10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2017

Commission File Number 1-5277

BEMIS COMPANY, INC.

(Exact name of Registrant as specified in its charter)

Missouri	43-0178130
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

One Neenah Center, 4th Floor, P.O. Box 669, Neenah, Wisconsin  54957-0669

(Address of principal executive offices)

Registrant’s telephone number, including area code:  (920) 527-5000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange on Which Registered
Common Stock, par value $0.10 per share	New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act:  None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  YES  ý NO  o

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  YES  o  NO  ý

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  YES  ý  NO  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  YES  ý  NO  o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§232.405) is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ý

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.  (Check one):

Large Accelerated Filer x	Accelerated Filer o
Non-Accelerated Filer o	Smaller Reporting Company o
(Do not check if a smaller reporting company)
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).  YES  o  NO  ý

The aggregate market value of the voting and non-voting common equity held by nonaffiliates of the Registrant on June 30, 2017, based on a closing price of $46.25 per share as reported on the New York Stock Exchange, was $4,253,828,441.

As of February 21, 2018, the Registrant had 90,975,529 shares of Common Stock issued and outstanding.

Documents Incorporated by Reference

Portions of the Proxy Statement - Annual Meeting of Shareholders May 3, 2018 - Part III

BEMIS COMPANY, INC. AND SUBSIDIARIES

ANNUAL REPORT ON FORM 10-K

TABLE OF CONTENTS

Part I
Item 1.	Business	4
Item 1A.	Risk Factors	8
Item 1B.	Unresolved Staff Comments	12
Item 2.	Properties	13
Item 3.	Legal Proceedings	13
Item 4.	Mine Safety Disclosures	14
Part II
Item 5.	Market For Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	15
Item 6.	Selected Financial Data	17
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 8.	Financial Statements and Supplementary Data	35
	Management’s Responsibility Statement	35
	Report of Independent Registered Public Accounting Firm	36
	Consolidated Statement of Income	37
	Consolidated Statement of Comprehensive Income	38
	Consolidated Balance Sheet	39
	Consolidated Statement of Cash Flows	40
	Consolidated Statement of Equity	41
	Notes to Consolidated Financial Statements	42
Item 9.	Changes In and Disagreements With Accountants on Accounting and Financial Disclosure	75
Item 9A.	Controls and Procedures	75
Item 9B.	Other Information	75
Part III
Item 10.	Directors, Executive Officers and Corporate Governance	76
Item 11.	Executive Compensation	77
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	77
Item 13.	Certain Relationships and Related Transactions, and Director Independence	77
Item 14.	Principal Accountant Fees and Services	77
Part IV
Item 15.	Exhibits and Financial Statement Schedules	78
Item 16.	Form 10-K Summary	78
	Exhibit Index	79
	Signatures	81

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Forward-Looking Statements

Unless otherwise indicated, references to "Bemis Company," the "Company," "we," "our," and "us" in this Annual Report on Form 10-K refer to Bemis Company, Inc. and its consolidated subsidiaries.

This Annual Report contains certain estimates, predictions, and other “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended).  Forward-looking statements are generally identified with the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “may,” “will,” “plan,” “project,” “should,” “continue,” “outlook,” “approximately,” “would,” “could,” or the negative thereof or other similar expressions, or discussion of future goals or aspirations, which are predictions of or indicate future events and trends and which do not relate to historical matters.  Such statements are based on information available to management as of the time of such statements and relate to, among other things, expectations of the business environment in which we operate, projections of future performance (financial and otherwise), including those of acquired companies, perceived opportunities in the market and statements regarding our strategy and vision.  Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Factors that could cause actual results to differ from those expected include, but are not limited to:

• The ability of our foreign operations to maintain working efficiencies, as well as properly adjust to continuing changes in global politics, legislation, and economic conditions;

• A failure to realize the full potential of our restructuring activities;

• Changes in the competitive conditions within our markets, as well as changes in the demand for our goods;

• Changes in the value of our goodwill and other intangible assets;

• Our ability to retain and build upon the relationships and sales of our key customers;

• The potential loss of business or increased costs due to customer or vendor consolidation;

• The costs, availability, and terms of acquiring our raw materials (particularly for polymer resins and adhesives), as well as our ability to pass any price changes on to our customers;

• Changes in import and export regulation that could subject us to liability or impair our ability to compete in international markets;

• Variances in key exchange rates that could affect the translation of the financial statements of our foreign entities;

• Our ability to effectively implement and update our global enterprise resource planning ("ERP") systems;

• Our ability to realize the benefits of our acquisitions and divestitures, and whether we are able to properly integrate those businesses we have acquired;

• Fluctuations in interest rates and our borrowing costs, along with other key financial variables;

• A potential failure in our information technology infrastructure or applications and their ability to protect our key functions from cyber-crime and other malicious content;

• Changes in our credit rating;

• Unexpected outcomes in our current and future administrative and litigation proceedings;

• Changes in governmental regulations, particularly in the areas of environmental, health and safety matters, fiscal incentives, and foreign investment;

• Our ability to effectively introduce new products into the market and to protect or retain our intellectual property rights;

• Changes in our ability to attract and retain high performance employees; and

• Our ability to manage all costs associated with our pension plans.

These and other risks, uncertainties, and assumptions identified from time to time in our filings with the Securities and Exchange Commission, including without limitation, those described under Item 1A "Risk Factors" of this Annual Report on Form 10-K and our quarterly reports on Form 10-Q, could cause actual future results to differ materially from those projected in the forward-looking statements. In addition, actual future results could differ materially from those projected in the forward-looking statements as a result of changes in the assumptions used in making such forward-looking statements.

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PART I

ITEM 1 — BUSINESS

Bemis Company, Inc., a Missouri corporation (the “Registrant” or “Company”), continues a business formed in 1858.  We were incorporated in 1885 as Bemis Bro. Bag Company with the name changed to Bemis Company, Inc. in 1965.  We are a global manufacturer of packaging products.

Our long-term strategic objectives are to accelerate growth, focus innovation, and continuously improve. During 2017, we launched Agility, our three-pronged approach to fix, strengthen, and grow our business. Our vision is: passionate commitment to the growth and success of our customers will make Bemis the clear choice for inspired packaging solutions.

The majority of our products are sold to customers in the food industry.  Other customers include companies in the following types of businesses: chemical, agribusiness, medical, pharmaceutical, personal care, electronics, industrial, and other consumer goods. Further information about our operations in our business segments and geographic areas is available in Note 21 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

As of December 31, 2017, we had approximately 16,500 employees worldwide. Approximately 8,100 of these employees were in the U.S., with approximately 41 percent of the 5,800 hourly production employees covered by collective bargaining agreements involving six different unions. Of the approximately 8,400 employees who were outside the U.S., over half of the hourly production employees and some of the salaried workforce are covered by collective bargaining agreements and are represented by numerous unions.

Working capital fluctuates throughout the year in relation to business volume and other marketplace conditions.  We maintain inventory levels that provide a reasonable balance between obtaining raw materials at favorable prices and maintaining adequate inventory levels to enable us to fulfill our commitment to promptly fill customer orders.  Manufacturing backlogs are not a significant factor in the industries in which we operate.  The business of each of the reportable segments is not seasonal to any material extent.

We are the owner or licensee of a number of United States and foreign patents and patent applications that relate to certain of our products, manufacturing processes, and equipment.  We also have a number of trademarks and trademark registrations in the United States and in foreign countries.  Our patents, licenses, and trademarks collectively provide a competitive advantage.  However, the loss of any single patent or license alone would not have a material adverse effect on our results as a whole or those of any of our segments.

Our business activities are organized around our three reportable business segments, U.S. Packaging (65 percent of 2017 net sales) , Latin America Packaging (18 percent) and Rest of World Packaging (17 percent). A summary of our business activities reported by our three reportable business segments follows.

U.S. Packaging Segment

The U.S. Packaging segment represents all food, consumer, and industrial products packaging-related manufacturing operations located in the United States. This segment manufactures multilayer polymer, blown and cast film structures which are then converted to produce packaging for processed and fresh meat, dairy, liquids, frozen foods, cereals, snacks, cheese, coffee, condiments, candy, pet food, bakery, lawn and garden, tissue, fresh produce, personal care and hygiene, disposable diapers, and agribusiness.

Latin America Packaging Segment

The Latin America Packaging segment includes all food and non-food packaging-related manufacturing operations located in Latin America. This segment manufactures multilayer polymer, blown and cast film structures to produce packaging sold for a variety of food, medical, pharmaceutical, personal care, electronics, and industrial applications. Additional products include injection molded and thermoformed plastic as well as folding carton packaging. These packaging solutions are used for a variety of applications including processed and fresh meat, dairy, liquids, snacks, cheese, coffee, condiments, candy, bakery, tissue, fresh produce, personal care and hygiene, disposable diapers, pet food, pharmaceutical, and medical devices.

Rest of World Packaging Segment

The Rest of World Packaging segment includes all food and non-food packaging-related manufacturing operations located in Europe and Asia-Pacific as well as medical device and pharmaceutical packaging-related manufacturing operations in

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the U.S., Europe, and Asia. This segment manufactures multilayer polymer, blown and cast film structures to produce packaging sold for a variety of food, medical, pharmaceutical, personal care, electronics, and industrial applications. These applications include processed and fresh meat, dairy, liquids, snacks, cheese, coffee, condiments, candy, bakery, tissue, fresh produce, personal care and hygiene, pharmaceutical, and medical devices.

Marketing, Distribution, and Competition

While our sales are made through a variety of distribution channels, substantially all sales are made by our direct sales force.  Sales offices and plants are located throughout North America, Latin America, Europe, and Asia-Pacific to provide prompt and economical service to thousands of customers.  Our technically trained sales force is supported by product development engineers, design technicians, field service technicians, and a customer service organization.

Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately 10 and 11 percent of our sales in 2017 and 2016, respectively. Business arrangements with them and certain large customers require a large portion of the manufacturing capacity at a few individual manufacturing sites.  Any change in the business arrangement would typically occur over a period of time, which would allow for an orderly transition for both our manufacturing sites and the customer.

The major markets in which we sell our products historically have been, and continue to be, highly competitive.  Areas of competition include service, innovation, quality, and price.  This competition is significant as to both the size and the number of competing firms.  Competitors include Amcor Limited, Berry Global Group, Inc., Bryce Corporation, Coveris Holdings S.A., Printpack, Inc., Sealed Air Corporation, Sonoco Products Company, Wipak OY, Winpak Ltd, and a variety of other privately held companies. 

We consider ourselves to be a significant participant in the markets in which we serve; however, due to the diversity of our business, our precise competitive position in these markets is not reasonably determinable.  Advertising is limited primarily to business and trade publications emphasizing our product features and related technical capabilities.

Raw Materials

Polymer resins and films, paper, inks, adhesives, aluminum, and chemicals constitute the major raw materials we use.  These are purchased from a variety of global industry sources, and we are not significantly dependent on any one supplier for our raw materials.  While temporary industry-wide shortages of raw materials may occur, we expect to continue to successfully manage raw material supplies without significant supply interruptions.  Currently, raw materials are readily available.

Environmental Matters

Our operations and the real property we own or lease are subject to broad environmental laws and regulations by multiple jurisdictions.  These laws and regulations pertain to the discharge of certain materials into the environment, handling and disposition of waste, and cleanup of contaminated soil and ground water as well as various other protections of the environment.  We believe that we are in substantial compliance with applicable environmental laws and regulations based on implementation of our Environmental, Health, and Safety Management System and regular audits. However, we cannot predict with certainty that we will not in the future incur liability with respect to noncompliance with environmental laws and regulations due to contamination of sites formerly or currently owned or operated by us (including contamination caused by prior owners and operators of such sites) or the off-site disposal of regulated materials, which could be material.  In addition, these laws and regulations are constantly changing, and we cannot always anticipate these changes. 

See Note 20 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for further information regarding certain environmental matters. 

Available Information

We are a large accelerated filer (as defined in Exchange Act Rule 12b-2) and are also an electronic filer.  Electronically filed reports (Forms 4, 8-K, 10-K, 10-Q, S-3, S-8, etc.) can be accessed at the Securities and Exchange Commission (SEC) website (http://www.sec.gov) or by visiting the SEC’s Public Reference Room located at 100 F St., N.E., Washington, DC 20549 (call 1-202-551-8090 or 1-800-732-0330 for hours of operation). Electronically filed and furnished reports can also be accessed through our own website (http://www.bemis.com), under Investors/SEC Filings or by writing for free information, including SEC filings, to Investor Relations, Bemis Company, Inc., One Neenah Center, 4th Floor, P.O. Box 669, Neenah, Wisconsin 54957-0669, or calling (920) 527-5000.  In addition, our Board Committee charters, Principles of Corporate Governance, and our Code of Conduct can be electronically accessed at our website under About Bemis/Corporate Governance or, free of charge, by writing directly to the Company, Attention:  Corporate Secretary.  We will post any amendment to, or waiver from, a provision of the Code of Conduct that applies to our principal executive officer, principal financial officer,

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principal accounting officer, and other persons performing similar functions on the Investor Relations section of our website (www.bemis.com) promptly following the date of such amendment or waiver.

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Explanation of Terms Describing the Company’s Products

Aseptic packaging — Packaging used in a flash-heating process in which a food product and its packaging are sterilized separately and then combined and sealed under sterile conditions. This process retains more nutrients and uses less energy than conventional sterilization techniques and extends the shelf life of processed food without using preservatives.

Barrier products — Products that provide protection and extend the shelf life of the package contents.  These products provide protection from oxygen, moisture, light, odor, or other environmental factors by combining different types of plastics and additives into a multilayered plastic package. 

Cast film — A plastic film that is extruded through a straight slot die as a flat sheet during its manufacturing process.

Coextruded film — A blown or cast film extruded with multiple layers extruded simultaneously.

CSD labels — Carbonated soft drink labels.

Extruded film — A plastic film manufactured by forcing heated resin through a shaped die. This forms a tube of thin plastic film which is then expanded by an internal column of air to produce a continuous ribbon of film.

EZ Open packaging — Package technologies such as peelable closures or laser scoring used to allow the consumer easy access to a packaged product. EZ Open packaging may be combined with reclose features such as plastic zippers to allow for convenient storage of the packaged material once opened.

Film laminate — A multilayer plastic film made by laminating two or more films together with the use of adhesive or a molten plastic to achieve a barrier for the packaged contents.

Flexible pouches — A packaging option that delivers a semi-finished package, instead of rollstock, to a customer for filling product and sealing/closing the package for distribution.

Flexographic printing — The most common flexible packaging printing process using a raised rubber or alternative material image mounted on a printing cylinder.

Forming films — A flexible plastic film that is designed to take the shape determined by a cavity when subjected to heat and vacuum.

Injection molded plastic — Plastic that is created through a manufacturing process where heated plastic is injected into a die or mold.

Multipack — A film manufactured by a modified extrusion process that is used for wrapping and holding multipacks of products such as canned goods and bottles of liquids, replacing corrugate and fiberboard.

Narrow-web rolls — Films that are produced one-across at widths typically less than one meter and can be produced in either tube or roll form depending on the application.

Retort packaging — A multilayer flexible or rigid package able to withstand the thermal processing used for sterilization, similar to the process used for pressure cooking. The food is prepared and sealed in a package and then heated to approximately 250 degrees Fahrenheit under high pressure. This process extends the food product’s shelf life under normal room temperature conditions.

Rigid packaging — A form of packaging in which the shape of the package is retained as its contents are removed. Cups, tubs, trays and clamshell packaging are examples of rigid packaging options.

Rollstock — The principal form in which flexible packaging material is delivered to a customer.  Finished film wound on a core is converted in a process at the end user’s plant that forms, fills, and seals the package of product for delivery to customers.

Rotogravure printing — A high quality printing process utilizing a metal engraved cylinder.

Shrink bags/films — An extruded packaging film that is cooled, reheated, and stretched at a temperature near its melting point. The film is made to shrink around a product by an application of thermal treatment, and can be a barrier product if a layer of oxygen barrier material is added.

Specialty film — Plastic films that are produced for non-food applications and are typically used as either secondary packaging

or incorporated into a film structure to impart specific physical and /or performance characteristics.

Sterilization packaging— Packaging materials and preformed packaging systems that support the sterilization process, physical and sterile barrier protection through global distribution, and aseptic operating room presentation of life saving medical devices and technologies.

Thermoformed plastic packaging — A package formed by applying heat to a film to shape it into a tray or cavity and then sealing a flat film on top of the package after it has been filled.

Vacuum skin packaging ("VSP") — Vacuum skin packaging combines the benefits of traditional vacuum packs in terms of shelf life extension and premium second-skin presentation of meats, fish, and ready-made meals. VSP systems include multilayer high barrier top webs and adapted forming webs and trays.

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ITEM 1A — RISK FACTORS

The following factors, as well as factors described elsewhere in this Form 10-K, or in other filings by the Company with the Securities and Exchange Commission, could adversely affect the Company’s consolidated financial position, results of operations or cash flows. Other factors not presently known to us or that we presently believe are not material could also affect our business operations and financial results.

Global operations — Changing conditions in the U.S. and foreign countries, may significantly impact our reported results of operations.

We have operations globally. Our revenues and net income may be adversely affected by economic conditions, political situations, and changing laws and regulations, as to which we have no control. Additionally, our operations could be disrupted by geopolitical conditions such as boycotts and sanctions, acts of war, terrorist activity or other similar events. Such events could make it difficult or impossible to manufacture or deliver products to our customers, receive production materials from our suppliers, or perform critical functions, which could adversely affect our business globally or in certain regions. While we maintain similar manufacturing capacities at different locations and coordinate multi source supplier programs on many of our materials which would better enable us to respond to these types of events, we cannot be sure that our plans will fully protect us from all such disruptions. Similarly, more ordinary course disruptions that are directly attributable to the foreign nature of our business, such as flight and shipping delays or cancellations, could also significantly impact business operations.

The political instability and incrementally challenging economic environment in Brazil are impacting our business. As consumers, retailers, and our customers react to the situation in the region, our unit volumes and mix of products sold are adversely impacted. The challenges associated with the economic environment in Brazil are putting pressure on our sales and earnings.

Restructuring activities — Our restructuring activities and cost saving initiatives may not achieve the results we anticipate.

We are undertaking and may continue to undertake restructuring activities and cost reduction initiatives to optimize our asset base, improve operating efficiencies and generate cost savings. We cannot be certain that we will be able to complete these initiatives as planned or that the estimated operating efficiencies or cost savings from such activities will be fully realized or maintained over time. In addition, we may not be successful in migrating production from one facility to another.

Changes in market demand and competition — Changes in consumer demand or buying habits for our goods, an increase in substitutions, or significant innovation by our competitors, may adversely affect our business.

Our success depends on our ability to respond timely to changes in customer product needs and market acceptance of our products. We must produce products that meet the quality, performance, and price expectations of our customers. Additionally, because many of our products are used to package consumer goods, our sales and profitability could be negatively impacted by changes in consumer preferences for those underlying products.

We also operate in a highly competitive industry. Our response to marketplace competition may result in lower than expected net pricing of our products.

In March of 2017, certain of our large U.S. core consumer packaged goods customers lowered their volume projections for the balance of 2017. These lower volumes, together with the operational inefficiencies associated with the lower volumes, reduced our sales and earnings for 2017.

Goodwill and other intangible assets — A significant write-down of goodwill and/or other intangible assets would have a material adverse effect on our reported results of operations and net worth.

We review our goodwill balance for impairment at least once a year using the business valuation methods allowed in accordance with current accounting standards. These methods include the use of a weighted-average cost of capital to calculate the present value of the expected future cash flows of our reporting units. Future changes in the cost of capital, expected cash flows, or other factors may cause our goodwill and/or other intangible assets to be impaired, resulting in a non-cash charge against results of operations to write down these assets for the amount of the impairment. In addition, if we make changes in our business strategy or if external conditions adversely affect our business operations, we may be required to record an impairment charge for goodwill or intangibles, which would lead to decreased assets and reduced net operating results. If a significant write down is required, the charge would have a material adverse effect on our reported results of operations and net worth. We recorded pre-tax impairment charges totaling $196.6 million ($145.5 million, net of taxes) related to the Latin America Packaging segment in the year ended December 31, 2017. We have identified the valuation of intangible assets and goodwill as a critical accounting estimate. See “Management’s Discussion and Analysis of Financial Condition and Results of

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Operations—Critical Accounting Estimates and Judgments—Intangible assets and goodwill” included in Item 7 of this Annual Report on Form 10-K.

Key customers — The loss of key customers or a significant reduction in sales to those customers could significantly reduce our revenues.

Our customer base includes key (generally large) customers that are important to our success and represent a sizable portion of sales. Our required response to continued marketplace competition could result in lower than expected net pricing of our products. Furthermore, if key customers experience financial pressure, they could request more favorable contractual terms, which could place additional pressure on our margins and cash flows.

Consolidation of customer base — A significant consolidation of our customer base could negatively impact our business.

Many of our largest customers have acquired companies with similar or complementary product lines. This consolidation has increased the concentration of our business with our largest customers. Such consolidation may be accompanied by pressure from customers for lower prices, reflecting the increase in the total volume of products purchased or the elimination of a price differential between the acquiring customer and the company acquired. While we have generally been successful at managing customer consolidations, increased pricing pressures from our customers could have a material adverse effect on results of operations.

Raw materials — Raw material cost increases or shortages could adversely affect our results of operations.

As a manufacturer, our sales and profitability are dependent on the availability and cost of raw materials, which are subject to price fluctuations. Inflationary and other increases in the costs of raw materials have occurred in the past and are expected to recur, and our performance depends in part on our ability to reflect changes in costs in selling prices for our products. We have generally been successful in managing the impact of higher raw material costs by increasing selling prices through our contractual pass-through mechanisms with most of our customers. The disruption of raw materials from certain single-source providers could impact our supply chain. Additionally, natural disasters, such as hurricanes, tornadoes, and fires, may also negatively impact the production or delivery capacity of our raw material suppliers in the chemical and paper industries. This could result in increased raw material costs or supply shortages, which may have a negative impact on our profitability if the cost increases are sustained sequentially over multiple periods or, in the case of a shortage, if we are unable to secure raw materials from alternative sources.

During the third quarter of 2017, hurricanes and inclement weather struck portions of the U.S. and the Caribbean. The impact of these events flowed through to our business during the fourth quarter as these events have influenced the behaviors of some of our customers and suppliers. This includes the impact of higher raw material input prices in Latin America that were difficult to pass through to some of our customers immediately due to the challenging economic environment.

Imports and exports — We are subject to governmental export and import controls and duties, tariffs or taxes that could subject us to liability or impair our ability to compete in international markets. 

Certain of our products are subject to export controls and may be exported only with the required export license or through an export license exception. If we were to fail to comply with export licensing, customs regulations, economic sanctions and other laws, we could be subject to substantial civil and criminal penalties, including fines for the Company and incarceration for responsible employees and managers, and the possible loss of export or import privileges. In addition, if our distributors fail to obtain appropriate import, export or re-export licenses or permits, we may also be adversely affected through reputational harm and penalties. Obtaining the necessary export license for a particular sale may be time-consuming and may result in the delay or loss of sales opportunities.

Furthermore, export control laws and economic sanctions prohibit the shipment of certain products to embargoed or sanctioned countries, governments and persons. While we train our employees to comply with these regulations, we cannot assure that a violation will not occur, whether knowingly or inadvertently. Any such shipment could have negative consequences including government investigations, penalties, fines, civil and criminal sanctions, and reputational harm. In addition, our global business can be negatively affected by import and export duties, tariff barriers, and related local government protectionist measures, and the unpredictability with which these can occur.  For example, we are currently working with our customers to address recent duties imposed by the U.S. government on aluminum foil sourced from China used to manufacture certain products. Any change in export or import regulations, economic sanctions or related legislation, shift in the enforcement or scope of existing regulations, or change in the countries, governments, persons or technologies targeted by such regulations, could result in our decreased ability to export or sell our products to existing or potential customers with international operations. Any limitation on our ability to export or sell our products could adversely affect our business, financial condition and results of operations.

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Exchange rates — We have foreign currency conversion and transaction risks that may adversely affect our operating results.

In 2017, approximately 30 percent of our sales were generated by entities operating outside of the U.S. Because of this, variations in exchange rates may have a sizable effect on the translation of the financial statements of our foreign entities. Our primary foreign exchange exposure is to the Brazilian Real, but we also have foreign exchange exposure to the Euro, Argentine Peso, Mexican Peso, British Pound, and other currencies. A strengthening U.S. dollar relative to foreign currencies has a dilutive conversion effect on our financial statements. Conversely, a weakening U.S. dollar has an additive translation effect. In some cases, we sell products denominated in a currency different from the currency in which the related costs are incurred. In short, the volatility of currency exchange rates may impact our operating results.

Implementing our ERP system — We face risks related to the implementation of our global enterprise resource planning system.

We are currently engaged in a multi-year process of conforming the majority of our operations onto one global ERP system. The ERP system is designed to improve the efficiency of our supply chain and financial transaction processes, accurately maintain our books and records, and provide information important to the operation of the business to our management team. The ERP system will continue to require significant investment of human and financial resources, and we may experience significant delays, increased costs and other difficulties as a result. Any significant disruption or deficiency in the design and implementation of the ERP system could adversely affect our ability to fulfill and invoice customer orders, apply cash receipts, place purchase orders with suppliers, and make cash disbursements, and could negatively impact data processing and electronic communications among business locations, which may have a material adverse effect on our business, consolidated financial condition or results of operations. We also face the challenge of supporting our older systems and implementing necessary upgrades to those systems while we implement the new ERP system.

During the second quarter of 2017, we experienced manufacturing inefficiencies related to the ERP system implementation at one of our U.S. plants which was resolved in 2017. While we have invested significant resources in planning and project management, significant implementation issues may arise.

Acquisitions and divestitures — We may not be able to successfully integrate businesses that we acquire or limit ongoing costs associated with the operations we divest.

We have made numerous acquisitions in the past and are regularly considering new acquisitions that we believe will provide meaningful opportunities to grow our business and improve performance in the future. Acquired businesses may not achieve the levels of revenue, profit, productivity, or otherwise perform as we expect. Acquisitions involve special risks, including, without limitation, the potential assumption of unanticipated liabilities and contingencies as well as difficulties in integrating acquired businesses. While we believe that our acquisitions will improve our competitiveness and future financial performance, we can give no assurance that acquisitions will be successful.

We also make strategic divestitures from time to time, and we may agree to indemnify acquiring parties for certain liabilities arising from our former businesses which could negatively impact future results.

Interest rates — An increase in interest rates could reduce our reported results of operations.

At December 31, 2017, our variable rate borrowings approximated $844.3 million (which includes $400 million fixed rate notes that have been effectively converted to variable rate debt through the use of a fixed to variable rate interest rate swap). Fluctuations in interest rates can increase borrowing costs and have an adverse impact on results of operations. Accordingly, increases in short-term interest rates will directly impact the amount of interest we pay. For each one percent increase in variable interest rates, our annual interest expense would increase by approximately $8.4 million on the $844.3 million of variable rate debt outstanding as of December 31, 2017.

Information technology — A failure in our information technology systems could negatively affect our business.

We depend on information technology to record and process customers' orders, manufacture and ship products in a timely manner, and maintain the financial accuracy of our business records. Increased global information technology (“IT”) security threats and more sophisticated cyber-crime pose a potential risk to the security and availability of our IT systems, networks, and services, including those that are managed, hosted, provided, or used by third parties, as well as the confidentiality, availability, and integrity of our data. Other malicious activity, such as unauthorized access attempts, phishing, attempts at monetary theft through our IT systems, computer viruses or other malignant codes may also pose a threat to our operations. If the IT systems, networks, or service providers we rely upon fail to function properly, or if we suffer a loss or disclosure of business or other sensitive information, due to any number of causes, ranging from catastrophic events to power

10

outages to security breaches, and our business continuity plans do not effectively and timely address these failures, we may suffer interruptions in our ability to manage operations and reputational, competitive, or business harm, which may adversely affect our business operations or financial condition. We have experienced IT failures and breaches in the past, but they have not been material and did not significantly affect our business operations.

Credit rating — A downgrade in our credit rating could increase our borrowing costs and negatively affect our financial condition and results of operations.

In addition to using cash provided by operations, we regularly issue commercial paper to meet our short-term liquidity needs. Our credit ratings are important to our ability to issue commercial paper at favorable rates of interest. A downgrade in our credit rating could increase the cost of borrowing by increasing the spread over prevailing market rates that we pay for our commercial paper or the fees associated with our bank credit facility.

Litigation — Litigation or regulatory developments could adversely affect our business operations and financial performance.

We are, and in the future will become, involved in lawsuits, regulatory inquiries, and governmental and other legal proceedings arising out of the ordinary course of our business. As we expand our global footprint, we become exposed to more uncertainty regarding the regulatory environment. The timing of the final resolutions to lawsuits, regulatory inquiries, and governmental and other legal proceedings is typically uncertain. Additionally, the possible outcomes of, or resolutions to, these proceedings could include adverse judgments or settlements, either of which could require substantial payments. See “Legal Proceedings" included in Item 3 of this Annual Report on Form 10-K.

Environmental, health, and safety regulations — Changing government regulations in environmental, health, and safety matters may adversely affect our company.

Numerous legislative and regulatory initiatives have been passed and anticipated in response to concerns about Greenhouse Gas emissions and climate change. We are a manufacturing entity that utilizes petrochemical-based raw materials to produce many of our products. Increased environmental legislation or regulation could result in higher costs for us in the form of higher raw materials, as well as energy and freight costs. It is possible that certain materials might cease to be permitted to be used in our processes. We could also incur additional compliance costs for monitoring and reporting emissions and for maintaining permits. Additionally, a sizable portion of our business comes from healthcare packaging and food packaging, both highly regulated markets. If we fail to comply with these regulatory requirements, our results of operations could be adversely impacted.

Patents and proprietary technology — Our success is dependent on our ability to develop and successfully introduce new products and to develop, acquire and retain intellectual property rights.

Our success depends in large part on our proprietary technology. We rely on intellectual property rights, including patents, trademarks and trade secrets, as well as confidentiality provisions and licensing arrangements, to establish our proprietary rights. If we are unable to enforce our intellectual property rights, our competitive position may suffer. Our pending patent applications, and our pending trademark registration applications, may not be allowed or competitors may challenge the validity or scope of our patents or trademarks. In addition, our patents, trademarks and other intellectual property rights may not provide us a significant competitive advantage. We may need to spend significant resources monitoring our intellectual property rights. Our competitive position may be harmed if we cannot detect infringement and enforce our intellectual property rights quickly or at all. Competitors might avoid infringement by designing around our intellectual property rights or by developing non-infringing competing technologies. Intellectual property rights and our ability to enforce them may be unavailable or limited in some countries which could make it easier for competitors to capture market share and could result in lost revenues.

Attracting and retaining key personnel — If we are unable to attract and retain key personnel, we may be adversely affected.

Our continued success depends, in large part, on our ability to identify, attract, motivate, train and retain qualified personnel in key functions and geographic areas. Losing the services of key employees in any of our operations could make it difficult to meet our objectives. To effectively manage our global business, we will need to continue to recruit, train, assimilate, motivate and retain employees who actively promote and meet the standards of a high performance culture.

Funded status of pension plans — Recognition of pension liabilities may cause a significant reduction in stockholders’ equity.

In December of 2013, new amendments to our U.S. pension plan for salaried and non-union hourly employees were implemented. These amendments froze all further benefit accruals for all persons entitled to benefits under the plan. While the amendments reduced some risk related to future service costs, there is still risk associated with ongoing liability re-measurement and plan asset valuations. Current accounting standards issued by the Financial Accounting Standards Board

11

("FASB") require balance sheet recognition of the funded status of our defined benefit pension and postretirement benefit plans. If the fair value of our pension plans’ assets at a future reporting date decreases or if the discount rate used to calculate the projected benefit obligation ("PBO") as of that date decreases, we will be required to record the incremental change in the excess of PBO over the fair value of the assets as a reduction of stockholders’ equity. The resulting non-cash after-tax charge would represent future expense and would be recorded directly as a decrease in the Accumulated Other Comprehensive Income component of stockholders’ equity. While we cannot estimate the future funded status of our pension liability with any certainty at this time, we believe that if the market value of assets or the discount rate used to calculate our pension liability materially decreases, the adjustment could significantly reduce our stockholders’ equity. We have identified pension assumptions as a critical accounting estimate. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates and Judgments — Pension costs” and “— Pension assumptions sensitivity analysis” included in Item 7 of this Annual Report on Form 10-K.

ITEM 1B — UNRESOLVED STAFF COMMENTS

None.

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ITEM 2 — PROPERTIES

Properties utilized by us at December 31, 2017, were as follows:

U.S. Packaging Segment

This segment has 27 manufacturing plants located in 13 states, of which 26 are owned directly by us or our subsidiaries and one is leased from an outside party.  Initial building lease terms provide for minimum terms of 20 years and have one or more renewal options.

Latin America Packaging Segment

This segment has 14 manufacturing plants located in 3 countries, of which all are owned directly by us or our subsidiaries.

Rest of World Packaging Segment

This segment has 16 manufacturing plants located in two states within the U.S., the Commonwealth of Puerto Rico, and eight other countries, of which 11 are owned directly by us or our subsidiaries and five are leased from outside parties.  Initial building lease terms generally provide for minimum terms of five to twenty years and have one or more renewal options. 

Corporate and General

We consider our plants and other physical properties to be suitable, adequate, and of sufficient productive capacity to meet the requirements of our business.  The manufacturing plants operate at varying levels of utilization depending on the type of operation and market conditions.  Our executive offices, which are leased, are located in Neenah, Wisconsin.

ITEM 3 — LEGAL PROCEEDINGS

We are involved in a number of lawsuits incidental to our business, including environmental-related litigation and routine litigation arising in the ordinary course of business.  Although it is difficult to predict the ultimate outcome of these cases, we believe, except as discussed below, that any ultimate liability would not have a material adverse effect on the Company’s consolidated financial condition or results of operations.

Environmental Matters

We are a potentially responsible party ("PRP") pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (commonly known as “Superfund”) and similar state and foreign laws in proceedings associated with 17 sites around the United States and one in Brazil.  These proceedings were instituted by the United States Environmental Protection Agency and certain state and foreign environmental agencies at various times beginning in 1983.  Superfund and similar state and foreign laws create liability for investigation and remediation in response to releases of hazardous substances in the environment. Under these statutes, joint and several liability may be imposed on waste generators, site owners and operators, and others regardless of fault.  Although these regulations could require us to remove or mitigate the effects on the environment at various sites, perform remediation work at such sites, or pay damages for loss of use and non-use values, we expect our liability in these proceedings to be limited to monetary damages. We expect our future liability relative to these sites to be insignificant, individually and in the aggregate. 

We are involved in other environmental-related litigation arising in the ordinary course of business. We accrue environmental costs when it is probable that these costs will be incurred and can be reasonably estimated. Our reserve for environmental liabilities at December 31, 2017 and 2016 was $0.9 million and $3.5 million, respectively, and is included in other liabilities and deferred credits on the accompanying consolidated balance sheet.

Brazil Tax Dispute - Goodwill Amortization

During October 2013, Dixie Toga, Ltda ("Dixie Toga"), a Bemis subsidiary, received an income tax assessment in Brazil for the tax years 2009 through 2011 that relates to the amortization of certain goodwill generated from the acquisition of Dixie Toga. The income tax assessed for those years is approximately $11.5 million, translated to U.S. dollars at the December 31, 2017 exchange rate. We expect that tax examinations for years after 2011 will include similar assessments as we continue to claim the tax benefits associated with the goodwill amortization. An ultimate adverse resolution on these assessments, including interest and penalties, could be material to our consolidated results of operations and/or cash flows.

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We have been advised by our legal and tax advisors that our position with respect to the deductions is allowable under the tax laws of Brazil. We are contesting the disallowance and believe it is more likely than not the tax benefit will be sustained in its entirety and consequently have not recorded a liability. In May of 2017, we received a favorable administrative decision. The government is appealing this decision to the next administrative level. We intend to litigate the matter if it is not resolved at the administrative appeals levels. The ultimate outcome could take several years.  At this time, we believe that final resolution of the assessment will not have a material impact on our consolidated financial statements.

Brazil Investigation

On September 18, 2007, the Secretariat of Economic Law, a governmental agency in Brazil, which has now been replaced by the General Superintendence of the Administrative Council for Economic Defense (“CADE”), initiated an investigation into possible anti-competitive practices in the Brazilian flexible packaging industry against a number of Brazilian companies including Itap Bemis, a Dixie Toga subsidiary. The investigation relates to periods prior to our acquisition of control of Dixie Toga and its subsidiaries.

In late November 2016, the investigative arm of CADE issued an advisory opinion recommending, among other actions, the imposition of fines on Itap Bemis. In July 2017, the Attorney General's Office of CADE recommended the termination of the investigation with respect to all companies and individuals, concluding that the evidence is insufficient for conviction. The case is now awaiting the opinion of the Federal Public Prosecutor as to how to proceed as well as a final decision on the administrative investigation of CADE. If the final decision on the administrative investigation is favorable to us, the decision will be final. If the decision is not favorable to us, we intend to appeal through the federal court system, as described below.

In the event of an adverse decision, it is difficult to predict possible fines, but based on CADE's current fining practice, the fines assessed could be as high as $60 million, depending on CADE’s determination of the applicable revenue base for the calculation of the fine. We intend to vigorously defend our position and plan to appeal any adverse decision by the Tribunal. Upon appeal, we would likely be required to post bond, deposit funds equal to the assessed fines, or provide other collateral. We are unable at this time to predict the outcome of this matter, but believe it is not probable that an adverse judgment would stand after exhausting all appeals which are likely to take several years and therefore no provision has been made in the consolidated financial statements.

ITEM 4 — MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5 — MARKET FOR REGISTRANT’S COMMON EQUITY,RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

We did not repurchase any of our equity securities in the three months ended December 31, 2017. Our common stock is traded on the New York Stock Exchange under the symbol BMS.  On December 31, 2017, there were 2,986 registered holders of record of our common stock.  As of December 31, 2017, under authority granted by the Board of Directors, we have remaining authorization to repurchase an additional 18,187,211 shares of our common stock.

Dividends paid and the high and low common stock prices per share were as follows:

For the Quarterly Periods Ended:	March 31		June 30		September 30		December 31
2017
Dividend paid per common share	$	0.30	$	0.30	$	0.30	$	0.30
Common stock price per share
High	51.98		50.47		49.84		49.60
Low	47.83		43.13		40.60		42.85
2016
Dividend paid per common share	0.29		0.29		0.29		0.29
Common stock price per share
High	54.19		53.88		53.32		51.44
Low	42.45		47.28		49.85		47.22
2015
Dividend paid per common share	0.28		0.28		0.28		0.28
Common stock price per share
High	49.44		47.65		47.51		47.59
Low	43.74		43.50		38.91		39.48

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The graph below matches the cumulative 5-Year total return of holders of Bemis Company, Inc.'s common stock with the cumulative total returns of the S&P Midcap 400 index and a customized peer group of twenty companies, which aligns with the Company's incentive compensation plans, that includes: Albemarle Corp, AptarGroup Inc., Ashland Global Holdings Inc., Avery Dennison Corporation, Ball Corporation, Berry Global Group, Inc., Crown Holdings Inc., Graphic Packaging Holding Company, Greif Inc., Minerals Technologies Inc., Newmarket Corp, Owens-Illinois Inc., Packaging Corp. of America, Polyone Corp, RPM International Inc., Sealed Air Corporation, Sensient Technologies Corp, Silgan Holdings Inc., Sonoco Products Company, and Westrock Co (1). The graph assumes that the value of the investment in our common stock, in each index, and in the peer group (including reinvestment of dividends) was $100 on 12/31/2012 and tracks it through 12/31/2017.

(1) Note Valspar was removed from the peer group because it was acquired during the period.

	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17
Bemis Company, Inc.	100.00	125.68	142.55	144.36	158.17	162.36
S&P Midcap 400	100.00	133.50	146.54	143.35	173.08	201.20
Peer Group	100.00	138.33	160.28	154.31	182.44	220.94

The stock price performance included in this graph is not necessarily indicative of future stock price performance.

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ITEM 6 — SELECTED FINANCIAL DATA

FIVE-YEAR CONSOLIDATED REVIEW

(dollars in millions, except per share amounts)

Years Ended December 31,	2017		2016		2015		2014		2013
Operating Data
Net sales	$	4,046.2	$	4,004.4	$	4,071.4	$	4,343.5	$	4,476.6
Income from continuing operations	94.0		236.2		241.9		239.1		192.5
Common Share Data
Basic earnings per share from continuing operations	1.03		2.51		2.50		2.39		1.86
Diluted earnings per share from continuing operations	1.02		2.48		2.47		2.36		1.85
Adjusted diluted earnings per share from continuing operations (1)	2.39		2.69		2.55		2.30		2.09
Dividends per share	1.20		1.16		1.12		1.08		1.04
Book value per share	13.23		13.59		12.70		14.59		16.53
Weighted-average shares outstanding for computation of diluted earnings per share	91.9		95.1		97.9		101.2		104.0
Common shares outstanding at December 31,	90.8		92.7		95.1		98.2		101.9
Capital Structure and Other Data
Current ratio	1.9x		2.0x		1.9x		2.7x		2.5x
Working capital	$	571.0	$	589.4	$	529.9	$	806.4	$	902.6
Total assets	3,699.9		3,715.7		3,489.8		3,610.8		4,105.6
Short-term debt	21.0		17.3		35.4		31.3		14.9
Long-term debt	1,542.4		1,527.8		1,353.9		1,311.6		1,416.8
Total equity	1,201.2		1,259.7		1,207.4		1,433.0		1,684.8
Depreciation and amortization	169.8		162.1		158.1		180.6		190.3
Capital expenditures	188.5		208.3		219.4		185.2		139.8
Number of common shareholders	2,986		3,130		3,154		3,284		3,416
Number of employees	16,582		17,678		17,696		16,944		19,106
(1) Refer to "Presentation on Non-GAAP Financial Information" for reconciliation of adjusted diluted earnings per share.

