Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 28, 2015 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SON | ||
Entity Registrant Name | SONOCO PRODUCTS CO | ||
Entity Central Index Key | 91,767 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 100,961,258 | ||
Entity Public Float | $ 4,382,644,679 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 182,434 | $ 161,168 |
Trade accounts receivable, net of allowances of $11,069 in 2015 and $8,547 in 2014 | 627,962 | 653,737 |
Other receivables | 46,801 | 38,580 |
Inventories | ||
Finished and in process | 139,589 | 151,150 |
Materials and supplies | 245,894 | 269,126 |
Prepaid expenses | 64,698 | 61,071 |
Deferred income taxes | 0 | 38,957 |
Total Current Assets | 1,307,378 | 1,373,789 |
Property, Plant and Equipment, Net | 1,112,036 | 1,148,607 |
Goodwill | 1,140,461 | 1,177,962 |
Other Intangible Assets, Net | 245,095 | 280,935 |
Long-term Deferred Income Taxes | 52,626 | 45,442 |
Other Assets | 162,673 | 167,176 |
Total Assets | 4,020,269 | 4,193,911 |
Current Liabilities | ||
Payable to suppliers | 508,057 | 517,228 |
Accrued expenses and other | 225,303 | 256,566 |
Accrued wages and other compensation | 68,924 | 77,520 |
Notes payable and current portion of long-term debt | 113,097 | 52,280 |
Accrued taxes | 7,135 | 8,599 |
Total Current Liabilities | 922,516 | 912,193 |
Long-term Debt | 1,021,854 | 1,200,885 |
Pension and Other Postretirement Benefits | 432,964 | 444,231 |
Deferred Income Taxes | 72,933 | 91,157 |
Other Liabilities | $ 37,129 | $ 41,598 |
Commitments and Contingencies | ||
Sonoco Shareholders' Equity | ||
Preferred shares, no par value Authorized 300,000 shares 0 shares issued and outstanding at December 31, 2015 and 2014, respectively | ||
Common shares, no par value Authorized 300,000 shares 100,000 and 100,603 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 7,175 | $ 7,175 |
Capital in excess of stated value | 404,460 | 396,980 |
Accumulated other comprehensive loss | (702,533) | (608,851) |
Retained earnings | 1,803,827 | 1,692,891 |
Total Sonoco Shareholders' Equity | 1,512,929 | 1,488,195 |
Noncontrolling Interests | 19,944 | 15,652 |
Total Equity | 1,532,873 | 1,503,847 |
Total Liabilities and Equity | $ 4,020,269 | $ 4,193,911 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowances for trade accounts receivable | $ 11,069 | $ 8,547 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 100,944,000 | 100,603,000 |
Common stock, shares outstanding | 100,944,000 | 100,603,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Sales | $ 4,964,369 | $ 5,016,994 | $ 4,861,657 |
Cost of sales | 4,034,947 | 4,109,108 | 4,000,013 |
Gross profit | 929,422 | 907,886 | 861,644 |
Selling, general and administrative expenses | 496,241 | 506,996 | 487,171 |
Restructuring/Asset impairment charges | 50,637 | 22,792 | 25,038 |
Income before interest and income taxes | 382,544 | 378,098 | 349,435 |
Interest expense | 56,973 | 55,140 | 59,913 |
Interest income | 2,375 | 2,749 | 3,187 |
Income before income taxes | 327,946 | 325,707 | 292,709 |
Provision for income taxes | 87,738 | 108,758 | 93,631 |
Income before equity in earnings of affiliates | 240,208 | 216,949 | 199,078 |
Equity in earnings of affiliates, net of tax | 10,416 | 9,886 | 12,029 |
Net income | 250,624 | 226,835 | 211,107 |
Net (income) attributable to noncontrolling interests | (488) | (919) | (1,282) |
Net income attributable to Sonoco | $ 250,136 | $ 225,916 | $ 209,825 |
Weighted average common shares outstanding: | |||
Basic | 101,482,000 | 102,215,000 | 102,577,000 |
Assuming exercise of awards | 910,000 | 957,000 | 671,000 |
Diluted outstanding shares | 102,392,000 | 103,172,000 | 103,248,000 |
Net income attributable to Sonoco: | |||
Basic (usd per share) | $ 2.46 | $ 2.21 | $ 2.05 |
Diluted (usd per share) | 2.44 | 2.19 | 2.03 |
Cash dividends (usd per share) | $ 1.37 | $ 1.27 | $ 1.23 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Partners Capital And Distributions [Line Items] | |||
Net income | $ 250,624 | $ 226,835 | $ 211,107 |
Other comprehensive income/(loss): | |||
Foreign currency translation adjustments | (129,652) | (103,447) | (29,147) |
Changes in defined benefit plans, net of tax | 31,042 | (130,664) | 144,754 |
Change in derivative financial instruments, net of tax | 810 | (5,700) | 6,465 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (97,800) | (239,811) | 122,072 |
Comprehensive income | 152,824 | (12,976) | 333,179 |
Net (income) attributable to noncontrolling interests | (488) | (919) | (1,282) |
Other comprehensive loss/(income) attributable to noncontrolling interests | 4,118 | 829 | 922 |
Comprehensive income attributable to Sonoco | $ 156,454 | $ (13,066) | $ 332,819 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY - USD ($) $ in Thousands | Total | Common stocks | Capital in Excess of Stated Value | Accumulated Other Comprehensive Loss | Retained Earnings | Non-controlling Interests |
Beginning Balance at Dec. 31, 2012 | $ 1,487,538 | $ 7,175 | $ 445,492 | $ (492,863) | $ 1,513,506 | $ 14,228 |
Beginning Balance, Shares at Dec. 31, 2012 | 100,847,000 | |||||
Net income | 211,107 | 209,825 | 1,282 | |||
Other comprehensive income/(loss): | ||||||
Translation gain (loss) | (29,147) | (28,225) | (922) | |||
Defined benefit plan adjustment | 144,754 | 144,754 | ||||
Derivative financial instruments | 6,465 | 6,465 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 122,072 | 122,994 | (922) | |||
Dividends | (126,366) | (126,366) | ||||
Issuance of stock awards | 27,465 | 27,465 | ||||
Issuance of stock awards, Shares | 2,008,000 | |||||
Shares repurchased | (27,239) | (27,239) | ||||
Shares repurchased, Shares | (708,000) | |||||
Stock-based compensation | 11,472 | 11,472 | ||||
Ending Balance at Dec. 31, 2013 | 1,706,049 | $ 7,175 | 457,190 | (369,869) | 1,596,965 | 14,588 |
Ending Balance, Shares at Dec. 31, 2013 | 102,147,000 | |||||
Net income | 226,835 | 225,916 | 919 | |||
Other comprehensive income/(loss): | ||||||
Translation gain (loss) | (103,447) | (102,618) | (829) | |||
Defined benefit plan adjustment | (130,664) | (130,664) | ||||
Derivative financial instruments | (5,700) | (5,700) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (239,811) | (238,982) | (829) | |||
Dividends | (129,990) | (129,990) | ||||
Issuance of stock awards | 10,491 | 10,491 | ||||
Issuance of stock awards, Shares | 583,000 | |||||
Shares repurchased | (87,800) | (87,800) | ||||
Shares repurchased, Shares | (2,127,000) | |||||
Stock-based compensation | 17,099 | 17,099 | ||||
Non-controlling interest from acquisition | 974 | 974 | ||||
Ending Balance at Dec. 31, 2014 | $ 1,503,847 | $ 7,175 | 396,980 | (608,851) | 1,692,891 | 15,652 |
Ending Balance, Shares at Dec. 31, 2014 | 100,603,000 | 100,603,000 | ||||
Net income | $ 250,624 | 250,136 | 488 | |||
Other comprehensive income/(loss): | ||||||
Translation gain (loss) | (129,652) | (125,534) | (4,118) | |||
Defined benefit plan adjustment | 31,042 | 31,042 | ||||
Derivative financial instruments | 810 | 810 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (97,800) | (93,682) | (4,118) | |||
Dividends | (139,200) | (139,200) | ||||
Issuance of stock awards | 6,091 | 6,091 | ||||
Issuance of stock awards, Shares | 514,000 | |||||
Shares repurchased | (7,868) | (7,868) | ||||
Shares repurchased, Shares | (173,000) | |||||
Stock-based compensation | 9,257 | 9,257 | ||||
Non-controlling interest from acquisition | 7,922 | 7,922 | ||||
Ending Balance at Dec. 31, 2015 | $ 1,532,873 | $ 7,175 | $ 404,460 | $ (702,533) | $ 1,803,827 | $ 19,944 |
Ending Balance, Shares at Dec. 31, 2015 | 100,944,000 | 100,944,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net income | $ 250,624 | $ 226,835 | $ 211,107 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Asset impairment | 24,408 | 8,155 | 8,238 |
Depreciation, depletion and amortization | 213,161 | 198,718 | 197,671 |
Share-based compensation expense | 9,257 | 17,099 | 11,472 |
Equity in earnings of affiliates | (10,416) | (9,886) | (12,029) |
Cash dividends from affiliated companies | 8,131 | 9,809 | 13,631 |
Gain on disposition of assets | (5,719) | (2,103) | (493) |
Pension and postretirement plan expense | 57,308 | 40,435 | 61,946 |
Pension and postretirement plan contributions | (36,009) | (65,944) | (42,007) |
Tax effect of share-based compensation exercises | 3,601 | 3,918 | 11,462 |
Excess tax benefit of share-based compensation | (3,622) | (4,126) | (12,456) |
Net (decrease) increase in deferred taxes | (3,737) | 38,760 | 35,660 |
Change in assets and liabilities, net of effects from acquisitions, dispositions and foreign currency adjustments | |||
Trade accounts receivable | (15,398) | (35,920) | 162 |
Inventories | (2,567) | 6,230 | (32,527) |
Payable to suppliers | 12,349 | 26,850 | 71,009 |
Prepaid expenses | (6,766) | (13,282) | (1,993) |
Accrued expenses | 15,299 | (8,713) | 9,025 |
Income taxes payable and other income tax items | (17,118) | (1,111) | 6,063 |
Fox River environmental reserves | (33,878) | (14,349) | (1,848) |
Other assets and liabilities | (5,978) | (3,460) | 3,934 |
Net cash provided by operating activities | 452,930 | 417,915 | 538,027 |
Cash Flows from Investing Activities | |||
Purchase of property, plant and equipment | (192,295) | (177,076) | (172,442) |
Cost of acquisitions, net of cash acquired | (17,447) | (334,132) | (4,005) |
Proceeds from the sale of assets | 32,530 | 7,758 | 10,511 |
Investment in affiliates and other | (2,657) | (3,983) | (3,517) |
Net cash used by investing activities | (179,869) | (507,433) | (169,453) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of debt | 68,182 | 294,846 | 57,952 |
Principal repayment of debt | (182,900) | (49,624) | (294,347) |
Net decrease in commercial paper borrowings | 0 | 0 | (152,000) |
Net (decrease) increase in outstanding checks | (684) | 1,335 | (2,825) |
Cash dividends – common | (138,032) | (128,793) | (124,845) |
Excess tax benefit of share-based compensation | 3,622 | 4,126 | 12,456 |
Shares acquired | (7,868) | (87,800) | (27,239) |
Shares issued | 1,324 | 5,373 | 15,781 |
Net cash (used) provided by financing activities | (256,356) | 39,463 | (515,067) |
Effects of Exchange Rate Changes on Cash | 4,561 | (6,344) | (9,024) |
Increase (Decrease) in Cash and Cash Equivalents | 21,266 | (56,399) | (155,517) |
Cash and cash equivalents at beginning of year | 161,168 | 217,567 | 373,084 |
Cash and cash equivalents at end of year | 182,434 | 161,168 | 217,567 |
Supplemental Cash Flow Disclosures | |||
Interest paid, net of amounts capitalized | 57,551 | 54,496 | 60,772 |
Income taxes paid, net of refunds | $ 104,922 | $ 67,192 | $ 40,446 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Significant Accounting Policies | Summary of significant accounting policies Basis of presentation The Consolidated Financial Statements include the accounts of Sonoco Products Company and its majority-owned subsidiaries (the “Company” or “Sonoco”) after elimination of intercompany accounts and transactions. Investments in affiliated companies in which the Company shares control over the financial and operating decisions, but in which the Company is not the primary beneficiary, are accounted for by the equity method of accounting. Income applicable to these equity investments is reflected in “Equity in earnings of affiliates, net of tax” in the Consolidated Statements of Income. The aggregate carrying value of equity investments is reported in “Other Assets” in the Company’s Consolidated Balance Sheets and totaled $111,051 and $114,063 at December 31, 2015 and 2014 , respectively. Affiliated companies over which the Company exercised a significant influence at December 31, 2015 , included: Entity Ownership Interest Percentage at December 31, 2015 RTS Packaging JVCO 35.0 % Cascades Conversion, Inc. 50.0 % Cascades Sonoco, Inc. 50.0 % Showa Products Company Ltd. 20.0 % Conitex Sonoco Holding BVI Ltd. 30.0 % Weidenhammer New Packaging, LLC 40.0 % Myrpress Group, LLC 40.0 % Also included in the investment totals above is the Company’s 19.5% ownership in a small tubes and cores business in Chile and its 12.19% ownership in a small paper recycling business in Finland. These investments are accounted for under the cost method as the Company does not exercise significant influence over them. Estimates and assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue recognition The Company records revenue when title and risk of ownership pass to the customer, and when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price to the customer is fixed or determinable and when collectibility is reasonably assured. Certain judgments, such as provisions for estimates of sales returns and allowances, are required in the application of the Company’s revenue policy and, therefore, are included in the results of operations in its Consolidated Financial Statements. Shipping and handling expenses are included in “Cost of sales,” and freight charged to customers is included in “Net sales” in the Company’s Consolidated Statements of Income. The Company has rebate agreements with certain customers. These rebates are recorded as reductions of sales and are accrued using sales data and rebate percentages specific to each customer agreement. Accrued customer rebates are included in “Accrued expenses and other” in the Company's Consolidated Balance Sheets. Accounts receivable and allowance for doubtful accounts The Company’s trade accounts receivable are non-interest bearing and are recorded at the invoiced amounts. The allowance for doubtful accounts represents the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. Provisions are made to the allowance for doubtful accounts at such time that collection of all or part of a trade account receivable is in question. The allowance for doubtful accounts is monitored on a regular basis and adjustments are made as needed to ensure that the account properly reflects the Company’s best estimate of uncollectible trade accounts receivable. Account balances are charged off against the allowance for doubtful accounts when the Company determines that the receivable will not be recovered. Sales to one of the Company’s customers accounted for approximately 6% of the Company’s net sales in 2015 , 7% in 2014 and 7% in 2013 , primarily in the Display and Packaging and Consumer Packaging segments. Receivables from this customer accounted for approximately 6% and 7% of the Company’s total trade accounts receivable at December 31, 2015 and 2014 , respectively. The Company’s next largest customer comprised approximately 4% of the Company’s net sales in 2015 , 3% in 2014 and 5% in 2013 . Many of the Company’s customers sponsor and actively promote multi-vendor supply chain finance arrangements and, in a limited number of cases, the Company has agreed to participate. Accordingly, approximately 5% and 3% of consolidated annual sales were settled under these arrangements in 2015 and 2014, respectively. Research and development Research and development costs are charged to expense as incurred and include salaries and other directly related expenses. Research and development costs totaling approximately $22,100 in 2015 , $24,200 in 2014 and $20,100 in 2013 are included in “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income. Restructuring and asset impairment Costs associated with exit or disposal activities are recognized when the liability is incurred. If assets become impaired as a result of a restructuring action, the assets are written down to fair value, less estimated costs to sell, if applicable. A number of significant estimates and assumptions are involved in the determination of fair value. The Company considers historical experience and all available information at the time the estimates are made; however, the amounts that are ultimately realized upon the sale of divested assets may differ from the estimated fair values reflected in the Company’s Consolidated Financial Statements. Cash and cash equivalents Cash equivalents are composed of highly liquid investments with an original maturity to the Company of three months or less when purchased. Cash equivalents are recorded at cost, which approximates market. Inventories Inventories are stated at the lower of cost or market. The last-in, first-out (LIFO) method is used for the valuation of certain of the Company’s domestic inventories, primarily metal, internally manufactured paper and paper purchased from third parties. The LIFO method of accounting was used to determine the carrying costs of approximately 19% and 16% of total inventories at December 31, 2015 and 2014 , respectively. The remaining inventories are determined on the first-in, first-out (FIFO) method. If the FIFO method of accounting had been used for all inventories, total inventory would have been higher by $18,894 and $17,908 at December 31, 2015 and 2014 , respectively. Property, plant and equipment Plant assets represent the original cost of land, buildings and equipment, less depreciation, computed under the straight-line method over the estimated useful lives of the assets, and are reviewed for impairment whenever events indicate the carrying value may not be recoverable. Equipment lives generally range from 3 to 11 years , and buildings from 15 to 40 years . Timber resources are stated at cost. Depletion is charged to operations based on the estimated number of units of timber cut during the year. Goodwill and other intangible assets The Company assesses its 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. In performing the impairment test, the Company uses either a qualitative evaluation or a quantitative test. The qualitative evaluation considers factors such as the macroeconomic environment, Company stock price and market capitalization movement, business strategy changes, and significant customer wins and losses. The quantitative test considers factors such as the amount by which estimated fair value exceeds current carrying value, current year operating performance as compared to prior projections, and implied fair values from comparable trading and transaction multiples. Calculated reporting unit estimated fair values reflect 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 estimated fair values. When the Company estimates the fair value of a reporting unit, it does so using a discounted cash flow model based on projections of future years' operating results and associated cash flows, together with comparable trading and transaction multiples. The Company's projections incorporate management's best estimates of the expected future results, which include expectations related to new business, and, where applicable, improved operating margins. Management's projections related to revenue growth and/or margin improvements arise from a combination of factors, including expectations for volume growth with existing customers, product expansion, improved price/cost, productivity gains, fixed cost leverage, improvement in general economic conditions, increased operational capacity, and customer retention. Projected future cash flows are then discounted to present value using a discount rate management believes is commensurate with the risks inherent in the cash flows. If the fair value of a reporting unit exceeds the carrying value of the reporting unit’s assets, including goodwill, there is no impairment. If not, and the carrying value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment charge is recognized for the excess. Goodwill is not amortized. Intangible assets are amortized, usually on a straight-line basis, over their respective useful lives, which generally range from 3 to 40 years . The Company evaluates its intangible assets for impairment whenever indicators of impairment exist. The Company has no intangibles with indefinite lives. Income taxes The Company provides for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting requirements and tax laws. Assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Derivatives The Company uses derivatives to mitigate the effect of fluctuations in some of its raw material and energy costs, foreign currencies, and, from time to time, interest rates. The Company purchases commodities such as recovered paper, metal, resins and energy generally at market or at fixed prices that are established with the vendor as part of the purchase process for quantities expected to be consumed in the ordinary course of business. The Company may enter into commodity futures or swaps to manage the effect of price fluctuations. The Company may use foreign currency forward contracts and other risk management instruments to manage exposure to changes in foreign currency cash flows and the translation of monetary assets and liabilities on the Company’s consolidated financial statements. The Company is exposed to interest-rate fluctuations as a result of using debt as a source of financing for its operations. The Company may from time to time use traditional, unleveraged interest rate swaps to adjust its mix of fixed and variable rate debt to manage its exposure to interest rate movements. The Company records its derivatives as assets or liabilities on the balance sheet at fair value using published market prices or estimated values based on current price and/or rate quotes and discounted estimated cash flows. Changes in the fair value of derivatives are recognized either in net income or in other comprehensive income, depending on the designated purpose of the derivative. Amounts in accumulated other comprehensive income are reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. It is the Company’s policy not to speculate in derivative instruments. Reportable segments The Company identifies its reportable segments by evaluating the level of detail reviewed by the chief operating decision maker, gross profit margins, nature of products sold, nature of the production processes, type and class of customer, methods used to distribute products, and nature of the regulatory environment. Of these factors, the Company believes that the most significant are the nature of the products and the type of customers served. Contingencies Pursuant to U.S. GAAP for accounting for contingencies, accruals for estimated losses are recorded at the time information becomes available indicating that losses are probable and that the amounts are reasonably estimable. Amounts so accrued are not discounted. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
New Accounting Pronouncements | New accounting pronouncements In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This update is effective for reporting periods beginning after December 15, 2017. As the majority of the Company's assets subject to the amendment are equity method investments, implementation of this update will not have a material impact on the Company's consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This update is effective for reporting periods beginning after December 15, 2016, but the Company has elected to adopt this guidance prospectively as of December 31, 2015. As a result, the Company has classified all deferred tax liabilities and assets as noncurrent in the Consolidated Balance Sheet at December 31, 2015. Prior periods have not been retrospectively adjusted. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments," which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in provisional amounts, calculated as if the accounting had been completed at the acquisition date. This guidance requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This update is effective for reporting periods beginning after December 15, 2015, but the Company has elected to adopt this guidance prospectively as of December 31, 2015. As set forth in Note 3 below, the Company has reflected the adjustment of certain provisional amounts related to its October 2014 acquisition of Weidenhammer Packaging Group in its Consolidated Balance Sheet at December 31, 2015. These adjustments were not material to the Company's consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory," which requires that inventory be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventory measured using last-in, first-out or the retail inventory method are excluded from the scope of this update which is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The new guidance does not represent a change from the Company’s current policy to measure inventory at lower of cost or market; therefore, implementation of ASU 2015-11 will not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which 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," which changes the definitions/criteria used to determine when revenue should be recognized from being based on risks and rewards to being based on control. Among other changes, ASU 2014-09 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. The effective date for implementation of ASU 2014-09 has been deferred and is now effective for reporting periods beginning after December 15, 2017. The Company is still assessing the impact of ASU 2014-09 on its consolidated financial statements. Other than the pronouncements discussed above, 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 December 31, 2015 , there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company completed two acquisitions during 2015 at an aggregate cost of $21,184 , of which $17,447 was paid in cash. On April 1, 2015, the Company completed the acquisition of a 67% controlling interest in Graffo Paranaense de Embalagens S/A ("Graffo"), a flexible packaging business located in Brazil. Graffo serves the confectionery, dairy, pharmaceutical and tobacco markets in Brazil with approximately 230 employees. It is expected to generate annual sales of approximately $22,000 . Total consideration paid for Graffo was approximately $18,334 , including cash of $15,697 , and assumed debt of $2,637 . In conjunction with the Graffo acquisition, the Company recorded net tangible assets of $7,283 , goodwill of $8,533 (all of which is expected to be tax deductible), identifiable intangibles of $10,440 , and a noncontrolling interest of $7,922 . Factors comprising goodwill include the ability to leverage product offerings across a broader customer base and the value of the assembled workforce. On September 21, 2015, the Company acquired the high-density wood plug business from Smith Family Companies, Inc. Total consideration for the acquisition was $2,850 , including cash of $1,750 and a contingent purchase liability of $1,100 . The purchase price was allocated to the intangible assets acquired, including $2,750 to customer lists and $100 to a non-compete agreement. The Company will manufacture these wood plugs at its existing facility in Hartselle, Alabama. The acquisition, part of the Company's Paper and Industrial Converted Products segment, is expected to add approximately $3,700 of annual sales. The contingent liability will be paid within 30 days of the second anniversary of the acquisition if targeted levels of sales are maintained. The Company completed two acquisitions during 2014 at an aggregate cost of $366,280 , of which $334,132 was paid in cash. The most significant of these was the October 31, 2014, acquisition of the privately held 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. Markets served include processed foods, powdered beverages, tobacco, confectionery, personal care, pet food, pharmaceuticals, and home and garden products. Headquartered in Hockenheim, Germany, Weidenhammer has approximately 1,100 employees and operates 13 production facilities, including five in Germany, along with individual plants in Belgium, France, the Netherlands, the United Kingdom, the United States, Chile, Greece, and Russia. Total consideration paid for Weidenhammer was approximately $355,316 , including cash of $323,168 , and debt and other liabilities assumed totaling $32,148 . The acquisition was funded with proceeds from a new three -year term loan, along with existing cash on hand. Weidenhammer is expected to generate annualized sales of approximately $300,000 in the Company's Consumer Products segment. During 2015, the Company finalized its valuations of certain of the acquired Weidenhammer assets and liabilities based on information obtained about facts and circumstances that existed as of the acquisition date. As a result measurement period adjustments were made to the provisional fair values that increased long-term deferred income tax liabilities by $4,610 , increased accrued expenses and other by $476 , reduced property, plant and equipment by $326 and increased goodwill by $5,412 . Following is a summary of the fair values of the Weidenhammer assets acquired and liabilities assumed at the acquisition date, reflecting the post-acquisition measurement period adjustments noted above: Trade accounts receivable $ 32,935 Other receivables 2,215 Inventories 34,132 Prepaid expenses 1,657 Property, plant and equipment 161,149 Goodwill 109,727 Other intangible assets 71,682 Other assets 3,820 Payables to suppliers (12,631 ) Accrued expenses and other (23,110 ) Total debt (27,904 ) Pension and other postretirement benefits (2,969 ) Deferred income taxes, net (26,561 ) Noncontrolling interests (974 ) Total net assets $ 323,168 Of the $71,682 of acquired intangibles, $57,557 was assigned to customer relationships with an average expected life of 12 years and $12,151 to patents with an average expected life of 11 years. In addition, a total of $1,974 was assigned to trade names which the Company subsequently impaired as they are not expected to be utilized. The impairment charge was included in “Restructuring/Asset impairment charges” in the Company’s Consolidated Statements of Income for the year ended December 31, 2014. Goodwill recorded in connection with the Weidenhammer acquisition totaled $109,727 , of which approximately $22,000 is expected to be tax deductible. Factors comprising goodwill include efficiencies derived by the elimination of certain redundant functions and expenses due to synergies with our existing business, the ability to leverage product offerings across a broader customer base, and the value of the assembled workforce. On May 2, 2014, the Company completed the acquisition of Dalton Paper Products, Inc., a manufacturer of tubes and cores, for a net cash cost of $11,286 . The acquisition consisted of a single manufacturing facility located in Dalton, Georgia, and is expected to generate annual sales of approximately $20,000 for the Paper and Industrial Converted Products segment. In connection with this acquisition, the Company recorded net tangible assets of $4,656 , identifiable intangibles of $3,380 , and goodwill of $3,250 . The goodwill is not deductible for income tax purposes. Also during 2014, the Company received cash totaling $322 in connection with the final working capital settlement related to a 2013 acquisition. During 2013, the Company completed three acquisitions at an aggregate cost of $4,005 in cash. These acquisitions consisted of Imagelinx, a global brand artwork management business in the United Kingdom, a small tubes and cores business in Australia, and a small recycling broker in the United States. The all-cash purchase price of Imagelinx, including the cost of paying off various obligations, was $3,024 . In conjunction with this acquisition, the Company recorded net tangible assets of $2,228 and goodwill of $796 , the majority of which is expected to be tax deductible. The aggregate all-cash purchase price for the other businesses was $981 . In conjunction with these acquisitions, the Company recorded net tangible assets of $909 and identifiable intangibles of $72 . These acquisitions are expected to generate annual sales of approximately $12,500 ( $10,000 in the Consumer Packaging segment and $2,500 in the Paper and Industrial Converted Products segment). Also during 2013, the Company purchased a minority ownership in a small paper recycling business in Finland. The all-cash cost of this investment was $3,628 . Acquisition-related costs of $1,663 , $9,221 and $484 were incurred in 2015 , 2014 and 2013 , respectively. These costs, consisting primarily of legal and professional fees, are included in “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income. The Company has accounted for these acquisitions as business combinations under the acquisition method of accounting, in accordance with the business combinations subtopic of the Accounting Standards Codification and, accordingly, has included their results of operations in the Company’s consolidated statements of net income from the respective dates of acquisition. |
Restructuring and Asset Impairm
Restructuring and Asset Impairment | 12 Months Ended |
