Bemis 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 27, 2016
Document Information [Line Items]
Entity Registrant Name	BEMIS CO INC
Entity Central Index Key	11,199
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		94,687,563
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net sales	$ 967.9	$ 1,040.1
Cost of products sold	759.1	822.6
Gross profit	208.8	217.5
Operating expenses:
Selling, general and administrative expenses	99.4	106.4
Research and development	11.5	11.3
Restructuring and acquisition-related costs	0.8	5
Other operating (income) expense, net	(2.3)	(2.6)
Operating income	99.4	97.4
Interest expense	15.4	13.1
Other non-operating (income) expense, net	0.1	(1.8)
Income from continuing operations before income taxes	83.9	86.1
Provision for income taxes	27.7	29.1
Income from continuing operations	56.2	57
Income (loss) from discontinued operations, net of tax	0	(2.6)
Net income	$ 56.2	$ 54.4
Income from continuing operations, per basic share	$ 0.59	$ 0.58
Income (loss) from discontinued operations, per basic share	0	(0.03)
Net income, per basic share	0.59	0.55
Income from continuing operations, per diluted share	0.59	0.58
Income (loss) from discontinued operations, per diluted share	0	(0.03)
Net income, per diluted share	0.59	0.55
Cash dividends paid per share (in dollars per share)	$ 0.29	$ 0.28

CONDENSED STATEMENT OF COMPREHE

CONDENSED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 56.2	$ 54.4
Translation adjustments	43.8	(99.1)
Pension and other postretirement liability adjustments, net of tax	3.3	3.2
Other comprehensive income (loss)	47.1	(95.9)
Total comprehensive income (loss)	103.3	(41.5)
Tax amounts related to pension and postretirement liability adjustments	$ 1.4	$ 2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 50.1	$ 59.2
Trade receivables	489.6	451.3
Inventories	545.5	525.9
Prepaid expenses and other current assets	79.4	82.6
Total current assets	1,164.6	1,119
Property and equipment, net	1,222.6	1,206.3
Goodwill	961.4	949.5
Other intangible assets, net	147.8	149.8
Deferred charges and other assets	76.7	65.2
Total other long-term assets	1,185.9	1,164.5
TOTAL ASSETS	3,573.1	3,489.8
LIABILITIES
Current portion of long-term debt	0.6	5.8
Short-term borrowings	19	29.6
Accounts payable	366.9	334.8
Employee-related liabilities	64.5	93.3
Accrued income and other taxes	47.2	35.2
Other current liabilities	66.6	90.4
Total current liabilities	564.8	589.1
Long-term debt, less current portion	1,437.2	1,353.9
Deferred taxes	178.5	172.4
Other liabilities and deferred credits	160.2	167
Total Liabilities	2,340.7	2,282.4
Bemis Company, Inc. shareholders' equity:
Common stock issued	12.9	12.8
Capital in excess of par value	566.9	573.2
Retained earnings	2,244.4	2,216
Accumulated other comprehensive loss	(462.8)	(509.9)
Common stock held in treasury	(1,129)	(1,084.7)
Total Equity	1,232.4	1,207.4
TOTAL LIABILITIES AND EQUITY	$ 3,573.1	$ 3,489.8

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - shares shares in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, shares issued	128.8	128.2
Common stock held in treasury, shares	34.1	33.1

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income	$ 56.2	$ 54.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	40.8	39.7
Excess tax benefit from share-based payment arrangements	(4.2)	(0.4)
Share-based compensation	4.2	4.3
Deferred income taxes	4.4	(0.9)
Income of unconsolidated affiliated company	(0.4)	(0.5)
Non-cash impairment charge of discontinued operations	0	3.2
(Gain) loss on sale of property and equipment	1.6	(0.4)
Changes in working capital, excluding effect of acquisitions, divestitures and currency	(55.2)	(17.8)
Changes in other assets and liabilities	5.2	3.6
Net cash provided by operating activities	52.6	85.2
Cash flows from investing activities
Additions to property and equipment	(30.6)	(39.5)
Proceeds from sale of property and equipment	0.1	4
Net cash used in investing activities	(30.5)	(35.5)
Cash flows from financing activities
Repayment of long-term debt	(23.4)	0
Net (repayment) borrowing of commercial paper	83.5	33.7
Net (repayment) borrowing of short-term debt	(5.7)	(1.8)
Cash dividends paid to shareholders	(32.1)	(28)
Common stock purchased for the treasury	(44.3)	(37.5)
Excess tax benefit from share-based payment arrangements	4.2	0.4
Stock incentive programs and related tax withholdings	(14.6)	(2.6)
Net cash used in financing activities	(32.4)	(35.8)
Effect of exchange rates on cash and cash equivalents	1.2	(0.7)
Net increase (decrease) in cash and cash equivalents	(9.1)	13.2
Cash and cash equivalents balance at beginning of year	59.2	47.1
Cash and cash equivalents balance at end of period	$ 50.1	$ 60.3

