Bemis 10-Q 28 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 26, 2017
Document Information [Line Items]
Entity Registrant Name	BEMIS CO INC
Entity Central Index Key	11,199
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
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		90,804,503
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales	$ 1,012.1	$ 1,021.3	$ 2,007.5	$ 1,989.2
Cost of products sold	826.2	804.3	1,623.7	1,563.4
Gross profit	185.9	217	383.8	425.8
Operating expenses:
Selling, general and administrative expenses	97.6	100.4	192.2	199.8
Research and development	11.1	11.6	23.6	23.1
Restructuring and acquisition-related costs	23.8	19.6	28.2	20.4
Other Operating Income (Expense), Net	(3.1)	(3.6)	(6.1)	(5.9)
Operating income	56.5	89	145.9	188.4
Interest expense	16	14	32	29.4
Other non-operating (income) expense, net	(0.6)	(0.6)	(1.5)	(0.5)
Income from continuing operations before income taxes	41.1	75.6	115.4	159.5
Provision for income taxes	13.1	24.7	36.3	52.4
Net income	$ 28	$ 50.9	$ 79.1	$ 107.1
Net income, per basic share	$ 0.31	$ 0.54	$ 0.86	$ 1.13
Net income, per diluted share	0.30	0.53	0.85	1.12
Cash dividends paid per share (in dollars per share)	$ 0.30	$ 0.29	$ 0.60	$ 0.58

CONDENSED STATEMENT OF COMPREHE

CONDENSED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income	$ 28	$ 50.9	$ 79.1	$ 107.1
Translation adjustments	(4)	30.9	25.9	74.7
Pension and other postretirement liability adjustments, net of tax	2.3	5.7	4.4	9
Other comprehensive income (loss)	(1.7)	36.6	30.3	83.7
Total comprehensive income (loss)	26.3	87.5	109.4	190.8
Tax amounts related to pension and postretirement liability adjustments	$ 1.3	$ 3.6	$ 2.7	$ 5

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 55	$ 74.2
Trade receivables	475.3	461.9
Inventories	608.5	549.4
Prepaid expenses and other current assets	101.4	80
Total current assets	1,240.2	1,165.5
Property and equipment, net	1,311.6	1,283.8
Goodwill	1,036.5	1,028.8
Other intangible assets, net	149	155.2
Deferred charges and other assets	93	82.4
Total other long-term assets	1,278.5	1,266.4
TOTAL ASSETS	3,830.3	3,715.7
LIABILITIES
Current portion of long-term debt	5	2
Short-term borrowings	14	15.3
Accounts payable	507	378
Employee-related liabilities	70	79.6
Accrued income and other taxes	31.2	31.2
Other current liabilities	67.9	70
Total current liabilities	695.1	576.1
Long-term debt, less current portion	1,516.8	1,527.8
Deferred taxes	229.9	219.7
Other liabilities and deferred credits	123.8	132.4
Total Liabilities	2,565.6	2,456
Bemis Company, Inc. shareholders' equity:
Common stock issued	12.9	12.9
Capital in excess of par value	581.8	581.5
Retained earnings	2,365	2,341.7
Accumulated other comprehensive loss	(417.5)	(447.8)
Common stock held in treasury	(1,277.5)	(1,228.6)
Total Equity	1,264.7	1,259.7
TOTAL LIABILITIES AND EQUITY	$ 3,830.3	$ 3,715.7

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - shares shares in Millions	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, shares issued	129.1	128.8
Common stock held in treasury, shares	37.1	36.1

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income	$ 79.1	$ 107.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85	81.3
Excess tax benefit from share-based payment arrangements	0	(4.3)
Share-based compensation	8.8	9.4
Deferred income taxes	2.3	8.3
Income of unconsolidated affiliated company	(1.4)	(0.9)
(Gain) loss on sale or write-off of property and equipment	4.7	1.7
Changes in working capital, excluding effect of acquisitions, divestitures and currency	25.2	(62.1)
Changes in other assets and liabilities	(3.2)	12.5
Net cash provided by operating activities	200.5	153
Cash flows from investing activities
Additions to property and equipment	(97.2)	(77.9)
Business acquisitions and adjustments, net of cash acquired	0	(107.3)
Proceeds from sale of property and equipment	0.5	0.2
Net cash used in investing activities	(96.7)	(185)
Cash flows from financing activities
Proceeds from issuance of long-term debt	2.2	0.2
Repayment of long-term debt	0	(23.7)
Net (repayment) borrowing of commercial paper	(13.3)	174.2
Net (repayment) borrowing of short-term debt	(1.6)	(3.7)
Cash dividends paid to shareholders	(56.7)	(59.6)
Common stock purchased for the treasury	(48.9)	(44.3)
Excess tax benefit from share-based payment arrangements	0	4.3
Stock incentive programs and related tax withholdings	(8.5)	(14.6)
Net cash (used in) provided by financing activities	(126.8)	32.8
Effect of exchange rates on cash and cash equivalents	3.8	1.8
Net increase (decrease) in cash and cash equivalents	(19.2)	2.6
Cash and cash equivalents balance at beginning of year	74.2	59.2
Cash and cash equivalents balance at end of period	$ 55	$ 61.8

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Common Stock Held In Treasury
Balance at Dec. 31, 2015	$ 1,207.4	$ 12.8	$ 573.2	$ 2,216	$ (509.9)	$ (1,084.7)
Increase (Decrease) in Shareholders' Equity
Net income	107.1			107.1
Other comprehensive income (loss)	83.7				83.7
Cash dividends declared on common stock	(55.6)			(55.6)
Stock incentive programs and related tax withholdings	(14.6)	0.1	(14.7)
Excess tax benefit (expense) from share-based payment arrangements	4.3		4.3
Share-based compensation	9.4		9.4
Purchase of common stock	(44.3)					(44.3)
Balance at Jun. 30, 2016	1,297.4	12.9	572.2	2,267.5	(426.2)	(1,129)
Balance at Dec. 31, 2016	1,259.7	12.9	581.5	2,341.7	(447.8)	(1,228.6)
Increase (Decrease) in Shareholders' Equity
Net income	79.1			79.1
Other comprehensive income (loss)	30.3				30.3
Cash dividends declared on common stock	(55.8)			(55.8)
Stock incentive programs and related tax withholdings	(8.5)		(8.5)
Share-based compensation	8.8		8.8
Purchase of common stock	(48.9)					(48.9)
Balance at Jun. 30, 2017	$ 1,264.7	$ 12.9	$ 581.8	$ 2,365	$ (417.5)	$ (1,277.5)

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Stockholders' Equity [Abstract]
Stock incentive programs and related tax withholdings, shares	300,000	600,000
Purchase of common stock, shares	1,000,000	1,000,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
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 statement of its financial position, results of operations and cash flows. 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, 2016 .

