Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document And Entity Information Abstract | ' | ' | ' |
Entity Registrant Name | 'BEMIS CO INC | ' | ' |
Entity Central Index Key | '0000011199 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $4,028,317,411 |
Entity Common Stock, Shares Outstanding | ' | 101,702,044 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENT_OF_INCO
CONSOLIDATED STATEMENT OF INCOME (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $5,029.80 | $5,139.20 | $5,322.70 |
Cost of products sold | 4,057.70 | 4,191.70 | 4,412.50 |
Gross profit | 972.1 | 947.5 | 910.2 |
Operating expenses: | ' | ' | ' |
Selling, general and administrative expenses | 509.3 | 506.7 | 483.4 |
Research and development | 46 | 41.6 | 38.7 |
Facility consolidation and other costs | 45.4 | 68.7 | 38.4 |
Other operating (income) expense, net | -9.2 | -15 | -17.7 |
Operating income | 380.6 | 345.5 | 367.4 |
Interest expense | 68.2 | 70.9 | 76.8 |
Other non-operating (income) expense, net | -7.9 | -4 | -1.6 |
Income before income taxes | 320.3 | 278.6 | 292.2 |
Provision for income taxes | 107.7 | 104.8 | 104.9 |
Net income | 212.6 | 173.8 | 187.3 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 3.2 |
Net income attributable to Bemis Company, Inc. | $212.60 | $173.80 | $184.10 |
Basic earnings per share: | ' | ' | ' |
Basic earnings per share, net income | $2.06 | $1.67 | $1.73 |
Diluted earnings per share: | ' | ' | ' |
Diluted earnings per share, net income | $2.04 | $1.66 | $1.73 |
Cash dividends declared on common stock, per share | $1.04 | $1 | $0.96 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $212.60 | $173.80 | $187.30 |
Unrecognized gain reclassified to earnings, net of tax | 0 | -0.1 | -0.5 |
Translation adjustments | -88.5 | -48.3 | -124.2 |
Pension and other postretirement liability adjustments, net of tax | 102.7 | 26.2 | -66.8 |
Other comprehensive income (loss) | 14.2 | -22.2 | -191.5 |
Total comprehensive income (loss) | 226.8 | 151.6 | -4.2 |
Other comprehensive income (loss), pension and other postretirement benefit plans, tax | ($65.30) | ($9.20) | $37.90 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $141.70 | $114.10 |
Accounts receivable, net | 615.4 | 645.2 |
Inventories | 648.5 | 661.9 |
Prepaid expenses and other current assets | 98.9 | 103.8 |
Total current assets | 1,504.50 | 1,525 |
Property and equipment | ' | ' |
Land and land improvements | 73.7 | 78.4 |
Buildings and leasehold improvements | 624.4 | 623.2 |
Machinery and equipment | 1,841 | 1,799.80 |
Total property and equipment | 2,539.10 | 2,501.40 |
Less accumulated depreciation | -1,254.80 | -1,150.10 |
Net property and equipment | 1,284.30 | 1,351.30 |
Other long-term assets | ' | ' |
Goodwill | 1,052.20 | 1,034.30 |
Other intangible assets, net | 190.6 | 201.2 |
Deferred charges and other assets | 78.6 | 73.9 |
Total other long-term assets | 1,321.40 | 1,309.40 |
TOTAL ASSETS | 4,110.20 | 4,185.70 |
Current liabilities | ' | ' |
Current portion of long-term debt | 0.2 | 0.3 |
Short-term borrowings | 14.7 | 8.6 |
Accounts payable | 362.8 | 382.1 |
Accrued salaries and wages | 99.6 | 107.9 |
Accrued income and other taxes | 32.3 | 34.3 |
Other current liabilities | 92.3 | 109.8 |
Total current liabilities | 601.9 | 643 |
Long-term debt, less current portion | 1,421.40 | 1,417.60 |
Deferred taxes | 269.8 | 198.3 |
Other liabilities and deferred credits | 132.3 | 285.9 |
Total liabilities | 2,425.40 | 2,544.80 |
Commitments and contingencies | ' | ' |
Bemis Company, Inc. shareholders' equity: | ' | ' |
Common stock issued | 12.8 | 12.7 |
Capital in excess of par value | 548.1 | 545.4 |
Retained earnings | 2,005.10 | 1,900.90 |
Accumulated other comprehensive loss | -98.7 | -112.9 |
Common stock held in treasury | -782.5 | -705.2 |
Total Equity | 1,684.80 | 1,640.90 |
TOTAL LIABILITIES AND EQUITY | $4,110.20 | $4,185.70 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value per share | $0.10 | $0.10 |
Common stock, shares authorized | 500 | 500 |
Common stock, shares issued | 127.9 | 127.2 |
Common stock held in treasury, shares | 26 | 24 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $212.60 | $173.80 | $187.30 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 190.3 | 204.3 | 220.3 |
Excess tax benefit from share-based payment arrangements | 0 | -0.6 | -1.4 |
Share-based compensation | 16.4 | 17.6 | 16.3 |
Deferred income taxes | 2 | 8.7 | 23.5 |
Income of unconsolidated affiliated company | -3.1 | -2.6 | -2.5 |
Cash dividends received from unconsolidated affiliated company | 3.4 | 4.4 | 4.3 |
Loss on sale of property and equipment | 0.6 | 1.7 | 3.3 |
Net facility consolidation and other costs | -15.5 | 34.8 | 35 |
Gain on divestiture | -5.5 | 0 | 0 |
Changes in operating assets and liabilites, excluding the effect of acquisitions | ' | ' | ' |
Accounts receivable | 7.6 | 9.4 | -44.7 |
Inventories | -0.4 | -20.4 | 15.4 |
Prepaid expenses and other current assets | 3.6 | 23.8 | -36.1 |
Accounts payable | -10.2 | -28.4 | -7.6 |
Accrued salaries and wages | -4 | 12.6 | -5.7 |
Accrued income and other taxes | -2.9 | 10.8 | 1.4 |
Other current liabilities | -0.1 | -30.5 | -12.7 |
Changes in other liabilities and deferred credits | -17.2 | 4.3 | -1.6 |
Changes in deferred charges and other assets | -4.4 | -2.4 | 26.4 |
Net cash provided by operating activities | 373.2 | 421.3 | 420.9 |
Cash flows from investing activities | ' | ' | ' |
Additions to property and equipment | -139.8 | -136.4 | -135.2 |
Business acquisitions and adjustments, net of cash acquired | -59.7 | -19.1 | -152.8 |
Proceeds from sale of property and equipment | 13.7 | 4.7 | 3.9 |
Proceeds from sale of discontinued operations | 30 | 0 | 0 |
Net cash used in investing activities | -155.8 | -150.8 | -284.1 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of long-term debt | 0 | 0 | 400.9 |
Repayment of long-term debt | -7.4 | -321.7 | -11.8 |
Net borrowing (repayment) of commercial paper | 35.1 | 157.3 | -114.7 |
Net borrowing (repayment) of short-term debt | -14.3 | 7.6 | 1.9 |
Cash dividends paid to shareholders | -107.5 | -104.3 | -101.9 |
Common stock purchased for the treasury | -77.3 | 0 | -161.1 |
Purchase of subsidiary shares of noncontrolling interests | 0 | 0 | -89.7 |
Excess tax benefit from share-based payment arrangements | 0 | 0.6 | 1.4 |
Stock incentive programs and related tax withholdings | -13.3 | -5.2 | -5 |
Net cash used in financing activities | -184.7 | -265.7 | -80 |
Effect of exchange rates on cash and cash equivalents | -5.1 | -0.5 | -7.4 |
Net increase (decrease) in cash and cash equivalents | 27.6 | 4.3 | 49.4 |
Cash and cash equivalents balance at beginning of year | 114.1 | 109.8 | 60.4 |
Cash and cash equivalents balance at end of period | 141.7 | 114.1 | 109.8 |
Interest paid during the year | 66.5 | 73.5 | 69.4 |
Income taxes paid during the year | $121.90 | $79.30 | $91.80 |
CONSOLIDATED_STATEMENT_OF_EQUI
CONSOLIDATED STATEMENT OF EQUITY (USD $) | Total | Common Stock | Capital In Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock Held In Treasury | Noncontrolling Interests |
In Millions, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | $1,927.50 | $12.70 | $568.10 | $1,751.90 | $91.10 | ($544.10) | $47.80 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 187.3 | ' | ' | 184.1 | ' | ' | 3.2 |
Other comprehensive income (loss) | -191.5 | ' | ' | ' | -193.6 | ' | 2.1 |
Cash dividends declared on common stock | -103.1 | ' | ' | -103.1 | ' | ' | ' |
Stock incentive programs and related tax withholdings | -5 | ' | -5 | ' | ' | ' | ' |
Excess tax benefit from share-based payment arrangements | 1.4 | ' | 1.4 | ' | ' | ' | ' |
Share-based compensation | 16.3 | ' | 16.3 | ' | ' | ' | ' |
Purchase of subsidiary shares from noncontrolling interests | 89.7 | ' | -48.4 | ' | 11.8 | ' | -53.1 |
Purchase of common stock | -161.1 | ' | ' | ' | ' | -161.1 | ' |
Balance at Dec. 31, 2011 | 1,582.10 | 12.7 | 532.4 | 1,832.90 | -90.7 | -705.2 | 0 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 173.8 | ' | ' | 173.8 | ' | ' | ' |
Other comprehensive income (loss) | -22.2 | ' | ' | ' | -22.2 | ' | ' |
Cash dividends declared on common stock | -105.8 | ' | ' | -105.8 | ' | ' | ' |
Stock incentive programs and related tax withholdings | -5.2 | ' | -5.2 | ' | ' | ' | ' |
Excess tax benefit from share-based payment arrangements | 0.6 | ' | 0.6 | ' | ' | ' | ' |
Share-based compensation | 17.6 | ' | 17.6 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 1,640.90 | 12.7 | 545.4 | 1,900.90 | -112.9 | -705.2 | 0 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 212.6 | ' | ' | 212.6 | ' | ' | ' |
Other comprehensive income (loss) | 14.2 | ' | ' | ' | 14.2 | ' | ' |
Cash dividends declared on common stock | -108.4 | ' | ' | -108.4 | ' | ' | ' |
Stock incentive programs and related tax withholdings | -13.3 | 0.1 | -13.4 | ' | ' | ' | ' |
Excess tax benefit from share-based payment arrangements | -0.3 | ' | -0.3 | ' | ' | ' | ' |
Share-based compensation | 16.4 | ' | 16.4 | ' | ' | ' | ' |
Purchase of common stock | -77.3 | ' | ' | ' | ' | -77.3 | ' |
Balance at Dec. 31, 2013 | $1,684.80 | $12.80 | $548.10 | $2,005.10 | ($98.70) | ($782.50) | $0 |
CONSOLIDATED_STATEMENT_OF_EQUI1
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Stock incentive programs and related tax withholdings, shares | 0.6 | 0.3 | 0.3 |
Purchase of common stock, shares | 2 | 0 | 5 |
Business_Description
Business Description | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
BUSINESS DESCRIPTION | |
Bemis Company, Inc. (the "Company"), a Missouri corporation, was founded in 1858 and incorporated in 1885 as Bemis Bro. Bag Company. In 1965 the name was changed to Bemis Company, Inc. Based in Neenah, Wisconsin, the Company employs approximately 19,100 individuals and has 72 manufacturing facilities. The Company manufactures and sells packaging products and pressure sensitive materials throughout North America, Latin America, Europe, and Asia-Pacific. | |
The Company’s business activities are organized around its three business segments, U.S. Packaging (59 percent of 2013 net sales), Global Packaging (30 percent) and Pressure Sensitive Materials (11 percent). The Company’s packaging businesses have a strong technical base in polymer chemistry, film extrusion, coating, laminating, printing, and converting. The Company’s pressure sensitive materials business specializes in adhesive technologies. The primary markets for the Company’s products are in the food industry, which accounted for approximately 68 percent of net sales in 2013. The Company’s packaging products are widely diversified among food categories and can be found in nearly every aisle of the grocery store. Other markets include chemical, agribusiness, medical, pharmaceutical, personal care products, electronics, automotive, construction, graphic industries, and other consumer goods. All markets are considered to be highly competitive as to price, innovation, quality, and service. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Principles of consolidation: The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries. All intercompany transactions and accounts have been eliminated. Joint ventures which are not majority controlled are accounted for by the equity method of accounting with earnings of $3.1 million, $2.6 million, and $2.5 million in 2013, 2012, and 2011, respectively, included in other operating income on the accompanying consolidated statement of income. Investments in joint ventures of $7.7 million and $9.4 million as of December 31, 2013 and 2012, respectively, are included in deferred charges and other assets on the accompanying consolidated balance sheet. | |||||||||
In connection with the implementation of an enterprise resource planning system during 2012, the Company recorded adjustments primarily to cost of goods sold during the fourth quarter in order to align the application of certain accounting practices among the business segments. These adjustments substantially offset one another in the Company's consolidated financial statements. The $2.1 million consolidated expense is disaggregated by reportable segment in Note 21. | |||||||||
Estimates and assumptions required: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Translation of foreign currencies: The Company considers the local currency to be the functional currency for substantially all foreign subsidiaries. Assets and liabilities are translated at the exchange rate as of the balance sheet date. All revenue and expense accounts are translated at average exchange rates in effect during the year. Translation gains or losses are recorded in the foreign currency translation component in accumulated other comprehensive loss in shareholders’ equity. Foreign currency transaction losses of $2.6 million, $1.7 million, and $1.9 million in 2013, 2012, and 2011, respectively, are included as a component of other operating income. Additionally in 2011, foreign currency transaction losses of $1.8 million are included as a component of other non-operating income. There were no foreign currency transaction losses recorded within non-operating income in 2013 or 2012. | |||||||||
Revenue recognition: Sales and related costs of products sold are recognized when persuasive evidence of an arrangement exists, title and risk of ownership have been transferred to the customer, the sales price is fixed or determinable, and collectability is reasonably assured. These conditions are typically fulfilled upon shipment of products. All costs associated with revenue, including customer rebates and provisions for estimates of sales returns and allowances, are recognized as a deduction from revenue in the period in which the associated revenue is recorded. Customer rebates are accrued using sales data and rebate percentages specific to each customer agreement. Shipping and handling costs are classified as a component of cost of products sold while amounts billed to customers for shipping and handling are classified as a component of sales. The Company accrues for estimated warranty costs when specific issues are identified and the amounts are determinable and also considers the history of actual claims paid. Taxes assessed by governmental authorities on revenue producing transactions, including sales, value added, excise and use taxes, are recorded on a net basis (excluded from revenue). | |||||||||
Environmental cost: The Company is involved in a number of environmental related disputes and claims. The Company accrues environmental costs when it is probable that these costs will be incurred and can be reasonably estimated. The Company’s reserve for environmental liabilities at December 31, 2013 and 2012 was $7.6 million and $7.9 million, respectively. The Company made no adjustments to the reserve accounts and costs which were directly expensed for environmental remediation matters resulted in charges to the income statements for each of the years 2013, 2012, and 2011. There were no third party reimbursements for any of the years presented. | |||||||||
Research and development: Research and development expenditures are expensed as incurred. | |||||||||
Facility consolidation and other costs: Facility consolidation and other costs are recognized when the liability is incurred. The Company calculates severance obligations based on its standard customary practices. Accordingly, the Company records provisions for severance when probable and estimable and the Company has committed to the facility consolidation plan. In the absence of a standard customary practice or established local practice for locations outside the U.S., liabilities for severance are recognized when incurred. If fixed assets are to be disposed of as a result of the Company’s facility consolidation efforts, the assets are written off when the Company commits to dispose of them and they are no longer in use. Depreciation is accelerated on fixed assets for the period of time the asset continues to be used until the asset ceases to be used. Other facility consolidation costs, including costs to relocate equipment, are generally recorded as the service is provided. | |||||||||
Cash and cash equivalents: The Company considers all highly liquid temporary investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents include certificates of deposit that can be readily liquidated without penalty at the Company’s option. Cash equivalents are carried at cost which approximates fair market value. | |||||||||
Accounts receivable: Trade accounts receivable are stated at the amount the Company expects to collect, which is net of an allowance for sales returns and the estimated losses resulting from the inability of its customers to make required payments. When determining the collectability of specific customer accounts, a number of factors are evaluated, including: customer creditworthiness, past transaction history with the customer, and changes in customer payment terms or practices. In addition, overall historical collection experience, current economic industry trends, and a review of the current status of trade accounts receivable are considered when determining the required allowance for doubtful accounts. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to allowance for doubtful accounts. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to accounts receivable. Accounts receivable are presented net of an allowance for doubtful accounts of $30.7 million and $29.6 million at December 31, 2013 and 2012, respectively. | |||||||||
The Company enters into supply chain financing programs from time to time to sell accounts receivables without recourse to third-party financial institutions. Sales of accounts receivable are reflected as a reduction of accounts receivable on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows. During the year ended December 31, 2013, the Company sold without recourse accounts receivable representing approximately five percent net sales, and the associated discount on sale of accounts receivables was insignificant. | |||||||||
Inventory valuation: Inventories are valued at the lower of cost, as determined by the first-in, first-out (FIFO) method, or market. Inventory values using the FIFO method of accounting approximate replacement cost. Inventories are summarized at December 31, as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Raw materials and supplies | $ | 215.6 | $ | 210.7 | |||||
Work in process and finished goods | 432.9 | 451.2 | |||||||
Total inventories | $ | 648.5 | $ | 661.9 | |||||
Property and equipment: Property and equipment are stated at cost. Maintenance and repairs that do not improve efficiency or extend economic life are expensed as incurred. Plant and equipment are depreciated for financial reporting purposes principally using the straight-line method over the estimated useful lives of assets as follows: land improvements, 15-30 years; buildings, 15-45 years; leasehold and building improvements, the lesser of the lease term or 8-20 years; and machinery and equipment, 3-16 years. For tax purposes, the Company generally uses accelerated methods of depreciation. The tax effect of the difference between book and tax depreciation has been provided as deferred income taxes. Depreciation expense was $174.6 million, $187.6 million, and $203.1 million for 2013, 2012, and 2011, respectively. On sale or retirement, the asset cost and related accumulated depreciation are removed from the accounts and any related gain or loss is reflected in income. Interest costs, which are capitalized during the construction of major capital projects, totaled $0.3 million in 2013, $0.1 million in 2012, and 0.1 million in 2011. | |||||||||
The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. | |||||||||
The Company capitalizes direct costs (internal and external) of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of three to twelve years and are reported as a component of machinery and equipment within property and equipment. | |||||||||
The Company is in the process of developing and implementing a new Enterprise Resource Planning ("ERP") system. Certain costs incurred during the application development stage have been capitalized in accordance with authoritative accounting guidance related to accounting for costs of computer software developed or obtained for internal use. The net book value of capitalized costs for this new ERP system were approximately $74.3 million and $78.6 million as of December 31, 2013 and 2012, respectively. These costs are being amortized over the system’s estimated useful life as the ERP system is placed in service. | |||||||||
Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but instead tested annually or when events and circumstances indicate an impairment may have occurred. The Company's reporting units each contain goodwill that is assessed for potential impairment. All goodwill is assigned to reporting units, which is defined as the operating segment, or one level below the operating segment. The Company has four reporting units, of which two are included in the Global Packaging reportable segment. The other two reporting units are the U.S. Packaging segment and the Pressure Sensitive Materials segment. | |||||||||
Goodwill for the reporting units is reviewed for impairment annually in the fourth quarter of each year using a two-step process. In the first step, the fair value of each reporting unit is compared to its carrying value, including goodwill. The determination of the estimated fair value of the reporting units utilizes both a discounted cash flow valuation and a market multiple method. Significant inputs to the discounted cash flow valuation method include discount rates, long-term sales growth rates and forecasted operating margins. The market multiple method estimates fair value by comparing the Company to similar public companies. If the fair value exceeds the carrying value, step two is not required and an impairment loss is not recognized. If step two were required, the implied fair value of goodwill would be calculated by deducting the fair value of all tangible and intangible net assets, including unrecognized intangible assets, of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss would be recognized equal to the difference. | |||||||||
Current accounting guidance allows the Company to first perform a qualitative assessment about the likelihood of the carrying value of a reporting unit exceeding its fair value, referred to as the "Step 0" assessment. The Step 0 assessment requires the evaluation of certain qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, as well as company and reporting unit factors. If the Company's Step 0 analysis indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, then the Company would perform a quantitative two-step impairment test. The Company applied the Step 0 assessment to the U.S. Packaging reporting unit in 2013 and concluded that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount. Therefore, the two-step goodwill impairment test for this reporting unit was not necessary in 2013. | |||||||||
The annual impairment test indicated no impairment for the years ended December 31, 2013, 2012, or 2011, nor does the Company have any accumulated impairment losses. | |||||||||
Intangible assets: Contractual or separable intangible assets that have finite useful lives are amortized against income using the straight-line method over their estimated useful lives, with original periods ranging from one to thirty years. The straight-line method of amortization reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company tests finite-lived intangible assets for impairment whenever there is an impairment indicator. Intangible assets are tested for impairment by comparing anticipated undiscounted future cash flows from operations to net book value. | |||||||||
Financial instruments: The Company recognizes all derivative instruments on the balance sheet at fair value. Derivatives not designated as hedging instruments are adjusted to fair value through income. Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized. Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings in the current period. | |||||||||
Note 8 contains expanded details relating to specific derivative instruments included on the Company’s balance sheet, such as forward foreign currency exchange contracts, currency swap contracts, and interest rate swap arrangements. | |||||||||
Other liabilities and deferred credits: Other liabilities and deferred credits balances include non-current pension and other postretirement liability amounts of $54.7 million and $218.9 million at December 31, 2013 and 2012, respectively. | |||||||||
Treasury stock: Treasury stock purchases are stated at cost and presented as a separate reduction of shareholders’ equity. During 2013, the Company purchased 2.0 million shares of common stock in the open market for $77.3 million. The Company did not purchase any shares of common stock during 2012. During 2011, the Company purchased 5.0 million shares of common stock in the open market for $161.1 million. At December 31, 2013, approximately 2.5 million common shares can be repurchased, at management’s discretion, under authority granted by the Company’s Board of Directors in 2010. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
In February 2014, Bemis reached an agreement to sell its Paper Packaging Division. This transaction, which is subject to customary closing conditions and regulatory approval, is expected to close during the first quarter of 2014. The Company’s Paper Packaging Division recorded sales of approximately $160 million in 2013. |
Facility_Consolidation_and_Oth
Facility Consolidation and Other Costs | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Facility Consolidation and Other Costs | ' | ||||||||||||||||||||
FACILITY CONSOLIDATION AND OTHER COSTS | |||||||||||||||||||||
2011 Program | |||||||||||||||||||||
During the fourth quarter of 2011, the Company initiated a facility consolidation and other costs program (“2011 Program”) to improve efficiencies and reduce fixed costs. As a part of this program, the Company announced the closure of five facilities. As of December 31, 2013, manufacturing operations had ceased at all of these manufacturing facilities. Most of the production from these five facilities has been transferred to other facilities. The total 2011 Program costs were $99.9 million, including $36.1 million in employee costs, $34.7 million in fixed asset accelerated depreciation and write-downs, and $29.1 million in other facility consolidation costs. These amounts exclude any potential gain to be recognized on the sale of property. The 2011 Program costs by reportable segment follow: | |||||||||||||||||||||
(in millions) | U.S. Packaging | Global Packaging | Pressure Sensitive | Corporate | Total Facility | ||||||||||||||||
Consolidation and Other Costs | |||||||||||||||||||||
2011 net expense accrued | $ | 26.3 | $ | 8.6 | $ | 2.7 | $ | 0.8 | $ | 38.4 | |||||||||||
2012 net expense accrued | 29.4 | 5 | — | — | 34.4 | ||||||||||||||||
2013 net expense accrued | 27.1 | — | — | — | 27.1 | ||||||||||||||||
Expense incurred through December 31, 2013 | $ | 82.8 | $ | 13.6 | $ | 2.7 | $ | 0.8 | $ | 99.9 | |||||||||||
An analysis of the 2011 Program accruals follows: | |||||||||||||||||||||
(in millions) | Employee Costs | Fixed | Other Costs | Total Facility | |||||||||||||||||
Asset Related | Consolidation and Other Costs | ||||||||||||||||||||
