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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
amcr-20220331_g1.jpg
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission File Number 001-38932

AMCOR PLC
(Exact name of Registrant as specified in its charter)
Jersey
 
98-1455367
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

83 Tower Road North
Warmley, Bristol BS30 8XP
United Kingdom
(Address of principal executive offices)

Registrant’s telephone number, including area code: +44 117 9753200

    Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Ordinary Shares, Par Value $0.01 Per Share AMCRNew York Stock Exchange
1.125% Guaranteed Senior Notes Due 2027AUKF/27New York Stock Exchange

    Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No
1




    Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated FilerEmerging Growth Company
Non-Accelerated FilerSmaller Reporting Company
Accelerated Filer

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
    As of May 2, 2022, the registrant had 1,502,766,703 ordinary shares, $0.01 par value, outstanding.

2



Amcor plc
Quarterly Report on Form 10-Q
Table of Contents
  
 
 
 
3





Cautionary Statement Regarding Forward-Looking Statements

    Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this Quarterly Report on Form 10-Q refer to Amcor plc and its consolidated subsidiaries.

    This Quarterly Report on Form 10-Q contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "estimate," "potential," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. None of Amcor or any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to:

• changes in consumer demand patterns and customer requirements in numerous industries;
• the loss of key customers, a reduction in their production requirements, or consolidation among key customers;
• significant competition in the industries and regions in which we operate;
• the inability to expand our current business effectively through either organic growth, including by product innovation, or acquisitions;
• the failure to successfully integrate acquisitions in the expected time frame;
• challenges to or the loss of our intellectual property rights;
• adverse impacts from the ongoing 2019 Novel Coronavirus ("COVID-19") pandemic or other similar outbreaks on Amcor and its customers, suppliers, employees, and the geographic markets in which Amcor and its customers operate;
• challenging current and future global economic conditions;
• impact of operating internationally, including negative impacts from the Russian invasion of Ukraine;
• price fluctuations or shortages in the availability of raw materials, energy, and other inputs, which could adversely affect our business;
• production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic downturn;
• a failure or disruption in our information technology systems;
• an inability to attract and retain key personnel;
• costs and liabilities related to current and future environmental and health and safety laws and regulations;
• labor disputes;
• the possibility that the phase out of the London Interbank Offered Rate ("LIBOR") causes our interest expense to increase;
• foreign exchange rate risk;
• an increase in interest rates;
• a significant increase in our indebtedness or a downgrade in our credit rating that could increase our borrowing costs and negatively affect our financial condition and results of operations;
• a failure to hedge effectively against adverse fluctuations in interest rates and foreign exchange rates;
• a significant write-down of goodwill and/or other intangible assets;
• our need to maintain an effective system of internal control over financial reporting;
• an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the risks we face;
• litigation, including product liability claims, or regulatory developments;
• increasing scrutiny and changing expectations with respect to our Environmental, Social, and Governance ("ESG") policies resulting in additional costs or exposure to additional risks;
• changing government regulations in environmental, health, and safety matters;
• changes in tax laws or changes in our geographic mix of earnings; and
• our ability to develop and successfully introduce new products and to develop, acquire, and retain intellectual property rights.

    These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission, including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor’s filings with the SEC for free at the SEC’s website (www.sec.gov). Forward-looking statements
4



included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.

5



Part I - Financial Information
Item 1. Financial Statements (unaudited)
Amcor plc and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended March 31, Nine Months Ended March 31,
($ in millions, except per share data)2022202120222021
Net sales$3,708 $3,207 $10,635 $9,407 
Cost of sales(2,977)(2,525)(8,609)(7,420)
Gross profit731 682 2,026 1,987 
Operating expenses:
Selling, general, and administrative expenses(326)(325)(942)(962)
Research and development expenses(24)(25)(72)(74)
Restructuring and related expenses, net(9)24 (27)(22)
Other income/(expense), net(3)17 2 27 
Operating income369 373 987 956 
Interest income5 3 15 10 
Interest expense(36)(36)(115)(113)
Other non-operating income, net5 1 12 7 
Income before income taxes and equity in income of affiliated companies343 341 899 860 
Income tax expense(72)(71)(196)(187)
Equity in income of affiliated companies, net of tax   19 
Net income$271 $270 $703 $692 
Net income attributable to non-controlling interests(2)(3)(7)(8)
Net income attributable to Amcor plc$269 $267 $696 $684 
Basic earnings per share:$0.178 $0.173 $0.457 $0.439 
Diluted earnings per share:$0.178 $0.173 $0.456 $0.438 
Note: Per share amounts may not add due to rounding. See accompanying notes to condensed consolidated financial statements.
6




