Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 29, 2013 | Oct. 17, 2013 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'SON | ' |
Entity Registrant Name | 'SONOCO PRODUCTS CO | ' |
Entity Central Index Key | '0000091767 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 101,952,069 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $287,577 | $373,084 |
Trade accounts receivable, net of allowances | 688,948 | 619,761 |
Other receivables | 35,105 | 36,311 |
Inventories: | ' | ' |
Finished and in process | 153,256 | 159,193 |
Materials and supplies | 238,316 | 224,079 |
Prepaid expenses | 34,027 | 65,395 |
Deferred income taxes | 22,118 | 22,073 |
Total Current Assets | 1,459,347 | 1,499,896 |
Property, Plant and Equipment, Net | 1,049,597 | 1,034,906 |
Goodwill | 1,102,560 | 1,110,505 |
Other Intangible Assets, Net | 251,592 | 276,809 |
Long-term Deferred Income Taxes | 62,169 | 90,936 |
Other Assets | 164,090 | 163,013 |
Total Assets | 4,089,355 | 4,176,065 |
Current Liabilities | ' | ' |
Payable to suppliers | 496,809 | 426,786 |
Accrued expenses and other | 358,099 | 337,536 |
Notes payable and current portion of long-term debt | 152,093 | 273,608 |
Accrued taxes | 27,250 | 6,305 |
Total Current Liabilities | 1,034,251 | 1,044,235 |
Long-term Debt, Net of Current Portion | 947,541 | 1,099,454 |
Pension and Other Postretirement Benefits | 446,487 | 461,881 |
Deferred Income Taxes | 14,707 | 15,649 |
Other Liabilities | 52,382 | 51,632 |
Commitments and Contingencies | ' | ' |
Sonoco Shareholders' Equity | ' | ' |
Common stock, no par value; Authorized 300,000 shares; 101,503 and 100,847 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 7,175 | 7,175 |
Capital in excess of stated value | 462,619 | 445,492 |
Accumulated other comprehensive loss | -471,315 | -475,826 |
Retained earnings | 1,581,978 | 1,512,145 |
Total Sonoco Shareholders' Equity | 1,580,457 | 1,488,986 |
Noncontrolling Interests | 13,530 | 14,228 |
Total Equity | 1,593,987 | 1,503,214 |
Total Liabilities and Equity | $4,089,355 | $4,176,065 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | Sep. 29, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, number of shares authorized | 300,000,000 | 300,000,000 |
Common stock, number of shares issued | 101,503,000 | 100,847,000 |
Common stock, number of shares outstanding | 101,503,000 | 100,847,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,227,749 | $1,195,530 | $3,633,218 | $3,610,259 |
Cost of sales | 1,003,712 | 989,301 | 2,980,901 | 2,970,627 |
Gross profit | 224,037 | 206,229 | 652,317 | 639,632 |
Selling, general and administrative expenses | 117,935 | 110,330 | 359,794 | 351,690 |
Restructuring/Asset impairment charges | 5,818 | -444 | 18,785 | 24,164 |
Income before interest and income taxes | 100,284 | 96,343 | 273,738 | 263,778 |
Interest expense | 15,119 | 15,908 | 45,400 | 48,379 |
Interest income | 833 | 1,056 | 2,439 | 2,858 |
Income before income taxes | 85,998 | 81,491 | 230,777 | 218,257 |
Provision for income taxes | 27,085 | 25,399 | 74,746 | 73,201 |
Income before equity in earnings of affiliates | 58,913 | 56,092 | 156,031 | 145,056 |
Equity in earnings of affiliates, net of tax | 2,512 | 2,937 | 8,233 | 8,236 |
Net income | 61,425 | 59,029 | 164,264 | 153,292 |
Net (income)/loss attributable to noncontrolling interests | -185 | -193 | 103 | -65 |
Net income attributable to Sonoco | $61,240 | $58,836 | $164,367 | $153,227 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 102,835 | 101,892 | 102,586 | 101,745 |
Diluted (in shares) | 103,510 | 102,544 | 103,164 | 102,548 |
Net income attributable to Sonoco per common share: | ' | ' | ' | ' |
Basic (in usd per share) | $0.60 | $0.58 | $1.60 | $1.51 |
Diluted (in usd per share) | $0.59 | $0.57 | $1.59 | $1.49 |
Cash dividends (in usd per share) | $0.31 | $0.30 | $0.92 | $0.89 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $61,425 | $59,029 | $164,264 | $153,292 |
Other comprehensive income/(loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 20,351 | 38,718 | -20,348 | 20,909 |
Changes in defined benefit plans, net of tax | 7,782 | -1,660 | 20,507 | 8,287 |
Changes in derivative financial instruments, net of tax | 1,462 | 3,274 | 4,352 | 4,985 |
Comprehensive income | 91,020 | 99,361 | 168,775 | 187,473 |
Net (income)/loss attributable to noncontrolling interests | -185 | -193 | 103 | -65 |
Other comprehensive (income)/loss attributable to noncontrolling interests | -32 | -457 | 595 | -416 |
Comprehensive income attributable to Sonoco | $90,803 | $98,711 | $169,473 | $186,992 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $164,264 | $153,292 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Asset impairment | 7,352 | 5,876 |
Depreciation, depletion and amortization | 145,574 | 149,159 |
Share-based compensation expense | 7,658 | 6,472 |
Equity in earnings of affiliates | -8,233 | -8,236 |
Cash dividends from affiliated companies | 8,636 | 5,870 |
Gain on disposition of assets | -1,286 | -4,390 |
Pension and postretirement plan expense | 46,678 | 39,806 |
Pension and postretirement plan contributions | -30,514 | -64,080 |
Tax effect of share-based compensation exercises | 6,867 | 4,103 |
Excess tax benefit of share-based compensation | -3,324 | -1,867 |
Net increase (decrease) in deferred taxes | 22,504 | -1,487 |
Change in assets and liabilities, net of effects from acquisitions, dispositions, and foreign currency adjustments: | ' | ' |
Trade accounts receivable | -78,003 | -56,641 |
Inventories | -13,069 | 3,246 |
Payable to suppliers | 75,207 | 25,565 |
Prepaid expenses | -1,958 | -3,558 |
Accrued expenses | 25,078 | 10,062 |
Income taxes payable and other income tax items | 43,796 | 22,366 |
Fox River environmental reserves | -1,592 | -1,320 |
Other assets and liabilities | 5,649 | 8,289 |
Net cash provided by operating activities | 421,284 | 292,527 |
Cash Flows from Investing Activities: | ' | ' |
Purchase of property, plant and equipment | -143,926 | -158,213 |
Cost of acquisitions, exclusive of cash | -3,728 | -503 |
Proceeds from the sale of assets | 8,950 | 20,092 |
Investment in affiliates and other, net | -3,542 | 0 |
Net cash used in investing activities | -142,246 | -138,624 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from issuance of debt | 51,799 | 5,678 |
Principal repayment of debt | -172,056 | -38,771 |
Net decrease in commercial paper | -152,000 | -17,000 |
Net (decrease) increase in outstanding checks | -1,196 | 469 |
Excess tax benefit of share-based compensation | 3,324 | 1,867 |
Cash dividends | -93,216 | -89,537 |
Shares acquired | -8,835 | -3,437 |
Shares issued | 13,443 | 7,153 |
Net cash used in financing activities | -358,737 | -133,578 |
Effects of Exchange Rate Changes on Cash | -5,808 | 5,295 |
Net (Decrease) Increase in Cash and Cash Equivalents | -85,507 | 25,620 |
Cash and cash equivalents at beginning of period | 373,084 | 175,523 |
Cash and cash equivalents at end of period | $287,577 | $201,143 |
Basis_of_Interim_Presentation
Basis of Interim Presentation | 9 Months Ended |
Sep. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Interim Presentation | ' |
Basis of Interim Presentation | |
In the opinion of the management of Sonoco Products Company (the “Company” or “Sonoco”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, unless otherwise stated) necessary to state fairly the consolidated financial position, results of operations and cash flows for the interim periods reported herein. Operating results for the three and nine months ended September 29, 2013, are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | |
During the completion of its 2012 financial statements, the Company noted a misclassification of cash flows associated with $3,996 of insurance proceeds received in the first quarter of 2012 associated with assets destroyed in a fire in 2011. The proceeds were originally treated as a positive cash flow from operations but instead represented an investing cash flow. Accordingly, the Company has revised its Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2012 to reduce the reported cash flow generated from operations and decrease the reported net cash used in investing activities by the amount of these proceeds. The effect of this adjustment was not considered material to previously issued financial statements; however, to enhance comparability, the Company revised its third quarter 2012 financial statements as described above. | |
With respect to the unaudited condensed consolidated financial information of the Company for the three- and nine-month periods ended September 29, 2013 and September 30, 2012 included in this Form 10-Q, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. However, their separate report dated October 31, 2013 appearing herein, states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 for their report on the unaudited financial information because that report is not a “report” or a “part” of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (FASB) issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective for annual reporting periods beginning on or after December 15, 2013, and subsequent interim periods. The Company is currently assessing the impact, if any, that this pronouncement will have on its condensed consolidated financial statements. | |
In February 2013, the FASB issued ASU no. 2013-02, "Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income." This update requires an entity to present on the face of the financial statements where net income is presented, or in the notes, significant amounts reclassified out of accumulated other comprehensive income/(loss) by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The requirements of this update were effective prospectively for reporting periods beginning after December 15, 2012. The disclosures required by this ASU are provided in Note 6 to these condensed consolidated financial statements. | |
During the three- and nine-month periods ended September 29, 2013, there have been no other newly issued nor newly applicable accounting pronouncements that have, or are expected to have, a material impact on the Company’s financial statements. Further, at September 29, 2013, there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s financial statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 29, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
The Company completed two acquisitions during the third quarter of 2013 at an aggregate cost of $3,728 in cash. These acquisitions included Imagelinx, a global brand artwork management business in the United Kingdom, and a small tube and core business in Australia. The acquisitions of these businesses are expected to generate annual sales totaling approximately $12,500 ($10,000 for the Consumer Packaging segment and $2,500 for the Paper and Industrial Converted Products segment). In connection with these acquisitions, the Company has preliminarily recorded net tangible assets of $3,655 and net intangible assets of $73. The allocation of the purchase price of these acquisitions to the tangible and intangible assets acquired and liabilities assumed was based on the Company's preliminary estimates of their respective fair values. The valuations will be finalized before the end of 2013. | |
The Company has accounted for these acquisitions as purchases and, accordingly, has included their results of operations in consolidated net income from the respective dates of acquisition. Pro forma results have not been provided, as the acquisitions were not material to the Company’s financial statements individually, or in the aggregate. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||
Shareholders' Equity | |||||||||||||||||
Earnings per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to Sonoco | $ | 61,240 | $ | 58,836 | $ | 164,367 | $ | 153,227 | |||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 102,835,000 | 101,892,000 | 102,586,000 | 101,745,000 | |||||||||||||
Dilutive effect of stock-based compensation | 675,000 | 652,000 | 578,000 | 803,000 | |||||||||||||
Diluted | 103,510,000 | 102,544,000 | 103,164,000 | 102,548,000 | |||||||||||||
Reported net income attributable to Sonoco per common share: | |||||||||||||||||
Basic | $ | 0.6 | $ | 0.58 | $ | 1.6 | $ | 1.51 | |||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 1.59 | $ | 1.49 | |||||||||
Stock options and stock appreciation rights covering 469,050 and 1,465,811 shares were not dilutive during the three- and nine-month periods ended September 29, 2013, respectively, and are therefore excluded from the computations of income attributable to Sonoco per diluted common share. The comparable figures for the three- and nine-month periods ended September 30, 2012 were 2,453,745 and 2,462,878 shares, respectively. No adjustments were made to reported net income attributable to Sonoco in the computations of earnings per share. | |||||||||||||||||
Stock Repurchases | |||||||||||||||||
The Company’s Board of Directors has authorized the repurchase of up to 5,000,000 shares of the Company’s common stock. During the third quarter, 132,500 shares were purchased at a cost of $5,052; accordingly, at September 29, 2013, a total of 4,867,500 shares remain available for repurchase. | |||||||||||||||||
The Company frequently repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards. These repurchases, which are not part of a publicly announced plan or program, totaled 111,612 shares in the first nine months of 2013 at a cost of $3,783, and 103,209 shares in the first nine months of 2012 at a cost of $3,437. | |||||||||||||||||
Dividend Declarations | |||||||||||||||||
On July 17, 2013, the Board of Directors declared a regular quarterly dividend of $0.31 per share. This dividend was paid on September 10, 2013 to all shareholders of record as of August 16, 2013. | |||||||||||||||||
On October 14, 2013, the Board of Directors declared a regular quarterly dividend of $0.31 per share. This dividend is payable December 10, 2013 to all shareholders of record as of November 15, 2013. |
Restructuring_and_Asset_Impair
Restructuring and Asset Impairment | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||||||
Restructuring and Asset Impairment | ' | ||||||||||||||||||||||||
Restructuring and Asset Impairment | |||||||||||||||||||||||||
The Company has engaged in a number of restructuring actions over the past several years. Actions initiated in 2013 and 2012 are reported as “2013 Actions” and “2012 Actions,” respectively. Actions initiated prior to 2012, all of which were substantially complete at September 29, 2013, are reported as “2011 and Earlier Actions.” | |||||||||||||||||||||||||
Following are the total restructuring and asset impairment charges/(credits), net of adjustments, recognized by the Company during the periods presented: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Third | Nine | Third | Nine | ||||||||||||||||||||||
Quarter | Months | Quarter | Months | ||||||||||||||||||||||
Restructuring/Asset impairment: | |||||||||||||||||||||||||
2013 Actions | $ | 3,978 | $ | 13,780 | $ | — | $ | — | |||||||||||||||||
2012 Actions | 378 | 1,830 | 2,014 | 19,116 | |||||||||||||||||||||
2011 and Earlier Actions | 1,462 | 3,175 | (2,458 | ) | 5,048 | ||||||||||||||||||||
Restructuring/Asset impairment charges | $ | 5,818 | $ | 18,785 | $ | (444 | ) | $ | 24,164 | ||||||||||||||||
Income tax benefit | (1,957 | ) | (6,153 | ) | (126 | ) | (5,912 | ) | |||||||||||||||||
Equity method investments, net of tax | — | — | — | 22 | |||||||||||||||||||||
Benefit attributable to noncontrolling interests, | 68 | 14 | 31 | 104 | |||||||||||||||||||||
net of tax | |||||||||||||||||||||||||
Total impact of restructuring/asset impairment | $ | 3,929 | $ | 12,646 | $ | (539 | ) | $ | 18,378 | ||||||||||||||||
charges, net of tax | |||||||||||||||||||||||||
