ANNUAL 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 THE SECURITIES EXCHANGE ACT OF 1934
|
A
|
|
Large Accelerated Filer ☐
|
|
Non-accelerated filer ☐
|
Small reporting company
|
Emerging growth company
|
Page
|
||
PART I
|
||
3
|
||
5
|
||
8
|
||
8
|
||
9
|
||
9
|
||
9
|
||
PART II
|
||
9
|
||
9
|
||
9
|
||
12
|
||
13
|
||
13
|
||
14
|
||
15
|
||
16
|
||
17
|
||
18
|
||
29
|
||
29
|
||
29
|
||
29
|
||
PART III
|
||
29
|
||
29
|
||
29
|
||
29
|
||
30
|
||
PART IV
|
||
30
|
||
31
|
Geographic Region
|
Total Facilities
|
Leased Facilities
|
||
Americas
|
17
|
2
|
||
Rest of World
|
13
|
3
|
Consolidated Overview
|
Fiscal Year
|
|||||||||||||||
2024
|
2023
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
2,187
|
$
|
2,275
|
$
|
(88
|
)
|
(4
|
)%
|
|||||||
Operating income (loss)
|
$
|
(141
|
)
|
$
|
69
|
$
|
(210
|
)
|
(304
|
)%
|
Americas
|
Fiscal Year
|
|||||||||||||||
2024
|
2023
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
1,493
|
$
|
1,531
|
$
|
(38
|
)
|
(2
|
)%
|
|||||||
Operating income
|
$
|
51
|
$
|
81
|
$
|
(30
|
)
|
(37
|
)%
|
Rest of World
|
Fiscal Year
|
|||||||||||||||
2024
|
2023
|
$ Change
|
% Change
|
|||||||||||||
Net sales
|
$
|
694
|
$
|
744
|
$
|
(50
|
)
|
(7
|
)%
|
|||||||
Operating income (loss)
|
$
|
(192
|
)
|
$
|
(12
|
)
|
$
|
(180
|
)
|
1,500
|
%
|
Other expense, net
|
Fiscal Year
|
|||||||||||||||
2024
|
2023
|
$ Change
|
% Change
|
|||||||||||||
Other expense, net
|
$
|
(9
|
)
|
$
|
(3
|
)
|
$
|
(6
|
)
|
200
|
%
|
Comprehensive income (loss)
|
Fiscal Year
|
|||||||||||||||
2024
|
2023
|
$ Change
|
% Change
|
|||||||||||||
Comprehensive income (loss)
|
$
|
(151
|
)
|
$
|
104
|
$
|
(255
|
)
|
(245
|
)%
|
Fiscal years ended
|
||||||||||||
September 28,
2024
|
September 30,
2023
|
October 01,
2022
|
||||||||||
Cash flow from operating activities
|
$
|
192
|
$
|
257
|
324
|
|||||||
Additions to property, plant and equipment, net
|
(68
|
)
|
(88
|
)
|
(104
|
)
|
||||||
Free cash flow
|
$
|
124
|
$
|
169
|
220
|
Fair Value
July 1, 2024
|
Carrying Value
July 1, 2024
|
Cushion
July 1, 2024
|
||||||||||
Americas
|
$
|
1,770
|
$
|
1,613
|
$
|
157
|
||||||
Rest of World
|
610
|
781
|
(171
|
)
|
Valuation of Goodwill
|
||
Description of the Matter
|
At September 28, 2024, the Company's goodwill was $624 million. As discussed in Note 1 to the combined financial statements, goodwill is evaluated for
impairment at least annually at the reporting unit level, or more frequently if events or changes in circumstances indicate the goodwill might be impaired. The Company performed its quantitative goodwill impairment test at July 1, 2024, which
resulted in a $171 million pre-tax impairment charge.
