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true false false 650800000 35600000 42 <div> <span style="font-size: 9.0pt; font-weight: bold;">Governance</span> </div><div style="margin: 0in; font-size: 9pt;"><span> Our Chief Information Officer (CIO) has over 30 years of experience in cybersecurity and has primary management oversight of the Company’s cybersecurity and cyber risk management activities. The CIO administers our cyber risk assessments, oversees ongoing risk management processes, and regularly reports to the Audit Committee. During fiscal 2025, the Audit Committee received regular briefings from the CIO on cybersecurity matters, including updates on current and emerging threats, progress on information security initiatives, assessments of the Company’s cybersecurity program, and the results of internal and third-party evaluations.</span> </div> Our Chief Information Officer (CIO) has over 30 years of experience in cybersecurity and has primary management oversight of the Company’s cybersecurity and cyber risk management activities. The CIO administers our cyber risk assessments, oversees ongoing risk management processes, and regularly reports to the Audit Committee. true Our Chief Information Officer (CIO) has over 30 years of experience in cybersecurity The CIO administers our cyber risk assessments, oversees ongoing risk management processes, and regularly reports to the Audit Committee. During fiscal 2025, the Audit Committee received regular briefings from the CIO on cybersecurity matters, including updates on current and emerging threats, progress on information security initiatives, assessments of the Company’s cybersecurity program, and the results of internal and third-party evaluations. The CIO administers our cyber risk assessments, oversees ongoing risk management processes, and regularly reports to the Audit Committee. During fiscal 2025, the Audit Committee received regular briefings from the CIO on cybersecurity matters, including updates on current and emerging threats, progress on information security initiatives, assessments of the Company’s cybersecurity program, and the results of internal and third-party evaluations. true During fiscal 2025, the Audit Committee received regular briefings from the CIO on cybersecurity matters, including updates on current and emerging threats, progress on information security initiatives, assessments of the Company’s cybersecurity program, and the results of internal and third-party evaluations. <div> <span style="font-size: 9.0pt; font-weight: bold;">Risk Management and Strategy</span> </div><div> <span style="font-size: 9.0pt; font-style: italic;">Risk Assessment</span> </div><div style="margin: 0in; font-size: 9pt;"><span>Global cybersecurity threats and targeted attacks are an evolving risk to data, infrastructure, and overall operations.  These risks are addressed through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, integrity and availability of the information that we collect and store by identifying, preventing and mitigating cyber security threats and effectively responding to cybersecurity incidents when they occur. </span></div><div> <span style="font-size: 9.0pt; font-style: italic;">Cybersecurity Assessments</span> </div><div style="margin: 0in; font-size: 9pt;"><span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">We engage third parties to perform assessments of our cybersecurity programs, including audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Audit Committee and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews. Targeted security assessments were conducted and penetration tests throughout the year by internal teams as well as through engagement with third party</span> service providers, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness.</span></div><div> <span style="font-size: 9.0pt; font-style: italic;">Effects and Impacts of Cybersecurity Risks</span> </div><div> <span style="font-size: 9.0pt;">As of the date of this report, we have not identified any risks from known cybersecurity threats, including any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. (See Item 1A. Risk Factors).</span></div> These risks are addressed through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, integrity and availability of the information that we collect and store by identifying, preventing and mitigating cyber security threats and effectively responding to cybersecurity incidents when they occur. true true The results of such assessments, audits and reviews are reported to the Audit Committee and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews. true <div> <span style="font-size: 9.0pt;">As of the date of this report, we have not identified any risks from known cybersecurity threats, including any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. (See Item 1A. Risk Factors).</span></div> false Ernst & Young LLP Indianapolis, Indiana 3204000000 2187000000 2275000000 2867000000 1950000000 1995000000 190000000 107000000 110000000 50000000 48000000 51000000 0 172000000 0 89000000 30000000 24000000 3000000 21000000 26000000 5000000 -141000000 69000000 -30000000 9000000 3000000 141000000 3000000 0 -166000000 -135000000 72000000 -7000000 19000000 34000000 -159000000 -154000000 38000000 -4.47 -4.47 -4.84 -4.84 1.19 1.19 -159000000 -154000000 38000000 -27000000 3000000 66000000 -27000000 3000000 66000000 -186000000 -151000000 104000000 305000000 230000000 522000000 359000000 474000000 259000000 122000000 38000000 1423000000 886000000 1476000000 949000000 890000000 850000000 62000000 49000000 138000000 73000000 3989000000 2807000000 356000000 295000000 90000000 47000000 155000000 115000000 601000000 457000000 1952000000 0 46000000 78000000 45000000 39000000 281000000 94000000 2925000000 668000000 35600000 35600000 1000000 0 0 2307000000 1417000000 0 -159000000 0 -195000000 -168000000 1064000000 2139000000 3989000000 2807000000 -159000000 -154000000 38000000 156000000 127000000 118000000 50000000 48000000 51000000 17000000 5000000 5000000 0 172000000 0 19000000 7000000 7000000 -27000000 -9000000 -9000000 -55000000 3000000 10000000 0 27000000 -63000000 -31000000 16000000 -49000000 22000000 -2000000 0 -17000000 40000000 -55000000 103000000 192000000 257000000 67000000 72000000 88000000 37000000 0 0 22000000 0 0 0 4000000 0 0 -29000000 0 -8000000 -39000000 -88000000 1556000000 0 0 484000000 2000000 4000000 34000000 -107000000 -206000000 1111000000 0 0 16000000 0 0 -21000000 -109000000 -210000000 1000000 1000000 13000000 75000000 45000000 -28000000 230000000 185000000 213000000 305000000 230000000 185000000 0 2724000000 0 -237000000 0 2487000000 0 38000000 0 0 0 38000000 0 0 0 66000000 0 66000000 0 -201000000 0 0 0 -201000000 0 2561000000 0 -171000000 0 2390000000 0 -154000000 0 0 0 -154000000 0 0 0 3000000 0 3000000 0 -100000000 0 0 0 -100000000 0 2307000000 0 -168000000 0 2139000000 0 0 0 0 -159000000 -159000000 0 0 0 -27000000 0 -27000000 0 -1111000000 0 0 0 -1111000000 0 129000000 0 0 0 129000000 -1000000 1325000000 -1324000000 0 0 0 0 0 74000000 0 0 74000000 0 0 19000000 0 0 19000000 1000000 0 1417000000 -195000000 -159000000 1064000000 <div style="line-height: 11.8pt;"> <span style="font-size: 9.0pt; font-weight: bold;">1. Basis of Presentation and Summary of Significant Accounting Policies</span></div> <div style="line-height: 13.1pt;"> <span style="font-size: 10.0pt;"> </span> </div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 9pt;">On November 4, 2024 , Treasure, which was a wholly owned subsidiary of Berry, completed the Transaction with Glatfelter, which concurrently changed its name to Magnera. As a result, pre-Transaction Treasure shareholders received shares of Magnera representing 90% of the combined company and GLT shareholders retained 10%.  As Treasure was identified as the accounting acquirer, the prior year presentation represents standalone Treasure results with the acquisition method of accounting being applied to the assets acquired and liabilities assumed of GLT. See Note 2. Acquisition.</span></div> <div style="margin: 0in; font-size: 12pt;"> </div> <div><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Consolidated and Combined Financial Statements contain combined financial statements for the fiscal periods prior to the Closing Date of the Transaction. The Combined Financial Statements were prepared on a stand-alone basis derived from the financial statements and accounting records of Berry and are presented as if Treasure had operated on a stand-alone basis. For the Combined Financial Statements reported for the fiscal years ended September 28, 2024 and September 30, 2023 and the related notes refer to Exhibit 99.4 of the Form 8-K/A filed with the Securities and Exchange Commission (the "SEC") on January 31, 2025.</span></div><div> </div><div style="font-size: 9pt;"> <span style="color: rgb(0, 0, 0);">The pre-Transaction Combined Financial Statements of Operations, Comprehensive Income (Loss), Balance Sheets, Cash Flows and Changes in Equity have been prepared on a carve-out basis, which include assumptions underlying the preparation that management believe are reasonable. However, the combined pre-Transaction financial information included herein may not necessarily reflect the Company’s results of operations, comprehensive income (loss), balance sheets, cash flows and changes in equity had the Company been an independent stand-alone company during the periods presented. </span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div style="font-size: 9pt;"> <span style="color: rgb(0, 0, 0);">For periods prior to the Closing Date, transactions between Berry and Treasure were reflected as a component of Berry's net investment in the Consolidated and Combined Balance Sheets and as a financing activity within the accompanying Consolidated and Combined Statements of Cash Flows. Berry's net investment on the Consolidated and Combined Balance Sheets and Consolidated and Combined Statement of Equity represents the cumulative net investment by Berry in Treasure.  Concurrent with the closing of the Transaction, Berry received a cash distribution and, in turn, transferred Berry’s health, hygiene and specialties global nonwovens and films business to Treasure.  As a result, Berry's net investment in Treasure was reduced to zero with a corresponding adjustment to Additional Paid-in Capital.</span></div> <div> </div><div style="font-size: 9pt;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The accompanying Consolidated and Combined Financial Statements of Magnera Corporation have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) pursuant to the rules and regulations of the SEC. 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. 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.</span></div><div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Revenue Recognition and Accounts Receivable</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt;">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.  Generally, our revenue is recognized for standard promised goods at the time of shipment, when title and risk of loss pass to the customer.  The Company disaggregates revenue based on geography. See Note 11. Segment and Geographic Data. </span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt; color: #000000;">The Company records current expected credit losses based on a variety of factors including historical loss experience and current customer financial condition.  The reserve as of each period end and changes to our current expected credit losses, write-off activity, and recoveries were not material for any of the periods presented.</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> The Company participates in customer supply chain financing programs to collect certain receivables through third-party financial institutions. These arrangements qualify as true sales, as the receivables are transferred without recourse. As a result, the balances are removed from trade receivables on the balance sheet, and the cash proceeds are reported as operating cash flows.</div><div> </div> <div><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the fiscal year ended September 27, 2025, our top customer represented app<span>roximately </span></span><span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">14%</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> of net sales and our top ten customers represented approximately </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">42%</span></span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span> of ne</span>t sales.</span></div><div style="font-size: 9pt;"> </div><div> <span style="font-size: 9.0pt; font-weight: bold;">Research and Development</span> </div> <div> <span style="font-size: 9.0pt; font-weight: bold;"> </span> </div> <div> <span style="font-size: 9.0pt;">Research and development costs are expensed when incurred.  The Company incurred research and development expenditures of $</span><span style="font-size: 9pt;">20</span><span style="font-size: 9.0pt;"> million, $</span><span style="font-size: 9pt;">13</span><span style="font-size: 9.0pt;"> million, and $</span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> million in fiscal years 2025, 2024, and 2023, respectively, which are included in Selling, general and administrative in the Consolidated and Combined Statements of Operations. </span> </div><div> <span style="font-size: 9.0pt; font-weight: bold;">Share-Based Compensation</span></div> <div style="font-size: 9pt;">  </div> <div style="margin: 0in; font-size: 10pt;"><span style="font-size: 9pt"><span style="mso-fareast-font-family: &quot;Times New Roman&quot;">The Company recognized total share-based compensation expense of $19</span><span style="mso-fareast-font-family:&quot;Times New Roman&quot;"> million, $7 million, and $7 million, for fiscal years 2025, 2024, and 2023, respectively.<span style="mso-spacerun:yes">  </span>The share-based compensation plan is more fully described in Note 10</span><span style="mso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-language:EN-US">.</span><span style="mso-fareast-font-family:&quot;Times New Roman&quot;"> Equity</span><span style="mso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-language:EN-US">.</span></span><span style="mso-fareast-font-family: &quot;Times New Roman&quot;;mso-bidi-language:EN-US"> </span></div><div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Foreign Currency</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> For the non-U.S. subsidiaries that account in a functional currency other than U.S. dollars, assets and liabilities are translated into U.S. dollars using period-end exchange rates.  Sales and expenses are translated at the average exchange rates in effect during the period.  Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive loss within Equity in the Consolidated and Combined Balance Sheets. Gains and losses resulting from foreign currency transactions are included in Other expense <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(income)</span> in the Consolidated and Combined Statements of Operations. </div><div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Cash and Cash Equivalents</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt;">All highly liquid investments purchased with a maturity of three months or less from the time of purchase are considered to be cash equivalents.</span> </div> <div>  </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Inventories</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt;">Inventories are stated at the lower of cost or net realizable value and are valued using the first-in, first-out method. Management periodically reviews inventory balances, using recent and future expected sales to identify slow-moving and/or obsolete items. We evaluate our reserve for inventory obsolescence on a quarterly basis and review inventory on-hand to determine future salability. We base our determinations on the age of the inventory and the experience of our personnel. We reserve inventory that we deem to be not salable in the quarter in which we make the determination. We believe, based on past history and our policies and procedures, that our net inventory is salable. Inventory, including reserves of $</span><span style="font-size: 9pt;">25</span><span style="font-size: 9.0pt;"> million and $</span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> million as of fiscal years 2025 and 2024, respectively was: </span></div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>Inventories:</td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C3"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E3"></td></tr><tr><td style="padding-left: 10px;">Finished goods</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">303</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C4"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E4">$</td><td style="width: 9%; text-align: right;">156</td><td style="width: 1%; text-align: left;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E4"> </td></tr><tr><td style="padding-left: 10px;">Raw materials</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C5"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">171</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">103</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E5"> </td></tr><tr><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C6">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">474</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E6">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">259</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E6"> </td></tr></table><div> </div><div> <span style="font-size: 9.0pt; font-weight: bold;">Property, Plant and Equipment</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt;">Property, plant and equipment are stated at cost.  Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from 15 to 40 years for buildings and improvements, 2 to 20 years for machinery, equipment, and tooling, and over the term of the agreement for finance leases. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term.  Repairs and maintenance costs are charged to expense as incurred.  Property, plant and equipment as of fiscal 2025 and 2024 was: </span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>Property, plant and equipment:</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - B3"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - B3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - D3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - D3"></td></tr><tr><td>Land, buildings and improvements</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-PP&amp;E - B4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">653</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - B4"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D4">$</td><td style="width: 9%; text-align: right;">376</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D4"> </td></tr><tr><td>Equipment and construction in progress</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B5"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,986</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,543</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D5"> </td></tr><tr><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2,639</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D6"> </td><td style="width: 9%; text-align: right;">1,919</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D6"> </td></tr><tr><td>Less accumulated depreciation</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(1,163</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B7">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(970</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D7">) </td></tr><tr><td> </td><td style="width: 1%; text-align: left; border-top: none; border-left: none; border-right: none; border-bottom: 3px double black; font-weight: bold;" title="1-Policies-PP&amp;E - B8">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">1,476</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-PP&amp;E - B8"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-PP&amp;E - D8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">949</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-left: none; border-right: none; border-top: none;" title="1-Policies-PP&amp;E - D8"> </td></tr></table><div> </div><div><b style="mso-bidi-font-weight:normal"><span style="font-size: 10pt;">Long-lived Assets</span></b></div><div> </div><div> <span style="font-size: 9.0pt;">Long-lived assets, including property, plant and equipment and definite lived intangible assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment,” whenever facts and circumstances indicate that the carrying amount may not be recoverable.  Specifically, this process involves comparing an asset’s carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life.  If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. No material impairments were recorded in the periods presented. </span> </div><div> <span style="font-size: 9.0pt; font-weight: bold;">Goodwill<br/></span></div> <div> </div> <div> <span style="font-size: 9.0pt;">The changes in the carrying amount of goodwill are as follows: </span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 64%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td> </td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C7"></td><td style="border-top: none; border-left: none; border-right: none; text-align: center; width: 9%; font-weight: bold; vertical-align: bottom;">Americas</td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C7"></td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E7"></td><td style="border-left: none; border-right: none; text-align: center; width: 9%; font-weight: bold; vertical-align: bottom;">Rest of World</td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E7"></td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G7"></td><td style="border-left: none; border-right: none; text-align: center; width: 9%; font-weight: bold; vertical-align: bottom;">Total</td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G7"></td></tr><tr><td>Balance as of fiscal 2023</td><td> </td><td style="width: 1%; text-align: left; border-top: 1px solid black; border-left: none; border-right: none; font-weight: bold;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">589</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C8"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">205</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E8"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">794</td><td style="width: 1%; text-align: left; border-bottom: none; border-left: none; border-right: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G8"> </td></tr><tr><td>Goodwill impairment</td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C9"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C9"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E9"> </td><td style="width: 9%; text-align: right;">(171</td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E9">) </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G9"> </td><td style="width: 9%; text-align: right;">(171</td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G9">) </td></tr><tr><td>Foreign currency translation adjustment</td><td> </td><td style="width: 1%; text-align: left; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C10"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">(4</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C10">) </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E10"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">5</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E10"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G10"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G10"> </td></tr><tr><td>Balance as of fiscal 2024</td><td> </td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial; font-weight: bold;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C11">$</td><td style="width: 9%; text-align: right; border-width: initial; border-style: none; border-color: initial;">585</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E11">$</td><td style="width: 9%; text-align: right; border-width: initial; border-style: none; border-color: initial;">39</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G11">$</td><td style="width: 9%; text-align: right; border-width: initial; border-style: none; border-color: initial;">624</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G11"> </td></tr><tr><td>Foreign currency translation adjustment</td><td> </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C13"></td><td style="width: 9%; text-align: right; font-weight: bold;"> 1 </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C13"></td><td> </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E13"></td><td style="width: 9%; text-align: right; font-weight: bold;"> 2 </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E13"></td><td> </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G13"></td><td style="width: 9%; text-align: right; font-weight: bold;"> 3 </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G13"></td></tr><tr><td>Acquisitions</td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C14"></td><td style="border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black; width: 9%; text-align: right; font-weight: bold;"> 36 </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C14"></td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E14"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 9%; text-align: right; font-weight: bold;"> — </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E14"></td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G14"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 9%; text-align: right; font-weight: bold;"> 36 </td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G14"></td></tr><tr><td>Balance as of fiscal 2025</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 3px double black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">622</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C15"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">41</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E15"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">663</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-left: none; border-right: none; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G15"> </td></tr></table><div> </div> <div>In fiscal 2025, in accordance with our accounting policy, the Company completed a quantitative test to evaluate impairment of goodwill in order to determine if the carrying value of any reporting unit exceeded its fair value.  The Company reviews Goodwill for impairment as of the first day of the fourth fiscal quarter each year and more frequently if impairment indicators exist. The fair value for each reporting unit is estimated based on a combination of a comparative company market approach and a discounted cash flow analysis (income approach). Our forecasts included a terminal growth rate of 2.5%, modest margin expansion attributed to capital investments and normalization of energy inflation, and discount rates ranging from 11% to 13% being applied to the forecasted cash flows. Using the quantitative approach, the Company makes various estimates and assumptions in determining the estimated fair value of each reporting unit using a combination of discounted cash flow models and valuations based on earnings multiples for the Company’s public peer group. Discounted cash flow models are reliant on various assumptions, including projected business results, growth factors such as revenue and EBITDA margin, and weighted-average cost of capital. Management judgment is involved in estimating these variables, and they include uncertainties since they are forecasting future events. Changes in those assumptions or estimates with respect to a reporting unit or its prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside of our control, or significant underperformance relative to future operating results could result in an impairment charge in the future or may require a more frequent assessment.  As a result of our annual impairment evaluations the Company concluded that no impairment existed in fiscal 2025. </div><div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Intangible Assets</span></div> <div> <span style="font-size: 9.0pt;"> </span> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 52%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr></table><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="text-align: center;"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - C12"> </td><td style="text-align: center; font-weight: bold;">Customer</td><td style="text-align: center;" title="1-Policies-Intangible Assets - C12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - E12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - E12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - G12"> </td><td style="text-align: center; font-weight: bold;">Other</td><td style="text-align: center;" title="1-Policies-Intangible Assets - G12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - I12"> </td><td style="text-align: center; font-weight: bold;">Accumulated</td><td style="text-align: center;" title="1-Policies-Intangible Assets - I12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - K12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - K12"> </td></tr><tr><td style="text-align: center;"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Relationships</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Trademarks</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Intangibles</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Amortization</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Total</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K13"> </td></tr><tr><td>Balance as of fiscal 2023</td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C14">$</td><td style="width: 9%; text-align: right;">610</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C14"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E14">$</td><td style="width: 9%; text-align: right;">30</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E14"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G14">$</td><td style="width: 9%; text-align: right;">84</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G14"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I14">$</td><td style="width: 9%; text-align: right;">(449</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I14">) </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K14">$</td><td style="width: 9%; text-align: right;">275</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K14"> </td></tr><tr><td>Amortization expense</td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C15"> </td><td style="width: 9%; text-align: right;"> — </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C15"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E15"> </td><td style="width: 9%; text-align: right;"> — </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E15"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G15"> </td><td style="width: 9%; text-align: right;"> — </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G15"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I15"> </td><td style="width: 9%; text-align: right;">(48</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I15">) </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K15"> </td><td style="width: 9%; text-align: right;">(48</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K15">) </td></tr><tr><td>Impairment</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G16">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K16">) </td></tr><tr><td>Balance as of fiscal 2024</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">610</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">30</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">83</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(497</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I17">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">226</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K17"> </td></tr><tr><td>Foreign currency translation adjustment</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C18"> </td><td style="width: 9%; text-align: right; font-weight: bold;">3</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C18"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E18"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E18"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G18"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G18"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I18"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(3</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I18">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K18"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K18"> </td></tr><tr><td>Amortization expense</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C19"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C19"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E19"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E19"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G19"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G19"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I19"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(50</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I19">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K19"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(50</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K19">) </td></tr><tr><td>Acquisition</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">49</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C20"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E20"> </td><td> </td><td title="1-Policies-Intangible Assets - G20"> </td><td style="font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: right;"> — </td><td title="1-Policies-Intangible Assets - G20"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I20"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">51</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K20"> </td></tr><tr><td>Balance as of fiscal 2025</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">662</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C21"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">32</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E21"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">83</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G21"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(550</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I21">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">227</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K21"> </td></tr></table><div style="text-indent: -18pt; padding-left: 18pt;">  </div> <div> <span style="font-size: 9.0pt;">Customer relationships are being amortized using an accelerated amortization method, which corresponds with the customer attrition rates used in the initial valuation of the intangibles over the estimated life of the relationships that range from </span><span style="font-size: 9pt;">10</span><span style="font-size: 9.0pt;"> to </span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> years. The Company has trademarks that total $</span><span style="font-size: 9pt;">26</span><span style="font-size: 9.0pt;"> million that are indefinite lived and we test annually for impairment on the first day of the fourth quarter. Definite lived trademarks are being amortized using the straight-line method over the estimated life of the assets, which are not more than </span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> years.  Other intangibles, which include technology and licenses, are being amortized using the straight-line method over the estimated life of the assets that range from </span><span style="font-size: 9pt;">8</span><span style="font-size: 9.0pt;"> to </span><span style="font-size: 9pt;">20</span><span style="font-size: 9.0pt;"> years. We completed the annual impairment test of our indefinite lived trademarks utilizing the qualitative method in fiscal years 2025, 2024 and 2023 and noted no material impairment.</span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt;">Future amortization expense for definite lived intangibles as of fiscal 2025 for the next five fiscal years is $</span><span style="font-size: 9pt;">45</span><span style="font-size: 9.0pt;"> million, $</span><span style="font-size: 9pt;"><span>43</span></span><span style="font-size: 9.0pt;"> million, $</span><span style="font-size: 9.0pt;">33 million, $</span><span style="font-size: 9pt;">27</span><span style="font-size: 9.0pt;"> million, and $</span><span style="font-size: 9pt;">26</span><span style="font-size: 9.0pt;"> million each year for fiscal years ending 2026, 2027, 2028, 2029, and 2030, respectively. </span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Leases</span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt;">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 Consolidated and Combined 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. See Note 5. Commitments, Leases and Contingencies. </span> </div><div> <span style="font-size: 9.0pt; color: #000000;">At September 27, 2025, annual lease commitments were as follows:</span></div> <div> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="height: 0px; font-size: 0px;"><td></td><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C2"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; font-weight: bold; width: 9%;">Operating Leases</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C2"></td></tr><tr><td>2026</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">18</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C3"> </td></tr><tr><td style="text-align: left;">2027</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">14</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C4"> </td></tr><tr><td style="text-align: left;">2028</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">12</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C5"> </td></tr><tr><td style="text-align: left;">2029</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">9</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C6"> </td></tr><tr><td style="text-align: left;">2030</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">6</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C7"> </td></tr><tr><td>Thereafter</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">12</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C8"> </td></tr><tr><td style="font-weight: bold; border-width: initial; border-style: none; border-color: initial;">Total lease payments</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C9"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none;">71</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C9"> </td></tr><tr><td>Less: Interest</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C10"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(8</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C10">) </td></tr><tr><td style="font-weight: bold; border-width: initial; border-style: none; border-color: initial;">Present value of lease liabilities</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C11">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">63</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C11"> </td></tr></table><div> </div><div> <span style="font-size: 9.0pt; font-weight: bold;">Income Taxes</span></div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt;">The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s Consolidated and Combined Financial Statements or income tax returns.  