Bemis 10-Q 29 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 27, 2015
Document Information [Line Items]
Entity Registrant Name	BEMIS CO INC
Entity Central Index Key	11,199
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		96,470,824
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF INCOME - Restructuring Plan by Name [Domain] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales	$ 1,030.3	$ 1,097.6	$ 2,070.4	$ 2,192.6
Cost of products sold	809.1	878.6	1,631.7	1,762.7
Gross profit	221.2	219	438.7	429.9
Operating expenses:
Selling, general and administrative expenses	103.9	104.4	210.3	211
Research and development	11.5	11.1	22.8	22.2
Restructuring costs	0.3	0	5.3	0
Other operating (income) expense, net	(3.7)	(3.1)	(6.3)	(5.2)
Operating income	109.2	106.6	206.6	201.9
Interest expense	12.8	17	25.9	33.9
Other non-operating (income) expense, net	(2.2)	(1.7)	(4)	(14.4)
Income from continuing operations before income taxes	98.6	91.3	184.7	182.4
Provision for income taxes	33	30.6	62.1	62
Income from continuing operations	65.6	60.7	122.6	120.4
Income (loss) from discontinued operations, net of tax	0	5.1	(2.6)	(5.4)
Net income	$ 65.6	$ 65.8	$ 120	$ 115
Income from continuing operations, per basic share	$ 0.68	$ 0.61	$ 1.26	$ 1.19
Income (loss) from discontinued operations, per basic share	0	0.05	(0.03)	(0.05)
Net income, per basic share	0.68	0.66	1.23	1.14
Income from continuing operations, per diluted share	0.67	0.60	1.25	1.18
Income (loss) from discontinued operations, per diluted share	0	0.05	(0.03)	(0.05)
Net income, per diluted share	0.67	0.65	1.22	1.13
Cash dividends paid per share (in dollars per share)	$ 0.28	$ 0.27	$ 0.56	$ 0.54

CONDENSED STATEMENT OF COMPREHE

CONDENSED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 65.6	$ 65.8	$ 120	$ 115
Translation adjustments	12.8	19.2	(86.3)	29.2
Pension and other postretirement liability adjustments, net of tax	3.2	(2.8)	6.4	(1.5)
Other comprehensive income (loss)	16	16.4	(79.9)	27.7
Total comprehensive income (loss)	81.6	82.2	40.1	142.7
Tax amounts related to pension and postretirement liability adjustments	$ (2)	$ 1.7	$ (4)	$ 1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 87.8	$ 47.1
Trade receivables	498.3	496.3
Inventories	557	575.8
Prepaid expenses and other current assets	147.5	168.6
Total current assets	1,290.6	1,287.8
Property and equipment, net	1,146.1	1,142.9
Goodwill	937.4	963.1
Other intangible assets, net	157.5	168.6
Deferred charges and other assets	42.2	48.4
Total other long-term assets	1,137.1	1,180.1
TOTAL ASSETS	3,573.8	3,610.8
LIABILITIES
Short-term borrowings	26.1	31.3
Accounts payable	299.3	268.2
Employee-related liabilities	83.7	90.8
Accrued income and other taxes	32.8	23.3
Other current liabilities	60.5	67.8
Total current liabilities	502.4	481.4
Long-term debt, less current portion	1,357.8	1,311.6
Deferred taxes	224.6	223.4
Other liabilities and deferred credits	147.3	161.4
Total Liabilities	2,232.1	2,177.8
Bemis Company, Inc. shareholders' equity:
Common stock issued	12.8	12.8
Capital in excess of par value	567	559.7
Retained earnings	2,151.5	2,086.8
Accumulated other comprehensive loss	(371.6)	(291.7)
Common stock held in treasury	(1,018)	(934.6)
Total Equity	1,341.7	1,433
TOTAL LIABILITIES AND EQUITY	$ 3,573.8	$ 3,610.8

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - shares shares in Millions	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, shares issued	128.1	128
Common stock held in treasury, shares	31.6	29.8

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income	$ 120	$ 115
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	80.1	94.8
Excess tax benefit from share-based payment arrangements	(0.5)	(0.6)
Share-based compensation	9.5	7.9
Deferred income taxes	(0.9)	(14.2)
Income of unconsolidated affiliated company	(0.9)	(0.6)
Non-cash impairment charge of discontinued operations	3.2	0
(Gain) loss on sale of property and equipment	(3.6)	(0.4)
Gain on divestitures	0	(9.4)
Changes in working capital, excluding effect of divestitures and currency	10.1	(116.6)
Changes in other assets and liabilities	1.5	(5.5)
Net cash provided by operating activities	218.5	70.4
Cash flows from investing activities
Additions to property and equipment	(96.3)	(69.3)
Proceeds from sale of property and equipment	7.4	7.8
Proceeds from divestitures	13.6	79.8
Net cash (used in) provided by investing activities	(75.3)	18.3
Cash flows from financing activities
Proceeds from issuance of long-term debt	2	0
Repayment of long-term debt	0	(0.2)
Net borrowing of commercial paper	43.5	32.5
Net (repayment) borrowing of short-term debt	(0.5)	5.3
Cash dividends paid to shareholders	(55.2)	(54.6)
Common stock purchased for the treasury	(83.4)	(84.1)
Deferred payments for business acquisitions	(4.4)	(6.6)
Excess tax benefit from share-based payment arrangements	0.5	0.6
Stock incentive programs and related tax withholdings	(2.7)	(1.5)
Net cash used in financing activities	(100.2)	(108.6)
Effect of exchange rates on cash and cash equivalents	(2.3)	5.4
Net increase (decrease) in cash and cash equivalents	40.7	(14.5)
Cash and cash equivalents balance at beginning of year	47.1	141.7
Cash and cash equivalents balance at end of period	$ 87.8	127.2
Paper [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on divestitures		(9.4)
Cash flows from investing activities
Proceeds from divestitures		$ 79.8