17

ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis

Three Years Ended December 31, 2017

Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and related Notes included in Item 8 of this Annual Report on Form 10-K.

Three-year review of results

(dollars in millions, except per share amounts)	2017					2016					2015
Net sales	$	4,046.2		100.0	%	$	4,004.4		100.0	%	$	4,071.4		100.0	%
Cost of products sold	3,261.0			80.6		3,138.2			78.4		3,198.0			78.5
Gross profit	785.2			19.4		866.2			21.6		873.4			21.5
Operating expenses:
Selling, general, and administrative expenses	380.4			9.4		392.2			9.8		420.0			10.3
Research and development costs	42.9			1.1		46.5			1.2		44.1			1.1
Restructuring and other costs	70.5			1.7		28.6			0.7		12.1			0.3
Goodwill impairment charge	196.6			4.9		—			—		—			—
Other operating income	(20.9		)	(0.5	)	(10.4		)	(0.3	)	(12.4		)	(0.3	)
Operating income	115.7			2.9		409.3			10.2		409.6			10.1
Interest expense	65.8			1.6		60.2			1.5		51.7			1.3
Other non-operating income	(2.8		)	(0.1	)	(1.8		)	—		(6.0		)	(0.1	)
Income from continuing operations before income taxes	52.7			1.3		350.9			8.8		363.9			8.9
Income tax provision (benefit)	(41.3		)	(1.0	)	114.7			2.9		122.0			3.0
Income from continuing operations	94.0			2.3		236.2			5.9		241.9			5.9
Loss from discontinued operations	—			—		—			—		(2.6		)	(0.1	)
Net income	$	94.0		2.3	%	$	236.2		5.9	%	$	239.3		5.9	%
											\
Effective income tax rate				(78.4	)%				32.7	%				33.5	%
Diluted earnings per share from continuing operations	$	1.02				$	2.48				$	2.47
Adjusted diluted earnings per share from continuing operations (1)	$	2.39				$	2.69				$	2.55
(1) Refer to "Presentation of Non-GAAP Financial Information"

18

Overview

Bemis Company, Inc. is a major supplier of flexible and rigid plastic packaging used by leading and emerging food, consumer products, healthcare, and other companies worldwide. Historically, approximately 80 percent of our total net sales are to customers in the food industry. Sales of our packaging products are widely diversified among food categories and can be found in nearly every aisle of the grocery store.

Effective with reporting for the fourth quarter of 2017, the Company realigned its segment reporting to transition from two reportable segments to three reportable segments as follows: U.S. Packaging, Latin America Packaging, and Rest of World Packaging.  The U.S. Packaging business segment is unchanged.  The Company will now report Latin America Packaging and Rest of World Packaging business segments, which had previously been aggregated and named Global Packaging.  Prior year comparatives have been revised to conform to the current reportable segment presentation. Refer to Note 21 - Segments of Business for additional information.

Market Conditions

The markets into which our products are sold have historically been, and continue to be, highly competitive. Our leading market positions in packaging for perishable food and medical device products reflect our focus on value-added, proprietary products that provide food safety and sterility benefits. We also manufacture products for which our technical know-how and economies of scale offer us a competitive advantage. The primary raw materials for our business segments are polymer resins and films, paper, inks, adhesives, aluminum, and chemicals.

In the U.S., many of our consumer packaged goods customers have seen pressure on their sales volumes during recent years for a variety of reasons, including shifting consumer preferences.  During recent years, we have invested in equipment that is well-suited to on-trend opportunities, and we are implementing deliberate action plans to align our resources to pursue these targeted areas of  growth.

Additionally, the political instability and incrementally challenging economic environment in Brazil are impacting our business. As consumers, retailers, and our customers react to the situation in the region, our unit volumes and mix of products sold are adversely impacted. During 2017, the challenges associated with the economic environment in Brazil put pressure on our sales and earnings.

During the third quarter of 2017, hurricanes and inclement weather struck portions of the United States and the Caribbean. These events have influenced the behaviors of some of our customers and suppliers, including higher raw material costs and weak demand in the local markets of our healthcare facility in Puerto Rico.

Sales by Geography

Sales by Geographic Area (in millions)	2017		2016		2015
United States	$	2,826.0	$	2,820.3	$	2,937.8
Brazil	482.1		483.5		442.5
Other Americas	250.6		244.6		273.5
Europe	290.0		263.5		233.9
Asia-Pacific	197.5		192.5		183.7
Total	$	4,046.2	$	4,004.4	$	4,071.4

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Restructuring

Refer to Note 5 — Restructuring Plans for details for both the 2016 and 2017 Plans regarding expenses incurred and cash payments to date, in addition to disaggregation of costs by segment and cost category.

2017 Restructuring and Cost Savings Plan ("2017 Plan")

During the second quarter of 2017, we initiated restructuring activities to improve efficiency and profitability that further position us for long-term success.  We announced the remaining details of the 2017 Plan during the third quarter.  The 2017 Plan includes the following actions: the closure of four manufacturing facilities for which business will be relocated to existing facilities, the closure of an additional manufacturing facility for which business will not be relocated, the consolidation of office space, and the reduction of our administrative support cost structure, which includes the elimination of 500 positions.  The total program cost is estimated at $110 to $125 million, including $65 to $70 million in total pre-tax restructuring charges, $35 to $45 million in pre-tax other plan-related costs and approximately $10 million in capital investment related to executing the 2017 Plan.  We expect an annual pre-tax savings run rate of $65 million by 2019 from the 2017 Plan.

During 2017, we recorded restructuring charges totaling $47.4 million, of which $8.2 million related to the 2016 Plan. Restructuring charges consisted primarily of employee termination costs and fixed asset write-downs of equipment.  In addition, we recorded $10.3 million in other plan-related costs related to the 2017 Plan which consisted of consulting fees and impairment on assets sold. 

The Plan is expected to be completed by the end of 2019.  Total restructuring and other plan-related cash payments for the 2017 Plan are estimated to be approximately $75 to $85 million.  Cash payments in the twelve months ended December 31, 2017 were $6.8 million. We expect restructuring and other plan-related payments of approximately $50 million in 2018 and the balance in 2019. 

Discontinued Operations

On November 7, 2014, we completed the sale of our global Pressure Sensitive Materials business. Proceeds of the transaction totaled $150.5 million. Of the total proceeds, $136.9 was received in fiscal 2014 and $13.6 million was received in April 2015 which related to settlement of customary post-closing adjustments.

The Pressure Sensitive Materials business met the criteria to be classified as a discontinued operation. Amounts included in the consolidated statement of income have been recast to exclude Pressure Sensitive Materials amounts. The consolidated statement of cash flows for all periods includes both continuing and discontinued operations. Loss from discontinued operations in 2015 resulted from additional impairment charges, net of tax, reflecting finalization of post-closing adjustments.

Acquisitions

Acquisition of Evadix

On November 8, 2017, we acquired the Romanian-based flexible packaging company Evadix.  This small, yet strategic acquisition establishes us with our first manufacturing operation in Eastern Europe.  The acquired facility provides a strong converting platform to leverage our expertise and capabilities in film-making from Western Europe to grow sales of meat and cheese packaging throughout Europe.  The cash purchase price was $3.9 million.

Acquisition of SteriPack Group

On April 29, 2016, we acquired the medical device packaging operations and related value-added services of SteriPack Group, a global manufacturer of sterile packaging solutions for medical device and pharmaceutical applications. This acquisition includes a facility in Ireland as well as packaging production assets in Malaysia and the U.S. These operations recorded annual net sales of approximately $65 million in fiscal 2015. The cash purchase price was $115.5 million.

Acquisition of Emplal Participações S.A.

On December 1, 2015, we acquired the rigid plastic packaging operations of Emplal Participações S.A. ("Emplal"), a privately-owned Brazilian manufacturer of plastic packaging for food and consumer applications. The acquisition supports our growth strategy to expand in markets that fit our strengths and capabilities. The cash purchase price was $66.0 million.

20

Results of Operations

Consolidated Overview — Continuing Operations

(in millions, except per share amounts)	2017		2016		2015
Net sales	$	4,046.2	$	4,004.4	$	4,071.4
Income from continuing operations	94.0		236.2		241.9
Diluted earnings per share from continuing operations	1.02		2.48		2.47
Adjusted diluted earnings per share from continuing operations (1)	2.39		2.69		2.55
(1) Refer to "Presentation of Non-GAAP Financial Information"

2017 versus 2016

Net sales for the year ended December 31, 2017increased1.0 percent from the same period of 2016. The impact of currency translation increased net sales by 0.4 percent.  The SteriPack and Evadix acquisitions increased net sales by 0.6 percent in the current year.

Diluted earnings per share from continuing operations for the year ended December 31, 2017 were $1.02 compared to $2.48 reported in the same period of 2016.  Results for 2017 included a $0.42 per share charge for restructuring costs related primarily to planned plant closures in the Latin America Packaging and U.S. Packaging segments. Results also included a $1.59 per share charge related to a non-cash goodwill impairment in the Latin America Packaging segment. This impairment is a result of the impact on profits from the decline in the economic environment in Brazil during 2017 and the forecasted slow economic recovery. An $0.08 per share charge related to a pension settlement charge was also included in the 2017 results. We initiated a program during the third quarter of 2017 in which we offered terminated vested participants in the U.S. qualified retirement plans the opportunity to receive their benefits early as a lump sum. In addition, results included a $0.74 per share benefit related to the Tax Cuts and Jobs Act of 2017 that was signed by the President of the United States and became enacted law on December 22, 2017. The non-cash benefit recognized is due to the revaluation of deferred tax assets and liabilities from the change in the U.S. Federal statutory tax rate from 35 percent to 21 percent netted against the increase to taxes from the one-time transition tax on unremitted earnings. A $0.02 per share charge comprised of acquisition costs and hurricane-related expenses incurred at our Puerto Rico facility are also included in 2017 results.

Results for 2016 included a $0.16 per share charge for restructuring costs related primarily to planned plant closures and related severance in Latin America. Results also included a $0.07 per share charge for acquisition-related costs comprised primarily of costs associated with the SteriPack acquisition. These costs were recorded both in operating income and interest expense. A $0.02 per share gain on the sale of land and buildings was also recorded in 2016.

2016 versus 2015

Net sales for the year ended December 31, 2016 decreased 1.6 percent from the same period of 2015. The impact of currency translation reduced net sales by 3.5 percent. The Emplal Participações S.A. and SteriPack acquisitions increased net sales by 2.4 percent in 2016.

Diluted earnings per share from continuing operations for the year ended December 31, 2016 were $2.48 compared to $2.47 reported in the same period of 2015. Results for 2016 included a $0.16 per share charge for restructuring costs related primarily to planned plant closures and related severance in Latin America. Results also included a $0.07 per share charge for acquisition-related costs comprised primarily of costs associated with the Emplal Participações S.A. and SteriPack acquisitions. These costs were recorded both in operating income and interest expense. A $0.02 per share gain on the sale of land and buildings was also recorded in 2016. The net impact of currency translation decreased operating profit during 2016 by approximately $0.06 of total Company earnings per share. Results for 2015 included a $0.05 charge from a healthcare packaging plant closure and a $0.03 charge for acquisition-related costs comprised of direct acquisition costs associated with the Emplal Participações S.A. acquisition and charges related to contingent liabilities associated with a prior acquisition.

21

U.S. Packaging Business Segment

Our U.S. Packaging segment represents all food, consumer, and industrial products packaging-related manufacturing operations located in the U.S. Our U.S. Packaging business segment provides packaging for a variety of applications used in packaging meat and cheese, dairy and liquids, confectionery and snack foods, frozen foods, lawn and garden products, health and hygiene products, beverages, bakery goods, and dry foods.

(dollars in millions)	2017			2016			2015
Net sales	$	2,626.0		$	2,621.1		$	2,747.5
Operating profit	352.5			400.0			391.8
Operating profit as a percentage of net sales	13.4		%	15.3		%	14.3		%

2017 versus 2016

U.S. Packaging net sales of $2.6 billion for the full year 2017 represent an increase of 0.2 percent compared to the same period of 2016. Compared to the prior year, unit volumes were up nearly 1 percent.

 Operating profit decreased to $352.5 million for the full year 2017, or 13.4 percent of net sales, compared to $400 million, or 15.3 percent of net sales, in 2016. Compared to the prior year, lower profits were driven by mix of products sold, previously-negotiated contractual selling price reductions on select products, and inefficiencies related to an ERP system implementation at one of our manufacturing facilities during the second quarter.

2016 versus 2015

U.S. Packaging net sales of $2.6 billion for the full year 2016 represent a decrease of 4.6 percent compared to the same period of 2015. Compared to the prior year, unit volumes were up nearly one percent. The decrease in net sales was driven by the contractual pass through of lower raw material costs as well as the mix of products sold, which reflects the success of our asset recapitalization program.

Operating profit increased to $400.0 million for the full year 2016, or 15.3 percent of net sales, compared to $391.8 million, or 14.3 percent of net sales, in 2015. This margin increase primarily reflects continued operational improvements attributable to manufacturing efficiencies from our asset recapitalization program.    

Latin America Packaging Business Segment

Our Latin America Packaging business segment includes all of our food and non-food packaging-related manufacturing operations located in Latin America. Our Latin America Packaging business segment provides packaging to a variety of applications used in packaging meat and cheese, dairy and liquids, confectionery and snack foods, frozen foods, lawn and garden products, health and hygiene products, beverages, medical and pharmaceutical products, bakery goods, dry foods, and pet food.

(dollars in millions)	2017			2016			2015
Net sales	$	711.4		$	703.1		$	693.1
Operating profit	30.0			50.0			60.9
Operating profit as a percentage of net sales	4.2		%	7.1		%	8.8		%

2017 versus 2016

Latin America Packaging net sales of $711.4 million for the full year 2017 represent an increase of 1.2 percent compared to the full year of 2016. Currency translation increased net sales by 4.0 percent. Organic sales decline of 2.8 percent reflects decreased unit volumes of approximately 4 percent and unfavorable sales mix driven by the challenging economic environment in Brazil, partially offset by increased selling prices.

Operating profit for the full year 2017 was $30.0 million, compared to $50.0 million, for the same period in 2016. Compared to the prior year, lower profits were driven primarily by the impacts of the challenging economic environment in Brazil, including lower unit volumes and unfavorable mix of products sold.

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2016 versus 2015

Latin America Packaging net sales of $703.1 million for 2016 represent an increase of 1.4 percent compared to 2015. Currency translation reduced net sales by 15.7 percent. The acquisition of Emplal Participações S.A. increased net sales by 6.0 percent. Organic sales growth of 11.1 percent reflects increased selling prices partially offset by decreased unit volumes of approximately 4 percent.

Operating profit was $50.0 million in 2016, or 7.1 percent of net sales, compared to $60.9 million, or 8.8 percent of net sales in 2015. Margin decline during 2016 primarily reflects operational inefficiencies during the first quarter.

Rest of World Packaging Business Segment

Our Rest of World Packaging business segment includes all of our food and non-food packaging-related manufacturing operations located in Europe and Asia-Pacific as well as our medical device and pharmaceutical packaging manufacturing operations in the U.S., Europe, and Asia. Our Rest of World Packaging business segment provides packaging to a variety of applications used in packaging meat and cheese, dairy and liquids, confectionery and snack foods, frozen foods, lawn and garden products, health and hygiene products, beverages, medical and pharmaceutical products, bakery goods, and dry foods.

(dollars in millions)	2017			2016			2015
Net sales	$	708.8		$	680.2		$	630.8
Operating profit	61.1			64.0			55.6
Operating profit as a percentage of net sales	8.6		%	9.4		%	8.8		%

2017 versus 2016

Rest of World Packaging net sales of $708.8 million for the full year 2017 represented an increase of 4.2 percent compared to the full year of 2016. Currency translation decreased net sales by 1.7 percent. The acquisitions of SteriPack and Evadix increased net sales by 3.7 percent. Organic sales growth of 2.2 percent reflects increased unit volumes of approximately 6 percent and increased selling prices, partially offset by unfavorable mix of products sold.

Operating profit for the full year 2017 was $61.1 million, compared to $64.0 million, for the same period in 2016. Compared to the prior year, lower profits were driven primarily by rising raw material input prices in Europe and mix of products sold.

2016 versus 2015

Rest of World Packaging net sales of $680.2 million for 2016 represent an increase of 7.8 percent compared to 2015. Currency translation reduced net sales by 5.2 percent. The acquisition of SteriPack increased net sales by 8.1 percent. Organic sales growth of 4.9 percent primarily reflects increased unit volumes of approximately 4 percent.

Operating profit was $64.0 million in 2016, or 9.4 percent of net sales, compared to $55.6 million, or 8.8 percent of net sales in 2015. Margin improvement in the Rest of World Packaging segment reflects the positive impact of selling prices and mix, partially offset by operational inefficiencies at one of our healthcare packaging facilities.

Consolidated Gross Profit

(dollars in millions)	2017			2016			2015
Gross profit	$	785.2		$	866.2		$	873.4
Gross profit as a percentage of net sales	19.4		%	21.6		%	21.5		%

Compared to the prior years, gross profit was impacted by previously-negotiated contractual selling price reductions on select products, the challenging economic environment in Brazil, mix of products sold, and inefficiencies related to an ERP implementation at one of our facilities during the second quarter.

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Consolidated Selling, General, and Administrative Expenses

(dollars in millions)	2017			2016			2015
Selling, general, and administrative expenses (SG&A)	$	380.4		$	392.2		$	420.0
SG&A as a percentage of net sales	9.4		%	9.8		%	10.3		%

Selling, general, and administrative expenses ("SG&A") declined in 2017 and 2016 primarily due to our pay-for-performance practices.

Research and Development (R&D)

(dollars in millions)	2017			2016			2015
Research and development (R&D)	$	42.9		$	46.5		$	44.1
R&D as a percentage of net sales	1.1		%	1.2		%	1.1		%

R&D expenses were relatively consistent during the periods presented and reflect our continued investment in research and development projects that are expected to create long-term growth opportunities and improve plant operating efficiencies.

Restructuring and Other Costs

(dollars in millions)	2017		2016		2015
Restructuring and other costs	70.5		28.6		12.1
Restructuring and other costs as a percentage of net sales	1.7	%	0.7	%	0.3	%

Restructuring costs include costs related to the 2016 Plan focused on plant closures in Latin America and the 2017 Plan focused on aligning our cost structure to the business environment in which we operate. Refer to Note 5 — Restructuring Plans for details for both the 2016 and 2017 Plans regarding expenses incurred and cash payments to date, in addition to disaggregation of costs by segment and cost category.

Other costs include restructuring related costs, a pension settlement charge, acquisition costs, and hurricane-related expenses. Restructuring related costs include professional fees for consultants and asset impairment charges. During 2017, we offered terminated vested participants in the U.S. qualified retirement plans the opportunity to receive their benefits early as a lump sum. In the fourth quarter of 2017, we recognized a non-cash pension settlement charge of $10.1 million ($6.8 million, net of taxes). In 2017, other costs are also comprised of acquisition costs and hurricane-related expenses incurred at the Puerto Rico facility. In 2016, other costs are comprised primarily of acquisition costs associated with the SteriPack acquisition. Other costs also include the gain on sale of land and building related to the sale of a plant in Latin America in 2016.

Goodwill Impairment Charge

(dollars in millions)	2017		2016		2015
Goodwill impairment charge	196.6		—		—
Goodwill impairment charge as a percentage of net sales	4.9	%	—	%	—	%

We recognized a non-cash goodwill impairment charge related to the Latin America Packaging segment. This impairment is a result of the impact on profits from the decline in the economic environment in Brazil during 2017 and the forecasted slow economic recovery. The impairment charge recognized was $196.6 million pre-tax and $145.5 million, net of taxes. Refer to Note 2 - Significant Accounting Policies for additional information.

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Other Operating Income

(dollars in millions)	2017			2016			2015
Other operating income	$	(20.9	)	$	(10.4	)	$	(12.4	)

The largest component of other operating income is fiscal incentives, which are associated with our Brazilian operations and are included in the results of our Latin American Packaging segment.  Fiscal incentives totaled $10.3 million in 2017, $9.9 million in 2016, and $7.8 million in 2015.

Interest Expense

(dollars in millions)	2017			2016			2015
Interest expense	$	65.8		$	60.2		$	51.7
Effective interest rate	4.2		%	4.1		%	3.8		%

Interest expense increased in 2017 reflecting the September 2016 refinancing of short-term floating rate debt with long-term fixed rate public bonds with a higher interest rate.

Interest expense in 2016 increased primarily as a result of higher debt balances due to acquisitions and higher interest rates on commercial paper and other variable-rate debt. The increase was also a result of new notes that were issued in September 2016 and $0.9 million of fees paid in 2016 to extinguish portions of the debt assumed related to the Emplal Participações S.A. acquisition.

Other Non-operating Income

(dollars in millions)	2017			2016			2015
Other non-operating income	$	(2.8	)	$	(1.8	)	$	(6.0	)

In 2017, we recorded interest income of $2.8 million. In 2016, we recorded interest income of $2.5 million and foreign exchange losses of $0.7 million. In 2015, we recorded a $2.2 million pre-tax gain on the sale of land and $3.8 million of interest income.

Income Taxes

(dollars in millions)	2017			2016			2015
Income taxes	$	(41.3	)	$	114.7		$	122.0
Effective tax rate	(78.4		)%	32.7		%	33.5		%

Other than the differences noted below, the difference between our overall tax rate and the U.S. statutory rate of 35 percent in each of the three years presented principally relates to state and local income taxes, net of federal income tax benefits, and the differences between tax rates in the various foreign jurisdictions in which we operate.

Our overall tax expense is primarily driven by our operations within the jurisdictions of the United States and Brazil.  Our foreign tax rate differential is largely the result of lower statutory rates in the jurisdictions of our other foreign operations.

The effective tax rate for the current year of (78.4%) differs from the prior years due primarily to the impairment of the Latin America Packaging reporting unit’s goodwill and new tax legislation in the U.S.  In the fourth quarter, we recorded a full impairment of the Latin America Packaging reporting unit’s goodwill which included a $51.1 million deferred tax benefit related to tax deductible goodwill.  We also recorded a provisional discrete net tax benefit of $67.2 million related to the Tax Cuts and Jobs Act of 2017 in the period ending December 31, 2017.  This consists of a $77.8 million net benefit due to the remeasurement of our deferred tax accounts for the corporate rate reduction and a net expense for the transition tax of $10.6 million. 

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As anticipated, our 2017 first quarter results included a discrete income tax benefit of approximately $0.9 million corresponding to the adoption of new accounting guidance related to employee share-based payment accounting (See Note 3). We expect similar discrete income tax impacts in future years that will vary dependent upon the value of share based payouts in those years.

Presentation of Non-GAAP Information

This Annual Report on Form 10-K refers to non-GAAP financial measures: adjusted diluted earnings per share, organic sales growth (decline), and net debt.  These non-GAAP financial measures adjust for factors that are unusual or unpredictable.  These measures exclude goodwill impairment charges, impact of significant tax reform, certain pension settlement charges, the impact of certain amounts related to the effect of changes in currency exchange rates, acquisitions, and restructuring, including employee-related costs, equipment relocation costs, accelerated depreciation and the write-down of equipment.  These measures also exclude gains or losses on sales of significant property and divestitures, certain litigation matters, and certain acquisition-related expenses, including transaction expenses, due diligence expenses, professional and legal fees, purchase accounting adjustments for inventory and order backlog and changes in the fair value of deferred acquisition payments.  This adjusted information should not be construed as an alternative to results determined in accordance with accounting principles generally accepted in the United States of America (GAAP).  Management of the Company uses the non-GAAP measures to evaluate operating performance and believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company.

A reconciliation of reported diluted earnings per share to adjusted diluted earnings per share for the years ended December 31, 2017, 2016, 2015, 2014, and 2013 follows:

	Twelve Months Ended December 31,
	2017			2016		2015		2014			2013
Diluted earnings per share, as reported	$	1.02		$	2.48	$	2.47	$	2.36		$	1.85
Non-GAAP adjustments per share, net of taxes:
Restructuring and related costs (1)	0.42			0.16		0.05		—			0.29
Goodwill impairment charge (2)	1.59			—		—		—			—
Pension settlement charge (3)	0.08			—		—		—			—
Tax reform (4)	(0.74		)	—		—		—			—
Other charges (5)	0.02			0.05		0.03		(0.06		)	(0.05		)
Diluted earnings per share, as adjusted	$	2.39		$	2.69	$	2.55	$	2.30		$	2.09

(1) Restructuring and related costs include costs primarily related to the 2016 Plan focused on plant closures in Latin America and the 2017 Plan focused on aligning the Company's cost structure to the business environment in which it operates. Restructuring related costs include professional fees for consultants and asset impairment charges. Restructuring and related costs totaled $57.7 million and $22.5 million for the years ended December 31, 2017 and 2016, respectively. Net of taxes, restructuring and related costs totaled approximately $38.6 million and $14.9 million for the years ended December 31, 2017 and 2016, respectively.

(2) We recognized a non-cash goodwill impairment charge related to the Latin America Packaging segment. This impairment charge is a result of the impact on profits from the decline in the economic environment in Brazil during 2017 and the forecasted slow economic recovery. The impairment charge was $196.6 million pre-tax and $145.5 million, net of taxes.

(3) We initiated a program during the third quarter of 2017 in which we offered terminated vested participants in the U.S. qualified retirement plans the opportunity to receive their benefits early as a lump sum. The Company recognized a $10.1 million pre-tax pension settlement charge in the fourth quarter of 2017. This charge was $6.8 million, net of taxes.

(4) On December 22, 2017, the Tax Cuts and Jobs Act of 2017 was signed by the President of the United States and became enacted law. We recognized a $67.2 million non-cash tax benefit in the fourth quarter of 2017. This benefit is due to the revaluation of deferred tax assets and liabilities from the change in the U.S. Federal statutory tax rate from 35 percent to 21 percent netted against the increase to taxes from the one-time transition tax on unremitted earnings.

(5) In 2017, other costs are comprised of acquisition costs and hurricane-related expenses incurred at the Puerto Rico facility. In 2016, other costs are comprised primarily of acquisition costs associated with the Emplal Participações S.A. and SteriPack acquisitions and were recorded both in operating income and interest expense (reflecting fees to extinguish portions of the Emplal seller's debt). Other costs also includes the gain on sale of land and building related to the sale of a plant in Latin America. In 2015, other costs

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are comprised primarily of acquisition costs associated with the Emplal Participações S.A. acquisition and charges related to contingent liabilities associated with a prior acquisition. In 2014, other costs are comprised of the gain on the sale of the Paper Packaging Division. In 2013, other costs are comprised of the gain on the sale of Clysar and the gain on the sale of land and building related to the final settlement associated with a property that was not part of the restructuring program.

A reconciliation of total debt to net debt at December 31, 2017 and December 31, 2016 follows:
(in millions)	December 31, 2017			December 31, 2016
Current portion of long-term debt	$	5.0		$	2.0
Short-term borrowings	16.0			15.3
Long-term debt, less current portion	1,542.4			1,527.8
Total debt	1,563.4			1,545.1
Less cash and cash equivalents	(71.1		)	(74.2		)
Net debt	$	1,492.3		$	1,470.9

The components of changes in net sales for the years ended December 31, 2017, 2016, and 2015 follow:

	Twelve Months Ended December 31, 2017		Twelve Months Ended December 31, 2016		Twelve Months Ended December 31, 2015
	Percent Change YoY		Percent Change YoY		Percent Change YoY
U.S. Packaging:
Divestiture effect	—	%	—	%	(1.3	)%
Organic sales growth (decline)	0.2	%	(4.6	)%	(2.7	)%
U.S. Packaging	0.2	%	(4.6	)%	(4.0	)%
Latin America Packaging:
Currency effect	4.0	%	(15.7	)%	(27.4	)%
Acquisition effect	—	%	6.0	%	0.5	%
Organic sales growth (decline)	(2.8	)%	11.1	%	10.3	%
Latin America Packaging	1.2	%	1.4	%	(16.6	)%
Rest of World Packaging:
Currency effect	(1.7	)%	(5.2	)%	(6.6	)%
Acquisition effect	3.7	%	8.1	%	—	%
Organic sales growth (decline)	2.2	%	4.9	%	3.4	%
Rest of World Packaging	4.2	%	7.8	%	(3.2	)%
Total Company:
Currency effect	0.4	%	(3.5	)%	(6.2	)%
Acquisition effect	0.6	%	2.4	%	(0.8	)%
Organic sales growth (decline)	—	%	(0.5	)%	0.7	%
Total change in net sales	1.0	%	(1.6	)%	(6.3	)%

We determine the effect of changes in currency exchange rates by translating the respective period’s sales using the same currency exchange rates that were in effect during the prior year. When we acquire businesses, we exclude sales in the current period for which there are no comparable sales in the prior period. Organic sales growth (decline) is calculated by comparing current period sales translated at prior year rates and eliminating the effect of acquisitions to reported sales in the prior year.

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Liquidity and Capital Resources

Net Debt to Total Capitalization

Net debt to total capitalization (which includes total debt net of cash balances divided by total debt net of cash balances plus equity) was 55.4 percent at December 31, 2017, compared to 53.9 percent at December 31, 2016.  Total debt as of December 31, 2017 and 2016 was approximately $1.6 billion and $1.5 billion, respectively. 

Credit Rating

Our capital structure and financial practices have earned us investment grade credit ratings from two nationally recognized credit rating agencies. These credit ratings are important to our ability to issue commercial paper at favorable rates of interest.

Cash Flow

Net cash provided by operations totaled $379.0 million for the year ended December 31, 2017, compared to $437.4 million in 2016 and $552.4 million in 2015.  Lower cash flow from operations in 2017 reflects lower profit levels, partially offset by the benefits of working capital improvements made during 2017. Operating cash flow in 2015 reflects the initial benefits of programs implemented to drive improvements in working capital. Net cash provided by operations was reduced by income tax payments of $73.5 million, $93.1 million and $84.7 million during 2017, 2016, and 2015, respectively. Net cash provided by operations was reduced by contributions to our defined benefit pension plans of $4.0 million, $20.7 million and $2.9 million during 2017, 2016, and 2015, respectively. Cash flow from operations included cash used for restructuring and related activities of $24.5 million in 2017 and $8.2 million in 2016.

 Net cash used in investing activities totaled $177.9 million for the year ended December 31, 2017 compared to $311.2 million in 2016 and $262.6 million in 2015. Capital expenditures totaled $188.5 million, $208.3 million, and $219.4 million for the full year 2017, 2016, and 2015, respectively, reflecting planned investment to support productivity improvements in the U.S. Packaging segment and growth initiatives in the Latin America Packaging and Rest of World Packaging segments. Cash used for acquisitions totaled $3.9 million for 2017, primarily related to our Evadix acquisition, $114.5 million for 2016, primarily related to our SteriPack acquisition, and $66.4 million for 2015, primarily related to our Emplal acquisition. In 2017, we received approximately $5.6 million as net proceeds from the sale of land and buildings in the United States related to a previous restructuring program. In 2016, we received approximately $10.1 million as net proceeds from the sales of land and buildings in Brazil and Mexico related to a previous restructuring program.

Net cash used in financing activities for the years ended December 31, 2017, 2016, and 2015 included share repurchases of $103.8 million, $143.9 million, and $150.1 million, respectively. Net change in total debt was due to borrowings of $16.2 million, $157.1 million, and $3.7 million for 2017, 2016, and 2015, respectively.

Available Financing

In addition to using cash provided by operations, we issue commercial paper to meet our short-term liquidity needs.  At year-end, our commercial paper debt outstanding was $238.2 million.  Based on our current credit rating, we enjoy ready access to the commercial paper markets.

On July 22, 2016, we amended our $1.1 billion revolving credit facility, extending the term of the agreement from August 12, 2018 to July 22, 2021. Our revolving credit facility is supported by a group of major U.S. and international banks. Covenants imposed by the revolving credit facility include a minimum net worth calculation and a maximum ratio of debt to total capitalization as defined in our credit agreement. As of December 31, 2017, there was $238.2 million of debt outstanding supported by this credit facility, leaving $861.8 million of available credit. If we were not able to issue commercial paper, we would expect to meet our financial liquidity needs by accessing the bank market, which would increase our borrowing costs. Any borrowings under the credit agreement would be subject to a variable interest rate. We are in compliance with all debt covenants.

On September 15, 2016, we issued $300 million aggregate principal amount of senior notes due in 2026 with a fixed interest rate of 3.1 percent. The proceeds were used to repay outstanding commercial paper and for general corporate purposes.

Liquidity Outlook

As of December 31, 2017, cash and cash equivalents outside of the United States was $64.0 million. We use a notional pooling arrangement with an international bank to help manage global liquidity requirements. Under this pooling arrangement, our participating subsidiaries maintain either a cash deposit or borrowing position through local currency accounts with the

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bank, so long as the aggregate position of the global pool is a notionally calculated net cash deposit. This notional pooling arrangement allows reasonable access to our cash in foreign subsidiaries, and provides a financing option to foreign subsidiaries beyond our multi-currency credit facility.

Management expects cash flow from operations and available liquidity described above to be sufficient to support operations going forward.  There can be no assurance, however, that the cost or availability of future borrowings will not be impacted by future capital market disruptions.  In addition, increases in raw material costs would increase our short term liquidity needs.

Capital Expenditures

Capital expenditures were $188.5 million during 2017, compared to $208.3 million in 2016, and $219.4 million in 2015.  We expect capital expenditures for 2018 between $150 and $160 million. We expect to fund 2018 capital expenditures with cash provided by operating activities.

Dividends

We increased our quarterly cash dividend by 3.4 percent during the first quarter of 2017 to $0.30 per share from $0.29 per share.  This follows increases of 3.6 percent in 2016 and 3.7 percent in 2015.  In February 2018, the Board of Directors approved the 35^th consecutive annual increase in the quarterly cash dividend on common stock to $0.31 per share, a 3.3 percent increase.

Share Repurchases

We purchased 2.2 million, 3.0 million, and 3.3 million shares of our common stock in the open market during 2017, 2016 and 2015, respectively. As of December 31, 2017, a total of 18.2 million shares remained available on our authorizations to purchase common stock for the treasury.

Contractual Obligations

The following table provides a summary of contractual obligations including our debt payment obligations, operating lease obligations, and certain other purchase obligations as of December 31, 2017.  Obligations under capital leases are insignificant.

	Contractual Payments Due by Period
(in millions)	Total		2018		2019		2020		2021		2022		Thereafter
Long-term debt obligations (1)	$	1,549.0	$	1.0	$	402.7	$	1.7	$	639.9	$	201.7	$	302.0
Interest expense (2)	251.3		66.6		58.1		42.8		36.2		14.7		32.9
Operating leases (3)	60.8		10.9		7.4		5.5		5.1		3.9		28.0
Purchase obligations (4)	623.7		604.4		13.7		3.4		1.0		0.5		0.7
Postretirement obligations (5)	26.0		1.3		1.2		1.2		4.9		1.9		15.5
Total	$	2,510.8	$	684.2	$	483.1	$	54.6	$	687.1	$	222.7	$	379.1

(1) Long-term debt maturing in 2018 is $239.3 million. Of this amount, $238.3 million has been classified as long-term liabilities in accordance with the Company’s ability and intent to refinance such obligations on a long-term basis.  This debt is commercial paper backed by a bank credit facility that expires on July 22, 2021.  See Note 15 to the Consolidated Financial Statements for additional information about our long term debt.

(2) A portion of the interest expense disclosed is subject to variable interest rates.  The amounts disclosed above that relate to commercial paper, the term loan, and the interest rate swap were calculated using forward-looking rates. All other amounts assume that future variable interest rates are equal to rates at December 31, 2017.

(3) We enter into operating leases in the normal course of business.  Substantially all lease agreements have fixed payment terms based on the passage of time.  Some lease agreements provide us with the option to renew the lease.  Our future operating lease obligations would change if we exercised these renewal options and if we entered into additional operating lease agreements.

(4) Purchase obligations represent contracts or commitments for the purchase of raw materials, utilities, capital equipment and various other goods and services.

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(5) Postretirement obligations represent contracts or commitments for postretirement healthcare benefits and benefit payments for the unfunded Bemis Supplemental Retirement Plan.  See Note 12 to the Consolidated Financial Statements for additional information about our postretirement benefit obligations. Postretirement obligations due in 2017 have been recorded in other current liabilities.

We also have long-term obligations related to our income tax liabilities associated with uncertain tax positions, environmental liabilities, and defined benefit pension plans. These liabilities have been excluded from the table above due to the high degree of uncertainty as to amounts and timing regarding future payments.  See Consolidated Financial Statements and related Notes.

Market Risks and Foreign Currency Exposures

We enter into contractual arrangements (derivatives) in the ordinary course of business to manage foreign currency exposure and interest rate risks.  We do not enter into derivative transactions for speculative trading purposes.  Our use of derivative instruments is subject to internal policies that provide guidelines for control, counterparty risk, and ongoing reporting.  These derivative instruments are designed to reduce the income statement volatility associated with movement in foreign exchange rates and to achieve greater exposure to variable interest rates.

A portion of the interest expense on our outstanding debt is subject to short-term interest rates.  As such, increases in short-term interest rates will directly impact the amount of interest we pay.  For each one percent increase in variable interest rates, the annual interest expense on $844.3 million of variable rate debt outstanding (which includes $400 million fixed rate notes that have been effectively converted to variable rate debt through the use of a fixed to variable rate interest rate swap) would increase by approximately $8.4 million.

We enter into interest-rate swap contracts to economically convert a portion of our fixed-rate debt to variable rate debt.  During the fourth quarter of 2011, we entered into four interest rate swap agreements with a total notional amount of $400 million.  These contracts were designated as hedges of our $400 million 4.50 percent fixed-rate debt due in 2021.  The variable rate for each of the interest rate swaps is based on the six-month London Interbank Offered Rate (LIBOR), set in arrears, plus a fixed spread.  The variable rates are reset semi-annually at each net settlement date.  The net settlement benefit to us, which is recorded as a reduction in interest expense, was $3.2 million, $4.7 million, and $7.2 million in 2017, 2016, and 2015, respectively.  At December 31, 2017 and 2016, the fair value of these interest rate swaps was $0.6 million in the bank's favor and $1.3 million in our favor, respectively, using discounted cash flow or other appropriate methodologies. Asset positions are included in deferred charges and other assets with a corresponding increase in long-term debt.  Liability positions are included in other liabilities and deferred credits with a corresponding decrease in long-term debt.

Our international operations enter into forward foreign currency exchange contracts to manage foreign currency exchange rate exposures associated with certain foreign currency denominated receivables and payables.  At December 31, 2017 and 2016, we had outstanding forward exchange contracts with notional amounts aggregating $2.7 million and $4.1 million, respectively.  Forward exchange contracts generally have maturities of less than six months.  Counterparties to the forward exchange contracts are major financial institutions.  Credit loss from counterparty nonperformance is not anticipated.  We have not designated these derivative instruments as hedging instruments.  The net settlement amount (fair value) related to the active forward foreign currency exchange contracts is recorded on the balance sheet within current assets or current liabilities and as an element of other operating income which offsets the related transactions gains and losses on the related foreign denominated asset or liability.  Amounts recognized in income related to forward exchange contracts were $0.8 million of expense in the years ended December 31, 2017 and 2016.

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Critical Accounting Estimates and Judgments

Our discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with GAAP.  The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.  On an ongoing basis, management evaluates its estimates and judgments, including those related to retirement benefits, intangible assets, goodwill, and expected future performance of operations.  Our estimates and judgments are based on historical experience and on various other factors that are believed to be reasonable under the circumstances.  Actual results may differ from these estimates under different assumptions or conditions.

We believe the following are critical accounting estimates used in the preparation of our consolidated financial statements.

•The calculation of annual pension costs and related assets and liabilities;

•The valuation of intangible assets and goodwill; and

•The calculation of deferred tax assets and liabilities.

Pension costs

We recognize amounts in our financial statements related to our defined benefit pension plans which are frozen for the majority of participants on an actuarial basis.  The accounting for our pension plans requires us to recognize the overfunded or underfunded status of the pension plans on our balance sheet.  A substantial portion of our pension amounts relate to our defined benefit plans in the United States.  Net periodic pension cost recorded in 2017 was $14.6 million, compared to pension cost of $10.4 million in 2016 and $10.9 million in 2015. We expect pension expense before the effect of income taxes for 2018 to be approximately $10 million. 

One element used in determining annual pension income and expense in accordance with accounting rules is the expected return on plan assets. Beginning in 2013, we adopted a liability responsive asset allocation policy that becomes more conservative as the funded status of the plans improve. The majority of pension plan assets relate to U.S. plans and the target allocation is currently to invest approximately 65 percent in long-term corporate fixed income securities and approximately 35 percent in return seeking funds.

To develop the expected long-term rate of return on assets assumption, we considered compound historical returns and future expectations based on our target asset allocation.  For the historical long-term investment periods of 10, 15, 20 and 25 years ending December 31, 2017, our U.S. pension plan assets earned annualized rates of return of 6.9 percent, 7.9 percent, 6.6 percent, and 8.2 percent, respectively.  Using our U.S. target asset allocation of plan assets, our outside actuaries have used their independent economic models to calculate a range of expected long-term rates of return and, based on their results, we have determined our U.S. asset return assumptions to be reasonable. As of January 1, 2018, we determined this rate to be 6.75 percent for our U.S. defined benefit pension plans.

This assumed long-term rate of return on assets is applied to a calculated value of plan assets, which recognizes changes in the fair value of plan assets in a systematic manner over approximately three years.  This process calculates the expected return on plan assets that is included in pension income or expense.  The difference between this expected return and the actual return on plan assets is generally deferred and recognized over subsequent periods.  The net deferral of asset gains and losses affects the calculated value of pension plan assets and, ultimately, future pension income and expense.

At the end of each year, we determine the discount rate to be used to calculate the present value of pension plan liabilities.  This discount rate is an estimate of the current interest rate at which the pension liabilities could be effectively settled at the end of the year.  In estimating this rate, we look to changes in rates of return on high quality, fixed income investments that receive one of the two highest ratings given by a recognized ratings agency.  At December 31, 2017, for our U.S. defined benefit pension plans we determined this rate to be 3.75 percent, a decrease of 0.50 percent from the 4.25 percent rate used at December 31, 2016.