Income taxes are recognized during the period in which the underlying transactions are recorded.  Deferred taxes, with the exception of non-deductible goodwill, are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and such amounts as measured by tax laws.  If the Company determines that a deferred tax asset arising from temporary differences is not likely to be utilized, the Company will establish a valuation allowance against that asset to record it at its expected realizable value.  The Company recognizes uncertain tax positions when it is more likely than not that the tax position will be sustained upon examination by relevant taxing authorities, based on the technical merits of the position.  The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.  The Company’s effective tax rate is dependent on many factors including:  the impact of enacted tax laws in jurisdictions in which the Company operates; the amount of earnings by jurisdiction, due to varying tax rates in each country; and the Company’s ability to utilize foreign tax credits related to foreign taxes paid on foreign earnings that will be remitted to the U.S. </span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Comprehensive Income (Loss)</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt;">Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss).  Other comprehensive income (loss) includes net unrealized gains or losses resulting from currency translations of foreign subsidiaries. </span> </div> <div style="font-size: 9pt;"> </div><div> <span style="font-size: 9.0pt; font-weight: bold;">Use of Estimates</span> </div> <div style="font-size: 9pt;">  </div> <div style="font-size: 9pt;"> The preparation of the financial statements in conformity with U.S. GAAP to make extensive use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of sales and expenses.  Actual results could differ materially from these estimates. Changes in estimates are recorded in results of operations in the period that the event or circumstances giving rise to such changes occurred. </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000; font-weight: bold;">Recently Issued Accounting Pronouncements</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">In 2023, the Financial Accounting Standards Board ("FASB") issued guidance with the goal of providing more information about reportable segments, including disaggregated expense information. The Company adopted the guidance in fiscal 2025 which did not result in a material change to our Consolidated and Combined Financial Statements.</span></div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt;">In 2023, the FASB issued guidance with the goal of providing more information in the income tax reconciliation table and regarding income taxes paid. This Accounting Standard Update ("ASU") is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. The Company is currently evaluating the impact of adopting this guidance. </span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt;">In 2024, the FASB issued guidance with the goal of providing more expense information for certain categories of expenses that are included in line items on the face of the statements of operations. This ASU is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, and may be adopted on a prospective or retrospective basis and allows for early adoption. The Company is currently evaluating the impact of adopting this guidance.</span> </div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 9pt;">On November 4, 2024 , Treasure, which was a wholly owned subsidiary of Berry, completed the Transaction with Glatfelter, which concurrently changed its name to Magnera. As a result, pre-Transaction Treasure shareholders received shares of Magnera representing 90% of the combined company and GLT shareholders retained 10%.  As Treasure was identified as the accounting acquirer, the prior year presentation represents standalone Treasure results with the acquisition method of accounting being applied to the assets acquired and liabilities assumed of GLT. See Note 2. Acquisition.</span></div> 0.90 0.10 <div><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Consolidated and Combined Financial Statements contain combined financial statements for the fiscal periods prior to the Closing Date of the Transaction. The Combined Financial Statements were prepared on a stand-alone basis derived from the financial statements and accounting records of Berry and are presented as if Treasure had operated on a stand-alone basis. For the Combined Financial Statements reported for the fiscal years ended September 28, 2024 and September 30, 2023 and the related notes refer to Exhibit 99.4 of the Form 8-K/A filed with the Securities and Exchange Commission (the "SEC") on January 31, 2025.</span></div><div style="font-size: 9pt;"> <span style="color: rgb(0, 0, 0);">The pre-Transaction Combined Financial Statements of Operations, Comprehensive Income (Loss), Balance Sheets, Cash Flows and Changes in Equity have been prepared on a carve-out basis, which include assumptions underlying the preparation that management believe are reasonable. However, the combined pre-Transaction financial information included herein may not necessarily reflect the Company’s results of operations, comprehensive income (loss), balance sheets, cash flows and changes in equity had the Company been an independent stand-alone company during the periods presented. </span> </div><div style="font-size: 9pt;"> <span style="color: rgb(0, 0, 0);">For periods prior to the Closing Date, transactions between Berry and Treasure were reflected as a component of Berry's net investment in the Consolidated and Combined Balance Sheets and as a financing activity within the accompanying Consolidated and Combined Statements of Cash Flows. Berry's net investment on the Consolidated and Combined Balance Sheets and Consolidated and Combined Statement of Equity represents the cumulative net investment by Berry in Treasure.  Concurrent with the closing of the Transaction, Berry received a cash distribution and, in turn, transferred Berry’s health, hygiene and specialties global nonwovens and films business to Treasure.  As a result, Berry's net investment in Treasure was reduced to zero with a corresponding adjustment to Additional Paid-in Capital.</span></div> 0 <div style="font-size: 9pt;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The accompanying Consolidated and Combined Financial Statements of Magnera Corporation have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) pursuant to the rules and regulations of the SEC. 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. 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.</span></div> <div> <span style="font-size: 9.0pt;">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.  Generally, our revenue is recognized for standard promised goods at the time of shipment, when title and risk of loss pass to the customer.  The Company disaggregates revenue based on geography. See Note 11. Segment and Geographic Data. </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">The Company records current expected credit losses based on a variety of factors including historical loss experience and current customer financial condition.  The reserve as of each period end and changes to our current expected credit losses, write-off activity, and recoveries were not material for any of the periods presented.</span> </div> <div> The Company participates in customer supply chain financing programs to collect certain receivables through third-party financial institutions. These arrangements qualify as true sales, as the receivables are transferred without recourse. As a result, the balances are removed from trade receivables on the balance sheet, and the cash proceeds are reported as operating cash flows.</div> 0.14 0.42 <div> <span style="font-size: 9.0pt; font-weight: bold;">Research and Development</span> </div><div> <span style="font-size: 9.0pt;">Research and development costs are expensed when incurred.  The Company incurred research and development expenditures of $</span><span style="font-size: 9pt;">20</span><span style="font-size: 9.0pt;"> million, $</span><span style="font-size: 9pt;">13</span><span style="font-size: 9.0pt;"> million, and $</span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> million in fiscal years 2025, 2024, and 2023, respectively, which are included in Selling, general and administrative in the Consolidated and Combined Statements of Operations. </span> </div> 20000000 13000000 15000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">Share-Based Compensation</span></div><span style="mso-fareast-font-family: &quot;Times New Roman&quot;">The Company recognized total share-based compensation expense of $19</span><span style="mso-fareast-font-family:&quot;Times New Roman&quot;"> million, $7 million, and $7 million, for fiscal years 2025, 2024, and 2023, respectively.<span style="mso-spacerun:yes">  </span>The share-based compensation plan is more fully described in Note 10</span><span style="mso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-language:EN-US">.</span> 19000000 7000000 7000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">Foreign Currency</span> </div><div> For the non-U.S. subsidiaries that account in a functional currency other than U.S. dollars, assets and liabilities are translated into U.S. dollars using period-end exchange rates.  Sales and expenses are translated at the average exchange rates in effect during the period.  Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive loss within Equity in the Consolidated and Combined Balance Sheets. Gains and losses resulting from foreign currency transactions are included in Other expense <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(income)</span> in the Consolidated and Combined Statements of Operations. </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Cash and Cash Equivalents</span> </div><div> <span style="font-size: 9.0pt;">All highly liquid investments purchased with a maturity of three months or less from the time of purchase are considered to be cash equivalents.</span> </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Inventories</span> </div><div> <span style="font-size: 9.0pt;">Inventories are stated at the lower of cost or net realizable value and are valued using the first-in, first-out method. Management periodically reviews inventory balances, using recent and future expected sales to identify slow-moving and/or obsolete items. We evaluate our reserve for inventory obsolescence on a quarterly basis and review inventory on-hand to determine future salability. We base our determinations on the age of the inventory and the experience of our personnel. We reserve inventory that we deem to be not salable in the quarter in which we make the determination. We believe, based on past history and our policies and procedures, that our net inventory is salable. Inventory, including reserves of $</span><span style="font-size: 9pt;">25</span><span style="font-size: 9.0pt;"> million and $</span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> million as of fiscal years 2025 and 2024, respectively was: </span></div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>Inventories:</td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C3"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E3"></td></tr><tr><td style="padding-left: 10px;">Finished goods</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">303</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C4"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E4">$</td><td style="width: 9%; text-align: right;">156</td><td style="width: 1%; text-align: left;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E4"> </td></tr><tr><td style="padding-left: 10px;">Raw materials</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C5"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">171</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">103</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E5"> </td></tr><tr><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C6">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">474</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E6">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">259</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E6"> </td></tr></table> <div> <span style="font-size: 9.0pt;">Inventories are stated at the lower of cost or net realizable value and are valued using the first-in, first-out method. Management periodically reviews inventory balances, using recent and future expected sales to identify slow-moving and/or obsolete items. We evaluate our reserve for inventory obsolescence on a quarterly basis and review inventory on-hand to determine future salability. We base our determinations on the age of the inventory and the experience of our personnel. We reserve inventory that we deem to be not salable in the quarter in which we make the determination. We believe, based on past history and our policies and procedures, that our net inventory is salable. Inventory, including reserves of $</span><span style="font-size: 9pt;">25</span><span style="font-size: 9.0pt;"> million and $</span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> million as of fiscal years 2025 and 2024, respectively was: </span></div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>Inventories:</td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C3"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E3"></td></tr><tr><td style="padding-left: 10px;">Finished goods</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">303</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C4"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E4">$</td><td style="width: 9%; text-align: right;">156</td><td style="width: 1%; text-align: left;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E4"> </td></tr><tr><td style="padding-left: 10px;">Raw materials</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C5"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">171</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">103</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E5"> </td></tr><tr><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C6">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">474</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - C6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E6">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">259</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Inventories - Magnera FY25 10-K Tie Out Support - E6"> </td></tr></table> 25000000 15000000 303000000 156000000 171000000 103000000 474000000 259000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">Property, Plant and Equipment</span> </div><div> <span style="font-size: 9.0pt;">Property, plant and equipment are stated at cost.  Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from 15 to 40 years for buildings and improvements, 2 to 20 years for machinery, equipment, and tooling, and over the term of the agreement for finance leases. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term.  Repairs and maintenance costs are charged to expense as incurred.  Property, plant and equipment as of fiscal 2025 and 2024 was: </span> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>Property, plant and equipment:</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - B3"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - B3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - D3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - D3"></td></tr><tr><td>Land, buildings and improvements</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-PP&amp;E - B4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">653</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - B4"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D4">$</td><td style="width: 9%; text-align: right;">376</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D4"> </td></tr><tr><td>Equipment and construction in progress</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B5"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,986</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,543</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D5"> </td></tr><tr><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2,639</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D6"> </td><td style="width: 9%; text-align: right;">1,919</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D6"> </td></tr><tr><td>Less accumulated depreciation</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(1,163</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B7">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(970</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D7">) </td></tr><tr><td> </td><td style="width: 1%; text-align: left; border-top: none; border-left: none; border-right: none; border-bottom: 3px double black; font-weight: bold;" title="1-Policies-PP&amp;E - B8">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">1,476</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-PP&amp;E - B8"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-PP&amp;E - D8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">949</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-left: none; border-right: none; border-top: none;" title="1-Policies-PP&amp;E - D8"> </td></tr></table> <div> <span style="font-size: 9.0pt;">Property, plant and equipment are stated at cost.  Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets ranging from 15 to 40 years for buildings and improvements, 2 to 20 years for machinery, equipment, and tooling, and over the term of the agreement for finance leases. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term.  Repairs and maintenance costs are charged to expense as incurred.  Property, plant and equipment as of fiscal 2025 and 2024 was: </span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>Property, plant and equipment:</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - B3"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - B3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - D3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-PP&amp;E - D3"></td></tr><tr><td>Land, buildings and improvements</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-PP&amp;E - B4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">653</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - B4"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D4">$</td><td style="width: 9%; text-align: right;">376</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D4"> </td></tr><tr><td>Equipment and construction in progress</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B5"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,986</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,543</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D5"> </td></tr><tr><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2,639</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D6"> </td><td style="width: 9%; text-align: right;">1,919</td><td style="width: 1%; text-align: left;" title="1-Policies-PP&amp;E - D6"> </td></tr><tr><td>Less accumulated depreciation</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(1,163</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - B7">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(970</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-PP&amp;E - D7">) </td></tr><tr><td> </td><td style="width: 1%; text-align: left; border-top: none; border-left: none; border-right: none; border-bottom: 3px double black; font-weight: bold;" title="1-Policies-PP&amp;E - B8">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">1,476</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-PP&amp;E - B8"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-PP&amp;E - D8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">949</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-left: none; border-right: none; border-top: none;" title="1-Policies-PP&amp;E - D8"> </td></tr></table> P15Y P40Y P2Y P20Y 653000000 376000000 1986000000 1543000000 2639000000 1919000000 1163000000 970000000 1476000000 949000000 <div><b style="mso-bidi-font-weight:normal"><span style="font-size: 10pt;">Long-lived Assets</span></b></div> Long-lived assets, including property, plant and equipment and definite lived intangible assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment,” whenever facts and circumstances indicate that the carrying amount may not be recoverable.  Specifically, this process involves comparing an asset’s carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life.  If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. <div> <span style="font-size: 9.0pt; font-weight: bold;">Goodwill<br/></span></div><div> <span style="font-size: 9.0pt;">The changes in the carrying amount of goodwill are as follows: </span> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 64%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td> </td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C7"></td><td style="border-top: none; border-left: none; border-right: none; text-align: center; width: 9%; font-weight: bold; vertical-align: bottom;">Americas</td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C7"></td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E7"></td><td style="border-left: none; border-right: none; text-align: center; width: 9%; font-weight: bold; vertical-align: bottom;">Rest of World</td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E7"></td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G7"></td><td style="border-left: none; border-right: none; text-align: center; width: 9%; font-weight: bold; vertical-align: bottom;">Total</td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G7"></td></tr><tr><td>Balance as of fiscal 2023</td><td> </td><td style="width: 1%; text-align: left; border-top: 1px solid black; border-left: none; border-right: none; font-weight: bold;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">589</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C8"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">205</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E8"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">794</td><td style="width: 1%; text-align: left; border-bottom: none; border-left: none; border-right: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G8"> </td></tr><tr><td>Goodwill impairment</td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C9"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C9"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E9"> </td><td style="width: 9%; text-align: right;">(171</td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E9">) </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G9"> </td><td style="width: 9%; text-align: right;">(171</td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G9">) </td></tr><tr><td>Foreign currency translation adjustment</td><td> </td><td style="width: 1%; text-align: left; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C10"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">(4</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C10">) </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E10"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">5</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E10"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G10"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G10"> </td></tr><tr><td>Balance as of fiscal 2024</td><td> </td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial; font-weight: bold;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C11">$</td><td style="width: 9%; text-align: right; border-width: initial; border-style: none; border-color: initial;">585</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E11">$</td><td style="width: 9%; text-align: right; border-width: initial; border-style: none; border-color: initial;">39</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G11">$</td><td style="width: 9%; text-align: right; border-width: initial; border-style: none; border-color: initial;">624</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G11"> </td></tr><tr><td>Foreign currency translation adjustment</td><td> </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C13"></td><td style="width: 9%; text-align: right; font-weight: bold;"> 1 </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C13"></td><td> </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E13"></td><td style="width: 9%; text-align: right; font-weight: bold;"> 2 </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E13"></td><td> </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G13"></td><td style="width: 9%; text-align: right; font-weight: bold;"> 3 </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G13"></td></tr><tr><td>Acquisitions</td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C14"></td><td style="border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black; width: 9%; text-align: right; font-weight: bold;"> 36 </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C14"></td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E14"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 9%; text-align: right; font-weight: bold;"> — </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E14"></td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G14"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 9%; text-align: right; font-weight: bold;"> 36 </td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G14"></td></tr><tr><td>Balance as of fiscal 2025</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 3px double black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">622</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C15"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">41</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E15"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">663</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-left: none; border-right: none; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G15"> </td></tr></table><div>In fiscal 2025, in accordance with our accounting policy, the Company completed a quantitative test to evaluate impairment of goodwill in order to determine if the carrying value of any reporting unit exceeded its fair value.  The Company reviews Goodwill for impairment as of the first day of the fourth fiscal quarter each year and more frequently if impairment indicators exist. The fair value for each reporting unit is estimated based on a combination of a comparative company market approach and a discounted cash flow analysis (income approach). Our forecasts included a terminal growth rate of 2.5%, modest margin expansion attributed to capital investments and normalization of energy inflation, and discount rates ranging from 11% to 13% being applied to the forecasted cash flows. Using the quantitative approach, the Company makes various estimates and assumptions in determining the estimated fair value of each reporting unit using a combination of discounted cash flow models and valuations based on earnings multiples for the Company’s public peer group. Discounted cash flow models are reliant on various assumptions, including projected business results, growth factors such as revenue and EBITDA margin, and weighted-average cost of capital. Management judgment is involved in estimating these variables, and they include uncertainties since they are forecasting future events. Changes in those assumptions or estimates with respect to a reporting unit or its prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside of our control, or significant underperformance relative to future operating results could result in an impairment charge in the future or may require a more frequent assessment.  As a result of our annual impairment evaluations the Company concluded that no impairment existed in fiscal 2025. </div> <div> <span style="font-size: 9.0pt;">The changes in the carrying amount of goodwill are as follows: </span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 64%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td> </td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C7"></td><td style="border-top: none; border-left: none; border-right: none; text-align: center; width: 9%; font-weight: bold; vertical-align: bottom;">Americas</td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C7"></td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E7"></td><td style="border-left: none; border-right: none; text-align: center; width: 9%; font-weight: bold; vertical-align: bottom;">Rest of World</td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E7"></td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G7"></td><td style="border-left: none; border-right: none; text-align: center; width: 9%; font-weight: bold; vertical-align: bottom;">Total</td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G7"></td></tr><tr><td>Balance as of fiscal 2023</td><td> </td><td style="width: 1%; text-align: left; border-top: 1px solid black; border-left: none; border-right: none; font-weight: bold;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">589</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C8"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">205</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E8"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G8">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">794</td><td style="width: 1%; text-align: left; border-bottom: none; border-left: none; border-right: none; border-top: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G8"> </td></tr><tr><td>Goodwill impairment</td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C9"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C9"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E9"> </td><td style="width: 9%; text-align: right;">(171</td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E9">) </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G9"> </td><td style="width: 9%; text-align: right;">(171</td><td style="width: 1%; text-align: left;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G9">) </td></tr><tr><td>Foreign currency translation adjustment</td><td> </td><td style="width: 1%; text-align: left; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C10"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">(4</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C10">) </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E10"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">5</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E10"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G10"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G10"> </td></tr><tr><td>Balance as of fiscal 2024</td><td> </td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial; font-weight: bold;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C11">$</td><td style="width: 9%; text-align: right; border-width: initial; border-style: none; border-color: initial;">585</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E11">$</td><td style="width: 9%; text-align: right; border-width: initial; border-style: none; border-color: initial;">39</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G11">$</td><td style="width: 9%; text-align: right; border-width: initial; border-style: none; border-color: initial;">624</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G11"> </td></tr><tr><td>Foreign currency translation adjustment</td><td> </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C13"></td><td style="width: 9%; text-align: right; font-weight: bold;"> 1 </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C13"></td><td> </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E13"></td><td style="width: 9%; text-align: right; font-weight: bold;"> 2 </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E13"></td><td> </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G13"></td><td style="width: 9%; text-align: right; font-weight: bold;"> 3 </td><td style="width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G13"></td></tr><tr><td>Acquisitions</td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C14"></td><td style="border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black; width: 9%; text-align: right; font-weight: bold;"> 36 </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C14"></td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E14"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 9%; text-align: right; font-weight: bold;"> — </td><td style="border-left: none; border-right: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E14"></td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G14"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 9%; text-align: right; font-weight: bold;"> 36 </td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none; width: 1%;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G14"></td></tr><tr><td>Balance as of fiscal 2025</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 3px double black;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">622</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - C15"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">41</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - E15"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double black; border-top: none;">663</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-left: none; border-right: none; border-top: none;" title="1-Policies-Goodwill - Magnera FY25 10-K Tie Out Support - G15"> </td></tr></table> 589000000 205000000 794000000 0 171000000 171000000 -4000000 5000000 1000000 585000000 39000000 624000000 1000000 2000000 3000000 36000000 0 36000000 622000000 41000000 663000000 0.025 0.11 0.13 0 <div> <span style="font-size: 9.0pt; font-weight: bold;">Intangible Assets</span></div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="text-align: center;"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - C12"> </td><td style="text-align: center; font-weight: bold;">Customer</td><td style="text-align: center;" title="1-Policies-Intangible Assets - C12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - E12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - E12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - G12"> </td><td style="text-align: center; font-weight: bold;">Other</td><td style="text-align: center;" title="1-Policies-Intangible Assets - G12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - I12"> </td><td style="text-align: center; font-weight: bold;">Accumulated</td><td style="text-align: center;" title="1-Policies-Intangible Assets - I12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - K12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - K12"> </td></tr><tr><td style="text-align: center;"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Relationships</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Trademarks</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Intangibles</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Amortization</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Total</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K13"> </td></tr><tr><td>Balance as of fiscal 2023</td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C14">$</td><td style="width: 9%; text-align: right;">610</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C14"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E14">$</td><td style="width: 9%; text-align: right;">30</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E14"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G14">$</td><td style="width: 9%; text-align: right;">84</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G14"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I14">$</td><td style="width: 9%; text-align: right;">(449</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I14">) </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K14">$</td><td style="width: 9%; text-align: right;">275</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K14"> </td></tr><tr><td>Amortization expense</td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C15"> </td><td style="width: 9%; text-align: right;"> — </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C15"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E15"> </td><td style="width: 9%; text-align: right;"> — </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E15"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G15"> </td><td style="width: 9%; text-align: right;"> — </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G15"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I15"> </td><td style="width: 9%; text-align: right;">(48</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I15">) </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K15"> </td><td style="width: 9%; text-align: right;">(48</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K15">) </td></tr><tr><td>Impairment</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G16">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K16">) </td></tr><tr><td>Balance as of fiscal 2024</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">610</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">30</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">83</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(497</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I17">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">226</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K17"> </td></tr><tr><td>Foreign currency translation adjustment</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C18"> </td><td style="width: 9%; text-align: right; font-weight: bold;">3</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C18"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E18"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E18"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G18"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G18"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I18"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(3</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I18">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K18"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K18"> </td></tr><tr><td>Amortization expense</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C19"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C19"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E19"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E19"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G19"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G19"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I19"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(50</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I19">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K19"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(50</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K19">) </td></tr><tr><td>Acquisition</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">49</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C20"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E20"> </td><td> </td><td title="1-Policies-Intangible Assets - G20"> </td><td style="font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: right;"> — </td><td title="1-Policies-Intangible Assets - G20"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I20"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">51</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K20"> </td></tr><tr><td>Balance as of fiscal 2025</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">662</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C21"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">32</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E21"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">83</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G21"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(550</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I21">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">227</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K21"> </td></tr></table><div> <span style="font-size: 9.0pt;">Customer relationships are being amortized using an accelerated amortization method, which corresponds with the customer attrition rates used in the initial valuation of the intangibles over the estimated life of the relationships that range from </span><span style="font-size: 9pt;">10</span><span style="font-size: 9.0pt;"> to </span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> years. The Company has trademarks that total $</span><span style="font-size: 9pt;">26</span><span style="font-size: 9.0pt;"> million that are indefinite lived and we test annually for impairment on the first day of the fourth quarter. Definite lived trademarks are being amortized using the straight-line method over the estimated life of the assets, which are not more than </span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> years.  