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Common Stock Held In Treasury
Balance at Dec. 31, 2014	$ 1,433	$ 12.8	$ 559.7	$ 2,086.8	$ (291.7)	$ (934.6)
Increase (Decrease) in Shareholders' Equity
Net income	54.4			54.4
Other comprehensive income (loss)	(95.9)				(95.9)
Cash dividends declared on common stock	(27.8)			(27.8)
Stock incentive programs and related tax withholdings	(2.6)		(2.6)
Excess tax benefit (expense) from share-based payment arrangements	0.4		0.4
Share-based compensation	4.3		4.3
Purchase of common stock	(37.5)					(37.5)
Balance at Mar. 31, 2015	1,328.3	$ 12.8	561.8	2,113.4	(387.6)	(972.1)
Balance at Dec. 31, 2015	1,207.4	12.8	573.2	2,216	(509.9)	(1,084.7)
Increase (Decrease) in Shareholders' Equity
Net income	56.2			56.2
Other comprehensive income (loss)	47.1				47.1
Cash dividends declared on common stock	(27.8)			(27.8)
Stock incentive programs and related tax withholdings	(14.6)	0.1	(14.7)
Excess tax benefit (expense) from share-based payment arrangements	4.2		4.2
Share-based compensation	4.2		4.2
Purchase of common stock	(44.3)					(44.3)
Balance at Mar. 31, 2016	$ 1,232.4	$ 12.9	$ 566.9	$ 2,244.4	$ (462.8)	$ (1,129)

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Stock incentive programs and related tax withholdings, shares	600,000	100,000
Purchase of common stock, shares	1,000,000	800,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Bemis Company, Inc. (the "Company") in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position and results of operations. It is management’s opinion, however, that all material adjustments (consisting of normal recurring accruals) have been made which are necessary for a fair financial statement presentation. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 .

New Accounting Guidance (Notes)

New Accounting Guidance (Notes)	3 Months Ended
	Mar. 31, 2016
New Accounting Guidance [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	New Accounting Guidance In March 2016, the Financial Accounting Standards Board ("FASB") issued guidance that will change certain aspects of accounting for share-based payments to employees. The new guidance will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled and recognized in the statement of cash flows as operating cash flows. The guidance will also allow employee tax withholdings above the minimum statutory requirement without triggering liability accounting. Finally, the Company will be able to make a policy election to account for forfeitures as they occur. The guidance is required to be applied by the Company in the first quarter of 2017, but early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In February 2016, the FASB issued guidance that requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today's accounting. The guidance also eliminates today's real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs for all entities. All entities will classify leases to determine how to recognize lease-related revenue and expense. The guidance is required to be applied by the Company in the first quarter of 2019, but early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. 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 was adopted in the first quarter of 2016 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 was adopted in the first quarter of 2016 and did not have a material impact on the Company's consolidated financial statements. 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 its consolidated financial statements.

Divestiture (Notes)

Divestiture (Notes)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Divestiture and Plant Closure 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 packaging facilities throughout 2015. During the three months ended March 31, 2015, plant closure costs of $ 5.0 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 of its global Pressure Sensitive Materials business. Proceeds of the transaction totaled $ 150.5 million . Of the total proceeds, $ 136.9 million was received in fiscal 2014 and $ 13.6 million was received in April 2015 which related to settlement of customary post-closing adjustments. Loss from discontinued operations of $ 2.6 million in 2015 resulted from additional impairment charges, net of tax, reflecting finalization of post-closing adjustments.