Pre-tax restructuring and asset impairment charges are included in “Restructuring/Asset impairment charges” in the Condensed Consolidated Statements of Income. | |||||||||||||||||||||||||
The Company expects to recognize future additional charges totaling approximately $5,000 in connection with announced restructuring actions, when accruable in accordance with GAAP, and believes that the majority of these charges will be incurred and paid by the end of 2013. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions may be undertaken. | |||||||||||||||||||||||||
2013 Actions | |||||||||||||||||||||||||
During 2013, the Company announced the planned closures of a thermoforming operation in Ireland and a rigid paper packaging plant in the United States (parts of the Consumer Packaging segment), a small tube and core operation in Europe (part of the Paper and Industrial Converted Products segment), and a fulfillment service center in the United States (part of the Display and Packaging segment). The Company also sold a small corrugated box operation in the United States (part of the Protective Solutions segment) and realigned its cost structure, resulting in the elimination of approximately 75 positions. | |||||||||||||||||||||||||
Below is a summary of 2013 Actions and related expenses by segment and by type incurred and estimated to be incurred through completion. | |||||||||||||||||||||||||
2013 Actions | Third | Total | Estimated | ||||||||||||||||||||||
Quarter | Incurred | Total Cost | |||||||||||||||||||||||
to Date | |||||||||||||||||||||||||
Severance and Termination Benefits | |||||||||||||||||||||||||
Paper and Industrial Converted Products | $ | 833 | $ | 1,742 | $ | 1,742 | |||||||||||||||||||
Consumer Packaging | 2,245 | 3,750 | 4,650 | ||||||||||||||||||||||
Display and Packaging | 147 | 226 | 626 | ||||||||||||||||||||||
Protective Solutions | 117 | 680 | 680 | ||||||||||||||||||||||
Asset Impairment / Disposal of Assets | |||||||||||||||||||||||||
Paper and Industrial Converted Products | 61 | 475 | 475 | ||||||||||||||||||||||
Consumer Packaging | 349 | 5,580 | 5,580 | ||||||||||||||||||||||
Protective Solutions | — | 414 | 414 | ||||||||||||||||||||||
Other Costs | |||||||||||||||||||||||||
Paper and Industrial Converted Products | 121 | 217 | 367 | ||||||||||||||||||||||
Consumer Packaging | 105 | 657 | 2,307 | ||||||||||||||||||||||
Protective Solutions | — | 39 | 39 | ||||||||||||||||||||||
Total Charges and Adjustments | $ | 3,978 | $ | 13,780 | $ | 16,880 | |||||||||||||||||||
The following table sets forth the activity in the 2013 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets: | |||||||||||||||||||||||||
2013 Actions | Severance | Asset | Other | Total | |||||||||||||||||||||
and | Impairment/ | Costs | |||||||||||||||||||||||
Termination | Disposal | ||||||||||||||||||||||||
Accrual Activity | Benefits | of Assets | |||||||||||||||||||||||
2013 Year to Date | |||||||||||||||||||||||||
Liability at December 31, 2012 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
2013 charges | 6,398 | 6,469 | 913 | 13,780 | |||||||||||||||||||||
Cash receipts/(payments) | (2,349 | ) | 6,641 | (913 | ) | 3,379 | |||||||||||||||||||
Asset write downs/disposals | — | (13,110 | ) | — | (13,110 | ) | |||||||||||||||||||
Foreign currency translation | 56 | — | — | 56 | |||||||||||||||||||||
Liability at September 29, 2013 | $ | 4,105 | $ | — | $ | — | $ | 4,105 | |||||||||||||||||
Included in “Asset Impairment/Disposal of Assets” above are impairments of $5,308 related to the Company’s planned closure of a thermoformed plastics operation in Ireland. This charge consists of a $3,561 impairment of net fixed assets, a $349 impairment of spare parts inventory, and a $1,398 impairment of other intangible assets (customer lists). Included in 2013 charges above is a loss of $286 from the sale of a small corrugated box business in Kennesaw, Georgia, acquired as part of the November 2011 acquisition of Tegrant Holding Company (Tegrant). The Company received proceeds of $6,200 from the sale of this business which had annual sales of approximately $13,000. Assets written off in connection with the sale included: net fixed assets of $773, net working capital of $1,275, goodwill of $2,430, and other intangible assets (primarily customer lists) of $2,008. | |||||||||||||||||||||||||
“Other costs” consist primarily of equipment removal costs. | |||||||||||||||||||||||||
The Company expects to pay the majority of the remaining 2013 Actions restructuring costs by the end of 2013 using cash generated from operations. | |||||||||||||||||||||||||
2012 Actions | |||||||||||||||||||||||||
During 2012, the Company announced the closures of a paper mill in Germany (part of the Paper and Industrial Converted Products segment) and a protective packaging operation in the United States (part of the Protective Solutions segment). In addition, the Company continued its rationalization efforts in its blow-molding businesses (part of the Consumer Packaging segment), including the closure of a facility in Canada, and realigned its cost structure, resulting in the elimination of approximately 165 positions. | |||||||||||||||||||||||||
Below is a summary of 2012 Actions and related expenses by segment and by type incurred and estimated to be incurred through completion. | |||||||||||||||||||||||||
2013 | 2012 | Total | Estimated | ||||||||||||||||||||||
Incurred | Total Cost | ||||||||||||||||||||||||
2012 Actions | Third | Nine | Third | Nine | to Date | ||||||||||||||||||||
Quarter | Months | Quarter | Months | ||||||||||||||||||||||
Severance and Termination Benefits | |||||||||||||||||||||||||
Paper and Industrial Converted Products | $ | 53 | $ | 388 | $ | 541 | $ | 8,146 | $ | 10,717 | $ | 10,717 | |||||||||||||
Consumer Packaging | 210 | 263 | 407 | 1,509 | 2,834 | 2,834 | |||||||||||||||||||
Display and Packaging | — | (4 | ) | — | 285 | 1,297 | 1,297 | ||||||||||||||||||
Protective Solutions | — | 67 | 101 | 1,464 | 1,662 | 1,662 | |||||||||||||||||||
Corporate | — | — | — | — | 297 | 297 | |||||||||||||||||||
Asset Impairment / Disposal of Assets | |||||||||||||||||||||||||
Paper and Industrial Converted Products | 22 | 117 | (18 | ) | 2,233 | 2,521 | 2,521 | ||||||||||||||||||
Consumer Packaging | 66 | 112 | 175 | 3,470 | 3,033 | 3,033 | |||||||||||||||||||
Protective Solutions | (28 | ) | (28 | ) | — | 161 | 133 | 133 | |||||||||||||||||
Other Costs | |||||||||||||||||||||||||
Paper and Industrial Converted Products | 43 | 533 | 319 | 836 | 1,827 | 2,027 | |||||||||||||||||||
Consumer Packaging | 9 | 157 | 263 | 588 | 1,018 | 1,218 | |||||||||||||||||||
Display and Packaging | 3 | 20 | 11 | 11 | 31 | 31 | |||||||||||||||||||
Protective Solutions | — | 205 | 215 | 413 | 1,141 | 1,141 | |||||||||||||||||||
Total Charges and Adjustments | $ | 378 | $ | 1,830 | $ | 2,014 | $ | 19,116 | $ | 26,511 | $ | 26,911 | |||||||||||||
The following table sets forth the activity in the 2012 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets: | |||||||||||||||||||||||||
2012 Actions | Severance | Asset | Other | Total | |||||||||||||||||||||
and | Impairment/ | Costs | |||||||||||||||||||||||
Termination | Disposal | ||||||||||||||||||||||||
Accrual Activity | Benefits | of Assets | |||||||||||||||||||||||
2013 Year to Date | |||||||||||||||||||||||||
Liability at December 31, 2012 | $ | 6,313 | $ | — | $ | 80 | $ | 6,393 | |||||||||||||||||
2013 charges | 837 | 270 | 915 | 2,022 | |||||||||||||||||||||
Adjustments | (123 | ) | (69 | ) | — | (192 | ) | ||||||||||||||||||
Cash receipts/(payments) | (4,893 | ) | 42 | (915 | ) | (5,766 | ) | ||||||||||||||||||
Asset write downs/disposals | — | (243 | ) | — | (243 | ) | |||||||||||||||||||
Foreign currency translation | 10 | — | — | 10 | |||||||||||||||||||||
Liability at September 29, 2013 | $ | 2,144 | $ | — | $ | 80 | $ | 2,224 | |||||||||||||||||
“Other costs” consist primarily of costs related to plant closures including equipment removal, utilities, plant security, property taxes and insurance. The Company expects to pay the majority of the remaining 2012 Actions restructuring costs by the end of 2013 using cash generated from operations. | |||||||||||||||||||||||||
2011 and Earlier Actions | |||||||||||||||||||||||||
2011 and Earlier Actions are comprised of a number of plant closures and workforce reductions initiated prior to 2012. Costs for these actions in both 2013 and 2012 relate primarily to the cost of plant closures including severance, equipment removal, plant security, property taxes and insurance. Offsetting these costs in the prior year was the gain from the sale of the land and building associated with a former flexible packaging facility in Canada. The Company expects to recognize future pretax charges of approximately $1,500 associated with 2011 and Earlier Actions. | |||||||||||||||||||||||||
Below is a summary of expenses/(income) incurred by segment for 2011 and Earlier Actions for the three- and nine- month periods ended September 29, 2013 and September 30, 2012. | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
2011 and Earlier Actions | Third | Nine | Third | Nine | |||||||||||||||||||||
Quarter | Months | Quarter | Months | ||||||||||||||||||||||
Paper and Industrial Converted Products | $ | (69 | ) | $ | 901 | $ | 57 | $ | 1,181 | ||||||||||||||||
Consumer Packaging | 1,546 | 1,445 | (3,105 | ) | 3,168 | ||||||||||||||||||||
Display and Packaging | — | — | 228 | 40 | |||||||||||||||||||||
Protective Solutions | (15 | ) | 829 | 362 | 659 | ||||||||||||||||||||
Total Charges and Adjustments | $ | 1,462 | $ | 3,175 | $ | (2,458 | ) | $ | 5,048 | ||||||||||||||||
The accrual for 2011 and Earlier Actions totaled $4,252 and $5,229 at September 29, 2013 and December 31, 2012, respectively, and is included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets. The accrual relates primarily to a pension withdrawal liability associated with a former paper mill in the United States and unpaid severance. The Company expects the majority of both the liability and the future costs associated with 2011 and Earlier Actions to be paid in 2014 using cash generated from operations. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
The following table summarizes the components of accumulated other comprehensive loss and the changes in the balances of each component of accumulated other comprehensive loss, net of tax as applicable, for the nine months ended September 29, 2013: | |||||||||||||||||
Gains and | Defined | Foreign | Accumulated | ||||||||||||||
Losses on Cash | Benefit | Currency | Other | ||||||||||||||
Flow Hedges | Pension Items | Items | Comprehensive | ||||||||||||||
Loss | |||||||||||||||||
Balance at December 31, 2012 | $ | (6,727 | ) | $ | (472,333 | ) | $ | 3,234 | $ | (475,826 | ) | ||||||
Other comprehensive income/(loss) before reclassifications | 2,579 | (1,122 | ) | (20,348 | ) | (18,891 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to net income | 1,695 | 21,629 | — | 23,324 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss to fixed assets | 78 | — | — | 78 | |||||||||||||
Net current-period other comprehensive | 4,352 | 20,507 | (20,348 | ) | 4,511 | ||||||||||||
income/(loss) | |||||||||||||||||
Balance at September 29, 2013 | $ | (2,375 | ) | $ | (451,826 | ) | $ | (17,114 | ) | $ | (471,315 | ) | |||||
The following table summarizes the effects on net income of significant amounts classified out of each component of accumulated other comprehensive loss for the three and nine months ended September 29, 2013: | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||||||
Details about Accumulated Other Comprehensive | Three Months Ended September 29, 2013 | Nine Months Ended September 29, 2013 | Affected Line Item in the | ||||||||||||||
Loss Components | Condensed Consolidated | ||||||||||||||||
Statements of Net Income | |||||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Foreign exchange contracts | $ | 809 | $ | 3,051 | Net sales | ||||||||||||
Foreign exchange contracts | (871 | ) | (1,921 | ) | Cost of sales | ||||||||||||
Commodity contracts | (1,528 | ) | (3,917 | ) | Cost of sales | ||||||||||||
(1,590 | ) | (2,787 | ) | Total before tax | |||||||||||||
604 | 1,092 | Tax benefit | |||||||||||||||
$ | (986 | ) | $ | (1,695 | ) | Net of tax | |||||||||||
Defined benefit pension items | |||||||||||||||||
Amortization of defined benefit pension items(a) | $ | (7,787 | ) | $ | (24,737 | ) | Cost of sales | ||||||||||
Amortization of defined benefit pension items(a) | (2,596 | ) | (8,246 | ) | Selling, general and | ||||||||||||
administrative | |||||||||||||||||
(10,383 | ) | (32,983 | ) | Total before tax | |||||||||||||
3,807 | 11,354 | Tax benefit | |||||||||||||||
$ | (6,576 | ) | $ | (21,629 | ) | Net of tax | |||||||||||
Total reclassifications for the period | $ | (7,562 | ) | $ | (23,324 | ) | Net of tax | ||||||||||
(a) | See Note 10 for additional details. | ||||||||||||||||
At September 29, 2013, the Company had commodity and foreign currency contracts outstanding to fix the costs of certain anticipated raw materials and energy purchases. These contracts, which have maturities ranging from October 2013 to December 2015, qualify as cash flow hedges under U.S. GAAP. The amounts included in accumulated other comprehensive loss related to these cash flow hedges were in an unfavorable position of $3,662 ($2,375 after tax) at September 29, 2013, and an unfavorable position of $10,772 ($6,727 after tax) at December 31, 2012. | |||||||||||||||||
The cumulative tax benefit on Cash Flow Hedges was $1,287 at September 29, 2013, and $4,045 at December 31, 2012. During the three- and nine- month periods ended September 29, 2013, the tax benefit on Cash Flow Hedges changed by $(767) and $(2,758), respectively. | |||||||||||||||||
The cumulative tax benefit on Defined Benefit Pension Items was $268,094 at September 29, 2013, and $278,235 at December 31, 2012. During the three- and nine- month periods ended September 29, 2013, the tax benefit on Defined Benefit Pension Items decreased by $(4,506) and $(10,141), respectively. | |||||||||||||||||
During the three- and nine- month periods ended September 29, 2013, changes in noncontrolling interests include foreign currency translation adjustments of $31 and $(595), respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
A summary of the changes in goodwill by segment for the nine months ended September 29, 2013 is as follows: | |||||||||||||||||||||
Consumer | Paper and | Display | Protective | Total | |||||||||||||||||
Packaging | Industrial | and | Solutions | ||||||||||||||||||
Converted | Packaging | ||||||||||||||||||||
Products | |||||||||||||||||||||
Goodwill at December 31, 2012 | $ | 427,575 | $ | 254,706 | $ | 158,023 | $ | 270,201 | $ | 1,110,505 | |||||||||||
Foreign currency translation | (5,127 | ) | (388 | ) | — | — | (5,515 | ) | |||||||||||||
Other | — | — | — | (2,430 | ) | $ | (2,430 | ) | |||||||||||||
Goodwill at September 29, 2013 | $ | 422,448 | $ | 254,318 | $ | 158,023 | $ | 267,771 | $ | 1,102,560 | |||||||||||
“Other” reflects the disposal of $2,430 of goodwill associated with the sale of a small corrugated box operation in the United States that had been acquired as part of the Company’s November 2011 acquisition of Tegrant. | |||||||||||||||||||||
The Company assesses goodwill for impairment annually and from time to time when warranted by the facts and circumstances surrounding individual reporting units or the Company as a whole. As part of this testing, the Company analyzes certain qualitative and quantitative factors in determining goodwill impairment. For most of its reporting units, only a qualitative analysis is required for management to reach a conclusion that it is not more likely than not that goodwill has been impaired. | |||||||||||||||||||||