Other intangibles, which include technology and licenses, are being amortized using the straight-line method over the estimated life of the assets that range from </span><span style="font-size: 9pt;">8</span><span style="font-size: 9.0pt;"> to </span><span style="font-size: 9pt;">20</span><span style="font-size: 9.0pt;"> years. We completed the annual impairment test of our indefinite lived trademarks utilizing the qualitative method in fiscal years 2025, 2024 and 2023 and noted no material impairment.</span> </div><div> <span style="font-size: 9.0pt;">Future amortization expense for definite lived intangibles as of fiscal 2025 for the next five fiscal years is $</span><span style="font-size: 9pt;">45</span><span style="font-size: 9.0pt;"> million, $</span><span style="font-size: 9pt;"><span>43</span></span><span style="font-size: 9.0pt;"> million, $</span><span style="font-size: 9.0pt;">33 million, $</span><span style="font-size: 9pt;">27</span><span style="font-size: 9.0pt;"> million, and $</span><span style="font-size: 9pt;">26</span><span style="font-size: 9.0pt;"> million each year for fiscal years ending 2026, 2027, 2028, 2029, and 2030, respectively. </span> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="text-align: center;"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - C12"> </td><td style="text-align: center; font-weight: bold;">Customer</td><td style="text-align: center;" title="1-Policies-Intangible Assets - C12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - E12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - E12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - G12"> </td><td style="text-align: center; font-weight: bold;">Other</td><td style="text-align: center;" title="1-Policies-Intangible Assets - G12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - I12"> </td><td style="text-align: center; font-weight: bold;">Accumulated</td><td style="text-align: center;" title="1-Policies-Intangible Assets - I12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - K12"> </td><td style="text-align: center;"> </td><td style="text-align: center;" title="1-Policies-Intangible Assets - K12"> </td></tr><tr><td style="text-align: center;"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Relationships</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Trademarks</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Intangibles</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Amortization</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I13"> </td><td style="text-align: center;"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K13"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">Total</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K13"> </td></tr><tr><td>Balance as of fiscal 2023</td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C14">$</td><td style="width: 9%; text-align: right;">610</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C14"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E14">$</td><td style="width: 9%; text-align: right;">30</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E14"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G14">$</td><td style="width: 9%; text-align: right;">84</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G14"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I14">$</td><td style="width: 9%; text-align: right;">(449</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I14">) </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K14">$</td><td style="width: 9%; text-align: right;">275</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K14"> </td></tr><tr><td>Amortization expense</td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C15"> </td><td style="width: 9%; text-align: right;"> — </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - C15"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E15"> </td><td style="width: 9%; text-align: right;"> — </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - E15"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G15"> </td><td style="width: 9%; text-align: right;"> — </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - G15"> </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I15"> </td><td style="width: 9%; text-align: right;">(48</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - I15">) </td><td> </td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K15"> </td><td style="width: 9%; text-align: right;">(48</td><td style="width: 1%; text-align: left;" title="1-Policies-Intangible Assets - K15">) </td></tr><tr><td>Impairment</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G16">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K16">) </td></tr><tr><td>Balance as of fiscal 2024</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">610</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">30</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">83</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(497</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I17">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K17">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">226</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K17"> </td></tr><tr><td>Foreign currency translation adjustment</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C18"> </td><td style="width: 9%; text-align: right; font-weight: bold;">3</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C18"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E18"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E18"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G18"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G18"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I18"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(3</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I18">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K18"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K18"> </td></tr><tr><td>Amortization expense</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C19"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - C19"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E19"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - E19"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G19"> </td><td style="width: 9%; text-align: right; font-weight: bold;"> — </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - G19"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I19"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(50</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - I19">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K19"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(50</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Intangible Assets - K19">) </td></tr><tr><td>Acquisition</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">49</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C20"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E20"> </td><td> </td><td title="1-Policies-Intangible Assets - G20"> </td><td style="font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: right;"> — </td><td title="1-Policies-Intangible Assets - G20"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I20"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K20"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">51</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K20"> </td></tr><tr><td>Balance as of fiscal 2025</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">662</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - C21"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">32</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - E21"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">83</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - G21"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(550</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - I21">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K21">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">227</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="1-Policies-Intangible Assets - K21"> </td></tr></table> 610000000 30000000 84000000 449000000 275000000 0 0 0 48000000 48000000 0 0 -1000000 0 1000000 610000000 30000000 83000000 497000000 226000000 3000000 0 0 3000000 0 0 0 0 50000000 50000000 49000000 2000000 0 0 51000000 662000000 32000000 83000000 550000000 227000000 P10Y P15Y 26000000 P15Y P8Y P20Y 45000000 43000000 33000000 27000000 26000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">Leases</span> </div><div> <span style="font-size: 9.0pt;">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 Consolidated and Combined 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. See Note 5. Commitments, Leases and Contingencies. </span> </div><div> <span style="font-size: 9.0pt; color: #000000;">At September 27, 2025, annual lease commitments were as follows:</span></div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="height: 0px; font-size: 0px;"><td></td><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C2"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; font-weight: bold; width: 9%;">Operating Leases</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C2"></td></tr><tr><td>2026</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">18</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C3"> </td></tr><tr><td style="text-align: left;">2027</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">14</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C4"> </td></tr><tr><td style="text-align: left;">2028</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">12</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C5"> </td></tr><tr><td style="text-align: left;">2029</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">9</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C6"> </td></tr><tr><td style="text-align: left;">2030</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">6</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C7"> </td></tr><tr><td>Thereafter</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">12</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C8"> </td></tr><tr><td style="font-weight: bold; border-width: initial; border-style: none; border-color: initial;">Total lease payments</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C9"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none;">71</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C9"> </td></tr><tr><td>Less: Interest</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C10"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(8</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C10">) </td></tr><tr><td style="font-weight: bold; border-width: initial; border-style: none; border-color: initial;">Present value of lease liabilities</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C11">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">63</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C11"> </td></tr></table> <div> <span style="font-size: 9.0pt; color: #000000;">At September 27, 2025, annual lease commitments were as follows:</span></div> <div> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="height: 0px; font-size: 0px;"><td></td><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C2"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; font-weight: bold; width: 9%;">Operating Leases</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C2"></td></tr><tr><td>2026</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">18</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C3"> </td></tr><tr><td style="text-align: left;">2027</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">14</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C4"> </td></tr><tr><td style="text-align: left;">2028</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">12</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C5"> </td></tr><tr><td style="text-align: left;">2029</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">9</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C6"> </td></tr><tr><td style="text-align: left;">2030</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">6</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C7"> </td></tr><tr><td>Thereafter</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">12</td><td style="width: 1%; text-align: left; font-weight: bold;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C8"> </td></tr><tr><td style="font-weight: bold; border-width: initial; border-style: none; border-color: initial;">Total lease payments</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C9"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none;">71</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C9"> </td></tr><tr><td>Less: Interest</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C10"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(8</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C10">) </td></tr><tr><td style="font-weight: bold; border-width: initial; border-style: none; border-color: initial;">Present value of lease liabilities</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C11">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">63</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="1-Policies-Leases - Magnera FY25 10-K Tie Out Support - C11"> </td></tr></table> 18000000 14000000 12000000 9000000 6000000 12000000 71000000 8000000 63000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">Income Taxes</span></div><div> <span style="font-size: 9.0pt;">The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s Consolidated and Combined Financial Statements or income tax returns.  Income taxes are recognized during the period in which the underlying transactions are recorded.  Deferred taxes, with the exception of non-deductible goodwill, are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and such amounts as measured by tax laws.  If the Company determines that a deferred tax asset arising from temporary differences is not likely to be utilized, the Company will establish a valuation allowance against that asset to record it at its expected realizable value.  The Company recognizes uncertain tax positions when it is more likely than not that the tax position will be sustained upon examination by relevant taxing authorities, based on the technical merits of the position.  The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.  The Company’s effective tax rate is dependent on many factors including:  the impact of enacted tax laws in jurisdictions in which the Company operates; the amount of earnings by jurisdiction, due to varying tax rates in each country; and the Company’s ability to utilize foreign tax credits related to foreign taxes paid on foreign earnings that will be remitted to the U.S. </span> </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Comprehensive Income (Loss)</span> </div><div> <span style="font-size: 9.0pt;">Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss).  Other comprehensive income (loss) includes net unrealized gains or losses resulting from currency translations of foreign subsidiaries. </span> </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">Use of Estimates</span> </div><div style="font-size: 9pt;"> The preparation of the financial statements in conformity with U.S. GAAP to make extensive use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of sales and expenses.  Actual results could differ materially from these estimates. Changes in estimates are recorded in results of operations in the period that the event or circumstances giving rise to such changes occurred. </div> <div> <span style="font-size: 9.0pt; color: #000000; font-weight: bold;">Recently Issued Accounting Pronouncements</span> </div><div> <span style="font-size: 9.0pt; color: #000000;">In 2023, the Financial Accounting Standards Board ("FASB") issued guidance with the goal of providing more information about reportable segments, including disaggregated expense information. The Company adopted the guidance in fiscal 2025 which did not result in a material change to our Consolidated and Combined Financial Statements.</span></div><div> <span style="font-size: 9.0pt;">In 2023, the FASB issued guidance with the goal of providing more information in the income tax reconciliation table and regarding income taxes paid. This Accounting Standard Update ("ASU") is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. The Company is currently evaluating the impact of adopting this guidance. </span> </div><div> <span style="font-size: 9.0pt;">In 2024, the FASB issued guidance with the goal of providing more expense information for certain categories of expenses that are included in line items on the face of the statements of operations. This ASU is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, and may be adopted on a prospective or retrospective basis and allows for early adoption. The Company is currently evaluating the impact of adopting this guidance.</span> </div> <div> <span style="font-size: 9.0pt; font-weight: bold;">2. Acquisition</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt; color: #000000; font-style: italic;">Glatfelter</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">The Transaction combined GLT’s sustainable solutions and product portfolio with Treasure’s proprietary technologies and global scale. The results of GLT have been included in the consolidated results of the Company since the Closing Date.</span> </div><div style="font-size: 9pt;"> The GLT acquisition has been accounted for under the purchase method of accounting and accordingly, the purchase price has been allocated to the identifiable assets and liabilities based on their fair value at the Closing Date. <span>The Company recorded measurement period adjustments which included a $48 million decrease in the fair value of fixed assets offset by a $45 million decrease in other long-term liabilities, related primarily to deferred tax liabilities, resulting in a net $27 million increase to goodwill.</span> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the year ended September 27, 2025, the Company recognized a reduction of depreciation and amortization expense of $21 million resulting from revised fair values of fixed assets and intangible assets. <span style="text-decoration-thickness: initial; float: none; display: inline !important;">The Company has recognized goodwill on this Transaction primarily as a result of expected cost synergies and expects goodwill not to be deductible for tax purposes.</span></span></div><div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">The following table summarizes the final purchase price allocation:</span> </div> <div style="line-height: 13.5pt;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>Fair value of GLT common stock concurrent with closing</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C3">$</td><td style="width: 9%; text-align: right;">74</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C3"> </td></tr><tr><td> </td><td> </td><td style="width: 1%;" title="2-Acquisitions - C4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="2-Acquisitions - C4"></td></tr><tr><td style="font-weight: bold;">Identifiable assets acquired and liabilities assumed</td><td> </td><td style="width: 1%;" title="2-Acquisitions - C5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="2-Acquisitions - C5"></td></tr><tr><td>Cash</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C6"> </td><td style="width: 9%; text-align: right;">37</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C6"> </td></tr><tr><td>Working capital<span style="font-size: .83em; vertical-align: super;">(a)</span></td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C7"> </td><td style="width: 9%; text-align: right;">247</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C7"> </td></tr><tr><td>Property, plant and equipment</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C8"> </td><td style="width: 9%; text-align: right;">589</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C8"> </td></tr><tr><td>Identifiable intangible assets</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C9"> </td><td style="width: 9%; text-align: right;">51</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C9"> </td></tr><tr><td>Other assets</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C10"> </td><td style="width: 9%; text-align: right;">69</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C10"> </td></tr><tr><td>Other long-term liabilities</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C11"> </td><td style="width: 9%; text-align: right;">(86</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C11">) </td></tr><tr><td>Debt</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C12"> </td><td style="width: 9%; text-align: right;">(869</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C12">) </td></tr><tr><td>Goodwill</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="2-Acquisitions - C13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">36</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="2-Acquisitions - C13"> </td></tr><tr><td style="font-weight: bold;">Total consideration</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="2-Acquisitions - C14">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">74</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="2-Acquisitions - C14"> </td></tr></table><div style="margin: 0in 0in 0in 0.25in; font-size: 12pt; text-indent: -0.25in; line-height: 12.15pt;"><i><span style="font-size: 7.5pt;">(a)</span><span style="font-size: 8pt;"><span style="mso-tab-count:1">    </span></span></i><span style="font-size: 8pt;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Includes <span style="text-decoration-thickness: initial; float: none; display: inline !important;">a $16 million step up of inventory to fair value</span></span> </span></div><div style="line-height: 13.5pt;"> </div> <div style="line-height: 1em;">When including GLT results for the periods prior to the Closing Date, unaudited pro forma net sales and net loss were $3,316 million and $(165) million, respectively, for the year ended September 27, 2025, and $3,496 million and $(292) million, respectively, for the year ended September 28, 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. The net sales for the year ended September 27, 2025 included $1,145 million from GLT.</div> -48000000 -45000000 27000000 -21000000 <div> <span style="font-size: 9.0pt; color: #000000;">The following table summarizes the final purchase price allocation:</span> </div> <div style="line-height: 13.5pt;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>Fair value of GLT common stock concurrent with closing</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C3">$</td><td style="width: 9%; text-align: right;">74</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C3"> </td></tr><tr><td> </td><td> </td><td style="width: 1%;" title="2-Acquisitions - C4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="2-Acquisitions - C4"></td></tr><tr><td style="font-weight: bold;">Identifiable assets acquired and liabilities assumed</td><td> </td><td style="width: 1%;" title="2-Acquisitions - C5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="2-Acquisitions - C5"></td></tr><tr><td>Cash</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C6"> </td><td style="width: 9%; text-align: right;">37</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C6"> </td></tr><tr><td>Working capital<span style="font-size: .83em; vertical-align: super;">(a)</span></td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C7"> </td><td style="width: 9%; text-align: right;">247</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C7"> </td></tr><tr><td>Property, plant and equipment</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C8"> </td><td style="width: 9%; text-align: right;">589</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C8"> </td></tr><tr><td>Identifiable intangible assets</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C9"> </td><td style="width: 9%; text-align: right;">51</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C9"> </td></tr><tr><td>Other assets</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C10"> </td><td style="width: 9%; text-align: right;">69</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C10"> </td></tr><tr><td>Other long-term liabilities</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C11"> </td><td style="width: 9%; text-align: right;">(86</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C11">) </td></tr><tr><td>Debt</td><td> </td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C12"> </td><td style="width: 9%; text-align: right;">(869</td><td style="width: 1%; text-align: left;" title="2-Acquisitions - C12">) </td></tr><tr><td>Goodwill</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="2-Acquisitions - C13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">36</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="2-Acquisitions - C13"> </td></tr><tr><td style="font-weight: bold;">Total consideration</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="2-Acquisitions - C14">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">74</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="2-Acquisitions - C14"> </td></tr></table><div style="margin: 0in 0in 0in 0.25in; font-size: 12pt; text-indent: -0.25in; line-height: 12.15pt;"><i><span style="font-size: 7.5pt;">(a)</span><span style="font-size: 8pt;"><span style="mso-tab-count:1">    </span></span></i><span style="font-size: 8pt;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Includes <span style="text-decoration-thickness: initial; float: none; display: inline !important;">a $16 million step up of inventory to fair value</span></span> </span></div> 74000000 37000000 247000000 589000000 51000000 69000000 86000000 869000000 36000000 74000000 16000000 3316000000 -165000000 3496000000 -292000000 1145000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">3. Long-Term Debt</span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt; color: #000000;">Long-term debt consists of the following:</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 35%;"></td><td style="width: 1%;"></td><td style="width: 40%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Facility</td><td> </td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Maturity Date</td><td> </td><td style="border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 1%;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F3"></td><td style="font-weight: bold; text-align: center; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 9%;">2025</td><td style="border-width: initial; border-style: none; border-color: initial; width: 1%;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F3"></td><td> </td><td style="border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 1%;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H3"></td><td style="text-align: center; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 9%;">2024</td><td style="border-width: initial; border-style: none; border-color: initial; width: 1%;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H3"></td></tr><tr><td>Revolving credit facility</td><td> </td><td><div style="-sec-ix-hidden: hidden-fact-0">November 2029</div></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 9pt; border-width: initial; border-style: none; border-color: initial;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F4">$</td><td style="width: 9%; text-align: right; font-weight: bold;"> —</td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F4"> </td><td> </td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H4">$</td><td style="width: 9%; text-align: right;"> —</td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H4"> </td></tr><tr><td>Term loan</td><td> </td><td><div style="-sec-ix-hidden: hidden-fact-1">November 2031</div></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">731</td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F5"> </td><td> </td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H5"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H5"> </td></tr><tr><td>7.25% First Priority Senior Secured Notes</td><td> </td><td><div style="-sec-ix-hidden: hidden-fact-2">November 2031</div></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">800</td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H6"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H6"> </td></tr><tr><td>4.75% First Priority Senior Secured Notes</td><td> </td><td><div style="-sec-ix-hidden: hidden-fact-3">October 2029</div></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">500</td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F7"> </td><td> </td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H7"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H7"> </td></tr><tr><td>Debt discounts, deferred fees and other</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">(79</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F8">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">—</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H8"> </td></tr><tr><td style="padding-left: 10px;">Total long-term debt</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F9">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,952</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F9"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H9">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">—</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H9"> </td></tr></table><div> </div> <div> As part of the Transaction, the Company consummated a $785 million Term Loan due 2031 (the “Term Loan”), an $800 million issuance of 7.25 % First Priority Senior Secured Notes due 2031 (the “7.25% Notes”), and a $350 million revolving credit facility (the “Revolving Credit Facility”).  The proceeds from the Term Loan and 7.25% Notes were used to retire a portion of GLT outstanding debt and fund a cash distribution to Berry. The margin for the Term Loan is 4.25% per annum plus <span style="-sec-ix-hidden: hidden-fact-4">SOFR</span>, which was approximately 4.16%.</div><div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">Despite not having financial maintenance covenants on our Term Loan and secured notes, these agreements do contain certain negative covenants.  The failure to comply with these negative covenants could restrict our ability to incur additional indebtedness, affect acquisitions, enter into certain significant business combinations, make distributions or redeem indebtedness. We are in compliance with all covenants as of September 27, 2025.</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">Debt discounts, deferred financing fees and the purchase price adjustment related to the retained GLT </span><span style="font-size: 9pt; color: rgb(0, 0, 0);">4.75 %</span><span style="font-size: 9.0pt; color: #000000;"> First Priority Senior Secured Notes are presented net of Long-term debt, less the current portion on the Consolidated and Combined Balance Sheets and are amortized to Interest expense on the Consolidated and Combined Statements of Operations through maturity.</span> </div> <div style="font-size: 9pt;"> </div> <div style="font-size: 9pt;">The Company has no future maturities of long-term debt until 2029, at which point $500 million and $1,531 million are due in fiscal year 2029 and 2031, respectively. N<span style="font-size: 9.0pt;">et cash interest was $124</span><span style="font-size: 9pt;"> </span><span style="font-size: 9.0pt;">million in fiscal 2025.</span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">Long-term debt consists of the following:</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 35%;"></td><td style="width: 1%;"></td><td style="width: 40%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Facility</td><td> </td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Maturity Date</td><td> </td><td style="border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 1%;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F3"></td><td style="font-weight: bold; text-align: center; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 9%;">2025</td><td style="border-width: initial; border-style: none; border-color: initial; width: 1%;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F3"></td><td> </td><td style="border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 1%;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H3"></td><td style="text-align: center; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 9%;">2024</td><td style="border-width: initial; border-style: none; border-color: initial; width: 1%;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H3"></td></tr><tr><td>Revolving credit facility</td><td> </td><td><div style="-sec-ix-hidden: hidden-fact-0">November 2029</div></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 9pt; border-width: initial; border-style: none; border-color: initial;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F4">$</td><td style="width: 9%; text-align: right; font-weight: bold;"> —</td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F4"> </td><td> </td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H4">$</td><td style="width: 9%; text-align: right;"> —</td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H4"> </td></tr><tr><td>Term loan</td><td> </td><td><div style="-sec-ix-hidden: hidden-fact-1">November 2031</div></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">731</td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F5"> </td><td> </td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H5"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H5"> </td></tr><tr><td>7.25% First Priority Senior Secured Notes</td><td> </td><td><div style="-sec-ix-hidden: hidden-fact-2">November 2031</div></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">800</td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H6"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H6"> </td></tr><tr><td>4.75% First Priority Senior Secured Notes</td><td> </td><td><div style="-sec-ix-hidden: hidden-fact-3">October 2029</div></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">500</td><td style="width: 1%; text-align: left; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F7"> </td><td> </td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H7"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H7"> </td></tr><tr><td>Debt discounts, deferred fees and other</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">(79</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F8">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">—</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H8"> </td></tr><tr><td style="padding-left: 10px;">Total long-term debt</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F9">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,952</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - F9"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H9">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">—</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="3-LT Debt - Magnera FY25 10-K Tie Out Support - H9"> </td></tr></table> 0 0 731000000 0 0.0725 800000000 0 0.0475 500000000 0 79000000 0 1952000000 0 785000000 800000000 0.0725 0.0725 350000000 0.0725 0.0425 0.0416 0.0475 0 0 0 0 500000000 1531000000 124000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">4. Financial Instruments and Fair Value Measurements</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">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 foreign currencies.  