Dec. 31, 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 December 31, 2015 , are reported as “ 2013 and Earlier Actions.” Following are the total restructuring and asset impairment charges, net of adjustments, recognized by the Company during the periods presented: Year Ended December 31 2015 2014 2013 Restructuring/Asset impairment: 2015 Actions $ 35,837 $ — $ — 2014 Actions 2,014 15,279 — 2013 and Earlier Actions 721 2,809 25,038 Other asset impairments 12,065 4,704 — Restructuring/Asset impairment charges $ 50,637 $ 22,792 $ 25,038 Income tax benefit (22,641 ) (5,732 ) (6,774 ) Restructuring cost/(benefit) attributable to noncontrolling interests, net of tax (93 ) (52 ) 2 Total impact of restructuring/asset impairment charges, net of tax $ 27,903 $ 17,008 $ 18,266 Pretax restructuring and asset impairment charges are included in “Restructuring/Asset impairment charges” in the Consolidated Statements of Income. The Company expects to recognize future additional costs totaling approximately $3,300 in connection with previously announced restructuring actions. The Company believes that the majority of these charges will be incurred and paid by the end of 2016. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken. As noted below, the Company is attempting to sell a paper mill in France. Subsequent to December 31, 2015, the Company received a non-binding proposal from a prospective buyer for the purchase of this business. The proposal is subject to the results of an environmental review and other due diligence. If a sale is consummated under the current terms of this proposal, the Company estimates it would recognize a loss of approximately $15,000 . Should a sale not occur, the Company expects to pursue the closure of this facility in which case the Company estimates it would incur additional severance, liquidation and other closing-related costs in excess of $15,000 . 2015 Actions During 2015, the Company initiated the following restructuring actions in its Consumer Packaging segment: the closure of six rigid paper facilities ( two in the United States, one in Canada, one in Russia, one in Germany, and one in the United Kingdom); the closure of a production line at a thermoforming plant in the United States; and the sale of a portion of its metal ends and closures business in the United States. Restructuring actions initiated in the Paper and Industrial Converted Products segment include the closures of a tubes and cores plant and a recycling business in the United States. The Company also recognized an asset impairment charge related to the potential disposition of a paper mill in France. Restructuring actions initiated in the Display and Packaging segment consisted of the closure of a printed backer card facility in the United States. In addition, the Company continued to realign its cost structure, resulting in the elimination of approximately 235 positions. Below is a summary of 2015 Actions and related expenses by type incurred and estimated to be incurred through completion. 2015 Actions Year Ended December 31, 2015 Estimated Total Cost Severance and Termination Benefits Consumer Packaging $ 15,047 $ 16,847 Display and Packaging 1,115 1,115 Paper and Industrial Converted Products 8,479 8,479 Protective Solutions 39 39 Corporate 2,775 2,775 Asset Impairment/Disposal of Assets Consumer Packaging (4,303 ) (4,303 ) Display and Packaging 474 474 Paper and Industrial Converted Products 10,198 10,198 Other Costs Consumer Packaging 1,400 2,550 Display and Packaging 351 401 Paper and Industrial Converted Products 251 351 Corporate 11 11 Total Charges and Adjustments $ 35,837 $ 38,937 The following table sets forth the activity in the 2015 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Consolidated Balance Sheets: 2015 Actions Severance and Termination Benefits Asset Impairment/ Disposal of Assets Other Costs Total Liability, December 31, 2014 $ — $ — $ — $ — 2015 charges 27,455 6,369 2,013 35,837 Cash receipts/(payments) (11,856 ) 29,145 (2,013 ) 15,276 Asset write downs/disposals — (35,514 ) — (35,514 ) Foreign currency translation (223 ) — — (223 ) Liability, December 31, 2015 $ 15,376 $ — $ — $ 15,376 Included in "Asset Impairment/Disposal of Assets" above is a gain of $ 7,224 from the sale of a portion of the Company's metal ends and closures business, consisting of 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 $ 7,158 , 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 $ 10,100 . Also included are charges for the impairment of fixed assets totaling $ 6,688 related to the potential disposition of a paper mill in France and impairments related to the closure of a recycling business in the United States including goodwill of $ 1,686 and other intangible assets of $ 1,251 . Additional impairments of fixed assets totaling $ 3,985 were recognized from restructuring actions initiated in 2015. "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 2016 using cash generated from operations. 2014 Actions During 2014, the Company announced the closures of a tubes and cores 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 type incurred and estimated to be incurred through completion. Year Ended December 31, Total Incurred to Date Estimated Total Cost 2014 Actions 2015 2014 Severance and Termination Benefits Consumer Packaging $ 836 $ 850 $ 1,686 $ 1,686 Display and Packaging (9 ) 594 585 585 Paper and Industrial Converted Products 44 3,277 3,321 3,321 Protective Solutions (14 ) 761 747 747 Asset Impairment/Disposal of Assets Consumer Packaging — 2,446 2,446 2,446 Paper and Industrial Converted Products — 781 781 781 Protective Solutions 133 335 468 468 Other Costs Consumer Packaging 90 5,246 5,336 5,336 Display and Packaging 21 5 26 26 Paper and Industrial Converted Products 381 647 1,028 1,078 Protective Solutions 532 337 869 919 Total Charges and Adjustments $ 2,014 $ 15,279 $ 17,293 $ 17,393 The following table sets forth the activity in the 2014 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Consolidated Balance Sheets: 2014 Actions Severance and Termination Benefits Asset Impairment/ Disposal of Assets Other Costs Total Liability, December 31, 2013 $ — $ — $ — $ — 2014 charges 5,482 3,562 6,235 15,279 Cash receipts/(payments) (4,574 ) 174 (5,767 ) (10,167 ) Asset write downs/disposals — (3,736 ) — (3,736 ) Foreign currency translation (49 ) — (5 ) (54 ) Liability, December 31, 2014 $ 859 $ — $ 463 $ 1,322 2015 charges 1,048 133 1,076 2,257 Adjustments (191 ) — (52 ) (243 ) Cash receipts/(payments) (1,703 ) — (1,473 ) (3,176 ) Asset write downs/disposals — (133 ) — (133 ) Foreign currency translation (3 ) — (14 ) (17 ) Liability, December 31, 2015 $ 10 $ — $ — $ 10 “Other Costs” in 2015 consist primarily of costs related to plant closures including equipment removal, utilities, plant security, property taxes and insurance. The majority of "Other Costs” in 2014 consisted of lease termination fees of $3,633 and cancellation fees on assets under construction of $1,135 related to the Company’s decision not to continue with the planned start up of a composite can operation in Belgium following the Weidenhammer acquisition, and costs related to plant closures including equipment removal, utilities, plant security, property taxes and insurance. Included in "Asset Impairment/Disposal of Assets" in 2014 are non-cash charges stemming from the impairment of certain buildings and equipment associated with operations closed in 2014, including the impairment of certain assets under construction for a planned composite can facility in Belgium which will not be completed as a result of the Weidenhammer acquisition. The Company expects to pay the majority of the remaining 2014 Actions restructuring costs by the end of 2016 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. Below is a summary of 2013 and Earlier Actions and related expenses by type incurred. Year Ended December 31, 2013 and Earlier Actions 2015 2014 2013 Severance and Termination Benefits Consumer Packaging $ — $ 116 $ 5,166 Display and Packaging (112 ) 545 1,401 Paper and Industrial Converted Products 206 800 4,205 Protective Solutions — (222 ) 283 Corporate — (27 ) — Asset Impairment/Disposal of Assets Consumer Packaging — — 5,642 Display and Packaging — 191 165 Paper and Industrial Converted Products (101 ) (1,266 ) 393 Protective Solutions — 185 1,223 Other Costs Consumer Packaging — 56 3,395 Display and Packaging — 108 346 Paper and Industrial Converted Products 728 2,206 2,435 Protective Solutions — 117 350 Corporate — — 34 Total Charges and Adjustments $ 721 $ 2,809 $ 25,038 The following table sets forth the activity in the 2013 and Earlier Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Consolidated Balance Sheets: 2013 and Earlier Actions Severance and Termination Benefits Asset Impairment/ Disposal of Assets Other Costs Total Liability, December 31, 2013 $ 7,787 $ — $ 18 $ 7,805 2014 charges 2,203 744 3,716 6,663 Adjustments (991 ) (1,974 ) (889 ) (3,854 ) Cash receipts/(payments) (7,909 ) 2,861 (1,844 ) (6,892 ) Asset write downs/disposals — (1,631 ) — (1,631 ) Foreign currency translation (100 ) — (1 ) (101 ) Liability, December 31, 2014 $ 990 $ — $ 1,000 $ 1,990 2015 charges 208 240 859 1,307 Adjustments (114 ) (341 ) (131 ) (586 ) Cash receipts/(payments) (697 ) 341 (1,258 ) (1,614 ) Asset write downs/disposals — (240 ) — (240 ) Foreign currency translation (43 ) — — (43 ) Liability, December 31, 2015 $ 344 $ — $ 470 $ 814 “Other Costs” include costs related to plant closures including equipment removal, utilities, plant security, property taxes and insurance. “Other Costs” in 2014 also include costs related to the demolition and cleanup costs at two former paper mills in the United States. These sites were closed in 2009 and 2008, respectively. The Company expects to recognize future pretax charges of approximately $100 associated with 2013 and Earlier Actions. "Adjustments"' in 2014 include the favorable impact of settling severance obligations for less than originally anticipated, gains from the sales of the land and building at a former tubes and cores facility in New Zealand, a former blowmolding facility in Canada, and a former rigid paper facility in the United States, all of which were closed in prior years. The accrual for 2013 and Earlier Actions relates primarily to environmental remediation costs at a former paper mill in the United States. The Company expects to pay the majority of the remaining 2013 and Earlier Actions restructuring costs by the end of 2016 using cash generated from operations. Other Asset Impairments In addition to the restructuring charges discussed above, as a result of recent significant inflationary increases, and to avoid distortion of its consolidated results from translation of its Venezuelan operations, during the third quarter of 2015 the Company began translating its Venezuelan operations using the most current published Venezuelan exchange rate (the SIMADI rate) of 198 bolivars to the dollar rather than continue using the official rate of 6.3 bolivars to 1 U.S. dollar. This resulted in a foreign exchange remeasurement loss on net monetary assets. In addition, the use of the significantly higher SIMADI rate resulted in the need to recognize impairment charges against inventories and certain long-term nonmonetary assets as the U.S. dollar value of projected future cash flows from these assets was no longer sufficient to recover their U.S. dollar carrying values. The combined impact of the impairment charges and remeasurement loss was $ 12,065 on both a before and after-tax basis. The Company recorded a pretax asset impairment charge of $2,730 in the third quarter of 2014 to write off the customer list obtained in the 2008 acquisition of a small packaging fulfillment business included in the Company's Display and Packaging segment. This business provided display assembly and fulfillment services to a single customer in the pharmaceutical industry. As a result of losing this business, the Company has impaired the remaining unamortized balance of the customer list. In the fourth quarter of 2014, the Company recorded an additional pretax impairment charge of $1,974 related to assets purchased in its acquisition of Weidenhammer Packaging Group. The Company intends to discontinue the use of the acquired company's trade name and has determined that the fair value of the affected asset has been impaired. These asset impairment charges are included in “Restructuring/Asset impairment charges” in the Company’s Consolidated Statements of Income. |
Book Overdrafts and Cash Poolin
Book Overdrafts and Cash Pooling | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Book Overdrafts and Cash Pooling | Book overdrafts and cash pooling At December 31, 2015 and 2014 , outstanding checks totaling $10,148 and $9,839 , respectively, were included in “Payable to suppliers” on the Company’s Consolidated Balance Sheets. In addition, outstanding payroll checks of $37 and $1,030 as of December 31, 2015 and 2014 , respectively, were included in “Accrued wages and other compensation” on the Company’s Consolidated Balance Sheets. The Company uses a notional pooling arrangement with an international bank to help manage global liquidity requirements. Under this pooling arrangement, the Company and its participating subsidiaries may maintain either cash deposit or borrowing positions through local currency accounts with the bank, so long as the aggregate position of the global pool is a notionally calculated net cash deposit. Because it maintains a security interest in the cash deposits, and has the right to offset the cash deposits against the borrowings, the bank provides the Company and its participating subsidiaries favorable interest terms on both. The Company’s Consolidated Balance Sheets reflect a net cash deposit under this pooling arrangement of $22,905 and $18,679 as of December 31, 2015 and 2014 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment Details of the Company's property, plant and equipment at December 31 are as follows: 2015 2014 Land $ 84,811 $ 86,453 Timber resources 41,152 40,548 Buildings 479,845 483,607 Machinery and equipment 2,796,257 2,851,049 Construction in progress 116,081 103,214 3,518,146 3,564,871 Accumulated depreciation and depletion (2,406,110 ) (2,416,264 ) Property, plant and equipment, net $ 1,112,036 $ 1,148,607 Estimated costs for completion of capital additions under construction totaled approximately $78,035 at December 31, 2015 . Depreciation and depletion expense amounted to $179,888 in 2015 , $169,911 in 2014 and $169,400 in 2013 . The Company has certain properties and equipment that are leased under noncancelable operating leases. Future minimum rentals under noncancelable operating leases with terms of more than one year are as follows: 2016 – $44,477 ; 2017 – $37,368 ; 2018 – $28,920 ; 2019 – $20,825 ; 2020 – $13,915 and thereafter – $21,381 . Total rental expense under operating leases was approximately $72,400 in 2015 , $70,300 in 2014 and $68,500 in 2013 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and other intangible assets Goodwill The changes in the carrying amount of goodwill by segment for the year ended December 31, 2015 , are as follows: Consumer Packaging Display and Packaging Paper and Industrial Converted Products Protective Solutions Total Balance as of January 1, 2015 $ 508,582 $ 204,629 $ 243,586 $ 221,165 $ 1,177,962 Acquisitions 13,945 — — — 13,945 Dispositions (1,727 ) — — — (1,727 ) Other — — (1,685 ) — (1,685 ) Foreign currency translation (33,458 ) — (14,576 ) — (48,034 ) Balance as of December 31, 2015 $ 487,342 $ 204,629 $ 227,325 $ 221,165 $ 1,140,461 In April 2015, the Company acquired a majority ownership in a flexible packaging business in Brazil. In connection with this acquisition, the Company recorded $8,533 of goodwill. In addition, measurement period adjustments were made in 2015 to the provisional fair values of the assets acquired and liabilities assumed in the October 2014 acquisition of Weidenhammer. These measurement period adjustments resulted in the recognition of $5,412 of additional goodwill. See Note 3 for additional information. 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. In addition, the Company impaired $(1,685) of goodwill following the announced closure of a small recycling business in South Carolina. See Note 4 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. The Company completed its most recent annual goodwill impairment testing during the third quarter of 2015. Goodwill is tested for impairment using either a qualitative evaluation or a quantitative test. The qualitative evaluation considers factors such as the macroeconomic environment, Company stock price and market capitalization movement, business strategy changes, and significant customer wins and losses. The quantitative test considers factors such as the amount by which estimated fair value exceeds current carrying value, current year operating performance as compared to prior projections, and implied fair values from comparable trading and transaction multiples. Based on the results of its qualitative and quantitative assessments, the Company concluded that there was no impairment of goodwill for any of its reporting units. When calculated, reporting unit estimated fair values reflect 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 estimated fair values. When the Company estimates the fair value of a reporting unit, it does so using a discounted cash flow model based on projections of future years' operating results and associated cash flows, together with comparable trading and transaction multiples. The Company's projections incorporate management's best estimates of the expected future results, which include expectations related to new business, and, where applicable, improved operating margins. Management's projections related to revenue growth and/or margin improvements arise from a combination of factors, including expectations for volume growth with existing customers, product expansion, improved price/cost, productivity gains, fixed cost leverage, improvement in general economic conditions, increased operational capacity, and customer retention. Projected future cash flows are then discounted to present value using a discount rate management believes is commensurate with the risks inherent in the cash flows.Because the Company's assessments incorporate management's expectations for the future, including forecasted growth and/or margin improvements, if there are changes in the relevant facts and circumstances and/or expectations, management's assessment regarding goodwill impairment may change as well. In considering the level of uncertainty regarding the potential for goodwill impairment, management has concluded that any such impairment would likely be the result of adverse changes in more than one assumption. Although no reporting units failed the qualitative or quantitative assessments noted above, in management’s opinion, the reporting units 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 - Europe. Total goodwill associated with these reporting units was approximately $115,000 , $205,000 , and $85,000 , respectively, at December 31, 2015 . A large portion of sales in the Display and Packaging business is concentrated in one customer. Subsequent to the annual testing this customer informed the Company of its decision not to renew a contract to continue operating a packaging center in Irapuato, Mexico. This triggering event resulted in a reassessment of the most recent annual impairment test for the Display and Packaging reporting unit completed as of the third quarter of 2015. Accordingly, the Company reperformed the impairment analysis for this reporting unit taking into consideration the effect on sales and operating profit of the lower business volume and concluded that goodwill in the Display and Packaging reporting unit was not impaired. There have been no other triggering events subsequent to the completion of the annual goodwill impairment testing in the third quarter of 2015. Other intangible assets Details at December 31 are as follows: 2015 2014 Other Intangible Assets, Gross: Patents $ 12,716 $ 13,883 Customer lists 381,938 385,466 Trade names 19,246 19,366 Proprietary technology 17,738 17,786 Land use rights 297 320 Other 1,223 1,309 Other Intangible Assets, Gross $ 433,158 $ 438,130 Accumulated Amortization $ (188,063 ) $ (157,195 ) Other Intangible Assets, Net $ 245,095 $ 280,935 The Company recorded $13,521 of identifiable intangibles in connection with 2015 acquisitions, the vast majority of which related to customer lists. These customer lists will be amortized over lives ranging from 10 to 12 years. Aggregate amortization expense on intangible assets was $33,273 , $28,807 and $28,271 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Amortization expense on intangible assets is expected to approximate $32,900 in 2016 , $32,100 in 2017 , $31,400 in 2018 , $30,000 in 2019 and $28,300 in 2020 . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt at December 31 was as follows: 2015 2014 5.75% debentures due November 2040 $ 604,185 $ 604,353 4.375% debentures due November 2021 249,334 249,220 9.2% debentures due August 2021 4,321 4,321 5.625% debentures due June 2016 75,250 75,201 Term loan, due October 2017 150,000 250,000 Commercial paper, average rate of 0.39% in 2015 and 0.22% in 2014 — — Foreign denominated debt, average rate of 4.3% in 2015 and 4.6% in 2014 39,070 56,763 Other notes 12,791 13,307 Total debt 1,134,951 1,253,165 Less current portion and short-term notes 113,097 52,280 Long-term debt $ 1,021,854 $ 1,200,885 The Company operates a $350,000 commercial paper program, supported by a committed revolving bank credit facility of the same amount. In October 2014, the Company entered into a new credit agreement with a syndicate of eight banks for that revolving facility, together with a new $250,000 three -year term loan. The revolving bank credit facility is committed through October 2019. If circumstances were to prevent the Company from issuing commercial paper, it has the contractual right to draw funds directly on the underlying bank credit facility. The Company had no outstanding commercial paper at December 31, 2015 or 2014 . On October 30, 2014, the Company drew the $250,000 three-year term loan and used the proceeds from this borrowing, along with existing cash on hand, to fund the acquisition of Weidenhammer Packaging Group. The term loan has no amortization requirement, but repayment can be accelerated at any time at the discretion of the Company. During 2015, the Company repaid a total of $100,000 of the outstanding balance. Interest on the term loan is assessed at the London Interbank Offered Rate (LIBOR) plus 112.5 basis points. In addition to the $350,000 committed revolving bank credit facility, the Company had approximately $103,000 available under unused short-term lines of credit at December 31, 2015 . These short-term lines of credit are for general Company purposes, with interest at mutually agreed-upon rates. Certain of the Company’s debt agreements impose restrictions with respect to the maintenance of financial ratios and the disposition of assets. The most restrictive covenant currently requires the Company to maintain a minimum level of interest coverage, and a minimum level of net worth, as defined. As of December 31, 2015 , the Company had substantial tolerance above the minimum levels required under these covenants. The principal requirements of debt maturing in the next five years are: 2016 – $113,097 ; 2017 – $152,354 ; 2018 – $1,845 ; 2019 – $1,796 and 2020 – $1,759 . |
Financial Instruments and Deriv
Financial Instruments and Derivatives | 12 Months Ended |
Dec. 31, 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 where the carrying amount differs from the fair value. December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt $ 1,021,854 $ 1,088,316 $ 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 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 December 31, 2015 and 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. Commodity cash flow hedges The Company has entered into certain derivative contracts to manage some of the cost of anticipated purchases of natural gas, aluminum, old corrugated containers (OCC), and high impact polystyrene. At December 31, 2015 , natural gas swaps covering approximately 6.2 MMBTUs were outstanding. These contracts represent approximately 79% and 19% of anticipated U.S. and Canadian usage for 2016 and 2017, respectively. Additionally, the Company had swap contracts covering 2,983 metric tons of aluminum and 2,640 short tons of OCC, representing approximately 40% and less than 1% of anticipated usage for 2016, respectively. The total fair values of the Company’s commodity cash flow hedges were in net loss positions totaling $(3,611) and $(6,086) at December 31, 2015 and 2014 , respectively. The amount of the loss included in accumulated other comprehensive loss at December 31, 2015 , expected to be reclassified to the income statement during the next twelve months is $(3,265) . Foreign currency cash flow hedges The Company has entered into forward contracts to hedge certain anticipated foreign currency denominated sales and purchases forecasted to occur in 2015. The net positions of these contracts at December 31, 2015 , were as follows: Currency Action Quantity Colombian peso Purchase 6,592,383 Mexican peso Purchase 556,332 Canadian dollar Purchase 84,257 Russian ruble Purchase 3,538 Euro Sell (5,670 ) Turkish lira Purchase 1,330 New Zealand dollar Sell (1,016 ) Australian dollar Sell (1,787 ) British pound Purchase 4,452 Polish zloty Sell (2,295 ) The total net fair values of the Company’s foreign currency cash flow hedges were $(4,612) and $(3,526) at December 31, 2015 and 2014 , respectively. During 2015 and 2014, certain foreign currency cash flow hedges related to construction in progress were settled as the capital expenditures were made. A loss totaling $528 and a gain of $2 were reclassified from accumulated other comprehensive loss and netted against the carrying value of the capitalized expenditures during the years ended December 31, 2015 and 2014 , respectively. The amount of the loss included in accumulated other comprehensive loss at December 31, 2015 , expected to be reclassified to the income statement during the next twelve months is $(4,515) . 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 December 31, 2015 , were as follows: Currency Action Quantity Colombian peso Purchase 50,968,428 Mexican peso Purchase 224,287 Euro Purchase 25,339 Canadian dollar Purchase 18,827 The fair value of the Company’s other derivatives was $(2,180) and $(1,098) at December 31, 2015 and 2014 , respectively. The Company has determined all derivatives for which it has applied hedge accounting under ASC 815 to be highly effective and as a result no material ineffectiveness has been recorded during the periods presented. The following table sets forth the location and fair values of the Company’s derivative instruments: Fair Value at December 31 Description Balance Sheet Location 2015 2014 Derivatives designated as hedging instruments: Commodity Contracts Other assets $ 8 $ — Commodity Contracts Accrued expenses and other $ (3,425 ) $ (5,808 ) Commodity Contracts Other liabilities $ (194 ) $ (278 ) Foreign Exchange Contracts Prepaid expenses $ 156 $ 574 Foreign Exchange Contracts Accrued expenses and other $ (4,768 ) $ (4,100 ) Derivatives not designated as hedging instruments: Foreign Exchange Contracts Prepaid expenses $ 50 $ 68 Foreign Exchange Contracts Accrued expenses and other $ (2,230 ) $ (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. The following table sets forth the effect of the Company’s derivative instruments on financial performance for the twelve months ended December 31, 2015 , excluding the losses on foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to the carrying value of the capitalized expenditures: Description Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Derivatives in Cash Flow Hedging Relationships: Foreign Exchange Contracts $ (10,909 ) Net sales $ (21,454 ) Net sales $ — Cost of sales $ 12,154 Cost of sales $ — Commodity Contracts $ (7,258 ) Cost of sales $ (9,920 ) Cost of sales $ 213 Location of Gain or (Loss) Recognized in Income Statement Gain or (Loss) Recognized Derivatives not designated as hedging instruments: Foreign Exchange Contracts Cost of sales $ — Selling, general and administrative $ (6,638 ) The following table sets forth the effect of the Company’s derivative instruments on financial performance for the twelve months ended December 31, 2014 , excluding the gains on foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to the carrying value of the capitalized expenditures: Description Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Derivatives in Cash Flow Hedging Relationships: Foreign Exchange Contracts $ (5,266 ) Net sales $ (6,031 ) Net sales $ — Cost of sales $ 4,197 Cost of sales $ — Commodity Contracts $ (4,311 ) Cost of sales $ 1,445 Cost of sales $ (5 ) Location of Gain or (Loss) Recognized in Income Statement Gain or (Loss) Recognized Derivatives not designated as hedging instruments: Foreign Exchange Contracts Cost of sales $ — Selling, general and administrative $ (4,061 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair value measurements Fair value is defined as 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 tables set forth information regarding the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis: Description December 31, 2015 Level 1 Level 2 Level 3 Hedge derivatives, net: Commodity contracts $ (3,611 ) $ — $ (3,611 ) $ — Foreign exchange contracts (4,612 ) — (4,612 ) — Non-hedge derivatives, net: Foreign exchange contracts (2,180 ) — (2,180 ) — Deferred compensation plan assets 460 460 — Postretirement benefit plan assets: Common Collective Trust (f) 852,680 852,680 Mutual funds (a) 213,646 213,646 — Fixed income securities (b) 110,439 — 110,439 — Common stocks — — — Short-term investments (c) 3,304 2,056 1,248 — Hedge fund of funds (d) 81,746 — 81,746 — Real estate funds (e) 57,850 — 57,850 — Cash and accrued income 771 771 — — Total postretirement benefit plan assets $ 1,320,436 $ 2,827 $ 1,317,609 $ — Description December 31, 2014 Level 1 Level 2 Level 3 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 — — Postretirement benefit plan assets: Mutual funds(a) 782,211 129,028 653,183 — Fixed income securities(b) 438,067 — 438,067 — Common stocks 65,121 65,121 — — Short-term investments(c) 8,182 6,613 1,569 — Hedge fund of funds(d) 80,974 — 80,974 — Real estate funds(e) 49,700 — 49,700 — Cash and accrued income 3,906 3,906 — — Forward contracts 2,364 — 2,364 — Total postretirement benefit plan assets $ 1,430,525 $ 204,668 $ 1,225,857 $ — (a) Mutual fund investments are comprised predominantly of equity securities of U.S. corporations with large capitalizations and also include funds invested in corporate equities in international and emerging markets and funds invested in long-term bonds, which are valued at closing prices from national exchanges. (b) Fixed income securities include funds that invest primarily in U.S. Treasuries and long-term bonds. Investments are generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts. Fixed income commingled funds are valued at unit values provided by the investment managers, which are generally based on the fair value of the underlying investments. (c) Short-term investments include several money market funds used for managing overall liquidity. Investments are generally valued at closing prices from national exchanges. Commingled funds are valued at unit values provided by the investment managers, which are generally based on the fair value of the underlying investments. (d) The hedge fund of funds category includes investments in funds representing a variety of strategies intended to diversify risks and reduce volatility. It includes event-driven credit and equity investments targeted at economic policy decisions, long and short positions in U.S. and international equities, arbitrage investments and emerging market equity investments. Investments are valued at unit values or net asset values provided by the investment managers, which are based on the fair value of the underlying investments. (e) This category includes investments in real estate funds (including office, industrial, residential and retail) primarily throughout the United States. Real estate securities are generally valued at closing prices from national exchanges. Commingled funds, private securities, and limited partnerships are valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. (f) Common collective trust investments consist of domestic and international large and mid capitalization equities, including emerging markets and funds invested in both short-term and long-term bonds. Investments are generally valued at closing prices from national exchanges. Commingled funds, private securities, and limited partnerships are valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. The Company’s pension plan assets comprise more than 98% of its total postretirement benefit plan assets. The assets of the Company’s various pension plans and retiree health and life insurance plans are largely invested in the same funds and investments and in similar proportions and, as such, are not shown separately, but are combined in the tables above. Postretirement benefit plan assets are netted against postretirement benefit obligations to determine the funded status of each plan. The funded status is recognized in the Company’s Consolidated Balance Sheets as shown in Note 12. As discussed in Note 9, the Company uses derivatives to mitigate some of 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 and the 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 years ended December 31, 2015 or 2014 . |
