10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended April 2, 2022

OR

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

For the transition period from __________ to __________

Commission File Number 001-35672

BERRY GLOBAL GROUP, INC.

A Delaware corporation  101 Oakley Street, Evansville, Indiana, 47710 (812) 424-2904  IRS employer identification number 20-5234618

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	BERY	New York Stock Exchange LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  ☒

There were 130.3 million shares of common stock outstanding at May 5, 2022.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Information included or incorporated by reference in Berry Global Group, Inc.’s filings with the U.S. Securities and Exchange Commission (the “SEC”) and press releases or other public statements contains or may contain forward-looking statements.  This report includes “forward-looking” statements with respect to our financial condition, results of operations and business and our expectations or beliefs concerning future events.  These statements contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “project,” “outlook,” “anticipates” or “looking forward” or similar expressions that relate to our strategy, plans, intentions, or expectations.  All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, and financial results or to our expectations regarding future industry trends are forward-looking statements.  In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments.  These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected.  All forward-looking statements are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Additionally, we caution readers that the list of important factors discussed in our most recent Form 10-K in the section titled “Risk Factors” may not contain all of the material factors that are important to you.  In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this report may not in fact occur.  Accordingly, readers should not place undue reliance on those statements.

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Berry Global Group, Inc.

Form 10-Q Index

For Quarterly Period Ended April 2, 2022

Part I.	Financial Information		Page No.
	Item 1.	Financial Statements:
		Consolidated Statements of Income and Comprehensive Income	4
		Consolidated Balance Sheets	5
		Consolidated Statements of Changes in Stockholders’ Equity	6
		Consolidated Statements of Cash Flows	7
		Notes to Consolidated Financial Statements	8
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	22
	Item 4.	Controls and Procedures	23
Part II.	Other Information
	Item 1.	Legal Proceedings	24
	Item 1A.	Risk Factors	24
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
	Item 6.	Exhibits	25
	Signature		26

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Part I. Financial Information

Item 1. Financial Statements

Berry Global Group, Inc.

Consolidated Statements of Income

(Unaudited)

(in millions of dollars, except per share amounts)

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Net sales	$	3,775	$	3,370	$	7,348	$	6,506
Costs and expenses:
Cost of goods sold		3,154		2,706		6,192		5,224
Selling, general and administrative		207		220		442		461
Amortization of intangibles		65		73		133		147
Restructuring and transaction activities		8		38		11		37
Operating income		341		333		570		637
Other expense		6		6		6		31
Interest expense		71		84		142		181
Income before income taxes		264		243		422		425
Income tax expense		59		62		96		114
Net income	$	205	$	181	$	326	$	311
Net income per share:
Basic	$	1.53	$	1.35	$	2.42	$	2.32
Diluted		1.50		1.32		2.36		2.28

Consolidated Statements of Comprehensive Income

(Unaudited)

(in millions of dollars)

	Quarterly Period Ended					Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021			April 2, 2022		April 3, 2021
Net income	$	205	$	181		$	326	$	311
Other comprehensive income, net of tax:
Currency translation		37		(73	)		15		105
Derivative instruments		71		54			100		71
Other comprehensive income (loss)		108		(19	)		115		176
Comprehensive income	$	313	$	162		$	441	$	487

See notes to consolidated financial statements.

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Berry Global Group, Inc.

Consolidated Balance Sheets

(in millions of dollars)

	April 2, 2022			October 2, 2021
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	622		$	1,091
Accounts receivable		1,996			1,879
Finished goods		1,032			960
Raw materials and supplies		932			947
Prepaid expenses and other current assets		401			217
Total current assets		4,983			5,094
Noncurrent assets:
Property, plant and equipment		4,650			4,677
Goodwill and intangible assets		7,183			7,434
Right-of-use assets		536			562
Other assets		183			115
Total assets	$	17,535		$	17,882
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,651		$	2,041
Accrued employee costs		250			336
Other current liabilities		824			788
Current portion of long-term debt		19			21
Total current liabilities		2,744			3,186
Noncurrent liabilities:
Long-term debt		9,627			9,439
Deferred income taxes		569			568
Employee benefit obligations		244			276
Operating lease liabilities		443			466
Other long-term liabilities		588			767
Total liabilities		14,215			14,702
Stockholders’ equity:
Common stock (130.4 and 135.5 million shares issued, respectively)		1			1
Additional paid-in capital		1,174			1,134
Retained earnings		2,326			2,341
Accumulated other comprehensive loss		(181	)		(296	)
Total stockholders’ equity		3,320			3,180
Total liabilities and stockholders’ equity	$	17,535		$	17,882

See notes to consolidated financial statements.

5

Berry Global Group, Inc.

Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

(in millions of dollars)

Quarterly Period Ended	Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total
Balance at January 1, 2022	$	1	$	1,170		$	(289	)	$	2,412		$	3,294
Net income		—		—			—			205			205
Other comprehensive income		—		—			108			—			108
Share-based compensation		—		7			—			—			7
Proceeds from issuance of common stock		—		6			—			—			6
Common stock repurchased and retired		—		(9	)		—			(291	)		(300	)
Balance at April 2, 2022	$	1	$	1,174		$	(181	)	$	2,326		$	3,320
Balance at January 2, 2021	$	1	$	1,062		$	(356	)	$	1,738		$	2,445
Net income		—		—			—			181			181
Other comprehensive loss		—		—			(19	)		—			(19	)
Share-based compensation		—		7			—			—			7
Proceeds from issuance of common stock		—		32			—			—			32
Balance at April 3, 2021	$	1	$	1,101		$	(375	)	$	1,919		$	2,646

Two Quarterly Periods Ended	Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total
Balance at October 2, 2021	$	1	$	1,134		$	(296	)	$	2,341		$	3,180
Net income		—		—			—			326			326
Other comprehensive income		—		—			115			—			115
Share-based compensation		—		28			—			—			28
Proceeds from issuance of common stock		—		22			—			—			22
Common stock repurchased and retired		—		(10	)		—			(341	)		(351	)
Balance at April 2, 2022	$	1	$	1,174		$	(181	)	$	2,326		$	3,320
Balance at September 26, 2020	$	1	$	1,034		$	(551	)	$	1,608		$	2,092
Net income		—		—			—			311			311
Other comprehensive income		—		—			176			—			176
Share-based compensation		—		28			—			—			28
Proceeds from issuance of common stock		—		39			—			—			39
Balance at April 3, 2021	$	1	$	1,101		$	(375	)	$	1,919		$	2,646

See notes to consolidated financial statements.

6

Berry Global Group, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(in millions of dollars)

	Two Quarterly Periods Ended
	April 2, 2022			April 3, 2021
Cash Flows from Operating Activities:
Net income	$	326		$	311
Adjustments to reconcile net cash from operating activities:
Depreciation		284			280
Amortization of intangibles		133			147
Non-cash interest expense		8			16
Deferred income tax		(43	)		(28	)
Share-based compensation expense		28			28
Other non-cash operating activities, net		(14	)		51
Changes in working capital		(714	)		(156	)
Changes in other assets and liabilities		(22	)		(11	)
Net cash from operating activities		(14	)		638
Cash Flows from Investing Activities:
Additions to property, plant and equipment, net		(367	)		(364	)
Divestiture of business		3			143
Net cash from investing activities		(364	)		(221	)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		244			2,316
Repayments on long-term borrowings		(9	)		(2,683	)
Proceeds from issuance of common stock		22			39
Repurchase of common stock		(351	)		—
Debt financing costs		—			(16	)
Net cash from financing activities		(94	)		(344	)
Effect of currency translation on cash		3			20
Net change in cash and cash equivalents		(469	)		93
Cash and cash equivalents at beginning of period		1,091			750
Cash and cash equivalents at end of period	$	622		$	843

See notes to consolidated financial statements.

7

Berry Global Group, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

(tables in millions of dollars, except per share data)

1.  Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Berry Global Group, Inc. (“the Company,” “we,” or “Berry”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.  In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and during the reporting period.  Actual results could differ from those estimates.  The Company’s U.S. based results for fiscal 2022 and fiscal 2021 are based on a fifty-two and fifty-three week period, respectively.  The extra week in fiscal 2021 occurred in the first quarter.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included, and all subsequent events up to the time of the filing have been evaluated.  For further information, refer to the Company’s most recent Form 10-K filed with the Securities and Exchange Commission.

2.  Recent Accounting Pronouncements

Reference Rate Reform

In 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848).  This standard provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR.  ASU 2020-04 is effective upon issuance and generally can be applied through the end of calendar year 2022.  The Company is currently evaluating the impact and whether it plans to adopt the optional expedients and exceptions provided under this new standard.

3.  Revenue and Accounts Receivable

Our revenues are primarily derived from the sale of non-woven, flexible and rigid products to customers.  Revenue is recognized when performance obligations are satisfied, in an amount reflecting the consideration to which the Company expects to be entitled.  We consider the promise to transfer products to be our sole performance obligation.  If the consideration agreed to in a contract includes a variable amount, we estimate the amount of consideration we expect to be entitled to in exchange for transferring the promised goods to the customer using the most likely amount method.  Our main source of variable consideration is customer rebates.  There are no material instances where variable consideration is constrained and not recorded at the initial time of sale.  Generally, our revenue is recognized at a point in time for standard promised goods at the time of shipment, when title and risk of loss pass to the customer.  The accrual for customer rebates was $101 million and $104 million at April 2, 2022 and October 2, 2021, respectively, and is included in Other current liabilities on the Consolidated Balance Sheets.  The Company disaggregates revenue based on reportable business segment, geography, and significant product line.  Refer to Note 10. Segment and Geographic Data for further information.

Accounts receivable are presented net of allowance for credit losses of $19 million and $21 million at April 2, 2022 and October 2, 2021, respectively.  The Company records its current expected credit losses based on a variety of factors including historical loss experience and current customer financial condition.  The changes to our current expected credit losses, write-off activity, and recoveries were not material for any of the periods presented.

The Company has entered into various factoring agreements, including customer-based supply chain financing programs, to sell certain receivables to third-party financial institutions.  Agreements which result in true sales of the transferred receivables, which occur when receivables are transferred without recourse to the Company, are reflected as a reduction of accounts receivable on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows.  The fees associated with the transfer of receivables for all programs were not material for any of the periods presented.

8

4.  Disposition

During fiscal 2022, the Company reached an initial agreement to sell our roto molding business which is operated in the Consumer Packaging International segment for expected proceeds of $114 million, which is preliminary and subject to adjustment at closing.  The Company reported fiscal 2021 net sales of $146 million related to the business.  For the period ended April 2, 2022, the Company classified assets of $156 million and liabilities of $49 million as held for sale.  The assets and liabilities held for sale are recorded in Prepaid expenses and other current assets, and Other current liabilities, respectively, on the Consolidated Balance Sheets. 

5.  Restructuring and Transaction Activities

The table below includes the significant components of restructuring and transaction activities, by reporting segment:

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022			April 3, 2021
Consumer Packaging International	$	5	$	38	$	7		$	41
Consumer Packaging North America		2		—		3			1
Health, Hygiene & Specialties		—		—		(1	)		—
Engineered Materials		1		—		2			(5	)
Consolidated	$	8	$	38	$	11		$	37

The table below sets forth the activity with respect to the restructuring and transaction activities accrual at April 2, 2022:

	Restructuring
	Employee Severance and Benefits			Facility Exit Costs			Transaction Activities			Total
Balance as of October 2, 2021	$	6		$	5		$	—		$	11
Charges		3			6			2			11
Cash		(3	)		(7	)		(2	)		(12	)
Balance as of April 2, 2022	$	6		$	4		$	—		$	10

6.  Leases

The Company leases certain manufacturing facilities, warehouses, office space, manufacturing equipment, office equipment, and automobiles.

We recognize right-of-use assets and lease liabilities for leases with original lease terms greater than one year based on the present value of lease payments over the lease term using our incremental borrowing rate on a collateralized basis.  Short-term leases, with original lease terms of less than one year, are not recognized on the balance sheet.  We are party to certain leases, namely for manufacturing facilities, which offer renewal options to extend the original lease term.  Renewal options are included in the right-of-use asset and lease liability based on our assessment of the probability that the options will be exercised.

Supplemental lease information is as follows:

Leases	Classification	April 2, 2022		October 2, 2021
Operating leases:
Operating lease right-of-use assets	Right-of-use assets	$	536	$	562
Current operating lease liabilities	Other current liabilities		110		113
Noncurrent operating lease liabilities	Operating lease liability		443		466
Finance leases:
Finance lease right-of-use assets	Property, plant, and equipment, net	$	47	$	57
Current finance lease liability	Current portion of long-term debt		13		14
Noncurrent finance lease liabilities	Long-term debt, less current portion		30		38

9

			Two Quarterly Periods Ended
Lease Type	Cash Flow Classification	Lease Expense Category	April 2, 2022		April 3, 2021
Operating	Operating	Lease cost	$	62	$	57
Finance	Operating	Interest expense		1		1
Finance	Financing	-		9		16
Finance	-	Amortization of right-of-use assets		5		7

Right-of-use assets obtained in exchange for new operating lease liabilities were $9 million and $21 million for the quarterly and two quarterly periods ended April 2, 2022, respectively.

7.  Long-Term Debt

Long-term debt consists of the following:

Facility	Maturity Date	April 2, 2022			October 2, 2021
Term loan	July 2026	$	3,440			3,440
Revolving line of credit	May 2024		244			—
0.95% First Priority Senior Secured Notes	February 2024		800			800
1.00% First Priority Senior Secured Notes (a)	July 2025		776			810
1.57% First Priority Senior Secured Notes	January 2026		1,525			1,525
4.875% First Priority Senior Secured Notes	July 2026		1,250			1,250
1.65% First Priority Senior Secured Notes	January 2027		400			400
1.50% First Priority Senior Secured Notes (a)	July 2027		416			434
4.50% Second Priority Senior Secured Notes	February 2026		300			300
5.625% Second Priority Senior Secured Notes	July 2027		500			500
Debt discounts and deferred fees			(69	)		(77	)
Finance leases and other	Various		64			78
Total long-term debt			9,646			9,460
Current portion of long-term debt			(19	)		(21	)
Long-term debt, less current portion		$	9,627			9,439

^(a) Euro denominated 

Debt discounts and deferred financing fees are presented net of Long-term debt, less the current portion on the Consolidated Balance Sheets and are amortized to Interest expense, net on the Consolidated Statements of Income through maturity. 