For our non-U.S. pension plans, we follow similar methodologies in determining the appropriate expected rates of return on assets and discount rates to be used in our actuarial calculations in each individual country.

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U.S.  Pension assumptions sensitivity analysis

The following charts depict the sensitivity of estimated 2018 pension expense to incremental changes in the discount rate and the expected long-term rate of return on assets.

Discount rate	Total increase (decrease) to pension expense from current assumption (in millions)			Rate of Return on Plan Assets	Total increase (decrease) to pension expense from current assumption (in millions)
2.75 percent	$	8.1		5.75 percent	$	5.9
3.00 percent	5.9			6.00 percent	4.4
3.25 percent	3.8			6.25 percent	3.0
3.50 percent	1.9			6.50 percent	1.5
3.75 percent —CurrentAssumption	—			6.75 percent —CurrentAssumption	—
4.00 percent	(1.8		)	7.00 percent	(1.5		)
4.25 percent	(3.5		)	7.25 percent	(3.0		)
4.50 percent	(5.1		)	7.50 percent	(4.4		)
4.75 percent	(6.7		)	7.75 percent	(5.9		)

The amount by which the fair value of plan assets differs from the projected benefit obligation of a pension plan must be recorded on the Consolidated Balance Sheet as an asset, in the case of an overfunded plan, or as a liability, in the case of an underfunded plan.  The gains or losses and prior service costs or credits that arise but are not recognized as components of pension cost are recorded as a component of other comprehensive income.  The following chart depicts the sensitivity of the total pension adjustment to other comprehensive income to changes in the assumed discount rate.

	Total increase (decrease) in Accumulated Other Comprehensive
Discount rate	Income, before taxes, from current assumptions (in millions)
2.75 percent	$	(92.5	)
3.00 percent	(67.5		)
3.25 percent	(43.9		)
3.50 percent	(21.4		)
3.75 percent — Current Assumption	—
4.00 percent	20.3
4.25 percent	39.6
4.50 percent	57.8
4.75 percent	75.3

Intangible assets and goodwill

The purchase price of each new acquisition is allocated to tangible assets, identifiable intangible assets, liabilities assumed, and goodwill.  Determining the portion of the purchase price allocated to identifiable intangible assets and goodwill requires us to make significant estimates.  The amount of the purchase price allocated to intangible assets is generally determined by estimating the future cash flows of each asset and discounting the net cash flows back to their present values.  The discount rate used is determined at the time of the acquisition in accordance with accepted valuation methods.

Goodwill represents the excess of the aggregate purchase price over the fair value of net assets acquired, including intangible assets.  Goodwill is not amortized, but instead tested annually or when events and circumstances indicate an impairment may have occurred. Our reporting units each contain goodwill that is assessed for potential impairment. All goodwill is assigned to reporting units, which is defined as the operating segment, or one level below the operating segment. We have three reporting units which are aligned with our operating segments.

Goodwill for our reporting units is reviewed for impairment annually in the fourth quarter of each year. We elected to early adopt the Accounting Standards Update 2017-04, Simplifying the Test for Goodwill Impairment, in conjunction with our annual impairment analysis. As a result of this election, if the carrying value of a reporting unit exceeds its fair value, we

32

recognize an impairment loss equal to the difference between the carrying value and estimated fair value of the reporting unit, adjusted for any tax benefits.

Our determination of the estimated fair value of the reporting units utilizes both an income valuation method and a market multiple method. Significant inputs to the income valuation method include discount rates, long-term sales growth rates and forecasted operating margins. The market multiple method estimates fair value by comparing the Company to similar public companies.

Our estimates associated with the goodwill impairment tests are considered critical due to the amount of goodwill recorded on our consolidated balance sheet and the judgment required in determining fair value amounts, including projected future cash flows. Judgment is used in assessing whether goodwill should be tested more frequently for impairment than annually. Factors such as a significant decrease in expected net earnings, adverse equity market conditions, and other external events may require more frequent assessments.

We completed an interim impairment analysis of our Latin America Packaging reporting unit during July 2017. This review did not result in any impairment of the reporting unit’s goodwill balance. The annual goodwill impairment test performed in the fourth quarter of 2017 concluded that the fair value of the Latin America Packaging reporting unit was less than its carrying value by approximately $163 million. This resulted in a full impairment of $196.6 million when adjusted for the associated income tax benefits. Refer to Note 2 - Significant Accounting Policies and Note 10 - Goodwill and Other Intangible Assets for further discussion.

The annual goodwill impairment testing for our other two reporting units has also been completed and, as the fair value of each reporting unit was at least 20 percent in excess of the respective reporting unit’s carrying value, it has been determined that the aggregate goodwill associated with our U.S. Packaging and Rest of World Packaging reporting units of $853 million is not impaired as of December 31, 2017. We perform sensitivity analyses of key factors including discount rates and long-term sales growth rates. There were no key factors that a one percentage point change would result in an impairment.

Intangible assets consist primarily of purchased customer relationships, technology, trademarks, and tradenames and are amortized using the straight-line method over their estimated useful lives, which range from one to 30 years, when purchased.  We review these intangible assets for impairment as changes in circumstances or the occurrence of events suggest that the remaining value is not recoverable.  The test for impairment requires us to make estimates about fair value, most of which are based on projected future cash flows.  These estimates and projections require judgments as to future events, condition, and amounts of future cash flows. We have no indefinite-lived intangible assets.

Income Taxes

Estimates and judgments are required to calculate our tax liabilities and for the realization of our deferred tax assets. Our deferred tax assets arise from net deductible temporary differences, tax benefit carry forwards and foreign tax credits. If our estimates and judgments indicate that realization is not likely, we provide a valuation allowance for the deferred tax asset.

In assessing the need for a valuation allowance, we consider past operating results and estimate future taxable earnings, the feasibility of planning strategies, and available tax benefit carry forwards. If actual results differ from these estimates or there are future changes to tax laws or statutory tax rates, we may need to adjust the valuation allowance, which could have a material impact on our consolidated financial position and results of operations.

Our estimates related to uncertain tax positions and provisional tax estimates for the recently passed U.S. tax legislation are described further in Note 17.

New Accounting Pronouncements

Refer to Note 3 - New Accounting Guidance for additional detail.

ITEM 7A — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The information required by this Item 7A is included in Note 9 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K, and under the caption “Market Risks and Foreign Currency Exposures” which is part of Management’s Discussion and Analysis included in Item 7 of this Annual Report on Form 10-K.  Certain of our

33

locations have assets and liabilities denominated in currencies other than their functional currencies. We enter into foreign currency forward exchange contracts to offset the transaction gains or losses associated with some of these assets and liabilities. For assets and liabilities without offsetting foreign currency forward exchange contracts, a 10 percent adverse change in the underlying foreign currency exchange rates would reduce our pre-tax income by approximately $5 million.

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ITEM 8 — FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Management’s Responsibility Statement

The management of Bemis Company, Inc. is responsible for the integrity, objectivity, and accuracy of the financial statements of the Company.  The financial statements are prepared by the Company in accordance with accounting principles generally accepted in the United States of America, and using management’s best estimates and judgments, where appropriate.  The financial information presented throughout this Annual Report on Form 10-K is consistent with that in the financial statements.

The management of Bemis Company, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f).  Under the direction, supervision, and participation of the Chief Executive Officer and the Chief Financial Officer, the Company’s management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO-Framework (2013)).  Based on the results of this evaluation, management has concluded that internal control over financial reporting was effective as of December 31, 2017.  Item 9A of this Annual Report on Form 10-K contains management’s favorable assessment of internal controls over financial reporting based on their review and evaluation utilizing the COSO-Framework (2013) criteria.

The Audit Committee of the Board of Directors, which is composed solely of outside directors, meets quarterly with management, the Vice President of Internal Audit, and independent accountants to review the work of each and to satisfy itself that the respective parties are properly discharging their responsibilities.  PricewaterhouseCoopers LLP and the Vice President of Internal Audit have had and continue to have unrestricted access to the Audit Committee, without the presence of Company management.

/s/ William F. Austen	/s/ Michael B. Clauer	/s/ Jerry S. Krempa
William F. Austen, President and Chief Executive Officer	Michael B. Clauer, Senior Vice President and Chief Financial Officer	Jerry S. Krempa, Vice President and Chief Accounting Officer

35

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Bemis Company, Inc.:

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Bemis Company, Inc. and its subsidiaries as of December 31, 2017 and December 31, 2016, and the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2017, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework(2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and December 31, 2016, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.    

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

February 23, 2018

We have served as the Company’s auditor since at least 1949. We have not determined the specific year we began serving as auditor of the Company.

36

BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(in millions, except per share amounts)

For the years ended December 31,	2017			2016			2015
Net sales	$	4,046.2		$	4,004.4		$	4,071.4
Cost of products sold	3,261.0			3,138.2			3,198.0
Gross profit	785.2			866.2			873.4
Operating expenses:
Selling, general, and administrative expenses	380.4			392.2			420.0
Research and development costs	42.9			46.5			44.1
Restructuring and other costs	70.5			28.6			12.1
Goodwill impairment charge	196.6			—			—
Other operating income	(20.9		)	(10.4		)	(12.4		)
Operating income	115.7			409.3			409.6
Interest expense	65.8			60.2			51.7
Other non-operating income	(2.8		)	(1.8		)	(6.0		)
Income from continuing operations before income taxes	52.7			350.9			363.9
Income tax provision (benefit)	(41.3		)	114.7			122.0
Income from continuing operations	94.0			236.2			241.9
Loss from discontinued operations	—			—			(2.6		)
Net income	$	94.0		$	236.2		$	239.3
Basic earnings per share:
Income from continuing operations	$	1.03		$	2.51		$	2.50
Loss from discontinued operations	—			—			(0.03		)
Net income	$	1.03		$	2.51		$	2.47
Diluted earnings per share:
Income from continuing operations	$	1.02		$	2.48		$	2.47
Loss from discontinued operations	—			—			(0.03		)
Net income	$	1.02		$	2.48		$	2.44
Cash dividends paid per share	$	1.20		$	1.16		$	1.12

See accompanying notes to consolidated financial statements.

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BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(in millions)

For the years ended December 31,	2017			2016			2015
Net income	$	94.0		$	236.2		$	239.3
Other comprehensive income (loss):
Translation adjustments	39.6			35.8			(215.2		)
Pension and other postretirement liability adjustments, net of tax (a)	13.7			26.3			(3.0		)
Other comprehensive income (loss)	53.3			62.1			(218.2		)
Total comprehensive income	$	147.3		$	298.3		$	21.1
(a) - Tax (expense) benefit related to pension and other postretirement liability adjustments	$	(9.6	)	$	(17.8	)	$	3.1

See accompanying notes to consolidated financial statements.

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BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share amounts)

As of December 31,	2017			2016
ASSETS
Current assets:
Cash and cash equivalents	$	71.1		$	74.2
Trade receivables	448.7			461.9
Inventories	620.2			549.4
Prepaid expenses and other current assets	97.1			80.0
Total current assets	1,237.1			1,165.5
Property and equipment:
Land and land improvements	57.3			51.8
Buildings and leasehold improvements	644.5			620.2
Machinery and equipment	2,073.5			1,952.1
Total property and equipment	2,775.3			2,624.1
Less accumulated depreciation	(1,457.2		)	(1,340.3		)
Net property and equipment	1,318.1			1,283.8
Other long-term assets:
Goodwill	852.7			1,028.8
Other intangible assets, net	142.3			155.2
Deferred charges and other assets	149.7			82.4
Total other long-term assets	1,144.7			1,266.4
TOTAL ASSETS	$	3,699.9		$	3,715.7
LIABILITIES
Current liabilities:
Current portion of long-term debt	$	5.0		$	2.0
Short-term borrowings	16.0			15.3
Accounts payable	477.2			378.0
Employee-related liabilities	73.1			79.6
Accrued income and other taxes	30.5			31.2
Other current liabilities	64.3			70.0
Total current liabilities	666.1			576.1
Long-term debt, less current portion	1,542.4			1,527.8
Deferred taxes	153.5			219.7
Other liabilities and deferred credits	136.7			132.4
Total liabilities	2,498.7			2,456.0
Commitments and contingencies (See Note 19)
EQUITY
Bemis Company, Inc. shareholders’ equity:
Common stock, $0.10 par value:
Authorized — 500.0 shares
Issued — 129.1 and 128.8 shares, respectively	12.9			12.9
Capital in excess of par value	590.4			581.5
Retained earnings	2,324.8			2,341.7
Accumulated other comprehensive loss	(394.5		)	(447.8		)
Common stock held in treasury (38.3 and 36.1 shares at cost, respectively)	(1,332.4		)	(1,228.6		)
TOTAL EQUITY	1,201.2			1,259.7
TOTAL LIABILITIES AND EQUITY	$	3,699.9		$	3,715.7

See accompanying notes to consolidated financial statements.

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BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions)

For the years ended December 31,	2017			2016			2015
Cash flows from operating activities:
Net income	$	94.0		$	236.2		$	239.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	169.8			162.1			158.1
Goodwill impairment charge	196.6			—			—
Excess tax benefit from share-based payment arrangements	—			(4.5		)	(1.9		)
Share-based compensation	17.4			18.1			18.4
Deferred income taxes	(131.2		)	26.2			14.2
Income of unconsolidated affiliated company	(2.9		)	(2.2		)	(1.9		)
Cash dividends received from unconsolidated affiliated company	—			2.7			1.7
Non-cash impairment charge of discontinued operations	—			—			3.2
Net loss (gain) on disposal of property and equipment	6.6			(0.1		)	(1.9		)
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency:
Trade receivables	17.3			7.5			(3.3		)
Inventories	(64.1		)	(7.5		)	16.0
Prepaid expenses and other current assets	(17.2		)	1.0			5.3
Accounts payable	90.8			37.8			77.5
Employee-related liabilities	(7.2		)	(15.6		)	8.8
Accrued income and other taxes	(0.4		)	(0.7		)	17.1
Other current liabilities	(3.6		)	(22.9		)	3.5
Other liabilities and deferred credits	86.7			17.6			6.0
Deferred charges and other assets	(73.6		)	(18.3		)	(7.7		)
Net cash provided by operating activities	379.0			437.4			552.4
Cash flows from investing activities:
Additions to property and equipment	(188.5		)	(208.3		)	(219.4		)
Business acquisitions and adjustments, net of cash acquired	(3.9		)	(114.5		)	(66.4		)
Proceeds from sales of property and equipment	14.5			11.6			9.6
Proceeds from divestitures	—			—			13.6
Net cash used in investing activities	(177.9		)	(311.2		)	(262.6		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	2.2			299.0			2.0
Repayment of long-term debt	—			(23.8		)	(0.9		)
Net borrowing (repayment) of commercial paper	17.0			(110.0		)	12.2
Net repayment of short-term debt	(3.0		)	(8.1		)	(9.6		)
Cash dividends paid to shareholders	(111.2		)	(113.9		)	(109.7		)
Common stock purchased for the treasury	(103.8		)	(143.9		)	(150.1		)
Deferred payments for business acquisitions	—			—			(4.3		)
Excess tax benefit from share-based payment arrangements	—			4.5			1.9
Stock incentive programs and related withholdings	(8.5		)	(14.2		)	(6.8		)
Net cash used in financing activities	(207.3		)	(110.4		)	(265.3		)
Effect of exchange rates on cash and cash equivalents	3.1			(0.8		)	(12.4		)
Net increase (decrease) in cash and cash equivalents	(3.1		)	15.0			12.1
Cash and cash equivalents balance at beginning of year	74.2			59.2			47.1
Cash and cash equivalents balance at end of year	$	71.1		$	74.2		$	59.2
Interest paid during the year	$	63.8		$	57.4		$	48.5
Income taxes paid during the year	$	73.5		$	93.1		$	84.7

See accompanying notes to consolidated financial statements

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BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF EQUITY

(in millions)

	Common Stock		Capital In Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive Loss			Common Stock Held In Treasury			Total
Balance as of December 31, 2014	$	12.8	$	559.7		$	2,086.8		$	(291.7	)	$	(934.6	)	$	1,433.0
Net income						239.3									239.3
Other comprehensive loss									(218.2		)				(218.2		)
Cash dividends declared on common stock						(110.1		)							(110.1		)
Stock incentive programs and related tax withholdings (0.2 shares)			(6.8		)										(6.8		)
Excess tax benefit from share-based compensation arrangements			1.9												1.9
Share-based compensation			18.4												18.4
Purchase of 3.3 shares of common stock for the treasury												(150.1		)	(150.1		)
Balance as of December 31, 2015	12.8		573.2			2,216.0			(509.9		)	(1,084.7		)	1,207.4
Net income						236.2									236.2
Other comprehensive income									62.1						62.1
Cash dividends declared on common stock						(110.5		)							(110.5		)
Stock incentive programs and related tax withholdings (0.6 shares)	0.1		(14.3		)										(14.2		)
Excess tax benefit from share-based compensation arrangements			4.5												4.5
Share-based compensation			18.1												18.1
Purchase of 3.0 shares of common stock for the treasury												(143.9		)	(143.9		)
Balance as of December 31, 2016	12.9		581.5			2,341.7			(447.8		)	(1,228.6		)	1,259.7
Net income						94.0									94.0
Other comprehensive income									53.3						53.3
Cash dividends declared on common stock						(110.9		)							(110.9		)
Stock incentive programs and related tax withholdings (0.3 shares)			(8.5		)										(8.5		)
Excess tax benefit from share-based compensation arrangements			—												—
Share-based compensation			17.4												17.4
Purchase of 2.2 shares of common stock for the treasury												(103.8		)	(103.8		)
Balance as of December 31, 2017	$	12.9	$	590.4		$	2,324.8		$	(394.5	)	$	(1,332.4	)	$	1,201.2

See accompanying notes to consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — BUSINESS DESCRIPTION

Bemis Company, Inc. (the "Company"), a Missouri corporation based in Neenah, Wisconsin, was founded in 1858 and incorporated in 1885 as Bemis Bro. Bag Company.  In 1965 the name was changed to Bemis Company, Inc.  At December 31, 2017, the Company employed approximately 16,500 individuals and had 57 manufacturing facilities.  The Company manufactures and sells packaging products globally.

The Company’s business activities are organized around its three business segments, U.S. Packaging, Latin America Packaging, and Rest of World Packaging.  The Company’s packaging businesses have a strong technical base in polymer chemistry, film extrusion, coating, laminating, printing, and converting.  The Company’s products are primarily sold in the food industry, which accounted for approximately 80 percent of net sales in 2017.  The Company’s packaging products are widely diversified among food categories and can be found in nearly every aisle of the grocery store.  Other markets include chemical, agribusiness, medical, pharmaceutical, personal care products, electronics, industrial, and other consumer goods.  All markets are considered to be highly competitive as to price, innovation, quality, and service.

Note 2 — SIGNIFICANT ACCOUNTING POLICIES

Discontinued operations presentation: The consolidated statement of income and related notes reflects our Pressure Sensitive Materials business as a discontinued operation (see Note 7 — Divestitures and Plant Closures). The consolidated statement of cash flows for all periods includes both continuing and discontinued operations.

Principles of consolidation:  The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries.  All intercompany transactions and accounts have been eliminated.  Joint ventures which are not majority controlled are accounted for by the equity method of accounting with earnings of $2.9 million, $2.2 million, and $1.9 million in 2017, 2016, and 2015, respectively, included in other operating income on the accompanying consolidated statement of income.  Investments in joint ventures of $8.9 million and $6.2 million as of December 31, 2017 and 2016, respectively, are included in deferred charges and other assets on the accompanying consolidated balance sheet.

Estimates and assumptions required:  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts 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.

Translation of foreign currencies: The Company considers the local currency to be the functional currency for substantially all foreign subsidiaries.  Assets and liabilities are translated at the exchange rate as of the balance sheet date.  All revenue and expense accounts are translated at average exchange rates in effect during the year.  Translation gains or losses are recorded in the foreign currency translation component in accumulated other comprehensive loss in shareholders’ equity.  Foreign currency transaction losses of $0.6 million in 2017, gains of $0.4 million in 2016, and losses of $1.4 million in 2015, are included as a component of other operating income.  Foreign currency transaction losses of $0.7 million were recorded within non-operating income in 2016. There were no foreign currency transaction losses recorded within non-operating income in 2017 or 2015.

Revenue recognition: Sales and related costs of products sold are recognized when persuasive evidence of an arrangement exists, title and risk of ownership have been transferred to the customer, the sales price is fixed or determinable, and collectability is reasonably assured.  These conditions are typically fulfilled upon shipment of products.  All costs associated with revenue, including customer rebates and provisions for estimates of sales returns and allowances, are recognized as a deduction from revenue in the period in which the associated revenue is recorded. Customer rebates are accrued using sales data and rebate percentages specific to each customer agreement. Shipping and handling costs are classified as a component of cost of products sold while amounts billed to customers for shipping and handling are classified as a component of sales. The Company accrues for estimated warranty costs when specific issues are identified and the amounts are determinable and also considers the history of actual claims paid. Taxes assessed by governmental authorities on revenue producing transactions, including sales, value added, excise and use taxes, are recorded on a net basis (excluded from revenue).

Research and development:  Research and development expenditures are expensed as incurred.

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Restructuring costs:  Restructuring costs are recognized when the liability is incurred.  The Company calculates severance obligations based on its standard customary practices.  Accordingly, the Company records provisions for severance when probable and estimable and the Company has committed to the restructuring plan.  In the absence of a standard customary practice or established local practice for locations outside the U.S., liabilities for severance are recognized when incurred.  If fixed assets are to be disposed of as a result of the Company’s restructuring efforts, the assets are written off when the Company commits to dispose of them and they are no longer in use.  Depreciation is accelerated on fixed assets for the period of time the asset continues to be used until the asset ceases to be used.  Other restructuring costs, including costs to relocate equipment, are generally recorded as the cost is incurred or the service is provided.

Cash and cash equivalents: The Company considers all highly liquid temporary investments with a maturity of three months or less when purchased to be cash equivalents.  Cash equivalents include certificates of deposit that can be readily liquidated without penalty at the Company’s option.  Cash equivalents are carried at cost which approximates fair market value.

Trade receivables: Trade accounts receivable are stated at the amount the Company expects to collect, which is net of an allowance for sales returns and the estimated losses resulting from the inability of its customers to make required payments.  When determining the collectability of specific customer accounts, a number of factors are evaluated, including: customer creditworthiness, past transaction history with the customer, and changes in customer payment terms or practices.  In addition, overall historical collection experience, current economic industry trends, and a review of the current status of trade accounts receivable are considered when determining the required allowance for doubtful accounts.  Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to allowance for doubtful accounts.  Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to trade receivables.  Trade receivables are presented net of an allowance for doubtful accounts of $17.7 million and $18.2 million at December 31, 2017 and 2016, respectively.

The Company enters into supply chain financing programs from time to time to sell trade receivables without recourse to third-party financial institutions.  Sales of trade receivables are reflected as a reduction of trade receivables on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows. During the years ended December 31, 2017 and 2016, the Company sold without recourse trade receivables representing approximately 20 percent and 12 percent, respectively, of net sales, and the associated discount on sale of trade receivables was not significant.   

Inventory valuation:  Inventories are valued at the lower of cost, as determined by the first-in, first-out ("FIFO") method, or net realizable value.  Inventory values using the FIFO method of accounting approximate replacement cost.  Inventories are summarized at December 31, as follows:

(in millions)	2017		2016
Raw materials and supplies	$	198.3	$	172.2
Work in process and finished goods	421.9		377.2
Total inventories	$	620.2	$	549.4

Property and equipment:  Property and equipment are stated at cost.  Maintenance and repairs that do not improve efficiency or extend economic life are expensed as incurred.  Plant and equipment are depreciated for financial reporting purposes principally using the straight-line method over the estimated useful lives of assets as follows:  land improvements, 15-30 years; buildings, 15-45 years; leasehold and building improvements, the lesser of the lease term or 8-20 years; and machinery and equipment, 3-17 years.  For tax purposes, the Company generally uses accelerated methods of depreciation.  The tax effect of the difference between book and tax depreciation has been provided as deferred income taxes.  Depreciation expense was $152.8 million, $146.1 million, and $144.2 million for 2017, 2016, and 2015, respectively.  On sale or retirement, the asset cost and related accumulated depreciation are removed from the accounts and any related gain or loss is reflected in other operating income. 

The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. The Company reviewed the long-lived assets of its Latin America Packaging reporting unit in the fourth quarter and concluded they were not impaired.

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The Company capitalizes direct costs (internal and external) of materials and services used in the development and purchase of internal-use software.  Amounts capitalized are amortized on a straight-line basis over a period of three to twelve years and are reported as a component of machinery and equipment within property and equipment.

The Company is in the process of developing and implementing a new Enterprise Resource Planning ("ERP") system.  Certain costs incurred during the application development stage have been capitalized in accordance with authoritative accounting guidance related to accounting for costs of computer software developed or obtained for internal use.  The net book value of capitalized costs for this new ERP system were approximately $55.0 million and $60.8 million as of December 31, 2017 and 2016, respectively. These costs are being amortized over the system’s estimated useful life as the ERP system is placed in service. 

Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but instead tested annually or whenever events and circumstances indicate an impairment may have occurred. Among the factors that could trigger an impairment review are a reporting unit’s operating results significantly declining relative to its operating plan or historical performance, and competitive pressures and changes in the general markets in which it operates.

The Company’s reporting units each have contained goodwill that is assessed for potential impairment. All goodwill is assigned to reporting units, which is defined as the operating segment, or one level below the operating segment. The Company has three reporting units, or operating segments, which align with the Company's new reportable segment structure.

Based on accounting guidance applicable prior to the fourth quarter of 2017, if the carrying value of a reporting unit exceeded its fair value, the Company completed a second step to determine the amount of the goodwill impairment loss, if any, to be recognized. In the second step, the Company estimated an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill (including any unrecognized intangible assets). The impairment loss was equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill. As a result of adopting Accounting Standards Update (“ASU”) 2017-04, Simplifying the Test for Goodwill Impairment, if the carrying value of a reporting unit exceeds its fair value, the Company recognizes an impairment loss equal to the difference between the carrying value and estimated fair value of the reporting unit, adjusted for any tax impact.

The Company completes an annual assessment of goodwill in the fourth quarter utilizing two valuation approaches, the income approach and the market multiple approach. Under the income approach, the Company estimates the fair value of the reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of revenue growth rates and EBITDA margins, taking into consideration business and market conditions for the countries and markets in which the reporting unit operates. The Company calculates the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size and geography. Under the market multiples approach, the Company estimates fair value based on market multiples of EBITDA derived from publicly traded companies in the Company’s peer group, adjusted to reflect differences in size and growth prospects.

During the second quarter of 2017, the Company initiated an interim impairment analysis of the Latin America Packaging reporting unit given the contraction in this reporting unit’s business late in the second quarter. This review did not result in any impairment of the reporting unit’s goodwill balance.

As a result of further deterioration in the forecasted sales and profits of the Latin America Packaging reporting unit from the second quarter outlook and forecasted slow economic recovery, the Company determined in the fourth quarter that the fair value of the reporting unit was less than its carrying value. In performing the analysis, the Company used discount rates and terminal growth rates of 11 percent and 3 percent, respectively, to calculate the present value of future cash flows. Accordingly, the Company recorded a noncash goodwill impairment charge of $196.6 million ($145.5 million after-tax) which is recorded in the goodwill impairment charge line of the consolidated income statement.

The annual impairment test indicated the goodwill balances for the U.S. Packaging reporting unit and Rest of World Packaging reporting units were not impaired for the years ended December 31, 2017, 2016 or 2015 and the Company does not have any accumulated impairment losses for these reporting units.

Intangible assets:  Contractual or separable intangible assets that have finite useful lives are amortized against income using the straight-line method over their estimated useful lives, with original periods ranging from one to thirty years. The straight-line method of amortization reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company tests finite-lived intangible

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assets for impairment whenever there is an impairment indicator. The Company completed a test of the Latin America Packaging reporting unit intangibles in the fourth quarter which concluded the assets were not impaired. Intangible assets are tested for impairment by comparing anticipated undiscounted future cash flows from operations to net book value.

Financial instruments: The Company recognizes all derivative instruments on the balance sheet at fair value.  Derivatives not designated as hedging instruments are adjusted to fair value through income.  Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized.  Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings in the current period.

Note 9 contains expanded details relating to specific derivative instruments included on the Company’s balance sheet, such as forward foreign currency exchange contracts, currency swap contracts, and interest rate swap arrangements.

Other liabilities and deferred credits: Other liabilities and deferred credits balances include non-current pension and other postretirement liability amounts of $47.6 million and $59.5 million at December 31, 2017 and 2016, respectively.

Treasury stock:  Treasury stock purchases are stated at cost and presented as a separate reduction of shareholders’ equity.  During 2017, the Company purchased 2.2 million shares of common stock in the open market for $103.8 million. During 2016, the Company purchased 3.0 million shares of common stock in the open market for $143.9 million.  During 2015, the Company purchased 3.3 million shares of common stock in the open market for $150.1 million.  At December 31, 2017, approximately 18.2 million common shares can be repurchased, at management’s discretion, under authority granted by the Company’s Board of Directors.

Note 3 — NEW ACCOUNTING GUIDANCE

Recently Adopted Accounting Standards

In January 2017, the Financial Accounting Standards Board ("FASB") issued new guidance to simplify the subsequent measurement of goodwill by removing the requirement to perform a hypothetical purchase price allocation to compute the implied fair value of goodwill to measure impairment. Instead, any goodwill impairment will equal the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Further, the guidance eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. This guidance is required to be applied by the Company in the first quarter of 2020, with early adoption permitted for impairment tests performed after January 1, 2017. The updated guidance requires a prospective adoption. Early adoption was permitted for goodwill impairment tests performed on testing dates after January 1, 2017. We elected to adopt this updated guidance in the fourth quarter of fiscal 2017, in conjunction with our annual review for impairment. Refer to Note 10 for a discussion of the results of our annual assessment of goodwill, including related impairment charges.

In March 2016, the FASB issued guidance that will change certain aspects of accounting for share-based payments to employees. The new guidance requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled and recognized in the statement of cash flows as operating cash flows. The guidance also allows employee tax withholdings above the minimum statutory requirement without triggering liability accounting. Finally, the Company made a policy election to account for forfeitures as they occur. The guidance was adopted by the Company in the first quarter of 2017 and applied prospectively.

If this guidance was adopted in the first quarter of 2016, diluted earnings per share in the first quarter would have increased by $0.04 from $0.59 to $0.63 due to a reduction in income tax expense. The impact to operating cash flow in the first quarter of 2016 would have been an increase of $4.2 million with a corresponding decrease in financing cash flows. Stock awards typically vest in the first quarter so the impact is concentrated in the first three months of each year. The impact in future years will be dependent on Bemis stock performance and the number of shares vesting each year.  The impact in 2017 was a $0.9 million reduction of income tax expense and an equivalent benefit to operating cash flow.

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Recently Issued Accounting Standards

In February 2018, the FASB issued guidance on the reclassification of certain tax effects from accumulated other comprehensive income.  The guidance requires the Company to disclose a description of the Company’s accounting policy for releasing income tax effects from accumulated other comprehensive income and whether the Company elects to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act, along with information about other income tax effects that are reclassified.  The guidance is required to be applied by the Company in 2019, with early adoption permitted.

In August 2017, the FASB issued guidance that amends the hedge accounting rules to better portray the economic results of risk management activities in the financial statements and also to make targeted improvements to simplify the application of hedge accounting guidance. The guidance is required to be applied by the Company in the first quarter of 2019, but early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

In March 2017, the FASB issued guidance that will change how employers that sponsor defined benefit pension and other postretirement benefit plans present the cost of the benefits in the income statement. Under the new guidance, employers will present only the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Employers will present the other components separately from the line item that includes the service cost and outside of any subtotal of operating income, if one is presented. Employers will have to disclose the line used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. The guidance is required to be applied by the Company in the first quarter of 2018. The Company does not expect this standard to have a material impact on its consolidated financial statements.

In January 2017, the FASB issued new guidance that narrows the application of when an integrated set of assets and activities is considered a business and provides a framework to assist entities in evaluating whether both an input and a substantive process are present to be considered a business. It is expected that the new guidance will reduce the number of transactions that would need to be further evaluated and accounted for as a business. The guidance is required to be applied by the Company in the first quarter of 2018, but early adoption is permitted. The Company does not expect this standard to have a material impact on its consolidated financial statements.

In August 2016, the FASB issued guidance to simplify elements of cash flow classification. The guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance requires cash payments for debt prepayment or debt extinguishment costs to be classified as cash outflows for financing activities. It also requires cash payments made soon after an acquisition's consummation date (approximately three months or less) to be classified as cash outflows for investing activities. Payments made thereafter should be classified as cash outflows for financing activities up to the amount of the original contingent consideration liability. Payments made in excess of the amount of the original contingent consideration liability should be classified as cash outflows for operating activities. The Company is adopting this standard in the first quarter of 2018 and does not expect it to have a material impact on its consolidated financial statements.

In February 2016, the FASB issued guidance that requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today's accounting. The guidance also eliminates today's real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs for all entities. All entities will classify leases to determine how to recognize lease-related revenue and expense. A modified retrospective approval is required for adoption of all leases that exist at or commence after the date of initial application with an option to use certain practical expedient. We expect to adopt this guidance when effective for us in the first quarter of 2019.

In May 2014, the FASB issued new guidance which supersedes current revenue recognition requirements.  This guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  In July 2015, the FASB voted to defer for one year the effective date of the new revenue standard. The guidance is required to be applied by the Company in the first quarter of fiscal 2018 using one of two retrospective applications methods. The FASB also decided to permit entities to early adopt the standard.

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The Company has elected to adopt the new revenue guidance as of January 1, 2018. In preparation for adoption of the new guidance, the Company has reviewed representative samples of contracts and other forms of agreements with customers globally and has evaluated the provisions under the five-step model specified by the new guidance. The Company has concluded the new revenue recognition guidance will not have a material impact on its consolidated financial statements, with the exception of expanded disclosure requirements. The Company will apply the modified retrospective application.

Note 4 - RESTRUCTURING AND OTHER COSTS

Restructuring and other costs as reported on the consolidated statement of income are summarized as follows:

	Twelve Months Ended December 31,
(in millions)	2017		2016		2015
Restructuring costs	$	47.4	$	22.5	$	7.8
Restructuring related costs	10.3		—		—
Pension settlement charge	10.1		—		—
Other charges	2.7		6.1		4.3
Total restructuring and other costs	$	70.5	$	28.6	$	12.1

Restructuring costs include costs related to the 2016 Plan focused on plant closures in Latin America and the 2017 Plan focused on aligning the Company's cost structure to its environment. Refer to Note 5 — Restructuring Plans for details for both the 2016 and 2017 Plans regarding expenses incurred and cash payments to date, in addition to disaggregation of costs by segment and cost category.

Other costs include restructuring related costs, a pension settlement charge, acquisition costs, and hurricane-related expenses. Restructuring related costs include professional fees for consultants and asset impairment charges. During 2017, the Company offered terminated vested participants in the U.S. qualified retirement plans the opportunity to receive their benefits early as a lump sum. In the fourth quarter of 2017, the Company recognized a non-cash pension settlement charge of $10.1 million ($6.8 million, net of taxes). In 2017, other costs are also comprised of acquisition costs and hurricane-related expenses incurred at the Puerto Rico faciltiy. In 2016, other costs are comprised primarily of acquisition costs associated with the SteriPack acquisition. Other costs also include the gain on sale of land and building related to the sale of a plant in Latin America in 2016.

Note 5 — RESTRUCTURING PLANS

2016 Restructuring and Cost Savings Plan ("2016 Plan")

During the second quarter of 2016, the Company initiated a restructuring and cost savings plan ("2016 Plan") to improve efficiencies and reduce fixed costs. As a part of this plan, four Latin American facilities will be closed. Most of the production from these facilities will be transferred to other facilities. As of December 31, 2017, manufacturing operations had ceased at all four of these manufacturing facilities. Based on current estimates and actual charges to date, the Company expects total pre-tax restructuring costs of approximately $31 million, with approximately $13 million in employee termination costs, approximately $2 million in fixed asset related costs, and $16 million in other costs which primarily represent the cost to move and re-install equipment.

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The estimated 2016 Plan costs are as follows:

(in millions)	Latin America Packaging		Rest of World Packaging		Total
2016 net expense accrued	$	20.5	$	1.1	$	21.6
2017 net expense accrued	8.0		0.2		8.2
Expense incurred to date	28.5		1.3		29.8
Estimated future expense	1.6		—		1.6
Estimated costs of program	$	30.1	$	1.3	$	31.4

An analysis of the 2016 program accruals follows:

(in millions)	Employee Costs			Fixed Asset Related			Other Costs			Total Restructuring Costs
Reserve balance at December 31, 2016	$	9.4		$	—		$	2.3		$	11.7
Net expense accrued	0.1			0.4			10.5			$	11.0
Utilization (cash payments or otherwise settled)	(6.6		)	(0.4		)	(8.4		)	(15.4		)
Accrual adjustment	(2.0		)	(0.8		)	—			(2.8		)
Translation adjustments and other	0.2			0.8			—			1.0
Reserve balance at December 31, 2017	$	1.1		$	—		$	4.4		$	5.5

Plant closings associated with the 2016 Plan are complete, with the last facility closing in the fourth quarter of 2017. Cash payments in 2017 and 2016 totaled $15.4 million and $8.3 million, respectively. Cash payments in 2018 are expected to be approximately $7 million. The costs related to restructuring activities have been recorded on the consolidated statement of income as restructuring and other costs. The accruals related to restructuring activities have been recorded on the consolidated balance sheet primarily as other current liabilities.

2017 Restructuring and Cost Savings Plan ("2017 Plan")

On June 30, 2017, the Company announced restructuring activities targeted to improve efficiency and profitability that further positions the Company for long-term success. As a part of this plan, the Company announced the intention to close four production facilities for which business will be relocated to existing facilities and the closure of an additional manufacturing facility for which business will not be relocated to optimize manufacturing capacity. In addition, the Company announced it will reduce administrative positions by approximately 500 over the next three years and consolidate certain administrative offices and take other actions to improve the cost efficiency of a a variety of administrative and operational processes.

The Company expects total 2017 Plan pre-tax restructuring costs of approximately $65 to $70 million, which includes $29 to $31 million in employee termination costs, $19 to $20 million in fixed asset related expenses, and $17 to $19 million in other restructuring project costs, including the movement and re-installation of equipment. Expenses in the twelve months ended December 31, 2017 were $39.1 million, which consisted primarily of employee termination costs and fixed asset write-downs of equipment.

The estimated 2017 Plan costs are as follows:

(in millions)	U.S. Packaging		Latin America Packaging		Rest of World Packaging		Corporate		Total
2017 second quarter net expense accrued	$	6.7	$	11.7	$	0.6	$	1.3	$	20.3
2017 third quarter net expense accrued	3.9		6.1		0.4		1.5		11.9
2017 fourth quarter net expense accrued	2.8		2.9		0.5		0.7		6.9
Expense incurred to date	13.4		20.7		1.5		3.5		39.1
Estimated future expense	18.9		6.1		0.5		0.7		26.2
Estimated costs of program	$	32.3	$	26.8	$	2.0	$	4.2	$	65.3

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An analysis of the 2017 Plan accruals follows:

(in millions)	Employee Costs			Fixed Asset Related			Other Costs			Total Restructuring Costs
Net expense accrued	$	26.8		$	9.7		$	2.6		$	39.1
Utilization (cash payments or otherwise settled)	(6.6		)	(9.7		)	—			(16.3		)
Translation adjustments and other	(1.0		)	—			(0.1		)	(1.1		)
Reserve balance at December 31, 2017	$	19.2		$	—		$	2.5		$	21.7

The Plan is expected to be completed by the end of 2019. Cash payments in the twelve months ended December 31, 2017 were $6.8 million. The costs related to restructuring activities have been recorded on the consolidated statement of income as restructuring and other costs. The accruals related to restructuring activities have primarily been recorded on the consolidated balance sheet as other current liabilities.

Note 6 — ACQUISITIONS

Evadix

On November 8, 2017, the Company acquired Romanian-based flexible packaging company Evadix.  This small, yet strategic acquisition establishes the Company with its first manufacturing operation in Eastern Europe.  The acquired facility provides a strong converting platform to leverage the Company's expertise and capabilities in film-making from Western Europe to grow sales of meat and cheese packaging throughout Europe.  The cash purchase price was $3.9 million. The preliminary allocation of the purchase price resulted in approximately $0.1 millionof goodwill for the Rest of World Packaging segment. The fair value and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	0.5	5 years

The fair value of assets and liabilities acquired was $8.4 million and $4.5 million, respectively. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.

SteriPack

On April 29, 2016, the Company acquired the medical device packaging operations and related value-added services of SteriPack Group, a global manufacturer of sterile packaging solutions for medical device and pharmaceutical applications. This acquisition includes a facility in Ireland as well as packaging production assets in Malaysia and the United States. The cash purchase price was $115.5 million. The allocation of the purchase price resulted in approximately $66.8 million of goodwill for the Rest of World Packaging segment, the majority of which is not expected to be tax deductible. The goodwill identified by this acquisition reflects the benefits expected to be derived from product line expansion. The fair value and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	21.8	8 years
Order backlog	1.7		2 months
Total	$	23.5

The fair value of assets and liabilities acquired was $131.3 million and $15.8 million, respectively. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.

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Emplal Participações S.A.

On December 1, 2015, Bemis acquired the rigid plastic packaging operations of Emplal Participações S.A. ("Emplal"), a privately-owned Brazilian manufacturer of plastic packaging for food and consumer applications. The acquisition supports the Company's growth strategy to expand in markets that fit the Company's strengths and capabilities. The cash purchase price was $66.0 million. The allocation of the purchase price resulted in approximately $41.3 million of goodwill for the Global Packaging segment, which is expected to be tax deductible. The fair value and weighted average useful life that has been assigned to the acquired identifiable intangible asset of this acquisition is:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	4.5	10 years

The fair value of assets and liabilities acquired was $143.8 million and $77.8 million, respectively. Deferred charges and other assets include an amount of approximately $16.9 million to record assets related to the indemnity provisions of the sale and purchase agreement, and are primarily related to tax matters. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.

