Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2015 | Apr. 16, 2015 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 29-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SON | |
Entity Registrant Name | SONOCO PRODUCTS CO | |
Entity Central Index Key | 91767 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 100,899,718 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Current Assets | |||
Cash and cash equivalents | $200,804 | $161,168 | [1] |
Trade accounts receivable, net of allowances | 688,997 | 668,710 | [1] |
Other receivables | 58,464 | 44,411 | [1] |
Inventories: | |||
Finished and in process | 149,123 | 151,150 | [1] |
Materials and supplies | 254,362 | 269,126 | [1] |
Prepaid expenses | 48,576 | 56,761 | [1] |
Deferred income taxes | 25,512 | 38,957 | [1] |
Total Current Assets | 1,425,838 | 1,390,283 | [1] |
Property, Plant and Equipment, Net | 1,102,481 | 1,148,607 | [1] |
Goodwill | 1,151,170 | 1,182,936 | [1] |
Other Intangible Assets, Net | 261,378 | 280,935 | [1] |
Long-term Deferred Income Taxes | 40,958 | 40,059 | [1] |
Other Assets | 173,332 | 167,176 | [1] |
Total Assets | 4,155,157 | 4,209,996 | [1] |
Current Liabilities | |||
Payable to suppliers | 506,335 | 511,630 | [1] |
Accrued expenses and other | 290,846 | 332,599 | [1] |
Notes payable and current portion of long-term debt | 51,936 | 52,280 | [1] |
Accrued taxes | 15,432 | 8,936 | [1] |
Total Current Liabilities | 864,549 | 905,445 | [1] |
Long-term Debt, Net of Current Portion | 1,200,509 | 1,200,885 | [1] |
Pension and Other Postretirement Benefits | 436,900 | 444,231 | [1] |
Deferred Income Taxes | 90,008 | 95,062 | [1] |
Other Liabilities | 42,635 | 41,598 | [1] |
Commitments and Contingencies | [1] | ||
Sonoco Shareholders' Equity | |||
Common stock, no par value, Authorized 300,000 shares 100,899 and 100,603 shares issued and outstanding at March 29, 2015 and December 31, 2014, respectively | 7,175 | 7,175 | [1] |
Capital in excess of stated value | 398,224 | 396,980 | [1] |
Accumulated other comprehensive loss | -669,325 | -611,099 | [1] |
Retained earnings | 1,769,553 | 1,714,067 | [1] |
Total Sonoco Shareholders’ Equity | 1,505,627 | 1,507,123 | [1] |
Noncontrolling Interests | 14,929 | 15,652 | [1] |
Total Equity | 1,520,556 | 1,522,775 | [1] |
Total Liabilities and Equity | $4,155,157 | $4,209,996 | [1] |
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | Mar. 29, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, number of shares authorized | 300,000,000 | 300,000,000 |
Common stock, number of shares issued | 100,899,000 | 100,603,000 |
Common stock, number of shares outstanding | 100,899,000 | 100,603,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Income Statement [Abstract] | ||
Net sales | $1,203,264 | $1,185,626 |
Cost of sales | 979,817 | 973,323 |
Gross profit | 223,447 | 212,303 |
Selling, general and administrative expenses | 96,665 | 123,750 |
Restructuring/Asset impairment charges | -359 | 1,992 |
Income before interest and income taxes | 127,141 | 86,561 |
Interest expense | 13,775 | 13,284 |
Interest income | 554 | 641 |
Income before income taxes | 113,920 | 73,918 |
Provision for income taxes | 27,138 | 23,169 |
Income before equity in earnings of affiliates | 86,782 | 50,749 |
Equity in earnings of affiliates, net of tax | 1,046 | 1,476 |
Net income | 87,828 | 52,225 |
Net loss attributable to noncontrolling interests | 92 | 77 |
Net income attributable to Sonoco | $87,920 | $52,302 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 101,283 | 102,771 |
Diluted (in shares) | 102,167 | 103,767 |
Net income attributable to Sonoco per common share: | ||
Basic (in usd per share) | $0.87 | $0.51 |
Diluted (in usd per share) | $0.86 | $0.50 |
Cash dividends (in usd per share) | $0.32 | $0.31 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $87,828 | $52,225 |
Other comprehensive income/(loss): | ||
Foreign currency translation adjustments | -63,294 | -7,359 |
Changes in defined benefit plans, net of tax | 6,273 | 4,174 |
Changes in derivative financial instruments, net of tax | -1,205 | 236 |
Other comprehensive (loss) | -58,226 | -2,949 |
Comprehensive income | 29,602 | 49,276 |
Net loss attributable to noncontrolling interests | 92 | 77 |
Other comprehensive loss attributable to noncontrolling interests | 631 | 119 |
Comprehensive income attributable to Sonoco | $30,325 | $49,472 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | |
Cash Flows from Operating Activities: | |||
Net income | $87,828 | $52,225 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Asset impairment | 275 | 492 | |
Depreciation, depletion and amortization | 51,877 | 47,179 | |
Gain on reversal of Fox River environmental reserves | -32,543 | 0 | |
Share-based compensation expense | 3,878 | 5,560 | |
Equity in earnings of affiliates | -1,046 | -1,476 | |
Cash dividends from affiliated companies | 450 | 900 | |
Gain on disposition of assets | -8,369 | -872 | |
Pension and postretirement plan expense | 13,012 | 9,113 | |
Pension and postretirement plan contributions | -17,017 | -43,515 | |
Tax effect of share-based compensation exercises | 3,404 | 1,664 | |
Excess tax benefit of share-based compensation | -3,400 | -1,758 | |
Net increase in deferred taxes | 4,140 | 2,388 | |
Change in assets and liabilities, net of effects from acquisitions, dispositions, and foreign currency adjustments: | |||
Trade accounts receivable | -37,038 | -68,142 | |
Inventories | -6,066 | -3,185 | |
Payable to suppliers | 4,091 | 12,722 | |
Prepaid expenses | -1,147 | -1,348 | |
Accrued expenses | -986 | 5,509 | |
Income taxes payable and other income tax items | 15,365 | 25,388 | |
Other assets and liabilities | -19,219 | 2,620 | |
Net cash provided by operating activities | 57,489 | 45,464 | |
Cash Flows from Investing Activities: | |||
Purchase of property, plant and equipment | -40,954 | -37,717 | |
Proceeds from the sale of assets | 30,708 | 2,299 | |
Investment in affiliates and other, net | 33 | 22 | |
Net cash used in investing activities | -10,213 | -35,396 | |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 14,127 | 14,156 | |
Principal repayment of debt | -12,802 | -10,461 | |
Net decrease in outstanding checks | 8,752 | 182 | |
Excess tax benefit of share-based compensation | 3,400 | 1,758 | |
Cash dividends | -32,263 | -31,725 | |
Shares acquired | -7,591 | -10,678 | |
Shares issued | 1,165 | 1,867 | |
Net cash used in financing activities | -25,212 | -34,901 | |
Effects of Exchange Rate Changes on Cash | 17,572 | -1,327 | |
Net Increase/(Decrease) in Cash and Cash Equivalents | 39,636 | -26,160 | |
Cash and cash equivalents at beginning of period | 161,168 | [1] | 217,567 |
Cash and cash equivalents at end of period | $200,804 | $191,407 | |
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
Basis_of_Interim_Presentation
Basis of Interim Presentation | 3 Months Ended |
Mar. 29, 2015 | |
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 months ended March 29, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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, 2014.$0 | |
With respect to the unaudited condensed consolidated financial information of the Company for the three-month periods ended March 29, 2015 and March 30, 2014 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 April 29, 2015 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 | 3 Months Ended |
Mar. 29, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, and not recorded as separate assets. This update is effective for reporting periods beginning after December 15, 2015, and is to be applied on a retrospective basis. The Company plans to adopt ASU 2015-03 in the first quarter of 2016. As the Company's debt issuance costs are not material, implementation of this update will not have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 changes the definitions/criteria used to determine when revenue should be recognized from being based on risks and rewards to being based on control. It also changes the manner in which variable consideration is recognized, requires recognition of the time value of money when payment terms exceed one year, provides clarification on accounting for contract costs, and expands disclosure requirements. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016. The Company is still assessing the impact of ASU 2014-09 on its consolidated financial statements. However, due to the nature of the Company's business and its standard terms of sale, there is likely to be little practical difference for Sonoco between the current transfer of risks and rewards model and the new transfer of control model. In addition, few of the Company's sales, if any, contain an element of variable consideration or have payment terms exceeding one year. Accordingly, we do not expect the implementation of ASU 2014-09 to have a material impact on the Company's consolidated financial statements. | |
During the three-month period ended March 29, 2015, there have been no other newly issued nor newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s financial statements. Further, at March 29, 2015, there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 29, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions |
On April 1, 2015, subsequent to the end of the quarter, the Company acquired a 67% controlling interest in Graffo Paranaense de Embalagens S/A (Graffo), a flexible packaging business located in Brazil, for an all-cash purchase price of 50.5 million Brazilian Reals (approximately $15,600), Graffo serves the confectionery, dairy, pharmaceutical and industrial markets in Brazil and has approximately 230 employees. The allocation of the purchase price to the fair values of the tangible and intangible assets acquired and liabilities assumed will be completed as the valuations are finalized later in the second quarter of 2015. | |
On October 31, 2014, the Company completed the acquisition of Weidenhammer Packaging Group (“Weidenhammer”), a manufacturer of composite cans, drums, and luxury tubes, as well as rigid plastic containers using thin-walled injection molding technology with in-mold labeling. Total consideration paid for Weidenhammer was $355,316, subject to adjustment for the change in working capital to the date of close. The amount of the adjustment is expected to be finalized in the second quarter of 2015. As the acquisition was completed near the end of the year, the allocation of the purchase price reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, was based on provisional estimates of the fair value of the tangible and intangible assets acquired and liabilities assumed. During the first quarter of 2015, the Company continued to finalize its valuations of certain assets and liabilities based on new information obtained about facts and circumstances that existed as of the acquisition date. The Company will complete the valuation of all remaining assets and liabilities, including, but not limited to, income taxes and environmental reserves, within 12 months from the date of the acquisition. | |
Acquisition-related costs of $1,166 and $24 were incurred in the three months ended March 29, 2015 and March 30, 2014, respectively. Acquisition-related costs consist primarily of legal and professional fees and are included in "Selling, general and administrative expenses" in the Company's Condensed Consolidated Statements of Income. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
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 | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income attributable to Sonoco | $ | 87,920 | $ | 52,302 | |||||
Denominator: | |||||||||
Weighted average common shares outstanding: | |||||||||
Basic | 101,283,000 | 102,771,000 | |||||||
Dilutive effect of stock-based compensation | 884,000 | 996,000 | |||||||
Diluted | 102,167,000 | 103,767,000 | |||||||
Reported net income attributable to Sonoco per common share: | |||||||||
Basic | $ | 0.87 | $ | 0.51 | |||||
Diluted | $ | 0.86 | $ | 0.5 | |||||
Certain stock appreciation rights to purchase shares of the Company's common stock are not dilutive because the exercise price is greater than the market price of the stock at the end of the reporting period. The average number of stock appreciation rights that were not dilutive and therefore not included in the computation of diluted earnings per share was 395,883 and 643,827 during the three-month periods ended March 29, 2015 and March 30, 2014, 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. A total of 2,000,000 and 132,500 shares were repurchased under this authorization in 2014 and 2013, respectively. During the three months ended March 29, 2015, no additional shares were purchased; accordingly, at March 29, 2015, a total of 2,867,500 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 166,485 shares in the three months ended March 29, 2015 at a cost of $7,591, and 48,581 shares in the three months ended March 30, 2014 at a cost of $2,043. | |||||||||