8.  Financial Instruments and Fair Value Measurements

In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors.  The Company may use derivative financial instruments to help manage market risk and reduce the exposure to fluctuations in interest rates and foreign currencies.  These financial instruments are not used for trading or other speculative purposes.

Cross-Currency Swaps

The Company is party to certain cross-currency swaps to hedge a portion of our foreign currency risk.  The swap agreements mature May 2022 (€250 million), June 2024 (€1,625 million) and July 2027 (£700 million).  In addition to cross-currency swaps, we hedge a portion of our foreign currency risk by designating foreign currency denominated long-term debt as net investment hedges of certain foreign operations.  As of April 2, 2022, we had outstanding long-term debt of €785 million that was designated as a hedge of our net investment in certain euro-denominated foreign subsidiaries.  When valuing cross-currency swaps the Company utilizes Level 2 inputs (substantially observable).

10

Interest Rate Swaps

The primary purpose of the Company’s interest rate swap activities is to manage interest expense variability associated with our outstanding variable rate term loan debt.  When valuing interest rate swaps the Company utilizes Level 2 inputs (substantially observable).

As of April 2, 2022, the Company effectively had (i) a $450 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.398%, with an expiration in June 2026, (ii) a $400 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.916% with an expiration in June 2026, (iii) a $884 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.857%, with an expiration in June 2024, and (iv) a $473 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 2.050%, with an expiration in June 2024.

The Company records the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized. Balances on a gross basis are as follows:

Derivative Instruments	Hedge Designation	Balance Sheet Location	April 2, 2022		October 2, 2021
Cross-currency swaps	Designated	Other long-term liabilities	$	222	$	323
Interest rate swaps	Designated	Other assets		45		—
Interest rate swaps	Designated	Other long-term liabilities		—		82
Interest rate swaps	Not designated	Other assets		26		—
Interest rate swaps	Not designated	Other long-term liabilities		68		49

The effect of the Company’s derivative instruments on the Consolidated Statements of Income is as follows:

		Quarterly Period Ended						Two Quarterly Periods Ended
Derivative Instruments	Statements of Income Location	April 2, 2022			April 3, 2021			April 2, 2022			April 3, 2021
Cross-currency swaps	Interest expense	$	(4	)	$	(1	)	$	(7	)	$	(4	)
Interest rate swaps	Interest expense		12			17			24			34

Non-recurring Fair Value Measurements

The Company has certain assets that are measured at fair value on a non-recurring basis when impairment indicators are present or when the Company completes an acquisition.  The Company adjusts certain long-lived assets to fair value only when the carrying values exceed the fair values.  The categorization of the framework used to value the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value.  These assets that are subject to our annual impairment analysis primarily include our definite lived and indefinite lived intangible assets, including Goodwill and our property, plant and equipment.  The Company reviews Goodwill and other indefinite lived assets for impairment as of the first day of the fourth fiscal quarter each year and more frequently if impairment indicators exist.  The Company determined Goodwill and other indefinite lived assets were not impaired in our annual fiscal 2021 assessment.  No impairment indicators were identified in the current quarter.

Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of April 2, 2022 and October 2, 2021, along with the impairment loss recognized on the fair value measurement during the period:

	As of April 2, 2022
	Level 1		Level 2		Level 3		Total		Impairment
Indefinite-lived trademarks	$	—	$	—	$	248	$	248	$	—
Goodwill		—		—		5,091		5,091		—
Definite lived intangible assets		—		—		1,844		1,844		—
Property, plant, and equipment		—		—		4,650		4,650		—
Total	$	—	$	—	$	11,833	$	11,833	$	—

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	As of October 2, 2021
	Level 1		Level 2		Level 3		Total		Impairment
Indefinite-lived trademarks	$	—	$	—	$	248	$	248	$	—
Goodwill		—		—		5,192		5,192		—
Definite lived intangible assets		—		—		1,994		1,994		—
Property, plant, and equipment		—		—		4,677		4,677		1
Total	$	—	$	—	$	12,111	$	12,111	$	1

The Company’s financial instruments consist primarily of cash and cash equivalents, long-term debt, interest rate and cross-currency swap agreements, and finance lease obligations.  The book value of our marketable long-term indebtedness exceeded fair value by $212 million as of April 2, 2022.  The Company’s long-term debt fair values were determined using Level 2 inputs (substantially observable). 

9.  Income Taxes

In comparison to the statutory rate, the higher effective tax rate for the quarter was negatively impacted by state taxes and global intangible low-taxed income provisions, partially offset by other discrete items.

10.  Segment and Geographic Data

The Company’s operations are organized into four reporting segments: Consumer Packaging International, Consumer Packaging North America, Health, Hygiene & Specialties, and Engineered Materials.  The structure is designed to align us with our customers, provide optimal service, drive future growth, and to facilitate synergies realization.

Selected information by reportable segment is presented in the following tables:

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Net sales:
Consumer Packaging International	$	1,139	$	1,060	$	2,195	$	2,048
Consumer Packaging North America		880		731		1,732		1,417
Health, Hygiene & Specialties		822		781		1,640		1,521
Engineered Materials		934		798		1,781		1,520
Total net sales	$	3,775	$	3,370	$	7,348	$	6,506
Operating income:
Consumer Packaging International	$	97	$	59	$	166	$	135
Consumer Packaging North America		85		77		131		136
Health, Hygiene & Specialties		69		114		131		210
Engineered Materials		90		83		142		156
Total operating income	$	341	$	333	$	570	$	637
Depreciation and amortization:
Consumer Packaging International	$	82	$	87	$	164	$	171
Consumer Packaging North America		53		54		107		110
Health, Hygiene & Specialties		44		42		89		87
Engineered Materials		27		29		57		59
Total depreciation and amortization	$	206	$	212	$	417	$	427

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Selected information by geographical region is presented in the following tables:

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Net sales:
United States and Canada	$	1,996	$	1,728	$	3,948	$	3,405
Europe		1,399		1,257		2,616		2,350
Rest of world		380		385		784		751
Total net sales	$	3,775	$	3,370	$	7,348	$	6,506

11.  Contingencies and Commitments

The Company is party to various legal proceedings involving routine claims which are incidental to its business.  Although the Company’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, we believe that any ultimate liability would not be material to our financial statements.

The Company has various purchase commitments for raw materials, supplies, and property and equipment incidental to the ordinary conduct of business.

12.  Share Repurchase Program

During the quarterly period ended April 2, 2022, the Company repurchased and retired 5,029 thousand shares for $300 million.  For the two quarterly periods ended April 2, 2022, the Company repurchased and retired 5,756 thousand shares for $351 million.  Authorized share repurchases of $700 million remain available to the Company. 

13.  Basic and Diluted Earnings Per Share

Basic net income or earnings per share ("EPS") is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents.   Diluted EPS includes the effects of options and restricted stock units, if dilutive.

The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations:

	Quarterly Period Ended				Two Quarterly Periods Ended
(in millions, except per share amounts)	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Numerator
Consolidated net income	$	205	$	181	$	326	$	311
Denominator
Weighted average common shares outstanding - basic		133.8		134.3		134.6		133.9
Dilutive shares		3.1		2.5		3.4		2.7
Weighted average common and common equivalent shares outstanding - diluted		136.9		136.8		138.0		136.6
Per common share earnings
Basic	$	1.53	$	1.35	$	2.42	$	2.32
Diluted	$	1.50	$	1.32	$	2.36	$	2.28

1.2 million and 1.3 million shares, respectively, were excluded from the diluted EPS calculation for the quarterly and two quarterly periods ended April 2, 2022 as their effect would be anti-dilutive.  For the two quarterly periods ended April 3, 2021, 3.2 million shares were excluded. 

13

14.  Accumulated Other Comprehensive Loss

The components and activity of Accumulated other comprehensive loss are as follows:

Quarterly Period Ended	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(176	)	$	(67	)	$	(46	)	$	(289	)
Other comprehensive income before reclassifications		37			—			69			106
Net amount reclassified		—			—			2			2
Balance at April 2, 2022	$	(139	)	$	(67	)	$	25		$	(181	)

	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at January 2, 2021	$	(100	)	$	(116	)	$	(140	)	$	(356	)
Other comprehensive income (loss) before reclassifications		(73	)		—			52			(21	)
Net amount reclassified		—			—			2			2
Balance at April 3, 2021	$	(173	)	$	(116	)	$	(86	)	$	(375	)

Two Quarterly Periods Ended	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at October 2, 2021	$	(154	)	$	(67	)	$	(75	)	$	(296	)
Other comprehensive income before reclassifications		15			—			95			110
Net amount reclassified		—			—			5			5
Balance at April 2, 2022	$	(139	)	$	(67	)	$	25		$	(181	)

	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at September 26, 2020	$	(278	)	$	(116	)	$	(157	)	$	(551	)
Other comprehensive income before reclassifications		105			—			67			172
Net amount reclassified		—			—			4			4
Balance at April 3, 2021	$	(173	)	$	(116	)	$	(86	)	$	(375	)

14

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Summary

Business.  The Company’s operations are organized into four operating segments: Consumer Packaging International, Consumer Packaging North America, Health, Hygiene & Specialties, and Engineered Materials.  The structure is designed to align us with our customers, provide improved service, drive future growth, and to facilitate synergies realization.  The Consumer Packaging International segment primarily consists of containers, closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, and technical components.  The Consumer Packaging North America segment primarily consists of containers and pails, foodservice, closures, overcaps, bottles, prescription vials, and tubes.  The Health, Hygiene & Specialties segment primarily consists of nonwoven specialty materials, tapes and adhesives, and films used in hygiene, infection prevention, personal care, industrial, construction, and filtration applications.  The Engineered Materials segment primarily consists of stretch and shrink films, converter films, institutional can liners, food and consumer films, retail bags, and agriculture films.

Raw Material Trends.  Our primary raw material is polymer resin.  In addition, we use other materials such as butyl rubber, adhesives, paper and packaging materials, linerboard, rayon, polyester fiber, and foil, in various manufacturing processes.  While temporary industry-wide shortages of raw materials have occurred, we have historically been able to manage the supply chain disruption by working closely with our suppliers and customers.  Supply shortages can lead to increased raw material price volatility, which we have experienced in recent quarters.  Increases in the price of raw materials are generally able to be passed on to customers through contractual price mechanisms over time and other means.  We expect supply chain challenges to continue throughout fiscal 2022 and will continue to work closely with our suppliers and customers in an effort to minimize any impact.

Outlook.  The Company is affected by general economic and industrial growth, raw material availability, cost inflation, supply chain disruptions, and general industrial production.  The COVID-19 pandemic has resulted in both advantaged and disadvantaged products within all segments.  During fiscal 2022, we anticipate a headwind as the advantaged products, particularly in our Health, Hygiene & Specialties segment, related to the COVID-19 pandemic moderate while recovery of disadvantaged products lags with the ultimate impact being affected by both the duration certain products remain advantaged and timing of when disadvantaged products normalize.  Our business has both geographic and end market diversity, which reduces the effect of any one of these factors on our overall performance.  Our results are affected by our ability to pass through raw material and other cost changes to our customers, improve manufacturing productivity and adapt to volume changes of our customers.  We believe that by providing advantaged products in targeted markets, our underlying long-term demand fundamental in all divisions will remain strong as we focus on delivering protective solutions that enhance consumer safety and execute on the Company’s mission statement of “Always Advancing to Protect What’s Important.”  For fiscal 2022, we project cash flow from operations between $1.75 billion and $1.65 billion, which assumes the benefit from the lag in recovery of inflation, improved supply chains, and free cash flow between $1 billion and $900 million.  Projected fiscal 2022 free cash flow assumes $750 million of capital spending.  In addition, we repurchased 5,756 thousand shares for $351 million in the first half of the fiscal year and expect to continue repurchases in the second half of the fiscal year if current valuations persist.  For the calculation of free cash flow and further information related to free cash flow as a non-GAAP financial measure, see “Liquidity and Capital Resources.”

15

Results of Operations

Comparison of the Quarterly Period Ended April 2, 2022 (the “Quarter”) and the Quarterly Period Ended April 3, 2021 (the “Prior Quarter”)

Business integration expenses consist of restructuring and impairment charges, divestiture related costs, and other business optimization costs.  Tables present dollars in millions.

Consolidated Overview
	Quarter		Prior Quarter		$ Change			% Change
Net sales	$	3,775	$	3,370	$	405			12	%
Cost of goods sold		3,154		2,706		448			17	%
Other operating expenses		280		331		(51	)		(15	)%
Operating income	$	341	$	333	$	8			2	%

Net Sales:  The net sales growth is primarily attributed to increased selling prices of $576 million due to the pass through of inflation.  This increase was partially offset by an organic volume decline of 2%, a $64 million unfavorable impact from foreign currency changes, extra shipping days in the Prior Quarter of $19 million, and Prior Quarter divestiture sales of $14 million.  The volume decline is primarily attributed to supply chain disruptions and the moderation of advantaged products related to the COVID-19 pandemic.

Cost of goods sold:  The cost of goods sold increase is attributed to inflation, partially offset by the volume decline, a decrease from foreign currency changes, extra shipping days in the Prior Quarter, and Prior Quarter divestiture cost of goods sold of $12 million.

Other operating expenses:  The other operating expenses decrease is primarily attributed to a decrease in business integration expense and selling, general, and administrative expense.

Operating Income:  The operating income increase is primarily attributed to a $37 million decrease in business integration expense, and a decrease in selling, general, and administrative expenses, partially offset by a $13 million unfavorable impact from price cost spread and negative product mix, a $12 million unfavorable impact from foreign currency, and a $10 million unfavorable impact from the volume decline.