For any reporting unit where management is not able to reach this conclusion based on its qualitative assessment, a more detailed analysis (i.e., step 1 analysis) is performed. In this analysis, the fair values of the reporting units are estimated utilizing both an income approach and a market approach. A number of significant management assumptions and estimates were reflected in the Company's forecast of future results and cash flows, such as: sales volumes and prices, profit margins, income taxes, capital expenditures and changes in working capital requirements. Changes in these assumptions, along with the discount rate could materially impact the estimated fair values. | |||||||||||||||||||||
When the Company estimates the fair value of a reporting unit, it does so using a discounted cash flow model based on projections of future years' operating results and associated cash flows, together with comparable trading and transaction multiples. The Company's model discounts projected future cash flows, forecasted over a ten-year period, with an estimated residual growth rate. The Company's projections incorporate management's best estimates of the expected future results, which include expectations related to new business, and, where applicable, improved operating margins. Management’s projections related to revenue growth and/or margin improvements arise from a combination of factors, including expectations for volume growth with existing customers, product expansion, improved price/cost, productivity gains, fixed cost leverage, improvement in general economic conditions, increased operational capacity and customer retention. Projected future cash flows are then discounted to present value using a discount rate management believes is commensurate with the risks inherent in the cash flows. | |||||||||||||||||||||
The Company completed its most recent annual goodwill impairment testing during the third quarter of 2013. Based on the results of its qualitative and quantitative assessments, the Company concluded that there was no impairment of goodwill for any of its reporting units. Because the Company’s assessments, whether qualitative or quantitative, incorporate management’s expectations for the future, including forecasted growth rates and/or margin improvements, if there are changes in the relevant facts and circumstances and/or expectations, management’s assessment regarding goodwill impairment may change as well. In considering the level of uncertainty regarding the potential for goodwill impairment, management has concluded that any such impairment would likely be the result of adverse changes in more than one assumption. | |||||||||||||||||||||
Although no reporting units failed the qualitative or quantitative assessments noted above, in management’s opinion, the reporting units with significant goodwill having the greatest risk of future impairment if actual results in the future are not as expected are Plastics – Blowmolding and Plastics – Thermoforming. Total goodwill associated with these reporting units was approximately $128,500 and $53,200, respectively, at September 29, 2013. Although management believes that goodwill of the Display and Packaging reporting unit is not currently at risk for impairment, a large portion of sales in this unit is concentrated in one customer and will be up for negotiation over the next few years. Management expects to retain this business; however, if a significant amount is lost and not replaced, it is possible that a goodwill impairment charge may be incurred. Total goodwill associated with this reporting unit was approximately $158,000 at September 29, 2013. | |||||||||||||||||||||
There were no triggering events between this year's annual impairment test and September 29, 2013. However, the plastics businesses referenced above have experienced some short-term performance issues. The goodwill for these units could become impaired should these units not exhibit the sustained business improvements expected or management’s outlook changes. | |||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||
A summary of other intangible assets as of September 29, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||
September 29, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Other Intangible Assets, gross | |||||||||||||||||||||
Patents | $ | 2,222 | $ | 2,224 | |||||||||||||||||
Customer lists | 340,572 | 345,133 | |||||||||||||||||||
Trade names | 21,224 | 21,214 | |||||||||||||||||||
Proprietary technology | 17,856 | 17,844 | |||||||||||||||||||
Land use rights | 330 | 350 | |||||||||||||||||||
Other | 4,747 | 4,944 | |||||||||||||||||||
Other Intangible Assets, gross | $ | 386,951 | $ | 391,709 | |||||||||||||||||
Accumulated Amortization | $ | (135,359 | ) | $ | (114,900 | ) | |||||||||||||||
Other Intangible Assets, net | $ | 251,592 | $ | 276,809 | |||||||||||||||||
Other intangible assets are amortized on a straight-line basis over their respective useful lives, which generally range from three to forty years. The Company has no intangibles with indefinite lives. | |||||||||||||||||||||
Aggregate amortization expense was $7,036 and $6,945 for the three months ended September 29, 2013 and September 30, 2012, respectively, and $21,352 and $21,122 for the nine months ended September 29, 2013 and September 30, 2012, respectively. Amortization expense on other intangible assets is expected to approximate $28,600 in 2013, $28,100 in 2014, $26,700 in 2015, $26,400 in 2016 and $24,600 in 2017. |
Financial_Instruments_and_Deri
Financial Instruments and Derivatives | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Financial Instruments and Derivatives | ' | ||||||||||||||||
Financial Instruments and Derivatives | |||||||||||||||||
The following table sets forth the carrying amounts and fair values of the Company’s significant financial instruments for which the carrying amount differs from the fair value. | |||||||||||||||||
September 29, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Long-term debt, net of current portion | $ | 947,541 | $ | 991,306 | $ | 1,099,454 | $ | 1,214,292 | |||||||||
The carrying value of cash and cash equivalents, short-term debt and long-term variable-rate debt approximates fair value. The fair value of long-term debt is determined based on recent trade information in the financial markets of the Company’s public debt or is determined by discounting future cash flows using interest rates available to the Company for issues with similar terms and maturities. It is considered a Level 2 fair value measurement. | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
At September 29, 2013 and December 31, 2012, the Company had derivative financial instruments outstanding to hedge anticipated transactions and certain asset and liability related cash flows. To the extent considered effective, the changes in fair value of these contracts are recorded in other comprehensive income and reclassified to income or expense in the period in which the hedged item impacts earnings. The Company has determined all hedges to be highly effective and as a result no material ineffectiveness has been recorded. | |||||||||||||||||
Commodity Cash Flow Hedges | |||||||||||||||||
The Company has entered into certain derivative contracts to manage the cost of anticipated purchases of natural gas, aluminum and old corrugated containers. At September 29, 2013, natural gas swaps covering approximately 6.7 million MMBTUs were outstanding. These contracts represent approximately 79% , 74%, and 19% of anticipated U.S. and Canadian usage for the remainder of 2013, 2014, and 2015, respectively. Additionally, the Company had swap contracts covering 6,650 metric tons of aluminum representing approximately 59% of anticipated usage for the remainder of 2013 and 44% for 2014, and 525 short tons of old corrugated containers representing approximately 2% of anticipated usage for the remainder of 2013. The fair values of the Company’s commodity cash flow hedges were in loss positions of $(3,598) and $(6,286) at September 29, 2013 and December 31, 2012, respectively. The amount of the loss included in accumulated other comprehensive loss at September 29, 2013, that is expected to be reclassified to the income statement during the next twelve months is $(3,134). | |||||||||||||||||
Foreign Currency Cash Flow Hedges | |||||||||||||||||
The Company has entered into forward contracts to hedge certain anticipated foreign currency denominated sales and purchases forecast to occur in 2013. The net positions of these contracts at September 29, 2013 were as follows (in thousands): | |||||||||||||||||
Currency | Action | Quantity | |||||||||||||||
Colombian peso | purchase | 5,112,342 | |||||||||||||||
Mexican peso | purchase | 188,919 | |||||||||||||||
Canadian dollar | purchase | 11,478 | |||||||||||||||
British pound | purchase | 2,800 | |||||||||||||||
Turkish lira | purchase | 1,085 | |||||||||||||||
Polish zloty | purchase | 390 | |||||||||||||||
New Zealand dollar | sell | (294 | ) | ||||||||||||||
Australian dollar | sell | (908 | ) | ||||||||||||||
Euro | sell | (2,953 | ) | ||||||||||||||
The fair value of these foreign currency cash flow hedges was $(69) at September 29, 2013 and $(4,483) at December 31, 2012. During the first nine months of 2013, certain foreign currency cash flow hedges related to construction in progress were settled as the related capital expenditures were made. Losses from these hedges totaling $78 were reclassified from accumulated other comprehensive loss and included in the carrying value of the assets acquired. The amount of the loss included in accumulated other comprehensive loss at September 29, 2013 expected to be reclassified to the income statement during the next twelve months is $(83). | |||||||||||||||||
Other Derivatives | |||||||||||||||||
The Company routinely enters into forward contracts or swaps to economically hedge the currency exposure of intercompany debt and existing foreign currency denominated receivables and payables. The Company does not apply hedge accounting treatment under ASC 815 for these instruments. As such, changes in fair value are recorded directly to income and expense in the periods that they occur. The net positions of these contracts at September 29, 2013, were as follows (in thousands): | |||||||||||||||||
Currency | Action | Quantity | |||||||||||||||
Colombian peso | purchase | 17,077,750 | |||||||||||||||
British pound | purchase | 12,123 | |||||||||||||||
Canadian dollar | purchase | 11,891 | |||||||||||||||
Euro | sell | (4,195 | ) | ||||||||||||||
The fair value of the Company’s other derivatives was $(129) and $708 at September 29, 2013 and December 31, 2012, respectively. | |||||||||||||||||
The following table sets forth the location and fair values of the Company’s derivative instruments at September 29, 2013 and December 31, 2012: | |||||||||||||||||
Description | Balance Sheet Location | September 29, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity Contracts | Prepaid expenses | $ | 101 | $ | 201 | ||||||||||||
Commodity Contracts | Other assets | $ | 90 | $ | — | ||||||||||||
Commodity Contracts | Accrued expenses and other | $ | (3,244 | ) | $ | (4,760 | ) | ||||||||||
Commodity Contracts | Other liabilities | $ | (545 | ) | $ | (1,727 | ) | ||||||||||
Foreign Exchange Contracts | Prepaid expenses | $ | 575 | $ | 725 | ||||||||||||
Foreign Exchange Contracts | Accrued expenses and other | $ | (644 | ) | $ | (5,208 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign Exchange Contracts | Prepaid expenses | $ | 80 | $ | 679 | ||||||||||||
Foreign Exchange Contracts | Other assets | $ | 34 | $ | 36 | ||||||||||||
Foreign Exchange Contracts | Accrued expenses and other | $ | (243 | ) | $ | (7 | ) | ||||||||||
Foreign Exchange Contracts | Other liabilities | $ | — | $ | — | ||||||||||||
While certain of the Company’s derivative contract arrangements with its counterparties provide for the ability to settle contracts on a net basis, the Company reports its derivative positions on a gross basis. There are no collateral arrangements or requirements in these agreements. | |||||||||||||||||
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the three months ended September 29, 2013 and September 30, 2012: | |||||||||||||||||
Description | Amount of Gain or | Location of Gain | Amount of Gain or | Location of Gain | Amount of Gain | ||||||||||||
(Loss) Recognized | or (Loss) | (Loss) Reclassified | or (Loss) Recognized in | or (Loss) | |||||||||||||
in OCI on | Reclassified from | from Accumulated | Income on | Recognized | |||||||||||||
Derivative | Accumulated OCI | OCI Into Income | Derivative | in Income on | |||||||||||||
(Effective Portion) | Into Income | (Effective Portion) | (Ineffective Portion) | Derivative (Ineffective | |||||||||||||
(Effective Portion) | Portion) | ||||||||||||||||
Three months ended September 29, 2013 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Foreign Exchange Contracts | $ | 959 | Net sales | $ | 809 | Net sales | $ | — | |||||||||
Cost of sales | $ | (871 | ) | ||||||||||||||
Commodity Contracts | $ | (309 | ) | Cost of sales | $ | (1,528 | ) | Cost of sales | $ | 10 | |||||||
Three months ended September 30, 2012 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Foreign Exchange Contracts | $ | (1,125 | ) | Net sales | $ | (511 | ) | Net sales | $ | — | |||||||
Cost of sales | $ | (726 | ) | ||||||||||||||
Commodity Contracts | $ | 7,985 | Cost of sales | $ | 2,927 | Cost of sales | $ | (81 | ) | ||||||||
Derivatives not designated as hedging | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||||||||||||||
instruments: | Income Statement | Recognized | |||||||||||||||
Three months ended September 29, 2013 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | (770 | ) | |||||||||||||
Selling, general and administrative | $ | (67 | ) | ||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | 279 | ||||||||||||||
Selling, general and administrative | $ | 30 | |||||||||||||||
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the nine months ended September 29, 2013 and September 30, 2012: | |||||||||||||||||
Description | Amount of Gain or | Location of Gain | Amount of Gain or | Location of Gain | Amount of Gain | ||||||||||||
(Loss) Recognized | or (Loss) | (Loss) Reclassified | or (Loss) | or (Loss) Recognized | |||||||||||||
in OCI on | Reclassified from | from Accumulated | Recognized in | in Income on | |||||||||||||
Derivative | Accumulated OCI | OCI Into Income | Income on | Derivative | |||||||||||||
(Effective Portion) | Into Income | (Effective Portion) | Derivative | (Ineffective | |||||||||||||
(Effective Portion) | (Ineffective Portion) | Portion) | |||||||||||||||
Nine months ended September 29, 2013 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Foreign Exchange Contracts | $ | 5,482 | Net sales | $ | 3,051 | Net sales | $ | — | |||||||||
Cost of sales | $ | (1,921 | ) | ||||||||||||||
Commodity Contracts | $ | (1,237 | ) | Cost of sales | $ | (3,917 | ) | Cost of sales | $ | (51 | ) | ||||||
Nine months ended September 30, 2012 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Foreign Exchange Contracts | $ | 306 | Net sales | $ | (718 | ) | Net sales | $ | — | ||||||||
Cost of sales | $ | 578 | |||||||||||||||
Commodity Contracts | $ | 3,640 | Cost of sales | $ | (3,744 | ) | Cost of sales | $ | (94 | ) | |||||||
Derivatives not designated as hedging | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||||||||||||||
instruments: | Income Statement | Recognized | |||||||||||||||
Nine months ended September 29, 2013 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | (1,941 | ) | |||||||||||||
Selling, general and administrative | $ | (207 | ) | ||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | 1,023 | ||||||||||||||
Selling, general and administrative | $ | 69 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: | |||||||||||||||||
Level 1 – | Observable inputs such as quoted market prices in active markets; | ||||||||||||||||