Dividend Declarations | |||||||||
On February 11, 2015 , the Board of Directors declared a regular quarterly dividend of $0.32 per share. This dividend was paid on March 10, 2015 to all shareholders of record as of February 25, 2015. | |||||||||
On April 15, 2015, the Board of Directors declared a regular quarterly dividend of $0.35 per share. This dividend is payable June 10, 2015 to all shareholders of record as of May 15, 2015. |
Restructuring_and_Asset_Impair
Restructuring and Asset Impairment | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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 2015 and 2014 are reported as “2015 Actions” and “2014 Actions,” respectively. Actions initiated prior to 2014, all of which were substantially complete at March 29, 2015, are reported as “2013 and Earlier Actions.” | |||||||||||||||||
Following are the total restructuring and asset impairment charges/(credits), net of adjustments, and gains on dispositions recognized by the Company during the periods presented: | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
29-Mar-15 | 30-Mar-14 | ||||||||||||||||
Restructuring/Asset impairment: | |||||||||||||||||
2015 Actions | $ | (851 | ) | $ | — | ||||||||||||
2014 Actions | 342 | 1,399 | |||||||||||||||
2013 and Earlier Actions | 150 | 593 | |||||||||||||||
Restructuring/Asset impairment (income)/charges | $ | (359 | ) | $ | 1,992 | ||||||||||||
Income tax benefit | $ | (11,591 | ) | $ | (411 | ) | |||||||||||
Costs attributable to noncontrolling interests, net of tax | (15 | ) | (4 | ) | |||||||||||||
Total impact of restructuring/asset impairment (income)/charges, net of tax | $ | (11,965 | ) | $ | 1,577 | ||||||||||||
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 $3,100 in connection with announced restructuring actions, when recognizable in accordance with GAAP, and believes that the majority of these charges will be incurred and paid by the end of 2015. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions may be undertaken. | |||||||||||||||||
2015 Actions | |||||||||||||||||
During 2015, the Company announced the closure of a rigid paper facility in the United States (part of the Consumer Packaging segment). The Company also sold a portion of its metal ends and closures business in the United States (part of the Consumer Packaging segment). In addition, approximately 102 positions were eliminated in the first quarter of 2015 in conjunction with the Company's announced organizational effectiveness efforts, which are on-going. | |||||||||||||||||
Below is a summary of 2015 Actions and related expenses by segment and by type incurred and estimated to be incurred through completion. | |||||||||||||||||
2015 Actions | First Quarter 2015 | Estimated | |||||||||||||||
Total Cost | |||||||||||||||||
Severance and Termination Benefits | |||||||||||||||||
Consumer Packaging | $ | 2,201 | $ | 4,101 | |||||||||||||
Paper and Industrial Converted Products | 3,028 | 3,028 | |||||||||||||||
Corporate | 1,166 | 1,616 | |||||||||||||||
Asset Impairment / Disposal of Assets | |||||||||||||||||
Consumer Packaging | (7,331 | ) | (7,331 | ) | |||||||||||||
Paper and Industrial Converted Products | 2 | 2 | |||||||||||||||
Other Costs | |||||||||||||||||
Consumer Packaging | 75 | 175 | |||||||||||||||
Paper and Industrial Converted Products | 8 | 8 | |||||||||||||||
Total Charges and Adjustments | $ | (851 | ) | $ | 1,599 | ||||||||||||
The following table sets forth the activity in the 2015 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets: | |||||||||||||||||
2015 Actions | Severance | Asset | Other | Total | |||||||||||||
and | Impairment/ | Costs | |||||||||||||||
Termination | Disposal | ||||||||||||||||
Accrual Activity | Benefits | of Assets | |||||||||||||||
2015 Year to Date | |||||||||||||||||
Liability at December 31, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||
2015 charges | 6,395 | (7,329 | ) | 83 | (851 | ) | |||||||||||
Cash receipts/(payments) | (2,079 | ) | 29,128 | (83 | ) | 26,966 | |||||||||||
Asset write downs/disposals | — | (21,799 | ) | — | (21,799 | ) | |||||||||||
Foreign currency translation | (78 | ) | — | — | (78 | ) | |||||||||||
Liability at March 29, 2015 | $ | 4,238 | $ | — | $ | — | $ | 4,238 | |||||||||
Included in "Asset Impairment/Disposal of Assets" above is a gain of $7,331 from the sale of a portion of the Company's metal ends and closures business, including two production facilities in Canton, Ohio. The Company received proceeds of $29,128 from the sale of this business. Assets disposed of in connection with the sale included: net fixed assets of $9,806, inventory of $7,051, goodwill of $1,727, and other intangible assets of $3,516. Liabilities of $303 were assumed by the buyer and disposed of under the terms of the sale. Beneficial tax attributes associated with this disposition provided an income tax benefit of approximately $9,200. | |||||||||||||||||
"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 2015 Actions restructuring costs by the end of 2015 using cash generated from operations. | |||||||||||||||||
2014 Actions | |||||||||||||||||
During 2014, the Company announced the closures of a tube and core plant in Canada (part of the Paper and Industrial Converted Products segment); a molded foam plant in the United States and a temperature-assured packaging plant in the United States (both part of the Protective Solutions segment); and two recycling facilities - one in the United States and one in Brazil (both part of the Paper and Industrial Converted Products segment). The Consumer Packaging segment also realized significant cash and non-cash restructuring charges as the result of halting the planned start up of a rigid paper facility in Europe following the acquisition of Weidenhammer Packaging Group. In addition, the Company continued to realign its cost structure, resulting in the elimination of approximately 125 positions. | |||||||||||||||||
Below is a summary of 2014 Actions and related expenses by segment and by type incurred and estimated to be incurred through completion. | |||||||||||||||||
2014 Actions | First Quarter 2015 | First Quarter 2014 | Total | Estimated | |||||||||||||
Incurred | Total Cost | ||||||||||||||||
to Date | |||||||||||||||||
Severance and Termination Benefits | |||||||||||||||||
Consumer Packaging | $ | — | $ | 650 | $ | 850 | $ | 850 | |||||||||
Display and Packaging | — | — | 594 | 594 | |||||||||||||
Paper and Industrial Converted Products | 99 | 265 | 3,376 | 3,376 | |||||||||||||
Protective Solutions | (32 | ) | — | 729 | 729 | ||||||||||||
Asset Impairment / Disposal of Assets | |||||||||||||||||
Consumer Packaging | — | — | 2,446 | 2,446 | |||||||||||||
Paper and Industrial Converted Products | — | 473 | 781 | 781 | |||||||||||||
Protective Solutions | 33 | — | 368 | 368 | |||||||||||||
Other Costs | |||||||||||||||||
Consumer Packaging | 32 | 11 | 5,278 | 5,328 | |||||||||||||
Display and Packaging | — | — | 5 | 5 | |||||||||||||
Paper and Industrial Converted Products | 115 | — | 762 | 812 | |||||||||||||
Protective Solutions | 95 | — | 432 | 532 | |||||||||||||
Total Charges and Adjustments | $ | 342 | $ | 1,399 | $ | 15,621 | $ | 15,821 | |||||||||
The following table sets forth the activity in the 2014 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets: | |||||||||||||||||
2014 Actions | Severance | Asset | Other | Total | |||||||||||||
and | Impairment/ | Costs | |||||||||||||||
Termination | Disposal | ||||||||||||||||
Accrual Activity | Benefits | of Assets | |||||||||||||||
2015 Year to Date | |||||||||||||||||
Liability at December 31, 2014 | $ | 859 | $ | — | $ | 463 | $ | 1,322 | |||||||||
2015 charges | 111 | 33 | 293 | 437 | |||||||||||||
Adjustments | (44 | ) | — | (51 | ) | (95 | ) | ||||||||||
Cash receipts/(payments) | (451 | ) | — | (690 | ) | (1,141 | ) | ||||||||||
Asset write downs/disposals | — | (33 | ) | — | (33 | ) | |||||||||||
Foreign currency translation | (11 | ) | — | (15 | ) | (26 | ) | ||||||||||
Liability at March 29, 2015 | $ | 464 | $ | — | $ | — | $ | 464 | |||||||||
Included in "Asset Impairment/Disposal of Assets" above is impairment of a former temperature-assured packaging facility in the United States. “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 2014 Actions restructuring costs by the end of 2015 using cash generated from operations. | |||||||||||||||||
2013 and Earlier Actions | |||||||||||||||||
2013 and Earlier Actions are comprised of a number of plant closures and workforce reductions initiated prior to 2014. Charges for these actions in both 2015 and 2014 relate primarily to the cost of plant closures including severance, equipment removal, plant security, property taxes and insurance. Partially offsetting these charges were gains from the sale of a former service center in Finland, closed in 2011. | |||||||||||||||||
The Company expects to recognize future pretax charges of approximately $450 associated with 2013 and Earlier Actions. | |||||||||||||||||
Below is a summary of expenses/(income) incurred by segment for 2013 and Earlier Actions for the three-month periods ended March 29, 2015 and March 30, 2014. | |||||||||||||||||
2013 & Earlier Actions | First Quarter 2015 | First Quarter 2014 | |||||||||||||||
Consumer Packaging | $ | — | $ | (1 | ) | ||||||||||||
Display and Packaging | — | 247 | |||||||||||||||
Paper and Industrial Converted Products | 150 | 296 | |||||||||||||||
Protective Solutions | — | 51 | |||||||||||||||
Total Charges and Adjustments | $ | 150 | $ | 593 | |||||||||||||
The accrual for 2013 and Earlier Actions totaled $1,542 and $1,990 at March 29, 2015 and December 31, 2014, respectively, and is included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets. The accrual relates primarily to environmental remediation costs at 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 2013 and Earlier Actions to be paid by the end of 2015 using cash generated from operations. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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 three months ended March 29, 2015 and March 30, 2014: | |||||||||||||||||
Gains and | Defined | Foreign | Accumulated | ||||||||||||||
Losses on Cash | Benefit | Currency | Other | ||||||||||||||
Flow Hedges | Pension Items | Items | Comprehensive | ||||||||||||||
Loss | |||||||||||||||||
Balance at December 31, 2014 | $ | (5,962 | ) | $ | (475,286 | ) | $ | (129,851 | ) | $ | (611,099 | ) | |||||
Other comprehensive income/(loss) before reclassifications | (1,039 | ) | — | (63,294 | ) | (64,333 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to net income | 71 | 6,273 | — | 6,344 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss to fixed assets | (237 | ) | — | — | (237 | ) | |||||||||||
Net current-period other comprehensive | (1,205 | ) | 6,273 | (63,294 | ) | (58,226 | ) | ||||||||||
income/(loss) | |||||||||||||||||
Balance at March 29, 2015 | $ | (7,167 | ) | $ | (469,013 | ) | $ | (193,145 | ) | $ | (669,325 | ) | |||||
Balance at December 31, 2013 | $ | (262 | ) | $ | (333,106 | ) | $ | (25,152 | ) | $ | (358,520 | ) | |||||
Other comprehensive income/(loss) before reclassifications | 1,350 | — | (7,359 | ) | (6,009 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss to net income | (1,125 | ) | 4,174 | — | 3,049 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss to fixed assets | 11 | — | — | 11 | |||||||||||||
Net current-period other comprehensive | 236 | 4,174 | (7,359 | ) | (2,949 | ) | |||||||||||
income/(loss) | |||||||||||||||||
Balance at March 30, 2014 | $ | (26 | ) | $ | (328,932 | ) | $ | (32,511 | ) | $ | (361,469 | ) | |||||
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 months ended March 29, 2015 and March 30, 2014: | |||||||||||||||||
Amount Reclassified from Accumulated | |||||||||||||||||
Other Comprehensive Loss | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Details about Accumulated Other Comprehensive | March 29, | March 30, | Affected Line Item in | ||||||||||||||
Loss Components | 2015 | 2014 | the Condensed Consolidated | ||||||||||||||
Statements of Net Income | |||||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Foreign exchange contracts | $ | 1,302 | $ | (999 | ) | Net sales | |||||||||||