Share-based Compensation Plans
Share-based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Plans | Share-based compensation plans The Company provides share-based compensation to certain employees and non-employee directors in the form of stock appreciation rights, restricted stock units and other share-based awards. Beginning in 2014, share-based awards were issued pursuant to the Sonoco Products Company 2014 Long-Term Incentive Plan (the “2014 Plan”), which became effective upon approval by the shareholders on April 16, 2014. Awards issued from 2012 through 2013 were issued pursuant to the Sonoco Products Company 2012 Long-Term Incentive Plan (the “2012 Plan”) and awards issued from 2009 through 2011 were issued pursuant to the Sonoco Products Company 2008 Long-Term Incentive Plan (the “2008 Plan”). Awards issued prior to 2009 were issued pursuant to the 1991 Key Employee Stock Plan (the “1991 Plan”) or the 1996 Non-Employee Directors Stock Plan (the “1996 Plan”). The maximum number of shares of common stock that may be issued under the 2014 Plan was set at 10,381,533 shares, which includes all shares remaining under the 2012 Plan and an additional 4,500,000 shares authorized under the 2014 Plan. Awards granted under all previous plans which are forfeited, expire or are cancelled without delivery of shares, or which result in forfeiture of shares back to the Company, will be added to the total shares available under the 2014 Plan. At December 31, 2015 , a total of 8,468,928 shares remain available for future grant under the 2014 Plan. The Company issues new shares for stock appreciation right exercises and stock unit conversions. The Company’s stock-based awards to non-employee directors have not been material. Accounting for share-based compensation Stock appreciation rights (SARs) granted in 2015 vest over three years on an equally-weighted graded basis and expense is recognized following the graded-vesting method over the required service period. Unvested SARs granted in 2015 are cancelable upon termination of employment, except in the case of death, disability, or involuntary termination within two years of a change in control. SARs granted prior to 2015 vested over one year . In the case of retirement, unvested SARs would continue to vest. Therefore, for SARs granted to retiree-eligible employees, the service completion date was considered to be the grant date and the expense associated with share-based compensation to these employees was recognized when granted. Total compensation cost for share-based payment arrangements was $9,257 , $17,099 and $11,472 , for 2015 , 2014 and 2013 , respectively. The related tax benefit recognized in net income was $3,379 , $6,414 , and $4,163 , for the same years, respectively. Share-based compensation expense is included in “Selling, general and administrative expenses” in the Consolidated Statements of Income. An “excess” tax benefit is created when the tax deduction for an exercised stock appreciation right, exercised stock option or converted stock unit exceeds the compensation cost that has been recognized in income. The excess tax benefit is not recognized on the income statement, but rather on the balance sheet as “Capital in excess of stated value.” The additional net excess tax benefit realized was $3,622 , $4,126 and $12,456 for 2015 , 2014 and 2013 , respectively. Stock appreciation rights Since 2006, the Company has granted stock appreciation rights (SARs) annually on a discretionary basis to key employees. These SARs are granted at market (have an exercise price equal to the closing market price on the date of the grant) and can be settled only in stock. The SARs granted in 2015 vest over three years and have 10 -year terms, while the SARs granted from 2006 through 2014 vested over one year and have seven -year terms. On February 11, 2015 , the Company granted to employees a total of 598,978 stock-settled SARs. All SARs were granted at the closing market price on the date of grant. As of December 31, 2015 , unrecognized compensation cost related to nonvested SARs totaled $1,674 . This cost will be recognized over the remaining weighted-average vesting period of approximately fourteen months . The weighted-average fair value of SARs granted was $6.49 , $4.72 and $6.57 per share in 2015 , 2014 and 2013 , respectively. The Company computed the estimated fair values of all SARs using the Black-Scholes option-pricing model applying the assumptions set forth in the following table: 2015 2014 2013 Expected dividend yield 2.8 % 3.0 % 3.9 % Expected stock price volatility 18.2 % 18.4 % 24.7 % Risk-free interest rate 1.7 % 1.2 % 0.6 % Expected life of SARs 6 years 4 years 4 years The assumptions employed in the calculation of the fair value of SARs were determined as follows: • Expected dividend yield – the Company’s annual dividend divided by the stock price at the time of grant. • Expected stock price volatility – based on historical volatility of the Company’s common stock measured weekly for a time period equal to the expected life. • Risk-free interest rate – based on U.S. Treasury yields in effect at the time of grant for maturities equal to the expected life. • Expected life – calculated using the simplified method as prescribed in U.S. GAAP, where the expected life is equal to the sum of the vesting period and the contractual term divided by two. The following tables summarize information about SARs outstanding and exercisable at December 31, 2015 . At December 31, 2015 , the fair market value of the Company’s stock used to calculate intrinsic value was $40.87 per share. SARs Vested and Expected to Vest Range of Exercise Prices Number Outstanding Weighted- average Remaining Contractual Life Weighted- average Exercise Price Aggregate Intrinsic Value $23.69 - $31.88 84,285 0.8 years $27.16 $ 1,155 $32.03 - $36.34 489,089 3.3 years $33.44 $ 3,633 $41.58 - $46.16 1,433,138 6.8 years $43.48 $ — $23.69 - $46.16 2,006,512 5.7 years $40.35 $ 4,788 SARs Exercisable Range of Exercise Prices Number Exercisable Weighted- average Remaining Contractual Life Weighted- average Exercise Price Aggregate Intrinsic Value $23.69 - $31.88 84,285 0.8 years $27.16 $ 1,155 $32.03 - $36.34 489,089 3.3 years $33.44 $ 3,633 $41.58 - $46.16 839,695 5.1 years $41.58 $ — $23.69 - $46.16 1,413,069 3.9 years $37.90 $ 4,788 The activity related to the Company’s SARs is as follows: Nonvested Vested Total Weighted- average Exercise Price Outstanding, December 31, 2014 956,270 1,401,374 2,357,644 $ 35.91 Vested (956,270 ) 956,270 — Granted 598,978 — 598,978 $ 46.16 Exercised — (929,205 ) (929,205 ) $ 32.92 Forfeited/Expired (5,535 ) (15,370 ) (20,905 ) $ 44.23 Outstanding, December 31, 2015 593,443 1,413,069 2,006,512 $ 40.35 The aggregate intrinsic value of options and SARs exercised during the years ended December 31, 2015 , 2014 and 2013 was $12,863 , $17,328 and $13,838 , respectively. Cash received by the Company on option exercises was $1,324 , $5,951 and $15,781 for the same years, respectively. Performance-based stock awards The Company grants performance contingent restricted stock units (PCSUs) annually on a discretionary basis to executive officers and certain key management employees. The ultimate number of PCSUs awarded is dependent upon the degree to which performance relative to defined targets related to earnings and return on net assets employed are achieved over a three-year performance cycle. Effective with the PCSUs granted in 2015, units awarded vest at the end of the three-year performance period if the respective performance targets are met. No units will be awarded if the performance targets are not met. For PCSUs granted in 2014 and earlier, units awarded vest at the end of the three-year performance period if the respective performance targets are met. In the event performance targets are not met, a minimum number of units are awarded and vest 50% at the end of four years and 50% at the end of five years. Regardless of grant date, upon vesting, PCSUs are convertible into common shares on a one-for-one basis. If a participant is not employed by the Company at the end of the performance period, no PCSU's will vest. However, in the event of the participant’s death, disability or retirement prior to full vesting, shares will be issued on a pro rata basis up through the time the participant’s employment or service ceases. For the awards granted in 2015 and 2014 , the total PCSUs that could ultimately vest ranges from 133,160 to 739,566 . The 2015 awards can range from 0 to 340,086 units and are tied to the three-year performance period ending December 31, 2017. The 2014 awards can range from 133,160 to 399,480 units and are tied to the three-year performance period ending December 31, 2016. The three-year performance cycle for the 2013 awards was completed on December 31, 2015 . Based on performance and the terms of the awards as of December 31, 2015, 205,673 stock units were determined to have been earned, all of which qualified for vesting on December 31, 2015 . The intrinsic value of these units was $2,687 as of December 31, 2015. The three-year performance cycle for the 2012 awards was completed on December 31, 2014 . Based on performance, 160,868 stock units were awarded. A total of 144,780 stock units qualified for vesting on December 31, 2014 with an intrinsic value of $4,059 . A total of 8,044 units vested on December 31, 2015 with an intrinsic value of $105 . The remaining 8,044 units will vest on December 31, 2016. The three-year performance cycle for the 2011 awards was completed on December 31, 2013. Based on performance, 123,414 stock units were awarded. A total of 61,707 stock units vested on December 31, 2014 , with the remaining 61,707 stock units vesting on December 31, 2015 . The intrinsic value of the stock units vesting in 2014 and 2015 was $1,955 and $640 , respectively. Noncash stock-based compensation associated with PCSUs totaled $2,296 , $9,719 and $2,164 for 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , there was approximately $6,261 of total unrecognized compensation cost related to nonvested PCSUs. This cost is expected to be recognized over a weighted-average period of 19 months . Restricted stock awards In 2015, the Company granted awards of restricted stocks units (RSUs) to executive officers and certain key management employees. These awards vest over a three -year period with one-third vesting on each anniversary date of the grant. Participants must be actively employed by the Company on the vesting date for shares to be issued, except in the event of the participant’s death, disability, or involuntary termination within two years of a change in control prior to full vesting, in which case shares will immediately vest. Once vested, these awards do not expire. Prior to 2015, the Company from time to time granted RSUs to certain of its executive officers and directors. These awards normally vested over a five -year period with one-third vesting on each of the third, fourth and fifth anniversaries of the grant, but in some circumstances vested over a shorter period. A participant must be actively employed by, or serving as a director of, the Company on the vesting date for shares to be issued. However, certain award agreements provided that in the event of the participant’s death, disability or retirement prior to full vesting, shares will be issued on a pro rata basis up through the time the participant’s employment or service ceases. Officers and directors can elect to defer receipt of RSUs, but key management employees are required to take receipt of stock issued. As of December 31, 2015 , a total of 315,935 restricted stock units remained outstanding, 158,169 of which were vested. During 2015 , 46,386 restricted stock units vested and 79,787 restricted stock units were granted. Noncash stock-based compensation associated with restricted stock grants totaled $3,286 , $1,153 and $869 for 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , there was $2,627 of total unrecognized compensation cost related to nonvested restricted stock units. This cost is expected to be recognized over a weighted-average period of 18 months . The activity related to the PCSUs and restricted stock units is as follows: Nonvested Vested Total Average Grant Date Fair Value Per Share Outstanding, December 31, 2014 911,388 531,496 1,442,884 $ 31.55 Granted 250,811 2,049 252,860 $ 42.91 Performance adjustments (318,709 ) (5,637 ) (324,346 ) $ 32.54 Vested (324,444 ) 324,444 — Converted — (167,420 ) (167,420 ) $ 30.36 Dividend equivalents 3,744 12,388 16,132 $ 43.45 Outstanding, December 31, 2015 522,790 697,320 1,220,110 $ 34.15 Deferred compensation plans Certain officers and directors of the Company receive a portion of their compensation, either current or deferred, in the form of stock units. Units are granted as of the day the cash compensation would have otherwise been paid using the closing price of the Company’s common stock on that day. The units immediately vest and earn dividend equivalents. Units are distributed in the form of common stock upon retirement over a period elected by the employee or director. Cash compensation totaling $1,611 was deferred as stock units during 2015 , resulting in 37,974 units being granted. Non-employee directors may elect to defer a portion of their cash retainer or other fees (except chair retainers) into deferred stock equivalent units or into an interest-bearing account. Deferrals into stock equivalent units are converted into phantom stock equivalents as if Sonoco shares were actually purchased. The deferred stock equivalent units accrue dividend equivalents, and are issued in shares of Sonoco common stock. Issuance of shares commences six months following termination of Board service. Directors must elect to receive these deferred distributions in one, three or five annual installments. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 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, Belgium, Germany, Greece, France, and Turkey. The Company also sponsors contributory defined benefit pension plans covering the majority of its employees in the United Kingdom, Canada and the Netherlands. Effective December 31, 2003, the Company froze participation for newly hired salaried and non-union hourly U.S. employees in its traditional defined benefit pension plan. At that time, the Company adopted a defined contribution plan, the Sonoco Investment and Retirement Plan (SIRP), which covers its non-union U.S. employees hired on or after January 1, 2004. 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. Active participants of the U.S. qualified plan had a one-time option to transfer into the SIRP effective January 1, 2010. Approximately one third of the active participants chose that option. 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: 2015 2014 2013 Retirement Plans Service cost $ 23,366 $ 21,826 $ 25,198 Interest cost 70,797 73,505 67,235 Expected return on plan assets (94,307 ) (93,198 ) (86,545 ) Amortization of net transition obligation 65 405 438 Amortization of prior service cost 745 697 569 Amortization of net actuarial loss 42,584 26,523 43,776 Effect of settlement loss — — 1,947 Other 49 77 — Net periodic benefit cost $ 43,299 $ 29,835 $ 52,618 Retiree Health and Life Insurance Plans Service cost $ 711 $ 726 $ 891 Interest cost 766 1,034 942 Expected return on plan assets (1,661 ) (1,599 ) (1,510 ) Amortization of prior service credit (104 ) (1,381 ) (2,969 ) Amortization of net actuarial gain (673 ) (259 ) — Net periodic benefit income $ (961 ) $ (1,479 ) $ (2,646 ) The following tables set forth the Plans’ obligations and assets at December 31 : Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2015 2014 Change in Benefit Obligation Benefit obligation at January 1 $ 1,857,106 $ 1,596,458 $ 27,451 $ 27,521 Service cost 23,366 21,826 711 726 Interest cost 70,797 73,505 766 1,034 Plan participant contributions 452 486 1,046 1,049 Plan amendments 519 812 (2,273 ) — Actuarial loss/(gain) (106,211 ) 278,428 (6,004 ) 736 Benefits paid (87,626 ) (91,078 ) (2,556 ) (3,568 ) Impact of foreign exchange rates (25,822 ) (26,791 ) (88 ) (47 ) Acquisitions — 3,460 — — Other 1,015 — — — Benefit obligation at December 31 $ 1,733,596 $ 1,857,106 $ 19,053 $ 27,451 Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2015 2014 Change in Plan Assets Fair value of plan assets at January 1 $ 1,407,461 $ 1,331,934 $ 23,064 $ 22,497 Actual return on plan assets (13,886 ) 144,209 (107 ) 2,323 Company contributions 22,233 53,020 911 875 Plan participant contributions 452 486 1,046 1,049 Benefits paid (87,626 ) (91,078 ) (2,556 ) (3,568 ) Impact of foreign exchange rates (24,271 ) (23,849 ) — — Expenses paid (6,177 ) (7,261 ) (108 ) (112 ) Fair value of plan assets at December 31 $ 1,298,186 $ 1,407,461 $ 22,250 $ 23,064 Funded Status of the Plans $ (435,410 ) $ (449,645 ) $ 3,197 $ (4,387 ) Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2015 2014 Total Recognized Amounts in the Consolidated Balance Sheets Noncurrent assets $ 4,635 $ 3,151 $ 4,057 $ — Current liabilities (8,678 ) (12,759 ) (860 ) (831 ) Noncurrent liabilities (431,367 ) (440,037 ) — (3,556 ) Net liability $ (435,410 ) $ (449,645 ) $ 3,197 $ (4,387 ) Items not yet recognized as a component of net periodic pension cost that are included in Accumulated Other Comprehensive Loss (Income) as of December 31, 2015 and 2014 , are as follows: Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2015 2014 Net actuarial loss $ 691,482 $ 725,714 $ (6,274 ) $ (2,818 ) Prior service cost/(credit) 3,791 4,023 (2,272 ) (103 ) Net transition obligation — 65 — — $ 695,273 $ 729,802 $ (8,546 ) $ (2,921 ) The amounts recognized in Other Comprehensive Loss/(Income) during December 31, 2015 and 2014 include the following: Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2013 2015 2014 2013 Adjustments arising during the period: Net actuarial loss/(gain) $ 8,352 $ 233,962 $ (178,648 ) $ (4,129 ) $ 101 $ (5,527 ) Prior service cost/(credit) 513 729 1,902 (2,273 ) (46 ) — Net settlements/curtailments — — (1,947 ) — — — Reversal of amortization: Net actuarial loss (42,584 ) (26,523 ) (43,776 ) 673 259 — Prior service cost/(credit) (745 ) (697 ) (569 ) 104 1,381 2,969 Net transition obligation (65 ) (405 ) (438 ) — — — Total recognized in other comprehensive loss/(income) $ (34,529 ) $ 207,066 $ (223,476 ) $ (5,625 ) $ 1,695 $ (2,558 ) Total recognized in net periodic benefit cost and other comprehensive loss/(income) $ 8,770 $ 236,901 $ (170,858 ) $ (6,586 ) $ 216 $ (5,204 ) Of the amounts included in Accumulated Other Comprehensive Loss/(Income) as of December 31, 2015 , the portions the Company expects to recognize as components of net periodic benefit cost in 2016 are as follows: Retirement Plans Retiree Health and Life Insurance Plans Net actuarial loss $ 37,662 $ (532 ) Prior service cost/(credit) 753 (498 ) Net transition obligation — — $ 38,415 $ (1,030 ) The accumulated benefit obligation for all defined benefit plans was $1,691,589 and $1,799,216 at December 31, 2015 and 2014 , respectively. The projected benefit obligation (PBO), accumulated benefit obligation (ABO) and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were, $1,656,174 , $1,617,051 and $1,216,128 , respectively, as of December 31, 2015 , and $1,811,459 , $1,757,235 and $1,358,663 , respectively, as of December 31, 2014 . The following table sets forth the Company’s projected benefit payments for the next ten years: Year Retirement Plans Retiree Health and Life Insurance Plans 2016 $ 86,234 $ 2,173 2017 $ 89,282 $ 2,103 2018 $ 92,596 $ 2,055 2019 $ 95,245 $ 2,007 2020 $ 98,004 $ 1,653 2021-2025 $ 520,612 $ 6,744 Assumptions The following tables set forth the major actuarial assumptions used in determining the PBO, ABO and net periodic cost: Weighted-average assumptions used to determine benefit obligations at December 31 U.S. Retirement Plans U.S. Retiree Health and Life Insurance Plans Foreign Plans Discount Rate 2015 4.36 % 3.78 % 3.71 % 2014 4.00 % 3.52 % 3.49 % Rate of Compensation Increase 2015 3.69 % 3.36 % 3.52 % 2014 3.99 % 3.42 % 3.51 % Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 U.S. Retirement Plans U.S. Retiree Health and Life Insurance Plans Foreign Plans Discount Rate 2015 4.00 % 3.52 % 3.49 % 2014 4.78 % 4.03 % 4.51 % 2013 3.90 % 3.16 % 4.36 % Expected Long-term Rate of Return 2015 7.67 % 7.39 % 4.92 % 2014 7.66 % 7.39 % 5.57 % 2013 7.65 % 7.42 % 5.57 % Rate of Compensation Increase 2015 3.99 % 3.42 % 3.51 % 2014 3.99 % 3.44 % 3.80 % 2013 4.29 % 3.51 % 3.46 % The Company adjusts its discount rates at the end of each fiscal year based on yield curves of high-quality debt instruments over durations that match the expected benefit payouts of each plan. The expected long-term rate of return assumption is based on the Company’s current and expected future portfolio mix by asset class, and expected nominal returns of these asset classes using an economic “building block” approach. Expectations for inflation and real interest rates are developed and various risk premiums are assigned to each asset class based primarily on historical performance. The expected long-term rate of return also gives consideration to the expected level of outperformance to be achieved on that portion of the Company’s investment portfolio under active management. The assumed rate of compensation increase reflects historical experience and management’s expectations regarding future salary and incentive increases. Medical trends The U.S. Retiree Health and Life Insurance Plan makes up approximately 98% of the Retiree Health liability. Therefore, the following information relates to the U.S. plan only. Healthcare Cost Trend Rate Pre-age 65 Post-age 65 2015 7.00 % 6.00 % 2014 8.00 % 8.00 % Ultimate Trend Rate Pre-age 65 Post-age 65 2015 4.90 % 4.90 % 2014 5.60 % 5.60 % Year at which the Rate Reaches the Ultimate Trend Rate Pre-age 65 Post-age 65 2015 2039 2041 2014 2042 2044 Increasing the assumed trend rate for healthcare costs by one percentage point would increase the accumulated postretirement benefit obligation (the APBO) and total service and interest cost component approximately $329 and $49 , respectively. Decreasing the assumed trend rate for healthcare costs by one percentage point would decrease the APBO and total service and interest cost component approximately $304 and $44 , respectively. Based on amendments to the U.S. plan approved in 1999, which became effective in 2003, cost increases borne by the Company are limited to the Urban CPI, as defined. Plan changes and amendments During 2015, the Company's U.S. Retiree Medical and Life Insurance Plan was amended to eliminate certain life insurance benefits for all nonunion and applicable union participants. The effect of this and other smaller amendments was a reduction in the accumulated postretirement benefit obligation of $2,273 . During 2010, certain retiree medical benefits and life insurance coverage under the Company’s U.S. Retiree Medical and Life Insurance Plan were changed, reducing the accumulated postretirement benefit obligation by $4,566 . The resulting prior service credit was amortized over a four year period ending in 2014. During 2009, the Company’s U.S. qualified defined benefit pension plan was amended to allow a lump sum payment option upon termination to plan participants who chose to freeze their benefit December 31, 2009, and move to the SIRP. The effect of this and other smaller amendments was a reduction in the projected benefit obligation of $4,300 . Also during 2009, the Company amended its U.S. Retiree Medical and Life Insurance Plan to freeze the Company subsidy for both pre- and post-Medicare retiree medical coverage at 2009 levels effective January 1, 2010, and to eliminate any early retirement reduction factor applied to the Company subsidy for pre-Medicare coverage for current retirees as of December 31, 2009. In addition, the Company will no longer provide post-Medicare retiree medical coverage to its active employees or post-1981 retirees, except for certain union groups. The impact of these changes was an overall reduction in the accumulated postretirement benefit obligation of $17,625 , which was amortized over a period of 3.3 years . The benefit from amortizing these prior service credits ended in 2013. Retirement plan assets The following table sets forth the weighted-average asset allocations of the Company’s retirement plans at December 31, 2015 and 2014 , by asset category. Asset Category U.S. U.K. Canada Equity securities 2015 49.0 % 49.0 % 62.9 % 2014 49.9 % 49.2 % 56.8 % Debt securities 2015 36.8 % 50.2 % 36.8 % 2014 37.8 % 49.6 % 43.0 % Alternative 2015 14.2 % — % — % 2014 12.2 % — % — % Cash and short-term investments 2015 — % 0.8 % 0.3 % 2014 0.1 % 1.2 % 0.2 % Total 2015 100.0 % 100.0 % 100.0 % 2014 100.0 % 100.0 % 100.0 % The Company employs a total-return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a desired level of risk. Alternative assets such as real estate funds, private equity funds and hedge funds are used to enhance expected long-term returns while improving portfolio diversification. Risk tolerance is established through consideration of plan liabilities, plan funded status and corporate financial condition. Investment risk is measured and monitored on an ongoing basis through periodic investment portfolio reviews and periodic asset/liability studies. At December 31, 2015 , postretirement benefit plan assets totaled $1,298,186 , of which $983,388 were assets of the U.S. Defined Benefit Plans. U.S. defined benefit plans The equity investments consist of direct ownership and funds and are diversified among U.S. and non-U.S. stocks of small to large capitalizations. Following the December 2010 amendment that split the U.S. qualified defined benefit pension plan into the Active Plan and the Inactive Plan effective January 1, 2011, the Company completed separate asset/liability studies for both plans during 2011 and adopted revised investment guidelines for each. The revised guidelines establish a dynamic de-risking framework that will gradually shift the allocation of assets to long-duration domestic fixed income from equity and other asset categories, as the relative funding ratio of each plan increases over time. The current target allocation (midpoint) for the Inactive Plan investment portfolio is: Equity Securities – 49% , Debt Securities – 40% , Alternative – 11% and Cash – 0% . The current target allocation (midpoint) for the Active Plan investment portfolio is: Equity Securities – 57% , Debt Securities – 30% , Alternative – 13% and Cash – 0% . United Kingdom defined benefit plan The equity investments consist of direct ownership and funds and are diversified among U.K. and international stocks of small and large capitalizations. The current target allocation (midpoint) for the investment portfolio is: Equity Securities – 48% , Debt Securities – 52% , Alternative – 0% and Cash – 0% . Canada defined benefit plan The equity investments consist of direct ownership and funds and are diversified among Canadian and international stocks of primarily large capitalizations and short to intermediate duration corporate and government bonds. The current target allocation (midpoint) for the investment portfolio is: Equity Securities – 60% , Debt Securities – 40% , Alternative – 0% and Cash – 0% . Retiree health and life insurance plan assets The following table sets forth the weighted-average asset allocations by asset category of the Company’s retiree health and life insurance plan. Asset Category December 31, 2015 December 31, 2014 Equity securities 59.8% 59.1% Debt securities 33.0% 34.5% Alternative 7.1% 6.3% Cash 0.1% 0.1% Total 100.0% 100.0% Contributions Based on current actuarial estimates, the Company anticipates that the total contributions to its retirement plans and retiree health and life insurance plans, excluding contributions to the Sonoco Savings Plan, will be approximately $47,100 in 2016. No assurances can be made, however, about funding requirements beyond 2016, as they will depend largely on actual investment returns and future actuarial assumptions. Sonoco Investment and Retirement Plan The Sonoco Investment and Retirement Plan (SIRP) is a defined contribution pension plan provided for the Company’s salaried and non-union U.S. employees who were hired on or after January 1, 2004, or those former participants in the Company’s U.S. qualified defined benefit pension plan who elected to transfer into the SIRP under a one-time option effective January 1, 2010. The Company makes an annual contribution of 4% of all eligible pay plus 4% of eligible pay in excess of the Social Security wage base to eligible participant accounts. Participants are fully vested after five years of service or upon reaching age 55 , if earlier. The Company’s expenses related to the plan for 2015 , 2014 and 2013 were approximately $14,970 , $12,079 and $11,974 , respectively. Cash contributions to the SIRP totaled $12,865 , $12,049 and $9,290 in 2015 , 2014 and 2013 , respectively. Sonoco Savings Plan The Sonoco Savings Plan is a defined contribution retirement plan provided for the Company’s U.S. employees. The plan provides for participant contributions of 1% to 30% of gross pay. Since January 1, 2010, the Company has matched 50% on the first 4% of compensation contributed by the participant as pretax contributions. The Company’s expenses related to the plan for 2015 , 2014 and 2013 were approximately $11,500 , $11,400 and $10,700 , respectively. Other plans The Company also provides retirement and postretirement benefits to certain other non-U.S. employees through various Company-sponsored and local government sponsored defined contribution arrangements. For the most part, the liabilities related to these arrangements are funded in the period they arise. The Company’s expenses for these plans were not material for all years presented. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes The provision for taxes on income for the years ended December 31 consists of the following: 2015 2014 2013 Pretax income Domestic $ 255,897 $ 224,683 $ 217,305 Foreign 72,049 101,024 75,404 Total pretax income $ 327,946 $ 325,707 $ 292,709 Current Federal $ 55,678 $ 40,600 $ 32,691 State 6,000 6,889 2,207 Foreign 31,610 29,630 24,050 Total current $ 93,288 $ 77,119 $ 58,948 Deferred Federal $ 11,002 $ 29,078 $ 33,937 State (2,359 ) 5,067 4,080 Foreign (14,193 ) (2,506 ) (3,334 ) Total deferred $ (5,550 ) $ 31,639 $ 34,683 Total taxes $ 87,738 $ 108,758 $ 93,631 Deferred tax liabilities/(assets) are comprised of the following at December 31 : 2015 2014 Property, plant and equipment $ 118,216 $ 129,832 Intangibles 232,420 193,016 Gross deferred tax liabilities $ 350,636 $ 322,848 Retiree health benefits $ (2,078 ) $ (5,306 ) Foreign loss carryforwards (65,123 ) (75,163 ) U.S. Federal loss carryforwards (1,214 ) (11,102 ) Capital loss carryforwards (69 ) — Employee benefits (192,798 ) (183,527 ) Accrued liabilities and other (118,511 ) (103,935 ) Gross deferred tax assets $ (379,793 ) $ (379,033 ) Valuation allowance on deferred tax assets $ 49,464 $ 63,898 Total deferred taxes, net $ 20,307 $ 7,713 Federal operating loss carryforwards of approximately $3,500 remain from the Tegrant acquisition. The use of these losses is limited by U.S. tax law, but it is expected that these losses will be fully utilized prior to their expiration. These carryforwards expire in 2031. The Company does not have any other U.S. federal operating loss carryforwards. Foreign subsidiary loss carryforwards of approximately $247,800 remain at December 31, 2015 . Their use is limited to future taxable earnings of the respective foreign subsidiaries. Approximately $219,800 of these loss carryforwards do not have an expiration date. Of the remaining foreign subsidiary loss carryforwards, approximately $11,700 expire within the next five years and approximately $16,200 expire between 2020 and 2034. Approximately $8,300 of state loss carryforwards and $15,800 of state credit carryforwards remain at December 31, 2015 . These state loss and credit carryforwards are limited to future taxable earnings of the respective legal entity and expire between 2016 and 2035. The Company has recorded a $22,900 deferred tax asset in France primarily related to cumulative net operating losses. These losses have an indefinite carryforward period and the Company expects to utilize them over the next 20 to 25 years. Accordingly, a valuation allowance on the deferred asset has not been provided. A reconciliation of the U.S. federal statutory tax rate to the actual consolidated tax expense is as follows: 2015 2014 2013 Statutory tax rate $ 114,781 35.0 % $ 113,998 35.0 % $ 102,449 35.0 % State income taxes, net of federal tax benefit 4,872 1.5 8,465 2.6 % 6,146 2.1 % Valuation allowance (8,080 ) (2.5 ) (2,264 ) (0.7 )% (1,256 ) (0.4 )% Tax examinations including change in reserve for uncertain tax positions (3,245 ) (1.0 ) (2,109 ) (0.6 )% (1,421 ) (0.5 )% Adjustments to prior year deferred taxes 1,596 0.5 (518 ) (0.2 )% (562 ) (0.2 )% Foreign earnings taxed at other than U.S. rates (9,065 ) (2.8 ) (8,891 ) (2.7 )% (3,915 ) (1.3 )% Disposition of business (11,996 ) (3.6 ) — — % — — % Effect of tax rate changes enacted during the year (2,235 ) (0.7 ) 81 — % (915 ) (0.3 )% Deduction related to qualified production activities (5,968 ) (1.8 ) (4,003 ) (1.2 )% (3,819 ) (1.3 )% Other, net 7,078 2.2 3,999 1.2 % (3,076 ) (1.1 )% Total taxes $ 87,738 26.8 % $ 108,758 33.4 % $ 93,631 32.0 % The change in “Tax examinations including change in reserve for uncertain tax positions” is shown net of associated deferred taxes and accrued interest. Included in the change are net increases of approximately $3,200 , $3,500 and $4,500 for uncertain items arising in 2015 , 2014 and 2013 , respectively. Also included are adjustments related to prior year items, primarily decreases related to lapses of statutes of limitations in international, federal and state jurisdictions as well as overall changes in facts and judgment. These adjustments decreased the reserve by a total of approximately $(6,500) , $(5,600) and $(5,400) in 2015 , 2014 and 2013 , respectively. In many of the countries in which the Company operates, earnings are taxed at rates lower than in the U.S. This benefit is reflected in “Foreign earnings taxed at other than U.S. rates” along with other items, if any, that impacted taxes on foreign earnings in the periods presented. The benefits included in “Adjustments to prior year deferred taxes” for each of the years presented consist primarily of adjustments to deferred tax assets and liabilities arising from the availability of more accurate estimates and the correction of errors that arose in, and are immaterial to, prior years. Undistributed earnings of international subsidiaries totaled approximately $730,649 at December 31, 2015 . Deferred taxes have not been provided on the undistributed earnings, as the Company considers these amounts to be indefinitely reinvested to finance the growth and expansion of its international operations. Computation of the potential deferred tax liability associated with those unremitted earnings deemed to be indefinitely reinvested is not practicable. If such amounts were remitted, loaned to the Company, or the stock in the foreign subsidiaries sold, these earnings could become subject to tax. Reserve for uncertain tax positions The following table sets forth the reconciliation of the gross amounts of unrecognized tax benefits at the beginning and ending of the periods indicated: 2015 2014 2013 Gross Unrecognized Tax Benefits at January 1 $ 26,000 $ 28,800 $ 31,300 Increases in prior years’ unrecognized tax benefits 1,500 6,800 1,100 Decreases in prior years’ unrecognized tax benefits (2,100 ) (5,500 ) (1,800 ) Increases in current year's unrecognized tax benefits 1,700 4,600 4,100 Decreases in unrecognized tax benefits from the lapse of statutes of limitations (9,200 ) (5,900 ) (5,300 ) Settlements (700 ) (2,800 ) (600 ) Gross Unrecognized Tax Benefits at December 31 $ 17,200 $ 26,000 $ 28,800 Of the unrecognized tax benefit balances at December 31, 2015 and December 31, 2014 , approximately $15,000 and $18,400 , respectively, would have an impact on the effective tax rate if ultimately recognized. Interest and/or penalties related to income taxes are reported as part of income tax expense. The Company had approximately $2,200 and $2,800 accrued for interest related to uncertain tax positions at December 31, 2015 and December 31, 2014 , respectively. Tax expense for the year ended December 31, 2015 , includes approximately $500 of interest benefit, which is comprised of an interest benefit of approximately $1,800 related to the expiration of statutes of limitations and other releases and interest expense of $1,300 on unrecognized tax benefits. The amounts listed above for accrued interest and interest expense do not reflect the benefit of a federal tax deduction which would be available if the interest were ultimately paid. 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 2012. With respect to state and local income taxes, the Company is no longer subject to examination prior to 2011, with few exceptions. The Company has $1,900 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 estimate for the potential outcome of any uncertain tax issue is highly judgmental. The Company believes it has adequately provided for any reasonably foreseeable outcome related to these matters. 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 effective tax rate may fluctuate significantly on a quarterly basis. The Company has operations in many countries outside of the United States and the taxes paid on those earnings are subject to varying rates. The Company is not dependent upon the favorable benefit of any one jurisdiction to an extent that loss of those benefits would have a material effect on the Company's overall effective tax rate. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 substantially less, the court has not yet ruled on the issue. At December 31, 2014, U.S. Mills had reserves totaling $37,775 for potential liabilities associated with the lower Fox River. As a result of the settlement becoming final, the Company reversed $32,543 of its Fox River-related environmental reserves in the first quarter of 2015, leaving approximately $5,000 reserved for remaining potential liabilities associated with the Appvion claim. During 2015, the Company spent approximately $1,336 on legal costs related to the remaining Appvion claim, leaving a reserve of $3,896 remaining at December 31, 2015 . The actual costs that may be incurred associated with the 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 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 what has been reserved at December 31, 2015 is limited to the equity position of U.S. Mills, which was approximately $125,000 at December 31, 2015 . Tegrant On November 8, 2011, the Company completed the acquisition of Tegrant. During its due diligence, the Company identified several potentially environmentally contaminated sites. The total remediation cost of these sites was estimated to be $18,850 at the time of the 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 $721 on remediation of these sites. During 2015 and 2014, the Company increased its reserves for these sites by $68 and $324 , respectively, in order to reflect its best estimate of what it is likely to pay in order to complete the remediation. At December 31, 2015 and 2014 , the Company's accrual for Tegrant's environmental contingencies totaled $18,521 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 (Civil Action No. 14-cv-50228) 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 December 31, 2015 and 2014 , the Company (and its subsidiaries) had accrued $25,195 and $59,253 , respectively, related to environmental contingencies. Of these, a total of $3,896 and $37,775 relate to U.S. Mills at December 31, 2015 and 2014 , respectively. These accruals are included in “Accrued expenses and other” on the Company’s Consolidated Balance Sheets. Other legal matters In addition to those described above, the Company is subject to other various legal proceedings, claims and litigation arising in the normal course of business. While the outcome of these matters could differ from management’s expectations, 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. Commitments As of December 31, 2015 , the Company had long-term obligations to purchase electricity and steam, which it uses in its production processes, as well as long-term purchase commitments for certain raw materials, principally old corrugated containers. These purchase commitments require the Company to make total payments of approximately $428,600 , as follows: $132,800 in 2016 ; $165,500 in 2017 ; $68,200 in 2018 , $30,800 in 2019 and a total of $31,300 from 2020 through 2024. |
Shareholders' Equity and Earnin
Shareholders' Equity and Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity and Earnings per Share | Shareholders’ equity and earnings per share Stock repurchases The Company occasionally repurchases shares of its common stock to satisfy employee tax withholding obligations in association with the exercise of stock appreciation rights and performance-based stock awards. These repurchases, which are not part of a publicly announced plan or program, totaled 172,884 shares during 2015 , 126,670 shares during 2014 , and 575,845 shares during 2013 , at a cost of $7,868 and $5,378 and $22,187 , respectively. In April 2011, the Company’s Board of Directors authorized the repurchase of up to 5,000,000 shares of the Company’s common stock. During 2014 and 2013, a total of 2,000,000 and 132,500 shares, respectively, were repurchased under this authorization at a cost of $82,422 and $5,052 , respectively. No shares were repurchased during 2015. Accordingly, at December 31, 2015 , a total of 2,867,500 shares remained available for repurchase under this authorization. On February 10, 2016, the Company's Board of Directors restored the residual share repurchase authorization to its original 5,000,000 shares. Earnings per share The following table sets forth the computation of basic and diluted earnings per share: 2015 2014 2013 Numerator: Net income attributable to Sonoco $ 250,136 $ 225,916 $ 209,825 Denominator: Weighted average common shares outstanding 101,482,000 102,215,000 102,577,000 Dilutive effect of stock-based compensation 910,000 957,000 671,000 Diluted outstanding shares 102,392,000 103,172,000 103,248,000 Per common share: Net income attributable to Sonoco: Basic $ 2.46 $ 2.21 $ 2.05 Diluted $ 2.44 $ 2.19 $ 2.03 The Company paid dividends totaling $1.37 , $1.27 , and $1.23 per share in 2015 , 2014 and 2013 , respectively. 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 year or they have not fully vested. The average number of shares that were not dilutive and therefore not included in the computation of diluted income per share was as follows for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Anti-dilutive stock appreciation rights 902,484 719,841 1,100,233 These stock appreciation rights may become dilutive in future periods if the market price of the Company’s common stock appreciates. No adjustments were made to reported net income in the computation of earnings per share. Noncontrolling interests In April 2015, the Company acquired a 67% controlling interest in Graffo Paranaense de Embalagens S/A ("Graffo"). The Company consolidates 100% of Graffo, with the partner's 33% share included in "Noncontrolling Interests" on the Consolidated Balance Sheet. The fair value of this noncontrolling interest was $7,922 at the time of the acquisition. In October 2014, as part of its acquisition of the Weidenhammer Packaging Group ("Weidenhammer"), the Company acquired a 65% ownership in Weidenhammer's Chilean affiliate - Weidenhammer Chile Ltda. The Company consolidates 100% of the Chilean subsidiary, with the partner's 35% share included in "Noncontrolling Interests" on the Consolidated Balance Sheet. On the date of the acquisition, the fair value of this noncontrolling interest was $974 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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-assurance packaging. Restructuring charges, asset impairment charges, insurance settlement gains, acquisition-related costs, interest expense and interest income are included in income before income taxes under “Corporate.” The following table sets forth financial information about each of the Company's business segments: Years ended December 31 Consumer Packaging Display and Packaging Paper and Protective Solutions Corporate Consolidated Total Revenue 2015 $ 2,126,916 $ 608,064 $ 1,835,896 $ 508,182 $ — $ 5,079,058 2014 1,966,989 668,407 2,010,160 487,171 — 5,132,727 2013 1,898,690 640,541 1,958,762 473,278 — 4,971,271 Intersegment Sales 1 2015 $ 4,357 $ 1,953 $ 106,110 $ 2,269 $ — $ 114,689 2014 4,092 1,592 107,712 2,337 — 115,733 2013 5,157 1,968 99,882 2,607 — 109,614 Sales to Unaffiliated Customers 2015 $ 2,122,559 $ 606,111 $ 1,729,786 $ 505,913 $ — $ 4,964,369 2014 1,962,897 666,815 1,902,448 484,834 — 5,016,994 2013 1,893,533 638,573 1,858,880 470,671 — 4,861,657 Income Before Income Taxes 2 2015 $ 231,590 $ 10,904 $ 124,057 $ 46,013 $ (84,618 ) $ 327,946 2014 200,591 10,680 162,269 34,003 (81,836 ) 325,707 2013 186,870 9,206 138,094 40,084 (81,545 ) 292,709 Identifiable Assets 3 2015 $ 1,507,621 $ 491,268 $ 1,199,280 $ 561,592 $ 260,508 $ 4,020,269 2014 1,579,950 495,604 1,299,356 564,468 254,533 4,193,911 2013 1,281,542 523,292 1,290,353 552,121 327,215 3,974,523 Depreciation, Depletion and Amortization 4 2015 $ 96,220 $ 16,623 $ 76,744 $ 23,574 $ — $ 213,161 2014 75,782 17,034 83,076 22,826 — 198,718 2013 74,127 18,049 82,392 23,103 — 197,671 Capital Expenditures 2015 $ 75,986 $ 10,906 $ 74,008 $ 15,724 $ 15,671 $ 192,295 2014 63,117 9,432 73,636 22,238 8,653 177,076 2013 48,770 7,422 88,556 15,908 11,786 172,442 1 Intersegment sales are recorded at a market-related transfer price. 2 Included in Corporate are restructuring, asset impairment charges, acquisition-related charges, environmental settlement gains, property insurance settlement gains, and other non-operational income and expenses associated with the following segments: Consumer Packaging Display Paper and Industrial Converted Products Protective Solutions Corporate Total 2015 $ 15,097 $ 1,812 $ (490 ) $ (1,469 ) $ 15,070 $ 30,020 2014 12,536 4,042 4,340 1,527 7,000 29,445 2013 14,003 2,326 6,785 1,545 159 24,818 The remaining amounts reported as Corporate consist of interest expense and interest income. 3 Identifiable assets are those assets used by each segment in its operations. Corporate assets consist primarily of cash and cash equivalents, investments in affiliates, headquarters facilities, deferred income taxes and prepaid expenses. 4 Depreciation, depletion and amortization incurred at Corporate are allocated to the reportable segments. Geographic regions Sales to unaffiliated customers and long-lived assets by geographic region are as follows: 2015 2014 2013 Sales to Unaffiliated Customers United States $ 3,206,513 $ 3,285,017 $ 3,231,135 Europe 971,302 841,452 751,806 Canada 262,038 292,163 299,243 All other 524,516 598,362 579,473 Total $ 4,964,369 $ 5,016,994 $ 4,861,657 Long-lived Assets United States $ 1,719,746 $ 1,738,648 $ 1,878,728 Europe 627,126 680,791 288,407 Canada 157,208 184,879 205,095 All other 104,563 117,249 109,010 Total $ 2,608,643 $ 2,721,567 $ 2,481,240 Sales are attributed to countries/regions based upon the plant location from which products are shipped. Long-lived assets are comprised of property, plant and equipment, goodwill, intangible assets and investment in affiliates (see Notes 6 and 7). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 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 accumulated other comprehensive loss, net of tax as applicable, for the years ended December 31, 2015 and 2014 : Foreign Currency Items Defined Benefit Pension Items Gains and Losses on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at December 31, 2013 $ (24,985 ) $ (344,622 ) $ (262 ) $ (369,869 ) Other comprehensive income/(loss) before reclassifications (102,618 ) (148,312 ) (5,939 ) (256,869 ) Amounts reclassified from accumulated other comprehensive loss to net income — 17,648 241 17,889 Amounts reclassified from accumulated other comprehensive loss to fixed assets — — (2 ) (2 ) Other comprehensive income/(loss) (102,618 ) (130,664 ) (5,700 ) (238,982 ) Balance at December 31, 2014 $ (127,603 ) $ (475,286 ) $ (5,962 ) $ (608,851 ) Other comprehensive income/(loss) before reclassifications (125,534 ) 3,979 (11,726 ) (133,281 ) Amounts reclassified from accumulated other comprehensive loss to net income — 27,063 12,008 39,071 Amounts reclassified from accumulated other comprehensive loss to fixed assets — — 528 528 Other comprehensive income/(loss) (125,534 ) 31,042 810 (93,682 ) Balance at December 31, 2015 $ (253,137 ) $ (444,244 ) $ (5,152 ) $ (702,533 ) Amount Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Twelve Months Ended Twelve Months Ended Affected Line Item in the Consolidated Statements of Net Income Gains and losses on cash flow hedges Foreign exchange contracts $ (21,454 ) $ (6,031 ) Net Sales Foreign exchange contracts 12,154 4,197 Cost of sales Commodity contracts (9,920 ) 1,445 Cost of sales (19,220 ) (389 ) Total before tax 7,212 148 Tax benefit $ (12,008 ) $ (241 ) Net of tax Defined benefit pension items Amortization of defined benefit pension items $ (31,963 ) $ (19,489 ) Cost of sales Amortization of defined benefit pension items (10,654 ) (6,496 ) Selling, general, and administrative (42,617 ) (25,985 ) Total before tax 15,554 8,337 Tax benefit (27,063 ) (17,648 ) Net of tax Total reclassifications for the period $ (39,071 ) $ (17,889 ) Net of tax The cumulative tax benefit on Derivative Financial Instruments was $2,884 and $3,655 at December 31, 2015 and 2014 , respectively. The tax benefit on Derivative Financial Instruments decreased by $(771) and increased by $3,490 during the years ended December 31, 2015 and 2014 , respectively. The cumulative tax benefit on Defined Benefit Plans was $247,788 and $256,840 at December 31, 2015 and 2014 , respectively. The tax benefit on Defined Benefit Plans decreased by $(9,052) and increased by $78,688 during the years ended December 31, 2015 and 2014 , respectively. The change in defined benefit plans includes pretax changes of $(60) and $(590) during the years ended December 31, 2015 and 2014 , related to one of the Company’s equity method investments. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data | Selected quarterly financial data The following table sets forth selected quarterly financial data of the Company: (unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Net sales $ 1,206,052 $ 1,248,590 $ 1,242,592 $ 1,267,135 Gross profit 220,390 240,316 229,373 239,343 Restructuring/Asset impairment charges (359 ) 10,445 19,551 21,000 Net income attributable to Sonoco 85,780 64,379 43,914 56,063 Per common share: Net income attributable to Sonoco: - basic $ 0.85 $ 0.63 $ 0.43 $ 0.55 - diluted 0.84 0.63 0.43 0.55 Cash dividends - common 0.32 0.35 0.35 0.35 Market price - high 47.94 46.50 44.13 44.56 - low 42.44 43.89 34.68 37.01 2014 Net sales $ 1,190,032 $ 1,247,616 $ 1,262,503 $ 1,316,843 Gross profit 209,761 228,950 222,444 246,731 Restructuring/Asset impairment charges (1,992 ) (3,671 ) (5,908 ) (11,221 ) Net income attributable to Sonoco 50,417 59,419 67,056 49,024 Per common share: Net income attributable to Sonoco: - basic $ 0.49 $ 0.58 $ 0.66 $ 0.48 - diluted 0.49 0.57 0.65 0.48 Cash dividends - common 0.31 0.32 0.32 0.32 Market price - high 43.75 44.00 44.65 44.69 - low 39.52 40.20 38.82 35.64 |
Schedule IV
Schedule IV | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Column A Column B Column C - Additions Column D Column E Description Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Deductions Balance at End of Year 2015 Allowance for Doubtful Accounts $ 8,547 $ 2,501 $ 467 1 $ 446 2 $ 11,069 LIFO Reserve 17,908 986 3 — — 18,894 Valuation Allowance on Deferred Tax Assets 63,231 2,248 (5,686 ) 4 10,329 5 49,464 2014 Allowance for Doubtful Accounts $ 9,771 $ 2,350 $ (411 ) 1 $ 3,163 2 $ 8,547 LIFO Reserve 18,146 (238 ) 3 — — 17,908 Valuation Allowance on Deferred Tax Assets 60,856 828 5,367 4 3,820 5 63,231 2013 Allowance for Doubtful Accounts $ 7,252 $ 2,006 $ 1,444 1 $ 931 2 $ 9,771 LIFO Reserve 19,476 (1,330 ) 3 — — 18,146 Valuation Allowance on Deferred Tax Assets 61,563 2,315 831 4 3,853 5 60,856 1 Includes translation adjustments and other insignificant adjustments. 2 Includes amounts written off. 3 Includes adjustments based on pricing and inventory levels. 4 Includes translation adjustments and increases to deferred tax assets which were previously fully reserved. 5 Includes utilization of capital loss carryforwards, net operating loss carryforwards and other deferred tax assets. All other schedules not included have been omitted because they are not required, are not applicable or the required information is given in the financial statements or notes thereto. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Basis of Presentation | Basis of presentation The Consolidated Financial Statements include the accounts of Sonoco Products Company and its majority-owned subsidiaries (the “Company” or “Sonoco”) after elimination of intercompany accounts and transactions. Investments in affiliated companies in which the Company shares control over the financial and operating decisions, but in which the Company is not the primary beneficiary, are accounted for by the equity method of accounting. Income applicable to these equity investments is reflected in “Equity in earnings of affiliates, net of tax” in the Consolidated Statements of Income. |
Estimates and Assumptions | Estimates and assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue recognition The Company records revenue when title and risk of ownership pass to the customer, and when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price to the customer is fixed or determinable and when collectibility is reasonably assured. Certain judgments, such as provisions for estimates of sales returns and allowances, are required in the application of the Company’s revenue policy and, therefore, are included in the results of operations in its Consolidated Financial Statements. Shipping and handling expenses are included in “Cost of sales,” and freight charged to customers is included in “Net sales” in the Company’s Consolidated Statements of Income. The Company has rebate agreements with certain customers. These rebates are recorded as reductions of sales and are accrued using sales data and rebate percentages specific to each customer agreement. Accrued customer rebates are included in “Accrued expenses and other” in the Company's Consolidated Balance Sheets. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts receivable and allowance for doubtful accounts The Company’s trade accounts receivable are non-interest bearing and are recorded at the invoiced amounts. The allowance for doubtful accounts represents the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. Provisions are made to the allowance for doubtful accounts at such time that collection of all or part of a trade account receivable is in question. The allowance for doubtful accounts is monitored on a regular basis and adjustments are made as needed to ensure that the account properly reflects the Company’s best estimate of uncollectible trade accounts receivable. Account balances are charged off against the allowance for doubtful accounts when the Company determines that the receivable will not be recovered. |
Research and Development | Research and development Research and development costs are charged to expense as incurred and include salaries and other directly related expenses. |
Restructuring and Asset Impairment | Restructuring and asset impairment Costs associated with exit or disposal activities are recognized when the liability is incurred. If assets become impaired as a result of a restructuring action, the assets are written down to fair value, less estimated costs to sell, if applicable. A number of significant estimates and assumptions are involved in the determination of fair value. The Company considers historical experience and all available information at the time the estimates are made; however, the amounts that are ultimately realized upon the sale of divested assets may differ from the estimated fair values reflected in the Company’s Consolidated Financial Statements. |
Cash and Cash Equivalents | Cash and cash equivalents Cash equivalents are composed of highly liquid investments with an original maturity to the Company of three months or less when purchased. Cash equivalents are recorded at cost, which approximates market. |
Inventories | Inventories Inventories are stated at the lower of cost or market. The last-in, first-out (LIFO) method is used for the valuation of certain of the Company’s domestic inventories, primarily metal, internally manufactured paper and paper purchased from third parties. The LIFO method of accounting was used to determine the carrying costs of approximately 19% and 16% of total inventories at December 31, 2015 and 2014 , respectively. The remaining inventories are determined on the first-in, first-out (FIFO) method. If the FIFO method of accounting had been used for all inventories, total inventory would have been higher by $18,894 and $17,908 at December 31, 2015 and 2014 , respectively. |
Property, Plant and Equipment | Property, plant and equipment Plant assets represent the original cost of land, buildings and equipment, less depreciation, computed under the straight-line method over the estimated useful lives of the assets, and are reviewed for impairment whenever events indicate the carrying value may not be recoverable. Equipment lives generally range from 3 to 11 years , and buildings from 15 to 40 years . Timber resources are stated at cost. Depletion is charged to operations based on the estimated number of units of timber cut during the year. |
Goodwill and Other Intangible Assets | Goodwill and other intangible assets The Company assesses its 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. In performing the impairment test, the Company uses either a qualitative evaluation or a quantitative test. The qualitative evaluation considers factors such as the macroeconomic environment, Company stock price and market capitalization movement, business strategy changes, and significant customer wins and losses. The quantitative test considers factors such as the amount by which estimated fair value exceeds current carrying value, current year operating performance as compared to prior projections, and implied fair values from comparable trading and transaction multiples. Calculated reporting unit estimated fair values reflect 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 estimated fair values. When the Company estimates the fair value of a reporting unit, it does so using a discounted cash flow model based on projections of future years' operating results and associated cash flows, together with comparable trading and transaction multiples. The Company's projections incorporate management's best estimates of the expected future results, which include expectations related to new business, and, where applicable, improved operating margins. Management's projections related to revenue growth and/or margin improvements arise from a combination of factors, including expectations for volume growth with existing customers, product expansion, improved price/cost, productivity gains, fixed cost leverage, improvement in general economic conditions, increased operational capacity, and customer retention. Projected future cash flows are then discounted to present value using a discount rate management believes is commensurate with the risks inherent in the cash flows. If the fair value of a reporting unit exceeds the carrying value of the reporting unit’s assets, including goodwill, there is no impairment. If not, and the carrying value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment charge is recognized for the excess. Goodwill is not amortized. Intangible assets are amortized, usually on a straight-line basis, over their respective useful lives, which generally range from 3 to 40 years . The Company evaluates its intangible assets for impairment whenever indicators of impairment exist. The Company has no intangibles with indefinite lives. |
Income Taxes | Income taxes The Company provides for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting requirements and tax laws. Assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. |
Derivatives | Derivatives The Company uses derivatives to mitigate the effect of fluctuations in some of its raw material and energy costs, foreign currencies, and, from time to time, interest rates. The Company purchases commodities such as recovered paper, metal, resins and energy generally at market or at fixed prices that are established with the vendor as part of the purchase process for quantities expected to be consumed in the ordinary course of business. The Company may enter into commodity futures or swaps to manage the effect of price fluctuations. The Company may use foreign currency forward contracts and other risk management instruments to manage exposure to changes in foreign currency cash flows and the translation of monetary assets and liabilities on the Company’s consolidated financial statements. The Company is exposed to interest-rate fluctuations as a result of using debt as a source of financing for its operations. The Company may from time to time use traditional, unleveraged interest rate swaps to adjust its mix of fixed and variable rate debt to manage its exposure to interest rate movements. The Company records its derivatives as assets or liabilities on the balance sheet at fair value using published market prices or estimated values based on current price and/or rate quotes and discounted estimated cash flows. Changes in the fair value of derivatives are recognized either in net income or in other comprehensive income, depending on the designated purpose of the derivative. Amounts in accumulated other comprehensive income are reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. It is the Company’s policy not to speculate in derivative instruments. |
Reportable Segments | Reportable segments The Company identifies its reportable segments by evaluating the level of detail reviewed by the chief operating decision maker, gross profit margins, nature of products sold, nature of the production processes, type and class of customer, methods used to distribute products, and nature of the regulatory environment. Of these factors, the Company believes that the most significant are the nature of the products and the type of customers served. |
Contingencies | Contingencies Pursuant to U.S. GAAP for accounting for contingencies, accruals for estimated losses are recorded at the time information becomes available indicating that losses are probable and that the amounts are reasonably estimable. Amounts so accrued are not discounted. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
New Accounting Pronouncements | New accounting pronouncements In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This update is effective for reporting periods beginning after December 15, 2017. As the majority of the Company's assets subject to the amendment are equity method investments, implementation of this update will not have a material impact on the Company's consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This update is effective for reporting periods beginning after December 15, 2016, but the Company has elected to adopt this guidance prospectively as of December 31, 2015. As a result, the Company has classified all deferred tax liabilities and assets as noncurrent in the Consolidated Balance Sheet at December 31, 2015. Prior periods have not been retrospectively adjusted. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments," which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in provisional amounts, calculated as if the accounting had been completed at the acquisition date. This guidance requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This update is effective for reporting periods beginning after December 15, 2015, but the Company has elected to adopt this guidance prospectively as of December 31, 2015. As set forth in Note 3 below, the Company has reflected the adjustment of certain provisional amounts related to its October 2014 acquisition of Weidenhammer Packaging Group in its Consolidated Balance Sheet at December 31, 2015. These adjustments were not material to the Company's consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory," which requires that inventory be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventory measured using last-in, first-out or the retail inventory method are excluded from the scope of this update which is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The new guidance does not represent a change from the Company’s current policy to measure inventory at lower of cost or market; therefore, implementation of ASU 2015-11 will not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which 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," which changes the definitions/criteria used to determine when revenue should be recognized from being based on risks and rewards to being based on control. Among other changes, ASU 2014-09 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. The effective date for implementation of ASU 2014-09 has been deferred and is now effective for reporting periods beginning after December 15, 2017. The Company is still assessing the impact of ASU 2014-09 on its consolidated financial statements. Other than the pronouncements discussed above, 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 December 31, 2015 , there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s financial statements. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Company Held Significant Investment | Affiliated companies over which the Company exercised a significant influence at December 31, 2015 , included: Entity Ownership Interest Percentage at December 31, 2015 RTS Packaging JVCO 35.0 % Cascades Conversion, Inc. 50.0 % Cascades Sonoco, Inc. 50.0 % Showa Products Company Ltd. 20.0 % Conitex Sonoco Holding BVI Ltd. 30.0 % Weidenhammer New Packaging, LLC 40.0 % Myrpress Group, LLC 40.0 % |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of Initial Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date | Following is a summary of the fair values of the Weidenhammer assets acquired and liabilities assumed at the acquisition date, reflecting the post-acquisition measurement period adjustments noted above: Trade accounts receivable $ 32,935 Other receivables 2,215 Inventories 34,132 Prepaid expenses 1,657 Property, plant and equipment 161,149 Goodwill 109,727 Other intangible assets 71,682 Other assets 3,820 Payables to suppliers (12,631 ) Accrued expenses and other (23,110 ) Total debt (27,904 ) Pension and other postretirement benefits (2,969 ) Deferred income taxes, net (26,561 ) Noncontrolling interests (974 ) Total net assets $ 323,168 |