Level 2 – | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||
Level 3 – | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||
The following table sets forth information regarding the Company’s financial assets and financial liabilities, excluding retirement and postretirement plan assets, measured at fair value on a recurring basis: | |||||||||||||||||
Description | September 29, | Level 1 | Level 2 | Level 3 | |||||||||||||
2013 | |||||||||||||||||
Hedge derivatives, net: | |||||||||||||||||
Commodity contracts | $ | (3,598 | ) | $ | — | $ | (3,598 | ) | $ | — | |||||||
Foreign exchange contracts | (69 | ) | — | (69 | ) | — | |||||||||||
Non-hedge derivatives, net: | |||||||||||||||||
Foreign exchange contracts | (129 | ) | — | (129 | ) | — | |||||||||||
Deferred compensation plan assets | 2,971 | 2,971 | — | — | |||||||||||||
Description | December 31, | Level 1 | Level 2 | Level 3 | |||||||||||||
2012 | |||||||||||||||||
Hedge derivatives, net: | |||||||||||||||||
Commodity contracts | $ | (6,286 | ) | $ | — | $ | (6,286 | ) | $ | — | |||||||
Foreign exchange contracts | (4,483 | ) | — | (4,483 | ) | — | |||||||||||
Non-hedge derivatives, net: | |||||||||||||||||
Foreign exchange contracts | 708 | — | 708 | — | |||||||||||||
Deferred compensation plan assets | 2,585 | 2,585 | — | — | |||||||||||||
As discussed in Note 8, the Company uses derivatives to mitigate the effect of raw material and energy cost fluctuations, foreign currency fluctuations and, from time to time, interest rate movements. Fair value measurements for the Company’s derivatives are classified under Level 2 because such measurements are estimated based on observable inputs such as interest rates, yield curves, spot and future commodity prices and spot and future exchange rates. | |||||||||||||||||
Certain deferred compensation plan liabilities are funded by assets invested in various exchange traded mutual funds. These assets are measured using quoted prices in accessible active markets for identical assets. | |||||||||||||||||
The Company does not currently have any nonfinancial assets or liabilities that are recognized or disclosed at fair value on a recurring basis. None of the Company’s financial assets or liabilities is measured at fair value using significant unobservable inputs. There were no transfers in or out of Level 1 or Level 2 fair value measurements during the three- and nine- month periods ended September 29, 2013. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Employee Benefit Plans | |||||||||||||||||
Retirement Plans and Retiree Health and Life Insurance Plans | |||||||||||||||||
The Company provides non-contributory defined benefit pension plans for a majority of its employees in the United States and certain of its employees in Mexico and Belgium. Effective December 31, 2003, the Company froze participation for newly hired salaried and non-union hourly U.S. employees in its traditional defined benefit pension plan. At that time, the Company adopted a defined contribution plan, the Sonoco Investment and Retirement Plan (SIRP), which covers its non-union U.S. employees hired on or after January 1, 2004. The Company also sponsors contributory defined benefit pension plans covering the majority of its employees in the United Kingdom, Canada, and the Netherlands. | |||||||||||||||||
On February 4, 2009, the U.S. qualified defined benefit pension plan was amended to freeze plan benefits for all active participants effective December 31, 2018. Remaining active participants in the U.S. qualified plan will become participants of the SIRP effective January 1, 2019. | |||||||||||||||||
The Company also provides postretirement healthcare and life insurance benefits to a limited number of its retirees and their dependents in the United States and Canada, based on certain age and/or service eligibility requirements. | |||||||||||||||||
The components of net periodic benefit cost include the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Retirement Plans | |||||||||||||||||
Service cost | $ | 6,267 | $ | 6,391 | $ | 18,756 | $ | 17,804 | |||||||||
Interest cost | 16,794 | 17,906 | 50,226 | 52,430 | |||||||||||||
Expected return on plan assets | (21,582 | ) | (20,890 | ) | (64,544 | ) | (62,889 | ) | |||||||||
Amortization of net transition obligation | 108 | 115 | 328 | 344 | |||||||||||||
Amortization of prior service cost | 141 | 139 | 424 | 308 | |||||||||||||
Amortization of net actuarial loss | 10,891 | 10,525 | 32,571 | 28,722 | |||||||||||||
Effect of settlement loss | — | — | 1,893 | — | |||||||||||||
Net periodic benefit cost | $ | 12,619 | $ | 14,186 | $ | 39,654 | $ | 36,719 | |||||||||
Retiree Health and Life Insurance Plans | |||||||||||||||||
Service cost | $ | 218 | $ | 131 | $ | 664 | $ | 615 | |||||||||
Interest cost | 219 | 154 | 710 | 841 | |||||||||||||
Expected return on plan assets | (378 | ) | (391 | ) | (1,126 | ) | (1,131 | ) | |||||||||
Amortization of prior service credit | (756 | ) | (1,619 | ) | (2,230 | ) | (4,872 | ) | |||||||||
Amortization of net actuarial loss | (1 | ) | (403 | ) | (3 | ) | (2 | ) | |||||||||
Net periodic benefit income | $ | (698 | ) | $ | (2,128 | ) | $ | (1,985 | ) | $ | (4,549 | ) | |||||
During the second quarter of 2013 the Company recognized a $1,893 settlement loss associated with settling the retirement liabilities of approximately 100 participants in one of its Canadian pension plans. Approximately 75% of the loss is included in “Cost of sales” in the Condensed Consolidated Statements of Income with the remainder in “Selling, general and administrative expenses.” | |||||||||||||||||
The Company made contributions of $21,224 and $55,160 to its defined benefit retirement and retiree health and life insurance plans during the nine months ended September 29, 2013 and September 30, 2012, respectively. The Company anticipates that it will make additional contributions of approximately $11,000 to its defined benefit retirement and retiree health and life insurance plans in 2013. | |||||||||||||||||
Sonoco Investment and Retirement Plan (SIRP) | |||||||||||||||||
The Company recognized SIRP expense totaling $3,391 and $2,692 for the quarters ended September 29, 2013 and September 30, 2012, respectively, and $9,009 and $7,637 for the nine months ended September 29, 2013 and September 30, 2012, respectively. Contributions to the SIRP, funded annually in the first quarter, totaled $9,290 during the nine months ended September 29, 2013, and $8,920 during the nine months ended September 30, 2012. No additional SIRP contributions are expected during the remainder of 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s effective tax rate for the three- and nine- month periods ending September 29, 2013, was 31.5% and 32.4%, respectively, and its effective tax rate for the three- and nine- month periods ending September 30, 2012, was 31.2% and 33.5%, respectively. The quarterly and year-to-date rates for both years varied from the U.S. statutory rate primarily due to the favorable effect of international operations that are subject to tax rates generally lower than the U.S. rate, the favorable effect of the manufacturer’s deduction, and contingencies recorded for uncertain tax positions. | |
The Company and/or its subsidiaries file federal, state and local income tax returns in the United States and various foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examination by tax authorities for years before 2009. With few exceptions, the Company is no longer subject to examination prior to 2007 with respect to U.S. state and local and non-U.S. income taxes. | |
There have been no significant changes in the Company’s liability for uncertain tax positions since December 31, 2012. The Company’s estimate for the potential outcome for any uncertain tax issue is highly judgmental. Management believes that any reasonably foreseeable outcomes related to these matters have been adequately provided for. However, future results may include favorable or unfavorable adjustments to estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. Additionally, the jurisdictions in which earnings or deductions are realized may differ from current estimates. As a result, the Company’s effective tax rate may fluctuate significantly on a quarterly basis. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Segment Reporting | |||||||||||||||||
The Company reports its financial results in four reportable segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Beginning in the fourth quarter of 2012, the Company changed the name of what had been called Packaging Services to Display and Packaging and what had been called Protective Packaging to Protective Solutions to better describe the segments’ business activities. There was no change to the composition of these segments. | |||||||||||||||||
The Consumer Packaging segment includes the following products and services: round and shaped rigid containers and trays (both composite and thermoformed plastic); blow-molded plastic bottles and jars; extruded and injection-molded plastic products; printed flexible packaging; metal and peelable membrane ends and closures; and global brand artwork management. | |||||||||||||||||
The Paper and Industrial Converted Products segment includes the following products: high-performance paper and composite paperboard tubes and cores; fiber-based construction tubes and forms; wooden, metal and composite wire and cable reels and spools; and recycled paperboard, linerboard, corrugating medium, recovered paper and other recycled materials. | |||||||||||||||||
The Display and Packaging segment includes the following products and services: designing, manufacturing, assembling, packing and distributing temporary, semipermanent and permanent point-of-purchase displays; supply chain management services, including contract packing, fulfillment and scalable service centers; and paper amenities, such as coasters and glass covers. | |||||||||||||||||
The Protective Solutions segment includes the following products: custom-engineered paperboard-based and expanded foam protective packaging and components; temperature-assurance packaging; and retail security packaging. | |||||||||||||||||
The following table sets forth net sales, intersegment sales and operating profit for the Company’s reportable segments. “Segment operating profit” is defined as the segment’s portion of “Income before interest and income taxes” excluding restructuring charges, asset impairment charges, acquisition-related costs, and certain other items, if any, the exclusion of which the Company believes improves comparability and analysis of the financial performance of the business. General corporate expenses have been allocated as operating costs to each of the Company’s reportable segments. | |||||||||||||||||
SEGMENT FINANCIAL INFORMATION | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales: | |||||||||||||||||
Consumer Packaging | $ | 473,332 | $ | 475,946 | $ | 1,411,645 | $ | 1,448,750 | |||||||||
Paper and Industrial Converted Products | 467,847 | 453,605 | 1,395,271 | 1,392,675 | |||||||||||||
Display and Packaging | 143,173 | 124,561 | 391,838 | 347,267 | |||||||||||||
Protective Solutions | 143,397 | 141,418 | 434,464 | 421,567 | |||||||||||||
Consolidated | $ | 1,227,749 | $ | 1,195,530 | $ | 3,633,218 | $ | 3,610,259 | |||||||||
Intersegment sales: | |||||||||||||||||
Consumer Packaging | $ | 978 | $ | 2,096 | $ | 3,784 | $ | 6,209 | |||||||||
Paper and Industrial Converted Products | 26,320 | 23,126 | 74,792 | 73,779 | |||||||||||||
Display and Packaging | 445 | 516 | 1,619 | 1,694 | |||||||||||||
Protective Solutions | 621 | 457 | 2,021 | 1,465 | |||||||||||||
Consolidated | $ | 28,364 | $ | 26,195 | $ | 82,216 | $ | 83,147 | |||||||||
Income before interest and income taxes: | |||||||||||||||||
Segment operating profit: | |||||||||||||||||
Consumer Packaging | $ | 49,025 | $ | 43,829 | $ | 138,731 | $ | 136,661 | |||||||||
Paper and Industrial Converted Products | 37,722 | 33,150 | 104,717 | 105,106 | |||||||||||||
Display and Packaging | 8,858 | 5,098 | 18,946 | 13,969 | |||||||||||||
Protective Solutions | 9,934 | 10,645 | 30,520 | 29,303 | |||||||||||||
Restructuring/Asset impairment charges | (5,818 | ) | 444 | (18,785 | ) | (24,164 | ) | ||||||||||
Other, net | 563 | 3,177 | (391 | ) | 2,903 | ||||||||||||
Consolidated | $ | 100,284 | $ | 96,343 | $ | 273,738 | $ | 263,778 | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Pursuant to U.S. GAAP, accruals for estimated losses are recorded at the time information becomes available indicating that losses are probable and that the amounts are reasonably estimable. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings from a variety of sources. Some of these exposures, as discussed below, have the potential to be material. | |
Environmental Matters | |
The Company is subject to a variety of environmental and pollution control laws and regulations in all jurisdictions in which it operates. | |
During the fourth quarter of 2005, the U.S. Environmental Protection Agency (EPA) notified U.S. Paper Mills Corp. (U.S. Mills), a wholly owned subsidiary of the Company, that U.S. Mills and NCR Corporation (NCR), an unrelated party, would be jointly held responsible to undertake a program to remove and dispose of certain PCB-contaminated sediments at a particular site on the lower Fox River in Wisconsin (the “Site”) which is now labeled by the EPA as Phase 1. U.S. Mills and NCR reached an agreement between themselves that each would fund 50% of the costs of remediation. The Company has expensed a total of $17,650 for its estimated share of the total cleanup cost of the Site, and through September 29, 2013, has spent a total of $14,467. The remaining accrual of $3,183 represents the Company’s best estimate of what it is likely to pay to complete the Site project. However, the actual costs associated with cleanup of the Site are dependent upon many factors and it is possible that remediation costs could be higher than the current estimate of project costs. The Company acquired U.S. Mills in 2001, and the alleged contamination predates the acquisition. | |
The EPA and Wisconsin Department of Natural Resources (WDNR) have also issued a general notice of potential liability under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and a request to participate in remedial action implementation negotiations relating to a stretch of the lower Fox River, including the bay at Green Bay, (Operating Units 2 – 5) to eight potentially responsible parties, including U.S. Mills. Operating Units 2 – 5 include, but also comprise a vastly larger area than, the Site. A detailed description of the claims and proceedings associated therewith appears in Part II – Item 8 – “Financial Statements and Supplementary Data” (Note 14 - “Commitments and Contingencies”) in the Company’s Annual Report on Form 10-K. | |
On October 14, 2010, the EPA and WDNR filed suit against NCR, API, U.S. Mills and nine other defendants in the United States District Court for the Eastern District of Wisconsin (No. 10-CV-910-WCG) pursuant to Sections 106 and 107 of CERCLA. The plaintiffs seek to recover unreimbursed costs incurred for activities undertaken in response to the release and threatened release of hazardous substances from facilities at or near the Lower Fox River and Green Bay as well as damages for injury to, loss of, and destruction of natural resources resulting from such releases. The plaintiffs also seek a ruling that the defendants are liable for future response costs of the plaintiffs and requiring the defendants to comply with the unilateral Administrative Order for Remedial Action discussed in prior filings. The Company does not believe that the remedies sought in the suit materially expand the Company’s potential liability beyond what has been disclosed in this report or in the Company’s prior filings with the SEC. U.S. Mills has entered into a stipulation with the plaintiffs that, in exchange for U.S. Mills’ admitting that it is liable for discharging wastewater containing PCBs into the river, the plaintiffs would not seek an injunction in this proceeding against U.S. Mills requiring it to participate in the completion of the Fox River remediation. In June 2013 the court ordered some of the other defendants, including NCR but not U.S. Mills, to complete the remediation and the order has been appealed. U.S. Mills plans to continue to defend its interests in the suit vigorously. | |