Note 7 — DIVESTITURES AND PLANT CLOSURES

Bemis Healthcare Packaging Plant Closure

In January 2015, the Company announced that it would close a plant in Philadelphia, Pennsylvania, which was one of its healthcare packaging facilities. Production from this facility was transferred to other healthcare facilities throughout 2015. During the twelve months ended December 31, 2015, plant closure costs of $7.8 million were recorded. These costs were recorded within restructuring and other costs and included the Company's best estimate of a withdrawal liability for a multi-employer pension plan settlement. Operations ceased at this location in January 2016. The majority of approximately $7 million of cash payments were disbursed in 2016.

Divestiture of Pressure Sensitive Materials Business

On November 7, 2014, the Company completed the sale its global Pressure Sensitive Materials business. Proceeds of the transaction totaled $150.5 million. Of the total proceeds, $136.9 million was received in fiscal 2014 and $13.6 million was received in April 2015 which related to settlement of customary post-closing adjustments. At September 30, 2014, the Company determined that the Pressure Sensitive Materials business met the criteria to be classified as a discontinued operation, which required retrospective application to certain financial information for all periods presented.

The following table summarizes the results of the Pressure Sensitive Materials business, reclassified as discontinued operations for the twelve month period ended December 31, 2015:

	Twelve Months Ended
(in millions)	December 31, 2015
Loss from discontinued operations before income taxes	$	(3.7	)
(Benefit) provision for income taxes on discontinued operations	(1.1		)
Loss from discontinued operations, net of tax	$	(2.6	)

Loss from discontinued operations in 2015 resulted from additional impairment charges, net of tax, reflecting finalization of post-closing adjustments.

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Note 8 — FINANCIAL ASSETS AND FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

The fair values of the Company’s financial assets and financial liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price).

The Company’s non-derivative financial instruments include cash and cash equivalents, trade receivables, accounts payable, short-term borrowings, and long-term debt.  At December 31, 2017 and 2016, the carrying value of these financial instruments, excluding long-term debt, approximates fair value because of the short-term maturities of these instruments.

Fair value disclosures are classified based on the fair value hierarchy.  Level 1 fair value measurements represent exchange-traded securities which are valued at quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date.  Level 2 fair value measurements are determined using input prices that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.  Level 3 fair value measurements are determined using unobservable inputs, such as internally developed pricing models for the asset or liability due to little or no market activity for the asset or liability.

The fair value measurements of the Company’s long-term debt represent non-active market exchange-traded securities which are valued at quoted prices or using input prices that are directly observable or indirectly observable through corroboration with observable market data. The carrying values and estimated fair values of long-term debt at December 31, 2017 and 2016 follow:

	December 31, 2017				December 31, 2016
	Carrying		Fair Value		Carrying		Fair Value
(in millions)	Value		(Level 2)		Value		(Level 2)
Total long-term debt	$	1,542.4	$	1,591.0	$	1,527.8	$	1,592.3

The fair values for derivatives are based on inputs other than quoted prices that are observable for the asset or liability.  These inputs include interest rates.  The financial assets and financial liabilities are primarily valued using standard calculations / models that use as their basis readily observable market parameters.  Industry standard data providers are the primary source for forward and spot rate information for both interest rates and currency rates, with resulting valuations periodically validated through third-party or counterparty quotes. The fair value of the Company's derivatives follow: 

	Fair Value As of			Fair Value As of
	December 31, 2017			December 31, 2016
(in millions)	(Level 2)			(Level 2)
Interest rate swaps — net (liability) asset position	$	(0.6	)	$	1.3

Note 9 — DERIVATIVE INSTRUMENTS

The Company enters into derivative transactions to manage exposures arising in the normal course of business.  The Company does not enter into derivative transactions for speculative or trading purposes. The Company recognizes all derivative instruments on the balance sheet at fair value.  Derivatives not designated as hedging instruments are adjusted to fair value through income. Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders' equity through other comprehensive income until the hedged item is recognized. Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings in the current period.

The Company enters into interest-rate swap contracts to economically convert a portion of the Company’s fixed-rate debt to variable rate debt.  During the fourth quarter of 2011, the Company entered into four interest rate swap agreements with a total notional amount of $400 million.  These contracts were designated as fair value hedges of the Company’s $400 million4.5% fixed-rate debt due in 2021.  The variable rate for each of the interest rate swaps is based on the six-month London Interbank Offered Rate (LIBOR), set in arrears, plus a fixed spread.  The variable rates are reset semi-annually at each net settlement date.  Fair values of these interest rate swaps are determined using discounted cash flow or other appropriate

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methodologies.  Asset positions are included in deferred charges and other assets with a corresponding increase in long-term debt.  Liability positions are included in other liabilities and deferred credits with a corresponding decrease in long-term debt.

The Company enters into forward exchange contracts to manage foreign currency exchange rate exposures associated with certain foreign currency denominated receivables and payables.  Forward exchange contracts generally have maturities of less than six months and relate primarily to the U.S. dollar for the Company’s Brazilian operations.  The Company has not designated these derivative instruments as hedging instruments.  At December 31, 2017 and 2016, the Company had outstanding forward exchange contracts with notional amounts aggregating $2.7 million and $4.1 million, respectively.  The net settlement amount (fair value) related to active forward exchange contracts is recorded on the balance sheet as either a current or long-term asset or liability and as an element of other operating income which offsets the related transaction gains or losses. The net settlement amounts are immaterial for all periods presented.

The Company is exposed to credit loss in the event of non-performance by counterparties in forward exchange contracts and interest-rate swap contracts.  Collateral is generally not required of the counterparties or of the Company.  In the event a counterparty fails to meet the contractual terms of a currency swap or forward exchange contract, the Company’s risk is limited to the fair value of the instrument.  The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits, and by selecting major international banks and financial institutions as counterparties.  The Company has not had any historical instances of non-performance by any counterparties, nor does it anticipate any future instances of non-performance.

The fair values, balance sheet presentation, and the hedge designation status of derivative instruments at December 31, 2017 and 2016 are presented in the table below: 

		Fair Value (Level 2) as of
(in millions)	Balance Sheet Location	December 31, 2017		December 31, 2016
Asset Derivatives
Interest rate swaps — designated as hedge	Deferred charges and other assets	$	—	$	1.3
Liability Derivatives
Interest rate swaps — designated as hedge	Other liabilities and deferred credits	0.6		—

The income statement impact of derivatives are presented in the table below:

		Amount of Gain (Loss) Recognized in Income on Derivatives
(in millions)	Income Statement Location	2017			2016			2015
Designated as hedges
Interest rate swaps	Interest expense	$	3.2		$	4.7		$	7.2
Not designated as hedges
Forward exchange contracts	Other operating income	(0.8		)	(0.8		)	0.7
Total		$	2.4		$	3.9		$	7.9

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Note 10 — GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill attributable to each reportable business segment follow:

(in millions)	U.S. Packaging Segment		Latin America Packaging Segment			Rest of World Packaging Segment			Total
Reported balance at December 31, 2015	$	632.1	$	169.1		$	148.3		$	949.5
Acquisition and acquisition adjustments	—		(3.6		)	66.8			63.2
Currency translation	0.3		23.5			(7.7		)	16.1
Reported balance at December 31, 2016	632.4		189.0			207.4			1,028.8
Acquisition and acquisition adjustments	—		—			0.1			0.1
Impairment charge	—		(196.6		)	—			(196.6		)
Currency translation	0.7		7.6			12.1			20.4
Reported balance at December 31, 2017	$	633.1	$	—		$	219.6		$	852.7

The Company reviews goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable. As described in Note 2, New Accounting Guidance, the Company elected to early adopt new accounting guidance that simplifies the test for goodwill impairment during the fourth quarter of 2017. As a result of this election, if the carrying value of a reporting unit exceeds its fair value, the Company recognizes an impairment loss equal to the difference between the carrying value and estimated fair value of the reporting unit, adjusted for any tax benefits.

As part of the Company’s annual assessment of impairment of goodwill conducted with the aid of a third party valuation specialist, the Company determined that the fair value of the Latin America Packaging reporting unit was less than its carrying value by approximately $163 million, primarily related to the Company’s revised expectations for the forecasted recovery in Brazil. This resulted in a full impairment of the Latin America Packaging reporting unit’s goodwill of $196.6 million ($145.5 million after tax).

The Company’s annual impairment test of the U.S. Packaging reporting unit and Rest of World Packaging reporting unit in the fourth quarter of 2017 concluded that the estimated fair value of these reporting units exceeded their carrying value and therefore their associated goodwill was not impaired. The Company does not have any other accumulated impairment losses.

In 2017, acquisition and acquisition adjustments are comprised of opening balance sheet adjustments related to the Evadix acquisition. In 2016, acquisition and acquisition adjustments are comprised of opening balance sheet adjustments related to the Emplal Participações S.A and SteriPack acquisitions.

The components of amortized intangible assets follow:

	December 31, 2017					December 31, 2016
(in millions)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Contract based	$	9.9	$	(1.6	)	$	8.9	$	(1.0	)
Technology based	79.7		(56.6		)	79.5		(52.0		)
Marketing related	14.1		(9.3		)	14.2		(8.9		)
Customer based	210.1		(104.0		)	203.9		(89.4		)
Reported balance	$	313.8	$	(171.5	)	$	306.5	$	(151.3	)

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Amortization expense for intangible assets during 2017, 2016, and 2015 was $17.0 million, $16.0 million, and $14.3 million, respectively.  Estimated future amortization expense for intangible assets follows:

(in millions)	Amortization
2018	$	17.1
2019	16.9
2020	16.1
2021	14.1
2022	12.4

Note 11 — PENSION PLANS

Total defined benefit, defined contribution, and multiemployer plan pension expense in 2017, 2016, and 2015 was $45.0 million, $32.1 million, and $41.2 million, respectively. 

The Company sponsors a 401(k) savings plan (a defined contribution plan) for substantially all U.S. employees.  In 2017, the Company contributed $1.00 for every pre-tax $1.00 an employee contributed up to eight percent of eligible compensation for the plans that include a company match.  The Company contributions are invested in target retirement date funds based on employees’ ages and are fully vested after three years of service. In 2016 and 2015, the Company contributed $0.50 for every pre-tax $1.00 an employee contributed on the first four percent of eligible compensation plus $0.25 for every pre-tax $1.00 an employee contributed on the next four percent of eligible compensation for the plans that included a company match. The Company contributions in these years were invested in Company stock and were fully vested after three years of service.  Total Company contributions for 2017, 2016, and 2015 were $28.4 million, $10.6 million, and $10.2 million, respectively. Effective January 1, 2018, the Company reduced the company match from eight percent to seven percent.

Through December 31, 2016, for employees not participating in defined benefit pension plans, the Company contributed to the Bemis Investment Profit Sharing Plan (BIPSP), a defined contribution plan which was subject to achievement of certain financial performance goals of the Company. The BIPSP was terminated for years after 2016.  Total contribution expense for BIPSP and other defined contribution plans (including a multiemployer defined contribution plan and excluding 401(k) plans above) was $2.0 million in 2017, $11.1 million in 2016, and $20.0 million in 2015.  As of December 31, 2016, the Company has withdrawn from all multiemployer defined benefit pension plans. Amounts contributed to the multiemployer plans in 2016 and 2015 totaled $0.0 million and $0.1 million, respectively (refer to Note 13 - Multiemployer Defined Benefit Pension Plans).

 Two of the Company's three U.S. defined benefit plans were frozen as of December 31, 2013. The frozen plans are the salaried retirement plan that covered certain salaried employees and the unfunded supplemental retirement plan that provided senior management with benefits in excess of limits under the federal tax law. The Company’s defined benefit pension plans continue to cover a number of U.S. hourly employees, and the non-U.S. defined benefit plans cover select employees at various international locations.  The benefits under the plans are based on years of service and salary levels.  Certain plans covering hourly employees provide benefits of stated amounts for each year of service.  In 2014, the Society of Actuaries released updated mortality tables and a mortality projection scale which the Company adopted to measure defined benefit plan liabilities. In 2016 and 2017, the Society of Actuaries published new mortality projection scales which were used in conjunction with 2014 mortality tables in measuring defined benefit plan liabilities in 2016 and 2017.

In 2017 and 2016, the Company recognized pension settlement charges, related to lump sum payments from U.S. pension plans, of $10.6 million and $5.8 million, respectively. Lump sum payments decrease the benefit obligation and are reflected as benefits paid in the "Change in Benefit Obligation" table. The payments also decrease plan assets and are reflected as benefits paid in the "Change in Plan Assets" table. During 2017 and 2016, lump sum windows were offered to certain participants of the salaried and hourly defined pension plans which resulted in lump sum payments for $41.6 million and $26.3 million, respectively. Settlement accounting was required in 2017 which resulted in the $10.6 million settlement charge. No charge was required in 2016. Also during 2016, lump sum payments from the U.S. supplemental pension plan totaled $18.1 million which resulted in the $5.8 million charge.

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Net periodic pension cost for defined benefit plans included the following components for the years ended December 31, 2017, 2016, and 2015: 

(in millions)	2017			2016			2015
Service cost - benefits earned during the year	$	7.4		$	7.6		$	7.8
Interest cost on projected benefit obligation	30.2			32.7			32.6
Expected return on plan assets	(48.3		)	(51.4		)	(50.7		)
Settlement loss	10.6			6.1			0.1
Curtailment (gain) loss	(0.3		)	—			—
Amortization of unrecognized transition obligation	—			—			0.1
Amortization of prior service cost	0.9			0.8			0.9
Recognized actuarial net loss	14.1			14.6			20.1
Net periodic pension cost	$	14.6		$	10.4		$	10.9

Changes in benefit obligations and plan assets, and a reconciliation of the funded status at December 31, 2017 and 2016, were as follows:

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Change in Benefit Obligation:
Benefit obligation at the beginning of the year	$	693.7		$	750.4		$	56.8		$	57.3
Service cost	3.8			6.2			1.7			1.4
Interest cost	28.4			30.7			1.8			2.0
Participant contributions	—			—			—			0.1
Plan amendments	0.3			0.1			—			0.6
Plan curtailments	—			—			(0.3		)	—
Benefits paid	(79.6		)	(79.4		)	(1.9		)	(6.2		)
Actuarial (gain) loss	39.1			(14.3		)	1.9			10.2
Foreign currency exchange rate changes	—			—			5.6			(8.6		)
Benefit obligation at the end of the year	$	685.7		$	693.7		$	65.6		$	56.8
Accumulated benefit obligation at the end of the year	$	685.7		$	693.7		$	59.1		$	51.0

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Change in Plan Assets:
Fair value of plan assets at the beginning of the year	$	641.4		$	641.3		$	50.2		$	54.2
Actual return on plan assets	82.5			60.4			3.0			8.7
Employer contributions	3.0			19.1			1.0			1.6
Participant contributions	—			—			—			0.1
Benefits paid	(79.6		)	(79.4		)	(1.9		)	(6.2		)
Foreign currency exchange rate changes	—			—			4.8			(8.2		)
Fair value of plan assets at the end of the year	$	647.3		$	641.4		$	57.1		$	50.2
Unfunded status at year end:	$	(38.4	)	$	(52.3	)	$	(8.5	)	$	(6.6	)

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	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Amount recognized in consolidated balance sheet consists of:
Accrued benefit liability, current	$	(1.0	)	$	(3.0	)	$	(0.2	)	$	(0.2	)
Accrued benefit liability, non-current	(37.4		)	(49.3		)	(8.3		)	(6.4		)
Sub-total	(38.4		)	(52.3		)	(8.5		)	(6.6		)
Deferred tax asset	61.8			71.4			2.3			1.9
Accumulated other comprehensive loss	97.9			113.1			9.2			7.3
Net amount related to pension plans	$	121.3		$	132.2		$	3.0		$	2.6

Accumulated other comprehensive loss related to pension benefit plans is as follows:

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Unrecognized net actuarial losses	$	156.5		$	180.9		$	10.6		$	8.3
Unrecognized net prior service costs	3.2			3.6			0.7			0.6
Unrecognized net transition costs	—			—			0.2			0.3
Tax benefit	(61.8		)	(71.4		)	(2.3		)	(1.9		)
Accumulated other comprehensive loss, end of year	$	97.9		$	113.1		$	9.2		$	7.3

Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2018 are as follows:

			Non-U.S.
(in millions)	U.S. Pension Plans		Pension Plans
Net actuarial losses	$	16.2	$	0.4
Net prior service costs	0.9		0.1
Total	$	17.1	$	0.5

The accumulated benefit obligation for all defined benefit pension plans was $751.3 million and $744.7 million at December 31, 2017 and 2016, respectively.

Presented below are the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets and pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2017 and 2016.

	Projected Benefit Obligation Exceeds the Fair Value of Plan’s Assets								Accumulated Benefit Obligation Exceeds the Fair Value of Plan’s Assets
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2017		2016		2017		2016		2017		2016		2017		2016
Projected benefit obligation	$	685.7	$	693.7	$	65.6	$	56.8	$	685.7	$	693.7	$	8.7	$	7.9
Accumulated benefit obligation	685.7		693.7		59.1		51.0		685.7		693.7		6.9		6.3
Fair value of plan assets	647.3		641.4		57.1		50.2		647.3		641.4		4.1		3.6

The Company’s general funding policy is to make contributions as required by applicable regulations and when beneficial to the Company for tax purposes.  The employer contributions for the years ended December 31, 2017 and 2016, were $4.0 million and $20.7 million, respectively.  Total expected cash contributions for 2018 are $2.0 million which are expected to satisfy plan and regulatory funding requirements.

For the years ended December 31, 2017 and 2016, the U.S. pension plans represented approximately 92 percent and 93 percent, respectively, of the Company’s total plan assets and approximately 91 percent and 92 percent, respectively, of the

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Company’s total projected benefit obligation.  Considering the significance of the U.S. pension plans in comparison with the Company’s total pension plans, the critical pension assumptions related to the U.S. pension plans and the non-U.S. pension plans are separately presented and discussed below.

The Company’s actuarial valuation date is December 31.  The weighted-average discount rates and rates of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation for the years ended December 31 are as follows:

	U.S. Pension Plans				Non-U.S. Pension Plans
	2017		2016		2017		2016
Weighted-average discount rate	3.75	%	4.25	%	2.80	%	3.05	%
Rate of increase in future compensation levels	—		—		3.48	%	3.48	%

The weighted-average discount rates, expected returns on plan assets, and rates of increase in future compensation levels used to determine the net benefit cost for the years ended December 31 are as follows:

	U.S. Pension Plans						Non-U.S. Pension Plans
	2017		2016		2015		2017		2016		2015
Weighted-average discount rate	4.21	%	4.25	%	4.00	%	3.05	%	3.96	%	3.67	%
Expected return on plan assets	7.25	%	7.50	%	7.50	%	5.30	%	6.08	%	6.00	%
Rate of increase in future compensation levels	—		—		—		3.48	%	3.71	%	3.66	%

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

(in millions)	U.S. Pension Plans		Non-U.S. Pension Plans
2018	$	37.8	$	1.7
2019	38.3		1.9
2020	38.9		2.0
2021	43.1		2.4
2022	40.6		2.2
Years 2023-2027	203.2		13.8

The Company's ERISA Benefit Plan Committee is responsible for overseeing the investments of the pension plans.  The overall investment strategy is to achieve a long-term rate of return that maintains an adequate funded ratio and minimizes the need for future contributions through diversification of asset types, investment strategies, and investment managers.  A target asset allocation policy is used to balance investments in equity securities with investments in fixed income securities.  Beginning in 2013, the Company adopted a liability responsive asset allocation policy that becomes more conservative as the funded status of the plans improve. The majority of pension plan assets relate to U.S. plans and the target allocation is currently to invest approximately 65 percent in long-term corporate fixed income securities and approximately 35 percent in return seeking funds. The return seeking funds primarily include investments in diversified portfolios of large cap and small cap companies.  Fixed income securities include diversified investments across a broad spectrum of primarily investment-grade debt securities. To develop the expected long-term rate of return on assets assumption, the Company considered historical returns and future expectations.  Using the Company’s 2018 target asset allocation based on a liability responsive asset allocation, the Company’s outside actuaries have used their independent economic model to calculate a range of expected long-term rates of return and, based on their results, the Company has determined these assumptions to be reasonable.

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The pension plan assets measured at fair value at December 31, 2017 and 2016 follow:

	2017
	U.S. Pension Plans						Non-U.S. Pension Plans
	Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in millions)	(Level 1)		(Level 2)		(Level 3)		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	6.5	$	2.0	$	—	$	—	$	—	$	—
Corporate debt securities	—		257.9		—		—		—		—
U.S. government debt securities	4.0		—		—		—		—		—
State and municipal debt securities	—		16.9		—		—		—		—
Registered investment company funds	—		—		—		50.8		—		—
Common trust funds	—		360.0		—		—		4.8		—
General insurance account	—		—		—		—		—		1.5
Balance at December 31, 2017	$	10.5	$	636.8	$	—	$	50.8	$	4.8	$	1.5

	2016
	U.S. Pension Plans						Non-U.S. Pension Plans
	Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in millions)	(Level 1)		(Level 2)		(Level 3)		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	9.0	$	2.2	$	—	$	—	$	—	$	—
Corporate debt securities	—		248.5		—		—		—		—
U.S. government debt securities	5.4		—		—		—		—		—
State and municipal debt securities	—		18.4		—		—		—		—
Corporate common stock	—		—		—		—		—		—
Registered investment company funds	—		—		—		44.7		—		—
Common trust funds	—		357.9		—		—		4.3		—
General insurance account	—		—		—		—		—		1.2
Balance at December 31, 2016	$	14.4	$	627.0	$	—	$	44.7	$	4.3	$	1.2

Cash and cash equivalents.  This category consists of direct cash holdings and institutional short-term investment vehicles. Direct cash holdings are valued based on cost, which approximates fair value and are classified as Level 1. Institutional short-term investment vehicles are valued daily and are classified as Level 2.

Corporate, U.S. government, state, and municipal debt securities. These securities are valued using market inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data including market research publications. Inputs may be prioritized differently at certain times based on market conditions.

Corporate common stock. This category includes common and preferred stocks and index mutual funds that track U.S. and foreign indices. Fair values for the common and preferred stocks are based on quoted prices in active markets and were therefore classified within Level 1 of the fair value hierarchy. The mutual funds were valued at the unit prices established by the funds' sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy.

Registered investment company funds. This category includes mutual funds that are actively traded on public exchanges.  The funds are invested in equity and debt securities that are actively traded on public exchanges.

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Common trust funds. Common trust funds consist of shares in commingled funds that are not publicly traded.  The funds are invested in equity and debt securities that are actively traded on public exchanges.

General insurance account. The general insurance account is primarily comprised of insurance contracts that guarantee a minimum return.

The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016 follows: 

(in millions)	General Insurance Account
Fair value of plan assets at December 31, 2015	$	5.3
Actual return on plan assets	0.2
Purchases, sales and settlements, net	(4.3		)
Fair value of plan assets at December 31, 2016	1.2
Actual return on plan assets	0.1
Foreign currency exchange rate changes	0.2
Fair value of plan assets at December 31, 2017	$	1.5

Note 12 — POSTRETIREMENT BENEFITS OTHER THAN PENSIONS

The Company sponsors several defined postretirement benefit plans that provide healthcare benefits and, in some instances, provide life insurance benefits to certain employees.  Further health care benefit accruals for all persons entitled to benefits under these plans were frozen as of March 31, 2014. Effective February 1, 2016, participants under the age of 50 as of March 1, 2016, were no longer eligible for the postretirement health care plans. Postretirement health care plans are contributory, with retiree contributions adjusted annually.  Life insurance plans are noncontributory.

Net periodic postretirement benefit costs included the following components for the years ended December 31, 2017, 2016, and 2015: 

(in millions)	2017			2016			2015
Interest cost on accumulated postretirement benefit obligation	$	0.2		$	0.2		$	0.3
Amortization of prior service credit	(0.3		)	(0.3		)	—
Recognized actuarial net gain	(0.8		)	(0.7		)	(0.3		)
Net periodic postretirement benefit income	$	(0.9	)	$	(0.8	)	$	—

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Changes in benefit obligation and plan assets, and a reconciliation of the funded status at December 31, 2017 and 2016, are as follows: 

(in millions)	2017			2016
Change in Benefit Obligation
Benefit obligation at the beginning of the year	$	4.2		$	5.7
Interest cost	0.2			0.2
Participant contributions	0.6			0.7
Plan amendments	—			(1.1		)
Actuarial gain	(1.8		)	(0.3		)
Benefits paid	(0.9		)	(1.0		)
Benefit obligation at the end of the year	$	2.3		$	4.2
Change in Plan Assets
Fair value of plan assets at the beginning of the year	$	—		$	—
Participant contributions	0.6			0.7
Employer contributions	0.3			0.3
Benefits paid	(0.9		)	(1.0		)
Fair value of plan assets at the end of the year	$	—		$	—
Unfunded status at year end:	$	(2.3	)	$	(4.2	)

(in millions)	2017			2016
Amount recognized in consolidated balance sheet consists of:
Accrued benefit liability, current	$	(0.3	)	$	(0.4	)
Accrued benefit liability, non-current	(2.0		)	(3.8		)
Sub-total	(2.3		)	(4.2		)
Deferred tax liability	(2.5		)	(2.2		)
Accumulated other comprehensive income	(3.7		)	(3.3		)
Net amount related to postretirement benefit plans	$	(8.5	)	$	(9.7	)

Accumulated other comprehensive income related to other postretirement benefit plans is as follows: 

(in millions)	2017			2016
Unrecognized net actuarial gains	$	(5.8	)	$	(4.7	)
Net prior service credits	(0.4		)	(0.7		)
Tax expense	2.5			2.1
Accumulated other comprehensive income, end of year	$	(3.7	)	$	(3.3	)

Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2018 are as follows: 

(in millions)
Net actuarial gains	$	1.1
Net prior service credits	0.3
Net amount to be reclassified to net period cost	$	1.4

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The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: 

(in millions)	Benefit Payments
2018	$	0.3
2019	0.3
2020	0.3
2021	0.2
2022	0.2
Years 2023 - 2027	0.9

The employer contributions for the years ended December 31, 2017 and 2016 were $0.3 million and $0.3 million, respectively.  The expected contribution for 2018 is $0.3 million which is expected to satisfy plan funding requirements.

The health care cost trend rate assumption affects the amounts reported.  For measurement purposes, the assumed annual rate of increase in the per capita cost of covered health care benefits was 6.50 percent for 2017 and 6.75 percent for 2016; each year's estimated rate was assumed to decrease 0.25 percent annually to 5.0 percent and remain at that level thereafter.  A one-percentage point change in assumed health care trends would have a nominal effect on both the total of service and interest cost components for 2017 and the post retirement benefit obligations at December 31, 2017.

The Company’s actuarial valuation date is December 31.  The weighted-average discount rate used to determine the actuarial present value of the net postretirement projected benefit obligation for each of the years ended December 31, 2017 and 2016 was 4.25 percent.  The weighted-average discount rates used to determine the net postretirement benefit cost was 4.25 percent, 4.25 percent, and 4.00 percent for the years ended December 31, 2017, 2016, and 2015, respectively.

Note 13 — MULTIEMPLOYER DEFINED BENEFIT PENSION PLANS

As of December 31, 2016, the Company no longer contributes to any multiemployer defined benefit pension plans.

In 2016, the Company withdrew from the Warehouse Employees Local 169 & Employers Joint Pension Fund as part of the closure of a Bemis Healthcare Packaging plant in Philadelphia, PA (refer to Note 7 - Divestitures and Plant Closures). The withdrawal liability was settled and paid in January 2017. Company contributions to the plan were $0.0 million and $0.1 million in the years ended December 31, 2016 and 2015, respectively.

Note 14 — STOCK INCENTIVE PLANS

In 2014, the Company adopted the 2014 Stock Incentive Plan, which replaced the 2007 Stock Incentive Plan. The 2014 Stock Incentive Plan provides for the issuance of up to 3,282,170 shares of common stock to certain employees and the Company's Board of Directors. The number of shares available under the 2014 Stock Incentive Plan represented the number of shares that were remaining available for issuance under the 2007 Stock Incentive Plan when the new plan was adopted as no further awards would be made under the prior plan. As of December 31, 2017, 1,916,131 shares were available for future grants under the 2014 Stock Incentive Plan.  Shares subject to awards that are forfeited by an employee under the 2014 Stock Incentive Plan or the 2007 Stock Incentive Plan become available for future grants under the 2014 Stock Incentive Plan. Distribution of stock awards is made in the form of shares of the Company’s common stock on a one for one basis.  Distribution of the shares will normally be made not less than three years, nor more than six years, from the date of the stock award grant to an employee.  Prior to 2016, stock awards for directors were fully vested upon grant.  Beginning in 2016, stock awards for directors generally vest one year from the date of the grant. All other stock awards granted under the plans are subject to restrictions as to continuous employment, except in the case of death, permanent disability, retirement or change in control. 

Total compensation expense related to stock incentive plans was $17.4 million in 2017, $18.1 million in 2016, and $18.4 million in 2015. As of December 31, 2017, the unrecorded compensation cost for stock awards was $19.2 million and will be recognized over the remaining vesting period for each grant which ranges between 2018 and 2020.  The remaining weighted-average life of all stock awards outstanding as of December 31, 2017 was 1.02 years.  These awards are considered equity-based awards and are therefore classified as a component of additional paid-in capital.

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Cash payments equal to dividends accrued on awards during the vesting period are distributed at the same time as the shares of common stock to which they relate.

Time-Based Stock Awards

The cost of time-based stock awards is based on the fair market value of the Company's common stock on the date of grant and is charged to income on a straight-line basis over the requisite service period. The per share fair value of time-based stock awards granted during the years ended December 31, 2017, 2016 and 2015 was $48.10, $45.56, and $45.18, respectively.

Performance-Based Stock Awards

Certain officers and key employees are also eligible to receive performance-based stock awards. Grantees of performance-based awards will be eligible to receive shares of the Company's common stock depending upon the Company's total shareholder return, assuming reinvestment of all dividends, relative to the performance of the Company's comparator group over a three-year period. The per share fair value of performance-based awards granted during the years ended December 31, 2017, 2016 and 2015 was $53.43, $48.48, and $53.14, respectively, which the Company determined using a Monte Carlo simulation and the following assumptions:

	2017		2016		2015
Average risk-free interest rate	1.50	%	1.31	%	1.07	%
Expected volatility (Bemis Company, Inc.)	17.7	%	16.3	%	15.1	%

The average risk-free interest rate is based on the three-year U.S. treasury security rate in effect as of the grant date. The expected volatilities were determined using daily historical volatility for the most recent three-year period as of the grant date. In 2018, there was a 62.5 percent payout of 2015 awards, and the balance was forfeited. In 2017, there was a 94.7 percent payout of 2014 awards, and the balance was forfeited. In 2016, there was a 93.7 percent payout of 2013 awards, and the balance was forfeited. In 2015, there was a 59.5 percent payout of 2012 awards, and the balance was forfeited.

The following table summarizes stock awards unit activity for the year ended December 31, 2017:

	Time-Based				Performance-Based
	Weighted-average grant date share value		Stock Awards (in thousands)		Weighted-average grant date share value		Stock Awards (in thousands)
Outstanding units granted at the beginning of the year	$	42.05	746		$	49.43	438
Units granted	48.10		214		53.43		241
Units paid (in shares)	39.72		(329	)	46.33		(105	)
Units forfeited / canceled	45.61		(65	)	50.28		(49	)
Outstanding units granted at the end of the year	45.84		566		51.35		525

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Note 15 — LONG-TERM DEBT

Debt consisted of the following at December 31,

(dollars in millions)	2017			2016
Commercial paper	$	238.2		$	221.3
6.8% notes payable in 2019	400.0			400.0
4.5% notes payable in 2021	400.0			400.0
Term loan payable in 2022	200.0			200.0
3.1% notes payable in 2026	300.0			300.0
Other debt, including debt of subsidiaries	15.8			14.7
Interest rate swap of 2021 notes (See Note 9)	(0.6		)	1.3
Unamortized discounts and debt issuance costs	(6.0		)	(7.5		)
Total debt	1,547.4			1,529.8
Less current portion	5.0			2.0
Total long-term debt	$	1,542.4		$	1,527.8

Commercial paper has been classified as long-term debt to the extent of available long-term backup credit agreements, in accordance with the Company’s intent and ability to refinance such obligations on a long-term basis.  The weighted-average interest rate of commercial paper outstanding at December 31, 2017, was 1.9 percent.  The highest amount of commercial paper outstanding during 2017 was $321.3 million, and the average outstanding during 2017 was $254.4 million.  The weighted-average interest rate during 2017 was 1.3 percent.

As of December 31, 2017, the Company had available from its banks a $1.1 billion revolving credit facility.  On July 22, 2016, the Company amended the revolving credit facility extending the terms of the agreement from August 12, 2018 to July 22, 2021.  The revolving credit facility is supported by a group of major U.S. and international banks.  Covenants imposed by the revolving credit facility include limits on the sale of businesses, minimum net worth calculations, and a maximum ratio of debt to total capitalization.  The revolving credit agreement includes a combined $100 million multicurrency limit to support the financing needs of the Company’s international subsidiaries.

The $200 million term loan has an eight-year term and a variable interest rate based on the one-month London Interbank Offered Rate (LIBOR) plus a fixed spread. On September 15, 2016, the Company issued $300 million aggregate principal amount of senior notes due in 2026 with a fixed interest rate of 3.1 percent.

The scheduled maturities of the Company's long-term debt obligations for the next five years as of December 31, 2017, are as follows:

Year	Dollars (in millions)
2018	$	239.3
2019	402.7
2020	1.7
2021	401.7
2022	201.7

Commercial paper has been classified as long-term liabilities in accordance with the Company's ability and intent to refinance such obligations on a long-term basis. The Company is in compliance with all debt covenants. 

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Note 16 — LEASES

The Company has leases for manufacturing plants, land, warehouses, machinery and equipment, and administrative offices that generally expire at various times over the next 15 years.  Under most leasing arrangements, the Company pays the property taxes, insurance, maintenance, and other expenses related to the leased property.  Total rental expense under operating leases was approximately $12.8 million in 2017, $12.4 million in 2016, and $13.9 million in 2015.

Minimum future obligations on leases in effect at December 31, 2017 were: 

	Operating
(in millions)	Leases
2018	$	10.9
2019	7.4
2020	5.5
2021	5.1
2022	3.9
Thereafter	28.0
Total minimum obligations	$	60.8

Note 17 — INCOME TAXES

(in millions)	2017			2016			2015
U.S. income before income taxes	$	210.9		$	283.6		$	260.1
Non-U.S. income (loss) before income taxes	(158.2		)	67.3			103.8
Income from continuing operations before income taxes	$	52.7		$	350.9		$	363.9
Income tax expense consists of the following components:
Current tax expense:
U.S. federal	$	68.1		$	63.2		$	71.8
Foreign	16.2			20.1			28.0
State and local	5.6			5.2			8.0
Total current tax expense	89.9			88.5			107.8
Deferred tax expense (benefit):
U.S. federal	(73.2		)	26.7			11.5
Foreign	(58.5		)	(3.9		)	2.1
State and local	0.5			3.4			0.6
Total deferred tax expense (benefit)	(131.2		)	26.2			14.2
Total income tax expense (benefit)	$	(41.3	)	$	114.7		$	122.0

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The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below. 

(in millions)	2017			2016
Deferred Tax Assets:
Trade receivables, principally due to allowances for returns and doubtful accounts	$	2.9		$	4.1
Inventories, principally due to additional costs inventoried for tax purposes	17.7			22.9
Employee compensation and benefits accrued for financial reporting purposes	36.5			60.6
Foreign net operating losses	24.5			25.7
Foreign tax credits	34.1			24.1
Other	16.1			12.8
Total deferred tax assets	131.8			150.2
Less valuation allowance	(48.5		)	(40.3		)
Total deferred tax assets, after valuation allowance	$	83.3		$	109.9
(in millions)	2017			2016
Deferred Tax Liabilities:
Plant and equipment, principally due to differences in depreciation and capitalized interest	$	86.4		$	130.9
Goodwill and intangible assets, principally due to differences in amortization	98.9			195.2
Total deferred tax liabilities	185.3			326.1
Deferred tax liabilities, net	$	102.0		$	216.2

The net deferred tax liabilities are reflected in the balance sheet as follows: 

(in millions)	2017		2016
Deferred charges and other assets	$	51.5	$	3.5
Deferred tax liabilities	153.5		219.7
Net deferred tax liabilities	$	102.0	$	216.2

The Company’s effective tax rate differs from the federal statutory rate due to the following items: 

	2017					2016					2015
(dollars in millions)	Amount			% of Income Before Tax		Amount			% of Income Before Tax		Amount			% of Income Before Tax
Computed “expected” tax expense on income before taxes at federal statutory rate	$	18.5		35.0	%	$	122.8		35.0	%	$	127.4		35.0	%
Increase (decrease) in taxes resulting from:
State and local income taxes net of federal income tax benefit	3.3			6.2		5.6			1.6		5.6			1.5
Foreign tax rate differential	(4.7		)	(8.9	)	(7.4		)	(2.1	)	(7.5		)	(2.1	)
Goodwill impairment	17.7			33.6		—			—		—			—
Tax law change	(67.2		)	(127.5	)	—			—		—			—
Manufacturing tax benefits	(6.0		)	(11.3	)	(5.8		)	(1.7	)	(6.7		)	(1.8	)
Share-based payments	(0.9		)	(1.7	)	—			—		—			—
Other	(2.0		)	(3.8	)	(0.5		)	(0.1	)	3.2			0.9
Actual income tax expense (benefit)	$	(41.3	)	(78.4	)%	$	114.7		32.7	%	$	122.0		33.5	%

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The Company's overall tax expense is primarily driven by operations within the jurisdictions of the United States and Brazil.  The Company's foreign tax rate differential is largely the result of lower statutory rates in the jurisdictions of its other foreign operations.

The effective tax rate for the current year differs from the prior year due primarily to the impairment of the Latin America Packaging reporting unit’s goodwill and new tax legislation in the U.S.

In the fourth quarter, the Company recorded a full impairment of the Latin America Packaging reporting unit’s goodwill which included a $51.1 million deferred tax benefit related to tax deductible goodwill. The tax rate reconciliation schedule reflects the difference between the statutory rates in Latin America and the U.S. as well as the non-deductible portion of the impaired goodwill.

On December 22, 2017, the President of the United States signed comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“TCJA”). The TCJA makes broad and complex changes to the U.S. tax code which impact the Company’s year ended 2017 including, but not limited to (1) reducing the U.S. federal corporate tax rate, (2) requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that may be paid over eight years, and (3) accelerating expensing of certain capital expenditures. The TCJA reduces the federal corporate tax rate from 35 percent to 21 percent effective January 1, 2018.

On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for the TCJA. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the TCJA. The accounting is expected to be completed within the one year measurement period allowed under SAB 118.

The Company recorded a provisional discrete net tax benefit of $67.2 million related to the TCJA in the period ending December 31, 2017. This consists of a $77.8 million net benefit due to the remeasurement of the Company’s deferred tax accounts for the corporate rate reduction and a net expense for the transition tax of $10.6 million. The Company has not completed the accounting for the income tax effects of certain elements of the TCJA as discussed below.

Reduction in U.S. Corporate Rate: The TCJA reduces the statutory corporate tax rate to 21 percent for the Company’s tax years ending in 2018 and beyond. While the Company is able to make a reasonable estimate of the impact of the reduction in corporate rate, the Company continues to analyze the temporary differences that existed on the date of enactment.

Transition Tax: The transition tax is a 2017 tax on the previously untaxed accumulated and current earnings and profits ("E&P") of the Company’s foreign subsidiaries. To calculate the transition tax, the Company must determine post-1986 E&P of the subsidiaries, as well as non-U.S. income taxes paid on such earnings in addition to other factors. E&P is similar to retained earnings of the subsidiary, but requires other adjustments to conform to U.S. tax rules. The Company recorded an estimated transition tax obligation expected to be paid over eight years beginning in 2018. These amounts are presented in Accrued income and other taxes and Other liabilities and deferred credits. The Company is awaiting further interpretative guidance, assessing available tax methods and elections, and gathering additional information to more precisely compute the transition tax.

Global intangible low-taxed income ("GILTI"): The TCJA includes a provision designed to currently tax certain low taxed income starting in 2018. Due to the complexity of the new GILTI tax rules, the Company is evaluating the application of ASC 740, and is considering accounting policy alternatives to either record the U.S. income tax of GILTI inclusions in the period they arise or establish deferred taxes for future GILTI inclusions. In addition, the Company is awaiting further interpretive guidance for the computation of the GILTI tax. For these reasons, the Company has not made any adjustments relating to potential GILTI tax in the financial statements and has not made a policy decision regarding the accounting for GILTI.

The Company has $255.8 million of undistributed earnings of foreign subsidiaries which are considered to be indefinitely reinvested in the operations of those subsidiaries. As a result of the transition tax mentioned above, the Company

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estimates that minimal federal and state income tax would be due upon the actual remittance of the undistributed earnings. In addition, the Company also estimates minimal foreign withholding tax on any potential remittance. The Company will continue to evaluate the impact of the Tax Act and further interpretive guidance on the indefinite reinvestment assertion.

As of December 31, 2017, the Company had foreign net operating loss carryovers of approximately $88.5 million that are available to offset future taxable income.  Approximately $23.0 million of the carryover expires over the period 2018-2033.  The remaining balance has no expiration.  In addition, the Company had $34.1 million of foreign tax credit carryover that is available to offset future tax.  This carryover expires over the period 2018-2027. 

Current authoritative guidance issued by the FASB requires that a valuation allowance be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.  The Company has, and continues to generate, both net operating losses and deferred tax assets in certain jurisdictions for which a valuation allowance is required.  The Company’s management determined that a valuation allowance of $48.5 million and $40.3 million against deferred tax assets primarily associated with the foreign net operating loss carryover and the foreign tax credit carryover was necessary at December 31, 2017 and 2016, respectively.

