Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document And Entity Information Abstract | |||
Entity Registrant Name | BEMIS CO INC | ||
Entity Central Index Key | 11,199 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
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 | $ 4,342,067,304 | ||
Entity Common Stock, Shares Outstanding | 94,687,104 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 4,071.4 | $ 4,343.5 | $ 4,476.6 |
Cost of products sold | 3,198 | 3,484.4 | 3,601.2 |
Gross profit | 873.4 | 859.1 | 875.4 |
Operating expenses: | |||
Selling, general and administrative expenses | 420 | 416.6 | 448.5 |
Research and development | 44.1 | 44.1 | 40.5 |
Restructuring and acquisition-related costs | 12.1 | 0 | 45.4 |
Other operating (income) expense, net | (12.4) | (9.3) | (9.2) |
Operating income | 409.6 | 407.7 | 350.2 |
Interest expense | 51.7 | 60.8 | 68.2 |
Other non-operating (income) expense, net | (6) | (16.8) | (7.7) |
Income from continuing operations before income taxes | 363.9 | 363.7 | 289.7 |
Provision for income taxes | 122 | 124.6 | 97.2 |
Income from continuing operations | 241.9 | 239.1 | 192.5 |
Income (loss) from discontinued operations, net of tax | (2.6) | (48) | 20.1 |
Net income | $ 239.3 | $ 191.1 | $ 212.6 |
Basic earnings per share: | |||
Income from continuing operations, per basic share | $ 2.50 | $ 2.39 | $ 1.86 |
Income (loss) from discontinued operations, per basic share | (0.03) | (0.48) | 0.20 |
Net income, per basic share | 2.47 | 1.91 | 2.06 |
Diluted earnings per share: | |||
Income from continuing operations, per diluted share | 2.47 | 2.36 | 1.85 |
Income (loss) from discontinued operations, per diluted share | (0.03) | (0.47) | 0.19 |
Net income, per diluted share | 2.44 | 1.89 | 2.04 |
Cash dividends paid per share (in dollars per share) | $ 1.12 | $ 1.08 | $ 1.04 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 239.3 | $ 191.1 | $ 212.6 |
Translation adjustments | (215.2) | (143.3) | (88.5) |
Pension and other postretirement liability adjustments, net of tax | (3) | (49.7) | 102.7 |
Other comprehensive income (loss) | (218.2) | (193) | 14.2 |
Total comprehensive income (loss) | 21.1 | (1.9) | 226.8 |
Other comprehensive income (loss), pension and other postretirement benefit plans, tax | 3.1 | 30.3 | (65.3) |
Discontinued Operations [Member] | |||
Other comprehensive income (loss) | $ 0 | (15.3) | $ 0 |
Continuing Operations [Member] | |||
Translation adjustments | (129.4) | ||
Pension and other postretirement liability adjustments, net of tax | $ (48.3) |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 59.2 | $ 47.1 |
Trade receivables | 451.3 | 496.3 |
Inventories | 525.9 | 575.8 |
Prepaid expenses and other current assets | 82.6 | 168.6 |
Total current assets | 1,119 | 1,287.8 |
Property and equipment | ||
Land and land improvements | 53.3 | 61.5 |
Buildings and leasehold improvements | 589.3 | 552.3 |
Machinery and equipment | 1,776.9 | 1,696.5 |
Total property and equipment | 2,419.5 | 2,310.3 |
Less accumulated depreciation | (1,213.2) | (1,167.4) |
Net property and equipment | 1,206.3 | 1,142.9 |
Other long-term assets | ||
Goodwill | 949.5 | 963.1 |
Other intangible assets, net | 149.8 | 168.6 |
Deferred charges and other assets | 65.2 | 48.4 |
Total other long-term assets | 1,164.5 | 1,180.1 |
TOTAL ASSETS | 3,489.8 | 3,610.8 |
Current liabilities | ||
Current portion of long-term debt | 5.8 | 0 |
Short-term borrowings | 29.6 | 31.3 |
Accounts payable | 334.8 | 268.2 |
Employee-related liabilities | 93.3 | 90.8 |
Accrued income and other taxes | 35.2 | 23.3 |
Other current liabilities | 90.4 | 67.8 |
Total current liabilities | 589.1 | 481.4 |
Long-term debt, less current portion | 1,353.9 | 1,311.6 |
Deferred taxes | 172.4 | 223.4 |
Other liabilities and deferred credits | 167 | 161.4 |
Total liabilities | $ 2,282.4 | $ 2,177.8 |
Commitments and contingencies | ||
Bemis Company, Inc. shareholders' equity: | ||
Common stock issued | $ 12.8 | $ 12.8 |
Capital in excess of par value | 573.2 | 559.7 |
Retained earnings | 2,216 | 2,086.8 |
Accumulated other comprehensive loss | (509.9) | (291.7) |
Common stock held in treasury | (1,084.7) | (934.6) |
Total Equity | 1,207.4 | 1,433 |
TOTAL LIABILITIES AND EQUITY | $ 3,489.8 | $ 3,610.8 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares shares in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 128.2 | 128 |
Common stock held in treasury, shares | 33.1 | 29.8 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income (Loss) Attributable to Parent | $ 239.3 | $ 191.1 | $ 212.6 |
Cash flows from operating activities | |||
Net income | 239.3 | 191.1 | 212.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 158.1 | 180.6 | 190.3 |
Excess tax benefit from share-based payment arrangements | (1.9) | (0.7) | 0 |
Share-based compensation | 18.4 | 12.4 | 16.4 |
Deferred income taxes | 14.2 | (0.5) | 2 |
Income of unconsolidated affiliated company | (1.9) | (1.7) | (3.1) |
Cash dividends received from unconsolidated affiliated company | 1.7 | 0 | 3.4 |
Non-cash impairment charge of discontinued operations | 3.2 | 44.7 | 0 |
Gain (loss) on sale of property and equipment | (1.9) | (0.6) | 0.6 |
Net facility consolidation and other costs | 0 | 0 | (15.5) |
Gain on divestiture | 0 | (9.3) | (5.5) |
Changes in operating assets and liabilites, excluding the effect of acquisitions, divestitures and currency | |||
Trade receivables | (3.3) | (63.9) | 0.7 |
Inventories | 16 | (48) | (0.4) |
Prepaid expenses and other current assets | 5.3 | (8.6) | 10.5 |
Accounts payable | 77.5 | (7.6) | (9.6) |
Employee-related liabilities | 8.8 | 7.5 | (4.6) |
Accrued income and other taxes | 17.1 | (3.7) | (2.9) |
Other current liabilities | 3.5 | (25.9) | (0.1) |
Changes in other liabilities and deferred credits | 6 | (0.2) | (17.2) |
Changes in deferred charges and other assets | (7.7) | (17.5) | (4.4) |
Net cash provided by operating activities | 552.4 | 248.1 | 373.2 |
Cash flows from investing activities | |||
Additions to property and equipment | (219.4) | (185.2) | (139.8) |
Business acquisitions and adjustments, net of cash acquired | (66.4) | 0 | (59.7) |
Proceeds from sale of property and equipment | 9.6 | 10.1 | 13.7 |
Proceeds from divestitures | 13.6 | 215.6 | 30 |
Net cash provided by (used in) investing activities | (262.6) | 40.5 | (155.8) |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 2 | 199.4 | 0 |
Repayments of long-term debt | (0.9) | (400.2) | (7.4) |
Net borrowing (repayment) of commercial paper | 12.2 | 76.8 | 35.1 |
Net borrowing (repayment) of short-term debt | (9.6) | 21.1 | (14.3) |
Cash dividends paid to shareholders | (109.7) | (108.4) | (107.5) |
Common stock purchased for the treasury | (150.1) | (152.1) | (77.3) |
Deferred payments for business acquisitions | (4.3) | (6.6) | 0 |
Excess tax benefit from share-based payment arrangements | 1.9 | 0.7 | 0 |
Stock incentive programs and related tax withholdings | (6.8) | (1.5) | (13.3) |
Net cash used in financing activities | (265.3) | (370.8) | (184.7) |
Effect of exchange rates on cash and cash equivalents | (12.4) | (12.4) | (5.1) |
Net increase (decrease) in cash and cash equivalents | 12.1 | (94.6) | 27.6 |
Cash and cash equivalents balance at beginning of year | 47.1 | 141.7 | 114.1 |
Cash and cash equivalents balance at end of period | 59.2 | 47.1 | 141.7 |
Interest paid during the year | 48.5 | 68.4 | 66.5 |
Income taxes paid during the year | $ 84.7 | $ 134.8 | $ 121.9 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Millions | Total | Common Stock | Capital In Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock Held In Treasury |
Balance at Dec. 31, 2012 | $ 1,640.9 | $ 12.7 | $ 545.4 | $ 1,900.9 | $ (112.9) | $ (705.2) |
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 | 1,684.8 | $ 12.8 | 548.1 | 2,005.1 | (98.7) | (782.5) |
Increase (Decrease) in Shareholders' Equity | ||||||
Net income | 191.1 | 191.1 | ||||
Other comprehensive income (loss) | (193) | (193) | ||||
Cash dividends declared on common stock | (109.4) | (109.4) | ||||
Stock incentive programs and related tax withholdings | (1.5) | (1.5) | ||||
Excess tax benefit from share-based payment arrangements | 0.7 | 0.7 | ||||
Share-based compensation | 12.4 | 12.4 | ||||
Purchase of common stock | (152.1) | (152.1) | ||||
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 | 239.3 | 239.3 | ||||
Other comprehensive income (loss) | (218.2) | (218.2) | ||||
Cash dividends declared on common stock | (110.1) | (110.1) | ||||
Stock incentive programs and related tax withholdings | (6.8) | (6.8) | ||||
Excess tax benefit from share-based payment arrangements | 1.9 | 1.9 | ||||
Share-based compensation | 18.4 | 18.4 | ||||
Purchase of common stock | (150.1) | (150.1) | ||||
Balance at Dec. 31, 2015 | $ 1,207.4 | $ 12.8 | $ 573.2 | $ 2,216 | $ (509.9) | $ (1,084.7) |
CONSOLIDATED STATEMENT OF EQUI8
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock incentive programs and related tax withholdings, shares | 0.2 | 0.1 | 0.6 |
Purchase of common stock, shares | 3.3 | 3.8 | 2 |
Business Description
Business Description | 12 Months Ended |
Dec. 31, 2015 | |
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, at December 31, 2015, the Company employed approximately 17,500 individuals and had 61 manufacturing facilities. The Company manufactures and sells packaging products globally. The Company’s business activities are organized around its two business segments, U.S. Packaging ( 67 percent of 2015 net sales) and Global Packaging ( 33 percent ). The Company’s packaging businesses have a strong technical base in polymer chemistry, film extrusion, coating, laminating, printing, and converting. The primary markets for the Company’s products are in the food industry, which accounted for approximately 80 percent of net sales in 2015 . 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, construction, and other consumer goods. All markets are considered to be highly competitive as to price, innovation, quality, and service. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES Balance sheet reclassification: As noted in Note 3 - 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. These changes had no impact to operating cash flow. (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 Discontinued operations presentation: The consolidated statement of income and related notes reflects our Pressure Sensitive Materials business as a discontinued operation (see Note 6 — Divestitures). The consolidated statement of cash flows for all periods includes both continuing and discontinued operations. 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 $ 1.9 million , $ 1.7 million , and $ 3.1 million in 2015 , 2014 , and 2013 , respectively, included in other operating income on the accompanying consolidated statement of income. Investments in joint ventures of $ 5.4 million and $ 8.0 million as of December 31, 2015 and 2014 , respectively, are included in deferred charges and other assets on the accompanying consolidated balance sheet. 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 $ 1.4 million , $ 3.5 million , and $ 2.6 million in 2015 , 2014 , and 2013 , respectively, are included as a component of other operating income. There were no foreign currency transaction losses recorded within non-operating income in 2015, 2014 or 2013. 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). Research and development: Research and development expenditures are expensed as incurred. Restructuring (including facility consolidation) costs: Restructuring 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 restructuring 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 restructuring 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 restructuring 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. Trade receivables: 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 trade receivables. Trade receivables are presented net of an allowance for doubtful accounts of $ 18.0 million and $ 21.0 million at December 31, 2015 and 2014 , respectively. The Company enters into supply chain financing programs from time to time to sell trade receivables without recourse to third-party financial institutions. Sales of trade receivables are reflected as a reduction of trade receivables 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, 2015, the Company sold without recourse trade receivables representing approximately ten percent of net sales, and the associated discount on sale of trade receivables was insignificant. Inventory valuation: Inventories are valued at the lower of cost, as determined by the first-in, first-out ("FIFO") method, or net realizable value. Inventory values using the FIFO method of accounting approximate replacement cost. Inventories are summarized at December 31, as follows: (in millions) 2015 2014 Raw materials and supplies $ 169.3 $ 193.9 Work in process and finished goods 356.6 381.9 Total inventories $ 525.9 $ 575.8 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 $ 144.2 million , $ 154.6 million , and $ 162.2 million for 2015 , 2014 , and 2013 , 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 $ 0.4 million in 2015 , $ 0.2 million in 2014 , and $ 0.3 million in 2013 . 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 $ 65.7 million and $ 69.9 million as of December 31, 2015 and 2014 , 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 three reporting units, of which two are included in the Global Packaging reportable segment. The other reporting unit is the U.S. Packaging 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. The annual impairment test indicated no impairment for the years ended December 31, 2015 , 2014 , or 2013 , 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 $ 99.8 million and $ 102.4 million at December 31, 2015 and 2014 , respectively. Treasury stock: Treasury stock purchases are stated at cost and presented as a separate reduction of shareholders’ equity. During 2015, the Company purchased 3.3 million shares of common stock in the open market for $ 150.1 million . During 2014, the Company purchased 3.8 million shares of common stock in the open market for $ 152.1 million . During 2013, the Company purchased $ 2.0 million shares of common stock in the open market for $ 77.3 million . At December 31, 2015 , approximately 3.4 million common shares can be repurchased, at management’s discretion, under authority granted by the Company’s Board of Directors in 2014. |
New Accounting Guidance (Notes)
New Accounting Guidance (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Guidance [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NEW ACCOUNTING GUIDANCE In November 2015, the Financial Accounting Standards Board (“FASB”) issued guidance that requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The guidance is required to be applied by the Company in the first quarter of 2017, but early adoption is permitted. The guidance was adopted early and will be applied prospectively. This change resulted in a $61.0 million reclassification from "Prepaid expenses and other current assets" to "Deferred taxes" during 2015. In September 2015, the FASB issued guidance that eliminates the current requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The guidance is required to be applied by the Company in 2016, but early adoption is permitted. The Company does not expect the adoption of this standard will have a material impact on its consolidated financial statements. In July 2015, the 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 guidance was early adopted and did not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued guidance on the recognition of fees paid by a customer for cloud computing arrangements. The new guidance clarifies that if a cloud computing arrangement includes a software license, the customer should account for the software license consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is required to be applied by the Company in the first quarter of 2016. The Company is currently evaluating the impact this guidance will have 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 2. 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 applications 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 statements. 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 the consolidated financial statements. |
Facility Consolidation and Othe
Facility Consolidation and Other Costs | 12 Months Ended |
Dec. 31, 2015 | |