Financial Assets and Financial

Financial Assets and Financial Liabilities Measured at Fair Value	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , 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 March 31, 2016 and December 31, 2015 follow: March 31, 2016 December 31, 2015 (in millions) Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Long-term debt $ 1,437.2 $ 1,507.5 $ 1,353.9 $ 1,421.6 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 follows: Fair Value As of Fair Value As of March 31, 2016 December 31, 2015 (in millions) (Level 2) (Level 2) Interest rate swaps — net asset position $ 18.0 $ 5.2

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company enters into derivative transactions to manage exposures arising in the normal course of business. The Company does not enter into derivative transactions for speculative or trading purposes. The Company recognizes all derivative instruments on the balance sheet at fair value. Derivatives not designated as hedging instruments are adjusted to fair value through income. Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized. Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings in the current period. The Company enters into interest rate swap contracts to economically convert a portion of the Company’s fixed-rate debt to variable rate debt. During the fourth quarter of 2011, the Company entered into four interest rate swap agreements with a total notional amount of $ 400 million . These contracts were designated as fair value hedges of the Company’s $ 400 million 4.50 percent fixed-rate debt due in 2021. The variable rate for each of the interest rate swaps is based on the six-month London Interbank Offered Rate (LIBOR), set in arrears, plus a fixed spread. The variable rates are reset semi-annually at each net settlement date. Fair values of these interest rate swaps are determined using discounted cash flow or other appropriate methodologies. Asset positions are included in deferred charges and other assets with a corresponding increase in long-term debt. Liability positions are included in other liabilities and deferred credits with a corresponding decrease in long-term debt. The Company enters into forward exchange contracts to manage foreign currency exchange rate exposures associated with certain foreign currency denominated receivables and payables. Forward exchange contracts generally have maturities of less than six months and relate primarily to the U.S. dollar for the Company’s Brazilian operations. The Company has not designated these derivative instruments as hedging instruments. At March 31, 2016 and December 31, 2015 , the Company had outstanding forward exchange contracts with notional amounts aggregating $ 4.3 million and $ 3.8 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 March 31, 2016 and December 31, 2015 are presented in the table below: Fair Value (Level 2) As of (in millions) Balance Sheet Location March 31, 2016 December 31, 2015 Asset Derivatives Interest rate swaps — designated as hedge Deferred charges and other assets $ 18.0 $ 5.2 The income statement impact of derivatives is presented in the table below: Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, (in millions) Location of Gain (Loss) Recognized in Income on Derivatives 2016 2015 Designated as hedges Interest rate swaps Interest expense $ 1.4 $ 2.0 Not designated as hedges Forward exchange contracts Other operating income (0.7 ) 0.6 Total $ 0.7 $ 2.6

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories 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 as follows: (in millions) March 31, December 31, Raw materials and supplies $ 156.8 $ 169.3 Work in process and finished goods 388.7 356.6 Total inventories $ 545.5 $ 525.9

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill attributable to each reportable business segment follow: (in millions) U.S. Packaging Segment Global Packaging Segment Total Reported balance at December 31, 2015 $ 632.1 $ 317.4 $ 949.5 Acquisition adjustments — (3.0 ) (3.0 ) Currency translation 0.7 14.2 14.9 Reported balance at March 31, 2016 $ 632.8 $ 328.6 $ 961.4 Acquisition adjustments are comprised of opening balance sheet adjustments related to the Emplal Participações S. A. acquisition. The components of amortized intangible assets follow: March 31, 2016 December 31, 2015 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract based $ 10.0 $ (1.3 ) $ 10.0 $ (1.2 ) Technology based 79.8 (48.7 ) 79.6 (47.5 ) Marketing related 13.5 (8.3 ) 12.7 (7.8 ) Customer based 180.1 (77.3 ) 180.4 (76.4 ) Reported balance $ 283.4 $ (135.6 ) $ 282.7 $ (132.9 ) Amortization expense for intangible assets was $ 3.5 million during the first three months of 2016 and 2015 . Estimated amortization expense is $ 10.4 million for the remainder of 2016 , $ 13.8 million for 2017 and 2018, $ 13.7 million for 2019, $ 12.8 million for 2020, and $ 11.5 million for 2021. The Company does not have any accumulated impairment losses.