Consumer Packaging International
	Quarter		Prior Quarter		$ Change		% Change
Net sales	$	1,139	$	1,060	$	79		7	%
Operating income	$	97	$	59	$	38		64	%

Net Sales:  The net sales growth in the Consumer Packaging International segment is primarily attributed to increased selling prices of $144 million due to the pass through of inflation, partially offset by a $51 million unfavorable impact from foreign currency changes and Prior Quarter divestiture sales of $14 million.

Operating Income:  The operating income increase is primarily attributed to a $39 million decrease in business integration expense and a $4 million decrease in amortization expense, partially offset by a $9 million unfavorable impact from foreign currency.

Consumer Packaging North America
	Quarter		Prior Quarter		$ Change		% Change
Net sales	$	880	$	731	$	149		20	%
Operating income	$	85	$	77	$	8		10	%

Net Sales:  The net sales growth in the Consumer Packaging North America segment is primarily attributed to increased selling prices of $155 million due to the pass through of inflation.

Operating Income:  The operating income increase is primarily attributed to an $11 million favorable impact from price cost spread.

16

Health, Hygiene & Specialties
	Quarter		Prior Quarter		$ Change			% Change
Net sales	$	822	$	781	$	41			5	%
Operating income	$	69	$	114	$	(45	)		(39	)%

Net Sales:  The net sales growth in the Health, Hygiene & Specialties segment is primarily attributed to increased selling prices of $82 million due to the pass through of inflation, partially offset by a 3% volume decline, and a $10 million unfavorable impact from foreign currency changes.  The volume decline is primarily attributed to the moderation of advantaged products related to the COVID-19 pandemic.

Operating Income:  The operating income decrease is primarily attributed to a $39 million unfavorable impact from price cost spread and negative product mix.

Engineered Materials
	Quarter		Prior Quarter		$ Change		% Change
Net sales	$	934	$	798	$	136		17	%
Operating income	$	90	$	83	$	7		8	%

Net Sales:  The net sales growth in the Engineered Materials segment is primarily attributed to increased selling prices of $195 million due to the pass through of inflation, partially offset by a volume decline of 6%.  The volume decline is primarily attributed to supply chain disruptions.

Operating Income:  The operating income increase is primarily attributed to a $13 million favorable impact from price cost spread, partially offset by the unfavorable impact from the volume decline.

Other expense, net
	Quarter		Prior Quarter		$ Change		% Change
Other expense, net	$	6	$	6	$	—		—

The other expense in the Quarter is primarily attributed to a loss on asset disposals.  The Prior Quarter expense is primarily attributed to debt extinguishment costs, partially offset by favorable foreign currency changes related to the remeasurement of non-operating intercompany balances.

Interest expense, net
	Quarter		Prior Quarter		$ Change			% Change
Interest expense, net	$	71	$	84	$	(13	)		(15	)%

The interest expense decrease is primarily the result of refinancing activities and repayment of borrowings in fiscal 2021.

Changes in Comprehensive Income

The $151 million improvement in comprehensive income from the Prior Quarter is primarily attributed to a $24 million improvement in net income, a $17 million favorable change in the fair value of derivative instruments, net of tax, and a $110 million favorable change in currency translation.  Currency translation gains and losses are primarily related to non-U.S. subsidiaries with a functional currency other than U.S. dollars whereby assets and liabilities are translated from the respective functional currency into U.S. dollars using period-end exchange rates.  The change in currency translation in the YTD was primarily attributed to locations utilizing the euro, British pound sterling, Brazilian real, Canadian dollar, Chinese renminbi and Mexican peso as the functional currency.  As part of the overall risk management, the Company uses derivative instruments to (i) reduce our exposure to changes in interest rates attributed to the Company’s borrowings and (ii) reduce foreign currency exposure to translation of certain foreign operations.  The Company records changes to the fair value of these instruments in Accumulated other comprehensive loss.  The change in fair value of these instruments in fiscal 2022 versus fiscal 2021 is primarily attributed to the change in the forward interest and foreign exchange curves between measurement dates.

17

Comparison of the Two Quarterly Periods Ended April 2, 2022 (the “YTD”) and the Two Quarterly Periods Ended April 3, 2021 (the “Prior YTD”)

The Company’s U.S. based results for the YTD and Prior YTD are based on a twenty-six and twenty-seven week period, respectively.   Business integration expenses consist of restructuring and impairment charges, divestiture related costs, and other business optimization costs.  Tables present dollars in millions.

Consolidated Overview
	YTD		Prior YTD		$ Change			% Change
Net sales	$	7,348	$	6,506	$	842			13	%
Cost of goods sold		6,192		5,224		968			19	%
Other operating expenses		586		645		(59	)		(9	)%
Operating income	$	570	$	637	$	(67	)		(11	)%

Net Sales:  The net sales growth is primarily attributed to increased selling prices of $1.3 billion due to the pass through of inflation.  This increase was partially offset by an organic volume decline of 3%, extra days in the Prior YTD of $131 million, an $81 million unfavorable impact from foreign currency changes, and Prior YTD divestiture sales of $62 million.  The volume decline is primarily attributed to supply chain disruptions and the moderation of advantaged products related to the COVID-19 pandemic.

Cost of goods sold:  The cost of goods sold increase is attributed to inflation, partially offset by the volume decline, a decrease from foreign currency changes, extra days in the Prior YTD, and Prior YTD divestiture cost of goods sold of $50 million.

Other operating expenses:  The other operating expenses decrease is primarily attributed to a decrease in business integration expense, selling, general, and administrative expense, and amortization expense.

Operating Income:  The operating income decrease is primarily attributed to a $54 million unfavorable impact from price cost spread, a $25 million unfavorable impact from the volume decline, a $22 million decrease from extra shipping days in the Prior YTD, a $15 million unfavorable impact from foreign currency, and a negative impact from Prior YTD divestiture operating income, partially offset by a $46 million decrease in business integration expense, and a decrease in selling, general, and administrative expenses.

Consumer Packaging International
	YTD		Prior YTD		$ Change		% Change
Net sales	$	2,195	$	2,048	$	147		7	%
Operating income	$	166	$	135	$	31		23	%

Net Sales:  The net sales growth in the Consumer Packaging International segment is primarily attributed to increased selling prices of $260 million due to the pass through of inflation, partially offset by a $67 million unfavorable impact from foreign currency changes and Prior YTD divestiture sales of $28 million.

Operating Income:  The operating income increase is primarily attributed to a $47 million decrease in business integration expense and a decrease in depreciation and amortization expense, partially offset by an $11 million unfavorable impact from foreign currency and a $9 million unfavorable impact from price cost spread.

Consumer Packaging North America
	YTD		Prior YTD		$ Change			% Change
Net sales	$	1,732	$	1,417	$	315			22	%
Operating income	$	131	$	136	$	(5	)		(4	)%

Net Sales:  The net sales growth in the Consumer Packaging North America segment is primarily attributed to increased selling prices of $371 million due to the pass through of inflation, partially offset by a $40 million decrease from extra shipping days in the Prior YTD.

Operating Income:  The operating income decrease is primarily attributed to a $7 million decrease from extra shipping days in the Prior YTD.

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Health, Hygiene & Specialties
	YTD		Prior YTD		$ Change			% Change
Net sales	$	1,640	$	1,521	$	119			8	%
Operating income	$	131	$	210	$	(79	)		(38	)%

Net Sales:  The net sales growth in the Health, Hygiene & Specialties segment is primarily attributed to increased selling prices of $225 million due to the pass through of inflation, partially offset by a 4% volume decline, and a $42 million decrease from extra shipping days in the Prior YTD.  The volume decline is primarily attributed to supply chain disruptions and the moderation of advantaged products related to the COVID-19 pandemic.

Operating Income:  The operating income decrease is primarily attributed to a $61 million unfavorable impact from price cost spread, an $11 million unfavorable impact from the volume decline, and an $8 million decrease from extra shipping days in the Prior YTD.

Engineered Materials
	YTD		Prior YTD		$ Change			% Change
Net sales	$	1,781	$	1,520	$	261			17	%
Operating income	$	142	$	156	$	(14	)		(9	)%

Net Sales:  The net sales growth in the Engineered Materials segment is primarily attributed to increased selling prices of $426 million due to the pass through of inflation, partially offset by a volume decline of 5%, a $44 million decrease from extra shipping days in the Prior YTD, and Prior YTD divestiture sales of $34 million.  The volume decline is primarily attributed to supply chain disruptions.

Operating Income:  The operating income decrease is primarily attributed to a $13 million impact from Prior YTD divestiture operating income, a $9 million unfavorable impact from the volume decline, and a decrease from extra shipping days in the Prior YTD, partially offset by a $13 million favorable impact from price cost spread.

Other expense
	YTD		Prior YTD		$ Change			% Change
Other expense	$	6	$	31	$	(25	)		(81	)%

The other expense decrease is primarily attributed to foreign currency changes related to the remeasurement of non-operating intercompany balances in the Prior YTD.

Interest expense
	YTD		Prior YTD		$ Change			% Change
Interest expense	$	142	$	181	$	(39	)		(22	)%

The interest expense decrease is primarily the result of refinancing activities and repayments of borrowings in fiscal 2021.

Changes in Comprehensive Income

The $46 million decline in comprehensive income from the Prior YTD was primarily attributed to a $15 million improvement in net income, a $90 million unfavorable change in currency translation, and a $29 million favorable change in the fair value of derivative instruments, net of tax.  Currency translation gains and losses are primarily related to non-U.S. subsidiaries with a functional currency other than U.S. dollars whereby assets and liabilities are translated from the respective functional currency into U.S. dollars using period-end exchange rates.  The change in currency translation in the YTD was primarily attributed to locations utilizing the euro, British pound sterling, Brazilian real, Canadian dollar, Chinese renminbi and Mexican peso as the functional currency.  As part of the overall risk management, the Company uses derivative instruments to (i) reduce our exposure to changes in interest rates attributed to the Company’s borrowings and (ii) reduce foreign currency exposure to translation of certain foreign operations.  The Company records changes to the fair value of these instruments in Accumulated other comprehensive loss.  The change in fair value of these instruments in fiscal 2022 versus fiscal 2021 is primarily attributed to the change in the forward interest and foreign exchange curves between measurement dates.

19

Liquidity and Capital Resources

Senior Secured Credit Facility

We manage our global cash requirements considering (i) available funds among the many subsidiaries through which we conduct business, (ii) the geographic location of our liquidity needs, and (iii) the cost to access international cash balances.  At the end of the Quarter, the Company had an outstanding balance of $244 million on its $950 million asset-based revolving line of credit that matures in May 2024. The Company was in compliance with all covenants at the end of the Quarter.

Cash Flows

Net cash from operating activities decreased $652 million from the Prior YTD primarily attributed to working capital inflation and timing of payables.

Net cash used in investing activities increased $143 million from the Prior YTD primarily attributed to fewer proceeds from business divestiture.

Net cash used in financing activities decreased $250 million from the Prior YTD primarily attributed to higher net borrowings, partially offset by repurchases of common stock in the YTD.

Share Repurchases

During fiscal 2022, the Company repurchased 5.8 million shares for $351 million.  Authorized share repurchases of $700 million remain available to the Company.

Free Cash Flow

Our consolidated free cash flow for the YTD and Fiscal 2022 Outlook are summarized as follows:

	April 2, 2022			Fiscal 2022 Outlook
Cash flow from operating activities	$	(14	)	$	1,650-1,750
Additions to property, plant and equipment, net		(367	)		(750	)
Free cash flow	$	(381	)	$	900-1,000

We use free cash flow as a supplemental measure of liquidity as it assists us in assessing our ability to fund growth through generation of cash.  Free cash flow may be calculated differently by other companies, including other companies in our industry or peer group, limiting its usefulness on a comparative basis.  Free cash flow is not a financial measure presented in accordance with generally accepted accounting principles ("GAAP") and should not be considered as an alternative to any other measure determined in accordance with GAAP.

Liquidity Outlook

At April 2, 2022, our cash balance was $622 million, which was primarily located outside the U.S.  We believe our existing U.S. based cash and cash flow from U.S. operations, together with available borrowings under our senior secured credit facilities, will be adequate to meet our short-term and long-term liquidity needs with the exception of funds needed to cover all long-term debt obligations, which we intend to refinance prior to maturity.  The Company has the ability to repatriate the cash located outside the U.S. to the extent not needed to meet operational and capital needs without significant restrictions.

20

Summarized Guarantor Financial Information

Berry Global, Inc. (“Issuer”) has notes outstanding which are fully, jointly, severally, and unconditionally guaranteed by its parent, Berry Global Group, Inc. (for purposes of this section, “Parent”) and substantially all of Issuer’s domestic subsidiaries. Separate narrative information or financial statements of the guarantor subsidiaries have not been included because they are 100% owned by Parent and the guarantor subsidiaries unconditionally guarantee such debt on a joint and several basis. A guarantee of a guarantor subsidiary of the securities will terminate upon the following customary circumstances: the sale of the capital stock of such guarantor if such sale complies with the indentures, the designation of such guarantor as an unrestricted subsidiary, the defeasance or discharge of the indenture or in the case of a restricted subsidiary that is required to guarantee after the relevant issuance date, if such guarantor no longer guarantees certain other indebtedness of Issuer. The guarantees of the guarantor subsidiaries are also limited as necessary to prevent them from constituting a fraudulent conveyance under applicable law and any guarantees guaranteeing subordinated debt are subordinated to certain other of the Company’s debts. Parent also guarantees Issuer’s term loans and revolving credit facilities. The guarantor subsidiaries guarantee our term loans and are co-borrowers under our revolving credit facility.

Presented below is summarized financial information for the Parent, Issuer and guarantor subsidiaries on a combined basis, after intercompany transactions have been eliminated.

	Two Quarterly Periods Ended
	April 2, 2022
Net sales	$	3,813
Gross profit		599
Earnings from continuing operations		175
Net income	$	175

Includes $2 million of income associated with intercompany activity with non-guarantor subsidiaries.