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 was transferred to other facilities. The total 2011 Program costs were $ 97.2 million , including $ 33.4 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 Corporate Total Facility 2011 net expense accrued $ 26.3 $ 8.6 $ 0.8 $ 35.7 2012 net expense accrued 29.4 5.0 — 34.4 2013 net expense accrued 27.1 — — 27.1 Expense incurred through December 31, 2013 $ 82.8 $ 13.6 $ 0.8 $ 97.2 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 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 $ 22.0 $ 52.6 Cash payments for these facility consolidation programs in 2013 and 2012 totaled $ 51.6 million and $ 35.2 million , respectively. Cash payments in 2013 were net of proceeds of $ 9.8 million received for the sale of property and equipment. Cash payments in 2014 were minimal, and exclude the impact of proceeds on sale of property. The costs related to facility consolidation activities have been recorded on the consolidated statement of income as restructuring and acquisition-related costs. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Abstract] | |
Business Combinations Disclosure Text Block | ACQUISITIONS Emplal Participações S.A. On December 1, 2015, Bemis acquired the rigid plastic packaging operations of Emplal Participações S.A. ("Emplal"), a privately-owned Brazilian manufacturer of plastic packaging for food and consumer applications. The acquisition supports the Company's growth strategy to expand in markets that fit the Company's strengths and capabilities. The cash purchase price was $ 67.0 million . The allocation of the purchase price resulted in approximately $ 44.9 million of goodwill for the Global Packaging segment, which is expected to be tax deductible. The fair value and weighted average useful life that has been assigned to the acquired identifiable intangible asset of this acquisition is: (in millions, except useful life) Fair Value Weighted Average Useful Life (years) Customer relationships $ 4.5 10 The fair value of assets and liabilities acquired was $ 145.8 million and $ 78.8 million , respectively. Deferred charges and other assets include an adjustment of approximately $ 16.9 million to record assets related to the indemnity provisions of the sale and purchase agreement, and are primarily related to tax matters. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position. Foshan New Changsheng Plastics Films On July 1, 2013, Bemis acquired Foshan New Changsheng Plastics Films Co., LTD ("Foshan"), a specialty film manufacturer located in Foshan, China. Foshan 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 original cash purchase price was $ 75.6 million , with payments of $ 65.3 million , $ 6.6 million , and $ 4.3 million occurring in 2013, 2014, and 2015, respectively. The 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. |
Discontinued operations (Notes)
Discontinued operations (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued operations | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES AND PLANT CLOSURES Bemis Healthcare Packaging Plant Closure In January 2015, the Company announced that it would close a plant in Philadelphia, Pennsylvania, one of its healthcare packaging facilities. Production from this facility was transferred to other healthcare facilities throughout the year. During the twelve months ended December 31, 2015, plant closure costs of $ 7.8 million were recorded. These costs were recorded within restructuring and acquisition-related costs and included the Company's best estimate of a withdrawal liability for a multi-employer pension plan settlement. Operations ceased at this location in January 2016. The majority of approximately $ 7 million of cash payments are expected in 2016. Divestiture of Pressure Sensitive Materials Business On November 7, 2014, the Company completed the sale 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. At September 30, 2014, the Company determined that the Pressure Sensitive Materials business met the criteria to be classified as a discontinued operation, which required retrospective application to certain financial information for all periods presented. The assets and liabilities of the Pressure Sensitive Materials business were reflected as held for sale in the consolidated balance sheet at September 30, 2014. The following table summarizes the results of the Pressure Sensitive Materials business, reclassified as discontinued operations for the twelve month periods ended December 31, 2015, 2014, and 2013: Twelve Months Ended December 31, (in millions) 2015 2014 2013 Net sales $ — $ 480.9 $ 553.2 (Loss) income from discontinued operations before income taxes $ (3.7 ) $ (39.4 ) $ 30.6 (Benefit) provision for income taxes on discontinued operations (1.1 ) 8.6 10.5 (Loss) income from discontinued operations, net of tax $ (2.6 ) $ (48.0 ) $ 20.1 Loss from discontinued operations in 2015 resulted from additional impairment charges, net of tax, reflecting finalization of post-closing adjustments. Loss from discontinued operations in 2014 includes the operating results of the Pressure Sensitive Materials business, goodwill impairment charges, direct transaction costs associated with the divestiture, plant closure costs associated with the Stow, Ohio plant, and the associated income tax effects of these items. Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less costs to sell. Accordingly, the Company recorded goodwill impairment charges of $ 44.7 million in the third quarter of 2014 when it became apparent the business would sell for less than its carrying value. There were no indicators of impairment prior to the third quarter of 2014. In March 2014, the Company announced the closure of its plant in Stow, Ohio, one of its Pressure Sensitive Materials manufacturing facilities. Operations ceased at this location in May 2014. During the twelve months ended December 31, 2014, plant closure costs of $ 25.0 million were recorded and approximately $ 20.8 million of cash payments were made. These costs are included within (loss) income from discontinued operation and included a final withdrawal payment for a multi-employer pension plan. 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 $ 78.7 million . A $ 9.3 million pre-tax gain on the sale was recorded as part of other non-operating income for the twelve months ended December 31, 2014. Divestiture of Clysar 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. 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. Net proceeds of the transaction totaled $ 30.0 million . |
Financial Assets and Financial
Financial Assets and Financial Liabilities Measured at Fair Value | 12 Months Ended |
Dec. 31, 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, trade receivables, accounts payable, short-term borrowings, and long-term debt. At December 31, 2015 and 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 December 31, 2015 and 2014 follow: December 31, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value (in millions) Value (Level 2) Value (Level 2) Total long-term debt $ 1,353.9 $ 1,421.6 $ 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 December 31, 2015 December 31, 2014 (in millions) (Level 2) (Level 2) Interest rate swaps — net asset position $ 5.2 $ 1.0 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 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 4.5% 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, 2015 , and 2014 , the Company had outstanding forward exchange contracts with notional amounts aggregating $ 3.8 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 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 December 31, 2015 and 2014 are presented in the table below: Fair Value (Level 2) as of (in millions) Balance Sheet Location December 31, 2015 December 31, 2014 Asset Derivatives Interest rate swaps — designated as hedge Deferred charges and other assets $ 5.2 $ 1.0 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 2015 2014 2013 Designated as hedges Interest rate swaps Interest expense $ 7.2 $ 8.2 $ 8.1 Not designated as hedges Forward exchange contracts Other operating income 0.7 (0.4 ) 0.1 Total $ 7.9 $ 7.8 $ 8.2 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 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 Discontinued Operations Total Reported balance at December 31, 2013 $ 632.3 $ 367.3 $ 52.6 $ 1,052.2 Reclassification 12.8 (12.8 ) — — Non-cash impairment charge of discontinued operations — — (44.7 ) (44.7 ) Divestitures (10.1 ) — (7.8 ) (17.9 ) Currency translation (1.0 ) (25.4 ) (0.1 ) (26.5 ) Reported balance at December 31, 2014 634.0 329.1 — 963.1 Acquisition — 44.9 — 44.9 Currency translation (1.9 ) (56.6 ) — (58.5 ) Reported balance at December 31, 2015 $ 632.1 $ 317.4 $ — $ 949.5 The components of amortized intangible assets follow: December 31, 2015 December 31, 2014 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract based $ 10.0 $ (1.2 ) $ 10.7 $ (1.2 ) Technology based 79.6 (47.5 ) 81.0 (43.9 ) Marketing related 12.7 (7.8 ) 16.3 (9.1 ) Customer based 180.4 (76.4 ) 188.4 (73.6 ) Reported balance $ 282.7 $ (132.9 ) $ 296.4 $ (127.8 ) Amortization expense for intangible assets during 2015 , 2014 , and 2013 was $ 14.3 million , $ 15.4 million , and $ 15.5 million , respectively. Estimated annual amortization expense is $ 14.5 million for 2016, $ 14.4 million for 2017 and 2018, $ 14.2 million for 2019, and $12.8 million for 2020. The Company recorded an impairment at September 30, 2014 to adjust the Pressure Sensitive Materials net assets to fair value less costs to sell. The Company completed its annual impairment tests in the fourth quarter of 2015 with no other indications of impairment of goodwill found. The Company does not have any accumulated impairment losses. |
Pension Plans (Notes)
Pension Plans (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 , 2014 , and 2013 was $ 41.2 million , $ 37.2 million , and $ 53.2 million , respectively. The Company sponsors a 401(k) savings plan (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 contributes $ 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 2015 , 2014 , and 2013 were $ 10.2 million , $ 10.6 million , and $ 9.0 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 two plans were frozen as of December 31, 2013. 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 $ 20.0 million in 2015 , $ 16.5 million in 2014 , and $ 18.9 million in 2013 . As of December 31 2015, a defined benefit multiemployer plan covered employees at one manufacturing location and provided for contributions to a union administered defined benefit pension plan. Amounts contributed to the multiemployer plans in 2015 , 2014 , and 2013 totaled $ 0.1 million , $ 0.7 million , and $ 1.0 million , respectively (refer to Note 12 - Multiemployer Defined Benefit Pension Plans). 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 2014, the Society of Actuaries released updated mortality tables and a mortality projection scale for measurement of retirement program obligations in the U.S. The Company adopted these tables in measuring defined benefit plan liabilities in 2014. In 2015, the Society of Actuaries published a new mortality projection scale which was used in conjunction with 2014 mortality tables in measuring defined benefit plan liabilities in 2015. 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, 2015 , 2014 , and 2013 : (in millions) 2015 2014 2013 Service cost - benefits earned during the year $ 7.8 $ 7.5 $ 14.0 Interest cost on projected benefit obligation 32.6 34.0 32.5 Expected return on plan assets (50.7 ) (47.9 ) (48.1 ) Settlement loss 0.1 1.8 0.4 Curtailment loss (gain) — 0.6 (0.4 ) Amortization of unrecognized transition obligation 0.1 0.2 0.2 Amortization of prior service cost 0.9 1.4 1.8 Recognized actuarial net loss 20.1 11.8 23.9 Net periodic pension cost $ 10.9 $ 9.4 $ 24.3 Changes in benefit obligations and plan assets, and a reconciliation of the funded status at December 31, 2015 and 2014 , were as follows: U.S. Pension Plans Non-U.S. Pension Plans (in millions) 2015 2014 2015 2014 Change in Benefit Obligation: Benefit obligation at the beginning of the year $ 774.6 $ 641.4 $ 65.9 $ 83.4 Service cost 6.1 4.9 1.7 2.6 Interest cost 30.3 30.7 2.3 3.3 Participant contributions — — 0.2 0.3 Plan amendments 1.2 0.1 — — Plan settlements — — — (0.7 ) Plan curtailments — (0.5 ) — (0.4 ) Benefits paid (34.1 ) (36.0 ) (2.2 ) (4.0 ) Actuarial (gain) loss (27.7 ) 134.0 (5.8 ) 8.4 Divestitures — — — (21.1 ) Foreign currency exchange rate changes — — (4.8 ) (5.9 ) Benefit obligation at the end of the year $ 750.4 $ 774.6 $ 57.3 $ 65.9 Accumulated benefit obligation at the end of the year $ 750.4 $ 774.6 $ 51.7 $ 58.5 U.S. Pension Plans Non-U.S. Pension Plans (in millions) 2015 2014 2015 2014 Change in Plan Assets: Fair value of plan assets at the beginning of the year $ 685.7 $ 627.2 $ 57.2 $ 67.2 Actual return on plan assets (11.6 ) 88.6 1.5 4.0 Employer contributions 1.3 5.9 1.6 4.9 Participant contributions — — 0.2 0.3 Plan settlements — — — (0.7 ) Divestitures — — — (9.9 ) Benefits paid (34.1 ) (36.0 ) (2.2 ) (4.0 ) Foreign currency exchange rate changes — — (4.1 ) (4.6 ) Fair value of plan assets at the end of the year $ 641.3 $ 685.7 $ 54.2 $ 57.2 Unfunded status at year end: $ (109.1 ) $ (88.9 ) $ (3.1 ) $ (8.7 ) U.S. Pension Plans Non-U.S. Pension Plans (in millions) 2015 2014 2015 2014 Amount recognized in consolidated balance sheet consists of: Prepaid benefit cost, non-current $ — $ — $ 1.9 $ — Accrued benefit liability, current (19.2 ) (1.6 ) (0.4 ) (0.2 ) Accrued benefit liability, non-current (89.9 ) (87.3 ) (4.6 ) (8.5 ) Sub-total (109.1 ) (88.9 ) (3.1 ) (8.7 ) Deferred tax asset 89.7 85.1 1.3 2.6 Accumulated other comprehensive loss 142.0 134.7 4.5 8.4 Net amount related to pension plans $ 122.6 $ 130.9 $ 2.7 $ 2.3 Accumulated other comprehensive loss related to pension benefit plans is as follows: U.S. Pension Plans Non-U.S. Pension Plans (in millions) 2015 2014 2015 2014 Unrecognized net actuarial losses $ 227.3 $ 215.7 $ 5.4 $ 10.4 Unrecognized net prior service costs 4.4 4.1 0.1 0.1 Unrecognized net transition costs — — 0.3 0.5 Tax benefit (89.7 ) (85.1 ) (1.3 ) (2.6 ) Accumulated other comprehensive loss, end of year $ 142.0 $ 134.7 $ 4.5 $ 8.4 Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2016 are as follows: Non-U.S. (in millions) U.S. Pension Plans Pension Plans Net actuarial losses $ 14.5 $ (0.1 ) Net prior service costs 0.8 — Total $ 15.3 $ (0.1 ) The accumulated benefit obligation for all defined benefit pension plans was $ 802.1 million and $ 833.1 million at December 31, 2015 and 2014 , 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, 2015 and 2014 . 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) 2015 2014 2015 2014 2015 2014 2015 2014 Projected benefit obligation $ 750.4 $ 774.6 $ 17.2 $ 65.9 $ 750.4 $ 774.6 $ 11.7 $ 13.7 Accumulated benefit obligation 750.4 774.6 14.1 58.5 750.4 774.6 10.4 11.9 Fair value of plan assets 641.3 685.7 12.2 57.2 641.3 685.7 7.5 8.2 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, 2015 and 2014 , were $ 2.9 million and $ 10.8 million , respectively. Total expected cash contributions for 2016 are $ 20.6 million which are expected to satisfy plan and regulatory funding requirements. For the years ended December 31, 2015 and 2014 , the U.S. pension plans represented approximately 92 percent and 92 percent , respectively, of the Company’s total plan assets and approximately 93 percent and 92 percent , respectively, 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 2015 2014 2015 2014 Weighted-average discount rate 4.25 % 4.00 % 3.96 % 3.67 % Rate of increase in future compensation levels — — 3.71 % 3.66 % 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 2015 2014 2013 2015 2014 2013 Weighted-average discount rate 4.00 % 4.89 % 4.13 % 3.67 % 4.25 % 3.89 % Expected return on plan assets 7.50 % 7.50 % 8.00 % 6.00 % 5.78 % 6.01 % Rate of increase in future compensation levels — — 3.75 % 3.66 % 3.93 % 3.79 % 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 2016 $ 53.6 $ 5.4 2017 37.1 1.5 2018 38.4 1.4 2019 41.4 1.7 2020 41.7 1.5 Years 2021-2025 220.5 11.7 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 65 percent in long credit fixed income securities and approximately 35 percent in return seeking funds. 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 2016 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, 2015 and 2014 follow: 2015 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 $ 18.8 $ 8.8 $ — $ — $ — $ — Corporate debt securities — 235.5 — — — — U.S. government debt securities 2.5 — — — — — State and municipal debt securities — 42.0 — — — — Corporate common stock 151.9 16.2 — — — — Registered investment company funds 10.6 144.9 — 44.9 — — Common trust funds — 10.1 — — 4.0 — General insurance account — — — — — 5.3 Balance at December 31, 2015 $ 183.8 $ 457.5 $ — $ 44.9 $ 4.0 $ 5.3 2014 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 $ 12.8 $ 6.7 $ — $ — $ — $ — Corporate debt securities — 243.6 — — — — U.S. government debt securities 1.1 — — — — — State and municipal debt securities — 48.6 — — — — Corporate common stock 144.7 15.6 — — — — Registered investment company funds 11.1 151.1 — 46.7 — — Common trust funds — 50.4 — — 5.0 — General insurance account — — — — — 5.5 Balance at December 31, 2014 $ 169.7 $ 516.0 $ — $ 46.7 $ 5.0 $ 5.5 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, 2015 and 2014 follows: (in millions) General Insurance Account Fair value of plan assets at December 31, 2013 $ 17.6 Actual return on plan assets (0.8 ) Purchases, sales and settlements, net (0.2 ) Divestiture (9.9 ) Foreign currency exchange rate changes (1.2 ) Fair value of plan assets at December 31, 2014 5.5 Actual return on plan assets 0.3 Purchases, sales and settlements, net — Foreign currency exchange rate changes (0.5 ) Fair value of plan assets at December 31, 2015 $ 5.3 |