Since 2007, U.S. Mills has expensed a total of $60,825 for potential liabilities associated with the Fox River contamination (not including amounts expensed for remediation at the Site) and through September 29, 2013, has spent a total of $11,628, primarily on legal fees, leaving a reserve of $49,197 remaining at September 29, 2013 for potential liabilities associated with the Fox River contamination (not including amounts accrued for remediation at the Site). Because of the continuing uncertainties in the estimated costs of remediation and continuing uncertainties surrounding U.S. Mills’ allocable share, including a potentially favorable resolution, it is impossible to state with any reasonable degree of confidence that any estimate is a better estimate than the amount recorded. However, because the discharges of hazardous materials into the environment occurred before the Company acquired U.S. Mills, and U.S. Mills has been operated as a separate subsidiary of the Company, the Company does not believe that it bears financial responsibility for these legacy environmental liabilities of U.S. Mills. Therefore, the Company continues to believe that the maximum additional exposure to its consolidated financial position beyond what has been reserved is limited to the equity position of U.S. Mills, which was approximately $94,000 at September 29, 2013. | |
On November 8, 2011, the Company completed the acquisition of Tegrant. During its due diligence, the Company identified several potential environmentally contaminated sites. The total remediation cost of these sites was preliminarily estimated to be $18,850 at the time of acquisition and an accrual in this amount was recorded on Tegrant’s opening balance sheet. | |
The Company has been named as a potentially responsible party at several other environmentally contaminated sites. All of the sites are also the responsibility of other parties. The potential remediation liabilities are shared with such other parties, and, in most cases, the Company’s share, if any, cannot be reasonably estimated at the current time. | |
As of September 29, 2013 and December 31, 2012, the Company (and its subsidiaries) had accrued $73,436 and $75,605, respectively, related to environmental contingencies. Of these, a total of $52,380 and $53,972 relate to U.S. Mills and $18,518 and $18,733 relate to Tegrant at September 29, 2013 and December 31, 2012, respectively. These accruals are included in “Accrued expenses and other” on the Company’s Consolidated Balance Sheets. U.S. Mills recognized a $40,825 benefit in 2008 from settlements reached and proceeds received on certain insurance policies covering the Fox River contamination. U.S. Mills’ two remaining insurance carriers are in liquidation. It is possible that U.S. Mills may recover from these carriers a small portion of the costs it ultimately incurs. U.S. Mills may also be able to reallocate some of the costs it incurs among other parties. There can be no assurance that such claims for recovery or reallocation would be successful and no amounts have been recognized in the consolidated financial statements of the Company for such potential recovery or reallocation. | |
Other Legal Matters | |
In addition to those matters described above, the Company is subject to other various legal proceedings, claims, and litigation arising in the ordinary course of business. While the outcome of these matters could differ from management’s expectations, the Company does not believe the resolution of these matters has a reasonable possibility of having a material adverse effect on the Company’s financial statements. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (FASB) issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective for annual reporting periods beginning on or after December 15, 2013, and subsequent interim periods. The Company is currently assessing the impact, if any, that this pronouncement will have on its condensed consolidated financial statements. | |
In February 2013, the FASB issued ASU no. 2013-02, "Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income." This update requires an entity to present on the face of the financial statements where net income is presented, or in the notes, significant amounts reclassified out of accumulated other comprehensive income/(loss) by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The requirements of this update were effective prospectively for reporting periods beginning after December 15, 2012. The disclosures required by this ASU are provided in Note 6 to these condensed consolidated financial statements. | |
During the three- and nine-month periods ended September 29, 2013, there have been no other newly issued nor newly applicable accounting pronouncements that have, or are expected to have, a material impact on the Company’s financial statements. Further, at September 29, 2013, there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s financial statements. |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to Sonoco | $ | 61,240 | $ | 58,836 | $ | 164,367 | $ | 153,227 | |||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 102,835,000 | 101,892,000 | 102,586,000 | 101,745,000 | |||||||||||||
Dilutive effect of stock-based compensation | 675,000 | 652,000 | 578,000 | 803,000 | |||||||||||||
Diluted | 103,510,000 | 102,544,000 | 103,164,000 | 102,548,000 | |||||||||||||
Reported net income attributable to Sonoco per common share: | |||||||||||||||||
Basic | $ | 0.6 | $ | 0.58 | $ | 1.6 | $ | 1.51 | |||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 1.59 | $ | 1.49 | |||||||||
Restructuring_and_Asset_Impair1
Restructuring and Asset Impairment (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||||||
Total Restructuring and Asset Impairment Charges Net | ' | ||||||||||||||||||||||||
Following are the total restructuring and asset impairment charges/(credits), net of adjustments, recognized by the Company during the periods presented: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Third | Nine | Third | Nine | ||||||||||||||||||||||
Quarter | Months | Quarter | Months | ||||||||||||||||||||||
Restructuring/Asset impairment: | |||||||||||||||||||||||||
2013 Actions | $ | 3,978 | $ | 13,780 | $ | — | $ | — | |||||||||||||||||
2012 Actions | 378 | 1,830 | 2,014 | 19,116 | |||||||||||||||||||||
2011 and Earlier Actions | 1,462 | 3,175 | (2,458 | ) | 5,048 | ||||||||||||||||||||
Restructuring/Asset impairment charges | $ | 5,818 | $ | 18,785 | $ | (444 | ) | $ | 24,164 | ||||||||||||||||
Income tax benefit | (1,957 | ) | (6,153 | ) | (126 | ) | (5,912 | ) | |||||||||||||||||
Equity method investments, net of tax | — | — | — | 22 | |||||||||||||||||||||
Benefit attributable to noncontrolling interests, | 68 | 14 | 31 | 104 | |||||||||||||||||||||
net of tax | |||||||||||||||||||||||||
Total impact of restructuring/asset impairment | $ | 3,929 | $ | 12,646 | $ | (539 | ) | $ | 18,378 | ||||||||||||||||
charges, net of tax | |||||||||||||||||||||||||
Actions and Related Expenses by Segment and by Type Incurred and Estimated for Given Years | ' | ||||||||||||||||||||||||
Below is a summary of expenses/(income) incurred by segment for 2011 and Earlier Actions for the three- and nine- month periods ended September 29, 2013 and September 30, 2012. | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
2011 and Earlier Actions | Third | Nine | Third | Nine | |||||||||||||||||||||
Quarter | Months | Quarter | Months | ||||||||||||||||||||||
Paper and Industrial Converted Products | $ | (69 | ) | $ | 901 | $ | 57 | $ | 1,181 | ||||||||||||||||
Consumer Packaging | 1,546 | 1,445 | (3,105 | ) | 3,168 | ||||||||||||||||||||
Display and Packaging | — | — | 228 | 40 | |||||||||||||||||||||
Protective Solutions | (15 | ) | 829 | 362 | 659 | ||||||||||||||||||||
Total Charges and Adjustments | $ | 1,462 | $ | 3,175 | $ | (2,458 | ) | $ | 5,048 | ||||||||||||||||
Below is a summary of 2012 Actions and related expenses by segment and by type incurred and estimated to be incurred through completion. | |||||||||||||||||||||||||
2013 | 2012 | Total | Estimated | ||||||||||||||||||||||
Incurred | Total Cost | ||||||||||||||||||||||||
2012 Actions | Third | Nine | Third | Nine | to Date | ||||||||||||||||||||
Quarter | Months | Quarter | Months | ||||||||||||||||||||||
Severance and Termination Benefits | |||||||||||||||||||||||||
Paper and Industrial Converted Products | $ | 53 | $ | 388 | $ | 541 | $ | 8,146 | $ | 10,717 | $ | 10,717 | |||||||||||||
Consumer Packaging | 210 | 263 | 407 | 1,509 | 2,834 | 2,834 | |||||||||||||||||||
Display and Packaging | — | (4 | ) | — | 285 | 1,297 | 1,297 | ||||||||||||||||||
Protective Solutions | — | 67 | 101 | 1,464 | 1,662 | 1,662 | |||||||||||||||||||
Corporate | — | — | — | — | 297 | 297 | |||||||||||||||||||
Asset Impairment / Disposal of Assets | |||||||||||||||||||||||||
Paper and Industrial Converted Products | 22 | 117 | (18 | ) | 2,233 | 2,521 | 2,521 | ||||||||||||||||||
Consumer Packaging | 66 | 112 | 175 | 3,470 | 3,033 | 3,033 | |||||||||||||||||||
Protective Solutions | (28 | ) | (28 | ) | — | 161 | 133 | 133 | |||||||||||||||||
Other Costs | |||||||||||||||||||||||||
Paper and Industrial Converted Products | 43 | 533 | 319 | 836 | 1,827 | 2,027 | |||||||||||||||||||
Consumer Packaging | 9 | 157 | 263 | 588 | 1,018 | 1,218 | |||||||||||||||||||
Display and Packaging | 3 | 20 | 11 | 11 | 31 | 31 | |||||||||||||||||||
Protective Solutions | — | 205 | 215 | 413 | 1,141 | 1,141 | |||||||||||||||||||
Total Charges and Adjustments | $ | 378 | $ | 1,830 | $ | 2,014 | $ | 19,116 | $ | 26,511 | $ | 26,911 | |||||||||||||
Below is a summary of 2013 Actions and related expenses by segment and by type incurred and estimated to be incurred through completion. | |||||||||||||||||||||||||
2013 Actions | Third | Total | Estimated | ||||||||||||||||||||||
Quarter | Incurred | Total Cost | |||||||||||||||||||||||
to Date | |||||||||||||||||||||||||
Severance and Termination Benefits | |||||||||||||||||||||||||
Paper and Industrial Converted Products | $ | 833 | $ | 1,742 | $ | 1,742 | |||||||||||||||||||
Consumer Packaging | 2,245 | 3,750 | 4,650 | ||||||||||||||||||||||
Display and Packaging | 147 | 226 | 626 | ||||||||||||||||||||||
Protective Solutions | 117 | 680 | 680 | ||||||||||||||||||||||
Asset Impairment / Disposal of Assets | |||||||||||||||||||||||||
Paper and Industrial Converted Products | 61 | 475 | 475 | ||||||||||||||||||||||
Consumer Packaging | 349 | 5,580 | 5,580 | ||||||||||||||||||||||
Protective Solutions | — | 414 | 414 | ||||||||||||||||||||||
Other Costs | |||||||||||||||||||||||||
Paper and Industrial Converted Products | 121 | 217 | 367 | ||||||||||||||||||||||
Consumer Packaging | 105 | 657 | 2,307 | ||||||||||||||||||||||
Protective Solutions | — | 39 | 39 | ||||||||||||||||||||||
Total Charges and Adjustments | $ | 3,978 | $ | 13,780 | $ | 16,880 | |||||||||||||||||||
Restructuring Accrual Activity for Given Years | ' | ||||||||||||||||||||||||
The following table sets forth the activity in the 2012 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets: | |||||||||||||||||||||||||
2012 Actions | Severance | Asset | Other | Total | |||||||||||||||||||||
and | Impairment/ | Costs | |||||||||||||||||||||||
Termination | Disposal | ||||||||||||||||||||||||
Accrual Activity | Benefits | of Assets | |||||||||||||||||||||||
2013 Year to Date | |||||||||||||||||||||||||
Liability at December 31, 2012 | $ | 6,313 | $ | — | $ | 80 | $ | 6,393 | |||||||||||||||||
2013 charges | 837 | 270 | 915 | 2,022 | |||||||||||||||||||||
Adjustments | (123 | ) | (69 | ) | — | (192 | ) | ||||||||||||||||||
Cash receipts/(payments) | (4,893 | ) | 42 | (915 | ) | (5,766 | ) | ||||||||||||||||||
Asset write downs/disposals | — | (243 | ) | — | (243 | ) | |||||||||||||||||||
Foreign currency translation | 10 | — | — | 10 | |||||||||||||||||||||
Liability at September 29, 2013 | $ | 2,144 | $ | — | $ | 80 | $ | 2,224 | |||||||||||||||||
The following table sets forth the activity in the 2013 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets: | |||||||||||||||||||||||||
2013 Actions | Severance | Asset | Other | Total | |||||||||||||||||||||
and | Impairment/ | Costs | |||||||||||||||||||||||
Termination | Disposal | ||||||||||||||||||||||||
Accrual Activity | Benefits | of Assets | |||||||||||||||||||||||
2013 Year to Date | |||||||||||||||||||||||||
Liability at December 31, 2012 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
2013 charges | 6,398 | 6,469 | 913 | 13,780 | |||||||||||||||||||||
Cash receipts/(payments) | (2,349 | ) | 6,641 | (913 | ) | 3,379 | |||||||||||||||||||
Asset write downs/disposals | — | (13,110 | ) | — | (13,110 | ) | |||||||||||||||||||
Foreign currency translation | 56 | — | — | 56 | |||||||||||||||||||||
Liability at September 29, 2013 | $ | 4,105 | $ | — | $ | — | $ | 4,105 | |||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Components of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
The following table summarizes the components of accumulated other comprehensive loss and the changes in the balances of each component of accumulated other comprehensive loss, net of tax as applicable, for the nine months ended September 29, 2013: | |||||||||||||||||
Gains and | Defined | Foreign | Accumulated | ||||||||||||||
Losses on Cash | Benefit | Currency | Other | ||||||||||||||
Flow Hedges | Pension Items | Items | Comprehensive | ||||||||||||||
Loss | |||||||||||||||||
Balance at December 31, 2012 | $ | (6,727 | ) | $ | (472,333 | ) | $ | 3,234 | $ | (475,826 | ) | ||||||
Other comprehensive income/(loss) before reclassifications | 2,579 | (1,122 | ) | (20,348 | ) | (18,891 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to net income | 1,695 | 21,629 | — | 23,324 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss to fixed assets | 78 | — | — | 78 | |||||||||||||
Net current-period other comprehensive | 4,352 | 20,507 | (20,348 | ) | 4,511 | ||||||||||||
income/(loss) | |||||||||||||||||
Balance at September 29, 2013 | $ | (2,375 | ) | $ | (451,826 | ) | $ | (17,114 | ) | $ | (471,315 | ) | |||||
Effects on Net Income of Significant Amounts Reclassified from Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
The following table summarizes the effects on net income of significant amounts classified out of each component of accumulated other comprehensive loss for the three and nine months ended September 29, 2013: | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||||||
Details about Accumulated Other Comprehensive | Three Months Ended September 29, 2013 | Nine Months Ended September 29, 2013 | Affected Line Item in the | ||||||||||||||
Loss Components | Condensed Consolidated | ||||||||||||||||
Statements of Net Income | |||||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Foreign exchange contracts | $ | 809 | $ | 3,051 | Net sales | ||||||||||||
Foreign exchange contracts | (871 | ) | (1,921 | ) | Cost of sales | ||||||||||||
Commodity contracts | (1,528 | ) | (3,917 | ) | Cost of sales | ||||||||||||
(1,590 | ) | (2,787 | ) | Total before tax | |||||||||||||
604 | 1,092 | Tax benefit | |||||||||||||||
$ | (986 | ) | $ | (1,695 | ) | Net of tax | |||||||||||
Defined benefit pension items | |||||||||||||||||