Amcor plc and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 31, Nine Months Ended March 31,
($ in millions)2022202120222021
Net income$271 $270 $703 $692 
Other comprehensive income/(loss):
Net gains/(losses) on cash flow hedges, net of tax (a)4 7 (3)19 
Foreign currency translation adjustments, net of tax (b)
76 (25)(40)127 
Pension, net of tax (c)
 2 3 4 
Other comprehensive income/(loss)80 (16)(40)150 
Total comprehensive income351 254 663 842 
Comprehensive income attributable to non-controlling interests(4)(2)(8)(8)
Comprehensive income attributable to Amcor plc$347 $252 $655 $834 
(a) Tax benefit/(expense) related to cash flow hedges$ $(2)$1 $(4)
(b) Tax benefit related to foreign currency translation adjustments$2 $ $ $8 
(c) Tax benefit related to pension adjustments$ $ $ $ 
See accompanying notes to condensed consolidated financial statements.

7



Amcor plc and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)

($ in millions, except share and per share data)March 31, 2022June 30, 2021
Assets
Current assets:
Cash and cash equivalents$1,077 $850 
Trade receivables, net of allowance for doubtful accounts of $26 and $28, respectively
2,090 1,864 
Inventories, net2,420 1,991 
Prepaid expenses and other current assets583 561 
Total current assets6,170 5,266 
Non-current assets:
Property, plant, and equipment, net3,772 3,761 
Operating lease assets539 532 
Deferred tax assets139 139 
Other intangible assets, net1,709 1,835 
Goodwill5,379 5,419 
Employee benefit assets52 52 
Other non-current assets227 184 
Total non-current assets11,817 11,922 
Total assets$17,987 $17,188 
Liabilities
Current liabilities:
Current portion of long-term debt$15 $5 
Short-term debt57 98 
Trade payables2,816 2,574 
Accrued employee costs412 523 
Other current liabilities1,124 1,145 
Total current liabilities4,424 4,345 
Non-current liabilities:
Long-term debt, less current portion7,177 6,186 
Operating lease liabilities470 462 
Deferred tax liabilities651 696 
Employee benefit obligations270 307 
Other non-current liabilities418 371 
Total non-current liabilities8,986 8,022 
Total liabilities13,410 12,367 
Commitments and contingencies (See Note 14)
Shareholders' Equity
Amcor plc shareholders’ equity:
Ordinary shares ($0.01 par value)
Authorized (9,000 million shares)
Issued (1,503 and 1,538 million shares, respectively)
$15 $15 
Additional paid-in capital4,740 5,092 
Retained earnings604 452 
Accumulated other comprehensive loss(807)(766)
Treasury shares (3 and 3 million shares, respectively)
(35)(29)
Total Amcor plc shareholders' equity4,517 4,764 
Non-controlling interests60 57 
Total shareholders' equity4,577 4,821 
Total liabilities and shareholders' equity$17,987 $17,188 
See accompanying notes to condensed consolidated financial statements.
8