Postretirement benefits
Postretirement benefits | 12 Months Ended |
Dec. 31, 2015 | |
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. Further benefit accruals for all persons entitled to benefits under these plans were frozen as of March 31, 2014. The Company recorded a plan curtailment gain of $3.0 million related to the amendments in 2014. Life insurance plans are noncontributory. Net periodic postretirement benefit costs included the following components for the years ended December 31, 2015 , 2014 , and 2013 : (in millions) 2015 2014 2013 Service cost - benefits earned during the year $ — $ 0.1 $ 0.3 Interest cost on accumulated postretirement benefit obligation 0.3 0.3 0.4 Amortization of prior service credit — (0.2 ) (0.6 ) Recognized actuarial net gain (0.3 ) (0.3 ) (0.3 ) Curtailment gain — (3.6 ) — Net periodic postretirement benefit income $ — $ (3.7 ) $ (0.2 ) Changes in benefit obligation and plan assets, and a reconciliation of the funded status at December 31, 2015 and 2014 , are as follows: (in millions) 2015 2014 Change in Benefit Obligation Benefit obligation at the beginning of the year $ 7.1 $ 7.9 Service cost — 0.1 Interest cost 0.3 0.3 Participant contributions 0.8 0.7 Plan curtailment gain — (1.4 ) Actuarial (gain) loss (1.0 ) 0.7 Benefits paid (1.5 ) (1.2 ) Benefit obligation at the end of the year $ 5.7 $ 7.1 Change in Plan Assets Fair value of plan assets at the beginning of the year $ — $ — Participant contributions 0.8 0.7 Employer contributions 0.7 0.5 Benefits paid (1.5 ) (1.2 ) Fair value of plan assets at the end of the year $ — $ — Unfunded status at year end: $ (5.7 ) $ (7.1 ) (in millions) 2015 2014 Amount recognized in consolidated balance sheet consists of: Accrued benefit liability, current $ (0.4 ) $ (0.5 ) Accrued benefit liability, non-current (5.3 ) (6.6 ) Sub-total (5.7 ) (7.1 ) Deferred tax liability (2.0 ) (1.7 ) Accumulated other comprehensive income (3.1 ) (2.7 ) Net amount related to postretirement benefit plans $ (10.8 ) $ (11.5 ) Accumulated other comprehensive income related to other postretirement benefit plans is as follows: (in millions) 2015 2014 Unrecognized net actuarial gains $ (5.1 ) $ (4.4 ) Tax expense 2.0 1.7 Accumulated other comprehensive income, end of year $ (3.1 ) $ (2.7 ) Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2016 are as follows: (in millions) Net actuarial gains $ 0.4 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (in millions) Benefit Payments 2016 $ 0.5 2017 0.5 2018 0.5 2019 0.4 2020 0.4 Years 2021 - 2025 2.3 The employer contributions for the years ended December 31, 2015 and 2014 were $ 0.7 million and $ 0.5 million , respectively. The expected contribution for 2016 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 7.5 percent for 2015 and 7.5 percent for 2014 ; each year's estimated rate was assumed to decrease 0.25 percent annually to 5.0 percent and remain at that level thereafter. 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 2015 and the post retirement benefit obligations at December 31, 2015. 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, 2015 and 2014 were 4.25 percent and 4.00 percent , respectively. The weighted-average discount rates used to determine the net postretirement benefit cost was 4.00 percent , 4.62 percent , and 4.00 percent for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Multiemployer
Multiemployer | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, the Company contributes to one multiemployer defined benefit pension plan under the terms contained in a collective bargaining agreement. The risks of participating in 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. In 2014, the Company settled and paid a withdrawal liability for the withdrawal from the Central States Southeast and Southwest Areas Pension Fund as part of a Pressure Sensitive Materials plant closure (refer to Note 6 - Divestiture). 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 periods ended December 31, 2015 , 2014 , and 2013 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 2015 2014 Implemented 2015 2014 2013 Imposed Agreement Central States Southeast and Southwest Areas Pension Fund 36-6044243/001 N/A Red N/A $ — $ 0.6 $ 0.9 N/A Withdrawn (a) Warehouse Employees Local 169 & Employers Joint Pension Fund 23-6230368/001 Red Red Yes 0.1 0.1 0.1 Yes 5/31/2017 GCIU — Employer Retirement Fund 91-6024903/001 N/A N/A N/A — — — N/A Withdrawn (b) $ 0.1 $ 0.7 $ 1.0 (a) The Company was required to make contributions to the Central States Southeast and Southwest Areas Pension Fund for its Pressure Sensitive Material's Stow, OH facility, which was closed during 2014. (b) 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). The most recent Pension Protection Act (PPA) zone status available in 2015 and 2014 is for the plan’s year-end at December 31, 2014 and December 31, 2013 , 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, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK INCENTIVE PLANS In 2014, the Company adopted the 2014 Stock Incentive Plan, which replaced the 2007 Stock Incentive Plan. The 2014 Stock Incentive Plan provides for the issuance of up to 3,282,170 shares of common stock to certain employees and other service providers. The number of shares available under the 2014 Stock Incentive Plan represented the number of shares that were remaining available for issuance under the 2007 Stock Incentive Plan when the new plan was adopted as no further awards would be made under the prior plan. As of December 31, 2015 , 3,078,025 shares were available for future grants under the 2014 Stock Incentive Plan. Shares subject to awards that are forfeited by an employee under the 2014 Stock Incentive Plan or the 2007 Stock Incentive Plan become available for future grants under the 2014 Stock Incentive Plan. 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, retirement or change in control. Total compensation expense related to stock incentive plans was $ 18.4 million in 2015 , $ 14.0 million in 2014 , and $ 15.9 million in 2013 . As of December 31, 2015 , the unrecorded compensation cost for stock awards was $ 17.2 million and will be recognized over the remaining vesting period for each grant which ranges between 2016 and 2017. The remaining weighted-average life of all stock awards outstanding as of December 31, 2015 was 0.67 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, 2015, 2014 and 2013 was $ 45.18 , $ 40.65 , and $ 33.75 , 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 shareholder return, assuming reinvestment of all dividends, relative to the performance of the Company's comparator group over a three-year period. The per share fair value of performance-based awards granted during the years ended December 31, 2015, 2014 and 2013 was $ 53.14 , $ 46.42 , and $ 36.98 , respectively, which the Company determined using a Monte Carlo simulation and the following assumptions: 2015 2014 2013 Average risk-free interest rate 1.07 % 0.76 % 0.37 % Expected volatility (Bemis Company, Inc.) 15.1 % 19.7 % 21.9 % 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. In 2016, there was a 93.7 percent payout of 2013 awards, and the balance was canceled. In 2015, there was a 59.5 percent payout of 2012 awards, and the balance was canceled. In 2014, there was no payout of 2011 awards and they all were canceled. The following table summarizes stock awards unit activity for the year ended December 31, 2015 : Time-Based Performance-Based Weighted-average grant date share value Stock Awards (in thousands) Weighted-average grant date share value Stock Awards (in thousands) Outstanding units granted at the beginning of the year $ 33.13 1,526 $ 40.11 372 Units granted 45.18 309 53.14 92 Units paid (in shares) 33.55 (304 ) 34.99 (60 ) Units canceled 35.16 (106 ) 39.94 (71 ) Outstanding units granted at the end of the year 35.55 1,425 44.68 333 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | LONG-TERM DEBT Debt consisted of the following at December 31, (dollars in millions) 2015 2014 Commercial paper payable through 2015 $ 329.5 $ 317.3 6.8% notes payable in 2019 400.0 400.0 4.5% notes payable in 2021 400.0 400.0 Notes payable in 2022 200.0 200.0 Other debt, including debt from subsidiaries 30.5 — Interest rate swap of 2021 notes (See Note 8) 5.2 1.0 Unamortized discounts and debt issuance costs (5.5 ) (6.7 ) Total debt 1,359.7 1,311.6 Less current portion 5.8 — Total long-term debt $ 1,353.9 $ 1,311.6 Commercial paper has 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, 2015 , was 0.8 percent . The maximum amount of commercial paper outstanding during 2015 was $ 400.3 million , and the average outstanding during 2015 was $ 330.3 million . The weighted-average interest rate during 2015 was 0.5 percent . As of December 31, 2015 , 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. Public notes totaling $ 400 million matured in August 2014. On July 15, 2014, the Company further amended its revolving credit facility to provide for a $ 200 million term loan. This term loan has an eight-year term and a variable rate based on the one-month London Interbank Offered Rate (LIBOR) plus a fixed spread. The Company used this term loan combined with commercial paper borrowings to refinance the $ 400 million public notes which matured in August 2014. The scheduled maturities of the Company's long-term debt obligations for the next five years as of December 31, 2015, are as follows: Year Dollars (in millions) 2016 329.5 2017 20.0 2018 4.8 2019 402.0 2020 — Commercial paper has 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 2015. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
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 $ 13.9 million in 2015 , $ 13.3 million in 2014 , and $ 14.3 million in 2013 . Minimum future obligations on leases in effect at December 31, 2015 were: Operating (in millions) Leases 2016 $ 8.6 2017 7.7 2018 6.9 2019 5.3 2020 4.1 Thereafter 28.3 Total minimum obligations $ 60.9 |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES (in millions) 2015 2014 2013 U.S. income before income taxes $ 260.1 $ 255.3 $ 201.1 Non-U.S. income before income taxes 103.8 108.4 88.6 Income from continuing operations before income taxes $ 363.9 $ 363.7 $ 289.7 Income tax expense consists of the following components: Current tax expense: U.S. federal $ 71.8 $ 82.6 $ 59.7 Foreign 28.0 31.2 30.9 State and local 8.0 11.3 5.9 Total current tax expense 107.8 125.1 96.5 Deferred tax expense (benefit): U.S. federal 11.5 1.0 13.9 Foreign 2.1 (0.7 ) (14.8 ) State and local 0.6 (0.8 ) 1.6 Total deferred tax expense (benefit) 14.2 (0.5 ) 0.7 Total income tax expense $ 122.0 $ 124.6 $ 97.2 The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below. (in millions) 2015 2014 Deferred Tax Assets: Trade receivables, principally due to allowances for returns and doubtful accounts $ 4.4 $ 5.5 Inventories, principally due to additional costs inventoried for tax purposes 19.8 24.1 Employee compensation and benefits accrued for financial reporting purposes 92.1 88.1 Foreign net operating losses 21.7 22.8 Foreign tax credits 24.1 25.0 Other 12.0 13.4 Total deferred tax assets 174.1 178.9 Less valuation allowance (42.0 ) (47.9 ) Total deferred tax assets, after valuation allowance $ 132.1 $ 131.0 (in millions) 2015 2014 Deferred Tax Liabilities: Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead $ 123.1 $ 116.9 Goodwill and intangible assets, principally due to differences in amortization 177.6 172.1 Total deferred tax liabilities 300.7 289.0 Deferred tax liabilities, net $ 168.6 $ 158.0 The net deferred tax liabilities are reflected in the balance sheet as follows: (in millions) 2015 2014 Deferred tax assets (included in prepaid expense and other current assets) $ — $ 61.0 Deferred charges and other assets 3.8 4.4 Deferred tax liabilities 172.4 223.4 Net deferred tax liabilities $ 168.6 $ 158.0 In 2015, the Company early adopted guidance that requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The guidance will be applied prospectively. See Note 3 for additional information. The Company’s effective tax rate differs from the federal statutory rate due to the following items: 2015 2014 2013 (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 $ 127.4 35.0 % $ 127.3 35.0 % $ 101.4 35.0 % Increase (decrease) in taxes resulting from: State and local income taxes net of federal income tax benefit 5.6 1.5 6.8 1.9 4.9 1.7 Foreign tax rate differential (7.5 ) (2.1 ) (7.4 ) (2.0 ) (4.2 ) (1.4 ) Manufacturing tax benefits (6.7 ) (1.8 ) (7.5 ) (2.1 ) (5.8 ) (2.0 ) Other 3.2 0.9 5.4 1.5 0.9 0.3 Actual income tax expense $ 122.0 33.5 % $ 124.6 34.3 % $ 97.2 33.6 % In 2014 various foreign subsidiaries paid $ 170.0 million of dividends to the U.S. parent. These dividends, in addition to the divestiture of the Pressure Sensitive Materials business, resulted in an increase in the foreign tax credit carryover of $ 7.1 million . The Company placed a full valuation allowance against these credits. 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, 2015 , the Company had foreign net operating loss carryovers of approximately $ 69.9 million that are available to offset future taxable income. Approximately $ 28.1 million of the carryover expires over the period 2017-2033. The remaining balance has no expiration. In addition, the Company had $ 24.1 million of foreign tax credit carryover that is available to offset future tax. This carryover expires over the period 2018-2024. 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 $ 42.0 million and $ 47.9 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, 2015 and 2014 , respectively. Provision has not been made for U.S. or additional foreign taxes on $ 257.6 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 $ 30.7 million and $24.1 million for the years ended December 31, 2015 and 2014 , respectively. The approximate amount of unrecognized tax benefits that would impact the effective income tax rate if recognized in any future periods was $ 30.7 million and $ 24.1 million for the years ended December 31, 2015 and 2014 , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits, in millions, is as follows: 2015 2014 Balance at beginning of year $ 24.1 $ 21.4 Additions based on tax positions related to the current year 2.6 2.3 Additions for tax positions of prior years 11.5 3.2 Reductions for tax positions of prior years (1.6 ) (0.6 ) Reductions due to a lapse of the statute of limitations (4.7 ) (1.7 ) Settlements (1.2 ) (0.5 ) Balance at end of year $ 30.7 $ 24.1 The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized $ 1.5 million of net tax benefit, $ 0.4 million of net tax benefit, and $ 1.0 million of net tax benefit related to interest and penalties during the years ended December 31, 2015, 2014, and 2013, respectively. The Company had approximately $ 11.8 million and $ 6.1 million accrued for interest and penalties, net of tax benefits, at December 31, 2015 and 2014 , respectively. As a result of acquisitions, the Company recorded $ 6.8 million of unrecognized tax benefits and $ 7.2 million of interest and penalties related to pre-acquisition tax positions. A corresponding asset related to the indemnity provisions has also been recorded for these amounts. 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 $ 7.0 million , exclusive of currency movements, 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 2010 in the significant jurisdictions in which it operates. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2013 $ (8.0 ) $ (90.7 ) $ (98.7 ) Other comprehensive loss before reclassifications (129.4 ) (59.1 ) (188.5 ) Amounts reclassified from accumulated other comprehensive loss (13.9 ) 9.4 (4.5 ) Net current period other comprehensive loss (143.3 ) (49.7 ) (193.0 ) December 31, 2014 (151.3 ) (140.4 ) (291.7 ) Other comprehensive loss before reclassifications (215.2 ) (15.9 ) (231.1 ) Amounts reclassified from accumulated other comprehensive loss — 12.9 12.9 Net current period other comprehensive loss (215.2 ) (3.0 ) (218.2 ) December 31, 2015 $ (366.5 ) $ (143.4 ) $ (509.9 ) The following table summarizes amounts reclassified from accumulated other comprehensive loss: Twelve Months Ended December 31, (in millions) 2015 2014 Pension costs 21.2 15.8 Tax benefit (8.3 ) (6.5 ) Pension costs, net of tax 12.9 9.3 Other postretirement plans — (2.2 ) Tax expense — 0.8 Other postretirement plans, net of tax — (1.4 ) Total 12.9 7.9 Accumulated other comprehensive loss associated with pension and other postretirement liability adjustments are net of tax effects of $ 89.0 million and $ 85.9 million as of December 31, 2015 and 2014 , respectively. Other comprehensive loss before reclassifications of $ 7.7 million ($ 4.8 million , net of tax) for the year ended December 31, 2014, related to remeasurement of other postretirement plans triggered by curtailment. Refer to Note 10 — Pension Plans for additional detail. |