Auditing management's annual goodwill impairment test was complex due to the significant estimation uncertainty in determining the fair value of the
reporting units. In particular, the fair value estimate was sensitive to significant assumptions, such as changes in the weighted average cost of capital, revenue growth rates, EBITDA margin, and the terminal growth rate, which are affected by
economic and company-specific qualitative factors.
|
|
How We Addressed the Matter in Our Audit
|
To test the fair value of the Company's reporting units, we performed audit procedures that included, among others, testing the significant assumptions
discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to historical results, industry and economic trends, and assumptions used in other estimates. We assessed
the historical accuracy of management's estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units that would result from changes in the assumptions. In performing
our testing, we utilized our valuation specialists to assist us in evaluating the reasonableness of the Company's significant assumptions.
|
Fiscal years ended
|
||||||||||||
September 28,
2024
|
September 30,
2023
|
October 01,
2022
|
||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
||||||
Costs and expenses:
|
||||||||||||
Cost of goods sold
|
|
|
|
|||||||||
Selling, general and administrative
|
|
|
|
|||||||||
Amortization of intangibles
|
|
|
|
|||||||||
Goodwill and other impairment
|
|
|
|
|||||||||
Restructuring and other activities
|
|
|
|
|||||||||
Corporate expense allocation
|
|
|
|
|||||||||
Operating income (loss)
|
(
|
)
|
|
|
||||||||
Other (income) expense
|
(
|
)
|
(
|
)
|
|
|||||||
Interest expense
|
|
|
|
|||||||||
Income (loss) before income taxes
|
(
|
)
|
|
|
||||||||
Income tax expense
|
|
|
|
|||||||||
Net income (loss)
|
$
|
(
|
)
|
$
|
|
$
|
|
Fiscal years ended
|
||||||||||||
September 28,
2024
|
September 30,
2023
|
October 01,
2022
|
||||||||||
Net income (loss)
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
Currency translation
|
|
|
(
|
)
|
||||||||
Other comprehensive income (loss)
|
|
|
(
|
)
|
||||||||
Comprehensive income (loss)
|
$
|
(
|
)
|
$
|
|
$
|
|
September 28, 2024
|
September 30, 2023
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short term investments
|
|
|
||||||
Accounts receivable, net
|
|
|
||||||
Inventories, net
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Property, plant and equipment, net
|
|
|
||||||
Goodwill and intangible assets, net
|
|
|
||||||
Right-of-use assets
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Liabilities and Parent Invested Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
|
$
|
|
||||
Accrued expenses
|
|
|
||||||
Current portion of long-term debt
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Operating lease liabilities
|
|
|
||||||
Other long-term liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and Contingencies
|
|
|
||||||
Parent invested equity:
|
||||||||
Parent investment in Spinco
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Total parent invested equity
|
|
|
||||||
Total liabilities and parent invested equity
|
$
|
|
$
|
|
Fiscal years ended
|
||||||||||||
September 28,
2024
|
September 30,
2023
|
October 1,
2022
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net income (loss)
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
Adjustments to reconcile net income (loss) to net cash from operating activities:
|
||||||||||||
Depreciation
|
|
|
|
|||||||||
Amortization of intangibles
|
|
|
|
|||||||||
Non-cash interest expense
|
|
|
|
|||||||||
Goodwill and other impairment
|
|
|
|
|||||||||
Share-based compensation expense
|
|
|
|
|||||||||
Deferred income tax
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Other non-cash operating activities, net
|
(
|
)
|
(
|
)
|
|
|||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable, net
