Restructuring and Transaction Activities

9 Months Ended

Jun. 29, 2024

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. Over the duration of the plan, these plant rationalizations and other cost reduction actions are projected to cost approximately $250 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				Restructuring Plans
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023		Life to date (a)
Consumer Packaging International	$	11	$	17	$	90	$	32		83
Consumer Packaging North America		6		6		17		14		40
Health, Hygiene & Specialties		5		12		23		21		30
Flexibles		2		2		3		7		25
Consolidated	$	24	$	37	$	133	$	74		178

(a) Excludes $57 million loss on divestitures (See Note 4)

The table below sets forth the activity with respect to the restructuring and transaction activities accrual at June 29, 2024:

	Restructuring
	Employee Severance and Benefits			Facility Exit Costs			Non-cash Impairment Charges			Transaction Activities			Total
Balance as of September 30, 2023	$	10		$	1		$	—		$	—		$	11
Charges		22			26			8			77			133
Non-cash items		—			—			(8	)		(57	)		(65	)
Cash		(16	)		(27	)		—			(20	)		(63	)
Balance as of June 29, 2024	$	16		$	—		$	—		$	—		$	16