Reserve balance at December 31, 2012 | $ | 14.6 | $ | — | $ | — | $ | 14.6 | |||||||||||||
Net expense accrued | 4.4 | 6.7 | 16 | 27.1 | |||||||||||||||||
Utilization (cash payments or otherwise settled) | (18.1 | ) | (6.7 | ) | (16.1 | ) | (40.9 | ) | |||||||||||||
Translation adjustments and other | (0.2 | ) | 0.1 | (0.1 | ) | ||||||||||||||||
Reserve balance at December 31, 2013 | $ | 0.7 | $ | — | $ | — | $ | 0.7 | |||||||||||||
2012 Program | |||||||||||||||||||||
During the second quarter of 2012, the Company expanded its facility consolidation and other costs program (“2012 Program”) to further improve efficiencies and reduce costs within its U.S. and Global Packaging segments. As a part of this program, the Company announced the closure of an additional four production locations, including three facilities outside of the U.S., and the relocation of the majority of the production to other facilities. As of December 31, 2013, manufacturing operations had ceased at all of these manufacturing facilities. The total 2012 Program costs of $52.6 million included $21.9 million in employee-related costs, $16.5 million in fixed asset accelerated depreciation and write-downs, and $14.2 million in other facility consolidation costs. The 2012 Program costs by reportable segment follow: | |||||||||||||||||||||
(in millions) | U.S. Packaging | Global Packaging | Total Facility | ||||||||||||||||||
Consolidation and Other Costs | |||||||||||||||||||||
2012 net expense accrued | $ | 12.7 | $ | 21.6 | $ | 34.3 | |||||||||||||||
2013 net expense accrued | 17.9 | 0.4 | 18.3 | ||||||||||||||||||
Expense incurred through December 31, 2013 | $ | 30.6 | $ | 22 | $ | 52.6 | |||||||||||||||
An analysis of the 2012 Program accruals follows: | |||||||||||||||||||||
(in millions) | Employee Costs | Fixed | Other Costs | Total Facility | |||||||||||||||||
Asset Related | Consolidation and Other Costs | ||||||||||||||||||||
Reserve balance at December 31, 2012 | $ | 10 | $ | — | $ | 0.1 | $ | 10.1 | |||||||||||||
Net expense accrued | 6.3 | 2.1 | 9.9 | 18.3 | |||||||||||||||||
Utilization (cash payments or otherwise settled) | (15.8 | ) | (2.1 | ) | (10.0 | ) | (27.9 | ) | |||||||||||||
Reserve balance at December 31, 2013 | $ | 0.5 | $ | — | $ | — | $ | 0.5 | |||||||||||||
Cash payments for these facility consolidation programs in 2013 and 2012 totaled $51.6 million and $35.2 million, respectively. Cash payments in 2013 are net of proceeds of $9.8 million received for the sale of property and equipment. Cash payments in 2014 are expected to be minimal, and exclude the impact of any potential proceeds on sale of property. The costs related to facility consolidation activities have been recorded on the consolidated statement of income as facility consolidation and other costs. The accruals related to facility consolidation activities have been recorded on the consolidated balance sheet as other current liabilities. |
Acquisition
Acquisition | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Business Acquisition [Abstract] | ' | ||||||
Business Combinations Disclosure Text Block | ' | ||||||
ACQUISITIONS | |||||||
Foshan New Changsheng Plastics Films | |||||||
On July 1, 2013, Bemis acquired Foshan New Changsheng Plastics Films Co., LTD ("NCS"), a specialty film manufacturer located in Foshan, China. NCS is a supplier to the Company's food packaging plant in Dongguan, China and other specialty film product customers. The acquisition of this film platform is expected to provide cost and logistics benefits to support the Company's broader Asia-Pacific growth strategy. The cash purchase price was $75.6 million, of which $65.3 million was paid in 2013 and $10.3 million will be paid during the next two years. The preliminary allocation of the purchase price resulted in approximately $47.4 million of goodwill for the Global Packaging segment, none of which is expected to be tax deductible. The fair values and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are: | |||||||
(in millions, except useful lives) | Fair Value | Weighted Average Useful Life (years) | |||||
Customer relationships | $ | 8.3 | 9 | ||||
Land-use rights | 4.4 | 43 | |||||
Other intangible assets | 0.4 | 2 | |||||
The fair value of assets and liabilities acquired was $111.0 million and $35.4 million, respectively. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition is not material to the Company's results of operations or financial position. | |||||||
Australia and New Zealand Distributors | |||||||
On August 22, 2012, the Company acquired two flexible packaging businesses in Australia and New Zealand. The acquisition of these businesses supports the Company’s strategy to enhance its presence in the Asia-Pacific region. The combined purchase price of approximately $18.4 million was financed with commercial paper. Pro forma results of operations and other disclosures for the acquisitions noted above have not been presented, as they were immaterial to the reported results. | |||||||
Shield Pack | |||||||
On December 1, 2011, the Company acquired the common stock of Shield Pack, LLC, a Louisiana manufacturer of high barrier liners for bulk container packaging. The acquisition supports new market applications for bulk liquids and other products requiring barrier packaging. The purchase price of approximately $45 million was financed with commercial paper. The purchase price allocation resulted in goodwill of approximately $24.9 million. The fair value of assets and liabilities acquired was $56.1 million and $11.6 million, respectively. | |||||||
Mayor Packaging | |||||||
On August 1, 2011, the Company acquired Mayor Packaging, a privately-owned manufacturer of consumer and specialty flexible packaging including a manufacturing facility in Dongguan, China. The acquisition supports the Company’s strategy to enhance its presence in the Asia-Pacific region. The purchase price of approximately $96.7 million was financed with commercial paper. Under the terms of the agreement, the Company may be required to make additional payments to the sellers of up to $13 million over three years if certain conditions are met. During 2013, $3.0 million was forfeited for not meeting the conditions for the second year. During 2012, $7.0 million was paid to the sellers for meeting the conditions for the first year. These payments are recorded as compensation expense within selling, general and administrative expenses in the period accrued based on the likelihood of achieving these milestones. The allocation of the purchase price resulted in approximately $42.6 million of goodwill. The fair value of assets and liabilities acquired was $116.8 million and $20.1 million, respectively. |
Discontinued_operations_Notes
Discontinued operations (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued operations | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
DIVESTITURE | |
On May 29, 2013, the Company completed the sale of its Clysar thin gauge shrink film plant. Annual net sales of Clysar films were approximately $70 million and were sold primarily through distributors. Net proceeds of the transaction totaled $30.0 million. A $5.5 million pre-tax gain on the sale was recorded as part of other non-operating income for the twelve months ended December 31, 2013. |
Financial_Assets_and_Financial
Financial Assets and Financial Liabilities Measured at Fair Value | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets and Financial Liabilities Measured at Fair Value | ' | ||||||||||||||||
FINANCIAL ASSETS AND FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | |||||||||||||||||
The fair values of the Company’s financial assets and financial liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). | |||||||||||||||||
The Company’s non-derivative financial instruments include cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings, and long-term debt. At December 31, 2013 and 2012, the carrying value of these financial instruments, excluding long-term debt, approximates fair value because of the short-term maturities of these instruments. | |||||||||||||||||
Fair value disclosures are classified based on the fair value hierarchy. Level 1 fair value measurements represent exchange-traded securities which are valued at quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. Level 2 fair value measurements are determined using input prices that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Level 3 fair value measurements are determined using unobservable inputs, such as internally developed pricing models for the asset or liability due to little or no market activity for the asset or liability. | |||||||||||||||||
The fair value measurements of the Company’s long-term debt, including current maturities, represent non-active market exchange-traded securities which are valued at quoted prices or using input prices that are directly observable or indirectly observable through corroboration with observable market data. The carrying values and estimated fair values of long-term debt, including current maturities, at December 31, 2013 and 2012 follow: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
(in millions) | Value | (Level 2) | Value | (Level 2) | |||||||||||||
Total long-term debt | $ | 1,421.40 | $ | 1,520.10 | $ | 1,417.50 | $ | 1,561.20 | |||||||||
The fair values for derivatives are based on inputs other than quoted prices that are observable for the asset or liability. These inputs include interest rates. The financial assets and financial liabilities are primarily valued using standard calculations / models that use as their basis readily observable market parameters. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and currency rates, with resulting valuations periodically validated through third-party or counterparty quotes. | |||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
As of | As of | ||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(in millions) | (Level 2) | (Level 2) | |||||||||||||||
Interest rate swaps — net (liability) asset position | $ | (20.2 | ) | $ | 17 | ||||||||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivative Instruments | ' | ||||||||||||||
DERIVATIVE INSTRUMENTS | |||||||||||||||
The Company enters into derivative transactions to manage exposures arising in the normal course of business. The Company does not enter into derivative transactions for speculative or trading purposes. The Company recognizes all derivative instruments on the balance sheet at fair value. Derivatives not designated as hedging instruments are adjusted to fair value through income. Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders' equity through other comprehensive income until the hedged item is recognized. Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings in the current period. | |||||||||||||||
The Company enters into interest-rate swap contracts to economically convert a portion of the Company’s fixed-rate debt to variable rate debt. During the fourth quarter of 2011, the Company entered into four interest rate swap agreements with a total notional amount of $400 million. These contracts were designated as fair value hedges of the Company’s $400 million 4.5% fixed-rate debt due in 2021. The variable rate for each of the interest rate swaps is based on the six-month London Interbank Offered Rate (LIBOR), set in arrears, plus a fixed spread. The variable rates are reset semi-annually at each net settlement date. Fair values of these interest rate swaps are determined using discounted cash flow or other appropriate methodologies. Asset positions are included in deferred charges and other assets with a corresponding increase in long-term debt. Liability positions are included in other liabilities and deferred credits with a corresponding decrease in long-term debt. | |||||||||||||||
The Company enters into forward exchange contracts to manage foreign currency exchange rate exposures associated with certain foreign currency denominated receivables and payables. Forward exchange contracts generally have maturities of less than six months and relate primarily to major Western European currencies for the Company’s European operations, the U.S. dollar for the Company’s Brazilian operations, and the U.S. and Australian dollars for the Company’s New Zealand and Australian operations. The Company has not designated these derivative instruments as hedging instruments. At December 31, 2013, and 2012, the Company had outstanding forward exchange contracts with notional amounts aggregating $5.5 million and $6.1 million, respectively. The net settlement amount (fair value) related to active forward exchange contracts is recorded on the balance sheet as either a current or long-term asset or liability and as an element of other operating income which offsets the related transaction gains or losses. The net settlement amounts were immaterial for all periods presented. | |||||||||||||||
The Company entered into currency swap contracts to manage changes in the fair value of U.S. dollar denominated debt held in Brazil. The contracts effectively converted a portion of that debt to the functional currency of its Brazilian operation. These currency swap contracts generally had maturities that matched the maturities of the underlying debt. The Company had not designated these derivative instruments as hedging instruments. There were no outstanding currency swap contracts as of December 31, 2013 or 2012. The fair value related to swap contracts was recorded as an element of other non-operating income which offset the related transaction gains or losses. | |||||||||||||||
The Company is exposed to credit loss in the event of non-performance by counterparties in forward exchange contracts, currency swaps, and interest-rate swap contracts. Collateral is generally not required of the counterparties or of the Company. In the event a counterparty fails to meet the contractual terms of a currency swap or forward exchange contract, the Company’s risk is limited to the fair value of the instrument. The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits, and by selecting major international banks and financial institutions as counterparties. The Company has not had any historical instances of non-performance by any counterparties, nor does it anticipate any future instances of non-performance. | |||||||||||||||
The fair values, balance sheet presentation, and the hedge designation status of derivative instruments at December 31, 2013 and 2012 are presented in the table below: | |||||||||||||||
Fair Value (Level 2) as of | |||||||||||||||
(in millions) | Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | ||||||||||||
Asset Derivatives | |||||||||||||||
Interest rate swaps — designated as hedge | Deferred charges and other assets | $ | — | $ | 17 | ||||||||||
Liability Derivatives | |||||||||||||||
Interest rate swaps — designated as hedge | Other liabilities and deferred credits | 20.2 | — | ||||||||||||
The income statement impact of derivatives are presented in the table below: | |||||||||||||||
Amount of Gain (Loss) Recognized | |||||||||||||||
in Income on Derivatives | |||||||||||||||
(in millions) | Income Statement Location | 2013 | 2012 | 2011 | |||||||||||
Designated as hedges | |||||||||||||||
Interest rate swaps | Interest expense | $ | 8.1 | $ | 7 | $ | 1.6 | ||||||||
Not designated as hedges | |||||||||||||||
Forward exchange contracts | Other operating income | 0.1 | 0.8 | 0.5 | |||||||||||
Currency swap contracts | Other non-operating income | — | — | (1.8 | ) | ||||||||||
Total | $ | 8.2 | $ | 7.8 | $ | 0.3 | |||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||
Changes in the carrying amount of goodwill attributable to each reportable business segment follow: | |||||||||||||||||
(in millions) | U.S. Packaging Segment | Global Packaging Segment | Pressure Sensitive Materials Segment | Total | |||||||||||||
Reported balance at December 31, 2011 | $ | 636.9 | $ | 359.1 | $ | 52.4 | $ | 1,048.40 | |||||||||
Acquisition and acquisition adjustments | 0.6 | 2.5 | — | 3.1 | |||||||||||||
Currency translation | 0.3 | (17.7 | ) | 0.2 | (17.2 | ) | |||||||||||
Reported balance at December 31, 2012 | 637.8 | 343.9 | 52.6 | 1,034.30 | |||||||||||||
Acquisition and acquisition adjustments | — | 47.1 | — | 47.1 | |||||||||||||
Divestiture | (4.7 | ) | — | — | (4.7 | ) | |||||||||||
Currency translation | (0.8 | ) | (23.7 | ) | — | (24.5 | ) | ||||||||||
Reported balance at December 31, 2013 | $ | 632.3 | $ | 367.3 | $ | 52.6 | $ | 1,052.20 | |||||||||
The components of amortized intangible assets follow: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Contract based | $ | 26.2 | $ | (14.4 | ) | $ | 21 | $ | (13.8 | ) | |||||||
Technology based | 82.6 | (40.9 | ) | 91.3 | (40.8 | ) | |||||||||||
Marketing related | 23 | (14.2 | ) | 24.9 | (14.4 | ) | |||||||||||
Customer based | 200.1 | (71.8 | ) | 197.1 | (64.1 | ) | |||||||||||
Reported balance | $ | 331.9 | $ | (141.3 | ) | $ | 334.3 | $ | (133.1 | ) | |||||||
Amortization expense for intangible assets during 2013, 2012, and 2011 was $15.7 million, $18.1 million, and $18.1 million, respectively. Estimated annual amortization expense is $15.0 million for 2014 and 2015, $14.8 million for 2016 and 2017, and $14.7 million for 2018. | |||||||||||||||||
The Company completed its annual impairment tests in the fourth quarter of 2013 with no indications of impairment of goodwill found. The Company does not have any accumulated impairment losses. |
Pension_Plans_Notes
Pension Plans (Notes) (Pension Plans, Defined Benefit [Member]) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Pension Plans, Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
PENSION PLANS | |||||||||||||||||||||||||||||||||
Total defined benefit, defined contribution, and multiemployer plan pension expense in 2013, 2012, and 2011 was $53.2 million, $68.7 million, and $50.7 million, respectively. The Company sponsors 401(k) savings plans (a defined contribution plan) for substantially all U.S. employees. Through December 31, 2013, the Company contributed $0.50 for every pre-tax $1.00 an employee contributed on the first two percent of eligible compensation plus $0.25 for every pre-tax $1.00 an employee contributed on the next six percent of eligible compensation for the plans that include a company match. Effective January 1, 2014 the Company will contribute $0.50 for every pre-tax $1.00 an employee contributes on the first four percent of eligible compensation plus $0.25 for every pre-tax $1.00 an employee contributes on the next four percent of eligible compensation for the plans that include a company match. The Company contributions are invested in Company stock and are fully vested after three years of service. Total Company contributions for 2013, 2012, and 2011 were $9.0 million, $8.9 million, and $8.8 million, respectively. | |||||||||||||||||||||||||||||||||
Effective January 1, 2006, the Company’s U.S. defined benefit pension plans were amended for approximately two-thirds of the participant population, and effective January 1, 2014, two of the Company's three U.S. defined benefit plans were frozen. Further benefit accruals for all persons entitled to benefits under these plans were frozen as of December 31, 2013. The Company recorded a plan curtailment of $32.6 million related to the amendments, and the actuarial gain recorded in 2013 was also impacted by the freeze. (Refer to the "Change in Benefit Obligation Table".) For those employees impacted, future pension benefits were replaced with the Bemis Investment Profit Sharing Plan (BIPSP), a defined contribution plan which is subject to achievement of certain financial performance goals of the Company. Total contribution expense for BIPSP and other defined contribution plans (including a multiemployer defined contribution plan) was $18.9 million in 2013, $10.7 million in 2012, and $11.8 million in 2011. Defined benefit multiemployer plans cover employees at two different manufacturing locations and provide for contributions to union administered defined benefit pension plans. Amounts contributed to the multiemployer plans in 2013, 2012, and 2011 totaled $1.0 million, $1.3 million, and $1.5 million, respectively. | |||||||||||||||||||||||||||||||||
The Company’s defined benefit pension plans continue to cover a number of U.S. hourly employees, and the non-U.S. defined benefit plans cover select employees at various international locations. The benefits under the plans are based on years of service and salary levels. Certain plans covering hourly employees provide benefits of stated amounts for each year of service. In addition, the Company also sponsors an unfunded supplemental retirement plan to provide senior management with benefits in excess of limits under the federal tax law and increased benefits to reflect a service adjustment factor. | |||||||||||||||||||||||||||||||||
Net periodic pension cost for defined benefit plans included the following components for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | 14 | $ | 14.7 | $ | 13.5 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 32.5 | 33.7 | 35.2 | ||||||||||||||||||||||||||||||
Expected return on plan assets | (48.1 | ) | (43.5 | ) | (40.3 | ) | |||||||||||||||||||||||||||
Settlement loss (gain) | 0.4 | 12.7 | (3.3 | ) | |||||||||||||||||||||||||||||
Curtailment gain | (0.4 | ) | — | (2.2 | ) | ||||||||||||||||||||||||||||
Amortization of unrecognized transition obligation | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||
Amortization of prior service cost | 1.8 | 1.5 | 2.1 | ||||||||||||||||||||||||||||||
Recognized actuarial net loss | 23.9 | 28.5 | 23.4 | ||||||||||||||||||||||||||||||
Net periodic pension cost | $ | 24.3 | $ | 47.8 | $ | 28.6 | |||||||||||||||||||||||||||
In 2012, the Company recognized a $12.7 million pension settlement charge. The supplemental pension plan provides for a lump sum payment option at the time of retirement. The Company recognizes pension settlements when payments exceed the sum of service and interest cost components of net periodic pension cost of the plan for the fiscal year. | |||||||||||||||||||||||||||||||||
Changes in benefit obligations and plan assets, and a reconciliation of the funded status at December 31, 2013 and 2012, were as follows: | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||||||||||
Benefit obligation at the beginning of the year | $ | 750.4 | $ | 728.6 | $ | 80.4 | $ | 76.2 | |||||||||||||||||||||||||
Service cost | 11.2 | 11.7 | 2.8 | 3 | |||||||||||||||||||||||||||||
Interest cost | 29.5 | 30.1 | 3 | 3.6 | |||||||||||||||||||||||||||||
Participant contributions | — | — | 0.4 | 0.8 | |||||||||||||||||||||||||||||
Plan amendments | 0.5 | 3.4 | — | — | |||||||||||||||||||||||||||||
Plan settlements | — | — | (4.2 | ) | (2.9 | ) | |||||||||||||||||||||||||||
Plan curtailments | (32.6 | ) | — | (0.9 | ) | — | |||||||||||||||||||||||||||
Benefits paid | (29.5 | ) | (56.3 | ) | (2.1 | ) | (3.5 | ) | |||||||||||||||||||||||||
Actuarial (gain) loss | (88.1 | ) | 32.9 | 1.9 | (0.8 | ) | |||||||||||||||||||||||||||
Transfer in | — | — | — | 1.4 | |||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | — | 2.1 | 2.6 | |||||||||||||||||||||||||||||
Benefit obligation at the end of the year | $ | 641.4 | $ | 750.4 | $ | 83.4 | $ | 80.4 | |||||||||||||||||||||||||
Accumulated benefit obligation at the end of the year | $ | 641.4 | $ | 703 | $ | 68.5 | $ | 64.3 | |||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 555.3 | $ | 481.4 | $ | 63.3 | $ | 58.7 | |||||||||||||||||||||||||
Actual return on plan assets | 65.2 | 68.6 | 5.5 | 4.3 | |||||||||||||||||||||||||||||
Employer contributions | 36.2 | 61.6 | 2.8 | 3.8 | |||||||||||||||||||||||||||||
Participant contributions | — | — | 0.4 | 0.8 | |||||||||||||||||||||||||||||
Plan settlements | — | — | (4.2 | ) | (2.9 | ) | |||||||||||||||||||||||||||
Benefits paid | (29.5 | ) | (56.3 | ) | (2.1 | ) | (3.5 | ) | |||||||||||||||||||||||||
Foreign currency exchange rate changes | — | — | 1.5 | 2.1 | |||||||||||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 627.2 | $ | 555.3 | $ | 67.2 | $ | 63.3 | |||||||||||||||||||||||||
Unfunded status at year end: | $ | (14.2 | ) | $ | (195.1 | ) | $ | (16.2 | ) | $ | (17.1 | ) | |||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Amount recognized in consolidated balance sheet consists of: | |||||||||||||||||||||||||||||||||
Prepaid benefit cost, non-current | $ | 23.2 | $ | — | $ | 0.4 | $ | 0.9 | |||||||||||||||||||||||||
Accrued benefit liability, current | (6.1 | ) | (2.0 | ) | (0.5 | ) | (0.7 | ) | |||||||||||||||||||||||||
Accrued benefit liability, non-current | (31.3 | ) | (193.1 | ) | (16.1 | ) | (17.3 | ) | |||||||||||||||||||||||||
Sub-total | (14.2 | ) | (195.1 | ) | (16.2 | ) | (17.1 | ) | |||||||||||||||||||||||||
Deferred tax asset | 56.5 | 121 | 2.2 | 2.7 | |||||||||||||||||||||||||||||
Accumulated other comprehensive loss | 89.4 | 191.6 | 6.1 | 6.3 | |||||||||||||||||||||||||||||
Net amount related to pension plans | $ | 131.7 | $ | 117.5 | $ | (7.9 | ) | $ | (8.1 | ) | |||||||||||||||||||||||
Accumulated other comprehensive loss related to pension benefit plans is as follows: | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Unrecognized net actuarial losses | $ | 139.7 | $ | 304.9 | $ | 6.5 | $ | 6.9 | |||||||||||||||||||||||||
Unrecognized net prior service costs | 6.2 | 7.7 | 0.4 | 0.5 | |||||||||||||||||||||||||||||
Unrecognized net transition costs | — | — | 1.4 | 1.6 | |||||||||||||||||||||||||||||
Tax benefit | (56.5 | ) | (121.0 | ) | (2.2 | ) | (2.7 | ) | |||||||||||||||||||||||||
Accumulated other comprehensive loss, end of year | $ | 89.4 | $ | 191.6 | $ | 6.1 | $ | 6.3 | |||||||||||||||||||||||||
Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2014 are as follows: | |||||||||||||||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||||||||||||||
(in millions) | U.S. Pension Plans | Pension Plans | |||||||||||||||||||||||||||||||
Net actuarial losses | $ | 11 | $ | 0.1 | |||||||||||||||||||||||||||||
Net prior service costs | 1.5 | 0.1 | |||||||||||||||||||||||||||||||
Net transition costs | — | 0.2 | |||||||||||||||||||||||||||||||
Total | $ | 12.5 | $ | 0.4 | |||||||||||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $709.9 million and $767.3 million at December 31, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||
Presented below are the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets and pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
Projected Benefit Obligation Exceeds the Fair Value of Plan’s Assets | Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||||
Exceeds the Fair Value of Plan’s Assets | |||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 37.4 | $ | 750.4 | $ | 74.1 | $ | 37.3 | $ | 37.4 | $ | 750.4 | $ | 30.8 | $ | 37.3 | |||||||||||||||||
Accumulated benefit obligation | 37.4 | 703 | 61 | 26.1 | 37.4 | 703 | 21 | 26.1 | |||||||||||||||||||||||||
Fair value of plan assets | — | 555.2 | 57.4 | 19.3 | — | 555.2 | 15.7 | 19.3 | |||||||||||||||||||||||||
The Company’s general funding policy is to make contributions as required by applicable regulations and when beneficial to the Company for tax purposes. The employer contributions for the years ended December 31, 2013 and 2012, were $39.0 million and $65.4 million, respectively. Total expected cash contributions for 2014 are $10.1 million which are expected to satisfy plan and regulatory funding requirements. | |||||||||||||||||||||||||||||||||
