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Pay vs Performance Disclosure
pure in Millions
 12 Months Ended
Sep. 30, 2023
USD ($)
Oct. 01, 2022
USD ($)
Oct. 02, 2021
USD ($)
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. Compensation actually paid (CAP), as determined under SEC requirements, does not reflect the actual amount of compensation earned by or paid to our executive officers during a covered year. In addition, the Compensation & Talent Development Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years presented. For further
information concerning our pay-for-performance philosophy and how we align our executive compensation programs with the Company’s performance, refer to the “Compensation Discussion & Analysis” section.
​
Year
​ ​
Summary
Compensation
Table Total
for PEO(1)
​ ​
Compensation
Actually Paid
to PEO(2)
​ ​
Average Summary
Compensation
Table Total for
Non-PEO NEOs(1)
​ ​
Average
Compensation
Actually Paid to
Non-PEO NEOs(2)
​ ​
Value of Initial Fixed $100
Investment Based On:
​ ​
Operating
EBITDA(4)
(in millions)
​ ​
Net
Income
(in millions)
​
​
Total
Shareholder
Return
​ ​
Peer Group
Total
Shareholder
Return(3)
​
​
(a)
​ ​
(b)
​ ​
(c)
​ ​
(d)
​ ​
(e)
​ ​
(f)
​ ​
(g)
​ ​
(h)
​ ​
(i)
​
​ 2023 ​ ​ ​ ​ 11,710,612 ​ ​ ​ ​ ​ 23,659,702 ​ ​ ​ ​ ​ 3,043,841 ​ ​ ​ ​ ​ 5,841,533 ​ ​ ​ ​ ​ 135.5 ​ ​ ​ ​ ​ 108.1 ​ ​ ​ ​ ​ 2,053 ​ ​ ​ ​ ​ 609 ​ ​
​ 2022 ​ ​ ​ ​ 10,423,007 ​ ​ ​ ​ ​ 2,922,323 ​ ​ ​ ​ ​ 2,668,741 ​ ​ ​ ​ ​ 1,521,248 ​ ​ ​ ​ ​ 75.9 ​ ​ ​ ​ ​ 73.9 ​ ​ ​ ​ ​ 2,101 ​ ​ ​ ​ ​ 766 ​ ​
​ 2021 ​ ​ ​ ​ 11,498,501 ​ ​ ​ ​ ​ 19,130,706 ​ ​ ​ ​ ​ 3,095,248 ​ ​ ​ ​ ​ 4,871,149 ​ ​ ​ ​ ​ 129.2 ​ ​ ​ ​ ​ 127.1 ​ ​ ​ ​ ​ 2,224 ​ ​ ​ ​ ​ 733 ​ ​
​
(1)
For purposes of this disclosure, “PEO” refers to Principal (or Chief) Executive Officer. For the fiscal years presented, represents amount reported for our PEO and average amount reported for our non-PEO NEOs, under the “Total” column of the Summary Compensation Table (“SCT”). Thomas Salmon was our PEO for each fiscal year. The following executive officers served as the Non-PEO NEOs for each fiscal year: Mark Miles, Curt Begle, Jean-Marc Galvez and Jason Greene.