The Company had total unrecognized tax benefits of $35.2 million and $32.9 million at December 31, 2017 and 2016, respectively. The approximate amount of unrecognized tax benefits that would impact the effective income tax rate if recognized in any future periods was $35.2 million and $32.9 million for the years ended December 31, 2017 and 2016, respectively.

A reconciliation of the beginning and ending amount of unrecognized tax benefits, in millions, is as follows: 

	2017			2016
Balance at beginning of year	$	32.9		$	30.7
Additions based on tax positions related to the current year	3.9			2.3
Additions for tax positions of prior years	4.1			7.0
Reductions for tax positions of prior years	(1.1		)	(4.5		)
Reductions due to a lapse of the statute of limitations	(4.5		)	(1.7		)
Settlements	(0.1		)	(0.9		)
Balance at end of year	$	35.2		$	32.9

The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized $1.1 million of net tax expense and $1.2 million and $1.5 million of net tax benefit related to interest and penalties during the years ended December 31, 2017, 2016, and 2015, respectively. The Company had approximately $14.5 million and $13.2 million accrued for interest and penalties, net of tax benefits, at December 31, 2017 and 2016, respectively.

As a result of acquisitions, the Company recorded $2.6 million of unrecognized tax benefits and $2.5 million of interest and penalties related to pre-acquisition tax positions in 2016 for which the Company is indemnified. Corresponding assets related to these indemnified provisions have also been recorded for these amounts. 

During the next 12 months it is reasonably possible that a reduction of gross unrecognized tax benefits will occur in an amount of up to $10.0 million, exclusive of currency movements, as a result of the resolution of positions taken on previously filed returns.

The Company and its subsidiaries are subject to U.S. federal and state income tax as well as income tax in multiple international jurisdictions.  The Company's U.S. federal income tax returns prior to 2014 are no longer subject to examination.  With few exceptions, the Company is no longer subject to examinations by tax authorities for years prior to 2012 in the significant jurisdictions in which it operates.

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Note 18 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components and activity of accumulated other comprehensive loss are as follows: 

(in millions)	Foreign Currency Translation			Pension And Other Postretirement Liability Adjustment			Accumulated Other Comprehensive Loss
December 31, 2014	$	(151.3	)	$	(140.4	)	$	(291.7	)
Other comprehensive income (loss) before reclassifications	(215.2		)	(15.9		)	(231.1		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			12.9			12.9
Net current period other comprehensive income (loss)	(215.2		)	(3.0		)	(218.2		)
December 31, 2015	(366.5		)	(143.4		)	(509.9		)
Other comprehensive income (loss) before reclassifications	35.8			13.8			49.6
Amounts reclassified from accumulated other comprehensive income (loss)	—			12.5			12.5
Net current period other comprehensive income (loss)	35.8			26.3			62.1
December 31, 2016	(330.7		)	(117.1		)	(447.8		)
Other comprehensive income (loss) before reclassifications	39.6			(1.3		)	38.3
Amounts reclassified from accumulated other comprehensive income (loss)	—			15.0			15.0
Net current period other comprehensive income (loss)	39.6			13.7			53.3
December 31, 2017	$	(291.1	)	$	(103.4	)	$	(394.5	)

The following table summarizes amounts reclassified from accumulated other comprehensive income (loss):

	Twelve Months Ended December 31,
(in millions)	2017			2016
Pension and postretirement costs (See Notes 11 and 12)	$	24.2		$	20.5
Tax benefit	(9.2		)	(8.0		)
Pension and postretirement costs, net of tax	$	15.0		$	12.5

Accumulated other comprehensive income (loss) associated with pension and other postretirement liability adjustments are net of tax effects of $61.6 million and $71.2 million as of December 31, 2017 and 2016, respectively.

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Note 19 — EARNINGS PER SHARE COMPUTATIONS

A reconciliation of basic and diluted earnings per share is below: 

(in millions, except per share amounts)	2017		2016		2015
Numerator
Net income	$	94.0	$	236.2	$	239.3
Denominator
Weighted-average common shares outstanding — basic	91.5		94.3		96.7
Dilutive shares	0.4		0.8		1.2
Weighted-average common and common equivalent shares outstanding — diluted	91.9		95.1		97.9
Per common share income
Basic	$	1.03	$	2.51	$	2.47
Diluted	$	1.02	$	2.48	$	2.44

Certain stock awards outstanding were not included in the computation of diluted earnings per share above because they would not have had a dilutive effect.  The excluded stock awards represented an aggregate of 0.4 million shares December 31, 2017. There were no anti-dilutive stock awards outstanding December 31, 2016 and 2015. 

Note 20 — COMMITMENTS AND CONTINGENCIES

The Company is involved in a number of lawsuits incidental to its business, including environmental-related litigation and routine litigation arising in the ordinary course of business.  Although it is difficult to predict the ultimate outcome of these cases, the Company believes, except as discussed below, that any ultimate liability would not have a material adverse effect on the Company’s consolidated financial condition or results of operations.

Environmental Matters

The Company is a potentially responsible party ("PRP") pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (commonly known as “Superfund”) and similar state and foreign laws in proceedings associated with 17 sites around the United States and one in Brazil.  These proceedings were instituted by the United States Environmental Protection Agency and certain state and foreign environmental agencies at various times beginning in 1983.  Superfund and similar state and foreign laws create liability for investigation and remediation in response to releases of hazardous substances in the environment. Under these statutes, joint and several liability may be imposed on waste generators, site owners and operators, and others regardless of fault.  Although these regulations could require the Company to remove or mitigate the effects on the environment at various sites, perform remediation work at such sites, or pay damages for loss of use and non-use values, the Company expects its liability in these proceedings to be limited to monetary damages. The Company expects its future liability relative to these sites to be insignificant, individually and in the aggregate. 

The Company is involved in other environmental-related litigation arising in the ordinary course of business. The Company accrues environmental costs when it is probable that these costs will be incurred and can be reasonably estimated. The Company's reserve for environmental liabilities at December 31, 2017 and 2016 was $0.9 million and $3.5 million, respectively, and is included in other liabilities and deferred credits on the accompanying consolidated balance sheet.

Brazil Tax Dispute - Goodwill Amortization

During October 2013, Dixie Toga, Ltda ("Dixie Toga"), a Bemis subsidiary, received an income tax assessment in Brazil for the tax years 2009 through 2011 that relates to the amortization of certain goodwill generated from the acquisition of Dixie Toga. The income tax assessed for those years is approximately $11.5 million, translated to U.S. dollars at the December 31, 2017 exchange rate. The Company expects that tax examinations for years after 2011 will include similar assessments as the Company continues to claim the tax benefits associated with the goodwill amortization. An ultimate adverse

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resolution on these assessments, including interest and penalties, could be material to the Company's consolidated results of operations and/or cash flows.

The Company has been advised by its legal and tax advisors that its position with respect to the deductions is allowable under the tax laws of Brazil. The Company is contesting the disallowance and believes it is more likely than not the tax benefit will be sustained in its entirety and consequently has not recorded a liability. In May of 2017, the Company received a favorable administrative decision. The government is appealing this decision to the next administrative level. The Company intends to litigate the matter if it is not resolved at the administrative appeals levels. The ultimate outcome could take several years.  At this time, the Company believes that final resolution of the assessment will not have a material impact on the Company's consolidated financial statements.

Brazil Investigation

On September 18, 2007, the Secretariat of Economic Law, a governmental agency in Brazil, which has now been replaced by the General Superintendence of the Administrative Council for Economic Defense (“CADE”), initiated an investigation into possible anti-competitive practices in the Brazilian flexible packaging industry against a number of Brazilian companies including a Itap Bemis, a Dixie Toga subsidiary. The investigation relates to periods prior to the Company's acquisition of control of Dixie Toga and its subsidiaries.

In late November 2016, the investigative arm of CADE issued an advisory opinion recommending, among other actions, the imposition of fines on Itap Bemis. In July 2017, the Attorney General's Office of CADE recommended the termination of the investigation with respect to all companies and individuals, concluding that the evidence is insufficient for conviction. The case is now awaiting the opinion of the Federal Public Prosecutor as to how to proceed as well as a final decision on the administrative investigation of CADE. If the final decision on the administrative investigation is favorable to us, the decision will be final. If the decision is not favorable to us, we intend to appeal through the federal court system, as described below.

In the event of an adverse decision, it is difficult to predict possible fines, but based on CADE's current fining practice, the fines assessed could be as high as $60 million, depending on CADE’s determination of the applicable revenue base for the calculation of the fine. The Company intends to vigorously defend its position and plans to appeal any adverse decision by the Tribunal. Upon appeal, the Company would likely be required to post bond, deposit funds equal to the assessed fines, or provide other collateral. The Company is unable at this time to predict the outcome of this matter, but believes it is not probable that an adverse judgment would stand after exhausting all appeals which are likely to take several years and therefore no provision has been made in the consolidated financial statements.

Note 21 — SEGMENTS OF BUSINESS

The Company realigned its segment reporting effective for the fourth quarter of 2017. The Company transitioned from two reportable segments to three reportable segments as follows: U.S. Packaging, Latin America Packaging, and Rest of World Packaging. The U.S. Packaging business segment is unchanged. The Company now reports Latin America Packaging and Rest of World Packaging business segments, which had previously been aggregated and named Global Packaging. Prior year comparatives have been revised to conform to the current reportable segment presentation.

Historically, the Company has supported the aggregation of one Global Packaging operating reportable segment. Due to recently diverging economic conditions and acquisitions, the Latin America Packaging and Rest of World Packaging segments no longer meet the criteria for aggregation. The Latin America Packaging segment includes all food and non-food packaging-related manufacturing operations located in Latin America. The Rest of World Packaging business segment includes all food and non-food packaging-related manufacturing operations located in Europe and Asia-Pacific as well as medical device and pharmaceutical packaging manufacturing operations in the U.S., Europe, and Asia.

The Company's business activities are organized around and aggregated into its three principal business segments, U.S. Packaging, Latin America Packaging and Rest of World Packaging, based on their similar economic characteristics, products, production process, types of customers, and distribution methods. Both internal and external reporting conforms to this organizational structure, with no significant differences in accounting policies applied. Intersegment sales (which are not significant) are generally priced to reflect nominal markups.

70

The Company evaluates the performance of its segments and allocates resources to them based primarily on operating profit, which is defined as profit before restructuring and other costs, general corporate expense, interest expense, other non-operating income, and income taxes.

Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately 10 percent of the Company's sales for all periods presented. The Company primarily sells to Kraft Heinz Company in the U.S. Packaging segment.

Products produced within the U.S., Latin America and Rest of World Packaging business segments service packaging applications for markets such as food, medical devices, pharma, personal care, agribusiness, chemicals, pet food, and consumer products.

A summary of the Company’s business activities reported by its three business segments follows:

Business Segments (in millions)	2017			2016			2015
Sales including intersegment sales:
U.S. Packaging	$	2,666.0		$	2,646.8		$	2,772.8
Latin America Packaging	715.2			707.0			696.9
Rest of World Packaging	721.4			696.4			648.7
Intersegment sales:
U.S. Packaging	(40.0		)	(25.7		)	(25.3		)
Latin America Packaging	(3.8		)	(3.9		)	(3.8		)
Rest of World Packaging	(12.6		)	(16.2		)	(17.9		)
Total net sales	$	4,046.2		$	4,004.4		$	4,071.4
Segment operating profit
U.S. Packaging	$	352.5		$	400.0		$	391.8
Latin America Packaging	30.0			50.0			60.9
Rest of World Packaging	61.1			64.0			55.6
Restructuring and other costs	70.5			28.6			12.1
Goodwill impairment charge	196.6			—			—
General corporate expenses	60.8			76.1			86.6
Operating income	115.7			409.3			409.6
Interest expense	65.8			60.2			51.7
Other non-operating income	(2.8		)	(1.8		)	(6.0		)
Income from continuing operations before income taxes	$	52.7		$	350.9		$	363.9

71

Business Segments (in millions)	2017		2016		2015
Total assets (1):
U.S. Packaging	$	2,072.0	$	2,007.7	$	1,982.5
Latin America Packaging	648.1		779.2		690.4
Rest of World Packaging	784.5		706.1		601.1
Corporate assets (2)	195.3		222.7		215.8
Total	$	3,699.9	$	3,715.7	$	3,489.8
Restructuring and other costs (3):
U.S. Packaging	$	13.3	$	—	$	—
Latin America Packaging	28.8		18.9		1.6
Rest of World Packaging	2.7		7.7		7.8
Corporate	25.7		2.0		2.7
Total	$	70.5	$	28.6	$	12.1
Depreciation and amortization:
U.S. Packaging	$	97.9	$	93.7	$	97.8
Latin America Packaging	26.7		26.2		22.2
Rest of World Packaging	30.2		27.9		25.5
Corporate	15.0		14.3		12.6
Total	$	169.8	$	162.1	$	158.1
Additions to property and equipment:
U.S. Packaging	$	101.9	$	131.2	$	127.5
Latin America Packaging	45.2		32.9		23.8
Rest of World Packaging	35.0		36.8		55.6
Corporate	6.4		7.4		12.5
Total	$	188.5	$	208.3	$	219.4

72

Operations by geographic area (in millions)	2017		2016		2015
Net sales (4):
United States	$	2,826.0	$	2,820.3	$	2,937.8
Brazil	482.1		483.5		442.5
Other Americas	250.6		244.6		273.5
Europe	290.0		263.5		233.9
Asia-Pacific	197.5		192.5		183.7
Total	$	4,046.2	$	4,004.4	$	4,071.4
Long-lived assets (5):
United States	$	957.4	$	949.2	$	897.4
Brazil	223.6		212.9		173.1
Other Americas	51.9		44.1		53.1
Europe	93.3		75.1		68.6
Asia-Pacific	90.1		81.3		75.6
Total	$	1,416.3	$	1,362.6	$	1,267.8

(1) Total assets by business segment include only those assets that are specifically identified with each segment’s operations.

(2) Corporate assets are principally cash and cash equivalents, prepaid expenses, prepaid income taxes, prepaid pension benefit costs, and corporate tangible and intangible property. The Company utilizes a global cash pooling arrangement. The Company treats all cash and cash equivalents, including the net cash position in the cash pooling arrangement, as Corporate assets.

(3) These amounts are excluded from segment operating profit and general corporate expenses.

(4) Net sales are attributed to geographic areas based on location of the Company’s manufacturing or selling operation.

(5) Long-lived assets include net property and equipment, long-term receivables, deferred charges, and investment in affiliates.

73

Note 22 — QUARTERLY FINANCIAL INFORMATION — UNAUDITED

	Quarter Ended
(in millions, except per share amounts)	March 31		June 30		September 30		December 31			Total
2017
Net sales	$	995.4	$	1,012.1	$	1,035.1	$	1,003.6		$	4,046.2
Gross profit	197.9		185.9		207.7		193.7			785.2
Net income	51.1		28.0		55.6		(40.7		)	94.0
Basic earnings per share:
Net income	0.55		0.31		0.61		(0.44		)	1.03
Diluted earnings per share:
Net income	0.55		0.30		0.61		(0.44		)	1.02
2016
Net sales	$	967.9	$	1,021.3	$	1,027.2	$	988.0		$	4,004.4
Gross profit	208.8		217.0		224.8		215.6			866.2
Net income	56.2		50.9		68.6		60.5			236.2
Basic earnings per share:
Net income	0.59		0.54		0.73		0.65			2.51
Diluted earnings per share:
Net income	0.59		0.53		0.72		0.64			2.48

74

ITEM 9 — CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A — CONTROLS AND PROCEDURES

(a)  Management’s Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

The Company’s management, under the direction, supervision, and involvement of the Chief Executive Officer and the Chief Financial Officer, has carried out an evaluation, as of the end of the period covered by this report, of the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) of the Company.  Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that disclosure controls and procedures in place at the Company are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to our management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b)  Management’s Report on Internal Control Over Financial Reporting

The management of Bemis Company, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f).  Under the direction, supervision, and participation of the Chief Executive Officer and the Chief Financial Officer, the Company’s management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO-Framework (2013)).  Based on the results of this evaluation, management has concluded that internal control over financial reporting was effective as of December 31, 2017.

The effectiveness of our internal control over financial reporting as of December 31, 2017, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which appears on page  36 of this Form 10-K.

(c)  Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the most recent fiscal quarter that have materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

ITEM 9B — OTHER INFORMATION

None.

75

PART  III

ITEM 10 — DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required to be submitted in response to this item with respect to directors is omitted because a definitive proxy statement containing such information will be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2017, and such information is expressly incorporated herein by reference.    

The following sets forth the name, age, and business experience for at least the last five years of the principal executive officers of the Company.  Unless otherwise indicated, positions shown are with the Company.

Name (Age)	Positions Held	Period The Position  Was Held
William F. Austen (59)	President and Chief Executive Officer	2014 to present
	Executive Vice President and Chief Operating Officer	2013 to 2014
	Group President	2012 to 2013
	Vice President — Operations	2004 to 2012
	President and Chief Executive Officer — Morgan Adhesives Company (1)	2000 to 2004
Michael B. Clauer (60)	Senior Vice President and Chief Financial Officer	2017 to present
	Vice President and Chief Financial Officer	2014 to 2016
	Executive Vice President and Chief Financial Officer — BWAY Corporation	2009 to 2014
Sheri H. Edison (61)	Senior Vice President, Chief Legal Officer and Secretary	2017 to present
	Vice President, General Counsel, and Secretary	2010 to 2016
	Senior Vice President and Chief Administrative Officer, Hill-Rom, Inc.	2007 to 2010
	Vice President, General Counsel, and Secretary, Hill-Rom, Inc.	2003 to 2007
Timothy S. Fliss (55)	Senior Vice President and Chief Human Resources Officer	2017 to present
	Vice President — Human Resources	2010 to 2016
	Executive Vice President — Human Resources, Schneider National, Inc.	2003 to 2009
	Vice President — Human Resources, Schneider National, Inc.	1995 to 2003
	Various operational positions within Schneider National, Inc.	1990 to 1995
William E. Jackson (55)	Senior Vice President and Chief Technology Officer	2017 to present
	Vice President and Chief Technology Officer	2013 to 2016
	Vice President of Global Research and Development — Dow Building and Construction	2007 to 2013
	Various management positions — General Electric	1992 to 2007
Jerry S. Krempa (57)	Vice President and Chief Accounting Officer	2017 to present
	Vice President and Controller	2011 to 2016
	Various finance management positions within the Company	1998 to 2011

(1)           Identified operation was a 100 percent owned subsidiary or division of the Company. 

76

ITEM 11 — EXECUTIVE COMPENSATION

The information required to be submitted in response to this item is omitted because a definitive proxy statement containing such information is expected to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2017, and such information is expressly incorporated herein by reference.

ITEM 12 — SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERSAND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

Equity compensation plans as of December 31, 2017 were as follows:

	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Plan Category	(a)		(b)		(c)
Equity compensation plans approved by security holders	1,091,119	(1)	N/A	(2)	1,916,131	(3)
Equity compensation plans not approved by security holders	—		N/A		—
Total	1,091,119	(1)	N/A	(2)	1,916,131	(3)

(1) Includes restricted stock units.

(2) Restricted stock units do not have an exercise price.

(3) May be issued as options or restricted stock units.

The additional information required to be submitted in response to this item is omitted because a definitive proxy statement containing such information is expected to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2017, and such information is expressly incorporated herein by reference.

ITEM 13 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required to be submitted in response to this item is omitted because a definitive proxy statement containing such information is expected to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2017, and such information is expressly incorporated herein by reference.

ITEM 14 — PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required to be submitted in response to this item is omitted because a definitive proxy statement containing such information is expected to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2017, and such information is expressly incorporated herein by reference.

77

PART  IV

ITEM 15 — EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

		Pages in Form 10-K
(a)Financial Statements, Financial Statement Schedule, and Exhibits
(1)  Financial Statements
	Management’s Responsibility Statement	35
	Report of Independent Registered Public Accounting Firm	36
	Consolidated Statement of Income	37
	Consolidated Statement of Comprehensive Income	38
	Consolidated Balance Sheet	39
	Consolidated Statement of Cash Flows	40
	Consolidated Statement of Equity	41
	Notes to Consolidated Financial Statements	42
(2)  Financial Statement Schedule
	Schedule II - Valuation and Qualifying Accounts and Reserves	82
	All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.
(3)  Exhibits
	The Exhibit Index is incorporated herein by reference.

ITEM 16 — FORM 10-K SUMMARY

None.

78

Exhibit Index

Exhibit		Description	Form of Filing
3	(a)	Restated Articles of Incorporation of the Registrant, as amended. (1)	Incorporated by Reference
3	(b)	By-Laws of the Registrant, as amended through October 7, 2016. (2)	Incorporated by Reference
4	(a)	Form of Indenture dated as of June 15, 1995, between the Registrant and U.S. Bank Trust National Association (formerly known as First Trust National Association), as Trustee. Copies of constituent instruments defining rights of holders of long-term debt of the Company and subsidiaries, other than the Indenture specified herein, are not filed herewith, pursuant to Instruction (b)(4)(iii)(A) to Item 601 of Regulation S-K, because the total amount of securities authorized under any such instrument does not exceed 10% of the total assets of the Company and subsidiaries on a consolidated basis. The registrant hereby agrees that it will, upon request by the SEC, furnish to the SEC a copy of each such instrument. (3)	Incorporated by Reference
4	(b)	Form of 3.100% Note due 2026. (12)	Incorporated by Reference
10	(a)	Amendment No. 2 to Third Amended and Restated Credit Agreement, dated as of July 22, 2016, by and among the Company, the Borrowing Subsidiaries party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and various financial institutions. (5)	Incorporated by Reference
10	(b)	Bemis Deferred Compensation Plan, as amended Effective January 1, 2009.* (6)	Incorporated by Reference
10	(c)	Bemis Company, Inc. Supplemental Retirement Plan, Amended and Restated as of as of January 1, 2014.* (11)	Incorporated by Reference
10	(d)	Bemis Company, Inc. Supplemental Retirement Plan for Senior Officers, Amended and Restated as of January 1, 2014.* (11)	Incorporated by Reference
10	(e)	Bemis Company, Inc. 2014 Stock Incentive Plan,* (4)	Incorporated by Reference
10	(f)	Bemis Supplemental BIPSP (As amended effective January 1, 2014).* (11)	Incorporated by Reference
10	(g)	Bemis Company, Inc. Long Term Deferred Compensation Plan, Amended and Restated as of August 4, 1999.* (7)	Incorporated by Reference
10	(h)	Bemis Company, Inc. Form of Management Contract with Principal Executive Officers.* (8)	Incorporated by Reference
10	(i)	Bemis Company, Inc. 1997 Executive Officer Performance Plan, as amended effective May 7, 2015.* (9)	Incorporated by Reference
10	(j)	Bemis Company, Inc. Form of Management Contract with Principal Executive Officers Effective January 1, 2009.* (10)	Incorporated by Reference
21		Subsidiaries of the Registrant.	Filed Electronically
23		Consent of PricewaterhouseCoopers LLP.	Filed Electronically
31	.1	Rule 13a-14(a)/15d-14(a) Certification of CEO.	Filed Electronically
31	.2	Rule 13a-14(a)/15d-14(a) Certification of CFO.	Filed Electronically
32		Section 1350 Certification of CEO and CFO.	Filed Electronically
101		Interactive data files.	Filed Electronically

79

Footnotes to Exhibit Index

*	Management contract, compensatory plan or arrangement filed pursuant to Rule 601(b)(10)(iii)(A) of Regulation S-K under the Securities Exchange Act of 1934.
(1)	Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 (File No. 1-5277).
(2)	Incorporated by reference to the Registrant’s Current Report on Form 8-K dated October 7, 2016 (File No. 1-5277).
(3)	Incorporated by reference to the Registrant’s Current Report on Form 8-K dated June 30, 1995 (File No. 1-5277).
(4)	Incorporated by reference to Exhibit B to the Registrant’s Definitive Proxy Statement filed with the SEC on March 18, 2014 (File No. 1-5277).
(5)	Incorporated by reference to the Registrant’s Current Report on Form 8-K dated July 22, 2016 (File No. 1-5277).
(6)	Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-5277).
(7)	Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1999 (File No. 1-5277).
(8)	Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2005 (File No. 1-5277).
(9)	Incorporated by reference to Exhibit A to the Registrant’s Definitive Additional Materials filed with the SEC on April 3, 2015 (File No. 1-5277).
(10)	Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 (File No. 1-5277).
(11)	Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. 1-5277).
(12)	Incorporated by reference to the Registrant's Current Report on Form 8-K dated September 15, 2016 (File No. 1-5277).

Exhibit 21

Exhibit 23

Exhibit 31.1

Exhibit 31.2

Exhibit 32

80

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		BEMIS COMPANY, INC.
By	/s/ Michael B. Clauer	By	/s/ Jerry S. Krempa
	Michael B. Clauer, Senior Vice President and Chief Financial Officer		Jerry S. Krempa, Vice President and Chief Accounting Officer
	Date February 23, 2018		Date February 23, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons (including a majority of the Board of Directors) on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ Michael B. Clauer	/s/ Jerry S. Krempa
Michael B. Clauer, Senior Vice President and Chief Financial Officer	Jerry S. Krempa, Vice President and Chief Accounting Officer
Date February 23, 2018	Date February 23, 2018
/s/ William F. Austen	/s/ Katherine C. Doyle
William F. Austen, Director, President, and Chief Executive Officer	Katherine C. Doyle, Director
	Date February 23, 2018
Date February 23, 2018
/s/ Ronald J. Floto	/s/ Adele M. Gulfo
Ronald J. Floto, Director	Adele M. Gulfo, Director
Date February 23, 2018	Date February 23, 2018
/s/ David S. Haffner	/s/ Timothy M. Manganello
David S. Haffner, Director	Timothy M. Manganello, Chairman of the Board
Date February 23, 2018	Date February 23, 2018
/s/ William L. Mansfield	/s/ Arun Nayar
William L. Mansfield, Director	Arun Nayar, Director
Date February 23, 2018	Date February 23, 2018
/s/ David T. Szczupak	/s/ Holly A. Van Deursen
David T. Szczupak, Director	Holly A. Van Deursen, Director
Date February 23, 2018	Date February 23, 2018
/s/ Philip G. Weaver
Philip G. Weaver, Director
Date February 23, 2018

81

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

(in millions)

	Balance at		Additions							Foreign						Balance
Year Ended	Beginning		Charged to							Currency						at Close
December 31,	of Year		Profit & Loss				Write-offs			Impact			Other			of Year
RESERVES FOR DOUBTFUL ACCOUNTS, SALES RETURNS, DISCOUNTS, AND ALLOWANCES
2017	$	18.2	$	30.5			$	(31.2	)	$	0.2		$	—		$	17.7
2016	18.0		27.5				(28.1		)	0.1			0.7		(2)	18.2
2015	21.0		27.5				(28.3		)	(2.2		)	—			18.0
VALUATION ALLOWANCE FOR DEFERRED TAX ASSETS
2017	$	40.3	$	6.6		(1)	$	—		$	1.6		$	—		$	48.5
2016	42.0		(1.1		)	(1)	—			(0.6		)	—			40.3
2015	47.9		(3.8		)	(1)	—			(2.1		)	—			42.0

(1) Represents charge to profit and loss, net of valuation allowance reversals, if any.

(2) Reserve accruals related to acquisition of the SteriPack operations.

82

EX-21

EXHIBIT 21

SUBSIDIARIES OF THE REGISTRANT

Bemis Company, Inc. has no parent.  The following were subsidiaries of the Company as of  December 31, 2017.

Name	Jurisdiction of Organization	Percentage of Voting Securities Owned By Immediate Parent
Bemis Company, Inc.	Missouri
Bemis Brisbane Pty Ltd	Australia	100	%
Micris Investments Pty Ltd	Australia	100	%
Bemis Cayman Islands	Cayman Islands	100	%
Bemis Do Brasil Industria E Comercio De Embalagens Ltda.	Brazil	100	%
Bemis Argentina S.A.U.	Argentina	100	%
Bemis Uruguay S.A.	Uruguay	100	%
Bemis Peru, S.A.C.	Peru	100	%
Curwood Itap Chile Ltda.	Chile	100	%
Emplal Participacoes Ltda.	Brazil	100	%
Emplal C.O. Embalagens Plasticas Ltda.	Brazil	100	%
Emplal Nordeste Embalagens Plasticas Ltda.	Brazil	100	%
Envatrip S.A.	Argentina	100	%
Itap Bemis Centro Oeste-Industria e Comércio de Embalagens Ltda.	Brazil	100	%
Laminor S.A.	Brazil	50	%
Bemis Czech Republic, s.r.o.	Czech Republic	100	%
Bemis Empaques Mexico, S.A. de C.V.	Mexico	100	%
Bemis Europe Holdings, S.A.	Belgium	100	%
Evadix MPI S.R.L.	Romania	100	%
Evadix Labels S.R.L.	Romania	100	%
Bemis Monceau S.A.	Belgium	100	%
Bemis Packaging Polska Sp. z.o.o.	Poland	100	%
Bemis Packaging Sverige AB	Sweden	100	%
Bemis Europe Services Limited	United Kingdom	100	%
Bemis Flexible Packaging Australasia Limited	New Zealand	100	%
Bemis Flexible Packaging Canada Limited	Canada	100	%
Bemis Flexible Packaging Mexico Servicios, S.A. de C.V.	Mexico	100	%
Bemis Flexible Packaging (Suzhou) Co., Ltd.	China	100	%
Bemis Flexible Packaging (Thailand) Company Limited	Thailand	100	%
Bemis France Holdings S.A.S.	France	87.3	%
Bemis Packaging France S.A.S.	France	100	%
Bemis Healthcare Packaging, Inc.	Delaware	100	%
Bemis Healthcare Packaging de Puerto Rico, Inc.	Delaware	100	%
Bemis Healthcare Packaging International Ltd.	Delaware	100	%
Bemis Healthcare Packaging Limited	United Kingdom	100	%
Bemis Asia Pacific Sdn Bhd	Malaysia	100	%
Bemis Healthcare Packaging Ireland Limited	Ireland	100	%
Bemis Laboratory Services Limited	Ireland	100	%
SNSP Medical Device Sdn Bhd	Malaysia	100	%
Bemis Japan G.K.	Japan	100	%
Bemis Mayor Packaging Limited	Hong Kong	100	%

Foshan New Changsheng Plastics Film Co., LTD	China	100	%
Bemis Packaging Danmark ApS	Denmark	100	%
Bemis Packaging Deutschland GmbH	Germany	100	%
Bemis Packaging, Inc.	Wisconsin	100	%
Bemis Elsham Limited	United Kingdom	100	%
Bemis Packaging Ireland Limited	Ireland	100	%
Bemis Packaging Mexico, S.A. de C.V.	Mexico	100	%
Bemis Packaging U.K. Ltd.	United Kingdom	100	%
Bemis Shield Pack Specialty Packaging, LLC	Delaware	100	%
Bemis Swansea Limited	United Kingdom	100	%
Bemis Packaging Espana sl	Spain	100	%
Bemis Valkeakoski Oy	Finland	100	%
Bemis France Holdings S.A.S.	France	12.7	%
Bemis Wisconsin, LLC	Delaware	100	%
Hayco Liquidation Company	Delaware	100	%
Pagasus Investments Limited	British Virgin Islands	100	%
Dongguan Wonderful Packaging Company Limited	China	100	%
Pervel Industries, Inc.	Delaware	100	%

EX-23

EXHIBIT 23 - CONSENT OF PRICEWATERHOUSECOOPERS LLP

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (333-213475) and Form S-8 (Nos. 333-136698 and 333-195649) of Bemis Company, Inc. of our report dated February 23, 2018 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

February 23, 2018

EX-31.1

EXHIBIT 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATION OF CEO

I, William F. Austen, certify that:

1. I have reviewed this report on Form 10-K of Bemis Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date	February 23, 2018	By	/s/ William F. Austen
			William F. Austen, President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATION OF CFO

I, Michael B. Clauer, certify that:

1. I have reviewed this report on Form 10-K of Bemis Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date	February 23, 2018	By	/s/ Michael B. Clauer
			Michael B. Clauer, Senior Vice President and Chief Financial Officer

EX-32

EXHIBIT 32

SECTION 1350 CERTIFICATIONS OF CEO AND CFO

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned certifies that the annual report on Form 10-K of Bemis Company, Inc. for the year ended December 31, 2017 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Bemis Company, Inc.

/s/ William F. Austen	/s/ Michael B. Clauer
William F. Austen, President and Chief Executive Officer	Michael B. Clauer, Senior Vice President and Chief Financial Officer
February 23, 2018	February 23, 2018

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 21, 2018	Jun. 30, 2017
Document And Entity Information Abstract
Entity Registrant Name	BEMIS CO INC
Entity Central Index Key	0000011199
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,253,828,441
Entity Common Stock, Shares Outstanding		90,975,529
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

XML

CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net sales	$ 4,046.2	$ 4,004.4	$ 4,071.4
Cost of products sold	3,261.0	3,138.2	3,198.0
Gross profit	785.2	866.2	873.4
Operating expenses:
Selling, general and administrative expenses	380.4	392.2	420.0
Research and development	42.9	46.5	44.1
Restructuring and other costs	70.5	28.6	12.1
Goodwill and Intangible Asset Impairment	196.6	0.0	0.0
Other Operating Income (Expense), Net	(20.9)	(10.4)	(12.4)
Operating income	115.7	409.3	409.6
Interest expense	65.8	60.2	51.7
Other non-operating (income) expense, net	(2.8)	(1.8)	(6.0)
Income from continuing operations before income taxes	52.7	350.9	363.9
Provision for income taxes	(41.3)	114.7	122.0
Income from continuing operations	94.0	236.2	241.9
Income (loss) from discontinued operations, net of tax	0.0	0.0	(2.6)
Net income	$ 94.0	$ 236.2	$ 239.3
Basic earnings per share:
Income from continuing operations, per basic share	$ 1.03	$ 2.51	$ 2.50
Income (loss) from discontinued operations, per basic share	0.00	0.00	(0.03)
Net income, per basic share	1.03	2.51	2.47
Diluted earnings per share:
Income from continuing operations, per diluted share	1.02	2.48	2.47
Income (loss) from discontinued operations, per diluted share	0.00	0.00	(0.03)
Net income, per diluted share	1.02	2.48	2.44
Cash dividends paid per share (in dollars per share)	$ 1.20	$ 1.16	$ 1.12

XML

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income	$ 94.0	$ 236.2	$ 239.3
Translation adjustments	39.6	35.8	(215.2)
Pension and other postretirement liability adjustments, net of tax	13.7	26.3	(3.0)
Other comprehensive income (loss)	53.3	62.1	(218.2)
Total comprehensive income (loss)	147.3	298.3	21.1
Other comprehensive income (loss), pension and other postretirement benefit plans, tax	$ (9.6)	$ (17.8)	3.1
Continuing Operations [Member]
Translation adjustments			(215.2)
Pension and other postretirement liability adjustments, net of tax			$ (3.0)

XML

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 71.1	$ 74.2
Trade receivables	448.7	461.9
Inventories	620.2	549.4
Prepaid expenses and other current assets	97.1	80.0
Total current assets	1,237.1	1,165.5
Property and equipment
Land and land improvements	57.3	51.8
Buildings and leasehold improvements	644.5	620.2
Machinery and equipment	2,073.5	1,952.1
Total property and equipment	2,775.3	2,624.1
Less accumulated depreciation	(1,457.2)	(1,340.3)
Net property and equipment	1,318.1	1,283.8
Other long-term assets
Goodwill	852.7	1,028.8
Other intangible assets, net	142.3	155.2
Deferred charges and other assets	149.7	82.4
Total other long-term assets	1,144.7	1,266.4
TOTAL ASSETS	3,699.9	3,715.7
Current liabilities
Current portion of long-term debt	5.0	2.0
Short-term borrowings	16.0	15.3
Accounts payable	477.2	378.0
Employee-related liabilities	73.1	79.6
Accrued income and other taxes	30.5	31.2
Other current liabilities	64.3	70.0
Total current liabilities	666.1	576.1
Long-term debt, less current portion	1,542.4	1,527.8
Deferred taxes	153.5	219.7
Other liabilities and deferred credits	136.7	132.4
Total liabilities	2,498.7	2,456.0
Commitments and contingencies
Bemis Company, Inc. shareholders' equity:
Common stock issued	12.9	12.9
Capital in excess of par value	590.4	581.5
Retained earnings	2,324.8	2,341.7
Accumulated other comprehensive loss	(394.5)	(447.8)
Common stock held in treasury	(1,332.4)	(1,228.6)
Total Equity	1,201.2	1,259.7
TOTAL LIABILITIES AND EQUITY	$ 3,699.9	$ 3,715.7

XML

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value per share	$ 0.10	$ 0.10
Common stock, shares authorized	500.0	500.0
Common stock, shares issued	129.1	128.8
Common stock held in treasury, shares	38.3	36.1

XML

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Income (Loss) Attributable to Parent	$ 94.0	$ 236.2	$ 239.3
Cash flows from operating activities
Net income	94.0	236.2	239.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	169.8	162.1	158.1
Goodwill and Intangible Asset Impairment	196.6	0.0	0.0
Excess tax benefit from share-based payment arrangements	0.0	(4.5)	(1.9)
Share-based compensation	17.4	18.1	18.4
Deferred income taxes	(131.2)	26.2	14.2
Income of unconsolidated affiliated company	(2.9)	(2.2)	(1.9)
Cash dividends received from unconsolidated affiliated company	0.0	2.7	1.7
Non-cash impairment charge of discontinued operations	0.0	0.0	3.2
Gain (loss) on sale of property and equipment	6.6	(0.1)	(1.9)
Changes in operating assets and liabilites, excluding the effect of acquisitions, divestitures and currency
Trade receivables	17.3	7.5	(3.3)
Inventories	(64.1)	(7.5)	16.0
Prepaid expenses and other current assets	(17.2)	1.0	5.3
Accounts payable	90.8	37.8	77.5
Employee-related liabilities	(7.2)	(15.6)	8.8
Accrued income and other taxes	(0.4)	(0.7)	17.1
Other current liabilities	(3.6)	(22.9)	3.5
Changes in other liabilities and deferred credits	86.7	17.6	6.0
Changes in deferred charges and other assets	(73.6)	(18.3)	(7.7)
Net cash provided by operating activities	379.0	437.4	552.4
Cash flows from investing activities
Additions to property and equipment	(188.5)	(208.3)	(219.4)
Business acquisitions and adjustments, net of cash acquired	(3.9)	(114.5)	(66.4)
Proceeds from sale of property and equipment	14.5	11.6	9.6
Proceeds from divestitures	0.0	0.0	13.6
Net cash provided by (used in) investing activities	(177.9)	(311.2)	(262.6)
Cash flows from financing activities
Proceeds from issuance of long-term debt	2.2	299.0	2.0
Repayments of long-term debt	0.0	(23.8)	(0.9)
Net borrowing (repayment) of commercial paper	17.0	(110.0)	12.2
Net borrowing (repayment) of short-term debt	(3.0)	(8.1)	(9.6)
Cash dividends paid to shareholders	(111.2)	(113.9)	(109.7)
Common stock purchased for the treasury	(103.8)	(143.9)	(150.1)
Deferred payments for business acquisitions	0.0	0.0	(4.3)
Excess tax benefit from share-based payment arrangements	0.0	4.5	1.9
Stock incentive programs and related tax withholdings	(8.5)	(14.2)	(6.8)
Net cash used in financing activities	(207.3)	(110.4)	(265.3)
Effect of exchange rates on cash and cash equivalents	3.1	(0.8)	(12.4)
Net increase (decrease) in cash and cash equivalents	(3.1)	15.0	12.1
Cash and cash equivalents balance at beginning of year	74.2	59.2	47.1
Cash and cash equivalents balance at end of period	71.1	74.2	59.2
Interest paid during the year	63.8	57.4	48.5
Income taxes paid during the year	$ 73.5	$ 93.1	$ 84.7

XML

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Common Stock Held In Treasury
Balance at Dec. 31, 2014	$ 1,433.0	$ 12.8	$ 559.7	$ 2,086.8	$ (291.7)	$ (934.6)
Increase (Decrease) in Shareholders' Equity
Net income	239.3			239.3
Other comprehensive income (loss)	(218.2)				(218.2)
Cash dividends declared on common stock	(110.1)			(110.1)
Stock incentive programs and related tax withholdings	(6.8)		(6.8)
Excess tax benefit from share-based payment arrangements	1.9		1.9
Share-based compensation	18.4		18.4
Purchase of common stock	(150.1)					(150.1)
Balance at Dec. 31, 2015	1,207.4	12.8	573.2	2,216.0	(509.9)	(1,084.7)
Increase (Decrease) in Shareholders' Equity
Net income	236.2			236.2
Other comprehensive income (loss)	62.1				62.1
Cash dividends declared on common stock	(110.5)			(110.5)
Stock incentive programs and related tax withholdings	(14.2)	0.1	(14.3)
Excess tax benefit from share-based payment arrangements	4.5		4.5
Share-based compensation	18.1		18.1
Purchase of common stock	(143.9)					(143.9)
Balance at Dec. 31, 2016	1,259.7	12.9	581.5	2,341.7	(447.8)	(1,228.6)
Increase (Decrease) in Shareholders' Equity
Net income	94.0			94.0
Other comprehensive income (loss)	53.3				53.3
Cash dividends declared on common stock	(110.9)			(110.9)
Stock incentive programs and related tax withholdings	(8.5)		(8.5)
Excess tax benefit from share-based payment arrangements	0.0		0.0
Share-based compensation	17.4		17.4
Purchase of common stock	(103.8)					(103.8)
Balance at Dec. 31, 2017	$ 1,201.2	$ 12.9	$ 590.4	$ 2,324.8	$ (394.5)	$ (1,332.4)

XML

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - shares shares in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Stock incentive programs and related tax withholdings, shares	0.3	0.6	0.2
Purchase of common stock, shares	2.2	3.0	3.3

XML

Business Description

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

BUSINESS DESCRIPTION

Bemis Company, Inc. (the "Company"), a Missouri corporation based in Neenah, Wisconsin, was founded in 1858 and incorporated in 1885 as Bemis Bro. Bag Company.  In 1965 the name was changed to Bemis Company, Inc.  At December 31, 2017, the Company employed approximately 16,500 individuals and had 57 manufacturing facilities.  The Company manufactures and sells packaging products globally.