Restructuring and Asset Impai31
Restructuring and Asset Impairment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Asset Impairment Charges Table | Following are the total restructuring and asset impairment charges, net of adjustments, recognized by the Company during the periods presented: Year Ended December 31 2015 2014 2013 Restructuring/Asset impairment: 2015 Actions $ 35,837 $ — $ — 2014 Actions 2,014 15,279 — 2013 and Earlier Actions 721 2,809 25,038 Other asset impairments 12,065 4,704 — Restructuring/Asset impairment charges $ 50,637 $ 22,792 $ 25,038 Income tax benefit (22,641 ) (5,732 ) (6,774 ) Restructuring cost/(benefit) attributable to noncontrolling interests, net of tax (93 ) (52 ) 2 Total impact of restructuring/asset impairment charges, net of tax $ 27,903 $ 17,008 $ 18,266 |
2015 Actions | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | Below is a summary of 2015 Actions and related expenses by type incurred and estimated to be incurred through completion. 2015 Actions Year Ended December 31, 2015 Estimated Total Cost Severance and Termination Benefits Consumer Packaging $ 15,047 $ 16,847 Display and Packaging 1,115 1,115 Paper and Industrial Converted Products 8,479 8,479 Protective Solutions 39 39 Corporate 2,775 2,775 Asset Impairment/Disposal of Assets Consumer Packaging (4,303 ) (4,303 ) Display and Packaging 474 474 Paper and Industrial Converted Products 10,198 10,198 Other Costs Consumer Packaging 1,400 2,550 Display and Packaging 351 401 Paper and Industrial Converted Products 251 351 Corporate 11 11 Total Charges and Adjustments $ 35,837 $ 38,937 |
Schedule of Restructuring Reserve by Type of Cost | The following table sets forth the activity in the 2015 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Consolidated Balance Sheets: 2015 Actions Severance and Termination Benefits Asset Impairment/ Disposal of Assets Other Costs Total Liability, December 31, 2014 $ — $ — $ — $ — 2015 charges 27,455 6,369 2,013 35,837 Cash receipts/(payments) (11,856 ) 29,145 (2,013 ) 15,276 Asset write downs/disposals — (35,514 ) — (35,514 ) Foreign currency translation (223 ) — — (223 ) Liability, December 31, 2015 $ 15,376 $ — $ — $ 15,376 |
2014 Actions | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | Below is a summary of 2014 Actions and related expenses by type incurred and estimated to be incurred through completion. Year Ended December 31, Total Incurred to Date Estimated Total Cost 2014 Actions 2015 2014 Severance and Termination Benefits Consumer Packaging $ 836 $ 850 $ 1,686 $ 1,686 Display and Packaging (9 ) 594 585 585 Paper and Industrial Converted Products 44 3,277 3,321 3,321 Protective Solutions (14 ) 761 747 747 Asset Impairment/Disposal of Assets Consumer Packaging — 2,446 2,446 2,446 Paper and Industrial Converted Products — 781 781 781 Protective Solutions 133 335 468 468 Other Costs Consumer Packaging 90 5,246 5,336 5,336 Display and Packaging 21 5 26 26 Paper and Industrial Converted Products 381 647 1,028 1,078 Protective Solutions 532 337 869 919 Total Charges and Adjustments $ 2,014 $ 15,279 $ 17,293 $ 17,393 |
Schedule of Restructuring Reserve by Type of Cost | The following table sets forth the activity in the 2014 Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Consolidated Balance Sheets: 2014 Actions Severance and Termination Benefits Asset Impairment/ Disposal of Assets Other Costs Total Liability, December 31, 2013 $ — $ — $ — $ — 2014 charges 5,482 3,562 6,235 15,279 Cash receipts/(payments) (4,574 ) 174 (5,767 ) (10,167 ) Asset write downs/disposals — (3,736 ) — (3,736 ) Foreign currency translation (49 ) — (5 ) (54 ) Liability, December 31, 2014 $ 859 $ — $ 463 $ 1,322 2015 charges 1,048 133 1,076 2,257 Adjustments (191 ) — (52 ) (243 ) Cash receipts/(payments) (1,703 ) — (1,473 ) (3,176 ) Asset write downs/disposals — (133 ) — (133 ) Foreign currency translation (3 ) — (14 ) (17 ) Liability, December 31, 2015 $ 10 $ — $ — $ 10 |
2013 and Earlier Actions | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | 2013 and Earlier Actions are comprised of a number of plant closures and workforce reductions initiated prior to 2014. Below is a summary of 2013 and Earlier Actions and related expenses by type incurred. Year Ended December 31, 2013 and Earlier Actions 2015 2014 2013 Severance and Termination Benefits Consumer Packaging $ — $ 116 $ 5,166 Display and Packaging (112 ) 545 1,401 Paper and Industrial Converted Products 206 800 4,205 Protective Solutions — (222 ) 283 Corporate — (27 ) — Asset Impairment/Disposal of Assets Consumer Packaging — — 5,642 Display and Packaging — 191 165 Paper and Industrial Converted Products (101 ) (1,266 ) 393 Protective Solutions — 185 1,223 Other Costs Consumer Packaging — 56 3,395 Display and Packaging — 108 346 Paper and Industrial Converted Products 728 2,206 2,435 Protective Solutions — 117 350 Corporate — — 34 Total Charges and Adjustments $ 721 $ 2,809 $ 25,038 |
Schedule of Restructuring Reserve by Type of Cost | The following table sets forth the activity in the 2013 and Earlier Actions restructuring accrual included in “Accrued expenses and other” on the Company’s Consolidated Balance Sheets: 2013 and Earlier Actions Severance and Termination Benefits Asset Impairment/ Disposal of Assets Other Costs Total Liability, December 31, 2013 $ 7,787 $ — $ 18 $ 7,805 2014 charges 2,203 744 3,716 6,663 Adjustments (991 ) (1,974 ) (889 ) (3,854 ) Cash receipts/(payments) (7,909 ) 2,861 (1,844 ) (6,892 ) Asset write downs/disposals — (1,631 ) — (1,631 ) Foreign currency translation (100 ) — (1 ) (101 ) Liability, December 31, 2014 $ 990 $ — $ 1,000 $ 1,990 2015 charges 208 240 859 1,307 Adjustments (114 ) (341 ) (131 ) (586 ) Cash receipts/(payments) (697 ) 341 (1,258 ) (1,614 ) Asset write downs/disposals — (240 ) — (240 ) Foreign currency translation (43 ) — — (43 ) Liability, December 31, 2015 $ 344 $ — $ 470 $ 814 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Details of the Company's property, plant and equipment at December 31 are as follows: 2015 2014 Land $ 84,811 $ 86,453 Timber resources 41,152 40,548 Buildings 479,845 483,607 Machinery and equipment 2,796,257 2,851,049 Construction in progress 116,081 103,214 3,518,146 3,564,871 Accumulated depreciation and depletion (2,406,110 ) (2,416,264 ) Property, plant and equipment, net $ 1,112,036 $ 1,148,607 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The changes in the carrying amount of goodwill by segment for the year ended December 31, 2015 , are as follows: Consumer Packaging Display and Packaging Paper and Industrial Converted Products Protective Solutions Total Balance as of January 1, 2015 $ 508,582 $ 204,629 $ 243,586 $ 221,165 $ 1,177,962 Acquisitions 13,945 — — — 13,945 Dispositions (1,727 ) — — — (1,727 ) Other — — (1,685 ) — (1,685 ) Foreign currency translation (33,458 ) — (14,576 ) — (48,034 ) Balance as of December 31, 2015 $ 487,342 $ 204,629 $ 227,325 $ 221,165 $ 1,140,461 |
Summary of Other Intangible Assets | Details at December 31 are as follows: 2015 2014 Other Intangible Assets, Gross: Patents $ 12,716 $ 13,883 Customer lists 381,938 385,466 Trade names 19,246 19,366 Proprietary technology 17,738 17,786 Land use rights 297 320 Other 1,223 1,309 Other Intangible Assets, Gross $ 433,158 $ 438,130 Accumulated Amortization $ (188,063 ) $ (157,195 ) Other Intangible Assets, Net $ 245,095 $ 280,935 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Instruments | Debt at December 31 was as follows: 2015 2014 5.75% debentures due November 2040 $ 604,185 $ 604,353 4.375% debentures due November 2021 249,334 249,220 9.2% debentures due August 2021 4,321 4,321 5.625% debentures due June 2016 75,250 75,201 Term loan, due October 2017 150,000 250,000 Commercial paper, average rate of 0.39% in 2015 and 0.22% in 2014 — — Foreign denominated debt, average rate of 4.3% in 2015 and 4.6% in 2014 39,070 56,763 Other notes 12,791 13,307 Total debt 1,134,951 1,253,165 Less current portion and short-term notes 113,097 52,280 Long-term debt $ 1,021,854 $ 1,200,885 |
Financial Instruments and Der35
Financial Instruments and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 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 where the carrying amount differs from the fair value. December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt $ 1,021,854 $ 1,088,316 $ 1,200,885 $ 1,322,795 |
Net Positions of Foreign Contracts | The net positions of these contracts at December 31, 2015 , were as follows: Currency Action Quantity Colombian peso Purchase 6,592,383 Mexican peso Purchase 556,332 Canadian dollar Purchase 84,257 Russian ruble Purchase 3,538 Euro Sell (5,670 ) Turkish lira Purchase 1,330 New Zealand dollar Sell (1,016 ) Australian dollar Sell (1,787 ) British pound Purchase 4,452 Polish zloty Sell (2,295 ) |
Net Positions of Other Derivatives Contract | The net positions of these contracts at December 31, 2015 , were as follows: Currency Action Quantity Colombian peso Purchase 50,968,428 Mexican peso Purchase 224,287 Euro Purchase 25,339 Canadian dollar Purchase 18,827 |
Location and Fair Values of Derivative Instruments | The following table sets forth the location and fair values of the Company’s derivative instruments: Fair Value at December 31 Description Balance Sheet Location 2015 2014 Derivatives designated as hedging instruments: Commodity Contracts Other assets $ 8 $ — Commodity Contracts Accrued expenses and other $ (3,425 ) $ (5,808 ) Commodity Contracts Other liabilities $ (194 ) $ (278 ) Foreign Exchange Contracts Prepaid expenses $ 156 $ 574 Foreign Exchange Contracts Accrued expenses and other $ (4,768 ) $ (4,100 ) Derivatives not designated as hedging instruments: Foreign Exchange Contracts Prepaid expenses $ 50 $ 68 Foreign Exchange Contracts Accrued expenses and other $ (2,230 ) $ (1,166 ) |
Effect of Derivative Instruments on Financial Performance | The following table sets forth the effect of the Company’s derivative instruments on financial performance for the twelve months ended December 31, 2015 , excluding the losses on foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to the carrying value of the capitalized expenditures: Description Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Derivatives in Cash Flow Hedging Relationships: Foreign Exchange Contracts $ (10,909 ) Net sales $ (21,454 ) Net sales $ — Cost of sales $ 12,154 Cost of sales $ — Commodity Contracts $ (7,258 ) Cost of sales $ (9,920 ) Cost of sales $ 213 Location of Gain or (Loss) Recognized in Income Statement Gain or (Loss) Recognized Derivatives not designated as hedging instruments: Foreign Exchange Contracts Cost of sales $ — Selling, general and administrative $ (6,638 ) The following table sets forth the effect of the Company’s derivative instruments on financial performance for the twelve months ended December 31, 2014 , excluding the gains on foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to the carrying value of the capitalized expenditures: Description Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Derivatives in Cash Flow Hedging Relationships: Foreign Exchange Contracts $ (5,266 ) Net sales $ (6,031 ) Net sales $ — Cost of sales $ 4,197 Cost of sales $ — Commodity Contracts $ (4,311 ) Cost of sales $ 1,445 Cost of sales $ (5 ) Location of Gain or (Loss) Recognized in Income Statement Gain or (Loss) Recognized Derivatives not designated as hedging instruments: Foreign Exchange Contracts Cost of sales $ — Selling, general and administrative $ (4,061 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured on Recurring Basis | The following tables set forth information regarding the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis: Description December 31, 2015 Level 1 Level 2 Level 3 Hedge derivatives, net: Commodity contracts $ (3,611 ) $ — $ (3,611 ) $ — Foreign exchange contracts (4,612 ) — (4,612 ) — Non-hedge derivatives, net: Foreign exchange contracts (2,180 ) — (2,180 ) — Deferred compensation plan assets 460 460 — Postretirement benefit plan assets: Common Collective Trust (f) 852,680 852,680 Mutual funds (a) 213,646 213,646 — Fixed income securities (b) 110,439 — 110,439 — Common stocks — — — Short-term investments (c) 3,304 2,056 1,248 — Hedge fund of funds (d) 81,746 — 81,746 — Real estate funds (e) 57,850 — 57,850 — Cash and accrued income 771 771 — — Total postretirement benefit plan assets $ 1,320,436 $ 2,827 $ 1,317,609 $ — Description December 31, 2014 Level 1 Level 2 Level 3 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 — — Postretirement benefit plan assets: Mutual funds(a) 782,211 129,028 653,183 — Fixed income securities(b) 438,067 — 438,067 — Common stocks 65,121 65,121 — — Short-term investments(c) 8,182 6,613 1,569 — Hedge fund of funds(d) 80,974 — 80,974 — Real estate funds(e) 49,700 — 49,700 — Cash and accrued income 3,906 3,906 — — Forward contracts 2,364 — 2,364 — Total postretirement benefit plan assets $ 1,430,525 $ 204,668 $ 1,225,857 $ — (a) Mutual fund investments are comprised predominantly of equity securities of U.S. corporations with large capitalizations and also include funds invested in corporate equities in international and emerging markets and funds invested in long-term bonds, which are valued at closing prices from national exchanges. (b) Fixed income securities include funds that invest primarily in U.S. Treasuries and long-term bonds. Investments are generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts. Fixed income commingled funds are valued at unit values provided by the investment managers, which are generally based on the fair value of the underlying investments. (c) Short-term investments include several money market funds used for managing overall liquidity. Investments are generally valued at closing prices from national exchanges. Commingled funds are valued at unit values provided by the investment managers, which are generally based on the fair value of the underlying investments. (d) The hedge fund of funds category includes investments in funds representing a variety of strategies intended to diversify risks and reduce volatility. It includes event-driven credit and equity investments targeted at economic policy decisions, long and short positions in U.S. and international equities, arbitrage investments and emerging market equity investments. Investments are valued at unit values or net asset values provided by the investment managers, which are based on the fair value of the underlying investments. (e) This category includes investments in real estate funds (including office, industrial, residential and retail) primarily throughout the United States. Real estate securities are generally valued at closing prices from national exchanges. Commingled funds, private securities, and limited partnerships are valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. (f) Common collective trust investments consist of domestic and international large and mid capitalization equities, including emerging markets and funds invested in both short-term and long-term bonds. Investments are generally valued at closing prices from national exchanges. Commingled funds, private securities, and limited partnerships are valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Estimated Fair Values of all SARs Applying Assumptions | The Company computed the estimated fair values of all SARs using the Black-Scholes option-pricing model applying the assumptions set forth in the following table: 2015 2014 2013 Expected dividend yield 2.8 % 3.0 % 3.9 % Expected stock price volatility 18.2 % 18.4 % 24.7 % Risk-free interest rate 1.7 % 1.2 % 0.6 % Expected life of SARs 6 years 4 years 4 years |
Stock Options and SARs Outstanding and Exercisable | The following tables summarize information about SARs outstanding and exercisable at December 31, 2015 . At December 31, 2015 , the fair market value of the Company’s stock used to calculate intrinsic value was $40.87 per share. SARs Vested and Expected to Vest Range of Exercise Prices Number Outstanding Weighted- average Remaining Contractual Life Weighted- average Exercise Price Aggregate Intrinsic Value $23.69 - $31.88 84,285 0.8 years $27.16 $ 1,155 $32.03 - $36.34 489,089 3.3 years $33.44 $ 3,633 $41.58 - $46.16 1,433,138 6.8 years $43.48 $ — $23.69 - $46.16 2,006,512 5.7 years $40.35 $ 4,788 SARs Exercisable Range of Exercise Prices Number Exercisable Weighted- average Remaining Contractual Life Weighted- average Exercise Price Aggregate Intrinsic Value $23.69 - $31.88 84,285 0.8 years $27.16 $ 1,155 $32.03 - $36.34 489,089 3.3 years $33.44 $ 3,633 $41.58 - $46.16 839,695 5.1 years $41.58 $ — $23.69 - $46.16 1,413,069 3.9 years $37.90 $ 4,788 |
Company's Stock Options and SARs | The activity related to the Company’s SARs is as follows: Nonvested Vested Total Weighted- average Exercise Price Outstanding, December 31, 2014 956,270 1,401,374 2,357,644 $ 35.91 Vested (956,270 ) 956,270 — Granted 598,978 — 598,978 $ 46.16 Exercised — (929,205 ) (929,205 ) $ 32.92 Forfeited/Expired (5,535 ) (15,370 ) (20,905 ) $ 44.23 Outstanding, December 31, 2015 593,443 1,413,069 2,006,512 $ 40.35 |
Activity Related to PCSUs and Restricted Stock Units | The activity related to the PCSUs and restricted stock units is as follows: Nonvested Vested Total Average Grant Date Fair Value Per Share Outstanding, December 31, 2014 911,388 531,496 1,442,884 $ 31.55 Granted 250,811 2,049 252,860 $ 42.91 Performance adjustments (318,709 ) (5,637 ) (324,346 ) $ 32.54 Vested (324,444 ) 324,444 — Converted — (167,420 ) (167,420 ) $ 30.36 Dividend equivalents 3,744 12,388 16,132 $ 43.45 Outstanding, December 31, 2015 522,790 697,320 1,220,110 $ 34.15 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost include the following: 2015 2014 2013 Retirement Plans Service cost $ 23,366 $ 21,826 $ 25,198 Interest cost 70,797 73,505 67,235 Expected return on plan assets (94,307 ) (93,198 ) (86,545 ) Amortization of net transition obligation 65 405 438 Amortization of prior service cost 745 697 569 Amortization of net actuarial loss 42,584 26,523 43,776 Effect of settlement loss — — 1,947 Other 49 77 — Net periodic benefit cost $ 43,299 $ 29,835 $ 52,618 Retiree Health and Life Insurance Plans Service cost $ 711 $ 726 $ 891 Interest cost 766 1,034 942 Expected return on plan assets (1,661 ) (1,599 ) (1,510 ) Amortization of prior service credit (104 ) (1,381 ) (2,969 ) Amortization of net actuarial gain (673 ) (259 ) — Net periodic benefit income $ (961 ) $ (1,479 ) $ (2,646 ) |
Plans' Obligations and Assets | The following tables set forth the Plans’ obligations and assets at December 31 : Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2015 2014 Change in Benefit Obligation Benefit obligation at January 1 $ 1,857,106 $ 1,596,458 $ 27,451 $ 27,521 Service cost 23,366 21,826 711 726 Interest cost 70,797 73,505 766 1,034 Plan participant contributions 452 486 1,046 1,049 Plan amendments 519 812 (2,273 ) — Actuarial loss/(gain) (106,211 ) 278,428 (6,004 ) 736 Benefits paid (87,626 ) (91,078 ) (2,556 ) (3,568 ) Impact of foreign exchange rates (25,822 ) (26,791 ) (88 ) (47 ) Acquisitions — 3,460 — — Other 1,015 — — — Benefit obligation at December 31 $ 1,733,596 $ 1,857,106 $ 19,053 $ 27,451 |
Fair Value of Plan Assets | Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2015 2014 Change in Plan Assets Fair value of plan assets at January 1 $ 1,407,461 $ 1,331,934 $ 23,064 $ 22,497 Actual return on plan assets (13,886 ) 144,209 (107 ) 2,323 Company contributions 22,233 53,020 911 875 Plan participant contributions 452 486 1,046 1,049 Benefits paid (87,626 ) (91,078 ) (2,556 ) (3,568 ) Impact of foreign exchange rates (24,271 ) (23,849 ) — — Expenses paid (6,177 ) (7,261 ) (108 ) (112 ) Fair value of plan assets at December 31 $ 1,298,186 $ 1,407,461 $ 22,250 $ 23,064 Funded Status of the Plans $ (435,410 ) $ (449,645 ) $ 3,197 $ (4,387 ) |
Recognized Amounts in Consolidated Balance Sheets | Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2015 2014 Total Recognized Amounts in the Consolidated Balance Sheets Noncurrent assets $ 4,635 $ 3,151 $ 4,057 $ — Current liabilities (8,678 ) (12,759 ) (860 ) (831 ) Noncurrent liabilities (431,367 ) (440,037 ) — (3,556 ) Net liability $ (435,410 ) $ (449,645 ) $ 3,197 $ (4,387 ) |
Component of Net Periodic Pension Cost that are Included in Accumulated Other Comprehensive Loss (Income) | Items not yet recognized as a component of net periodic pension cost that are included in Accumulated Other Comprehensive Loss (Income) as of December 31, 2015 and 2014 , are as follows: Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2015 2014 Net actuarial loss $ 691,482 $ 725,714 $ (6,274 ) $ (2,818 ) Prior service cost/(credit) 3,791 4,023 (2,272 ) (103 ) Net transition obligation — 65 — — $ 695,273 $ 729,802 $ (8,546 ) $ (2,921 ) |
Amounts Recognized in Other Comprehensive Loss/(Income) | The amounts recognized in Other Comprehensive Loss/(Income) during December 31, 2015 and 2014 include the following: Retirement Plans Retiree Health and Life Insurance Plans 2015 2014 2013 2015 2014 2013 Adjustments arising during the period: Net actuarial loss/(gain) $ 8,352 $ 233,962 $ (178,648 ) $ (4,129 ) $ 101 $ (5,527 ) Prior service cost/(credit) 513 729 1,902 (2,273 ) (46 ) — Net settlements/curtailments — — (1,947 ) — — — Reversal of amortization: Net actuarial loss (42,584 ) (26,523 ) (43,776 ) 673 259 — Prior service cost/(credit) (745 ) (697 ) (569 ) 104 1,381 2,969 Net transition obligation (65 ) (405 ) (438 ) — — — Total recognized in other comprehensive loss/(income) $ (34,529 ) $ 207,066 $ (223,476 ) $ (5,625 ) $ 1,695 $ (2,558 ) Total recognized in net periodic benefit cost and other comprehensive loss/(income) $ 8,770 $ 236,901 $ (170,858 ) $ (6,586 ) $ 216 $ (5,204 ) |
Accumulated Other Comprehensive Loss/(Income) Expects to Recognize as Components of Net Periodic Benefit Cost | Of the amounts included in Accumulated Other Comprehensive Loss/(Income) as of December 31, 2015 , the portions the Company expects to recognize as components of net periodic benefit cost in 2016 are as follows: Retirement Plans Retiree Health and Life Insurance Plans Net actuarial loss $ 37,662 $ (532 ) Prior service cost/(credit) 753 (498 ) Net transition obligation — — $ 38,415 $ (1,030 ) |
Company's Projected Benefit Payments | The following table sets forth the Company’s projected benefit payments for the next ten years: Year Retirement Plans Retiree Health and Life Insurance Plans 2016 $ 86,234 $ 2,173 2017 $ 89,282 $ 2,103 2018 $ 92,596 $ 2,055 2019 $ 95,245 $ 2,007 2020 $ 98,004 $ 1,653 2021-2025 $ 520,612 $ 6,744 |
Major Actuarial Assumptions Used in Determining PBO, ABO and Net Periodic Cost | The following tables set forth the major actuarial assumptions used in determining the PBO, ABO and net periodic cost: Weighted-average assumptions used to determine benefit obligations at December 31 U.S. Retirement Plans U.S. Retiree Health and Life Insurance Plans Foreign Plans Discount Rate 2015 4.36 % 3.78 % 3.71 % 2014 4.00 % 3.52 % 3.49 % Rate of Compensation Increase 2015 3.69 % 3.36 % 3.52 % 2014 3.99 % 3.42 % 3.51 % Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 U.S. Retirement Plans U.S. Retiree Health and Life Insurance Plans Foreign Plans Discount Rate 2015 4.00 % 3.52 % 3.49 % 2014 4.78 % 4.03 % 4.51 % 2013 3.90 % 3.16 % 4.36 % Expected Long-term Rate of Return 2015 7.67 % 7.39 % 4.92 % 2014 7.66 % 7.39 % 5.57 % 2013 7.65 % 7.42 % 5.57 % Rate of Compensation Increase 2015 3.99 % 3.42 % 3.51 % 2014 3.99 % 3.44 % 3.80 % 2013 4.29 % 3.51 % 3.46 % |
Health Care Cost Trend Rates Related to U.S. Plan | The U.S. Retiree Health and Life Insurance Plan makes up approximately 98% of the Retiree Health liability. Therefore, the following information relates to the U.S. plan only. Healthcare Cost Trend Rate Pre-age 65 Post-age 65 2015 7.00 % 6.00 % 2014 8.00 % 8.00 % Ultimate Trend Rate Pre-age 65 Post-age 65 2015 4.90 % 4.90 % 2014 5.60 % 5.60 % Year at which the Rate Reaches the Ultimate Trend Rate Pre-age 65 Post-age 65 2015 2039 2041 2014 2042 2044 |
Retirement Plans | |
Weighted-Average Asset Allocations | The following table sets forth the weighted-average asset allocations of the Company’s retirement plans at December 31, 2015 and 2014 , by asset category. Asset Category U.S. U.K. Canada Equity securities 2015 49.0 % 49.0 % 62.9 % 2014 49.9 % 49.2 % 56.8 % Debt securities 2015 36.8 % 50.2 % 36.8 % 2014 37.8 % 49.6 % 43.0 % Alternative 2015 14.2 % — % — % 2014 12.2 % — % — % Cash and short-term investments 2015 — % 0.8 % 0.3 % 2014 0.1 % 1.2 % 0.2 % Total 2015 100.0 % 100.0 % 100.0 % 2014 100.0 % 100.0 % 100.0 % |
Retiree Health and Life Insurance Plans | |
Weighted-Average Asset Allocations | The following table sets forth the weighted-average asset allocations by asset category of the Company’s retiree health and life insurance plan. Asset Category December 31, 2015 December 31, 2014 Equity securities 59.8% 59.1% Debt securities 33.0% 34.5% Alternative 7.1% 6.3% Cash 0.1% 0.1% Total 100.0% 100.0% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Taxes on Income | The provision for taxes on income for the years ended December 31 consists of the following: 2015 2014 2013 Pretax income Domestic $ 255,897 $ 224,683 $ 217,305 Foreign 72,049 101,024 75,404 Total pretax income $ 327,946 $ 325,707 $ 292,709 Current Federal $ 55,678 $ 40,600 $ 32,691 State 6,000 6,889 2,207 Foreign 31,610 29,630 24,050 Total current $ 93,288 $ 77,119 $ 58,948 Deferred Federal $ 11,002 $ 29,078 $ 33,937 State (2,359 ) 5,067 4,080 Foreign (14,193 ) (2,506 ) (3,334 ) Total deferred $ (5,550 ) $ 31,639 $ 34,683 Total taxes $ 87,738 $ 108,758 $ 93,631 |
Deferred Tax Liabilities/(Assets) | Deferred tax liabilities/(assets) are comprised of the following at December 31 : 2015 2014 Property, plant and equipment $ 118,216 $ 129,832 Intangibles 232,420 193,016 Gross deferred tax liabilities $ 350,636 $ 322,848 Retiree health benefits $ (2,078 ) $ (5,306 ) Foreign loss carryforwards (65,123 ) (75,163 ) U.S. Federal loss carryforwards (1,214 ) (11,102 ) Capital loss carryforwards (69 ) — Employee benefits (192,798 ) (183,527 ) Accrued liabilities and other (118,511 ) (103,935 ) Gross deferred tax assets $ (379,793 ) $ (379,033 ) Valuation allowance on deferred tax assets $ 49,464 $ 63,898 Total deferred taxes, net $ 20,307 $ 7,713 |
Reconciliation of U.S. Federal Statutory Tax Rate to Actual Consolidated Tax Expense | A reconciliation of the U.S. federal statutory tax rate to the actual consolidated tax expense is as follows: 2015 2014 2013 Statutory tax rate $ 114,781 35.0 % $ 113,998 35.0 % $ 102,449 35.0 % State income taxes, net of federal tax benefit 4,872 1.5 8,465 2.6 % 6,146 2.1 % Valuation allowance (8,080 ) (2.5 ) (2,264 ) (0.7 )% (1,256 ) (0.4 )% Tax examinations including change in reserve for uncertain tax positions (3,245 ) (1.0 ) (2,109 ) (0.6 )% (1,421 ) (0.5 )% Adjustments to prior year deferred taxes 1,596 0.5 (518 ) (0.2 )% (562 ) (0.2 )% Foreign earnings taxed at other than U.S. rates (9,065 ) (2.8 ) (8,891 ) (2.7 )% (3,915 ) (1.3 )% Disposition of business (11,996 ) (3.6 ) — — % — — % Effect of tax rate changes enacted during the year (2,235 ) (0.7 ) 81 — % (915 ) (0.3 )% Deduction related to qualified production activities (5,968 ) (1.8 ) (4,003 ) (1.2 )% (3,819 ) (1.3 )% Other, net 7,078 2.2 3,999 1.2 % (3,076 ) (1.1 )% Total taxes $ 87,738 26.8 % $ 108,758 33.4 % $ 93,631 32.0 % |
Reconciliation of Gross Amounts of Unrecognized Tax Benefits | The following table sets forth the reconciliation of the gross amounts of unrecognized tax benefits at the beginning and ending of the periods indicated: 2015 2014 2013 Gross Unrecognized Tax Benefits at January 1 $ 26,000 $ 28,800 $ 31,300 Increases in prior years’ unrecognized tax benefits 1,500 6,800 1,100 Decreases in prior years’ unrecognized tax benefits (2,100 ) (5,500 ) (1,800 ) Increases in current year's unrecognized tax benefits 1,700 4,600 4,100 Decreases in unrecognized tax benefits from the lapse of statutes of limitations (9,200 ) (5,900 ) (5,300 ) Settlements (700 ) (2,800 ) (600 ) Gross Unrecognized Tax Benefits at December 31 $ 17,200 $ 26,000 $ 28,800 |
Shareholders' Equity and Earn40
Shareholders' Equity and Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: 2015 2014 2013 Numerator: Net income attributable to Sonoco $ 250,136 $ 225,916 $ 209,825 Denominator: Weighted average common shares outstanding 101,482,000 102,215,000 102,577,000 Dilutive effect of stock-based compensation 910,000 957,000 671,000 Diluted outstanding shares 102,392,000 103,172,000 103,248,000 Per common share: Net income attributable to Sonoco: Basic $ 2.46 $ 2.21 $ 2.05 Diluted $ 2.44 $ 2.19 $ 2.03 |
Shares Not Included in Computations of Diluted Income Per Share | The average number of shares that were not dilutive and therefore not included in the computation of diluted income per share was as follows for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Anti-dilutive stock appreciation rights 902,484 719,841 1,100,233 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Financial Segment Information | The following table sets forth financial information about each of the Company's business segments: Years ended December 31 Consumer Packaging Display and Packaging Paper and Protective Solutions Corporate Consolidated Total Revenue 2015 $ 2,126,916 $ 608,064 $ 1,835,896 $ 508,182 $ — $ 5,079,058 2014 1,966,989 668,407 2,010,160 487,171 — 5,132,727 2013 1,898,690 640,541 1,958,762 473,278 — 4,971,271 Intersegment Sales 1 2015 $ 4,357 $ 1,953 $ 106,110 $ 2,269 $ — $ 114,689 2014 4,092 1,592 107,712 2,337 — 115,733 2013 5,157 1,968 99,882 2,607 — 109,614 Sales to Unaffiliated Customers 2015 $ 2,122,559 $ 606,111 $ 1,729,786 $ 505,913 $ — $ 4,964,369 2014 1,962,897 666,815 1,902,448 484,834 — 5,016,994 2013 1,893,533 638,573 1,858,880 470,671 — 4,861,657 Income Before Income Taxes 2 2015 $ 231,590 $ 10,904 $ 124,057 $ 46,013 $ (84,618 ) $ 327,946 2014 200,591 10,680 162,269 34,003 (81,836 ) 325,707 2013 186,870 9,206 138,094 40,084 (81,545 ) 292,709 Identifiable Assets 3 2015 $ 1,507,621 $ 491,268 $ 1,199,280 $ 561,592 $ 260,508 $ 4,020,269 2014 1,579,950 495,604 1,299,356 564,468 254,533 4,193,911 2013 1,281,542 523,292 1,290,353 552,121 327,215 3,974,523 Depreciation, Depletion and Amortization 4 2015 $ 96,220 $ 16,623 $ 76,744 $ 23,574 $ — $ 213,161 2014 75,782 17,034 83,076 22,826 — 198,718 2013 74,127 18,049 82,392 23,103 — 197,671 Capital Expenditures 2015 $ 75,986 $ 10,906 $ 74,008 $ 15,724 $ 15,671 $ 192,295 2014 63,117 9,432 73,636 22,238 8,653 177,076 2013 48,770 7,422 88,556 15,908 11,786 172,442 1 Intersegment sales are recorded at a market-related transfer price. 2 Included in Corporate are restructuring, asset impairment charges, acquisition-related charges, environmental settlement gains, property insurance settlement gains, and other non-operational income and expenses associated with the following segments: |
Restructuring Asset Impairment and Acquisition Related Costs | Consumer Packaging Display Paper and Industrial Converted Products Protective Solutions Corporate Total 2015 $ 15,097 $ 1,812 $ (490 ) $ (1,469 ) $ 15,070 $ 30,020 2014 12,536 4,042 4,340 1,527 7,000 29,445 2013 14,003 2,326 6,785 1,545 159 24,818 The remaining amounts reported as Corporate consist of interest expense and interest income. 3 Identifiable assets are those assets used by each segment in its operations. Corporate assets consist primarily of cash and cash equivalents, investments in affiliates, headquarters facilities, deferred income taxes and prepaid expenses. 4 Depreciation, depletion and amortization incurred at Corporate are allocated to the reportable segments. |