​
(2)
Dollar amounts represent Compensation Actually Paid (“CAP”) for our PEO and the average CAP to our non-PEO NEOs for each fiscal year. CAP has been calculated in accordance with Item 402(v) of Regulation S-K and does not reflect the actual compensation earned by or paid to the applicable NEO for any fiscal year. CAP reflects the following adjustments to the SCT amounts for equity awards reported for the PEO and the Non-PEO NEOs:
​
​ ​ ​ ​
PEO
​ ​
Non-PEO NEOs
​
​
Adjustments to Determine
​ ​
2021
​ ​
2022
​ ​
2023
​ ​
2021
​ ​
2022
​ ​
2023
​
​
SUMMARY COMPENSATION TABLE (SCT) TOTAL COMPENSATION
​ ​ ​ ​ 11,498,501 ​ ​ ​ ​ ​ 10,423,007 ​ ​ ​ ​ ​ 11,710,612 ​ ​ ​ ​ ​ 3,095,248 ​ ​ ​ ​ ​ 2,668,741 ​ ​ ​ ​ ​ 3,043,841 ​ ​
​
Deduction for Amounts Reported under the “Stock-Based Awards” Column in the SCT
​ ​ ​ ​ (4,853,472) ​ ​ ​ ​ ​ (3,599,993) ​ ​ ​ ​ ​ (2,971,726) ​ ​ ​ ​ ​ (1,008,864) ​ ​ ​ ​ ​ (750,001) ​ ​ ​ ​ ​ (629,424) ​ ​
​
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
​ ​ ​ ​ (3,405,714) ​ ​ ​ ​ ​ (4,361,776) ​ ​ ​ ​ ​ (5,167,001) ​ ​ ​ ​ ​ (707,943) ​ ​ ​ ​ ​ (908,697) ​ ​ ​ ​ ​ (1,094,411) ​ ​
​
Fair value as of the end of the covered fiscal
year of equity compensation granted
during the covered fiscal year
​ ​ ​ ​ 10,369,841 ​ ​ ​ ​ ​ 5,513,026 ​ ​ ​ ​ ​ 10,008,047 ​ ​ ​ ​ ​ 2,155,538 ​ ​ ​ ​ ​ 1,586,137 ​ ​ ​ ​ ​ 2,389,638 ​ ​
​
Change in fair value from end of prior fiscal
year to end of current fiscal year for awards
made in prior fiscal years that were
unvested at end of covered fiscal year
​ ​ ​ ​ 4,491,700 ​ ​ ​ ​ ​ (5,656,529) ​ ​ ​ ​ ​ 6,587,221 ​ ​ ​ ​ ​ 987,570 ​ ​ ​ ​ ​ (1,204,634) ​ ​ ​ ​ ​ 1,381,370 ​ ​
​
Fair value as of the end of the covered fiscal
year of equity compensation that was
granted and that vested during the
covered fiscal year
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year
​ ​ ​ ​ 1,029,850 ​ ​ ​ ​ ​ 604,587 ​ ​ ​ ​ ​ 3,492,549 ​ ​ ​ ​ ​ 349,600 ​ ​ ​ ​ ​ 129,703 ​ ​ ​ ​ ​ 750,519 ​ ​
​
Fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during covered fiscal year
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
COMPENSATION “ACTUALLY PAID” ​(CAP)
​ ​ ​ ​ 19,130,706 ​ ​ ​ ​ ​ 2,922,323 ​ ​ ​ ​ ​ 23,659,702 ​ ​ ​ ​ ​ 4,871,149 ​ ​ ​ ​ ​ 1,521,248 ​ ​ ​ ​ ​ 5,841,533 ​ ​
​
(3)
Our Peer Group TSR is the Dow Jones Containers & Packaging Index (DJCPI) and is the same group of companies used in our Common Stock Performance Comparison graph as included in our Annual Report. The majority of our sales and earnings are generated from our global packaging business, and members of the DJCPI compete across similar markets and product categories for rigid packaging, flexible packaging and secondary packaging.
​
(4)
Operating EBITDA is a non-GAAP financial measure defined as earnings before interest, taxes, depreciation and amortization, derived from our U.S. GAAP net earnings and subject to certain specified adjustments.
​
    
Company Selected Measure Name Operating EBITDA    
Named Executive Officers, Footnote
(1)
For purposes of this disclosure, “PEO” refers to Principal (or Chief) Executive Officer. For the fiscal years presented, represents amount reported for our PEO and average amount reported for our non-PEO NEOs, under the “Total” column of the Summary Compensation Table (“SCT”). Thomas Salmon was our PEO for each fiscal year. The following executive officers served as the Non-PEO NEOs for each fiscal year: Mark Miles, Curt Begle, Jean-Marc Galvez and Jason Greene.