Components of Net Periodic Bene

Components of Net Periodic Benefit Cost	3 Months Ended
	Mar. 31, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Components of Net Periodic Benefit Cost Benefit costs for defined benefit pension plans are shown below. The funding policy and assumptions disclosed in the Company’s 2015 Annual Report on Form 10-K are expected to continue unchanged throughout 2016 . Three Months Ended March 31, (in millions) 2016 2015 Service cost - benefits earned during the period $ 1.9 $ 2.0 Interest cost on projected benefit obligation 8.2 8.2 Expected return on plan assets (12.9 ) (12.7 ) Settlement loss 0.1 — Amortization: Prior service cost 0.2 0.2 Actuarial net loss 3.6 5.0 Net periodic benefit cost $ 1.1 $ 2.7 Costs for defined contribution pension plans were $ 5.0 million and $ 5.2 million for the three months ended March 31, 2016 and 2015 , respectively. Benefit costs for other postretirement plans were not significant for the three months ended March 31, 2016 and 2015 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Loss The components and activity of accumulated other comprehensive loss are as follows: (in millions) Foreign Currency Translation Pension And Other Postretirement Liability Adjustments Accumulated Other Comprehensive Loss December 31, 2014 $ (151.3 ) $ (140.4 ) $ (291.7 ) Other comprehensive loss before reclassifications (99.1 ) — (99.1 ) Amounts reclassified from accumulated other comprehensive loss — 3.2 3.2 Net current period other comprehensive (loss) income (99.1 ) 3.2 (95.9 ) March 31, 2015 $ (250.4 ) $ (137.2 ) $ (387.6 ) December 31, 2015 $ (366.5 ) $ (143.4 ) $ (509.9 ) Other comprehensive income before reclassifications 43.8 1.0 44.8 Amounts reclassified from accumulated other comprehensive loss — 2.3 2.3 Net current period other comprehensive income 43.8 3.3 47.1 March 31, 2016 $ (322.7 ) $ (140.1 ) $ (462.8 ) The following table summarizes amounts reclassified from accumulated other comprehensive loss: Three Months Ended March 31, (in millions) 2016 2015 Pension costs (See Note 8) $ 3.9 $ 5.2 Tax benefit (1.6 ) (2.0 ) Pension costs, net of tax 2.3 3.2 Accumulated other comprehensive loss associated with pension and other postretirement liability adjustments are net of tax effects of $ 87.6 million and $ 89.0 million as of March 31, 2016 and December 31, 2015 , respectively.