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Common Stock Held In Treasury
Balance at Dec. 31, 2013	$ 1,684.8	$ 12.8	$ 548.1	$ 2,005.1	$ (98.7)	$ (782.5)
Increase (Decrease) in Shareholders' Equity
Net income	115			115
Other comprehensive income (loss)	27.7				27.7
Cash dividends declared on common stock	(55.1)			(55.1)
Stock incentive programs and related tax withholdings	(1.5)		(1.5)
Excess tax benefit (expense) from share-based payment arrangements	0.6		0.6
Share-based compensation	7.9		7.9
Purchase of common stock	(84.1)					(84.1)
Balance at Jun. 30, 2014	1,695.3	$ 12.8	555.1	2,065	(71)	(866.6)
Balance at Dec. 31, 2014	1,433	12.8	559.7	2,086.8	(291.7)	(934.6)
Increase (Decrease) in Shareholders' Equity
Net income	120			120
Other comprehensive income (loss)	(79.9)				(79.9)
Cash dividends declared on common stock	(55.3)			(55.3)
Stock incentive programs and related tax withholdings	(2.7)		(2.7)
Excess tax benefit (expense) from share-based payment arrangements	0.5		0.5
Share-based compensation	9.5		9.5
Purchase of common stock	(83.4)					(83.4)
Balance at Jun. 30, 2015	$ 1,341.7	$ 12.8	$ 567	$ 2,151.5	$ (371.6)	$ (1,018)

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Stock incentive programs and related tax withholdings, shares	100,000	100,000
Purchase of common stock, shares	1,800,000	2,100,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Bemis Company, Inc. (the "Company") in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position and results of operations. It is management’s opinion, however, that all material adjustments (consisting of normal recurring accruals) have been made which are necessary for a fair financial statement presentation. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . As noted in Note 2 - New Accounting Guidance, the Company early adopted new guidance related to the presentation of debt issuance costs. Additionally, during the first half of 2015 the Company revised certain internal working capital metrics and goals. To align external reporting with these metrics, the Company has reclassified certain amounts from "Accounts receivable, net" to "Prepaid expenses and other current assets" and from "Accounts payable" to "Employee-related liabilities" (see table below). Included within the amounts reclassified from "Accounts receivable, net" were vendor rebates, value-added taxes, and other non-trade receivables that included divestiture-related receivables. The Company also renamed "Accounts receivable, net" to "Trade receivables", and "Accrued salaries and wages" to "Employee-related liabilities" to provide more clarity. (in millions) December 31, 2014 (As reported) Reclassification December 31, 2014 (As reclassified) Trade receivables $ 566.1 $ (69.8 ) $ 496.3 Prepaid expenses and other current assets 98.8 69.8 168.6 Deferred charges and other assets 52.7 (4.3 ) 48.4 Accounts payable 272.4 (4.2 ) 268.2 Employee-related liabilities 86.6 4.2 90.8 Long-term debt 1,315.9 (4.3 ) 1,311.6

New Accounting Guidance (Notes)

New Accounting Guidance (Notes)	6 Months Ended
	Jun. 30, 2015
New Accounting Guidance [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	New Accounting Guidance In July 2015, the Financial Accounting Standards Board (“FASB”) issued guidance that simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Entities already calculate net realizable value when applying today’s lower of cost or market guidance, and the new guidance does not change that calculation. For inventory within the scope of the new guidance, entities will be required to compare the cost of inventory to only its net realizable value, and not to the three measures required by current guidance. The guidance is required to be applied by the Company in the first quarter of 2017, but early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. In April 2015, the FASB issued new guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. This will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. Current guidance generally requires entities to capitalize costs paid to third parties that are directly related to issuing debt and that otherwise wouldn't be incurred and present those amounts separately as deferred charges. The new guidance requires the discount or premium resulting from the difference between the net proceeds received upon debt issuance and the amount payable at maturity to be presented as a direct deduction from or an addition to the face amount of the debt. The guidance was early adopted as noted in Note 1. In May 2014, the FASB issued new guidance which supersedes current revenue recognition requirements. This guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB voted to defer for one year the effective date of the new revenue standard. The guidance is required to be applied by the Company in the first quarter of fiscal 2018 using one of two retrospective application methods. The FASB also decided to permit entities to early adopt the standard. The Company is currently evaluating the application methods and the impact of this new statement on the Company's consolidated financial position, results of operations, and cash flows. In April 2014, the FASB issued new guidance that redefines a discontinued operation as a component or group of components that has been disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. Continuing involvement no longer precludes presentation as a discontinued operation. The guidance is required to be applied by the Company prospectively to new disposals and new classifications of disposal groups as held for sale beginning in fiscal 2015. While early adoption was permitted, the Company did not early adopt this guidance for its divestiture of its Pressure Sensitive Materials business. The Company does not expect the adoption of this standard will have a material impact on its consolidated financial statements.