|
(
|
)
|
|
|
||||||||
Inventories, net
|
(
|
)
|
|
|
||||||||
Prepaid expenses and other assets
|
|
|
(
|
)
|
||||||||
Accounts payable and other liabilities
|
|
(
|
)
|
(
|
)
|
|||||||
Net cash from operating activities
|
|
|
|
|||||||||
Cash Flows from Investing Activities:
|
||||||||||||
Additions to property, plant and equipment, net
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Proceeds from sale of assets
|
|
|
|
|||||||||
Other investing activities
|
|
|
|
|||||||||
Net cash from investing activities
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Cash Flows from Financing Activities:
|
||||||||||||
Repayment of long-term borrowings
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Net transfers to Parent
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
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
|
$
|
|
|
|
Parent
Investment in Spinco
|
Accumulated Other
Comprehensive Loss
|
Total
|
||||||||||
Balance at October 2, 2021
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Net income
|
|
|
|
|||||||||
Other comprehensive income (loss)
|
|
(
|
)
|
(
|
)
|
|||||||
Transfers to Parent, net
|
(
|
)
|
|
(
|
)
|
|||||||
Balance at October 2, 2022
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Net income
|
|
|
|
|||||||||
Other comprehensive income (loss)
|
|
|
|
|||||||||
Transfers to Parent, net
|
(
|
)
|
|
(
|
)
|
|||||||
Balance at September 30, 2023
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Net loss
|
(
|
)
|
|
(
|
)
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|||||||||
Transfers to Parent, net
|
(
|
)
|
|
(
|
)
|
|||||||
Balance at September 28, 2024
|
$
|
|
$
|
(
|
)
|
$
|
|
Inventories:
|
2024
|
2023
|
||||||
Finished goods
|
$
|
|
$
|
|
||||
Raw materials
|
|
|
||||||
$
|
|
$
|
|
Property, plant and equipment:
|
2024
|
2023
|
||||||
Land, buildings and improvements
|
$
|
|
$
|
|
||||
Equipment and construction in progress
|
|
|
||||||
|
|
|||||||
Less accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
$
|
|
$
|
|
Americas
|
Rest of World
|
Total
|
||||||||||
Balance as of fiscal 2022
|
$
|
|
$
|
|
$
|
|
||||||
Foreign currency translation adjustment
|
|
|
|
|||||||||
Balance as of fiscal 2023
|
$
|
|
$
|
|
$
|
|
||||||
Goodwill impairment
|
|
(
|
)
|
(
|
)
|
|||||||
Foreign currency translation adjustment
|
(
|
)
|
|
|
||||||||
Balance as of fiscal 2024
|
$
|
|
$
|
|
$
|
|
Customer
Relationships
|
Trademarks
|
Other
Intangibles
|
Total
|
|||||||||||||
Balance as of fiscal 2022 (a)
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Foreign currency translation adjustment
|
|
|
|
|
||||||||||||
Amortization expense
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||
Balance as of fiscal 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Foreign currency translation adjustment
|
|
|
|
|
||||||||||||
Amortization expense
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||
Impairment
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Balance as of fiscal 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
(a) |
|
Fiscal Year
|
Operating Leases
|
Finance Leases
|
||||||
2025
|
$
|
|
$
|
|
||||
2026
|
|
|
||||||
2027
|
|
|
||||||
2028
|
|
|
||||||
2029
|
|
|
||||||
Thereafter
|
|
|
||||||
Total lease payments
|
|
|
||||||
Less: Interest
|
(
|
)
|
|
|||||
Present value of lease liabilities
|
$
|
|
$
|
|
Currency
Translation
|
Accumulated Other
Comprehensive Loss
|
|||||||
Balance as of fiscal 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Other comprehensive income (loss)
|
(
|
)
|
(
|
)
|
||||
Balance as of fiscal 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Other comprehensive income (loss)
|
|
|
||||||
Balance as of fiscal 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Other comprehensive income (loss)
|
|
|
||||||
Balance as of fiscal 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
2024