New Accounting Guidance (Notes)

New Accounting Guidance (Notes)	6 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	New Accounting Guidance Recently Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board ("FASB") issued guidance that changed certain aspects of accounting for share-based payments to employees. The new guidance requires 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 also allows employee tax withholdings above the minimum statutory requirement without triggering liability accounting. Finally, the Company made a policy election to account for forfeitures as they occur. The guidance was adopted by the Company in the first quarter of 2017 and applied prospectively. If this guidance was adopted in the first quarter of 2016, diluted earnings per share in the first quarter would have increased by $ 0.04 from $ 0.59 to $ 0.63 due to a reduction in income tax expense. The impact to operating cash flow in the first quarter of 2016 would have been an increase of $ 4.2 million with a corresponding decrease in financing cash flows. Stock awards typically vest in the first quarter so the impact is concentrated in the first three months of each year. The impact in future years will be dependent on Bemis stock performance and the number of shares vesting each year. The impact in 2017 was a $ 0.9 million reduction of income tax expense and an equivalent benefit to operating cash flow. Recently Issued Accounting Standards In March 2017, the FASB issued guidance that will change how employers that sponsor defined benefit pension and other postretirement benefit plans present the cost of the benefits in the income statement. Under the new guidance, employers will present only the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Employers will present the other components separately from the line item that includes the service cost and outside of any subtotal of operating income, if one is presented. Employers will have to disclose the line used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. The guidance is required to be applied by the Company in the first quarter of 2018. The Company does not expect this standard to have a material impact on its consolidated financial statements. In January 2017, the FASB issued new guidance that narrows the application of when an integrated set of assets and activities is considered a business and provides a framework to assist entities in evaluating whether both an input and a substantive process are present to be considered a business. It is expected that the new guidance will reduce the number of transactions that would need to be further evaluated and accounted for as a business. The guidance is required to be applied by the Company in the first quarter of 2018, but early adoption is permitted. The Company does not expect this standard to have a material impact on its consolidated financial statements. In January 2017, the FASB issued new guidance to simplify the subsequent measurement of goodwill by removing the requirement to perform a hypothetical purchase price allocation to compute the implied fair value of goodwill to measure impairment. Instead, any goodwill impairment will equal the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Further, the guidance eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. This guidance is required to be applied by the Company in the first quarter of 2020, with early adoption permitted for impairment tests performed after January 1, 2017. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In August 2016, the FASB issued guidance to simplify elements of cash flow classification. The guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance requires cash payments for debt prepayment or debt extinguishment costs to be classified as cash outflows for financing activities. It also requires cash payments made soon after an acquisition's consummation date (approximately three months or less) to be classified as cash outflows for investing activities. Payments made thereafter should be classified as cash outflows for financing activities up to the amount of the original contingent consideration liability. Payments made in excess of the amount of the original contingent consideration liability should be classified as cash outflows for operating activities. The guidance is required to be applied by the Company in the first quarter of 2018, 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 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 has elected to adopt the new revenue guidance as of January 1, 2018. In preparation for adoption of the new guidance, the Company has assessed contracts entered with key customers and other forms of agreements with customers globally and has evaluated the provisions under the five-step model specified by the new guidance. In addition, the Company continues to monitor additional interpretive guidance related to the new standard as it becomes available, as well as comparing our conclusions on specific interpretative issues to other peers in our industry, to the extent that such information is available. Based on its procedures to date, the Company has preliminarily concluded the new revenue recognition guidance will not have a material impact on its consolidated financial statements. However, this conclusion could change as the Company finalizes its assessment during 2017. Adoption of the new standard will result in expanded revenue disclosures. The Company will decide which retrospective application to apply once the assessment is finalized.

Restructuring (Notes)