Divestiture (Notes)

Divestiture (Notes)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Divestitures and Plant Closure Bemis Healthcare Packaging Plant Closure In January 2015, the Company announced that it will close a plant in Philadelphia, Pennsylvania, one of its healthcare packaging facilities. Total estimated costs are approximately $ 8 million , with approximately $ 6 million in cash payments expected. During the six months ended June 30, 2015, plant closure costs of $ 5.3 million were recorded. These costs were recorded within restructuring costs and included the Company's best estimate of a withdrawal liability for a multi-employer pension plan settlement. Management expects to cease operations at this location by the end of 2015, with all closure costs to be incurred during fiscal 2015. Approximately half of cash payments are expected in late 2015 and half in 2016. Divestiture of Pressure Sensitive Materials Business On November 7, 2014, the Company completed the sale of its global Pressure Sensitive Materials business. Proceeds of the transaction totaled $ 150.5 million . Of the total proceeds, $ 136.9 million was received in fiscal 2014 and $ 13.6 million was received in April 2015 which related to settlement of customary post-closing adjustments. The following table summarizes the results of the Pressure Sensitive Materials business, classified as discontinued operations for the three and six month periods ended June 30, 2015 and 2014: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Net sales $ — $ 144.0 $ — $ 286.8 Income (loss) from discontinued operations before income taxes $ — $ 9.1 $ (3.7 ) $ (7.2 ) Provision for (benefit of) income taxes on discontinued operations — 4.0 (1.1 ) (1.8 ) Income (loss) from discontinued operations, net of tax $ — $ 5.1 $ (2.6 ) $ (5.4 ) Loss from discontinued operations in 2015 resulted from additional impairment charges, net of tax, reflecting finalization of post-closing adjustments. Income (loss) from discontinued operations in 2014 includes the operating results of the Pressure Sensitive Materials business, direct transaction costs associated with the divestiture, $ 25.0 million of plant closure costs associated with the Stow, Ohio facility, and the associated income tax effects of these items. Divestiture of Paper Packaging Division On March 31, 2014, the Company completed the sale of its Paper Packaging Division. Annual net sales by this division were approximately $ 160 million . Net proceeds of the transaction totaled $79.8 million for the six months ended June 30, 2014 . A $9.4 million pre-tax gain on the sale was recorded as part of other non-operating income for the six months ended June 30, 2014 .

Financial Assets and Financial

Financial Assets and Financial Liabilities Measured at Fair Value	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 , 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 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 at June 30, 2015 and December 31, 2014 follow: June 30, 2015 December 31, 2014 (in millions) Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Long-term debt $ 1,357.8 $ 1,447.4 $ 1,311.6 $ 1,410.9 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. The fair value of the Company's derivatives follow: Fair Value As of Fair Value As of June 30, 2015 December 31, 2014 (in millions) (Level 2) (Level 2) Interest rate swaps — net asset position $ 1.1 $ 1.0

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
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 4.50 percent 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 June 30, 2015 and December 31, 2014 , the Company had outstanding forward exchange contracts with notional amounts aggregating $ 3.6 million and $ 2.3 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 is exposed to credit loss in the event of non-performance by counterparties in forward exchange contracts 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 June 30, 2015 and December 31, 2014 are presented in the table below: Fair Value (Level 2) As of (in millions) Balance Sheet Location June 30, 2015 December 31, 2014 Asset Derivatives Interest rate swaps — designated as hedge Deferred charges and other assets $ 1.1 $ 1.0 The income statement impact of derivatives is presented in the table below: Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended June 30, Six Months Ended June 30, (in millions) Location of Gain (Loss) Recognized in Income on Derivatives 2015 2014 2015 2014 Designated as hedges Interest rate swaps Interest expense $ 1.9 $ 2.1 $ 3.9 $ 4.2 Not designated as hedges Forward exchange contracts Other operating income (0.2 ) — 0.4 (0.3 ) Total $ 1.7 $ 2.1 $ 4.3 $ 3.9

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories 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 as follows: (in millions) June 30, December 31, Raw materials and supplies $ 179.9 $ 193.9 Work in process and finished goods 377.1 381.9 Total inventories $ 557.0 $ 575.8

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2015
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 Total Reported balance at December 31, 2014 $ 634.0 $ 329.1 $ 963.1 Currency translation (0.7 ) (25.0 ) (25.7 ) Reported balance at June 30, 2015 $ 633.3 $ 304.1 $ 937.4 The components of amortized intangible assets follow: June 30, 2015 December 31, 2014 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract based $ 10.7 $ (1.4 ) $ 10.7 $ (1.2 ) Technology based 80.4 (45.9 ) 81.0 (43.9 ) Marketing related 11.0 (4.9 ) 16.3 (9.1 ) Customer based 183.1 (75.5 ) 188.4 (73.6 ) Reported balance $ 285.2 $ (127.7 ) $ 296.4 $ (127.8 ) Amortization expense for intangible assets was $ 7.2 million and $ 7.8 million during the first six months of 2015 and 2014 , respectively. Estimated amortization expense is $ 7.2 million for the remainder of 2015 ; $ 14.3 million for 2016; $ 14.2 million for 2017 and 2018; $ 14.0 million for 2019, and $ 13.3 million for 2020. The Company does not have any accumulated impairment losses.

