Restructuring and Transaction Activities

9 Months Ended

Jul. 01, 2023

Restructuring and Transaction Activities [Abstract]

Restructuring and Transaction Activities

5.  Restructuring and Transaction Activities

During fiscal 2023, the Company announced several plant rationalizations in all four segments in order to deliver cost savings and optimize equipment utilization.  In total, over the next three years, these plant rationalizations are projected to cost approximately $200 million with the operations savings intended to counter general economic softness.  The plant rationalizations are expected to be fully implemented by the end of fiscal 2025.

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

	Quarterly Period Ended				Three Quarterly Periods Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Consumer Packaging International	$	17	$	3	$	32	$	10
Consumer Packaging North America		6		1		14		4
Health, Hygiene & Specialties		12		3		21		2
Engineered Materials		2		—		7		2
Consolidated	$	37	$	7	$	74	$	18

The table below sets forth the activity with respect to the restructuring and transaction activities accrual at July 1, 2023:

	Restructuring
	Employee Severance and Benefits			Facility Exit Costs			Non-cash Impairment Charges			Transaction Activities			Total
Balance as of October 1, 2022	$	2		$	3		$	—		$	—		$	5
Charges		28			16			5			25			74
Non-cash items		—			—			(5	)		—			(5	)
Cash		(16	)		(18	)		—			(25	)		(59	)
Balance as of July 1, 2023	$	14		$	1		$	—		$	—		$	15