For each of the years ended December 31, 2013 and 2012, the U.S. pension plans represented approximately 90 percent of the Company’s total plan assets and approximately 89 percent of the Company’s total projected benefit obligation. Considering the significance of the U.S. pension plans in comparison with the Company’s total pension plans, the critical pension assumptions related to the U.S. pension plans and the non-U.S. pension plans are separately presented and discussed below. | |||||||||||||||||||||||||||||||||
The Company’s actuarial valuation date is December 31. The weighted-average discount rates and rates of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation for the years ended December 31 are as follows: | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Weighted-average discount rate | 5 | % | 4 | % | 4.25 | % | 3.89 | % | |||||||||||||||||||||||||
Rate of increase in future compensation levels | 3.75 | % | 3.75 | % | 3.91 | % | 3.79 | % | |||||||||||||||||||||||||
The weighted-average discount rates, expected returns on plan assets, and rates of increase in future compensation levels used to determine the net benefit cost for the years ended December 31 are as follows: | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Weighted-average discount rate | 4.13 | % | 4.25 | % | 5.25 | % | 3.89 | % | 4.68 | % | 5.28 | % | |||||||||||||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8.25 | % | 6.01 | % | 6.32 | % | 6.34 | % | |||||||||||||||||||||
Rate of increase in future compensation levels | 3.75 | % | 4.25 | % | 4.25 | % | 3.79 | % | 3.81 | % | 3.93 | % | |||||||||||||||||||||
The Pension Investment Committee appointed by the Company’s Board of Directors is responsible for overseeing the investments of the pension plans. The overall investment strategy is to achieve a long-term rate of return that maintains an adequate funded ratio and minimizes the need for future contributions through diversification of asset types, investment strategies, and investment managers. A target asset allocation policy is used to balance investments in equity securities with investments in fixed income securities. Beginning in 2013, the Company adopted a liability responsive asset allocation policy that becomes more conservative as the funded status of the plans improve. The majority of pension plan assets relate to U.S. plans and the target allocation is currently to invest approximately 70 percent in fixed income securities and approximately 30 percent in equity securities. Equity securities primarily include investments in diversified portfolios of domestic large cap and small cap companies. Fixed income securities include diversified investments across a broad spectrum of primarily investment-grade debt securities. To develop the expected long-term rate of return on assets assumption, the Company considered historical returns and future expectations. Using the Company’s 2014 target asset allocation based on a liability responsive asset allocation, the Company’s outside actuaries have used their independent economic model to calculate a range of expected long-term rates of return and, based on their results, the Company has determined these assumptions to be reasonable. | |||||||||||||||||||||||||||||||||
The pension plan assets measured at fair value at December 31, 2013 and 2012 follow: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
Quoted Price In Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Quoted Price In Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||
(in millions) | (Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5.9 | $ | 9.8 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Corporate debt securities | — | 199.2 | — | — | — | — | |||||||||||||||||||||||||||
U.S. government debt securities | 2.7 | — | — | — | — | — | |||||||||||||||||||||||||||
State and municipal debt securities | — | 45.6 | — | — | — | — | |||||||||||||||||||||||||||
Corporate common stock | 194.2 | 17.5 | — | — | — | — | |||||||||||||||||||||||||||
Registered investment company funds | 10.2 | 133.3 | — | 44.8 | — | — | |||||||||||||||||||||||||||
Common trust funds | — | 8.8 | — | — | 4.8 | — | |||||||||||||||||||||||||||
General insurance account | — | — | — | — | — | 17.6 | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 213 | $ | 414.2 | $ | — | $ | 44.8 | $ | 4.8 | $ | 17.6 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
Quoted Price In Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Quoted Price In Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||
(in millions) | (Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 10.4 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Corporate debt securities | — | 123.1 | — | — | — | — | |||||||||||||||||||||||||||
U.S. government debt securities | 2.2 | — | — | — | — | — | |||||||||||||||||||||||||||
State and municipal debt securities | — | 19.1 | — | — | — | — | |||||||||||||||||||||||||||
Corporate common stock | 265 | 19.7 | — | — | — | — | |||||||||||||||||||||||||||
Registered investment company funds | 22.4 | 74.5 | — | 39.9 | — | — | |||||||||||||||||||||||||||
Common trust funds | — | 14.8 | — | — | 4.4 | — | |||||||||||||||||||||||||||
General insurance account | — | — | — | — | — | 19 | |||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 293.6 | $ | 261.6 | $ | — | $ | 39.9 | $ | 4.4 | $ | 19 | |||||||||||||||||||||
Cash and cash equivalents. This category consists of direct cash holdings and institutional short-term investment vehicles. Direct cash holdings are valued based on cost, which approximates fair value and are classified as Level 1. Institutional short-term investment vehicles are valued daily and are classified as Level 2. | |||||||||||||||||||||||||||||||||
Corporate, U.S. government, state, and municipal debt securities. These securities are valued using market inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data including market research publications. Inputs may be prioritized differently at certain times based on market conditions. | |||||||||||||||||||||||||||||||||
Corporate common stock. This category includes common and preferred stocks and index mutual funds that track U.S. and foreign indices. Fair values for the common and preferred stocks are based on quoted prices in active markets and were therefore classified within Level 1 of the fair value hierarchy. The mutual funds were valued at the unit prices established by the funds' sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
Registered investment company funds. This category includes mutual funds that are actively traded on public exchanges. The funds are invested in equity and debt securities that are actively traded on public exchanges. | |||||||||||||||||||||||||||||||||
Common trust funds. Common trust funds consist of shares in commingled funds that are not publicly traded. The funds are invested in equity and debt securities that are actively traded on public exchanges. | |||||||||||||||||||||||||||||||||
General insurance account. The general insurance account is primarily comprised of insurance contracts that guarantee a minimum return. | |||||||||||||||||||||||||||||||||
The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012 follows: | |||||||||||||||||||||||||||||||||
(in millions) | Corporate Debt Securities | General Insurance Account | |||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, 2011 | $ | 2.7 | $ | 19.1 | |||||||||||||||||||||||||||||
Actual return on plan assets | (0.1 | ) | 0.8 | ||||||||||||||||||||||||||||||
Purchases, sales and settlements, net | (2.5 | ) | (1.2 | ) | |||||||||||||||||||||||||||||
Transfers into (out of) Level 3 * | (0.1 | ) | — | ||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | 0.3 | |||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, 2012 | — | 19 | |||||||||||||||||||||||||||||||
Actual return on plan assets | — | 1 | |||||||||||||||||||||||||||||||
Purchases, sales and settlements, net | — | (3.2 | ) | ||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | 0.8 | |||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, 2013 | $ | — | $ | 17.6 | |||||||||||||||||||||||||||||
* Transfers into and out of Level 3 are due to availability of observable market data for the same or similar securities. | |||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||||||
(in millions) | U.S. Pension Plans | Non-U.S. Pension Plans | |||||||||||||||||||||||||||||||
2014 | $ | 36.6 | $ | 3.5 | |||||||||||||||||||||||||||||
2015 | 33.6 | 2.2 | |||||||||||||||||||||||||||||||
2016 | 35.1 | 7.3 | |||||||||||||||||||||||||||||||
2017 | 42 | 1.7 | |||||||||||||||||||||||||||||||
2018 | 41.2 | 3.9 | |||||||||||||||||||||||||||||||
Years 2019-2023 | 214.9 | 17 | |||||||||||||||||||||||||||||||
Postretirement_benefits
Postretirement benefits (Other Postretirement Benefit Plans, Defined Benefit [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | |||||||||||||
The Company sponsors several defined postretirement benefit plans that cover a majority of salaried and a portion of nonunion hourly employees. These plans provide healthcare benefits and, in some instances, provide life insurance benefits. Postretirement health care plans are contributory, with retiree contributions adjusted annually. Life insurance plans are noncontributory. | |||||||||||||
Net periodic postretirement benefit costs included the following components for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Service cost - benefits earned during the year | $ | 0.3 | $ | 0.3 | $ | 0.3 | |||||||
Interest cost on accumulated postretirement benefit obligation | 0.4 | 0.4 | 0.4 | ||||||||||
Amortization of prior service credit | (0.6 | ) | (0.6 | ) | (0.6 | ) | |||||||
Recognized actuarial net gain | (0.3 | ) | (0.3 | ) | (0.4 | ) | |||||||
Net periodic postretirement benefit income | $ | (0.2 | ) | $ | (0.2 | ) | $ | (0.3 | ) | ||||
Changes in benefit obligation and plan assets, and a reconciliation of the funded status at December 31, 2013 and 2012, are as follows: | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Change in Benefit Obligation | |||||||||||||
Benefit obligation at the beginning of the year | $ | 9.1 | $ | 9.4 | |||||||||
Service cost | 0.3 | 0.3 | |||||||||||
Interest cost | 0.4 | 0.4 | |||||||||||
Participant contributions | 0.6 | 0.4 | |||||||||||
Actuarial (gain) loss | (1.5 | ) | 0.1 | ||||||||||
Benefits paid | (1.0 | ) | (1.5 | ) | |||||||||
Benefit obligation at the end of the year | $ | 7.9 | $ | 9.1 | |||||||||
Change in Plan Assets | |||||||||||||
Fair value of plan assets at the beginning of the year | $ | — | $ | — | |||||||||
Participant contributions | 0.6 | 0.4 | |||||||||||
Employer contribution | 0.4 | 1.1 | |||||||||||
Benefits paid | (1.0 | ) | (1.5 | ) | |||||||||
Fair value of plan assets at the end of the year | $ | — | $ | — | |||||||||
Unfunded status at year end: | $ | (7.9 | ) | $ | (9.1 | ) | |||||||
(in millions) | 2013 | 2012 | |||||||||||
Amount recognized in consolidated balance sheet consists of: | |||||||||||||
Accrued benefit liability, current | $ | (0.6 | ) | $ | (0.6 | ) | |||||||
Accrued benefit liability, non-current | (7.3 | ) | (8.5 | ) | |||||||||
Sub-total | (7.9 | ) | (9.1 | ) | |||||||||
Deferred tax liability | (3.1 | ) | (2.8 | ) | |||||||||
Accumulated other comprehensive income | (4.8 | ) | (4.5 | ) | |||||||||
Net amount related to postretirement benefit plans | $ | (15.8 | ) | $ | (16.4 | ) | |||||||
Accumulated other comprehensive income related to other postretirement benefit plans is as follows: | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Unrecognized net actuarial gains | $ | (5.5 | ) | $ | (3.0 | ) | |||||||
Unrecognized net prior service credits | (2.4 | ) | (4.3 | ) | |||||||||
Tax expense | 3.1 | 2.8 | |||||||||||
Accumulated other comprehensive income, end of year | $ | (4.8 | ) | $ | (4.5 | ) | |||||||
Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2014 are as follows: | |||||||||||||
(in millions) | |||||||||||||
Net actuarial gains | $ | 0.4 | |||||||||||
Net prior service credits | 0.6 | ||||||||||||
Total | $ | 1 | |||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||
(in millions) | Benefit Payments | ||||||||||||
2014 | $ | 0.5 | |||||||||||
2015 | 0.6 | ||||||||||||
2016 | 0.6 | ||||||||||||
2017 | 0.6 | ||||||||||||
2018 | 0.6 | ||||||||||||
Years 2019-2023 | 3.6 | ||||||||||||
The employer contributions for the years ended December 31, 2013 and 2012 were $0.4 million and $1.1 million, respectively. The expected contribution for 2014 is $0.5 million which is expected to satisfy plan funding requirements. | |||||||||||||
The health care cost trend rate assumption affects the amounts reported. For measurement purposes, the assumed annual rate of increase in the per capita cost of covered health care benefits was 7.0 percent for 2013 and was 7.5 percent for 2012; the health care trend was reset from 6.5% to 7.5% in 2014 grading to 5% in 2019 (reducing 0.5% annually), and remains at that level thereafter. The annual incremental decrease was assumed to be one-half percent for both 2013 and 2012. A one-percentage point change in assumed health care trends would have a nominal effect on both the total of service and interest cost components for 2013 and the post retirement benefit obligations at December 31, 2013. | |||||||||||||
The Company’s actuarial valuation date is December 31. The weighted-average discount rates used to determine the actuarial present value of the net postretirement projected benefit obligation for the years ended December 31, 2013 and 2012 were 5.00 percent and 4.00 percent, respectively. The weighted-average discount rates used to determine the net postretirement benefit cost was 4.00 percent, 4.25 percent, and 5.25 percent for the years ended December 31, 2013, 2012, and 2011, respectively. |
Multiemployer
Multiemployer (Multiemployer plans [Member]) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Multiemployer plans [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||||||
MULTIEMPLOYER DEFINED BENEFIT PENSION PLANS | |||||||||||||||||||||||||
As of December 31, 2013, the Company contributes to two multiemployer defined benefit pensions plans under the terms contained in two collective bargaining agreements. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: | |||||||||||||||||||||||||
a. | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | ||||||||||||||||||||||||
b. | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | ||||||||||||||||||||||||
c. | If the Company chooses to stop participating in a multiemployer plan, the Company may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||||||||||
The Company recorded charges related to the withdrawal from the GCIU - Employer Retirement Fund as part of its facility consolidation activities in the years ended December 31, 2013, 2012, and 2011. In December, 2013, the Company settled with the GCIU and paid the withdrawal liability in full. | |||||||||||||||||||||||||
The Company’s participation in these plans for the annual period ended December 31, 2013, 2012, and 2011 is outlined in the table below. | |||||||||||||||||||||||||
Expiration | |||||||||||||||||||||||||
Multiemployer | Pension Protection | FIP/RP | Company Contributions | Date of | |||||||||||||||||||||
Pension | EIN/Pension | Act Zone Status | Status | (in millions) | Surcharge | Bargaining | |||||||||||||||||||
Fund | Plan Number | 2013 | 2012 | Implemented | 2013 | 2012 | 2011 | Imposed | Agreement | ||||||||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6044243/001 | Red | Red | Yes | $ | 0.9 | $ | 0.9 | $ | 0.9 | No | 5/15/15 | |||||||||||||
Warehouse Employees Local 169 & Employers Joint Pension Fund | 23-6230368/001 | Red | Red | Yes | 0.1 | 0.1 | 0.1 | Yes | 5/31/14 | ||||||||||||||||
GCIU — Employer Retirement Fund | 91-6024903/001 | Red | Red | Yes | — | 0.3 | 0.5 | Yes | Withdrawn (a) | ||||||||||||||||
$ | 1 | $ | 1.3 | $ | 1.5 | ||||||||||||||||||||
(a) The Company was party to two collective-bargaining agreements that required contributions to GCIU - Employer Retirement Fund. The Company’s Newark, CA facility closed during 2012. The Company’s Minneapolis, MN facility closed during 2013. | |||||||||||||||||||||||||
The “EIN Number” column provides the Employer Identification Number (EIN). Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2013 and 2012 is for the plan’s year-end at December 31, 2012 and December 31, 2011, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Implemented” column indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) has been implemented. |
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||
STOCK INCENTIVE PLANS | ||||||||||||||
The Company’s 2007 (adopted in 2006) Stock Incentive Plan provides for the issuance of up to 6,000,000 shares of common stock to certain employees. The plan expires 10 years after its inception, at which point no further stock awards may be granted. As of December 31, 2013, 3,597,459 shares were available for future grants under these plans. Shares forfeited by an employee become available for future grants. Distribution of stock awards is made in the form of shares of the Company’s common stock on a one for one basis. Distribution of the shares will normally be made not less than three years, nor more than six years, from the date of the stock award grant to an employee. Stock awards for directors vest immediately. All other stock awards granted under the plans are subject to restrictions as to continuous employment, except in the case of death, permanent disability, or retirement. | ||||||||||||||
Total compensation expense related to stock incentive plans was $16.4 million in 2013, $17.6 million in 2012, and $16.3 million in 2011. As of December 31, 2013, the unrecorded compensation cost for stock awards was $18.2 million and will be recognized over the remaining vesting period for each grant which ranges between 2014 and 2016. The remaining weighted-average life of all stock awards outstanding as of December 31, 2013 was 1.72 years. These awards are considered equity-based awards and are therefore classified as a component of additional paid-in capital. | ||||||||||||||
In addition, cash payments are made during the vesting period on the outstanding stock awards granted prior to January 1, 2010, equal to the dividend on the Company’s common stock. Cash payments equal to dividends on awards made on or after January 1, 2010, will be distributed at the same time as the shares of common stock to which they relate. | ||||||||||||||
Time-Based Stock Awards | ||||||||||||||
The cost of time-based stock awards is based on the fair market value of the Company's common stock on the date of grant and is charged to income on a straight-line basis over the requisite service period. The per share fair value of time-based stock awards granted during the years ended December 31, 2013, 2012 and 2011 was $33.75, $30.61, and $32.14, respectively. | ||||||||||||||
Performance-Based Stock Awards | ||||||||||||||
Certain officers and key employees are also eligible to receive performance-based stock awards. Grantees of performance-based awards will be eligible to receive shares of the Company's common stock depending upon the Company's total shareowner return, assuming reinvestment of all dividends, relative to the performance of the Company's competitor group over a three-year period. The per share fair value of performance-based awards granted during the years ended December 31, 2013, 2012 and 2011 was $36.98, $39.10, and $41.80, respectively, which the Company determined using a Monte Carlo simulation and the following assumptions: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Average risk-free interest rate | 0.37 | % | 0.4 | % | 1.03 | % | ||||||||
Expected volatility (Bemis Company, Inc.) | 21.9 | % | 27.7 | % | 33.9 | % | ||||||||
The average risk-free interest rate is based on the three-year U.S. treasury security rate in effect as of the grant date. The expected volatilities were determined using daily historical volatility for the most recent three-year period as of the grant date. During 2013, there was a 54.7 percent payout of 2010 performance grants, and the balance were canceled. In 2014, there will be no payout of 2011 awards and they all will be canceled. | ||||||||||||||
The following table summarizes stock awards unit activity for the year ended December 31, 2013: | ||||||||||||||
Time-Based | Performance-Based | |||||||||||||
Weighted-average grant date share value | (in thousands) Stock Awards | Weighted-average grant date share value | (in thousands) Stock Awards | |||||||||||
Outstanding units granted at the beginning of the year | $ | 30.8 | 2,150 | $ | 39.26 | 422 | ||||||||
Units granted | 33.75 | 398 | 36.98 | 146 | ||||||||||
Units paid (in shares) | 32.79 | (927 | ) | 38.01 | (106 | ) | ||||||||
Units canceled | 30.93 | (150 | ) | 37.58 | (115 | ) | ||||||||
Outstanding units granted at the end of the year | 30.35 | 1,471 | 37.95 | 347 | ||||||||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
LONG-TERM DEBT | |||||||||
Debt consisted of the following at December 31, | |||||||||
(dollars in millions) | 2013 | 2012 | |||||||
Commercial paper payable through 2014 | $ | 240.5 | $ | 203.8 | |||||
Notes payable in 2014, at an interest rate of 5.65% less unamortized discount of $0.1 and $0.2, respectively | 399.9 | 399.8 | |||||||
Notes payable in 2019, at an interest rate of 6.8% less unamortized discount of $0.7 and $0.8, respectively | 399.3 | 399.2 | |||||||
Notes payable in 2021, at an interest rate of 4.5% includes ($20.2) and $17.0 fair value of interest rate swap, respectively, less unamortized discount of $2.0 and $2.3, respectively | 377.8 | 414.7 | |||||||
Debt of subsidiary companies | 3.9 | — | |||||||
Obligations under capital leases | 0.2 | 0.4 | |||||||
Total debt | 1,421.60 | 1,417.90 | |||||||
Less current portion | 0.2 | 0.3 | |||||||
Total long-term debt | $ | 1,421.40 | $ | 1,417.60 | |||||
Commercial paper and $400 million notes have been classified as long-term debt to the extent of available long-term backup credit agreements, in accordance with the Company’s intent and ability to refinance such obligations on a long-term basis. The weighted-average interest rate of commercial paper outstanding at December 31, 2013, was 0.3 percent. The maximum amount of commercial paper outstanding during 2013 was $370.3 million, and the average outstanding during 2013 was $258.1 million. The weighted-average interest rate during 2013 was 0.3 percent. | |||||||||
As of December 31, 2013, the Company had available from its banks a $1.1 billion revolving credit facility. This credit facility is used principally as back-up for the Company’s commercial paper program and expires on August 12, 2018. The revolving credit facility is supported by a group of major U.S. and international banks. Covenants imposed by the revolving credit facility include limits on the sale of businesses, minimum net worth calculations, and a maximum ratio of debt to total capitalization. The revolving credit agreement includes a combined $100 million multicurrency limit to support the financing needs of the Company’s international subsidiaries. | |||||||||
Refer to Note 8 - Derivative Instruments for information regarding the interest rate swap. | |||||||||
Long-term debt maturing in 2014 is $640.5 million. There is no long-term debt maturing from 2015-2018. These amounts have been classified as long term liabilities in accordance with the Company’s ability and intent to refinance such obligations on a long term basis. The Company was in compliance with all debt covenants throughout 2013. |
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Leases of Lessee Disclosure [Text Block] | ' | |||
LEASES | ||||
The Company has leases for manufacturing plants, land, warehouses, machinery and equipment, and administrative offices that generally expire at various times over the next 15 years. Under most leasing arrangements, the Company pays the property taxes, insurance, maintenance, and other expenses related to the leased property. Total rental expense under operating leases was approximately $17.0 million in 2013, $17.4 million in 2012, and $17.8 million in 2011. | ||||
Minimum future obligations on leases in effect at December 31, 2013 were: | ||||
Operating | ||||
(in millions) | Leases | |||
2014 | $ | 9.9 | ||
2015 | 9 | |||
2016 | 7.2 | |||
2017 | 5.7 | |||
2018 | 4 | |||
Thereafter | 29.5 | |||
Total minimum obligations | $ | 65.3 | ||
Income_tax
Income tax | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||||||||||||
INCOME TAXES | ||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||
U.S. income before income taxes | $ | 228.7 | $ | 229.5 | $ | 188.6 | ||||||||||||||||
Non-U.S. income before income taxes | 91.6 | 49.1 | 103.6 | |||||||||||||||||||
Income from before income taxes | $ | 320.3 | $ | 278.6 | $ | 292.2 | ||||||||||||||||
Income tax expense consists of the following components: | ||||||||||||||||||||||
Current tax expense: | ||||||||||||||||||||||
U.S. federal | $ | 65.8 | $ | 60.3 | $ | 49.3 | ||||||||||||||||
Foreign | 33.4 | 30.5 | 31.2 | |||||||||||||||||||
State and local | 6.5 | 5.3 | 0.9 | |||||||||||||||||||
Total current tax expense | 105.7 | 96.1 | 81.4 | |||||||||||||||||||
Deferred tax expense (benefit): | ||||||||||||||||||||||
U.S. federal | 16.6 | 16.4 | 13.3 | |||||||||||||||||||
Foreign | (16.2 | ) | (10.2 | ) | 5.1 | |||||||||||||||||
State and local | 1.6 | 2.5 | 5.1 | |||||||||||||||||||
Total deferred tax expense | 2 | 8.7 | 23.5 | |||||||||||||||||||
Total income tax expense | $ | 107.7 | $ | 104.8 | $ | 104.9 | ||||||||||||||||
The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below. | ||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||
Deferred Tax Assets: | ||||||||||||||||||||||
Accounts receivable, principally due to allowances for returns and doubtful accounts | $ | 9 | $ | 8.7 | ||||||||||||||||||
Inventories, principally due to additional costs inventoried for tax purposes | 30.8 | 25.7 | ||||||||||||||||||||
Employee compensation and benefits accrued for financial reporting purposes | 51.6 | 127.8 | ||||||||||||||||||||
Foreign net operating losses | 26.8 | 25 | ||||||||||||||||||||
Foreign tax credits | 17 | 9 | ||||||||||||||||||||
Other | 16.8 | 8.6 | ||||||||||||||||||||
Total deferred tax assets | 152 | 204.8 | ||||||||||||||||||||
Less valuation allowance | (42.1 | ) | (36.6 | ) | ||||||||||||||||||
Total deferred tax assets, after valuation allowance | $ | 109.9 | $ | 168.2 | ||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||||||||||
Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead | $ | 124.4 | $ | 138.6 | ||||||||||||||||||
Goodwill and intangible assets, principally due to differences in amortization | 175.3 | 145.8 | ||||||||||||||||||||
Total deferred tax liabilities | 299.7 | 284.4 | ||||||||||||||||||||
Deferred tax liabilities, net | $ | 189.8 | $ | 116.2 | ||||||||||||||||||
The net deferred tax liabilities are reflected in the balance sheet as follows: | ||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||
Deferred tax assets (included in prepaid expense and other current assets) | $ | 80 | $ | 82.1 | ||||||||||||||||||
Deferred tax liabilities | 269.8 | 198.3 | ||||||||||||||||||||
Net deferred tax liabilities | $ | 189.8 | $ | 116.2 | ||||||||||||||||||
The Company’s effective tax rate differs from the federal statutory rate due to the following items: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars in millions) | Amount | % of Income Before Tax | Amount | % of Income Before Tax | Amount | % of Income Before Tax | ||||||||||||||||