Components of Net Periodic Bene

Components of Net Periodic Benefit Cost	6 Months Ended
	Jun. 30, 2015
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Components of Net Periodic Benefit Cost Benefit costs for defined benefit pension plans are shown below. The funding policy and assumptions disclosed in the Company’s 2014 Annual Report on Form 10-K are expected to continue unchanged throughout 2015 . Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Service cost - benefits earned during the period $ 1.9 $ 2.0 $ 3.9 $ 3.9 Interest cost on projected benefit obligation 8.1 8.4 16.3 17.0 Expected return on plan assets (12.7 ) (12.0 ) (25.4 ) (24.0 ) Settlement loss — — — 0.4 Curtailment loss — — — 0.9 Amortization: Unrecognized transition obligation — — — 0.1 Prior service cost 0.3 0.3 0.5 0.7 Actuarial net loss 5.1 3.0 10.1 5.8 Net periodic benefit cost $ 2.7 $ 1.7 $ 5.4 $ 4.8 Costs for defined contribution pension plans were $ 4.5 million and $ 9.7 million for the three and six months ended June 30, 2015 . Costs for defined contribution pension plans were $ 5.1 million and $ 10.5 million for the three and six months ended June 30, 2014 . Benefit costs for other postretirement plans were not significant for the six months ended June 30, 2015 . For the six months ended June 30, 2014 , a curtailment benefit of $ 3.0 million was recorded related to other postretirement plan changes.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Loss The components and activity of accumulated other comprehensive loss are as follows: (in millions) Foreign Currency Translation Pension And Other Postretirement Liability Adjustments Accumulated Other Comprehensive Loss December 31, 2013 $ (8.0 ) $ (90.7 ) $ (98.7 ) Other comprehensive income before reclassifications 29.2 (4.8 ) 24.4 Amounts reclassified from accumulated other comprehensive loss — 3.3 3.3 Net current period other comprehensive income 29.2 (1.5 ) 27.7 June 30, 2014 $ 21.2 $ (92.2 ) $ (71.0 ) December 31, 2014 $ (151.3 ) $ (140.4 ) $ (291.7 ) Other comprehensive loss before reclassifications (86.3 ) — (86.3 ) Amounts reclassified from accumulated other comprehensive loss — 6.4 6.4 Net current period other comprehensive (loss) income (86.3 ) 6.4 (79.9 ) June 30, 2015 $ (237.6 ) $ (134.0 ) $ (371.6 ) The following table summarizes amounts reclassified from accumulated other comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Pension costs $ 5.4 $ 3.3 $ 10.6 $ 7.5 Tax benefit (2.2 ) (1.2 ) (4.2 ) (2.8 ) Pension costs, net of tax 3.2 2.1 6.4 4.7 Other postretirement plans — — — (2.2 ) Tax expense — — — 0.8 Other postretirement plans, net of tax — — — (1.4 ) Total $ 3.2 $ 2.1 $ 6.4 $ 3.3 Accumulated other comprehensive loss associated with pension and other postretirement liability adjustments are net of tax effects of $ 81.9 million and $ 85.9 million as of June 30, 2015 and December 31, 2014 , respectively. Other comprehensive income before reclassifications of $ 7.7 million ($ 4.8 million , net of tax) for the three and six months ended June 30, 2014, related to remeasurement of other postretirement plans triggered by curtailment. Refer to Note 8 — Components of Net Periodic Benefit Cost for additional detail.

Earnings Per Share Computations

Earnings Per Share Computations	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share Computations	Earnings Per Share Computations A reconciliation of basic and diluted earnings per share is below: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2015 2014 2015 2014 Numerator Net income $ 65.6 $ 65.8 $ 120.0 $ 115.0 Denominator Weighted average common shares outstanding — basic 96.9 100.4 97.3 101.0 Dilutive shares 1.2 0.9 1.1 0.9 Weighted average common and common equivalent shares outstanding — diluted 98.1 101.3 98.4 101.9 Per common share income Basic $ 0.68 $ 0.66 $ 1.23 $ 1.14 Diluted $ 0.67 $ 0.65 $ 1.22 $ 1.13 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. There were no anti-dilutive stock awards outstanding for the three and six months ended June 30, 2015 . The excluded stock awards represented an aggregate of 0.4 million shares for the three and six months ended June 30, 2014 .

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings 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 17 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 is involved in other environmental-related litigation arising in the ordinary course of business. 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 June 30, 2015 and December 31, 2014 was $ 6.6 million and $ 6.1 million , respectively. Brazil Tax Dispute - Goodwill Amortization During October 2013, Dixie Toga, Ltda ("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 $ 12.3 million , translated to U.S. dollars at the June 30, 2015 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.