Amcor plc and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended March 31,
($ in millions)20222021
Cash flows from operating activities:  
Net income$703 $692 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and impairment479 426 
Net periodic benefit cost5 9 
Amortization of debt discount and deferred financing costs2 7 
Net gain on disposal of property, plant, and equipment (2)
Net gain on disposal of businesses (46)
Equity in income of affiliated companies (19)
Net foreign exchange (gain)/loss(3)23 
Share-based compensation47 44 
Other, net114 (25)
Loss from hyperinflationary accounting for Argentine subsidiaries14 25 
Deferred income taxes, net(44)(7)
Dividends received from affiliated companies 4 
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency(728)(514)
Net cash provided by operating activities589 617 
Cash flows from investing activities:
Issuance of loans to affiliated companies(5) 
Investments in affiliated companies(11) 
Purchase of property, plant, and equipment, and other intangible assets(373)(335)
(Payments)/proceeds from divestitures(1)214 
Proceeds from sales of property, plant, and equipment, and other intangible assets7 6 
Net cash used in investing activities(383)(115)
Cash flows from financing activities:
Proceeds from issuance of shares92 11 
Purchase of treasury shares(133) 
Purchase of non-controlling interests (7)
Proceeds from issuance of long-term debt570 2 
Repayment of long-term debt(678)(121)
Net borrowing of commercial paper1,248 503 
Net repayment of short-term debt(72)(122)
Repayment of lease liabilities(2)(3)
Share buyback/cancellations(423)(308)
Dividends paid(550)(556)
Net cash (used in)/provided by financing activities52 (601)
Effect of exchange rates on cash and cash equivalents(31)46 
Net increase/(decrease) in cash and cash equivalents227 (53)
Cash and cash equivalents balance at beginning of year850 743 
Cash and cash equivalents balance at end of period$1,077 $690 
Supplemental cash flow information:
Interest paid, net of amounts capitalized$99 $90 
Income taxes paid$163 $218 
Supplemental non-cash disclosures relating to investing and financing activities:
Purchase of property and equipment, accrued but unpaid$85 $62 
See accompanying notes to condensed consolidated financial statements.
9



Amcor plc and Subsidiaries
Condensed Consolidated Statements of Equity
(Unaudited)
($ in millions, except per share data)Ordinary SharesAdditional Paid-In CapitalRetained
Earnings
Accumulated Other Comprehensive LossTreasury SharesNon-controlling InterestTotal
Balance as of December 31, 2020$16 $5,412 $293 $(884)$(45)$56 $4,848 
Net income267 3 270 
Other comprehensive loss(15)(1)(16)
Share buyback/cancellations(1)(232)(233)
Dividends declared ($0.1175 per share)
(182) (182)
Options exercised and shares vested(3)5 2 
Share-based compensation expense16 16 
Change in non-controlling interests   
Balance as of March 31, 2021$15 $5,193 $378 $(899)$(40)$58 $4,705 
Balance as of June 30, 2020$16 $5,480 $246 $(1,049)$(67)$61 $4,687 
Net income684 8 692 
Other comprehensive income150  150 
Share buyback/cancellations(1)(307)(308)
Dividends declared ($0.3500 per share)
(547)(9)(556)
Options exercised and shares vested(16)27 11 
Share-based compensation expense44 44 
Change in non-controlling interests(8)(2)(10)
Cumulative adjustment related to the adoption of ASC 326
(5)(5)
Balance as of March 31, 2021$15 $5,193 $378 $(899)$(40)$58 $4,705 
Balance as of December 31, 2021$15 $4,854 $515 $(885)$(37)$57 $4,519 
Net income269 2 271 
Other comprehensive income78 2 80 
Share buyback/cancellations (128)(128)
Dividends declared ($0.1200 per share)
(180)(2)(182)
Options exercised and shares vested(2)2  
Settlement of forward contracts to purchase equity to meet share-based incentive plans, net of tax  
Purchase of treasury shares  
Share-based compensation expense16 16 
Change in non-controlling interests1 1 
Balance as of March 31, 2022$15 $4,740 $604 $(807)$(35)$60 $4,577 
Balance as of June 30, 2021$15 $5,092 $452 $(766)$(29)$57 $4,821 
Net income696 7 703 
Other comprehensive income/(loss)(41)1 (40)
Share buyback/cancellations (423)(423)
Dividends declared ($0.3575 per share)
(544)(6)(550)
Options exercised and shares vested(35)127 92 
Settlement of forward contracts to purchase equity to meet share-based incentive plans, net of tax59 59 
Purchase of treasury shares(133)(133)
Share-based compensation expense47 47 
Change in non-controlling interests1 1 
Balance as of March 31, 2022$15 $4,740 $604 $(807)$(35)$60 $4,577 
See accompanying notes to condensed consolidated financial statements.