Sales to Unaffiliated Customers and Long-Lived Assets by Geographic Region | Sales to unaffiliated customers and long-lived assets by geographic region are as follows: 2015 2014 2013 Sales to Unaffiliated Customers United States $ 3,206,513 $ 3,285,017 $ 3,231,135 Europe 971,302 841,452 751,806 Canada 262,038 292,163 299,243 All other 524,516 598,362 579,473 Total $ 4,964,369 $ 5,016,994 $ 4,861,657 Long-lived Assets United States $ 1,719,746 $ 1,738,648 $ 1,878,728 Europe 627,126 680,791 288,407 Canada 157,208 184,879 205,095 All other 104,563 117,249 109,010 Total $ 2,608,643 $ 2,721,567 $ 2,481,240 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income Loss and Changes in Accumulated Other Comprehensive Loss, Net of Tax | The following table summarizes the components of accumulated other comprehensive loss and the changes in accumulated other comprehensive loss, net of tax as applicable, for the years ended December 31, 2015 and 2014 : Foreign Currency Items Defined Benefit Pension Items Gains and Losses on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at December 31, 2013 $ (24,985 ) $ (344,622 ) $ (262 ) $ (369,869 ) Other comprehensive income/(loss) before reclassifications (102,618 ) (148,312 ) (5,939 ) (256,869 ) Amounts reclassified from accumulated other comprehensive loss to net income — 17,648 241 17,889 Amounts reclassified from accumulated other comprehensive loss to fixed assets — — (2 ) (2 ) Other comprehensive income/(loss) (102,618 ) (130,664 ) (5,700 ) (238,982 ) Balance at December 31, 2014 $ (127,603 ) $ (475,286 ) $ (5,962 ) $ (608,851 ) Other comprehensive income/(loss) before reclassifications (125,534 ) 3,979 (11,726 ) (133,281 ) Amounts reclassified from accumulated other comprehensive loss to net income — 27,063 12,008 39,071 Amounts reclassified from accumulated other comprehensive loss to fixed assets — — 528 528 Other comprehensive income/(loss) (125,534 ) 31,042 810 (93,682 ) Balance at December 31, 2015 $ (253,137 ) $ (444,244 ) $ (5,152 ) $ (702,533 ) |
Reclassification out of Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Twelve Months Ended Twelve Months Ended Affected Line Item in the Consolidated Statements of Net Income Gains and losses on cash flow hedges Foreign exchange contracts $ (21,454 ) $ (6,031 ) Net Sales Foreign exchange contracts 12,154 4,197 Cost of sales Commodity contracts (9,920 ) 1,445 Cost of sales (19,220 ) (389 ) Total before tax 7,212 148 Tax benefit $ (12,008 ) $ (241 ) Net of tax Defined benefit pension items Amortization of defined benefit pension items $ (31,963 ) $ (19,489 ) Cost of sales Amortization of defined benefit pension items (10,654 ) (6,496 ) Selling, general, and administrative (42,617 ) (25,985 ) Total before tax 15,554 8,337 Tax benefit (27,063 ) (17,648 ) Net of tax Total reclassifications for the period $ (39,071 ) $ (17,889 ) Net of tax |
Selected Quarterly Financial 43
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data | The following table sets forth selected quarterly financial data of the Company: (unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Net sales $ 1,206,052 $ 1,248,590 $ 1,242,592 $ 1,267,135 Gross profit 220,390 240,316 229,373 239,343 Restructuring/Asset impairment charges (359 ) 10,445 19,551 21,000 Net income attributable to Sonoco 85,780 64,379 43,914 56,063 Per common share: Net income attributable to Sonoco: - basic $ 0.85 $ 0.63 $ 0.43 $ 0.55 - diluted 0.84 0.63 0.43 0.55 Cash dividends - common 0.32 0.35 0.35 0.35 Market price - high 47.94 46.50 44.13 44.56 - low 42.44 43.89 34.68 37.01 2014 Net sales $ 1,190,032 $ 1,247,616 $ 1,262,503 $ 1,316,843 Gross profit 209,761 228,950 222,444 246,731 Restructuring/Asset impairment charges (1,992 ) (3,671 ) (5,908 ) (11,221 ) Net income attributable to Sonoco 50,417 59,419 67,056 49,024 Per common share: Net income attributable to Sonoco: - basic $ 0.49 $ 0.58 $ 0.66 $ 0.48 - diluted 0.49 0.57 0.65 0.48 Cash dividends - common 0.31 0.32 0.32 0.32 Market price - high 43.75 44.00 44.65 44.69 - low 39.52 40.20 38.82 35.64 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Carrying value of equity investments | $ 111,051 | $ 114,063 | |
Largest customer revenue percentage | 6.00% | 7.00% | 7.00% |
Single customer percentage of receivable | 6.00% | 7.00% | |
Second largest customer revenue percentage | 4.00% | 3.00% | 5.00% |
Research and development costs | $ 22,100 | $ 24,200 | $ 20,100 |
Percentage of LIFO Inventory | 19.00% | 16.00% | |
LIFO inventory amount | $ 18,894 | $ 17,908 | |
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets, useful life (in years) | 3 years | ||
Minimum | Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property Plant and Equipment, useful life | 3 years | ||
Minimum | Buildings | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property Plant and Equipment, useful life | 15 years | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets, useful life (in years) | 40 years | ||
Maximum | Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property Plant and Equipment, useful life | 11 years | ||
Maximum | Buildings | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property Plant and Equipment, useful life | 40 years | ||
Chilean tube | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage ownership of investments accounted for under the cost method | 19.50% | ||
Finland Small Recycling Business | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage ownership of investments accounted for under the cost method | 12.19% | ||
Multi-Vendor Supply Chain Finance Arrangement | Net sales | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Consolidated annual sales, percent | 5.00% | 3.00% |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Company Held Significant Investment (Detail) | Dec. 31, 2015 |
RTS Packaging JVCO | |
Noncontrolling Interest [Line Items] | |
Ownership Interest Percentage | 35.00% |
Cascades Conversion, Inc. | |
Noncontrolling Interest [Line Items] | |
Ownership Interest Percentage | 50.00% |
Cascades Sonoco, Inc. | |
Noncontrolling Interest [Line Items] | |
Ownership Interest Percentage | 50.00% |
Showa Products Company Ltd. | |
Noncontrolling Interest [Line Items] | |
Ownership Interest Percentage | 20.00% |
Conitex Sonoco Holding BVI Ltd. | |
Noncontrolling Interest [Line Items] | |
Ownership Interest Percentage | 30.00% |
Weidenhammer New Packaging LLC | |
Noncontrolling Interest [Line Items] | |
Ownership Interest Percentage | 40.00% |
Myrpress Group LLC | |
Noncontrolling Interest [Line Items] | |
Ownership Interest Percentage | 40.00% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | Sep. 21, 2015USD ($) | Apr. 01, 2015USD ($)employee | Oct. 31, 2014USD ($)facilityemployee | May. 02, 2014USD ($) | May. 02, 2014USD ($) | Dec. 31, 2015USD ($)acquisition | Dec. 31, 2014USD ($)acquisition | Dec. 31, 2013USD ($)acquisition |
Business Acquisition [Line Items] | ||||||||
Number of acquisitions during period | acquisition | 2 | 2 | 3 | |||||
Acquisition cost of entity | $ 17,447 | $ 334,132 | $ 4,005 | |||||
Expected annual revenue | 12,500 | |||||||
Total consideration | 21,184 | 366,280 | ||||||
Cash paid during acquisition | 17,447 | 334,132 | 4,005 | |||||
Goodwill | 1,140,461 | 1,177,962 | ||||||
Carrying value of equity investments | 111,051 | 114,063 | ||||||
Long-term deferred income tax liabilities, period increase | 4,610 | |||||||
Accrued and other liabilities, period increase | 476 | |||||||
Property, plant and equipment, period decrease | 326 | |||||||
Goodwill, period increase | 5,412 | |||||||
Acquisition-related costs | 1,663 | 9,221 | 484 | |||||
Wood Plug Business of Smith Family Companies Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Expected annual revenue | $ 3,700 | |||||||
Total consideration | 2,850 | |||||||
Cash paid during acquisition | 1,750 | |||||||
Contingent purchase liability | 1,100 | |||||||
Customer lists | 2,750 | |||||||
Non-compete agreement | $ 100 | |||||||
Contingent consideration, period of payment | 30 days | |||||||
Dalton Paper Products | ||||||||
Business Acquisition [Line Items] | ||||||||
Expected annual revenue | $ 20,000 | |||||||
Total consideration | 11,286 | |||||||
Net assets, excluding intangibles | 4,656 | $ 4,656 | ||||||
Goodwill | 3,250 | 3,250 | ||||||
Cash acquired from acquisition | 322 | |||||||
Intangibles acquired | $ 3,380 | $ 3,380 | ||||||
Weidenhammer Packaging Group | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition cost of entity | $ 323,168 | |||||||
Expected annual revenue | 300,000 | |||||||
Total consideration | 355,316 | |||||||
Goodwill | 109,727 | |||||||
Intangibles acquired | 71,682 | |||||||
Noncontrolling interest acquired | $ 974 | |||||||
Number of employees in facilities operated | employee | 1,100 | |||||||
Number of facilities operated | facility | 13 | |||||||
Debt and other liabilities assumed | $ 32,148 | |||||||
Term of the term loan | 3 years | |||||||
Expected value of goodwill to be tax deductible | $ 22,000 | |||||||
Weidenhammer Packaging Group | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangibles acquired | $ 57,557 | |||||||
Average expected life (in years) | 12 years | |||||||
Weidenhammer Packaging Group | Trade names | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangibles acquired | $ 1,974 | |||||||
Weidenhammer Packaging Group | Proprietary technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangibles acquired | $ 12,151 | |||||||
Average expected life (in years) | 11 years | |||||||
Weidenhammer Packaging Group | Germany | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of facilities operated | facility | 5 | |||||||
Imagelinx | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition cost of entity | 3,024 | |||||||
Net assets, excluding intangibles | 2,228 | |||||||
Goodwill | 796 | |||||||
Series of Individually Immaterial Business Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition cost of entity | 981 | |||||||
Net assets, excluding intangibles | 909 | |||||||
Intangibles acquired | 72 | |||||||
Consumer Packaging | ||||||||
Business Acquisition [Line Items] | ||||||||
Expected annual revenue | 10,000 | |||||||
Goodwill | $ 487,342 | $ 508,582 | ||||||
Consumer Packaging | Graffo Paranaense de Embalagens S/A | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of controlling asset acquired | 67.00% | |||||||
Entity number of employees | employee | 230 | |||||||
Expected annual revenue | $ 22,000 | |||||||
Total consideration | 18,334 | |||||||
Cash paid during acquisition | 15,697 | |||||||
Consideration transferred, liabilities incurred | 2,637 | |||||||
Net assets, excluding intangibles | 7,283 | |||||||
Goodwill | 8,533 | |||||||
Intangibles acquired | 10,440 | |||||||
Noncontrolling interest acquired | $ 7,922 | |||||||
Paper And Industrial Converted Products | ||||||||
Business Acquisition [Line Items] | ||||||||
Expected annual revenue | 2,500 | |||||||
Other assets | ||||||||
Business Acquisition [Line Items] | ||||||||
Carrying value of equity investments | $ 3,628 |
Acquisitions - Summary of Initi
Acquisitions - Summary of Initial Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||
Goodwill | $ 1,140,461 | $ 1,177,962 | |
Weidenhammer Packaging Group | |||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||
Trade accounts receivable | $ 32,935 | ||
Other receivables | 2,215 | ||
Inventories | 34,132 | ||
Prepaid expenses | 1,657 | ||
Property, plant and equipment | 161,149 | ||
Goodwill | 109,727 | ||
Other intangible assets | 71,682 | ||
Other assets | 3,820 | ||
Payables to suppliers | (12,631) | ||
Accrued expenses and other | (23,110) | ||
Total debt | (27,904) | ||
Pension and other postretirement benefits | (2,969) | ||
Deferred income taxes, net | (26,561) | ||
Noncontrolling interests | (974) | ||
Total net assets | $ 323,168 |
Restructuring and Asset Impai48
Restructuring and Asset Impairment - Total Restructuring and Asset Impairment Charges Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring/Asset impairment charges | $ (21,000) | $ (19,551) | $ (10,445) | $ 359 | $ 11,221 | $ 5,908 | $ 3,671 | $ 1,992 | $ 50,637 | $ 22,792 | $ 25,038 |
Income tax benefit | (22,641) | (5,732) | (6,774) | ||||||||
Impact of noncontrolling interests, net of tax | (93) | (52) | 2 | ||||||||
Total impact of restructuring/asset impairment charges, net of tax | 27,903 | 17,008 | 18,266 | ||||||||
2015 Actions | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring/Asset impairment charges | 35,837 | ||||||||||
2014 Actions | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring/Asset impairment charges | 2,014 | 15,279 | |||||||||
2013 and Earlier Actions | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring/Asset impairment charges | 721 | 2,809 | 25,038 | ||||||||
Other Asset Impairment | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring/Asset impairment charges | $ 12,065 | $ 4,704 | $ 0 |
Restructuring and Asset Impai49
Restructuring and Asset Impairment - Actions and Related Expenses by Type Incurred and Estimated for Given Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
2015 Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | $ (35,514) | ||
Restructuring charge | (35,837) | ||
Estimated total cost | (38,937) | ||
2014 Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | (133) | $ (3,736) | |
Restructuring charge | (2,014) | (15,279) | |
Total incurred to date | 17,293 | ||
Estimated total cost | (17,393) | ||
2013 and Earlier Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | (240) | (1,631) | |
Restructuring charge | (721) | (2,809) | $ (25,038) |
Severance and Termination Benefits | 2015 Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | 0 | ||
Severance and Termination Benefits | 2015 Actions | Consumer Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (15,047) | ||
Estimated total cost | (16,847) | ||
Severance and Termination Benefits | 2015 Actions | Display and Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (1,115) | ||
Estimated total cost | (1,115) | ||
Severance and Termination Benefits | 2015 Actions | Paper And Industrial Converted Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (8,479) | ||
Estimated total cost | (8,479) | ||
Severance and Termination Benefits | 2015 Actions | Protective Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (39) | ||
Estimated total cost | (39) | ||
Severance and Termination Benefits | 2015 Actions | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (2,775) | ||
Estimated total cost | (2,775) | ||
Severance and Termination Benefits | 2014 Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | 0 | 0 | |
Severance and Termination Benefits | 2014 Actions | Consumer Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (836) | (850) | |
Total incurred to date | 1,686 | ||
Estimated total cost | (1,686) | ||
Severance and Termination Benefits | 2014 Actions | Display and Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 9 | (594) | |
Total incurred to date | 585 | ||
Estimated total cost | (585) | ||
Severance and Termination Benefits | 2014 Actions | Paper And Industrial Converted Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (44) | (3,277) | |
Total incurred to date | 3,321 | ||
Estimated total cost | (3,321) | ||
Severance and Termination Benefits | 2014 Actions | Protective Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 14 | (761) | |
Total incurred to date | 747 | ||
Estimated total cost | (747) | ||
Severance and Termination Benefits | 2013 and Earlier Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | 0 | 0 | |
Severance and Termination Benefits | 2013 and Earlier Actions | Consumer Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | (116) | (5,166) |
Severance and Termination Benefits | 2013 and Earlier Actions | Display and Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 112 | (545) | (1,401) |
Severance and Termination Benefits | 2013 and Earlier Actions | Paper And Industrial Converted Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (206) | (800) | (4,205) |
Severance and Termination Benefits | 2013 and Earlier Actions | Protective Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | 222 | (283) |
Severance and Termination Benefits | 2013 and Earlier Actions | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | 27 | 0 |
Asset Impairment / Disposal of Assets | 2015 Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | (35,514) | ||
Asset Impairment / Disposal of Assets | 2015 Actions | Consumer Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (4,303) | ||
Estimated total cost | (4,303) | ||
Asset Impairment / Disposal of Assets | 2015 Actions | Display and Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (474) | ||
Estimated total cost | (474) | ||
Asset Impairment / Disposal of Assets | 2015 Actions | Paper And Industrial Converted Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (10,198) | ||
Estimated total cost | (10,198) | ||
Asset Impairment / Disposal of Assets | 2014 Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | (133) | (3,736) | |
Asset Impairment / Disposal of Assets | 2014 Actions | Consumer Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | (2,446) | |
Total incurred to date | 2,446 | ||
Estimated total cost | (2,446) | ||
Asset Impairment / Disposal of Assets | 2014 Actions | Paper And Industrial Converted Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | (781) | |
Total incurred to date | 781 | ||
Estimated total cost | (781) | ||
Asset Impairment / Disposal of Assets | 2014 Actions | Protective Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (133) | (335) | |
Total incurred to date | 468 | ||
Estimated total cost | (468) | ||
Asset Impairment / Disposal of Assets | 2013 and Earlier Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | (240) | (1,631) | |
Asset Impairment / Disposal of Assets | 2013 and Earlier Actions | Consumer Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | 0 | (5,642) |
Asset Impairment / Disposal of Assets | 2013 and Earlier Actions | Display and Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | (191) | (165) |
Asset Impairment / Disposal of Assets | 2013 and Earlier Actions | Paper And Industrial Converted Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 101 | 1,266 | (393) |
Asset Impairment / Disposal of Assets | 2013 and Earlier Actions | Protective Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | (185) | (1,223) |
Other Costs | 2015 Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | 0 | ||
Other Costs | 2015 Actions | Consumer Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (1,400) | ||
Estimated total cost | (2,550) | ||
Other Costs | 2015 Actions | Display and Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (351) | ||
Estimated total cost | (401) | ||
Other Costs | 2015 Actions | Paper And Industrial Converted Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (251) | ||
Estimated total cost | (351) | ||
Other Costs | 2015 Actions | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (11) | ||
Estimated total cost | (11) | ||
Other Costs | 2014 Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | 0 | 0 | |
Other Costs | 2014 Actions | Consumer Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (90) | (5,246) | |
Total incurred to date | 5,336 | ||
Estimated total cost | (5,336) | ||
Other Costs | 2014 Actions | Display and Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (21) | (5) | |
Total incurred to date | 26 | ||
Estimated total cost | (26) | ||
Other Costs | 2014 Actions | Paper And Industrial Converted Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (381) | (647) | |
Total incurred to date | 1,028 | ||
Estimated total cost | (1,078) | ||
Other Costs | 2014 Actions | Protective Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (532) | (337) | |
Total incurred to date | 869 | ||
Estimated total cost | (919) | ||
Other Costs | 2013 and Earlier Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset write downs/disposals | 0 | 0 | |
Other Costs | 2013 and Earlier Actions | Consumer Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | (56) | (3,395) |
Other Costs | 2013 and Earlier Actions | Display and Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | (108) | (346) |
Other Costs | 2013 and Earlier Actions | Paper And Industrial Converted Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (728) | (2,206) | (2,435) |
Other Costs | 2013 and Earlier Actions | Protective Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | (117) | (350) |
Other Costs | 2013 and Earlier Actions | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | $ 0 | $ 0 | $ (34) |
Restructuring and Asset Impai50
Restructuring and Asset Impairment - Restructuring Accrual Activity for Given Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
2015 Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | $ 0 | |
Restructuring-related charges | 35,837 | |
Cash receipts/(payments) | 15,276 | |
Asset write downs/disposals | (35,514) | |
Foreign currency translation | (223) | |
Liability, ending balance | 15,376 | $ 0 |
2014 Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 1,322 | 0 |
Restructuring-related charges | 2,257 | 15,279 |
Adjustments | (243) | |
Cash receipts/(payments) | (3,176) | (10,167) |
Asset write downs/disposals | (133) | (3,736) |
Foreign currency translation | (17) | (54) |
Liability, ending balance | 10 | 1,322 |
2013 and Earlier Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 1,990 | 7,805 |
Restructuring-related charges | 1,307 | 6,663 |
Adjustments | (586) | (3,854) |
Cash receipts/(payments) | (1,614) | (6,892) |
Asset write downs/disposals | (240) | (1,631) |
Foreign currency translation | (43) | (101) |
Liability, ending balance | 814 | 1,990 |
Severance and Termination Benefits | 2015 Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | |
Restructuring-related charges | 27,455 | |
Cash receipts/(payments) | (11,856) | |
Asset write downs/disposals | 0 | |
Foreign currency translation | (223) | |
Liability, ending balance | 15,376 | 0 |
Severance and Termination Benefits | 2014 Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 859 | 0 |
Restructuring-related charges | 1,048 | 5,482 |
Adjustments | (191) | |
Cash receipts/(payments) | (1,703) | (4,574) |
Asset write downs/disposals | 0 | 0 |
Foreign currency translation | (3) | (49) |
Liability, ending balance | 10 | 859 |
Severance and Termination Benefits | 2013 and Earlier Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 990 | 7,787 |
Restructuring-related charges | 208 | 2,203 |
Adjustments | (114) | (991) |
Cash receipts/(payments) | (697) | (7,909) |
Asset write downs/disposals | 0 | 0 |
Foreign currency translation | (43) | (100) |
Liability, ending balance | 344 | 990 |
Asset Impairment / Disposal of Assets | 2015 Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | |
Restructuring-related charges | 6,369 | |
Cash receipts/(payments) | 29,145 | |
Asset write downs/disposals | (35,514) | |
Foreign currency translation | 0 | |
Liability, ending balance | 0 | 0 |
Asset Impairment / Disposal of Assets | 2014 Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring-related charges | 133 | 3,562 |
Adjustments | 0 | |
Cash receipts/(payments) | 0 | 174 |
Asset write downs/disposals | (133) | (3,736) |
Foreign currency translation | 0 | 0 |
Liability, ending balance | 0 | 0 |
Asset Impairment / Disposal of Assets | 2013 and Earlier Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring-related charges | 240 | 744 |
Adjustments | (341) | (1,974) |
Cash receipts/(payments) | 341 | 2,861 |
Asset write downs/disposals | (240) | (1,631) |
Foreign currency translation | 0 | 0 |
Liability, ending balance | 0 | 0 |
Other Costs | 2015 Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | |
Restructuring-related charges | 2,013 | |
Cash receipts/(payments) | (2,013) | |
Asset write downs/disposals | 0 | |
Foreign currency translation | 0 | |
Liability, ending balance | 0 | 0 |
Other Costs | 2014 Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 463 | 0 |
Restructuring-related charges | 1,076 | 6,235 |
Adjustments | (52) | |
Cash receipts/(payments) | (1,473) | (5,767) |
Asset write downs/disposals | 0 | 0 |
Foreign currency translation | (14) | (5) |
Liability, ending balance | 0 | 463 |
Other Costs | 2013 and Earlier Actions | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 1,000 | 18 |
Restructuring-related charges | 859 | 3,716 |
Adjustments | (131) | (889) |
Cash receipts/(payments) | (1,258) | (1,844) |
Asset write downs/disposals | 0 | 0 |
Foreign currency translation | 0 | (1) |
Liability, ending balance | $ 470 | $ 1,000 |
Restructuring and Asset Impai51
Restructuring and Asset Impairment - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 27, 2015USD ($)VEF / $ | Dec. 31, 2014USD ($)positions | Sep. 28, 2014USD ($) | Dec. 31, 2015USD ($)facilityposition | Dec. 31, 2014USD ($)facilitypositions | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Future additional charges expected in connection with previous restructuring | $ 3,300 | |||||
Number of facilities closed | facility | 6 | 2 | ||||
Income tax benefit | $ 87,738 | $ 108,758 | $ 93,631 | |||
Other asset impairments | $ 12,065 | $ 1,974 | $ 2,730 | |||
Other asset impairment charges | $ 3,985 | |||||
Foreign currency exchange rate, remeasurement | VEF / $ | 198 | |||||
Foreign currency exchange rate, translation | 6.3 | |||||
Lease Termination Fees | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other costs | 3,633 | |||||
Cancellation Fees for Assets under Contract | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other costs | $ 1,135 | |||||
2015 Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Elimination of positions due to realign in cost structure | position | 235 | |||||
2014 Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Elimination of positions due to realign in cost structure | positions | 125 | 125 | ||||
2013 and Earlier Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Future pretax charges | $ 100 | |||||
United States | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facilities closed | facility | 2 | 1 | ||||
Canada | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facilities closed | facility | 1 | |||||
Germany | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facilities closed | facility | 1 | |||||
Russia | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facilities closed | facility | 1 | |||||
United Kingdom | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facilities closed | facility | 1 | |||||
Brazil | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facilities closed | facility | 1 | |||||
Paper Mill | France | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Future additional charges expected in connection with previous restructuring | $ 15,000 | |||||
Other asset impairments | 6,688 | |||||
Metal Ends and Closures Business | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Gain on sale of business | 7,224 | |||||
Proceeds from sales of business | 29,128 | |||||
Net fixed assets | 9,806 | |||||
Inventory | 7,158 | |||||
Goodwill | 1,727 | |||||
Intangible assets | 3,516 | |||||
Liabilities assumed by the acquiring company | 303 | |||||
Income tax benefit | $ 10,100 | |||||
Metal Ends and Closures Business | Ohio | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of production facilities sold | facility | 2 | |||||
Recycling Business | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Goodwill impairment loss | $ 1,686 | |||||
Impairment of intangible assets (excluding goodwill) | 1,251 | |||||
Minimum | Paper Mill | France | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Future additional charges expected in connection with previous restructuring | $ 15,000 |
Book Overdrafts and Cash Pool52
Book Overdrafts and Cash Pooling - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 182,434 | $ 161,168 | $ 217,567 | $ 373,084 |
Outstanding A/P check | ||||
Cash and Cash Equivalents [Line Items] | ||||
Outstanding A/P checks | 10,148 | 9,839 | ||
Outstanding payroll checks | ||||
Cash and Cash Equivalents [Line Items] | ||||
Outstanding A/P checks | 37 | 1,030 | ||
ERROR in label resolution. | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 22,905 | $ 18,679 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 84,811 | $ 86,453 |
Timber resources | 41,152 | 40,548 |
Buildings | 479,845 | 483,607 |
Machinery and equipment | 2,796,257 | 2,851,049 |
Construction in progress | 116,081 | 103,214 |
Property, plant and equipment, gross | 3,518,146 | 3,564,871 |
Accumulated depreciation and depletion | (2,406,110) | (2,416,264) |
Property, plant and equipment, net | $ 1,112,036 | $ 1,148,607 |
Property, Plant and Equipment54
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Estimated costs for completion of capital additions under construction | $ 78,035 | ||
Depreciation and depletion expense | 179,888 | $ 169,911 | $ 169,400 |
Future minimum rentals under noncancelable operating leases in 2016 | 44,477 | ||
Future minimum rentals under noncancelable operating leases in 2017 | 37,368 | ||
Future minimum rentals under noncancelable operating leases in 2018 | 28,920 | ||
Future minimum rentals under noncancelable operating leases in 2019 | 20,825 | ||
Future minimum rentals under noncancelable operating leases in 2020 | 13,915 | ||
Future minimum rentals under noncancelable operating leases, thereafter | 21,381 | ||
Total rental expense under operating leases | $ 72,400 | $ 70,300 | $ 68,500 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets - Changes in Goodwill by Segment (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 1,177,962 | |
Acquisitions | 13,945 | |
Dispositions | (1,727) | |
Other | (1,685) | |
Foreign currency translation | (48,034) | |
Ending Balance | 1,140,461 | |
Consumer Packaging | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 508,582 | |
Acquisitions | $ 8,533 | 13,945 |
Dispositions | (1,727) | |
Other | 0 | |
Foreign currency translation | (33,458) | |
Ending Balance | 487,342 | |
Display and Packaging | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 204,629 | |
Acquisitions | 0 | |
Dispositions | 0 | |
Other | 0 | |
Foreign currency translation | 0 | |
Ending Balance | 204,629 | |
Paper And Industrial Converted Products Segment | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 243,586 | |
Acquisitions | 0 | |
Dispositions | 0 | |
Other | (1,685) | |
Foreign currency translation | (14,576) | |
Ending Balance | 227,325 | |
Protective Solutions | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 221,165 | |
Acquisitions | 0 | |
Dispositions | 0 | |
Other | 0 | |
Foreign currency translation | 0 | |
Ending Balance | $ 221,165 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | |
Goodwill [Line Items] | |||||
Goodwill, acquired during period | $ 13,945 | ||||
Goodwill, dispositions | 1,727 | ||||
Goodwill, other changes | 1,685 | ||||
Goodwill | 1,140,461 | $ 1,177,962 | |||
Aggregate amortization expenses | 33,273 | 28,807 | $ 28,271 | ||
Amortization expense on intangible assets in 2016 | 32,900 | ||||
Amortization expense on intangible assets in 2017 | 32,100 | ||||
Amortization expense on intangible assets in 2018 | 31,400 | ||||
Amortization expense on intangible assets in 2019 | 30,000 | ||||
Amortization expense on intangible assets in 2020 | 28,300 | ||||
Consumer Packaging | |||||
Goodwill [Line Items] | |||||
Goodwill, acquired during period | $ 8,533 | 13,945 | |||
Goodwill, purchase accounting adjustments | 5,412 | ||||
Goodwill, dispositions | 1,727 | ||||
Goodwill, other changes | 0 | ||||
Goodwill | 487,342 | 508,582 | |||
Paper And Industrial Converted Products Segment | |||||
Goodwill [Line Items] | |||||
Goodwill, acquired during period | 0 | ||||
Goodwill, dispositions | 0 | ||||
Goodwill, other changes | 1,685 | ||||
Goodwill | 227,325 | $ 243,586 | |||
Packaging Services | |||||
Goodwill [Line Items] | |||||
Goodwill | 205,000 | ||||
Blowmolding | |||||
Goodwill [Line Items] | |||||
Goodwill | 115,000 | ||||
Thermoforming | |||||
Goodwill [Line Items] | |||||
Goodwill | 85,000 | ||||
Weidenhammer Packaging Group | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 109,727 | ||||
Intangibles acquired | 71,682 | ||||
Customer lists | Acquisitions in 2014 | |||||
Goodwill [Line Items] | |||||
Intangibles acquired | $ 13,521 | ||||
Trade names | Weidenhammer Packaging Group | |||||
Goodwill [Line Items] | |||||
Intangibles acquired | $ 1,974 | ||||
Minimum | |||||
Goodwill [Line Items] | |||||
Intangible assets, useful life (in years) | 3 years | ||||
Minimum | Customer lists | |||||
Goodwill [Line Items] | |||||
Intangible assets, useful life (in years) | 10 years | ||||
Maximum | |||||
Goodwill [Line Items] | |||||
Intangible assets, useful life (in years) | 40 years | ||||
Maximum | Customer lists | |||||
Goodwill [Line Items] | |||||
Intangible assets, useful life (in years) | 12 years |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Intangible Assets, Gross: | ||
Other Intangible Assets, gross | $ 433,158 | $ 438,130 |
Accumulated Amortization | (188,063) | (157,195) |
Other Intangible Assets, Net | 245,095 | 280,935 |
Patents | ||
Other Intangible Assets, Gross: | ||
Other Intangible Assets, gross | 12,716 | 13,883 |
Customer lists | ||
Other Intangible Assets, Gross: | ||
Other Intangible Assets, gross | 381,938 | 385,466 |
Trade names | ||
Other Intangible Assets, Gross: | ||
Other Intangible Assets, gross | 19,246 | 19,366 |