Segments of Business

Segments of Business	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segments of Business	Segments of Business The Company's business activities are organized around and aggregated into its two principal business segments, U.S. Packaging and Global Packaging, 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, and income taxes. A summary of the Company’s business activities reported by its two business segments follows: Three Months Ended June 30, Six Months Ended June 30, Business Segments (in millions) 2015 2014 2015 2014 Sales including intersegment sales: U.S. Packaging $ 701.2 $ 732.4 $ 1,415.1 $ 1,478.0 Global Packaging 341.2 379.4 681.8 741.1 Intersegment sales: U.S. Packaging (6.5 ) (6.6 ) (13.4 ) (14.0 ) Global Packaging (5.6 ) (7.6 ) (13.1 ) (12.5 ) Total net sales $ 1,030.3 $ 1,097.6 $ 2,070.4 $ 2,192.6 U.S. Packaging operating profit $ 102.9 $ 101.0 $ 198.3 $ 192.8 Global Packaging: Operating profit before restructuring costs 27.3 26.6 56.6 50.7 Restructuring costs (0.3 ) — (5.3 ) — Operating profit 27.0 26.6 51.3 50.7 General corporate expenses (20.7 ) (21.0 ) (43.0 ) (41.6 ) Operating income 109.2 106.6 206.6 201.9 Interest expense 12.8 17.0 25.9 33.9 Other non-operating income (2.2 ) (1.7 ) (4.0 ) (14.4 ) Income from continuing operations before income taxes $ 98.6 $ 91.3 $ 184.7 $ 182.4

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event In July 2015, the Company signed a definitive agreement to acquire the South American rigid plastic packaging operations of Emplal Participacoes S.A., a Brazilian manufacturer of plastic packaging for food and consumer applications. This rigid packaging business, which includes two facilities in Brazil, recorded annual net sales of approximately $ 75 million in 2014. The transaction is expected to close by the end of 2015, subject to customary closing conditions and regulatory review.

Basis of Presentation Reclassif

Basis of Presentation Reclassifications (Tables)	6 Months Ended
	Jun. 30, 2015
Prior Period Reclassifications [Line Items]
Prior Period Reclassifications [Table Text Block]	(in millions) December 31, 2014 (As reported) Reclassification December 31, 2014 (As reclassified) Trade receivables $ 566.1 $ (69.8 ) $ 496.3 Prepaid expenses and other current assets 98.8 69.8 168.6 Deferred charges and other assets 52.7 (4.3 ) 48.4 Accounts payable 272.4 (4.2 ) 268.2 Employee-related liabilities 86.6 4.2 90.8 Long-term debt 1,315.9 (4.3 ) 1,311.6

Divestiture (Tables)

Divestiture (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations [Abstract]
Schedule of disposal groups, including discontinued operations, income statement [Table Text Block]	The following table summarizes the results of the Pressure Sensitive Materials business, classified as discontinued operations for the three and six month periods ended June 30, 2015 and 2014: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Net sales $ — $ 144.0 $ — $ 286.8 Income (loss) from discontinued operations before income taxes $ — $ 9.1 $ (3.7 ) $ (7.2 ) Provision for (benefit of) income taxes on discontinued operations — 4.0 (1.1 ) (1.8 ) Income (loss) from discontinued operations, net of tax $ — $ 5.1 $ (2.6 ) $ (5.4 )

Financial Assets and Financia24

Financial Assets and Financial Liabilities Measured at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
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 at June 30, 2015 and December 31, 2014 follow: June 30, 2015 December 31, 2014 (in millions) Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Long-term debt $ 1,357.8 $ 1,447.4 $ 1,311.6 $ 1,410.9
Fair values for derivatives	The fair value of the Company's derivatives follow: Fair Value As of Fair Value As of June 30, 2015 December 31, 2014 (in millions) (Level 2) (Level 2) Interest rate swaps — net asset position $ 1.1 $ 1.0

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 are presented in the table below: Fair Value (Level 2) As of (in millions) Balance Sheet Location June 30, 2015 December 31, 2014 Asset Derivatives Interest rate swaps — designated as hedge Deferred charges and other assets $ 1.1 $ 1.0
Income statement impact of derivative instruments not designated as hedging instruments	The income statement impact of derivatives is presented in the table below: Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended June 30, Six Months Ended June 30, (in millions) Location of Gain (Loss) Recognized in Income on Derivatives 2015 2014 2015 2014 Designated as hedges Interest rate swaps Interest expense $ 1.9 $ 2.1 $ 3.9 $ 4.2 Not designated as hedges Forward exchange contracts Other operating income (0.2 ) — 0.4 (0.3 ) Total $ 1.7 $ 2.1 $ 4.3 $ 3.9

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Summary of inventory	Inventories are summarized as follows: (in millions) June 30, December 31, Raw materials and supplies $ 179.9 $ 193.9 Work in process and finished goods 377.1 381.9 Total inventories $ 557.0 $ 575.8

Goodwill and Other Intangible27

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
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 Total Reported balance at December 31, 2014 $ 634.0 $ 329.1 $ 963.1 Currency translation (0.7 ) (25.0 ) (25.7 ) Reported balance at June 30, 2015 $ 633.3 $ 304.1 $ 937.4
Components of amortized intangible assets	The components of amortized intangible assets follow: June 30, 2015 December 31, 2014 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract based $ 10.7 $ (1.4 ) $ 10.7 $ (1.2 ) Technology based 80.4 (45.9 ) 81.0 (43.9 ) Marketing related 11.0 (4.9 ) 16.3 (9.1 ) Customer based 183.1 (75.5 ) 188.4 (73.6 ) Reported balance $ 285.2 $ (127.7 ) $ 296.4 $ (127.8 )