These financial instruments are not used for trading or other speculative purposes.</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000; font-style: italic;">Cross-Currency Swaps </span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">The Company is party to certain cross-currency swaps to hedge a portion of our foreign currency risk. </span><span style="font-size: 9.0pt;">During fiscal 2025</span><span style="font-size: 9.0pt; color: #000000;">, the Company received net proceeds of $22 million related to the settlement of existing cross-currency rate swaps, with the offset being recorded in Accumulated other comprehensive loss. Following the settlement, the Company entered into a €250 million and a €425 million cross-currency swap, maturing November 2027 and November 2029 respectively. The swaps are designated as a hedge of the Company’s foreign currency investment in foreign subsidiaries. The loss on net investment hedges, net of tax, recorded in accumulated other comprehensive loss for the year ended September 27, 2025 was $84 million. When valuing cross-currency swaps the Company utilizes Level 2 inputs (substantially observable). </span> </div> <div> <span style="font-size: 7.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">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: </span> </div> <div style="line-height: 13.1pt;"> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 25%;"></td><td style="width: 1%;"></td><td style="width: 25%;"></td><td style="width: 1%;"></td><td style="width: 24%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Derivative Instruments</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Hedge Designation</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Balance Sheet Location</td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G19"></td><td style="font-weight: bold; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G19"></td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I19"></td><td style="text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I19"></td></tr><tr><td>Cross-currency swaps</td><td> </td><td>Designated</td><td> </td><td>Other long-term liabilities</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G20">$</td><td style="width: 9%; text-align: right; font-weight: bold;">(99</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G20">) </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I20">$</td><td style="width: 9%; text-align: right;"> —</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I20"> </td></tr></table><div style="line-height: 13.5pt;"> </div><div> <span style="font-size: 9.0pt; color: #000000;">The effect of the Company’s derivative instruments on the Consolidated and Combined Statements of Operations is as follows:</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 32%;"></td><td style="width: 1%;"></td><td style="width: 31%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Derivative Instruments</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Statements of Operations Location</td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E23"></td><td style="font-weight: bold; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E23"></td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G23"></td><td style="text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G23"></td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I23"></td><td style="text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2023</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I23"></td></tr><tr><td>Cross-currency swaps</td><td> </td><td><span style="-sec-ix-hidden: hidden-fact-5"><span style="-sec-ix-hidden: hidden-fact-6"><span style="-sec-ix-hidden: hidden-fact-7">Interest expense, net</span></span></span></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E24">$</td><td style="width: 9%; text-align: right; font-weight: bold;">9</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E24"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G24">$</td><td style="width: 9%; text-align: right;"> —</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G24"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I24">$</td><td style="width: 9%; text-align: right;"> —</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I24"> </td></tr></table><div> </div> <div><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The Company’s financial instruments consist primarily of cash and cash equivalents, long-term debt, and cross-currency swap agreements.  The book value of our marketable long-term indebtedness exceeded fair <span>value by</span><span style="background-color: rgb(255, 255, 255);"> </span>$108 million as of September 27, 2025.  The Company’s long-term debt fair values were determined using Level 2 inputs (substantially observable).</span></div><div> </div><div><span style="font-size: 9.0pt; color: #000000; font-style: italic;">Non-recurring Fair Value Measurements</span> </div><div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">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 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.  As a result of the fiscal 2024 assessment, the Company recorded an impairment charge of $172 million. No impairment indicators were identified in the current year.</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">Included in the following tables are the major categories of assets and their current carrying values, along with the impairment loss recognized on the fair value measurement for the period then ended:</span> </div> <div style="line-height: 13.5pt;"> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 40%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td colspan="19" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2025</td></tr><tr><td> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 1</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 2</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 3</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Total</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Impairment</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K2"></td></tr><tr><td>Indefinite-lived trademarks</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C3"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E3"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">26</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G3"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">26</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I3"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K3"> </td></tr><tr><td>Goodwill</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C4"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E4"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">663</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G4"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">663</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I4"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K4"> </td></tr><tr><td>Definite lived intangible assets</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">201</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">201</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K5"> </td></tr><tr><td>Property, plant, and equipment</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">1,476</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">1,476</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K6"> </td></tr><tr><td>Total</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">2,366</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">2,366</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K7"> </td></tr></table><div style="line-height: 13.5pt;"> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 40%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td colspan="19" style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2024</td></tr><tr><td> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 1</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C11"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 2</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E11"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 3</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G11"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Total</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I11"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Impairment</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K11"></td></tr><tr><td>Indefinite-lived trademarks</td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C12">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C12"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E12">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E12"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G12">$</td><td style="width: 9%; text-align: right;">26</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G12"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I12">$</td><td style="width: 9%; text-align: right;">26</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I12"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K12">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K12"> </td></tr><tr><td>Goodwill</td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C13"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C13"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E13"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E13"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G13"> </td><td style="width: 9%; text-align: right;">624</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G13"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I13"> </td><td style="width: 9%; text-align: right;">624</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I13"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K13"> </td><td style="width: 9%; text-align: right;">(171</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K13">) </td></tr><tr><td>Definite lived intangible assets</td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C14"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C14"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E14"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E14"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G14"> </td><td style="width: 9%; text-align: right;">200</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G14"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I14"> </td><td style="width: 9%; text-align: right;">200</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I14"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K14"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K14">) </td></tr><tr><td>Property, plant, and equipment</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">949</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">949</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K15"> </td></tr><tr><td>Total</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,799</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,799</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(172</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K16">) </td></tr></table> 22000000 250000000 425000000 -84000000 <div> <span style="font-size: 9.0pt; color: #000000;">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: </span> </div> <div style="line-height: 13.1pt;"> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 25%;"></td><td style="width: 1%;"></td><td style="width: 25%;"></td><td style="width: 1%;"></td><td style="width: 24%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Derivative Instruments</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Hedge Designation</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Balance Sheet Location</td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G19"></td><td style="font-weight: bold; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G19"></td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I19"></td><td style="text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I19"></td></tr><tr><td>Cross-currency swaps</td><td> </td><td>Designated</td><td> </td><td>Other long-term liabilities</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G20">$</td><td style="width: 9%; text-align: right; font-weight: bold;">(99</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G20">) </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I20">$</td><td style="width: 9%; text-align: right;"> —</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I20"> </td></tr></table> -99000000 0 <div> <span style="font-size: 9.0pt; color: #000000;">The effect of the Company’s derivative instruments on the Consolidated and Combined Statements of Operations is as follows:</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 32%;"></td><td style="width: 1%;"></td><td style="width: 31%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Derivative Instruments</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Statements of Operations Location</td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E23"></td><td style="font-weight: bold; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E23"></td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G23"></td><td style="text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G23"></td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I23"></td><td style="text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2023</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I23"></td></tr><tr><td>Cross-currency swaps</td><td> </td><td><span style="-sec-ix-hidden: hidden-fact-5"><span style="-sec-ix-hidden: hidden-fact-6"><span style="-sec-ix-hidden: hidden-fact-7">Interest expense, net</span></span></span></td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E24">$</td><td style="width: 9%; text-align: right; font-weight: bold;">9</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E24"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G24">$</td><td style="width: 9%; text-align: right;"> —</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G24"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I24">$</td><td style="width: 9%; text-align: right;"> —</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I24"> </td></tr></table> 9000000 0 0 -108000000 172000000 <div> <span style="font-size: 9.0pt; color: #000000;">Included in the following tables are the major categories of assets and their current carrying values, along with the impairment loss recognized on the fair value measurement for the period then ended:</span> </div> <div style="line-height: 13.5pt;"> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 40%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td colspan="19" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2025</td></tr><tr><td> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 1</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 2</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 3</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Total</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K2"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Impairment</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K2"></td></tr><tr><td>Indefinite-lived trademarks</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C3"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E3"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">26</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G3"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">26</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I3"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K3"> </td></tr><tr><td>Goodwill</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C4"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E4"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">663</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G4"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">663</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I4"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K4"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K4"> </td></tr><tr><td>Definite lived intangible assets</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">201</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">201</td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K5"> </td></tr><tr><td>Property, plant, and equipment</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">1,476</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">1,476</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K6"> </td></tr><tr><td>Total</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">2,366</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">2,366</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K7"> </td></tr></table><div style="line-height: 13.5pt;"> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 40%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td colspan="19" style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">2024</td></tr><tr><td> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 1</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C11"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 2</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E11"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Level 3</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G11"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Total</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I11"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K11"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Impairment</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K11"></td></tr><tr><td>Indefinite-lived trademarks</td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C12">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C12"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E12">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E12"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G12">$</td><td style="width: 9%; text-align: right;">26</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G12"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I12">$</td><td style="width: 9%; text-align: right;">26</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I12"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K12">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K12"> </td></tr><tr><td>Goodwill</td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C13"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C13"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E13"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E13"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G13"> </td><td style="width: 9%; text-align: right;">624</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G13"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I13"> </td><td style="width: 9%; text-align: right;">624</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I13"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K13"> </td><td style="width: 9%; text-align: right;">(171</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K13">) </td></tr><tr><td>Definite lived intangible assets</td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C14"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C14"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E14"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E14"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G14"> </td><td style="width: 9%; text-align: right;">200</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G14"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I14"> </td><td style="width: 9%; text-align: right;">200</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I14"> </td><td> </td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K14"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K14">) </td></tr><tr><td>Property, plant, and equipment</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">949</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">949</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K15"> </td></tr><tr><td>Total</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - C16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - E16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,799</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - G16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,799</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - I16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K16">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(172</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="4-Financial &amp; FV - Magnera FY25 10-K Tie Out Support - K16">) </td></tr></table> 26000000 26000000 0 0 663000000 663000000 0 0 0 201000000 201000000 0 0 0 1476000000 1476000000 0 0 0 2366000000 2366000000 0 0 0 26000000 26000000 0 0 0 624000000 624000000 171000000 0 0 200000000 200000000 1000000 0 0 949000000 949000000 0 0 0 1799000000 1799000000 172000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">5. Commitments, Leases and Contingencies</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt;">The Company has various purchase commitments for raw materials, supplies and property and equipment incidental to the ordinary conduct of business.</span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt; font-weight: bold; font-style: italic;">Leases</span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt; color: #000000;">The Company leases certain manufacturing facilities, warehouses, office space, manufacturing equipment, office equipment, and automobiles. Finance leases are not material for all periods presented.</span></div> <div> <span style="font-size: 10.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">Supplemental lease information is as follows:</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 38%;"></td><td style="width: 38%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black; font-weight: bold;">Leases</td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; font-weight: bold;">Classification</td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="5-Leases-Contingencies - D3"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; font-weight: bold; text-align: center;">2025</td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="5-Leases-Contingencies - D3"></td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="5-Leases-Contingencies - F3"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; text-align: center;">2024</td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none;" title="5-Leases-Contingencies - F3"></td></tr><tr><td>Operating leases:</td><td> </td><td> </td><td title="5-Leases-Contingencies - D4"></td><td style="font-weight: bold;"> </td><td title="5-Leases-Contingencies - D4"></td><td> </td><td title="5-Leases-Contingencies - F4"></td><td> </td><td title="5-Leases-Contingencies - F4"></td></tr><tr><td style="padding-left: 10px;">Operating lease right-of-use assets</td><td>Right-of-use asset</td><td> </td><td style="text-align: left; font-weight: bold; width: 1%;" title="5-Leases-Contingencies - D5">$</td><td style="text-align: right; font-weight: bold; width: 9%;">62</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F5">$</td><td style="text-align: right; width: 9%;">49</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F5"> </td></tr><tr><td style="padding-left: 10px;">Current operating lease liabilities</td><td><span style="-sec-ix-hidden: hidden-fact-8"><span style="-sec-ix-hidden: hidden-fact-9">Other current liabilities</span></span></td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">18</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F6"> </td><td style="text-align: right; width: 9%;">11</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F6"> </td></tr><tr><td style="padding-left: 10px;">Noncurrent operating lease liabilities</td><td>Operating lease liabilities</td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D7"> </td><td style="text-align: right; font-weight: bold; width: 9%;">45</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D7"> </td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F7"> </td><td style="text-align: right; width: 9%;">39</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F7"> </td></tr></table><div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 25%;"></td><td style="width: 26%;"></td><td style="width: 26%;"></td><td style="width: 1%;"> </td><td style="width: 9%;"></td><td style="width: 1%;"> </td><td style="width: 1%;"></td><td style="width: 1%;"> </td><td style="width: 9%;"></td><td style="width: 1%;"> </td></tr><tr><td style="font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">Lease Type</td><td style="font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">Cash Flow Classification</td><td style="font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">Lease Expense Category</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="5-Leases-Contingencies - K3"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">2025</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="5-Leases-Contingencies - K3"> </td><td style="border-width: initial; border-style: none; border-color: initial; text-align: center; font-weight: bold;"></td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;" title="5-Leases-Contingencies - M3"> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;">2024</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;" title="5-Leases-Contingencies - M3"> </td></tr><tr><td>Operating leases</td><td>Operating cash flows</td><td>Lease cost</td><td style="text-align: left; font-weight: bold; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="5-Leases-Contingencies - K4">$</td><td style="text-align: right; font-weight: bold; border-width: initial; border-style: none; border-color: initial; width: 9%;">25</td><td style="text-align: left; font-weight: bold; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="5-Leases-Contingencies - K4"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial;"></td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - M4">$</td><td style="text-align: right; width: 9%;">15</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - M4"> </td></tr></table><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr></table><div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="5-Leases-Contingencies - D14"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2025</td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="5-Leases-Contingencies - D14"> </td><td></td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="5-Leases-Contingencies - F14"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2024</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="5-Leases-Contingencies - F14"> </td></tr><tr><td>Weighted-average remaining lease term - operating leases</td><td></td><td style="text-align: right; font-weight: bold;" title="5-Leases-Contingencies - D15"> </td><td style="text-align: right; font-weight: bold;">5.6 years</td><td style="text-align: right; font-weight: bold;" title="5-Leases-Contingencies - D15"> </td><td></td><td style="text-align: right;" title="5-Leases-Contingencies - F15"> </td><td style="text-align: right;">6.5 years</td><td style="text-align: right;" title="5-Leases-Contingencies - F15"> </td></tr><tr><td>Weighted-average discount rate - operating leases</td><td></td><td style="text-align: left; font-weight: bold; width: 1%;" title="5-Leases-Contingencies - D16"> </td><td style="text-align: right; width: 9%; font-weight: bold;">4.5</td><td style="text-align: left; font-weight: bold; width: 1%;" title="5-Leases-Contingencies - D16">%</td><td style="text-align: right;"></td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F16"> </td><td style="text-align: right; width: 9%;">3.5</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F16">%</td></tr></table><div> </div><div> <span style="font-size: 9.0pt;">Right-of-use assets obtained in exchange for new operating lease liabilities were $24 million for fiscal 2025. </span> </div> <div style="font-size: 10pt;">  </div> <div> <span style="font-size: 9.0pt; color: #000000; font-weight: bold; font-style: italic;">Litigation</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">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, the Company believes that any ultimate liability would not be material to its Consolidated and Combined Balance Sheet, Statements of Operations, or Cash Flows.</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000; font-weight: bold; font-style: italic;">Environmental Claims</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">Over the next 30 years, we are primarily responsible for the reimbursement of government oversight costs associated with certain environmental claims regarding the Fox River located in Wisconsin. At September 27, 2025, the outstanding balance of the environmental liability and corresponding escrow asset was $18 million and $</span><span style="font-size: 9.0pt; color: #000000;">9 million, respectively.</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000; font-weight: bold; font-style: italic;">Tax Claims</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div style="margin: 0in; font-size: 12pt; "><span style="font-size: 9pt;">As part of a previous acquisition, the Company acquired a liability related to certain tax claims. Depending on the resolution of the tax claim, the final settlement calculated as of September 27, 2025 will range between $40 million and $59 million with an eventual payment to the Brazilian government and/or the selling stockholders of the previous acquisition.  The Company has recorded an estimated tax liability on the Consolidated and Combined Balance Sheets in Other long-term liabilities as the settlement of existing and potential claims is expected to be greater than one year. </span></div> <table cellpadding="0" class="worksheetTable" style="font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 38%;"></td><td style="width: 38%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black; font-weight: bold;">Leases</td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; font-weight: bold;">Classification</td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="5-Leases-Contingencies - D3"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; font-weight: bold; text-align: center;">2025</td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="5-Leases-Contingencies - D3"></td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="5-Leases-Contingencies - F3"></td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; text-align: center;">2024</td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none;" title="5-Leases-Contingencies - F3"></td></tr><tr><td>Operating leases:</td><td> </td><td> </td><td title="5-Leases-Contingencies - D4"></td><td style="font-weight: bold;"> </td><td title="5-Leases-Contingencies - D4"></td><td> </td><td title="5-Leases-Contingencies - F4"></td><td> </td><td title="5-Leases-Contingencies - F4"></td></tr><tr><td style="padding-left: 10px;">Operating lease right-of-use assets</td><td>Right-of-use asset</td><td> </td><td style="text-align: left; font-weight: bold; width: 1%;" title="5-Leases-Contingencies - D5">$</td><td style="text-align: right; font-weight: bold; width: 9%;">62</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F5">$</td><td style="text-align: right; width: 9%;">49</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F5"> </td></tr><tr><td style="padding-left: 10px;">Current operating lease liabilities</td><td><span style="-sec-ix-hidden: hidden-fact-8"><span style="-sec-ix-hidden: hidden-fact-9">Other current liabilities</span></span></td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">18</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F6"> </td><td style="text-align: right; width: 9%;">11</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F6"> </td></tr><tr><td style="padding-left: 10px;">Noncurrent operating lease liabilities</td><td>Operating lease liabilities</td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D7"> </td><td style="text-align: right; font-weight: bold; width: 9%;">45</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - D7"> </td><td> </td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F7"> </td><td style="text-align: right; width: 9%;">39</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F7"> </td></tr></table> 62000000 49000000 18000000 11000000 45000000 39000000 <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 25%;"></td><td style="width: 26%;"></td><td style="width: 26%;"></td><td style="width: 1%;"> </td><td style="width: 9%;"></td><td style="width: 1%;"> </td><td style="width: 1%;"></td><td style="width: 1%;"> </td><td style="width: 9%;"></td><td style="width: 1%;"> </td></tr><tr><td style="font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">Lease Type</td><td style="font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">Cash Flow Classification</td><td style="font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">Lease Expense Category</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="5-Leases-Contingencies - K3"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">2025</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="5-Leases-Contingencies - K3"> </td><td style="border-width: initial; border-style: none; border-color: initial; text-align: center; font-weight: bold;"></td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;" title="5-Leases-Contingencies - M3"> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;">2024</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;" title="5-Leases-Contingencies - M3"> </td></tr><tr><td>Operating leases</td><td>Operating cash flows</td><td>Lease cost</td><td style="text-align: left; font-weight: bold; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="5-Leases-Contingencies - K4">$</td><td style="text-align: right; font-weight: bold; border-width: initial; border-style: none; border-color: initial; width: 9%;">25</td><td style="text-align: left; font-weight: bold; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="5-Leases-Contingencies - K4"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial;"></td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - M4">$</td><td style="text-align: right; width: 9%;">15</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - M4"> </td></tr></table> 25000000 15000000 <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="5-Leases-Contingencies - D14"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2025</td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="5-Leases-Contingencies - D14"> </td><td></td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="5-Leases-Contingencies - F14"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2024</td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="5-Leases-Contingencies - F14"> </td></tr><tr><td>Weighted-average remaining lease term - operating leases</td><td></td><td style="text-align: right; font-weight: bold;" title="5-Leases-Contingencies - D15"> </td><td style="text-align: right; font-weight: bold;">5.6 years</td><td style="text-align: right; font-weight: bold;" title="5-Leases-Contingencies - D15"> </td><td></td><td style="text-align: right;" title="5-Leases-Contingencies - F15"> </td><td style="text-align: right;">6.5 years</td><td style="text-align: right;" title="5-Leases-Contingencies - F15"> </td></tr><tr><td>Weighted-average discount rate - operating leases</td><td></td><td style="text-align: left; font-weight: bold; width: 1%;" title="5-Leases-Contingencies - D16"> </td><td style="text-align: right; width: 9%; font-weight: bold;">4.5</td><td style="text-align: left; font-weight: bold; width: 1%;" title="5-Leases-Contingencies - D16">%</td><td style="text-align: right;"></td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F16"> </td><td style="text-align: right; width: 9%;">3.5</td><td style="text-align: left; width: 1%;" title="5-Leases-Contingencies - F16">%</td></tr></table> P5Y7M6D P6Y6M 0.045 0.035 24000000 P30Y 18000000 9000000 40000000 59000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">6.  Income Taxes</span></div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt;">The Company is being taxed at the U.S. corporate level as a C-Corporation and has provided for U.S. Federal, State and foreign income taxes.  Significant components of income tax expense for the fiscal years ended are as follows: </span> </div> <div style="text-align: justify;"> <span style="font-size: 9.0pt;"> </span> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - B2"></td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - B2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - D2"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - D2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - F2"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 9%;">2023</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - F2"></td></tr><tr><td>Current</td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B3"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B3"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D3"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D3"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F3"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F3"></td></tr><tr><td style="padding-left: 10px;">U.S.</td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B4"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B4"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D4"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F4"></td></tr><tr><td style="padding-left: 20px;">Federal</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B5">$</td><td style="width: 9%; text-align: right; font-weight: bold;">3</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B5"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D5">$</td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D5"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F5">$</td><td style="width: 9%; text-align: right;">12</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F5"> </td></tr><tr><td style="padding-left: 20px;">State</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D6"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F6"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F6"> </td></tr><tr><td style="padding-left: 10px;">Non-U.S.