Earnings Per Share Computations
Earnings Per Share Computations | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2013 Numerator Net income attributable to Bemis Company, Inc. $ 239.3 $ 191.1 $ 212.6 Income allocated to participating securities — — (0.2 ) Net income available to common shareholders (1) $ 239.3 $ 191.1 $ 212.4 Denominator Weighted-average common shares outstanding — basic 96.7 100.2 102.9 Dilutive shares 1.2 1.0 1.0 Weighted-average common and common equivalent shares outstanding — diluted 97.9 101.2 103.9 Per common share income Basic $ 2.47 $ 1.91 $ 2.06 Diluted $ 2.44 $ 1.89 $ 2.04 (1) Basic weighted-average common shares outstanding 96.7 100.2 102.9 Basic weighted-average common shares outstanding and participating securities 96.7 100.2 103.0 Percentage allocated to common shareholders 100.0 % 100.0 % 99.9 % 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 at December 31, 2015 . The excluded stock awards represented an aggregate of 0.3 million shares at December 31, 2014 and 2013 . |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
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 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 December 31, 2015 and 2014 was $ 5.6 million and $ 6.1 million , respectively. The Company made favorable adjustments of $ 0.6 million and $ 0.8 million in 2015 and 2014, respectively, based on current estimates of liability. All other costs for environmental remediation matters were immaterial, and were directly expensed to the income statement. There were no third party reimbursements for any of the years presented. 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 $ 9.8 million , translated to U.S. dollars at the December 31, 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 | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |
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. Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately twelve percent of the Company's sales in 2015. The Company primarily sells to Kraft Heinz in the U.S. Packaging segment. 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. A summary of the Company’s business activities reported by its two business segments follows: Business Segments (in millions) 2015 2014 2013 Sales including intersegment sales: U.S. Packaging $ 2,772.8 $ 2,889.5 $ 3,013.1 Global Packaging 1,345.6 1,507.6 1,518.8 Intersegment sales: U.S. Packaging (25.3 ) (28.8 ) (28.5 ) Global Packaging (21.7 ) (24.8 ) (26.8 ) Total net sales $ 4,071.4 $ 4,343.5 $ 4,476.6 U.S. Packaging Operating profit before restructuring and acquisition-related costs $ 391.8 $ 375.8 $ 382.9 Restructuring and acquisition-related costs — — (45.0 ) Operating profit 391.8 375.8 337.9 Global Packaging Operating profit before restructuring and acquisition-related costs 116.5 113.3 106.8 Restructuring and acquisition-related costs (9.4 ) — (0.4 ) Operating profit 107.1 113.3 106.4 Corporate General corporate expenses (89.3 ) (81.4 ) (94.1 ) Operating income 409.6 407.7 350.2 Interest expense 51.7 60.8 68.2 Other non-operating income (6.0 ) (16.8 ) (7.7 ) Income from continuing operations before income taxes $ 363.9 $ 363.7 $ 289.7 Business Segments (in millions) 2015 2014 2013 Total assets (1): U.S. Packaging $ 1,982.5 $ 1,977.9 $ 2,004.5 Global Packaging 1,291.5 1,345.3 1,413.3 Corporate assets (2) 215.8 287.6 376.2 Discontinued operations — — 311.6 Total $ 3,489.8 $ 3,610.8 $ 4,105.6 Depreciation and amortization: U.S. Packaging $ 97.8 $ 96.3 $ 102.4 Global Packaging 47.7 62.1 63.6 Corporate 12.6 11.7 11.5 Total continuing operations 158.1 170.1 177.5 Discontinued operations — 10.5 12.8 Total $ 158.1 $ 180.6 $ 190.3 Additions to property and equipment: U.S. Packaging $ 127.5 $ 105.5 $ 80.8 Global Packaging 79.4 51.0 42.3 Corporate 12.5 23.8 9.2 Total continuing operations 219.4 180.3 132.3 Discontinued operations — 4.9 7.5 Total $ 219.4 $ 185.2 $ 139.8 Operations by geographic area (in millions) 2015 2014 2013 Net sales (3): United States $ 2,937.8 $ 3,040.8 $ 3,143.2 Brazil 442.5 581.5 629.6 Other Americas 273.5 273.2 299.8 Europe 233.9 258.8 245.4 Asia-Pacific 183.7 189.2 158.6 Total $ 4,071.4 $ 4,343.5 $ 4,476.6 Long-lived assets (4): United States $ 897.4 $ 831.8 $ 901.5 Brazil 173.1 159.0 179.9 Other Americas 53.1 55.7 64.3 Europe 68.6 68.1 126.4 Asia-Pacific 75.6 72.4 74.3 Total $ 1,267.8 $ 1,187.0 $ 1,346.4 (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. The Company utilizes a global cash pooling arrangement. Beginning in 2014, the Company treated all cash and cash equivalents, including the net cash position in the cash pooling arrangement, as Corporate assets. Prior periods have been recast on a consistent basis. (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 Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 Net sales $ 1,040.1 $ 1,030.3 $ 1,018.3 $ 982.7 $ 4,071.4 Gross profit 217.5 221.2 221.8 212.9 873.4 Income from continuing operations 57.0 65.6 62.5 56.8 241.9 Loss from discontinued operations (2.6 ) — — — (2.6 ) Net income 54.4 65.6 62.5 56.8 239.3 Basic earnings per share: Income from continuing operations 0.58 0.68 0.65 0.59 2.50 Loss from discontinued operations (0.03 ) — — — (0.03 ) Net income 0.55 0.68 0.65 0.59 2.47 Diluted earnings per share: Income from continuing operations 0.58 0.67 0.64 0.58 2.47 Loss from discontinued operations (0.03 ) — — — (0.03 ) Net income 0.55 0.67 0.64 0.58 2.44 2014 Net sales $ 1,095.0 $ 1,097.6 $ 1,098.2 $ 1,052.7 $ 4,343.5 Gross profit 210.9 219.0 220.7 208.5 859.1 Income from continuing operations 59.7 60.7 61.5 57.2 239.1 (Loss) income from discontinued operations (10.5 ) 5.1 (44.5 ) 1.9 (48.0 ) Net income 49.2 65.8 17.0 59.1 191.1 Basic earnings per share: Income from continuing operations 0.58 0.61 0.62 0.58 2.39 (Loss) income from discontinued operations (0.10 ) 0.05 (0.45 ) 0.02 (0.48 ) Net income 0.48 0.66 0.17 0.60 1.91 Diluted earnings per share: Income from continuing operations 0.58 0.60 0.61 0.57 2.36 (Loss) income from discontinued operations (0.10 ) 0.05 (0.44 ) 0.02 (0.47 ) Net income 0.48 0.65 0.17 0.59 1.89 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, 2015 | |
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, DISCOUNTS, AND ALLOWANCES 2015 $ 21.0 $ 27.5 $ (28.3 ) $ (2.2 ) $ — $ 18.0 2014 30.7 24.6 (23.5 ) (1) (2.2 ) (8.6 ) (3) 21.0 2013 29.6 27.2 (23.0 ) (1) (3.1 ) — 30.7 VALUATION ALLOWANCE FOR DEFERRED TAX ASSETS 2015 $ 47.9 $ (3.8 ) (2) $ — $ (2.1 ) $ — $ 42.0 2014 42.1 12.3 (2) (3.5 ) (3.0 ) — 47.9 2013 36.6 5.5 (2) — — — 42.1 (1) Net of $0.5 million, and $0.1 million collections on accounts previously written off, respectively. (2) Represents charge to profit and loss, net of valuation allowance reversals, if any. (3) Reserve accruals related to Pressure Sensitive Materials business and Paper Packaging Division which were divested. |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Reclassification, Policy [Policy Text Block] | Balance sheet reclassification: As noted in Note 3 - 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. These changes had no impact to operating cash flow. (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 |
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 $ 1.9 million , $ 1.7 million , and $ 3.1 million in 2015 , 2014 , and 2013 , respectively, included in other operating income on the accompanying consolidated statement of income. Investments in joint ventures of $ 5.4 million and $ 8.0 million as of December 31, 2015 and 2014 , respectively, are included in deferred charges and other assets on the accompanying consolidated balance sheet. |
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 $ 1.4 million , $ 3.5 million , and $ 2.6 million in 2015 , 2014 , and 2013 , respectively, are included as a component of other operating income. There were no foreign currency transaction losses recorded within non-operating income in 2015, 2014 or 2013. |
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). |
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] | Restructuring (including facility consolidation) costs: Restructuring 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 restructuring 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 restructuring 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 restructuring 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] | Trade receivables: 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 trade receivables. Trade receivables are presented net of an allowance for doubtful accounts of $ 18.0 million and $ 21.0 million at December 31, 2015 and 2014 , respectively. The Company enters into supply chain financing programs from time to time to sell trade receivables without recourse to third-party financial institutions. Sales of trade receivables are reflected as a reduction of trade receivables 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, 2015, the Company sold without recourse trade receivables representing approximately ten percent of net sales, and the associated discount on sale of trade 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 net realizable value. Inventory values using the FIFO method of accounting approximate replacement cost. Inventories are summarized at December 31, as follows: (in millions) 2015 2014 Raw materials and supplies $ 169.3 $ 193.9 Work in process and finished goods 356.6 381.9 Total inventories $ 525.9 $ 575.8 |
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 $ 144.2 million , $ 154.6 million , and $ 162.2 million for 2015 , 2014 , and 2013 , 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 $ 0.4 million in 2015 , $ 0.2 million in 2014 , and $ 0.3 million in 2013 . 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 $ 65.7 million and $ 69.9 million as of December 31, 2015 and 2014 , 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 three reporting units, of which two are included in the Global Packaging reportable segment. The other reporting unit is the U.S. Packaging 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. The annual impairment test indicated no impairment for the years ended December 31, 2015 , 2014 , or 2013 , 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 $ 99.8 million and $ 102.4 million at December 31, 2015 and 2014 , 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 2015, the Company purchased 3.3 million shares of common stock in the open market for $ 150.1 million . During 2014, the Company purchased 3.8 million shares of common stock in the open market for $ 152.1 million . During 2013, the Company purchased $ 2.0 million shares of common stock in the open market for $ 77.3 million . At December 31, 2015 , approximately 3.4 million common shares can be repurchased, at management’s discretion, under authority granted by the Company’s Board of Directors in 2014. |
Significant Accounting Polici32
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
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 |
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized at December 31, as follows: (in millions) 2015 2014 Raw materials and supplies $ 169.3 $ 193.9 Work in process and finished goods 356.6 381.9 Total inventories $ 525.9 $ 575.8 |
Facility Consolidation and Ot33
Facility Consolidation and Other Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Corporate Total Facility 2011 net expense accrued $ 26.3 $ 8.6 $ 0.8 $ 35.7 2012 net expense accrued 29.4 5.0 — 34.4 2013 net expense accrued 27.1 — — 27.1 Expense incurred through December 31, 2013 $ 82.8 $ 13.6 $ 0.8 $ 97.2 |
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 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 $ 22.0 $ 52.6 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2010 | |
Acquisitions [Abstract] | ||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The fair value and weighted average useful life that has been assigned to the acquired identifiable intangible asset of this acquisition is: (in millions, except useful life) Fair Value Weighted Average Useful Life (years) Customer relationships $ 4.5 10 | 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 |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table summarizes the results of the Pressure Sensitive Materials business, reclassified as discontinued operations for the twelve month periods ended December 31, 2015, 2014, and 2013: Twelve Months Ended December 31, (in millions) 2015 2014 2013 Net sales $ — $ 480.9 $ 553.2 (Loss) income from discontinued operations before income taxes $ (3.7 ) $ (39.4 ) $ 30.6 (Benefit) provision for income taxes on discontinued operations (1.1 ) 8.6 10.5 (Loss) income from discontinued operations, net of tax $ (2.6 ) $ (48.0 ) $ 20.1 |
Financial Assets and Financia36
Financial Assets and Financial Liabilities Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 follow: December 31, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value (in millions) Value (Level 2) Value (Level 2) Total long-term debt $ 1,353.9 $ 1,421.6 $ 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 December 31, 2015 December 31, 2014 (in millions) (Level 2) (Level 2) Interest rate swaps — net asset position $ 5.2 $ 1.0 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 are presented in the table below: Fair Value (Level 2) as of (in millions) Balance Sheet Location December 31, 2015 December 31, 2014 Asset Derivatives Interest rate swaps — designated as hedge Deferred charges and other assets $ 5.2 $ 1.0 |
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 2015 2014 2013 Designated as hedges Interest rate swaps Interest expense $ 7.2 $ 8.2 $ 8.1 Not designated as hedges Forward exchange contracts Other operating income 0.7 (0.4 ) 0.1 Total $ 7.9 $ 7.8 $ 8.2 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 Discontinued Operations Total Reported balance at December 31, 2013 $ 632.3 $ 367.3 $ 52.6 $ 1,052.2 Reclassification 12.8 (12.8 ) — — Non-cash impairment charge of discontinued operations — — (44.7 ) (44.7 ) Divestitures (10.1 ) — (7.8 ) (17.9 ) Currency translation (1.0 ) (25.4 ) (0.1 ) (26.5 ) Reported balance at December 31, 2014 634.0 329.1 — 963.1 Acquisition — 44.9 — 44.9 Currency translation (1.9 ) (56.6 ) — (58.5 ) Reported balance at December 31, 2015 $ 632.1 $ 317.4 $ — $ 949.5 |
Components of amortized intangible assets | The components of amortized intangible assets follow: December 31, 2015 December 31, 2014 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract based $ 10.0 $ (1.2 ) $ 10.7 $ (1.2 ) Technology based 79.6 (47.5 ) 81.0 (43.9 ) Marketing related 12.7 (7.8 ) 16.3 (9.1 ) Customer based 180.4 (76.4 ) 188.4 (73.6 ) Reported balance $ 282.7 $ (132.9 ) $ 296.4 $ (127.8 ) |
Pension plans (Tables)
Pension plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 . 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) 2015 2014 2015 2014 2015 2014 2015 2014 Projected benefit obligation $ 750.4 $ 774.6 $ 17.2 $ 65.9 $ 750.4 $ 774.6 $ 11.7 $ 13.7 Accumulated benefit obligation 750.4 774.6 14.1 58.5 750.4 774.6 10.4 11.9 Fair value of plan assets 641.3 685.7 12.2 57.2 641.3 685.7 7.5 8.2 |