Restructuring (Notes)	6 Months Ended
	Jun. 30, 2017
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	Restructuring 2016 Restructuring and Cost Savings Plan ("2016 Plan") During the second quarter of 2016, the Company initiated a restructuring and cost savings plan ("2016 Plan") to improve efficiencies and reduce fixed costs. As a part of this plan, four Latin American facilities within the Global Packaging segment will be closed. Most of the production from these facilities will be transferred to other facilities. As of June 30, 2017, manufacturing operations had ceased at three of these manufacturing facilities. Based on current estimates and actual charges to date, the Company expects total pre-tax restructuring costs of approximately $ 31 million , with employee termination costs accounting for approximately $ 15 million of the total. In addition, the Company expects to incur approximately $ 3 million in fixed asset related costs and $ 12 to $ 13 million in other costs which primarily represent the cost to move and re-install equipment. Expenses in the second quarter of 2017 were $ 2.6 million which consisted mainly of the cost to re-install moved equipment. Expenses to date for the program are $ 28.2 million . An analysis of the 2016 Plan accruals follows: (in millions) Employee Costs Fixed Asset Related Other Costs Total Restructuring Costs Reserve balance at December 31, 2016 $ 9.4 $ — $ 2.3 $ 11.7 Net expense accrued 0.1 0.6 5.9 6.6 Utilization (cash payments or otherwise settled) (4.0 ) (0.3 ) (5.2 ) (9.5 ) Translation adjustments and other 0.1 (0.2 ) (0.1 ) (0.2 ) Reserve balance at June 30, 2017 $ 5.6 $ 0.1 $ 2.9 $ 8.6 Plant closings associated with the 2016 Plan are expected to be completed by the end of 2017. Cash payments in the three and six months ended June 30, 2017 totaled $ 4.5 million and $ 9.5 million , respectively. Cash payments for the balance of 2017 are expected to be approximately $ 8.2 million . The costs related to restructuring activities have been recorded on the consolidated statement of income as restructuring and acquisition-related costs. The accruals related to restructuring activities have been recorded on the consolidated balance sheet primarily as other current liabilities. 2017 Restructuring and Cost Savings Plan ("2017 Plan") On June 30, 2017, the Company announced restructuring activities targeted to improve efficiency and profitability that further positions the Company for long-term success. As a part of this plan, the Company announced the intention to close two production facilities and move work performed at these facilities to other Bemis locations to optimize manufacturing capacity. In addition, the Company announced it will reduce administrative positions by approximately 300 over the next three years. The Company noted the initial actions represent the first steps in the Company's cost savings plan to improve efficiency and profitability. Based on current estimates and actual charges to date related to the initial steps of the plan, the Company expects total pre-tax restructuring costs of approximately $ 35 to $ 38 million , primarily related to the closure of the two production facilities and the reduction of 300 administrative positions, which includes $ 17 to $ 19 million in employee termination costs, approximately $ 12 million in fixed asset related costs, and $ 6 to $ 7 million in other project costs, including the move and re-installation of equipment. Expenses in the second quarter of 2017 were $ 20.4 million which consisted primarily of employee termination costs and fixed asset write-downs of equipment. The estimated 2017 Plan costs incurred by reportable segment follow: (in millions) U.S. Packaging Global Packaging Corporate Total Expense incurred to date $ 6.7 $ 12.4 $ 1.3 $ 20.4 Estimated future expense 10.1 4.3 — 14.4 Estimated costs of initial program steps $ 16.8 $ 16.7 $ 1.3 $ 34.8 An analysis of the 2017 Plan accruals follows: (in millions) Employee Costs Fixed Asset Related Other Costs Total Restructuring Costs Net expense accrued 16.2 4.2 — 20.4 Utilization (cash payments or otherwise settled) — (4.2 ) — (4.2 ) Reserve balance at June 30, 2017 $ 16.2 $ — $ — $ 16.2 Plant closings related to the initial steps of the plan are expected to be completed by the end of 2018. Cash payments in 2017 are expected to be approximately $ 3 to $ 4 million . The costs related to restructuring activities have been recorded on the consolidated statement of income as restructuring and acquisition-related costs. The accruals related to restructuring activities have been recorded on the consolidated balance sheet as other current liabilities.

Financial Assets and Financial

Financial Assets and Financial Liabilities Measured at Fair Value	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 , the carrying value of these financial instruments, excluding long-term debt, approximates fair value because of the short-term maturities of these instruments. Fair value disclosures are classified based on the fair value hierarchy. Level 1 fair value measurements represent exchange-traded securities which are valued at quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. Level 2 fair value measurements are determined using input prices that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Level 3 fair value measurements are determined using unobservable inputs, such as internally developed pricing models for the asset or liability due to little or no market activity for the asset or liability. The fair value measurements of the Company’s long-term debt represent non-active market exchange-traded securities which are valued at quoted prices or using input prices that are directly observable or indirectly observable through corroboration with observable market data. The carrying values and estimated fair values of long-term debt at June 30, 2017 and December 31, 2016 follow: June 30, 2017 December 31, 2016 (in millions) Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Long-term debt, less current portion $ 1,516.8 $ 1,581.3 $ 1,527.8 $ 1,592.3 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 June 30, 2017 December 31, 2016 (in millions) (Level 2) (Level 2) Interest rate swaps — net asset position $ 3.9 $ 1.3

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 , the Company had outstanding forward exchange contracts with notional amounts aggregating $ 2.0 million and $ 4.1 million , respectively. The net settlement amount (fair value) related to active forward exchange contracts is recorded on the balance sheet as either a current or long-term asset or liability and as an element of other operating income which offsets the related transaction gains or losses. The net settlement amounts are immaterial for all periods presented. The Company is exposed to credit loss in the event of non-performance by counterparties in forward exchange contracts and interest-rate swap contracts. Collateral is generally not required of the counterparties or of the Company. In the event a counterparty fails to meet the contractual terms of a currency swap or forward exchange contract, the Company’s risk is limited to the fair value of the instrument. The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits, and by selecting major international banks and financial institutions as counterparties. The Company has not had any historical instances of non-performance by any counterparties, nor does it anticipate any future instances of non-performance. The fair values, balance sheet presentation, and the hedge designation status of derivative instruments at June 30, 2017 and December 31, 2016 are presented in the table below: Fair Value (Level 2) As of (in millions) Balance Sheet Location June 30, 2017 December 31, 2016 Asset Derivatives Interest rate swaps — designated as hedge Deferred charges and other assets $ 3.9 $ 1.3 The income statement impact of derivatives is presented in the table below: Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended June 30, Six Months Ended June 30, (in millions) Location of Gain (Loss) Recognized in Income on Derivatives 2017 2016 2017 2016 Designated as hedges Interest rate swaps Interest expense $ 1.0 $ 1.5 $ 1.9 $ 2.9 Not designated as hedges Forward exchange contracts Other operating income — (0.2 ) (0.3 ) (0.9 ) Total $ 1.0 $ 1.3 $ 1.6 $ 2.0

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
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) June 30, December 31, Raw materials and supplies $ 192.1 $ 172.2 Work in process and finished goods 416.4 377.2 Total inventories $ 608.5 $ 549.4