Foreign exchange contracts | 1,024 | 1,862 | Cost of sales | ||||||||||||||
Commodity contracts | (2,423 | ) | 717 | Cost of sales | |||||||||||||
(97 | ) | 1,580 | Total before tax | ||||||||||||||
26 | (455 | ) | Tax (provision)/benefit | ||||||||||||||
$ | (71 | ) | $ | 1,125 | Net of tax | ||||||||||||
Defined benefit pension items | |||||||||||||||||
Amortization of defined benefit pension items(a) | $ | (7,445 | ) | $ | (4,667 | ) | Cost of sales | ||||||||||
Amortization of defined benefit pension items(a) | (2,481 | ) | (1,556 | ) | Selling, general and | ||||||||||||
administrative | |||||||||||||||||
(9,926 | ) | (6,223 | ) | Total before tax | |||||||||||||
3,653 | 2,049 | Tax benefit | |||||||||||||||
$ | (6,273 | ) | $ | (4,174 | ) | Net of tax | |||||||||||
Total reclassifications for the period | $ | (6,344 | ) | $ | (3,049 | ) | Net of tax | ||||||||||
(a) | See Note 10 for additional details. | ||||||||||||||||
At March 29, 2015, the Company had commodity contracts outstanding to fix the costs of certain anticipated purchases of natural gas and aluminum, and foreign currency contracts to hedge certain anticipated foreign currency denominated sales and purchases. These contracts, which have maturities ranging from April 2015 to March 2016, qualify as cash flow hedges under U.S. GAAP. The amounts included in accumulated other comprehensive loss related to these cash flow hedges were net losses of $11,721 ($7,167 after tax) at March 29, 2015, and losses of $9,617 ($5,962 after tax) at December 31, 2014. | |||||||||||||||||
The cumulative tax benefit on Cash Flow Hedges included in Accumulated Other Comprehensive Loss was $4,554 at March 29, 2015, and $3,655 at December 31, 2014. During the three month period ended March 29, 2015, the tax benefit on Cash Flow Hedges changed by $899 . | |||||||||||||||||
The cumulative tax benefit on Defined Benefit Pension Items was $253,187 at March 29, 2015, and $256,840 at December 31, 2014. During the three month period ended March 29, 2015, the tax benefit on Defined Benefit Pension Items decreased by $(3,653) . | |||||||||||||||||
During the three month period ended March 29, 2015, changes in noncontrolling interests included foreign currency translation adjustments of $(631). |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||
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 three months ended March 29, 2015 is as follows: | ||||||||||||||||||||
Consumer | Display | Paper and | Protective | Total | ||||||||||||||||
Packaging | and | Industrial | Solutions | |||||||||||||||||
Packaging | Converted | |||||||||||||||||||
Products | ||||||||||||||||||||
Goodwill at December 31, 2014 | $ | 513,556 | $ | 204,629 | $ | 243,586 | $ | 221,165 | $ | 1,182,936 | ||||||||||
Dispositions | (1,727 | ) | — | — | — | (1,727 | ) | |||||||||||||
Foreign currency translation | (19,126 | ) | — | (10,913 | ) | — | (30,039 | ) | ||||||||||||
Other | — | — | — | — | — | |||||||||||||||
Goodwill at March 29, 2015 | $ | 492,703 | $ | 204,629 | $ | 232,673 | $ | 221,165 | $ | 1,151,170 | ||||||||||
The Company disposed of goodwill totaling $(1,727) in connection with the sale of a portion of the Company's metal ends and closures business, including two production facilities in Canton, Ohio. See Note 5 for additional information. | ||||||||||||||||||||
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. In its most recent assessment, completed in the third quarter of 2014, the Company concluded that there was no impairment of goodwill for any of its reporting units. The assessment reflected a number of significant management assumptions and estimates including the Company's forecast of sales volumes and prices, profit margins, income taxes, capital expenditures and changes in working capital requirements. Changes in these assumptions and/or discount rates could materially impact the Company's conclusions. | ||||||||||||||||||||
Although no reporting units failed the assessments noted above, in management’s opinion, the reporting units having the greatest risk of future impairment if actual results fall significantly short of expectations are Plastics – Blowmolding, Display and Packaging, and Tubes and Cores/Paper - Brazil. Total goodwill associated with these reporting units was approximately $119,000, $204,600, and $2,800, respectively, at March 29, 2015. A large portion of sales in the Display and Packaging reporting unit is concentrated in one customer. Management expects to retain this business; however, if a significant amount were lost and not replaced, it is possible that a goodwill impairment charge would be incurred. | ||||||||||||||||||||
There were no triggering events identified between the most recent annual impairment test and March 29, 2015. | ||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||
A summary of other intangible assets as of March 29, 2015 and December 31, 2014 is as follows: | ||||||||||||||||||||
March 29, | December 31, | |||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Other Intangible Assets, gross | ||||||||||||||||||||
Patents | $ | 12,721 | $ | 13,883 | ||||||||||||||||
Customer lists | 372,633 | 385,466 | ||||||||||||||||||
Trade names | 19,246 | 19,366 | ||||||||||||||||||
Proprietary technology | 17,739 | 17,786 | ||||||||||||||||||
Land use rights | 314 | 320 | ||||||||||||||||||
Other | 1,281 | 1,309 | ||||||||||||||||||
Other Intangible Assets, gross | $ | 423,934 | $ | 438,130 | ||||||||||||||||
Accumulated Amortization | $ | (162,556 | ) | $ | (157,195 | ) | ||||||||||||||
Other Intangible Assets, net | $ | 261,378 | $ | 280,935 | ||||||||||||||||
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. | ||||||||||||||||||||
During the first quarter of 2015, the Company disposed of customer lists totaling $3,516 in connection with the sale of a portion of the Company's metal ends and closures business, including two production facilities in Canton, Ohio. See Note 5 for additional information. | ||||||||||||||||||||
Aggregate amortization expense was $8,150 and $6,863 for the three months ended March 29, 2015 and March 30, 2014, respectively. Amortization expense on other intangible assets is expected to total approximately $33,900 in 2015, $32,600 in 2016, $31,900 in 2017, $31,300 in 2018 and $29,500 in 2019. |
Financial_Instruments_and_Deri
Financial Instruments and Derivatives | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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. | |||||||||||||||||
March 29, 2015 | December 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Long-term debt, net of current portion | $ | 1,200,509 | $ | 1,338,655 | $ | 1,200,885 | $ | 1,322,795 | |||||||||
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 March 29, 2015 and December 31, 2014, 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 and aluminum. At March 29, 2015, natural gas swaps covering approximately 4.2 MMBTUs were outstanding. These contracts represent approximately 85% and 5% of anticipated U.S. and Canadian usage for the remainder of 2015 and 2016, respectively. Additionally, the Company had swap contracts covering 2,759 metric tons of aluminum and 4,620 short tons of OCC, representing approximately 41% and 1% of anticipated usage for the remainder of 2015, respectively. Also at March 29, 2015, the Company had a swap covering 360,000 gallons of benzene serving as a proxy hedge for the purchase of high impact polystyrene. This swap represents approximately 11% of anticipated purchases in 2015. The fair values of the Company’s commodity cash flow hedges netted to loss positions of $(5,813) and $(6,086) at March 29, 2015 and December 31, 2014, respectively. The amount of the loss included in Accumulated Other Comprehensive Loss at March 29, 2015, that is expected to be reclassified to the income statement during the next twelve months is $(5,655). | |||||||||||||||||
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 2015. The net positions of these contracts at March 29, 2015 were as follows (in thousands): | |||||||||||||||||
Currency | Action | Quantity | |||||||||||||||
Colombian peso | purchase | 13,112,256 | |||||||||||||||
Mexican peso | purchase | 287,704 | |||||||||||||||
Canadian dollar | purchase | 45,175 | |||||||||||||||
Russian ruble | purchase | 30,183 | |||||||||||||||
Turkish lira | purchase | 5,262 | |||||||||||||||
Polish zloty | purchase | 874 | |||||||||||||||
British pound | sell | (769 | ) | ||||||||||||||
New Zealand dollar | sell | (2,499 | ) | ||||||||||||||
Euro | sell | (2,783 | ) | ||||||||||||||
Australian dollar | sell | (5,141 | ) | ||||||||||||||
The fair value of these foreign currency cash flow hedges netted to loss positions of $(5,944) and $(3,526) at March 29, 2015 and December 31, 2014, respectively. During the three months ended March 29, 2015, 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 $(237) were reclassified from accumulated other comprehensive loss and included in the carrying value of the assets acquired. During the next twelve months, a loss of $(5,724) is expected to be reclassified from Accumulated Other Comprehensive Loss to the income statement. | |||||||||||||||||
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 March 29, 2015, were as follows (in thousands): | |||||||||||||||||
Currency | Action | Quantity | |||||||||||||||
Colombian peso | purchase | 28,330,708 | |||||||||||||||
Mexican peso | purchase | 193,849 | |||||||||||||||
Canadian dollar | purchase | 12,483 | |||||||||||||||
Euro | purchase | 6,847 | |||||||||||||||
British pound | sell | (5,000 | ) | ||||||||||||||
The fair value of the Company’s other derivatives was $(1,135) and $(1,098) at March 29, 2015 and December 31, 2014, respectively. | |||||||||||||||||
The following table sets forth the location and fair values of the Company’s derivative instruments at March 29, 2015 and December 31, 2014: | |||||||||||||||||
Description | Balance Sheet Location | March 29, | December 31, | ||||||||||||||
2015 | 2014 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity Contracts | Prepaid expenses | $ | — | $ | — | ||||||||||||
Commodity Contracts | Other assets | $ | — | $ | — | ||||||||||||
Commodity Contracts | Accrued expenses and other | $ | (5,698 | ) | $ | (5,808 | ) | ||||||||||
Commodity Contracts | Other liabilities | $ | (115 | ) | $ | (278 | ) | ||||||||||
Foreign Exchange Contracts | Prepaid expenses | $ | 1,179 | $ | 574 | ||||||||||||
Foreign Exchange Contracts | Accrued expenses and other | $ | (7,123 | ) | $ | (4,100 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign Exchange Contracts | Prepaid expenses | $ | 92 | $ | 68 | ||||||||||||
Foreign Exchange Contracts | Accrued expenses and other | $ | (1,227 | ) | $ | (1,166 | ) | ||||||||||
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. | |||||||||||||||||
Location of Gain or (Loss) Recognized in | |||||||||||||||||
Income Statement | |||||||||||||||||
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the three months ended March 29, 2015 and March 30, 2014: | |||||||||||||||||
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 | |||||||||||||
Derivatives | Accumulated OCI | OCI Into Income | Income on | Derivatives | |||||||||||||
(Effective Portion) | Into Income | (Effective Portion) | Derivatives | (Ineffective | |||||||||||||
(Effective Portion) | (Ineffective Portion) | Portion) | |||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Three months ended March 29, 2015 | |||||||||||||||||
Foreign Exchange Contracts | $ | 146 | Net sales | $ | 1,302 | Net sales | $ | — | |||||||||
Cost of sales | $ | 1,024 | |||||||||||||||
Commodity Contracts | $ | (2,110 | ) | Cost of sales | $ | (2,423 | ) | Cost of sales | $ | 40 | |||||||
Three months ended March 30, 2014 | |||||||||||||||||
Foreign Exchange Contracts | $ | (776 | ) | Net sales | $ | (999 | ) | Net sales | $ | — | |||||||
Cost of sales | $ | 1,862 | |||||||||||||||
Commodity Contracts | $ | 2,676 | Cost of sales | $ | 717 | Cost of sales | $ | (20 | ) | ||||||||
Description | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||||||||||||||
Income Statement | Recognized | ||||||||||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||||||
Three months ended March 29, 2015 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | (45 | ) | |||||||||||||
Selling, general and administrative | $ | 8 | |||||||||||||||
Three months ended March 30, 2014 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | 37 | ||||||||||||||
Selling, general and administrative | $ | 56 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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 | March 29, | Level 1 | Level 2 | Level 3 | |||||||||||||