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, 2015 , 2014 , and 2013 : (in millions) 2015 2014 2013 Service cost - benefits earned during the year $ 7.8 $ 7.5 $ 14.0 Interest cost on projected benefit obligation 32.6 34.0 32.5 Expected return on plan assets (50.7 ) (47.9 ) (48.1 ) Settlement loss 0.1 1.8 0.4 Curtailment loss (gain) — 0.6 (0.4 ) Amortization of unrecognized transition obligation 0.1 0.2 0.2 Amortization of prior service cost 0.9 1.4 1.8 Recognized actuarial net loss 20.1 11.8 23.9 Net periodic pension cost $ 10.9 $ 9.4 $ 24.3 |
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, 2015 and 2014 , were as follows: U.S. Pension Plans Non-U.S. Pension Plans (in millions) 2015 2014 2015 2014 Change in Benefit Obligation: Benefit obligation at the beginning of the year $ 774.6 $ 641.4 $ 65.9 $ 83.4 Service cost 6.1 4.9 1.7 2.6 Interest cost 30.3 30.7 2.3 3.3 Participant contributions — — 0.2 0.3 Plan amendments 1.2 0.1 — — Plan settlements — — — (0.7 ) Plan curtailments — (0.5 ) — (0.4 ) Benefits paid (34.1 ) (36.0 ) (2.2 ) (4.0 ) Actuarial (gain) loss (27.7 ) 134.0 (5.8 ) 8.4 Divestitures — — — (21.1 ) Foreign currency exchange rate changes — — (4.8 ) (5.9 ) Benefit obligation at the end of the year $ 750.4 $ 774.6 $ 57.3 $ 65.9 Accumulated benefit obligation at the end of the year $ 750.4 $ 774.6 $ 51.7 $ 58.5 |
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) 2015 2014 2015 2014 Change in Plan Assets: Fair value of plan assets at the beginning of the year $ 685.7 $ 627.2 $ 57.2 $ 67.2 Actual return on plan assets (11.6 ) 88.6 1.5 4.0 Employer contributions 1.3 5.9 1.6 4.9 Participant contributions — — 0.2 0.3 Plan settlements — — — (0.7 ) Divestitures — — — (9.9 ) Benefits paid (34.1 ) (36.0 ) (2.2 ) (4.0 ) Foreign currency exchange rate changes — — (4.1 ) (4.6 ) Fair value of plan assets at the end of the year $ 641.3 $ 685.7 $ 54.2 $ 57.2 Unfunded status at year end: $ (109.1 ) $ (88.9 ) $ (3.1 ) $ (8.7 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | U.S. Pension Plans Non-U.S. Pension Plans (in millions) 2015 2014 2015 2014 Amount recognized in consolidated balance sheet consists of: Prepaid benefit cost, non-current $ — $ — $ 1.9 $ — Accrued benefit liability, current (19.2 ) (1.6 ) (0.4 ) (0.2 ) Accrued benefit liability, non-current (89.9 ) (87.3 ) (4.6 ) (8.5 ) Sub-total (109.1 ) (88.9 ) (3.1 ) (8.7 ) Deferred tax asset 89.7 85.1 1.3 2.6 Accumulated other comprehensive loss 142.0 134.7 4.5 8.4 Net amount related to pension plans $ 122.6 $ 130.9 $ 2.7 $ 2.3 |
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) 2015 2014 2015 2014 Unrecognized net actuarial losses $ 227.3 $ 215.7 $ 5.4 $ 10.4 Unrecognized net prior service costs 4.4 4.1 0.1 0.1 Unrecognized net transition costs — — 0.3 0.5 Tax benefit (89.7 ) (85.1 ) (1.3 ) (2.6 ) Accumulated other comprehensive loss, end of year $ 142.0 $ 134.7 $ 4.5 $ 8.4 |
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 2016 are as follows: Non-U.S. (in millions) U.S. Pension Plans Pension Plans Net actuarial losses $ 14.5 $ (0.1 ) Net prior service costs 0.8 — Total $ 15.3 $ (0.1 ) |
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 2015 2014 2015 2014 Weighted-average discount rate 4.25 % 4.00 % 3.96 % 3.67 % Rate of increase in future compensation levels — — 3.71 % 3.66 % 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 2015 2014 2013 2015 2014 2013 Weighted-average discount rate 4.00 % 4.89 % 4.13 % 3.67 % 4.25 % 3.89 % Expected return on plan assets 7.50 % 7.50 % 8.00 % 6.00 % 5.78 % 6.01 % Rate of increase in future compensation levels — — 3.75 % 3.66 % 3.93 % 3.79 % |
Schedule of Allocation of Plan Assets [Table Text Block] | The pension plan assets measured at fair value at December 31, 2015 and 2014 follow: 2015 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 $ 18.8 $ 8.8 $ — $ — $ — $ — Corporate debt securities — 235.5 — — — — U.S. government debt securities 2.5 — — — — — State and municipal debt securities — 42.0 — — — — Corporate common stock 151.9 16.2 — — — — Registered investment company funds 10.6 144.9 — 44.9 — — Common trust funds — 10.1 — — 4.0 — General insurance account — — — — — 5.3 Balance at December 31, 2015 $ 183.8 $ 457.5 $ — $ 44.9 $ 4.0 $ 5.3 2014 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 $ 12.8 $ 6.7 $ — $ — $ — $ — Corporate debt securities — 243.6 — — — — U.S. government debt securities 1.1 — — — — — State and municipal debt securities — 48.6 — — — — Corporate common stock 144.7 15.6 — — — — Registered investment company funds 11.1 151.1 — 46.7 — — Common trust funds — 50.4 — — 5.0 — General insurance account — — — — — 5.5 Balance at December 31, 2014 $ 169.7 $ 516.0 $ — $ 46.7 $ 5.0 $ 5.5 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, 2015 and 2014 follows: (in millions) General Insurance Account Fair value of plan assets at December 31, 2013 $ 17.6 Actual return on plan assets (0.8 ) Purchases, sales and settlements, net (0.2 ) Divestiture (9.9 ) Foreign currency exchange rate changes (1.2 ) Fair value of plan assets at December 31, 2014 5.5 Actual return on plan assets 0.3 Purchases, sales and settlements, net — Foreign currency exchange rate changes (0.5 ) Fair value of plan assets at December 31, 2015 $ 5.3 |
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 2016 $ 53.6 $ 5.4 2017 37.1 1.5 2018 38.4 1.4 2019 41.4 1.7 2020 41.7 1.5 Years 2021-2025 220.5 11.7 |
Postretirement benefits (Tables
Postretirement benefits (Tables) - Other Postretirement Benefit Plans, Defined Benefit [Member] | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , are as follows: (in millions) 2015 2014 Change in Benefit Obligation Benefit obligation at the beginning of the year $ 7.1 $ 7.9 Service cost — 0.1 Interest cost 0.3 0.3 Participant contributions 0.8 0.7 Plan curtailment gain — (1.4 ) Actuarial (gain) loss (1.0 ) 0.7 Benefits paid (1.5 ) (1.2 ) Benefit obligation at the end of the year $ 5.7 $ 7.1 Change in Plan Assets Fair value of plan assets at the beginning of the year $ — $ — Participant contributions 0.8 0.7 Employer contributions 0.7 0.5 Benefits paid (1.5 ) (1.2 ) Fair value of plan assets at the end of the year $ — $ — Unfunded status at year end: $ (5.7 ) $ (7.1 ) (in millions) 2015 2014 Amount recognized in consolidated balance sheet consists of: Accrued benefit liability, current $ (0.4 ) $ (0.5 ) Accrued benefit liability, non-current (5.3 ) (6.6 ) Sub-total (5.7 ) (7.1 ) Deferred tax liability (2.0 ) (1.7 ) Accumulated other comprehensive income (3.1 ) (2.7 ) Net amount related to postretirement benefit plans $ (10.8 ) $ (11.5 ) |
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) 2015 2014 Unrecognized net actuarial gains $ (5.1 ) $ (4.4 ) Tax expense 2.0 1.7 Accumulated other comprehensive income, end of year $ (3.1 ) $ (2.7 ) |
Multiemployer Multiemployer (Ta
Multiemployer Multiemployer (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Schedule of Multi employer Pension Plans Disclosure [Table Text Block] | The Company’s participation in these plans for the annual periods ended December 31, 2015 , 2014 , and 2013 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 2015 2014 Implemented 2015 2014 2013 Imposed Agreement Central States Southeast and Southwest Areas Pension Fund 36-6044243/001 N/A Red N/A $ — $ 0.6 $ 0.9 N/A Withdrawn (a) Warehouse Employees Local 169 & Employers Joint Pension Fund 23-6230368/001 Red Red Yes 0.1 0.1 0.1 Yes 5/31/2017 GCIU — Employer Retirement Fund 91-6024903/001 N/A N/A N/A — — — N/A Withdrawn (b) $ 0.1 $ 0.7 $ 1.0 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013 was $ 53.14 , $ 46.42 , and $ 36.98 , respectively, which the Company determined using a Monte Carlo simulation and the following assumptions: 2015 2014 2013 Average risk-free interest rate 1.07 % 0.76 % 0.37 % Expected volatility (Bemis Company, Inc.) 15.1 % 19.7 % 21.9 % |
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, 2015 : Time-Based Performance-Based Weighted-average grant date share value Stock Awards (in thousands) Weighted-average grant date share value Stock Awards (in thousands) Outstanding units granted at the beginning of the year $ 33.13 1,526 $ 40.11 372 Units granted 45.18 309 53.14 92 Units paid (in shares) 33.55 (304 ) 34.99 (60 ) Units canceled 35.16 (106 ) 39.94 (71 ) Outstanding units granted at the end of the year 35.55 1,425 44.68 333 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | The scheduled maturities of the Company's long-term debt obligations for the next five years as of December 31, 2015, are as follows: Year Dollars (in millions) 2016 329.5 2017 20.0 2018 4.8 2019 402.0 2020 — |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt consisted of the following at December 31, (dollars in millions) 2015 2014 Commercial paper payable through 2015 $ 329.5 $ 317.3 6.8% notes payable in 2019 400.0 400.0 4.5% notes payable in 2021 400.0 400.0 Notes payable in 2022 200.0 200.0 Other debt, including debt from subsidiaries 30.5 — Interest rate swap of 2021 notes (See Note 8) 5.2 1.0 Unamortized discounts and debt issuance costs (5.5 ) (6.7 ) Total debt 1,359.7 1,311.6 Less current portion 5.8 — Total long-term debt $ 1,353.9 $ 1,311.6 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future obligations on leases in effect at December 31, 2015 were: Operating (in millions) Leases 2016 $ 8.6 2017 7.7 2018 6.9 2019 5.3 2020 4.1 Thereafter 28.3 Total minimum obligations $ 60.9 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | (in millions) 2015 2014 2013 U.S. income before income taxes $ 260.1 $ 255.3 $ 201.1 Non-U.S. income before income taxes 103.8 108.4 88.6 Income from continuing operations before income taxes $ 363.9 $ 363.7 $ 289.7 Income tax expense consists of the following components: Current tax expense: U.S. federal $ 71.8 $ 82.6 $ 59.7 Foreign 28.0 31.2 30.9 State and local 8.0 11.3 5.9 Total current tax expense 107.8 125.1 96.5 Deferred tax expense (benefit): U.S. federal 11.5 1.0 13.9 Foreign 2.1 (0.7 ) (14.8 ) State and local 0.6 (0.8 ) 1.6 Total deferred tax expense (benefit) 14.2 (0.5 ) 0.7 Total income tax expense $ 122.0 $ 124.6 $ 97.2 |
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) 2015 2014 Deferred Tax Assets: Trade receivables, principally due to allowances for returns and doubtful accounts $ 4.4 $ 5.5 Inventories, principally due to additional costs inventoried for tax purposes 19.8 24.1 Employee compensation and benefits accrued for financial reporting purposes 92.1 88.1 Foreign net operating losses 21.7 22.8 Foreign tax credits 24.1 25.0 Other 12.0 13.4 Total deferred tax assets 174.1 178.9 Less valuation allowance (42.0 ) (47.9 ) Total deferred tax assets, after valuation allowance $ 132.1 $ 131.0 (in millions) 2015 2014 Deferred Tax Liabilities: Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead $ 123.1 $ 116.9 Goodwill and intangible assets, principally due to differences in amortization 177.6 172.1 Total deferred tax liabilities 300.7 289.0 Deferred tax liabilities, net $ 168.6 $ 158.0 |
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) 2015 2014 Deferred tax assets (included in prepaid expense and other current assets) $ — $ 61.0 Deferred charges and other assets 3.8 4.4 Deferred tax liabilities 172.4 223.4 Net deferred tax liabilities $ 168.6 $ 158.0 |
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: 2015 2014 2013 (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 $ 127.4 35.0 % $ 127.3 35.0 % $ 101.4 35.0 % Increase (decrease) in taxes resulting from: State and local income taxes net of federal income tax benefit 5.6 1.5 6.8 1.9 4.9 1.7 Foreign tax rate differential (7.5 ) (2.1 ) (7.4 ) (2.0 ) (4.2 ) (1.4 ) Manufacturing tax benefits (6.7 ) (1.8 ) (7.5 ) (2.1 ) (5.8 ) (2.0 ) Other 3.2 0.9 5.4 1.5 0.9 0.3 Actual income tax expense $ 122.0 33.5 % $ 124.6 34.3 % $ 97.2 33.6 % |
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: 2015 2014 Balance at beginning of year $ 24.1 $ 21.4 Additions based on tax positions related to the current year 2.6 2.3 Additions for tax positions of prior years 11.5 3.2 Reductions for tax positions of prior years (1.6 ) (0.6 ) Reductions due to a lapse of the statute of limitations (4.7 ) (1.7 ) Settlements (1.2 ) (0.5 ) Balance at end of year $ 30.7 $ 24.1 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 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 Adjustment Accumulated Other Comprehensive Loss December 31, 2013 $ (8.0 ) $ (90.7 ) $ (98.7 ) Other comprehensive loss before reclassifications (129.4 ) (59.1 ) (188.5 ) Amounts reclassified from accumulated other comprehensive loss (13.9 ) 9.4 (4.5 ) Net current period other comprehensive loss (143.3 ) (49.7 ) (193.0 ) December 31, 2014 (151.3 ) (140.4 ) (291.7 ) Other comprehensive loss before reclassifications (215.2 ) (15.9 ) (231.1 ) Amounts reclassified from accumulated other comprehensive loss — 12.9 12.9 Net current period other comprehensive loss (215.2 ) (3.0 ) (218.2 ) December 31, 2015 $ (366.5 ) $ (143.4 ) $ (509.9 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table summarizes amounts reclassified from accumulated other comprehensive loss: Twelve Months Ended December 31, (in millions) 2015 2014 Pension costs 21.2 15.8 Tax benefit (8.3 ) (6.5 ) Pension costs, net of tax 12.9 9.3 Other postretirement plans — (2.2 ) Tax expense — 0.8 Other postretirement plans, net of tax — (1.4 ) Total 12.9 7.9 |
Earnings Per Share Computatio47
Earnings Per Share Computations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2013 Numerator Net income attributable to Bemis Company, Inc. $ 239.3 $ 191.1 $ 212.6 Income allocated to participating securities — — (0.2 ) Net income available to common shareholders (1) $ 239.3 $ 191.1 $ 212.4 Denominator Weighted-average common shares outstanding — basic 96.7 100.2 102.9 Dilutive shares 1.2 1.0 1.0 Weighted-average common and common equivalent shares outstanding — diluted 97.9 101.2 103.9 Per common share income Basic $ 2.47 $ 1.91 $ 2.06 Diluted $ 2.44 $ 1.89 $ 2.04 (1) Basic weighted-average common shares outstanding 96.7 100.2 102.9 Basic weighted-average common shares outstanding and participating securities 96.7 100.2 103.0 Percentage allocated to common shareholders 100.0 % 100.0 % 99.9 % |
Segments of Business (Tables)
Segments of Business (Tables) | 12 Months Ended |
Dec. 31, 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: Business Segments (in millions) 2015 2014 2013 Sales including intersegment sales: U.S. Packaging $ 2,772.8 $ 2,889.5 $ 3,013.1 Global Packaging 1,345.6 1,507.6 1,518.8 Intersegment sales: U.S. Packaging (25.3 ) (28.8 ) (28.5 ) Global Packaging (21.7 ) (24.8 ) (26.8 ) Total net sales $ 4,071.4 $ 4,343.5 $ 4,476.6 U.S. Packaging Operating profit before restructuring and acquisition-related costs $ 391.8 $ 375.8 $ 382.9 Restructuring and acquisition-related costs — — (45.0 ) Operating profit 391.8 375.8 337.9 Global Packaging Operating profit before restructuring and acquisition-related costs 116.5 113.3 106.8 Restructuring and acquisition-related costs (9.4 ) — (0.4 ) Operating profit 107.1 113.3 106.4 Corporate General corporate expenses (89.3 ) (81.4 ) (94.1 ) Operating income 409.6 407.7 350.2 Interest expense 51.7 60.8 68.2 Other non-operating income (6.0 ) (16.8 ) (7.7 ) Income from continuing operations before income taxes $ 363.9 $ 363.7 $ 289.7 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Business Segments (in millions) 2015 2014 2013 Total assets (1): U.S. Packaging $ 1,982.5 $ 1,977.9 $ 2,004.5 Global Packaging 1,291.5 1,345.3 1,413.3 Corporate assets (2) 215.8 287.6 376.2 Discontinued operations — — 311.6 Total $ 3,489.8 $ 3,610.8 $ 4,105.6 Depreciation and amortization: U.S. Packaging $ 97.8 $ 96.3 $ 102.4 Global Packaging 47.7 62.1 63.6 Corporate 12.6 11.7 11.5 Total continuing operations 158.1 170.1 177.5 Discontinued operations — 10.5 12.8 Total $ 158.1 $ 180.6 $ 190.3 Additions to property and equipment: U.S. Packaging $ 127.5 $ 105.5 $ 80.8 Global Packaging 79.4 51.0 42.3 Corporate 12.5 23.8 9.2 Total continuing operations 219.4 180.3 132.3 Discontinued operations — 4.9 7.5 Total $ 219.4 $ 185.2 $ 139.8 Operations by geographic area (in millions) 2015 2014 2013 Net sales (3): United States $ 2,937.8 $ 3,040.8 $ 3,143.2 Brazil 442.5 581.5 629.6 Other Americas 273.5 273.2 299.8 Europe 233.9 258.8 245.4 Asia-Pacific 183.7 189.2 158.6 Total $ 4,071.4 $ 4,343.5 $ 4,476.6 Long-lived assets (4): United States $ 897.4 $ 831.8 $ 901.5 Brazil 173.1 159.0 179.9 Other Americas 53.1 55.7 64.3 Europe 68.6 68.1 126.4 Asia-Pacific 75.6 72.4 74.3 Total $ 1,267.8 $ 1,187.0 $ 1,346.4 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Operations by geographic area (in millions) 2015 2014 2013 Net sales (3): United States $ 2,937.8 $ 3,040.8 $ 3,143.2 Brazil 442.5 581.5 629.6 Other Americas 273.5 273.2 299.8 Europe 233.9 258.8 245.4 Asia-Pacific 183.7 189.2 158.6 Total $ 4,071.4 $ 4,343.5 $ 4,476.6 Long-lived assets (4): United States $ 897.4 $ 831.8 $ 901.5 Brazil 173.1 159.0 179.9 Other Americas 53.1 55.7 64.3 Europe 68.6 68.1 126.4 Asia-Pacific 75.6 72.4 74.3 Total $ 1,267.8 $ 1,187.0 $ 1,346.4 (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. The Company utilizes a global cash pooling arrangement. Beginning in 2014, the Company treated all cash and cash equivalents, including the net cash position in the cash pooling arrangement, as Corporate assets. Prior periods have been recast on a consistent basis. (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 Informati49