	April 2, 2022		October 2, 2021
Assets
Current assets	$	2,033	$	2,293
Noncurrent assets		6,044		5,979
Liabilities
Current liabilities	$	1,094	$	1,533
Intercompany payable		634		629
Noncurrent liabilities		11,097		11,083

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Item 3.  Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Risk

We are exposed to market risk from changes in interest rates primarily through our senior secured credit facilities.  Our senior secured credit facilities are comprised of (i) $3.4 billion term loans and (ii) a $950 million revolving credit facility with $244 million outstanding.  Borrowings under our senior secured credit facilities bear interest at a rate equal to an applicable margin plus LIBOR.  The applicable margin for LIBOR rate borrowings under the revolving credit facility ranges from 1.25% to 1.50%, and the margin for term loans is 1.75% per annum.  As of period end, the LIBOR rate of approximately 0.46% was applicable to the term loans. A 0.25% change in LIBOR would increase our annual interest expense by $3 million on variable rate term loans.

We seek to minimize interest rate volatility risk through regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments.  These financial instruments are not used for trading or other speculative purposes. (See Note 8.)

Foreign Currency Risk

As a global company, we face foreign currency risk exposure from fluctuating currency exchange rates, primarily the U.S. dollar against the euro, British pound sterling, Brazilian real, Chinese renminbi, Canadian dollar and Mexican peso.  Significant fluctuations in currency rates can have a substantial impact, either positive or negative, on our revenue, cost of sales, and operating expenses.   Currency translation gains and losses are primarily related to non-U.S. subsidiaries with a functional currency other than U.S. dollars whereby assets and liabilities are translated from the respective functional currency into U.S. dollars using period-end exchange rates and impact our Comprehensive income.  A 10% decline in foreign currency exchange rates would have had a $6 million unfavorable impact on our Net income for the two quarterly periods ended April 2, 2022. (See Note 8.)

22

Item 4.  Controls and Procedures

(a) Evaluation of disclosure controls and procedures.

Under applicable Securities and Exchange Commission regulations, management of a reporting company, with the participation of the principal executive officer and principal financial officer, must periodically evaluate the company’s “disclosure controls and procedures,” which are defined generally as controls and other procedures of a reporting company designed to ensure that information required to be disclosed by the reporting company in its periodic reports filed with the commission (such as this Form 10-Q) is recorded, processed, summarized, and reported on a timely basis.

The Company’s management, with the participation of the Chief Executive Officer and the Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the disclosure controls and procedures as of the end of the period covered by this report.  Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of our disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period covered by this report.

(b) Changes in internal control over financial reporting.

There were no changes in our internal control over financial reporting that occurred during the Quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

23

Part II.  Other Information

Item 1.  Legal Proceedings

There have been no material changes in legal proceedings from the items disclosed in our Form 10-K filed with the Securities and Exchange Commission.

Item 1A.  Risk Factors

On February 24, 2022, Russia launched an invasion of Ukraine which has resulted in increased volatility in various sectors and markets. The extent and duration of the military action, resulting sanctions and future market disruptions in the region are not currently known.  While the Company’s sales and assets in Russia are immaterial, the effects of the hostilities and sanctions may spill over to our customers and negatively impact their operations.  Additionally, the ongoing military action along with the potential for a wider conflict could further increase market volatility and cause negative effects on regional and global economic markets, industries, and companies.

Before investing in our securities, we recommend that investors carefully consider the risks described in our most recent Form 10-K filed with the Securities and Exchange Commission, including those under the heading “Risk Factors” and other information contained in this Quarterly Report.  Realization of any of these risks could have a material adverse effect on our business, financial condition, cash flows and results of operations.

Additionally, we caution readers that the list of risk factors discussed in our most recent Form 10-K may not contain all of the material factors that are important to you.  In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this report may not in fact occur.  Accordingly, readers should not place undue reliance on those statements.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Repurchases of Equity Securities

The following table summarizes the Company's repurchases of its common stock during the Quarterly Period ended April 2, 2022.

Fiscal Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs		Dollar Value of Shares that May Yet be Purchased Under the Program (in millions) (a)
January		164,100	$	61.75		164,100	$	990
February		2,405,334		61.16		2,405,334		843
March		2,459,076		58.05		2,459,076		700
Total		5,028,510	$	59.66		5,028,510	$	700

(a) All open market purchases during the quarter were made under the fiscal 2022 authorization from our board of directors to purchase up to $1 billion of shares of common stock.  (See Note 12.)

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Item 6.  Exhibits

Exhibit No.	Description of Exhibit
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

25

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Berry Global Group, Inc.
May 5, 2022	By:	/s/ Mark W. Miles
		Mark W. Miles
		Chief Financial Officer

26

EX-22.1

EXHIBIT 22.1

Guaranteed Securities

The following securities (collectively, the “Berry Global Senior Secured Notes”) issued by Berry Global, Inc., a Delaware corporation and wholly-owned subsidiary of Berry Global Group, Inc., a Delaware corporation (the “Company”), were outstanding as of April 2, 2022.

Description of Notes

0.95% First Priority Senior Secured Notes due 2024

1.00% First Priority Senior Secured Notes due 2025

4.875% First Priority Senior Secured Notes due 2026

1.57% First Priority Senior Secured Notes due 2026

1.50% First Priority Senior Secured Notes due 2027

1.65% First Priority Senior Secured Notes due 2027

4.500% Second Priority Senior Secured Notes due 2026

5.625% Second Priority Senior Secured Notes due 2027

Obligors

As of April 2, 2022, the obligors under the Berry Global Senior Secured Notes consisted of the Company, as a guarantor, and its subsidiaries listed in the following table:

Name	Jurisdiction	Obligor Type
AeroCon, LLC	Delaware	Guarantor
AVINTIV Acquisition Corporation	Delaware	Guarantor
AVINTIV Inc.	Delaware	Guarantor
AVINTIV Specialty Materials Inc.	Delaware	Guarantor
Berry Film Products Acquisition Company, Inc.	Delaware	Guarantor
Berry Film Products Company, Inc.	Delaware	Guarantor
Berry Global Films, LLC	Delaware	Guarantor
Berry Global, Inc.	Delaware	Issuer
Berry Plastics Acquisition Corporation V	Delaware	Guarantor
Berry Plastics Acquisition Corporation XII	Delaware	Guarantor
Berry Plastics Acquisition Corporation XIII	Delaware	Guarantor
Berry Plastics Acquisition LLC X	Delaware	Guarantor
Berry Plastics Design, LLC	Delaware	Guarantor
Berry Plastics Filmco, Inc.	Delaware	Guarantor
Berry Plastics IK, LLC	Delaware	Guarantor
Berry Plastics Opco, Inc.	Delaware	Guarantor
Berry Plastics SP, Inc.	Delaware	Guarantor
Berry Plastics Technical Services, Inc.	Delaware	Guarantor
Berry Specialty Tapes, LLC	Delaware	Guarantor
Berry Sterling Corporation	Delaware	Guarantor
BPRex Brazil Holding Inc.	Delaware	Guarantor
BPRex Closure Systems, LLC	Delaware	Guarantor
BPRex Closures Kentucky Inc.	Delaware	Guarantor
BPRex Closures, LLC	Delaware	Guarantor
BPRex Delta Inc.	Delaware	Guarantor
BPRex Healthcare Brookville Inc.	Delaware	Guarantor
BPRex Healthcare Packaging, Inc.	Delaware	Guarantor
BPRex Plastic Packaging, Inc.	Delaware	Guarantor
BPRex Plastics Services Company, Inc.	Delaware	Guarantor
BPRex Product Design and Engineering Inc.	Minnesota	Guarantor
BPRex Specialty Products Puerto Rico Inc.	New Jersey	Guarantor
Caplas LLC	Delaware	Guarantor
Caplas Neptune, LLC	Delaware	Guarantor
Captive Plastics Holdings, LLC	Delaware	Guarantor
Captive Plastics, LLC	Delaware	Guarantor
Cardinal Packaging, Inc.	Delaware	Guarantor
Chicopee, Inc.	Delaware	Guarantor
Chocksett Road Limited Partnership	Massachusetts	Guarantor
Chocksett Road Realty Trust	Massachusetts	Guarantor
Covalence Specialty Adhesives LLC	Delaware	Guarantor
Covalence Specialty Coatings LLC	Delaware	Guarantor
CPI Holding Corporation	Delaware	Guarantor
Dominion Textile (USA), L.L.C.	Delaware	Guarantor
Dumpling Rock, LLC	Massachusetts	Guarantor
Estero Porch, LLC	Delaware	Guarantor
Fabrene, L.L.C.	Delaware	Guarantor
Fiberweb GEOS, Inc.	Virginia	Guarantor
Fiberweb, LLC	Delaware	Guarantor
Global Closure Systems America 1, Inc.	Delaware	Guarantor
Grafco Industries Limited Partnership	Maryland	Guarantor
Kerr Group, LLC	Delaware	Guarantor
Knight Plastics, LLC	Delaware	Guarantor
Laddawn, Inc.	Massachusetts	Guarantor
Lamb’s Grove, LLC	Delaware	Guarantor
Letica Corporation	Michigan	Guarantor
Letica Resources, Inc.	Michigan	Guarantor
M&H Plastics, Inc.	Virginia	Guarantor
Millham, LLC	Delaware	Guarantor
Old Hickory Steamworks, LLC	Delaware	Guarantor
Packerware, LLC	Delaware	Guarantor
Pescor, Inc.	Delaware	Guarantor
PGI Europe, Inc.	Delaware	Guarantor
PGI Polymer, Inc.	Delaware	Guarantor
Pliant International, LLC	Delaware	Guarantor
Pliant, LLC	Delaware	Guarantor
Poly-Seal, LLC	Delaware	Guarantor
Providencia USA, Inc.	North Carolina	Guarantor
Rollpak Corporation	Delaware	Guarantor
RPC Bramlage, Inc.	Pennsylvania	Guarantor
RPC Leopard Holdings, Inc.	Delaware	Guarantor
RPC Packaging Holdings (US), Inc.	Delaware	Guarantor
RPC Superfos US, Inc.	Delaware	Guarantor
RPC Zeller Plastik Libertyville, Inc.	Delaware	Guarantor
Saffron Acquisition, LLC	Delaware	Guarantor
Setco, LLC	Delaware	Guarantor
Sugden, LLC	Delaware	Guarantor
Sun Coast Industries, LLC	Delaware	Guarantor
Uniplast Holdings, LLC	Delaware	Guarantor
Uniplast U.S., Inc.	Delaware	Guarantor
Venture Packaging Midwest, Inc.	Delaware	Guarantor
Venture Packaging, Inc.	Delaware	Guarantor

Pledged Security Collateral

As of April 2, 2022, the obligations under the Berry Global Senior Secured Notes were secured by pledges of the capital stock of the following affiliates of the Company:

Name	Country	State	Owned by	Percentage of Outstanding Shares/ Membership/ Partnership Interests	Percentage of Owned Interests Pledged
AEP Canada Inc.	Canada		Berry Global Films, LLC	100.00%	65%
AEP Industries Finance Inc.	USA	DE	Berry Global Films, LLC	100.00%	100%
AeroCon, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Aspen Industrial S.A. de C.V.	Mexico		Pliant, LLC and Pliant Corporation International	100.00%	65%
			(1 share)
AVINTIV  Inc.	USA	DE	Berry Global, Inc.	100.00%	100%
AVINTIV Acquisition Corporation	USA	DE	AVINTIV  Inc.	100.00%	100%
AVINTIV Specialty Materials, Inc.	USA	DE	AVINTIV Acquisition Corporation	100.00%	100%
Berry Film Products Acquisition Company, Inc. (f/k/a Clopay Plastic Products Acquisition Company, Inc.)	USA	DE	Berry Film Products Company, Inc. (f/k/a Clopay Plastic Products Company, Inc.)	100.00%	100%
Berry Film Products Company, Inc. (f/k/a Clopay Plastic Products Company, Inc.)	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Global Films, LLC (f/k/a Berry Plastics Acquisition Corporation XV, LLC)	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Global International Financing Limited	UK		AVINTIV Inc.	100.00%	65%
Berry Global, Inc. (f/k/a Berry Plastics Corporation)	USA	DE	Berry Plastics Group, Inc.	100.00%	100%
Berry Plastics Acquisition Corporation V	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Acquisition Corporation XII	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Acquisition Corporation XIII	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Acquisition Corporation XIV, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Acquisition LLC II	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Acquisition LLC X	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Canada, Inc.	Canada		Berry Global, Inc.	100.00%	65%
Berry Plastics de Mexico, S. de R.L. de C.V.	Mexico		Berry Plastics Acquisition Corporation V	100.00%	65%
Berry Plastics Design, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Escrow Corporation	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Escrow, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Filmco, Inc.	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics IK, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics International B.V.	Netherlands		Berry Global, Inc.	100.00%	65%
Berry Plastics Opco, Inc.	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics SP, Inc.	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Plastics Technical Services, Inc.	USA	DE	Venture Packaging, Inc.	100.00%	100%
Berry Specialty Tapes, LLC (f/k/a Berry Plastics Acquisition Corporation XI)	USA	DE	Berry Global, Inc.	100.00%	100%
Berry Sterling Corporation	USA	DE	Berry Global, Inc.	100.00%	100%
Berry UK Holdings Limited	UK		AVINTIV Inc.	100.00%	65%
BP Parallel, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
BPRex Brazil Holding Inc.	USA	DE	BPRex Healthcare Brookville, Inc.	100.00%	100%
BPRex Closure Systems, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
BPRex Closures Kentucky Inc.	USA	DE	Berry Global, Inc.	100.00%	100%
BPRex Closures, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
BPRex de Mexico S.A. de R.L. de CV	Mexico		Berry Global, Inc. and Berry Plastics Acquisition LLC X (1 share)	100.00%	65%
BPRex Delta Inc.	USA	DE	Berry Global, Inc.	100.00%	100%
BPRex Healthcare Brookville Inc.	USA	DE	BPRex Plastic Packaging, Inc.	100.00%	100%
BPRex Healthcare Packaging, Inc.	USA	DE	BPRex Plastic Packaging, Inc.	100.00%	100%
BPRex Plastic Packaging de Mexico S.A. de C.V.	Mexico		Berry Global, Inc.	50.00%	65%1
BPRex Plastic Packaging de Mexico S.A. de C.V.	Mexico		BPRex Healthcare Packaging, Inc.	50.00%	65%
BPRex Plastic Packaging, Inc.	USA	DE	Berry Global, Inc.	100.00%	100%
BPRex Plastic Services Company Inc.	USA	DE	BPRex Plastic Packaging, Inc.	100.00%	100%
BPRex Product Design & Engineering Inc.	USA	MN	BPRex Healthcare Brookville, Inc.	100.00%	100%
BPRex Specialty Products Puerto Rico Inc.	USA	NJ	BPRex Plastic Packaging, Inc.	100.00%	100%
Caplas LLC	USA	DE	Captive Plastics LLC	100.00%	100%
Caplas Neptune, LLC	USA	DE	Captive Plastics LLC	100.00%	100%
Captive Plastics Holdings, LLC	USA	DE	Berry Plastics SP, Inc.	100.00%	100%
Captive Plastics, LLC	USA	DE	Berry Plastics SP, Inc.	100.00%	100%
Cardinal Packaging, Inc.	USA	DE	CPI Holding Corporation	100.00%	100%
Chicopee Asia, Limited	Hong Kong		Chicopee, Inc.	100.00%	65%
Chicopee Holdings B.V.	Netherlands		PGI Europe, Inc.	100.00%	65%
Chicopee, Inc.	USA	DE	PGI Polymer, Inc.	100.00%	100%
Chocksett Road Limited Partnership	USA	MA	Berry Global, Inc.	98% Limited Partnership Interests	100%
				2% General Partnership Interests
Chocksett Road Realty Trust	USA	MA	Chocksett Road Limited Partnership	Sole Beneficiary	100%
Berry Holding Company do Brasil Ltda.	Brazil		Berry Film Products Company, Inc. (f/k/a Clopay Plastic Products Company, Inc.)	99.99%	65%2
Berry Holding Company do Brasil Ltda.	Brazil		Berry Global, Inc.	0.01%
Covalence Specialty Adhesives LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Covalence Specialty Coatings LLC	USA	DE	Berry Global, Inc.	100.00%	100%
CPI Holding Corporation	USA	DE	Berry Global, Inc.	100.00%	100%
CSM Mexico SPV LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Dominion Textile (USA), L.L.C.	USA	DE	Chicopee, Inc.	100.00%	100%
DT Acquisition Inc.	Canada		AVINTIV Specialty Materials, Inc.	100.00%	65%
Dumpling Rock, LLC	USA	MA	Berry Global, Inc.	100.00%	100%
Estero Porch, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Fabrene, L.L.C.	USA	DE	PGI Europe, Inc.	100.00%	100%
Fiberweb Geos, Inc.	USA	VA	PGI Europe, Inc.	100.00%	100%
Fiberweb, LLC f/k/a Fiberweb, Inc.	USA	DE	PGI Europe, Inc.	100.00%	100%
Global Closure Systems America 1, Inc.	USA	DE	RPC Packaging Holdings (US), Inc.	100.00%	100%
Grafco Industries Limited Partnership	USA	MD	Caplas LLC	99.00%	100%
Grafco Industries Limited Partnership	USA	MD	Caplas Neptune, LLC	1.00%	100%
Grupo de Servicios Berpla, S. de R.L. de C.V.	Mexico		Berry Plastics Acquisition Corporation V	65.00%	65%
Grupo de Servicios Berpla, S. de R.L. de C.V.	Mexico		Berry Plastics Acquisition Corporation XIV	35.00%	65%
Kerr Group, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Knight Plastics, LLC	USA	DE	Berry Plastics SP, Inc.	100.00%	100%
Laddawn, Inc.	USA	MA	Berry Global, Inc.	100.00%	100%
Lamb’s Grove, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Letica Corporation	USA	DE	RPC Leopard Holdings, Inc.	100.00%	100%
Letica Resources, Inc.	USA	DE	RPC Leopard Holdings, Inc.	100.00%	100%
M&H Plastics, Inc.	USA	VA	AVINTIV Inc.	100.00%	100%
Millham, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Old Hickory Steamworks, LLC	USA	DE	Fiberweb, LLC	100.00%	100%
Packerware, LLC	USA	DE	Berry Plastics SP, Inc.	100.00%	100%
Pescor, Inc.	USA	DE	Berry Global, Inc.	100.00%	100%
PGI Acquisition Limited	UK		PGI Europe, Inc.	100.00%	65%
PGI Europe, Inc.	USA	DE	Chicopee, Inc.	100.00%	100%
PGI Nonwovens (Mauritius)	Mauritius		PGI Polymer, Inc.	100.00%	65%
PGI Polymer, Inc.	USA	DE	Avintiv Specialty Materials, Inc.	100.00%	100%
Pliant de Mexico S.A. de C.V.	Mexico		Pliant, LLC	36.03%	65%
Pliant International, LLC	USA	DE	Pliant, LLC	100.00%	100%
Pliant, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Poly-Seal, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Providencia USA, Inc.	USA	NC	Chicopee, Inc.	100.00%	100%
Rollpak Corporation	USA	DE	Berry Global, Inc.	100.00%	100%
RPC Bramlage, Inc.	USA	PA	RPC Packaging Holdings (US), Inc.	100.00%	100%
RPC Leopard Holdings, Inc.	USA	DE	RPC Packaging Holdings (US), Inc.	100.00%	100%
RPC Packaging Holdings (US), Inc.	USA	DE	AVINTIV Inc.	100.00%	100%
RPC Superfos US, Inc.	USA	DE	RPC Packaging Holdings (US), Inc.	100.00%	100%
RPC Zeller Plastik Libertyville, Inc.	USA	DE	Global Closure Systems America 1, Inc.	100.00%	100%
Saffron Acquisition, LLC	USA	DE	Kerr Group, LLC	100.00%	100%
Setco, LLC	USA	DE	Kerr Group, LLC	100.00%	100%
Sugden, LLC	USA	DE	Berry Global, Inc.	100.00%	100%
Sun Coast Industries, LLC	USA	DE	Saffron Acquisition, LLC	100.00%	100%
Uniplast Holdings, LLC	USA	DE	Pliant, LLC	100.00%	100%
Uniplast U.S., Inc.	USA	DE	Uniplast Holdings, Inc.	100.00%	100%
Venture Packaging Midwest, Inc.	USA	DE	Venture Packaging, Inc.	100.00%	100%
Venture Packaging, Inc.	USA	DE	Berry Global, Inc.	100.00%	100%

1 65% of the aggregate stock of BPRex Plastic Packaging de Mexico S.A. de C.V. is pledged.

2 65% of the aggregate stock of Berry Holding Company do Brasil Ltda. is pledged.

EX-31.1

EXHIBIT 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Thomas E. Salmon, Chief Executive Officer of Berry Global Group, Inc., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Berry Global Group, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

	By:	/s/ Thomas E. Salmon
Date: May 5, 2022		Thomas E. Salmon
		Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Mark W. Miles, Chief Financial Officer of Berry Global Group, Inc., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Berry Global Group, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

	By:	/s/ Mark W. Miles
Date: May 5, 2022		Mark W. Miles
		Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Berry Global Group, Inc. (the "Registrant") on Form 10-Q for the quarter ended April 2, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Thomas E. Salmon, Chief Executive Officer of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Thomas E. Salmon

Thomas E. Salmon

Chief Executive Officer

Date: May 5, 2022

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Berry Global Group, Inc. (the "Registrant") on Form 10-Q for the quarter ended April 2, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark W. Miles, the Chief Financial Officer and Treasurer of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Mark W. Miles

Mark W. Miles

Chief Financial Officer

Date: May 5, 2022 

XML

Document and Entity Information - shares shares in Millions	6 Months Ended
	Apr. 02, 2022	May 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Apr. 02, 2022
Current Fiscal Year End Date	--10-02
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-35672
Entity Registrant Name	BERRY GLOBAL GROUP, INC.
Entity Central Index Key	0001378992
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	101 Oakley Street
Entity Address, City or Town	Evansville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47710
City Area Code	812
Local Phone Number	424-2904
Entity Tax Identification Number	20-5234618
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	BERY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		130.3

XML

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Consolidated Statements of Income [Abstract]
Net sales	$ 3,775	$ 3,370	$ 7,348	$ 6,506
Costs and expenses:
Cost of goods sold	3,154	2,706	6,192	5,224
Selling, general and administrative	207	220	442	461
Amortization of intangibles	65	73	133	147
Restructuring and transaction activities	8	38	11	37
Operating income	341	333	570	637
Other expense	6	6	6	31
Interest expense	71	84	142	181
Income before income taxes	264	243	422	425
Income tax expense	59	62	96	114
Net income	$ 205	$ 181	$ 326	$ 311
Net income per share:
Basic (in dollars per share)	$ 1.53	$ 1.35	$ 2.42	$ 2.32
Diluted (in dollars per share)	$ 1.50	$ 1.32	$ 2.36	$ 2.28

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 205	$ 181	$ 326	$ 311
Other comprehensive income, net of tax:
Currency translation	37	(73)	15	105
Derivative instruments	71	54	100	71
Other comprehensive income (loss)	108	(19)	115	176
Comprehensive income	$ 313	$ 162	$ 441	$ 487

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 02, 2022	Oct. 02, 2021
Current assets:
Cash and cash equivalents	$ 622	$ 1,091
Accounts receivable	1,996	1,879
Finished goods	1,032	960
Raw materials and supplies	932	947
Prepaid expenses and other current assets	401	217
Total current assets	4,983	5,094
Noncurrent assets:
Property, plant and equipment	4,650	4,677
Goodwill and intangible assets	7,183	7,434
Right-of-use assets	536	562
Other assets	183	115
Total assets	17,535	17,882
Current liabilities:
Accounts payable	1,651	2,041
Accrued employee costs	250	336
Other current liabilities	824	788
Current portion of long-term debt	19	21
Total current liabilities	2,744	3,186
Noncurrent liabilities:
Long-term debt	9,627	9,439
Deferred income taxes	569	568
Employee benefit obligations	244	276
Operating lease liabilities	443	466
Other long-term liabilities	588	767
Total liabilities	14,215	14,702
Stockholders' equity:
Common stock 130.4 and 135.5 million shares issued, respectively)	1	1
Additional paid-in capital	1,174	1,134
Retained earnings	2,326	2,341
Accumulated other comprehensive loss	(181)	(296)
Total stockholders' equity	3,320	3,180
Total liabilities and stockholders' equity	$ 17,535	$ 17,882

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Consolidated Balance Sheets (Parenthetical) - shares shares in Millions	Apr. 02, 2022	Oct. 02, 2021
Stockholders' equity:
Common stock, shares issued (in shares)	130.4	135.5

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Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Total
Balance at Sep. 26, 2020	$ 1	$ 1,034	$ (551)	$ 1,608	$ 2,092
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	0	311	311
Other comprehensive income (loss)	0	0	176	0	176
Share-based compensation	0	28	0	0	28
Proceeds from issuance of common stock	0	39	0	0	39
Balance at Apr. 03, 2021	1	1,101	(375)	1,919	2,646
Balance at Jan. 02, 2021	1	1,062	(356)	1,738	2,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	0	181	181
Other comprehensive income (loss)	0	0	(19)	0	(19)
Share-based compensation	0	7	0	0	7
Proceeds from issuance of common stock	0	32	0	0	32
Balance at Apr. 03, 2021	1	1,101	(375)	1,919	2,646
Balance at Oct. 02, 2021	1	1,134	(296)	2,341	3,180
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	0	326	326
Other comprehensive income (loss)	0	0	115	0	115
Share-based compensation	0	28	0	0	28
Proceeds from issuance of common stock	0	22	0	0	22
Common stock repurchased and retired	0	(10)	0	(341)	(351)
Balance at Apr. 02, 2022	1	1,174	(181)	2,326	3,320
Balance at Jan. 01, 2022	1	1,170	(289)	2,412	3,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	0	205	205
Other comprehensive income (loss)	0	0	108	0	108
Share-based compensation	0	7	0	0	7
Proceeds from issuance of common stock	0	6	0	0	6
Common stock repurchased and retired	0	(9)	0	(291)	(300)
Balance at Apr. 02, 2022	$ 1	$ 1,174	$ (181)	$ 2,326	$ 3,320

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Cash Flows from Operating Activities:
Net income	$ 326	$ 311
Adjustments to reconcile net cash from operating activities:
Depreciation	284	280
Amortization of intangibles	133	147
Non-cash interest expense	8	16
Deferred income tax	(43)	(28)
Share-based compensation expense	28	28
Other non-cash operating activities, net	(14)	51
Changes in working capital	(714)	(156)
Changes in other assets and liabilities	(22)	(11)
Net cash from operating activities	(14)	638
Cash Flows from Investing Activities:
Additions to property, plant and equipment, net	(367)	(364)
Divestiture of business	3	143
Net cash from investing activities	(364)	(221)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings	244	2,316
Repayments on long-term borrowings	(9)	(2,683)
Proceeds from issuance of common stock	22	39
Repurchase of common stock	(351)	0
Debt financing costs	0	(16)
Net cash from financing activities	(94)	(344)
Effect of currency translation on cash	3	20
Net change in cash and cash equivalents	(469)	93
Cash and cash equivalents at beginning of period	1,091	750
Cash and cash equivalents at end of period	$ 622	$ 843

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Basis of Presentation

6 Months Ended

Apr. 02, 2022

Basis of Presentation [Abstract]

Basis of Presentation

1.  Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Berry Global Group, Inc. (“the Company,” “we,” or “Berry”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.  In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and during the reporting period.  Actual results could differ from those estimates.  The Company’s U.S. based results for fiscal 2022 and fiscal 2021 are based on a fifty-two and fifty-three week period, respectively.  The extra week in fiscal 2021 occurred in the first quarter.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included, and all subsequent events up to the time of the filing have been evaluated.  For further information, refer to the Company’s most recent Form 10-K filed with the Securities and Exchange Commission.