Computed “expected” tax expense on income before taxes at federal statutory rate | $ | 112.1 | 35 | % | $ | 97.5 | 35 | % | $ | 102.3 | 35 | % | ||||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||||||||
State and local income taxes net of federal income tax benefit | 5.2 | 1.6 | 5 | 1.8 | 3.9 | 1.3 | ||||||||||||||||
Foreign tax rate differential | (4.2 | ) | (1.3 | ) | 3.1 | 1.1 | (0.6 | ) | (0.2 | ) | ||||||||||||
Manufacturing tax benefits | (6.5 | ) | (2.0 | ) | (5.2 | ) | (1.9 | ) | (4.2 | ) | (1.4 | ) | ||||||||||
Other | 1.1 | 0.3 | 4.4 | 1.6 | 3.5 | 1.2 | ||||||||||||||||
Actual income tax expense | $ | 107.7 | 33.6 | % | $ | 104.8 | 37.6 | % | $ | 104.9 | 35.9 | % | ||||||||||
In 2013 a Brazilian subsidiary paid $21.3 million of dividends out of current earnings to the U.S. parent. This resulted in $8.9 million of additional tax and an increase in the foreign tax credit of $8.0 million. The Company placed a full valuation allowance against these credits. The net increase in tax due to the dividends was largely offset by the release of various foreign valuation allowances and foreign deferred tax liabilities. | ||||||||||||||||||||||
As of December 31, 2013, the Company had foreign net operating loss carryovers of approximately $85.0 million that are available to offset future taxable income. Approximately $32.6 million of the carryover expires over the period 2014-2032. The remaining balance has no expiration. In addition, the Company had $17.0 million of foreign tax credit carryover that is available to offset future tax. This carryover expires over the period 2018-2023. | ||||||||||||||||||||||
Current authoritative guidance issued by the Financial Accounting Standards Board ("FASB") requires that a valuation allowance be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. The Company has, and continues to generate, both net operating losses and deferred tax assets in certain jurisdictions for which a valuation allowance is required. The Company’s management determined that a valuation allowance of $42.1 million and $36.6 million against deferred tax assets primarily associated with the foreign net operating loss carryover and the foreign tax credit carryover was necessary at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
Provision has not been made for U.S. or additional foreign taxes on $390.5 million of undistributed earnings of foreign subsidiaries because those earnings are considered to be indefinitely reinvested in the operations of those subsidiaries. It is not practical to estimate the amount of tax that might be payable on the eventual remittance of such earnings. | ||||||||||||||||||||||
The Company had total unrecognized tax benefits of $21.4 million and $25.6 million for the years ended December 31, 2013 and 2012, respectively. The approximate amount of unrecognized tax benefits that would impact the effective income tax rate if recognized in any future periods was $21.4 million and $20.4 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, in millions, is as follows: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Balance at beginning of year | $ | 25.6 | $ | 25.6 | ||||||||||||||||||
Additions based on tax positions related to the current year | 3.6 | 2.3 | ||||||||||||||||||||
Additions for tax positions of prior years | 5.1 | 3.4 | ||||||||||||||||||||
Reductions for tax positions of prior years | (9.9 | ) | (0.4 | ) | ||||||||||||||||||
Reductions due to a lapse of the statute of limitations | (2.9 | ) | (5.3 | ) | ||||||||||||||||||
Settlements | (0.1 | ) | — | |||||||||||||||||||
Balance at end of year | $ | 21.4 | $ | 25.6 | ||||||||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized $1.0 million of net tax benefit, $0.6 million of net tax expense, and $0.9 million of net tax benefit related to interest and penalties during the years ended December 31, 2013, 2012, and 2011, respectively. The Company had approximately $6.5 million and $7.5 million accrued for interest and penalties, net of tax benefits, at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
During the next 12 months it is reasonably possible that a reduction of gross unrecognized tax benefits will occur in an amount of up to $5.0 million as a result of the resolution of positions taken on previously filed returns. | ||||||||||||||||||||||
The Company and its subsidiaries are subject to U.S. federal and state income tax as well as income tax in multiple international jurisdictions. The Company's U.S. federal income tax returns prior to 2012 have been audited and settled. With few exceptions, the Company is no longer subject to examinations by tax authorities for years prior to 2008 in the significant jurisdictions in which it operates. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||
On January 1, 2013, the Company adopted changes required by the FASB to the reporting of amounts reclassified out of accumulated other comprehensive loss. These changes require an entity to report the effect of significant reclassifications out of accumulated other comprehensive loss on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. Other than the additional disclosure requirements (see below), the adoption of these changes had no impact on the Consolidated Financial Statements. The components and activity of accumulated other comprehensive loss are as follows: | |||||||||||||
(in millions) | Foreign Currency Translation | Pension And Other Postretirement Liability Adjustment | Accumulated Other Comprehensive Loss | ||||||||||
December 31, 2012 | $ | 80.5 | $ | (193.4 | ) | $ | (112.9 | ) | |||||
Other comprehensive (loss) income before reclassifications | (88.5 | ) | 87.1 | (1.4 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 15.6 | 15.6 | ||||||||||
Net current period other comprehensive (loss) income | (88.5 | ) | 102.7 | 14.2 | |||||||||
December 31, 2013 | $ | (8.0 | ) | $ | (90.7 | ) | $ | (98.7 | ) | ||||
Accumulated other comprehensive loss associated with pension and other postretirement liability adjustments are net of tax effects of $55.6 million and $120.9 million as of December 31, 2013, and 2012, respectively. In September 2013 the Company approved amendments related to multiple qualified defined benefit pension plans effective December 31, 2013. The amendments froze all further benefit accruals for all persons entitled to benefits under the plans as of December 31, 2013. As a result, final average pay formulas will not reflect future compensation increases or additional service after December 31, 2013. Other comprehensive income before reclassifications reflects the effect of these plan amendments. Reclassifications of $25.5 million ($15.6 million, net of tax) for the year ended December 31, 2013, related to the amortization of accumulated pension losses into net periodic benefit cost. Refer to Note 10 — Pension Plans for additional detail. | |||||||||||||
The components of total other comprehensive income (loss) are as follows: | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Comprehensive income (loss) attributable to Bemis Company, Inc. | $ | 226.8 | $ | 151.6 | $ | (9.5 | ) | ||||||
Comprehensive income attributable to noncontrolling interests | — | — | 5.3 | ||||||||||
Total comprehensive income (loss) | $ | 226.8 | $ | 151.6 | $ | (4.2 | ) | ||||||
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interests | ' |
NONCONTROLLING INTERESTS | |
During the third quarter of 2011, the Company completed the purchase of the shares owned by the noncontrolling interest of its Brazilian subsidiary, Dixie Toga, Ltda (formerly Dixie Toga, S.A.), for approximately $90 million. The differences between the total consideration amounts paid and the noncontrolling interest adjustments were recorded as adjustments to capital in excess of par value. |
Earnings_Per_Share_Computation
Earnings Per Share Computations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share Computations | ' | ||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||
The Company considers unvested share-based payment awards that contain nonforfeitable rights to receive dividends or dividend equivalents (whether paid or unpaid) to be participating securities, and thus includes them in the two-class method of computing earnings per share. Participating securities include a portion of the Company’s unvested employee stock awards, which receive nonforfeitable cash payments equal to the dividend on the Company’s common stock. The calculation of earnings per share for common stock shown below excludes the income attributable to the participating securities from the numerator and excludes the dilutive impact of those awards from the denominator. | |||||||||||||
(in millions, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Numerator | |||||||||||||
Net income attributable to Bemis Company, Inc. | $ | 212.6 | $ | 173.8 | $ | 184.1 | |||||||
Income allocated to participating securities | (0.2 | ) | (1.8 | ) | (2.8 | ) | |||||||
Net income available to common shareholders (1) | $ | 212.4 | $ | 172 | $ | 181.3 | |||||||
Denominator | |||||||||||||
Weighted-average common shares outstanding — basic | 102.9 | 103.2 | 104.6 | ||||||||||
Dilutive shares | 1 | 0.7 | 0.4 | ||||||||||
Weighted-average common and common equivalent shares outstanding — diluted | 103.9 | 103.9 | 105 | ||||||||||
Per common share income | |||||||||||||
Basic | $ | 2.06 | $ | 1.67 | $ | 1.73 | |||||||
Diluted | $ | 2.04 | $ | 1.66 | $ | 1.73 | |||||||
(1) Basic weighted-average common shares outstanding | 102.9 | 103.2 | 104.6 | ||||||||||
Basic weighted-average common shares outstanding and participating securities | 103 | 104.3 | 106.2 | ||||||||||
Percentage allocated to common shareholders | 99.9 | % | 98.9 | % | 98.5 | % | |||||||
Certain stock awards outstanding were not included in the computation of diluted earnings per share above because they would not have had a dilutive effect. The excluded stock awards represented an aggregate of 0.3 million shares at December 31, 2013. There were no anti-dilutive stock awards outstanding at December 31, 2012 or 2011. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
COMMITMENTS AND CONTINGENCIES | |
The Company is involved in a number of lawsuits incidental to its business, including environmental-related litigation and routine litigation arising in the ordinary course of business. Although it is difficult to predict the ultimate outcome of these cases, the Company believes, except as discussed below, that any ultimate liability would not have a material adverse effect on the Company’s consolidated financial condition or results of operations. | |
Environmental Matters | |
The Company is a potentially responsible party ("PRP") pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (commonly known as “Superfund”) and similar state and foreign laws in proceedings associated with seventeen sites around the United States and one in Brazil. These proceedings were instituted by the United States Environmental Protection Agency and certain state and foreign environmental agencies at various times beginning in 1983. Superfund and similar state and foreign laws create liability for investigation and remediation in response to releases of hazardous substances in the environment. Under these statutes, joint and several liability may be imposed on waste generators, site owners and operators, and others regardless of fault. Although these regulations could require the Company to remove or mitigate the effects on the environment at various sites, perform remediation work at such sites, or pay damages for loss of use and non-use values, the Company expects its liability in these proceedings to be limited to monetary damages. The Company expects its future liability relative to these sites to be insignificant, individually and in the aggregate. The Company has accrued an amount that it believes to be adequate to cover its exposure. | |
São Paulo Tax Dispute | |
Dixie Toga Ltda ("Dixie Toga"), acquired by the Company on January 5, 2005, is involved in a tax dispute with the City of São Paulo, Brazil ("City"). The City imposes a tax on the rendering of printing services. The City has assessed this city services tax on the production and sale of printed labels and packaging products. Dixie Toga, along with a number of other packaging companies, disagrees and contends that the city services tax is not applicable to its products and that the products are subject only to the state value added tax ("VAT"). Under Brazilian law, state VAT and city services tax are mutually exclusive and the same transaction can be subject to only one of those taxes. Based on a ruling from the State of São Paulo, advice from legal counsel, and long standing business practice, Dixie Toga appealed the city services tax and instead continued to collect and pay only the state VAT. | |
The City disagreed and assessed Dixie Toga the city services tax for the years 1991-1995. The assessments for those years are estimated to be approximately $46.8 million at the date the Company acquired Dixie Toga, translated to U.S. dollars at the December 31, 2013 exchange rate. Dixie Toga challenged the assessments and ultimately litigated the issue. A decision by the Lower Tax Court in the city of São Paulo canceled all of the assessments for the years 1991-1995. The City, the State of São Paulo, and Dixie Toga had each appealed parts of the lower court decision. On February 8, 2010, the São Paulo Court of Justice issued a Decision in favor of Dixie Toga. This Decision has been appealed by the City. In the event of a successful appeal by the City and an adverse resolution, the estimated amount for these years could be substantially increased for additional interest, monetary adjustments and costs from the date of acquisition. | |
The City has also assessed Dixie Toga and Itap Bemis Ltda., a Dixie Toga subsidiary ("Itap Bemis"), the city services tax for the years 1996-2001. The assessments for those years were upheld at the administrative level and are being challenged by the companies in the judicial courts. The assessments at the date of acquisition for these years for tax and penalties (exclusive of interest and monetary adjustments) are estimated to be approximately $7.0 million for Itap Bemis and $22.7 million for Dixie Toga, translated to U.S. dollars at the December 31, 2013 exchange rate. In the event of an adverse resolution, the estimated amounts for these years could be increased by $48.5 million for Itap Bemis and $141.2 million for Dixie Toga for interest, monetary adjustments and costs. | |
The City has also assessed the city services tax for the subsequent years 2004-2009 for both entities. The assessments for those years were upheld at the administrative level and are being challenged by the companies in the judicial courts. The assessments for tax, penalties, and interest are estimated to be approximately $47.5 million, translated to U.S. dollars at the December 31, 2013 exchange rate. | |
The Company strongly disagrees with the City’s position and intends to vigorously challenge any assessments by the City. The Company is unable at this time to predict the ultimate outcome of the controversy and as such has not recorded any liability related to this matter. An adverse resolution could be material to the Company's consolidated results of operations and/or cash flows of the period in which the matter is resolved. | |
Brazil Tax Dispute - Goodwill Amortization | |
During October 2013, Dixie Toga, received an income tax assessment in Brazil for the tax years 2009 through 2011 that relates to the amortization of certain goodwill generated from the acquisition of Dixie Toga. The income tax assessed for those years is approximately $16.3 million, translated to U.S. dollars at the December 31, 2013 exchange rate. The Company expects that tax examinations for years after 2011 will include similar assessments as the Company continues to claim the tax benefits associated with the goodwill amortization. An ultimate adverse resolution on these assessments, including interest and penalties, could be material to the Company's consolidated results of operations and/or cash flows. | |
The Company has been advised by its legal and tax advisors that its position with respect to the deductions is allowable under the tax laws of Brazil. The Company is contesting the disallowance and believes it is more likely than not the tax benefit will be sustained in its entirety and consequently has not recorded a liability. The Company intends to litigate the matter if it is not resolved at the administrative appeals levels. The ultimate outcome will not be determined until the Brazilian tax appeal process is complete, which could take several years. At this time, the Company believes that final resolution of the assessment will not have a material impact on the Company's consolidated financial statements. | |
Brazil Investigation | |
On September 18, 2007, the Secretariat of Economic Law ("SDE"), a governmental agency in Brazil, initiated an investigation into possible anti-competitive practices in the Brazilian flexible packaging industry against a number of Brazilian companies including a Dixie Toga subsidiary. The investigation relates to periods prior to the Company’s acquisition of control of Dixie Toga and its subsidiaries. Given the nature of the proceedings, the Company is unable at the present time to predict the outcome of this matter. | |
Multiemployer Defined Benefit Pension Plans | |
As of December 31, 2013, the Company participates in two multi-employer defined benefit pension plans based on obligations arising under collective bargaining agreements covering union-represented employees. The Company does not directly manage these multi-employer pension plans, which are generally managed by boards of trustees, half of whom are appointed by the unions and the other half by employers contributing to the plans. Based on the information provided by the plan administrators, the Company is aware that these plans are underfunded. In addition, pension-related legislation requires underfunded pension plans to improve their funding ratios within prescribed intervals based on the level of their underfunding. As a result, the Company expects its contributions to these plans to increase in the future. | |
Under current law regarding multi-employer defined benefit plans, a plan’s termination, the Company’s voluntary partial or full withdrawal, or the mass withdrawal of all contributing employers from any underfunded multi-employer pension plan would require the Company to make payments to the plan for the Company’s proportionate share of the multi-employer pension plan’s unfunded vested liabilities. In addition, if a multi-employer defined benefit pension plan fails to satisfy certain minimum funding requirements, the IRS may impose a nondeductible excise tax of 5 percent on the amount of the accumulated funding deficiency for those employers contributing to the fund. It cannot be assured that there will not be a withdrawal event where the amount the Company would be required to contribute would have a material adverse impact on our consolidated financial condition, results of operations or cash flows. Based on the most recently available valuation data, the Company estimates a full withdrawal from both plans would result in a charge of approximately $25 million, with the option to pay the balance in installments over twenty years. | |
The Company recorded charges related to the full withdrawal from the GCIU-Employee Retirement Fund as part of the Company’s 2011 and 2012 facility consolidation program. In December 2013, the Company settled with the GCIU and paid the withdrawal liability in full. |
Segments_of_Business
Segments of Business | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segments of Business | ' | ||||||||||||
SEGMENTS OF BUSINESS | |||||||||||||
The Company's business activities are organized around and aggregated into its three principal business segments, U.S. Packaging, Global Packaging and Pressure Sensitive Materials, based on their similar economic characteristics, products, production process, types of customers, and distribution methods. Both internal and external reporting conforms to this organizational structure, with no significant differences in accounting policies applied. Minor intersegment sales are generally priced to reflect nominal markups. The Company evaluates the performance of its segments and allocates resources to them based primarily on operating profit, which is defined as profit before general corporate expense, interest expense, other non-operating (income) expense, income taxes, and noncontrolling interests. | |||||||||||||
Products produced within the U.S. and Global Packaging business segments service packaging applications for markets such as food, medical devices, personal care, agribusiness, chemicals, pet food, and consumer products. Products produced within the Pressure Sensitive Materials business segment include film, paper, and metalized plastic film printing stocks used for primary package labeling, promotional decoration, bar code inventory control labels, and laser printing for | |||||||||||||
administrative office and promotional applications. This segment also includes micro-thin film adhesives used in delicate electronic parts assembly and graphic films for decorative signage. | |||||||||||||
A summary of the Company’s business activities reported by its three business segments follows: | |||||||||||||
Business Segments (in millions) | 2013 | 2012 | 2011 | ||||||||||
Sales including intersegment sales: | |||||||||||||
U.S. Packaging | $ | 3,013.10 | $ | 3,062.60 | $ | 3,129.20 | |||||||
Global Packaging | 1,518.80 | 1,561.30 | 1,650.10 | ||||||||||
Pressure Sensitive Materials | 554.3 | 556.6 | 575.8 | ||||||||||
Intersegment sales: | |||||||||||||
U.S. Packaging | (28.5 | ) | (22.5 | ) | (18.5 | ) | |||||||
Global Packaging | (26.8 | ) | (17.8 | ) | (12.9 | ) | |||||||
Pressure Sensitive Materials | (1.1 | ) | (1.0 | ) | (1.0 | ) | |||||||
Total net sales | $ | 5,029.80 | $ | 5,139.20 | $ | 5,322.70 | |||||||
U.S. Packaging | |||||||||||||
Operating profit before facility consolidation and other costs (a) | $ | 382.9 | $ | 408.8 | $ | 341.3 | |||||||
Facility consolidation and other costs | (45.0 | ) | (42.1 | ) | (26.3 | ) | |||||||
Operating profit | 337.9 | 366.7 | 315 | ||||||||||
Global Packaging | |||||||||||||
Operating profit before facility consolidation and other costs (a) | 106.8 | 86.5 | 121.2 | ||||||||||
Facility consolidation and other costs | (0.4 | ) | (26.6 | ) | (8.6 | ) | |||||||
Operating profit | 106.4 | 59.9 | 112.6 | ||||||||||
Pressure Sensitive Materials | |||||||||||||
Operating profit before facility consolidation and other costs (a) | 30 | 37.1 | 36.1 | ||||||||||
Facility consolidation and other costs | — | — | (2.7 | ) | |||||||||
Operating profit | 30 | 37.1 | 33.4 | ||||||||||
Corporate | |||||||||||||
General corporate expenses before facility consolidation and other costs | (93.7 | ) | (118.2 | ) | (92.8 | ) | |||||||
Facility consolidation and other costs | — | — | (0.8 | ) | |||||||||
General corporate expenses | (93.7 | ) | (118.2 | ) | (93.6 | ) | |||||||
Operating income | 380.6 | 345.5 | 367.4 | ||||||||||
Interest expense | (68.2 | ) | (70.9 | ) | (76.8 | ) | |||||||
Other non-operating income | 7.9 | 4 | 1.6 | ||||||||||
Income before income taxes | $ | 320.3 | $ | 278.6 | $ | 292.2 | |||||||
(a) | Fiscal 2012 operating profit before facility consolidation and other costs includes adjustments associated with the alignment of certain accounting practices. The benefit (detriment) for U.S. Packaging, Global Packaging, and Pressure Sensitive Materials for the twelve months ended December 31, 2012 was $13.8 million, $(16.4) million, and $0.5 million, respectively. These adjustments did not have a material impact on the Company's previously issued consolidated financial statements. | ||||||||||||
Business Segments (in millions) | 2013 | 2012 | 2011 | ||||||||||
Total assets: | |||||||||||||
U.S. Packaging | $ | 2,016.80 | $ | 2,100.70 | $ | 2,186.60 | |||||||
Global Packaging | 1,463.50 | 1,425.40 | 1,501.00 | ||||||||||
Pressure Sensitive Materials | 319.8 | 325.5 | 302.1 | ||||||||||
Total identifiable assets (1) | 3,800.10 | 3,851.60 | 3,989.70 | ||||||||||
Corporate assets (2) | 310.1 | 334.1 | 330.7 | ||||||||||
Total | $ | 4,110.20 | $ | 4,185.70 | $ | 4,320.40 | |||||||
Depreciation and amortization: | |||||||||||||
U.S. Packaging | $ | 102.4 | $ | 114.6 | $ | 124.6 | |||||||
Global Packaging | 63.6 | 67.3 | 75.5 | ||||||||||
Pressure Sensitive Materials | 12.8 | 12.6 | 13.2 | ||||||||||
Corporate | 11.5 | 9.8 | 7 | ||||||||||
Total | $ | 190.3 | $ | 204.3 | $ | 220.3 | |||||||
Additions to property and equipment: | |||||||||||||
U.S. Packaging | $ | 80.8 | $ | 65.1 | $ | 66.7 | |||||||
Global Packaging | 42.3 | 47.2 | 36.2 | ||||||||||
Pressure Sensitive Materials | 7.5 | 16.7 | 11.9 | ||||||||||
Corporate | 9.2 | 7.4 | 20.4 | ||||||||||
Total | $ | 139.8 | $ | 136.4 | $ | 135.2 | |||||||
Operations by geographic area (in millions) | 2013 | 2012 | 2011 | ||||||||||
Net sales: (3) | |||||||||||||
United States | $ | 3,444.60 | $ | 3,460.50 | $ | 3,517.20 | |||||||
Brazil | 629.5 | 712.5 | 810.3 | ||||||||||
Other Americas | 322 | 363.9 | 345.8 | ||||||||||
Europe | 465 | 470.2 | 548.7 | ||||||||||
Asia-Pacific | 168.7 | 132.1 | 100.7 | ||||||||||
Total | $ | 5,029.80 | $ | 5,139.20 | $ | 5,322.70 | |||||||
Long-lived assets: (4) | |||||||||||||
United States | $ | 906.2 | $ | 938.3 | $ | 986.7 | |||||||
Brazil | 179.9 | 217 | 251.1 | ||||||||||
Other Americas | 64.3 | 77.3 | 93.2 | ||||||||||
Europe | 126.4 | 135.3 | 129.7 | ||||||||||
Asia-Pacific | 74.3 | 54.1 | 39.8 | ||||||||||
Total | $ | 1,351.10 | $ | 1,422.00 | $ | 1,500.50 | |||||||
-1 | Total assets by business segment include only those assets that are specifically identified with each segment’s operations. | ||||||||||||
-2 | Corporate assets are principally cash and cash equivalents, prepaid expenses, prepaid income taxes, prepaid pension benefit costs, and corporate tangible and intangible property. | ||||||||||||
-3 | Net sales are attributed to geographic areas based on location of the Company’s manufacturing or selling operation. | ||||||||||||
-4 | Long-lived assets include net property and equipment, long-term receivables, deferred charges, and investment in affiliates. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION — UNAUDITED | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
(in millions, except per share amounts) | March 31 | June 30 | September 30 | December 31 | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 1,255.00 | $ | 1,297.10 | $ | 1,258.50 | $ | 1,219.20 | $ | 5,029.80 | |||||||||||
Gross profit | 241.8 | 251.8 | 247.3 | 231.2 | 972.1 | ||||||||||||||||
Net income | 49.3 | 53.1 | 54 | 56.2 | 212.6 | ||||||||||||||||
Basic earnings per common share | 0.48 | 0.51 | 0.52 | 0.55 | 2.06 | ||||||||||||||||
Diluted earnings per common share | 0.47 | 0.51 | 0.52 | 0.54 | 2.04 | ||||||||||||||||
2012 | |||||||||||||||||||||
Net sales | $ | 1,304.80 | $ | 1,312.70 | $ | 1,287.80 | $ | 1,233.90 | $ | 5,139.20 | |||||||||||
Gross profit | 231 | 233.3 | 247.1 | 236.1 | 947.5 | ||||||||||||||||
Net income | 44 | 42.3 | 47.4 | 40.1 | 173.8 | ||||||||||||||||
Basic earnings per common share | 0.42 | 0.41 | 0.46 | 0.38 | 1.67 | ||||||||||||||||