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2017
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, 2016 $ 632.4 $ 396.4 $ 1,028.8 Currency translation 0.4 7.3 7.7 Reported balance at June 30, 2017 $ 632.8 $ 403.7 $ 1,036.5 The components of amortized intangible assets follow: June 30, 2017 December 31, 2016 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract based $ 9.3 $ (1.2 ) $ 8.9 $ (1.0 ) Technology based 79.8 (54.4 ) 79.5 (52.0 ) Marketing related 14.1 (9.1 ) 14.2 (8.9 ) Customer based 207.5 (97.0 ) 203.9 (89.4 ) Reported balance $ 310.7 $ (161.7 ) $ 306.5 $ (151.3 ) Amortization expense for intangible assets was $ 8.4 million and $ 7.5 million during the first six months of 2017 and 2016 , respectively. Estimated amortization expense is $ 8.4 million for the remainder of 2017 , $ 16.8 million for 2018, $16.7 for 2019, $ 15.8 million for 2020, $ 13.7 million for 2021, and $ 12.2 million for 2022. The Company does not have any accumulated impairment losses.

Components of Net Periodic Bene

Components of Net Periodic Benefit Cost	6 Months Ended
	Jun. 30, 2017
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 and other postretirement plans are shown below. The funding policy and assumptions disclosed in the Company’s 2016 Annual Report on Form 10-K are expected to continue unchanged throughout 2017 . Three Months Ended June 30, Six Months Ended June 30, Pension Benefits Other Benefits Pension Benefits Other Benefits (in millions) 2017 2016 2017 2016 2017 2016 2017 2016 Service cost - benefits earned during the period $ 1.9 $ 1.9 $ — $ — $ 3.7 $ 3.8 $ — $ — Interest cost on projected benefit obligation 7.6 8.2 0.1 0.1 15.2 16.4 0.1 0.1 Expected return on plan assets (12.1 ) (12.9 ) — — (24.2 ) (25.8 ) — — Settlement loss 0.3 5.8 — — 0.3 5.9 — — Amortization: Prior service cost 0.2 0.2 (0.2 ) (0.2 ) 0.4 0.4 (0.2 ) (0.2 ) Actuarial net loss (gain) 3.5 3.7 (0.2 ) (0.1 ) 7.0 7.3 (0.4 ) (0.3 ) Net periodic benefit cost $ 1.4 $ 6.9 $ (0.3 ) $ (0.2 ) $ 2.4 $ 8.0 $ (0.5 ) $ (0.4 ) Costs for defined contribution pension plans were $ 7.6 million and $ 15.5 million for the three and six months ended June 30, 2017 , respectively. Costs for defined contribution pension plans were $ 5.6 million and $ 13.3 million for the three and six months ended June 30, 2016, respectively. The Company recognizes pension settlement charges related to supplemental pension plan lump sum payments.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2017
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, 2015 $ (366.5 ) $ (143.4 ) $ (509.9 ) Other comprehensive income before reclassifications 74.7 — 74.7 Amounts reclassified from accumulated other comprehensive loss — 9.0 9.0 Net current period other comprehensive income 74.7 9.0 83.7 June 30, 2016 $ (291.8 ) $ (134.4 ) $ (426.2 ) December 31, 2016 $ (330.7 ) $ (117.1 ) $ (447.8 ) Other comprehensive income before reclassifications 25.9 — 25.9 Amounts reclassified from accumulated other comprehensive loss — 4.4 4.4 Net current period other comprehensive income 25.9 4.4 30.3 June 30, 2017 $ (304.8 ) $ (112.7 ) $ (417.5 ) The following table summarizes amounts reclassified from accumulated other comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Pension and postretirement costs (See Note 8) $ 3.6 $ 9.7 $ 7.1 $ 13.6 Tax benefit (1.3 ) (3.0 ) (2.7 ) (4.6 ) Pension and postretirement costs, net of tax $ 2.3 $ 6.7 $ 4.4 $ 9.0 Accumulated other comprehensive loss associated with pension and other postretirement liability adjustments are net of tax effects of $ 68.5 million and $ 71.2 million as of June 30, 2017 and December 31, 2016 , respectively.

Earnings Per Share Computations

Earnings Per Share Computations	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share Computations	Earnings Per Share Computations A reconciliation of basic and diluted earnings per share is below: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2017 2016 2017 2016 Numerator Net income $ 28.0 $ 50.9 $ 79.1 $ 107.1 Denominator Weighted average common shares outstanding — basic 92.0 94.7 92.2 94.8 Dilutive shares 0.3 1.0 0.3 1.0 Weighted average common and common equivalent shares outstanding — diluted 92.3 95.7 92.5 95.8 Per common share income Basic $ 0.31 $ 0.54 $ 0.86 $ 1.13 Diluted $ 0.30 $ 0.53 $ 0.85 $ 1.12 Certain stock awards outstanding were not included in the computation of diluted earnings per share above because they would not have had a dilutive effect. The excluded stock awards represented an aggregate of 0.6 million shares for the three and six months ended June 30, 2017. There were no anti-dilutive stock awards outstanding for the three and six months ended June 30, 2016 .