The Company’s business activities are organized around its three business segments, U.S. Packaging, Latin America Packaging, and Rest of World Packaging.  The Company’s packaging businesses have a strong technical base in polymer chemistry, film extrusion, coating, laminating, printing, and converting.  The Company’s products are primarily sold in the food industry, which accounted for approximately 80 percent of net sales in 2017.  The Company’s packaging products are widely diversified among food categories and can be found in nearly every aisle of the grocery store.  Other markets include chemical, agribusiness, medical, pharmaceutical, personal care products, electronics, industrial, and other consumer goods.  All markets are considered to be highly competitive as to price, innovation, quality, and service.

XML

Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

SIGNIFICANT ACCOUNTING POLICIES

Discontinued operations presentation: The consolidated statement of income and related notes reflects our Pressure Sensitive Materials business as a discontinued operation (see Note 7 — Divestitures and Plant Closures). The consolidated statement of cash flows for all periods includes both continuing and discontinued operations.

Principles of consolidation:  The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries.  All intercompany transactions and accounts have been eliminated.  Joint ventures which are not majority controlled are accounted for by the equity method of accounting with earnings of $2.9 million, $2.2 million, and $1.9 million in 2017, 2016, and 2015, respectively, included in other operating income on the accompanying consolidated statement of income.  Investments in joint ventures of $8.9 million and $6.2 million as of December 31, 2017 and 2016, respectively, are included in deferred charges and other assets on the accompanying consolidated balance sheet.

Estimates and assumptions required:  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts 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.

Translation of foreign currencies: The Company considers the local currency to be the functional currency for substantially all foreign subsidiaries.  Assets and liabilities are translated at the exchange rate as of the balance sheet date.  All revenue and expense accounts are translated at average exchange rates in effect during the year.  Translation gains or losses are recorded in the foreign currency translation component in accumulated other comprehensive loss in shareholders’ equity.  Foreign currency transaction losses of $0.6 million in 2017, gains of $0.4 million in 2016, and losses of $1.4 million in 2015, are included as a component of other operating income.  Foreign currency transaction losses of $0.7 million were recorded within non-operating income in 2016. There were no foreign currency transaction losses recorded within non-operating income in 2017 or 2015.

Revenue recognition: Sales and related costs of products sold are recognized when persuasive evidence of an arrangement exists, title and risk of ownership have been transferred to the customer, the sales price is fixed or determinable, and collectability is reasonably assured.  These conditions are typically fulfilled upon shipment of products.  All costs associated with revenue, including customer rebates and provisions for estimates of sales returns and allowances, are recognized as a deduction from revenue in the period in which the associated revenue is recorded. Customer rebates are accrued using sales data and rebate percentages specific to each customer agreement. Shipping and handling costs are classified as a component of cost of products sold while amounts billed to customers for shipping and handling are classified as a component of sales. The Company accrues for estimated warranty costs when specific issues are identified and the amounts are determinable and also considers the history of actual claims paid. Taxes assessed by governmental authorities on revenue producing transactions, including sales, value added, excise and use taxes, are recorded on a net basis (excluded from revenue).

Research and development:  Research and development expenditures are expensed as incurred.

Restructuring costs:  Restructuring costs are recognized when the liability is incurred.  The Company calculates severance obligations based on its standard customary practices.  Accordingly, the Company records provisions for severance when probable and estimable and the Company has committed to the restructuring plan.  In the absence of a standard customary practice or established local practice for locations outside the U.S., liabilities for severance are recognized when incurred.  If fixed assets are to be disposed of as a result of the Company’s restructuring efforts, the assets are written off when the Company commits to dispose of them and they are no longer in use.  Depreciation is accelerated on fixed assets for the period of time the asset continues to be used until the asset ceases to be used.  Other restructuring costs, including costs to relocate equipment, are generally recorded as the cost is incurred or the service is provided.

Cash and cash equivalents: The Company considers all highly liquid temporary investments with a maturity of three months or less when purchased to be cash equivalents.  Cash equivalents include certificates of deposit that can be readily liquidated without penalty at the Company’s option.  Cash equivalents are carried at cost which approximates fair market value.

Trade receivables: Trade accounts receivable are stated at the amount the Company expects to collect, which is net of an allowance for sales returns and the estimated losses resulting from the inability of its customers to make required payments.  When determining the collectability of specific customer accounts, a number of factors are evaluated, including: customer creditworthiness, past transaction history with the customer, and changes in customer payment terms or practices.  In addition, overall historical collection experience, current economic industry trends, and a review of the current status of trade accounts receivable are considered when determining the required allowance for doubtful accounts.  Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to allowance for doubtful accounts.  Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to trade receivables.  Trade receivables are presented net of an allowance for doubtful accounts of $17.7 million and $18.2 million at December 31, 2017 and 2016, respectively.

The Company enters into supply chain financing programs from time to time to sell trade receivables without recourse to third-party financial institutions.  Sales of trade receivables are reflected as a reduction of trade receivables on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows. During the years ended December 31, 2017 and 2016, the Company sold without recourse trade receivables representing approximately 20 percent and 12 percent, respectively, of net sales, and the associated discount on sale of trade receivables was not significant.   

Inventory valuation:  Inventories are valued at the lower of cost, as determined by the first-in, first-out ("FIFO") method, or net realizable value.  Inventory values using the FIFO method of accounting approximate replacement cost.  Inventories are summarized at December 31, as follows:

(in millions)	2017		2016
Raw materials and supplies	$	198.3	$	172.2
Work in process and finished goods	421.9		377.2
Total inventories	$	620.2	$	549.4

Property and equipment:  Property and equipment are stated at cost.  Maintenance and repairs that do not improve efficiency or extend economic life are expensed as incurred.  Plant and equipment are depreciated for financial reporting purposes principally using the straight-line method over the estimated useful lives of assets as follows:  land improvements, 15-30 years; buildings, 15-45 years; leasehold and building improvements, the lesser of the lease term or 8-20 years; and machinery and equipment, 3-17 years.  For tax purposes, the Company generally uses accelerated methods of depreciation.  The tax effect of the difference between book and tax depreciation has been provided as deferred income taxes.  Depreciation expense was $152.8 million, $146.1 million, and $144.2 million for 2017, 2016, and 2015, respectively.  On sale or retirement, the asset cost and related accumulated depreciation are removed from the accounts and any related gain or loss is reflected in other operating income. 

The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. The Company reviewed the long-lived assets of its Latin America Packaging reporting unit in the fourth quarter and concluded they were not impaired.

The Company capitalizes direct costs (internal and external) of materials and services used in the development and purchase of internal-use software.  Amounts capitalized are amortized on a straight-line basis over a period of three to twelve years and are reported as a component of machinery and equipment within property and equipment.

The Company is in the process of developing and implementing a new Enterprise Resource Planning ("ERP") system.  Certain costs incurred during the application development stage have been capitalized in accordance with authoritative accounting guidance related to accounting for costs of computer software developed or obtained for internal use.  The net book value of capitalized costs for this new ERP system were approximately $55.0 million and $60.8 million as of December 31, 2017 and 2016, respectively. These costs are being amortized over the system’s estimated useful life as the ERP system is placed in service. 

Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but instead tested annually or whenever events and circumstances indicate an impairment may have occurred. Among the factors that could trigger an impairment review are a reporting unit’s operating results significantly declining relative to its operating plan or historical performance, and competitive pressures and changes in the general markets in which it operates.

The Company’s reporting units each have contained goodwill that is assessed for potential impairment. All goodwill is assigned to reporting units, which is defined as the operating segment, or one level below the operating segment. The Company has three reporting units, or operating segments, which align with the Company's new reportable segment structure.

Based on accounting guidance applicable prior to the fourth quarter of 2017, if the carrying value of a reporting unit exceeded its fair value, the Company completed a second step to determine the amount of the goodwill impairment loss, if any, to be recognized. In the second step, the Company estimated an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill (including any unrecognized intangible assets). The impairment loss was equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill. As a result of adopting Accounting Standards Update (“ASU”) 2017-04, Simplifying the Test for Goodwill Impairment, if the carrying value of a reporting unit exceeds its fair value, the Company recognizes an impairment loss equal to the difference between the carrying value and estimated fair value of the reporting unit, adjusted for any tax impact.

The Company completes an annual assessment of goodwill in the fourth quarter utilizing two valuation approaches, the income approach and the market multiple approach. Under the income approach, the Company estimates the fair value of the reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of revenue growth rates and EBITDA margins, taking into consideration business and market conditions for the countries and markets in which the reporting unit operates. The Company calculates the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size and geography. Under the market multiples approach, the Company estimates fair value based on market multiples of EBITDA derived from publicly traded companies in the Company’s peer group, adjusted to reflect differences in size and growth prospects.

During the second quarter of 2017, the Company initiated an interim impairment analysis of the Latin America Packaging reporting unit given the contraction in this reporting unit’s business late in the second quarter. This review did not result in any impairment of the reporting unit’s goodwill balance.

As a result of further deterioration in the forecasted sales and profits of the Latin America Packaging reporting unit from the second quarter outlook and forecasted slow economic recovery, the Company determined in the fourth quarter that the fair value of the reporting unit was less than its carrying value. In performing the analysis, the Company used discount rates and terminal growth rates of 11 percent and 3 percent, respectively, to calculate the present value of future cash flows. Accordingly, the Company recorded a noncash goodwill impairment charge of $196.6 million ($145.5 million after-tax) which is recorded in the goodwill impairment charge line of the consolidated income statement.

The annual impairment test indicated the goodwill balances for the U.S. Packaging reporting unit and Rest of World Packaging reporting units were not impaired for the years ended December 31, 2017, 2016 or 2015 and the Company does not have any accumulated impairment losses for these reporting units.

Intangible assets:  Contractual or separable intangible assets that have finite useful lives are amortized against income using the straight-line method over their estimated useful lives, with original periods ranging from one to thirty years. The straight-line method of amortization reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company tests finite-lived intangible assets for impairment whenever there is an impairment indicator. The Company completed a test of the Latin America Packaging reporting unit intangibles in the fourth quarter which concluded the assets were not impaired. Intangible assets are tested for impairment by comparing anticipated undiscounted future cash flows from operations to net book value.

Financial instruments: The Company recognizes all derivative instruments on the balance sheet at fair value.  Derivatives not designated as hedging instruments are adjusted to fair value through income.  Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized.  Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings in the current period.

Note 9 contains expanded details relating to specific derivative instruments included on the Company’s balance sheet, such as forward foreign currency exchange contracts, currency swap contracts, and interest rate swap arrangements.

Other liabilities and deferred credits: Other liabilities and deferred credits balances include non-current pension and other postretirement liability amounts of $47.6 million and $59.5 million at December 31, 2017 and 2016, respectively.

Treasury stock:  Treasury stock purchases are stated at cost and presented as a separate reduction of shareholders’ equity.  During 2017, the Company purchased 2.2 million shares of common stock in the open market for $103.8 million. During 2016, the Company purchased 3.0 million shares of common stock in the open market for $143.9 million.  During 2015, the Company purchased 3.3 million shares of common stock in the open market for $150.1 million.  At December 31, 2017, approximately 18.2 million common shares can be repurchased, at management’s discretion, under authority granted by the Company’s Board of Directors.

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New Accounting Guidance (Notes)

12 Months Ended

Dec. 31, 2017

New Accounting Guidance [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NEW ACCOUNTING GUIDANCE

Recently Adopted Accounting Standards

In January 2017, the Financial Accounting Standards Board ("FASB") issued new guidance to simplify the subsequent measurement of goodwill by removing the requirement to perform a hypothetical purchase price allocation to compute the implied fair value of goodwill to measure impairment. Instead, any goodwill impairment will equal the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Further, the guidance eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. This guidance is required to be applied by the Company in the first quarter of 2020, with early adoption permitted for impairment tests performed after January 1, 2017. The updated guidance requires a prospective adoption. Early adoption was permitted for goodwill impairment tests performed on testing dates after January 1, 2017. We elected to adopt this updated guidance in the fourth quarter of fiscal 2017, in conjunction with our annual review for impairment. Refer to Note 10 for a discussion of the results of our annual assessment of goodwill, including related impairment charges.

In March 2016, the FASB issued guidance that will change certain aspects of accounting for share-based payments to employees. The new guidance requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled and recognized in the statement of cash flows as operating cash flows. The guidance also allows employee tax withholdings above the minimum statutory requirement without triggering liability accounting. Finally, the Company made a policy election to account for forfeitures as they occur. The guidance was adopted by the Company in the first quarter of 2017 and applied prospectively.

If this guidance was adopted in the first quarter of 2016, diluted earnings per share in the first quarter would have increased by $0.04 from $0.59 to $0.63 due to a reduction in income tax expense. The impact to operating cash flow in the first quarter of 2016 would have been an increase of $4.2 million with a corresponding decrease in financing cash flows. Stock awards typically vest in the first quarter so the impact is concentrated in the first three months of each year. The impact in future years will be dependent on Bemis stock performance and the number of shares vesting each year.  The impact in 2017 was a $0.9 million reduction of income tax expense and an equivalent benefit to operating cash flow.

Recently Issued Accounting Standards

In February 2018, the FASB issued guidance on the reclassification of certain tax effects from accumulated other comprehensive income.  The guidance requires the Company to disclose a description of the Company’s accounting policy for releasing income tax effects from accumulated other comprehensive income and whether the Company elects to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act, along with information about other income tax effects that are reclassified.  The guidance is required to be applied by the Company in 2019, with early adoption permitted.

In August 2017, the FASB issued guidance that amends the hedge accounting rules to better portray the economic results of risk management activities in the financial statements and also to make targeted improvements to simplify the application of hedge accounting guidance. The guidance is required to be applied by the Company in the first quarter of 2019, but early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

In March 2017, the FASB issued guidance that will change how employers that sponsor defined benefit pension and other postretirement benefit plans present the cost of the benefits in the income statement. Under the new guidance, employers will present only the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Employers will present the other components separately from the line item that includes the service cost and outside of any subtotal of operating income, if one is presented. Employers will have to disclose the line used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. The guidance is required to be applied by the Company in the first quarter of 2018. The Company does not expect this standard to have a material impact on its consolidated financial statements.

In January 2017, the FASB issued new guidance that narrows the application of when an integrated set of assets and activities is considered a business and provides a framework to assist entities in evaluating whether both an input and a substantive process are present to be considered a business. It is expected that the new guidance will reduce the number of transactions that would need to be further evaluated and accounted for as a business. The guidance is required to be applied by the Company in the first quarter of 2018, but early adoption is permitted. The Company does not expect this standard to have a material impact on its consolidated financial statements.

In August 2016, the FASB issued guidance to simplify elements of cash flow classification. The guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance requires cash payments for debt prepayment or debt extinguishment costs to be classified as cash outflows for financing activities. It also requires cash payments made soon after an acquisition's consummation date (approximately three months or less) to be classified as cash outflows for investing activities. Payments made thereafter should be classified as cash outflows for financing activities up to the amount of the original contingent consideration liability. Payments made in excess of the amount of the original contingent consideration liability should be classified as cash outflows for operating activities. The Company is adopting this standard in the first quarter of 2018 and does not expect it to have a material impact on its consolidated financial statements.

In February 2016, the FASB issued guidance that requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today's accounting. The guidance also eliminates today's real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs for all entities. All entities will classify leases to determine how to recognize lease-related revenue and expense. A modified retrospective approval is required for adoption of all leases that exist at or commence after the date of initial application with an option to use certain practical expedient. We expect to adopt this guidance when effective for us in the first quarter of 2019.

In May 2014, the FASB issued new guidance which supersedes current revenue recognition requirements.  This guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  In July 2015, the FASB voted to defer for one year the effective date of the new revenue standard. The guidance is required to be applied by the Company in the first quarter of fiscal 2018 using one of two retrospective applications methods. The FASB also decided to permit entities to early adopt the standard.

The Company has elected to adopt the new revenue guidance as of January 1, 2018. In preparation for adoption of the new guidance, the Company has reviewed representative samples of contracts and other forms of agreements with customers globally and has evaluated the provisions under the five-step model specified by the new guidance. The Company has concluded the new revenue recognition guidance will not have a material impact on its consolidated financial statements, with the exception of expanded disclosure requirements. The Company will apply the modified retrospective application.

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Restructuring and Other Costs (Notes)

12 Months Ended

Dec. 31, 2017

Restructuring and Other Costs [Abstract]

Restructuring and Other Costs [Text Block]

RESTRUCTURING AND OTHER COSTS

Restructuring and other costs as reported on the consolidated statement of income are summarized as follows:

	Twelve Months Ended December 31,
(in millions)	2017		2016		2015
Restructuring costs	$	47.4	$	22.5	$	7.8
Restructuring related costs	10.3		—		—
Pension settlement charge	10.1		—		—
Other charges	2.7		6.1		4.3
Total restructuring and other costs	$	70.5	$	28.6	$	12.1

Restructuring costs include costs related to the 2016 Plan focused on plant closures in Latin America and the 2017 Plan focused on aligning the Company's cost structure to its environment. Refer to Note 5 — Restructuring Plans for details for both the 2016 and 2017 Plans regarding expenses incurred and cash payments to date, in addition to disaggregation of costs by segment and cost category.

Other costs include restructuring related costs, a pension settlement charge, acquisition costs, and hurricane-related expenses. Restructuring related costs include professional fees for consultants and asset impairment charges. During 2017, the Company offered terminated vested participants in the U.S. qualified retirement plans the opportunity to receive their benefits early as a lump sum. In the fourth quarter of 2017, the Company recognized a non-cash pension settlement charge of $10.1 million ($6.8 million, net of taxes). In 2017, other costs are also comprised of acquisition costs and hurricane-related expenses incurred at the Puerto Rico faciltiy. In 2016, other costs are comprised primarily of acquisition costs associated with the SteriPack acquisition. Other costs also include the gain on sale of land and building related to the sale of a plant in Latin America in 2016.

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Facility Consolidation and Other Costs

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Facility Consolidation and Other Costs

RESTRUCTURING PLANS

2016 Restructuring and Cost Savings Plan ("2016 Plan")

During the second quarter of 2016, the Company initiated a restructuring and cost savings plan ("2016 Plan") to improve efficiencies and reduce fixed costs. As a part of this plan, four Latin American facilities will be closed. Most of the production from these facilities will be transferred to other facilities. As of December 31, 2017, manufacturing operations had ceased at all four of these manufacturing facilities. Based on current estimates and actual charges to date, the Company expects total pre-tax restructuring costs of approximately $31 million, with approximately $13 million in employee termination costs, approximately $2 million in fixed asset related costs, and $16 million in other costs which primarily represent the cost to move and re-install equipment.

The estimated 2016 Plan costs are as follows:

(in millions)	Latin America Packaging		Rest of World Packaging		Total
2016 net expense accrued	$	20.5	$	1.1	$	21.6
2017 net expense accrued	8.0		0.2		8.2
Expense incurred to date	28.5		1.3		29.8
Estimated future expense	1.6		—		1.6
Estimated costs of program	$	30.1	$	1.3	$	31.4

An analysis of the 2016 program accruals follows:

(in millions)	Employee Costs			Fixed Asset Related			Other Costs			Total Restructuring Costs
Reserve balance at December 31, 2016	$	9.4		$	—		$	2.3		$	11.7
Net expense accrued	0.1			0.4			10.5			$	11.0
Utilization (cash payments or otherwise settled)	(6.6		)	(0.4		)	(8.4		)	(15.4		)
Accrual adjustment	(2.0		)	(0.8		)	—			(2.8		)
Translation adjustments and other	0.2			0.8			—			1.0
Reserve balance at December 31, 2017	$	1.1		$	—		$	4.4		$	5.5

Plant closings associated with the 2016 Plan are complete, with the last facility closing in the fourth quarter of 2017. Cash payments in 2017 and 2016 totaled $15.4 million and $8.3 million, respectively. Cash payments in 2018 are expected to be approximately $7 million. The costs related to restructuring activities have been recorded on the consolidated statement of income as restructuring and other costs. The accruals related to restructuring activities have been recorded on the consolidated balance sheet primarily as other current liabilities.

2017 Restructuring and Cost Savings Plan ("2017 Plan")

On June 30, 2017, the Company announced restructuring activities targeted to improve efficiency and profitability that further positions the Company for long-term success. As a part of this plan, the Company announced the intention to close four production facilities for which business will be relocated to existing facilities and the closure of an additional manufacturing facility for which business will not be relocated to optimize manufacturing capacity. In addition, the Company announced it will reduce administrative positions by approximately 500 over the next three years and consolidate certain administrative offices and take other actions to improve the cost efficiency of a a variety of administrative and operational processes.

The Company expects total 2017 Plan pre-tax restructuring costs of approximately $65 to $70 million, which includes $29 to $31 million in employee termination costs, $19 to $20 million in fixed asset related expenses, and $17 to $19 million in other restructuring project costs, including the movement and re-installation of equipment. Expenses in the twelve months ended December 31, 2017 were $39.1 million, which consisted primarily of employee termination costs and fixed asset write-downs of equipment.

The estimated 2017 Plan costs are as follows:

(in millions)	U.S. Packaging		Latin America Packaging		Rest of World Packaging		Corporate		Total
2017 second quarter net expense accrued	$	6.7	$	11.7	$	0.6	$	1.3	$	20.3
2017 third quarter net expense accrued	3.9		6.1		0.4		1.5		11.9
2017 fourth quarter net expense accrued	2.8		2.9		0.5		0.7		6.9
Expense incurred to date	13.4		20.7		1.5		3.5		39.1
Estimated future expense	18.9		6.1		0.5		0.7		26.2
Estimated costs of program	$	32.3	$	26.8	$	2.0	$	4.2	$	65.3

An analysis of the 2017 Plan accruals follows:

(in millions)	Employee Costs			Fixed Asset Related			Other Costs			Total Restructuring Costs
Net expense accrued	$	26.8		$	9.7		$	2.6		$	39.1
Utilization (cash payments or otherwise settled)	(6.6		)	(9.7		)	—			(16.3		)
Translation adjustments and other	(1.0		)	—			(0.1		)	(1.1		)
Reserve balance at December 31, 2017	$	19.2		$	—		$	2.5		$	21.7

The Plan is expected to be completed by the end of 2019. Cash payments in the twelve months ended December 31, 2017 were $6.8 million. The costs related to restructuring activities have been recorded on the consolidated statement of income as restructuring and other costs. The accruals related to restructuring activities have primarily been recorded on the consolidated balance sheet as other current liabilities.

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Acquisition

12 Months Ended

Dec. 31, 2017

Business Acquisition [Abstract]

Business Combinations Disclosure Text Block

ACQUISITIONS

Evadix

On November 8, 2017, the Company acquired Romanian-based flexible packaging company Evadix.  This small, yet strategic acquisition establishes the Company with its first manufacturing operation in Eastern Europe.  The acquired facility provides a strong converting platform to leverage the Company's expertise and capabilities in film-making from Western Europe to grow sales of meat and cheese packaging throughout Europe.  The cash purchase price was $3.9 million. The preliminary allocation of the purchase price resulted in approximately $0.1 millionof goodwill for the Rest of World Packaging segment.The fair value and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	0.5	5 years

The fair value of assets and liabilities acquired was $8.4 million and $4.5 million, respectively. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.

SteriPack

On April 29, 2016, the Company acquired the medical device packaging operations and related value-added services of SteriPack Group, a global manufacturer of sterile packaging solutions for medical device and pharmaceutical applications. This acquisition includes a facility in Ireland as well as packaging production assets in Malaysia and the United States. The cash purchase price was $115.5 million. The allocation of the purchase price resulted in approximately $66.8 million of goodwill for the Rest of World Packaging segment, the majority of which is not expected to be tax deductible. The goodwill identified by this acquisition reflects the benefits expected to be derived from product line expansion. The fair value and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	21.8	8 years
Order backlog	1.7		2 months
Total	$	23.5

The fair value of assets and liabilities acquired was $131.3 million and $15.8 million, respectively. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.

Emplal Participações S.A.

On December 1, 2015, Bemis acquired the rigid plastic packaging operations of Emplal Participações S.A. ("Emplal"), a privately-owned Brazilian manufacturer of plastic packaging for food and consumer applications. The acquisition supports the Company's growth strategy to expand in markets that fit the Company's strengths and capabilities. The cash purchase price was $66.0 million. The allocation of the purchase price resulted in approximately $41.3 million of goodwill for the Global Packaging segment, which is expected to be tax deductible. The fair value and weighted average useful life that has been assigned to the acquired identifiable intangible asset of this acquisition is:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	4.5	10 years

The fair value of assets and liabilities acquired was $143.8 million and $77.8 million, respectively. Deferred charges and other assets include an amount of approximately $16.9 million to record assets related to the indemnity provisions of the sale and purchase agreement, and are primarily related to tax matters. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.

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Discontinued operations (Notes)

12 Months Ended

Dec. 31, 2017

Discontinued operations

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

DIVESTITURES AND PLANT CLOSURES

Bemis Healthcare Packaging Plant Closure

In January 2015, the Company announced that it would close a plant in Philadelphia, Pennsylvania, which was one of its healthcare packaging facilities. Production from this facility was transferred to other healthcare facilities throughout 2015. During the twelve months ended December 31, 2015, plant closure costs of $7.8 million were recorded. These costs were recorded within restructuring and other costs and included the Company's best estimate of a withdrawal liability for a multi-employer pension plan settlement. Operations ceased at this location in January 2016. The majority of approximately $7 million of cash payments were disbursed in 2016.

Divestiture of Pressure Sensitive Materials Business

On November 7, 2014, the Company completed the sale its global Pressure Sensitive Materials business. Proceeds of the transaction totaled $150.5 million. Of the total proceeds, $136.9 million was received in fiscal 2014 and $13.6 million was received in April 2015 which related to settlement of customary post-closing adjustments. At September 30, 2014, the Company determined that the Pressure Sensitive Materials business met the criteria to be classified as a discontinued operation, which required retrospective application to certain financial information for all periods presented.

The following table summarizes the results of the Pressure Sensitive Materials business, reclassified as discontinued operations for the twelve month period ended December 31, 2015:

	Twelve Months Ended
(in millions)	December 31, 2015
Loss from discontinued operations before income taxes	$	(3.7	)
(Benefit) provision for income taxes on discontinued operations	(1.1		)
Loss from discontinued operations, net of tax	$	(2.6	)

Loss from discontinued operations in 2015 resulted from additional impairment charges, net of tax, reflecting finalization of post-closing adjustments.

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Financial Assets and Financial Liabilities Measured at Fair Value

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Financial Assets and Financial Liabilities Measured at Fair Value

FINANCIAL ASSETS AND FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

The fair values of the Company’s financial assets and financial liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price).

The Company’s non-derivative financial instruments include cash and cash equivalents, trade receivables, accounts payable, short-term borrowings, and long-term debt.  At December 31, 2017 and 2016, the carrying value of these financial instruments, excluding long-term debt, approximates fair value because of the short-term maturities of these instruments.

Fair value disclosures are classified based on the fair value hierarchy.  Level 1 fair value measurements represent exchange-traded securities which are valued at quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date.  Level 2 fair value measurements are determined using input prices that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.  Level 3 fair value measurements are determined using unobservable inputs, such as internally developed pricing models for the asset or liability due to little or no market activity for the asset or liability.

The fair value measurements of the Company’s long-term debt represent non-active market exchange-traded securities which are valued at quoted prices or using input prices that are directly observable or indirectly observable through corroboration with observable market data. The carrying values and estimated fair values of long-term debt at December 31, 2017 and 2016 follow:

	December 31, 2017				December 31, 2016
	Carrying		Fair Value		Carrying		Fair Value
(in millions)	Value		(Level 2)		Value		(Level 2)
Total long-term debt	$	1,542.4	$	1,591.0	$	1,527.8	$	1,592.3

The fair values for derivatives are based on inputs other than quoted prices that are observable for the asset or liability.  These inputs include interest rates.  The financial assets and financial liabilities are primarily valued using standard calculations / models that use as their basis readily observable market parameters.  Industry standard data providers are the primary source for forward and spot rate information for both interest rates and currency rates, with resulting valuations periodically validated through third-party or counterparty quotes. The fair value of the Company's derivatives follow: 

	Fair Value As of			Fair Value As of
	December 31, 2017			December 31, 2016
(in millions)	(Level 2)			(Level 2)
Interest rate swaps — net (liability) asset position	$	(0.6	)	$	1.3

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Derivative Instruments

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

The Company enters into derivative transactions to manage exposures arising in the normal course of business.  The Company does not enter into derivative transactions for speculative or trading purposes. The Company recognizes all derivative instruments on the balance sheet at fair value.  Derivatives not designated as hedging instruments are adjusted to fair value through income. Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders' equity through other comprehensive income until the hedged item is recognized. Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings in the current period.

The Company enters into interest-rate swap contracts to economically convert a portion of the Company’s fixed-rate debt to variable rate debt.  During the fourth quarter of 2011, the Company entered into four interest rate swap agreements with a total notional amount of $400 million.  These contracts were designated as fair value hedges of the Company’s $400 million4.5% fixed-rate debt due in 2021.  The variable rate for each of the interest rate swaps is based on the six-month London Interbank Offered Rate (LIBOR), set in arrears, plus a fixed spread.  The variable rates are reset semi-annually at each net settlement date.  Fair values of these interest rate swaps are determined using discounted cash flow or other appropriate methodologies.  Asset positions are included in deferred charges and other assets with a corresponding increase in long-term debt.  Liability positions are included in other liabilities and deferred credits with a corresponding decrease in long-term debt.

The Company enters into forward exchange contracts to manage foreign currency exchange rate exposures associated with certain foreign currency denominated receivables and payables.  Forward exchange contracts generally have maturities of less than six months and relate primarily to the U.S. dollar for the Company’s Brazilian operations.  The Company has not designated these derivative instruments as hedging instruments.  At December 31, 2017 and 2016, the Company had outstanding forward exchange contracts with notional amounts aggregating $2.7 million and $4.1 million, respectively.  The net settlement amount (fair value) related to active forward exchange contracts is recorded on the balance sheet as either a current or long-term asset or liability and as an element of other operating income which offsets the related transaction gains or losses. The net settlement amounts are immaterial for all periods presented.

The Company is exposed to credit loss in the event of non-performance by counterparties in forward exchange contracts and interest-rate swap contracts.  Collateral is generally not required of the counterparties or of the Company.  In the event a counterparty fails to meet the contractual terms of a currency swap or forward exchange contract, the Company’s risk is limited to the fair value of the instrument.  The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits, and by selecting major international banks and financial institutions as counterparties.  The Company has not had any historical instances of non-performance by any counterparties, nor does it anticipate any future instances of non-performance.

The fair values, balance sheet presentation, and the hedge designation status of derivative instruments at December 31, 2017 and 2016 are presented in the table below: 

		Fair Value (Level 2) as of
(in millions)	Balance Sheet Location	December 31, 2017		December 31, 2016
Asset Derivatives
Interest rate swaps — designated as hedge	Deferred charges and other assets	$	—	$	1.3
Liability Derivatives
Interest rate swaps — designated as hedge	Other liabilities and deferred credits	0.6		—

The income statement impact of derivatives are presented in the table below:

		Amount of Gain (Loss) Recognized in Income on Derivatives
(in millions)	Income Statement Location	2017			2016			2015
Designated as hedges
Interest rate swaps	Interest expense	$	3.2		$	4.7		$	7.2
Not designated as hedges
Forward exchange contracts	Other operating income	(0.8		)	(0.8		)	0.7
Total		$	2.4		$	3.9		$	7.9

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill attributable to each reportable business segment follow:

(in millions)	U.S. Packaging Segment		Latin America Packaging Segment			Rest of World Packaging Segment			Total
Reported balance at December 31, 2015	$	632.1	$	169.1		$	148.3		$	949.5
Acquisition and acquisition adjustments	—		(3.6		)	66.8			63.2
Currency translation	0.3		23.5			(7.7		)	16.1
Reported balance at December 31, 2016	632.4		189.0			207.4			1,028.8
Acquisition and acquisition adjustments	—		—			0.1			0.1
Impairment charge	—		(196.6		)	—			(196.6		)
Currency translation	0.7		7.6			12.1			20.4
Reported balance at December 31, 2017	$	633.1	$	—		$	219.6		$	852.7

The Company reviews goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable. As described in Note 2, New Accounting Guidance, the Company elected to early adopt new accounting guidance that simplifies the test for goodwill impairment during the fourth quarter of 2017. As a result of this election, if the carrying value of a reporting unit exceeds its fair value, the Company recognizes an impairment loss equal to the difference between the carrying value and estimated fair value of the reporting unit, adjusted for any tax benefits.

As part of the Company’s annual assessment of impairment of goodwill conducted with the aid of a third party valuation specialist, the Company determined that the fair value of the Latin America Packaging reporting unit was less than its carrying value by approximately $163 million, primarily related to the Company’s revised expectations for the forecasted recovery in Brazil. This resulted in a full impairment of the Latin America Packaging reporting unit’s goodwill of $196.6 million ($145.5 million after tax).

The Company’s annual impairment test of the U.S. Packaging reporting unit and Rest of World Packaging reporting unit in the fourth quarter of 2017 concluded that the estimated fair value of these reporting units exceeded their carrying value and therefore their associated goodwill was not impaired. The Company does not have any other accumulated impairment losses.

In 2017, acquisition and acquisition adjustments are comprised of opening balance sheet adjustments related to the Evadix acquisition. In 2016, acquisition and acquisition adjustments are comprised of opening balance sheet adjustments related to the Emplal Participações S.A and SteriPack acquisitions.

The components of amortized intangible assets follow:

	December 31, 2017					December 31, 2016
(in millions)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Contract based	$	9.9	$	(1.6	)	$	8.9	$	(1.0	)
Technology based	79.7		(56.6		)	79.5		(52.0		)
Marketing related	14.1		(9.3		)	14.2		(8.9		)
Customer based	210.1		(104.0		)	203.9		(89.4		)
Reported balance	$	313.8	$	(171.5	)	$	306.5	$	(151.3	)

Amortization expense for intangible assets during 2017, 2016, and 2015 was $17.0 million, $16.0 million, and $14.3 million, respectively.  Estimated future amortization expense for intangible assets follows:

(in millions)	Amortization
2018	$	17.1
2019	16.9
2020	16.1
2021	14.1
2022	12.4

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Pension Plans (Notes)

12 Months Ended

Dec. 31, 2017

Pension Plans, Defined Benefit [Member]

Defined Benefit Plan Disclosure [Line Items]

Pension and Other Postretirement Benefits Disclosure [Text Block]

PENSION PLANS

Total defined benefit, defined contribution, and multiemployer plan pension expense in 2017, 2016, and 2015 was $45.0 million, $32.1 million, and $41.2 million, respectively. 

The Company sponsors a 401(k) savings plan (a defined contribution plan) for substantially all U.S. employees.  In 2017, the Company contributed $1.00 for every pre-tax $1.00 an employee contributed up to eight percent of eligible compensation for the plans that include a company match.  The Company contributions are invested in target retirement date funds based on employees’ ages and are fully vested after three years of service. In 2016 and 2015, the Company contributed $0.50 for every pre-tax $1.00 an employee contributed on the first four percent of eligible compensation plus $0.25 for every pre-tax $1.00 an employee contributed on the next four percent of eligible compensation for the plans that included a company match. The Company contributions in these years were invested in Company stock and were fully vested after three years of service.  Total Company contributions for 2017, 2016, and 2015 were $28.4 million, $10.6 million, and $10.2 million, respectively. Effective January 1, 2018, the Company reduced the company match from eight percent to seven percent.

Through December 31, 2016, for employees not participating in defined benefit pension plans, the Company contributed to the Bemis Investment Profit Sharing Plan (BIPSP), a defined contribution plan which was subject to achievement of certain financial performance goals of the Company. The BIPSP was terminated for years after 2016.  Total contribution expense for BIPSP and other defined contribution plans (including a multiemployer defined contribution plan and excluding 401(k) plans above) was $2.0 million in 2017, $11.1 million in 2016, and $20.0 million in 2015.  As of December 31, 2016, the Company has withdrawn from all multiemployer defined benefit pension plans. Amounts contributed to the multiemployer plans in 2016 and 2015 totaled $0.0 million and $0.1 million, respectively (refer to Note 13 - Multiemployer Defined Benefit Pension Plans).

 Two of the Company's three U.S. defined benefit plans were frozen as of December 31, 2013. The frozen plans are the salaried retirement plan that covered certain salaried employees and the unfunded supplemental retirement plan that provided senior management with benefits in excess of limits under the federal tax law. The Company’s defined benefit pension plans continue to cover a number of U.S. hourly employees, and the non-U.S. defined benefit plans cover select employees at various international locations.  The benefits under the plans are based on years of service and salary levels.  Certain plans covering hourly employees provide benefits of stated amounts for each year of service.  In 2014, the Society of Actuaries released updated mortality tables and a mortality projection scale which the Company adopted to measure defined benefit plan liabilities. In 2016 and 2017, the Society of Actuaries published new mortality projection scales which were used in conjunction with 2014 mortality tables in measuring defined benefit plan liabilities in 2016 and 2017.

In 2017 and 2016, the Company recognized pension settlement charges, related to lump sum payments from U.S. pension plans, of $10.6 million and $5.8 million, respectively. Lump sum payments decrease the benefit obligation and are reflected as benefits paid in the "Change in Benefit Obligation" table. The payments also decrease plan assets and are reflected as benefits paid in the "Change in Plan Assets" table. During 2017 and 2016, lump sum windows were offered to certain participants of the salaried and hourly defined pension plans which resulted in lump sum payments for $41.6 million and $26.3 million, respectively. Settlement accounting was required in 2017 which resulted in the $10.6 million settlement charge. No charge was required in 2016. Also during 2016, lump sum payments from the U.S. supplemental pension plan totaled $18.1 million which resulted in the $5.8 million charge.

Net periodic pension cost for defined benefit plans included the following components for the years ended December 31, 2017, 2016, and 2015: 

(in millions)	2017			2016			2015
Service cost - benefits earned during the year	$	7.4		$	7.6		$	7.8
Interest cost on projected benefit obligation	30.2			32.7			32.6
Expected return on plan assets	(48.3		)	(51.4		)	(50.7		)
Settlement loss	10.6			6.1			0.1
Curtailment (gain) loss	(0.3		)	—			—
Amortization of unrecognized transition obligation	—			—			0.1
Amortization of prior service cost	0.9			0.8			0.9
Recognized actuarial net loss	14.1			14.6			20.1
Net periodic pension cost	$	14.6		$	10.4		$	10.9

Changes in benefit obligations and plan assets, and a reconciliation of the funded status at December 31, 2017 and 2016, were as follows:

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Change in Benefit Obligation:
Benefit obligation at the beginning of the year	$	693.7		$	750.4		$	56.8		$	57.3
Service cost	3.8			6.2			1.7			1.4
Interest cost	28.4			30.7			1.8			2.0
Participant contributions	—			—			—			0.1
Plan amendments	0.3			0.1			—			0.6
Plan curtailments	—			—			(0.3		)	—
Benefits paid	(79.6		)	(79.4		)	(1.9		)	(6.2		)
Actuarial (gain) loss	39.1			(14.3		)	1.9			10.2
Foreign currency exchange rate changes	—			—			5.6			(8.6		)
Benefit obligation at the end of the year	$	685.7		$	693.7		$	65.6		$	56.8
Accumulated benefit obligation at the end of the year	$	685.7		$	693.7		$	59.1		$	51.0

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Change in Plan Assets:
Fair value of plan assets at the beginning of the year	$	641.4		$	641.3		$	50.2		$	54.2
Actual return on plan assets	82.5			60.4			3.0			8.7
Employer contributions	3.0			19.1			1.0			1.6
Participant contributions	—			—			—			0.1
Benefits paid	(79.6		)	(79.4		)	(1.9		)	(6.2		)
Foreign currency exchange rate changes	—			—			4.8			(8.2		)
Fair value of plan assets at the end of the year	$	647.3		$	641.4		$	57.1		$	50.2
Unfunded status at year end:	$	(38.4	)	$	(52.3	)	$	(8.5	)	$	(6.6	)

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Amount recognized in consolidated balance sheet consists of:
Accrued benefit liability, current	$	(1.0	)	$	(3.0	)	$	(0.2	)	$	(0.2	)
Accrued benefit liability, non-current	(37.4		)	(49.3		)	(8.3		)	(6.4		)
Sub-total	(38.4		)	(52.3		)	(8.5		)	(6.6		)
Deferred tax asset	61.8			71.4			2.3			1.9
Accumulated other comprehensive loss	97.9			113.1			9.2			7.3
Net amount related to pension plans	$	121.3		$	132.2		$	3.0		$	2.6

Accumulated other comprehensive loss related to pension benefit plans is as follows:

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Unrecognized net actuarial losses	$	156.5		$	180.9		$	10.6		$	8.3
Unrecognized net prior service costs	3.2			3.6			0.7			0.6
Unrecognized net transition costs	—			—			0.2			0.3
Tax benefit	(61.8		)	(71.4		)	(2.3		)	(1.9		)
Accumulated other comprehensive loss, end of year	$	97.9		$	113.1		$	9.2		$	7.3

Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2018 are as follows:

			Non-U.S.
(in millions)	U.S. Pension Plans		Pension Plans
Net actuarial losses	$	16.2	$	0.4
Net prior service costs	0.9		0.1
Total	$	17.1	$	0.5

The accumulated benefit obligation for all defined benefit pension plans was $751.3 million and $744.7 million at December 31, 2017 and 2016, respectively.

Presented below are the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets and pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2017 and 2016.