</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">16</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">19</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">30</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F7"> </td></tr><tr><td>Total current</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">20</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D8"> </td><td style="width: 9%; text-align: right;">28</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D8"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F8"> </td><td style="width: 9%; text-align: right;">43</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F8"> </td></tr><tr><td>Deferred:</td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B9"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B9"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D9"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D9"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F9"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F9"></td></tr><tr><td style="padding-left: 10px;">U.S.</td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B10"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B10"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D10"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F10"></td></tr><tr><td style="padding-left: 20px;">Federal</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B11"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(30</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B11">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D11"> </td><td style="width: 9%; text-align: right;">(4</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D11">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F11"> </td><td style="width: 9%; text-align: right;">(5</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F11">) </td></tr><tr><td style="padding-left: 20px;">State</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B12"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B12">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D12"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D12">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F12"> </td><td style="width: 9%; text-align: right;">(2</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F12">) </td></tr><tr><td style="padding-left: 10px;">Non-U.S.</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B13"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B13"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D13">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(2</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F13">) </td></tr><tr><td>Total deferred</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B14"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(27</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B14">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D14"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(9</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D14">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F14"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(9</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F14">) </td></tr><tr><td>Expense (benefit) for income taxes</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(7</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D15">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">19</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F15">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">34</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F15"> </td></tr></table><div> </div><div> <span><span style="font-size: 9.0pt;">U.S. income before income taxes was $</span><span style="font-size: 9pt;">(186)</span><span style="font-size: 9.0pt;"> million, $</span><span style="font-size: 9pt;">18</span><span style="font-size: 9.0pt;"> million, and $</span><span style="font-size: 9pt;">15</span><span style="font-size: 9.0pt;"> million for fiscal years 2025, 2024, and 2023, respectively.  Non-U.S. income before income taxes was $</span><span style="font-size: 9.0pt;">20 million, $</span><span style="font-size: 9pt;">(153)</span><span style="font-size: 9.0pt;"> million, and $</span><span style="font-size: 9pt;">57</span><span style="font-size: 9.0pt;"> million for fiscal years 2025, 2024, and 2023, respectively. The Company paid cash taxes of $</span><span style="font-size: 9pt;">22</span><span style="font-size: 9.0pt;"> million, $</span><span style="font-size: 9pt;">9</span><span style="font-size: 9.0pt;"> million, and $</span><span style="font-size: 9pt;">29</span><span style="font-size: 9.0pt;"> million in fiscal years 2025, 2024, and 2023, respectively. </span></span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt;">The reconciliation between U.S. Federal income tax expense at the statutory rate and the Company’s expense for income taxes for fiscal years ended are as follows: </span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="font-weight: bold; width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B2"></td><td style="text-align: center; font-weight: bold; width: 9%;">2025</td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B2"></td><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D2"></td><td style="text-align: center; width: 9%;">2024</td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D2"></td><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F2"></td><td style="text-align: center; width: 9%;">2023</td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F2"></td></tr><tr><td>U.S. Federal income tax expense (benefit) at the statutory rate</td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B3">$</td><td style="text-align: right; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; font-weight: bold; width: 9%;">(35</td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B3">) </td><td> </td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D3">$</td><td style="text-align: right; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 9%;">(28</td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D3">) </td><td> </td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F3">$</td><td style="text-align: right; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 9%;">15</td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F3"> </td></tr><tr><td>Adjustments to reconcile to the income tax provision:</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B4"> </td><td style="text-align: right; font-weight: bold; width: 9%;"></td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B4"> </td><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D4"></td><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F4"></td></tr><tr><td style="padding-left: 10px;">U.S. state income tax expense</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B5"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(3</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B5">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D5"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F5"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F5"> </td></tr><tr><td style="padding-left: 10px;">Federal and state credits</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(1</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">(1</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">(1</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6">) </td></tr><tr><td style="padding-left: 10px;">Share-based compensation</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">4</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Withholding taxes</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(1</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">2</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">6</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Changes in valuation allowance</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">31</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">11</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">5</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Foreign income taxed in the U.S.</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">2</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">1</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Brazil ICMS rate reduction</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(4</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">(6</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">(2</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6">) </td></tr><tr><td style="padding-left: 10px;">Foreign operations, inclusive of rate differential</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(7</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">3</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Uncertain tax positions</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">2</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">(5</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">2</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Goodwill impairment</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">— </td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">44</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Other</td><td style="text-align: left; font-weight: bold; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">5</td><td style="text-align: left; font-weight: bold; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2</td><td style="text-align: left; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">5</td><td style="text-align: left; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Expense (benefit) for income taxes</td><td style="border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; vertical-align: bottom; font-size: 9pt; width: 1%; text-align: left;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">(7</td><td style="text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6">$</td><td style="text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">19</td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"></td><td> </td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6">$</td><td style="text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">34</td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"></td></tr></table><div> <span style="font-size: 9.0pt;">Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes.  The components of the net deferred income tax liability as of fiscal years ended are as follows: </span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="font-weight: bold; width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B2"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold; width: 9%;">2025</td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B2"></td><td> </td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D2"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D2"></td></tr><tr><td>Deferred tax assets:</td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B3"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B3"></td><td> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D3"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D3"></td></tr><tr><td style="padding-left: 10px;">Accrued liabilities and reserves</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">6</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B4"></td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D4">$</td><td style="width: 9%; text-align: right;">7</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D4"> </td></tr><tr><td style="padding-left: 10px;">Inventories</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">22</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B5"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D5"> </td><td style="width: 9%; text-align: right;">3</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D5"> </td></tr><tr><td style="padding-left: 10px;">Net operating loss carryforwards</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">250</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="width: 9%; text-align: right;">103</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D6"> </td></tr><tr><td style="padding-left: 10px;">Lease liability</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">9</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B7"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D7"> </td><td style="width: 9%; text-align: right;">12</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D7"> </td></tr><tr><td style="padding-left: 10px;">Foreign tax credit carryforwards</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">35</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D8"> </td><td style="width: 9%; text-align: right;">19</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D8"> </td></tr><tr><td style="padding-left: 10px;">Capitalization research and development expenditures</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td style="width: 9%; text-align: right; font-weight: bold;">10</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td><td style="width: 9%; text-align: right;">9</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td></tr><tr><td style="padding-left: 10px;">Hedges</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td style="width: 9%; text-align: right; font-weight: bold;">23</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td></tr><tr><td style="padding-left: 10px;">Interest limitation carryforwards</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td style="width: 9%; text-align: right; font-weight: bold;">68</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td></tr><tr><td style="padding-left: 10px;">Other</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td style="width: 9%; text-align: right; font-weight: bold;">14</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td><td style="width: 9%; text-align: right;">3</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td></tr><tr><td style="padding-left: 20px;">Total deferred tax assets</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B11"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black; font-weight: bold;">437</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D11"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">156</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D11"> </td></tr><tr><td style="padding-left: 10px;">Valuation allowance</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B12"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; font-weight: bold;">(199</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B12">) </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D12"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">(36</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D12">) </td></tr><tr><td style="padding-left: 20px;">Total deferred tax assets, net of valuation allowance</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">238</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B13"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">120</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D13"> </td></tr><tr><td>Deferred tax liabilities:</td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B14"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B14"></td><td> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D14"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D14"></td></tr><tr><td style="padding-left: 10px;">Property, plant and equipment</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B15"> </td><td style="width: 9%; text-align: right; font-weight: bold;">139</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B15"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D15"> </td><td style="width: 9%; text-align: right;">68</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D15"> </td></tr><tr><td style="padding-left: 10px;">Intangible assets</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B16"> </td><td style="width: 9%; text-align: right; font-weight: bold;">40</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B16"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D16"> </td><td style="width: 9%; text-align: right;">50</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D16"> </td></tr><tr><td style="padding-left: 10px;">Leased asset</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B17"> </td><td style="width: 9%; text-align: right; font-weight: bold;">8</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B17"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D17"> </td><td style="width: 9%; text-align: right;">12</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D17"> </td></tr><tr><td style="padding-left: 10px;">Other</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B18"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">21</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B18"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D18"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D18"> </td></tr><tr><td style="padding-left: 20px;">Total deferred tax liabilities</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B19"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; font-weight: bold;">208</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B19"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D19"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">141</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D19"> </td></tr><tr><td style="padding-left: 30px;">Net deferred tax asset (liability)</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B20">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">30</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B20"></td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D20">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(21</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D20">) </td></tr></table><div> </div><div> <span style="font-size: 9.0pt;">The Company<span> had $</span></span><span><span style="font-size: 9pt;">76</span><span style="font-size: 9.0pt;"> million and $</span><span style="font-size: 9pt;">57</span><span style="font-size: 9.0pt;"> million of net deferred tax assets recorded in Other assets, and $</span><span style="font-size: 9pt;">46</span><span style="font-size: 9.0pt;"> million and $</span><span style="font-size: 9pt;">78</span></span><span style="font-size: 9.0pt;"><span> million </span>of net deferred tax liabilities recorded in Deferred income taxes on the Consolidated and Combined Balance Sheets as of the fiscal years ended 2025 and 2024, respectively. </span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt;">As of September 27, 2025, the Company has recorded deferred tax assets related to federal, state, and foreign net operating losses, interest, and tax credits. These attributes are spread across multiple jurisdictions and generally have expiration periods beginning in 2025 while a portion remains available indefinitely. Each attribute has been assessed for realization and a valuation allowance is recorded against the deferred tax assets to bring the net amount recorded to the amount more likely than not to be realized.  The valuation allowance against deferred tax assets was<span> $</span></span><span style="font-size: 9pt;">199</span><span style="font-size: 9.0pt;"> million and <span>$</span></span><span style="font-size: 9pt; ">36</span><span style="font-size: 9.0pt;"> million as of the fiscal years ended 2025 and 2024, respectively, related to the foreign and U.S. federal and state operations.  </span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt;">The Company is permanently reinvested except to the extent the foreign earnings are previously taxed or to the extent that we have sufficient basis in our non-U.S. subsidiaries to repatriate earnings on an income tax free basis.  </span> </div> <div style="font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt; font-style: italic;">Uncertain Tax Positions</span> </div> <div style="text-align: justify;"> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt;">The following table summarizes the activity related to our gross unrecognized tax benefits for fiscal years ended:</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B2"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D2"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D2"></td></tr><tr><td>Beginning unrecognized tax benefits</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">12</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3">$</td><td style="width: 9%; text-align: right;">17</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Penalties and interest</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(4</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Increases recognized through acquisition</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">38</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Gross increases – tax positions in prior periods</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">1</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">2</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Gross increases – current period tax positions</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">6</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Settlements</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">—</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3">) </td></tr><tr><td>Lapse of statute of limitations</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(8</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(6</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3">) </td></tr><tr><td>Ending unrecognized tax benefits</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">45</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"></td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">12</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"></td></tr></table><div> </div><div> <span style="font-size: 9.0pt;">As of fiscal year end 2025, the amount of unrecognized tax benefit that, if recognized, would affect our effective tax rate was <span>$</span></span><span><span style="font-size: 9pt;">45</span><span style="font-size: 9.0pt;"> million and we had $</span><span style="font-size: 9pt;">11</span></span><span style="font-size: 9.0pt;"><span> </span>million accrued for payment of interest and penalties related to our uncertain tax positions.  Our penalties and interest related to uncertain tax positions are included in income tax expense. </span> </div> <div style="text-align: justify;"> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt;">As a result of global operations, we file income tax returns in the U.S. federal, various state and local, and foreign jurisdictions and are routinely subject to examination by taxing authorities throughout the world.  Excluding potential adjustments to net operating losses, the U.S. federal and state income tax returns are no longer subject to income tax assessments for years before 2021.  With few exceptions, the major foreign jurisdictions are no longer subject to income tax assessments for years before 2017. </span> </div> <div style="font-size: 9pt;">  </div> <div> <span><span style="font-size: 9pt;">On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted. The Act provides for several corporate tax changes including, but not limited to, restoring full expensing of domestic research and development costs, restoring immediate deductibility of certain capital expenditures, and changes in the computation of U.S. taxation on international earnings. The impact the Act had on our business was immaterial.</span><span style="font-size: 9.0pt;"> </span></span> </div> <div> <span style="font-size: 9.0pt;">The Company is being taxed at the U.S. corporate level as a C-Corporation and has provided for U.S. Federal, State and foreign income taxes.  Significant components of income tax expense for the fiscal years ended are as follows: </span> </div> <div style="text-align: justify;"> <span style="font-size: 9.0pt;"> </span> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - B2"></td><td style="font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - B2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - D2"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - D2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - F2"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 9%;">2023</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: center; width: 1%;" title="7-Tax-Income Tax Expense - F2"></td></tr><tr><td>Current</td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B3"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B3"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D3"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D3"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F3"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F3"></td></tr><tr><td style="padding-left: 10px;">U.S.</td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B4"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B4"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D4"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F4"></td></tr><tr><td style="padding-left: 20px;">Federal</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B5">$</td><td style="width: 9%; text-align: right; font-weight: bold;">3</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B5"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D5">$</td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D5"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F5">$</td><td style="width: 9%; text-align: right;">12</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F5"> </td></tr><tr><td style="padding-left: 20px;">State</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D6"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F6"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F6"> </td></tr><tr><td style="padding-left: 10px;">Non-U.S.</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">16</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">19</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">30</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F7"> </td></tr><tr><td>Total current</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">20</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D8"> </td><td style="width: 9%; text-align: right;">28</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D8"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F8"> </td><td style="width: 9%; text-align: right;">43</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F8"> </td></tr><tr><td>Deferred:</td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B9"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B9"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D9"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D9"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F9"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F9"></td></tr><tr><td style="padding-left: 10px;">U.S.</td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B10"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - B10"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - D10"></td><td> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Income Tax Expense - F10"></td></tr><tr><td style="padding-left: 20px;">Federal</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B11"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(30</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B11">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D11"> </td><td style="width: 9%; text-align: right;">(4</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D11">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F11"> </td><td style="width: 9%; text-align: right;">(5</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F11">) </td></tr><tr><td style="padding-left: 20px;">State</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B12"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - B12">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D12"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - D12">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F12"> </td><td style="width: 9%; text-align: right;">(2</td><td style="width: 1%; text-align: left;" title="7-Tax-Income Tax Expense - F12">) </td></tr><tr><td style="padding-left: 10px;">Non-U.S.</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B13"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B13"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D13">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(2</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F13">) </td></tr><tr><td>Total deferred</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B14"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(27</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B14">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D14"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(9</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D14">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F14"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(9</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F14">) </td></tr><tr><td>Expense (benefit) for income taxes</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B15">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(7</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - B15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D15">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">19</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - D15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F15">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">34</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Income Tax Expense - F15"> </td></tr></table> 3000000 8000000 12000000 1000000 1000000 1000000 16000000 19000000 30000000 20000000 28000000 43000000 -30000000 -4000000 -5000000 -1000000 -1000000 -2000000 4000000 -4000000 -2000000 -27000000 -9000000 -9000000 -7000000 19000000 34000000 -186000000 18000000 15000000 20000000 -153000000 57000000 22000000 9000000 29000000 <div> <span style="font-size: 9.0pt;">The reconciliation between U.S. Federal income tax expense at the statutory rate and the Company’s expense for income taxes for fiscal years ended are as follows: </span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="font-weight: bold; width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B2"></td><td style="text-align: center; font-weight: bold; width: 9%;">2025</td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B2"></td><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D2"></td><td style="text-align: center; width: 9%;">2024</td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D2"></td><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F2"></td><td style="text-align: center; width: 9%;">2023</td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F2"></td></tr><tr><td>U.S. Federal income tax expense (benefit) at the statutory rate</td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B3">$</td><td style="text-align: right; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; font-weight: bold; width: 9%;">(35</td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B3">) </td><td> </td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D3">$</td><td style="text-align: right; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 9%;">(28</td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D3">) </td><td> </td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F3">$</td><td style="text-align: right; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 9%;">15</td><td style="text-align: left; border-bottom: none; border-top: 1px solid black; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F3"> </td></tr><tr><td>Adjustments to reconcile to the income tax provision:</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B4"> </td><td style="text-align: right; font-weight: bold; width: 9%;"></td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B4"> </td><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D4"></td><td> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F4"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F4"></td></tr><tr><td style="padding-left: 10px;">U.S. state income tax expense</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B5"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(3</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B5">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D5"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F5"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F5"> </td></tr><tr><td style="padding-left: 10px;">Federal and state credits</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(1</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">(1</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">(1</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6">) </td></tr><tr><td style="padding-left: 10px;">Share-based compensation</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">4</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Withholding taxes</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(1</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">2</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">6</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Changes in valuation allowance</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">31</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">11</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">5</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Foreign income taxed in the U.S.</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">2</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">1</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Brazil ICMS rate reduction</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(4</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">(6</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">(2</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6">) </td></tr><tr><td style="padding-left: 10px;">Foreign operations, inclusive of rate differential</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">(7</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">3</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Uncertain tax positions</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">2</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">(5</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6">) </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">2</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Goodwill impairment</td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%;">— </td><td style="text-align: left; font-weight: bold; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%;">44</td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%;">— </td><td style="text-align: left; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Other</td><td style="text-align: left; font-weight: bold; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">5</td><td style="text-align: left; font-weight: bold; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="text-align: left; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2</td><td style="text-align: left; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="text-align: left; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td><td style="text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">5</td><td style="text-align: left; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"> </td></tr><tr><td style="padding-left: 10px;">Expense (benefit) for income taxes</td><td style="border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; vertical-align: bottom; font-size: 9pt; width: 1%; text-align: left;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">(7</td><td style="text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - B6">) </td><td> </td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6">$</td><td style="text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">19</td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - D6"></td><td> </td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6">$</td><td style="text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">34</td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Rate Reconciliation - Magnera FY25 10-K Tie Out Support - F6"></td></tr></table> -35000000 -28000000 15000000 -3000000 0 0 1000000 1000000 1000000 4000000 0 0 -1000000 2000000 6000000 31000000 11000000 5000000 2000000 0 1000000 -4000000 -6000000 -2000000 -7000000 0 3000000 2000000 -5000000 2000000 0 44000000 0 5000000 2000000 5000000 -7000000 19000000 34000000 <div> <span style="font-size: 9.0pt;">Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes.  