10



Amcor plc and Subsidiaries
Notes to Condensed Consolidated Financial Statements

Note 1 - Nature of Operations and Basis of Presentation

    Amcor plc ("Amcor" or the "Company") is a global packaging company that develops and produces a broad range of packaging products including flexible packaging, rigid packaging containers, specialty cartons, and closures.

    The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by U.S. GAAP for complete financial statements. Further, the year-end Condensed Consolidated Balance Sheet data as of June 30, 2021 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. It is management's opinion, however, that all material and recurring adjustments have been made that are necessary for a fair statement of its interim financial position, results of operations, and cash flows. For further information, this Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2021. There have been no material changes to the accounting policies followed by the Company during the current fiscal year.

    Certain amounts in the Company's notes to unaudited condensed consolidated financial statements may not add or recalculate due to rounding.

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Note 2 - New Accounting Guidance

Recently Adopted Accounting Standards

    In December 2019, the FASB issued updated guidance to simplify the accounting for income taxes by removing certain exceptions and improving the consistent application of U.S. GAAP in other tax accounting areas. This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2020 with early adoption permitted. The guidance became effective for the Company on July 1, 2021 and the adoption did not have a material impact on the Company's unaudited condensed consolidated financial statements.

Accounting Standards Not Yet Adopted

    In November 2021, the FASB issued an Accounting Standards Update ("ASU") 2021-10 that adds certain disclosure requirements for entities that receive government assistance. The standard is effective for annual periods beginning after December 15, 2021 with early application permitted. The Company will adopt this guidance in fiscal year 2023 and does not expect the adoption to have a material impact on its results of operation, financial position, and disclosures.

    The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined at this time that all other ASUs not yet adopted are either not applicable or are expected to have minimal impact on its results of operation, financial position, and disclosures.
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Note 3 - Restructuring

2019 Bemis Integration Plan

    In connection with the acquisition of Bemis Company, Inc. ("Bemis"), the Company initiated restructuring activities in the fourth quarter of fiscal year 2019 aimed at integrating and optimizing the combined organization. The Company is on track to exceed the original target of $180 million of pre-tax synergies driven by procurement, supply chain, and general and administrative savings by the end of fiscal year 2022 by at least 10%.

    The Company's total 2019 Bemis Integration Plan pre-tax integration costs are expected to be approximately $250 million. The total 2019 Bemis Integration Plan costs include approximately $210 million of restructuring and related expenses, net, and $40 million of general integration expenses. The Company estimates that net cash expenditures including disposal proceeds will be approximately $170 million, of which $40 million relates to general integration expenses. As of March 31, 2022, the Company has incurred $143 million in employee related expenses, $39 million in fixed asset related expenses, $35 million in other restructuring and $36 million in restructuring related expenses, partially offset by a gain on disposal of a business of $51 million. The nine months ended March 31, 2022 resulted in net cash outflows of $38 million, of which $36 million were payments related to restructuring and related expenditures. Cash payments of approximately $30 million are expected for the balance of the fiscal year for restructuring and related expenses. The 2019 Bemis Integration Plan relates to the Flexibles segment and Corporate and is expected to be substantially completed by the end of fiscal year 2022.

    Restructuring related costs are directly attributable to restructuring activities; however, they do not qualify for special accounting treatment as exit or disposal activities. General integration costs are not linked to restructuring. The Company believes the disclosure of restructuring related costs provides more information on the total cost of the 2019 Bemis Integration Plan. The restructuring related costs relate primarily to the closure of facilities and include costs to replace graphics, train new employees on relocated equipment, and anticipated losses on sale of closed facilities.
    