Diluted earnings per common share | 0.42 | 0.4 | 0.45 | 0.38 | 1.66 | ||||||||||||||||
The summation of quarterly earnings per share may not equate to the calculation for the full year as quarterly calculations are performed on a discrete basis. |
Schedule_II_Notes
Schedule II (Notes) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Balance at | Additions | Foreign | Balance | ||||||||||||||||||||||||||||
Year Ended | Beginning | Charged to | Currency | at Close | |||||||||||||||||||||||||||
December 31, | of Year | Profit & Loss | Write-offs | Impact | Other | of Year | |||||||||||||||||||||||||
RESERVES FOR DOUBTFUL ACCOUNTS, SALES RETURNS, AND ALLOWANCES | |||||||||||||||||||||||||||||||
2013 | $ | 29.6 | $ | 27.2 | $ | (23.0 | ) | -1 | $ | (3.1 | ) | $ | — | $ | 30.7 | ||||||||||||||||
2012 | 30.5 | 13.3 | (13.8 | ) | -1 | (0.4 | ) | — | 29.6 | ||||||||||||||||||||||
2011 | 27.5 | 21.8 | (16.8 | ) | -1 | (1.6 | ) | (0.4 | ) | -2 | 30.5 | ||||||||||||||||||||
VALUATION ALLOWANCE FOR DEFERRED TAX ASSETS | |||||||||||||||||||||||||||||||
2013 | $ | 36.6 | $ | 5.5 | -3 | $ | — | $ | — | $ | — | $ | 42.1 | ||||||||||||||||||
2012 | 31.6 | 4.3 | -3 | — | 0.7 | — | 36.6 | ||||||||||||||||||||||||
2011 | 29.7 | 3.6 | -3 | — | (1.7 | ) | — | 31.6 | |||||||||||||||||||||||
(1) Net of $0.1 million, $0.1 million, and $0.4 million collections on accounts previously written off, respectively. | |||||||||||||||||||||||||||||||
(2) Reserve accruals and valuation allowance related to acquisition of the Mayor and Shield Pack operations. | |||||||||||||||||||||||||||||||
(3) Represents charge to profit and loss, net of valuation allowance reversals, if any. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||
Principles of consolidation: The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries. All intercompany transactions and accounts have been eliminated. Joint ventures which are not majority controlled are accounted for by the equity method of accounting with earnings of $3.1 million, $2.6 million, and $2.5 million in 2013, 2012, and 2011, respectively, included in other operating income on the accompanying consolidated statement of income. Investments in joint ventures of $7.7 million and $9.4 million as of December 31, 2013 and 2012, respectively, are included in deferred charges and other assets on the accompanying consolidated balance sheet. | |||||||||
In connection with the implementation of an enterprise resource planning system during 2012, the Company recorded adjustments primarily to cost of goods sold during the fourth quarter in order to align the application of certain accounting practices among the business segments. These adjustments substantially offset one another in the Company's consolidated financial statements. The $2.1 million consolidated expense is disaggregated by reportable segment in Note 21. | |||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||
Estimates and assumptions required: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||
Translation of foreign currencies: The Company considers the local currency to be the functional currency for substantially all foreign subsidiaries. Assets and liabilities are translated at the exchange rate as of the balance sheet date. All revenue and expense accounts are translated at average exchange rates in effect during the year. Translation gains or losses are recorded in the foreign currency translation component in accumulated other comprehensive loss in shareholders’ equity. Foreign currency transaction losses of $2.6 million, $1.7 million, and $1.9 million in 2013, 2012, and 2011, respectively, are included as a component of other operating income. Additionally in 2011, foreign currency transaction losses of $1.8 million are included as a component of other non-operating income. There were no foreign currency transaction losses recorded within non-operating income in 2013 or 2012. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue recognition: Sales and related costs of products sold are recognized when persuasive evidence of an arrangement exists, title and risk of ownership have been transferred to the customer, the sales price is fixed or determinable, and collectability is reasonably assured. These conditions are typically fulfilled upon shipment of products. All costs associated with revenue, including customer rebates and provisions for estimates of sales returns and allowances, are recognized as a deduction from revenue in the period in which the associated revenue is recorded. Customer rebates are accrued using sales data and rebate percentages specific to each customer agreement. Shipping and handling costs are classified as a component of cost of products sold while amounts billed to customers for shipping and handling are classified as a component of sales. The Company accrues for estimated warranty costs when specific issues are identified and the amounts are determinable and also considers the history of actual claims paid. Taxes assessed by governmental authorities on revenue producing transactions, including sales, value added, excise and use taxes, are recorded on a net basis (excluded from revenue). | |||||||||
Environmental Costs, Policy [Policy Text Block] | ' | ||||||||
Environmental cost: The Company is involved in a number of environmental related disputes and claims. The Company accrues environmental costs when it is probable that these costs will be incurred and can be reasonably estimated. The Company’s reserve for environmental liabilities at December 31, 2013 and 2012 was $7.6 million and $7.9 million, respectively. The Company made no adjustments to the reserve accounts and costs which were directly expensed for environmental remediation matters resulted in charges to the income statements for each of the years 2013, 2012, and 2011. There were no third party reimbursements for any of the years presented. | |||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | ||||||||
Research and development: Research and development expenditures are expensed as incurred. | |||||||||
Facility Consolidation and Other Costs [Policy Text Block] | ' | ||||||||
Facility consolidation and other costs: Facility consolidation and other costs are recognized when the liability is incurred. The Company calculates severance obligations based on its standard customary practices. Accordingly, the Company records provisions for severance when probable and estimable and the Company has committed to the facility consolidation plan. In the absence of a standard customary practice or established local practice for locations outside the U.S., liabilities for severance are recognized when incurred. If fixed assets are to be disposed of as a result of the Company’s facility consolidation efforts, the assets are written off when the Company commits to dispose of them and they are no longer in use. Depreciation is accelerated on fixed assets for the period of time the asset continues to be used until the asset ceases to be used. Other facility consolidation costs, including costs to relocate equipment, are generally recorded as the service is provided. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
Cash and cash equivalents: The Company considers all highly liquid temporary investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents include certificates of deposit that can be readily liquidated without penalty at the Company’s option. Cash equivalents are carried at cost which approximates fair market value. | |||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||
Accounts receivable: Trade accounts receivable are stated at the amount the Company expects to collect, which is net of an allowance for sales returns and the estimated losses resulting from the inability of its customers to make required payments. When determining the collectability of specific customer accounts, a number of factors are evaluated, including: customer creditworthiness, past transaction history with the customer, and changes in customer payment terms or practices. In addition, overall historical collection experience, current economic industry trends, and a review of the current status of trade accounts receivable are considered when determining the required allowance for doubtful accounts. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to allowance for doubtful accounts. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to accounts receivable. Accounts receivable are presented net of an allowance for doubtful accounts of $30.7 million and $29.6 million at December 31, 2013 and 2012, respectively. | |||||||||
The Company enters into supply chain financing programs from time to time to sell accounts receivables without recourse to third-party financial institutions. Sales of accounts receivable are reflected as a reduction of accounts receivable on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows. During the year ended December 31, 2013, the Company sold without recourse accounts receivable representing approximately five percent net sales, and the associated discount on sale of accounts receivables was insignificant. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
Inventory valuation: Inventories are valued at the lower of cost, as determined by the first-in, first-out (FIFO) method, or market. Inventory values using the FIFO method of accounting approximate replacement cost. Inventories are summarized at December 31, as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Raw materials and supplies | $ | 215.6 | $ | 210.7 | |||||
Work in process and finished goods | 432.9 | 451.2 | |||||||
Total inventories | $ | 648.5 | $ | 661.9 | |||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Property and equipment: Property and equipment are stated at cost. Maintenance and repairs that do not improve efficiency or extend economic life are expensed as incurred. Plant and equipment are depreciated for financial reporting purposes principally using the straight-line method over the estimated useful lives of assets as follows: land improvements, 15-30 years; buildings, 15-45 years; leasehold and building improvements, the lesser of the lease term or 8-20 years; and machinery and equipment, 3-16 years. For tax purposes, the Company generally uses accelerated methods of depreciation. The tax effect of the difference between book and tax depreciation has been provided as deferred income taxes. Depreciation expense was $174.6 million, $187.6 million, and $203.1 million for 2013, 2012, and 2011, respectively. On sale or retirement, the asset cost and related accumulated depreciation are removed from the accounts and any related gain or loss is reflected in income. Interest costs, which are capitalized during the construction of major capital projects, totaled $0.3 million in 2013, $0.1 million in 2012, and 0.1 million in 2011. | |||||||||
The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. | |||||||||
The Company capitalizes direct costs (internal and external) of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of three to twelve years and are reported as a component of machinery and equipment within property and equipment. | |||||||||
The Company is in the process of developing and implementing a new Enterprise Resource Planning ("ERP") system. Certain costs incurred during the application development stage have been capitalized in accordance with authoritative accounting guidance related to accounting for costs of computer software developed or obtained for internal use. The net book value of capitalized costs for this new ERP system were approximately $74.3 million and $78.6 million as of December 31, 2013 and 2012, respectively. These costs are being amortized over the system’s estimated useful life as the ERP system is placed in service. | |||||||||
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | ' | ||||||||
Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but instead tested annually or when events and circumstances indicate an impairment may have occurred. The Company's reporting units each contain goodwill that is assessed for potential impairment. All goodwill is assigned to reporting units, which is defined as the operating segment, or one level below the operating segment. The Company has four reporting units, of which two are included in the Global Packaging reportable segment. The other two reporting units are the U.S. Packaging segment and the Pressure Sensitive Materials segment. | |||||||||
Goodwill for the reporting units is reviewed for impairment annually in the fourth quarter of each year using a two-step process. In the first step, the fair value of each reporting unit is compared to its carrying value, including goodwill. The determination of the estimated fair value of the reporting units utilizes both a discounted cash flow valuation and a market multiple method. Significant inputs to the discounted cash flow valuation method include discount rates, long-term sales growth rates and forecasted operating margins. The market multiple method estimates fair value by comparing the Company to similar public companies. If the fair value exceeds the carrying value, step two is not required and an impairment loss is not recognized. If step two were required, the implied fair value of goodwill would be calculated by deducting the fair value of all tangible and intangible net assets, including unrecognized intangible assets, of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss would be recognized equal to the difference. | |||||||||
Current accounting guidance allows the Company to first perform a qualitative assessment about the likelihood of the carrying value of a reporting unit exceeding its fair value, referred to as the "Step 0" assessment. The Step 0 assessment requires the evaluation of certain qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, as well as company and reporting unit factors. If the Company's Step 0 analysis indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, then the Company would perform a quantitative two-step impairment test. The Company applied the Step 0 assessment to the U.S. Packaging reporting unit in 2013 and concluded that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount. Therefore, the two-step goodwill impairment test for this reporting unit was not necessary in 2013. | |||||||||
The annual impairment test indicated no impairment for the years ended December 31, 2013, 2012, or 2011, nor does the Company have any accumulated impairment losses. | |||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' | ||||||||
Intangible assets: Contractual or separable intangible assets that have finite useful lives are amortized against income using the straight-line method over their estimated useful lives, with original periods ranging from one to thirty years. The straight-line method of amortization reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company tests finite-lived intangible assets for impairment whenever there is an impairment indicator. Intangible assets are tested for impairment by comparing anticipated undiscounted future cash flows from operations to net book value. | |||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||
Financial instruments: The Company recognizes all derivative instruments on the balance sheet at fair value. Derivatives not designated as hedging instruments are adjusted to fair value through income. Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized. Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings in the current period. | |||||||||
Note 8 contains expanded details relating to specific derivative instruments included on the Company’s balance sheet, such as forward foreign currency exchange contracts, currency swap contracts, and interest rate swap arrangements. | |||||||||
Deferred Credits and Other Liabilities [Policy Text Block] | ' | ||||||||
Other liabilities and deferred credits: Other liabilities and deferred credits balances include non-current pension and other postretirement liability amounts of $54.7 million and $218.9 million at December 31, 2013 and 2012, respectively. | |||||||||
Stockholders' Equity, Policy [Policy Text Block] | ' | ||||||||
Treasury stock: Treasury stock purchases are stated at cost and presented as a separate reduction of shareholders’ equity. During 2013, the Company purchased 2.0 million shares of common stock in the open market for $77.3 million. The Company did not purchase any shares of common stock during 2012. During 2011, the Company purchased 5.0 million shares of common stock in the open market for $161.1 million. At December 31, 2013, approximately 2.5 million common shares can be repurchased, at management’s discretion, under authority granted by the Company’s Board of Directors in 2010. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
Inventories are summarized at December 31, as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Raw materials and supplies | $ | 215.6 | $ | 210.7 | |||||
Work in process and finished goods | 432.9 | 451.2 | |||||||
Total inventories | $ | 648.5 | $ | 661.9 | |||||
Facility_Consolidation_and_Oth1
Facility Consolidation and Other Costs (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
2011 Facility Consolidation | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
The 2011 Program costs by reportable segment follow: | |||||||||||||||||||||
(in millions) | U.S. Packaging | Global Packaging | Pressure Sensitive | Corporate | Total Facility | ||||||||||||||||
Consolidation and Other Costs | |||||||||||||||||||||
2011 net expense accrued | $ | 26.3 | $ | 8.6 | $ | 2.7 | $ | 0.8 | $ | 38.4 | |||||||||||
2012 net expense accrued | 29.4 | 5 | — | — | 34.4 | ||||||||||||||||
2013 net expense accrued | 27.1 | — | — | — | 27.1 | ||||||||||||||||
Expense incurred through December 31, 2013 | $ | 82.8 | $ | 13.6 | $ | 2.7 | $ | 0.8 | $ | 99.9 | |||||||||||
2011 Activity | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
An analysis of the 2011 Program accruals follows: | |||||||||||||||||||||
(in millions) | Employee Costs | Fixed | Other Costs | Total Facility | |||||||||||||||||
Asset Related | Consolidation and Other Costs | ||||||||||||||||||||
Reserve balance at December 31, 2012 | $ | 14.6 | $ | — | $ | — | $ | 14.6 | |||||||||||||
Net expense accrued | 4.4 | 6.7 | 16 | 27.1 | |||||||||||||||||
Utilization (cash payments or otherwise settled) | (18.1 | ) | (6.7 | ) | (16.1 | ) | (40.9 | ) | |||||||||||||
Translation adjustments and other | (0.2 | ) | 0.1 | (0.1 | ) | ||||||||||||||||
Reserve balance at December 31, 2013 | $ | 0.7 | $ | — | $ | — | $ | 0.7 | |||||||||||||
2012 Facility Consolidation | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
The 2012 Program costs by reportable segment follow: | |||||||||||||||||||||
(in millions) | U.S. Packaging | Global Packaging | Total Facility | ||||||||||||||||||
Consolidation and Other Costs | |||||||||||||||||||||
2012 net expense accrued | $ | 12.7 | $ | 21.6 | $ | 34.3 | |||||||||||||||
2013 net expense accrued | 17.9 | 0.4 | 18.3 | ||||||||||||||||||
Expense incurred through December 31, 2013 | $ | 30.6 | $ | 22 | $ | 52.6 | |||||||||||||||
2012 Activity | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
An analysis of the 2012 Program accruals follows: | |||||||||||||||||||||
(in millions) | Employee Costs | Fixed | Other Costs | Total Facility | |||||||||||||||||
Asset Related | Consolidation and Other Costs | ||||||||||||||||||||
Reserve balance at December 31, 2012 | $ | 10 | $ | — | $ | 0.1 | $ | 10.1 | |||||||||||||
Net expense accrued | 6.3 | 2.1 | 9.9 | 18.3 | |||||||||||||||||
Utilization (cash payments or otherwise settled) | (15.8 | ) | (2.1 | ) | (10.0 | ) | (27.9 | ) | |||||||||||||
Reserve balance at December 31, 2013 | $ | 0.5 | $ | — | $ | — | $ | 0.5 | |||||||||||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||||
Dec. 31, 2010 | |||||||
Acquisitions [Abstract] | ' | ||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||||
The fair values and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are: | |||||||
(in millions, except useful lives) | Fair Value | Weighted Average Useful Life (years) | |||||
Customer relationships | $ | 8.3 | 9 | ||||
Land-use rights | 4.4 | 43 | |||||
Other intangible assets | 0.4 | 2 | |||||
Financial_Assets_and_Financial1
Financial Assets and Financial Liabilities Measured at Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Carrying values and estimated fair values of long-term debt, including current maturities | ' | ||||||||||||||||
The carrying values and estimated fair values of long-term debt, including current maturities, at December 31, 2013 and 2012 follow: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
(in millions) | Value | (Level 2) | Value | (Level 2) | |||||||||||||
Total long-term debt | $ | 1,421.40 | $ | 1,520.10 | $ | 1,417.50 | $ | 1,561.20 | |||||||||
Fair values for derivatives | ' | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
As of | As of | ||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(in millions) | (Level 2) | (Level 2) | |||||||||||||||
Interest rate swaps — net (liability) asset position | $ | (20.2 | ) | $ | 17 | ||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Fair values for derivatives | ' | ||||||||||||||
The fair values, balance sheet presentation, and the hedge designation status of derivative instruments at December 31, 2013 and 2012 are presented in the table below: | |||||||||||||||
Fair Value (Level 2) as of | |||||||||||||||
(in millions) | Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | ||||||||||||
Asset Derivatives | |||||||||||||||
Interest rate swaps — designated as hedge | Deferred charges and other assets | $ | — | $ | 17 | ||||||||||
Liability Derivatives | |||||||||||||||
Interest rate swaps — designated as hedge | Other liabilities and deferred credits | 20.2 | — | ||||||||||||
Income statement impact of derivative instruments not designated as hedging instruments | ' | ||||||||||||||
The income statement impact of derivatives are presented in the table below: | |||||||||||||||
Amount of Gain (Loss) Recognized | |||||||||||||||
in Income on Derivatives | |||||||||||||||
(in millions) | Income Statement Location | 2013 | 2012 | 2011 | |||||||||||
Designated as hedges | |||||||||||||||
Interest rate swaps | Interest expense | $ | 8.1 | $ | 7 | $ | 1.6 | ||||||||
Not designated as hedges | |||||||||||||||
Forward exchange contracts | Other operating income | 0.1 | 0.8 | 0.5 | |||||||||||
Currency swap contracts | Other non-operating income | — | — | (1.8 | ) | ||||||||||
Total | $ | 8.2 | $ | 7.8 | $ | 0.3 | |||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Changes in the carrying amount of goodwill attributable to each reportable business segment | ' | ||||||||||||||||
Changes in the carrying amount of goodwill attributable to each reportable business segment follow: | |||||||||||||||||
(in millions) | U.S. Packaging Segment | Global Packaging Segment | Pressure Sensitive Materials Segment | Total | |||||||||||||
Reported balance at December 31, 2011 | $ | 636.9 | $ | 359.1 | $ | 52.4 | $ | 1,048.40 | |||||||||
Acquisition and acquisition adjustments | 0.6 | 2.5 | — | 3.1 | |||||||||||||
Currency translation | 0.3 | (17.7 | ) | 0.2 | (17.2 | ) | |||||||||||
Reported balance at December 31, 2012 | 637.8 | 343.9 | 52.6 | 1,034.30 | |||||||||||||
Acquisition and acquisition adjustments | — | 47.1 | — | 47.1 | |||||||||||||
Divestiture | (4.7 | ) | — | — | (4.7 | ) | |||||||||||
Currency translation | (0.8 | ) | (23.7 | ) | — | (24.5 | ) | ||||||||||
Reported balance at December 31, 2013 | $ | 632.3 | $ | 367.3 | $ | 52.6 | $ | 1,052.20 | |||||||||
Components of amortized intangible assets | ' | ||||||||||||||||
The components of amortized intangible assets follow: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Contract based | $ | 26.2 | $ | (14.4 | ) | $ | 21 | $ | (13.8 | ) | |||||||
Technology based | 82.6 | (40.9 | ) | 91.3 | (40.8 | ) | |||||||||||
Marketing related | 23 | (14.2 | ) | 24.9 | (14.4 | ) | |||||||||||
Customer based | 200.1 | (71.8 | ) | 197.1 | (64.1 | ) | |||||||||||
Reported balance | $ | 331.9 | $ | (141.3 | ) | $ | 334.3 | $ | (133.1 | ) | |||||||
Pension_plans_Tables
Pension plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Presented below are the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets and pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
Projected Benefit Obligation Exceeds the Fair Value of Plan’s Assets | Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||||
Exceeds the Fair Value of Plan’s Assets | |||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 37.4 | $ | 750.4 | $ | 74.1 | $ | 37.3 | $ | 37.4 | $ | 750.4 | $ | 30.8 | $ | 37.3 | |||||||||||||||||
Accumulated benefit obligation | 37.4 | 703 | 61 | 26.1 | 37.4 | 703 | 21 | 26.1 | |||||||||||||||||||||||||
Fair value of plan assets | — | 555.2 | 57.4 | 19.3 | — | 555.2 | 15.7 | 19.3 | |||||||||||||||||||||||||
Pension Plans, Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Net periodic pension cost for defined benefit plans included the following components for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | 14 | $ | 14.7 | $ | 13.5 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 32.5 | 33.7 | 35.2 | ||||||||||||||||||||||||||||||
Expected return on plan assets | (48.1 | ) | (43.5 | ) | (40.3 | ) | |||||||||||||||||||||||||||
Settlement loss (gain) | 0.4 | 12.7 | (3.3 | ) | |||||||||||||||||||||||||||||
Curtailment gain | (0.4 | ) | — | (2.2 | ) | ||||||||||||||||||||||||||||
Amortization of unrecognized transition obligation | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||
Amortization of prior service cost | 1.8 | 1.5 | 2.1 | ||||||||||||||||||||||||||||||
Recognized actuarial net loss | 23.9 | 28.5 | 23.4 | ||||||||||||||||||||||||||||||
Net periodic pension cost | $ | 24.3 | $ | 47.8 | $ | 28.6 | |||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Changes in benefit obligations and plan assets, and a reconciliation of the funded status at December 31, 2013 and 2012, were as follows: | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||||||||||
Benefit obligation at the beginning of the year | $ | 750.4 | $ | 728.6 | $ | 80.4 | $ | 76.2 | |||||||||||||||||||||||||
Service cost | 11.2 | 11.7 | 2.8 | 3 | |||||||||||||||||||||||||||||
Interest cost | 29.5 | 30.1 | 3 | 3.6 | |||||||||||||||||||||||||||||
Participant contributions | — | — | 0.4 | 0.8 | |||||||||||||||||||||||||||||
Plan amendments | 0.5 | 3.4 | — | — | |||||||||||||||||||||||||||||
Plan settlements | — | — | (4.2 | ) | (2.9 | ) | |||||||||||||||||||||||||||
Plan curtailments | (32.6 | ) | — | (0.9 | ) | — | |||||||||||||||||||||||||||
Benefits paid | (29.5 | ) | (56.3 | ) | (2.1 | ) | (3.5 | ) | |||||||||||||||||||||||||
Actuarial (gain) loss | (88.1 | ) | 32.9 | 1.9 | (0.8 | ) | |||||||||||||||||||||||||||
Transfer in | — | — | — | 1.4 | |||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | — | 2.1 | 2.6 | |||||||||||||||||||||||||||||
Benefit obligation at the end of the year | $ | 641.4 | $ | 750.4 | $ | 83.4 | $ | 80.4 | |||||||||||||||||||||||||
Accumulated benefit obligation at the end of the year | $ | 641.4 | $ | 703 | $ | 68.5 | $ | 64.3 | |||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets and Net Funded Status [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 555.3 | $ | 481.4 | $ | 63.3 | $ | 58.7 | |||||||||||||||||||||||||
Actual return on plan assets | 65.2 | 68.6 | 5.5 | 4.3 | |||||||||||||||||||||||||||||
Employer contributions | 36.2 | 61.6 | 2.8 | 3.8 | |||||||||||||||||||||||||||||