   
Peer Group Issuers, Footnote
(3)
Our Peer Group TSR is the Dow Jones Containers & Packaging Index (DJCPI) and is the same group of companies used in our Common Stock Performance Comparison graph as included in our Annual Report. The majority of our sales and earnings are generated from our global packaging business, and members of the DJCPI compete across similar markets and product categories for rigid packaging, flexible packaging and secondary packaging.
   
PEO Total Compensation Amount $ 11,710,612 $ 10,423,007 $ 11,498,501
PEO Actually Paid Compensation Amount $ 23,659,702 2,922,323 19,130,706
Adjustment To PEO Compensation, Footnote
(2)
Dollar amounts represent Compensation Actually Paid (“CAP”) for our PEO and the average CAP to our non-PEO NEOs for each fiscal year. CAP has been calculated in accordance with Item 402(v) of Regulation S-K and does not reflect the actual compensation earned by or paid to the applicable NEO for any fiscal year. CAP reflects the following adjustments to the SCT amounts for equity awards reported for the PEO and the Non-PEO NEOs:
​
​ ​ ​ ​
PEO
​ ​
Non-PEO NEOs
​
​
Adjustments to Determine
​ ​
2021
​ ​
2022
​ ​
2023
​ ​
2021
​ ​
2022
​ ​
2023
​
​
SUMMARY COMPENSATION TABLE (SCT) TOTAL COMPENSATION
​ ​ ​ ​ 11,498,501 ​ ​ ​ ​ ​ 10,423,007 ​ ​ ​ ​ ​ 11,710,612 ​ ​ ​ ​ ​ 3,095,248 ​ ​ ​ ​ ​ 2,668,741 ​ ​ ​ ​ ​ 3,043,841 ​ ​
​
Deduction for Amounts Reported under the “Stock-Based Awards” Column in the SCT
​ ​ ​ ​ (4,853,472) ​ ​ ​ ​ ​ (3,599,993) ​ ​ ​ ​ ​ (2,971,726) ​ ​ ​ ​ ​ (1,008,864) ​ ​ ​ ​ ​ (750,001) ​ ​ ​ ​ ​ (629,424) ​ ​
​
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
​ ​ ​ ​ (3,405,714) ​ ​ ​ ​ ​ (4,361,776) ​ ​ ​ ​ ​ (5,167,001) ​ ​ ​ ​ ​ (707,943) ​ ​ ​ ​ ​ (908,697) ​ ​ ​ ​ ​ (1,094,411) ​ ​
​
Fair value as of the end of the covered fiscal
year of equity compensation granted
during the covered fiscal year
​ ​ ​ ​ 10,369,841 ​ ​ ​ ​ ​ 5,513,026 ​ ​ ​ ​ ​ 10,008,047 ​ ​ ​ ​ ​ 2,155,538 ​ ​ ​ ​ ​ 1,586,137 ​ ​ ​ ​ ​ 2,389,638 ​ ​
​
Change in fair value from end of prior fiscal
year to end of current fiscal year for awards
made in prior fiscal years that were
unvested at end of covered fiscal year
​ ​ ​ ​ 4,491,700 ​ ​ ​ ​ ​ (5,656,529) ​ ​ ​ ​ ​ 6,587,221 ​ ​ ​ ​ ​ 987,570 ​ ​ ​ ​ ​ (1,204,634) ​ ​ ​ ​ ​ 1,381,370 ​ ​
​
Fair value as of the end of the covered fiscal
year of equity compensation that was
granted and that vested during the
covered fiscal year
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year
​ ​ ​ ​ 1,029,850 ​ ​ ​ ​ ​ 604,587 ​ ​ ​ ​ ​ 3,492,549 ​ ​ ​ ​ ​ 349,600 ​ ​ ​ ​ ​ 129,703 ​ ​ ​ ​ ​ 750,519 ​ ​
​
Fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during covered fiscal year
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
COMPENSATION “ACTUALLY PAID” ​(CAP)
​ ​ ​ ​ 19,130,706 ​ ​ ​ ​ ​ 2,922,323 ​ ​ ​ ​ ​ 23,659,702 ​ ​ ​ ​ ​ 4,871,149 ​ ​ ​ ​ ​ 1,521,248 ​ ​ ​ ​ ​ 5,841,533 ​ ​
   
Non-PEO NEO Average Total Compensation Amount $ 3,043,841 2,668,741 3,095,248