Earnings Per Share Computations

Earnings Per Share Computations	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share Computations	Earnings Per Share Computations A reconciliation of basic and diluted earnings per share is below: Three Months Ended March 31, (in millions, except per share amounts) 2016 2015 Numerator Net income $ 56.2 $ 54.4 Denominator Weighted average common shares outstanding — basic 94.9 97.7 Dilutive shares 1.0 1.1 Weighted average common and common equivalent shares outstanding — diluted 95.9 98.8 Per common share income Basic $ 0.59 $ 0.55 Diluted $ 0.59 $ 0.55 There were no anti-dilutive stock awards outstanding for the three months ended March 31, 2016 and 2015 , respectively.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings The Company is involved in a number of lawsuits incidental to its business, including environmental-related litigation and routine litigation arising in the ordinary course of business. Although it is difficult to predict the ultimate outcome of these cases, the Company believes, except as discussed below, that any ultimate liability would not have a material adverse effect on the Company’s consolidated financial condition or results of operations. Environmental Matters The Company is a potentially responsible party ("PRP") pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (commonly known as "Superfund") and similar state and foreign laws in proceedings associated with 17 sites around the United States and one in Brazil. These proceedings were instituted by the United States Environmental Protection Agency and certain state and foreign environmental agencies at various times beginning in 1983. Superfund and similar state and foreign laws create liability for investigation and remediation in response to releases of hazardous substances in the environment. Under these statutes, joint and several liability may be imposed on waste generators, site owners and operators, and others regardless of fault. Although these regulations could require the Company to remove or mitigate the effects on the environment at various sites, perform remediation work at such sites, or pay damages for loss of use and non-use values, the Company expects its liability in these proceedings to be limited to monetary damages. The Company expects its future liability relative to these sites to be insignificant, individually and in the aggregate. The Company is involved in other environmental-related litigation arising in the ordinary course of business. The Company accrues environmental costs when it is probable that these costs will be incurred and can be reasonably estimated. The Company's reserve for environmental liabilities at March 31, 2016 and December 31, 2015 was $ 5.1 million and $ 5.6 million , respectively. Brazil Tax Dispute - Goodwill Amortization During October 2013, Dixie Toga, Ltda ("Dixie Toga") received an income tax assessment in Brazil for the tax years 2009 through 2011 that relates to the amortization of certain goodwill generated from the acquisition of Dixie Toga. The income tax assessed for those years is approximately $ 10.7 million , translated to U.S. dollars at the March 31, 2016 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 (which has now been replaced by the Superintendence General of the Administrative Council for Economic Defense), 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	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segments of Business	Segments of Business The Company's business activities are organized around and aggregated into its two principal business segments, U.S. Packaging and Global Packaging, based on their similar economic characteristics, products, production process, types of customers, and distribution methods. Both internal and external reporting conforms to this organizational structure, with no significant differences in accounting policies applied. Minor intersegment sales are generally priced to reflect nominal markups. The Company evaluates the performance of its segments and allocates resources to them based primarily on operating profit, which is defined as profit before general corporate expense, interest expense, other non-operating expense (income), and income taxes. Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately twelve percent of the Company's sales in the first quarter of 2016. The Company primarily sells to Kraft Heinz in the U.S. Packaging segment. A summary of the Company’s business activities reported by its two business segments follows: Three Months Ended March 31, Business Segments (in millions) 2016 2015 Sales including intersegment sales: U.S. Packaging $ 666.7 $ 713.9 Global Packaging 313.5 340.6 Intersegment sales: U.S. Packaging (6.2 ) (6.9 ) Global Packaging (6.1 ) (7.5 ) Total net sales $ 967.9 $ 1,040.1 U.S. Packaging operating profit $ 101.7 $ 95.4 Global Packaging: Operating profit before restructuring and acquisition-related costs 16.3 29.3 Restructuring and acquisition-related costs (0.6 ) (5.0 ) Operating profit 15.7 24.3 General corporate expenses (18.0 ) (22.3 ) Operating income 99.4 97.4 Interest expense 15.4 13.1 Other non-operating expense (income) 0.1 (1.8 ) Income from continuing operations before income taxes $ 83.9 $ 86.1

Subsequent Event (Notes)

Subsequent Event (Notes)	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event In April 2016, the Company signed a definitive agreement to acquire the medical device packaging operations and related value-added services of SteriPack Group, a global manufacturer of sterile packaging solutions for medical device and pharmaceutical applications. This acquisition includes a facility in Ireland as well as packing production assets in Malaysia and the United States. These operations recorded annual net sales of approximately $ 65 million in fiscal 2015. The transaction is expected to close by the end of April.

Financial Assets and Financia22

Financial Assets and Financial Liabilities Measured at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 follow: March 31, 2016 December 31, 2015 (in millions) Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Long-term debt $ 1,437.2 $ 1,507.5 $ 1,353.9 $ 1,421.6
Fair values for derivatives	The fair value of the Company's derivatives follows: Fair Value As of Fair Value As of March 31, 2016 December 31, 2015 (in millions) (Level 2) (Level 2) Interest rate swaps — net asset position $ 18.0 $ 5.2

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 are presented in the table below: Fair Value (Level 2) As of (in millions) Balance Sheet Location March 31, 2016 December 31, 2015 Asset Derivatives Interest rate swaps — designated as hedge Deferred charges and other assets $ 18.0 $ 5.2
Income statement impact of derivative instruments not designated as hedging instruments	The income statement impact of derivatives is presented in the table below: Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, (in millions) Location of Gain (Loss) Recognized in Income on Derivatives 2016 2015 Designated as hedges Interest rate swaps Interest expense $ 1.4 $ 2.0 Not designated as hedges Forward exchange contracts Other operating income (0.7 ) 0.6 Total $ 0.7 $ 2.6