Amortization of defined benefit pension items(a) | $ | (7,787 | ) | $ | (24,737 | ) | Cost of sales | ||||||||||
Amortization of defined benefit pension items(a) | (2,596 | ) | (8,246 | ) | Selling, general and | ||||||||||||
administrative | |||||||||||||||||
(10,383 | ) | (32,983 | ) | Total before tax | |||||||||||||
3,807 | 11,354 | Tax benefit | |||||||||||||||
$ | (6,576 | ) | $ | (21,629 | ) | Net of tax | |||||||||||
Total reclassifications for the period | $ | (7,562 | ) | $ | (23,324 | ) | Net of tax |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Changes in Goodwill by Segment | ' | ||||||||||||||||||||
A summary of the changes in goodwill by segment for the nine months ended September 29, 2013 is as follows: | |||||||||||||||||||||
Consumer | Paper and | Display | Protective | Total | |||||||||||||||||
Packaging | Industrial | and | Solutions | ||||||||||||||||||
Converted | Packaging | ||||||||||||||||||||
Products | |||||||||||||||||||||
Goodwill at December 31, 2012 | $ | 427,575 | $ | 254,706 | $ | 158,023 | $ | 270,201 | $ | 1,110,505 | |||||||||||
Foreign currency translation | (5,127 | ) | (388 | ) | — | — | (5,515 | ) | |||||||||||||
Other | — | — | — | (2,430 | ) | $ | (2,430 | ) | |||||||||||||
Goodwill at September 29, 2013 | $ | 422,448 | $ | 254,318 | $ | 158,023 | $ | 267,771 | $ | 1,102,560 | |||||||||||
Summary of Other Intangible Assets | ' | ||||||||||||||||||||
A summary of other intangible assets as of September 29, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||
September 29, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Other Intangible Assets, gross | |||||||||||||||||||||
Patents | $ | 2,222 | $ | 2,224 | |||||||||||||||||
Customer lists | 340,572 | 345,133 | |||||||||||||||||||
Trade names | 21,224 | 21,214 | |||||||||||||||||||
Proprietary technology | 17,856 | 17,844 | |||||||||||||||||||
Land use rights | 330 | 350 | |||||||||||||||||||
Other | 4,747 | 4,944 | |||||||||||||||||||
Other Intangible Assets, gross | $ | 386,951 | $ | 391,709 | |||||||||||||||||
Accumulated Amortization | $ | (135,359 | ) | $ | (114,900 | ) | |||||||||||||||
Other Intangible Assets, net | $ | 251,592 | $ | 276,809 | |||||||||||||||||
Financial_Instruments_and_Deri1
Financial Instruments and Derivatives (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Carrying Amounts and Fair Values of Financial Instruments | ' | ||||||||||||||||
The following table sets forth the carrying amounts and fair values of the Company’s significant financial instruments for which the carrying amount differs from the fair value. | |||||||||||||||||
September 29, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Long-term debt, net of current portion | $ | 947,541 | $ | 991,306 | $ | 1,099,454 | $ | 1,214,292 | |||||||||
Net Positions of Foreign Contracts | ' | ||||||||||||||||
The Company has entered into forward contracts to hedge certain anticipated foreign currency denominated sales and purchases forecast to occur in 2013. The net positions of these contracts at September 29, 2013 were as follows (in thousands): | |||||||||||||||||
Currency | Action | Quantity | |||||||||||||||
Colombian peso | purchase | 5,112,342 | |||||||||||||||
Mexican peso | purchase | 188,919 | |||||||||||||||
Canadian dollar | purchase | 11,478 | |||||||||||||||
British pound | purchase | 2,800 | |||||||||||||||
Turkish lira | purchase | 1,085 | |||||||||||||||
Polish zloty | purchase | 390 | |||||||||||||||
New Zealand dollar | sell | (294 | ) | ||||||||||||||
Australian dollar | sell | (908 | ) | ||||||||||||||
Euro | sell | (2,953 | ) | ||||||||||||||
Net Positions of Other Derivatives Contract | ' | ||||||||||||||||
The net positions of these contracts at September 29, 2013, were as follows (in thousands): | |||||||||||||||||
Currency | Action | Quantity | |||||||||||||||
Colombian peso | purchase | 17,077,750 | |||||||||||||||
British pound | purchase | 12,123 | |||||||||||||||
Canadian dollar | purchase | 11,891 | |||||||||||||||
Euro | sell | (4,195 | ) | ||||||||||||||
Location and Fair Values of Derivative Instruments | ' | ||||||||||||||||
The following table sets forth the location and fair values of the Company’s derivative instruments at September 29, 2013 and December 31, 2012: | |||||||||||||||||
Description | Balance Sheet Location | September 29, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity Contracts | Prepaid expenses | $ | 101 | $ | 201 | ||||||||||||
Commodity Contracts | Other assets | $ | 90 | $ | — | ||||||||||||
Commodity Contracts | Accrued expenses and other | $ | (3,244 | ) | $ | (4,760 | ) | ||||||||||
Commodity Contracts | Other liabilities | $ | (545 | ) | $ | (1,727 | ) | ||||||||||
Foreign Exchange Contracts | Prepaid expenses | $ | 575 | $ | 725 | ||||||||||||
Foreign Exchange Contracts | Accrued expenses and other | $ | (644 | ) | $ | (5,208 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign Exchange Contracts | Prepaid expenses | $ | 80 | $ | 679 | ||||||||||||
Foreign Exchange Contracts | Other assets | $ | 34 | $ | 36 | ||||||||||||
Foreign Exchange Contracts | Accrued expenses and other | $ | (243 | ) | $ | (7 | ) | ||||||||||
Foreign Exchange Contracts | Other liabilities | $ | — | $ | — | ||||||||||||
Effect of Derivative Instruments on Financial Performance | ' | ||||||||||||||||
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the three months ended September 29, 2013 and September 30, 2012: | |||||||||||||||||
Description | Amount of Gain or | Location of Gain | Amount of Gain or | Location of Gain | Amount of Gain | ||||||||||||
(Loss) Recognized | or (Loss) | (Loss) Reclassified | or (Loss) Recognized in | or (Loss) | |||||||||||||
in OCI on | Reclassified from | from Accumulated | Income on | Recognized | |||||||||||||
Derivative | Accumulated OCI | OCI Into Income | Derivative | in Income on | |||||||||||||
(Effective Portion) | Into Income | (Effective Portion) | (Ineffective Portion) | Derivative (Ineffective | |||||||||||||
(Effective Portion) | Portion) | ||||||||||||||||
Three months ended September 29, 2013 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Foreign Exchange Contracts | $ | 959 | Net sales | $ | 809 | Net sales | $ | — | |||||||||
Cost of sales | $ | (871 | ) | ||||||||||||||
Commodity Contracts | $ | (309 | ) | Cost of sales | $ | (1,528 | ) | Cost of sales | $ | 10 | |||||||
Three months ended September 30, 2012 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Foreign Exchange Contracts | $ | (1,125 | ) | Net sales | $ | (511 | ) | Net sales | $ | — | |||||||
Cost of sales | $ | (726 | ) | ||||||||||||||
Commodity Contracts | $ | 7,985 | Cost of sales | $ | 2,927 | Cost of sales | $ | (81 | ) | ||||||||
Derivatives not designated as hedging | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||||||||||||||
instruments: | Income Statement | Recognized | |||||||||||||||
Three months ended September 29, 2013 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | (770 | ) | |||||||||||||
Selling, general and administrative | $ | (67 | ) | ||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | 279 | ||||||||||||||
Selling, general and administrative | $ | 30 | |||||||||||||||
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the nine months ended September 29, 2013 and September 30, 2012: | |||||||||||||||||
Description | Amount of Gain or | Location of Gain | Amount of Gain or | Location of Gain | Amount of Gain | ||||||||||||
(Loss) Recognized | or (Loss) | (Loss) Reclassified | or (Loss) | or (Loss) Recognized | |||||||||||||
in OCI on | Reclassified from | from Accumulated | Recognized in | in Income on | |||||||||||||
Derivative | Accumulated OCI | OCI Into Income | Income on | Derivative | |||||||||||||
(Effective Portion) | Into Income | (Effective Portion) | Derivative | (Ineffective | |||||||||||||
(Effective Portion) | (Ineffective Portion) | Portion) | |||||||||||||||
Nine months ended September 29, 2013 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Foreign Exchange Contracts | $ | 5,482 | Net sales | $ | 3,051 | Net sales | $ | — | |||||||||
Cost of sales | $ | (1,921 | ) | ||||||||||||||
Commodity Contracts | $ | (1,237 | ) | Cost of sales | $ | (3,917 | ) | Cost of sales | $ | (51 | ) | ||||||
Nine months ended September 30, 2012 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Foreign Exchange Contracts | $ | 306 | Net sales | $ | (718 | ) | Net sales | $ | — | ||||||||
Cost of sales | $ | 578 | |||||||||||||||
Commodity Contracts | $ | 3,640 | Cost of sales | $ | (3,744 | ) | Cost of sales | $ | (94 | ) | |||||||
Derivatives not designated as hedging | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||||||||||||||
instruments: | Income Statement | Recognized | |||||||||||||||
Nine months ended September 29, 2013 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | (1,941 | ) | |||||||||||||
Selling, general and administrative | $ | (207 | ) | ||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | 1,023 | ||||||||||||||
Selling, general and administrative | $ | 69 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The following table sets forth information regarding the Company’s financial assets and financial liabilities, excluding retirement and postretirement plan assets, measured at fair value on a recurring basis: | |||||||||||||||||
Description | September 29, | Level 1 | Level 2 | Level 3 | |||||||||||||
2013 | |||||||||||||||||
Hedge derivatives, net: | |||||||||||||||||
Commodity contracts | $ | (3,598 | ) | $ | — | $ | (3,598 | ) | $ | — | |||||||
Foreign exchange contracts | (69 | ) | — | (69 | ) | — | |||||||||||
Non-hedge derivatives, net: | |||||||||||||||||
Foreign exchange contracts | (129 | ) | — | (129 | ) | — | |||||||||||
Deferred compensation plan assets | 2,971 | 2,971 | — | — | |||||||||||||
Description | December 31, | Level 1 | Level 2 | Level 3 | |||||||||||||
2012 | |||||||||||||||||
Hedge derivatives, net: | |||||||||||||||||
Commodity contracts | $ | (6,286 | ) | $ | — | $ | (6,286 | ) | $ | — | |||||||
Foreign exchange contracts | (4,483 | ) | — | (4,483 | ) | — | |||||||||||
Non-hedge derivatives, net: | |||||||||||||||||
Foreign exchange contracts | 708 | — | 708 | — | |||||||||||||
Deferred compensation plan assets | 2,585 | 2,585 | — | — | |||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
The components of net periodic benefit cost include the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Retirement Plans | |||||||||||||||||
Service cost | $ | 6,267 | $ | 6,391 | $ | 18,756 | $ | 17,804 | |||||||||
Interest cost | 16,794 | 17,906 | 50,226 | 52,430 | |||||||||||||
Expected return on plan assets | (21,582 | ) | (20,890 | ) | (64,544 | ) | (62,889 | ) | |||||||||
Amortization of net transition obligation | 108 | 115 | 328 | 344 | |||||||||||||
Amortization of prior service cost | 141 | 139 | 424 | 308 | |||||||||||||
Amortization of net actuarial loss | 10,891 | 10,525 | 32,571 | 28,722 | |||||||||||||
Effect of settlement loss | — | — | 1,893 | — | |||||||||||||
Net periodic benefit cost | $ | 12,619 | $ | 14,186 | $ | 39,654 | $ | 36,719 | |||||||||
Retiree Health and Life Insurance Plans | |||||||||||||||||
Service cost | $ | 218 | $ | 131 | $ | 664 | $ | 615 | |||||||||
Interest cost | 219 | 154 | 710 | 841 | |||||||||||||
Expected return on plan assets | (378 | ) | (391 | ) | (1,126 | ) | (1,131 | ) | |||||||||
Amortization of prior service credit | (756 | ) | (1,619 | ) | (2,230 | ) | (4,872 | ) | |||||||||
Amortization of net actuarial loss | (1 | ) | (403 | ) | (3 | ) | (2 | ) | |||||||||
Net periodic benefit income | $ | (698 | ) | $ | (2,128 | ) | $ | (1,985 | ) | $ | (4,549 | ) |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Financial Information | ' | ||||||||||||||||
SEGMENT FINANCIAL INFORMATION | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales: | |||||||||||||||||
Consumer Packaging | $ | 473,332 | $ | 475,946 | $ | 1,411,645 | $ | 1,448,750 | |||||||||
Paper and Industrial Converted Products | 467,847 | 453,605 | 1,395,271 | 1,392,675 | |||||||||||||
Display and Packaging | 143,173 | 124,561 | 391,838 | 347,267 | |||||||||||||
Protective Solutions | 143,397 | 141,418 | 434,464 | 421,567 | |||||||||||||
Consolidated | $ | 1,227,749 | $ | 1,195,530 | $ | 3,633,218 | $ | 3,610,259 | |||||||||
Intersegment sales: | |||||||||||||||||
Consumer Packaging | $ | 978 | $ | 2,096 | $ | 3,784 | $ | 6,209 | |||||||||
Paper and Industrial Converted Products | 26,320 | 23,126 | 74,792 | 73,779 | |||||||||||||
Display and Packaging | 445 | 516 | 1,619 | 1,694 | |||||||||||||
Protective Solutions | 621 | 457 | 2,021 | 1,465 | |||||||||||||
Consolidated | $ | 28,364 | $ | 26,195 | $ | 82,216 | $ | 83,147 | |||||||||
Income before interest and income taxes: | |||||||||||||||||
Segment operating profit: | |||||||||||||||||
Consumer Packaging | $ | 49,025 | $ | 43,829 | $ | 138,731 | $ | 136,661 | |||||||||
Paper and Industrial Converted Products | 37,722 | 33,150 | 104,717 | 105,106 | |||||||||||||
Display and Packaging | 8,858 | 5,098 | 18,946 | 13,969 | |||||||||||||
Protective Solutions | 9,934 | 10,645 | 30,520 | 29,303 | |||||||||||||
Restructuring/Asset impairment charges | (5,818 | ) | 444 | (18,785 | ) | (24,164 | ) | ||||||||||
Other, net | 563 | 3,177 | (391 | ) | 2,903 | ||||||||||||
Consolidated | $ | 100,284 | $ | 96,343 | $ | 273,738 | $ | 263,778 | |||||||||
Basis_of_Interim_Presentation_
Basis of Interim Presentation - Additional Information (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Insurance proceeds received | $3,996 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Acquisition | ||
Business Combinations [Abstract] | ' | ' |
Number of completed acquisitions | 2 | ' |
Business Acquisition [Line Items] | ' | ' |
Cost of acquisitions, exclusive of cash | $3,728 | $503 |
Series of individually immaterial acquisitions | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cost of acquisitions, exclusive of cash | 3,728 | ' |
Annual sales expected to be generated as a result of acquisitions | 12,500 | ' |
Net tangible assets | 3,655 | ' |
Net intangible assets | 73 | ' |
Series of individually immaterial acquisitions | Consumer Packaging [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Annual sales expected to be generated as a result of acquisitions | 10,000 | ' |
Series of individually immaterial acquisitions | Paper and Industrial Converted Products [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Annual sales expected to be generated as a result of acquisitions | $2,500 | ' |
Shareholders_Equity_Earnings_P
Shareholders' Equity - Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income attributable to Sonoco | $61,240 | $58,836 | $164,367 | $153,227 |
Denominator: | ' | ' | ' | ' |
Basic (in shares) | 102,835 | 101,892 | 102,586 | 101,745 |
Dilutive effect of stock-based compensation (in shares) | 675 | 652 | 578 | 803 |
Diluted (in shares) | 103,510 | 102,544 | 103,164 | 102,548 |
Reported net income attributable to Sonoco per common share: | ' | ' | ' | ' |
Basic (in usd per share) | $0.60 | $0.58 | $1.60 | $1.51 |
Diluted (in usd per share) | $0.59 | $0.57 | $1.59 | $1.49 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 10, 2013 | Jul. 17, 2013 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 10, 2013 | Oct. 14, 2013 | Sep. 29, 2013 | Sep. 30, 2012 |
Subsequent Event [Member] | Subsequent Event [Member] | Tax Withholding Obligations [Member] | Tax Withholding Obligations [Member] | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of securities excluded from computation of dilutive earning per share | ' | ' | 469,050 | 2,453,745 | 1,465,811 | 2,462,878 | ' | ' | ' | ' |
Number of shares authorized for repurchase | ' | ' | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' |
Number of shares available for repurchase | ' | ' | 4,867,500 | ' | 4,867,500 | ' | ' | ' | ' | ' |
Number of shares repurchased | ' | ' | ' | ' | 132,500 | ' | ' | ' | 111,612 | 103,209 |