Participant contributions | — | — | 0.4 | 0.8 | |||||||||||||||||||||||||||||
Plan settlements | — | — | (4.2 | ) | (2.9 | ) | |||||||||||||||||||||||||||
Benefits paid | (29.5 | ) | (56.3 | ) | (2.1 | ) | (3.5 | ) | |||||||||||||||||||||||||
Foreign currency exchange rate changes | — | — | 1.5 | 2.1 | |||||||||||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 627.2 | $ | 555.3 | $ | 67.2 | $ | 63.3 | |||||||||||||||||||||||||
Unfunded status at year end: | $ | (14.2 | ) | $ | (195.1 | ) | $ | (16.2 | ) | $ | (17.1 | ) | |||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Amount recognized in consolidated balance sheet consists of: | |||||||||||||||||||||||||||||||||
Prepaid benefit cost, non-current | $ | 23.2 | $ | — | $ | 0.4 | $ | 0.9 | |||||||||||||||||||||||||
Accrued benefit liability, current | (6.1 | ) | (2.0 | ) | (0.5 | ) | (0.7 | ) | |||||||||||||||||||||||||
Accrued benefit liability, non-current | (31.3 | ) | (193.1 | ) | (16.1 | ) | (17.3 | ) | |||||||||||||||||||||||||
Sub-total | (14.2 | ) | (195.1 | ) | (16.2 | ) | (17.1 | ) | |||||||||||||||||||||||||
Deferred tax asset | 56.5 | 121 | 2.2 | 2.7 | |||||||||||||||||||||||||||||
Accumulated other comprehensive loss | 89.4 | 191.6 | 6.1 | 6.3 | |||||||||||||||||||||||||||||
Net amount related to pension plans | $ | 131.7 | $ | 117.5 | $ | (7.9 | ) | $ | (8.1 | ) | |||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Amount recognized in consolidated balance sheet consists of: | |||||||||||||||||||||||||||||||||
Prepaid benefit cost, non-current | $ | 23.2 | $ | — | $ | 0.4 | $ | 0.9 | |||||||||||||||||||||||||
Accrued benefit liability, current | (6.1 | ) | (2.0 | ) | (0.5 | ) | (0.7 | ) | |||||||||||||||||||||||||
Accrued benefit liability, non-current | (31.3 | ) | (193.1 | ) | (16.1 | ) | (17.3 | ) | |||||||||||||||||||||||||
Sub-total | (14.2 | ) | (195.1 | ) | (16.2 | ) | (17.1 | ) | |||||||||||||||||||||||||
Deferred tax asset | 56.5 | 121 | 2.2 | 2.7 | |||||||||||||||||||||||||||||
Accumulated other comprehensive loss | 89.4 | 191.6 | 6.1 | 6.3 | |||||||||||||||||||||||||||||
Net amount related to pension plans | $ | 131.7 | $ | 117.5 | $ | (7.9 | ) | $ | (8.1 | ) | |||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss related to pension benefit plans is as follows: | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Unrecognized net actuarial losses | $ | 139.7 | $ | 304.9 | $ | 6.5 | $ | 6.9 | |||||||||||||||||||||||||
Unrecognized net prior service costs | 6.2 | 7.7 | 0.4 | 0.5 | |||||||||||||||||||||||||||||
Unrecognized net transition costs | — | — | 1.4 | 1.6 | |||||||||||||||||||||||||||||
Tax benefit | (56.5 | ) | (121.0 | ) | (2.2 | ) | (2.7 | ) | |||||||||||||||||||||||||
Accumulated other comprehensive loss, end of year | $ | 89.4 | $ | 191.6 | $ | 6.1 | $ | 6.3 | |||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2014 are as follows: | |||||||||||||||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||||||||||||||
(in millions) | U.S. Pension Plans | Pension Plans | |||||||||||||||||||||||||||||||
Net actuarial losses | $ | 11 | $ | 0.1 | |||||||||||||||||||||||||||||
Net prior service costs | 1.5 | 0.1 | |||||||||||||||||||||||||||||||
Net transition costs | — | 0.2 | |||||||||||||||||||||||||||||||
Total | $ | 12.5 | $ | 0.4 | |||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The weighted-average discount rates and rates of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation for the years ended December 31 are as follows: | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Weighted-average discount rate | 5 | % | 4 | % | 4.25 | % | 3.89 | % | |||||||||||||||||||||||||
Rate of increase in future compensation levels | 3.75 | % | 3.75 | % | 3.91 | % | 3.79 | % | |||||||||||||||||||||||||
The weighted-average discount rates, expected returns on plan assets, and rates of increase in future compensation levels used to determine the net benefit cost for the years ended December 31 are as follows: | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Weighted-average discount rate | 4.13 | % | 4.25 | % | 5.25 | % | 3.89 | % | 4.68 | % | 5.28 | % | |||||||||||||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8.25 | % | 6.01 | % | 6.32 | % | 6.34 | % | |||||||||||||||||||||
Rate of increase in future compensation levels | 3.75 | % | 4.25 | % | 4.25 | % | 3.79 | % | 3.81 | % | 3.93 | % | |||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The pension plan assets measured at fair value at December 31, 2013 and 2012 follow: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
Quoted Price In Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Quoted Price In Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||
(in millions) | (Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5.9 | $ | 9.8 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Corporate debt securities | — | 199.2 | — | — | — | — | |||||||||||||||||||||||||||
U.S. government debt securities | 2.7 | — | — | — | — | — | |||||||||||||||||||||||||||
State and municipal debt securities | — | 45.6 | — | — | — | — | |||||||||||||||||||||||||||
Corporate common stock | 194.2 | 17.5 | — | — | — | — | |||||||||||||||||||||||||||
Registered investment company funds | 10.2 | 133.3 | — | 44.8 | — | — | |||||||||||||||||||||||||||
Common trust funds | — | 8.8 | — | — | 4.8 | — | |||||||||||||||||||||||||||
General insurance account | — | — | — | — | — | 17.6 | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 213 | $ | 414.2 | $ | — | $ | 44.8 | $ | 4.8 | $ | 17.6 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||||||||
Quoted Price In Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Quoted Price In Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||
(in millions) | (Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 10.4 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Corporate debt securities | — | 123.1 | — | — | — | — | |||||||||||||||||||||||||||
U.S. government debt securities | 2.2 | — | — | — | — | — | |||||||||||||||||||||||||||
State and municipal debt securities | — | 19.1 | — | — | — | — | |||||||||||||||||||||||||||
Corporate common stock | 265 | 19.7 | — | — | — | — | |||||||||||||||||||||||||||
Registered investment company funds | 22.4 | 74.5 | — | 39.9 | — | — | |||||||||||||||||||||||||||
Common trust funds | — | 14.8 | — | — | 4.4 | — | |||||||||||||||||||||||||||
General insurance account | — | — | — | — | — | 19 | |||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 293.6 | $ | 261.6 | $ | — | $ | 39.9 | $ | 4.4 | $ | 19 | |||||||||||||||||||||
Cash and cash equivalents. This category consists of direct cash holdings and institutional short-term investment vehicles. Direct cash holdings are valued based on cost, which approximates fair value and are classified as Level 1. Institutional short-term investment vehicles are valued daily and are classified as Level 2. | |||||||||||||||||||||||||||||||||
Corporate, U.S. government, state, and municipal debt securities. These securities are valued using market inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data including market research publications. Inputs may be prioritized differently at certain times based on market conditions. | |||||||||||||||||||||||||||||||||
Corporate common stock. This category includes common and preferred stocks and index mutual funds that track U.S. and foreign indices. Fair values for the common and preferred stocks are based on quoted prices in active markets and were therefore classified within Level 1 of the fair value hierarchy. The mutual funds were valued at the unit prices established by the funds' sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
Registered investment company funds. This category includes mutual funds that are actively traded on public exchanges. The funds are invested in equity and debt securities that are actively traded on public exchanges. | |||||||||||||||||||||||||||||||||
Common trust funds. Common trust funds consist of shares in commingled funds that are not publicly traded. The funds are invested in equity and debt securities that are actively traded on public exchanges. | |||||||||||||||||||||||||||||||||
General insurance account. The general insurance account is primarily comprised of insurance contracts that guarantee a minimum return. | |||||||||||||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012 follows: | |||||||||||||||||||||||||||||||||
(in millions) | Corporate Debt Securities | General Insurance Account | |||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, 2011 | $ | 2.7 | $ | 19.1 | |||||||||||||||||||||||||||||
Actual return on plan assets | (0.1 | ) | 0.8 | ||||||||||||||||||||||||||||||
Purchases, sales and settlements, net | (2.5 | ) | (1.2 | ) | |||||||||||||||||||||||||||||
Transfers into (out of) Level 3 * | (0.1 | ) | — | ||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | 0.3 | |||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, 2012 | — | 19 | |||||||||||||||||||||||||||||||
Actual return on plan assets | — | 1 | |||||||||||||||||||||||||||||||
Purchases, sales and settlements, net | — | (3.2 | ) | ||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | 0.8 | |||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, 2013 | $ | — | $ | 17.6 | |||||||||||||||||||||||||||||
* Transfers into and out of Level 3 are due to availability of observable market data for the same or similar securities. | |||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||||||
(in millions) | U.S. Pension Plans | Non-U.S. Pension Plans | |||||||||||||||||||||||||||||||
2014 | $ | 36.6 | $ | 3.5 | |||||||||||||||||||||||||||||
2015 | 33.6 | 2.2 | |||||||||||||||||||||||||||||||
2016 | 35.1 | 7.3 | |||||||||||||||||||||||||||||||
2017 | 42 | 1.7 | |||||||||||||||||||||||||||||||
2018 | 41.2 | 3.9 | |||||||||||||||||||||||||||||||
Years 2019-2023 | 214.9 | 17 | |||||||||||||||||||||||||||||||
Postretirement_benefits_Tables
Postretirement benefits (Tables) (Other Postretirement Benefit Plans, Defined Benefit [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Schedule of Net Funded Status [Table Text Block] | ' | ||||||||
Changes in benefit obligation and plan assets, and a reconciliation of the funded status at December 31, 2013 and 2012, are as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Change in Benefit Obligation | |||||||||
Benefit obligation at the beginning of the year | $ | 9.1 | $ | 9.4 | |||||
Service cost | 0.3 | 0.3 | |||||||
Interest cost | 0.4 | 0.4 | |||||||
Participant contributions | 0.6 | 0.4 | |||||||
Actuarial (gain) loss | (1.5 | ) | 0.1 | ||||||
Benefits paid | (1.0 | ) | (1.5 | ) | |||||
Benefit obligation at the end of the year | $ | 7.9 | $ | 9.1 | |||||
Change in Plan Assets | |||||||||
Fair value of plan assets at the beginning of the year | $ | — | $ | — | |||||
Participant contributions | 0.6 | 0.4 | |||||||
Employer contribution | 0.4 | 1.1 | |||||||
Benefits paid | (1.0 | ) | (1.5 | ) | |||||
Fair value of plan assets at the end of the year | $ | — | $ | — | |||||
Unfunded status at year end: | $ | (7.9 | ) | $ | (9.1 | ) | |||
(in millions) | 2013 | 2012 | |||||||
Amount recognized in consolidated balance sheet consists of: | |||||||||
Accrued benefit liability, current | $ | (0.6 | ) | $ | (0.6 | ) | |||
Accrued benefit liability, non-current | (7.3 | ) | (8.5 | ) | |||||
Sub-total | (7.9 | ) | (9.1 | ) | |||||
Deferred tax liability | (3.1 | ) | (2.8 | ) | |||||
Accumulated other comprehensive income | (4.8 | ) | (4.5 | ) | |||||
Net amount related to postretirement benefit plans | $ | (15.8 | ) | $ | (16.4 | ) | |||
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | ' | ||||||||
Accumulated other comprehensive income related to other postretirement benefit plans is as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Unrecognized net actuarial gains | $ | (5.5 | ) | $ | (3.0 | ) | |||
Unrecognized net prior service credits | (2.4 | ) | (4.3 | ) | |||||
Tax expense | 3.1 | 2.8 | |||||||
Accumulated other comprehensive income, end of year | $ | (4.8 | ) | $ | (4.5 | ) | |||
Multiemployer_Multiemployer_Ta
Multiemployer Multiemployer (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Multi employer Pension Plans Disclosure [Table Text Block] | ' | ||||||||||||||||||||||||
The Company’s participation in these plans for the annual period ended December 31, 2013, 2012, and 2011 is outlined in the table below. | |||||||||||||||||||||||||
Expiration | |||||||||||||||||||||||||
Multiemployer | Pension Protection | FIP/RP | Company Contributions | Date of | |||||||||||||||||||||
Pension | EIN/Pension | Act Zone Status | Status | (in millions) | Surcharge | Bargaining | |||||||||||||||||||
Fund | Plan Number | 2013 | 2012 | Implemented | 2013 | 2012 | 2011 | Imposed | Agreement | ||||||||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6044243/001 | Red | Red | Yes | $ | 0.9 | $ | 0.9 | $ | 0.9 | No | 5/15/15 | |||||||||||||
Warehouse Employees Local 169 & Employers Joint Pension Fund | 23-6230368/001 | Red | Red | Yes | 0.1 | 0.1 | 0.1 | Yes | 5/31/14 | ||||||||||||||||
GCIU — Employer Retirement Fund | 91-6024903/001 | Red | Red | Yes | — | 0.3 | 0.5 | Yes | Withdrawn (a) | ||||||||||||||||
$ | 1 | $ | 1.3 | $ | 1.5 | ||||||||||||||||||||
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Fair Value Assumptions [Table Text Block] | ' | |||||||||||||
The per share fair value of performance-based awards granted during the years ended December 31, 2013, 2012 and 2011 was $36.98, $39.10, and $41.80, respectively, which the Company determined using a Monte Carlo simulation and the following assumptions: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Average risk-free interest rate | 0.37 | % | 0.4 | % | 1.03 | % | ||||||||
Expected volatility (Bemis Company, Inc.) | 21.9 | % | 27.7 | % | 33.9 | % | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes stock awards unit activity for the year ended December 31, 2013: | ||||||||||||||
Time-Based | Performance-Based | |||||||||||||
Weighted-average grant date share value | (in thousands) Stock Awards | Weighted-average grant date share value | (in thousands) Stock Awards | |||||||||||
Outstanding units granted at the beginning of the year | $ | 30.8 | 2,150 | $ | 39.26 | 422 | ||||||||
Units granted | 33.75 | 398 | 36.98 | 146 | ||||||||||
Units paid (in shares) | 32.79 | (927 | ) | 38.01 | (106 | ) | ||||||||
Units canceled | 30.93 | (150 | ) | 37.58 | (115 | ) | ||||||||
Outstanding units granted at the end of the year | 30.35 | 1,471 | 37.95 | 347 | ||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
Debt consisted of the following at December 31, | |||||||||
(dollars in millions) | 2013 | 2012 | |||||||
Commercial paper payable through 2014 | $ | 240.5 | $ | 203.8 | |||||
Notes payable in 2014, at an interest rate of 5.65% less unamortized discount of $0.1 and $0.2, respectively | 399.9 | 399.8 | |||||||
Notes payable in 2019, at an interest rate of 6.8% less unamortized discount of $0.7 and $0.8, respectively | 399.3 | 399.2 | |||||||
Notes payable in 2021, at an interest rate of 4.5% includes ($20.2) and $17.0 fair value of interest rate swap, respectively, less unamortized discount of $2.0 and $2.3, respectively | 377.8 | 414.7 | |||||||
Debt of subsidiary companies | 3.9 | — | |||||||
Obligations under capital leases | 0.2 | 0.4 | |||||||
Total debt | 1,421.60 | 1,417.90 | |||||||
Less current portion | 0.2 | 0.3 | |||||||
Total long-term debt | $ | 1,421.40 | $ | 1,417.60 | |||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
Minimum future obligations on leases in effect at December 31, 2013 were: | ||||
Operating | ||||
(in millions) | Leases | |||
2014 | $ | 9.9 | ||
2015 | 9 | |||
2016 | 7.2 | |||
2017 | 5.7 | |||
2018 | 4 | |||
Thereafter | 29.5 | |||
Total minimum obligations | $ | 65.3 | ||
Income_tax_Tables
Income tax (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||
U.S. income before income taxes | $ | 228.7 | $ | 229.5 | $ | 188.6 | ||||||||||||||||
Non-U.S. income before income taxes | 91.6 | 49.1 | 103.6 | |||||||||||||||||||
Income from before income taxes | $ | 320.3 | $ | 278.6 | $ | 292.2 | ||||||||||||||||
Income tax expense consists of the following components: | ||||||||||||||||||||||
Current tax expense: | ||||||||||||||||||||||
U.S. federal | $ | 65.8 | $ | 60.3 | $ | 49.3 | ||||||||||||||||
Foreign | 33.4 | 30.5 | 31.2 | |||||||||||||||||||
State and local | 6.5 | 5.3 | 0.9 | |||||||||||||||||||
Total current tax expense | 105.7 | 96.1 | 81.4 | |||||||||||||||||||
Deferred tax expense (benefit): | ||||||||||||||||||||||
U.S. federal | 16.6 | 16.4 | 13.3 | |||||||||||||||||||
Foreign | (16.2 | ) | (10.2 | ) | 5.1 | |||||||||||||||||
State and local | 1.6 | 2.5 | 5.1 | |||||||||||||||||||
Total deferred tax expense | 2 | 8.7 | 23.5 | |||||||||||||||||||
Total income tax expense | $ | 107.7 | $ | 104.8 | $ | 104.9 | ||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||||||||||||
The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below. | ||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||
Deferred Tax Assets: | ||||||||||||||||||||||
Accounts receivable, principally due to allowances for returns and doubtful accounts | $ | 9 | $ | 8.7 | ||||||||||||||||||
Inventories, principally due to additional costs inventoried for tax purposes | 30.8 | 25.7 | ||||||||||||||||||||
Employee compensation and benefits accrued for financial reporting purposes | 51.6 | 127.8 | ||||||||||||||||||||
Foreign net operating losses | 26.8 | 25 | ||||||||||||||||||||
Foreign tax credits | 17 | 9 | ||||||||||||||||||||
Other | 16.8 | 8.6 | ||||||||||||||||||||
Total deferred tax assets | 152 | 204.8 | ||||||||||||||||||||
Less valuation allowance | (42.1 | ) | (36.6 | ) | ||||||||||||||||||
Total deferred tax assets, after valuation allowance | $ | 109.9 | $ | 168.2 | ||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||||||||||
Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead | $ | 124.4 | $ | 138.6 | ||||||||||||||||||
Goodwill and intangible assets, principally due to differences in amortization | 175.3 | 145.8 | ||||||||||||||||||||
Total deferred tax liabilities | 299.7 | 284.4 | ||||||||||||||||||||
Deferred tax liabilities, net | $ | 189.8 | $ | 116.2 | ||||||||||||||||||
Schedule of Classification of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||||||||||||
The net deferred tax liabilities are reflected in the balance sheet as follows: | ||||||||||||||||||||||
(in millions) | 2013 | 2012 | ||||||||||||||||||||
Deferred tax assets (included in prepaid expense and other current assets) | $ | 80 | $ | 82.1 | ||||||||||||||||||
Deferred tax liabilities | 269.8 | 198.3 | ||||||||||||||||||||
Net deferred tax liabilities | $ | 189.8 | $ | 116.2 | ||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||||||||||||
The Company’s effective tax rate differs from the federal statutory rate due to the following items: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars in millions) | Amount | % of Income Before Tax | Amount | % of Income Before Tax | Amount | % of Income Before Tax | ||||||||||||||||
Computed “expected” tax expense on income before taxes at federal statutory rate | $ | 112.1 | 35 | % | $ | 97.5 | 35 | % | $ | 102.3 | 35 | % | ||||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||||||||
State and local income taxes net of federal income tax benefit | 5.2 | 1.6 | 5 | 1.8 | 3.9 | 1.3 | ||||||||||||||||
Foreign tax rate differential | (4.2 | ) | (1.3 | ) | 3.1 | 1.1 | (0.6 | ) | (0.2 | ) | ||||||||||||
Manufacturing tax benefits | (6.5 | ) | (2.0 | ) | (5.2 | ) | (1.9 | ) | (4.2 | ) | (1.4 | ) | ||||||||||
Other | 1.1 | 0.3 | 4.4 | 1.6 | 3.5 | 1.2 | ||||||||||||||||
Actual income tax expense | $ | 107.7 | 33.6 | % | $ | 104.8 | 37.6 | % | $ | 104.9 | 35.9 | % | ||||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, in millions, is as follows: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Balance at beginning of year | $ | 25.6 | $ | 25.6 | ||||||||||||||||||
Additions based on tax positions related to the current year | 3.6 | 2.3 | ||||||||||||||||||||
Additions for tax positions of prior years | 5.1 | 3.4 | ||||||||||||||||||||
Reductions for tax positions of prior years | (9.9 | ) | (0.4 | ) | ||||||||||||||||||
Reductions due to a lapse of the statute of limitations | (2.9 | ) | (5.3 | ) | ||||||||||||||||||
Settlements | (0.1 | ) | — | |||||||||||||||||||
Balance at end of year | $ | 21.4 | $ | 25.6 | ||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Components of total other comprehensive income (loss) | ' | ||||||||||||
The components of total other comprehensive income (loss) are as follows: | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Comprehensive income (loss) attributable to Bemis Company, Inc. | $ | 226.8 | $ | 151.6 | $ | (9.5 | ) | ||||||
Comprehensive income attributable to noncontrolling interests | — | — | 5.3 | ||||||||||
Total comprehensive income (loss) | $ | 226.8 | $ | 151.6 | $ | (4.2 | ) | ||||||
Components of accumulated other comprehensive income (loss) | ' | ||||||||||||
The components and activity of accumulated other comprehensive loss are as follows: | |||||||||||||
(in millions) | Foreign Currency Translation | Pension And Other Postretirement Liability Adjustment | Accumulated Other Comprehensive Loss | ||||||||||
December 31, 2012 | $ | 80.5 | $ | (193.4 | ) | $ | (112.9 | ) | |||||
Other comprehensive (loss) income before reclassifications | (88.5 | ) | 87.1 | (1.4 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 15.6 | 15.6 | ||||||||||
Net current period other comprehensive (loss) income | (88.5 | ) | 102.7 | 14.2 | |||||||||
December 31, 2013 | $ | (8.0 | ) | $ | (90.7 | ) | $ | (98.7 | ) |
Earnings_Per_Share_Computation1
Earnings Per Share Computations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Calculation of earnings per share | ' | ||||||||||||
The calculation of earnings per share for common stock shown below excludes the income attributable to the participating securities from the numerator and excludes the dilutive impact of those awards from the denominator. | |||||||||||||
(in millions, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Numerator | |||||||||||||
Net income attributable to Bemis Company, Inc. | $ | 212.6 | $ | 173.8 | $ | 184.1 | |||||||
Income allocated to participating securities | (0.2 | ) | (1.8 | ) | (2.8 | ) | |||||||
Net income available to common shareholders (1) | $ | 212.4 | $ | 172 | $ | 181.3 | |||||||
Denominator | |||||||||||||
Weighted-average common shares outstanding — basic | 102.9 | 103.2 | 104.6 | ||||||||||
Dilutive shares | 1 | 0.7 | 0.4 | ||||||||||
Weighted-average common and common equivalent shares outstanding — diluted | 103.9 | 103.9 | 105 | ||||||||||
Per common share income | |||||||||||||
Basic | $ | 2.06 | $ | 1.67 | $ | 1.73 | |||||||
Diluted | $ | 2.04 | $ | 1.66 | $ | 1.73 | |||||||
(1) Basic weighted-average common shares outstanding | 102.9 | 103.2 | 104.6 | ||||||||||
Basic weighted-average common shares outstanding and participating securities | 103 | 104.3 | 106.2 | ||||||||||
Percentage allocated to common shareholders | 99.9 | % | 98.9 | % | 98.5 | % | |||||||
Segments_of_Business_Tables
Segments of Business (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary of the entity's business activities reported by business segments | ' | ||||||||||||
A summary of the Company’s business activities reported by its three business segments follows: | |||||||||||||
Business Segments (in millions) | 2013 | 2012 | 2011 | ||||||||||
Sales including intersegment sales: | |||||||||||||
U.S. Packaging | $ | 3,013.10 | $ | 3,062.60 | $ | 3,129.20 | |||||||
Global Packaging | 1,518.80 | 1,561.30 | 1,650.10 | ||||||||||
Pressure Sensitive Materials | 554.3 | 556.6 | 575.8 | ||||||||||
Intersegment sales: | |||||||||||||
U.S. Packaging | (28.5 | ) | (22.5 | ) | (18.5 | ) | |||||||
Global Packaging | (26.8 | ) | (17.8 | ) | (12.9 | ) | |||||||
Pressure Sensitive Materials | (1.1 | ) | (1.0 | ) | (1.0 | ) | |||||||
Total net sales | $ | 5,029.80 | $ | 5,139.20 | $ | 5,322.70 | |||||||
U.S. Packaging | |||||||||||||
Operating profit before facility consolidation and other costs (a) | $ | 382.9 | $ | 408.8 | $ | 341.3 | |||||||
Facility consolidation and other costs | (45.0 | ) | (42.1 | ) | (26.3 | ) | |||||||
Operating profit | 337.9 | 366.7 | 315 | ||||||||||
Global Packaging | |||||||||||||
Operating profit before facility consolidation and other costs (a) | 106.8 | 86.5 | 121.2 | ||||||||||
Facility consolidation and other costs | (0.4 | ) | (26.6 | ) | (8.6 | ) | |||||||
Operating profit | 106.4 | 59.9 | 112.6 | ||||||||||
Pressure Sensitive Materials | |||||||||||||
Operating profit before facility consolidation and other costs (a) | 30 | 37.1 | 36.1 | ||||||||||
Facility consolidation and other costs | — | — | (2.7 | ) | |||||||||
Operating profit | 30 | 37.1 | 33.4 | ||||||||||
Corporate | |||||||||||||
General corporate expenses before facility consolidation and other costs | (93.7 | ) | (118.2 | ) | (92.8 | ) | |||||||
Facility consolidation and other costs | — | — | (0.8 | ) | |||||||||
General corporate expenses | (93.7 | ) | (118.2 | ) | (93.6 | ) | |||||||
Operating income | 380.6 | 345.5 | 367.4 | ||||||||||
Interest expense | (68.2 | ) | (70.9 | ) | (76.8 | ) | |||||||
Other non-operating income | 7.9 | 4 | 1.6 | ||||||||||
Income before income taxes | $ | 320.3 | $ | 278.6 | $ | 292.2 | |||||||
(a) | Fiscal 2012 operating profit before facility consolidation and other costs includes adjustments associated with the alignment of certain accounting practices. The benefit (detriment) for U.S. Packaging, Global Packaging, and Pressure Sensitive Materials for the twelve months ended December 31, 2012 was $13.8 million, $(16.4) million, and $0.5 million, respectively. These adjustments did not have a material impact on the Company's previously issued consolidated financial statements. | ||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||
Business Segments (in millions) | 2013 | 2012 | 2011 | ||||||||||
Total assets: | |||||||||||||
U.S. Packaging | $ | 2,016.80 | $ | 2,100.70 | $ | 2,186.60 | |||||||
Global Packaging | 1,463.50 | 1,425.40 | 1,501.00 | ||||||||||
Pressure Sensitive Materials | 319.8 | 325.5 | 302.1 | ||||||||||
Total identifiable assets (1) | 3,800.10 | 3,851.60 | 3,989.70 | ||||||||||
Corporate assets (2) | 310.1 | 334.1 | 330.7 | ||||||||||
Total | $ | 4,110.20 | $ | 4,185.70 | $ | 4,320.40 | |||||||
Depreciation and amortization: | |||||||||||||
U.S. Packaging | $ | 102.4 | $ | 114.6 | $ | 124.6 | |||||||
Global Packaging | 63.6 | 67.3 | 75.5 | ||||||||||
Pressure Sensitive Materials | 12.8 | 12.6 | 13.2 | ||||||||||
Corporate | 11.5 | 9.8 | 7 | ||||||||||
Total | $ | 190.3 | $ | 204.3 | $ | 220.3 | |||||||
Additions to property and equipment: | |||||||||||||
U.S. Packaging | $ | 80.8 | $ | 65.1 | $ | 66.7 | |||||||
Global Packaging | 42.3 | 47.2 | 36.2 | ||||||||||
Pressure Sensitive Materials | 7.5 | 16.7 | 11.9 | ||||||||||
Corporate | 9.2 | 7.4 | 20.4 | ||||||||||
Total | $ | 139.8 | $ | 136.4 | $ | 135.2 | |||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||
Operations by geographic area (in millions) | 2013 | 2012 | 2011 | ||||||||||
Net sales: (3) | |||||||||||||
United States | $ | 3,444.60 | $ | 3,460.50 | $ | 3,517.20 | |||||||
Brazil | 629.5 | 712.5 | 810.3 | ||||||||||
Other Americas | 322 | 363.9 | 345.8 | ||||||||||
Europe | 465 | 470.2 | 548.7 | ||||||||||
Asia-Pacific | 168.7 | 132.1 | 100.7 | ||||||||||