	Projected Benefit Obligation Exceeds the Fair Value of Plan’s Assets								Accumulated Benefit Obligation Exceeds the Fair Value of Plan’s Assets
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2017		2016		2017		2016		2017		2016		2017		2016
Projected benefit obligation	$	685.7	$	693.7	$	65.6	$	56.8	$	685.7	$	693.7	$	8.7	$	7.9
Accumulated benefit obligation	685.7		693.7		59.1		51.0		685.7		693.7		6.9		6.3
Fair value of plan assets	647.3		641.4		57.1		50.2		647.3		641.4		4.1		3.6

The Company’s general funding policy is to make contributions as required by applicable regulations and when beneficial to the Company for tax purposes.  The employer contributions for the years ended December 31, 2017 and 2016, were $4.0 million and $20.7 million, respectively.  Total expected cash contributions for 2018 are $2.0 million which are expected to satisfy plan and regulatory funding requirements.

For the years ended December 31, 2017 and 2016, the U.S. pension plans represented approximately 92 percent and 93 percent, respectively, of the Company’s total plan assets and approximately 91 percent and 92 percent, respectively, of the Company’s total projected benefit obligation.  Considering the significance of the U.S. pension plans in comparison with the Company’s total pension plans, the critical pension assumptions related to the U.S. pension plans and the non-U.S. pension plans are separately presented and discussed below.

The Company’s actuarial valuation date is December 31.  The weighted-average discount rates and rates of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation for the years ended December 31 are as follows:

	U.S. Pension Plans				Non-U.S. Pension Plans
	2017		2016		2017		2016
Weighted-average discount rate	3.75	%	4.25	%	2.80	%	3.05	%
Rate of increase in future compensation levels	—		—		3.48	%	3.48	%

The weighted-average discount rates, expected returns on plan assets, and rates of increase in future compensation levels used to determine the net benefit cost for the years ended December 31 are as follows:

	U.S. Pension Plans						Non-U.S. Pension Plans
	2017		2016		2015		2017		2016		2015
Weighted-average discount rate	4.21	%	4.25	%	4.00	%	3.05	%	3.96	%	3.67	%
Expected return on plan assets	7.25	%	7.50	%	7.50	%	5.30	%	6.08	%	6.00	%
Rate of increase in future compensation levels	—		—		—		3.48	%	3.71	%	3.66	%

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

(in millions)	U.S. Pension Plans		Non-U.S. Pension Plans
2018	$	37.8	$	1.7
2019	38.3		1.9
2020	38.9		2.0
2021	43.1		2.4
2022	40.6		2.2
Years 2023-2027	203.2		13.8

The Company's ERISA Benefit Plan Committee is responsible for overseeing the investments of the pension plans.  The overall investment strategy is to achieve a long-term rate of return that maintains an adequate funded ratio and minimizes the need for future contributions through diversification of asset types, investment strategies, and investment managers.  A target asset allocation policy is used to balance investments in equity securities with investments in fixed income securities.  Beginning in 2013, the Company adopted a liability responsive asset allocation policy that becomes more conservative as the funded status of the plans improve. The majority of pension plan assets relate to U.S. plans and the target allocation is currently to invest approximately 65 percent in long-term corporate fixed income securities and approximately 35 percent in return seeking funds. The return seeking funds primarily include investments in diversified portfolios of large cap and small cap companies.  Fixed income securities include diversified investments across a broad spectrum of primarily investment-grade debt securities. To develop the expected long-term rate of return on assets assumption, the Company considered historical returns and future expectations.  Using the Company’s 2018 target asset allocation based on a liability responsive asset allocation, the Company’s outside actuaries have used their independent economic model to calculate a range of expected long-term rates of return and, based on their results, the Company has determined these assumptions to be reasonable.

The pension plan assets measured at fair value at December 31, 2017 and 2016 follow:

	2017
	U.S. Pension Plans						Non-U.S. Pension Plans
	Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in millions)	(Level 1)		(Level 2)		(Level 3)		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	6.5	$	2.0	$	—	$	—	$	—	$	—
Corporate debt securities	—		257.9		—		—		—		—
U.S. government debt securities	4.0		—		—		—		—		—
State and municipal debt securities	—		16.9		—		—		—		—
Registered investment company funds	—		—		—		50.8		—		—
Common trust funds	—		360.0		—		—		4.8		—
General insurance account	—		—		—		—		—		1.5
Balance at December 31, 2017	$	10.5	$	636.8	$	—	$	50.8	$	4.8	$	1.5

	2016
	U.S. Pension Plans						Non-U.S. Pension Plans
	Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in millions)	(Level 1)		(Level 2)		(Level 3)		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	9.0	$	2.2	$	—	$	—	$	—	$	—
Corporate debt securities	—		248.5		—		—		—		—
U.S. government debt securities	5.4		—		—		—		—		—
State and municipal debt securities	—		18.4		—		—		—		—
Corporate common stock	—		—		—		—		—		—
Registered investment company funds	—		—		—		44.7		—		—
Common trust funds	—		357.9		—		—		4.3		—
General insurance account	—		—		—		—		—		1.2
Balance at December 31, 2016	$	14.4	$	627.0	$	—	$	44.7	$	4.3	$	1.2

Cash and cash equivalents.  This category consists of direct cash holdings and institutional short-term investment vehicles. Direct cash holdings are valued based on cost, which approximates fair value and are classified as Level 1. Institutional short-term investment vehicles are valued daily and are classified as Level 2.

Corporate, U.S. government, state, and municipal debt securities. These securities are valued using market inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data including market research publications. Inputs may be prioritized differently at certain times based on market conditions.

Corporate common stock. This category includes common and preferred stocks and index mutual funds that track U.S. and foreign indices. Fair values for the common and preferred stocks are based on quoted prices in active markets and were therefore classified within Level 1 of the fair value hierarchy. The mutual funds were valued at the unit prices established by the funds' sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy.

Registered investment company funds. This category includes mutual funds that are actively traded on public exchanges.  The funds are invested in equity and debt securities that are actively traded on public exchanges.

Common trust funds. Common trust funds consist of shares in commingled funds that are not publicly traded.  The funds are invested in equity and debt securities that are actively traded on public exchanges.

General insurance account. The general insurance account is primarily comprised of insurance contracts that guarantee a minimum return.

The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016 follows: 

(in millions)	General Insurance Account
Fair value of plan assets at December 31, 2015	$	5.3
Actual return on plan assets	0.2
Purchases, sales and settlements, net	(4.3		)
Fair value of plan assets at December 31, 2016	1.2
Actual return on plan assets	0.1
Foreign currency exchange rate changes	0.2
Fair value of plan assets at December 31, 2017	$	1.5

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Postretirement benefits

12 Months Ended

Dec. 31, 2017

Other Postretirement Benefit Plans, Defined Benefit [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Pension and Other Postretirement Benefits Disclosure [Text Block]

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS

The Company sponsors several defined postretirement benefit plans that provide healthcare benefits and, in some instances, provide life insurance benefits to certain employees.  Further health care benefit accruals for all persons entitled to benefits under these plans were frozen as of March 31, 2014. Effective February 1, 2016, participants under the age of 50 as of March 1, 2016, were no longer eligible for the postretirement health care plans. Postretirement health care plans are contributory, with retiree contributions adjusted annually.  Life insurance plans are noncontributory.

Net periodic postretirement benefit costs included the following components for the years ended December 31, 2017, 2016, and 2015: 

(in millions)	2017			2016			2015
Interest cost on accumulated postretirement benefit obligation	$	0.2		$	0.2		$	0.3
Amortization of prior service credit	(0.3		)	(0.3		)	—
Recognized actuarial net gain	(0.8		)	(0.7		)	(0.3		)
Net periodic postretirement benefit income	$	(0.9	)	$	(0.8	)	$	—

Changes in benefit obligation and plan assets, and a reconciliation of the funded status at December 31, 2017 and 2016, are as follows: 

(in millions)	2017			2016
Change in Benefit Obligation
Benefit obligation at the beginning of the year	$	4.2		$	5.7
Interest cost	0.2			0.2
Participant contributions	0.6			0.7
Plan amendments	—			(1.1		)
Actuarial gain	(1.8		)	(0.3		)
Benefits paid	(0.9		)	(1.0		)
Benefit obligation at the end of the year	$	2.3		$	4.2
Change in Plan Assets
Fair value of plan assets at the beginning of the year	$	—		$	—
Participant contributions	0.6			0.7
Employer contributions	0.3			0.3
Benefits paid	(0.9		)	(1.0		)
Fair value of plan assets at the end of the year	$	—		$	—
Unfunded status at year end:	$	(2.3	)	$	(4.2	)

(in millions)	2017			2016
Amount recognized in consolidated balance sheet consists of:
Accrued benefit liability, current	$	(0.3	)	$	(0.4	)
Accrued benefit liability, non-current	(2.0		)	(3.8		)
Sub-total	(2.3		)	(4.2		)
Deferred tax liability	(2.5		)	(2.2		)
Accumulated other comprehensive income	(3.7		)	(3.3		)
Net amount related to postretirement benefit plans	$	(8.5	)	$	(9.7	)

Accumulated other comprehensive income related to other postretirement benefit plans is as follows: 

(in millions)	2017			2016
Unrecognized net actuarial gains	$	(5.8	)	$	(4.7	)
Net prior service credits	(0.4		)	(0.7		)
Tax expense	2.5			2.1
Accumulated other comprehensive income, end of year	$	(3.7	)	$	(3.3	)

Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2018 are as follows: 

(in millions)
Net actuarial gains	$	1.1
Net prior service credits	0.3
Net amount to be reclassified to net period cost	$	1.4

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: 

(in millions)	Benefit Payments
2018	$	0.3
2019	0.3
2020	0.3
2021	0.2
2022	0.2
Years 2023 - 2027	0.9

The employer contributions for the years ended December 31, 2017 and 2016 were $0.3 million and $0.3 million, respectively.  The expected contribution for 2018 is $0.3 million which is expected to satisfy plan funding requirements.

The health care cost trend rate assumption affects the amounts reported.  For measurement purposes, the assumed annual rate of increase in the per capita cost of covered health care benefits was 6.50 percent for 2017 and 6.75 percent for 2016; each year's estimated rate was assumed to decrease 0.25 percent annually to 5.0 percent and remain at that level thereafter.  A one-percentage point change in assumed health care trends would have a nominal effect on both the total of service and interest cost components for 2017 and the post retirement benefit obligations at December 31, 2017.

The Company’s actuarial valuation date is December 31.  The weighted-average discount rate used to determine the actuarial present value of the net postretirement projected benefit obligation for each of the years ended December 31, 2017 and 2016 was 4.25 percent.  The weighted-average discount rates used to determine the net postretirement benefit cost was 4.25 percent, 4.25 percent, and 4.00 percent for the years ended December 31, 2017, 2016, and 2015, respectively.

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Multiemployer

12 Months Ended

Dec. 31, 2017

Multiemployer plans [Member]

Multiemployer Plans [Line Items]

Pension and Other Postretirement Benefits Disclosure [Text Block]

MULTIEMPLOYER DEFINED BENEFIT PENSION PLANS

As of December 31, 2016, the Company no longer contributes to any multiemployer defined benefit pension plans.

In 2016, the Company withdrew from the Warehouse Employees Local 169 & Employers Joint Pension Fund as part of the closure of a Bemis Healthcare Packaging plant in Philadelphia, PA (refer to Note 7 - Divestitures and Plant Closures). The withdrawal liability was settled and paid in January 2017. Company contributions to the plan were $0.0 million and $0.1 million in the years ended December 31, 2016 and 2015, respectively.

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Stock Incentive Plans

12 Months Ended

Dec. 31, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

STOCK INCENTIVE PLANS

In 2014, the Company adopted the 2014 Stock Incentive Plan, which replaced the 2007 Stock Incentive Plan. The 2014 Stock Incentive Plan provides for the issuance of up to 3,282,170 shares of common stock to certain employees and the Company's Board of Directors. The number of shares available under the 2014 Stock Incentive Plan represented the number of shares that were remaining available for issuance under the 2007 Stock Incentive Plan when the new plan was adopted as no further awards would be made under the prior plan. As of December 31, 2017, 1,916,131 shares were available for future grants under the 2014 Stock Incentive Plan.  Shares subject to awards that are forfeited by an employee under the 2014 Stock Incentive Plan or the 2007 Stock Incentive Plan become available for future grants under the 2014 Stock Incentive Plan. Distribution of stock awards is made in the form of shares of the Company’s common stock on a one for one basis.  Distribution of the shares will normally be made not less than three years, nor more than six years, from the date of the stock award grant to an employee.  Prior to 2016, stock awards for directors were fully vested upon grant.  Beginning in 2016, stock awards for directors generally vest one year from the date of the grant. All other stock awards granted under the plans are subject to restrictions as to continuous employment, except in the case of death, permanent disability, retirement or change in control. 

Total compensation expense related to stock incentive plans was $17.4 million in 2017, $18.1 million in 2016, and $18.4 million in 2015. As of December 31, 2017, the unrecorded compensation cost for stock awards was $19.2 million and will be recognized over the remaining vesting period for each grant which ranges between 2018 and 2020.  The remaining weighted-average life of all stock awards outstanding as of December 31, 2017 was 1.02 years.  These awards are considered equity-based awards and are therefore classified as a component of additional paid-in capital.

Cash payments equal to dividends accrued on awards during the vesting period are distributed at the same time as the shares of common stock to which they relate.

Time-Based Stock Awards

The cost of time-based stock awards is based on the fair market value of the Company's common stock on the date of grant and is charged to income on a straight-line basis over the requisite service period. The per share fair value of time-based stock awards granted during the years ended December 31, 2017, 2016 and 2015 was $48.10, $45.56, and $45.18, respectively.

Performance-Based Stock Awards

Certain officers and key employees are also eligible to receive performance-based stock awards. Grantees of performance-based awards will be eligible to receive shares of the Company's common stock depending upon the Company's total shareholder return, assuming reinvestment of all dividends, relative to the performance of the Company's comparator group over a three-year period. The per share fair value of performance-based awards granted during the years ended December 31, 2017, 2016 and 2015 was $53.43, $48.48, and $53.14, respectively, which the Company determined using a Monte Carlo simulation and the following assumptions:

	2017		2016		2015
Average risk-free interest rate	1.50	%	1.31	%	1.07	%
Expected volatility (Bemis Company, Inc.)	17.7	%	16.3	%	15.1	%

The average risk-free interest rate is based on the three-year U.S. treasury security rate in effect as of the grant date. The expected volatilities were determined using daily historical volatility for the most recent three-year period as of the grant date. In 2018, there was a 62.5 percent payout of 2015 awards, and the balance was forfeited. In 2017, there was a 94.7 percent payout of 2014 awards, and the balance was forfeited. In 2016, there was a 93.7 percent payout of 2013 awards, and the balance was forfeited. In 2015, there was a 59.5 percent payout of 2012 awards, and the balance was forfeited.

The following table summarizes stock awards unit activity for the year ended December 31, 2017:

	Time-Based				Performance-Based
	Weighted-average grant date share value		Stock Awards (in thousands)		Weighted-average grant date share value		Stock Awards (in thousands)
Outstanding units granted at the beginning of the year	$	42.05	746		$	49.43	438
Units granted	48.10		214		53.43		241
Units paid (in shares)	39.72		(329	)	46.33		(105	)
Units forfeited / canceled	45.61		(65	)	50.28		(49	)
Outstanding units granted at the end of the year	45.84		566		51.35		525

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Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

LONG-TERM DEBT

Debt consisted of the following at December 31,

(dollars in millions)	2017			2016
Commercial paper	$	238.2		$	221.3
6.8% notes payable in 2019	400.0			400.0
4.5% notes payable in 2021	400.0			400.0
Term loan payable in 2022	200.0			200.0
3.1% notes payable in 2026	300.0			300.0
Other debt, including debt of subsidiaries	15.8			14.7
Interest rate swap of 2021 notes (See Note 9)	(0.6		)	1.3
Unamortized discounts and debt issuance costs	(6.0		)	(7.5		)
Total debt	1,547.4			1,529.8
Less current portion	5.0			2.0
Total long-term debt	$	1,542.4		$	1,527.8

Commercial paper has been classified as long-term debt to the extent of available long-term backup credit agreements, in accordance with the Company’s intent and ability to refinance such obligations on a long-term basis.  The weighted-average interest rate of commercial paper outstanding at December 31, 2017, was 1.9 percent.  The highest amount of commercial paper outstanding during 2017 was $321.3 million, and the average outstanding during 2017 was $254.4 million.  The weighted-average interest rate during 2017 was 1.3 percent.

As of December 31, 2017, the Company had available from its banks a $1.1 billion revolving credit facility.  On July 22, 2016, the Company amended the revolving credit facility extending the terms of the agreement from August 12, 2018 to July 22, 2021.  The revolving credit facility is supported by a group of major U.S. and international banks.  Covenants imposed by the revolving credit facility include limits on the sale of businesses, minimum net worth calculations, and a maximum ratio of debt to total capitalization.  The revolving credit agreement includes a combined $100 million multicurrency limit to support the financing needs of the Company’s international subsidiaries.

The $200 million term loan has an eight-year term and a variable interest rate based on the one-month London Interbank Offered Rate (LIBOR) plus a fixed spread. On September 15, 2016, the Company issued $300 million aggregate principal amount of senior notes due in 2026 with a fixed interest rate of 3.1 percent.

The scheduled maturities of the Company's long-term debt obligations for the next five years as of December 31, 2017, are as follows:

Year	Dollars (in millions)
2018	$	239.3
2019	402.7
2020	1.7
2021	401.7
2022	201.7

Commercial paper has been classified as long-term liabilities in accordance with the Company's ability and intent to refinance such obligations on a long-term basis. The Company is in compliance with all debt covenants.

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Leases

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

LEASES

The Company has leases for manufacturing plants, land, warehouses, machinery and equipment, and administrative offices that generally expire at various times over the next 15 years.  Under most leasing arrangements, the Company pays the property taxes, insurance, maintenance, and other expenses related to the leased property.  Total rental expense under operating leases was approximately $12.8 million in 2017, $12.4 million in 2016, and $13.9 million in 2015.

Minimum future obligations on leases in effect at December 31, 2017 were: 

	Operating
(in millions)	Leases
2018	$	10.9
2019	7.4
2020	5.5
2021	5.1
2022	3.9
Thereafter	28.0
Total minimum obligations	$	60.8

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Income tax

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXES

(in millions)	2017			2016			2015
U.S. income before income taxes	$	210.9		$	283.6		$	260.1
Non-U.S. income (loss) before income taxes	(158.2		)	67.3			103.8
Income from continuing operations before income taxes	$	52.7		$	350.9		$	363.9
Income tax expense consists of the following components:
Current tax expense:
U.S. federal	$	68.1		$	63.2		$	71.8
Foreign	16.2			20.1			28.0
State and local	5.6			5.2			8.0
Total current tax expense	89.9			88.5			107.8
Deferred tax expense (benefit):
U.S. federal	(73.2		)	26.7			11.5
Foreign	(58.5		)	(3.9		)	2.1
State and local	0.5			3.4			0.6
Total deferred tax expense (benefit)	(131.2		)	26.2			14.2
Total income tax expense (benefit)	$	(41.3	)	$	114.7		$	122.0

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below. 

(in millions)	2017			2016
Deferred Tax Assets:
Trade receivables, principally due to allowances for returns and doubtful accounts	$	2.9		$	4.1
Inventories, principally due to additional costs inventoried for tax purposes	17.7			22.9
Employee compensation and benefits accrued for financial reporting purposes	36.5			60.6
Foreign net operating losses	24.5			25.7
Foreign tax credits	34.1			24.1
Other	16.1			12.8
Total deferred tax assets	131.8			150.2
Less valuation allowance	(48.5		)	(40.3		)
Total deferred tax assets, after valuation allowance	$	83.3		$	109.9
(in millions)	2017			2016
Deferred Tax Liabilities:
Plant and equipment, principally due to differences in depreciation and capitalized interest	$	86.4		$	130.9
Goodwill and intangible assets, principally due to differences in amortization	98.9			195.2
Total deferred tax liabilities	185.3			326.1
Deferred tax liabilities, net	$	102.0		$	216.2

The net deferred tax liabilities are reflected in the balance sheet as follows: 

(in millions)	2017		2016
Deferred charges and other assets	$	51.5	$	3.5
Deferred tax liabilities	153.5		219.7
Net deferred tax liabilities	$	102.0	$	216.2

The Company’s effective tax rate differs from the federal statutory rate due to the following items: 

	2017					2016					2015
(dollars in millions)	Amount			% of Income Before Tax		Amount			% of Income Before Tax		Amount			% of Income Before Tax
Computed “expected” tax expense on income before taxes at federal statutory rate	$	18.5		35.0	%	$	122.8		35.0	%	$	127.4		35.0	%
Increase (decrease) in taxes resulting from:
State and local income taxes net of federal income tax benefit	3.3			6.2		5.6			1.6		5.6			1.5
Foreign tax rate differential	(4.7		)	(8.9	)	(7.4		)	(2.1	)	(7.5		)	(2.1	)
Goodwill impairment	17.7			33.6		—			—		—			—
Tax law change	(67.2		)	(127.5	)	—			—		—			—
Manufacturing tax benefits	(6.0		)	(11.3	)	(5.8		)	(1.7	)	(6.7		)	(1.8	)
Share-based payments	(0.9		)	(1.7	)	—			—		—			—
Other	(2.0		)	(3.8	)	(0.5		)	(0.1	)	3.2			0.9
Actual income tax expense (benefit)	$	(41.3	)	(78.4	)%	$	114.7		32.7	%	$	122.0		33.5	%

The Company's overall tax expense is primarily driven by operations within the jurisdictions of the United States and Brazil.  The Company's foreign tax rate differential is largely the result of lower statutory rates in the jurisdictions of its other foreign operations.

The effective tax rate for the current year differs from the prior year due primarily to the impairment of the Latin America Packaging reporting unit’s goodwill and new tax legislation in the U.S.

In the fourth quarter, the Company recorded a full impairment of the Latin America Packaging reporting unit’s goodwill which included a $51.1 million deferred tax benefit related to tax deductible goodwill. The tax rate reconciliation schedule reflects the difference between the statutory rates in Latin America and the U.S. as well as the non-deductible portion of the impaired goodwill.

On December 22, 2017, the President of the United States signed comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“TCJA”). The TCJA makes broad and complex changes to the U.S. tax code which impact the Company’s year ended 2017 including, but not limited to (1) reducing the U.S. federal corporate tax rate, (2) requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that may be paid over eight years, and (3) accelerating expensing of certain capital expenditures. The TCJA reduces the federal corporate tax rate from 35 percent to 21 percent effective January 1, 2018.

On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for the TCJA. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the TCJA. The accounting is expected to be completed within the one year measurement period allowed under SAB 118.

The Company recorded a provisional discrete net tax benefit of $67.2 million related to the TCJA in the period ending December 31, 2017. This consists of a $77.8 million net benefit due to the remeasurement of the Company’s deferred tax accounts for the corporate rate reduction and a net expense for the transition tax of $10.6 million. The Company has not completed the accounting for the income tax effects of certain elements of the TCJA as discussed below.

Reduction in U.S. Corporate Rate: The TCJA reduces the statutory corporate tax rate to 21 percent for the Company’s tax years ending in 2018 and beyond. While the Company is able to make a reasonable estimate of the impact of the reduction in corporate rate, the Company continues to analyze the temporary differences that existed on the date of enactment.

Transition Tax: The transition tax is a 2017 tax on the previously untaxed accumulated and current earnings and profits ("E&P") of the Company’s foreign subsidiaries. To calculate the transition tax, the Company must determine post-1986 E&P of the subsidiaries, as well as non-U.S. income taxes paid on such earnings in addition to other factors. E&P is similar to retained earnings of the subsidiary, but requires other adjustments to conform to U.S. tax rules. The Company recorded an estimated transition tax obligation expected to be paid over eight years beginning in 2018. These amounts are presented in Accrued income and other taxes and Other liabilities and deferred credits. The Company is awaiting further interpretative guidance, assessing available tax methods and elections, and gathering additional information to more precisely compute the transition tax.

Global intangible low-taxed income ("GILTI"): The TCJA includes a provision designed to currently tax certain low taxed income starting in 2018. Due to the complexity of the new GILTI tax rules, the Company is evaluating the application of ASC 740, and is considering accounting policy alternatives to either record the U.S. income tax of GILTI inclusions in the period they arise or establish deferred taxes for future GILTI inclusions. In addition, the Company is awaiting further interpretive guidance for the computation of the GILTI tax. For these reasons, the Company has not made any adjustments relating to potential GILTI tax in the financial statements and has not made a policy decision regarding the accounting for GILTI.

The Company has $255.8 million of undistributed earnings of foreign subsidiaries which are considered to be indefinitely reinvested in the operations of those subsidiaries. As a result of the transition tax mentioned above, the Company estimates that minimal federal and state income tax would be due upon the actual remittance of the undistributed earnings. In addition, the Company also estimates minimal foreign withholding tax on any potential remittance. The Company will continue to evaluate the impact of the Tax Act and further interpretive guidance on the indefinite reinvestment assertion.

As of December 31, 2017, the Company had foreign net operating loss carryovers of approximately $88.5 million that are available to offset future taxable income.  Approximately $23.0 million of the carryover expires over the period 2018-2033.  The remaining balance has no expiration.  In addition, the Company had $34.1 million of foreign tax credit carryover that is available to offset future tax.  This carryover expires over the period 2018-2027. 

Current authoritative guidance issued by the FASB requires that a valuation allowance be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.  The Company has, and continues to generate, both net operating losses and deferred tax assets in certain jurisdictions for which a valuation allowance is required.  The Company’s management determined that a valuation allowance of $48.5 million and $40.3 million against deferred tax assets primarily associated with the foreign net operating loss carryover and the foreign tax credit carryover was necessary at December 31, 2017 and 2016, respectively.

The Company had total unrecognized tax benefits of $35.2 million and $32.9 million at December 31, 2017 and 2016, respectively. The approximate amount of unrecognized tax benefits that would impact the effective income tax rate if recognized in any future periods was $35.2 million and $32.9 million for the years ended December 31, 2017 and 2016, respectively.

A reconciliation of the beginning and ending amount of unrecognized tax benefits, in millions, is as follows: 

	2017			2016
Balance at beginning of year	$	32.9		$	30.7
Additions based on tax positions related to the current year	3.9			2.3
Additions for tax positions of prior years	4.1			7.0
Reductions for tax positions of prior years	(1.1		)	(4.5		)
Reductions due to a lapse of the statute of limitations	(4.5		)	(1.7		)
Settlements	(0.1		)	(0.9		)
Balance at end of year	$	35.2		$	32.9

The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized $1.1 million of net tax expense and $1.2 million and $1.5 million of net tax benefit related to interest and penalties during the years ended December 31, 2017, 2016, and 2015, respectively. The Company had approximately $14.5 million and $13.2 million accrued for interest and penalties, net of tax benefits, at December 31, 2017 and 2016, respectively.

As a result of acquisitions, the Company recorded $2.6 million of unrecognized tax benefits and $2.5 million of interest and penalties related to pre-acquisition tax positions in 2016 for which the Company is indemnified. Corresponding assets related to these indemnified provisions have also been recorded for these amounts. 

During the next 12 months it is reasonably possible that a reduction of gross unrecognized tax benefits will occur in an amount of up to $10.0 million, exclusive of currency movements, as a result of the resolution of positions taken on previously filed returns.

The Company and its subsidiaries are subject to U.S. federal and state income tax as well as income tax in multiple international jurisdictions.  The Company's U.S. federal income tax returns prior to 2014 are no longer subject to examination.  With few exceptions, the Company is no longer subject to examinations by tax authorities for years prior to 2012 in the significant jurisdictions in which it operates.

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components and activity of accumulated other comprehensive loss are as follows: 

(in millions)	Foreign Currency Translation			Pension And Other Postretirement Liability Adjustment			Accumulated Other Comprehensive Loss
December 31, 2014	$	(151.3	)	$	(140.4	)	$	(291.7	)
Other comprehensive income (loss) before reclassifications	(215.2		)	(15.9		)	(231.1		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			12.9			12.9
Net current period other comprehensive income (loss)	(215.2		)	(3.0		)	(218.2		)
December 31, 2015	(366.5		)	(143.4		)	(509.9		)
Other comprehensive income (loss) before reclassifications	35.8			13.8			49.6
Amounts reclassified from accumulated other comprehensive income (loss)	—			12.5			12.5
Net current period other comprehensive income (loss)	35.8			26.3			62.1
December 31, 2016	(330.7		)	(117.1		)	(447.8		)
Other comprehensive income (loss) before reclassifications	39.6			(1.3		)	38.3
Amounts reclassified from accumulated other comprehensive income (loss)	—			15.0			15.0
Net current period other comprehensive income (loss)	39.6			13.7			53.3
December 31, 2017	$	(291.1	)	$	(103.4	)	$	(394.5	)

The following table summarizes amounts reclassified from accumulated other comprehensive income (loss):

	Twelve Months Ended December 31,
(in millions)	2017			2016
Pension and postretirement costs (See Notes 11 and 12)	$	24.2		$	20.5
Tax benefit	(9.2		)	(8.0		)
Pension and postretirement costs, net of tax	$	15.0		$	12.5

Accumulated other comprehensive income (loss) associated with pension and other postretirement liability adjustments are net of tax effects of $61.6 million and $71.2 million as of December 31, 2017 and 2016, respectively.

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Earnings Per Share Computations

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share Computations

EARNINGS PER SHARE COMPUTATIONS

A reconciliation of basic and diluted earnings per share is below: 

(in millions, except per share amounts)	2017		2016		2015
Numerator
Net income	$	94.0	$	236.2	$	239.3
Denominator
Weighted-average common shares outstanding — basic	91.5		94.3		96.7
Dilutive shares	0.4		0.8		1.2
Weighted-average common and common equivalent shares outstanding — diluted	91.9		95.1		97.9
Per common share income
Basic	$	1.03	$	2.51	$	2.47
Diluted	$	1.02	$	2.48	$	2.44

Certain stock awards outstanding were not included in the computation of diluted earnings per share above because they would not have had a dilutive effect.  The excluded stock awards represented an aggregate of 0.4 million shares December 31, 2017. There were no anti-dilutive stock awards outstanding December 31, 2016 and 2015.

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Legal Proceedings

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

COMMITMENTS AND CONTINGENCIES

The Company is involved in a number of lawsuits incidental to its business, including environmental-related litigation and routine litigation arising in the ordinary course of business.  Although it is difficult to predict the ultimate outcome of these cases, the Company believes, except as discussed below, that any ultimate liability would not have a material adverse effect on the Company’s consolidated financial condition or results of operations.

Environmental Matters

The Company is a potentially responsible party ("PRP") pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (commonly known as “Superfund”) and similar state and foreign laws in proceedings associated with 17 sites around the United States and one in Brazil.  These proceedings were instituted by the United States Environmental Protection Agency and certain state and foreign environmental agencies at various times beginning in 1983.  Superfund and similar state and foreign laws create liability for investigation and remediation in response to releases of hazardous substances in the environment. Under these statutes, joint and several liability may be imposed on waste generators, site owners and operators, and others regardless of fault.  Although these regulations could require the Company to remove or mitigate the effects on the environment at various sites, perform remediation work at such sites, or pay damages for loss of use and non-use values, the Company expects its liability in these proceedings to be limited to monetary damages. The Company expects its future liability relative to these sites to be insignificant, individually and in the aggregate. 

The Company is involved in other environmental-related litigation arising in the ordinary course of business. The Company accrues environmental costs when it is probable that these costs will be incurred and can be reasonably estimated. The Company's reserve for environmental liabilities at December 31, 2017 and 2016 was $0.9 million and $3.5 million, respectively, and is included in other liabilities and deferred credits on the accompanying consolidated balance sheet.

Brazil Tax Dispute - Goodwill Amortization

During October 2013, Dixie Toga, Ltda ("Dixie Toga"), a Bemis subsidiary, received an income tax assessment in Brazil for the tax years 2009 through 2011 that relates to the amortization of certain goodwill generated from the acquisition of Dixie Toga. The income tax assessed for those years is approximately $11.5 million, translated to U.S. dollars at the December 31, 2017 exchange rate. The Company expects that tax examinations for years after 2011 will include similar assessments as the Company continues to claim the tax benefits associated with the goodwill amortization. An ultimate adverse resolution on these assessments, including interest and penalties, could be material to the Company's consolidated results of operations and/or cash flows.

The Company has been advised by its legal and tax advisors that its position with respect to the deductions is allowable under the tax laws of Brazil. The Company is contesting the disallowance and believes it is more likely than not the tax benefit will be sustained in its entirety and consequently has not recorded a liability. In May of 2017, the Company received a favorable administrative decision. The government is appealing this decision to the next administrative level. The Company intends to litigate the matter if it is not resolved at the administrative appeals levels. The ultimate outcome could take several years.  At this time, the Company believes that final resolution of the assessment will not have a material impact on the Company's consolidated financial statements.

Brazil Investigation

On September 18, 2007, the Secretariat of Economic Law, a governmental agency in Brazil, which has now been replaced by the General Superintendence of the Administrative Council for Economic Defense (“CADE”), initiated an investigation into possible anti-competitive practices in the Brazilian flexible packaging industry against a number of Brazilian companies including a Itap Bemis, a Dixie Toga subsidiary. The investigation relates to periods prior to the Company's acquisition of control of Dixie Toga and its subsidiaries.

In late November 2016, the investigative arm of CADE issued an advisory opinion recommending, among other actions, the imposition of fines on Itap Bemis. In July 2017, the Attorney General's Office of CADE recommended the termination of the investigation with respect to all companies and individuals, concluding that the evidence is insufficient for conviction. The case is now awaiting the opinion of the Federal Public Prosecutor as to how to proceed as well as a final decision on the administrative investigation of CADE. If the final decision on the administrative investigation is favorable to us, the decision will be final. If the decision is not favorable to us, we intend to appeal through the federal court system, as described below.

In the event of an adverse decision, it is difficult to predict possible fines, but based on CADE's current fining practice, the fines assessed could be as high as $60 million, depending on CADE’s determination of the applicable revenue base for the calculation of the fine. The Company intends to vigorously defend its position and plans to appeal any adverse decision by the Tribunal. Upon appeal, the Company would likely be required to post bond, deposit funds equal to the assessed fines, or provide other collateral. The Company is unable at this time to predict the outcome of this matter, but believes it is not probable that an adverse judgment would stand after exhausting all appeals which are likely to take several years and therefore no provision has been made in the consolidated financial statements.

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Segments of Business

12 Months Ended

Dec. 31, 2017

Segment Reporting Information [Line Items]

Segments of Business

SEGMENTS OF BUSINESS

The Company realigned its segment reporting effective for the fourth quarter of 2017. The Company transitioned from two reportable segments to three reportable segments as follows: U.S. Packaging, Latin America Packaging, and Rest of World Packaging. The U.S. Packaging business segment is unchanged. The Company now reports Latin America Packaging and Rest of World Packaging business segments, which had previously been aggregated and named Global Packaging. Prior year comparatives have been revised to conform to the current reportable segment presentation.

Historically, the Company has supported the aggregation of one Global Packaging operating reportable segment. Due to recently diverging economic conditions and acquisitions, the Latin America Packaging and Rest of World Packaging segments no longer meet the criteria for aggregation. The Latin America Packaging segment includes all food and non-food packaging-related manufacturing operations located in Latin America. The Rest of World Packaging business segment includes all food and non-food packaging-related manufacturing operations located in Europe and Asia-Pacific as well as medical device and pharmaceutical packaging manufacturing operations in the U.S., Europe, and Asia.

The Company's business activities are organized around and aggregated into its three principal business segments, U.S. Packaging, Latin America Packaging and Rest of World Packaging, based on their similar economic characteristics, products, production process, types of customers, and distribution methods. Both internal and external reporting conforms to this organizational structure, with no significant differences in accounting policies applied. Intersegment sales (which are not significant) are generally priced to reflect nominal markups.

The Company evaluates the performance of its segments and allocates resources to them based primarily on operating profit, which is defined as profit before restructuring and other costs, general corporate expense, interest expense, other non-operating income, and income taxes.

Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately 10 percent of the Company's sales for all periods presented. The Company primarily sells to Kraft Heinz Company in the U.S. Packaging segment.

Products produced within the U.S., Latin America and Rest of World Packaging business segments service packaging applications for markets such as food, medical devices, pharma, personal care, agribusiness, chemicals, pet food, and consumer products.

A summary of the Company’s business activities reported by its three business segments follows:

Business Segments (in millions)	2017			2016			2015
Sales including intersegment sales:
U.S. Packaging	$	2,666.0		$	2,646.8		$	2,772.8
Latin America Packaging	715.2			707.0			696.9
Rest of World Packaging	721.4			696.4			648.7
Intersegment sales:
U.S. Packaging	(40.0		)	(25.7		)	(25.3		)
Latin America Packaging	(3.8		)	(3.9		)	(3.8		)
Rest of World Packaging	(12.6		)	(16.2		)	(17.9		)
Total net sales	$	4,046.2		$	4,004.4		$	4,071.4
Segment operating profit
U.S. Packaging	$	352.5		$	400.0		$	391.8
Latin America Packaging	30.0			50.0			60.9
Rest of World Packaging	61.1			64.0			55.6
Restructuring and other costs	70.5			28.6			12.1
Goodwill impairment charge	196.6			—			—
General corporate expenses	60.8			76.1			86.6
Operating income	115.7			409.3			409.6
Interest expense	65.8			60.2			51.7
Other non-operating income	(2.8		)	(1.8		)	(6.0		)
Income from continuing operations before income taxes	$	52.7		$	350.9		$	363.9

Business Segments (in millions)	2017		2016		2015
Total assets (1):
U.S. Packaging	$	2,072.0	$	2,007.7	$	1,982.5
Latin America Packaging	648.1		779.2		690.4
Rest of World Packaging	784.5		706.1		601.1
Corporate assets (2)	195.3		222.7		215.8
Total	$	3,699.9	$	3,715.7	$	3,489.8
Restructuring and other costs (3):
U.S. Packaging	$	13.3	$	—	$	—
Latin America Packaging	28.8		18.9		1.6
Rest of World Packaging	2.7		7.7		7.8
Corporate	25.7		2.0		2.7
Total	$	70.5	$	28.6	$	12.1
Depreciation and amortization:
U.S. Packaging	$	97.9	$	93.7	$	97.8
Latin America Packaging	26.7		26.2		22.2
Rest of World Packaging	30.2		27.9		25.5
Corporate	15.0		14.3		12.6
Total	$	169.8	$	162.1	$	158.1
Additions to property and equipment:
U.S. Packaging	$	101.9	$	131.2	$	127.5
Latin America Packaging	45.2		32.9		23.8
Rest of World Packaging	35.0		36.8		55.6
Corporate	6.4		7.4		12.5
Total	$	188.5	$	208.3	$	219.4

Operations by geographic area (in millions)	2017		2016		2015
Net sales (4):
United States	$	2,826.0	$	2,820.3	$	2,937.8
Brazil	482.1		483.5		442.5
Other Americas	250.6		244.6		273.5
Europe	290.0		263.5		233.9
Asia-Pacific	197.5		192.5		183.7
Total	$	4,046.2	$	4,004.4	$	4,071.4
Long-lived assets (5):
United States	$	957.4	$	949.2	$	897.4
Brazil	223.6		212.9		173.1
Other Americas	51.9		44.1		53.1
Europe	93.3		75.1		68.6
Asia-Pacific	90.1		81.3		75.6
Total	$	1,416.3	$	1,362.6	$	1,267.8

(1) Total assets by business segment include only those assets that are specifically identified with each segment’s operations.

(2) Corporate assets are principally cash and cash equivalents, prepaid expenses, prepaid income taxes, prepaid pension benefit costs, and corporate tangible and intangible property. The Company utilizes a global cash pooling arrangement. The Company treats all cash and cash equivalents, including the net cash position in the cash pooling arrangement, as Corporate assets.

(3) These amounts are excluded from segment operating profit and general corporate expenses.

(4) Net sales are attributed to geographic areas based on location of the Company’s manufacturing or selling operation.

(5) Long-lived assets include net property and equipment, long-term receivables, deferred charges, and investment in affiliates.

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Quarterly Financial Information

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

QUARTERLY FINANCIAL INFORMATION — UNAUDITED

	Quarter Ended
(in millions, except per share amounts)	March 31		June 30		September 30		December 31			Total
2017
Net sales	$	995.4	$	1,012.1	$	1,035.1	$	1,003.6		$	4,046.2
Gross profit	197.9		185.9		207.7		193.7			785.2
Net income	51.1		28.0		55.6		(40.7		)	94.0
Basic earnings per share:
Net income	0.55		0.31		0.61		(0.44		)	1.03
Diluted earnings per share:
Net income	0.55		0.30		0.61		(0.44		)	1.02
2016
Net sales	$	967.9	$	1,021.3	$	1,027.2	$	988.0		$	4,004.4
Gross profit	208.8		217.0		224.8		215.6			866.2
Net income	56.2		50.9		68.6		60.5			236.2
Basic earnings per share:
Net income	0.59		0.54		0.73		0.65			2.51
Diluted earnings per share:
Net income	0.59		0.53		0.72		0.64			2.48

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Schedule II (Notes)

12 Months Ended

Dec. 31, 2017

Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

(in millions)

	Balance at		Additions							Foreign						Balance
Year Ended	Beginning		Charged to							Currency						at Close
December 31,	of Year		Profit & Loss				Write-offs			Impact			Other			of Year
RESERVES FOR DOUBTFUL ACCOUNTS, SALES RETURNS, DISCOUNTS, AND ALLOWANCES
2017	$	18.2	$	30.5			$	(31.2	)	$	0.2		$	—		$	17.7
2016	18.0		27.5				(28.1		)	0.1			0.7		(2)	18.2
2015	21.0		27.5				(28.3		)	(2.2		)	—			18.0
VALUATION ALLOWANCE FOR DEFERRED TAX ASSETS
2017	$	40.3	$	6.6		(1)	$	—		$	1.6		$	—		$	48.5
2016	42.0		(1.1		)	(1)	—			(0.6		)	—			40.3
2015	47.9		(3.8		)	(1)	—			(2.1		)	—			42.0

(1) Represents charge to profit and loss, net of valuation allowance reversals, if any.