Cost of shares repurchased | ' | ' | ' | ' | $5,052 | ' | ' | ' | $3,783 | $3,437 |
Dividend declared date | ' | 17-Jul-13 | ' | ' | ' | ' | ' | 14-Oct-13 | ' | ' |
Dividend declared and payable (in usd per share) | ' | $0.31 | ' | ' | ' | ' | ' | $0.31 | ' | ' |
Dividend payable date of record | 16-Aug-13 | ' | ' | ' | ' | ' | 15-Nov-13 | ' | ' | ' |
Dividend payable date | 10-Sep-13 | ' | ' | ' | ' | ' | 10-Dec-13 | ' | ' | ' |
Restructuring_and_Asset_Impair2
Restructuring and Asset Impairment - Restructuring and Asset Impairment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment charges | $5,818 | ($444) | $18,785 | $24,164 |
Income tax benefit | -1,957 | -126 | -6,153 | -5,912 |
Equity method investments, net of tax | ' | 0 | ' | 22 |
Costs attributable to noncontrolling interests, net of tax | 68 | 31 | 14 | 104 |
Total impact of restructuring/asset impairment charges, net of tax | 3,929 | -539 | 12,646 | 18,378 |
2013 Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment charges | 3,978 | ' | 13,780 | ' |
2012 Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment charges | 378 | 2,014 | 1,830 | 19,116 |
2011 and Earlier Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment charges | $1,462 | ($2,458) | $3,175 | $5,048 |
Additional_Information_Details
- Additional Information (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 |
Small Corrugated Box Business [Member] | Thermoformed Plastics Operation [Member] | 2012 Actions [Member] | 2011 and Earlier Actions [Member] | 2011 and Earlier Actions [Member] | 2013 Actions [Member] | |||
Positions | Positions | |||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future charges associated with previous restructuring | $5,000 | ' | ' | ' | ' | $1,500 | ' | ' |
Elimination of Positions due to realign in cost structure | ' | ' | ' | ' | 165 | ' | ' | 75 |
Impairment charges | 7,352 | 5,876 | ' | 5,308 | ' | ' | ' | ' |
Impairment of net fixed assets | ' | ' | ' | 3,561 | ' | ' | ' | ' |
Inventory Write-down | ' | ' | ' | 349 | ' | ' | ' | ' |
Impairment of other intangible assets | ' | ' | ' | 1,398 | ' | ' | ' | ' |
Loss of sale of small corrugated box business | ' | ' | 286 | ' | ' | ' | ' | ' |
Proceed from sale of business | ' | ' | 6,200 | ' | ' | ' | ' | ' |
Annual sales from business unit | ' | ' | 13,000 | ' | ' | ' | ' | ' |
Assets written off | ' | ' | 773 | ' | ' | ' | ' | ' |
Net working capital | ' | ' | 1,275 | ' | ' | ' | ' | ' |
Goodwill | ' | ' | 2,430 | ' | ' | ' | ' | ' |
other intangible assets | ' | ' | 2,008 | ' | ' | ' | ' | ' |
Remaining restructuring accrual | ' | ' | ' | ' | ' | $4,252 | $5,229 | ' |
Restructuring_and_Asset_Impair3
Restructuring and Asset Impairment - Actions and Related Expenses by Segment and by Type Incurred and Estimated for Given Years (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | $5,818 | ($444) | $18,785 | $24,164 |
2013 Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 3,978 | ' | 13,780 | ' |
Total Incurred to Date | ' | ' | 13,780 | ' |
Estimated Total Cost | ' | ' | 16,880 | ' |
2013 Actions [Member] | Severance and Termination Benefits [Member] | Paper and Industrial Converted Products [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 833 | ' | ' | ' |
Total Incurred to Date | ' | ' | 1,742 | ' |
Estimated Total Cost | ' | ' | 1,742 | ' |
2013 Actions [Member] | Severance and Termination Benefits [Member] | Consumer Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 2,245 | ' | ' | ' |
Total Incurred to Date | ' | ' | 3,750 | ' |
Estimated Total Cost | ' | ' | 4,650 | ' |
2013 Actions [Member] | Severance and Termination Benefits [Member] | Display and Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 147 | ' | ' | ' |
Total Incurred to Date | ' | ' | 226 | ' |
Estimated Total Cost | ' | ' | 626 | ' |
2013 Actions [Member] | Severance and Termination Benefits [Member] | Protective Solutions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 117 | ' | ' | ' |
Total Incurred to Date | ' | ' | 680 | ' |
Estimated Total Cost | ' | ' | 680 | ' |
2013 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Paper and Industrial Converted Products [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 61 | ' | ' | ' |
Total Incurred to Date | ' | ' | 475 | ' |
Estimated Total Cost | ' | ' | 475 | ' |
2013 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Consumer Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 349 | ' | ' | ' |
Total Incurred to Date | ' | ' | 5,580 | ' |
Estimated Total Cost | ' | ' | 5,580 | ' |
2013 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Protective Solutions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 0 | ' | ' | ' |
Total Incurred to Date | ' | ' | 414 | ' |
Estimated Total Cost | ' | ' | 414 | ' |
2013 Actions [Member] | Other Costs [Member] | Paper and Industrial Converted Products [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 121 | ' | ' | ' |
Total Incurred to Date | ' | ' | 217 | ' |
Estimated Total Cost | ' | ' | 367 | ' |
2013 Actions [Member] | Other Costs [Member] | Consumer Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 105 | ' | ' | ' |
Total Incurred to Date | ' | ' | 657 | ' |
Estimated Total Cost | ' | ' | 2,307 | ' |
2013 Actions [Member] | Other Costs [Member] | Protective Solutions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 0 | ' | ' | ' |
Total Incurred to Date | ' | ' | 39 | ' |
Estimated Total Cost | ' | ' | 39 | ' |
2012 Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 378 | 2,014 | 1,830 | 19,116 |
Total Incurred to Date | ' | ' | 26,511 | ' |
Estimated Total Cost | ' | ' | 26,911 | ' |
2012 Actions [Member] | Severance and Termination Benefits [Member] | Paper and Industrial Converted Products [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 53 | 541 | 388 | 8,146 |
Total Incurred to Date | ' | ' | 10,717 | ' |
Estimated Total Cost | ' | ' | 10,717 | ' |
2012 Actions [Member] | Severance and Termination Benefits [Member] | Consumer Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 210 | 407 | 263 | 1,509 |
Total Incurred to Date | ' | ' | 2,834 | ' |
Estimated Total Cost | ' | ' | 2,834 | ' |
2012 Actions [Member] | Severance and Termination Benefits [Member] | Display and Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 0 | 0 | -4 | 285 |
Total Incurred to Date | ' | ' | 1,297 | ' |
Estimated Total Cost | ' | ' | 1,297 | ' |
2012 Actions [Member] | Severance and Termination Benefits [Member] | Protective Solutions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 0 | 101 | 67 | 1,464 |
Total Incurred to Date | ' | ' | 1,662 | ' |
Estimated Total Cost | ' | ' | 1,662 | ' |
2012 Actions [Member] | Severance and Termination Benefits [Member] | Corporate [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 0 | 0 | 0 | 0 |
Total Incurred to Date | ' | ' | 297 | ' |
Estimated Total Cost | ' | ' | 297 | ' |
2012 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Paper and Industrial Converted Products [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 22 | -18 | 117 | 2,233 |
Total Incurred to Date | ' | ' | 2,521 | ' |
Estimated Total Cost | ' | ' | 2,521 | ' |
2012 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Consumer Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 66 | 175 | 112 | 3,470 |
Total Incurred to Date | ' | ' | 3,033 | ' |
Estimated Total Cost | ' | ' | 3,033 | ' |
2012 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Protective Solutions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | -28 | 0 | -28 | 161 |
Total Incurred to Date | ' | ' | 133 | ' |
Estimated Total Cost | ' | ' | 133 | ' |
2012 Actions [Member] | Other Costs [Member] | Paper and Industrial Converted Products [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 43 | 319 | 533 | 836 |
Total Incurred to Date | ' | ' | 1,827 | ' |
Estimated Total Cost | ' | ' | 2,027 | ' |
2012 Actions [Member] | Other Costs [Member] | Consumer Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 9 | 263 | 157 | 588 |
Total Incurred to Date | ' | ' | 1,018 | ' |
Estimated Total Cost | ' | ' | 1,218 | ' |
2012 Actions [Member] | Other Costs [Member] | Display and Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 3 | 11 | 20 | 11 |
Total Incurred to Date | ' | ' | 31 | ' |
Estimated Total Cost | ' | ' | 31 | ' |
2012 Actions [Member] | Other Costs [Member] | Protective Solutions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 0 | 215 | 205 | 413 |
Total Incurred to Date | ' | ' | 1,141 | ' |
Estimated Total Cost | ' | ' | 1,141 | ' |
2011 and Earlier Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 1,462 | -2,458 | 3,175 | 5,048 |
2011 and Earlier Actions [Member] | Paper and Industrial Converted Products [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | -69 | 57 | 901 | 1,181 |
2011 and Earlier Actions [Member] | Consumer Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | 1,546 | -3,105 | 1,445 | 3,168 |
2011 and Earlier Actions [Member] | Display and Packaging [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | ' | 228 | ' | 40 |
2011 and Earlier Actions [Member] | Protective Solutions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment | ($15) | $362 | $829 | $659 |
Restructuring_and_Asset_Impair4
Restructuring and Asset Impairment - Restructuring Accrual Activity for Given Years (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
2013 Actions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | $0 |
2013 charges | 13,780 |
Cash receipts/(payments) | -3,379 |
Asset write downs/disposals | -13,110 |
Foreign currency translation | 56 |
Liability, Ending Balance | 4,105 |
2012 Actions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 6,393 |
2013 charges | 2,022 |
Adjustments | -192 |
Cash receipts/(payments) | -5,766 |
Asset write downs/disposals | -243 |
Foreign currency translation | 10 |
Liability, Ending Balance | 2,224 |
Severance and Termination Benefits [Member] | 2013 Actions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 0 |
2013 charges | 6,398 |
Cash receipts/(payments) | 2,349 |
Foreign currency translation | 56 |
Liability, Ending Balance | 4,105 |
Severance and Termination Benefits [Member] | 2012 Actions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 6,313 |
2013 charges | 837 |
Adjustments | -123 |
Cash receipts/(payments) | -4,893 |
Foreign currency translation | 10 |
Liability, Ending Balance | 2,144 |
Asset Impairment / Disposal of Assets [Member] | 2013 Actions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 0 |
2013 charges | 6,469 |
Cash receipts/(payments) | -6,641 |
Asset write downs/disposals | -13,110 |
Asset Impairment / Disposal of Assets [Member] | 2012 Actions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
2013 charges | 270 |
Adjustments | -69 |
Cash receipts/(payments) | 42 |
Asset write downs/disposals | -243 |
Other Costs [Member] | 2013 Actions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 0 |
2013 charges | 913 |
Cash receipts/(payments) | 913 |
Other Costs [Member] | 2012 Actions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 80 |
2013 charges | 915 |
Cash receipts/(payments) | -915 |
Foreign currency translation | 0 |
Liability, Ending Balance | $80 |
Components_of_Accumulated_Othe
- Components of Accumulated Other Comprehensive Loss (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated other comprehensive income (loss), net of tax, beginning balance | ($475,826) |
Other comprehensive income/(loss) before reclassifications | -18,891 |
Amounts reclassified from accumulated other comprehensive loss | 78 |
Net current-period other comprehensive income/ (loss) | 4,511 |
Accumulated other comprehensive income (loss), net of tax, ending balance | -471,315 |
Net Income [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Amounts reclassified from accumulated other comprehensive loss | 23,324 |
Fixed Assets [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Amounts reclassified from accumulated other comprehensive loss | 78 |
Gains and Losses on Cash Flow Hedges [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated other comprehensive income (loss), net of tax, beginning balance | -6,727 |
Other comprehensive income/(loss) before reclassifications | 2,579 |
Net current-period other comprehensive income/ (loss) | 4,352 |
Accumulated other comprehensive income (loss), net of tax, ending balance | -2,375 |
Gains and Losses on Cash Flow Hedges [Member] | Net Income [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Amounts reclassified from accumulated other comprehensive loss | 1,695 |
Gains and Losses on Cash Flow Hedges [Member] | Fixed Assets [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Amounts reclassified from accumulated other comprehensive loss | 78 |
Defined Benefit Pension Items [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated other comprehensive income (loss), net of tax, beginning balance | -472,333 |
Other comprehensive income/(loss) before reclassifications | -1,122 |
Net current-period other comprehensive income/ (loss) | 20,507 |
Accumulated other comprehensive income (loss), net of tax, ending balance | -451,826 |
Defined Benefit Pension Items [Member] | Net Income [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Amounts reclassified from accumulated other comprehensive loss | 21,629 |
Foreign Currency Items [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated other comprehensive income (loss), net of tax, beginning balance | 3,234 |
Other comprehensive income/(loss) before reclassifications | -20,348 |
Net current-period other comprehensive income/ (loss) | -20,348 |
Accumulated other comprehensive income (loss), net of tax, ending balance | ($17,114) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Effects on Net Income of Significant Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net sales | $1,227,749 | $1,195,530 | $3,633,218 | $3,610,259 |
Cost of sales | -1,003,712 | -989,301 | -2,980,901 | -2,970,627 |
Selling, general and administrative | -117,935 | -110,330 | -359,794 | -351,690 |
Income before income taxes | 85,998 | 81,491 | 230,777 | 218,257 |
Tax benefit | -27,085 | -25,399 | -74,746 | -73,201 |
Net of tax | 58,913 | 56,092 | 156,031 | 145,056 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net of tax | -7,562 | ' | -23,324 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income before income taxes | -1,590 | ' | -2,787 | ' |
Tax benefit | 604 | ' | 1,092 | ' |
Net of tax | -986 | ' | -1,695 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net sales | 809 | ' | 3,051 | ' |
Cost of sales | -871 | ' | -1,921 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Commodity Contracts [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales | -1,528 | ' | -3,917 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Pension Items [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales | -7,787 | ' | -24,737 | ' |
Selling, general and administrative | -2,596 | ' | -8,246 | ' |
Income before income taxes | -10,383 | ' | -32,983 | ' |
Tax benefit | 3,807 | ' | 11,354 | ' |
Net of tax | ($6,576) | ' | ($21,629) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Unfavorable position amounts included in accumulated other comprehensive loss related to cash flow hedges | $3,662 | ' | $3,662 | ' | $10,772 |
Accumulated other comprehensive income loss cumulative changes in net gain loss from cash flow hedge effect after tax | 2,375 | ' | 2,375 | ' | 6,727 |
Cumulative tax benefit on Cash Flow Hedges | 1,287 | ' | 1,287 | ' | 4,045 |
Increase (decrease) in tax benefit on Cash Flow Hedges | -767 | ' | -2,758 | ' | ' |
Cumulative tax benefit on Defined Benefit Pensions | 268,094 | ' | 268,094 | ' | 278,235 |
Increase (decrease) in tax benefit on Defined Benefit Pensions | -4,506 | ' | -10,141 | ' | ' |
Foreign currency translation adjustments | 32 | 457 | -595 | 416 | ' |
Non-Controlling Interests [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | $31 | ' | ($595) | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Changes in Goodwill by Segment (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | $1,110,505 |