Proprietary technology | ||
Other Intangible Assets, Gross: | ||
Other Intangible Assets, gross | 17,738 | 17,786 |
Land use rights | ||
Other Intangible Assets, Gross: | ||
Other Intangible Assets, gross | 297 | 320 |
Other | ||
Other Intangible Assets, Gross: | ||
Other Intangible Assets, gross | $ 1,223 | $ 1,309 |
Debt - Debt Instruments (Detail
Debt - Debt Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt [Line Items] | ||
Total debt | $ 1,134,951 | $ 1,253,165 |
Less current portion and short-term notes | 113,097 | 52,280 |
Long-term debt | 1,021,854 | 1,200,885 |
5.75% debentures due November 2040 | ||
Debt [Line Items] | ||
Total debt | $ 604,185 | 604,353 |
Stated interest rate (percentage) | 5.75% | |
4.375% debentures due November 2021 | ||
Debt [Line Items] | ||
Total debt | $ 249,334 | 249,220 |
Stated interest rate (percentage) | 4.375% | |
9.2% debentures due August 2021 | ||
Debt [Line Items] | ||
Total debt | $ 4,321 | 4,321 |
Stated interest rate (percentage) | 9.20% | |
5.625% debentures due June 2016 | ||
Debt [Line Items] | ||
Total debt | $ 75,250 | 75,201 |
Stated interest rate (percentage) | 5.625% | |
Term loan, due October 2017 | ||
Debt [Line Items] | ||
Total debt | $ 150,000 | 250,000 |
Commercial paper, average rate of 0.39% in 2015 and 0.22% in 2014 | ||
Debt [Line Items] | ||
Total debt | $ 0 | $ 0 |
Weighted average interest rate (percentage) | 0.39% | 0.22% |
Foreign denominated debt, average rate of 4.3% in 2015 and 4.6% in 2014 | ||
Debt [Line Items] | ||
Total debt | $ 39,070 | $ 56,763 |
Weighted average interest rate (percentage) | 4.30% | 4.60% |
Other notes | ||
Debt [Line Items] | ||
Total debt | $ 12,791 | $ 13,307 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Oct. 31, 2014USD ($)bank | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||
Commercial paper program | $ 350,000,000 | |
Unused short-term lines of credit | 103,000,000 | |
Debt maturing, 2016 | 113,097,000 | |
Debt maturing, 2017 | 152,354,000 | |
Debt maturing, 2018 | 1,845,000 | |
Debt maturing, 2019 | 1,796,000 | |
Debt maturing, 2020 | 1,759,000 | |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Commercial paper program | $ 250,000,000 | |
Number of banks in contract | bank | 8 | |
Term of the term loan | 3 years | |
Repayments of debt | $ 100,000,000 | |
LIBOR | ||
Debt Instrument [Line Items] | ||
Variable basis points | 1.25% |
Financial Instruments and Der60
Financial Instruments and Derivatives - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Long-term debt, Carrying Amount | $ 1,021,854 | $ 1,200,885 |
Long-term debt, Fair Value | $ 1,088,316 | $ 1,322,795 |
Financial Instruments and Der61
Financial Instruments and Derivatives - Additional Information (Detail) $ in Thousands, BTU in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)BTUTt | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | ||
Anticipated usage percentage of natural gas covered by a swap contract for the first succeeding fiscal year | 79.00% | |
Anticipated usage percentage of natural gas covered by swap contract | 19.00% | |
Anticipated usage percentage of aluminum covered by a swap contract for the first succeeding fiscal year | 40.00% | |
Fair value of commodity cash flow hedges | $ (3,611) | $ (6,086) |
Commodity gain (loss) expected to be reclassified to the income statement during the next 12 months | (3,265) | |
Fair value of foreign currency cash flow hedges | (4,612) | (3,526) |
Cash flow hedge gain (loss) reclassified from accumulated other comprehensive loss and netted against the carrying value of the assets | 528 | 2 |
Foreign currency gain (loss) expected to be reclassified to the income statement during the next 12 months | (4,515) | |
Total fair value of other derivatives not designated as hedging instruments | $ (2,180) | $ (1,098) |
Natural gas swaps | ||
Derivative [Line Items] | ||
Approximate amount of commodity covered by swap contracts outstanding in MMBTUs | BTU | 6.2 | |
Aluminum Swaps | ||
Derivative [Line Items] | ||
Approximate amount of commodity covered by swap contracts outstanding in metric tons | t | 2,983 | |
Containers | ||
Derivative [Line Items] | ||
Approximate amount of commodity covered by swap contracts outstanding in metric tons | T | 2,640 | |
Anticipated usage percentage of short tons covered by a swap contract for the first succeeding fiscal year | 1.00% |
Financial Instruments and Der62
Financial Instruments and Derivatives - Net Positions of Foreign Contracts (Detail) - Dec. 31, 2015 € in Thousands, £ in Thousands, TRY in Thousands, RUB in Thousands, PLN in Thousands, NZD in Thousands, MXN in Thousands, COP in Thousands, CAD in Thousands, AUD in Thousands | RUB | PLN | AUD | GBP (£) | EUR (€) | CAD | TRY | MXN | COP | NZD |
Long | ||||||||||
Derivative [Line Items] | ||||||||||
Net purchase / (sales) position of derivatives | € (25,339) | CAD (18,827) | MXN (224,287) | COP (50,968,428) | ||||||
Long | Foreign Currency Cash Flow Hedges | ||||||||||
Derivative [Line Items] | ||||||||||
Net purchase / (sales) position of derivatives | RUB (3,538) | £ (4,452) | CAD (84,257) | TRY (1,330) | MXN (556,332) | COP (6,592,383) | ||||
Short | Foreign Currency Cash Flow Hedges | ||||||||||
Derivative [Line Items] | ||||||||||
Net purchase / (sales) position of derivatives | PLN (2,295) | AUD (1,787) | € (5,670) | NZD (1,016) |
Financial Instruments and Der63
Financial Instruments and Derivatives - Net Position of Other Derivatives Contracts (Details) - Dec. 31, 2015 € in Thousands, MXN in Thousands, COP in Thousands, CAD in Thousands | EUR (€) | CAD | MXN | COP |
Long | ||||
Derivative [Line Items] | ||||
Net purchase / (sales) position of derivatives | € 25,339 | CAD 18,827 | MXN 224,287 | COP 50,968,428 |
Financial Instruments and Der64
Financial Instruments and Derivatives - Location and Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives designated as hedging instruments | Commodity contracts | Accrued expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives hedging instrument, liabilities | $ (3,425) | $ (5,808) |
Derivatives designated as hedging instruments | Commodity contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives hedging instrument, liabilities | (194) | (278) |
Derivatives designated as hedging instruments | Commodity contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives as hedging instruments, assets | 8 | 0 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Prepaid expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives as hedging instruments, assets | 156 | 574 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Accrued expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives hedging instrument, liabilities | (4,768) | (4,100) |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Prepaid expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives as hedging instruments, assets | 50 | 68 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Accrued expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives hedging instrument, liabilities | $ (2,230) | $ (1,166) |
Financial Instruments and Der65
Financial Instruments and Derivatives - Effect of Derivative Instruments on Financial Performance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign exchange contracts | Net sales | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ (10,909) | $ (5,266) |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (21,454) | (6,031) |
Foreign exchange contracts | Cost of sales | ||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 12,154 | 4,197 |
Foreign exchange contracts | Cost of sales | Derivatives not designated as hedging instruments | ||
Gain or (Loss) Recognized | 0 | 0 |
Foreign exchange contracts | Selling, general and administrative | Derivatives not designated as hedging instruments | ||
Gain or (Loss) Recognized | (6,638) | (4,061) |
Commodity contracts | Cost of sales | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | (7,258) | (4,311) |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (9,920) | 1,445 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | $ 213 | $ (5) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | |||
Deferred Compensation Plan Assets | $ 460 | $ 944 | |
Total postretirement benefit plan assets | 1,320,436 | 1,430,525 | |
Mutual funds | |||
Assets | |||
Total postretirement benefit plan assets | [1] | 213,646 | 782,211 |
Common collective trust | |||
Assets | |||
Total postretirement benefit plan assets | [1] | 852,680 | |
Fixed income securities | |||
Assets | |||
Total postretirement benefit plan assets | [2] | 110,439 | 438,067 |
Common stocks | |||
Assets | |||
Total postretirement benefit plan assets | 0 | 65,121 | |
Short-term investments | |||
Assets | |||
Total postretirement benefit plan assets | [3] | 3,304 | 8,182 |
Hedge fund of funds | |||
Assets | |||
Total postretirement benefit plan assets | [4] | 81,746 | 80,974 |
Real estate funds | |||
Assets | |||
Total postretirement benefit plan assets | [5] | 57,850 | 49,700 |
Cash and accrued income | |||
Assets | |||
Total postretirement benefit plan assets | 771 | 3,906 | |
Forward contracts | |||
Assets | |||
Total postretirement benefit plan assets | 2,364 | ||
Derivatives designated as hedging instruments | Commodity contracts | |||
Assets | |||
Derivatives | (3,611) | (6,086) | |
Derivatives designated as hedging instruments | Foreign exchange contracts | |||
Assets | |||
Derivatives | (4,612) | (3,526) | |
Derivatives not designated as hedging instruments | Foreign exchange contracts | |||
Assets | |||
Derivatives | (2,180) | (1,098) | |
Level 1 | |||
Assets | |||
Deferred Compensation Plan Assets | 460 | 944 | |
Total postretirement benefit plan assets | $ 2,827 | 204,668 | |
Level 1 | Mutual funds | |||
Assets | |||
Total postretirement benefit plan assets | [1] | 129,028 | |
Level 1 | Common stocks | |||
Assets | |||
Total postretirement benefit plan assets | 65,121 | ||
Level 1 | Short-term investments | |||
Assets | |||
Total postretirement benefit plan assets | [3] | $ 2,056 | 6,613 |
Level 1 | Cash and accrued income | |||
Assets | |||
Total postretirement benefit plan assets | 771 | 3,906 | |
Level 2 | |||
Assets | |||
Total postretirement benefit plan assets | 1,317,609 | 1,225,857 | |
Level 2 | Mutual funds | |||
Assets | |||
Total postretirement benefit plan assets | [1] | 213,646 | 653,183 |
Level 2 | Common collective trust | |||
Assets | |||
Total postretirement benefit plan assets | [1] | 852,680 | |
Level 2 | Fixed income securities | |||
Assets | |||
Total postretirement benefit plan assets | [2] | 110,439 | 438,067 |
Level 2 | Short-term investments | |||
Assets | |||
Total postretirement benefit plan assets | [3] | 1,248 | 1,569 |
Level 2 | Hedge fund of funds | |||
Assets | |||
Total postretirement benefit plan assets | [4] | 81,746 | 80,974 |
Level 2 | Real estate funds | |||
Assets | |||
Total postretirement benefit plan assets | [5] | 57,850 | 49,700 |
Level 2 | Forward contracts | |||
Assets | |||
Total postretirement benefit plan assets | 2,364 | ||
Level 2 | Derivatives designated as hedging instruments | Commodity contracts | |||
Assets | |||
Derivatives | (3,611) | (6,086) | |
Level 2 | Derivatives designated as hedging instruments | Foreign exchange contracts | |||
Assets | |||
Derivatives | (4,612) | (3,526) | |
Level 2 | Derivatives not designated as hedging instruments | Foreign exchange contracts | |||
Assets | |||
Derivatives | $ (2,180) | $ (1,098) | |
[1] | Mutual fund investments are comprised predominantly of equity securities of U.S. corporations with large capitalizations and also include funds invested in corporate equities in international and emerging markets and funds invested in long-term bonds, which are valued at closing prices from national exchanges. | ||
[2] | Fixed income securities include funds that invest primarily in U.S. Treasuries and long-term bonds. Investments are generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts. Fixed income commingled funds are valued at unit values provided by the investment managers, which are generally based on the fair value of the underlying investments. | ||
[3] | Short-term investments include several money market funds used for managing overall liquidity. Investments are generally valued at closing prices from national exchanges. Commingled funds are valued at unit values provided by the investment managers, which are generally based on the fair value of the underlying investments. | ||
[4] | The hedge fund of funds category includes investments in funds representing a variety of strategies intended to diversify risks and reduce volatility. It includes event-driven credit and equity investments targeted at economic policy decisions, long and short positions in U.S. and international equities, arbitrage investments and emerging market equity investments. Investments are valued at unit values or net asset values provided by the investment managers, which are based on the fair value of the underlying investments. | ||
[5] | This category includes investments in real estate funds (including office, industrial, residential and retail) primarily throughout the United States. Real estate securities are generally valued at closing prices from national exchanges. Commingled funds, private securities, and limited partnerships are valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Percentage of postretirement benefit plan assets comprised of pension plan assets, more than | 98.00% |
Share-based Compensation Plan68
Share-based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares of common stock issued | 10,381,533 | ||
Number of additional shares authorized | 4,500,000 | ||
Shares available for grant | 8,468,928 | ||
Compensation cost for share-based payment arrangements | $ 9,257 | $ 17,099 | $ 11,472 |
Related tax benefit recognized in net income | 3,379 | 6,414 | 4,163 |
Additional net excess tax benefit realized | $ 3,622 | $ 4,126 | $ 12,456 |
Expected life of SARs | 6 years | 4 years | 4 years |
Aggregate intrinsic value of options and SARs exercised | $ 12,863 | $ 17,328 | $ 13,838 |
Cash received on option exercises | 1,324 | 5,951 | 15,781 |
Noncash stock-based compensation associated performance contingent restricted stock units | 2,296 | $ 9,719 | $ 2,164 |
Compensation deferrals in current Year | $ 1,611 | ||
Deferred Compensation Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock unit qualified for vesting and vested | 37,974,000 | ||
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average period | 14 months | ||
Total unrecognized compensation cost related to nonvested awards | $ 1,674 | ||
Weighted-average fair value of awards granted | $ 6.49 | $ 4.72 | $ 6.57 |
Stock Options And Stock Appreciation Rights Sars | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 598,978 | ||
Fair market value of the Company’s stock used to calculate intrinsic value (per share) | $ 40.87 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average period | 19 months | ||
Total unrecognized compensation cost related to nonvested awards | $ 6,261 | ||
Vesting at end of 4 years, if performance targets are not met | 50.00% | ||
Vesting at end of 5 years, if performance targets are not met | 50.00% | ||
Total performance contingent restricted stock units vested , Minimum shares | 133,160 | ||
Total performance contingent restricted stock units, Maximum | 739,566 | ||
After Two Thousand Fifteen | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum vesting period | 3 years | ||
Prior Two Thousand Fifteen | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum vesting period | 1 year | ||
After 2006 | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum vesting period | 1 year | ||
Expected life of SARs | 7 years | ||
After Two Thousand Fourteen | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum vesting period | 3 years | ||
Expected life of SARs | 10 years | ||
Two Thousand And Twelve Plan | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Numbers of options to be granted during the year | 160,868 | ||
Stock units qualified for vesting | 144,780 | ||
Fair value of vested options | $ 105 | $ 4,059 | |
Options vested, (in shares) | 8,044 | ||
Two Thousand and Eleven | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Numbers of options to be granted during the year | 123,414 | ||
Fair value of vested options | $ 640 | $ 1,955 | |
Two Thousand and Thirteen | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total performance contingent restricted stock units vested , Minimum shares | 133,160 | ||
Total performance contingent restricted stock units, Maximum | 399,480 | ||
Numbers of options to be granted during the year | 205,673 | ||
Fair value of vested options | $ 2,687 | ||
Two Thousand and Fourteen | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total performance contingent restricted stock units vested , Minimum shares | 0 | ||
Total performance contingent restricted stock units, Maximum | 340,086 | ||
Nonvested | Stock Options And Stock Appreciation Rights Sars | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 598,978 | ||
Share-based Compensation Award, Tranche Two | Two Thousand And Twelve Plan | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vested, (in shares) | 61,707 | ||
Share-based Compensation Award, Tranche Three | Two Thousand And Twelve Plan | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vested, (in shares) | 61,707 | ||
Executives and Directors | Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum vesting period | 3 years | 5 years | |
Weighted-average period | 18 months | ||
Total unrecognized compensation cost related to nonvested awards | $ 2,627 | ||
Noncash stock-based compensation associated performance contingent restricted stock units | $ 3,286 | $ 1,153 | $ 869 |
Restricted stock units outstanding | 315,935 | ||
Restricted stock units outstanding vested | 158,169 | ||
Performance contingent restricted stock units vested, shares | 46,386 | ||
Stock unit qualified for vesting and vested | 79,787 |
Share-based Compensation Plan69
Share-based Compensation Plans - Estimated Fair Value of all SARs Applying Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected dividend yield | 2.80% | 3.00% | 3.90% |
Expected stock price volatility | 18.20% | 18.40% | 24.70% |
Risk-free interest rate | 1.70% | 1.20% | 0.60% |
Expected life of SARs | 6 years | 4 years | 4 years |
Share-based Compensation Plan70
Share-based Compensation Plans - Stock Options and SARs Outstanding and Exercisable (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
$23.69 - $31.88 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, vested and expected to vest, exercise price, minimum | $ 23.69 |
Range of exercise prices, vested and expected to vest, exercise price, maximum | 31.88 |
Range of exercise prices, options, exercisable, exercise price, minimum | 23.69 |
Range of exercise prices, options, exercisable, exercise price, maximum | 31.88 |
$32.03 - $36.34 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, vested and expected to vest, exercise price, minimum | 32.03 |
Range of exercise prices, vested and expected to vest, exercise price, maximum | 36.34 |
Range of exercise prices, options, exercisable, exercise price, minimum | 32.03 |
Range of exercise prices, options, exercisable, exercise price, maximum | 36.34 |
$41.58 - $46.16 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, vested and expected to vest, exercise price, minimum | 41.58 |
Range of exercise prices, vested and expected to vest, exercise price, maximum | 46.16 |
Range of exercise prices, options, exercisable, exercise price, minimum | 41.58 |
Range of exercise prices, options, exercisable, exercise price, maximum | 46.16 |
$23.69 - $46.16 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, vested and expected to vest, exercise price, minimum | 23.69 |
Range of exercise prices, vested and expected to vest, exercise price, maximum | 46.16 |
Range of exercise prices, options, exercisable, exercise price, minimum | 23.69 |
Range of exercise prices, options, exercisable, exercise price, maximum | 46.16 |
Stock Options And Stock Appreciation Rights Sars | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair market value of the Company’s stock used to calculate intrinsic value (per share) | $ 40.87 |
Stock Options And Stock Appreciation Rights Sars | $23.69 - $31.88 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options and SAR's, vested and expected to vest, number outstanding | shares | 84,285 |
Options and SAR's, vested and expected to vest, weighted-average remaining contractual life | 9 months 9 days |
Options and SAR's, vested and expected to vest, weighted-average exercise price | $ 27.16 |
Options and SAR's, vested and expected to vest, aggregate intrinsic value | $ | $ 1,155 |
Options and SAR's, number exercisable | shares | 84,285 |
Options and SAR's, weighted-average remaining contractual life | 9 months 9 days |
Options and SAR's, weighted-average exercise price | $ 27.16 |
Options and SAR's, aggregate intrinsic value | $ | $ 1,155 |
Stock Options And Stock Appreciation Rights Sars | $32.03 - $36.34 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options and SAR's, vested and expected to vest, number outstanding | shares | 489,089 |
Options and SAR's, vested and expected to vest, weighted-average remaining contractual life | 3 years 3 months |
Options and SAR's, vested and expected to vest, weighted-average exercise price | $ 33.44 |
Options and SAR's, vested and expected to vest, aggregate intrinsic value | $ | $ 3,633 |
Options and SAR's, number exercisable | shares | 489,089 |
Options and SAR's, weighted-average remaining contractual life | 3 years 3 months |
Options and SAR's, weighted-average exercise price | $ 33.44 |
Options and SAR's, aggregate intrinsic value | $ | $ 3,633 |
Stock Options And Stock Appreciation Rights Sars | $41.58 - $46.16 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options and SAR's, vested and expected to vest, number outstanding | shares | 1,433,138 |
Options and SAR's, vested and expected to vest, weighted-average remaining contractual life | 6 years 9 months 12 days |
Options and SAR's, vested and expected to vest, weighted-average exercise price | $ 43.48 |
Options and SAR's, vested and expected to vest, aggregate intrinsic value | $ | $ 0 |
Options and SAR's, number exercisable | shares | 839,695 |
Options and SAR's, weighted-average remaining contractual life | 5 years 1 month 3 days |
Options and SAR's, weighted-average exercise price | $ 41.58 |
Options and SAR's, aggregate intrinsic value | $ | $ 0 |
Stock Options And Stock Appreciation Rights Sars | $23.69 - $46.16 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options and SAR's, vested and expected to vest, number outstanding | shares | 2,006,512 |
Options and SAR's, vested and expected to vest, weighted-average remaining contractual life | 5 years 8 months 1 day |
Options and SAR's, vested and expected to vest, weighted-average exercise price | $ 40.35 |
Options and SAR's, vested and expected to vest, aggregate intrinsic value | $ | $ 4,788 |
Options and SAR's, number exercisable | shares | 1,413,069 |
Options and SAR's, weighted-average remaining contractual life | 3 years 10 months 10 days |
Options and SAR's, weighted-average exercise price | $ 37.90 |
Options and SAR's, aggregate intrinsic value | $ | $ 4,788 |
Share-based Compensation Plan71
Share-based Compensation Plans - Company's Stock Options and SARs (Detail) - Stock Options And Stock Appreciation Rights Sars | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance | 2,357,644 |
Granted | 598,978 |
Exercised | (929,205) |
Forfeited/Expired | (20,905) |
Ending Balance | 2,006,512 |
Beginning Balance, weighted-average exercise price | $ / shares | $ 35.91 |
Granted, weighted-average exercise price | $ / shares | 46.16 |
Exercised, weighted-average exercise price | $ / shares | 32.92 |
Forfeited/Expired, weighted average exercise price | $ / shares | 44.23 |
Ending Balance, weighted average exercise price | $ / shares | $ 40.35 |
Nonvested | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance | 956,270 |
Vested | (956,270) |
Granted | 598,978 |
Forfeited/Expired | (5,535) |
Ending Balance | 593,443 |
Vested | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance | 1,401,374 |
Vested | 956,270 |
Exercised | (929,205) |
Forfeited/Expired | (15,370) |
Ending Balance | 1,413,069 |
Share-based Compensation Plan72
Share-based Compensation Plans - Activity Related to PCSUs and Restricted Stock Units (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Performance Contingent Restricted Stock Units And Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance | 1,442,884 | |
Granted | 252,860 | |
Performance adjustments | (324,346) | |
Converted | (167,420) | |
Dividend equivalents | 16,132 | |
Ending Balance | 1,220,110 | 1,442,884 |
Beginning Balance, weighted-average grant date fair value | $ 31.55 | |
Granted, weighted-average grant date fair value | 42.91 | |
Performance adjustments, weighted-average grant date fair value | 32.54 | |
Converted, weighted-average grant date fair value | 30.36 | |
Dividend equivalents, weighted-average grant date fair value | 43.45 | |
Ending Balance, weighted-average grant date fair value | $ 34.15 | $ 31.55 |
Performance Contingent Restricted Stock Units And Restricted Stock Units | Nonvested | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance | 911,388 | |
Granted | 250,811 | |
Performance adjustments | (318,709) | |
Vested | (324,444) | |
Dividend equivalents | 3,744 | |
Ending Balance | 522,790 | 911,388 |
Performance Contingent Restricted Stock Units And Restricted Stock Units | Vested | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance | 531,496 | |
Granted | 2,049 | |
Performance adjustments | (5,637) | |
Vested | (324,444) | |
Converted | (167,420) | |
Dividend equivalents | 12,388 | |
Ending Balance | 697,320 | 531,496 |
Two Thousand And Twelve Plan | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 105 | $ 4,059 |
Two Thousand and Thirteen | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 2,687 | |
Two Thousand and Eleven [Member] | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 640 | $ 1,955 |
Executives and Directors | Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted | 79,787 | |
Vested | (46,386) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 23,366 | $ 21,826 | $ 25,198 |
Interest cost | 70,797 | 73,505 | 67,235 |
Expected return on plan assets | (94,307) | (93,198) | (86,545) |
Amortization of net transition obligation | 65 | 405 | 438 |
Amortization of prior service cost / (credit) | 745 | 697 | 569 |
Amortization of net actuarial loss | 42,584 | 26,523 | 43,776 |
Effect of settlement loss | 0 | 0 | 1,947 |
Other | 49 | 77 | 0 |
Net periodic benefit cost | 43,299 | 29,835 | 52,618 |
Retiree Health and Life Insurance Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 711 | 726 | 891 |
Interest cost | 766 | 1,034 | 942 |
Expected return on plan assets | (1,661) | (1,599) | (1,510) |
Amortization of prior service cost / (credit) | (104) | (1,381) | (2,969) |
Amortization of net actuarial loss | (673) | (259) | 0 |
Net periodic benefit cost | $ (961) | $ (1,479) | $ (2,646) |
Employee Benefit Plans - Plans'
Employee Benefit Plans - Plans' Obligation and Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | $ 1,430,525 | ||
Fair value of plan assets at December 31 | 1,320,436 | $ 1,430,525 | |
Retirement Plans | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 1,857,106 | 1,596,458 | |
Service cost | 23,366 | 21,826 | $ 25,198 |
Interest cost | 70,797 | 73,505 | 67,235 |
Plan participant contributions | 452 | 486 | |
Plan amendments | 519 | 812 | |
Actuarial loss/(gain) | (106,211) | 278,428 | |
Benefits paid | (87,626) | (91,078) | |
Impact of foreign exchange rates | (25,822) | (26,791) | |
Acquisitions | 0 | 3,460 | |
Other | 1,015 | 0 | |
Benefit obligation at December 31 | 1,733,596 | 1,857,106 | 1,596,458 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 1,407,461 | 1,331,934 | |
Actual return on plan assets | (13,886) | 144,209 | |
Company contributions | 22,233 | 53,020 | |
Plan participant contributions | 452 | 486 | |
Benefits paid | (87,626) | (91,078) | |
Impact of foreign exchange rates | (24,271) | (23,849) | |
Expenses paid | (6,177) | (7,261) | |
Fair value of plan assets at December 31 | 1,298,186 | 1,407,461 | 1,331,934 |
Funded status of the plans | (435,410) | (449,645) | |
Retiree Health and Life Insurance Plans | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 27,451 | 27,521 | |
Service cost | 711 | 726 | 891 |
Interest cost | 766 | 1,034 | 942 |
Plan participant contributions | 1,046 | 1,049 | |
Plan amendments | (2,273) | 0 | |
Actuarial loss/(gain) | (6,004) | 736 | |
Benefits paid | (2,556) | (3,568) | |
Impact of foreign exchange rates | (88) | (47) | |
Benefit obligation at December 31 | 19,053 | 27,451 | 27,521 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 23,064 | 22,497 | |
Actual return on plan assets | (107) | 2,323 | |
Company contributions | 911 | 875 | |
Plan participant contributions | 1,046 | 1,049 | |
Benefits paid | (2,556) | (3,568) | |
Expenses paid | (108) | (112) | |
Fair value of plan assets at December 31 | 22,250 | 23,064 | $ 22,497 |
Funded status of the plans | $ 3,197 | $ (4,387) |
Employee Benefit Plans - Recogn
Employee Benefit Plans - Recognized Amounts in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total Recognized Amounts in the Consolidated Balance Sheets | ||
Noncurrent liabilities | $ (432,964) | $ (444,231) |
Retirement Plans | ||
Total Recognized Amounts in the Consolidated Balance Sheets | ||
Noncurrent assets | 4,635 | 3,151 |
Current liabilities | (8,678) | (12,759) |
Noncurrent liabilities | (431,367) | (440,037) |
Net liability | (435,410) | (449,645) |
Retiree Health and Life Insurance Plans | ||
Total Recognized Amounts in the Consolidated Balance Sheets | ||
Noncurrent assets | 4,057 | 0 |
Current liabilities | (860) | (831) |
Noncurrent liabilities | 0 | (3,556) |
Net liability | $ 3,197 | $ (4,387) |
Employee Benefit Plans - Comp76
Employee Benefit Plans - Component of Net Periodic Pension Cost that are Included in Accumulated Other Comprehensive Loss (Income) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Retirement Plans | ||
Net actuarial loss | $ 691,482 | $ 725,714 |
Prior service cost/(credit) | 3,791 | 4,023 |
Net transition obligation | 0 | 65 |
Amount in accumulated other comprehensive loss (income) | 695,273 | 729,802 |
Retiree Health and Life Insurance Plans | ||
Net actuarial loss | (6,274) | (2,818) |
Prior service cost/(credit) | (2,272) | (103) |
Amount in accumulated other comprehensive loss (income) | $ (8,546) | $ (2,921) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Other Comprehensive Loss/(Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plans | |||
Adjustments arising during the period: | |||
Net actuarial loss/(gain) | $ 8,352 | $ 233,962 | $ (178,648) |
Prior service cost/(credit) | 513 | 729 | 1,902 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | (1,947) |
Reversal of amortization: | |||
Net actuarial loss | (42,584) | (26,523) | (43,776) |
Prior service cost/(credit) | (745) | (697) | (569) |
Net transition obligation | (65) | (405) | (438) |
Total recognized in other comprehensive loss/(income) | (34,529) | 207,066 | (223,476) |
Total recognized in net periodic benefit cost and other comprehensive loss/(income) | 8,770 | 236,901 | (170,858) |
Retiree Health and Life Insurance Plans | |||
Adjustments arising during the period: | |||
Net actuarial loss/(gain) | (4,129) | 101 | (5,527) |
Prior service cost/(credit) | (2,273) | (46) | 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | 0 |
Reversal of amortization: | |||
Net actuarial loss | 673 | 259 | 0 |
Prior service cost/(credit) | 104 | 1,381 | 2,969 |
Total recognized in other comprehensive loss/(income) | (5,625) | 1,695 | (2,558) |
Total recognized in net periodic benefit cost and other comprehensive loss/(income) | $ (6,586) | $ 216 | $ (5,204) |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Other Comprehensive Loss/(Income) Expects to Recognize as Components of Net Periodic Benefit Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Retirement Plans | |
Net actuarial loss | $ 37,662 |
Prior service cost/(credit) | 753 |
Net transition obligation | 0 |
Expected amortization of defined benefit plan amounts from AOCI in next fiscal year | 38,415 |
Retiree Health and Life Insurance Plans | |
Net actuarial loss | (532) |
Prior service cost/(credit) | (498) |
Expected amortization of defined benefit plan amounts from AOCI in next fiscal year | $ (1,030) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($)year | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | |
Defined benefit plans, accumulated benefit obligation | $ 1,691,589 | $ 1,799,216 | |||
Projected benefit obligation (PBO) with accumulated benefit obligations in excess of plan assets | 1,656,174 | 1,811,459 | |||
Accumulated benefit obligation (ABO) with accumulated benefit obligations in excess of plan assets | 1,617,051 | 1,757,235 | |||
Fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets | $ 1,216,128 | 1,358,663 | |||