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Recent Accounting Pronouncements

6 Months Ended

Apr. 02, 2022

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

2.  Recent Accounting Pronouncements

Reference Rate Reform

In 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848).  This standard provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR.  ASU 2020-04 is effective upon issuance and generally can be applied through the end of calendar year 2022.  The Company is currently evaluating the impact and whether it plans to adopt the optional expedients and exceptions provided under this new standard.

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Revenue and Accounts Receivable

6 Months Ended

Apr. 02, 2022

Revenue and Accounts Receivable [Abstract]

Revenue

3.  Revenue and Accounts Receivable

Our revenues are primarily derived from the sale of non-woven, flexible and rigid products to customers.  Revenue is recognized when performance obligations are satisfied, in an amount reflecting the consideration to which the Company expects to be entitled.  We consider the promise to transfer products to be our sole performance obligation.  If the consideration agreed to in a contract includes a variable amount, we estimate the amount of consideration we expect to be entitled to in exchange for transferring the promised goods to the customer using the most likely amount method.  Our main source of variable consideration is customer rebates.  There are no material instances where variable consideration is constrained and not recorded at the initial time of sale.  Generally, our revenue is recognized at a point in time for standard promised goods at the time of shipment, when title and risk of loss pass to the customer.  The accrual for customer rebates was $101 million and $104 million at April 2, 2022 and October 2, 2021, respectively, and is included in Other current liabilities on the Consolidated Balance Sheets.  The Company disaggregates revenue based on reportable business segment, geography, and significant product line.  Refer to Note 10. Segment and Geographic Data for further information.

Accounts Receivable

Accounts receivable are presented net of allowance for credit losses of $19 million and $21 million at April 2, 2022 and October 2, 2021, respectively.  The Company records its current expected credit losses based on a variety of factors including historical loss experience and current customer financial condition.  The changes to our current expected credit losses, write-off activity, and recoveries were not material for any of the periods presented.

The Company has entered into various factoring agreements, including customer-based supply chain financing programs, to sell certain receivables to third-party financial institutions.  Agreements which result in true sales of the transferred receivables, which occur when receivables are transferred without recourse to the Company, are reflected as a reduction of accounts receivable on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows.  The fees associated with the transfer of receivables for all programs were not material for any of the periods presented.

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Disposition

6 Months Ended

Apr. 02, 2022

Disposition [Abstract]

Disposition

4.  Disposition

During fiscal 2022, the Company reached an initial agreement to sell our roto molding business which is operated in the Consumer Packaging International segment for expected proceeds of $114 million, which is preliminary and subject to adjustment at closing.  The Company reported fiscal 2021 net sales of $146 million related to the business.  For the period ended April 2, 2022, the Company classified assets of $156 million and liabilities of $49 million as held for sale.  The assets and liabilities held for sale are recorded in Prepaid expenses and other current assets, and Other current liabilities, respectively, on the Consolidated Balance Sheets. 

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Restructuring and Transaction Activities

6 Months Ended

Apr. 02, 2022

Restructuring and Transaction Activities [Abstract]

Restructuring and Transaction Activities

5.  Restructuring and Transaction Activities

The table below includes the significant components of restructuring and transaction activities, by reporting segment:

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022			April 3, 2021
Consumer Packaging International	$	5	$	38	$	7		$	41
Consumer Packaging North America		2		—		3			1
Health, Hygiene & Specialties		—		—		(1	)		—
Engineered Materials		1		—		2			(5	)
Consolidated	$	8	$	38	$	11		$	37

The table below sets forth the activity with respect to the restructuring and transaction activities accrual at April 2, 2022:

	Restructuring
	Employee Severance and Benefits			Facility Exit Costs			Transaction Activities			Total
Balance as of October 2, 2021	$	6		$	5		$	—		$	11
Charges		3			6			2			11
Cash		(3	)		(7	)		(2	)		(12	)
Balance as of April 2, 2022	$	6		$	4		$	—		$	10

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Leases

6 Months Ended

Apr. 02, 2022

Leases [Abstract]

Leases

6.  Leases

The Company leases certain manufacturing facilities, warehouses, office space, manufacturing equipment, office equipment, and automobiles.

We recognize right-of-use assets and lease liabilities for leases with original lease terms greater than one year based on the present value of lease payments over the lease term using our incremental borrowing rate on a collateralized basis.  Short-term leases, with original lease terms of less than one year, are not recognized on the balance sheet.  We are party to certain leases, namely for manufacturing facilities, which offer renewal options to extend the original lease term.  Renewal options are included in the right-of-use asset and lease liability based on our assessment of the probability that the options will be exercised.

Supplemental lease information is as follows:

Leases	Classification	April 2, 2022		October 2, 2021
Operating leases:
Operating lease right-of-use assets	Right-of-use assets	$	536	$	562
Current operating lease liabilities	Other current liabilities		110		113
Noncurrent operating lease liabilities	Operating lease liability		443		466
Finance leases:
Finance lease right-of-use assets	Property, plant, and equipment, net	$	47	$	57
Current finance lease liability	Current portion of long-term debt		13		14
Noncurrent finance lease liabilities	Long-term debt, less current portion		30		38

			Two Quarterly Periods Ended
Lease Type	Cash Flow Classification	Lease Expense Category	April 2, 2022		April 3, 2021
Operating	Operating	Lease cost	$	62	$	57
Finance	Operating	Interest expense		1		1
Finance	Financing	-		9		16
Finance	-	Amortization of right-of-use assets		5		7

Right-of-use assets obtained in exchange for new operating lease liabilities were $9 million and $21 million for the quarterly and two quarterly periods ended April 2, 2022, respectively.

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Long-Term Debt

6 Months Ended

Apr. 02, 2022

Long-Term Debt [Abstract]

Long-Term Debt

7.  Long-Term Debt

Long-term debt consists of the following:

Facility	Maturity Date	April 2, 2022			October 2, 2021
Term loan	July 2026	$	3,440			3,440
Revolving line of credit	May 2024		244			—
0.95% First Priority Senior Secured Notes	February 2024		800			800
1.00% First Priority Senior Secured Notes (a)	July 2025		776			810
1.57% First Priority Senior Secured Notes	January 2026		1,525			1,525
4.875% First Priority Senior Secured Notes	July 2026		1,250			1,250
1.65% First Priority Senior Secured Notes	January 2027		400			400
1.50% First Priority Senior Secured Notes (a)	July 2027		416			434
4.50% Second Priority Senior Secured Notes	February 2026		300			300
5.625% Second Priority Senior Secured Notes	July 2027		500			500
Debt discounts and deferred fees			(69	)		(77	)
Finance leases and other	Various		64			78
Total long-term debt			9,646			9,460
Current portion of long-term debt			(19	)		(21	)
Long-term debt, less current portion		$	9,627			9,439

^(a) Euro denominated 

Debt discounts and deferred financing fees are presented net of Long-term debt, less the current portion on the Consolidated Balance Sheets and are amortized to Interest expense, net on the Consolidated Statements of Income through maturity. 

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Financial Instruments and Fair Value Measurements

6 Months Ended

Apr. 02, 2022

Financial Instruments and Fair Value Measurements [Abstract]

Financial Instruments and Fair Value Measurements

8.  Financial Instruments and Fair Value Measurements

In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors.  The Company may use derivative financial instruments to help manage market risk and reduce the exposure to fluctuations in interest rates and foreign currencies.  These financial instruments are not used for trading or other speculative purposes.

Cross-Currency Swaps

The Company is party to certain cross-currency swaps to hedge a portion of our foreign currency risk.  The swap agreements mature May 2022 (€250 million), June 2024 (€1,625 million) and July 2027 (£700 million).  In addition to cross-currency swaps, we hedge a portion of our foreign currency risk by designating foreign currency denominated long-term debt as net investment hedges of certain foreign operations.  As of April 2, 2022, we had outstanding long-term debt of €785 million that was designated as a hedge of our net investment in certain euro-denominated foreign subsidiaries.  When valuing cross-currency swaps the Company utilizes Level 2 inputs (substantially observable).

Interest Rate Swaps

The primary purpose of the Company’s interest rate swap activities is to manage interest expense variability associated with our outstanding variable rate term loan debt.  When valuing interest rate swaps the Company utilizes Level 2 inputs (substantially observable).

As of April 2, 2022, the Company effectively had (i) a $450 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.398%, with an expiration in June 2026, (ii) a $400 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.916% with an expiration in June 2026, (iii) a $884 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 1.857%, with an expiration in June 2024, and (iv) a $473 million interest rate swap transaction that swaps a one-month variable LIBOR contract for a fixed annual rate of 2.050%, with an expiration in June 2024.

The Company records the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized. Balances on a gross basis are as follows:

Derivative Instruments	Hedge Designation	Balance Sheet Location	April 2, 2022		October 2, 2021
Cross-currency swaps	Designated	Other long-term liabilities	$	222	$	323
Interest rate swaps	Designated	Other assets		45		—
Interest rate swaps	Designated	Other long-term liabilities		—		82
Interest rate swaps	Not designated	Other assets		26		—
Interest rate swaps	Not designated	Other long-term liabilities		68		49

The effect of the Company’s derivative instruments on the Consolidated Statements of Income is as follows:

		Quarterly Period Ended						Two Quarterly Periods Ended
Derivative Instruments	Statements of Income Location	April 2, 2022			April 3, 2021			April 2, 2022			April 3, 2021
Cross-currency swaps	Interest expense	$	(4	)	$	(1	)	$	(7	)	$	(4	)
Interest rate swaps	Interest expense		12			17			24			34

Non-recurring Fair Value Measurements

The Company has certain assets that are measured at fair value on a non-recurring basis when impairment indicators are present or when the Company completes an acquisition.  The Company adjusts certain long-lived assets to fair value only when the carrying values exceed the fair values.  The categorization of the framework used to value the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value.  These assets that are subject to our annual impairment analysis primarily include our definite lived and indefinite lived intangible assets, including Goodwill and our property, plant and equipment.  The Company reviews Goodwill and other indefinite lived assets for impairment as of the first day of the fourth fiscal quarter each year and more frequently if impairment indicators exist.  The Company determined Goodwill and other indefinite lived assets were not impaired in our annual fiscal 2021 assessment.  No impairment indicators were identified in the current quarter.

Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of April 2, 2022 and October 2, 2021, along with the impairment loss recognized on the fair value measurement during the period:

	As of April 2, 2022
	Level 1		Level 2		Level 3		Total		Impairment
Indefinite-lived trademarks	$	—	$	—	$	248	$	248	$	—
Goodwill		—		—		5,091		5,091		—
Definite lived intangible assets		—		—		1,844		1,844		—
Property, plant, and equipment		—		—		4,650		4,650		—
Total	$	—	$	—	$	11,833	$	11,833	$	—

	As of October 2, 2021
	Level 1		Level 2		Level 3		Total		Impairment
Indefinite-lived trademarks	$	—	$	—	$	248	$	248	$	—
Goodwill		—		—		5,192		5,192		—
Definite lived intangible assets		—		—		1,994		1,994		—
Property, plant, and equipment		—		—		4,677		4,677		1
Total	$	—	$	—	$	12,111	$	12,111	$	1

The Company’s financial instruments consist primarily of cash and cash equivalents, long-term debt, interest rate and cross-currency swap agreements, and finance lease obligations.  The book value of our marketable long-term indebtedness exceeded fair value by $212 million as of April 2, 2022.  The Company’s long-term debt fair values were determined using Level 2 inputs (substantially observable). 

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Income Taxes

6 Months Ended

Apr. 02, 2022

Income Taxes [Abstract]

Income Taxes

9.  Income Taxes

In comparison to the statutory rate, the higher effective tax rate for the quarter was negatively impacted by state taxes and global intangible low-taxed income provisions, partially offset by other discrete items.

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Segment and Geographic Data

6 Months Ended

Apr. 02, 2022

Segment and Geographic Data [Abstract]

Segment and Geographic Data

10.  Segment and Geographic Data

The Company’s operations are organized into four reporting segments: Consumer Packaging International, Consumer Packaging North America, Health, Hygiene & Specialties, and Engineered Materials.  The structure is designed to align us with our customers, provide optimal service, drive future growth, and to facilitate synergies realization.

Selected information by reportable segment is presented in the following tables:

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Net sales:
Consumer Packaging International	$	1,139	$	1,060	$	2,195	$	2,048
Consumer Packaging North America		880		731		1,732		1,417
Health, Hygiene & Specialties		822		781		1,640		1,521
Engineered Materials		934		798		1,781		1,520
Total net sales	$	3,775	$	3,370	$	7,348	$	6,506
Operating income:
Consumer Packaging International	$	97	$	59	$	166	$	135
Consumer Packaging North America		85		77		131		136
Health, Hygiene & Specialties		69		114		131		210
Engineered Materials		90		83		142		156
Total operating income	$	341	$	333	$	570	$	637
Depreciation and amortization:
Consumer Packaging International	$	82	$	87	$	164	$	171
Consumer Packaging North America		53		54		107		110
Health, Hygiene & Specialties		44		42		89		87
Engineered Materials		27		29		57		59
Total depreciation and amortization	$	206	$	212	$	417	$	427

Selected information by geographical region is presented in the following tables:

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Net sales:
United States and Canada	$	1,996	$	1,728	$	3,948	$	3,405
Europe		1,399		1,257		2,616		2,350
Rest of world		380		385		784		751
Total net sales	$	3,775	$	3,370	$	7,348	$	6,506

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Contingencies and Commitments

6 Months Ended

Apr. 02, 2022

Contingencies and Commitments [Abstract]

Contingencies and Commitments

11.  Contingencies and Commitments

The Company is party to various legal proceedings involving routine claims which are incidental to its business.  Although the Company’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, we believe that any ultimate liability would not be material to our financial statements.

The Company has various purchase commitments for raw materials, supplies, and property and equipment incidental to the ordinary conduct of business.

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Share Repurchase Program

6 Months Ended

Apr. 02, 2022

Share Repurchase Program [Abstract]

Share Repurchase Program

12.  Share Repurchase Program

During the quarterly period ended April 2, 2022, the Company repurchased and retired 5,029 thousand shares for $300 million.  For the two quarterly periods ended April 2, 2022, the Company repurchased and retired 5,756 thousand shares for $351 million.  Authorized share repurchases of $700 million remain available to the Company. 