Non-PEO NEO Average Compensation Actually Paid Amount $ 5,841,533 1,521,248 4,871,149
Adjustment to Non-PEO NEO Compensation Footnote
(2)
Dollar amounts represent Compensation Actually Paid (“CAP”) for our PEO and the average CAP to our non-PEO NEOs for each fiscal year. CAP has been calculated in accordance with Item 402(v) of Regulation S-K and does not reflect the actual compensation earned by or paid to the applicable NEO for any fiscal year. CAP reflects the following adjustments to the SCT amounts for equity awards reported for the PEO and the Non-PEO NEOs:
​
​ ​ ​ ​
PEO
​ ​
Non-PEO NEOs
​
​
Adjustments to Determine
​ ​
2021
​ ​
2022
​ ​
2023
​ ​
2021
​ ​
2022
​ ​
2023
​
​
SUMMARY COMPENSATION TABLE (SCT) TOTAL COMPENSATION
​ ​ ​ ​ 11,498,501 ​ ​ ​ ​ ​ 10,423,007 ​ ​ ​ ​ ​ 11,710,612 ​ ​ ​ ​ ​ 3,095,248 ​ ​ ​ ​ ​ 2,668,741 ​ ​ ​ ​ ​ 3,043,841 ​ ​
​
Deduction for Amounts Reported under the “Stock-Based Awards” Column in the SCT
​ ​ ​ ​ (4,853,472) ​ ​ ​ ​ ​ (3,599,993) ​ ​ ​ ​ ​ (2,971,726) ​ ​ ​ ​ ​ (1,008,864) ​ ​ ​ ​ ​ (750,001) ​ ​ ​ ​ ​ (629,424) ​ ​
​
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
​ ​ ​ ​ (3,405,714) ​ ​ ​ ​ ​ (4,361,776) ​ ​ ​ ​ ​ (5,167,001) ​ ​ ​ ​ ​ (707,943) ​ ​ ​ ​ ​ (908,697) ​ ​ ​ ​ ​ (1,094,411) ​ ​
​
Fair value as of the end of the covered fiscal
year of equity compensation granted
during the covered fiscal year
​ ​ ​ ​ 10,369,841 ​ ​ ​ ​ ​ 5,513,026 ​ ​ ​ ​ ​ 10,008,047 ​ ​ ​ ​ ​ 2,155,538 ​ ​ ​ ​ ​ 1,586,137 ​ ​ ​ ​ ​ 2,389,638 ​ ​
​
Change in fair value from end of prior fiscal
year to end of current fiscal year for awards
made in prior fiscal years that were
unvested at end of covered fiscal year
​ ​ ​ ​ 4,491,700 ​ ​ ​ ​ ​ (5,656,529) ​ ​ ​ ​ ​ 6,587,221 ​ ​ ​ ​ ​ 987,570 ​ ​ ​ ​ ​ (1,204,634) ​ ​ ​ ​ ​ 1,381,370 ​ ​
​
Fair value as of the end of the covered fiscal
year of equity compensation that was
granted and that vested during the
covered fiscal year
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year
​ ​ ​ ​ 1,029,850 ​ ​ ​ ​ ​ 604,587 ​ ​ ​ ​ ​ 3,492,549 ​ ​ ​ ​ ​ 349,600 ​ ​ ​ ​ ​ 129,703 ​ ​ ​ ​ ​ 750,519 ​ ​
​
Fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during covered fiscal year
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
COMPENSATION “ACTUALLY PAID” ​(CAP)
​ ​ ​ ​ 19,130,706 ​ ​ ​ ​ ​ 2,922,323 ​ ​ ​ ​ ​ 23,659,702 ​ ​ ​ ​ ​ 4,871,149 ​ ​ ​ ​ ​ 1,521,248 ​ ​ ​ ​ ​ 5,841,533 ​ ​
   
Tabular List, Table
Relationship Between Compensation Actually Paid and Performance
In accordance with the SEC’s rules, the following section describes the relationship between Compensation Actually Paid (CAP) and the Company’s performance metrics set forth in the table above over the fiscal years presented:
•
As noted in the above table, our TSR performance exceeded our peer group TSR in each of the fiscal years presented, and the negative TSR performance in fiscal 2022 correlates with the reduction in CAP in fiscal 2022.