Percentage of retiree health liability | 98.00% | ||||
Increasing the assumed trend rate for healthcare costs by one percentage point would increase the accumulated postretirement benefit obligation | $ 329 | ||||
Increasing the assumed trend rate for healthcare costs by one percentage point would increase total service and interest cost compo | 49 | ||||
Decreasing the assumed trend rate for healthcare costs by one percentage point would decrease the APBO | 304 | ||||
Decreasing the assumed trend rate for healthcare costs by one percentage point would decrease total service and interest cost component | 44 | ||||
Total postretirement benefit plan assets | 1,320,436 | 1,430,525 | |||
Projected contributions to retirement plan | 47,100 | ||||
Other Postretirement Benefit Plan, Defined Benefit | |||||
Total postretirement benefit plan assets | $ 1,298,186 | ||||
Sonoco Investment and Retirement Plan | |||||
Contribution rate of annual eligible earnings under companies investment and retirement plan | 4.00% | ||||
Contribution rate of annual eligible earnings in excess of social security wage base under companies investment and retirement plan | 4.00% | ||||
Age limit of participants | year | 55 | ||||
Companies expense related to the plan | $ 14,970 | 12,079 | $ 11,974 | ||
Cash contributions to the SIRP | 12,865 | 12,049 | 9,290 | ||
U.S. Defined Benefit Plans | |||||
Total postretirement benefit plan assets | $ 983,388 | ||||
United Kingdom Defined Benefit Plan | Equity securities | |||||
Current target allocation for investment portfolio | 48.00% | ||||
United Kingdom Defined Benefit Plan | Debt Securities | |||||
Current target allocation for investment portfolio | 52.00% | ||||
United Kingdom Defined Benefit Plan | Alternative | |||||
Current target allocation for investment portfolio | 0.00% | ||||
United Kingdom Defined Benefit Plan | Cash and short-term investments | |||||
Current target allocation for investment portfolio | 0.00% | ||||
Canada Defined Benefit Plan | Equity securities | |||||
Current target allocation for investment portfolio | 60.00% | ||||
Canada Defined Benefit Plan | Debt Securities | |||||
Current target allocation for investment portfolio | 40.00% | ||||
Canada Defined Benefit Plan | Alternative | |||||
Current target allocation for investment portfolio | 0.00% | ||||
Canada Defined Benefit Plan | Cash and short-term investments | |||||
Current target allocation for investment portfolio | 0.00% | ||||
Sonoco Savings Plan | |||||
Companies expense related to the plan | $ 11,500 | $ 11,400 | $ 10,700 | ||
Defined contribution plan contribution percentage, Minimum | 1.00% | ||||
Defined contribution plan contribution percentage, Maximum | 30.00% | ||||
Percentage of participants modified matching contribution to be matched towards safe Harbor under companies savings plan | 50.00% | ||||
Modify matching employee contribution to profit sharing under companies savings plan | 4.00% | ||||
Inactive Plan Investment Portfolio | U.S. Defined Benefit Plans | Equity securities | |||||
Current target allocation for investment portfolio | 49.00% | ||||
Inactive Plan Investment Portfolio | U.S. Defined Benefit Plans | Debt Securities | |||||
Current target allocation for investment portfolio | 40.00% | ||||
Inactive Plan Investment Portfolio | U.S. Defined Benefit Plans | Alternative | |||||
Current target allocation for investment portfolio | 11.00% | ||||
Inactive Plan Investment Portfolio | U.S. Defined Benefit Plans | Cash and short-term investments | |||||
Current target allocation for investment portfolio | 0.00% | ||||
Active Plan Investment Portfolio | U.S. Defined Benefit Plans | Equity securities | |||||
Current target allocation for investment portfolio | 57.00% | ||||
Active Plan Investment Portfolio | U.S. Defined Benefit Plans | Debt Securities | |||||
Current target allocation for investment portfolio | 30.00% | ||||
Active Plan Investment Portfolio | U.S. Defined Benefit Plans | Alternative | |||||
Current target allocation for investment portfolio | 13.00% | ||||
Active Plan Investment Portfolio | U.S. Defined Benefit Plans | Cash and short-term investments | |||||
Current target allocation for investment portfolio | 0.00% | ||||
Plan Changes and Amendments | |||||
Reduction in accumulated postretirement benefit obligation | $ 4,566 | ||||
Plan Changes and Amendments | Retiree Health and Life Insurance Plans | |||||
Reduction in accumulated postretirement benefit obligation | $ 4,300 | ||||
Plan Changes and Amendments | Retirement plans | |||||
Reduction in accumulated postretirement benefit obligation | $ 2,273 | $ 17,625 | |||
Plan Amendments 2010 | Retiree Health and Life Insurance Plans | |||||
Amortization period of accumulated postretirement benefit obligation | 3 years 3 months |
Employee Benefit Plans - Compan
Employee Benefit Plans - Company's Projected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Retirement Plans | |
2,016 | $ 86,234 |
2,017 | 89,282 |
2,018 | 92,596 |
2,019 | 95,245 |
2,020 | 98,004 |
2021-2025 | 520,612 |
Retiree Health and Life Insurance Plans | |
2,016 | 2,173 |
2,017 | 2,103 |
2,018 | 2,055 |
2,019 | 2,007 |
2,020 | 1,653 |
2021-2025 | $ 6,744 |
Employee Benefit Plans - Major
Employee Benefit Plans - Major Actuarial Assumptions Used in Determining PBO, ABO and Net Periodic Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plans | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount Rate | 4.36% | 4.00% | |
Rate of Compensation Increase | 3.69% | 3.99% | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount Rate | 4.00% | 4.78% | 3.90% |
Expected long-term rate of return | 7.67% | 7.66% | 7.65% |
Rate of Compensation Increase | 3.99% | 3.99% | 4.29% |
Retiree Health and Life Insurance Plans | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount Rate | 3.78% | 3.52% | |
Rate of Compensation Increase | 3.36% | 3.42% | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount Rate | 3.52% | 4.03% | 3.16% |
Expected long-term rate of return | 7.39% | 7.39% | 7.42% |
Rate of Compensation Increase | 3.42% | 3.44% | 3.51% |
Foreign Plans | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount Rate | 3.71% | 3.49% | |
Rate of Compensation Increase | 3.52% | 3.51% | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount Rate | 3.49% | 4.51% | 4.36% |
Expected long-term rate of return | 4.92% | 5.57% | 5.57% |
Rate of Compensation Increase | 3.51% | 3.80% | 3.46% |
Employee Benefit Plans - Health
Employee Benefit Plans - Health Care Cost Trend Rates Related to U.S. Plan (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pre-age 65 | ||
Healthcare Cost Trend Rate | 7.00% | 8.00% |
Ultimate Trend Rate | 4.90% | 5.60% |
Year at which the Rate Reaches the Ultimate Trend Rate | 2,039 | 2,042 |
Post-age 65 | ||
Healthcare Cost Trend Rate | 6.00% | 8.00% |
Ultimate Trend Rate | 4.90% | 5.60% |
Year at which the Rate Reaches the Ultimate Trend Rate | 2,041 | 2,044 |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted-Average Asset Allocations (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Total | 100.00% | 100.00% |
U.S. | ||
Total | 100.00% | 100.00% |
U.K. | ||
Total | 100.00% | 100.00% |
Canada | ||
Total | 100.00% | 100.00% |
Retirement Plans | Equity securities | ||
Total | 59.80% | 59.10% |
Retirement Plans | Debt Securities | ||
Total | 33.00% | 34.50% |
Retirement Plans | Alternative | ||
Total | 7.10% | 6.30% |
Retirement Plans | Cash and short-term investments | ||
Total | 0.10% | 0.10% |
Retirement Plans | U.S. | Equity securities | ||
Total | 49.00% | 49.90% |
Retirement Plans | U.S. | Debt Securities | ||
Total | 36.80% | 37.80% |
Retirement Plans | U.S. | Alternative | ||
Total | 14.20% | 12.20% |
Retirement Plans | U.S. | Cash and short-term investments | ||
Total | 0.00% | 0.10% |
Retirement Plans | U.K. | Equity securities | ||
Total | 49.00% | 49.20% |
Retirement Plans | U.K. | Debt Securities | ||
Total | 50.20% | 49.60% |
Retirement Plans | U.K. | Alternative | ||
Total | 0.00% | 0.00% |
Retirement Plans | U.K. | Cash and short-term investments | ||
Total | 0.80% | 1.20% |
Retirement Plans | Canada | Equity securities | ||
Total | 62.90% | 56.80% |
Retirement Plans | Canada | Debt Securities | ||
Total | 36.80% | 43.00% |
Retirement Plans | Canada | Alternative | ||
Total | 0.00% | 0.00% |
Retirement Plans | Canada | Cash and short-term investments | ||
Total | 0.30% | 0.20% |
Income Taxes - Provision for Ta
Income Taxes - Provision for Taxes on Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pretax income | |||
Domestic | $ 255,897 | $ 224,683 | $ 217,305 |
Foreign | 72,049 | 101,024 | 75,404 |
Income before income taxes | 327,946 | 325,707 | 292,709 |
Current | |||
Federal | 55,678 | 40,600 | 32,691 |
State | 6,000 | 6,889 | 2,207 |
Foreign | 31,610 | 29,630 | 24,050 |
Total current | 93,288 | 77,119 | 58,948 |
Deferred | |||
Federal | 11,002 | 29,078 | 33,937 |
State | (2,359) | 5,067 | 4,080 |
Foreign | (14,193) | (2,506) | (3,334) |
Total deferred | (5,550) | 31,639 | 34,683 |
Total taxes | $ 87,738 | $ 108,758 | $ 93,631 |
Income Taxes - Deferred Tax Lia
Income Taxes - Deferred Tax Liabilities/(Assets) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ 118,216 | $ 129,832 |
Intangibles | 232,420 | 193,016 |
Deferred Tax Liabilities, Gross | 350,636 | 322,848 |
Gross deferred tax liabilities | 20,307 | 7,713 |
Retiree health benefits | (2,078) | (5,306) |
Foreign loss carryforwards | (65,123) | (75,163) |
U.S. Federal loss carryforwards | (1,214) | (11,102) |
Capital loss carryforwards | (69) | 0 |
Employee benefits | (192,798) | (183,527) |
Accrued liabilities and other | (118,511) | (103,935) |
Gross deferred tax assets | (379,793) | (379,033) |
Valuation allowance on deferred tax assets | $ 49,464 | $ 63,898 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Loss carryforwards not subject to expiration | $ 219,800 | ||
State credit carry forwards | 15,800 | ||
Increase (decrease) in reserve for uncertain tax positions | (3,245) | $ (2,109) | $ (1,421) |
Valuation allowance | (8,080) | (2,264) | (1,256) |
Undistributed earnings of international subsidiaries total | 730,649 | ||
Unrecognized tax benefits | 15,000 | 18,400 | |
Accrued for interest | 2,200 | 2,800 | |
Interest expense | 500 | ||
Interest benefit | 1,800 | ||
Interest expense | 1,300 | ||
Reserve for uncertain tax benefits | 1,900 | ||
U.S. Federal | |||
Income Taxes [Line Items] | |||
Loss carryforwards | 3,500 | ||
Foreign | |||
Income Taxes [Line Items] | |||
Loss carryforwards | 247,800 | ||
State | |||
Income Taxes [Line Items] | |||
Loss carryforwards | 8,300 | ||
Uncertain Items Arising During Year | |||
Income Taxes [Line Items] | |||
Increase (decrease) in reserve for uncertain tax positions | 3,200 | 3,500 | 4,500 |
Uncertain Items Arising During Prior Years | |||
Income Taxes [Line Items] | |||
Increase (decrease) in reserve for uncertain tax positions | (6,500) | $ (5,600) | $ (5,400) |
2014 to 2019 | Foreign | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards subject to expiration | 11,700 | ||
2019 to 2033 | Foreign | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards subject to expiration | 16,200 | ||
France | Foreign | |||
Income Taxes [Line Items] | |||
Loss carryforwards not subject to expiration | $ 22,900 | ||
France | Minimum | Foreign | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards, Estimated Time Until Use | 20 years | ||
France | Maximum | Foreign | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards, Estimated Time Until Use | 25 years |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Actual Consolidated Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | $ 114,781 | $ 113,998 | $ 102,449 |
State income taxes, net of federal tax benefit | 4,872 | 8,465 | 6,146 |
Valuation allowance | (8,080) | (2,264) | (1,256) |
Tax examinations including change in reserve for uncertain tax positions | (3,245) | (2,109) | (1,421) |
Change in estimates related to prior years | 1,596 | (518) | (562) |
Foreign earnings taxed at other than U.S. rates | (9,065) | (8,891) | (3,915) |
Disposition of business | (11,996) | 0 | 0 |
Effect of tax rate changes enacted during the year | (2,235) | 81 | (915) |
Deduction related to qualified production activities | (5,968) | (4,003) | (3,819) |
Other, net | 7,078 | 3,999 | (3,076) |
Total taxes | $ 87,738 | $ 108,758 | $ 93,631 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 1.50% | 2.60% | 2.10% |
Valuation allowance | (2.50%) | (0.70%) | (0.40%) |
Tax examinations including change in reserve for uncertain tax positions | (1.00%) | (0.60%) | (0.50%) |
Change in estimates related to prior years | 0.50% | (0.20%) | (0.20%) |
Foreign earnings taxed at other than U.S. rates | (2.80%) | (2.70%) | (1.30%) |
Disposition of business | (3.60%) | 0.00% | 0.00% |
Effect of tax rate changes enacted during the year | (0.70%) | 0.00% | (0.30%) |
Deduction related to qualified production activities | (1.80%) | (1.20%) | (1.30%) |
Other, net | 2.20% | 1.20% | (1.10%) |
Total taxes | 26.80% | 33.40% | 32.00% |
Income Taxes - Reconciliation88
Income Taxes - Reconciliation of Gross Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, Beginning Balance | $ 26,000 | $ 28,800 | $ 31,300 |
Increases in prior years' unrecognized tax benefits | 1,500 | 6,800 | 1,100 |
Decreases in prior years' unrecognized tax benefits | (2,100) | (5,500) | (1,800) |
Increases in current year unrecognized tax benefits | 1,700 | 4,600 | 4,100 |
Decreases in unrecognized tax benefits from the lapse of statutes of limitations | (9,200) | (5,900) | (5,300) |
Settlements | (700) | (2,800) | (600) |
Gross unrecognized tax benefits, Ending Balance | $ 17,200 | $ 26,000 | $ 28,800 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Apr. 07, 2015USD ($)defendant | Sep. 15, 2014USD ($) | Mar. 30, 2014defendant | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 29, 2015USD ($) | Nov. 08, 2011USD ($) |
Site Contingency [Line Items] | |||||||
Environmental accrual | $ 25,195,000 | $ 59,253,000 | |||||
Penalty per day for failure to comply with its terms | $ 750 | ||||||
Total future payments | 428,600,000 | ||||||
Payments in 2016 | 132,800,000 | ||||||
Payments in 2017 | 165,500,000 | ||||||
Payments in 2018 | 68,200,000 | ||||||
Payments in 2019 | 30,800,000 | ||||||
Payments in 2020 - 2023 | 31,300,000 | ||||||
U.S. Mills | |||||||
Site Contingency [Line Items] | |||||||
Environmental accrual | 3,896,000 | 37,775,000 | |||||
Increase (decrease) due to revision of estimates | 32,543,000 | ||||||
Environmental contingencies future related cost, high estimate | 125,000,000 | ||||||
Tegrant Holding Corporation | |||||||
Site Contingency [Line Items] | |||||||
Environmental accrual | 18,521,000 | 18,635,000 | $ 18,850,000 | ||||
Increase (decrease) due to revision of estimates | 68,000 | $ 324,000 | |||||
Payment for remediation | 721,000 | ||||||
Lower Fox River | U.S. Mills | |||||||
Site Contingency [Line Items] | |||||||
Number of defendants | defendant | 5 | ||||||
Settlement amount | $ 14,700,000 | ||||||
Operating Units 2 - 5 | U.S. Mills | |||||||
Site Contingency [Line Items] | |||||||
Environmental accrual | 3,896,000 | $ 5,000,000 | |||||
Environmental remediation cumulative spending | 1,336,000 | ||||||
Appvion, Inc. | Lower Fox River | U.S. Mills | |||||||
Site Contingency [Line Items] | |||||||
Number of defendants | defendant | 8 | ||||||
Total estimated possible claim | $ 200,000 |
Shareholders' Equity and Earn90
Shareholders' Equity and Earnings per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2015 | Oct. 31, 2014 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Line Items] | |||||||||||||
Cost of shares repurchased | $ 7,868 | $ 87,800 | $ 27,239 | ||||||||||
Number of shares authorized for repurchase | 5,000,000 | 5,000,000 | |||||||||||
Number of shares to be repurchased under authorization plan | 2,867,500 | 2,867,500 | |||||||||||
Cash dividends per common share | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.32 | $ 0.32 | $ 0.32 | $ 0.32 | $ 0.31 | $ 1.37 | $ 1.27 | $ 1.23 | ||
Noncontrolling interest, increase from business combination | $ 7,922 | $ 974 | |||||||||||
Buyback Program | |||||||||||||
Equity [Line Items] | |||||||||||||
Shares repurchased | 0 | 2,000,000 | 132,500 | ||||||||||
Cost of shares repurchased | $ 82,422 | $ 5,052 | |||||||||||
Tax Withholding Obligations | |||||||||||||
Equity [Line Items] | |||||||||||||
Shares repurchased | 172,884 | 126,670 | 575,845 | ||||||||||
Cost of shares repurchased | $ 7,868 | $ 5,378 | $ 22,187 | ||||||||||
Non-controlling Interests | |||||||||||||
Equity [Line Items] | |||||||||||||
Noncontrolling interest, increase from business combination | $ 7,922 | $ 974 | $ 7,922 | $ 974 | |||||||||
Graffo Paranaense de Embalagens S/A | |||||||||||||
Equity [Line Items] | |||||||||||||
Percentage of ownership of Graffo | 33.00% | ||||||||||||
Owned subsidiary, percentage | 67.00% | ||||||||||||
Percentage of ownership, small chilean tube and core business accounted | 33.00% | ||||||||||||
Weidenhammer Chile Ltda. | |||||||||||||
Equity [Line Items] | |||||||||||||
Percentage of ownership of Graffo | 35.00% | ||||||||||||
Owned subsidiary, percentage | 65.00% | ||||||||||||
Percentage of ownership, small chilean tube and core business accounted | 35.00% |
Shareholders' Equity and Earn91
Shareholders' Equity and Earnings per Share - Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income attributable to Sonoco | $ 56,063 | $ 43,914 | $ 64,379 | $ 85,780 | $ 49,024 | $ 67,056 | $ 59,419 | $ 50,417 | $ 250,136 | $ 225,916 | $ 209,825 |
Denominator: | |||||||||||
Weighted average common shares outstanding | 101,482,000 | 102,215,000 | 102,577,000 | ||||||||
Dilutive effect of stock-based compensation | 910,000 | 957,000 | 671,000 | ||||||||
Diluted outstanding shares | 102,392,000 | 103,172,000 | 103,248,000 | ||||||||
Net income attributable to Sonoco: | |||||||||||
Basic (usd per share) | $ 0.55 | $ 0.43 | $ 0.63 | $ 0.85 | $ 0.48 | $ 0.66 | $ 0.58 | $ 0.49 | $ 2.46 | $ 2.21 | $ 2.05 |
Diluted (usd per share) | $ 0.55 | $ 0.43 | $ 0.63 | $ 0.84 | $ 0.48 | $ 0.65 | $ 0.57 | $ 0.49 | $ 2.44 | $ 2.19 | $ 2.03 |
Shareholders' Equity and Earn92
Shareholders' Equity and Earnings per Share - Shares Not Included in Computations of Diluted Income Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Anti-dilutive options/SARs | 902,484 | 719,841 | 1,100,233 |
Segment Reporting - Financial S
Segment Reporting - Financial Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | $ 1,267,135 | $ 1,242,592 | $ 1,248,590 | $ 1,206,052 | $ 1,316,843 | $ 1,262,503 | $ 1,247,616 | $ 1,190,032 | $ 4,964,369 | $ 5,016,994 | $ 4,861,657 |
Income Before Income Taxes | |||||||||||
Total before tax | 327,946 | 325,707 | 292,709 | ||||||||
Identifiable Assets | |||||||||||
Identifiable Assets | 4,020,269 | 4,193,911 | 4,020,269 | 4,193,911 | |||||||
Depreciation, Depletion and Amortization | |||||||||||
Depreciation, depletion and amortization | 213,161 | 198,718 | 197,671 | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | 192,295 | 177,076 | 172,442 | ||||||||
Operating Segments | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 5,079,058 | 5,132,727 | 4,971,271 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | 5,079,058 | 5,132,727 | 4,971,271 | ||||||||
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | 4,964,369 | 5,016,994 | 4,861,657 | ||||||||
Income Before Income Taxes | |||||||||||
Total before tax | 327,946 | 325,707 | 292,709 | ||||||||
Identifiable Assets | |||||||||||
Identifiable Assets | 4,020,269 | 4,193,911 | 4,020,269 | 4,193,911 | 3,974,523 | ||||||
Depreciation, Depletion and Amortization | |||||||||||
Depreciation, depletion and amortization | 213,161 | 198,718 | 197,671 | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | 192,295 | 177,076 | 172,442 | ||||||||
Operating Segments | Consumer Packaging | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 2,126,916 | 1,966,989 | 1,898,690 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | 2,126,916 | 1,966,989 | 1,898,690 | ||||||||
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | 2,122,559 | 1,962,897 | 1,893,533 | ||||||||
Income Before Income Taxes | |||||||||||
Total before tax | 231,590 | 200,591 | 186,870 | ||||||||
Identifiable Assets | |||||||||||
Identifiable Assets | 1,507,621 | 1,579,950 | 1,507,621 | 1,579,950 | 1,281,542 | ||||||
Depreciation, Depletion and Amortization | |||||||||||
Depreciation, depletion and amortization | 96,220 | 75,782 | 74,127 | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | 75,986 | 63,117 | 48,770 | ||||||||
Operating Segments | Display and Packaging | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 608,064 | 668,407 | 640,541 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | 608,064 | 668,407 | 640,541 | ||||||||
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | 606,111 | 666,815 | 638,573 | ||||||||
Income Before Income Taxes | |||||||||||
Total before tax | 10,904 | 10,680 | 9,206 | ||||||||
Identifiable Assets | |||||||||||
Identifiable Assets | 491,268 | 495,604 | 491,268 | 495,604 | 523,292 | ||||||
Depreciation, Depletion and Amortization | |||||||||||
Depreciation, depletion and amortization | 16,623 | 17,034 | 18,049 | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | 10,906 | 9,432 | 7,422 | ||||||||
Operating Segments | Paper And Industrial Converted Products | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 1,835,896 | 2,010,160 | 1,958,762 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | 1,835,896 | 2,010,160 | 1,958,762 | ||||||||
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | 1,729,786 | 1,902,448 | 1,858,880 | ||||||||
Income Before Income Taxes | |||||||||||
Total before tax | 124,057 | 162,269 | 138,094 | ||||||||
Identifiable Assets | |||||||||||
Identifiable Assets | 1,199,280 | 1,299,356 | 1,199,280 | 1,299,356 | 1,290,353 | ||||||
Depreciation, Depletion and Amortization | |||||||||||
Depreciation, depletion and amortization | 76,744 | 83,076 | 82,392 | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | 74,008 | 73,636 | 88,556 | ||||||||
Operating Segments | Protective Solutions | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 508,182 | 487,171 | 473,278 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | 508,182 | 487,171 | 473,278 | ||||||||
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | 505,913 | 484,834 | 470,671 | ||||||||
Income Before Income Taxes | |||||||||||
Total before tax | 46,013 | 34,003 | 40,084 | ||||||||
Identifiable Assets | |||||||||||
Identifiable Assets | 561,592 | 564,468 | 561,592 | 564,468 | 552,121 | ||||||
Depreciation, Depletion and Amortization | |||||||||||
Depreciation, depletion and amortization | 23,574 | 22,826 | 23,103 | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | 15,724 | 22,238 | 15,908 | ||||||||
Operating Segments | Corporate | |||||||||||
Income Before Income Taxes | |||||||||||
Total before tax | (84,618) | (81,836) | (81,545) | ||||||||
Identifiable Assets | |||||||||||
Identifiable Assets | $ 260,508 | $ 254,533 | 260,508 | 254,533 | 327,215 | ||||||
Capital Expenditures | |||||||||||
Capital Expenditures | 15,671 | 8,653 | 11,786 | ||||||||
Consolidation, Eliminations | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 114,689 | 115,733 | 109,614 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | 114,689 | 115,733 | 109,614 | ||||||||
Consolidation, Eliminations | Consumer Packaging | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 4,357 | 4,092 | 5,157 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | 4,357 | 4,092 | 5,157 | ||||||||
Consolidation, Eliminations | Display and Packaging | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 1,953 | 1,592 | 1,968 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | 1,953 | 1,592 | 1,968 | ||||||||
Consolidation, Eliminations | Paper And Industrial Converted Products | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 106,110 | 107,712 | 99,882 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | 106,110 | 107,712 | 99,882 | ||||||||
Consolidation, Eliminations | Protective Solutions | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 2,269 | 2,337 | 2,607 | ||||||||
Intersegment Sales | |||||||||||
Total Revenue | $ 2,269 | $ 2,337 | $ 2,607 |
Segment Reporting - Restructuri
Segment Reporting - Restructuring Asset Impairment and Acquisition Related Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Restructuring, asset impairment and acquisition-related costs | $ 30,020 | $ 29,445 | $ 24,818 |
Consumer Packaging | |||
Segment Reporting Information [Line Items] | |||
Restructuring, asset impairment and acquisition-related costs | 15,097 | 12,536 | 14,003 |
Display and Packaging | |||
Segment Reporting Information [Line Items] | |||
Restructuring, asset impairment and acquisition-related costs | 1,812 | 4,042 | 2,326 |
Paper And Industrial Converted Products | |||
Segment Reporting Information [Line Items] | |||
Restructuring, asset impairment and acquisition-related costs | (490) | 4,340 | 6,785 |
Protective Solutions | |||
Segment Reporting Information [Line Items] | |||
Restructuring, asset impairment and acquisition-related costs | (1,469) | 1,527 | 1,545 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Restructuring, asset impairment and acquisition-related costs | $ 15,070 | $ 7,000 | $ 159 |
Segment Reporting - Sales to Un
Segment Reporting - Sales to Unaffiliated Customers and Long-Lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | $ 1,267,135 | $ 1,242,592 | $ 1,248,590 | $ 1,206,052 | $ 1,316,843 | $ 1,262,503 | $ 1,247,616 | $ 1,190,032 | $ 4,964,369 | $ 5,016,994 | $ 4,861,657 |
Long-lived Assets | |||||||||||
Long-lived Assets | 2,608,643 | 2,721,567 | 2,608,643 | 2,721,567 | 2,481,240 | ||||||
United States | |||||||||||
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | 3,206,513 | 3,285,017 | 3,231,135 | ||||||||
Long-lived Assets | |||||||||||
Long-lived Assets | 1,719,746 | 1,738,648 | 1,719,746 | 1,738,648 | 1,878,728 | ||||||
Europe | |||||||||||
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | 971,302 | 841,452 | 751,806 | ||||||||
Long-lived Assets | |||||||||||
Long-lived Assets | 627,126 | 680,791 | 627,126 | 680,791 | 288,407 | ||||||
Canada | |||||||||||
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | 262,038 | 292,163 | 299,243 | ||||||||
Long-lived Assets | |||||||||||
Long-lived Assets | 157,208 | 184,879 | 157,208 | 184,879 | 205,095 | ||||||
All other | |||||||||||
Sales to Unaffiliated Customers | |||||||||||
Sales to Unaffiliated Customers | 524,516 | 598,362 | 579,473 | ||||||||
Long-lived Assets | |||||||||||
Long-lived Assets | $ 104,563 | $ 117,249 | $ 104,563 | $ 117,249 | $ 109,010 |
Accumulated Other Comprehensi96
Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income Loss and Changes in Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive loss, Beginning Balance | $ (608,851) | $ (369,869) |
Other comprehensive income/(loss) before reclassifications | (133,281) | (256,869) |
Other comprehensive income/(loss) | (93,682) | (238,982) |
Accumulated other comprehensive loss, Ending Balance | (702,533) | (608,851) |
Foreign Currency Items | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive loss, Beginning Balance | (127,603) | (24,985) |
Other comprehensive income/(loss) before reclassifications | (125,534) | (102,618) |
Other comprehensive income/(loss) | (125,534) | (102,618) |
Accumulated other comprehensive loss, Ending Balance | (253,137) | (127,603) |
Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive loss, Beginning Balance | (475,286) | (344,622) |
Other comprehensive income/(loss) before reclassifications | 3,979 | (148,312) |
Other comprehensive income/(loss) | 31,042 | (130,664) |
Accumulated other comprehensive loss, Ending Balance | (444,244) | (475,286) |
Gains and Losses on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive loss, Beginning Balance | (5,962) | (262) |
Other comprehensive income/(loss) before reclassifications | (11,726) | (5,939) |
Other comprehensive income/(loss) | 810 | (5,700) |
Accumulated other comprehensive loss, Ending Balance | (5,152) | (5,962) |
Fixed assets | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | 528 | (2) |
Fixed assets | Foreign Currency Items | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Fixed assets | Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Fixed assets | Gains and Losses on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | 528 | (2) |
Net income | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | 39,071 | 17,889 |
Net income | Foreign Currency Items | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net income | Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | 27,063 | 17,648 |
Net income | Gains and Losses on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | $ 12,008 | $ 241 |
Accumulated Other Comprehensi97
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cumulative tax benefit on derivative financial instruments | $ 2,884 | $ 3,655 | |
Decrease (increase) in tax benefit on derivative financial instruments | (771) | 3,490 | |
Cumulative tax benefit on defined benefit plans | 247,788 | 256,840 | |
Decrease (increase) in tax benefit on defined benefit plans | (9,052) | 78,688 | |
Defined benefit plan adjustment | (31,042) | 130,664 | $ (144,754) |
Equity method investments | |||
Defined benefit plan adjustment | $ (60) | $ (590) |
Accumulated Other Comprehensi98
Accumulated Other Comprehensive Loss - Effects on Net Income of Significant Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net Sales | $ 1,267,135 | $ 1,242,592 | $ 1,248,590 | $ 1,206,052 | $ 1,316,843 | $ 1,262,503 | $ 1,247,616 | $ 1,190,032 | $ 4,964,369 | $ 5,016,994 | $ 4,861,657 |
Cost of sales | (4,034,947) | (4,109,108) | (4,000,013) | ||||||||
Selling, general, and administrative | (496,241) | (506,996) | (487,171) | ||||||||
Income before income taxes | 327,946 | 325,707 | 292,709 | ||||||||
Tax benefit | (87,738) | (108,758) | (93,631) | ||||||||
Income before equity in earnings of affiliates | 240,208 | 216,949 | $ 199,078 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income before equity in earnings of affiliates | (39,071) | (17,889) | |||||||||
Gains and losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income before income taxes | (19,220) | (389) | |||||||||
Tax benefit | 7,212 | 148 | |||||||||
Income before equity in earnings of affiliates | (12,008) | (241) | |||||||||
Defined benefit pension items | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | (31,963) | (19,489) | |||||||||
Selling, general, and administrative | (10,654) | (6,496) | |||||||||
Income before income taxes | (42,617) | (25,985) | |||||||||
Tax benefit | 15,554 | 8,337 | |||||||||
Income before equity in earnings of affiliates | (27,063) | (17,648) | |||||||||
Foreign exchange contracts | Gains and losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net Sales | (21,454) | (6,031) | |||||||||
Cost of sales | (12,154) | (4,197) | |||||||||
Commodity contracts | Gains and losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | $ 9,920 | $ (1,445) |
Selected Quarterly Financial 99
Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net Sales | $ 1,267,135 | $ 1,242,592 | $ 1,248,590 | $ 1,206,052 | $ 1,316,843 | $ 1,262,503 | $ 1,247,616 | $ 1,190,032 | $ 4,964,369 | $ 5,016,994 | $ 4,861,657 |
Gross profit | 239,343 | 229,373 | 240,316 | 220,390 | 246,731 | 222,444 | 228,950 | 209,761 | 929,422 | 907,886 | 861,644 |
Restructuring/Asset impairment charges | 21,000 | 19,551 | 10,445 | (359) | (11,221) | (5,908) | (3,671) | (1,992) | (50,637) | (22,792) | (25,038) |
Net income attributable to Sonoco | $ 56,063 | $ 43,914 | $ 64,379 | $ 85,780 | $ 49,024 | $ 67,056 | $ 59,419 | $ 50,417 | $ 250,136 | $ 225,916 | $ 209,825 |
Net income attributable to Sonoco: | |||||||||||
Basic (usd per share) | $ 0.55 | $ 0.43 | $ 0.63 | $ 0.85 | $ 0.48 | $ 0.66 | $ 0.58 | $ 0.49 | $ 2.46 | $ 2.21 | $ 2.05 |
Diluted (usd per share) | 0.55 | 0.43 | 0.63 | 0.84 | 0.48 | 0.65 | 0.57 | 0.49 | 2.44 | 2.19 | 2.03 |
Cash dividends (usd per share) | 0.35 | 0.35 | 0.35 | 0.32 | 0.32 | 0.32 | 0.32 | 0.31 | $ 1.37 | $ 1.27 | $ 1.23 |
Market price - high | 44.56 | 44.13 | 46.50 | 47.94 | 44.69 | 44.65 | 44 | 43.75 | |||
Market price - low | $ 37.01 | $ 34.68 | $ 43.89 | $ 42.44 | $ 35.64 | $ 38.82 | $ 40.20 | $ 39.52 |
Schedule IV (Details)
Schedule IV (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Opening Balance | $ 8,547 | $ 9,771 | $ 7,252 |
Charged to Costs and Expenses | 2,501 | 2,350 | 2,006 |
Charged to Other | 467 | (411) | 1,444 |
Deductions | 446 | 3,163 | 931 |
Closing Balance | 11,069 | 8,547 | 9,771 |
LIFO | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Opening Balance | 17,908 | 18,146 | 19,476 |
Charged to Costs and Expenses | 986 | (238) | (1,330) |
Closing Balance | 18,894 | 17,908 | 18,146 |
Valuation Allowance of Deferred Tax Assets | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Opening Balance | 63,231 | 60,856 | 61,563 |
Charged to Costs and Expenses | 2,248 | 828 | 2,315 |
Charged to Other | (5,686) | 5,367 | 831 |
Deductions | 10,329 | 3,820 | 3,853 |
Closing Balance | $ 49,464 | $ 63,231 | $ 60,856 |