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
(
|
)
|
||||||||||||||
Definite lived intangible assets
|
|
|
|
|
(
|
)
|
||||||||||||||
Property, plant and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
2023
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Impairment
|
||||||||||||||||
Indefinite lived trademarks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Definite lived intangible assets
|
|
|
|
|
|
|||||||||||||||
Property, plant and equipment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Leases
|
Classification
|
2024
|
2023
|
||||||
Operating leases:
|
|||||||||
Operating lease right-of-use assets
|
Right-of-use asset
|
$
|
|
$
|
|
||||
Current operating lease liabilities
|
|
|
|
||||||
Noncurrent operating lease liabilities
|
Operating lease liability
|
|
|
||||||
Finance leases:
|
|||||||||
Finance lease right-of-use assets
|
|
$
|
|
$
|
|
||||
Current finance lease liabilities
|
|
|
|
Lease Type
|
Cash Flow Classification
|
Lease Expense Category
|
2024
|
2023
|
||||||||||
Operating leases
|
Operating cash flows
|
Lease cost
|
$
|
|
$
|
|
||||||||
Finance leases
|
Operating cash flows
|
Interest expense
|
|
|
||||||||||
Finance leases
|
Financing cash flows
|
—
|
|
|
||||||||||
Finance leases
|
—
|
Amortization of right-of-use assets
|
|
|
2024
|
2023
|
|||||||
Weighted-average remaining lease term - operating leases
|
|
|
||||||
Weighted-average remaining lease term - finance leases
|
|
|
||||||
Weighted-average discount rate - operating leases
|
|
%
|
|
%
|
||||
Weighted-average discount rate - finance leases
|
|
%
|
|
%
|
2024
|
2023
|
|||||||
Employee compensation, payroll, and other
|
$
|
|
$
|
|
||||
Accrued taxes
|
|
|
||||||
Operating lease liabilities
|
|
|
||||||
Other
|
|
|
||||||
$
|
|
$
|
|
2024
|
2023
|
2022
|
||||||||||
Current
|
||||||||||||
U.S.
|
||||||||||||
Federal
|
$
|
|
$
|
|
$
|
|
||||||
State
|
|
|
|
|||||||||
Non-U.S.
|
|
|
|
|||||||||
Total current
|
|
|
|
|||||||||
Deferred:
|
||||||||||||
U.S.
|
||||||||||||
Federal
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
State
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Non-U.S.
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Total deferred
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Expense for income taxes
|
$
|
|
$
|
|
$
|
|
2024
|
2023
|
2022
|
||||||||||
U.S. Federal income tax expense at the statutory rate
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
Adjustments to reconcile to the income tax provision:
|
||||||||||||
U.S. state income tax expense
|
|
|
|
|||||||||
Federal and state credits
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Share-based compensation
|
|
|
(
|
)
|
||||||||
Withholding taxes
|
|
|
|
|||||||||
Changes in foreign valuation allowance
|
|
|
|
|||||||||
Foreign income taxed in the U.S.
|
|
|
|
|||||||||
Rate differences between U.S. and foreign
|
|
|
|
|||||||||
Brazil provision to return
|
|
|
|
|||||||||
Foreign intercompany write off
|
|
|
|
|||||||||
Foreign restructuring benefit
|
|
|
(
|
)
|
||||||||
Brazil ICMS rate reduction
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Uncertain tax positions
|
(
|
)
|
|
(
|
)
|
|||||||
Goodwill impairment
|
|
|
|
|||||||||
Other
|
|
|
|
|||||||||
Expense for income taxes
|
$
|
|
$
|
|
$
|
|
2024
|
2023
|
|||||||
Deferred tax assets:
|
||||||||
Accrued liabilities and reserves
|
$
|
|
$
|
|
||||
Inventories
|
|
|
||||||
Net operating loss carryforward
|
|
|
||||||
Lease liability
|
|
|
||||||
Foreign tax credit carryforward
|
|
|
||||||
Capitalization research and development expenditures
|
|
|
||||||
Other
|
|
|
||||||
Total deferred tax assets
|
|
|
||||||
Valuation allowance
|
(
|
)
|
(
|
)
|
||||
Total deferred tax assets, net of valuation allowance
|
|
|
||||||
Deferred tax liabilities:
|
||||||||
Property, plant and equipment
|
|
|
||||||
Intangible assets
|
|
|
||||||
Leased asset
|
|
|
||||||
Other
|
|
|
||||||