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 Net sales $ 1,040.1 $ 1,030.3 $ 1,018.3 $ 982.7 $ 4,071.4 Gross profit 217.5 221.2 221.8 212.9 873.4 Income from continuing operations 57.0 65.6 62.5 56.8 241.9 Loss from discontinued operations (2.6 ) — — — (2.6 ) Net income 54.4 65.6 62.5 56.8 239.3 Basic earnings per share: Income from continuing operations 0.58 0.68 0.65 0.59 2.50 Loss from discontinued operations (0.03 ) — — — (0.03 ) Net income 0.55 0.68 0.65 0.59 2.47 Diluted earnings per share: Income from continuing operations 0.58 0.67 0.64 0.58 2.47 Loss from discontinued operations (0.03 ) — — — (0.03 ) Net income 0.55 0.67 0.64 0.58 2.44 2014 Net sales $ 1,095.0 $ 1,097.6 $ 1,098.2 $ 1,052.7 $ 4,343.5 Gross profit 210.9 219.0 220.7 208.5 859.1 Income from continuing operations 59.7 60.7 61.5 57.2 239.1 (Loss) income from discontinued operations (10.5 ) 5.1 (44.5 ) 1.9 (48.0 ) Net income 49.2 65.8 17.0 59.1 191.1 Basic earnings per share: Income from continuing operations 0.58 0.61 0.62 0.58 2.39 (Loss) income from discontinued operations (0.10 ) 0.05 (0.45 ) 0.02 (0.48 ) Net income 0.48 0.66 0.17 0.60 1.91 Diluted earnings per share: Income from continuing operations 0.58 0.60 0.61 0.57 2.36 (Loss) income from discontinued operations (0.10 ) 0.05 (0.44 ) 0.02 (0.47 ) Net income 0.48 0.65 0.17 0.59 1.89 |
Business Description (Details)
Business Description (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reporting Segments Number | 2 |
Entity Number of Employees | 17,500 |
Manufacturing Facilities Number | 61 |
Business Description (Details 2
Business Description (Details 2) | 12 Months Ended |
Dec. 31, 2015 | |
Food Industry Market Products [Member] | |
Product Information [Line Items] | |
Percentage of total net sales | 80.00% |
USPackaging [Member] | |
Product Information [Line Items] | |
Percentage of total net sales | 67.00% |
GlobalPackaging [Member] | |
Product Information [Line Items] | |
Percentage of total net sales | 33.00% |
Significant Accounting Polici52
Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | |||
Earnings from joint ventures | $ 1.9 | $ 1.7 | $ 3.1 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 5.4 | 8 | |
Foreign currency transaction gain (loss) | 1.4 | 3.5 | 2.6 |
Allowance for doubtful accounts | 18 | 21 | |
Inventory, Net [Abstract] | |||
Raw materials and supplies | 169.3 | 193.9 | |
Work in process and finished goods | 356.6 | 381.9 | |
Total inventories | 525.9 | 575.8 | |
Depreciation expense | 144.2 | 154.6 | 162.2 |
Interest Costs Capitalized | 0.4 | 0.2 | $ 0.3 |
Capitalized Computer Software, Net | 65.7 | 69.9 | |
Non-current pension and other post-retirement liability | $ 99.8 | $ 102.4 | |
Purchase of common stock, shares | 3.3 | 3.8 | 2 |
Payments for Repurchase of Common Stock | $ 150.1 | $ 152.1 | $ 77.3 |
Remaining shares authorized to be repurchased | 3.4 | ||
Prior Period Reclassifications [Line Items] | |||
Trade receivables | $ 451.3 | 496.3 | |
Prepaid expenses and other current assets | 82.6 | 168.6 | |
Deferred charges and other assets | 65.2 | 48.4 | |
Accounts payable | 334.8 | 268.2 | |
Employee-related liabilities | 93.3 | 90.8 | |
Long-term Debt and Capital Lease Obligations | $ 1,353.9 | 1,311.6 | |
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 | ||
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) |
Significant Accounting Polici53
Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2015 | |
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 |
Facility Consolidation and Ot54
Facility Consolidation and Other Costs (Details) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2013USD ($) | |
Facility Consolidation and Other Costs | |||||||
Net expense accrued | $ 12.1 | $ 0 | $ 45.4 | ||||
Cash payments | $ 51.6 | $ 35.2 | |||||
2011 Facility Consolidation | |||||||
Facility Consolidation and Other Costs | |||||||
Number of planned closure facilities under facility consolidation program | 5 | ||||||
Net expense accrued | $ 27.1 | 34.4 | $ 35.7 | $ 97.2 | |||
2011 Facility Consolidation | Corporate | |||||||
Facility Consolidation and Other Costs | |||||||
Net expense accrued | 0 | 0 | 0.8 | 0.8 | |||
2011 Facility Consolidation | USPackaging [Member] | |||||||
Facility Consolidation and Other Costs | |||||||
Net expense accrued | 27.1 | 29.4 | 26.3 | 82.8 | |||
2011 Facility Consolidation | GlobalPackaging [Member] | |||||||
Facility Consolidation and Other Costs | |||||||
Net expense accrued | 0 | 5 | $ 8.6 | 13.6 | |||
2011 Facility Consolidation | Employee Costs | |||||||
Facility Consolidation and Other Costs | |||||||
Total estimated program costs | 33.4 | $ 33.4 | 33.4 | ||||
2011 Facility Consolidation | Fixed Asset Related | |||||||
Facility Consolidation and Other Costs | |||||||
Total estimated program costs | 34.7 | 34.7 | 34.7 | ||||
2011 Facility Consolidation | Other Costs | |||||||
Facility Consolidation and Other Costs | |||||||
Total estimated program costs | 29.1 | 29.1 | 29.1 | ||||
2011 Facility Consolidation | Total Facility Consolidation and Other Costs | |||||||
Facility Consolidation and Other Costs | |||||||
Total estimated program costs | $ 97.2 | 97.2 | 97.2 | ||||
2012 Facility Consolidation | |||||||
Facility Consolidation and Other Costs | |||||||
Number of planned closure facilities under facility consolidation program | 4 | ||||||
Number of planned closure facilities under facility consolidation program outside United States | 3 | ||||||
Net expense accrued | $ 18.3 | 34.3 | 52.6 | ||||
2012 Facility Consolidation | USPackaging [Member] | |||||||
Facility Consolidation and Other Costs | |||||||
Net expense accrued | 17.9 | 12.7 | 30.6 | ||||
2012 Facility Consolidation | GlobalPackaging [Member] | |||||||
Facility Consolidation and Other Costs | |||||||
Net expense accrued | 0.4 | $ 21.6 | 22 | ||||
2012 Facility Consolidation | Employee Costs | |||||||
Facility Consolidation and Other Costs | |||||||
Total estimated program costs | 21.9 | 21.9 | 21.9 | ||||
2012 Facility Consolidation | Fixed Asset Related | |||||||
Facility Consolidation and Other Costs | |||||||
Total estimated program costs | 16.5 | 16.5 | 16.5 | ||||
2012 Facility Consolidation | Other Costs | |||||||
Facility Consolidation and Other Costs | |||||||
Total estimated program costs | 14.2 | 14.2 | 14.2 | ||||
2012 Facility Consolidation | Gain on sale of equipment [Member] | |||||||
Facility Consolidation and Other Costs | |||||||
Net expense accrued | 9.8 | ||||||
2012 Facility Consolidation | Total Facility Consolidation and Other Costs | |||||||
Facility Consolidation and Other Costs | |||||||
Total estimated program costs | $ 52.6 | $ 52.6 | $ 52.6 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 01, 2015 | Jul. 02, 2013 | |
Business Acquisition [Abstract] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 66.4 | $ 0 | $ 59.7 | ||
Emplal [Member] | |||||
Business Acquisition [Abstract] | |||||
Business Combination, Consideration Transferred | 67 | ||||
Goodwill, Acquired During Period | 44.9 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 145.8 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 78.8 | ||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 16.9 | ||||
NCS [Member] | |||||
Business Acquisition [Abstract] | |||||
Business Combination, Consideration Transferred | 75.6 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 4.3 | $ 6.6 | 65.3 | ||
Goodwill, Acquired During Period | $ 47.4 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 111 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 35.4 |
Acquisitions (Details 2)
Acquisitions (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Customer Relationships [Member] | Emplal [Member] | ||
Business Acquisition [Abstract] | ||
Finite-lived Intangible Assets Acquired | $ 4.5 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Customer Relationships [Member] | NCS [Member] | ||
Business Acquisition [Abstract] | ||
Finite-lived Intangible Assets Acquired | $ 8.3 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |
Contract based | NCS [Member] | ||
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] | NCS [Member] | ||
Business Acquisition [Abstract] | ||
Finite-lived Intangible Assets Acquired | $ 0.4 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years |
Discontinued operations (Detail
Discontinued operations (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 16 Months Ended | |||||||||
Apr. 30, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2015 | |
Discontinued operations | |||||||||||||
Non-cash impairment charge of discontinued operations | $ 3.2 | $ 44.7 | $ 0 | ||||||||||
Gain on divestiture | 0 | 9.3 | 5.5 | ||||||||||
Proceeds from divestitures | 13.6 | 215.6 | 30 | ||||||||||
Restructuring and acquisition-related costs | 12.1 | 0 | 45.4 | ||||||||||
Income (loss) from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ (2.6) | $ 1.9 | $ (44.5) | $ 5.1 | $ (10.5) | (2.6) | (48) | 20.1 | ||
Pressure Sensitive Materials [Member] | |||||||||||||
Discontinued operations | |||||||||||||
Non-cash impairment charge of discontinued operations | 44.7 | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 480.9 | 553.2 | ||||||||||
Proceeds from divestitures | $ 13.6 | 136.9 | $ 150.5 | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (3.7) | (39.4) | 30.6 | ||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (1.1) | 8.6 | 10.5 | ||||||||||
Income (loss) from discontinued operations, net of tax | (2.6) | (48) | 20.1 | ||||||||||
Paper [Member] | |||||||||||||
Discontinued operations | |||||||||||||
Gain on divestiture | 9.3 | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 160 | ||||||||||||
Proceeds from divestitures | 78.7 | ||||||||||||
Clysar [Member] | |||||||||||||
Discontinued operations | |||||||||||||
Gain on divestiture | 5.5 | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 70 | ||||||||||||
Proceeds from divestitures | $ 30 | ||||||||||||
Healthcare Plant Closure [Member] | |||||||||||||
Discontinued operations | |||||||||||||
Restructuring and acquisition-related costs | 7.8 | ||||||||||||
Expected Cash Payments for Plant Closure | $ 7 | ||||||||||||
Stow Plant Closure [Member] | |||||||||||||
Discontinued operations | |||||||||||||
Restructuring and acquisition-related costs | 25 | ||||||||||||
Expected Cash Payments for Stow Plant Closure | $ 20.8 |
Financial Assets and Financia58
Financial Assets and Financial Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Value | ||
Carrying values and estimated fair values of long-term debt, including current maturities | ||
Total long-term debt | $ 1,353.9 | $ 1,311.6 |
Fair Value | (Level 2) | ||
Carrying values and estimated fair values of long-term debt, including current maturities | ||
Total long-term debt | $ 1,421.6 | $ 1,410.9 |
Financial Assets and Financia59
Financial Assets and Financial Liabilities Measured at Fair Value (Details 2) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Measured on a recurring basis | (Level 2) | Interest-rate swap | ||
Fair values for derivatives | ||
Derivative Asset | $ 5.2 | $ 1 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 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 | $ 3.8 | $ 2.3 |
Derivatives designated as hedging instruments | 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 | $ 5.2 | $ 1 |
Derivative Instruments (Detai61
Derivative Instruments (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 7.9 | $ 7.8 | $ 8.2 |
Derivatives designated as hedging instruments | Interest-rate swap | |||
Derivative Instruments, Gain (Loss) | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 7.2 | 8.2 | 8.1 |
Not Designated as Hedging Instrument [Member] | Forward exchange contracts | |||
Derivative Instruments, Gain (Loss) | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 0.7 | $ (0.4) | $ 0.1 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in the carrying amount of goodwill | |||
Reported balance at the beginning of the period | $ 963.1 | $ 1,052.2 | |
Acquisitions and acquisition adjustments | 44.9 | ||
Goodwill, Transfers | 0 | ||
Non-cash impairment charge of discontinued operations | (3.2) | (44.7) | $ 0 |
Goodwill, Written off Related to Sale of Business Unit | (17.9) | ||
Currency translation | (58.5) | (26.5) | |
Reported balance at the end of the period | 949.5 | 963.1 | 1,052.2 |
USPackaging [Member] | |||
Changes in the carrying amount of goodwill | |||
Reported balance at the beginning of the period | 634 | 632.3 | |
Acquisitions and acquisition adjustments | 0 | ||
Goodwill, Transfers | 12.8 | ||
Non-cash impairment charge of discontinued operations | 0 | ||
Goodwill, Written off Related to Sale of Business Unit | 10.1 | ||
Currency translation | (1.9) | (1) | |
Reported balance at the end of the period | 632.1 | 634 | 632.3 |
GlobalPackaging [Member] | |||
Changes in the carrying amount of goodwill | |||
Reported balance at the beginning of the period | 329.1 | 367.3 | |
Acquisitions and acquisition adjustments | 44.9 | ||
Goodwill, Transfers | (12.8) | ||
Non-cash impairment charge of discontinued operations | 0 | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Currency translation | (56.6) | (25.4) | |
Reported balance at the end of the period | 317.4 | 329.1 | 367.3 |
Pressure Sensitive Materials [Member] | |||
Changes in the carrying amount of goodwill | |||
Reported balance at the beginning of the period | 0 | 52.6 | |
Acquisitions and acquisition adjustments | 0 | ||
Goodwill, Transfers | 0 | ||
Non-cash impairment charge of discontinued operations | (44.7) | ||
Goodwill, Written off Related to Sale of Business Unit | (7.8) | ||
Currency translation | 0 | (0.1) | |
Reported balance at the end of the period | $ 0 | $ 0 | $ 52.6 |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of amortized intangible assets | |||
Gross Carrying Amount | $ 282.7 | $ 296.4 | |
Accumulated Amortization | (132.9) | (127.8) | |
Amortization of Intangible Assets | 14.3 | 15.4 | $ 15.5 |
Estimated amortization expense | |||
2,016 | 14.5 | ||
2,017 | 14.4 | ||
2,018 | 14.4 | ||
2,019 | 14.2 | ||
2,020 | 12.8 | ||
Contract based | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | 10 | 10.7 | |
Accumulated Amortization | (1.2) | (1.2) | |
Technology [Member] | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | 79.6 | 81 | |
Accumulated Amortization | (47.5) | (43.9) | |
Marketing related | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | 12.7 | 16.3 | |
Accumulated Amortization | (7.8) | (9.1) | |
Customer based | |||
Components of amortized intangible assets | |||
Gross Carrying Amount | 180.4 | 188.4 | |
Accumulated Amortization | $ (76.4) | $ (73.6) |
Pension plans (Details)
Pension plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Expense | $ 41,200,000 | $ 37,200,000 | $ 53,200,000 |
Employer matching contribution on each pre-tax dollar for the first two percent of participant's contribution | 0.50 | ||
Defined Contribution Plan, Participants Contribution for First Two Percentage | 1 | ||
Defined Contribution Plan, Employer Matching Contribution on Pretax Dollar for Next Six Percentage of Participants Contribution | 0.25 | ||
Defined Contribution Plan, Participants Contribution for Next Six Percentage | $ 1 | ||
Defined Contribution Plan, Employer Matching Contribution on Pre-tax Dollar for First Four Percentage of Participants Contribution | 0.50 | ||
Employee contribution for the first four percent of the plan | 1 | ||
Employer's matching contribution on each pre-tax dollar for the next four percent of participant's contribution | 0.25 | ||
Participant's contribution for the next four percent to the plan | $ 1 | ||