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2017
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 in the United States and one in Brazil. These proceedings were instituted by the United States Environmental Protection Agency and certain state and foreign environmental agencies at various times beginning in 1983. Superfund and similar state and foreign laws create liability for investigation and remediation in response to releases of hazardous substances in the environment. Under these statutes, joint and several liability may be imposed on waste generators, site owners and operators, and others regardless of fault. Although these regulations could require the Company to remove or mitigate the effects on the environment at various sites, perform remediation work at such sites, or pay damages for loss of use and non-use values, the Company expects its liability in these proceedings to be limited to monetary damages. The Company expects its future liability relative to these sites to be insignificant, individually and in the aggregate. The Company is involved in other environmental-related litigation arising in the ordinary course of business. The Company accrues environmental costs when it is probable that these costs will be incurred and can be reasonably estimated. The Company's reserve for environmental liabilities at June 30, 2017 and December 31, 2016 was $ 3.9 million and $ 3.5 million , respectively, and is included in other liabilities and deferred credits on the accompanying consolidated balance sheet. Brazil Tax Dispute - Goodwill Amortization During October 2013, Dixie Toga, Ltda ("Dixie Toga"), a Bemis subsidiary, 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 $ 11.5 million , translated to U.S. dollars at the June 30, 2017 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. In May of 2017, the Company received a favorable administrative decision. The government is appealing this decision to the next administrative level. The Company intends to litigate the matter if it is not resolved at the administrative appeals levels. The ultimate outcome 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, a governmental agency in Brazil, which has now been replaced by the General Superintendence of the Administrative Council for Economic Defense ("CADE"), initiated an investigation into possible anti-competitive practices in the Brazilian flexible packaging industry against a number of Brazilian companies including Itap Bemis, a Dixie Toga subsidiary. The investigation relates to periods prior to the Company’s acquisition of control of Dixie Toga and its subsidiaries. In late November 2016, the investigative arm of CADE issued an advisory opinion recommending, among other actions, the imposition of fines on Itap Bemis. In July 2017, the Attorney General's Office of CADE recommended the termination of the investigation with respect to all companies and individuals, concluding that the evidence is insufficient for conviction. The case is now awaiting the opinion of the Federal Public Prosecutor as to how to proceed. In the event of an adverse decision, it is difficult to predict possible fines, but based on CADE's current fining practice, the fines assessed could be as high as $ 60 million , depending on CADE’s determination of the applicable revenue base for the calculation of the fine. The Company intends to vigorously defend its position and plans to appeal any adverse decision by the Tribunal. Upon appeal, the Company would likely be required to post bond, deposit funds equal to the assessed fines, or provide other collateral. The Company is u nable at this time to predict the outcome of this matter, but believes it is not probable that an adverse judgment would stand after exhausting all appeals which are likely to take several years and therefore no provision has been made in the consolidated financial statements.

Segments of Business

Segments of Business	6 Months Ended
	Jun. 30, 2017
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. Intersegment sales (which are not significant) 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 restructuring and acquisition-related costs, general corporate expense, interest expense, other non-operating income, and income taxes. Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately 10 percent of the Company's sales for all periods presented. The Company sells to Kraft Heinz primarily through its U.S. Packaging segment. A summary of the Company’s business activities reported by its two business segments follows: Three Months Ended June 30, Six Months Ended June 30, Business Segments (in millions) 2017 2016 2017 2016 Sales including intersegment sales: U.S. Packaging $ 672.7 $ 678.0 $ 1,327.6 $ 1,344.7 Global Packaging 355.6 355.4 706.1 668.9 Intersegment sales: U.S. Packaging (11.2 ) (7.0 ) (17.2 ) (13.2 ) Global Packaging (5.0 ) (5.1 ) (9.0 ) (11.2 ) Total net sales $ 1,012.1 $ 1,021.3 $ 2,007.5 $ 1,989.2 Segment operating profit U.S. Packaging $ 80.1 $ 103.5 $ 163.6 $ 205.2 Global Packaging 17.7 28.1 44.9 44.4 Restructuring and acquisition-related costs 23.8 19.6 28.2 20.4 General corporate expenses 17.5 23.0 34.4 40.8 Operating income 56.5 89.0 145.9 188.4 Interest expense 16.0 14.0 32.0 29.4 Other non-operating (income) expense (0.6 ) (0.6 ) (1.5 ) (0.5 ) Income before income taxes $ 41.1 $ 75.6 $ 115.4 $ 159.5

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2017
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Costs [Table Text Block]	The estimated 2017 Plan costs incurred by reportable segment follow: (in millions) U.S. Packaging Global Packaging Corporate Total Expense incurred to date $ 6.7 $ 12.4 $ 1.3 $ 20.4 Estimated future expense 10.1 4.3 — 14.4 Estimated costs of initial program steps $ 16.8 $ 16.7 $ 1.3 $ 34.8
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	An analysis of the 2016 Plan accruals follows: (in millions) Employee Costs Fixed Asset Related Other Costs Total Restructuring Costs Reserve balance at December 31, 2016 $ 9.4 $ — $ 2.3 $ 11.7 Net expense accrued 0.1 0.6 5.9 6.6 Utilization (cash payments or otherwise settled) (4.0 ) (0.3 ) (5.2 ) (9.5 ) Translation adjustments and other 0.1 (0.2 ) (0.1 ) (0.2 ) Reserve balance at June 30, 2017 $ 5.6 $ 0.1 $ 2.9 $ 8.6 An analysis of the 2017 Plan accruals follows: (in millions) Employee Costs Fixed Asset Related Other Costs Total Restructuring Costs Net expense accrued 16.2 4.2 — 20.4 Utilization (cash payments or otherwise settled) — (4.2 ) — (4.2 ) Reserve balance at June 30, 2017 $ 16.2 $ — $ — $ 16.2

Financial Assets and Financia22

Financial Assets and Financial Liabilities Measured at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Carrying values and estimated fair values of long-term debt, including current maturities	The carrying values and estimated fair values of long-term debt at June 30, 2017 and December 31, 2016 follow: June 30, 2017 December 31, 2016 (in millions) Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Long-term debt, less current portion $ 1,516.8 $ 1,581.3 $ 1,527.8 $ 1,592.3
Fair values for derivatives	The fair value of the Company's derivatives follows: Fair Value As of Fair Value As of June 30, 2017 December 31, 2016 (in millions) (Level 2) (Level 2) Interest rate swaps — net asset position $ 3.9 $ 1.3