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Basic and Diluted Earnings Per Share

6 Months Ended

Apr. 02, 2022

Basic and Diluted Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

13.  Basic and Diluted Earnings Per Share

Basic net income or earnings per share ("EPS") is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents.   Diluted EPS includes the effects of options and restricted stock units, if dilutive.

The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations:

	Quarterly Period Ended				Two Quarterly Periods Ended
(in millions, except per share amounts)	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Numerator
Consolidated net income	$	205	$	181	$	326	$	311
Denominator
Weighted average common shares outstanding - basic		133.8		134.3		134.6		133.9
Dilutive shares		3.1		2.5		3.4		2.7
Weighted average common and common equivalent shares outstanding - diluted		136.9		136.8		138.0		136.6
Per common share earnings
Basic	$	1.53	$	1.35	$	2.42	$	2.32
Diluted	$	1.50	$	1.32	$	2.36	$	2.28

1.2 million and 1.3 million shares, respectively, were excluded from the diluted EPS calculation for the quarterly and two quarterly periods ended April 2, 2022 as their effect would be anti-dilutive.  For the two quarterly periods ended April 3, 2021, 3.2 million shares were excluded. 

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Accumulated Other Comprehensive Loss

6 Months Ended

Apr. 02, 2022

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

14.  Accumulated Other Comprehensive Loss

The components and activity of Accumulated other comprehensive loss are as follows:

Quarterly Period Ended	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(176	)	$	(67	)	$	(46	)	$	(289	)
Other comprehensive income before reclassifications		37			—			69			106
Net amount reclassified		—			—			2			2
Balance at April 2, 2022	$	(139	)	$	(67	)	$	25		$	(181	)

	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at January 2, 2021	$	(100	)	$	(116	)	$	(140	)	$	(356	)
Other comprehensive income (loss) before reclassifications		(73	)		—			52			(21	)
Net amount reclassified		—			—			2			2
Balance at April 3, 2021	$	(173	)	$	(116	)	$	(86	)	$	(375	)

Two Quarterly Periods Ended	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at October 2, 2021	$	(154	)	$	(67	)	$	(75	)	$	(296	)
Other comprehensive income before reclassifications		15			—			95			110
Net amount reclassified		—			—			5			5
Balance at April 2, 2022	$	(139	)	$	(67	)	$	25		$	(181	)

	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at September 26, 2020	$	(278	)	$	(116	)	$	(157	)	$	(551	)
Other comprehensive income before reclassifications		105			—			67			172
Net amount reclassified		—			—			4			4
Balance at April 3, 2021	$	(173	)	$	(116	)	$	(86	)	$	(375	)

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Basis of Presentation (Policies)	6 Months Ended
	Apr. 02, 2022
Basis of Presentation [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements of Berry Global Group, Inc. (“the Company,” “we,” or “Berry”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements
Use of Estimates	In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and during the reporting period.  Actual results could differ from those estimates.
Fiscal Period	The Company’s U.S. based results for fiscal 2022 and fiscal 2021 are based on a fifty-two and fifty-three week period, respectively.  The extra week in fiscal 2021 occurred in the first quarter.

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Recent Accounting Pronouncements (Policies)

6 Months Ended

Apr. 02, 2022

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

Reference Rate Reform

In 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848).  This standard provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR.  ASU 2020-04 is effective upon issuance and generally can be applied through the end of calendar year 2022.  The Company is currently evaluating the impact and whether it plans to adopt the optional expedients and exceptions provided under this new standard.

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Restructuring and Transaction Activities (Tables)

6 Months Ended

Apr. 02, 2022

Restructuring and Transaction Activities [Abstract]

Restructuring Charges

The table below includes the significant components of restructuring and transaction activities, by reporting segment:

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022			April 3, 2021
Consumer Packaging International	$	5	$	38	$	7		$	41
Consumer Packaging North America		2		—		3			1
Health, Hygiene & Specialties		—		—		(1	)		—
Engineered Materials		1		—		2			(5	)
Consolidated	$	8	$	38	$	11		$	37

Restructuring Accrual Activity

The table below sets forth the activity with respect to the restructuring and transaction activities accrual at April 2, 2022:

	Restructuring
	Employee Severance and Benefits			Facility Exit Costs			Transaction Activities			Total
Balance as of October 2, 2021	$	6		$	5		$	—		$	11
Charges		3			6			2			11
Cash		(3	)		(7	)		(2	)		(12	)
Balance as of April 2, 2022	$	6		$	4		$	—		$	10

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Leases (Tables)

6 Months Ended

Apr. 02, 2022

Leases [Abstract]

Lease Assets and Liabilities

Leases	Classification	April 2, 2022		October 2, 2021
Operating leases:
Operating lease right-of-use assets	Right-of-use assets	$	536	$	562
Current operating lease liabilities	Other current liabilities		110		113
Noncurrent operating lease liabilities	Operating lease liability		443		466
Finance leases:
Finance lease right-of-use assets	Property, plant, and equipment, net	$	47	$	57
Current finance lease liability	Current portion of long-term debt		13		14
Noncurrent finance lease liabilities	Long-term debt, less current portion		30		38

Lease Cash Flow and Lease Expense

			Two Quarterly Periods Ended
Lease Type	Cash Flow Classification	Lease Expense Category	April 2, 2022		April 3, 2021
Operating	Operating	Lease cost	$	62	$	57
Finance	Operating	Interest expense		1		1
Finance	Financing	-		9		16
Finance	-	Amortization of right-of-use assets		5		7

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Long-Term Debt (Tables)

6 Months Ended

Apr. 02, 2022

Long-Term Debt [Abstract]

Long-Term Debt

Long-term debt consists of the following:

Facility	Maturity Date	April 2, 2022			October 2, 2021
Term loan	July 2026	$	3,440			3,440
Revolving line of credit	May 2024		244			—
0.95% First Priority Senior Secured Notes	February 2024		800			800
1.00% First Priority Senior Secured Notes (a)	July 2025		776			810
1.57% First Priority Senior Secured Notes	January 2026		1,525			1,525
4.875% First Priority Senior Secured Notes	July 2026		1,250			1,250
1.65% First Priority Senior Secured Notes	January 2027		400			400
1.50% First Priority Senior Secured Notes (a)	July 2027		416			434
4.50% Second Priority Senior Secured Notes	February 2026		300			300
5.625% Second Priority Senior Secured Notes	July 2027		500			500
Debt discounts and deferred fees			(69	)		(77	)
Finance leases and other	Various		64			78
Total long-term debt			9,646			9,460
Current portion of long-term debt			(19	)		(21	)
Long-term debt, less current portion		$	9,627			9,439

^(a) Euro denominated 

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Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Apr. 02, 2022

Financial Instruments and Fair Value Measurements [Abstract]

Fair Value of Derivatives and Location on Consolidated Balance Sheets

The Company records the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized. Balances on a gross basis are as follows:

Derivative Instruments	Hedge Designation	Balance Sheet Location	April 2, 2022		October 2, 2021
Cross-currency swaps	Designated	Other long-term liabilities	$	222	$	323
Interest rate swaps	Designated	Other assets		45		—
Interest rate swaps	Designated	Other long-term liabilities		—		82
Interest rate swaps	Not designated	Other assets		26		—
Interest rate swaps	Not designated	Other long-term liabilities		68		49

Effect of Derivatives on Consolidated Statements of Income

The effect of the Company’s derivative instruments on the Consolidated Statements of Income is as follows:

		Quarterly Period Ended						Two Quarterly Periods Ended
Derivative Instruments	Statements of Income Location	April 2, 2022			April 3, 2021			April 2, 2022			April 3, 2021
Cross-currency swaps	Interest expense	$	(4	)	$	(1	)	$	(7	)	$	(4	)
Interest rate swaps	Interest expense		12			17			24			34

Assets Measured at Fair Value on Non-recurring Basis

Included in the following table are the major categories of assets measured at fair value on a non-recurring basis as of April 2, 2022 and October 2, 2021, along with the impairment loss recognized on the fair value measurement during the period:

	As of April 2, 2022
	Level 1		Level 2		Level 3		Total		Impairment
Indefinite-lived trademarks	$	—	$	—	$	248	$	248	$	—
Goodwill		—		—		5,091		5,091		—
Definite lived intangible assets		—		—		1,844		1,844		—
Property, plant, and equipment		—		—		4,650		4,650		—
Total	$	—	$	—	$	11,833	$	11,833	$	—

	As of October 2, 2021
	Level 1		Level 2		Level 3		Total		Impairment
Indefinite-lived trademarks	$	—	$	—	$	248	$	248	$	—
Goodwill		—		—		5,192		5,192		—
Definite lived intangible assets		—		—		1,994		1,994		—
Property, plant, and equipment		—		—		4,677		4,677		1
Total	$	—	$	—	$	12,111	$	12,111	$	1

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Segment and Geographic Data (Tables)

6 Months Ended

Apr. 02, 2022

Segment and Geographic Data [Abstract]

Selected Information by Reportable Segment

Selected information by reportable segment is presented in the following tables:

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Net sales:
Consumer Packaging International	$	1,139	$	1,060	$	2,195	$	2,048
Consumer Packaging North America		880		731		1,732		1,417
Health, Hygiene & Specialties		822		781		1,640		1,521
Engineered Materials		934		798		1,781		1,520
Total net sales	$	3,775	$	3,370	$	7,348	$	6,506
Operating income:
Consumer Packaging International	$	97	$	59	$	166	$	135
Consumer Packaging North America		85		77		131		136
Health, Hygiene & Specialties		69		114		131		210
Engineered Materials		90		83		142		156
Total operating income	$	341	$	333	$	570	$	637
Depreciation and amortization:
Consumer Packaging International	$	82	$	87	$	164	$	171
Consumer Packaging North America		53		54		107		110
Health, Hygiene & Specialties		44		42		89		87
Engineered Materials		27		29		57		59
Total depreciation and amortization	$	206	$	212	$	417	$	427

Selected Information by Geographical Region

Selected information by geographical region is presented in the following tables:

	Quarterly Period Ended				Two Quarterly Periods Ended
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Net sales:
United States and Canada	$	1,996	$	1,728	$	3,948	$	3,405
Europe		1,399		1,257		2,616		2,350
Rest of world		380		385		784		751
Total net sales	$	3,775	$	3,370	$	7,348	$	6,506

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Basic and Diluted Earnings Per Share (Tables)

6 Months Ended

Apr. 02, 2022

Basic and Diluted Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations:

	Quarterly Period Ended				Two Quarterly Periods Ended
(in millions, except per share amounts)	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Numerator
Consolidated net income	$	205	$	181	$	326	$	311
Denominator
Weighted average common shares outstanding - basic		133.8		134.3		134.6		133.9
Dilutive shares		3.1		2.5		3.4		2.7
Weighted average common and common equivalent shares outstanding - diluted		136.9		136.8		138.0		136.6
Per common share earnings
Basic	$	1.53	$	1.35	$	2.42	$	2.32
Diluted	$	1.50	$	1.32	$	2.36	$	2.28

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Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Apr. 02, 2022

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

The components and activity of Accumulated other comprehensive loss are as follows:

Quarterly Period Ended	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(176	)	$	(67	)	$	(46	)	$	(289	)
Other comprehensive income before reclassifications		37			—			69			106
Net amount reclassified		—			—			2			2
Balance at April 2, 2022	$	(139	)	$	(67	)	$	25		$	(181	)

	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at January 2, 2021	$	(100	)	$	(116	)	$	(140	)	$	(356	)
Other comprehensive income (loss) before reclassifications		(73	)		—			52			(21	)
Net amount reclassified		—			—			2			2
Balance at April 3, 2021	$	(173	)	$	(116	)	$	(86	)	$	(375	)

Two Quarterly Periods Ended	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at October 2, 2021	$	(154	)	$	(67	)	$	(75	)	$	(296	)
Other comprehensive income before reclassifications		15			—			95			110
Net amount reclassified		—			—			5			5
Balance at April 2, 2022	$	(139	)	$	(67	)	$	25		$	(181	)

	Currency Translation			Defined Benefit Pension and Retiree Health Benefit Plans			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance at September 26, 2020	$	(278	)	$	(116	)	$	(157	)	$	(551	)
Other comprehensive income before reclassifications		105			—			67			172
Net amount reclassified		—			—			4			4
Balance at April 3, 2021	$	(173	)	$	(116	)	$	(86	)	$	(375	)

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Revenue and Accounts Receivable (Details) - USD ($) $ in Millions	Apr. 02, 2022	Oct. 02, 2021
Revenue and Accounts Receivable [Abstract]
Accrual for customer rebates	$ 101	$ 104
Allowance for credit losses	$ 19	$ 21

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Disposition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021
Disposition [Abstract]
Net sales	$ 3,775	$ 3,370	$ 7,348	$ 6,506
Roto Molding Business [Member]
Disposition [Abstract]
Expected proceeds from sale of business	114		114
Net sales					$ 146
Roto Molding Business [Member] | Prepaid Expenses and Other Current Assets [Member]
Disposition [Abstract]
Assets held for sale	156		156
Roto Molding Business [Member] | Other Current Liabilities [Member]
Disposition [Abstract]
Liabilities held for sale	$ 49		$ 49

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Restructuring and Transaction Activities, Restructuring Charges by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Restructuring Charges [Abstract]
Restructuring and transaction activities	$ 8	$ 38	$ 11	$ 37
Consumer Packaging International [Member]
Restructuring Charges [Abstract]
Restructuring and transaction activities	5	38	7	41
Consumer Packaging North America [Member]
Restructuring Charges [Abstract]
Restructuring and transaction activities	2	0	3	1
Health, Hygiene & Specialties [Member]
Restructuring Charges [Abstract]
Restructuring and transaction activities	0	0	(1)	0
Engineered Materials [Member]
Restructuring Charges [Abstract]
Restructuring and transaction activities	$ 1	$ 0	$ 2	$ (5)