Components of Net Periodic Be28

Components of Net Periodic Benefit Cost (Tables)	6 Months Ended
	Jun. 30, 2015
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Components of net periodic benefit cost	Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Service cost - benefits earned during the period $ 1.9 $ 2.0 $ 3.9 $ 3.9 Interest cost on projected benefit obligation 8.1 8.4 16.3 17.0 Expected return on plan assets (12.7 ) (12.0 ) (25.4 ) (24.0 ) Settlement loss — — — 0.4 Curtailment loss — — — 0.9 Amortization: Unrecognized transition obligation — — — 0.1 Prior service cost 0.3 0.3 0.5 0.7 Actuarial net loss 5.1 3.0 10.1 5.8 Net periodic benefit cost $ 2.7 $ 1.7 $ 5.4 $ 4.8

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
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 Adjustments Accumulated Other Comprehensive Loss December 31, 2013 $ (8.0 ) $ (90.7 ) $ (98.7 ) Other comprehensive income before reclassifications 29.2 (4.8 ) 24.4 Amounts reclassified from accumulated other comprehensive loss — 3.3 3.3 Net current period other comprehensive income 29.2 (1.5 ) 27.7 June 30, 2014 $ 21.2 $ (92.2 ) $ (71.0 ) December 31, 2014 $ (151.3 ) $ (140.4 ) $ (291.7 ) Other comprehensive loss before reclassifications (86.3 ) — (86.3 ) Amounts reclassified from accumulated other comprehensive loss — 6.4 6.4 Net current period other comprehensive (loss) income (86.3 ) 6.4 (79.9 ) June 30, 2015 $ (237.6 ) $ (134.0 ) $ (371.6 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	The following table summarizes amounts reclassified from accumulated other comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Pension costs $ 5.4 $ 3.3 $ 10.6 $ 7.5 Tax benefit (2.2 ) (1.2 ) (4.2 ) (2.8 ) Pension costs, net of tax 3.2 2.1 6.4 4.7 Other postretirement plans — — — (2.2 ) Tax expense — — — 0.8 Other postretirement plans, net of tax — — — (1.4 ) Total $ 3.2 $ 2.1 $ 6.4 $ 3.3

Earnings Per Share Computatio30

Earnings Per Share Computations (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Calculation of earnings per share	A reconciliation of basic and diluted earnings per share is below: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2015 2014 2015 2014 Numerator Net income $ 65.6 $ 65.8 $ 120.0 $ 115.0 Denominator Weighted average common shares outstanding — basic 96.9 100.4 97.3 101.0 Dilutive shares 1.2 0.9 1.1 0.9 Weighted average common and common equivalent shares outstanding — diluted 98.1 101.3 98.4 101.9 Per common share income Basic $ 0.68 $ 0.66 $ 1.23 $ 1.14 Diluted $ 0.67 $ 0.65 $ 1.22 $ 1.13

Segments of Business (Tables)

Segments of Business (Tables)	6 Months Ended
	Jun. 30, 2015
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 two business segments follows: Three Months Ended June 30, Six Months Ended June 30, Business Segments (in millions) 2015 2014 2015 2014 Sales including intersegment sales: U.S. Packaging $ 701.2 $ 732.4 $ 1,415.1 $ 1,478.0 Global Packaging 341.2 379.4 681.8 741.1 Intersegment sales: U.S. Packaging (6.5 ) (6.6 ) (13.4 ) (14.0 ) Global Packaging (5.6 ) (7.6 ) (13.1 ) (12.5 ) Total net sales $ 1,030.3 $ 1,097.6 $ 2,070.4 $ 2,192.6 U.S. Packaging operating profit $ 102.9 $ 101.0 $ 198.3 $ 192.8 Global Packaging: Operating profit before restructuring costs 27.3 26.6 56.6 50.7 Restructuring costs (0.3 ) — (5.3 ) — Operating profit 27.0 26.6 51.3 50.7 General corporate expenses (20.7 ) (21.0 ) (43.0 ) (41.6 ) Operating income 109.2 106.6 206.6 201.9 Interest expense 12.8 17.0 25.9 33.9 Other non-operating income (2.2 ) (1.7 ) (4.0 ) (14.4 ) Income from continuing operations before income taxes $ 98.6 $ 91.3 $ 184.7 $ 182.4

Basis of Presentation Reclass32

Basis of Presentation Reclassifications (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Prior Period Reclassifications [Line Items]
Trade receivables	$ 498.3	$ 496.3
Prepaid expenses and other current assets	147.5	168.6
Deferred charges and other assets	42.2	48.4
Accounts payable	299.3	268.2
Employee-related liabilities	83.7	90.8
Long-term Debt and Capital Lease Obligations	$ 1,357.8	1,311.6
As Reported [Member]
Prior Period Reclassifications [Line Items]
Trade receivables		566.1
Prepaid expenses and other current assets		98.8
Deferred charges and other assets		52.7
Accounts payable		272.4
Employee-related liabilities		86.6
Long-term Debt and Capital Lease Obligations		1,315.9
Reclassification [Member]
Prior Period Reclassifications [Line Items]
Trade receivables		(69.8)
Prepaid expenses and other current assets		69.8
Deferred charges and other assets		(4.3)
Accounts payable		(4.2)
Employee-related liabilities		4.2
Long-term Debt and Capital Lease Obligations		(4.3)
As Reclassified [Member]
Prior Period Reclassifications [Line Items]
Trade receivables		496.3
Prepaid expenses and other current assets		168.6
Deferred charges and other assets		48.4
Accounts payable		268.2
Employee-related liabilities		90.8
Long-term Debt and Capital Lease Obligations		$ 1,311.6