The components of the net deferred income tax liability as of fiscal years ended are as follows: </span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="font-weight: bold; width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B2"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold; width: 9%;">2025</td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B2"></td><td> </td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D2"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D2"></td></tr><tr><td>Deferred tax assets:</td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B3"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B3"></td><td> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D3"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D3"></td></tr><tr><td style="padding-left: 10px;">Accrued liabilities and reserves</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">6</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B4"></td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D4">$</td><td style="width: 9%; text-align: right;">7</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D4"> </td></tr><tr><td style="padding-left: 10px;">Inventories</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B5"> </td><td style="width: 9%; text-align: right; font-weight: bold;">22</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B5"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D5"> </td><td style="width: 9%; text-align: right;">3</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D5"> </td></tr><tr><td style="padding-left: 10px;">Net operating loss carryforwards</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">250</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D6"> </td><td style="width: 9%; text-align: right;">103</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D6"> </td></tr><tr><td style="padding-left: 10px;">Lease liability</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">9</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B7"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D7"> </td><td style="width: 9%; text-align: right;">12</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D7"> </td></tr><tr><td style="padding-left: 10px;">Foreign tax credit carryforwards</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">35</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D8"> </td><td style="width: 9%; text-align: right;">19</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D8"> </td></tr><tr><td style="padding-left: 10px;">Capitalization research and development expenditures</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td style="width: 9%; text-align: right; font-weight: bold;">10</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td><td style="width: 9%; text-align: right;">9</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td></tr><tr><td style="padding-left: 10px;">Hedges</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td style="width: 9%; text-align: right; font-weight: bold;">23</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td></tr><tr><td style="padding-left: 10px;">Interest limitation carryforwards</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td style="width: 9%; text-align: right; font-weight: bold;">68</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td></tr><tr><td style="padding-left: 10px;">Other</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td style="width: 9%; text-align: right; font-weight: bold;">14</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td><td style="width: 9%; text-align: right;">3</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D9"> </td></tr><tr><td style="padding-left: 20px;">Total deferred tax assets</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B11"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black; font-weight: bold;">437</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D11"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;">156</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: none; border-top: 1px solid black;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D11"> </td></tr><tr><td style="padding-left: 10px;">Valuation allowance</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B12"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; font-weight: bold;">(199</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B12">) </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D12"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">(36</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D12">) </td></tr><tr><td style="padding-left: 20px;">Total deferred tax assets, net of valuation allowance</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">238</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B13"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D13"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">120</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D13"> </td></tr><tr><td>Deferred tax liabilities:</td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B14"></td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B14"></td><td> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D14"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D14"></td></tr><tr><td style="padding-left: 10px;">Property, plant and equipment</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B15"> </td><td style="width: 9%; text-align: right; font-weight: bold;">139</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B15"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D15"> </td><td style="width: 9%; text-align: right;">68</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D15"> </td></tr><tr><td style="padding-left: 10px;">Intangible assets</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B16"> </td><td style="width: 9%; text-align: right; font-weight: bold;">40</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B16"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D16"> </td><td style="width: 9%; text-align: right;">50</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D16"> </td></tr><tr><td style="padding-left: 10px;">Leased asset</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B17"> </td><td style="width: 9%; text-align: right; font-weight: bold;">8</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B17"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D17"> </td><td style="width: 9%; text-align: right;">12</td><td style="width: 1%; text-align: left;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D17"> </td></tr><tr><td style="padding-left: 10px;">Other</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B18"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">21</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B18"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D18"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D18"> </td></tr><tr><td style="padding-left: 20px;">Total deferred tax liabilities</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B19"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; font-weight: bold;">208</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B19"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D19"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;">141</td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D19"> </td></tr><tr><td style="padding-left: 30px;">Net deferred tax asset (liability)</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B20">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">30</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - B20"></td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D20">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(21</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="7-Tax-Net Deferred Income Tax - Magnera FY25 10-K Tie Out Support - D20">) </td></tr></table> 6000000 7000000 22000000 3000000 250000000 103000000 9000000 12000000 35000000 19000000 10000000 9000000 23000000 0 68000000 0 14000000 3000000 437000000 156000000 199000000 36000000 238000000 120000000 139000000 68000000 40000000 50000000 8000000 12000000 21000000 11000000 208000000 141000000 30000000 21000000 76000000 57000000 46000000 78000000 199000000 36000000 <div> <span style="font-size: 9.0pt;">The following table summarizes the activity related to our gross unrecognized tax benefits for fiscal years ended:</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B2"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B2"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D2"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D2"></td></tr><tr><td>Beginning unrecognized tax benefits</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3">$</td><td style="width: 9%; text-align: right; font-weight: bold;">12</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3">$</td><td style="width: 9%; text-align: right;">17</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Penalties and interest</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(4</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3">) </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Increases recognized through acquisition</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">38</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Gross increases – tax positions in prior periods</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">1</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">2</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Gross increases – current period tax positions</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">6</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">—</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td></tr><tr><td>Settlements</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold;">—</td><td style="width: 1%; text-align: left; font-weight: bold;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td> </td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3">) </td></tr><tr><td>Lapse of statute of limitations</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(8</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(6</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3">) </td></tr><tr><td>Ending unrecognized tax benefits</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">45</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - B3"></td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">12</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="7-Tax-Unrecognized Tax Benefits - Magnera FY25 10-K Tie Out Support - D3"></td></tr></table> 12000000 17000000 4000000 0 38000000 0 1000000 2000000 6000000 0 0 1000000 8000000 6000000 45000000 12000000 45000000 11000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">7. Retirement Plans</span></div> <div style="line-height: 12.15pt; font-size: 9pt;"> </div> <div style="margin-top:0in; margin-right:0in; margin-bottom:8.0pt; margin-left:0in; line-height:115%; font-size:12.0pt; font-family:&quot;Aptos&quot;,sans-serif; "><span style="font-size:9.0pt;line-height:115%;font-family: &quot;Times New Roman&quot;,serif">The Company has employee benefit plans, all of which are frozen to new participants and existing participants from accruing additional benefits and are unfunded. The following table summarizes the change in the benefit plans for the year ended September 27, 2025 and the projected benefit obligation as of September 27, 2025. </span></div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td> </td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="8-Pension OPEB - B2"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; width: 9%;">Pension Benefits</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B2"> </td></tr><tr><td style="font-weight: bold;">Change in Benefit Obligation:</td><td style="width: 1%;" title="8-Pension OPEB - B3"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="8-Pension OPEB - B3"> </td></tr><tr><td>Beginning of period</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">—</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B4"></td></tr><tr><td>Acquisition</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B4"></td><td style="width: 9%; text-align: right; font-weight: bold;">27</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B4"></td></tr><tr><td>Interest cost</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">1</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B6"> </td></tr><tr><td>Benefits paid</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B7">) </td></tr><tr><td>Effect of currency rate changes</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B11"> </td><td style="text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;"> 1 </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B11"> </td></tr><tr><td>End of period</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="8-Pension OPEB - B12">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">27</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="8-Pension OPEB - B12"> </td></tr></table><div style="line-height: 12.15pt; font-size: 9pt;"> </div><div style="margin-top:0in; margin-right:0in; margin-bottom:8.0pt; margin-left:0in; line-height:115%; font-size:12.0pt; font-family:&quot;Aptos&quot;,sans-serif; "><span style="font-size:9.0pt;line-height:115%;font-family: &quot;Times New Roman&quot;,serif">The weighted-average discount rate used in determining the projected benefit obligation at the measurement date for the year was 5.11%. </span></div><div style="margin-top:0in; margin-right:0in; margin-bottom:8.0pt; margin-left:0in; line-height:115%; font-size:12.0pt; font-family:&quot;Aptos&quot;,sans-serif; "><span style="font-size:9.0pt;line-height:115%;font-family: &quot;Times New Roman&quot;,serif">As of September 27, 2025, future benefits expected to be paid for the defined-benefit plans are as follows:</span></div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"></td><td style="width: 1%;"></td><td style="width: 9%; font-weight: bold;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td>Fiscal year</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B98"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">Pension Benefits</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B98"> </td></tr><tr><td>2026</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B99">$</td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B99"> </td></tr><tr><td>2027</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B100"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B100"> </td></tr><tr><td>2028</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B101"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B101"> </td></tr><tr><td>2029</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B102"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B102"> </td></tr><tr><td>2030</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="8-Pension OPEB - B103"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-width: initial; border-style: none; border-color: initial;">2</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="8-Pension OPEB - B103"> </td></tr><tr><td>2031 through 2035</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="8-Pension OPEB - B104"></td><td style="width: 9%; text-align: right; font-weight: bold; border-width: initial; border-style: none; border-color: initial;">9</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="8-Pension OPEB - B104"></td></tr></table> The following table summarizes the change in the benefit plans for the year ended September 27, 2025 and the projected benefit obligation as of September 27, 2025.<table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td> </td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="8-Pension OPEB - B2"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; width: 9%;">Pension Benefits</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B2"> </td></tr><tr><td style="font-weight: bold;">Change in Benefit Obligation:</td><td style="width: 1%;" title="8-Pension OPEB - B3"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="8-Pension OPEB - B3"> </td></tr><tr><td>Beginning of period</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">—</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B4"></td></tr><tr><td>Acquisition</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B4"></td><td style="width: 9%; text-align: right; font-weight: bold;">27</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B4"></td></tr><tr><td>Interest cost</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">1</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B6"> </td></tr><tr><td>Benefits paid</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B7">) </td></tr><tr><td>Effect of currency rate changes</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B11"> </td><td style="text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;"> 1 </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B11"> </td></tr><tr><td>End of period</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="8-Pension OPEB - B12">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">27</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="8-Pension OPEB - B12"> </td></tr></table> 0 27000000 1000000 2000000 1000000 27000000 0.0511 <div style="margin-top:0in; margin-right:0in; margin-bottom:8.0pt; margin-left:0in; line-height:115%; font-size:12.0pt; font-family:&quot;Aptos&quot;,sans-serif; "><span style="font-size:9.0pt;line-height:115%;font-family: &quot;Times New Roman&quot;,serif">As of September 27, 2025, future benefits expected to be paid for the defined-benefit plans are as follows:</span></div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"></td><td style="width: 1%;"></td><td style="width: 9%; font-weight: bold;"></td><td style="width: 1%;"></td></tr><tr style="white-space : nowrap; "><td>Fiscal year</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B98"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">Pension Benefits</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="8-Pension OPEB - B98"> </td></tr><tr><td>2026</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B99">$</td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B99"> </td></tr><tr><td>2027</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B100"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B100"> </td></tr><tr><td>2028</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B101"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B101"> </td></tr><tr><td>2029</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B102"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="8-Pension OPEB - B102"> </td></tr><tr><td>2030</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="8-Pension OPEB - B103"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-width: initial; border-style: none; border-color: initial;">2</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="8-Pension OPEB - B103"> </td></tr><tr><td>2031 through 2035</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="8-Pension OPEB - B104"></td><td style="width: 9%; text-align: right; font-weight: bold; border-width: initial; border-style: none; border-color: initial;">9</td><td style="width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" title="8-Pension OPEB - B104"></td></tr></table> 2000000 2000000 2000000 2000000 2000000 9000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">8. Corporate Expense Allocation</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div style="line-height: 12.15pt;"> Based on man<span style="font-size: 9pt">agement estimates <span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> as part of the carve-out financial statement process</span>, </span>$<span>3 million, $21 million, $26 million, of general corporate expenses including information technology, accounting, legal, human resources, and other services were allocated to Treasure during the fiscal years ended September 27, 2025, September 28, 2024 and September 30, 2023, respectively. </span></div> 3000000 21000000 26000000 <div style="line-height: 12.15pt;"> <span style="font-size: 9.0pt; font-weight: bold;">9. Restructuring and Other Activities</span> </div> <div style="line-height: 13.5pt;"> </div> <div style="line-height: 13.5pt;"><span>In the current fiscal year, the Company announced cost savings initiatives including plant rationalizations in all segments as part of the Project CORE restructuring plan. The project is expected to be carried out over the next two years, with the operations savings intended to counter general economic softness.</span></div><div style="line-height: 13.5pt;"> </div><div> <span style="font-size: 9.0pt; color: #000000;">The table below sets forth the significant components of the Restructuring and other activities, including supply chain financing activity charges recognized for the periods presented, by reportable segment:</span> </div> <div style="line-height: 13.5pt;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 65%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B3"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2023</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F3"></td></tr><tr><td>Americas</td><td style="width: 1%; text-align: left; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">51</td><td style="width: 1%; text-align: left; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B4"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D4">$</td><td style="width: 9%; text-align: right;">14</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D4"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F4">$</td><td style="width: 9%; text-align: right;">17</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F4"> </td></tr><tr><td>Rest of World</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">38</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">16</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">7</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F5"> </td></tr><tr><td>Consolidated</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B6">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">89</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D6">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">30</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F6">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">24</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F6"> </td></tr></table><div> <span style="font-size: 9.0pt; color: #000000;">The table below sets forth the activity with respect to the Restructuring and other activities accrual at September 27, 2025:</span> </div> <div style="text-indent: -18pt; line-height: 12.15pt; padding-left: 18pt;">  </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; margin-left: 0px; margin-right: 0px; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="11" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">Restructuring</td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - H10"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="10-Transaction &amp; Other - H10"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - J10"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="10-Transaction &amp; Other - J10"> </td></tr><tr style="white-space : nowrap; "><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - B11"> </td><td style="font-weight: bold; text-align: center; width: 9%;">Employee Severance</td><td style="width: 1%;" title="10-Transaction &amp; Other - B11"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - D11"> </td><td style="font-weight: bold; text-align: center; width: 9%;">Facility Exit</td><td style="width: 1%;" title="10-Transaction &amp; Other - D11"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - F11"> </td><td style="font-weight: bold; text-align: center; width: 9%;">Non-Cash </td><td style="width: 1%;" title="10-Transaction &amp; Other - F11"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - H11"> </td><td style="text-align: center; font-weight: bold; width: 9%;">Transaction</td><td style="width: 1%;" title="10-Transaction &amp; Other - H11"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - J11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="10-Transaction &amp; Other - J11"> </td></tr><tr><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - B12"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">and Benefits</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - B12"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - D12"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">Costs</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - D12"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - F12"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">Charges</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - F12"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - H12"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">and Other<span style="font-size: .83em; vertical-align: super;">(a)</span></td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - H12"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - J12"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">Total</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - J12"> </td></tr><tr><td>Balance as of fiscal 2022</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B13">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B13"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D13">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D13"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F13">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F13"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H13">$</td><td style="width: 9%; text-align: right;">4</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H13"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J13">$</td><td style="width: 9%; text-align: right;">4</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J13"> </td></tr><tr><td>Charges</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B14"> </td><td style="width: 9%; text-align: right;">10</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B14"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D14"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D14"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F14"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F14"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H14"> </td><td style="width: 9%; text-align: right;">13</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H14"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J14"> </td><td style="width: 9%; text-align: right;">24</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J14"> </td></tr><tr><td>Cash</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(10</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(17</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(28</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J15">) </td></tr><tr><td>Balance as of fiscal 2023</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B16"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D16"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F16"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H16"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J16"> </td></tr><tr><td>Charges</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B17"> </td><td style="width: 9%; text-align: right;">13</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B17"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D17"> </td><td style="width: 9%; text-align: right;">3</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D17"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F17"> </td><td style="width: 9%; text-align: right;">3</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F17"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H17"> </td><td style="width: 9%; text-align: right;">11</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H17"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J17"> </td><td style="width: 9%; text-align: right;">30</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J17"> </td></tr><tr><td>Non-cash items</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B18"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B18"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D18"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D18"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F18"> </td><td style="width: 9%; text-align: right;">(3</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F18">) </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - H18"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%;" title="10-Transaction &amp; Other - H18"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J18"> </td><td style="width: 9%; text-align: right;">(3</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J18">) </td></tr><tr><td>Cash</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(5</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B19">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(3</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D19">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F19"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H19">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(19</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J19">) </td></tr><tr><td>Balance as of fiscal 2024</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B20">$</td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B20"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D20">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D20"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F20">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F20"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H20">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H20"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J20">$</td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J20"> </td></tr><tr><td>Charges</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">26</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B21"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D21"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">5</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F21"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">56</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H21"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">89</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J21"> </td></tr><tr><td>Non-cash items</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B22"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D22"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(5</td><td style="width: 1%; text-align: left; font-weight: bold;" title="10-Transaction &amp; Other - F22">) </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H22"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(5</td><td style="width: 1%; text-align: left; font-weight: bold;" title="10-Transaction &amp; Other - J22">) </td></tr><tr><td>Cash payments</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">(21</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - B23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">(2</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - D23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">(54</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - H23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">(77</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - J23">) </td></tr><tr><td>Balance as of fiscal 2025</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">13</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B24"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D24"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F24"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H24"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">15</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J24"> </td></tr></table><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 41%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr></table><div style="margin: 0in 0in 0in 0.25in; font-size: 12pt; text-indent: -0.25in; line-height: 12.15pt;"><i><span style="font-size: 7.5pt;">(a)</span><span style="font-size: 8pt;"><span style="mso-tab-count:1">    </span></span></i><span style="font-size: 8pt;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Includes $19 million of Transaction related compensation</span> </span></div><div style="line-height: 12.15pt; font-size: 9pt; clear: both;"> </div><div style="line-height: 12.15pt; clear: both;"><span>Since 2023, cumulative costs attributed to restructuring programs total $63 million.</span></div> P2Y <div> <span style="font-size: 9.0pt; color: #000000;">The table below sets forth the significant components of the Restructuring and other activities, including supply chain financing activity charges recognized for the periods presented, by reportable segment:</span> </div> <div style="line-height: 13.5pt;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 65%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B3"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D3"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F3"></td><td style="text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2023</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F3"></td></tr><tr><td>Americas</td><td style="width: 1%; text-align: left; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B4">$</td><td style="width: 9%; text-align: right; font-weight: bold;">51</td><td style="width: 1%; text-align: left; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B4"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D4">$</td><td style="width: 9%; text-align: right;">14</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D4"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F4">$</td><td style="width: 9%; text-align: right;">17</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F4"> </td></tr><tr><td>Rest of World</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;">38</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">16</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D5"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F5"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">7</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F5"> </td></tr><tr><td>Consolidated</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B6">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;">89</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - B6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D6">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">30</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - D6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F6">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">24</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - Magnera FY25 10-K Tie Out Support - F6"> </td></tr></table> 51000000 14000000 17000000 38000000 16000000 7000000 89000000 30000000 24000000 <div> <span style="font-size: 9.0pt; color: #000000;">The table below sets forth the activity with respect to the Restructuring and other activities accrual at September 27, 2025:</span> </div> <div style="text-indent: -18pt; line-height: 12.15pt; padding-left: 18pt;">  </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; margin-left: 0px; margin-right: 0px; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="11" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">Restructuring</td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - H10"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="10-Transaction &amp; Other - H10"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - J10"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="10-Transaction &amp; Other - J10"> </td></tr><tr style="white-space : nowrap; "><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - B11"> </td><td style="font-weight: bold; text-align: center; width: 9%;">Employee Severance</td><td style="width: 1%;" title="10-Transaction &amp; Other - B11"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - D11"> </td><td style="font-weight: bold; text-align: center; width: 9%;">Facility Exit</td><td style="width: 1%;" title="10-Transaction &amp; Other - D11"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - F11"> </td><td style="font-weight: bold; text-align: center; width: 9%;">Non-Cash </td><td style="width: 1%;" title="10-Transaction &amp; Other - F11"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - H11"> </td><td style="text-align: center; font-weight: bold; width: 9%;">Transaction</td><td style="width: 1%;" title="10-Transaction &amp; Other - H11"> </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - J11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="10-Transaction &amp; Other - J11"> </td></tr><tr><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - B12"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">and Benefits</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - B12"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - D12"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">Costs</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - D12"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - F12"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">Charges</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - F12"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - H12"> </td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">and Other<span style="font-size: .83em; vertical-align: super;">(a)</span></td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - H12"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - J12"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">Total</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="10-Transaction &amp; Other - J12"> </td></tr><tr><td>Balance as of fiscal 2022</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B13">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B13"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D13">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D13"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F13">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F13"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H13">$</td><td style="width: 9%; text-align: right;">4</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H13"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J13">$</td><td style="width: 9%; text-align: right;">4</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J13"> </td></tr><tr><td>Charges</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B14"> </td><td style="width: 9%; text-align: right;">10</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B14"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D14"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D14"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F14"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F14"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H14"> </td><td style="width: 9%; text-align: right;">13</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H14"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J14"> </td><td style="width: 9%; text-align: right;">24</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J14"> </td></tr><tr><td>Cash</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(10</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(17</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(28</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J15">) </td></tr><tr><td>Balance as of fiscal 2023</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B16"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D16"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F16"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H16"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J16">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J16"> </td></tr><tr><td>Charges</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B17"> </td><td style="width: 9%; text-align: right;">13</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B17"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D17"> </td><td style="width: 9%; text-align: right;">3</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D17"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F17"> </td><td style="width: 9%; text-align: right;">3</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F17"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H17"> </td><td style="width: 9%; text-align: right;">11</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H17"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J17"> </td><td style="width: 9%; text-align: right;">30</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J17"> </td></tr><tr><td>Non-cash items</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B18"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B18"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D18"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D18"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F18"> </td><td style="width: 9%; text-align: right;">(3</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F18">) </td><td> </td><td style="width: 1%;" title="10-Transaction &amp; Other - H18"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%;" title="10-Transaction &amp; Other - H18"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J18"> </td><td style="width: 9%; text-align: right;">(3</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J18">) </td></tr><tr><td>Cash</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(5</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B19">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(3</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D19">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F19"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H19">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J19"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(19</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J19">) </td></tr><tr><td>Balance as of fiscal 2024</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B20">$</td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B20"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D20">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D20"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F20">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F20"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H20">$</td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H20"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J20">$</td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J20"> </td></tr><tr><td>Charges</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">26</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B21"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">2</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D21"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">5</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F21"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">56</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H21"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">89</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J21"> </td></tr><tr><td>Non-cash items</td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - B22"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - D22"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - F22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(5</td><td style="width: 1%; text-align: left; font-weight: bold;" title="10-Transaction &amp; Other - F22">) </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - H22"> </td><td> </td><td style="width: 1%; text-align: left;" title="10-Transaction &amp; Other - J22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(5</td><td style="width: 1%; text-align: left; font-weight: bold;" title="10-Transaction &amp; Other - J22">) </td></tr><tr><td>Cash payments</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">(21</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - B23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">(2</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - D23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">— </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">(54</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - H23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J23"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">(77</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="10-Transaction &amp; Other - J23">) </td></tr><tr><td>Balance as of fiscal 2025</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">13</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - B24"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - D24"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">— </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - F24"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - H24"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J24">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">15</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="10-Transaction &amp; Other - J24"> </td></tr></table><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 41%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr></table><div style="margin: 0in 0in 0in 0.25in; font-size: 12pt; text-indent: -0.25in; line-height: 12.15pt;"><i><span style="font-size: 7.5pt;">(a)</span><span style="font-size: 8pt;"><span style="mso-tab-count:1">    </span></span></i><span style="font-size: 8pt;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Includes $19 million of Transaction related compensation</span> </span></div> 0 0 0 4000000 4000000 10000000 1000000 0 13000000 24000000 10000000 1000000 0 17000000 28000000 0 0 0 0 0 13000000 3000000 3000000 11000000 30000000 0 0 -3000000 0 -3000000 5000000 3000000 0 11000000 19000000 8000000 0 0 0 8000000 26000000 2000000 5000000 56000000 89000000 0 0 -5000000 0 -5000000 21000000 2000000 0 54000000 77000000 13000000 0 0 2000000 15000000 19000000 63000000 <div style="line-height: 1.15;"> <span style="font-size: 9.0pt; font-weight: bold;">10.  