Next percentage of participant contributions eligible for employer contribution match towards defined contribution plan | 4.00% | 6.00% | |
Amount contributed to defined benefit multiemployear plans | $ 100,000 | 700,000 | $ 1,000,000 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost - benefits earned during the period | 7,800,000 | 7,500,000 | 14,000,000 |
Interest cost on benefit obligation | 32,600,000 | 34,000,000 | 32,500,000 |
Expected return on plan assets | (50,700,000) | (47,900,000) | (48,100,000) |
Settlement loss (gain) | 100,000 | 1,800,000 | 400,000 |
Curtailment gain | 0 | 600,000 | (400,000) |
Amortization of unrecognized transition obligation | 100,000 | 200,000 | 200,000 |
Amortization of prior service cost | 900,000 | 1,400,000 | 1,800,000 |
Recognized actuarial net (gain) or loss | 20,100,000 | 11,800,000 | 23,900,000 |
Net periodic benefit (income) cost | 10,900,000 | 9,400,000 | 24,300,000 |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost - benefits earned during the period | 6,100,000 | 4,900,000 | |
Interest cost on benefit obligation | 30,300,000 | 30,700,000 | |
Plan curtailments | 0 | 500,000 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost - benefits earned during the period | 0 | 100,000 | 300,000 |
Interest cost on benefit obligation | 300,000 | 300,000 | 400,000 |
Curtailment gain | (3,000,000) | ||
Amortization of prior service cost | 0 | (200,000) | (600,000) |
Recognized actuarial net (gain) or loss | (300,000) | (300,000) | (300,000) |
Net periodic benefit (income) cost | 0 | (3,700,000) | (200,000) |
Plan curtailments | 0 | 3,600,000 | 0 |
Defined Contribution Plans 401K Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution benefits plans | 10,200,000 | 10,600,000 | 9,000,000 |
Bemis Investment Profit Sharing Plan and Other Defined Contribution Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution benefits plans | $ 20,000,000 | $ 16,500,000 | $ 18,900,000 |
Pension plans 2 (Details)
Pension plans 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 802.1 | $ 833.1 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | 2.9 | 10.8 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current pension and other post-retirement liability | 99.8 | 102.4 | |
Deferred tax asset | 89 | 85.9 | |
Accumulated other comprehensive loss (income) | $ 143.4 | $ 140.4 | $ 90.7 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Defined Benefit Plan, Plan Assets Percentage | 92.00% | 92.00% | |
Defined Benefit Plan, Projected Benefit Obligation Percentage | 93.00% | 92.00% | |
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 | $ 774.6 | $ 641.4 | |
Service cost | 6.1 | 4.9 | |
Interest cost | 30.3 | 30.7 | |
Participant contributions | 0 | 0 | |
Plan amendments | 1.2 | 0.1 | |
Plan settlements | 0 | 0 | |
Plan curtailments | 0 | (0.5) | |
Benefits paid | (34.1) | (36) | |
Actuarial loss | (27.7) | 134 | |
Transfer in | 0 | 0 | |
Foreign currency exchange rates | 0 | 0 | |
Benefit obligation at the end of the year | 750.4 | 774.6 | 641.4 |
Accumulated benefit obligation at the end of the year | 750.4 | 774.6 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the year | 685.7 | 627.2 | |
Actual return on plan assets | (11.6) | 88.6 | |
Employer contributions | 1.3 | 5.9 | |
Plan settlements | 0 | 0 | |
Defined Benefit Plan, Divestitures, Plan Assets | 0 | 0 | |
Foreign currency exchange rates | 0 | 0 | |
Fair value of plan assets at the end of the year | 641.3 | 685.7 | 627.2 |
Unfunded status at year end: | (109.1) | (88.9) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Prepaid benefit cost, non-current | 0 | 0 | |
Accrued benefit liability, current | (19.2) | (1.6) | |
Non-current pension and other post-retirement liability | (89.9) | (87.3) | |
Subtotal | (109.1) | (88.9) | |
Deferred tax asset | 89.7 | 85.1 | |
Accumulated other comprehensive loss (income) | 142 | 134.7 | |
Net amount related to pension plans | 122.6 | 130.9 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Unrecognized net actuarial losses | 227.3 | 215.7 | |
Unrecognized net prior service costs | 4.4 | 4.1 | |
Unrecognized net transition costs | 0 | 0 | |
Tax benefit | (89.7) | (85.1) | |
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 | 14.5 | ||
Net prior service costs | 0.8 | ||
Total | 15.3 | ||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | 750.4 | 774.6 | |
Accumulated benefit obligation | 750.4 | 774.6 | |
Fair value of plan assets | 641.3 | 685.7 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | 750.4 | 774.6 | |
Accumulated benefit obligation | 750.4 | 774.6 | |
Fair value of plan assets | 641.3 | 685.7 | |
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 | 65.9 | 83.4 | |
Service cost | 1.7 | 2.6 | |
Interest cost | 2.3 | 3.3 | |
Participant contributions | 0.2 | 0.3 | |
Plan amendments | 0 | 0 | |
Plan settlements | 0 | (0.7) | |
Plan curtailments | 0 | (0.4) | |
Benefits paid | (2.2) | (4) | |
Actuarial loss | (5.8) | 8.4 | |
Transfer in | 0 | (21.1) | |
Foreign currency exchange rates | (4.8) | (5.9) | |
Benefit obligation at the end of the year | 57.3 | 65.9 | 83.4 |
Accumulated benefit obligation at the end of the year | 51.7 | 58.5 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the year | 57.2 | 67.2 | |
Actual return on plan assets | 1.5 | 4 | |
Employer contributions | 1.6 | 4.9 | |
Plan settlements | 0 | (0.7) | |
Defined Benefit Plan, Divestitures, Plan Assets | 0 | (9.9) | |
Foreign currency exchange rates | (4.1) | (4.6) | |
Fair value of plan assets at the end of the year | 54.2 | 57.2 | 67.2 |
Unfunded status at year end: | (3.1) | (8.7) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Prepaid benefit cost, non-current | 1.9 | 0 | |
Accrued benefit liability, current | (0.4) | (0.2) | |
Non-current pension and other post-retirement liability | (4.6) | (8.5) | |
Subtotal | (3.1) | (8.7) | |
Deferred tax asset | 1.3 | 2.6 | |
Accumulated other comprehensive loss (income) | 4.5 | 8.4 | |
Net amount related to pension plans | 2.7 | 2.3 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Unrecognized net actuarial losses | 5.4 | 10.4 | |
Unrecognized net prior service costs | 0.1 | 0.1 | |
Unrecognized net transition costs | 0.3 | 0.5 | |
Tax benefit | (1.3) | (2.6) | |
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 | ||
Total | (0.1) | ||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | 17.2 | 65.9 | |
Accumulated benefit obligation | 14.1 | 58.5 | |
Fair value of plan assets | 12.2 | 57.2 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | 11.7 | 13.7 | |
Accumulated benefit obligation | 10.4 | 11.9 | |
Fair value of plan assets | 7.5 | 8.2 | |
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 | 7.8 | 7.5 | 14 |
Interest cost | 32.6 | $ 34 | $ 32.5 |
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 | $ 20.6 |
Pension plans 3 (Details)
Pension plans 3 (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Weighted-average discount rate | 4.25% | 4.00% | |
Rate of increase in future compensation levels | 0.00% | 0.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Weighted-average discount rate | 4.00% | 4.89% | 4.13% |
Expected return on plan assets | 7.50% | 7.50% | 8.00% |
Rate of increase in future compensation levels | 0.00% | 0.00% | 3.75% |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Weighted-average discount rate | 3.96% | 3.67% | |
Rate of increase in future compensation levels | 3.71% | 3.66% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Weighted-average discount rate | 3.67% | 4.25% | 3.89% |
Expected return on plan assets | 6.00% | 5.78% | 6.01% |
Rate of increase in future compensation levels | 3.66% | 3.93% | 3.79% |
Pension plans 4 (Details)
Pension plans 4 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
General insurance account [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | $ 5.5 | $ 17.6 |
Actual return on plan assets | 0.3 | (0.8) |
Purchases, sales and settlments, net | 0 | (0.2) |
Defined Benefit Plan, Divestitures, Plan Assets | (9.9) | |
Foreign currency exchange rates | (0.5) | (1.2) |
Fair value of plan assets at the end of the year | 5.3 | 5.5 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 685.7 | 627.2 |
Actual return on plan assets | (11.6) | 88.6 |
Defined Benefit Plan, Divestitures, Plan Assets | 0 | 0 |
Foreign currency exchange rates | 0 | 0 |
Fair value of plan assets at the end of the year | 641.3 | 685.7 |
U.S. Pension Plans [Member] | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 169.7 | |
Fair value of plan assets at the end of the year | 183.8 | 169.7 |
U.S. Pension Plans [Member] | (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 516 | |
Fair value of plan assets at the end of the year | 457.5 | 516 |
U.S. Pension Plans [Member] | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 0 | |
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 beginning of the year | 12.8 | |
Fair value of plan assets at the end of the year | 18.8 | 12.8 |
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 beginning of the year | 6.7 | |
Fair value of plan assets at the end of the year | 8.8 | 6.7 |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 243.6 | |
Fair value of plan assets at the end of the year | 235.5 | 243.6 |
U.S. Pension Plans [Member] | Corporate debt securities [Member] | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 0 | |
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 beginning of the year | 1.1 | |
Fair value of plan assets at the end of the year | 2.5 | 1.1 |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 48.6 | |
Fair value of plan assets at the end of the year | 42 | 48.6 |
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 beginning of the year | 0 | |
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 beginning of the year | 144.7 | |
Fair value of plan assets at the end of the year | 151.9 | 144.7 |
U.S. Pension Plans [Member] | Corporate common stock [Member] | (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 15.6 | |
Fair value of plan assets at the end of the year | 16.2 | 15.6 |
U.S. Pension Plans [Member] | Corporate common stock [Member] | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 0 | |
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 beginning of the year | 11.1 | |
Fair value of plan assets at the end of the year | 10.6 | 11.1 |
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 beginning of the year | 151.1 | |
Fair value of plan assets at the end of the year | 144.9 | 151.1 |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 50.4 | |
Fair value of plan assets at the end of the year | 10.1 | 50.4 |
U.S. Pension Plans [Member] | Common trust funds [Member] | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 | 57.2 | 67.2 |
Actual return on plan assets | 1.5 | 4 |
Defined Benefit Plan, Divestitures, Plan Assets | 0 | (9.9) |
Foreign currency exchange rates | (4.1) | (4.6) |
Fair value of plan assets at the end of the year | 54.2 | 57.2 |
Non-U.S. Pension Plans [Member] | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 46.7 | |
Fair value of plan assets at the end of the year | 44.9 | 46.7 |
Non-U.S. Pension Plans [Member] | (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 5 | |
Fair value of plan assets at the end of the year | 4 | 5 |
Non-U.S. Pension Plans [Member] | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 5.5 | |
Fair value of plan assets at the end of the year | 5.3 | 5.5 |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 46.7 | |
Fair value of plan assets at the end of the year | 44.9 | 46.7 |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 5 | |
Fair value of plan assets at the end of the year | 4 | 5 |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 0 | |
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 beginning of the year | 5.5 | |
Fair value of plan assets at the end of the year | $ 5.3 | $ 5.5 |
Pension plans 5 (Details)
Pension plans 5 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation (as a percent) | 35.00% | ||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation (as a percent) | 65.00% | ||
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 7.50% | 7.50% | 8.00% |
2,016 | $ 53.6 | ||
2,017 | 37.1 | ||
2,018 | 38.4 | ||
2,019 | 41.4 | ||
2,020 | 41.7 | ||
Years 2021 - 2025 | $ 220.5 | ||
Weighted-average discount rate | 4.25% | 4.00% | |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.00% | 5.78% | 6.01% |
2,016 | $ 5.4 | ||
2,017 | 1.5 | ||
2,018 | 1.4 | ||
2,019 | 1.7 | ||
2,020 | 1.5 | ||
Years 2021 - 2025 | $ 11.7 | ||
Weighted-average discount rate | 3.96% | 3.67% | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss (gain) | $ (0.1) | $ (1.8) | $ (0.4) |
Postretirement benefits (Detail
Postretirement benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | $ 2.9 | $ 10.8 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current pension and other post-retirement liability | 99.8 | 102.4 | |
Accumulated other comprehensive loss (income) | 143.4 | 140.4 | $ 90.7 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Accumulated other comprehensive loss (income) | 143.4 | 140.4 | 90.7 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost - benefits earned during the period | 0 | 0.1 | 0.3 |
Interest cost on benefit obligation | 0.3 | 0.3 | 0.4 |
Amortization of prior service credit | 0 | (0.2) | (0.6) |
Recognized actuarial net (gain) or loss | (0.3) | (0.3) | (0.3) |
Defined Benefit Plan, Curtailments | 0 | (3.6) | 0 |
Net periodic benefit (income) cost | 0 | (3.7) | (0.2) |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the year | 7.1 | 7.9 | |
Service cost | 0 | 0.1 | 0.3 |
Interest cost | 0.3 | 0.3 | 0.4 |
Participant contributions | 0.8 | 0.7 | |
OPEB curtailment | 0 | (1.4) | |
Actuarial loss | (1) | 0.7 | |
Benefits paid | (1.5) | (1.2) | |
Benefit obligation at the end of the year | 5.7 | 7.1 | 7.9 |
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 | |
Participant contributions | 0.8 | 0.7 | |
Employer contributions | 0.7 | 0.5 | |
Benefits paid | (1.5) | (1.2) | |
Fair value of plan assets at the end of the year | 0 | 0 | $ 0 |
Unfunded status at year end: | 5.7 | 7.1 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Accrued benefit liability, current | (0.4) | (0.5) | |
Non-current pension and other post-retirement liability | (5.3) | (6.6) | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | (2) | (1.7) | |
Accumulated other comprehensive loss (income) | (3.1) | (2.7) | |
Net amount related to postretirement plans | (10.8) | (11.5) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Unrecognized net actuarial losses | (5.1) | (4.4) | |
Tax benefit | 2 | 1.7 | |
Accumulated other comprehensive loss (income) | (3.1) | $ (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 | 0.4 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2,016 | 0.5 | ||
2,017 | 0.5 | ||
2,018 | 0.5 | ||
2,019 | 0.4 | ||
2,020 | 0.4 | ||
Years 2021 - 2025 | 2.3 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 0.5 | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | 7.50% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate Annual Change | 0.25% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Weighted-average discount rate | 4.25% | 4.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Weighted-average discount rate | 4.00% | 4.62% | 4.00% |
Multiemployer (Details)
Multiemployer (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items] | |||
Amount contributed to defined benefit multiemployear plans | $ 0.1 | $ 0.7 | $ 1 |
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 | 0.6 | 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 | $ 0 |
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 ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 1.07% | 0.76% | 0.37% |
Aggregate shares of common stock authorized for issuance under the 2007 stock incentive plan | 3,282,170 | ||
Remaining shares available for grant | 3,078,025 | ||
Share-based compensation | $ 18.4 | $ 12.4 | $ 16.4 |
Unrecorded compensation cost | $ 17.2 | ||
Weighted average remaining contractual terms | 8 months 1 day | ||
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 | 15.10% | 19.70% | 21.90% |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Payout Percentage | 93.70% | 59.50% | |
Time Based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted, weighted average grant date fair value | $ 45.18 | $ 40.65 | $ 33.75 |
Units paid, weighted average grant date fair value | 33.55 | ||
Units canceled, weighted average grant date fair value | 35.16 | ||