Total deferred tax liabilities
|
|
|
||||||
Net deferred tax liability
|
$
|
(
|
)
|
$
|
(
|
)
|
2024
|
2023
|
|||||||
Beginning unrecognized tax benefits
|
$
|
|
$
|
|
||||
Gross increases – tax positions in prior periods
|
|
|
||||||
Gross increases – current period tax positions
|
|
|
||||||
Settlements
|
(
|
)
|
|
|||||
Lapse of statute of limitations
|
(
|
)
|
|
|||||
Ending unrecognized tax benefits
|
$
|
|
$
|
|
2024
|
2023
|
2022
|
||||||||||
Americas
|
$
|
|
$
|
|
$
|
|
||||||
Rest of World
|
|
|
|
|||||||||
Consolidated
|
$
|
|
$
|
|
$
|
|
Restructuring
|
||||||||||||||||||||
Employee
Severance
and Benefits
|
Facility
Exit Costs
|
Non-cash
Impairment
Charges
|
Other
Activities
|
Total
|
||||||||||||||||
Balance as of fiscal 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Charges
|
|
|
|
|
|
|||||||||||||||
Cash
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
||||||||||||
Balance as of fiscal 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Charges
|
|
|
|
|
|
|||||||||||||||
Cash
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||
Balance as of fiscal 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Charges
|
|
|
|
|
|
|||||||||||||||
Non-cash asset impairment
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
Cash
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||
Balance as of fiscal 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
2024
|
2023
|
2022
|
||||||||||
Net sales
|
||||||||||||
Americas
|
$
|
|
$
|
|
$
|
|
||||||
Rest of World
|
|
|
|
|||||||||
Total
|
$
|
|
$
|
|
$
|
|
||||||
Operating income (loss)
|
||||||||||||
Americas
|
$
|
|
$
|
|
$
|
|
||||||
Rest of World
|
(
|
)
|
(
|
)
|
|
|||||||
Total
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
Depreciation and amortization
|
||||||||||||
Americas
|
$
|
|
$
|
|
$
|
|
||||||
Rest of World
|
|
|
|
|||||||||
Total
|
$
|
|
$
|
|
$
|
|
2024
|
2023
|
|||||||
Total assets:
|
||||||||
Americas
|
$
|
|
$
|
|
||||
Rest of World
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
2024
|
2023
|
|||||||
Long-lived assets:
|
||||||||
Americas
|
$
|
|
$
|
|
||||
Rest of World
|
|
|
||||||
Total long-lived assets
|
$
|
|
$
|
|
2024
|
2023
|
2022
|
||||||||||
Net sales:
|
||||||||||||
United States and Canada
|
$
|
|
$
|
|
$
|
|
||||||
Latin America
|
|
|
|
|||||||||
Rest of world
|
|
|
|
|||||||||
Total net sales
|
$
|
|
$
|
|
$
|
|
(in percentages)
|
2024
|
|||
Net sales:
|
||||
Personal Care
|
|
%
|
||
Consumer Solutions
|
|
|||
Total Net Sales
|
|
%
|
Fee type
|
2024
|
2023
|
||||||
Audit Fees(1)
|
$
|
3
|
$
|
1
|
||||
Audit-Related Fees(2)
|
-
|
-
|
||||||
Tax Fees(3)
|
-
|
-
|
||||||
All Other Fees
|
-
|
-
|
||||||
Total Fees
|
$
|
3
|
$
|
1
|
(1) |
Includes annual financial statement and limited quarterly review services, statutory audits of foreign subsidiaries and providing consents for
Securities and Exchange Commission filings and other services that are normally provided by the independent registered public accountants in connection with securities offerings.
|
(2) |
Includes merger and acquisition due diligence and other attest or accounting services.
|
(3) |
Includes domestic and international tax compliance, planning services and tax advice.
|
Exhibit no.
|
Document
|
|
2.1†
|
RMT
Transaction Agreement, dated as of February 6, 2024, by and among Glatfelter Corporation, Treasure Merger Sub I, Inc., Treasure Merger Sub II, LLC, Berry Global Group, Inc. and Treasure Holdco, Inc. (incorporated by reference to Exhibit 2.1 to Amendment No. 2 to the Registration Statement on Form 10 filed by the Company on October 21, 2024).
|
|
2.2†
|
Separation
and Distribution Agreement, dated as of February 6, 2024, by and among Glatfelter Corporation, Berry Global Group, Inc. and Treasure Holdco, Inc. (incorporated
by reference to Exhibit 2.2 to Amendment No. 2 to the Registration Statement on Form 10 filed by the Company on October 21, 2024).