Other Restructuring Plans

    The Company has entered into other individually immaterial restructuring plans ("Other Restructuring Plans"). The Company's restructuring charges related to these plans were zero and a gain of $4 million for the three months ended March 31, 2022 and 2021, and charges of $1 million and $5 million for the nine months ended March 31, 2022 and 2021, respectively. The Company's total incurred restructuring charges for Other Restructuring Plans primarily relate to the Flexibles reporting segment.

Consolidated Amcor Restructuring Plans

    The total costs incurred from the beginning of the Company's 2019 Bemis Integration Plan and Other Restructuring Plans are as follows:

($ in millions)2019 Bemis Integration Plan (1)Other Restructuring PlansTotal Restructuring and Related Expenses, Net (1)
Fiscal year 2019 net charges to earnings$48 $19 $67 
Fiscal year 2020 net charges to earnings60 18 78 
Fiscal year 2021 net charges to earnings68 6 74 
Fiscal year 2022 first quarter net charges to earnings7 1 8 
Fiscal year 2022 second quarter net charges to earnings10  10 
Fiscal year 2022 third quarter net charges to earnings9  9 
Expense incurred to date$202 $44 $246 
(1)Total restructuring and related expenses, net, include restructuring related costs from the 2019 Bemis Integration Plan of $2 million, $15 million, $13 million, $3 million, $2 million, and $3 million for fiscal year 2019, fiscal year 2020, fiscal year 2021, first quarter of fiscal year 2022, second quarter of fiscal year 2022, and third quarter of fiscal year 2022, respectively.



13



    An analysis of the restructuring charges by type incurred follows:

Three Months Ended March 31, Nine Months Ended March 31,
($ in millions)2022202120222021
Employee costs$6 $8 $9 $33 
Fixed asset related costs 10  13 
Other costs 5 10 18 
Gain on sale of business (52) (52)
Total restructuring costs, net$6 $(29)$19 $12 


    An analysis of the Company's restructuring plan liability follows:

($ in millions)Employee CostsFixed Asset Related CostsOther CostsTotal Restructuring Costs
Liability balance at June 30, 2021$78 $ $17 $95 
Net charges to earnings9  10 19 
Cash (paid) / received(22)2 (11)(31)
Other non-cash (2) (2)
Foreign currency translation(7) (2)(9)
Liability balance at March 31, 2022$58 $ $14 $72 

    The costs related to restructuring activities have been presented on the unaudited condensed consolidated statements of income as restructuring and related expenses, net. The accruals related to restructuring activities have been recorded on the unaudited condensed consolidated balance sheets under other current liabilities.

14



Note 4 - Inventories, Net

    Inventories, net are summarized as follows:

($ in millions)March 31, 2022June 30, 2021
Raw materials and supplies$1,154 $905 
Work in process and finished goods1,396 1,193 
Less: inventory reserves(130)(107)
Total inventories, net$2,420 $1,991 

15




Note 5 - Goodwill and Other Intangible Assets, Net

Goodwill

    Changes in the carrying amount of goodwill attributable to each reportable segment were as follows:

($ in millions)Flexibles SegmentRigid Packaging SegmentTotal
Balance as of June 30, 2021$4,437 $982 $5,419 
Foreign currency translation(40) (40)
Balance as of March 31, 2022$4,397 $982 $5,379 

    Goodwill is not amortized but is tested for impairment annually in the fourth quarter of the fiscal year, or during interim periods if events or circumstances arise which indicate that goodwill may be impaired. During the third quarter of fiscal year 2022, the Company evaluated the need to perform an interim impairment test of goodwill given the Russia-Ukraine conflict. The Company’s analysis concluded that it is more likely than not that the fair value of the Company’s reporting units with operations in Russia and Ukraine exceeds the carrying value and therefore a triggering event for an interim impairment test had not occurred. The Company will continue to monitor the impacts of the Russia-Ukraine conflict on its business which may indicate the need to perform future impairment analyses of goodwill.

Other Intangible Assets, Net

    Other intangible assets, net comprised the following:

 March 31, 2022
($ in millions)Gross Carrying AmountAccumulated Amortization and Impairment (1)Net Carrying Amount
Customer relationships$