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Summary of inventory	Inventories are summarized as follows: (in millions) March 31, December 31, Raw materials and supplies $ 156.8 $ 169.3 Work in process and finished goods 388.7 356.6 Total inventories $ 545.5 $ 525.9

Goodwill and Other Intangible25

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill attributable to each reportable business segment	Changes in the carrying amount of goodwill attributable to each reportable business segment follow: (in millions) U.S. Packaging Segment Global Packaging Segment Total Reported balance at December 31, 2015 $ 632.1 $ 317.4 $ 949.5 Acquisition adjustments — (3.0 ) (3.0 ) Currency translation 0.7 14.2 14.9 Reported balance at March 31, 2016 $ 632.8 $ 328.6 $ 961.4
Components of amortized intangible assets	The components of amortized intangible assets follow: March 31, 2016 December 31, 2015 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract based $ 10.0 $ (1.3 ) $ 10.0 $ (1.2 ) Technology based 79.8 (48.7 ) 79.6 (47.5 ) Marketing related 13.5 (8.3 ) 12.7 (7.8 ) Customer based 180.1 (77.3 ) 180.4 (76.4 ) Reported balance $ 283.4 $ (135.6 ) $ 282.7 $ (132.9 )

Components of Net Periodic Be26

Components of Net Periodic Benefit Cost (Tables)	3 Months Ended
	Mar. 31, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Components of net periodic benefit cost	Three Months Ended March 31, (in millions) 2016 2015 Service cost - benefits earned during the period $ 1.9 $ 2.0 Interest cost on projected benefit obligation 8.2 8.2 Expected return on plan assets (12.9 ) (12.7 ) Settlement loss 0.1 — Amortization: Prior service cost 0.2 0.2 Actuarial net loss 3.6 5.0 Net periodic benefit cost $ 1.1 $ 2.7

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Components of accumulated other comprehensive income (loss)	The components and activity of accumulated other comprehensive loss are as follows: (in millions) Foreign Currency Translation Pension And Other Postretirement Liability Adjustments Accumulated Other Comprehensive Loss December 31, 2014 $ (151.3 ) $ (140.4 ) $ (291.7 ) Other comprehensive loss before reclassifications (99.1 ) — (99.1 ) Amounts reclassified from accumulated other comprehensive loss — 3.2 3.2 Net current period other comprehensive (loss) income (99.1 ) 3.2 (95.9 ) March 31, 2015 $ (250.4 ) $ (137.2 ) $ (387.6 ) December 31, 2015 $ (366.5 ) $ (143.4 ) $ (509.9 ) Other comprehensive income before reclassifications 43.8 1.0 44.8 Amounts reclassified from accumulated other comprehensive loss — 2.3 2.3 Net current period other comprehensive income 43.8 3.3 47.1 March 31, 2016 $ (322.7 ) $ (140.1 ) $ (462.8 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	The following table summarizes amounts reclassified from accumulated other comprehensive loss: Three Months Ended March 31, (in millions) 2016 2015 Pension costs (See Note 8) $ 3.9 $ 5.2 Tax benefit (1.6 ) (2.0 ) Pension costs, net of tax 2.3 3.2

Earnings Per Share Computatio28

Earnings Per Share Computations (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Calculation of earnings per share	A reconciliation of basic and diluted earnings per share is below: Three Months Ended March 31, (in millions, except per share amounts) 2016 2015 Numerator Net income $ 56.2 $ 54.4 Denominator Weighted average common shares outstanding — basic 94.9 97.7 Dilutive shares 1.0 1.1 Weighted average common and common equivalent shares outstanding — diluted 95.9 98.8 Per common share income Basic $ 0.59 $ 0.55 Diluted $ 0.59 $ 0.55

Segments of Business (Tables)