2015 | |||||||||||||||||
Hedge derivatives, net: | |||||||||||||||||
Commodity contracts | $ | (5,813 | ) | $ | — | $ | (5,813 | ) | $ | — | |||||||
Foreign exchange contracts | (5,944 | ) | — | (5,944 | ) | — | |||||||||||
Non-hedge derivatives, net: | |||||||||||||||||
Foreign exchange contracts | (1,135 | ) | — | (1,135 | ) | — | |||||||||||
Deferred compensation plan assets | 951 | 951 | — | — | |||||||||||||
Description | December 31, | Level 1 | Level 2 | Level 3 | |||||||||||||
2014 | |||||||||||||||||
Hedge derivatives, net: | |||||||||||||||||
Commodity contracts | $ | (6,086 | ) | $ | — | $ | (6,086 | ) | $ | — | |||||||
Foreign exchange contracts | (3,526 | ) | — | (3,526 | ) | — | |||||||||||
Non-hedge derivatives, net: | |||||||||||||||||
Foreign exchange contracts | (1,098 | ) | — | (1,098 | ) | — | |||||||||||
Deferred compensation plan assets | 944 | 944 | — | — | |||||||||||||
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-month period ended March 29, 2015. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
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 qualified 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 | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Retirement Plans | |||||||||
Service cost | $ | 5,253 | $ | 5,167 | |||||
Interest cost | 16,933 | 17,897 | |||||||
Expected return on plan assets | (22,726 | ) | (22,753 | ) | |||||
Amortization of net transition obligation | 40 | 99 | |||||||
Amortization of prior service cost | 180 | 163 | |||||||
Amortization of net actuarial loss | 9,728 | 6,302 | |||||||
Net periodic benefit cost | $ | 9,408 | $ | 6,875 | |||||
Retiree Health and Life Insurance Plans | |||||||||
Service cost | $ | 178 | $ | 173 | |||||
Interest cost | 222 | 257 | |||||||
Expected return on plan assets | (393 | ) | (387 | ) | |||||
Amortization of prior service credit | (25 | ) | (337 | ) | |||||
Amortization of net actuarial loss | (5 | ) | (24 | ) | |||||
Net periodic benefit income | $ | (23 | ) | $ | (318 | ) | |||
The Company made aggregate contributions of $4,152 and $31,466 to its defined benefit retirement and retiree health and life insurance plans during the three months ended March 29, 2015 and March 30, 2014, respectively. The Company anticipates that it will make additional aggregate contributions of approximately $19,000 to its defined benefit retirement and retiree health and life insurance plans over the remainder of 2015. | |||||||||
Sonoco Investment and Retirement Plan (SIRP) | |||||||||
The Company recognized SIRP expense totaling $3,627 and $2,556 for the quarters ended March 29, 2015 and March 30, 2014, respectively. Contributions to the SIRP, funded annually in the first quarter, totaled $12,865 during the three months ended March 29, 2015, and $9,290 during the three months ended March 30, 2014. No additional SIRP contributions are expected during the remainder of 2015. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company’s effective tax rate for the three month periods ending March 29, 2015 and March 30, 2014, was 23.8% and 31.3% , respectively. The rates for both periods were favorable to the U.S. statutory rate due to the effect of certain international operations that are subject to tax rates lower than the U.S. rate and the favorable effect of the manufacturer’s deduction on U.S. taxes. The effective tax rate for the three month period ended March 29, 2015 was further reduced by the recognition of beneficial tax attributes associated with the disposition of the Company's Canton, Ohio metal ends and closures facilities. | |
The Company and/or its subsidiaries file federal, state and local income tax returns in the United States and various foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, or non-U.S., income tax examinations by tax authorities for years before 2011. With respect to state and local income taxes, the Company is no longer subject to examination for years prior to 2010, with few exceptions. | |
The Company’s total liability for uncertain tax benefits has not changed significantly since December 31, 2014. The Company has $2,300 of reserves for uncertain tax benefits for which it believes it is reasonably possible that a resolution may be reached within the next twelve months. 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 | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting | Segment Reporting | ||||||||
The Company reports its financial results in four reportable segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. | |||||||||
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; global brand artwork management; and metal and peelable membrane ends and closures. | |||||||||
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; retail packaging, including printed backer cards, thermoformed blisters and heat sealing equipment; and paper amenities, such as coasters and glass covers. | |||||||||
The Paper and Industrial Converted Products segment includes the following products: 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 material recycling services. | |||||||||
The Protective Solutions segment includes the following products: custom-engineered, paperboard-based and expanded foam protective packaging and components; and temperature-assured 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. "Other, net" for the three months ended March 29, 2015, is largely composed of a $32,543 reversal of environmental liability reserves related to Fox River. | |||||||||
SEGMENT FINANCIAL INFORMATION | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Consumer Packaging | $ | 519,877 | $ | 464,925 | |||||
Display and Packaging | 142,998 | 153,022 | |||||||
Paper and Industrial Converted Products | 422,311 | 455,610 | |||||||
Protective Solutions | 118,078 | 112,069 | |||||||
Consolidated | $ | 1,203,264 | $ | 1,185,626 | |||||
Intersegment sales: | |||||||||
Consumer Packaging | $ | 1,680 | $ | 1,033 | |||||
Display and Packaging | 397 | 383 | |||||||
Paper and Industrial Converted Products | 27,551 | 26,345 | |||||||
Protective Solutions | 608 | 566 | |||||||
Consolidated | $ | 30,236 | $ | 28,327 | |||||
Income before interest and income taxes: | |||||||||
Segment operating profit: | |||||||||
Consumer Packaging | $ | 54,028 | $ | 48,183 | |||||
Display and Packaging | 3,895 | 5,357 | |||||||
Paper and Industrial Converted Products | 27,797 | 29,750 | |||||||
Protective Solutions | 9,685 | 5,287 | |||||||
Restructuring/Asset impairment charges | 359 | (1,992 | ) | ||||||
Other, net | 31,377 | (24 | ) | ||||||
Consolidated | $ | 127,141 | $ | 86,561 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 29, 2015 | |
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. | |
Fox River Settlement and Remaining Claim | |
In March 2014, U.S. Paper Mills Corp. (U.S. Mills), a wholly owned subsidiary of the Company, and five other defendants reached a potential settlement with the United States Environmental Protection Agency (EPA) and the Wisconsin Department of Natural Resources (WDNR) for natural resource damages and the environmental cleanup of the lower Fox River in Wisconsin. The settlement was approved by the court on February 6, 2015 and became final on April 7, 2015 when the time for appeal of the court's order expired with no appeal having been taken. The terms of the settlement required U.S. Mills to pay $14,700, which was paid in April 2014, and protect U.S. Mills from claims by other parties relating to natural resource damages and the cleanup of the lower Fox River, except claims pursuant to Section 107 of the Comprehensive Environment Response, Compensation and Liability Act (CERCLA). | |
The finalization of the settlement leaves intact a claim by Appvion, Inc., under Section 107 of CERCLA against eight defendants, including U.S. Mills, to recover response costs allegedly incurred by Appvion consistent with the national contingency plan for responding to release or threatened release of hazardous substances into the lower Fox River. The claim is asserted for approximately$200,000. Although the Company believes that the maximum amount for which the defendants could be liable is approximately $16,000 and may be less, the court has not yet ruled on the issue and could find a lower or higher amount of liability. | |
At December 31, 2014, U.S. Mills had reserves totaling $37,775 for potential liabilities associated with the lower Fox River. During the quarter ending March 29, 2015, U.S. Mills spent a total of $232 on legal fees related to Fox River. As a result of the settlement becoming final, the Company reversed $32,543 of the reserves, leaving a total of $5,000 reserved at March 29, 2015 for remaining potential liabilities associated with the lower Fox River. The reversal of these reserves resulted in reductions of "Selling, general and administrative expenses" and "Accrued expenses and other" in the Company's Condensed Consolidated Financial Statements. | |
The actual costs that may be incurred associated with the remaining Appvion claim are dependent upon many factors and it is possible that costs could ultimately be higher than the amount provided for in the remaining $5,000 reserve. Because of the continuing uncertainties surrounding U.S. Mills' possible liability, including a potentially favorable resolution, the Company cannot currently estimate its potential liability, damages or range of potential loss, if any, beyond the amounts reserved, and an adverse resolution of these matters could have an adverse effect on the Company's financial position, results of operations and/or cash flows. The Company believes that the maximum additional exposure to its consolidated financial position beyond the amount reserved at March 29, 2015 is limited to the equity position of U.S. Mills, which was approximately $121,000 at March 29, 2015. | |
Tegrant | |
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 estimated to be $18,850 at the time of acquisition and an accrual in this amount was recorded on Tegrant’s opening balance sheet. Since the acquisition, the Company has spent a total of $622 on remediation of these sites. During 2014, the Company increased its reserves for these sites by $324 in order to reflect its best estimate of what it is likely to pay in order to complete the remediation. At March 29, 2015 and December 31, 2014, the Company's accrual for Tegrant's environmental contingencies totaled $18,552 and $18,635, respectively. The Company cannot currently estimate its potential liability, damages or range of potential loss, if any, beyond the amounts accrued with respect to this exposure. However, the Company does not believe that the resolution of this matter has a reasonable possibility of having a material adverse effect on the Company's financial statements. | |
Village of Rockton | |
On September 15, 2014, the Village of Rockton, Illinois instituted 81 actions against the Company in the Circuit Court for the Seventeenth Judicial Circuit, Winnebago, Illinois. Each action seeks to assess penalties of up to $0.75 per day since December 2, 2007 for violations of one of three sections of the Municipal Code that: (a) require lots or premises to be maintained in a safe and sanitary condition at all times; (b) make it unlawful for any substance which shall be dangerous or detrimental to health to be allowed to exist in connection with any business, be used therein or used in any work or labor carried on in the Village and prohibit any health menace be permitted to exist in connection with business or in connection with any such work or labor; and (c) make it unlawful for any ashes, rubbish, tin cans and all combustibles to be deposited or dumped upon any lot or land in the Village, and require that they be deposited or dumped in the area set aside for that purpose. The actions relate to a paper plant in the Village closed by the Company in 2008 that the Company is in the process of remediating through the Illinois Environmental Protection Agency’s “brownfields” program. The Company has removed the cases to the United States District Court for the Northern District of Illinois and plans to vigorously defend its interests while continuing to participate in the “brownfields” program. | |
Other environmental matters | |
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. However, the Company does not believe that the resolution of these matters has a reasonable possibility of having a material adverse effect on the Company's financial statements. | |
Summary | |
