | 17 | 63 | 12 | — | 92 | ||||||||||||||||||
Amortization of intangibles
|
— | 2 | 18 | 2 | — | 22 | ||||||||||||||||||
Restructuring and impairment charges
|
— | — | 3 | — | — | 3 | ||||||||||||||||||
Operating income
|
— | 15 | 104 | 2 | — | 121 | ||||||||||||||||||
Debt extinguishment | — | 94 | — | — | — | 94 | ||||||||||||||||||
Other expense (income), net
|
— | (2) | 3 | 1 | — | 2 | ||||||||||||||||||
Interest expense, net
|
— | 6 | 37 | 4 | — | 47 | ||||||||||||||||||
Equity in net income of subsidiaries
|
22 | (60 | ) | — | — | 38 | — | |||||||||||||||||
Income (loss) before income taxes
|
(22 | ) | (23 | ) | 64 | (3 | ) | (38 | ) | (22 | ) | |||||||||||||
Income tax expense (benefit)
|
(9 | ) | (10 | ) | — | 1 | 9 | (9 | ) | |||||||||||||||
Consolidated net income (loss)
|
$ | (13 | ) | $ | (13 | ) | $ | 64 | $ | (4 | ) | $ | (47 | ) | $ | (13 | ) | |||||||
Comprehensive net income (loss)
|
$ | (13 | ) | $ | (11 | ) | $ | 64 | $ | (2 | ) | $ | (47 | ) | $ | (9 | ) |
Quarterly Period Ended June 28, 2014
|
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Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-
Guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||||||
Net sales
|
$ | — | $ | 165 | $ | 1,019 | $ | 114 | $ | — | $ | 1,298 | ||||||||||||
Cost of goods sold
|
— | 145 | 854 | 90 | — | 1,089 | ||||||||||||||||||
Selling, general and administrative
|
— | 13 | 62 | 10 | — | 85 | ||||||||||||||||||
Amortization of intangibles
|
— | 3 | 21 | 2 | — | 26 | ||||||||||||||||||
Restructuring and impairment charges
|
— | — | 15 | — | — | 15 | ||||||||||||||||||
Operating income
|
— | 4 | 67 | 12 | — | 83 | ||||||||||||||||||
Debt extinguishment
|
— | 33 | — | — | — | 33 | ||||||||||||||||||
Other income, net
|
— | — | (2 | ) | — | — | (2 | ) | ||||||||||||||||
Interest expense, net
|
10 | 7 | 43 | (35 | ) | 31 | 56 | |||||||||||||||||
Equity in net income of subsidiaries
|
(6 | ) | (73 | ) | — | — | 79 | — | ||||||||||||||||
Income (loss) before income taxes
|
(4 | ) | 37 | 26 | 47 | (110 | ) | (4 | ) | |||||||||||||||
Income tax expense (benefit)
|
(19 | ) | (7 | ) | — | 1 | 6 | (19 | ) | |||||||||||||||
Consolidated net income (loss)
|
$ | 15 | $ | 44 | $ | 26 | $ | 46 | $ | (116 | ) | $ | 15 | |||||||||||
Comprehensive net income (loss)
|
$ | 15 | $ | 39 | $ | 26 | $ | 48 | $ | (116 | ) | $ | 12 |
Three Quarterly Periods Ended June 27, 2015
|
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Parent
|
Issuer
|
Guarantor
Subsidiaries
|
Non-
Guarantor
Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||||||
Net sales
|
$ | — | $ | 464 | $ | 2,871 | $ | 350 | $ | — | $ | 3,685 | ||||||||||||
Cost of goods sold
|
— | 394 | 2,366 | 277 | — | 3,037 | ||||||||||||||||||
Selling, general and administrative
|
— | 50 | 183 | 33 | — | 266 | ||||||||||||||||||
Amortization of intangibles
|
— | 6 | 58 | 6 | — | 70 | ||||||||||||||||||
Restructuring and impairment charges
|
— | — | 11 | — | — | 11 | ||||||||||||||||||
Operating income
|
— | 14 | 253 | 34 | — | 301 | ||||||||||||||||||
Debt extinguishment | — | 94 | — | — | — | 94 | ||||||||||||||||||
Other expense (income), net
|
— | (1) | 2 | 1 | — | 2 | ||||||||||||||||||
Interest expense, net
|
— | 19 | 119 | 14 | — | 152 | ||||||||||||||||||
Equity in net income of subsidiaries
|
(53 | ) | (148 | ) | — | — | 201 | — | ||||||||||||||||
Income (loss) before income taxes
|
53 | 50 | 132 | 19 | (201 | ) | 53 | |||||||||||||||||
Income tax expense (benefit)
|
15 | 12 | — | 3 | (15 | ) | 15 | |||||||||||||||||
Consolidated net income (loss)
|
$ | 38 | $ | 38 | $ | 132 | $ | 16 | $ | (186 | ) | $ | 38 | |||||||||||
Comprehensive net income (loss)
|
$ | 38 | $ | 26 | $ | 132 | $ | (16 | ) | $ | (186 | ) | $ | (6 | ) |
Consolidating Statement of Cash Flows
|
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Cash Flow from Operating Activities
|
$ | — | $ | (35 | ) | $ | 407 | $ | 20 | $ | — | $ | 392 | |||||||||||
Cash Flow from Investing Activities
|
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Additions to property, plant, and equipment
|
— | (11 | ) | (110 | ) | (3 | ) | — | (124 | ) | ||||||||||||||
Proceeds from sale of assets
|
— | — | 13 | 5 | — | 18 | ||||||||||||||||||
(Contributions) distributions to/from subsidiaries
|
(16 | ) | 16 | — | — | — | — | |||||||||||||||||
Intercompany advances (repayments)
|
— | 282 | — | — | (282 | ) | — | |||||||||||||||||
Acquisition of business, net of cash acquired
|
— | — | — | — | — | — | ||||||||||||||||||
Net cash from investing activities
|
(16 | ) | 288 | (97 | ) | 2 | (282 | ) | (106 | ) | ||||||||||||||
Cash Flow from Financing Activities
|
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Proceeds from long-term debt
|
— | 702 | — | — | — | 702 | ||||||||||||||||||
Proceeds from issuance of common stock
|
16 | — | — | — | — | 16 | ||||||||||||||||||
Payment of tax receivable agreement
|
(39 | ) | — | — | — | — | (39 | ) | ||||||||||||||||
Repayments on long-term borrowings
|
— | (937 | ) | — | (3 | ) | — | (940 | ) | |||||||||||||||
Debt financing costs
|
— | (87 | ) | — | — | — | (87 | ) | ||||||||||||||||
Changes in intercompany balances
|
39 | — | (321 | ) | — | 282 | — | |||||||||||||||||
Net cash from financing activities
|
16 | (322 | ) | (321 | ) | (3 | ) | 282 | (348 | ) | ||||||||||||||