|
|
3.1
|
Certificate
of Incorporation of Treasure Holdco, Inc. (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10 filed by the Company on August 23, 2024).
|
|
3.2
|
Bylaws
of Treasure Holdco, Inc. (incorporated by reference to Exhibit 3.3 to the Registration Statement on Form 10 filed by the Company on August 23, 2024).
|
|
10.1†
|
Employee
Matters Agreement, dated as of February 6, 2024, by and among Glatfelter Corporation, Berry Global Group, Inc. and Treasure Holdco, Inc. (incorporated
by reference to Exhibit 10.1 to Amendment No. 2 to the Registration Statement on Form 10 filed by the Company on October 21, 2024).
|
|
10.2
|
Tax
Matters Agreement, dated as of February 6, 2024, by and among Glatfelter Corporation, Berry Global Group, Inc. and Treasure Holdco, Inc. (incorporated
by reference to Exhibit 10.2 to Amendment No. 2 to the Registration Statement on Form 10 filed by the Company on October 21, 2024).
|
|
10.3
|
Amendment
to Tax Matters Agreement, dated as of October 21, 2024, by and among Glatfelter Corporation, Berry Global Group, Inc. and Treasure Holdco, Inc. (incorporated by reference to Exhibit 10.3 to Amendment No. 2 to the Registration Statement
on Form 10 filed by the Company on October 21, 2024).
|
|
10.4
|
Transition
Services Agreement, dated as of November 4, 2024, by and between Berry Global, Inc., and Treasure Merger Sub II, LLC (incorporated by reference to
Exhibit 10.1 to the Current Report on Form 8-K filed by Magnera Corporation on November 4, 2024).
|
|
10.5
|
First
Amendment to the Employee Matters Agreement, dated as of July 8, 2024, by and among Glatfelter Corporation, Berry Global Group, Inc. and Treasure Holdco, Inc. (incorporated by reference to Exhibit 10.4 to the Registration Statement on
Form 10 filed by the Company on August 23, 2024).
|
|
10.6
|
Second
Amendment to the Employee Matters Agreement, dated as of September 25, 2024, by and among Glatfelter Corporation, Berry Global Group, Inc. and Treasure Holdco, Inc. (incorporated by reference to Exhibit 10.47 to the Annual Report on
Form 10-K filed by Berry Global Group, Inc. on November 25, 2024).
|
|
10.7+
|
Magnera
Corporation 2024 Omnibus Incentive Plan (incorporated by reference to Exhibit 99.5 to Amendment No. 2 to the Registration Statement on Form 10 filed by the Company on October 21, 2024).
|
|
31.1*
|
||
31.2*
|
||
32.1*
|
||
32.2*
|
||
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).
|
+ |
Management compensatory plan, contract, or arrangement.
|
* |
Filed or furnished, as applicable, with this Annual Report.
|
† |
Pursuant to Item 601(b)(2) of Regulation S-K, certain schedules and similar attachments to the RMT Transaction Agreement, the Separation Agreement, the Employee Matters
Agreement and the First Amendment to the Employee Matters Agreement have been omitted. Treasure Holdco, Inc. hereby agrees to furnish supplementally a copy of any omitted schedule or similar attachment to the U.S. Securities and Exchange
Commission upon request.
|
TREASURE MERGER SUB II, LLC
(as successor in interest to Treasure Holdco, Inc.).
|
|||
By:
|
/s/ James M. Till
|
||
Name: James M. Till
|
|||
Title: Chief Financial Officer (Principal Accounting Officer)
|
Signature
|
Title
|
Date
|
||
/s/ Curt L. Begle
|
Chief Executive Officer (Principal Executive Officer)
|
December 23, 2024
|
||
Curt L. Begle
|
||||
/s/ Jill L. Urey
|
General Counsel and authorized delegate of Magnera Corporation, the sole member and manager of Registrant
|
December 23, 2024
|
||
Jill L. Urey
|