As of March 29, 2015 and December 31, 2014, the Company (and its subsidiaries) had accrued $26,348 and $59,253, respectively, related to environmental contingencies. These accruals are included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets. | |
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) | 3 Months Ended |
Mar. 29, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, and not recorded as separate assets. This update is effective for reporting periods beginning after December 15, 2015, and is to be applied on a retrospective basis. The Company plans to adopt ASU 2015-03 in the first quarter of 2016. As the Company's debt issuance costs are not material, implementation of this update will not have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 changes the definitions/criteria used to determine when revenue should be recognized from being based on risks and rewards to being based on control. It also changes the manner in which variable consideration is recognized, requires recognition of the time value of money when payment terms exceed one year, provides clarification on accounting for contract costs, and expands disclosure requirements. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016. The Company is still assessing the impact of ASU 2014-09 on its consolidated financial statements. However, due to the nature of the Company's business and its standard terms of sale, there is likely to be little practical difference for Sonoco between the current transfer of risks and rewards model and the new transfer of control model. In addition, few of the Company's sales, if any, contain an element of variable consideration or have payment terms exceeding one year. Accordingly, we do not expect the implementation of ASU 2014-09 to have a material impact on the Company's consolidated financial statements. | |
During the three-month period ended March 29, 2015, there have been no other newly issued nor newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s financial statements. Further, at March 29, 2015, there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s consolidated financial statements. |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Equity [Abstract] | |||||||||
Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: | ||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income attributable to Sonoco | $ | 87,920 | $ | 52,302 | |||||
Denominator: | |||||||||
Weighted average common shares outstanding: | |||||||||
Basic | 101,283,000 | 102,771,000 | |||||||
Dilutive effect of stock-based compensation | 884,000 | 996,000 | |||||||
Diluted | 102,167,000 | 103,767,000 | |||||||
Reported net income attributable to Sonoco per common share: | |||||||||
Basic | $ | 0.87 | $ | 0.51 | |||||
Diluted | $ | 0.86 | $ | 0.5 | |||||
Restructuring_and_Asset_Impair1
Restructuring and Asset Impairment (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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, and gains on dispositions recognized by the Company during the periods presented: | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
29-Mar-15 | 30-Mar-14 | ||||||||||||||||
Restructuring/Asset impairment: | |||||||||||||||||
2015 Actions | $ | (851 | ) | $ | — | ||||||||||||
2014 Actions | 342 | 1,399 | |||||||||||||||
2013 and Earlier Actions | 150 | 593 | |||||||||||||||
Restructuring/Asset impairment (income)/charges | $ | (359 | ) | $ | 1,992 | ||||||||||||
Income tax benefit | $ | (11,591 | ) | $ | (411 | ) | |||||||||||
Costs attributable to noncontrolling interests, net of tax | (15 | ) | (4 | ) | |||||||||||||
Total impact of restructuring/asset impairment (income)/charges, net of tax | $ | (11,965 | ) | $ | 1,577 | ||||||||||||
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 2013 and Earlier Actions for the three-month periods ended March 29, 2015 and March 30, 2014. | ||||||||||||||||
2013 & Earlier Actions | First Quarter 2015 | First Quarter 2014 | |||||||||||||||
Consumer Packaging | $ | — | $ | (1 | ) | ||||||||||||
Display and Packaging | — | 247 | |||||||||||||||
Paper and Industrial Converted Products | 150 | 296 | |||||||||||||||
Protective Solutions | — | 51 | |||||||||||||||
Total Charges and Adjustments | $ | 150 | $ | 593 | |||||||||||||
Below is a summary of 2015 Actions and related expenses by segment and by type incurred and estimated to be incurred through completion. | |||||||||||||||||
2015 Actions | First Quarter 2015 | Estimated | |||||||||||||||
Total Cost | |||||||||||||||||
Severance and Termination Benefits | |||||||||||||||||
Consumer Packaging | $ | 2,201 | $ | 4,101 | |||||||||||||
Paper and Industrial Converted Products | 3,028 | 3,028 | |||||||||||||||
Corporate | 1,166 | 1,616 | |||||||||||||||
Asset Impairment / Disposal of Assets | |||||||||||||||||
Consumer Packaging | (7,331 | ) | (7,331 | ) | |||||||||||||
Paper and Industrial Converted Products | 2 | 2 | |||||||||||||||
Other Costs | |||||||||||||||||
Consumer Packaging | 75 | 175 | |||||||||||||||
Paper and Industrial Converted Products | 8 | 8 | |||||||||||||||
Total Charges and Adjustments | $ | (851 | ) | $ | 1,599 | ||||||||||||
Below is a summary of 2014 Actions and related expenses by segment and by type incurred and estimated to be incurred through completion. | |||||||||||||||||
2014 Actions | First Quarter 2015 | First Quarter 2014 | Total | Estimated | |||||||||||||
Incurred | Total Cost | ||||||||||||||||
to Date | |||||||||||||||||
Severance and Termination Benefits | |||||||||||||||||
Consumer Packaging | $ | — | $ | 650 | $ | 850 | $ | 850 | |||||||||
Display and Packaging | — | — | 594 | 594 | |||||||||||||
Paper and Industrial Converted Products | 99 | 265 | 3,376 | 3,376 | |||||||||||||
Protective Solutions | (32 | ) | — | 729 | 729 | ||||||||||||
Asset Impairment / Disposal of Assets | |||||||||||||||||
Consumer Packaging | — | — | 2,446 | 2,446 | |||||||||||||
Paper and Industrial Converted Products | — | 473 | 781 | 781 | |||||||||||||
Protective Solutions | 33 | — | 368 | 368 | |||||||||||||
Other Costs | |||||||||||||||||
Consumer Packaging | 32 | 11 | 5,278 | 5,328 | |||||||||||||
Display and Packaging | — | — | 5 | 5 | |||||||||||||
Paper and Industrial Converted Products | 115 | — | 762 | 812 | |||||||||||||
Protective Solutions | 95 | — | 432 | 532 | |||||||||||||
Total Charges and Adjustments | $ | 342 | $ | 1,399 | $ | 15,621 | $ | 15,821 | |||||||||
Restructuring Accrual Activity for Given Years | The following table sets forth the activity in the 2014 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets: | ||||||||||||||||
2014 Actions | Severance | Asset | Other | Total | |||||||||||||
and | Impairment/ | Costs | |||||||||||||||
Termination | Disposal | ||||||||||||||||
Accrual Activity | Benefits | of Assets | |||||||||||||||
2015 Year to Date | |||||||||||||||||
Liability at December 31, 2014 | $ | 859 | $ | — | $ | 463 | $ | 1,322 | |||||||||
2015 charges | 111 | 33 | 293 | 437 | |||||||||||||
Adjustments | (44 | ) | — | (51 | ) | (95 | ) | ||||||||||
Cash receipts/(payments) | (451 | ) | — | (690 | ) | (1,141 | ) | ||||||||||
Asset write downs/disposals | — | (33 | ) | — | (33 | ) | |||||||||||
Foreign currency translation | (11 | ) | — | (15 | ) | (26 | ) | ||||||||||
Liability at March 29, 2015 | $ | 464 | $ | — | $ | — | $ | 464 | |||||||||
The following table sets forth the activity in the 2015 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets: | |||||||||||||||||
2015 Actions | Severance | Asset | Other | Total | |||||||||||||
and | Impairment/ | Costs | |||||||||||||||
Termination | Disposal | ||||||||||||||||
Accrual Activity | Benefits | of Assets | |||||||||||||||
2015 Year to Date | |||||||||||||||||
Liability at December 31, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||
2015 charges | 6,395 | (7,329 | ) | 83 | (851 | ) | |||||||||||
Cash receipts/(payments) | (2,079 | ) | 29,128 | (83 | ) | 26,966 | |||||||||||
Asset write downs/disposals | — | (21,799 | ) | — | (21,799 | ) | |||||||||||
Foreign currency translation | (78 | ) | — | — | (78 | ) | |||||||||||
Liability at March 29, 2015 | $ | 4,238 | $ | — | $ | — | $ | 4,238 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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 three months ended March 29, 2015 and March 30, 2014: | ||||||||||||||||
Gains and | Defined | Foreign | Accumulated | ||||||||||||||
Losses on Cash | Benefit | Currency | Other | ||||||||||||||
Flow Hedges | Pension Items | Items | Comprehensive | ||||||||||||||
Loss | |||||||||||||||||
Balance at December 31, 2014 | $ | (5,962 | ) | $ | (475,286 | ) | $ | (129,851 | ) | $ | (611,099 | ) | |||||
Other comprehensive income/(loss) before reclassifications | (1,039 | ) | — | (63,294 | ) | (64,333 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to net income | 71 | 6,273 | — | 6,344 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss to fixed assets | (237 | ) | — | — | (237 | ) | |||||||||||
Net current-period other comprehensive | (1,205 | ) | 6,273 | (63,294 | ) | (58,226 | ) | ||||||||||
income/(loss) | |||||||||||||||||
Balance at March 29, 2015 | $ | (7,167 | ) | $ | (469,013 | ) | $ | (193,145 | ) | $ | (669,325 | ) | |||||
Balance at December 31, 2013 | $ | (262 | ) | $ | (333,106 | ) | $ | (25,152 | ) | $ | (358,520 | ) | |||||
Other comprehensive income/(loss) before reclassifications | 1,350 | — | (7,359 | ) | (6,009 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss to net income | (1,125 | ) | 4,174 | — | 3,049 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss to fixed assets | 11 | — | — | 11 | |||||||||||||
Net current-period other comprehensive | 236 | 4,174 | (7,359 | ) | (2,949 | ) | |||||||||||
income/(loss) | |||||||||||||||||
Balance at March 30, 2014 | $ | (26 | ) | $ | (328,932 | ) | $ | (32,511 | ) | $ | (361,469 | ) | |||||
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 months ended March 29, 2015 and March 30, 2014: | ||||||||||||||||
Amount Reclassified from Accumulated | |||||||||||||||||
Other Comprehensive Loss | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Details about Accumulated Other Comprehensive | March 29, | March 30, | Affected Line Item in | ||||||||||||||
Loss Components | 2015 | 2014 | the Condensed Consolidated | ||||||||||||||
Statements of Net Income | |||||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Foreign exchange contracts | $ | 1,302 | $ | (999 | ) | Net sales | |||||||||||
Foreign exchange contracts | 1,024 | 1,862 | Cost of sales | ||||||||||||||
Commodity contracts | (2,423 | ) | 717 | Cost of sales | |||||||||||||
(97 | ) | 1,580 | Total before tax | ||||||||||||||
26 | (455 | ) | Tax (provision)/benefit | ||||||||||||||
$ | (71 | ) | $ | 1,125 | Net of tax | ||||||||||||
Defined benefit pension items | |||||||||||||||||
Amortization of defined benefit pension items(a) | $ | (7,445 | ) | $ | (4,667 | ) | Cost of sales | ||||||||||
Amortization of defined benefit pension items(a) | (2,481 | ) | (1,556 | ) | Selling, general and | ||||||||||||
administrative | |||||||||||||||||
(9,926 | ) | (6,223 | ) | Total before tax | |||||||||||||
3,653 | 2,049 | Tax benefit | |||||||||||||||
$ | (6,273 | ) | $ | (4,174 | ) | Net of tax | |||||||||||
Total reclassifications for the period | $ | (6,344 | ) | $ | (3,049 | ) | Net of tax | ||||||||||
(a) | See Note 10 for additional details. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Changes in Goodwill by Segment | A summary of the changes in goodwill by segment for the three months ended March 29, 2015 is as follows: | |||||||||||||||||||
Consumer | Display | Paper and | Protective | Total | ||||||||||||||||
Packaging | and | Industrial | Solutions | |||||||||||||||||
Packaging | Converted | |||||||||||||||||||
Products | ||||||||||||||||||||
Goodwill at December 31, 2014 | $ | 513,556 | $ | 204,629 | $ | 243,586 | $ | 221,165 | $ | 1,182,936 | ||||||||||
Dispositions | (1,727 | ) | — | — | — | (1,727 | ) | |||||||||||||
Foreign currency translation | (19,126 | ) | — | (10,913 | ) | — | (30,039 | ) | ||||||||||||
Other | — | — | — | — | — | |||||||||||||||
Goodwill at March 29, 2015 | $ | 492,703 | $ | 204,629 | $ | 232,673 | $ | 221,165 | $ | 1,151,170 | ||||||||||
Summary of Other Intangible Assets | A summary of other intangible assets as of March 29, 2015 and December 31, 2014 is as follows: | |||||||||||||||||||
March 29, | December 31, | |||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Other Intangible Assets, gross | ||||||||||||||||||||
Patents | $ | 12,721 | $ | 13,883 | ||||||||||||||||
Customer lists | 372,633 | 385,466 | ||||||||||||||||||
Trade names | 19,246 | 19,366 | ||||||||||||||||||
Proprietary technology | 17,739 | 17,786 | ||||||||||||||||||
