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Financial Results by Quarter (Unaudited)
 12 Months Ended
Sep. 30, 2020
Financial Results By Quarter Unaudited [Abstract]  
Financial Results by Quarter

Note 23.

Financial Results by Quarter (Unaudited)

 

Fiscal 2020

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

 

(In millions, except per share data)

 

Net sales

 

$

4,423.7

 

 

$

4,447.3

 

 

$

4,236.3

 

 

$

4,471.5

 

Gross profit

 

$

809.0

 

 

$

804.8

 

 

$

770.0

 

 

$

813.4

 

(Gain) loss on disposal of assets

 

$

(1.3

)

 

$

(5.6

)

 

$

1.0

 

 

$

(10.4

)

Multiemployer pension withdrawal expense (income)

 

$

—

 

 

$

0.9

 

 

$

(2.0

)

 

$

—

 

Restructuring and other costs

 

$

30.1

 

 

$

16.4

 

 

$

9.7

 

 

$

56.5

 

Goodwill impairment

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,333.2

 

Loss on extinguishment of debt

 

$

—

 

 

$

(0.5

)

 

$

(0.6

)

 

$

(0.4

)

Income tax expense

 

$

(46.5

)

 

$

(57.8

)

 

$

(19.2

)

 

$

(40.0

)

Consolidated net income (loss)

 

$

139.5

 

 

$

148.9

 

 

$

180.0

 

 

$

(1,154.5

)

Net income (loss) attributable to common stockholders

 

$

138.5

 

 

$

148.1

 

 

$

178.5

 

 

$

(1,156.0

)

Basic earnings (loss) per share attributable to common

   stockholders

 

$

0.54

 

 

$

0.57

 

 

$

0.69

 

 

$

(4.45

)

Diluted earnings (loss) per share attributable to common

   stockholders

 

$

0.53

 

 

$

0.57

 

 

$

0.69

 

 

$

(4.45

)

 

 

Fiscal 2019

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

 

(In millions, except per share data)

 

Net sales

 

$

4,327.4

 

 

$

4,620.0

 

 

$

4,690.0

 

 

$

4,651.6

 

Gross profit

 

$

781.8

 

 

$

899.6

 

 

$

988.9

 

 

$

1,078.7

 

(Gain) loss on disposal of assets

 

$

(43.8

)

 

$

—

 

 

$

6.5

 

 

$

(3.9

)

Multiemployer pension withdrawal income

 

$

—

 

 

$

—

 

 

$

(1.7

)

 

$

(4.6

)

Land and Development impairments

 

$

—

 

 

$

13.0

 

 

$

—

 

 

$

—

 

Restructuring and other costs

 

$

54.4

 

 

$

34.8

 

 

$

17.9

 

 

$

66.6

 

(Loss) gain on extinguishment of debt

 

$

(1.9

)

 

$

0.4

 

 

$

(3.2

)

 

$

(0.4

)

Income tax expense

 

$

(62.7

)

 

$

(47.2

)

 

$

(77.6

)

 

$

(89.3

)

Consolidated net income

 

$

139.8

 

 

$

161.9

 

 

$

253.8

 

 

$

312.4

 

Net income attributable to common stockholders

 

$

139.1

 

 

$

160.4

 

 

$

252.6

 

 

$

310.8

 

Basic earnings per share attributable to common

   stockholders

 

$

0.55

 

 

$

0.63

 

 

$

0.98

 

 

$

1.21

 

Diluted earnings per share attributable to common

   stockholders

 

$

0.54

 

 

$

0.62

 

 

$

0.98

 

 

$

1.20

 

 

We computed the interim earnings per common and common equivalent share amounts as if each quarter was a discrete period. As a result, the sum of the basic and diluted earnings per share by quarter will not necessarily total the annual basic and diluted earnings per share.

Consolidated net income in the first quarter of fiscal 2020 financial results by quarter (unaudited) table was increased by $33.8 million pre-tax for our expected recovery and interest related to an indirect tax claim and increased by $29.5 million pre-tax related to Hurricane Michael insurance proceeds received. Basic and diluted earnings per share attributable to common stockholders were increased by approximately $0.18 and $0.17 per share, respectively for these items. See “Note 18. Commitments and Contingencies — Indirect Tax Claim” and “Note 7. Segment Information” for more information.

Consolidated net income in the third quarter of fiscal 2020 financial results by quarter (unaudited) table was decreased by $31.6 million pre-tax for one-time COVID-19 recognition awards to our teammates who work in manufacturing operations. Basic and diluted earnings per share attributable to common stockholders were each decreased by approximately $0.09 per share.

Consolidated net loss in the fourth quarter of fiscal 2020 financial results by quarter (unaudited) table was driven by a pre-tax non-cash goodwill impairment of $1,333.2 million, or $1,314.3 million after-tax, in our Consumer Packaging reporting unit. The goodwill impairment contributed a loss of $5.06 per share each to the basic and diluted loss per share attributable to common stockholders. See “Note 1. Description of Business and Summary of Significant Accounting Policies — Goodwill and Long-Lived Assets” for more information.

Consolidated net income in the first quarter of fiscal 2019 financial results by quarter (unaudited) table was decreased by $39.8 million pre-tax of direct expenses from Hurricane Michael (net of $20.0 million of insurance proceeds) and an estimated $31.4 million pre-tax of lost production and sales. Additionally, consolidated net income in the first quarter was decreased by $24.7 million pre-tax of expense for inventory stepped-up in purchase accounting related to the KapStone Acquisition and increased by a $48.5 million pre-tax gain on sale of our Atlanta beverage facility. Basic and diluted earnings per share attributable to common stockholders were decreased by approximately $0.14 and $0.14 per share, respectively for these items.

Consolidated net income in the fourth quarter of fiscal 2019 financial results by quarter (unaudited) table was increased by $63.4 million pre-tax related to Hurricane Michael as $70.0 million of insurance proceeds were partially offset by $6.6 million of direct expenses. Basic and diluted earnings per share attributable to common stockholders were increased by approximately $0.19 and $0.18 per share, respectively for these items.