Divestiture (Details)

Divestiture (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended		16 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Apr. 30, 2015
Restructuring Reserve Disclosures [Line Items]
Net sales		$ 0	$ 144	$ 0	$ 286.8
(Loss) income from discontinued operations before income taxes		0	9.1	(3.7)	(7.2)
Provision for income taxes on discontinued operations		0	4	(1.1)	(1.8)
Income (loss) from discontinued operations, net of tax		0	5.1	(2.6)	(5.4)
Non-cash impairment charge of discontinued operations				3.2	0
Restructuring costs		$ 0.3	$ 0	5.3	0
Proceeds from divestitures				13.6	79.8
Gain on divestitures				0	9.4
Stow Plant Closure [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring costs					25
Healthcare Plant Closure [Member]
Restructuring Reserve Disclosures [Line Items]
Estimated Restructuring Costs for Plant Closure						$ 8
Expected Cash Payments for Plant Closure						$ 6
Restructuring costs				$ 5.3
Pressure Sensitive Materials [Member]
Restructuring Reserve Disclosures [Line Items]
Proceeds from divestitures	$ 13.6						$ 136.9	$ 150.5
Paper [Member]
Restructuring Reserve Disclosures [Line Items]
Net sales					160
Proceeds from divestitures					79.8
Gain on divestitures					$ 9.4

Financial Assets and Financia34

Financial Assets and Financial Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Carrying Value
Carrying values and estimated fair values of long-term debt, including current maturities
Total long-term debt	$ 1,357.8	$ 1,311.6
Fair Value | (Level 2)
Carrying values and estimated fair values of long-term debt, including current maturities
Total long-term debt	$ 1,447.4	$ 1,410.9

Financial Assets and Financia35

Financial Assets and Financial Liabilities Measured at Fair Value (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Measured on a recurring basis | (Level 2) | Interest-rate swap
Fair values for derivatives
Derivative Asset	$ 1.1	$ 1

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments
Maximum Remaining Maturity of Foreign Currency Derivatives	6 months
Notes Payable 4.5 Percent Due 2021 [Member]
Derivative Instruments
Debt instrument, face amount	$ 400
Fixed-rate (as a percent)	4.50%
Derivatives not designated as hedging instruments | Forward exchange contracts
Derivative Instruments
Notional amounts of derivatives	$ 3.6	$ 2.3
Designated as Hedging Instrument [Member] | Interest-rate swap
Derivative Instruments
Notional amounts of derivatives	$ 400
Number of swap agreements	4
(Level 2) | Measured on a recurring basis | Interest-rate swap
Derivative Instruments
Derivative Asset	$ 1.1	$ 1

Derivative Instruments (Detai37

Derivative Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 1.7	$ 2.1	$ 4.3	$ 3.9
Designated as Hedging Instrument [Member] | Interest-rate swap
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	1.9	2.1	3.9	4.2
Derivatives not designated as hedging instruments | Forward exchange contracts
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (0.2)	$ 0	$ 0.4	$ (0.3)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventory valuation
Raw materials and supplies	$ 179.9	$ 193.9
Work in process and finished goods	377.1	381.9
Total inventories	$ 557	$ 575.8

Goodwill and Other Intangible39

Goodwill and Other Intangible Assets (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	$ 963.1
Currency translation	(25.7)
Reported balance at the end of the period	937.4
USPackaging [Member]
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	634
Currency translation	(0.7)
Reported balance at the end of the period	633.3
GlobalPackaging [Member]
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	329.1
Currency translation	(25)
Reported balance at the end of the period	$ 304.1

Goodwill and Other Intangible40

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Components of amortized intangible assets
Gross Carrying Amount	$ 285.2		$ 296.4
Accumulated Amortization	(127.7)		(127.8)
Amortization expense for intangible assets	7.2	$ 7.8
Estimated amortization expense
Remainder of fiscal year	7.2
2,016	14.3
2,017	14.2
2,018	14.2
2,019	14
2,020	13.3
Contract based
Components of amortized intangible assets
Gross Carrying Amount	10.7		10.7
Accumulated Amortization	(1.4)		(1.2)
Technology based
Components of amortized intangible assets
Gross Carrying Amount	80.4		81
Accumulated Amortization	(45.9)		(43.9)
Marketing related
Components of amortized intangible assets
Gross Carrying Amount	11		16.3
Accumulated Amortization	(4.9)		(9.1)
Customer based
Components of amortized intangible assets
Gross Carrying Amount	183.1		188.4
Accumulated Amortization	$ (75.5)		$ (73.6)