Segments of Business (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Summary of the entity's business activities reported by business segments	A summary of the Company’s business activities reported by its two business segments follows: Three Months Ended March 31, Business Segments (in millions) 2016 2015 Sales including intersegment sales: U.S. Packaging $ 666.7 $ 713.9 Global Packaging 313.5 340.6 Intersegment sales: U.S. Packaging (6.2 ) (6.9 ) Global Packaging (6.1 ) (7.5 ) Total net sales $ 967.9 $ 1,040.1 U.S. Packaging operating profit $ 101.7 $ 95.4 Global Packaging: Operating profit before restructuring and acquisition-related costs 16.3 29.3 Restructuring and acquisition-related costs (0.6 ) (5.0 ) Operating profit 15.7 24.3 General corporate expenses (18.0 ) (22.3 ) Operating income 99.4 97.4 Interest expense 15.4 13.1 Other non-operating expense (income) 0.1 (1.8 ) Income from continuing operations before income taxes $ 83.9 $ 86.1

Divestiture (Details)

Divestiture (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended	16 Months Ended
	Apr. 30, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014	Apr. 30, 2015
Restructuring Reserve Disclosures [Line Items]
Income (loss) from discontinued operations, net of tax		$ 0	$ 2.6
Non-cash impairment charge of discontinued operations		0	3.2
Restructuring and acquisition-related costs		0.8	5
Healthcare Plant Closure [Member]
Restructuring Reserve Disclosures [Line Items]
Expected Cash Payments for Plant Closure		$ 7
Restructuring and acquisition-related costs			5
Pressure Sensitive Materials [Member]
Restructuring Reserve Disclosures [Line Items]
Income (loss) from discontinued operations, net of tax			$ 2.6
Proceeds from divestitures	$ 13.6			$ 136.9	$ 150.5

Financial Assets and Financia31

Financial Assets and Financial Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Carrying Value
Carrying values and estimated fair values of long-term debt, including current maturities
Total long-term debt	$ 1,437.2	$ 1,353.9
Fair Value | (Level 2)
Carrying values and estimated fair values of long-term debt, including current maturities
Total long-term debt	$ 1,507.5	$ 1,421.6

Financial Assets and Financia32

Financial Assets and Financial Liabilities Measured at Fair Value (Details 2) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Measured on a recurring basis | (Level 2) | Interest-rate swap
Fair values for derivatives
Derivative Asset	$ 18	$ 5.2

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
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	$ 4.3	$ 3.8
Designated as Hedging Instrument [Member] | Interest-rate swap
Derivative Instruments
Notional amounts of derivatives	$ 400
Number of swap agreements	4
(Level 2) | Measured on a recurring basis | Interest-rate swap
Derivative Instruments
Derivative Asset	$ 18	$ 5.2

Derivative Instruments (Detai34

Derivative Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 0.7	$ 2.6
Designated as Hedging Instrument [Member] | Interest-rate swap
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	1.4	2
Derivatives not designated as hedging instruments | Forward exchange contracts
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (0.7)	$ 0.6

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventory valuation
Raw materials and supplies	$ 156.8	$ 169.3
Work in process and finished goods	388.7	356.6
Total inventories	$ 545.5	$ 525.9

Goodwill and Other Intangible36

Goodwill and Other Intangible Assets (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	$ 949.5
Goodwill, Purchase Accounting Adjustments	(3)
Currency translation	14.9
Reported balance at the end of the period	961.4
USPackaging [Member]
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	632.1
Goodwill, Purchase Accounting Adjustments	0
Currency translation	0.7
Reported balance at the end of the period	632.8
GlobalPackaging [Member]
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	317.4
Goodwill, Purchase Accounting Adjustments	(3)
Currency translation	14.2
Reported balance at the end of the period	$ 328.6

Goodwill and Other Intangible37

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Components of amortized intangible assets
Gross Carrying Amount	$ 283.4		$ 282.7
Accumulated Amortization	(135.6)		(132.9)
Amortization expense for intangible assets	3.5	$ 3.5
Estimated amortization expense
Remainder of fiscal year	10.4
2,017	13.8
2,018	13.8
2,019	13.7
2,020	12.8
2,021	11.5
Contract based
Components of amortized intangible assets
Gross Carrying Amount	10		10
Accumulated Amortization	(1.3)		(1.2)
Technology based
Components of amortized intangible assets
Gross Carrying Amount	79.8		79.6
Accumulated Amortization	(48.7)		(47.5)
Marketing related
Components of amortized intangible assets
Gross Carrying Amount	13.5		12.7
Accumulated Amortization	(8.3)		(7.8)
Customer based
Components of amortized intangible assets
Gross Carrying Amount	180.1		180.4
Accumulated Amortization	$ (77.3)		$ (76.4)