Foreign currency translation | -5,515 |
Other | -2,430 |
Goodwill, ending balance | 1,102,560 |
Consumer Packaging [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 427,575 |
Foreign currency translation | -5,127 |
Other | 0 |
Goodwill, ending balance | 422,448 |
Paper and Industrial Converted Products [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 254,706 |
Foreign currency translation | -388 |
Other | 0 |
Goodwill, ending balance | 254,318 |
Display and Packaging [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 158,023 |
Foreign currency translation | 0 |
Other | 0 |
Goodwill, ending balance | 158,023 |
Protective Solutions [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 270,201 |
Foreign currency translation | 0 |
Other | -2,430 |
Goodwill, ending balance | $267,771 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill associated with the sale of a small corrugated box corporation | ' | ' | ($2,430) | ' | ' |
Goodwill | 1,102,560 | ' | 1,102,560 | ' | 1,110,505 |
Aggregate amortization expenses | 7,036 | 6,945 | 21,352 | 21,122 | ' |
Amortization expense on other intangible assets in 2013 | 28,600 | ' | 28,600 | ' | ' |
Amortization expense on other intangible assets in 2014 | 28,100 | ' | 28,100 | ' | ' |
Amortization expense on other intangible assets in 2015 | 26,700 | ' | 26,700 | ' | ' |
Amortization expense on other intangible assets in 2016 | 26,400 | ' | 26,400 | ' | ' |
Amortization expense on other intangible assets in 2017 | 24,600 | ' | 24,600 | ' | ' |
Small Corrugated Box Business [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill associated with the sale of a small corrugated box corporation | ' | ' | -2,430 | ' | ' |
Blowmolding [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill | 128,500 | ' | 128,500 | ' | ' |
Thermoforming [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill | 53,200 | ' | 53,200 | ' | ' |
Display and Packaging [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill associated with the sale of a small corrugated box corporation | ' | ' | 0 | ' | ' |
Goodwill | 158,023 | ' | 158,023 | ' | 158,023 |
Display and Packaging [Member] | Display and Packaging Reporting Unit [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $158,000 | ' | $158,000 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Useful lives of other intangible assets | ' | ' | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Useful lives of other intangible assets | ' | ' | '40 years | ' | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Intangible Assets, Gross: | ' | ' |
Other Intangible Assets, gross | $386,951 | $391,709 |
Accumulated Amortization | -135,359 | -114,900 |
Other Intangible Assets, net | 251,592 | 276,809 |
Patents [Member] | ' | ' |
Other Intangible Assets, Gross: | ' | ' |
Other Intangible Assets, gross | 2,222 | 2,224 |
Customer Lists [Member] | ' | ' |
Other Intangible Assets, Gross: | ' | ' |
Other Intangible Assets, gross | 340,572 | 345,133 |
Trade Names [Member] | ' | ' |
Other Intangible Assets, Gross: | ' | ' |
Other Intangible Assets, gross | 21,224 | 21,214 |
Proprietary Technology [Member] | ' | ' |
Other Intangible Assets, Gross: | ' | ' |
Other Intangible Assets, gross | 17,856 | 17,844 |
Land Use Rights [Member] | ' | ' |
Other Intangible Assets, Gross: | ' | ' |
Other Intangible Assets, gross | 330 | 350 |
Other [Member] | ' | ' |
Other Intangible Assets, Gross: | ' | ' |
Other Intangible Assets, gross | $4,747 | $4,944 |
Financial_Instruments_and_Deri2
Financial Instruments and Derivatives - Carrying Amount and Fair Values of Financial Instruments (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Long-term debt, net of current portion, Carrying Amount | $947,541 | $1,099,454 |
Long-term debt, net of current portion, Fair Value | $991,306 | $1,214,292 |
Financial_Instruments_and_Deri3
Financial Instruments and Derivatives - Additional Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Fair value of commodity cash flow hedges | ($3,598) | ($6,286) |
Commodity gain (loss) expected to be reclassified to the income statement during the next 12 months | -3,134 | ' |
Fair value of foreign currency cash flow hedges | -69 | -4,483 |
Amounts reclassified from accumulated other comprehensive loss | 78 | ' |
Foreign currency gain (loss) expected to be reclassified to the income statement during the next 12 months | -83 | ' |
Total fair value of other derivatives not designated as hedging instruments | ($129) | $708 |
Natural Gas Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Approximate amount of commodity covered by swap contracts outstanding | 6,700,000 | ' |
Anticipated usage percentage covered by a swap contract for the current fiscal year | 79.00% | ' |
Anticipated usage percentage covered by a swap contract for the second succeeding fiscal year | 74.00% | ' |
Anticipated usage percentage covered by a swap contract for the third succeeding fiscal year | 19.00% | ' |
Aluminum Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Anticipated usage percentage covered by a swap contract for the current fiscal year | 59.00% | ' |
Anticipated usage percentage covered by a swap contract for the second succeeding fiscal year | 44.00% | ' |
Approximate amount of commodity covered by swap contracts outstanding | 6,650 | ' |
Old Corrugated Containers [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Anticipated usage percentage covered by a swap contract for the current fiscal year | 2.00% | ' |
Approximate amount of commodity covered by swap contracts outstanding | 525 | ' |
Financial_Instruments_and_Deri4
Financial Instruments and Derivatives - Net Positions of Foreign Contracts (Details) (Cash Flow Hedging [Member]) | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | AUD | CAD | COP | EUR (€) | GBP (£) | MXN | NZD | PLN | TRY |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Purchase / (Sales) position of foreign currency cash flow hedges | -908 | 11,478 | 5,112,342 | -€ 2,953 | £ 2,800 | 188,919 | -294 | 390 | 1,085 |
Financial_Instruments_and_Deri5
Financial Instruments and Derivatives - Net Positions of Other Derivatives Contract (Details) (Derivatives Not Designated as Hedging Instruments [Member]) | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | CAD | COP | EUR (€) | GBP (£) |
Derivative [Line Items] | ' | ' | ' | ' |
Net Purchase / (Sales) position of other derivatives | 11,891 | 17,077,750 | -€ 4,195 | £ 12,123 |
Financial_Instruments_and_Deri6
Financial Instruments and Derivatives - Location and Fair Values of Derivative Instruments (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Prepaid Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, assets | $101 | $201 |
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, assets | 90 | 0 |
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Accrued Expenses and Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, liabilities | -3,244 | -4,760 |
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, liabilities | -545 | -1,727 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, assets | 575 | 725 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses and Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, liabilities | -644 | -5,208 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, assets | 80 | 679 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, assets | 34 | 36 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses and Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, liabilities | -243 | -7 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives instruments, liabilities | $0 | $0 |
Financial_Instruments_and_Deri7
Financial Instruments and Derivatives - Effect of Derivative Instruments on Financial Performance (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Foreign Exchange Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $959 | ($1,125) | $5,482 | $306 |
Foreign Exchange Contracts [Member] | Net Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) | 809 | -511 | 3,051 | -718 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | 0 | 0 | ' |
Foreign Exchange Contracts [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) | -871 | -726 | -1,921 | 578 |
Foreign Exchange Contracts [Member] | Cost of Sales [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized | -770 | 279 | -1,941 | 1,023 |
Foreign Exchange Contracts [Member] | Selling, General and Administrative [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized | -67 | 30 | -207 | 69 |
Commodity Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -309 | 7,985 | -1,237 | 3,640 |
Commodity Contracts [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) | -1,528 | 2,927 | -3,917 | -3,744 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | $10 | ($81) | ($51) | ($94) |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan assets | $2,971 | $2,585 |
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | -3,598 | -6,286 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | -69 | -4,483 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | -129 | 708 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan assets | 2,971 | 2,585 |
Level 1 [Member] | Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 0 | 0 |
Level 1 [Member] | Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 0 | 0 |
Level 1 [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan assets | 0 | 0 |
Level 2 [Member] | Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | -3,598 | -6,286 |
Level 2 [Member] | Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | -69 | -4,483 |
Level 2 [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | -129 | 708 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan assets | 0 | 0 |
Level 3 [Member] | Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 0 | 0 |
Level 3 [Member] | Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 0 | 0 |
Level 3 [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | $0 | $0 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Effect of settlement loss | ' | ' | $1,893 | ' |
Retirement Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 6,267 | 6,391 | 18,756 | 17,804 |
Interest cost | 16,794 | 17,906 | 50,226 | 52,430 |
Expected return on plan assets | -21,582 | -20,890 | -64,544 | -62,889 |
Amortization of net transition obligation | 108 | 115 | 328 | 344 |
Amortization of prior service cost (credit) | 141 | 139 | 424 | 308 |
Amortization of net actuarial loss | 10,891 | 10,525 | 32,571 | 28,722 |
Effect of settlement loss | 0 | ' | 1,893 | ' |
Net periodic benefit cost (income) | 12,619 | 14,186 | 39,654 | 36,719 |
Retiree Health and Life Insurance Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 218 | 131 | 664 | 615 |
Interest cost | 219 | 154 | 710 | 841 |
Expected return on plan assets | -378 | -391 | -1,126 | -1,131 |
Amortization of prior service cost (credit) | -756 | -1,619 | -2,230 | -4,872 |
Amortization of net actuarial loss | -1 | -403 | -3 | -2 |
Net periodic benefit cost (income) | ($698) | ($2,128) | ($1,985) | ($4,549) |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Effect of settlement loss | ' | ' | ($1,893) | ' |
Number of participants | 100 | ' | 100 | ' |
Percentage of loss in cost of sales | ' | ' | 75.00% | ' |
Contribution to defined benefit retirement and retiree health and life insurance plans | ' | ' | 30,514 | 64,080 |
Retiree Health and Life Insurance Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Contribution to defined benefit retirement and retiree health and life insurance plans | ' | ' | 21,224 | 55,160 |
Projected contributions to retirement plan | ' | ' | 11,000 | ' |
Sonoco Investment and Retirement Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Contribution to defined benefit retirement and retiree health and life insurance plans | ' | ' | 9,290 | 8,920 |
Projected contributions to retirement plan | ' | ' | 0 | ' |
Recognized expense related to the plan | $3,391 | $2,692 | $9,009 | $7,637 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | 31.50% | 31.20% | 32.40% | 33.50% |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Details) | 9 Months Ended |
Sep. 29, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segment | 4 |
Segment_Reporting_Segment_Fina
Segment Reporting - Segment Financial Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,227,749 | $1,195,530 | $3,633,218 | $3,610,259 |
Income before interest and income taxes | 100,284 | 96,343 | 273,738 | 263,778 |
Restructuring/Asset impairment charges | -5,818 | 444 | -18,785 | -24,164 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 1,227,749 | 1,195,530 | 3,633,218 | 3,610,259 |
Operating Segments [Member] | Consumer Packaging [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 473,332 | 475,946 | 1,411,645 | 1,448,750 |
Income before interest and income taxes | 49,025 | 43,829 | 138,731 | 136,661 |
Operating Segments [Member] | Paper and Industrial Converted Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 467,847 | 453,605 | 1,395,271 | 1,392,675 |
Income before interest and income taxes | 37,722 | 33,150 | 104,717 | 105,106 |
Operating Segments [Member] | Display and Packaging [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 143,173 | 124,561 | 391,838 | 347,267 |
Income before interest and income taxes | 8,858 | 5,098 | 18,946 | 13,969 |
Operating Segments [Member] | Protective Solutions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 143,397 | 141,418 | 434,464 | 421,567 |
Income before interest and income taxes | 9,934 | 10,645 | 30,520 | 29,303 |
Intersegment Sales [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 28,364 | 26,195 | 82,216 | 83,147 |
Intersegment Sales [Member] | Consumer Packaging [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 978 | 2,096 | 3,784 | 6,209 |
Intersegment Sales [Member] | Paper and Industrial Converted Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 26,320 | 23,126 | 74,792 | 73,779 |
Intersegment Sales [Member] | Display and Packaging [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 445 | 516 | 1,619 | 1,694 |
Intersegment Sales [Member] | Protective Solutions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 621 | 457 | 2,021 | 1,465 |
Segment Reconciling Items [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring/Asset impairment charges | -5,818 | 444 | -18,785 | -24,164 |
Other, net | $563 | $3,177 | ($391) | $2,903 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Dec. 31, 2008 | Dec. 31, 2012 | Sep. 29, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 31, 2012 | Nov. 08, 2011 |
In Thousands, unless otherwise specified | U.S. Mills [Member] | U.S. Mills [Member] | U.S. Mills [Member] | U.S. Mills [Member] | U.S. Mills [Member] | U.S. Mills [Member] | U.S. Mills [Member] | Tegrant Holding Corporation [Member] | Tegrant Holding Corporation [Member] | Tegrant Holding Corporation [Member] | ||
Insurance_Carriers | Hotspot [Member] | Hotspot [Member] | Operating Units 2 - 5 [Member] | Operating Units 2 - 5 [Member] | ||||||||
Site Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of Hotspot remediation to be funded by U.S. Mills | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Environmental remediation expenses | ' | ' | ' | ' | ' | ' | $17,650 | $60,825 | ' | ' | ' | ' |
Environmental remediation spent | ' | ' | ' | ' | ' | ' | 14,467 | 11,628 | ' | ' | ' | ' |
Environmental accrual | 73,436 | 75,605 | 52,380 | ' | 53,972 | 3,183 | ' | ' | 49,197 | 18,518 | 18,733 | 18,850 |
Environmental contingencies future related cost, high estimate | ' | ' | 94,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of remaining insurance carriers in liquidation | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized environmental loss contingencies settlements from insurance policies | ' | ' | ' | $40,825 | ' | ' | ' | ' | ' | ' | ' | ' |