Total | $ | 5,029.80 | $ | 5,139.20 | $ | 5,322.70 | |||||||
Long-lived assets: (4) | |||||||||||||
United States | $ | 906.2 | $ | 938.3 | $ | 986.7 | |||||||
Brazil | 179.9 | 217 | 251.1 | ||||||||||
Other Americas | 64.3 | 77.3 | 93.2 | ||||||||||
Europe | 126.4 | 135.3 | 129.7 | ||||||||||
Asia-Pacific | 74.3 | 54.1 | 39.8 | ||||||||||
Total | $ | 1,351.10 | $ | 1,422.00 | $ | 1,500.50 | |||||||
-1 | Total assets by business segment include only those assets that are specifically identified with each segment’s operations. | ||||||||||||
-2 | Corporate assets are principally cash and cash equivalents, prepaid expenses, prepaid income taxes, prepaid pension benefit costs, and corporate tangible and intangible property. | ||||||||||||
-3 | Net sales are attributed to geographic areas based on location of the Company’s manufacturing or selling operation. | ||||||||||||
-4 | Long-lived assets include net property and equipment, long-term receivables, deferred charges, and investment in affiliates. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
(in millions, except per share amounts) | March 31 | June 30 | September 30 | December 31 | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 1,255.00 | $ | 1,297.10 | $ | 1,258.50 | $ | 1,219.20 | $ | 5,029.80 | |||||||||||
Gross profit | 241.8 | 251.8 | 247.3 | 231.2 | 972.1 | ||||||||||||||||
Net income | 49.3 | 53.1 | 54 | 56.2 | 212.6 | ||||||||||||||||
Basic earnings per common share | 0.48 | 0.51 | 0.52 | 0.55 | 2.06 | ||||||||||||||||
Diluted earnings per common share | 0.47 | 0.51 | 0.52 | 0.54 | 2.04 | ||||||||||||||||
2012 | |||||||||||||||||||||
Net sales | $ | 1,304.80 | $ | 1,312.70 | $ | 1,287.80 | $ | 1,233.90 | $ | 5,139.20 | |||||||||||
Gross profit | 231 | 233.3 | 247.1 | 236.1 | 947.5 | ||||||||||||||||
Net income | 44 | 42.3 | 47.4 | 40.1 | 173.8 | ||||||||||||||||
Basic earnings per common share | 0.42 | 0.41 | 0.46 | 0.38 | 1.67 | ||||||||||||||||
Diluted earnings per common share | 0.42 | 0.4 | 0.45 | 0.38 | 1.66 | ||||||||||||||||
Business_Description_Details
Business Description (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Reporting Segments Number | 3 |
Entity Number of Employees | 19,100 |
Manufacturing Facilities Number | 72 |
Business_Description_Details_2
Business Description (Details 2) | 12 Months Ended |
Dec. 31, 2013 | |
Food Industry Market Products [Member] | ' |
Product Information [Line Items] | ' |
Percentage of total net sales | 68.00% |
USPackaging [Member] | ' |
Product Information [Line Items] | ' |
Percentage of total net sales | 59.00% |
GlobalPackaging [Member] | ' |
Product Information [Line Items] | ' |
Percentage of total net sales | 30.00% |
Pressure Sensitive Materials [Member] | ' |
Product Information [Line Items] | ' |
Percentage of total net sales | 11.00% |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Abstract] | ' | ' | ' |
Earnings from joint ventures | $3.10 | $2.60 | $2.50 |
Foreign currency transaction gain (loss), operating | 2.6 | 1.7 | 1.9 |
Foreign currency transaction gain (loss), non-operating | ' | ' | 1.8 |
Reserve for environmental liabilities | 7.6 | 7.9 | ' |
Allowance for doubtful accounts | 30.7 | 29.6 | ' |
Inventory, Net [Abstract] | ' | ' | ' |
Raw materials and supplies | 215.6 | 210.7 | ' |
Work in process and finished goods | 432.9 | 451.2 | ' |
Total inventories | 648.5 | 661.9 | ' |
Depreciation expense | 174.6 | 187.6 | 203.1 |
Interest Costs Capitalized | 0.3 | 0.1 | 0.1 |
Capitalized Computer Software, Net | 74.3 | 78.6 | ' |
Non-current pension and other post-retirement liability | 54.7 | 218.9 | ' |
Purchase of common stock, shares | 2 | 0 | 5 |
Value of shares purchased for common stock | 77.3 | 0 | 161.1 |
Remaining shares authorized to be repurchased | 2.5 | ' | ' |
Accounting alignment adjustments | ' | 2.1 | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $7.70 | $9.40 | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year |
Minimum [Member] | Land Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Minimum [Member] | Building [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Minimum [Member] | Leaseholds and Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '8 years |
Minimum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Minimum [Member] | Software and Software Development Costs [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '30 years |
Maximum [Member] | Land Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Maximum [Member] | Building [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '45 years |
Maximum [Member] | Leaseholds and Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Maximum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '16 years |
Maximum [Member] | Software and Software Development Costs [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '12 years |
Subsequent_Events_Details
Subsequent Events (Details) (Paper [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Paper [Member] | ' |
Subsequent Event [Line Items] | ' |
Disposal Group, Including Discontinued Operation, Revenue | $160 |
Facility_Consolidation_and_Oth2
Facility Consolidation and Other Costs (Details) (USD $) | 12 Months Ended | 36 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Facility Consolidation | 2011 Activity | 2011 Activity | 2011 Activity | 2011 Activity | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Facility Consolidation | 2012 Activity | 2012 Activity | 2012 Activity | 2012 Activity | ||||
Pressure Sensitive Materials [Member] | Pressure Sensitive Materials [Member] | Pressure Sensitive Materials [Member] | Pressure Sensitive Materials [Member] | Corporate | Corporate | Corporate | Corporate | USPackaging [Member] | USPackaging [Member] | USPackaging [Member] | USPackaging [Member] | GlobalPackaging [Member] | GlobalPackaging [Member] | GlobalPackaging [Member] | GlobalPackaging [Member] | Employee Costs | Fixed Asset Related | Other Costs | Total Facility Consolidation and Other Costs | Employee Costs | Fixed Asset Related | Other Costs | USPackaging [Member] | USPackaging [Member] | USPackaging [Member] | GlobalPackaging [Member] | GlobalPackaging [Member] | GlobalPackaging [Member] | Employee Costs | Fixed Asset Related | Other Costs | Gain on sale of equipment [Member] | Total Facility Consolidation and Other Costs | Employee Costs | Fixed Asset Related | Other Costs | |||||||||||||
Facility Consolidation and Other Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of planned closure facilities under facility consolidation program | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of planned closure facilities under facility consolidation program outside United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net expense accrued | $45.40 | $68.70 | $38.40 | $27.10 | $34.40 | $38.40 | $99.90 | $0 | $0 | $2.70 | $2.70 | $0 | $0 | $0.80 | $0.80 | $27.10 | $29.40 | $26.30 | $82.80 | $0 | $5 | $8.60 | $13.60 | ' | ' | ' | ' | $27.10 | $4.40 | $6.70 | $16 | $18.30 | $34.30 | $52.60 | $17.90 | $12.70 | $30.60 | $0.40 | $21.60 | $22 | ' | ' | ' | $9.80 | ' | $18.30 | $6.30 | $2.10 | $9.90 |
Total estimated program costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.1 | 34.7 | 29.1 | 99.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.9 | 16.5 | 14.2 | ' | 52.6 | ' | ' | ' | ' |
Cash payments | 35.2 | 51.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning reserve balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.6 | 14.6 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.1 | 10 | 0 | 0.1 |
Utilization (cash payments or otherwise settled) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -40.9 | -18.1 | -6.7 | -16.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27.9 | -15.8 | -2.1 | -10 |
Other (accrual reversal and translation impact) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.2 | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending reserve balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | $0.70 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | $0.50 | $0 | $0 |
Acquisition_Details
Acquisition (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Aug. 01, 2011 | Dec. 31, 2013 | Jul. 02, 2013 |
AustraliaAndNewZealandDistributors [Member] | Shield Pack LLC [Member] | Mayor Packaging [Member] | Mayor Packaging [Member] | NCS [Member] | NCS [Member] | ||||
Business Acquisition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | $75.60 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 59.7 | 19.1 | 152.8 | ' | ' | ' | ' | 65.3 | ' |
Cash consideration | ' | ' | ' | 18.4 | 45 | 96.7 | ' | ' | ' |
Earnout payment recorded as compensation expense | ' | ' | ' | ' | ' | ' | 13 | ' | ' |
Business Acquisition, Earnout Payment Forfeited | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Earnout Paid | ' | 7 | ' | ' | ' | ' | ' | ' | ' |
Cost of acquired entity, liabilities incurred | ' | ' | ' | ' | ' | ' | ' | 10.3 | ' |
Goodwill, Acquired During Period | ' | ' | ' | ' | 24.9 | 42.6 | ' | 47.4 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | ' | ' | 56.1 | ' | 116.8 | ' | 111 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | $11.60 | ' | $20.10 | ' | $35.40 |
Acquisitions_Details_2
Acquisitions (Details 2) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Customer Relationships [Member] | ' |
Business Acquisition [Abstract] | ' |
Finite-lived Intangible Assets Acquired | $8.30 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '9 years |
Contract based | ' |
Business Acquisition [Abstract] | ' |
Finite-lived Intangible Assets Acquired | 4.4 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '43 years |
Other Intangible Assets [Member] | ' |
Business Acquisition [Abstract] | ' |
Finite-lived Intangible Assets Acquired | $0.40 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '2 years |
Discontinued_operations_Detail
Discontinued operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued operations | ' | ' | ' |
Gain on divestiture | ($5.50) | $0 | $0 |
Proceeds from sale of discontinued operations | 30 | 0 | 0 |
Clysar [Member] | ' | ' | ' |
Discontinued operations | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | $70 | ' | ' |
Financial_Assets_and_Financial2
Financial Assets and Financial Liabilities Measured at Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Carrying Value | ' | ' |
Carrying values and estimated fair values of long-term debt, including current maturities | ' | ' |
Total long-term debt | $1,421.40 | $1,417.50 |
Fair Value | (Level 2) | ' | ' |
Carrying values and estimated fair values of long-term debt, including current maturities | ' | ' |
Total long-term debt | $1,520.10 | $1,561.20 |
Financial_Assets_and_Financial3
Financial Assets and Financial Liabilities Measured at Fair Value (Details 2) (Measured on a recurring basis, (Level 2), Interest-rate swap, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Measured on a recurring basis | (Level 2) | Interest-rate swap | ' | ' |
Fair values for derivatives | ' | ' |
Derivative Liability | ($20.20) | ' |
Derivative Asset | ' | $17 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Notes Payable 4.5 Percent Due 2021 [Member] | Notes Payable 4.5 Percent Due 2021 [Member] | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives designated as hedging instruments | (Level 2) | (Level 2) | ||
Forward exchange contracts | Forward exchange contracts | Interest-rate swap | Measured on a recurring basis | Measured on a recurring basis | ||||
Interest-rate swap | Interest-rate swap | |||||||
Derivative Instruments | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability | ' | ' | ' | ' | ' | ' | $20.20 | ' |
Derivative Asset | ' | ' | ' | ' | ' | ' | ' | 17 |
Maximum Remaining Maturity of Foreign Currency Derivatives | '6 months | ' | ' | ' | ' | ' | ' | ' |
Notional amounts of derivatives | ' | ' | ' | 5.5 | 6.1 | 400 | ' | ' |
Number of swap agreements | ' | ' | ' | ' | ' | 4 | ' | ' |
Debt instrument, face amount | ' | $400 | ' | ' | ' | ' | ' | ' |
Fixed-rate (as a percent) | ' | ' | 4.50% | ' | ' | ' | ' | ' |
Derivative_Instruments_Details1
Derivative Instruments (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $8.20 | $7.80 | $0.30 |
Currency swaps | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | 0 | -1.8 |
Derivatives designated as hedging instruments | Interest-rate swap | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 8.1 | 7 | 1.6 |
Not Designated as Hedging Instrument [Member] | Forward exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $0.10 | $0.80 | $0.50 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in the carrying amount of goodwill | ' | ' |
Reported balance at the beginning of the period | $1,034.30 | $1,048.40 |
Acquisitions and acquisition adjustments | 47.1 | 3.1 |
Goodwill, Written off Related to Sale of Business Unit | -4.7 | ' |
Currency translation | -24.5 | -17.2 |
Reported balance at the end of the period | 1,052.20 | 1,034.30 |
USPackaging [Member] | ' | ' |
Changes in the carrying amount of goodwill | ' | ' |
Reported balance at the beginning of the period | 637.8 | 636.9 |
Acquisitions and acquisition adjustments | 0 | 0.6 |
Goodwill, Written off Related to Sale of Business Unit | -4.7 | ' |
Currency translation | -0.8 | 0.3 |
Reported balance at the end of the period | 632.3 | 637.8 |
GlobalPackaging [Member] | ' | ' |
Changes in the carrying amount of goodwill | ' | ' |
Reported balance at the beginning of the period | 343.9 | 359.1 |
Acquisitions and acquisition adjustments | 47.1 | 2.5 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ' |
Currency translation | -23.7 | -17.7 |
Reported balance at the end of the period | 367.3 | 343.9 |
Pressure Sensitive Materials [Member] | ' | ' |
Changes in the carrying amount of goodwill | ' | ' |
Reported balance at the beginning of the period | 52.6 | 52.4 |
Acquisitions and acquisition adjustments | 0 | 0 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ' |
Currency translation | 0 | 0.2 |
Reported balance at the end of the period | $52.60 | $52.60 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of amortized intangible assets | ' | ' | ' |
Gross Carrying Amount | $331.90 | $334.30 | ' |
Accumulated Amortization | -141.3 | -133.1 | ' |
Amortization of Intangible Assets | 15.7 | 18.1 | 18.1 |
Estimated amortization expense | ' | ' | ' |
2014 | 15 | ' | ' |
2015 | 15 | ' | ' |
2016 | 14.8 | ' | ' |
2017 | 14.8 | ' | ' |
2018 | 14.7 | ' | ' |
Contract based | ' | ' | ' |
Components of amortized intangible assets | ' | ' | ' |
Gross Carrying Amount | 26.2 | 21 | ' |
Accumulated Amortization | -14.4 | -13.8 | ' |
Technology [Member] | ' | ' | ' |
Components of amortized intangible assets | ' | ' | ' |
Gross Carrying Amount | 82.6 | 91.3 | ' |
Accumulated Amortization | -40.9 | -40.8 | ' |
Marketing related | ' | ' | ' |
Components of amortized intangible assets | ' | ' | ' |
Gross Carrying Amount | 23 | 24.9 | ' |
Accumulated Amortization | -14.2 | -14.4 | ' |
Customer based | ' | ' | ' |
Components of amortized intangible assets | ' | ' | ' |
Gross Carrying Amount | 200.1 | 197.1 | ' |
Accumulated Amortization | ($71.80) | ($64.10) | ' |
Pension_plans_Details
Pension plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Expense | $53,200,000 | $68,700,000 | $50,700,000 |
Employer matching contribution on each pre-tax dollar for the first two percent of participant's contribution | 0.5 | ' | ' |
Employee contribution for the first two percent of the plan | 1 | ' | ' |
Employer's matching contribution on each pre-tax dollar for the next six percent of participant's contribution | 0.25 | ' | ' |
Participant's contribution for the next six percent to the plan | 1 | ' | ' |
Next percentage of participant contributions eligible for employer contribution match towards defined contribution plan | 6.00% | ' | ' |
Amount contributed to defined benefit multiemployear plans | 1,000,000 | 1,300,000 | 1,500,000 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost - benefits earned during the period | 14,000,000 | 14,700,000 | 13,500,000 |
Interest cost on benefit obligation | 32,500,000 | 33,700,000 | 35,200,000 |
Expected return on plan assets | -48,100,000 | -43,500,000 | -40,300,000 |
Settlement loss (gain) | 400,000 | 12,700,000 | -3,300,000 |
Curtailment gain | -400,000 | 0 | -2,200,000 |
Amortization of unrecognized transition obligation | 200,000 | 200,000 | 200,000 |
Amortization of prior service cost | 1,800,000 | 1,500,000 | 2,100,000 |
Recognized actuarial net (gain) or loss | 23,900,000 | 28,500,000 | 23,400,000 |
Net periodic benefit (income) cost | 24,300,000 | 47,800,000 | 28,600,000 |
U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost - benefits earned during the period | 11,200,000 | 11,700,000 | ' |
Interest cost on benefit obligation | 29,500,000 | 30,100,000 | ' |
Plan curtailments | -32,600,000 | 0 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost - benefits earned during the period | 300,000 | 300,000 | 300,000 |
Interest cost on benefit obligation | 400,000 | 400,000 | 400,000 |
Amortization of prior service cost | -600,000 | -600,000 | -600,000 |
Recognized actuarial net (gain) or loss | -300,000 | -300,000 | -400,000 |
Net periodic benefit (income) cost | -200,000 | -200,000 | -300,000 |
Defined Contribution Plans 401K Savings Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution benefits plans | 9,000,000 | 8,900,000 | 8,800,000 |
Bemis Investment Profit Sharing Plan and Other Defined Contribution Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution benefits plans | $18,900,000 | $10,700,000 | $11,800,000 |
Pension_plans_2_Details
Pension plans 2 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Change in Benefit Obligation and Fair Value of Plan Assets and Reconciliation of Funded Status [Abstract] | ' | ' | ' |
Accumulated benefit obligation at the end of the year | $709.90 | $767.30 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Employear contributions | 39 | 65.4 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Non-current pension and other post-retirement liability | 54.7 | 218.9 | ' |
Deferred tax asset | 55.6 | 120.9 | ' |
Accumulated other comprehensive loss (income) | 90.7 | 193.4 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' | ' |
Defined Benefit Plan, Plan Assets Percentage | 90.00% | ' | ' |
Defined Benefit Plan, Projected Benefit Obligation Percentage | 89.00% | ' | ' |
U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation and Fair Value of Plan Assets and Reconciliation of Funded Status [Abstract] | ' | ' | ' |
Benefit obligation at the beginning of the year | 750.4 | 728.6 | ' |
Service cost | 11.2 | 11.7 | ' |
Interest cost | 29.5 | 30.1 | ' |
Participant contributions | 0 | 0 | ' |
Plan amendments | 0.5 | 3.4 | ' |
Plan settlements | 0 | 0 | ' |
Plan curtailments | -32.6 | 0 | ' |
Benefits paid | -29.5 | -56.3 | ' |
Actuarial loss | -88.1 | 32.9 | ' |
Transfer in | 0 | 0 | ' |
Foreign currency exchange rates | 0 | 0 | ' |
Benefit obligation at the end of the year | 641.4 | 750.4 | ' |
Accumulated benefit obligation at the end of the year | 641.4 | 703 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 555.3 | 481.4 | ' |
Actual return on plan assets | 65.2 | 68.6 | ' |
Employear contributions | 36.2 | 61.6 | ' |
Plan settlements | 0 | 0 | ' |
Foreign currency exchange rates | 0 | 0 | ' |
Fair value of plan assets at the end of the year | 627.2 | 555.3 | ' |
Unfunded status at year end: | -14.2 | -195.1 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Prepaid benefit cost, non-current | 23.2 | 0 | ' |
Accrued benefit liability, current | -6.1 | -2 | ' |
Non-current pension and other post-retirement liability | -31.3 | -193.1 | ' |
Subtotal | -14.2 | -195.1 | ' |
Deferred tax asset | 56.5 | 121 | ' |
Accumulated other comprehensive loss (income) | 89.4 | 191.6 | ' |
Net amount related to pension plans | 131.7 | 117.5 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' |
Unrecognized net actuarial losses | 139.7 | 304.9 | ' |
Unrecognized net prior service costs | 6.2 | 7.7 | ' |
Unrecognized net transition costs | 0 | 0 | ' |
Tax benefit | -56.5 | -121 | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' | ' |
Net actuarial losses | 11 | ' | ' |
Net prior service costs | 1.5 | ' | ' |
Net transition costs | 0 | ' | ' |
Total | 12.5 | ' | ' |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' | ' |
Projected benefit obligation | 37.4 | 750.4 | ' |
Accumulated benefit obligation | 37.4 | 703 | ' |
Fair value of plan assets | 0 | 555.2 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' | ' |
Projected benefit obligation | 37.4 | 750.4 | ' |
Accumulated benefit obligation | 37.4 | 703 | ' |
Fair value of plan assets | 0 | 555.2 | ' |
Non-U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation and Fair Value of Plan Assets and Reconciliation of Funded Status [Abstract] | ' | ' | ' |
Benefit obligation at the beginning of the year | 80.4 | 76.2 | ' |
Service cost | 2.8 | 3 | ' |
Interest cost | 3 | 3.6 | ' |
Participant contributions | 0.4 | 0.8 | ' |
Plan amendments | 0 | 0 | ' |
Plan settlements | -4.2 | -2.9 | ' |
Plan curtailments | -0.9 | 0 | ' |
Benefits paid | -2.1 | -3.5 | ' |
Actuarial loss | 1.9 | -0.8 | ' |
Transfer in | 0 | 1.4 | ' |
Foreign currency exchange rates | 2.1 | 2.6 | ' |
Benefit obligation at the end of the year | 83.4 | 80.4 | ' |
Accumulated benefit obligation at the end of the year | 68.5 | 64.3 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 63.3 | 58.7 | ' |
Actual return on plan assets | 5.5 | 4.3 | ' |
Employear contributions | 2.8 | 3.8 | ' |
Plan settlements | -4.2 | -2.9 | ' |
Foreign currency exchange rates | 1.5 | 2.1 | ' |
Fair value of plan assets at the end of the year | 67.2 | 63.3 | ' |
Unfunded status at year end: | -16.2 | -17.1 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Prepaid benefit cost, non-current | 0.4 | 0.9 | ' |
Accrued benefit liability, current | -0.5 | -0.7 | ' |
Non-current pension and other post-retirement liability | -16.1 | -17.3 | ' |
Subtotal | -16.2 | -17.1 | ' |
Deferred tax asset | 2.2 | 2.7 | ' |
Accumulated other comprehensive loss (income) | 6.1 | 6.3 | ' |
Net amount related to pension plans | -7.9 | -8.1 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' |
Unrecognized net actuarial losses | 6.5 | 6.9 | ' |
Unrecognized net prior service costs | 0.4 | 0.5 | ' |
Unrecognized net transition costs | 1.4 | 1.6 | ' |
Tax benefit | -2.2 | -2.7 | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' | ' |
Net actuarial losses | 0.1 | ' | ' |
Net prior service costs | 0.1 | ' | ' |
Net transition costs | 0.2 | ' | ' |
Total | 0.4 | ' | ' |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' | ' |
Projected benefit obligation | 74.1 | 37.3 | ' |
Accumulated benefit obligation | 61 | 26.1 | ' |
Fair value of plan assets | 57.4 | 19.3 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' | ' |
Projected benefit obligation | 30.8 | 37.3 | ' |
Accumulated benefit obligation | 21 | 26.1 | ' |
Fair value of plan assets | 15.7 | 19.3 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation and Fair Value of Plan Assets and Reconciliation of Funded Status [Abstract] | ' | ' | ' |
Service cost | 14 | 14.7 | 13.5 |
Interest cost | 32.5 | 33.7 | 35.2 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $10.10 | ' | ' |
Pension_plans_3_Details
Pension plans 3 (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Weighted-average discount rate | 5.00% | 4.00% | ' |
Rate of increase in future compensation levels | 3.75% | 3.75% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Weighted-average discount rate | 4.13% | 4.25% | 5.25% |
Expected return on plan assets | 8.00% | 8.00% | 8.25% |
Rate of increase in future compensation levels | 3.75% | 4.25% | 4.25% |
Non-U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Weighted-average discount rate | 4.25% | 3.89% | ' |
Rate of increase in future compensation levels | 3.91% | 3.79% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Weighted-average discount rate | 3.89% | 4.68% | 5.28% |
Expected return on plan assets | 6.01% | 6.32% | 6.34% |
Rate of increase in future compensation levels | 3.79% | 3.81% | 3.93% |
Pension_plans_4_Details
Pension plans 4 (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Corporate debt securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the beginning of the year | $0 | $2.70 |
Actual return on plan assets | 0 | -0.1 |
Purchases, sales and settlments, net | 0 | -2.5 |
Transfer into (out of) Level 3 | ' | -0.1 |
Foreign currency exchange rates | 0 | 0 |
Fair value of plan assets at the end of the year | 0 | 0 |
General insurance account [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the beginning of the year | 19 | 19.1 |
Actual return on plan assets | 1 | 0.8 |
Purchases, sales and settlments, net | -3.2 | -1.2 |
Transfer into (out of) Level 3 | ' | 0 |
Foreign currency exchange rates | 0.8 | 0.3 |
Fair value of plan assets at the end of the year | 17.6 | 19 |
U.S. Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the beginning of the year | 555.3 | 481.4 |
Actual return on plan assets | 65.2 | 68.6 |
Foreign currency exchange rates | 0 | 0 |
Fair value of plan assets at the end of the year | 627.2 | 555.3 |
U.S. Pension Plans [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 213 | 293.6 |
U.S. Pension Plans [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 414.2 | 261.6 |
U.S. Pension Plans [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | Cash and cash equivalents [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 5.9 | 4 |
U.S. Pension Plans [Member] | Cash and cash equivalents [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 9.8 | 10.4 |
U.S. Pension Plans [Member] | Cash and cash equivalents [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | Corporate debt securities [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | Corporate debt securities [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 199.2 | 123.1 |
U.S. Pension Plans [Member] | Corporate debt securities [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | U.S. government debt securities [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 2.7 | 2.2 |
U.S. Pension Plans [Member] | U.S. government debt securities [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | U.S. government debt securities [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | State and municipal debt securities [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | State and municipal debt securities [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 45.6 | 19.1 |
U.S. Pension Plans [Member] | State and municipal debt securities [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | Corporate common stock [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 194.2 | 265 |
U.S. Pension Plans [Member] | Corporate common stock [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 17.5 | 19.7 |
U.S. Pension Plans [Member] | Corporate common stock [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | Registered investment company funds [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 10.2 | 22.4 |
U.S. Pension Plans [Member] | Registered investment company funds [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 133.3 | 74.5 |
U.S. Pension Plans [Member] | Registered investment company funds [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | Common trust funds [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | Common trust funds [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 8.8 | 14.8 |