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair values for derivatives	The fair values, balance sheet presentation, and the hedge designation status of derivative instruments at June 30, 2017 and December 31, 2016 are presented in the table below: Fair Value (Level 2) As of (in millions) Balance Sheet Location June 30, 2017 December 31, 2016 Asset Derivatives Interest rate swaps — designated as hedge Deferred charges and other assets $ 3.9 $ 1.3
Income statement impact of derivative instruments not designated as hedging instruments	The income statement impact of derivatives is presented in the table below: Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended June 30, Six Months Ended June 30, (in millions) Location of Gain (Loss) Recognized in Income on Derivatives 2017 2016 2017 2016 Designated as hedges Interest rate swaps Interest expense $ 1.0 $ 1.5 $ 1.9 $ 2.9 Not designated as hedges Forward exchange contracts Other operating income — (0.2 ) (0.3 ) (0.9 ) Total $ 1.0 $ 1.3 $ 1.6 $ 2.0

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Summary of inventory	Inventories are summarized as follows: (in millions) June 30, December 31, Raw materials and supplies $ 192.1 $ 172.2 Work in process and finished goods 416.4 377.2 Total inventories $ 608.5 $ 549.4

Goodwill and Other Intangible25

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 $ 632.4 $ 396.4 $ 1,028.8 Currency translation 0.4 7.3 7.7 Reported balance at June 30, 2017 $ 632.8 $ 403.7 $ 1,036.5
Components of amortized intangible assets	The components of amortized intangible assets follow: June 30, 2017 December 31, 2016 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Contract based $ 9.3 $ (1.2 ) $ 8.9 $ (1.0 ) Technology based 79.8 (54.4 ) 79.5 (52.0 ) Marketing related 14.1 (9.1 ) 14.2 (8.9 ) Customer based 207.5 (97.0 ) 203.9 (89.4 ) Reported balance $ 310.7 $ (161.7 ) $ 306.5 $ (151.3 )

Components of Net Periodic Be26

Components of Net Periodic Benefit Cost (Tables)	6 Months Ended
	Jun. 30, 2017
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Components of net periodic benefit cost	Three Months Ended June 30, Six Months Ended June 30, Pension Benefits Other Benefits Pension Benefits Other Benefits (in millions) 2017 2016 2017 2016 2017 2016 2017 2016 Service cost - benefits earned during the period $ 1.9 $ 1.9 $ — $ — $ 3.7 $ 3.8 $ — $ — Interest cost on projected benefit obligation 7.6 8.2 0.1 0.1 15.2 16.4 0.1 0.1 Expected return on plan assets (12.1 ) (12.9 ) — — (24.2 ) (25.8 ) — — Settlement loss 0.3 5.8 — — 0.3 5.9 — — Amortization: Prior service cost 0.2 0.2 (0.2 ) (0.2 ) 0.4 0.4 (0.2 ) (0.2 ) Actuarial net loss (gain) 3.5 3.7 (0.2 ) (0.1 ) 7.0 7.3 (0.4 ) (0.3 ) Net periodic benefit cost $ 1.4 $ 6.9 $ (0.3 ) $ (0.2 ) $ 2.4 $ 8.0 $ (0.5 ) $ (0.4 )

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2015 $ (366.5 ) $ (143.4 ) $ (509.9 ) Other comprehensive income before reclassifications 74.7 — 74.7 Amounts reclassified from accumulated other comprehensive loss — 9.0 9.0 Net current period other comprehensive income 74.7 9.0 83.7 June 30, 2016 $ (291.8 ) $ (134.4 ) $ (426.2 ) December 31, 2016 $ (330.7 ) $ (117.1 ) $ (447.8 ) Other comprehensive income before reclassifications 25.9 — 25.9 Amounts reclassified from accumulated other comprehensive loss — 4.4 4.4 Net current period other comprehensive income 25.9 4.4 30.3 June 30, 2017 $ (304.8 ) $ (112.7 ) $ (417.5 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	The following table summarizes amounts reclassified from accumulated other comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Pension and postretirement costs (See Note 8) $ 3.6 $ 9.7 $ 7.1 $ 13.6 Tax benefit (1.3 ) (3.0 ) (2.7 ) (4.6 ) Pension and postretirement costs, net of tax $ 2.3 $ 6.7 $ 4.4 $ 9.0

Earnings Per Share Computatio28

Earnings Per Share Computations (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Calculation of earnings per share	A reconciliation of basic and diluted earnings per share is below: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2017 2016 2017 2016 Numerator Net income $ 28.0 $ 50.9 $ 79.1 $ 107.1 Denominator Weighted average common shares outstanding — basic 92.0 94.7 92.2 94.8 Dilutive shares 0.3 1.0 0.3 1.0 Weighted average common and common equivalent shares outstanding — diluted 92.3 95.7 92.5 95.8 Per common share income Basic $ 0.31 $ 0.54 $ 0.86 $ 1.13 Diluted $ 0.30 $ 0.53 $ 0.85 $ 1.12

Segments of Business (Tables)

Segments of Business (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summary of the entity's business activities reported by business segments	A summary of the Company’s business activities reported by its two business segments follows: Three Months Ended June 30, Six Months Ended June 30, Business Segments (in millions) 2017 2016 2017 2016 Sales including intersegment sales: U.S. Packaging $ 672.7 $ 678.0 $ 1,327.6 $ 1,344.7 Global Packaging 355.6 355.4 706.1 668.9 Intersegment sales: U.S. Packaging (11.2 ) (7.0 ) (17.2 ) (13.2 ) Global Packaging (5.0 ) (5.1 ) (9.0 ) (11.2 ) Total net sales $ 1,012.1 $ 1,021.3 $ 2,007.5 $ 1,989.2 Segment operating profit U.S. Packaging $ 80.1 $ 103.5 $ 163.6 $ 205.2 Global Packaging 17.7 28.1 44.9 44.4 Restructuring and acquisition-related costs 23.8 19.6 28.2 20.4 General corporate expenses 17.5 23.0 34.4 40.8 Operating income 56.5 89.0 145.9 188.4 Interest expense 16.0 14.0 32.0 29.4 Other non-operating (income) expense (0.6 ) (0.6 ) (1.5 ) (0.5 ) Income before income taxes $ 41.1 $ 75.6 $ 115.4 $ 159.5