Equity</span></div> <div style="line-height: 1.15; font-size: 9pt;">  </div> <div> <span style="font-size: 9.0pt; font-style: italic;">Equity Incentive Plans </span> </div> <div style="line-height: 1.15; text-align: justify; font-size: 9pt;">  </div> <div style="margin: 0in; font-size: 12pt; line-height: 10.35pt;"><span style="font-size:9.0pt">In the current fiscal year, the Company initiated shareholder-approved stock plans under which restricted stock unit ("RSUs") and performance share units ("PSUs") have been granted to employees at the fair value of the Company's stock on the date of grant. RSUs generally vest ratably over a service period of three years. PSUs generally vest at the end of a performance period of three years. Compensation cost is recorded based upon the fair value of the shares at the original grant date. The fair value of the PSUs are estimated using a Monte Carlo simulation approach. The Company had unrecognized compensation expense of $16 million on awards as of fiscal year end. </span></div><div style="line-height: 1.15;"> </div> <div style="line-height: 1.15;"> <span style="font-size: 9.0pt;">Information related to the equity incentive plans as of the current fiscal year ended is as follows: </span> </div> <div> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2025</td></tr><tr style="white-space : nowrap; "><td> </td><td style="width: 1%;" title="11-Stockholders' Equity (a) - B3"> </td><td style="text-align: center; font-weight: bold; width: 9%;">Number of Shares</td><td style="width: 1%;" title="11-Stockholders' Equity (a) - B3"> </td><td> </td><td style="width: 1%;" title="11-Stockholders' Equity (a) - D3"> </td><td style="text-align: center; font-weight: bold; width: 9%;">Weighted Average</td><td style="width: 1%;" title="11-Stockholders' Equity (a) - D3"> </td></tr><tr><td> </td><td style="width: 1%;" title="11-Stockholders' Equity (a) - B4"> </td><td style="text-align: center; font-weight: bold; width: 9%;">(in thousands)</td><td style="width: 1%;" title="11-Stockholders' Equity (a) - B4"> </td><td> </td><td style="width: 1%;" title="11-Stockholders' Equity (a) - D4"> </td><td style="text-align: center; font-weight: bold; width: 9%;">Grant Price</td><td style="width: 1%;" title="11-Stockholders' Equity (a) - D4"> </td></tr><tr><td>Awards granted </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B5"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;">1,636</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - D5">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;">20.16</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - D5"></td></tr><tr><td>Awards exercised </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(248</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - B6">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">21.05</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D6"> </td></tr><tr><td>Awards forfeited or cancelled </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(29</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B7">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">20.19</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D7"> </td></tr><tr><td>Awards outstanding, end of period </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B8"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,359</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="11-Stockholders' Equity (a) - B8"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">20</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D8"> </td></tr></table><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 65%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr></table> <div> </div><div> <span style="font-size: 9.0pt;">The Company had equity incentive shares available for grant of 5 million as of September 27, 2025. </span> </div> P3Y P3Y 16000000 <div style="line-height: 1.15;"> <span style="font-size: 9.0pt;">Information related to the equity incentive plans as of the current fiscal year ended is as follows: </span> </div> <div> </div> <table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2025</td></tr><tr style="white-space : nowrap; "><td> </td><td style="width: 1%;" title="11-Stockholders' Equity (a) - B3"> </td><td style="text-align: center; font-weight: bold; width: 9%;">Number of Shares</td><td style="width: 1%;" title="11-Stockholders' Equity (a) - B3"> </td><td> </td><td style="width: 1%;" title="11-Stockholders' Equity (a) - D3"> </td><td style="text-align: center; font-weight: bold; width: 9%;">Weighted Average</td><td style="width: 1%;" title="11-Stockholders' Equity (a) - D3"> </td></tr><tr><td> </td><td style="width: 1%;" title="11-Stockholders' Equity (a) - B4"> </td><td style="text-align: center; font-weight: bold; width: 9%;">(in thousands)</td><td style="width: 1%;" title="11-Stockholders' Equity (a) - B4"> </td><td> </td><td style="width: 1%;" title="11-Stockholders' Equity (a) - D4"> </td><td style="text-align: center; font-weight: bold; width: 9%;">Grant Price</td><td style="width: 1%;" title="11-Stockholders' Equity (a) - D4"> </td></tr><tr><td>Awards granted </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B5"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;">1,636</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B5"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - D5">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;">20.16</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: none; border-top: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - D5"></td></tr><tr><td>Awards exercised </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - B6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">(248</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - B6">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D6"> </td><td style="width: 9%; text-align: right; font-weight: bold;">21.05</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D6"> </td></tr><tr><td>Awards forfeited or cancelled </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B7"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(29</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B7">) </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D7"> </td><td style="width: 9%; text-align: right; font-weight: bold;">20.19</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D7"> </td></tr><tr><td>Awards outstanding, end of period </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11-Stockholders' Equity (a) - B8"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,359</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="11-Stockholders' Equity (a) - B8"> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">20</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11-Stockholders' Equity (a) - D8"> </td></tr></table> 1636000 20.16 248000 21.05 29000 20.19 1359000 20 5000000 <div> <span style="font-size: 9.0pt; font-weight: bold;">11. Segment and Geographic Data</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 9pt;">The Company’s operations are organized into two operating and reportable segments: Americas and Rest of World. The structure is designed to align us with our customers, provide improved service, drive future growth, and to facilitate synergy realization.<span style="mso-spacerun:yes">  </span>Adjusted EBITDA is the primary measure of profit (loss) used by the chief operating decision maker ("CODM"), our CEO, to evaluate the performance of and allocate resources among our reportable segments.<span style="mso-spacerun:yes">  </span></span><span style="font-size:9.0pt">The Company defines Adjusted EBITDA as operating income adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing operating performance. The Company's management, including the CODM, uses Adjusted EBITDA to evaluate segment performance and allocate resources. The accounting policies of the reportable segments are the same as those in the consolidated financial statements. The Company's CODM uses consolidated expense information in the evaluation of segment performance and to allocate resources and is not regularly provided disaggregated expense information for each of the reportable segments.</span></div><div> <span style="font-size: 9.0pt;">Selected information by reportable segment is presented in the following tables: </span> </div> <div style="line-height: 1;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - D3"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; width: 9%;">2025</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - D3"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - F3"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - F3"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - H3"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2023</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - H3"> </td></tr><tr><td style="font-weight: bold;">Net Sales</td><td> </td><td style="width: 1%;" title="12- Segments - D4"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D4"> </td><td> </td><td style="width: 1%;" title="12- Segments - F4"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F4"> </td><td> </td><td style="width: 1%;" title="12- Segments - H4"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H4"> </td></tr><tr><td>Americas</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D5">$</td><td style="width: 9%; text-align: right; font-weight: bold;">1,833</td><td style="width: 1%; text-align: left;" title="12- Segments - D5"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F5">$</td><td style="width: 9%; text-align: right;">1,493</td><td style="width: 1%; text-align: left;" title="12- Segments - F5"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H5">$</td><td style="width: 9%; text-align: right;">1,531</td><td style="width: 1%; text-align: left;" title="12- Segments - H5"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">1,371</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">694</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">744</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H6"> </td></tr><tr><td style="padding-left: 10px;">Total net sales</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">3,204</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,187</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,275</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H7"> </td></tr><tr><td> </td><td> </td><td style="width: 1%;" title="12- Segments - D8"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D8"> </td><td> </td><td style="width: 1%;" title="12- Segments - F8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F8"> </td><td> </td><td style="width: 1%;" title="12- Segments - H8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H8"> </td></tr><tr><td style="font-weight: bold;">Segment operating expenses<span style="font-size: .83em; vertical-align: super;">(5)</span></td><td> </td><td style="width: 1%;" title="12- Segments - D9"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D9"> </td><td> </td><td style="width: 1%;" title="12- Segments - F9"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F9"> </td><td> </td><td style="width: 1%;" title="12- Segments - H9"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H9"> </td></tr><tr><td>Americas</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D10">$</td><td style="width: 9%; text-align: right; font-weight: bold;">1,592</td><td style="width: 1%; text-align: left;" title="12- Segments - D10"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F10">$</td><td style="width: 9%; text-align: right;">1,270</td><td style="width: 1%; text-align: left;" title="12- Segments - F10"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H10">$</td><td style="width: 9%; text-align: right;">1,285</td><td style="width: 1%; text-align: left;" title="12- Segments - H10"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D11"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">1,258</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F11"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">635</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H11"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">678</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H11"> </td></tr><tr><td style="padding-left: 10px;">Total segment operating expenses</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D12">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">2,850</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D12"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F12">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,905</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F12"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H12">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,963</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H12"> </td></tr><tr><td> </td><td> </td><td style="width: 1%;" title="12- Segments - D13"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D13"> </td><td> </td><td style="width: 1%;" title="12- Segments - F13"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F13"> </td><td> </td><td style="width: 1%;" title="12- Segments - H13"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H13"> </td></tr><tr><td style="font-weight: bold;">Adjusted EBITDA</td><td> </td><td style="width: 1%;" title="12- Segments - D14"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D14"> </td><td> </td><td style="width: 1%;" title="12- Segments - F14"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F14"> </td><td> </td><td style="width: 1%;" title="12- Segments - H14"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H14"> </td></tr><tr><td>Americas</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D15">$</td><td style="width: 9%; text-align: right; font-weight: bold;">241</td><td style="width: 1%; text-align: left;" title="12- Segments - D15"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F15">$</td><td style="width: 9%; text-align: right;">223</td><td style="width: 1%; text-align: left;" title="12- Segments - F15"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H15">$</td><td style="width: 9%; text-align: right;">246</td><td style="width: 1%; text-align: left;" title="12- Segments - H15"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">113</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">59</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">66</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H16"> </td></tr><tr><td style="padding-left: 10px;">Total adjusted EBITDA</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">354</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">282</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">312</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H17"> </td></tr><tr><td> </td><td> </td><td style="width: 1%;" title="12- Segments - D18"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D18"> </td><td> </td><td style="width: 1%;" title="12- Segments - F18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F18"> </td><td> </td><td style="width: 1%;" title="12- Segments - H18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H18"> </td></tr><tr><td style="font-weight: bold;">Reconciling items:</td><td> </td><td style="width: 1%;" title="12- Segments - D19"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D19"> </td><td> </td><td style="width: 1%;" title="12- Segments - F19"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F19"> </td><td> </td><td style="width: 1%;" title="12- Segments - H19"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H19"> </td></tr><tr><td>Depreciation and amortization</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D20">$</td><td style="width: 9%; text-align: right; font-weight: bold;">206</td><td style="width: 1%; text-align: left;" title="12- Segments - D20"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F20">$</td><td style="width: 9%; text-align: right;">175</td><td style="width: 1%; text-align: left;" title="12- Segments - F20"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H20">$</td><td style="width: 9%; text-align: right;">169</td><td style="width: 1%; text-align: left;" title="12- Segments - H20"> </td></tr><tr><td>Restructuring, transaction, business optimization and other activities<span style="font-size: .83em; vertical-align: super;">(1)</span></td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">94</td><td style="width: 1%; text-align: left;" title="12- Segments - D21"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F21"> </td><td style="width: 9%; text-align: right;">30</td><td style="width: 1%; text-align: left;" title="12- Segments - F21"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H21"> </td><td style="width: 9%; text-align: right;">24</td><td style="width: 1%; text-align: left;" title="12- Segments - H21"> </td></tr><tr><td>Argentina hyperinflation<span style="font-size: .83em; vertical-align: super;">(2)</span></td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">4</td><td style="width: 1%; text-align: left;" title="12- Segments - D22"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F22"> </td><td style="width: 9%; text-align: right;">14</td><td style="width: 1%; text-align: left;" title="12- Segments - F22"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H22"> </td><td style="width: 9%; text-align: right;">10</td><td style="width: 1%; text-align: left;" title="12- Segments - H22"> </td></tr><tr><td>Goodwill and other impairment</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D23"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left;" title="12- Segments - D23"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F23"> </td><td style="width: 9%; text-align: right;">172</td><td style="width: 1%; text-align: left;" title="12- Segments - F23"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H23"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="12- Segments - H23"> </td></tr><tr><td>Corporate expense allocation<span style="font-size: .83em; vertical-align: super;">(3)</span></td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D24"> </td><td style="width: 9%; text-align: right; font-weight: bold;">3</td><td style="width: 1%; text-align: left;" title="12- Segments - D24"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F24"> </td><td style="width: 9%; text-align: right;">21</td><td style="width: 1%; text-align: left;" title="12- Segments - F24"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H24"> </td><td style="width: 9%; text-align: right;">26</td><td style="width: 1%; text-align: left;" title="12- Segments - H24"> </td></tr><tr><td>Other non-cash charges<span style="font-size: .83em; vertical-align: super;">(4)</span></td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D25"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">42</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D25"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F25"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F25"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H25"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">14</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H25"> </td></tr><tr><td style="padding-left: 10px;">Operating Income</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D26"> </td><td style="width: 9%; text-align: right; font-weight: bold;">5</td><td style="width: 1%; text-align: left;" title="12- Segments - D26"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F26"> </td><td style="width: 9%; text-align: right;">(141</td><td style="width: 1%; text-align: left;" title="12- Segments - F26">) </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H26"> </td><td style="width: 9%; text-align: right;">69</td><td style="width: 1%; text-align: left;" title="12- Segments - H26"> </td></tr><tr><td>Interest expense, net and other expense (income), net</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D27"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">171</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(6</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F27">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(3</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H27">) </td></tr><tr><td style="padding-left: 10px;">Income (loss) before income taxes</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D28">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(166</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D28">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F28">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(135</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F28">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H28">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">72</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H28"> </td></tr></table><div style="margin: 0in; font-size: 12pt; line-height: 9pt;"><span style="font-size:9.0pt"> </span></div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; "><i>(1)<span style="mso-tab-count:1">    </span></i><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">Includes $84 million, $30 million, and $24 million of Restructuring and other charges in the fiscal year ended 2025, 2024, and 2023, respectively.</span></span></div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; "><i>(2)<span style="mso-tab-count:1">    </span></i><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso</span></span> </div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; "><i>(3)<span style="mso-tab-count:1">    </span></i><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">Consists of estimated parent-allocated charges for the period prior to merger which is required by GAAP as part of the carve-out financial statement process</span></span> </div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; "><i>(4)<span style="mso-tab-count:1">    </span></i><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">Includes stock compensation expense and other non-cash items, including $16 million of inventory step-up charges related to the GLT merger and $5 million of Restructuring and other expenses in the fiscal year ended 2025</span></span></div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; font-style : italic; ">(5)   <span style="font-style: normal;">Segment operating expenses include primarily cost of goods sold and selling, general and administrative expenses </span></div><div style="line-height: 1;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="font-weight: bold;">Depreciation and amortization</td><td> </td><td style="width: 1%;" title="11- Segments - D30"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - D30"> </td><td> </td><td style="width: 1%;" title="11- Segments - F30"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - F30"> </td><td> </td><td style="width: 1%;" title="11- Segments - H30"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - H30"> </td></tr><tr><td>Americas</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D31">$</td><td style="width: 9%; text-align: right; font-weight: bold;">132</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D31"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - F31">$</td><td style="width: 9%; text-align: right;">123</td><td style="width: 1%; text-align: left;" title="11- Segments - F31"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - H31">$</td><td style="width: 9%; text-align: right;">119</td><td style="width: 1%; text-align: left;" title="11- Segments - H31"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D32"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">74</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D32"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F32"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">52</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F32"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H32"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">50</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H32"> </td></tr><tr><td style="padding-left: 10px;">Total depreciation and amortization</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D33">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">206</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D33"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F33">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">175</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F33"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H33">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">169</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H33"> </td></tr></table><div style="line-height: 1;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td> </td><td> </td><td style="width: 1%; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0);" title="11- Segments - F35"> </td><td style="text-align: center; font-weight: bold; width: 9%; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;">2025</td><td style="width: 1%; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;" title="11- Segments - F35"> </td><td> </td><td style="width: 1%; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;" title="11- Segments - H35"> </td><td style="text-align: center; width: 9%; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;">2024</td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11- Segments - H35"> </td></tr><tr><td style="font-weight: bold;">Long-lived assets</td><td> </td><td> </td><td> </td><td style="width: 1%;" title="11- Segments - F36"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - F36"> </td><td> </td><td style="width: 1%;" title="11- Segments - H36"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - H36"> </td></tr><tr><td>Americas</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - F37">$</td><td style="width: 9%; text-align: right; font-weight: bold;">1,796</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - F37"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - H37">$</td><td style="width: 9%; text-align: right;">1,460</td><td style="width: 1%; text-align: left;" title="11- Segments - H37"> </td></tr><tr><td>Rest of World</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0);" title="11- Segments - F38"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;">770</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;" title="11- Segments - F38"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;" title="11- Segments - H38"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;">461</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; border-right: none; border-top: none;" title="11- Segments - H38"> </td></tr><tr><td style="padding-left: 10px;">Total long-lived assets</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0);" title="11- Segments - F39">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0); border-top: none;">2,566</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0); border-top: none;" title="11- Segments - F39"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0); border-top: none;" title="11- Segments - H39">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0); border-top: none;">1,921</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-left: none; border-right: none; border-top: none;" title="11- Segments - H39"> </td></tr></table><div style="line-height: 1;"> </div><div style="margin: 0in; font-size: 12pt; line-height: 9pt;"><span style="font-size:9.0pt">Total assets and capital expenditures by segment are not disclosed as the CODM does not utilize these measures to evaluate segment performance or allocate resources and capital.</span></div><div style="line-height: 1;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 74%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%; font-weight: bold;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr></table> <div style="line-height: 1;"><span style="font-size: 9.0pt;">Selected information by geographical region is presented in the following tables:</span> </div> <table style="border-spacing: 0px; border-collapse: collapse; margin-left: 1.15pt; font-size: 9pt;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 318.35pt;"> </td> <td style="width: 13.5pt;"> </td> <td style="width: 49.5pt;"> </td> <td style="width: 13.5pt;"> </td> <td style="width: 10.85pt;"> </td> <td style="width: 59.25pt;"> </td> <td style="width: 10.9pt;"> </td> <td style="width: 9.7pt;"> </td> <td style="width: 54.45pt;"> </td> </tr> </table> <div style="line-height: 1;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td style="border-left: none; border-right: none; border-top: none; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;" title="11- Segments - D42"> </td><td style="text-align: center; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); width: 9%;">2025</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="11- Segments - D42"> </td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; width: 1%;" title="11- Segments - F42"> </td><td style="text-align: center; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; width: 9%;">2024</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="11- Segments - F42"> </td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="11- Segments - H42"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; border-right: none; width: 9%;">2023</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-left: none; border-right: none; width: 1%;" title="11- Segments - H42"> </td></tr><tr><td style="font-weight: bold;">Net sales</td><td> </td><td style="width: 1%;" title="11- Segments - D43"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - D43"> </td><td> </td><td style="width: 1%;" title="11- Segments - F43"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - F43"> </td><td> </td><td style="width: 1%;" title="11- Segments - H43"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - H43"> </td></tr><tr><td>United States and Canada</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D44">$</td><td style="width: 9%; text-align: right; font-weight: bold;">1,398</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D44"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - F44">$</td><td style="width: 9%; text-align: right;">991</td><td style="width: 1%; text-align: left;" title="11- Segments - F44"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - H44">$</td><td style="width: 9%; text-align: right;">998</td><td style="width: 1%; text-align: left;" title="11- Segments - H44"> </td></tr><tr><td>Latin America</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D45"> </td><td style="width: 9%; text-align: right; font-weight: bold;">435</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D45"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - F45"> </td><td style="width: 9%; text-align: right;">502</td><td style="width: 1%; text-align: left;" title="11- Segments - F45"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - H45"> </td><td style="width: 9%; text-align: right;">533</td><td style="width: 1%; text-align: left;" title="11- Segments - H45"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D46"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,371</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">694</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">744</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H46"> </td></tr><tr><td style="padding-left: 10px;">Total net sales</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D47">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">3,204</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F47">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,187</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H47">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,275</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H47"> </td></tr></table><div> <span style="font-size: 9.0pt;">Selected information by product line is presented in the following tables: </span> </div> <div style="font-size: 9pt;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 72%;"></td><td style="width: 1%;"></td><td style="width: 1%;"> </td><td style="width: 1%;"></td><td style="width: 1%;"> </td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="font-weight: bold; width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>(in percentages)</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F65"> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; text-align: center;">2025</td><td style="text-align: left; border-bottom: 1.81818px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;">2024</td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td></tr><tr><td style="font-weight: bold;">Net sales</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - F65"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; font-weight: bold;"></td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - H65"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial;"></td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - H65"> </td></tr><tr><td>Personal Care</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - F65"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; font-weight: bold;">48 %</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - H65"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial;">49 %</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - H65"> </td></tr><tr><td>Consumer Solutions</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F65"> </td><td style="text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">52 %</td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td><td style="text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">51 %</td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td></tr><tr><td style="padding-left: 10px;">Total net sales</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F65"> </td><td style="text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">100 %</td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td><td style="text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">100 %</td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td></tr></table> 2 2 <div> <span style="font-size: 9.0pt;">Selected information by reportable segment is presented in the following tables: </span> </div> <div style="line-height: 1;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - D3"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; width: 9%;">2025</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - D3"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - F3"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - F3"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - H3"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2023</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="12- Segments - H3"> </td></tr><tr><td style="font-weight: bold;">Net Sales</td><td> </td><td style="width: 1%;" title="12- Segments - D4"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D4"> </td><td> </td><td style="width: 1%;" title="12- Segments - F4"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F4"> </td><td> </td><td style="width: 1%;" title="12- Segments - H4"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H4"> </td></tr><tr><td>Americas</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D5">$</td><td style="width: 9%; text-align: right; font-weight: bold;">1,833</td><td style="width: 1%; text-align: left;" title="12- Segments - D5"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F5">$</td><td style="width: 9%; text-align: right;">1,493</td><td style="width: 1%; text-align: left;" title="12- Segments - F5"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H5">$</td><td style="width: 9%; text-align: right;">1,531</td><td style="width: 1%; text-align: left;" title="12- Segments - H5"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">1,371</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">694</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F6"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">744</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H6"> </td></tr><tr><td style="padding-left: 10px;">Total net sales</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">3,204</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,187</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F7"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H7">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,275</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H7"> </td></tr><tr><td> </td><td> </td><td style="width: 1%;" title="12- Segments - D8"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D8"> </td><td> </td><td style="width: 1%;" title="12- Segments - F8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F8"> </td><td> </td><td style="width: 1%;" title="12- Segments - H8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H8"> </td></tr><tr><td style="font-weight: bold;">Segment operating expenses<span style="font-size: .83em; vertical-align: super;">(5)</span></td><td> </td><td style="width: 1%;" title="12- Segments - D9"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D9"> </td><td> </td><td style="width: 1%;" title="12- Segments - F9"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F9"> </td><td> </td><td style="width: 1%;" title="12- Segments - H9"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H9"> </td></tr><tr><td>Americas</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D10">$</td><td style="width: 9%; text-align: right; font-weight: bold;">1,592</td><td style="width: 1%; text-align: left;" title="12- Segments - D10"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F10">$</td><td style="width: 9%; text-align: right;">1,270</td><td style="width: 1%; text-align: left;" title="12- Segments - F10"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H10">$</td><td style="width: 9%; text-align: right;">1,285</td><td style="width: 1%; text-align: left;" title="12- Segments - H10"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D11"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">1,258</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F11"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">635</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H11"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">678</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H11"> </td></tr><tr><td style="padding-left: 10px;">Total segment operating expenses</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D12">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">2,850</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D12"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F12">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,905</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F12"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H12">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,963</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H12"> </td></tr><tr><td> </td><td> </td><td style="width: 1%;" title="12- Segments - D13"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D13"> </td><td> </td><td style="width: 1%;" title="12- Segments - F13"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F13"> </td><td> </td><td style="width: 1%;" title="12- Segments - H13"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H13"> </td></tr><tr><td style="font-weight: bold;">Adjusted EBITDA</td><td> </td><td style="width: 1%;" title="12- Segments - D14"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D14"> </td><td> </td><td style="width: 1%;" title="12- Segments - F14"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F14"> </td><td> </td><td style="width: 1%;" title="12- Segments - H14"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H14"> </td></tr><tr><td>Americas</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D15">$</td><td style="width: 9%; text-align: right; font-weight: bold;">241</td><td style="width: 1%; text-align: left;" title="12- Segments - D15"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F15">$</td><td style="width: 9%; text-align: right;">223</td><td style="width: 1%; text-align: left;" title="12- Segments - F15"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H15">$</td><td style="width: 9%; text-align: right;">246</td><td style="width: 1%; text-align: left;" title="12- Segments - H15"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">113</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">59</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">66</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H16"> </td></tr><tr><td style="padding-left: 10px;">Total adjusted EBITDA</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">354</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">282</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">312</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H17"> </td></tr><tr><td> </td><td> </td><td style="width: 1%;" title="12- Segments - D18"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D18"> </td><td> </td><td style="width: 1%;" title="12- Segments - F18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F18"> </td><td> </td><td style="width: 1%;" title="12- Segments - H18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H18"> </td></tr><tr><td style="font-weight: bold;">Reconciling items:</td><td> </td><td style="width: 1%;" title="12- Segments - D19"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="12- Segments - D19"> </td><td> </td><td style="width: 1%;" title="12- Segments - F19"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - F19"> </td><td> </td><td style="width: 1%;" title="12- Segments - H19"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="12- Segments - H19"> </td></tr><tr><td>Depreciation and amortization</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D20">$</td><td style="width: 9%; text-align: right; font-weight: bold;">206</td><td style="width: 1%; text-align: left;" title="12- Segments - D20"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F20">$</td><td style="width: 9%; text-align: right;">175</td><td style="width: 1%; text-align: left;" title="12- Segments - F20"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H20">$</td><td style="width: 9%; text-align: right;">169</td><td style="width: 1%; text-align: left;" title="12- Segments - H20"> </td></tr><tr><td>Restructuring, transaction, business optimization and other activities<span style="font-size: .83em; vertical-align: super;">(1)</span></td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D21"> </td><td style="width: 9%; text-align: right; font-weight: bold;">94</td><td style="width: 1%; text-align: left;" title="12- Segments - D21"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F21"> </td><td style="width: 9%; text-align: right;">30</td><td style="width: 1%; text-align: left;" title="12- Segments - F21"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H21"> </td><td style="width: 9%; text-align: right;">24</td><td style="width: 1%; text-align: left;" title="12- Segments - H21"> </td></tr><tr><td>Argentina hyperinflation<span style="font-size: .83em; vertical-align: super;">(2)</span></td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D22"> </td><td style="width: 9%; text-align: right; font-weight: bold;">4</td><td style="width: 1%; text-align: left;" title="12- Segments - D22"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F22"> </td><td style="width: 9%; text-align: right;">14</td><td style="width: 1%; text-align: left;" title="12- Segments - F22"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H22"> </td><td style="width: 9%; text-align: right;">10</td><td style="width: 1%; text-align: left;" title="12- Segments - H22"> </td></tr><tr><td>Goodwill and other impairment</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D23"> </td><td style="width: 9%; text-align: right; font-weight: bold;">— </td><td style="width: 1%; text-align: left;" title="12- Segments - D23"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F23"> </td><td style="width: 9%; text-align: right;">172</td><td style="width: 1%; text-align: left;" title="12- Segments - F23"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H23"> </td><td style="width: 9%; text-align: right;">— </td><td style="width: 1%; text-align: left;" title="12- Segments - H23"> </td></tr><tr><td>Corporate expense allocation<span style="font-size: .83em; vertical-align: super;">(3)</span></td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D24"> </td><td style="width: 9%; text-align: right; font-weight: bold;">3</td><td style="width: 1%; text-align: left;" title="12- Segments - D24"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F24"> </td><td style="width: 9%; text-align: right;">21</td><td style="width: 1%; text-align: left;" title="12- Segments - F24"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H24"> </td><td style="width: 9%; text-align: right;">26</td><td style="width: 1%; text-align: left;" title="12- Segments - H24"> </td></tr><tr><td>Other non-cash charges<span style="font-size: .83em; vertical-align: super;">(4)</span></td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D25"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">42</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D25"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F25"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F25"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H25"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">14</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H25"> </td></tr><tr><td style="padding-left: 10px;">Operating Income</td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - D26"> </td><td style="width: 9%; text-align: right; font-weight: bold;">5</td><td style="width: 1%; text-align: left;" title="12- Segments - D26"> </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - F26"> </td><td style="width: 9%; text-align: right;">(141</td><td style="width: 1%; text-align: left;" title="12- Segments - F26">) </td><td> </td><td style="width: 1%; text-align: left;" title="12- Segments - H26"> </td><td style="width: 9%; text-align: right;">69</td><td style="width: 1%; text-align: left;" title="12- Segments - H26"> </td></tr><tr><td>Interest expense, net and other expense (income), net</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D27"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">171</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(6</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F27">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(3</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H27">) </td></tr><tr><td style="padding-left: 10px;">Income (loss) before income taxes</td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D28">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(166</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - D28">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F28">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(135</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F28">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H28">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">72</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H28"> </td></tr></table><div style="margin: 0in; font-size: 12pt; line-height: 9pt;"><span style="font-size:9.0pt"> </span></div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; "><i>(1)<span style="mso-tab-count:1">    </span></i><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">Includes $84 million, $30 million, and $24 million of Restructuring and other charges in the fiscal year ended 2025, 2024, and 2023, respectively.</span></span></div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; "><i>(2)<span style="mso-tab-count:1">    </span></i><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso</span></span> </div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; "><i>(3)<span style="mso-tab-count:1">    </span></i><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">Consists of estimated parent-allocated charges for the period prior to merger which is required by GAAP as part of the carve-out financial statement process</span></span> </div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; "><i>(4)<span style="mso-tab-count:1">    </span></i><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">Includes stock compensation expense and other non-cash items, including $16 million of inventory step-up charges related to the GLT merger and $5 million of Restructuring and other expenses in the fiscal year ended 2025</span></span></div><div style="margin : 0in 0in 0in 0.25in; font-size : 8pt; text-indent : -0.25in; line-height : 12.15pt; font-style : italic; ">(5)   <span style="font-style: normal;">Segment operating expenses include primarily cost of goods sold and selling, general and administrative expenses </span></div><div style="line-height: 1;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td style="font-weight: bold;">Depreciation and amortization</td><td> </td><td style="width: 1%;" title="11- Segments - D30"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - D30"> </td><td> </td><td style="width: 1%;" title="11- Segments - F30"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - F30"> </td><td> </td><td style="width: 1%;" title="11- Segments - H30"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - H30"> </td></tr><tr><td>Americas</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D31">$</td><td style="width: 9%; text-align: right; font-weight: bold;">132</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D31"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - F31">$</td><td style="width: 9%; text-align: right;">123</td><td style="width: 1%; text-align: left;" title="11- Segments - F31"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - H31">$</td><td style="width: 9%; text-align: right;">119</td><td style="width: 1%; text-align: left;" title="11- Segments - H31"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D32"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">74</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D32"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F32"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">52</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F32"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H32"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">50</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H32"> </td></tr><tr><td style="padding-left: 10px;">Total depreciation and amortization</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D33">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">206</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D33"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F33">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">175</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F33"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H33">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">169</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H33"> </td></tr></table><div style="line-height: 1;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td> </td><td> </td><td style="width: 1%; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0);" title="11- Segments - F35"> </td><td style="text-align: center; font-weight: bold; width: 9%; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;">2025</td><td style="width: 1%; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;" title="11- Segments - F35"> </td><td> </td><td style="width: 1%; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;" title="11- Segments - H35"> </td><td style="text-align: center; width: 9%; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;">2024</td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; border-right: none;" title="11- Segments - H35"> </td></tr><tr><td style="font-weight: bold;">Long-lived assets</td><td> </td><td> </td><td> </td><td style="width: 1%;" title="11- Segments - F36"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - F36"> </td><td> </td><td style="width: 1%;" title="11- Segments - H36"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - H36"> </td></tr><tr><td>Americas</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - F37">$</td><td style="width: 9%; text-align: right; font-weight: bold;">1,796</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - F37"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - H37">$</td><td style="width: 9%; text-align: right;">1,460</td><td style="width: 1%; text-align: left;" title="11- Segments - H37"> </td></tr><tr><td>Rest of World</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0);" title="11- Segments - F38"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;">770</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;" title="11- Segments - F38"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;" title="11- Segments - H38"> </td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none;">461</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; border-right: none; border-top: none;" title="11- Segments - H38"> </td></tr><tr><td style="padding-left: 10px;">Total long-lived assets</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0);" title="11- Segments - F39">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0); border-top: none;">2,566</td><td style="width: 1%; text-align: left; font-weight: bold; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0); border-top: none;" title="11- Segments - F39"> </td><td> </td><td style="width: 1%; text-align: left; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0); border-top: none;" title="11- Segments - H39">$</td><td style="width: 9%; text-align: right; border-left: none; border-right: none; border-bottom: 3px double rgb(0, 0, 0); border-top: none;">1,921</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-left: none; border-right: none; border-top: none;" title="11- Segments - H39"> </td></tr></table> 1833000000 1493000000 1531000000 1371000000 694000000 744000000 3204000000 2187000000 2275000000 1592000000 1270000000 1285000000 1258000000 635000000 678000000 2850000000 1905000000 1963000000 241000000 223000000 246000000 113000000 59000000 66000000 354000000 282000000 312000000 206000000 175000000 169000000 94000000 30000000 24000000 4000000 14000000 10000000 0 172000000 0 3000000 21000000 26000000 42000000 11000000 14000000 5000000 -141000000 69000000 171000000 -6000000 -3000000 -166000000 -135000000 72000000 84000000 30000000 24000000 16000000 5000000 132000000 123000000 119000000 74000000 52000000 50000000 206000000 175000000 169000000 1796000000 1460000000 770000000 461000000 2566000000 1921000000 <div style="line-height: 1;"><span style="font-size: 9.0pt;">Selected information by geographical region is presented in the following tables:</span> </div> <table style="border-spacing: 0px; border-collapse: collapse; margin-left: 1.15pt; font-size: 9pt;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 318.35pt;"> </td> <td style="width: 13.5pt;"> </td> <td style="width: 49.5pt;"> </td> <td style="width: 13.5pt;"> </td> <td style="width: 10.85pt;"> </td> <td style="width: 59.25pt;"> </td> <td style="width: 10.9pt;"> </td> <td style="width: 9.7pt;"> </td> <td style="width: 54.45pt;"> </td> </tr> </table> <div style="line-height: 1;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td> </td><td style="border-left: none; border-right: none; border-top: none; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;" title="11- Segments - D42"> </td><td style="text-align: center; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); width: 9%;">2025</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="11- Segments - D42"> </td><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; width: 1%;" title="11- Segments - F42"> </td><td style="text-align: center; border-left: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; width: 9%;">2024</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="11- Segments - F42"> </td><td> </td><td style="border-left: none; border-right: none; width: 1%;" title="11- Segments - H42"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; border-right: none; width: 9%;">2023</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-left: none; border-right: none; width: 1%;" title="11- Segments - H42"> </td></tr><tr><td style="font-weight: bold;">Net sales</td><td> </td><td style="width: 1%;" title="11- Segments - D43"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - D43"> </td><td> </td><td style="width: 1%;" title="11- Segments - F43"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - F43"> </td><td> </td><td style="width: 1%;" title="11- Segments - H43"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="11- Segments - H43"> </td></tr><tr><td>United States and Canada</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D44">$</td><td style="width: 9%; text-align: right; font-weight: bold;">1,398</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D44"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - F44">$</td><td style="width: 9%; text-align: right;">991</td><td style="width: 1%; text-align: left;" title="11- Segments - F44"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - H44">$</td><td style="width: 9%; text-align: right;">998</td><td style="width: 1%; text-align: left;" title="11- Segments - H44"> </td></tr><tr><td>Latin America</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D45"> </td><td style="width: 9%; text-align: right; font-weight: bold;">435</td><td style="width: 1%; text-align: left; font-weight: bold;" title="11- Segments - D45"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - F45"> </td><td style="width: 9%; text-align: right;">502</td><td style="width: 1%; text-align: left;" title="11- Segments - F45"> </td><td> </td><td style="width: 1%; text-align: left;" title="11- Segments - H45"> </td><td style="width: 9%; text-align: right;">533</td><td style="width: 1%; text-align: left;" title="11- Segments - H45"> </td></tr><tr><td>Rest of World</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D46"> </td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,371</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">694</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">744</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H46"> </td></tr><tr><td style="padding-left: 10px;">Total net sales</td><td> </td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D47">$</td><td style="width: 9%; text-align: right; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">3,204</td><td style="width: 1%; text-align: left; font-weight: bold; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - D47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F47">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,187</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - F47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H47">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,275</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="11- Segments - H47"> </td></tr></table> 1398000000 991000000 998000000 435000000 502000000 533000000 1371000000 694000000 744000000 3204000000 2187000000 2275000000 <div> <span style="font-size: 9.0pt;">Selected information by product line is presented in the following tables: </span> </div> <div style="font-size: 9pt;"> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 72%;"></td><td style="width: 1%;"></td><td style="width: 1%;"> </td><td style="width: 1%;"></td><td style="width: 1%;"> </td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="font-weight: bold; width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>(in percentages)</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F65"> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; text-align: center;">2025</td><td style="text-align: left; border-bottom: 1.81818px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;">2024</td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td></tr><tr><td style="font-weight: bold;">Net sales</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - F65"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; font-weight: bold;"></td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - H65"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial;"></td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - H65"> </td></tr><tr><td>Personal Care</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - F65"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; font-weight: bold;">48 %</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - H65"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial;">49 %</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial;" title="12- Segments - H65"> </td></tr><tr><td>Consumer Solutions</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F65"> </td><td style="text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">52 %</td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td><td style="text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">51 %</td><td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td></tr><tr><td style="padding-left: 10px;">Total net sales</td><td> </td><td title="11- Segments - D65"> </td><td> </td><td title="11- Segments - D65"> </td><td> </td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - F65"> </td><td style="text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;">100 %</td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold;" title="12- Segments - F65"> </td><td> </td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td><td style="text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">100 %</td><td style="text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="12- Segments - H65"> </td></tr></table> 0.48 0.49 0.52 0.51 1 1 <div> <span style="font-size: 9.0pt; font-weight: bold;">12.   Basic and Diluted Net Income (Loss) Per Share</span> </div> <div> <span style="font-size: 9.0pt;"> </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">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.</span> </div> <div> <span style="font-size: 9.0pt;">  </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations:</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>(in millions) </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - B4"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; width: 9%;">2025</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - B4"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - D4"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - D4"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - F4"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2023</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - F4"> </td></tr><tr><td style="font-weight: bold;">Numerator </td><td style="width: 1%;" title="13-EPS - B5"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="13-EPS - B5"> </td><td> </td><td style="width: 1%;" title="13-EPS - D5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - D5"> </td><td> </td><td style="width: 1%;" title="13-EPS - F5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - F5"> </td></tr><tr><td>Consolidated net income (loss) </td><td style="width: 1%; text-align: left;" title="13-EPS - B6">$</td><td style="width: 9%; text-align: right; font-weight: bold;">(159</td><td style="width: 1%; text-align: left;" title="13-EPS - B6">) </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - D6">$</td><td style="width: 9%; text-align: right;">(154</td><td style="width: 1%; text-align: left;" title="13-EPS - D6">) </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - F6">$</td><td style="width: 9%; text-align: right;">38</td><td style="width: 1%; text-align: left;" title="13-EPS - F6"> </td></tr><tr><td style="font-weight: bold;">Denominator </td><td style="width: 1%;" title="13-EPS - B7"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="13-EPS - B7"> </td><td> </td><td style="width: 1%;" title="13-EPS - D7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - D7"> </td><td> </td><td style="width: 1%;" title="13-EPS - F7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - F7"> </td></tr><tr><td>Weighted average common shares outstanding - basic and dilutive</td><td style="width: 1%; text-align: left;" title="13-EPS - B8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">35.5</td><td style="width: 1%; text-align: left;" title="13-EPS - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - D8"> </td><td style="width: 9%; text-align: right;">31.8</td><td style="width: 1%; text-align: left;" title="13-EPS - D8"> </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - F8"> </td><td style="width: 9%; text-align: right;">31.8</td><td style="width: 1%; text-align: left;" title="13-EPS - F8"> </td></tr><tr><td> </td><td style="width: 1%;" title="13-EPS - B11"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="13-EPS - B11"> </td><td> </td><td style="width: 1%;" title="13-EPS - D11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - D11"> </td><td> </td><td style="width: 1%;" title="13-EPS - F11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - F11"> </td></tr><tr><td>Net income (loss) per share:</td><td style="width: 1%;" title="13-EPS - B12"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="13-EPS - B12"> </td><td> </td><td style="width: 1%;" title="13-EPS - D12"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - D12"> </td><td> </td><td style="width: 1%;" title="13-EPS - F12"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - F12"> </td></tr><tr><td style="font-weight: bold; padding-left: 10px;">Basic and diluted</td><td style="width: 1%; text-align: left;" title="13-EPS - B13">$</td><td style="width: 9%; text-align: right; font-weight: bold;">(4.47</td><td style="width: 1%; text-align: left;" title="13-EPS - B13">) </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - D13">$</td><td style="width: 9%; text-align: right;">(4.84</td><td style="width: 1%; text-align: left;" title="13-EPS - D13">) </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - F13">$</td><td style="width: 9%; text-align: right;">1.19</td><td style="width: 1%; text-align: left;" title="13-EPS - F13"> </td></tr></table><div> </div> <div> <span style="font-size: 9.0pt; color: #000000;">While there were no shares outstanding in prior periods, an allocation of 90% of the shares as of the completion of the Transaction have been provided for comparability purposes. Shares excluded from the current period calculation, as the effect of their conversion into shares of our common stock would be antidilutive, were 1.1 million. </span> </div> <div> <span style="font-size: 9.0pt; color: #000000;">The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations:</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="border-collapse: collapse; font-size: 9pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td>(in millions) </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - B4"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; font-weight: bold; width: 9%;">2025</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - B4"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - D4"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2024</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - D4"> </td><td> </td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - F4"> </td><td style="text-align: center; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2023</td><td style="border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="13-EPS - F4"> </td></tr><tr><td style="font-weight: bold;">Numerator </td><td style="width: 1%;" title="13-EPS - B5"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="13-EPS - B5"> </td><td> </td><td style="width: 1%;" title="13-EPS - D5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - D5"> </td><td> </td><td style="width: 1%;" title="13-EPS - F5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - F5"> </td></tr><tr><td>Consolidated net income (loss) </td><td style="width: 1%; text-align: left;" title="13-EPS - B6">$</td><td style="width: 9%; text-align: right; font-weight: bold;">(159</td><td style="width: 1%; text-align: left;" title="13-EPS - B6">) </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - D6">$</td><td style="width: 9%; text-align: right;">(154</td><td style="width: 1%; text-align: left;" title="13-EPS - D6">) </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - F6">$</td><td style="width: 9%; text-align: right;">38</td><td style="width: 1%; text-align: left;" title="13-EPS - F6"> </td></tr><tr><td style="font-weight: bold;">Denominator </td><td style="width: 1%;" title="13-EPS - B7"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="13-EPS - B7"> </td><td> </td><td style="width: 1%;" title="13-EPS - D7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - D7"> </td><td> </td><td style="width: 1%;" title="13-EPS - F7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - F7"> </td></tr><tr><td>Weighted average common shares outstanding - basic and dilutive</td><td style="width: 1%; text-align: left;" title="13-EPS - B8"> </td><td style="width: 9%; text-align: right; font-weight: bold;">35.5</td><td style="width: 1%; text-align: left;" title="13-EPS - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - D8"> </td><td style="width: 9%; text-align: right;">31.8</td><td style="width: 1%; text-align: left;" title="13-EPS - D8"> </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - F8"> </td><td style="width: 9%; text-align: right;">31.8</td><td style="width: 1%; text-align: left;" title="13-EPS - F8"> </td></tr><tr><td> </td><td style="width: 1%;" title="13-EPS - B11"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="13-EPS - B11"> </td><td> </td><td style="width: 1%;" title="13-EPS - D11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - D11"> </td><td> </td><td style="width: 1%;" title="13-EPS - F11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - F11"> </td></tr><tr><td>Net income (loss) per share:</td><td style="width: 1%;" title="13-EPS - B12"> </td><td style="font-weight: bold; width: 9%;"> </td><td style="width: 1%;" title="13-EPS - B12"> </td><td> </td><td style="width: 1%;" title="13-EPS - D12"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - D12"> </td><td> </td><td style="width: 1%;" title="13-EPS - F12"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="13-EPS - F12"> </td></tr><tr><td style="font-weight: bold; padding-left: 10px;">Basic and diluted</td><td style="width: 1%; text-align: left;" title="13-EPS - B13">$</td><td style="width: 9%; text-align: right; font-weight: bold;">(4.47</td><td style="width: 1%; text-align: left;" title="13-EPS - B13">) </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - D13">$</td><td style="width: 9%; text-align: right;">(4.84</td><td style="width: 1%; text-align: left;" title="13-EPS - D13">) </td><td> </td><td style="width: 1%; text-align: left;" title="13-EPS - F13">$</td><td style="width: 9%; text-align: right;">1.19</td><td style="width: 1%; text-align: left;" title="13-EPS - F13"> </td></tr></table> -159000000 -154000000 38000000 35500000 35500000 31800000 31800000 31800000 31800000 -4.47 -4.47 -4.84 -4.84 1.19 1.19 0.90 1100000 1100000 1100000 false false false false true 2029-11-30 2031-11-30 2031-11-30 2029-10-31 http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember http://fasb.org/us-gaap/2025#InterestExpenseNonoperating http://fasb.org/us-gaap/2025#InterestExpenseNonoperating http://fasb.org/us-gaap/2025#InterestExpenseNonoperating http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent 0000041719 false FY Includes a $16 million step up of inventory to fair value Includes $19 million of Transaction related compensation Includes $84 million, $30 million, and $24 million of Restructuring and other charges in the fiscal year ended 2025, 2024, and 2023, respectively. Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso Consists of estimated parent-allocated charges for the period prior to merger which is required by GAAP as part of the carve-out financial statement process Includes stock compensation expense and other non-cash items, including $16 million of inventory step-up charges related to the GLT merger and $5 million of Restructuring and other expenses in the fiscal year ended 2025 Segment operating expenses include primarily cost of goods sold and selling, general and administrative expenses