Land use rights | 314 | 320 | ||||||||||||||||||
Other | 1,281 | 1,309 | ||||||||||||||||||
Other Intangible Assets, gross | $ | 423,934 | $ | 438,130 | ||||||||||||||||
Accumulated Amortization | $ | (162,556 | ) | $ | (157,195 | ) | ||||||||||||||
Other Intangible Assets, net | $ | 261,378 | $ | 280,935 | ||||||||||||||||
Financial_Instruments_and_Deri1
Financial Instruments and Derivatives (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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. | ||||||||||||||||
March 29, 2015 | December 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Long-term debt, net of current portion | $ | 1,200,509 | $ | 1,338,655 | $ | 1,200,885 | $ | 1,322,795 | |||||||||
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 2015. The net positions of these contracts at March 29, 2015 were as follows (in thousands): | ||||||||||||||||
Currency | Action | Quantity | |||||||||||||||
Colombian peso | purchase | 13,112,256 | |||||||||||||||
Mexican peso | purchase | 287,704 | |||||||||||||||
Canadian dollar | purchase | 45,175 | |||||||||||||||
Russian ruble | purchase | 30,183 | |||||||||||||||
Turkish lira | purchase | 5,262 | |||||||||||||||
Polish zloty | purchase | 874 | |||||||||||||||
British pound | sell | (769 | ) | ||||||||||||||
New Zealand dollar | sell | (2,499 | ) | ||||||||||||||
Euro | sell | (2,783 | ) | ||||||||||||||
Australian dollar | sell | (5,141 | ) | ||||||||||||||
Net Positions of Other Derivatives Contract | The net positions of these contracts at March 29, 2015, were as follows (in thousands): | ||||||||||||||||
Currency | Action | Quantity | |||||||||||||||
Colombian peso | purchase | 28,330,708 | |||||||||||||||
Mexican peso | purchase | 193,849 | |||||||||||||||
Canadian dollar | purchase | 12,483 | |||||||||||||||
Euro | purchase | 6,847 | |||||||||||||||
British pound | sell | (5,000 | ) | ||||||||||||||
Location and Fair Values of Derivative Instruments | The following table sets forth the location and fair values of the Company’s derivative instruments at March 29, 2015 and December 31, 2014: | ||||||||||||||||
Description | Balance Sheet Location | March 29, | December 31, | ||||||||||||||
2015 | 2014 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity Contracts | Prepaid expenses | $ | — | $ | — | ||||||||||||
Commodity Contracts | Other assets | $ | — | $ | — | ||||||||||||
Commodity Contracts | Accrued expenses and other | $ | (5,698 | ) | $ | (5,808 | ) | ||||||||||
Commodity Contracts | Other liabilities | $ | (115 | ) | $ | (278 | ) | ||||||||||
Foreign Exchange Contracts | Prepaid expenses | $ | 1,179 | $ | 574 | ||||||||||||
Foreign Exchange Contracts | Accrued expenses and other | $ | (7,123 | ) | $ | (4,100 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign Exchange Contracts | Prepaid expenses | $ | 92 | $ | 68 | ||||||||||||
Foreign Exchange Contracts | Accrued expenses and other | $ | (1,227 | ) | $ | (1,166 | ) | ||||||||||
Effect of Derivative Instruments on Financial Performance | |||||||||||||||||
Location of Gain or (Loss) Recognized in | |||||||||||||||||
Income Statement | |||||||||||||||||
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the three months ended March 29, 2015 and March 30, 2014: | |||||||||||||||||
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 | |||||||||||||
Derivatives | Accumulated OCI | OCI Into Income | Income on | Derivatives | |||||||||||||
(Effective Portion) | Into Income | (Effective Portion) | Derivatives | (Ineffective | |||||||||||||
(Effective Portion) | (Ineffective Portion) | Portion) | |||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||
Three months ended March 29, 2015 | |||||||||||||||||
Foreign Exchange Contracts | $ | 146 | Net sales | $ | 1,302 | Net sales | $ | — | |||||||||
Cost of sales | $ | 1,024 | |||||||||||||||
Commodity Contracts | $ | (2,110 | ) | Cost of sales | $ | (2,423 | ) | Cost of sales | $ | 40 | |||||||
Three months ended March 30, 2014 | |||||||||||||||||
Foreign Exchange Contracts | $ | (776 | ) | Net sales | $ | (999 | ) | Net sales | $ | — | |||||||
Cost of sales | $ | 1,862 | |||||||||||||||
Commodity Contracts | $ | 2,676 | Cost of sales | $ | 717 | Cost of sales | $ | (20 | ) | ||||||||
Description | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||||||||||||||
Income Statement | Recognized | ||||||||||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||||||
Three months ended March 29, 2015 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | (45 | ) | |||||||||||||
Selling, general and administrative | $ | 8 | |||||||||||||||
Three months ended March 30, 2014 | |||||||||||||||||
Foreign Exchange Contracts | Cost of sales | $ | 37 | ||||||||||||||
Selling, general and administrative | $ | 56 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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 | March 29, | Level 1 | Level 2 | Level 3 | |||||||||||||
2015 | |||||||||||||||||
Hedge derivatives, net: | |||||||||||||||||
Commodity contracts | $ | (5,813 | ) | $ | — | $ | (5,813 | ) | $ | — | |||||||
Foreign exchange contracts | (5,944 | ) | — | (5,944 | ) | — | |||||||||||
Non-hedge derivatives, net: | |||||||||||||||||
Foreign exchange contracts | (1,135 | ) | — | (1,135 | ) | — | |||||||||||
Deferred compensation plan assets | 951 | 951 | — | — | |||||||||||||
Description | December 31, | Level 1 | Level 2 | Level 3 | |||||||||||||
2014 | |||||||||||||||||
Hedge derivatives, net: | |||||||||||||||||
Commodity contracts | $ | (6,086 | ) | $ | — | $ | (6,086 | ) | $ | — | |||||||
Foreign exchange contracts | (3,526 | ) | — | (3,526 | ) | — | |||||||||||
Non-hedge derivatives, net: | |||||||||||||||||
Foreign exchange contracts | (1,098 | ) | — | (1,098 | ) | — | |||||||||||
Deferred compensation plan assets | 944 | 944 | — | — | |||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost include the following: | ||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Retirement Plans | |||||||||
Service cost | $ | 5,253 | $ | 5,167 | |||||
Interest cost | 16,933 | 17,897 | |||||||
Expected return on plan assets | (22,726 | ) | (22,753 | ) | |||||
Amortization of net transition obligation | 40 | 99 | |||||||
Amortization of prior service cost | 180 | 163 | |||||||
Amortization of net actuarial loss | 9,728 | 6,302 | |||||||
Net periodic benefit cost | $ | 9,408 | $ | 6,875 | |||||
Retiree Health and Life Insurance Plans | |||||||||
Service cost | $ | 178 | $ | 173 | |||||
Interest cost | 222 | 257 | |||||||
Expected return on plan assets | (393 | ) | (387 | ) | |||||
Amortization of prior service credit | (25 | ) | (337 | ) | |||||
Amortization of net actuarial loss | (5 | ) | (24 | ) | |||||
Net periodic benefit income | $ | (23 | ) | $ | (318 | ) |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Financial Information | SEGMENT FINANCIAL INFORMATION | ||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Consumer Packaging | $ | 519,877 | $ | 464,925 | |||||
Display and Packaging | 142,998 | 153,022 | |||||||
Paper and Industrial Converted Products | 422,311 | 455,610 | |||||||
Protective Solutions | 118,078 | 112,069 | |||||||
Consolidated | $ | 1,203,264 | $ | 1,185,626 | |||||
Intersegment sales: | |||||||||
Consumer Packaging | $ | 1,680 | $ | 1,033 | |||||
Display and Packaging | 397 | 383 | |||||||
Paper and Industrial Converted Products | 27,551 | 26,345 | |||||||
Protective Solutions | 608 | 566 | |||||||
Consolidated | $ | 30,236 | $ | 28,327 | |||||
Income before interest and income taxes: | |||||||||
Segment operating profit: | |||||||||
Consumer Packaging | $ | 54,028 | $ | 48,183 | |||||
Display and Packaging | 3,895 | 5,357 | |||||||
Paper and Industrial Converted Products | 27,797 | 29,750 | |||||||
Protective Solutions | 9,685 | 5,287 | |||||||
Restructuring/Asset impairment charges | 359 | (1,992 | ) | ||||||
Other, net | 31,377 | (24 | ) | ||||||
Consolidated | $ | 127,141 | $ | 86,561 | |||||
Acquisitions_Details
Acquisitions (Details) | 3 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Oct. 31, 2014 | Apr. 01, 2015 | Apr. 01, 2015 | Apr. 01, 2015 |
USD ($) | USD ($) | Consumer Packaging Segment [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Weidenhammer Packaging Group [Member] | Consumer Packaging Segment [Member] | Consumer Packaging Segment [Member] | Consumer Packaging Segment [Member] | |||
USD ($) | Dalton Paper Products, Inc. [Member] | Dalton Paper Products, Inc. [Member] | Dalton Paper Products, Inc. [Member] | |||
USD ($) | BRL | employee | ||||
Business Acquisition [Line Items] | ||||||
Percentage of controlling asset acquired | 67.00% | |||||
Cost of acquisitions, exclusive of cash | $355,316 | $15,600 | 50,500 | |||
Number of employees in the acquired entity | 230 | |||||
Acquisition related costs | $1,166 | $24 |
Shareholders_Equity_Earnings_P
Shareholders' Equity - Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Numerator: | ||
Net income attributable to Sonoco | $87,920 | $52,302 |
Denominator: | ||
Basic (in shares) | 101,283 | 102,771 |
Dilutive effect of stock-based compensation (in shares) | 884 | 996 |
Diluted (in shares) | 102,167 | 103,767 |
Reported net income attributable to Sonoco per common share: | ||
Basic (in usd per share) | $0.87 | $0.51 |
Diluted (in usd per share) | $0.86 | $0.50 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Mar. 10, 2015 | Feb. 25, 2015 | Feb. 11, 2015 | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 10, 2015 | 15-May-15 | Apr. 15, 2015 | |
Class of Stock [Line Items] | ||||||||||
Number of securities excluded from computation of dilutive earning per share | 395,883 | 643,827 | ||||||||
Dilutive Securities, Effect on Basic Earnings Per Share | $0 | |||||||||
Number of shares authorized for repurchase | 5,000,000 | |||||||||
Number of shares available for repurchase | 2,867,500 | |||||||||
Number of shares repurchased | 2,000,000 | 132,500 | ||||||||
Dividend declared date | 11-Feb-15 | |||||||||
Dividend declared and payable (in usd per share) | $0.32 | |||||||||
Dividend payable date of record | 25-Feb-15 | |||||||||
Dividend payable date | 10-Mar-15 | |||||||||
Tax Withholding Obligations [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares repurchased | 166,485 | 48,581 | ||||||||
Cost of shares repurchased | $7,591,000 | 2,043,000 | ||||||||
Subsequent Event [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividend declared date | 15-Apr-15 | |||||||||
Dividend declared and payable (in usd per share) | $0.35 | |||||||||
Dividend payable date of record | 15-May-15 | |||||||||
Dividend payable date | 10-Jun-15 |
Restructuring_and_Asset_Impair2
Restructuring and Asset Impairment - Restructuring and Asset Impairment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment charges | ($359) | $1,992 |
Income tax benefit | -11,591 | -411 |
Costs attributable to noncontrolling interests, net of tax | -15 | -4 |
Total impact of restructuring/asset impairment charges, net of tax | -11,965 | 1,577 |
2015 Actions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment charges | -851 | 0 |
2014 Actions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment charges | 342 | 1,399 |
2013 and Earlier Actions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment charges | $150 | $593 |
Restructuring_and_Asset_Impair3
Restructuring and Asset Impairment - Additional Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 |
position | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Tax benefit | $27,138 | $23,169 | |
Restructuring Cost and Reserve [Line Items] | |||
Expected future charges associated with previous restructuring | 3,100 | ||
2015 Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Elimination of Positions due to realign in cost structure | 102 | ||
2014 Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Elimination of Positions due to realign in cost structure | 125 | ||
2013 and Earlier Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected future charges associated with previous restructuring | 450 | ||
Remaining restructuring accrual | 1,542 | 1,990 | |
Metal Ends and Closures Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on sale of business | 7,331 | ||
Proceeds from sales of business | 29,128 | ||
Net fixed assets | 9,806 | ||
Inventory | 7,051 | ||
Goodwill | 1,727 | ||
Intangible assets | 3,516 | ||
Liabilities assumed by the acquiring company | 303 | ||
Tax benefit | $9,200 | ||
OHIO [Member] | Metal Ends and Closures Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of production facilities sold | 2 |
Restructuring_and_Asset_Impair4