New Accounting Guidance (Detail

New Accounting Guidance (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income from continuing operations, per diluted share		$ 0.59
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Cash Flow	$ 0.9	$ 4.2
Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Diluted Earnings Per Share		$ 0.04
Pro Forma [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Diluted Earnings Per Share		$ 0.63

Restructuring (Details)

Restructuring (Details) $ in Millions	3 Months Ended	6 Months Ended	14 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
2016 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost Number of Planned Closure Facilities		4
Restructuring and Related Cost Number of Facilities Closed		3
Restructuring Charges		$ 6.6
Restructuring Reserve Settled		(9.5)
Restructuring Reserve, Translation and Other Adjustment		(0.2)
Restructuring Reserve	$ 8.6	8.6	$ 8.6	$ 11.7
Payments for Restructuring	4.5	9.5
Restructuring and Related Cost, Expected Cost	31	31	31
Expected Cash Payments for Plant Closure		$ 8.2
2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost Number of Planned Closure Facilities		2
Restructuring and Related Cost, Expected Number of Positions Eliminated		300
Restructuring Charges	20.4	$ 20.4
Restructuring and Related Cost, Expected Cost Remaining	14.4	14.4	14.4
Restructuring Reserve Settled		(4.2)
Restructuring Reserve	16.2	16.2	16.2
Restructuring and Related Cost, Expected Cost	34.8	34.8	34.8
Employee Related Costs [Member] | 2016 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges		0.1
Restructuring Reserve Settled		(4)
Restructuring Reserve, Translation and Other Adjustment		0.1
Restructuring Reserve	5.6	5.6	5.6	9.4
Restructuring and Related Cost, Expected Cost	15	15	15
Employee Related Costs [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges		16.2
Restructuring Reserve Settled		0
Restructuring Reserve	16.2	16.2	16.2
Fixed Asset Related Expenses [Member] | 2016 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges		0.6
Restructuring Reserve Settled		(0.3)
Restructuring Reserve, Translation and Other Adjustment		(0.2)
Restructuring Reserve	0.1	0.1	0.1	0
Restructuring and Related Cost, Expected Cost	3	3	3
Fixed Asset Related Expenses [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges		4.2
Restructuring Reserve Settled		(4.2)
Restructuring Reserve	0	0	0
Restructuring and Related Cost, Expected Cost	12	12	12
Other Costs [Member] | 2016 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges		5.9
Restructuring Reserve Settled		(5.2)
Restructuring Reserve, Translation and Other Adjustment		(0.1)
Restructuring Reserve	2.9	2.9	2.9	$ 2.3
Other Costs [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges		0
Restructuring Reserve Settled		0
Restructuring Reserve	0	0	0
USPackaging [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges		6.7
Restructuring and Related Cost, Expected Cost Remaining	10.1	10.1	10.1
Restructuring and Related Cost, Expected Cost	16.8	16.8	16.8
Corporate Segment [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges		1.3
Restructuring and Related Cost, Expected Cost Remaining	0	0	0
Restructuring and Related Cost, Expected Cost	1.3	1.3	1.3
GlobalPackaging [Member] | 2016 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges	2.6		28.2
GlobalPackaging [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring Charges		12.4
Restructuring and Related Cost, Expected Cost Remaining	4.3	4.3	4.3
Restructuring and Related Cost, Expected Cost	16.7	16.7	16.7
Minimum [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost, Expected Cost	35	35	35
Expected Cash Payments for Plant Closure		3
Minimum [Member] | Employee Related Costs [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost, Expected Cost	17	17	17
Minimum [Member] | Other Costs [Member] | 2016 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost, Expected Cost	12	12	12
Minimum [Member] | Other Costs [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost, Expected Cost	6	6	6
Maximum [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost, Expected Cost	38	38	38
Expected Cash Payments for Plant Closure		4
Maximum [Member] | Employee Related Costs [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost, Expected Cost	19	19	19
Maximum [Member] | Other Costs [Member] | 2016 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost, Expected Cost	13	13	13
Maximum [Member] | Other Costs [Member] | 2017 Restructuring Program [Member]
Restructuring Reserve Disclosures [Line Items]
Restructuring and Related Cost, Expected Cost	$ 7	$ 7	$ 7

Financial Assets and Financia32

Financial Assets and Financial Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Carrying Value
Carrying values and estimated fair values of long-term debt, including current maturities
Total long-term debt	$ 1,516.8	$ 1,527.8
Fair Value | (Level 2)
Carrying values and estimated fair values of long-term debt, including current maturities
Total long-term debt	$ 1,581.3	$ 1,592.3

Financial Assets and Financia33

Financial Assets and Financial Liabilities Measured at Fair Value (Details 2) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Measured on a recurring basis | (Level 2) | Interest-rate swap
Fair values for derivatives
Derivative Asset	$ 3.9	$ 1.3

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
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	$ 2	$ 4.1
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	$ 3.9	$ 1.3

Derivative Instruments (Detai35

Derivative Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 1	$ 1.3	$ 1.6	$ 2
Designated as Hedging Instrument [Member] | Interest-rate swap
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	1	1.5	1.9	2.9
Derivatives not designated as hedging instruments | Forward exchange contracts
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 0	$ (0.2)	$ (0.3)	$ (0.9)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Inventory valuation
Raw materials and supplies	$ 192.1	$ 172.2
Work in process and finished goods	416.4	377.2
Total inventories	$ 608.5	$ 549.4

Goodwill and Other Intangible37

Goodwill and Other Intangible Assets (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	$ 1,028.8
Currency translation	7.7
Reported balance at the end of the period	1,036.5
USPackaging [Member]
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	632.4
Currency translation	0.4
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	396.4
Currency translation	7.3
Reported balance at the end of the period	$ 403.7

