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Acquisition
 6 Months Ended
Mar. 29, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisition Acquisition
Glatfelter

The Transaction combined GLT’s sustainable solutions and product portfolio with Treasure’s proprietary technologies and global scale. The Company is now a global leader in growing markets while serving some of the world’s largest brand owners. The results of GLT have been included in the consolidated results of the Company since the Closing Date.

The GLT acquisition has been accounted for under the purchase method of accounting. Under this method, the assets acquired and liabilities assumed have been recorded based on estimated fair values as of the Closing Date. Certain assets, including inventory, intangibles, and property, plant, and equipment included in the purchase price allocation have been estimated based on historical acquisitions. The Company will have a full valuation analysis performed over the acquired business during subsequent quarters and will continue to update the purchase price allocation throughout the year. The Company has recognized goodwill on this Transaction primarily as a result of expected cost synergies, and expects goodwill not to be deductible for tax purposes.

The following table summarizes the purchase price allocation, which is preliminary and subject to change within one year of the Closing Date:

Fair value of GLT common stock concurrent with closing
$74 
Identifiable assets acquired and liabilities assumed
Cash37 
Working capital(a)
247 
Property, plant and equipment637 
Identifiable intangible assets51 
Other assets74 
Other long-term liabilities(132)
Debt(869)
Goodwill29 
Total consideration$74 
(a) Includes a $12 million step up of inventory to fair value

When including GLT results for the periods prior to the Closing Date, unaudited pro forma net sales and net loss were $885 million and $25 million, respectively for the quarterly period ended March 30, 2024, $1,638 million and $110 million, respectively, for the two quarterly periods ended March 29, 2025, and $1,725 million and $60 million, respectively, for the two quarterly periods ended March 30, 2024. The unaudited pro forma net sales and net income figures assume that the Transaction was consummated as of the beginning of the relevant period.