Restructuring and Asset Impairment - Actions and Related Expenses by Segment and by Type Incurred and Estimated for Given Years (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | ($359) | $1,992 |
2015 Actions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | -851 | 0 |
Estimated Total Cost | 1,599 | |
2015 Actions [Member] | Severance and Termination Benefits [Member] | Consumer Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 2,201 | |
Estimated Total Cost | 4,101 | |
2015 Actions [Member] | Severance and Termination Benefits [Member] | Paper And Industrial Converted Products [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 3,028 | |
Estimated Total Cost | 3,028 | |
2015 Actions [Member] | Severance and Termination Benefits [Member] | Corporate [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 1,166 | |
Estimated Total Cost | 1,616 | |
2015 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Consumer Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | -7,331 | |
Estimated Total Cost | -7,331 | |
2015 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Paper And Industrial Converted Products [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 2 | |
Estimated Total Cost | 2 | |
2015 Actions [Member] | Other Costs [Member] | Consumer Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 75 | |
Estimated Total Cost | 175 | |
2015 Actions [Member] | Other Costs [Member] | Paper And Industrial Converted Products [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 8 | |
Estimated Total Cost | 8 | |
2014 Actions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 342 | 1,399 |
Total Incurred to Date | 15,621 | |
Estimated Total Cost | 15,821 | |
2014 Actions [Member] | Severance and Termination Benefits [Member] | Consumer Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 0 | 650 |
Total Incurred to Date | 850 | |
Estimated Total Cost | 850 | |
2014 Actions [Member] | Severance and Termination Benefits [Member] | Display and Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 0 | 0 |
Total Incurred to Date | 594 | |
Estimated Total Cost | 594 | |
2014 Actions [Member] | Severance and Termination Benefits [Member] | Paper And Industrial Converted Products [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 99 | 265 |
Total Incurred to Date | 3,376 | |
Estimated Total Cost | 3,376 | |
2014 Actions [Member] | Severance and Termination Benefits [Member] | Protective Solutions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | -32 | 0 |
Total Incurred to Date | 729 | |
Estimated Total Cost | 729 | |
2014 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Consumer Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 0 | 0 |
Total Incurred to Date | 2,446 | |
Estimated Total Cost | 2,446 | |
2014 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Paper And Industrial Converted Products [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 0 | 473 |
Total Incurred to Date | 781 | |
Estimated Total Cost | 781 | |
2014 Actions [Member] | Asset Impairment / Disposal of Assets [Member] | Protective Solutions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 33 | 0 |
Total Incurred to Date | 368 | |
Estimated Total Cost | 368 | |
2014 Actions [Member] | Other Costs [Member] | Consumer Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 32 | 11 |
Total Incurred to Date | 5,278 | |
Estimated Total Cost | 5,328 | |
2014 Actions [Member] | Other Costs [Member] | Display and Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 0 | 0 |
Total Incurred to Date | 5 | |
Estimated Total Cost | 5 | |
2014 Actions [Member] | Other Costs [Member] | Paper And Industrial Converted Products [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 115 | 0 |
Total Incurred to Date | 762 | |
Estimated Total Cost | 812 | |
2014 Actions [Member] | Other Costs [Member] | Protective Solutions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 95 | 0 |
Total Incurred to Date | 432 | |
Estimated Total Cost | 532 | |
2013 and Earlier Actions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 150 | 593 |
2013 and Earlier Actions [Member] | Consumer Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 0 | -1 |
2013 and Earlier Actions [Member] | Display and Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 0 | 247 |
2013 and Earlier Actions [Member] | Paper And Industrial Converted Products [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | 150 | 296 |
2013 and Earlier Actions [Member] | Protective Solutions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring/Asset impairment | $0 | $51 |
Restructuring_and_Asset_Impair5
Restructuring and Asset Impairment - Restructuring Accrual Activity for Given Years (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 |
2015 Actions [Member] | |
Restructuring Reserve [Roll Forward] | |
Liability, Beginning Balance | $0 |
Current year charges | -851 |
Cash receipts/(payments) | 26,966 |
Asset write downs/disposals | -21,799 |
Foreign currency translation | -78 |
Liability, Ending Balance | 4,238 |
2014 Actions [Member] | |
Restructuring Reserve [Roll Forward] | |
Liability, Beginning Balance | 1,322 |
Current year charges | 437 |
Adjustments | -95 |
Cash receipts/(payments) | -1,141 |
Asset write downs/disposals | -33 |
Foreign currency translation | -26 |
Liability, Ending Balance | 464 |
Severance and Termination Benefits [Member] | 2015 Actions [Member] | |
Restructuring Reserve [Roll Forward] | |
Liability, Beginning Balance | 0 |
Current year charges | 6,395 |
Cash receipts/(payments) | -2,079 |
Foreign currency translation | -78 |
Liability, Ending Balance | 4,238 |
Severance and Termination Benefits [Member] | 2014 Actions [Member] | |
Restructuring Reserve [Roll Forward] | |
Liability, Beginning Balance | 859 |
Current year charges | 111 |
Adjustments | -44 |
Cash receipts/(payments) | -451 |
Foreign currency translation | -11 |
Liability, Ending Balance | 464 |
Asset Impairment / Disposal of Assets [Member] | 2015 Actions [Member] | |
Restructuring Reserve [Roll Forward] | |
Liability, Beginning Balance | 0 |
Current year charges | -7,329 |
Cash receipts/(payments) | 29,128 |
Asset write downs/disposals | -21,799 |
Liability, Ending Balance | 0 |
Asset Impairment / Disposal of Assets [Member] | 2014 Actions [Member] | |
Restructuring Reserve [Roll Forward] | |
Liability, Beginning Balance | 0 |
Current year charges | 33 |
Adjustments | 0 |
Cash receipts/(payments) | 0 |
Asset write downs/disposals | -33 |
Liability, Ending Balance | 0 |
Other Costs [Member] | 2015 Actions [Member] | |
Restructuring Reserve [Roll Forward] | |
Liability, Beginning Balance | 0 |
Current year charges | 83 |
Cash receipts/(payments) | -83 |
Foreign currency translation | 0 |
Liability, Ending Balance | 0 |
Other Costs [Member] | 2014 Actions [Member] | |
Restructuring Reserve [Roll Forward] | |
Liability, Beginning Balance | 463 |
Current year charges | 293 |
Adjustments | -51 |
Cash receipts/(payments) | -690 |
Foreign currency translation | -15 |
Liability, Ending Balance | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax, beginning balance | ($611,099) | [1] | ($358,520) |
Other comprehensive income/(loss) before reclassifications | -64,333 | -6,009 | |
Amounts reclassified from accumulated other comprehensive loss | -237 | ||
Net current-period other comprehensive income/ (loss) | -58,226 | -2,949 | |
Accumulated other comprehensive income (loss), net of tax, ending balance | -669,325 | -361,469 | |
Net Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive loss | 6,344 | 3,049 | |
Fixed Assets [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive loss | -237 | 11 | |
Gains and Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax, beginning balance | -5,962 | -262 | |
Other comprehensive income/(loss) before reclassifications | -1,039 | 1,350 | |
Net current-period other comprehensive income/ (loss) | -1,205 | 236 | |
Accumulated other comprehensive income (loss), net of tax, ending balance | -7,167 | -26 | |
Gains and Losses on Cash Flow Hedges [Member] | Net Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive loss | 71 | -1,125 | |
Gains and Losses on Cash Flow Hedges [Member] | Fixed Assets [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive loss | -237 | 11 | |
Defined Benefit Pension Items [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax, beginning balance | -475,286 | -333,106 | |
Other comprehensive income/(loss) before reclassifications | 0 | 0 | |
Net current-period other comprehensive income/ (loss) | 6,273 | 4,174 | |
Accumulated other comprehensive income (loss), net of tax, ending balance | -469,013 | -328,932 | |
Defined Benefit Pension Items [Member] | Net Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive loss | 6,273 | 4,174 | |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax, beginning balance | -129,851 | -25,152 | |
Other comprehensive income/(loss) before reclassifications | -63,294 | -7,359 | |
Net current-period other comprehensive income/ (loss) | -63,294 | -7,359 | |
Accumulated other comprehensive income (loss), net of tax, ending balance | ($193,145) | ($32,511) | |
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Effects on Net Income of Significant Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net sales | $1,203,264 | $1,185,626 |
Cost of sales | -979,817 | -973,323 |
Selling, general and administrative | -96,665 | -123,750 |
Income before income taxes | 113,920 | 73,918 |
Tax benefit | -27,138 | -23,169 |
Net of tax | 86,782 | 50,749 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | -6,344 | -3,049 |
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 | -97 | 1,580 |
Tax benefit | 26 | -455 |
Net of tax | -71 | 1,125 |
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 | 1,302 | -999 |
Cost of sales | 1,024 | 1,862 |
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 | -2,423 | 717 |
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 | -7,445 | -4,667 |
Selling, general and administrative | -2,481 | -1,556 |
Income before income taxes | -9,926 | -6,223 |
Tax benefit | 3,653 | 2,049 |
Net of tax | ($6,273) | ($4,174) |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss - Additional Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unfavorable position amounts included in accumulated other comprehensive loss related to cash flow hedges | $11,721 | $9,617 | |
Accumulated other comprehensive income loss cumulative changes in net gain loss from cash flow hedge effect after tax | 7,167 | 5,962 | |
Cumulative tax benefit on Cash Flow Hedges included in Accumulated Other Comprehensive Loss | 4,554 | 3,655 | |
Increase (decrease) in tax benefit on Cash Flow Hedges | 899 | ||
Cumulative tax benefit on Defined Benefit Pensions | 253,187 | 256,840 | |
Increase (decrease) in tax benefit on Defined Benefit Pensions | -3,653 | ||
Foreign currency translation adjustments | -631 | -119 | |
Non-Controlling Interests [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation adjustments | ($631) |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Changes in Goodwill by Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $1,182,936 | [1] |
Dispositions | -1,727 | |
Foreign currency translation | -30,039 | |
Other | 0 | |
Goodwill, ending balance | 1,151,170 | |
Consumer Packaging [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 513,556 | |
Dispositions | -1,727 | |
Foreign currency translation | -19,126 | |
Other | 0 | |
Goodwill, ending balance | 492,703 | |
Display and Packaging [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 204,629 | |
Dispositions | 0 | |
Foreign currency translation | 0 | |
Other | 0 | |
Goodwill, ending balance | 204,629 | |
Paper and Industrial Converted Products [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 243,586 | |
Dispositions | 0 | |
Foreign currency translation | -10,913 | |
Other | 0 | |
Goodwill, ending balance | 232,673 | |
Protective Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 221,165 | |
Dispositions | 0 | |
Foreign currency translation | 0 | |
Other | 0 | |
Goodwill, ending balance | $221,165 | |
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Other Intangible Assets, Gross: | |||
Other Intangible Assets, gross | $423,934 | $438,130 | |
Accumulated Amortization | -162,556 | -157,195 | |
Other Intangible Assets, net | 261,378 | 280,935 | [1] |
Patents [Member] | |||
Other Intangible Assets, Gross: | |||
Other Intangible Assets, gross | 12,721 | 13,883 | |
Customer Lists [Member] | |||
Other Intangible Assets, Gross: | |||
Other Intangible Assets, gross | 372,633 | 385,466 | |
Trade Names [Member] | |||
Other Intangible Assets, Gross: | |||
Other Intangible Assets, gross | 19,246 | 19,366 | |
Proprietary Technology [Member] | |||