Goodwill and Other Intangible38

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Components of amortized intangible assets
Gross Carrying Amount	$ 310.7		$ 306.5
Accumulated Amortization	(161.7)		(151.3)
Amortization expense for intangible assets	8.4	$ 7.5
Estimated amortization expense
Remainder of fiscal year	8.4
2,018	16.8
2,019	16.7
2,020	15.8
2,021	13.7
2,022	12.2
Contract based
Components of amortized intangible assets
Gross Carrying Amount	9.3		8.9
Accumulated Amortization	(1.2)		(1)
Technology based
Components of amortized intangible assets
Gross Carrying Amount	79.8		79.5
Accumulated Amortization	(54.4)		(52)
Marketing related
Components of amortized intangible assets
Gross Carrying Amount	14.1		14.2
Accumulated Amortization	(9.1)		(8.9)
Customer based
Components of amortized intangible assets
Gross Carrying Amount	207.5		203.9
Accumulated Amortization	$ (97)		$ (89.4)

Components of Net Periodic Be39

Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Pension Plan, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost - benefits earned during the period	$ 1.9	$ 1.9	$ 3.7	$ 3.8
Interest cost on projected benefit obligation	7.6	8.2	15.2	16.4
Expected return on plan assets	(12.1)	(12.9)	(24.2)	(25.8)
Settlement loss	0.3	5.8	0.3	5.9
Amortization of prior service cost	0.2	0.2	0.4	0.4
Recognized actuarial net (gain) or loss	3.5	3.7	7	7.3
Net periodic benefit (income) cost	1.4	6.9	2.4	8
Other Postretirement Benefit Plan, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost - benefits earned during the period	0	0	0	0
Interest cost on projected benefit obligation	0.1	0.1	0.1	0.1
Expected return on plan assets	0	0	0	0
Settlement loss	0	0	0	0
Amortization of prior service cost	(0.2)	(0.2)	(0.2)	(0.2)
Recognized actuarial net (gain) or loss	(0.2)	(0.1)	(0.4)	(0.3)
Net periodic benefit (income) cost	(0.3)	(0.2)	(0.5)	(0.4)
Bemis Investment Profit Sharing Plan and Other Defined Contribution Plans [Member]
Components of Net Periodic Benefit Cost
Defined contribution benefits plans	$ 7.6	$ 5.6	$ 15.5	$ 13.3

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Accumulated other comprehensive loss, net of tax
Foreign currency translation	$ (304.8)	$ (291.8)	$ (304.8)	$ (291.8)	$ (330.7)	$ (366.5)
Pension and other postretirement liability adjustment, net of deferred tax effect	(112.7)	(134.4)	(112.7)	(134.4)	(117.1)	(143.4)
Accumulated other comprehensive loss	(417.5)	(426.2)	(417.5)	(426.2)	(447.8)	$ (509.9)
Tax effect of pension liability adjustment	68.5		68.5		$ 71.2
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax	3.6	9.7	7.1	13.6
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax	(1.3)	(3)	(2.7)	(4.6)
Other comprehensive income, before reclassification, foreign currency translation			25.9	74.7
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax			0	0
Other comprehensive income, reclassification adjustment, foreign currency translation			0	0
Other comprehensive income, reclassification, pension	2.3	6.7	4.4	9
Translation adjustments	(4)	30.9	25.9	74.7
Pension and other postretirement liability adjustments, net of tax	2.3	5.7	4.4	9
Other comprehensive income (loss)	$ (1.7)	$ 36.6	30.3	83.7
Before reclassification [Member]
Accumulated other comprehensive loss, net of tax
Other comprehensive income (loss)			25.9	74.7
Reclassified [Member]
Accumulated other comprehensive loss, net of tax
Other comprehensive income (loss)			$ 4.4	$ 9

Earnings Per Share Computatio41

Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator
Net income	$ 28	$ 50.9	$ 79.1	$ 107.1
Denominator
Basic weighted-average common shares outstanding	92	94.7	92.2	94.8
Dilutive shares	0.3	1	0.3	1
Weighted-average common and common equivalent shares outstanding - diluted	92.3	95.7	92.5	95.8
Per common share income
Net income, per basic share	$ 0.31	$ 0.54	$ 0.86	$ 1.13
Net income, per diluted share	$ 0.30	$ 0.53	$ 0.85	$ 1.12
Antidilutive stock options and stock awards	0.6	0	0.6	0

Legal Proceedings (Details)

Legal Proceedings (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Loss Contingencies [Line Items]
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	$ 3.9	$ 3.5
TaxAssessmentForGoodwillAmortization	11.5
Brazil Investigation [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 60

Segments of Business (Details)

Segments of Business (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Segment Reporting [Abstract]
Reporting Segments Number			2
Segment reporting information
Revenue	$ 1,012.1	$ 1,021.3	$ 2,007.5	$ 1,989.2
Operating Profit and Pretax Profit:
Operating Income (Loss)	56.5	89	145.9	188.4
Interest expense	16	14	32	29.4
Other non-operating (income) expense, net	(0.6)	(0.6)	(1.5)	(0.5)
Income from continuing operations before income taxes	41.1	75.6	$ 115.4	159.5
Segment Reporting, Disclosure of Major Customers			0.10
USPackaging [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	80.1	103.5	$ 163.6	205.2
GlobalPackaging [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	17.7	28.1	44.9	44.4
Restructuring and acquisition-related costs [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	23.8	19.6	28.2	20.4
GeneralCorporateExpenses [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	17.5	23	34.4	40.8
Operating Segments [Member] | USPackaging [Member]
Segment reporting information
Revenue	672.7	678	1,327.6	1,344.7
Operating Segments [Member] | GlobalPackaging [Member]
Segment reporting information
Revenue	355.6	355.4	706.1	668.9
Intersegment Eliminations [Member] | USPackaging [Member]
Segment reporting information
Revenue	(11.2)	(7)	(17.2)	(13.2)
Intersegment Eliminations [Member] | GlobalPackaging [Member]
Segment reporting information
Revenue	$ (5)	$ (5.1)	$ (9)	$ (11.2)