Components of Net Periodic Be41

Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Plan, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost - benefits earned during the period	$ 1.9	$ 2	$ 3.9	$ 3.9
Interest cost on projected benefit obligation	8.1	8.4	16.3	17
Expected return on plan assets	(12.7)	(12)	(25.4)	(24)
Settlement loss	0	0	0	0.4
Curtailment loss (gain)	0	0	0	0.9
Amortization of unrecognized transition obligation	0	0	0	0.1
Amortization of prior service cost	0.3	0.3	0.5	0.7
Recognized actuarial net (gain) or loss	5.1	3	10.1	5.8
Net periodic benefit (income) cost	2.7	1.7	5.4	4.8
Other Postretirement Benefit Plan, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Curtailment loss (gain)				(3)
Bemis Investment Profit Sharing Plan and Other Defined Contribution Plans [Member]
Components of Net Periodic Benefit Cost
Defined contribution benefits plans	$ 4.5	$ 5.1	$ 9.7	$ 10.5

Accumulated Other Comprehensi42

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Accumulated other comprehensive loss, net of tax
Foreign currency translation	$ (237.6)	$ 21.2	$ (237.6)	$ 21.2	$ (151.3)	$ (8)
Pension and other postretirement liability adjustment, net of deferred tax effect	(134)	(92.2)	(134)	(92.2)	(140.4)	(90.7)
Accumulated other comprehensive loss	(371.6)	(71)	(371.6)	(71)	(291.7)	$ (98.7)
Tax effect of pension liability adjustment	81.9		81.9		$ 85.9
Other comprehensive income, before reclassification, foreign currency translation			(86.3)	29.2
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax			0	(4.8)
Other comprehensive income, reclassification adjustment, foreign currency translation			0	0
Other comprehensive income, reclassification, pension	3.2	2.1	6.4	3.3
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax				7.7
Translation adjustments	12.8	19.2	(86.3)	29.2
Pension and other postretirement liability adjustments, net of tax	3.2	(2.8)	6.4	(1.5)
Other comprehensive income (loss)	16	16.4	(79.9)	27.7
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax				(4.8)
Before reclassification [Member]
Accumulated other comprehensive loss, net of tax
Other comprehensive income (loss)			(86.3)	24.4
Reclassified [Member]
Accumulated other comprehensive loss, net of tax
Other comprehensive income (loss)			6.4	3.3
Pension Costs [Member]
Accumulated other comprehensive loss, net of tax
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax	5.4	3.3	10.6	7.5
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax	(2.2)	(1.2)	(4.2)	(2.8)
Other comprehensive income, reclassification, pension	3.2	2.1	6.4	4.7
OPEB [Member]
Accumulated other comprehensive loss, net of tax
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax	0	0	0	(2.2)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax	0	0	0	0.8
Other comprehensive income, reclassification, pension	$ 0	$ 0	$ 0	$ (1.4)

Earnings Per Share Computatio43

Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator
Net income	$ 65.6	$ 65.8	$ 120	$ 115
Denominator
Basic weighted-average common shares outstanding	96.9	100.4	97.3	101
Dilutive shares	1.2	0.9	1.1	0.9
Weighted-average common and common equivalent shares outstanding - diluted	98.1	101.3	98.4	101.9
Per common share income
Net income, per basic share	$ 0.68	$ 0.66	$ 1.23	$ 1.14
Net income, per diluted share	$ 0.67	$ 0.65	$ 1.22	$ 1.13
Antidilutive stock options and stock awards	0	0.4	0	0.4

Legal Proceedings (Details)

Legal Proceedings (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of sites for state law proceedings under environmental matters	17
Number of Sites for Proceedings under Environmental Matters in Brazil	1
Accrual for Environmental Loss Contingencies	$ 6.6	$ 6.1
TaxAssessmentForGoodwillAmortization	$ 12.3

Segments of Business (Details)

Segments of Business (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Segment Reporting [Abstract]
Reporting Segments Number			2
Segment reporting information
Revenue	$ 1,030.3	$ 1,097.6	$ 2,070.4	$ 2,192.6
Operating Profit and Pretax Profit:
Operating Income (Loss)	109.2	106.6	206.6	201.9
Interest expense	12.8	17	25.9	33.9
Other non-operating (income) expense, net	(2.2)	(1.7)	(4)	(14.4)
Income from continuing operations before income taxes	98.6	91.3	184.7	182.4
USPackaging [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	102.9	101	198.3	192.8
GlobalPackaging [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	27	26.6	51.3	50.7
GlobalPackagingBeforeRestructuring [Member] [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	27.3	26.6	56.6	50.7
GlobalPackagingRestructuring [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	(0.3)	0	(5.3)	0
GeneralCorporateExpenses [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	(20.7)	(21)	(43)	(41.6)
Operating Segments [Member] | USPackaging [Member]
Segment reporting information
Revenue	701.2	732.4	1,415.1	1,478
Operating Segments [Member] | GlobalPackaging [Member]
Segment reporting information
Revenue	341.2	379.4	681.8	741.1
Intersegment Eliminations [Member] | USPackaging [Member]
Segment reporting information
Revenue	(6.5)	(6.6)	(13.4)	(14)
Intersegment Eliminations [Member] | GlobalPackaging [Member]
Segment reporting information
Revenue	$ (5.6)	$ (7.6)	$ (13.1)	$ (12.5)

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014USD ($)
Subsequent Events [Abstract]
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period	$ 75