Other Intangible Assets, Gross: | |||
Other Intangible Assets, gross | 17,739 | 17,786 | |
Land Use Rights [Member] | |||
Other Intangible Assets, Gross: | |||
Other Intangible Assets, gross | 314 | 320 | |
Other [Member] | |||
Other Intangible Assets, Gross: | |||
Other Intangible Assets, gross | $1,281 | $1,309 | |
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||||
Goodwill related to dispositions | $1,727 | |||
Goodwill | 1,151,170 | 1,182,936 | [1] | |
Aggregate amortization expenses | 8,150 | 6,863 | ||
Amortization expense on other intangible assets in 2015 | 33,900 | |||
Amortization expense on other intangible assets in 2016 | 32,600 | |||
Amortization expense on other intangible assets in 2017 | 31,900 | |||
Amortization expense on other intangible assets in 2018 | 31,300 | |||
Amortization expense on other intangible assets in 2019 | 29,500 | |||
Blowmolding [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 119,000 | |||
Tubes and Cores/Paper - Brazil Reporting Unit [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 2,800 | |||
Consumer Packaging Segment [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill related to dispositions | 1,727 | |||
Goodwill | 492,703 | 513,556 | ||
Display and Packaging [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill related to dispositions | 0 | |||
Goodwill | 204,629 | 204,629 | ||
Display and Packaging [Member] | Display and Packaging Reporting Unit [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 204,600 | |||
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 | |||
Customer Lists [Member] | ||||
Goodwill [Line Items] | ||||
Impairment charge | $3,516 | |||
Number of production facility | 2 | |||
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
Financial_Instruments_and_Deri2
Financial Instruments and Derivatives - Carrying Amount and Fair Values of Financial Instruments (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Long-term debt, net of current portion, Carrying Amount | $1,200,509 | $1,200,885 | [1] |
Long-term debt, net of current portion, Fair Value | $1,338,655 | $1,322,795 | |
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
Financial_Instruments_and_Deri3
Financial Instruments and Derivatives - Additional Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Fair value of commodity cash flow hedges | ($5,813) | ($6,086) |
Commodity gain (loss) expected to be reclassified to the income statement during the next 12 months | -5,655 | |
Fair value of foreign currency cash flow hedges | -5,944 | -3,526 |
Amounts reclassified from accumulated other comprehensive loss | -237 | |
Foreign currency gain (loss) expected to be reclassified to the income statement during the next 12 months | -5,724 | |
Total fair value of other derivatives not designated as hedging instruments | ($1,135) | ($1,098) |
Natural Gas Swaps [Member] | ||
Derivative [Line Items] | ||
Approximate amount of commodity covered by swap contracts outstanding | 4,200,000 | |
Anticipated usage percentage covered by a swap contract for the current fiscal year | 85.00% | |
Anticipated usage percentage covered by a swap contract for the second succeeding fiscal year | 5.00% | |
Aluminum Swaps [Member] | ||
Derivative [Line Items] | ||
Anticipated usage percentage covered by a swap contract for the current fiscal year | 41.00% | |
Anticipated usage percentage covered by a swap contract for the second succeeding fiscal year | 1.00% | |
Approximate amount of commodity covered by swap contracts outstanding | 2,759 | |
Containers [Member] | ||
Derivative [Line Items] | ||
Approximate amount of commodity covered by swap contracts outstanding | 4,620 | |
Crude Oil [Member] | ||
Derivative [Line Items] | ||
Anticipated usage percentage covered by a swap contract for the current fiscal year | 11.00% | |
Derivative, Nonmonetary Notional Amount, Volume | 360,000 |
Financial_Instruments_and_Deri4
Financial Instruments and Derivatives - Net Positions of Foreign Contracts (Details) (Cash Flow Hedging [Member]) | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 |
In Thousands, unless otherwise specified | AUD | CAD | COP | EUR (€) | GBP (£) | MXN | NZD | PLN | RUB | TRY |
Derivative [Line Items] | ||||||||||
Net Purchase / (Sales) position of foreign currency cash flow hedges | -5,141 | 45,175 | 13,112,256 | -€ 2,783 | £ (769) | 287,704 | -2,499 | 874 | 30,183 | 5,262 |
Financial_Instruments_and_Deri5
Financial Instruments and Derivatives - Net Positions of Other Derivatives Contract (Details) (Derivatives Not Designated as Hedging Instruments [Member]) | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 |
In Thousands, unless otherwise specified | CAD | COP | EUR (€) | GBP (£) | MXN |
Derivative [Line Items] | |||||
Net Purchase / (Sales) position of other derivatives | 12,483 | 28,330,708 | € 6,847 | £ (5,000) | 193,849 |
Financial_Instruments_and_Deri6
Financial Instruments and Derivatives - Location and Fair Values of Derivative Instruments (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
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 | $0 | $0 |
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives instruments, assets | 0 | 0 |
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Accrued Expenses and Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives instruments, liabilities | -5,698 | -5,808 |
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives instruments, liabilities | -115 | -278 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives instruments, assets | 1,179 | 574 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses and Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives instruments, liabilities | -7,123 | -4,100 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives instruments, assets | 92 | 68 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses and Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives instruments, liabilities | ($1,227) | ($1,166) |
Financial_Instruments_and_Deri7
Financial Instruments and Derivatives - Effect of Derivative Instruments on Financial Performance (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $146 | ($776) |
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) | 1,302 | -999 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | 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) | 1,024 | 1,862 |
Commodity Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -2,110 | 2,676 |
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) | -2,423 | 717 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | 40 | -20 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | Cost of Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (Loss) Recognized | -45 | 37 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | Selling, General and Administrative [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (Loss) Recognized | $8 | $56 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | $951 | $944 |
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | -5,813 | -6,086 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | -5,944 | -3,526 |
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 | -1,135 | -1,098 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 951 | 944 |
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 | -5,813 | -6,086 |
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 | -5,944 | -3,526 |
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 | -1,135 | -1,098 |
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 | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $5,253 | $5,167 |
Interest cost | 16,933 | 17,897 |
Expected return on plan assets | -22,726 | -22,753 |
Amortization of net transition obligation | 40 | 99 |
Amortization of prior service cost (credit) | 180 | 163 |
Amortization of net actuarial loss | 9,728 | 6,302 |
Net periodic benefit cost (income) | 9,408 | 6,875 |
Retiree Health and Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 178 | 173 |
Interest cost | 222 | 257 |
Expected return on plan assets | -393 | -387 |
Amortization of prior service cost (credit) | -25 | -337 |
Amortization of net actuarial loss | -5 | -24 |
Net periodic benefit cost (income) | ($23) | ($318) |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to defined benefit retirement and retiree health and life insurance plans | $17,017,000 | $43,515,000 |
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 | 4,152,000 | 31,466,000 |
Projected contributions to retirement plan | 19,000,000 | |
Sonoco Investment and Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to defined benefit retirement and retiree health and life insurance plans | 12,865,000 | 9,290,000 |
Projected contributions to retirement plan | 0 | |
Recognized expense related to the plan | $3,627,000 | $2,556,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $2,300 | |
Effective tax rate | 23.80% | 31.30% |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Mar. 29, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment_Reporting_Segment_Fina
Segment Reporting - Segment Financial Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Segment Reporting Information [Line Items] | ||
Net sales | $1,203,264 | $1,185,626 |
Income before interest and income taxes | 127,141 | 86,561 |
Restructuring/Asset impairment charges | 359 | -1,992 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,203,264 | 1,185,626 |
Operating Segments [Member] | Consumer Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 519,877 | 464,925 |
Income before interest and income taxes | 54,028 | 48,183 |
Operating Segments [Member] | Paper And Industrial Converted Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 422,311 | 455,610 |
Income before interest and income taxes | 27,797 | 29,750 |
Operating Segments [Member] | Display and Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 142,998 | 153,022 |
Income before interest and income taxes | 3,895 | 5,357 |
Operating Segments [Member] | Protective Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 118,078 | 112,069 |
Income before interest and income taxes | 9,685 | 5,287 |
Intersegment Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 30,236 | 28,327 |
Intersegment Sales [Member] | Consumer Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,680 | 1,033 |
Intersegment Sales [Member] | Paper And Industrial Converted Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 27,551 | 26,345 |
Intersegment Sales [Member] | Display and Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 397 | 383 |
Intersegment Sales [Member] | Protective Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 608 | 566 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Restructuring/Asset impairment charges | 359 | -1,992 |
Other, net | 31,377 | -24 |
Operating Units 2 - 5 [Member] | ||
Segment Reporting Information [Line Items] | ||
Increase (decrease) due to revision of estimates | $32,543 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |
Sep. 15, 2014 | Mar. 29, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Apr. 07, 2015 | Nov. 08, 2011 | |
defendant | ||||||
Site Contingency [Line Items] | ||||||
Environmental accrual | $26,348,000 | 26,348,000 | $59,253,000 | |||
Maximum penalty per day | 0.75 | |||||
Operating Units 2 - 5 [Member] | ||||||
Site Contingency [Line Items] | ||||||
Increase (decrease) due to revision of estimates | -32,543,000 | |||||
U.S. Mills [Member] | ||||||
Site Contingency [Line Items] | ||||||
Environmental accrual | 37,775,000 | |||||
Environmental contingencies future related cost, high estimate | 121,000,000 | |||||
U.S. Mills [Member] | Lower Fox River [Member] | ||||||
Site Contingency [Line Items] | ||||||
Number of defendants | 5 | |||||
U.S. Mills [Member] | Operating Units 2 - 5 [Member] | ||||||
Site Contingency [Line Items] | ||||||
Environmental accrual | 5,000,000 | 5,000,000 | ||||
Environmental remediation spent | 232,000 | |||||
Tegrant Holding Corporation [Member] | ||||||
Site Contingency [Line Items] | ||||||
Environmental accrual | 18,552,000 | 18,552,000 | 18,635,000 | 18,850,000 | ||
Increase (decrease) due to revision of estimates | 324,000 | |||||
Payment towards remediation of sites | 622,000 | |||||
Appvion, Inc. [Member] | U.S. Mills [Member] | Lower Fox River [Member] | ||||||
Site Contingency [Line Items] | ||||||
Number of defendants | 8 | |||||
Total estimated possible claim | 200,000 | 200,000 | ||||
Total estimated possible claim, per defendant | 16,000 | 16,000 | ||||
Subsequent Event [Member] | U.S. Mills [Member] | Lower Fox River [Member] | ||||||
Site Contingency [Line Items] | ||||||
Settlement amount | $14,700,000 |