Components of Net Periodic Be38

Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Plan, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost - benefits earned during the period	$ 1.9	$ 2
Interest cost on projected benefit obligation	8.2	8.2
Expected return on plan assets	(12.9)	(12.7)
Settlement loss	0.1	0
Amortization of prior service cost	0.2	0.2
Recognized actuarial net (gain) or loss	3.6	5
Net periodic benefit (income) cost	1.1	2.7
Bemis Investment Profit Sharing Plan and Other Defined Contribution Plans [Member]
Components of Net Periodic Benefit Cost
Defined contribution benefits plans	$ 5	$ 5.2

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Accumulated other comprehensive loss, net of tax
Foreign currency translation	$ (322.7)	$ (250.4)	$ (366.5)	$ (151.3)
Pension and other postretirement liability adjustment, net of deferred tax effect	(140.1)	(137.2)	(143.4)	(140.4)
Accumulated other comprehensive loss	(462.8)	(387.6)	(509.9)	$ (291.7)
Tax effect of pension liability adjustment	87.6		$ 89
Other comprehensive income, before reclassification, foreign currency translation	43.8	(99.1)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax	1	0
Other comprehensive income, reclassification adjustment, foreign currency translation	0	0
Other comprehensive income, reclassification, pension	2.3	3.2
Translation adjustments	43.8	(99.1)
Pension and other postretirement liability adjustments, net of tax	3.3	3.2
Other comprehensive income (loss)	47.1	(95.9)
Before reclassification [Member]
Accumulated other comprehensive loss, net of tax
Other comprehensive income (loss)	44.8	(99.1)
Reclassified [Member]
Accumulated other comprehensive loss, net of tax
Other comprehensive income (loss)	2.3	3.2
Pension Costs [Member]
Accumulated other comprehensive loss, net of tax
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax	3.9	5.2
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax	(1.6)	(2)
Other comprehensive income, reclassification, pension	$ 2.3	$ 3.2

Earnings Per Share Computatio40

Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator
Net income	$ 56.2	$ 54.4
Denominator
Basic weighted-average common shares outstanding	94.9	97.7
Dilutive shares	1	1.1
Weighted-average common and common equivalent shares outstanding - diluted	95.9	98.8
Per common share income
Net income, per basic share	$ 0.59	$ 0.55
Net income, per diluted share	$ 0.59	$ 0.55
Antidilutive stock options and stock awards	0	0

Legal Proceedings (Details)

Legal Proceedings (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of sites for state law proceedings under environmental matters	17
Number of Sites for Proceedings under Environmental Matters in Brazil	1
Accrual for Environmental Loss Contingencies	$ 5.1	$ 5.6
TaxAssessmentForGoodwillAmortization	$ 10.7

Segments of Business (Details)

Segments of Business (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Segment Reporting [Abstract]
Reporting Segments Number	2
Segment reporting information
Revenue	$ 967.9	$ 1,040.1
Operating Profit and Pretax Profit:
Operating Income (Loss)	99.4	97.4
Interest expense	15.4	13.1
Other non-operating (income) expense, net	0.1	(1.8)
Income from continuing operations before income taxes	83.9	86.1
USPackaging [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	101.7	95.4
GlobalPackaging [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	15.7	24.3
GlobalPackagingBeforeRestructuring [Member] [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	16.3	29.3
GlobalPackagingRestructuring [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	(0.6)	(5)
GeneralCorporateExpenses [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	(18)	(22.3)
Operating Segments [Member] | USPackaging [Member]
Segment reporting information
Revenue	666.7	713.9
Operating Segments [Member] | GlobalPackaging [Member]
Segment reporting information
Revenue	313.5	340.6
Intersegment Eliminations [Member] | USPackaging [Member]
Segment reporting information
Revenue	(6.2)	(6.9)
Intersegment Eliminations [Member] | GlobalPackaging [Member]
Segment reporting information
Revenue	$ (6.1)	$ (7.5)

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Subsequent Events [Abstract]
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period	$ 65