​
•
Our Operating EBITDA declined in each of the fiscal years presented, and CAP also declined in fiscal 2022. While the Operating EBITDA sequential declines do not directly correlate with the changes in CAP for all fiscal years presented in the table above, typically performance is measured against market expectations which are impacted by various factors (i.e., normalization from COVID related benefits, acquisition/divestitures, changes in foreign currency exchange rates, timing of passing on inflation, general market softness/outlook, etc.).
​
•
Net income (calculated in accordance with GAAP) increased from fiscal 2021 to fiscal 2022 and decreased in fiscal 2023 and was not directly correlated with CAP for the fiscal years presented. The Company does not use net income to determine compensation levels or incentive plan payouts.
​
Relationship Between Compensation Actually Paid and Performance
Our executive compensation programs are designed to ensure alignment between executive pay, business performance and shareholders. For the last fiscal year, the most important financial performance measures used to link Compensation Actually Paid to our PEO and Non-PEO NEOs (as calculated in accordance with Item 402(v) of Regulation S-K) to Company performance are listed below in no specific ranked order:
•
TSR
​
•
Operating EBITDA
​
•
Free Cash Flow
​
    
Total Shareholder Return Amount $ 135.5 75.9 129.2
Peer Group Total Shareholder Return Amount 108.1 73.9 127.1
Net Income (Loss) $ 609,000,000 $ 766,000,000 $ 733,000,000
Company Selected Measure Amount 2,053 2,101 2,224
PEO Name Thomas Salmon    
Measure:: 1      
Pay vs Performance Disclosure      
Name TSR    
Non-GAAP Measure Description
(4)
Operating EBITDA is a non-GAAP financial measure defined as earnings before interest, taxes, depreciation and amortization, derived from our U.S. GAAP net earnings and subject to certain specified adjustments.
   
Measure:: 2      
Pay vs Performance Disclosure      
Name Operating EBITDA    
Measure:: 3      
Pay vs Performance Disclosure      
Name Free Cash Flow    
PEO | Stock Awards Value In Summary Compensation Table [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (2,971,726) $ (3,599,993) $ (4,853,472)
PEO | Option Awards Value In Summary Compensation Table [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (5,167,001) (4,361,776) (3,405,714)
PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 10,008,047 5,513,026 10,369,841
PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 6,587,221 (5,656,529) 4,491,700
PEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 3,492,549 604,587 1,029,850
Non-PEO NEO | Stock Awards Value In Summary Compensation Table [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (629,424) (750,001) (1,008,864)
Non-PEO NEO | Option Awards Value In Summary Compensation Table [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (1,094,411) (908,697) (707,943)
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 2,389,638 1,586,137 2,155,538
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,381,370 (1,204,634) 987,570
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 750,519 $ 129,703 $ 349,600