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Restructuring and Transaction Activities, Restructuring Accrual Activity (Details) $ in Millions	6 Months Ended
	Apr. 02, 2022 USD ($)
Restructuring Accrual [Roll Forward]
Beginning balance	$ 11
Charges	11
Cash	(12)
Ending balance	10
Employee Severance and Benefits [Member]
Restructuring Accrual [Roll Forward]
Beginning balance	6
Charges	3
Cash	(3)
Ending balance	6
Facility Exit Costs [Member]
Restructuring Accrual [Roll Forward]
Beginning balance	5
Charges	6
Cash	(7)
Ending balance	4
Transaction Activities [Member]
Restructuring Accrual [Roll Forward]
Beginning balance	0
Charges	2
Cash	(2)
Ending balance	$ 0

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Leases (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Apr. 02, 2022	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021
Operating Leases [Abstract]
Operating lease right-of-use assets	$ 536	$ 536		$ 562
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating lease right-of-use assets	Operating lease right-of-use assets		Operating lease right-of-use assets
Current operating lease liabilities	$ 110	$ 110		$ 113
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current		Other Liabilities, Current
Noncurrent operating lease liabilities	$ 443	$ 443		$ 466
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Noncurrent operating lease liabilities	Noncurrent operating lease liabilities		Noncurrent operating lease liabilities
Finance Leases [Abstract]
Finance lease right-of-use assets	$ 47	$ 47		$ 57
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net		Property, Plant and Equipment, Net
Current finance lease liability	$ 13	$ 13		$ 14
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term Debt and Lease Obligation, Current	Long-term Debt and Lease Obligation, Current		Long-term Debt and Lease Obligation, Current
Noncurrent finance lease liabilities	$ 30	$ 30		$ 38
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, less current portion	Long-term debt, less current portion		Long-term debt, less current portion
Lease Cash Flow and Lease Expense [Abstract]
Operating cash flows from operating leases		$ 62	$ 57
Operating cash flows from finance leases		1	1
Financing cash flows from finance leases		9	16
Amortization of right-of-use assets from finance leases		5	$ 7
Right-of-use assets obtained in exchange for operating lease liabilities	$ 9	$ 21

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Long-Term Debt (Details) - USD ($) $ in Millions		6 Months Ended
		Apr. 02, 2022	Oct. 02, 2021
Long-term Debt [Abstract]
Debt discounts and deferred fees		$ (69)	$ (77)
Total long-term debt		9,646	9,460
Current portion of long-term debt		(19)	(21)
Long-term debt, less current portion		9,627	9,439
Term Loan due July 2026 [Member]
Long-term Debt [Abstract]
Long-term debt		$ 3,440	3,440
Maturity date		Jul. 31, 2026
Revolving Line of Credit [Member]
Long-term Debt [Abstract]
Long-term debt		$ 244	0
Maturity date		May 31, 2024
0.95% First Priority Senior Secured Notes [Member]
Long-term Debt [Abstract]
Long-term debt		$ 800	800
Interest rate		0.95%
Maturity date		Feb. 29, 2024
1.00% First Priority Senior Secured Notes [Member]
Long-term Debt [Abstract]
Long-term debt	[1]	$ 776	810
Interest rate		1.00%
Maturity date		Jul. 31, 2025
1.57% First Priority Senior Secured Notes [Member]
Long-term Debt [Abstract]
Long-term debt		$ 1,525	1,525
Interest rate		1.57%
Maturity date		Jan. 31, 2026
4.875% First Priority Senior Secured Notes [Member]
Long-term Debt [Abstract]
Long-term debt		$ 1,250	1,250
Interest rate		4.875%
Maturity date		Jul. 31, 2026
1.65% First Priority Senior Secured Notes [Member]
Long-term Debt [Abstract]
Long-term debt		$ 400	400
Interest rate		1.65%
Maturity date		Jan. 31, 2027
1.50% First Priority Senior Secured Notes [Member]
Long-term Debt [Abstract]
Long-term debt	[1]	$ 416	434
Interest rate		1.50%
Maturity date		Jul. 31, 2027
4.50% Second Priority Senior Secured Notes [Member]
Long-term Debt [Abstract]
Long-term debt		$ 300	300
Interest rate		4.50%
Maturity date		Feb. 28, 2026
5.625% Second Priority Senior Secured Notes [Member]
Long-term Debt [Abstract]
Long-term debt		$ 500	500
Interest rate		5.625%
Maturity date		Jul. 31, 2027
Finance Leases and Other [Member]
Long-term Debt [Abstract]
Long-term debt		$ 64	$ 78

[1] Euro denominated

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Financial Instruments and Fair Value Measurements, Cross-Currency Swaps (Details) - Apr. 02, 2022 € in Millions, £ in Millions	EUR (€)	GBP (£)
Euro Denominated [Member]
Cross-Currency Swaps [Abstract]
Long-term debt	€ 785
Cross-Currency Swap Maturing May 2022 [Member]
Cross-Currency Swaps [Abstract]
Notional amount of swap	250
Cross-Currency Swap Maturing June 2024 [Member]
Cross-Currency Swaps [Abstract]
Notional amount of swap	€ 1,625
Cross-Currency Swap Maturing July 2027 [Member]
Cross-Currency Swaps [Abstract]
Notional amount of swap | £		£ 700

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Financial Instruments and Fair Value Measurements, Interest Rate Swaps (Details) $ in Millions	6 Months Ended
	Apr. 02, 2022 USD ($)
Interest Rate Swap Expiring June 2026 [Member]
Interest Rate Swaps [Abstract]
Notional amount of swap	$ 450
Fixed annual rate of swap	1.398%
Interest Rate Swap Expiring June 2026 [Member] | LIBOR [Member]
Interest Rate Swaps [Abstract]
Term of variable rate	1 month
Interest Rate Swap Expiring June 2026 [Member]
Interest Rate Swaps [Abstract]
Notional amount of swap	$ 400
Fixed annual rate of swap	1.916%
Interest Rate Swap Expiring June 2026 [Member] | LIBOR [Member]
Interest Rate Swaps [Abstract]
Term of variable rate	1 month
Interest Rate Swap Expiring June 2024 [Member]
Interest Rate Swaps [Abstract]
Notional amount of swap	$ 884
Fixed annual rate of swap	1.857%
Interest Rate Swap Expiring June 2024 [Member] | LIBOR [Member]
Interest Rate Swaps [Abstract]
Term of variable rate	1 month
Interest Rate Swap Expiring June 2024 [Member]
Interest Rate Swaps [Abstract]
Notional amount of swap	$ 473
Fixed annual rate of swap	2.05%
Interest Rate Swap Expiring June 2024 [Member] | LIBOR [Member]
Interest Rate Swaps [Abstract]
Term of variable rate	1 month

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Financial Instruments and Fair Value Measurements, Fair Value of Derivative and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Apr. 02, 2022	Oct. 02, 2021
Cross-Currency Swaps [Member] | Designated [Member] | Other Long-Term Liabilities [Member]
Derivative Instruments [Abstract]
Fair value of derivative instruments	$ 222	$ 323
Interest Rate Swaps [Member] | Designated [Member] | Other Long-Term Liabilities [Member]
Derivative Instruments [Abstract]
Fair value of derivative instruments	0	82
Interest Rate Swaps [Member] | Designated [Member] | Other Assets [Member]
Derivative Instruments [Abstract]
Fair value of derivative instruments	45	0
Interest Rate Swaps [Member] | Not Designated [Member] | Other Long-Term Liabilities [Member]
Derivative Instruments [Abstract]
Fair value of derivative instruments	68	49
Interest Rate Swaps [Member] | Not Designated [Member] | Other Assets [Member]
Derivative Instruments [Abstract]
Fair value of derivative instruments	$ 26	$ 0

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Financial Instruments and Fair Value Measurements, Effect of Derivatives on Consolidated Statements of Income (Details) - Interest Expense [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Cross-Currency Swaps [Member]
Derivative Instruments [Abstract]
Loss (gain) on derivative instruments	$ (4)	$ (1)	$ (7)	$ (4)
Interest Rate Swaps [Member]
Derivative Instruments [Abstract]
Loss (gain) on derivative instruments	$ 12	$ 17	$ 24	$ 34

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Financial Instruments and Fair Value Measurements, Assets Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Apr. 02, 2022	Oct. 02, 2021
Impairment [Abstract]
Indefinite-lived trademarks	$ 0	$ 0
Goodwill	0	0
Definite lived intangible assets	0	0
Property, plant, and equipment	0	1
Impairment charges	0	1
Fair Value Adjustment [Abstract]
Fair value of long-term indebtedness greater/(less) than book value	(212)
Fair Value on Non-recurring Basis [Member]
Fair Value of Assets [Abstract]
Indefinite-lived trademarks	248	248
Goodwill	5,091	5,192
Definite lived intangible assets	1,844	1,994
Property, plant, and equipment	4,650	4,677
Total	11,833	12,111
Fair Value on Non-recurring Basis [Member] | Level 1 [Member]
Fair Value of Assets [Abstract]
Indefinite-lived trademarks	0	0
Goodwill	0	0
Definite lived intangible assets	0	0
Property, plant, and equipment	0	0
Total	0	0
Fair Value on Non-recurring Basis [Member] | Level 2 [Member]
Fair Value of Assets [Abstract]
Indefinite-lived trademarks	0	0
Goodwill	0	0
Definite lived intangible assets	0	0
Property, plant, and equipment	0	0
Total	0	0
Fair Value on Non-recurring Basis [Member] | Level 3 [Member]
Fair Value of Assets [Abstract]
Indefinite-lived trademarks	248	248
Goodwill	5,091	5,192
Definite lived intangible assets	1,844	1,994
Property, plant, and equipment	4,650	4,677
Total	$ 11,833	$ 12,111

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Segment and Geographic Data, Selected Information by Reportable Segment (Details) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 02, 2022 USD ($)	Apr. 03, 2021 USD ($)	Apr. 02, 2022 USD ($) Segment	Apr. 03, 2021 USD ($)
Segment and Geographic Data [Abstract]
Number of reporting segments | Segment			4
Selected Information by Reportable Segment [Abstract]
Net sales	$ 3,775	$ 3,370	$ 7,348	$ 6,506
Operating income	341	333	570	637
Depreciation and amortization	206	212	417	427
Operating Segment [Member] | Consumer Packaging International [Member]
Selected Information by Reportable Segment [Abstract]
Net sales	1,139	1,060	2,195	2,048
Operating income	97	59	166	135
Depreciation and amortization	82	87	164	171
Operating Segment [Member] | Consumer Packaging North America [Member]
Selected Information by Reportable Segment [Abstract]
Net sales	880	731	1,732	1,417
Operating income	85	77	131	136
Depreciation and amortization	53	54	107	110
Operating Segment [Member] | Health, Hygiene & Specialties [Member]
Selected Information by Reportable Segment [Abstract]
Net sales	822	781	1,640	1,521
Operating income	69	114	131	210
Depreciation and amortization	44	42	89	87
Operating Segment [Member] | Engineered Materials [Member]
Selected Information by Reportable Segment [Abstract]
Net sales	934	798	1,781	1,520
Operating income	90	83	142	156
Depreciation and amortization	$ 27	$ 29	$ 57	$ 59

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Segment and Geographic Data, Selected Information by Geographical Region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Selected Information by Geography [Abstract]
Net sales	$ 3,775	$ 3,370	$ 7,348	$ 6,506
Reportable Geographical Region [Member] | United States and Canada [Member]
Selected Information by Geography [Abstract]
Net sales	1,996	1,728	3,948	3,405
Reportable Geographical Region [Member] | Europe [Member]
Selected Information by Geography [Abstract]
Net sales	1,399	1,257	2,616	2,350
Reportable Geographical Region [Member] | Rest of World [Member]
Selected Information by Geography [Abstract]
Net sales	$ 380	$ 385	$ 784	$ 751

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Share Repurchase Program (Details) shares in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Apr. 02, 2022 USD ($) shares	Apr. 02, 2022 USD ($) shares
Share Repurchase Program and Subsequent Event [Abstract]
Shares repurchased and retired	$ 300	$ 351
2022 Share Repurchase Program [Member]
Share Repurchase Program and Subsequent Event [Abstract]
Number of shares repurchased and retired (in shares) | shares	5,029	5,756
Shares repurchased and retired	$ 300	$ 351
Remaining amount of share repurchase program	$ 700	$ 700

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Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Numerator [Abstract]
Consolidated net income	$ 205	$ 181	$ 326	$ 311
Denominator [Abstract]
Weighted average common shares outstanding - basic (in shares)	133.8	134.3	134.6	133.9
Dilutive shares (in shares)	3.1	2.5	3.4	2.7
Weighted average common and common equivalent shares outstanding - diluted (in shares)	136.9	136.8	138.0	136.6
Per Common Share Earnings [Abstract]
Basic (in dollars per share)	$ 1.53	$ 1.35	$ 2.42	$ 2.32
Diluted (in dollars per share)	$ 1.50	$ 1.32	$ 2.36	$ 2.28
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings per share (in shares)	1.2		1.3	3.2

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Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Accumulated Other Comprehensive Loss [Roll Forward]
Other comprehensive income (loss) before reclassifications	$ 106	$ (21)	$ 110	$ 172
Net amount reclassified	2	2	5	4
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(289)	(356)	(296)	(551)
Ending balance	(181)	(375)	(181)	(375)
Currency Translation [Member]
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(176)	(100)	(154)	(278)
Other comprehensive income (loss) before reclassifications	37	(73)	15	105
Net amount reclassified	0	0	0	0
Ending balance	(139)	(173)	(139)	(173)
Defined Benefit Pension and Retiree Health Benefit Plans [Member]
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(67)	(116)	(67)	(116)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Net amount reclassified	0	0	0	0
Ending balance	(67)	(116)	(67)	(116)
Derivative Instruments [Member]
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(46)	(140)	(75)	(157)
Other comprehensive income (loss) before reclassifications	69	52	95	67
Net amount reclassified	2	2	5	4
Ending balance	$ 25	$ (86)	$ 25	$ (86)