U.S. Pension Plans [Member] | Common trust funds [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | General insurance account [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | General insurance account [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
U.S. Pension Plans [Member] | General insurance account [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the beginning of the year | 63.3 | 58.7 |
Actual return on plan assets | 5.5 | 4.3 |
Foreign currency exchange rates | 1.5 | 2.1 |
Fair value of plan assets at the end of the year | 67.2 | 63.3 |
Non-U.S. Pension Plans [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 44.8 | 39.9 |
Non-U.S. Pension Plans [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 4.8 | 4.4 |
Non-U.S. Pension Plans [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 17.6 | 19 |
Non-U.S. Pension Plans [Member] | Cash and cash equivalents [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Cash and cash equivalents [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Cash and cash equivalents [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Corporate debt securities [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Corporate debt securities [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Corporate debt securities [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | U.S. government debt securities [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | U.S. government debt securities [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | U.S. government debt securities [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | State and municipal debt securities [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | State and municipal debt securities [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | State and municipal debt securities [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Corporate common stock [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Corporate common stock [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Corporate common stock [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Registered investment company funds [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 44.8 | 39.9 |
Non-U.S. Pension Plans [Member] | Registered investment company funds [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Registered investment company funds [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Common trust funds [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | Common trust funds [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 4.8 | 4.4 |
Non-U.S. Pension Plans [Member] | Common trust funds [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | General insurance account [Member] | (Level 1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | General insurance account [Member] | (Level 2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Pension Plans [Member] | General insurance account [Member] | (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at the end of the year | $17.60 | $19 |
Pension_plans_5_Details
Pension plans 5 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target asset allocation (as a percent) | 30.00% | ' | ' |
Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target asset allocation (as a percent) | 70.00% | ' | ' |
U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected return on plan assets | 8.00% | 8.00% | 8.25% |
2014 | $36.60 | ' | ' |
2015 | 33.6 | ' | ' |
2016 | 35.1 | ' | ' |
2017 | 42 | ' | ' |
2018 | 41.2 | ' | ' |
Years 2019 - 2023 | 214.9 | ' | ' |
Weighted-average discount rate | 5.00% | 4.00% | ' |
Non-U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected return on plan assets | 6.01% | 6.32% | 6.34% |
2014 | 3.5 | ' | ' |
2015 | 2.2 | ' | ' |
2016 | 7.3 | ' | ' |
2017 | 1.7 | ' | ' |
2018 | 3.9 | ' | ' |
Years 2019 - 2023 | 17 | ' | ' |
Weighted-average discount rate | 4.25% | 3.89% | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Settlement loss (gain) | ($0.40) | -12.7 | 3.3 |
Postretirement_benefits_Detail
Postretirement benefits (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Employear contributions | ' | $39 | $65.40 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' | ' |
Non-current pension and other post-retirement liability | ' | 54.7 | 218.9 | ' |
Accumulated other comprehensive loss (income) | ' | 90.7 | 193.4 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost - benefits earned during the period | ' | 0.3 | 0.3 | 0.3 |
Interest cost on benefit obligation | ' | 0.4 | 0.4 | 0.4 |
Amortization of prior service credit | ' | -0.6 | -0.6 | -0.6 |
Recognized actuarial net (gain) or loss | ' | -0.3 | -0.3 | -0.4 |
Net periodic benefit (income) cost | ' | -0.2 | -0.2 | -0.3 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ' |
Benefit obligation at the beginning of the year | 7.9 | 9.1 | 9.4 | ' |
Service cost | ' | 0.3 | 0.3 | 0.3 |
Interest cost | ' | 0.4 | 0.4 | 0.4 |
Participant contributions | ' | 0.6 | 0.4 | ' |
Actuarial loss | ' | -1.5 | 0.1 | ' |
Benefits paid | ' | -1 | -1.5 | ' |
Benefit obligation at the end of the year | ' | 7.9 | 9.1 | 9.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 0 | 0 | 0 | ' |
Participant contributions | ' | 0.6 | 0.4 | ' |
Employear contributions | ' | 0.4 | 1.1 | ' |
Benefits paid | ' | -1 | -1.5 | ' |
Fair value of plan assets at the end of the year | ' | 0 | 0 | 0 |
Unfunded status at year end: | ' | 7.9 | 9.1 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' | ' |
Accrued benefit liability, current | ' | -0.6 | -0.6 | ' |
Non-current pension and other post-retirement liability | ' | -7.3 | -8.5 | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | ' | -3.1 | -2.8 | ' |
Accumulated other comprehensive loss (income) | ' | -4.8 | -4.5 | ' |
Net amount related to postretirement plans | ' | -15.8 | -16.4 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' | ' |
Unrecognized net actuarial losses | ' | -5.5 | -3 | ' |
Unrecognized net prior service costs | ' | -2.4 | -4.3 | ' |
Tax benefit | ' | 3.1 | 2.8 | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax | ' | -4.8 | -4.5 | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' | ' | ' |
Net actuarial losses | ' | 0.4 | ' | ' |
Net prior service costs | ' | 0.6 | ' | ' |
Total | ' | 1 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
2014 | ' | 0.5 | ' | ' |
2015 | ' | 0.6 | ' | ' |
2016 | ' | 0.6 | ' | ' |
2017 | ' | 0.6 | ' | ' |
2018 | ' | 0.6 | ' | ' |
Years 2019 - 2023 | ' | 3.6 | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | $0.50 | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | 7.00% | 7.50% | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed For Next Fiscal Year As Of Last Fiscal Year | 6.50% | ' | ' | ' |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' | ' |
Weighted-average discount rate | ' | 5.00% | 4.00% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Weighted-average discount rate | ' | 4.00% | 4.25% | 5.25% |
Defined Benefit Plan, Description of Direction and Pattern of Change for Assumed Health Care Cost Trend Rate | '0.005 | ' | ' | ' |
Multiemployer_Details
Multiemployer (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Amount contributed to defined benefit multiemployear plans | $1 | $1.30 | $1.50 |
Number of Multiemployer Defined Benefit Pensions Plans | 2 | ' | ' |
Central States Southeast and Southwest Areas Pension Fund [Member] | ' | ' | ' |
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Amount contributed to defined benefit multiemployear plans | 0.9 | 0.9 | 0.9 |
Warehouse Employees Local 169 and Employers Joint Pension Fund [Member] | ' | ' | ' |
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Amount contributed to defined benefit multiemployear plans | 0.1 | 0.1 | 0.1 |
GCIU Employer Retirement Fund [Member] | ' | ' | ' |
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Amount contributed to defined benefit multiemployear plans | $0 | $0.30 | $0.50 |
Maximum [Member] | Red Zone [Member] | ' | ' | ' |
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Multi-employer Pension Plans, Percentage of Plan Funded | 65.00% | ' | ' |
Maximum [Member] | Yellow Zone [Member] | ' | ' | ' |
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Multi-employer Pension Plans, Percentage of Plan Funded | 80.00% | ' | ' |
Minimum [Member] | Green Zone [Member] | ' | ' | ' |
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Multi-employer Pension Plans, Percentage of Plan Funded | 80.00% | ' | ' |
Stock_Incentive_Plans_Details
Stock Incentive Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.37% | 0.40% | 1.03% |
Aggregate shares of common stock authorized for issuance under the 2007 stock incentive plan | 6,000,000 | ' | ' |
Remaining shares available for grant | 3,597,459 | ' | ' |
Share-based compensation | $16.40 | $17.60 | $16.30 |
Unrecorded compensation cost | $18.20 | ' | ' |
Weighted average remaining contractual terms | '1 year 8 months 21 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.90% | 27.70% | 33.90% |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Payout Percentage | 54.70% | ' | ' |
Time Based Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Units granted, weighted average grant date fair value | $33.75 | $30.61 | $32.14 |
Units paid, weighted average grant date fair value | $32.79 | ' | ' |
Units canceled, weighted average grant date fair value | $30.93 | ' | ' |
Outstanding units granted, weighted average grant date fair value | $30.35 | $30.80 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Outstanding units granted at the beginning of the year | 2,150 | ' | ' |
Units granted | 398 | ' | ' |
Units paid | -927 | ' | ' |
Units canceled | -150 | ' | ' |
Outstanding units granted at the end of the year | 1,471 | 2,150 | ' |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Units granted, weighted average grant date fair value | $36.98 | $39.10 | $41.80 |
Units paid, weighted average grant date fair value | $38.01 | ' | ' |
Units canceled, weighted average grant date fair value | $37.58 | ' | ' |
Outstanding units granted, weighted average grant date fair value | $37.95 | $39.26 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Outstanding units granted at the beginning of the year | 422 | ' | ' |
Units granted | 146 | ' | ' |
Units paid | -106 | ' | ' |
Units canceled | -115 | ' | ' |
Outstanding units granted at the end of the year | 347 | 422 | ' |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average interest rate | 0.30% | ' | ' |
Long-term Debt | $1,421.60 | $1,417.90 | ' |
Commercial paper, maximum amount outstanding during period | 370.3 | ' | ' |
Commercial paper, average outstanding amount | 258.1 | ' | ' |
Line of credit, maximum borrowing capacity | 1,100 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity, Multicurrency Limit | 100 | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 8.2 | 7.8 | 0.3 |
Current portion of long-term debt | 0.2 | 0.3 | ' |
Long-term Debt and Capital Lease Obligations | 1,421.40 | 1,417.60 | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 640.5 | ' | ' |
2015 | 0 | ' | ' |
2016 | 0 | ' | ' |
2017 | 0 | ' | ' |
2018 | 0 | ' | ' |
Commercial Paper [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average interest rate | 0.30% | ' | ' |
Long-term Debt | 240.5 | 203.8 | ' |
Notes Payable 5.65 Percent Due 2014 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average interest rate | 5.65% | ' | ' |
Long-term Debt | 399.9 | 399.8 | ' |
Debt instrument, face amount | 400 | ' | ' |
Unamortized discount | 0.1 | 0.2 | ' |
Notes Payable 6.8 Percent Due 2019 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average interest rate | 6.80% | ' | ' |
Long-term Debt | 399.3 | 399.2 | ' |
Unamortized discount | 0.7 | 0.8 | ' |
Notes Payable 4.5 Percent Due 2021 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average interest rate | 4.50% | ' | ' |
Long-term Debt | 377.8 | 414.7 | ' |
Debt instrument, face amount | 400 | ' | ' |
Fixed-rate (as a percent) | ' | 4.50% | ' |
Unamortized discount | 2 | 2.3 | ' |
Debt of Subsidiary Companies Due 2013 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 3.9 | 0 | ' |
Capital Lease Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 0.2 | 0.4 | ' |
Interest-rate swap | Measured on a recurring basis | (Level 2) | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Derivative Asset | ' | 17 | ' |
Derivative Liability | -20.2 | ' | ' |
Derivatives designated as hedging instruments | Interest-rate swap | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Number of swap agreements | ' | 4 | ' |
Notional amounts of derivatives | ' | 400 | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $8.10 | $7 | $1.60 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rent expense | $17 | $17.40 | $17.80 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 9.9 | ' | ' |
2015 | 9 | ' | ' |
2016 | 7.2 | ' | ' |
2017 | 5.7 | ' | ' |
2018 | 4 | ' | ' |
Thereafter | 29.5 | ' | ' |
Total minimum obligations | $65.30 | ' | ' |
Income_tax_Details
Income tax (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
2013 Dividend Out Of Current Earnings From Brazilian Subsidiary to U.S. Parent Company | $21.30 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1 | 0.6 | 0.9 |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 8.9 | ' | ' |
Foreign Tax Credit Associated with Dividend from Brazil | 8 | ' | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' |
U.S. income before income taxes | 228.7 | 229.5 | 188.6 |
Non-U.S. income before income taxes | 91.6 | 49.1 | 103.6 |
Income from continuing operations before income taxes | 320.3 | 278.6 | 292.2 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
U.S. federal | 65.8 | 60.3 | 49.3 |
Foreign | 33.4 | 30.5 | 31.2 |
State and local | 6.5 | 5.3 | 0.9 |
Total current tax expense | 105.7 | 96.1 | 81.4 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
U.S. federal | 16.6 | 16.4 | 13.3 |
Foreign | -16.2 | -10.2 | 5.1 |
State and local | 1.6 | 2.5 | 5.1 |
Total deferred tax expense | 2 | 8.7 | 23.5 |
Provision for income taxes | 107.7 | 104.8 | 104.9 |
Components of Deferred Tax Assets [Abstract] | ' | ' | ' |
Accounts receivable, principally due to allowances for returns and doubtful accounts | 9 | 8.7 | ' |
Inventories, principally due to additional costs inventories for tax purposes | 30.8 | 25.7 | ' |
Employee compensation and benefits accrued for financial reporting purposes | 51.6 | 127.8 | ' |
Foreign net operating losses | 26.8 | 25 | ' |
Foreign tax credits | 17 | 9 | ' |
Other | 16.8 | 8.6 | ' |
Total deferred tax assets | 152 | 204.8 | ' |
Less valuation allowance | -42.1 | -36.6 | ' |
Total deferred tax assets after valuation allowance | 109.9 | 168.2 | ' |
Components of Deferred Tax Liabilities [Abstract] | ' | ' | ' |
Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead | 124.4 | 138.6 | ' |
Goodwill and intangible assets, principally due to differences in amortization | 175.3 | 145.8 | ' |
Total deferred tax liabilities | 299.7 | 284.4 | ' |
Deferred tax liabilities, net | 189.8 | 116.2 | ' |
Deferred Tax Assets, Net, Classification [Abstract] | ' | ' | ' |
Deferred tax assets (included in prepaid expense and other current assets) | 80 | 82.1 | ' |
Deferred tax liabilities | 269.8 | 198.3 | ' |
Net deferred tax liabilities | 189.8 | 116.2 | ' |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' |
Computed expected tax expense on income before taxes at federal statutory rate | 112.1 | 97.5 | 102.3 |
Increase (Decrease) Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' |
State and local income taxes net of federal income tax benefit | 5.2 | 5 | 3.9 |
Foreign tax rate differential | -4.2 | 3.1 | -0.6 |
Manufacturing tax benefits | -6.5 | -5.2 | -4.2 |
Other | 1.1 | 4.4 | 3.5 |
Actual income tax expense | 107.7 | 104.8 | 104.9 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (Decrease) Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
State and local income taxes net of federal income tax benefit | 1.60% | 1.80% | 1.30% |
Foreign tax rate differential | -1.30% | 1.10% | -0.20% |
Manufacturing tax benefits | -2.00% | -1.90% | -1.40% |
Other | 0.30% | 1.60% | 1.20% |
Effective tax rate | 33.60% | 37.60% | 35.90% |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 25.6 | 25.6 | ' |
Additions based on tax positions related to the current year | 3.6 | 2.3 | ' |
Additions for tax positions of prior years | 5.1 | 3.4 | ' |
Reductions for tax positions of prior years | -9.9 | -0.4 | ' |
Reductions due to a lapse of the statute of limitations | -2.9 | -5.3 | ' |
Settlements | -0.1 | 0 | ' |
Balance at end of year | 21.4 | 25.6 | 25.6 |
Operating loss carryforwards | 85 | ' | ' |
Operating loss carryforwards subject to expiration | 32.6 | ' | ' |
Foreign tax credit carryforward | 17 | ' | ' |
Valuation allowance | 42.1 | 36.6 | ' |
Undistributed foreign subsidiaries earnings | 390.5 | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 21.4 | 20.4 | ' |
Interest and penalties | 6.5 | 7.5 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $5 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Net of Tax | $87.10 | ' | ' |
Other comprehensive income (loss) | 14.2 | -22.2 | -191.5 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 25.5 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 15.6 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -88.5 | -48.3 | -124.2 |
Pension and other postretirement liability adjustments, net of tax | 102.7 | 26.2 | -66.8 |
Accumulated other comprehensive loss, net of tax | ' | ' | ' |
Foreign currency translation | -8 | 80.5 | ' |
Pension and postretirement liability adjustment, net of tax effect | -90.7 | -193.4 | ' |
Tax effect of pension liability adjustment | 55.6 | 120.9 | ' |
Accumulated other comprehensive income (loss) | -98.7 | -112.9 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -88.5 | ' | ' |
Total other comprehensive income (loss) | ' | ' | ' |
Comprehensive income (loss) attributable to Bemis Company, Inc. | 226.8 | 151.6 | -9.5 |
Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 5.3 |
Total comprehensive income (loss) | 226.8 | 151.6 | -4.2 |
Before reclassification [Member] | ' | ' | ' |
Other comprehensive income (loss) | -1.4 | ' | ' |
Reclassified [Member] | ' | ' | ' |
Other comprehensive income (loss) | $15.60 | ' | ' |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 |
Dixie Toga [Member] | ||||
Noncontrolling interests | ' | ' | ' | ' |
Purchase of remaining shares owned by the noncontrolling interest of subsidiary | $0 | $0 | $89.70 | $90 |
Earnings_Per_Share_Computation2
Earnings Per Share Computations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Bemis Company, Inc. (in dollars) | $56.20 | $54 | $53.10 | $49.30 | $40.10 | $47.40 | $42.30 | $44 | $212.60 | $173.80 | $184.10 |
Income allocated to participating securities (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | -1.8 | -2.8 |
Net income available to common shareholders (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $212.40 | $172 | $181.30 |
Denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 102.9 | 103.2 | 104.6 |
Dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0.7 | 0.4 |
Weighted-average common and common equivalent shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 103.9 | 103.9 | 105 |
Per common share income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share, net income | $0.55 | $0.52 | $0.51 | $0.48 | $0.38 | $0.46 | $0.41 | $0.42 | $2.06 | $1.67 | $1.73 |
Diluted earnings per share, net income | $0.54 | $0.52 | $0.51 | $0.47 | $0.38 | $0.45 | $0.40 | $0.42 | $2.04 | $1.66 | $1.73 |
Basic weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 102.9 | 103.2 | 104.6 |
Basic weighted-average common shares, outstanding and participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 103 | 104.3 | 106.2 |
Percentage allocated to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 99.90% | 98.90% | 98.50% |
Antidilutive stock options and stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' |
Legal_Proceedings_Details
Legal Proceedings (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Loss contingencies | ' |
Number of sites for state law proceedings under environmental matters | 17 |
Number of sites for proceedings under environmental matters in Brazil | 1 |
Loss Contingency, Estimate of Possible Loss | $25 |
TaxAssessmentForGoodwillAmortization | 16.3 |
Number of multiemployer defined benefit pensions plans | 2 |
Percentage of nondeductible excise tax imposed upon by IRS on the amount of the accumulated funding deficiency for those employers contributing to the fund | 5.00% |
Sao Paulo city services tax for years 2004-2009 | ' |
Loss contingencies | ' |
Estimated city services tax, penalties and interest | 47.5 |
Dixie Toga [Member] | Sao Paulo city services tax for years 1991-1995 | ' |
Loss contingencies | ' |
Estimated city services tax | 46.8 |
Dixie Toga [Member] | Sao Paulo city services tax for years 1996-2001 | ' |
Loss contingencies | ' |
Estimated city services tax and penalties | 22.7 |
Estimated increase in city service tax and penalties for interest, monetary adjustments and costs | 141.2 |
Itap Bemis Ltda. | Sao Paulo city services tax for years 1996-2001 | ' |
Loss contingencies | ' |
Estimated city services tax and penalties | 7 |
Estimated increase in city service tax and penalties for interest, monetary adjustments and costs | $48.50 |
Segments_of_Business_Details
Segments of Business (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Reporting Segments Number | 3 | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Accounting alignment adjustments | ' | $2.10 | ' |
Sales including intersegment sales | 5,029.80 | 5,139.20 | 5,322.70 |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | 380.6 | 345.5 | 367.4 |
Interest expense | -68.2 | -70.9 | -76.8 |
Other non-operating (income) expense, net | 7.9 | 4 | 1.6 |
Income before income taxes | 320.3 | 278.6 | 292.2 |
Total assets | 4,110.20 | 4,185.70 | 4,320.40 |
Depreciation and amortization | 190.3 | 204.3 | 220.3 |
Additions to property and equipment | 139.8 | 136.4 | 135.2 |
Long-lived assets | 1,351.10 | 1,422 | 1,500.50 |
USPackagingBeforeRestructuring [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | 382.9 | 408.8 | 341.3 |
USPackagingRestructuring [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | -45 | -42.1 | -26.3 |
USPackaging [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Accounting alignment adjustments | ' | 13.8 | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | 337.9 | 366.7 | 315 |
Total assets | 2,016.80 | 2,100.70 | 2,186.60 |
Depreciation and amortization | 102.4 | 114.6 | 124.6 |
Additions to property and equipment | 80.8 | 65.1 | 66.7 |
GlobalPackaging [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Accounting alignment adjustments | ' | -16.4 | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | 106.4 | 59.9 | 112.6 |
Total assets | 1,463.50 | 1,425.40 | 1,501 |
Depreciation and amortization | 63.6 | 67.3 | 75.5 |
Additions to property and equipment | 42.3 | 47.2 | 36.2 |
GlobalPackagingBeforeRestructuring [Member] [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | 106.8 | 86.5 | 121.2 |
GlobalPackagingRestructuring [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | -0.4 | -26.6 | -8.6 |
PressureSensitiveRestructuring [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | 0 | 0 | -2.7 |
PressureSensitiveMaterialsBeforeRestructuring [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | 30 | 37.1 | 36.1 |
Pressure Sensitive Materials [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Accounting alignment adjustments | ' | 0.5 | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | 30 | 37.1 | 33.4 |
Total assets | 319.8 | 325.5 | 302.1 |
Depreciation and amortization | 12.8 | 12.6 | 13.2 |
Additions to property and equipment | 7.5 | 16.7 | 11.9 |
GeneralCorporateBeforeRestructuring [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | -93.7 | -118.2 | -92.8 |
GeneralCorporateRestructuring [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | 0 | 0 | -0.8 |
GeneralCorporateExpenses [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Operating Income (Loss) | -93.7 | -118.2 | -93.6 |
Unallocated amount to segment | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Total assets | 310.1 | 334.1 | 330.7 |
Depreciation and amortization | 11.5 | 9.8 | 7 |
Additions to property and equipment | 9.2 | 7.4 | 20.4 |
Operating Segments [Member] | ' | ' | ' |
Operating Profit and Pretax Profit: | ' | ' | ' |
Total assets | 3,800.10 | 3,851.60 | 3,989.70 |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | 3,444.60 | 3,460.50 | 3,517.20 |
Operating Profit and Pretax Profit: | ' | ' | ' |
Long-lived assets | 906.2 | 938.3 | 986.7 |
Brazil [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | 629.5 | 712.5 | 810.3 |
Operating Profit and Pretax Profit: | ' | ' | ' |
Long-lived assets | 179.9 | 217 | 251.1 |
Other Americas [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | 322 | 363.9 | 345.8 |
Operating Profit and Pretax Profit: | ' | ' | ' |
Long-lived assets | 64.3 | 77.3 | 93.2 |
Europe [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | 465 | 470.2 | 548.7 |
Operating Profit and Pretax Profit: | ' | ' | ' |
Long-lived assets | 126.4 | 135.3 | 129.7 |
Asia Pacific [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | 168.7 | 132.1 | 100.7 |
Operating Profit and Pretax Profit: | ' | ' | ' |
Long-lived assets | 74.3 | 54.1 | 39.8 |
Intersegment Eliminations [Member] | USPackaging [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | -28.5 | -22.5 | -18.5 |
Intersegment Eliminations [Member] | GlobalPackaging [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | -26.8 | -17.8 | -12.9 |
Intersegment Eliminations [Member] | Pressure Sensitive Materials [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | -1.1 | -1 | -1 |
Operating Segments [Member] | USPackaging [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | 3,013.10 | 3,062.60 | 3,129.20 |
Operating Segments [Member] | GlobalPackaging [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | 1,518.80 | 1,561.30 | 1,650.10 |
Operating Segments [Member] | Pressure Sensitive Materials [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales including intersegment sales | $554.30 | $556.60 | $575.80 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,219.20 | $1,258.50 | $1,297.10 | $1,255 | $1,233.90 | $1,287.80 | $1,312.70 | $1,304.80 | $5,029.80 | $5,139.20 | $5,322.70 |
Gross profit | 231.2 | 247.3 | 251.8 | 241.8 | 236.1 | 247.1 | 233.3 | 231 | 972.1 | 947.5 | 910.2 |
Net income attributable to Bemis Company, Inc. | $56.20 | $54 | $53.10 | $49.30 | $40.10 | $47.40 | $42.30 | $44 | $212.60 | $173.80 | $184.10 |
Basic earnings per share, net income | $0.55 | $0.52 | $0.51 | $0.48 | $0.38 | $0.46 | $0.41 | $0.42 | $2.06 | $1.67 | $1.73 |
Diluted earnings per share, net income | $0.54 | $0.52 | $0.51 | $0.47 | $0.38 | $0.45 | $0.40 | $0.42 | $2.04 | $1.66 | $1.73 |
Schedule_II_Details
Schedule II (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | $29.60 | $30.50 | $27.50 |
Additions charged to profit and loss | 27.2 | 13.3 | 21.8 |
Write-offs | -23 | -13.8 | -16.8 |
Foreign currency impact | -3.1 | -0.4 | -1.6 |
Other | 0 | 0 | -0.4 |
Balance at end of year | 30.7 | 29.6 | 30.5 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | 36.6 | 31.6 | 29.7 |
Additions charged to profit and loss | 5.5 | 4.3 | 3.6 |
Write-offs | 0 | 0 | 0 |
Foreign currency impact | 0 | 0.7 | -1.7 |
Other | 0 | 0 | 0 |
Balance at end of year | $42.10 | $36.60 | $31.60 |