Outstanding units granted, weighted average grant date fair value | $ 35.55 | $ 33.13 | |
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 | 1,526 | ||
Units granted | 309 | ||
Units paid | (304) | ||
Units canceled | (106) | ||
Outstanding units granted at the end of the year | 1,425 | 1,526 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted, weighted average grant date fair value | $ 53.14 | $ 46.42 | $ 36.98 |
Units paid, weighted average grant date fair value | 34.99 | ||
Units canceled, weighted average grant date fair value | 39.94 | ||
Outstanding units granted, weighted average grant date fair value | $ 44.68 | $ 40.11 | |
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 | 372 | ||
Units granted | 92 | ||
Units paid | (60) | ||
Units canceled | (71) | ||
Outstanding units granted at the end of the year | 333 | 372 | |
Continuing Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 18.4 | $ 14 | $ 15.9 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Weighted average interest rate | 0.50% | ||
Long-term Debt | $ 1,359.7 | $ 1,311.6 | |
Commercial paper, maximum amount outstanding during period | 400.3 | ||
Commercial paper, average outstanding amount | 330.3 | ||
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 | 7.9 | 7.8 | $ 8.2 |
Current portion of long-term debt | 5.8 | 0 | |
Long-term Debt and Capital Lease Obligations | 1,353.9 | 1,311.6 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2,016 | 329.5 | ||
2,017 | 20 | ||
2,018 | 4.8 | ||
2,019 | 402 | ||
2,020 | 0 | ||
Other Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 30.5 | 0 | |
Interest-rate swap | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 5.2 | 1 | |
Unamortized discounts and debt issuance costs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ (5.5) | (6.7) | |
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 0.80% | ||
Long-term Debt | $ 329.5 | 317.3 | |
Notes Payable 5.65 Percent Due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 400 | ||
Notes Payable 6.8 Percent Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 6.80% | ||
Long-term Debt | $ 400 | 400 | |
Notes Payable 4.5 Percent Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 4.50% | ||
Long-term Debt | $ 400 | 400 | |
Debt instrument, face amount | $ 400 | ||
Fixed-rate (as a percent) | 4.50% | ||
Note Payable LIBOR plus fixed spread due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 200 | 200 | |
Debt instrument, face amount | 200 | ||
Interest-rate swap | Measured on a recurring basis | (Level 2) | |||
Debt Instrument [Line Items] | |||
Derivative Asset | $ 5.2 | 1 | |
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 | $ 7.2 | $ 8.2 | $ 8.1 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Rent expense | $ 13.9 | $ 13.3 | $ 14.3 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 8.6 | ||
2,017 | 7.7 | ||
2,018 | 6.9 | ||
2,019 | 5.3 | ||
2,020 | 4.1 | ||
Thereafter | 28.3 | ||
Total minimum obligations | $ 60.9 |
Income tax (Details)
Income tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | $ 71.8 | $ 82.6 | $ 59.7 |
Foreign | 28 | 31.2 | 30.9 |
State and local | 8 | 11.3 | 5.9 |
Total current tax expense | 107.8 | 125.1 | 96.5 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total deferred tax expense | 14.2 | (0.5) | 2 |
Provision for income taxes | 122 | 124.6 | 97.2 |
Net deferred tax liabilities | 168.6 | 158 | |
Dividend out of current earnings from foreign subsidiaries to U.S. parent company | 170 | ||
Foreign Tax Credit Associated with Dividends from Foreign Subsidiaries | 7.1 | ||
2013 Dividend Out Of Current Earnings From Brazilian Subsidiary to U.S. Parent Company | 21.3 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1.5 | 0.4 | 1 |
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 | 260.1 | 255.3 | 201.1 |
Non-U.S. income before income taxes | 103.8 | 108.4 | 88.6 |
Income from continuing operations before income taxes | 363.9 | 363.7 | 289.7 |
Components of Deferred Tax Assets [Abstract] | |||
Accounts receivable, principally due to allowances for returns and doubtful accounts | 4.4 | 5.5 | |
Inventories, principally due to additional costs inventories for tax purposes | 19.8 | 24.1 | |
Employee compensation and benefits accrued for financial reporting purposes | 92.1 | 88.1 | |
Foreign net operating losses | 21.7 | 22.8 | |
Foreign tax credits | 24.1 | 25 | |
Other | 12 | 13.4 | |
Total deferred tax assets | 174.1 | 178.9 | |
Less valuation allowance | (42) | (47.9) | |
Total deferred tax assets after valuation allowance | 132.1 | 131 | |
Components of Deferred Tax Liabilities [Abstract] | |||
Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead | 123.1 | 116.9 | |
Goodwill and intangible assets, principally due to differences in amortization | 177.6 | 172.1 | |
Total deferred tax liabilities | 300.7 | 289 | |
Deferred tax liabilities, net | 168.6 | 158 | |
Deferred Tax Assets, Net, Classification [Abstract] | |||
Deferred tax assets (included in prepaid expense and other current assets) | 0 | 61 | |
Deferred tax liabilities | 172.4 | 223.4 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed expected tax expense on income before taxes at federal statutory rate | 127.4 | 127.3 | 101.4 |
Increase (Decrease) Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
State and local income taxes net of federal income tax benefit | 5.6 | 6.8 | 4.9 |
Foreign tax rate differential | (7.5) | (7.4) | (4.2) |
Manufacturing tax benefits | (6.7) | (7.5) | (5.8) |
Other | 3.2 | 5.4 | 0.9 |
Actual income tax expense | $ 122 | $ 124.6 | $ 97.2 |
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 | 1.50% | 1.90% | 1.70% |
Foreign tax rate differential | (2.10%) | (2.00%) | (1.40%) |
Manufacturing tax benefits | (1.80%) | (2.10%) | (2.00%) |
Other | 0.90% | 1.50% | 0.30% |
Effective tax rate | 33.50% | 34.30% | 33.60% |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 24.1 | $ 21.4 | |
Additions based on tax positions related to the current year | 2.6 | 2.3 | |
Additions for tax positions of prior years | 11.5 | 3.2 | |
Reductions for tax positions of prior years | (1.6) | (0.6) | |
Reductions due to a lapse of the statute of limitations | (4.7) | (1.7) | |
Settlements | (1.2) | (0.5) | |
Balance at end of year | 30.7 | 24.1 | $ 21.4 |
Operating loss carryforwards | 69.9 | ||
Operating loss carryforwards subject to expiration | 28.1 | ||
Foreign tax credit carryforward | 24.1 | ||
Valuation allowance | 42 | 47.9 | |
Undistributed foreign subsidiaries earnings | 257.6 | ||
Unrecognized tax benefits that would impact effective tax rate | 30.7 | 24.1 | |
Interest and penalties | 11.8 | 6.1 | |
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 6.8 | ||
Interest and penalties resulting from acquisitions | 7.2 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 7 | ||
Continuing Operations [Member] | |||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | 11.5 | 1 | 13.9 |
Foreign | 2.1 | (0.7) | (14.8) |
State and local | 0.6 | (0.8) | 1.6 |
Total deferred tax expense | 14.2 | (0.5) | $ 0.7 |
Deferred charges and other assets [Member] | |||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Net deferred tax liabilities | 3.8 | 4.4 | |
Components of Deferred Tax Liabilities [Abstract] | |||
Deferred tax liabilities, net | $ 3.8 | $ 4.4 |
Accumulated Other Comprehensi75
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other comprehensive income (loss) | $ (218.2) | $ (193) | $ 14.2 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | (13.9) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 12.9 | 9.4 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | 7.7 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | (4.8) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (215.2) | (143.3) | (88.5) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (215.2) | (129.4) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | (15.9) | (59.1) | |
Pension and other postretirement liability adjustments, net of tax | (3) | (49.7) | 102.7 |
Accumulated other comprehensive loss, net of tax | |||
Foreign currency translation | (366.5) | (151.3) | (8) |
Pension and postretirement liability adjustment, net of tax effect | (143.4) | (140.4) | (90.7) |
Tax effect of pension liability adjustment | 89 | 85.9 | |
Accumulated other comprehensive income (loss) | (509.9) | (291.7) | $ (98.7) |
Before reclassification [Member] | |||
Other comprehensive income (loss) | (231.1) | (188.5) | |
Reclassified [Member] | |||
Other comprehensive income (loss) | 12.9 | (4.5) | |
Pension Costs [Member] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 21.2 | 15.8 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 12.9 | 9.3 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | (8.3) | (6.5) | |
OPEB [Member] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 0 | (2.2) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 0 | (1.4) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | $ 0 | 0.8 | |
Reclassifications excluding curtailments [Member] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | $ 7.9 |
Earnings Per Share Computatio76
Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator | |||||||||||
Net income | $ 56.8 | $ 62.5 | $ 65.6 | $ 54.4 | $ 59.1 | $ 17 | $ 65.8 | $ 49.2 | $ 239.3 | $ 191.1 | $ 212.6 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | 0 | 0 | 0.2 | ||||||||
Net income available to common shareholders (in dollars) | $ 239.3 | $ 191.1 | $ 212.4 | ||||||||
Denominator | |||||||||||
Basic weighted-average common shares outstanding | 96.7 | 100.2 | 102.9 | ||||||||
Dilutive shares | 1.2 | 1 | 1 | ||||||||
Weighted-average common and common equivalent shares outstanding - diluted | 97.9 | 101.2 | 103.9 | ||||||||
Per common share income | |||||||||||
Net income, per basic share | $ 0.59 | $ 0.65 | $ 0.68 | $ 0.55 | $ 0.60 | $ 0.17 | $ 0.66 | $ 0.48 | $ 2.47 | $ 1.91 | $ 2.06 |
Net income, per diluted share | $ 0.58 | $ 0.64 | $ 0.67 | $ 0.55 | $ 0.59 | $ 0.17 | $ 0.65 | $ 0.48 | $ 2.44 | $ 1.89 | $ 2.04 |
Basic weighted-average common shares outstanding | 96.7 | 100.2 | 102.9 | ||||||||
Basic weighted-average common shares, outstanding and participating securities | 96.7 | 100.2 | 103 | ||||||||
Percentage allocated to common shareholders | 100.00% | 100.00% | 99.90% | ||||||||
Antidilutive stock options and stock awards | 0.3 | 0.3 |
Legal Proceedings (Details)
Legal Proceedings (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss contingencies | ||
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 | $ 5.6 | $ 6.1 |
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates | 0.6 | $ 0.8 |
TaxAssessmentForGoodwillAmortization | $ 9.8 |
Segments of Business (Details)
Segments of Business (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting [Abstract] | |||
Reporting Segments Number | 2 | ||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | $ 4,071.4 | $ 4,343.5 | $ 4,476.6 |
Operating Profit and Pretax Profit: | |||
Operating Income (Loss) | 409.6 | 407.7 | 350.2 |
Interest expense | 51.7 | 60.8 | 68.2 |
Other non-operating (income) expense, net | (6) | (16.8) | (7.7) |
Income from continuing operations before income taxes | 363.9 | 363.7 | 289.7 |
Total assets | 3,489.8 | 3,610.8 | 4,105.6 |
Depreciation and amortization | 158.1 | 180.6 | 190.3 |
Additions to property and equipment | 219.4 | 185.2 | 139.8 |
Long-lived assets | 1,267.8 | 1,187 | 1,346.4 |
USPackagingBeforeRestructuring [Member] | |||
Operating Profit and Pretax Profit: | |||
Operating Income (Loss) | 391.8 | 375.8 | 382.9 |
USPackagingRestructuring [Member] | |||
Operating Profit and Pretax Profit: | |||
Operating Income (Loss) | 0 | 0 | (45) |
USPackaging [Member] | |||
Operating Profit and Pretax Profit: | |||
Operating Income (Loss) | 391.8 | 375.8 | 337.9 |
Total assets | 1,982.5 | 1,977.9 | 2,004.5 |
Depreciation and amortization | 97.8 | 96.3 | 102.4 |
Additions to property and equipment | 127.5 | 105.5 | 80.8 |
GlobalPackaging [Member] | |||
Operating Profit and Pretax Profit: | |||
Operating Income (Loss) | 107.1 | 113.3 | 106.4 |
Total assets | 1,291.5 | 1,345.3 | 1,413.3 |
Depreciation and amortization | 47.7 | 62.1 | 63.6 |
Additions to property and equipment | 79.4 | 51 | 42.3 |
GlobalPackagingBeforeRestructuring [Member] [Member] | |||
Operating Profit and Pretax Profit: | |||
Operating Income (Loss) | 116.5 | 113.3 | 106.8 |
GlobalPackagingRestructuring [Member] | |||
Operating Profit and Pretax Profit: | |||
Operating Income (Loss) | (9.4) | 0 | (0.4) |
GeneralCorporateExpenses [Member] | |||
Operating Profit and Pretax Profit: | |||
Operating Income (Loss) | (89.3) | (81.4) | (94.1) |
Unallocated amount to segment | |||
Operating Profit and Pretax Profit: | |||
Total assets | 215.8 | 287.6 | 376.2 |
Depreciation and amortization | 12.6 | 11.7 | 11.5 |
Additions to property and equipment | 12.5 | 23.8 | 9.2 |
Discontinued Operations [Member] | |||
Operating Profit and Pretax Profit: | |||
Total assets | 0 | 0 | 311.6 |
Depreciation and amortization | 0 | 10.5 | 12.8 |
Additions to property and equipment | 0 | 4.9 | 7.5 |
Continuing Operations [Member] | |||
Operating Profit and Pretax Profit: | |||
Depreciation and amortization | 158.1 | 170.1 | 177.5 |
Additions to property and equipment | 219.4 | 180.3 | 132.3 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | 2,937.8 | 3,040.8 | 3,143.2 |
Operating Profit and Pretax Profit: | |||
Long-lived assets | 897.4 | 831.8 | 901.5 |
Brazil [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | 442.5 | 581.5 | 629.6 |
Operating Profit and Pretax Profit: | |||
Long-lived assets | 173.1 | 159 | 179.9 |
Other Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | 273.5 | 273.2 | 299.8 |
Operating Profit and Pretax Profit: | |||
Long-lived assets | 53.1 | 55.7 | 64.3 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | 233.9 | 258.8 | 245.4 |
Operating Profit and Pretax Profit: | |||
Long-lived assets | 68.6 | 68.1 | 126.4 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | 183.7 | 189.2 | 158.6 |
Operating Profit and Pretax Profit: | |||
Long-lived assets | 75.6 | 72.4 | 74.3 |
Intersegment Eliminations [Member] | USPackaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | (25.3) | (28.8) | (28.5) |
Intersegment Eliminations [Member] | GlobalPackaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | (21.7) | (24.8) | (26.8) |
Operating Segments [Member] | USPackaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | 2,772.8 | 2,889.5 | 3,013.1 |
Operating Segments [Member] | GlobalPackaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales including intersegment sales | $ 1,345.6 | $ 1,507.6 | $ 1,518.8 |
Quarterly Financial Informati79
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 982.7 | $ 1,018.3 | $ 1,030.3 | $ 1,040.1 | $ 1,052.7 | $ 1,098.2 | $ 1,097.6 | $ 1,095 | $ 4,071.4 | $ 4,343.5 | $ 4,476.6 |
Gross profit | 212.9 | 221.8 | 221.2 | 217.5 | 208.5 | 220.7 | 219 | 210.9 | 873.4 | 859.1 | 875.4 |
Income from continuing operations | 56.8 | 62.5 | 65.6 | 57 | 57.2 | 61.5 | 60.7 | 59.7 | 241.9 | 239.1 | 192.5 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | (2.6) | 1.9 | (44.5) | 5.1 | (10.5) | (2.6) | (48) | 20.1 |
Net income | $ 56.8 | $ 62.5 | $ 65.6 | $ 54.4 | $ 59.1 | $ 17 | $ 65.8 | $ 49.2 | $ 239.3 | $ 191.1 | $ 212.6 |
Income from continuing operations, per basic share | $ 0.59 | $ 0.65 | $ 0.68 | $ 0.58 | $ 0.58 | $ 0.62 | $ 0.61 | $ 0.58 | $ 2.50 | $ 2.39 | $ 1.86 |
Income (loss) from discontinued operations, per basic share | 0 | 0 | 0 | (0.03) | 0.02 | (0.45) | 0.05 | (0.10) | (0.03) | (0.48) | 0.20 |
Net income, per basic share | 0.59 | 0.65 | 0.68 | 0.55 | 0.60 | 0.17 | 0.66 | 0.48 | 2.47 | 1.91 | 2.06 |
Income from continuing operations, per diluted share | 0.58 | 0.64 | 0.67 | 0.58 | 0.57 | 0.61 | 0.60 | 0.58 | 2.47 | 2.36 | 1.85 |
Income (loss) from discontinued operations, per diluted share | 0 | 0 | 0 | (0.03) | 0.02 | (0.44) | 0.05 | (0.10) | (0.03) | (0.47) | 0.19 |
Net income, per diluted share | $ 0.58 | $ 0.64 | $ 0.67 | $ 0.55 | $ 0.59 | $ 0.17 | $ 0.65 | $ 0.48 | $ 2.44 | $ 1.89 | $ 2.04 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 21 | $ 30.7 | $ 29.6 |
Additions charged to profit and loss | 27.5 | 24.6 | 27.2 |
Write-offs | (28.3) | (23.5) | (23) |
Foreign currency impact | (2.2) | (2.2) | (3.1) |
Other | 0 | (8.6) | 0 |
Balance at end of year | 18 | 21 | 30.7 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 47.9 | 42.1 | 36.6 |
Additions charged to profit and loss | (3.8) | 12.3 | 5.5 |
Write-offs | 0 | (3.5) | 0 |
Foreign currency impact | (2.1) | (3) | 0 |
Other | 0 | 0 | 0 |
Balance at end of year | $ 42 | $ 47.9 | $ 42.1 |