(2) Reserve accruals related to acquisition of the SteriPack operations.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of consolidation:  The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries.  All intercompany transactions and accounts have been eliminated.  Joint ventures which are not majority controlled are accounted for by the equity method of accounting with earnings of $2.9 million, $2.2 million, and $1.9 million in 2017, 2016, and 2015, respectively, included in other operating income on the accompanying consolidated statement of income.  Investments in joint ventures of $8.9 million and $6.2 million as of December 31, 2017 and 2016, respectively, are included in deferred charges and other assets on the accompanying consolidated balance sheet.

Use of Estimates, Policy [Policy Text Block]

Estimates and assumptions required:  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts 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.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Translation of foreign currencies: The Company considers the local currency to be the functional currency for substantially all foreign subsidiaries.  Assets and liabilities are translated at the exchange rate as of the balance sheet date.  All revenue and expense accounts are translated at average exchange rates in effect during the year.  Translation gains or losses are recorded in the foreign currency translation component in accumulated other comprehensive loss in shareholders’ equity.  Foreign currency transaction losses of $0.6 million in 2017, gains of $0.4 million in 2016, and losses of $1.4 million in 2015, are included as a component of other operating income.  Foreign currency transaction losses of $0.7 million were recorded within non-operating income in 2016. There were no foreign currency transaction losses recorded within non-operating income in 2017 or 2015.

Revenue Recognition, Policy [Policy Text Block]

Revenue recognition: Sales and related costs of products sold are recognized when persuasive evidence of an arrangement exists, title and risk of ownership have been transferred to the customer, the sales price is fixed or determinable, and collectability is reasonably assured.  These conditions are typically fulfilled upon shipment of products.  All costs associated with revenue, including customer rebates and provisions for estimates of sales returns and allowances, are recognized as a deduction from revenue in the period in which the associated revenue is recorded. Customer rebates are accrued using sales data and rebate percentages specific to each customer agreement. Shipping and handling costs are classified as a component of cost of products sold while amounts billed to customers for shipping and handling are classified as a component of sales. The Company accrues for estimated warranty costs when specific issues are identified and the amounts are determinable and also considers the history of actual claims paid. Taxes assessed by governmental authorities on revenue producing transactions, including sales, value added, excise and use taxes, are recorded on a net basis (excluded from revenue).

Research and Development Expense, Policy [Policy Text Block]

Research and development:  Research and development expenditures are expensed as incurred.

Facility Consolidation and Other Costs [Policy Text Block]

Restructuring costs:  Restructuring costs are recognized when the liability is incurred.  The Company calculates severance obligations based on its standard customary practices.  Accordingly, the Company records provisions for severance when probable and estimable and the Company has committed to the restructuring plan.  In the absence of a standard customary practice or established local practice for locations outside the U.S., liabilities for severance are recognized when incurred.  If fixed assets are to be disposed of as a result of the Company’s restructuring efforts, the assets are written off when the Company commits to dispose of them and they are no longer in use.  Depreciation is accelerated on fixed assets for the period of time the asset continues to be used until the asset ceases to be used.  Other restructuring costs, including costs to relocate equipment, are generally recorded as the cost is incurred or the service is provided.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents: The Company considers all highly liquid temporary investments with a maturity of three months or less when purchased to be cash equivalents.  Cash equivalents include certificates of deposit that can be readily liquidated without penalty at the Company’s option.  Cash equivalents are carried at cost which approximates fair market value.

Trade and Other Accounts Receivable, Policy [Policy Text Block]

Trade receivables: Trade accounts receivable are stated at the amount the Company expects to collect, which is net of an allowance for sales returns and the estimated losses resulting from the inability of its customers to make required payments.  When determining the collectability of specific customer accounts, a number of factors are evaluated, including: customer creditworthiness, past transaction history with the customer, and changes in customer payment terms or practices.  In addition, overall historical collection experience, current economic industry trends, and a review of the current status of trade accounts receivable are considered when determining the required allowance for doubtful accounts.  Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to allowance for doubtful accounts.  Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to trade receivables.  Trade receivables are presented net of an allowance for doubtful accounts of $17.7 million and $18.2 million at December 31, 2017 and 2016, respectively.

The Company enters into supply chain financing programs from time to time to sell trade receivables without recourse to third-party financial institutions.  Sales of trade receivables are reflected as a reduction of trade receivables on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows. During the years ended December 31, 2017 and 2016, the Company sold without recourse trade receivables representing approximately 20 percent and 12 percent, respectively, of net sales, and the associated discount on sale of trade receivables was not significant. 

Inventory, Policy [Policy Text Block]

Inventory valuation:  Inventories are valued at the lower of cost, as determined by the first-in, first-out ("FIFO") method, or net realizable value.  Inventory values using the FIFO method of accounting approximate replacement cost.  Inventories are summarized at December 31, as follows:

(in millions)	2017		2016
Raw materials and supplies	$	198.3	$	172.2
Work in process and finished goods	421.9		377.2
Total inventories	$	620.2	$	549.4

Property, Plant and Equipment, Policy [Policy Text Block]

Property and equipment:  Property and equipment are stated at cost.  Maintenance and repairs that do not improve efficiency or extend economic life are expensed as incurred.  Plant and equipment are depreciated for financial reporting purposes principally using the straight-line method over the estimated useful lives of assets as follows:  land improvements, 15-30 years; buildings, 15-45 years; leasehold and building improvements, the lesser of the lease term or 8-20 years; and machinery and equipment, 3-17 years.  For tax purposes, the Company generally uses accelerated methods of depreciation.  The tax effect of the difference between book and tax depreciation has been provided as deferred income taxes.  Depreciation expense was $152.8 million, $146.1 million, and $144.2 million for 2017, 2016, and 2015, respectively.  On sale or retirement, the asset cost and related accumulated depreciation are removed from the accounts and any related gain or loss is reflected in other operating income. 

The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. The Company reviewed the long-lived assets of its Latin America Packaging reporting unit in the fourth quarter and concluded they were not impaired.

The Company capitalizes direct costs (internal and external) of materials and services used in the development and purchase of internal-use software.  Amounts capitalized are amortized on a straight-line basis over a period of three to twelve years and are reported as a component of machinery and equipment within property and equipment.

The Company is in the process of developing and implementing a new Enterprise Resource Planning ("ERP") system.  Certain costs incurred during the application development stage have been capitalized in accordance with authoritative accounting guidance related to accounting for costs of computer software developed or obtained for internal use.  The net book value of capitalized costs for this new ERP system were approximately $55.0 million and $60.8 million as of December 31, 2017 and 2016, respectively. These costs are being amortized over the system’s estimated useful life as the ERP system is placed in service. 

Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block]

Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but instead tested annually or whenever events and circumstances indicate an impairment may have occurred. Among the factors that could trigger an impairment review are a reporting unit’s operating results significantly declining relative to its operating plan or historical performance, and competitive pressures and changes in the general markets in which it operates.

The Company’s reporting units each have contained goodwill that is assessed for potential impairment. All goodwill is assigned to reporting units, which is defined as the operating segment, or one level below the operating segment. The Company has three reporting units, or operating segments, which align with the Company's new reportable segment structure.

Based on accounting guidance applicable prior to the fourth quarter of 2017, if the carrying value of a reporting unit exceeded its fair value, the Company completed a second step to determine the amount of the goodwill impairment loss, if any, to be recognized. In the second step, the Company estimated an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill (including any unrecognized intangible assets). The impairment loss was equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill. As a result of adopting Accounting Standards Update (“ASU”) 2017-04, Simplifying the Test for Goodwill Impairment, if the carrying value of a reporting unit exceeds its fair value, the Company recognizes an impairment loss equal to the difference between the carrying value and estimated fair value of the reporting unit, adjusted for any tax impact.

The Company completes an annual assessment of goodwill in the fourth quarter utilizing two valuation approaches, the income approach and the market multiple approach. Under the income approach, the Company estimates the fair value of the reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of revenue growth rates and EBITDA margins, taking into consideration business and market conditions for the countries and markets in which the reporting unit operates. The Company calculates the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size and geography. Under the market multiples approach, the Company estimates fair value based on market multiples of EBITDA derived from publicly traded companies in the Company’s peer group, adjusted to reflect differences in size and growth prospects.

During the second quarter of 2017, the Company initiated an interim impairment analysis of the Latin America Packaging reporting unit given the contraction in this reporting unit’s business late in the second quarter. This review did not result in any impairment of the reporting unit’s goodwill balance.

As a result of further deterioration in the forecasted sales and profits of the Latin America Packaging reporting unit from the second quarter outlook and forecasted slow economic recovery, the Company determined in the fourth quarter that the fair value of the reporting unit was less than its carrying value. In performing the analysis, the Company used discount rates and terminal growth rates of 11 percent and 3 percent, respectively, to calculate the present value of future cash flows. Accordingly, the Company recorded a noncash goodwill impairment charge of $196.6 million ($145.5 million after-tax) which is recorded in the goodwill impairment charge line of the consolidated income statement.

The annual impairment test indicated the goodwill balances for the U.S. Packaging reporting unit and Rest of World Packaging reporting units were not impaired for the years ended December 31, 2017, 2016 or 2015 and the Company does not have any accumulated impairment losses for these reporting units.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Intangible assets:  Contractual or separable intangible assets that have finite useful lives are amortized against income using the straight-line method over their estimated useful lives, with original periods ranging from one to thirty years. The straight-line method of amortization reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company tests finite-lived intangible assets for impairment whenever there is an impairment indicator. The Company completed a test of the Latin America Packaging reporting unit intangibles in the fourth quarter which concluded the assets were not impaired. Intangible assets are tested for impairment by comparing anticipated undiscounted future cash flows from operations to net book value.

Derivatives, Policy [Policy Text Block]

Financial instruments: The Company recognizes all derivative instruments on the balance sheet at fair value.  Derivatives not designated as hedging instruments are adjusted to fair value through income.  Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized.  Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings in the current period.

Note 9 contains expanded details relating to specific derivative instruments included on the Company’s balance sheet, such as forward foreign currency exchange contracts, currency swap contracts, and interest rate swap arrangements.

Deferred Credits and Other Liabilities [Policy Text Block]

Other liabilities and deferred credits: Other liabilities and deferred credits balances include non-current pension and other postretirement liability amounts of $47.6 million and $59.5 million at December 31, 2017 and 2016, respectively.

Stockholders' Equity, Policy [Policy Text Block]

Treasury stock:  Treasury stock purchases are stated at cost and presented as a separate reduction of shareholders’ equity.  During 2017, the Company purchased 2.2 million shares of common stock in the open market for $103.8 million. During 2016, the Company purchased 3.0 million shares of common stock in the open market for $143.9 million.  During 2015, the Company purchased 3.3 million shares of common stock in the open market for $150.1 million.  At December 31, 2017, approximately 18.2 million common shares can be repurchased, at management’s discretion, under authority granted by the Company’s Board of Directors.

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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories are summarized at December 31, as follows:

(in millions)	2017		2016
Raw materials and supplies	$	198.3	$	172.2
Work in process and finished goods	421.9		377.2
Total inventories	$	620.2	$	549.4

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Restructuring and Other Costs (Tables)

12 Months Ended

Dec. 31, 2017

Restructuring and Other Costs [Abstract]

restructuring and other costs [Table Text Block]

Restructuring and other costs as reported on the consolidated statement of income are summarized as follows:

	Twelve Months Ended December 31,
(in millions)	2017		2016		2015
Restructuring costs	$	47.4	$	22.5	$	7.8
Restructuring related costs	10.3		—		—
Pension settlement charge	10.1		—		—
Other charges	2.7		6.1		4.3
Total restructuring and other costs	$	70.5	$	28.6	$	12.1

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Facility Consolidation and Other Costs (Tables)

12 Months Ended

Dec. 31, 2017

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

An analysis of the 2017 Plan accruals follows:

(in millions)	Employee Costs			Fixed Asset Related			Other Costs			Total Restructuring Costs
Net expense accrued	$	26.8		$	9.7		$	2.6		$	39.1
Utilization (cash payments or otherwise settled)	(6.6		)	(9.7		)	—			(16.3		)
Translation adjustments and other	(1.0		)	—			(0.1		)	(1.1		)
Reserve balance at December 31, 2017	$	19.2		$	—		$	2.5		$	21.7

An analysis of the 2016 program accruals follows:

(in millions)	Employee Costs			Fixed Asset Related			Other Costs			Total Restructuring Costs
Reserve balance at December 31, 2016	$	9.4		$	—		$	2.3		$	11.7
Net expense accrued	0.1			0.4			10.5			$	11.0
Utilization (cash payments or otherwise settled)	(6.6		)	(0.4		)	(8.4		)	(15.4		)
Accrual adjustment	(2.0		)	(0.8		)	—			(2.8		)
Translation adjustments and other	0.2			0.8			—			1.0
Reserve balance at December 31, 2017	$	1.1		$	—		$	4.4		$	5.5

Schedule of Restructuring and Related Costs [Table Text Block]

An analysis of the 2016 program accruals follows:

(in millions)	Employee Costs			Fixed Asset Related			Other Costs			Total Restructuring Costs
Reserve balance at December 31, 2016	$	9.4		$	—		$	2.3		$	11.7
Net expense accrued	0.1			0.4			10.5			$	11.0
Utilization (cash payments or otherwise settled)	(6.6		)	(0.4		)	(8.4		)	(15.4		)
Accrual adjustment	(2.0		)	(0.8		)	—			(2.8		)
Translation adjustments and other	0.2			0.8			—			1.0
Reserve balance at December 31, 2017	$	1.1		$	—		$	4.4		$	5.5

An analysis of the 2017 Plan accruals follows:

(in millions)	Employee Costs			Fixed Asset Related			Other Costs			Total Restructuring Costs
Net expense accrued	$	26.8		$	9.7		$	2.6		$	39.1
Utilization (cash payments or otherwise settled)	(6.6		)	(9.7		)	—			(16.3		)
Translation adjustments and other	(1.0		)	—			(0.1		)	(1.1		)
Reserve balance at December 31, 2017	$	19.2		$	—		$	2.5		$	21.7

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Acquisition (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Acquisitions [Abstract]

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The fair value and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	0.5	5 years

The fair value and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	21.8	8 years
Order backlog	1.7		2 months
Total	$	23.5

The fair value and weighted average useful life that has been assigned to the acquired identifiable intangible asset of this acquisition is:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	4.5	10 years

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Discontinued operations (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The following table summarizes the results of the Pressure Sensitive Materials business, reclassified as discontinued operations for the twelve month period ended December 31, 2015:

	Twelve Months Ended
(in millions)	December 31, 2015
Loss from discontinued operations before income taxes	$	(3.7	)
(Benefit) provision for income taxes on discontinued operations	(1.1		)
Loss from discontinued operations, net of tax	$	(2.6	)

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Financial Assets and Financial Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Carrying values and estimated fair values of long-term debt, including current maturities

The carrying values and estimated fair values of long-term debt at December 31, 2017 and 2016 follow:

	December 31, 2017				December 31, 2016
	Carrying		Fair Value		Carrying		Fair Value
(in millions)	Value		(Level 2)		Value		(Level 2)
Total long-term debt	$	1,542.4	$	1,591.0	$	1,527.8	$	1,592.3

Fair values for derivatives

The fair value of the Company's derivatives follow: 

	Fair Value As of			Fair Value As of
	December 31, 2017			December 31, 2016
(in millions)	(Level 2)			(Level 2)
Interest rate swaps — net (liability) asset position	$	(0.6	)	$	1.3

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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair values for derivatives

The fair values, balance sheet presentation, and the hedge designation status of derivative instruments at December 31, 2017 and 2016 are presented in the table below: 

		Fair Value (Level 2) as of
(in millions)	Balance Sheet Location	December 31, 2017		December 31, 2016
Asset Derivatives
Interest rate swaps — designated as hedge	Deferred charges and other assets	$	—	$	1.3
Liability Derivatives
Interest rate swaps — designated as hedge	Other liabilities and deferred credits	0.6		—

Income statement impact of derivative instruments not designated as hedging instruments

The income statement impact of derivatives are presented in the table below:

		Amount of Gain (Loss) Recognized in Income on Derivatives
(in millions)	Income Statement Location	2017			2016			2015
Designated as hedges
Interest rate swaps	Interest expense	$	3.2		$	4.7		$	7.2
Not designated as hedges
Forward exchange contracts	Other operating income	(0.8		)	(0.8		)	0.7
Total		$	2.4		$	3.9		$	7.9

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Estimated future amortization expense for intangible assets follows:

(in millions)	Amortization
2018	$	17.1
2019	16.9
2020	16.1
2021	14.1
2022	12.4

Changes in the carrying amount of goodwill attributable to each reportable business segment

Changes in the carrying amount of goodwill attributable to each reportable business segment follow:

(in millions)	U.S. Packaging Segment		Latin America Packaging Segment			Rest of World Packaging Segment			Total
Reported balance at December 31, 2015	$	632.1	$	169.1		$	148.3		$	949.5
Acquisition and acquisition adjustments	—		(3.6		)	66.8			63.2
Currency translation	0.3		23.5			(7.7		)	16.1
Reported balance at December 31, 2016	632.4		189.0			207.4			1,028.8
Acquisition and acquisition adjustments	—		—			0.1			0.1
Impairment charge	—		(196.6		)	—			(196.6		)
Currency translation	0.7		7.6			12.1			20.4
Reported balance at December 31, 2017	$	633.1	$	—		$	219.6		$	852.7

Components of amortized intangible assets

The components of amortized intangible assets follow:

	December 31, 2017					December 31, 2016
(in millions)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Contract based	$	9.9	$	(1.6	)	$	8.9	$	(1.0	)
Technology based	79.7		(56.6		)	79.5		(52.0		)
Marketing related	14.1		(9.3		)	14.2		(8.9		)
Customer based	210.1		(104.0		)	203.9		(89.4		)
Reported balance	$	313.8	$	(171.5	)	$	306.5	$	(151.3	)

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Pension plans (Tables)

12 Months Ended

Dec. 31, 2017

Defined Benefit Plan Disclosure [Line Items]

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

Presented below are the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets and pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2017 and 2016.

	Projected Benefit Obligation Exceeds the Fair Value of Plan’s Assets								Accumulated Benefit Obligation Exceeds the Fair Value of Plan’s Assets
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2017		2016		2017		2016		2017		2016		2017		2016
Projected benefit obligation	$	685.7	$	693.7	$	65.6	$	56.8	$	685.7	$	693.7	$	8.7	$	7.9
Accumulated benefit obligation	685.7		693.7		59.1		51.0		685.7		693.7		6.9		6.3
Fair value of plan assets	647.3		641.4		57.1		50.2		647.3		641.4		4.1		3.6

Pension Plans, Defined Benefit [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs [Table Text Block]

Net periodic pension cost for defined benefit plans included the following components for the years ended December 31, 2017, 2016, and 2015: 

(in millions)	2017			2016			2015
Service cost - benefits earned during the year	$	7.4		$	7.6		$	7.8
Interest cost on projected benefit obligation	30.2			32.7			32.6
Expected return on plan assets	(48.3		)	(51.4		)	(50.7		)
Settlement loss	10.6			6.1			0.1
Curtailment (gain) loss	(0.3		)	—			—
Amortization of unrecognized transition obligation	—			—			0.1
Amortization of prior service cost	0.9			0.8			0.9
Recognized actuarial net loss	14.1			14.6			20.1
Net periodic pension cost	$	14.6		$	10.4		$	10.9

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

Changes in benefit obligations and plan assets, and a reconciliation of the funded status at December 31, 2017 and 2016, were as follows:

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Change in Benefit Obligation:
Benefit obligation at the beginning of the year	$	693.7		$	750.4		$	56.8		$	57.3
Service cost	3.8			6.2			1.7			1.4
Interest cost	28.4			30.7			1.8			2.0
Participant contributions	—			—			—			0.1
Plan amendments	0.3			0.1			—			0.6
Plan curtailments	—			—			(0.3		)	—
Benefits paid	(79.6		)	(79.4		)	(1.9		)	(6.2		)
Actuarial (gain) loss	39.1			(14.3		)	1.9			10.2
Foreign currency exchange rate changes	—			—			5.6			(8.6		)
Benefit obligation at the end of the year	$	685.7		$	693.7		$	65.6		$	56.8
Accumulated benefit obligation at the end of the year	$	685.7		$	693.7		$	59.1		$	51.0

Schedule of Changes in Fair Value of Plan Assets and Net Funded Status [Table Text Block]

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Change in Plan Assets:
Fair value of plan assets at the beginning of the year	$	641.4		$	641.3		$	50.2		$	54.2
Actual return on plan assets	82.5			60.4			3.0			8.7
Employer contributions	3.0			19.1			1.0			1.6
Participant contributions	—			—			—			0.1
Benefits paid	(79.6		)	(79.4		)	(1.9		)	(6.2		)
Foreign currency exchange rate changes	—			—			4.8			(8.2		)
Fair value of plan assets at the end of the year	$	647.3		$	641.4		$	57.1		$	50.2
Unfunded status at year end:	$	(38.4	)	$	(52.3	)	$	(8.5	)	$	(6.6	)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Amount recognized in consolidated balance sheet consists of:
Accrued benefit liability, current	$	(1.0	)	$	(3.0	)	$	(0.2	)	$	(0.2	)
Accrued benefit liability, non-current	(37.4		)	(49.3		)	(8.3		)	(6.4		)
Sub-total	(38.4		)	(52.3		)	(8.5		)	(6.6		)
Deferred tax asset	61.8			71.4			2.3			1.9
Accumulated other comprehensive loss	97.9			113.1			9.2			7.3
Net amount related to pension plans	$	121.3		$	132.2		$	3.0		$	2.6

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

Accumulated other comprehensive loss related to pension benefit plans is as follows:

	U.S. Pension Plans						Non-U.S. Pension Plans
(in millions)	2017			2016			2017			2016
Unrecognized net actuarial losses	$	156.5		$	180.9		$	10.6		$	8.3
Unrecognized net prior service costs	3.2			3.6			0.7			0.6
Unrecognized net transition costs	—			—			0.2			0.3
Tax benefit	(61.8		)	(71.4		)	(2.3		)	(1.9		)
Accumulated other comprehensive loss, end of year	$	97.9		$	113.1		$	9.2		$	7.3

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

Estimated amounts in accumulated other comprehensive income expected to be reclassified to net period cost during 2018 are as follows:

			Non-U.S.
(in millions)	U.S. Pension Plans		Pension Plans
Net actuarial losses	$	16.2	$	0.4
Net prior service costs	0.9		0.1
Total	$	17.1	$	0.5

Schedule of Assumptions Used [Table Text Block]

The weighted-average discount rates and rates of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation for the years ended December 31 are as follows:

	U.S. Pension Plans				Non-U.S. Pension Plans
	2017		2016		2017		2016
Weighted-average discount rate	3.75	%	4.25	%	2.80	%	3.05	%
Rate of increase in future compensation levels	—		—		3.48	%	3.48	%

The weighted-average discount rates, expected returns on plan assets, and rates of increase in future compensation levels used to determine the net benefit cost for the years ended December 31 are as follows:

	U.S. Pension Plans						Non-U.S. Pension Plans
	2017		2016		2015		2017		2016		2015
Weighted-average discount rate	4.21	%	4.25	%	4.00	%	3.05	%	3.96	%	3.67	%
Expected return on plan assets	7.25	%	7.50	%	7.50	%	5.30	%	6.08	%	6.00	%
Rate of increase in future compensation levels	—		—		—		3.48	%	3.71	%	3.66	%

Schedule of Allocation of Plan Assets [Table Text Block]

The pension plan assets measured at fair value at December 31, 2017 and 2016 follow:

	2017
	U.S. Pension Plans						Non-U.S. Pension Plans
	Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in millions)	(Level 1)		(Level 2)		(Level 3)		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	6.5	$	2.0	$	—	$	—	$	—	$	—
Corporate debt securities	—		257.9		—		—		—		—
U.S. government debt securities	4.0		—		—		—		—		—
State and municipal debt securities	—		16.9		—		—		—		—
Registered investment company funds	—		—		—		50.8		—		—
Common trust funds	—		360.0		—		—		4.8		—
General insurance account	—		—		—		—		—		1.5
Balance at December 31, 2017	$	10.5	$	636.8	$	—	$	50.8	$	4.8	$	1.5

	2016
	U.S. Pension Plans						Non-U.S. Pension Plans
	Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Quoted Price In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in millions)	(Level 1)		(Level 2)		(Level 3)		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	9.0	$	2.2	$	—	$	—	$	—	$	—
Corporate debt securities	—		248.5		—		—		—		—
U.S. government debt securities	5.4		—		—		—		—		—
State and municipal debt securities	—		18.4		—		—		—		—
Corporate common stock	—		—		—		—		—		—
Registered investment company funds	—		—		—		44.7		—		—
Common trust funds	—		357.9		—		—		4.3		—
General insurance account	—		—		—		—		—		1.2
Balance at December 31, 2016	$	14.4	$	627.0	$	—	$	44.7	$	4.3	$	1.2

Cash and cash equivalents.  This category consists of direct cash holdings and institutional short-term investment vehicles. Direct cash holdings are valued based on cost, which approximates fair value and are classified as Level 1. Institutional short-term investment vehicles are valued daily and are classified as Level 2.

Corporate, U.S. government, state, and municipal debt securities. These securities are valued using market inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data including market research publications. Inputs may be prioritized differently at certain times based on market conditions.

Corporate common stock. This category includes common and preferred stocks and index mutual funds that track U.S. and foreign indices. Fair values for the common and preferred stocks are based on quoted prices in active markets and were therefore classified within Level 1 of the fair value hierarchy. The mutual funds were valued at the unit prices established by the funds' sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy.

Registered investment company funds. This category includes mutual funds that are actively traded on public exchanges.  The funds are invested in equity and debt securities that are actively traded on public exchanges.

Common trust funds. Common trust funds consist of shares in commingled funds that are not publicly traded.  The funds are invested in equity and debt securities that are actively traded on public exchanges.

General insurance account. The general insurance account is primarily comprised of insurance contracts that guarantee a minimum return.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016 follows: 

(in millions)	General Insurance Account
Fair value of plan assets at December 31, 2015	$	5.3
Actual return on plan assets	0.2
Purchases, sales and settlements, net	(4.3		)
Fair value of plan assets at December 31, 2016	1.2
Actual return on plan assets	0.1
Foreign currency exchange rate changes	0.2
Fair value of plan assets at December 31, 2017	$	1.5

Schedule of Expected Benefit Payments [Table Text Block]

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

(in millions)	U.S. Pension Plans		Non-U.S. Pension Plans
2018	$	37.8	$	1.7
2019	38.3		1.9
2020	38.9		2.0
2021	43.1		2.4
2022	40.6		2.2
Years 2023-2027	203.2		13.8

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Postretirement benefits (Tables) - Other Postretirement Benefit Plans, Defined Benefit [Member]

12 Months Ended

Dec. 31, 2017

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Net Funded Status [Table Text Block]

Changes in benefit obligation and plan assets, and a reconciliation of the funded status at December 31, 2017 and 2016, are as follows: 

(in millions)	2017			2016
Change in Benefit Obligation
Benefit obligation at the beginning of the year	$	4.2		$	5.7
Interest cost	0.2			0.2
Participant contributions	0.6			0.7
Plan amendments	—			(1.1		)
Actuarial gain	(1.8		)	(0.3		)
Benefits paid	(0.9		)	(1.0		)
Benefit obligation at the end of the year	$	2.3		$	4.2
Change in Plan Assets
Fair value of plan assets at the beginning of the year	$	—		$	—
Participant contributions	0.6			0.7
Employer contributions	0.3			0.3
Benefits paid	(0.9		)	(1.0		)
Fair value of plan assets at the end of the year	$	—		$	—
Unfunded status at year end:	$	(2.3	)	$	(4.2	)

(in millions)	2017			2016
Amount recognized in consolidated balance sheet consists of:
Accrued benefit liability, current	$	(0.3	)	$	(0.4	)
Accrued benefit liability, non-current	(2.0		)	(3.8		)
Sub-total	(2.3		)	(4.2		)
Deferred tax liability	(2.5		)	(2.2		)
Accumulated other comprehensive income	(3.7		)	(3.3		)
Net amount related to postretirement benefit plans	$	(8.5	)	$	(9.7	)

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

Accumulated other comprehensive income related to other postretirement benefit plans is as follows: 

(in millions)	2017			2016
Unrecognized net actuarial gains	$	(5.8	)	$	(4.7	)
Net prior service credits	(0.4		)	(0.7		)
Tax expense	2.5			2.1
Accumulated other comprehensive income, end of year	$	(3.7	)	$	(3.3	)

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Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Fair Value Assumptions [Table Text Block]

The per share fair value of performance-based awards granted during the years ended December 31, 2017, 2016 and 2015 was $53.43, $48.48, and $53.14, respectively, which the Company determined using a Monte Carlo simulation and the following assumptions:

	2017		2016		2015
Average risk-free interest rate	1.50	%	1.31	%	1.07	%
Expected volatility (Bemis Company, Inc.)	17.7	%	16.3	%	15.1	%

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

The following table summarizes stock awards unit activity for the year ended December 31, 2017:

	Time-Based				Performance-Based
	Weighted-average grant date share value		Stock Awards (in thousands)		Weighted-average grant date share value		Stock Awards (in thousands)
Outstanding units granted at the beginning of the year	$	42.05	746		$	49.43	438
Units granted	48.10		214		53.43		241
Units paid (in shares)	39.72		(329	)	46.33		(105	)
Units forfeited / canceled	45.61		(65	)	50.28		(49	)
Outstanding units granted at the end of the year	45.84		566		51.35		525

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Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt [Table Text Block]

The scheduled maturities of the Company's long-term debt obligations for the next five years as of December 31, 2017, are as follows:

Year	Dollars (in millions)
2018	$	239.3
2019	402.7
2020	1.7
2021	401.7
2022	201.7

Schedule of Long-term Debt Instruments [Table Text Block]

Debt consisted of the following at December 31,

(dollars in millions)	2017			2016
Commercial paper	$	238.2		$	221.3
6.8% notes payable in 2019	400.0			400.0
4.5% notes payable in 2021	400.0			400.0
Term loan payable in 2022	200.0			200.0
3.1% notes payable in 2026	300.0			300.0
Other debt, including debt of subsidiaries	15.8			14.7
Interest rate swap of 2021 notes (See Note 9)	(0.6		)	1.3
Unamortized discounts and debt issuance costs	(6.0		)	(7.5		)
Total debt	1,547.4			1,529.8
Less current portion	5.0			2.0
Total long-term debt	$	1,542.4		$	1,527.8

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Leases (Tables)

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Minimum future obligations on leases in effect at December 31, 2017 were: 

	Operating
(in millions)	Leases
2018	$	10.9
2019	7.4
2020	5.5
2021	5.1
2022	3.9
Thereafter	28.0
Total minimum obligations	$	60.8

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Income tax (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

(in millions)	2017			2016			2015
U.S. income before income taxes	$	210.9		$	283.6		$	260.1
Non-U.S. income (loss) before income taxes	(158.2		)	67.3			103.8
Income from continuing operations before income taxes	$	52.7		$	350.9		$	363.9
Income tax expense consists of the following components:
Current tax expense:
U.S. federal	$	68.1		$	63.2		$	71.8
Foreign	16.2			20.1			28.0
State and local	5.6			5.2			8.0
Total current tax expense	89.9			88.5			107.8
Deferred tax expense (benefit):
U.S. federal	(73.2		)	26.7			11.5
Foreign	(58.5		)	(3.9		)	2.1
State and local	0.5			3.4			0.6
Total deferred tax expense (benefit)	(131.2		)	26.2			14.2
Total income tax expense (benefit)	$	(41.3	)	$	114.7		$	122.0

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below. 

(in millions)	2017			2016
Deferred Tax Assets:
Trade receivables, principally due to allowances for returns and doubtful accounts	$	2.9		$	4.1
Inventories, principally due to additional costs inventoried for tax purposes	17.7			22.9
Employee compensation and benefits accrued for financial reporting purposes	36.5			60.6
Foreign net operating losses	24.5			25.7
Foreign tax credits	34.1			24.1
Other	16.1			12.8
Total deferred tax assets	131.8			150.2
Less valuation allowance	(48.5		)	(40.3		)
Total deferred tax assets, after valuation allowance	$	83.3		$	109.9
(in millions)	2017			2016
Deferred Tax Liabilities:
Plant and equipment, principally due to differences in depreciation and capitalized interest	$	86.4		$	130.9
Goodwill and intangible assets, principally due to differences in amortization	98.9			195.2
Total deferred tax liabilities	185.3			326.1
Deferred tax liabilities, net	$	102.0		$	216.2

Schedule of Classification of Deferred Tax Assets and Liabilities [Table Text Block]

The net deferred tax liabilities are reflected in the balance sheet as follows: 

(in millions)	2017		2016
Deferred charges and other assets	$	51.5	$	3.5
Deferred tax liabilities	153.5		219.7
Net deferred tax liabilities	$	102.0	$	216.2

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The Company’s effective tax rate differs from the federal statutory rate due to the following items: 

	2017					2016					2015
(dollars in millions)	Amount			% of Income Before Tax		Amount			% of Income Before Tax		Amount			% of Income Before Tax
Computed “expected” tax expense on income before taxes at federal statutory rate	$	18.5		35.0	%	$	122.8		35.0	%	$	127.4		35.0	%
Increase (decrease) in taxes resulting from:
State and local income taxes net of federal income tax benefit	3.3			6.2		5.6			1.6		5.6			1.5
Foreign tax rate differential	(4.7		)	(8.9	)	(7.4		)	(2.1	)	(7.5		)	(2.1	)
Goodwill impairment	17.7			33.6		—			—		—			—
Tax law change	(67.2		)	(127.5	)	—			—		—			—
Manufacturing tax benefits	(6.0		)	(11.3	)	(5.8		)	(1.7	)	(6.7		)	(1.8	)
Share-based payments	(0.9		)	(1.7	)	—			—		—			—
Other	(2.0		)	(3.8	)	(0.5		)	(0.1	)	3.2			0.9
Actual income tax expense (benefit)	$	(41.3	)	(78.4	)%	$	114.7		32.7	%	$	122.0		33.5	%

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits, in millions, is as follows: 

	2017			2016
Balance at beginning of year	$	32.9		$	30.7
Additions based on tax positions related to the current year	3.9			2.3
Additions for tax positions of prior years	4.1			7.0
Reductions for tax positions of prior years	(1.1		)	(4.5		)
Reductions due to a lapse of the statute of limitations	(4.5		)	(1.7		)
Settlements	(0.1		)	(0.9		)
Balance at end of year	$	35.2		$	32.9

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Components of accumulated other comprehensive income (loss)

The components and activity of accumulated other comprehensive loss are as follows: 

(in millions)	Foreign Currency Translation			Pension And Other Postretirement Liability Adjustment			Accumulated Other Comprehensive Loss
December 31, 2014	$	(151.3	)	$	(140.4	)	$	(291.7	)
Other comprehensive income (loss) before reclassifications	(215.2		)	(15.9		)	(231.1		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			12.9			12.9
Net current period other comprehensive income (loss)	(215.2		)	(3.0		)	(218.2		)
December 31, 2015	(366.5		)	(143.4		)	(509.9		)
Other comprehensive income (loss) before reclassifications	35.8			13.8			49.6
Amounts reclassified from accumulated other comprehensive income (loss)	—			12.5			12.5
Net current period other comprehensive income (loss)	35.8			26.3			62.1
December 31, 2016	(330.7		)	(117.1		)	(447.8		)
Other comprehensive income (loss) before reclassifications	39.6			(1.3		)	38.3
Amounts reclassified from accumulated other comprehensive income (loss)	—			15.0			15.0
Net current period other comprehensive income (loss)	39.6			13.7			53.3
December 31, 2017	$	(291.1	)	$	(103.4	)	$	(394.5	)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The following table summarizes amounts reclassified from accumulated other comprehensive income (loss):

	Twelve Months Ended December 31,
(in millions)	2017			2016
Pension and postretirement costs (See Notes 11 and 12)	$	24.2		$	20.5
Tax benefit	(9.2		)	(8.0		)
Pension and postretirement costs, net of tax	$	15.0		$	12.5

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Earnings Per Share Computations (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Calculation of earnings per share

A reconciliation of basic and diluted earnings per share is below: 

(in millions, except per share amounts)	2017		2016		2015
Numerator
Net income	$	94.0	$	236.2	$	239.3
Denominator
Weighted-average common shares outstanding — basic	91.5		94.3		96.7
Dilutive shares	0.4		0.8		1.2
Weighted-average common and common equivalent shares outstanding — diluted	91.9		95.1		97.9
Per common share income
Basic	$	1.03	$	2.51	$	2.47
Diluted	$	1.02	$	2.48	$	2.44

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Segments of Business (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Summary of the entity's business activities reported by business segments

A summary of the Company’s business activities reported by its three business segments follows:

Business Segments (in millions)	2017			2016			2015
Sales including intersegment sales:
U.S. Packaging	$	2,666.0		$	2,646.8		$	2,772.8
Latin America Packaging	715.2			707.0			696.9
Rest of World Packaging	721.4			696.4			648.7
Intersegment sales:
U.S. Packaging	(40.0		)	(25.7		)	(25.3		)
Latin America Packaging	(3.8		)	(3.9		)	(3.8		)
Rest of World Packaging	(12.6		)	(16.2		)	(17.9		)
Total net sales	$	4,046.2		$	4,004.4		$	4,071.4
Segment operating profit
U.S. Packaging	$	352.5		$	400.0		$	391.8
Latin America Packaging	30.0			50.0			60.9
Rest of World Packaging	61.1			64.0			55.6
Restructuring and other costs	70.5			28.6			12.1
Goodwill impairment charge	196.6			—			—
General corporate expenses	60.8			76.1			86.6
Operating income	115.7			409.3			409.6
Interest expense	65.8			60.2			51.7
Other non-operating income	(2.8		)	(1.8		)	(6.0		)
Income from continuing operations before income taxes	$	52.7		$	350.9		$	363.9

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

Business Segments (in millions)	2017		2016		2015
Total assets (1):
U.S. Packaging	$	2,072.0	$	2,007.7	$	1,982.5
Latin America Packaging	648.1		779.2		690.4
Rest of World Packaging	784.5		706.1		601.1
Corporate assets (2)	195.3		222.7		215.8
Total	$	3,699.9	$	3,715.7	$	3,489.8
Restructuring and other costs (3):
U.S. Packaging	$	13.3	$	—	$	—
Latin America Packaging	28.8		18.9		1.6
Rest of World Packaging	2.7		7.7		7.8
Corporate	25.7		2.0		2.7
Total	$	70.5	$	28.6	$	12.1
Depreciation and amortization:
U.S. Packaging	$	97.9	$	93.7	$	97.8
Latin America Packaging	26.7		26.2		22.2
Rest of World Packaging	30.2		27.9		25.5
Corporate	15.0		14.3		12.6
Total	$	169.8	$	162.1	$	158.1
Additions to property and equipment:
U.S. Packaging	$	101.9	$	131.2	$	127.5
Latin America Packaging	45.2		32.9		23.8
Rest of World Packaging	35.0		36.8		55.6
Corporate	6.4		7.4		12.5
Total	$	188.5	$	208.3	$	219.4

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

Operations by geographic area (in millions)	2017		2016		2015
Net sales (4):
United States	$	2,826.0	$	2,820.3	$	2,937.8
Brazil	482.1		483.5		442.5
Other Americas	250.6		244.6		273.5
Europe	290.0		263.5		233.9
Asia-Pacific	197.5		192.5		183.7
Total	$	4,046.2	$	4,004.4	$	4,071.4
Long-lived assets (5):
United States	$	957.4	$	949.2	$	897.4
Brazil	223.6		212.9		173.1
Other Americas	51.9		44.1		53.1
Europe	93.3		75.1		68.6
Asia-Pacific	90.1		81.3		75.6
Total	$	1,416.3	$	1,362.6	$	1,267.8

(1) Total assets by business segment include only those assets that are specifically identified with each segment’s operations.

(2) Corporate assets are principally cash and cash equivalents, prepaid expenses, prepaid income taxes, prepaid pension benefit costs, and corporate tangible and intangible property. The Company utilizes a global cash pooling arrangement. The Company treats all cash and cash equivalents, including the net cash position in the cash pooling arrangement, as Corporate assets.

(3) These amounts are excluded from segment operating profit and general corporate expenses.

(4) Net sales are attributed to geographic areas based on location of the Company’s manufacturing or selling operation.

(5) Long-lived assets include net property and equipment, long-term receivables, deferred charges, and investment in affiliates.

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Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

	Quarter Ended
(in millions, except per share amounts)	March 31		June 30		September 30		December 31			Total
2017
Net sales	$	995.4	$	1,012.1	$	1,035.1	$	1,003.6		$	4,046.2
Gross profit	197.9		185.9		207.7		193.7			785.2
Net income	51.1		28.0		55.6		(40.7		)	94.0
Basic earnings per share:
Net income	0.55		0.31		0.61		(0.44		)	1.03
Diluted earnings per share:
Net income	0.55		0.30		0.61		(0.44		)	1.02
2016
Net sales	$	967.9	$	1,021.3	$	1,027.2	$	988.0		$	4,004.4
Gross profit	208.8		217.0		224.8		215.6			866.2
Net income	56.2		50.9		68.6		60.5			236.2
Basic earnings per share:
Net income	0.59		0.54		0.73		0.65			2.51
Diluted earnings per share:
Net income	0.59		0.53		0.72		0.64			2.48

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Business Description (Details)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reporting Segments Number	3
Entity Number of Employees	16,500
Manufacturing Facilities Number	57

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Business Description (Details 2)	12 Months Ended
	Dec. 31, 2017
Food Industry Market Products [Member]
Product Information [Line Items]
Percentage of total net sales	80.00%

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Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value Inputs, Discount Rate	11.00%
Fair Value Inputs, Long-term Revenue Growth Rate	3.00%
Goodwill and Intangible Asset Impairment	$ 196.6	$ 0.0	$ 0.0
Foreign currency transaction (gain) loss	0.6	(0.4)	1.4
Goodwill, Impairment Loss, Net of Tax	145.5
Earnings from joint ventures	2.9	2.2	1.9
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	8.9	6.2
Allowance for doubtful accounts	$ 17.7	$ 18.2
Receivables Sold Without Recourse	20.00%	12.00%
Inventory, Net [Abstract]
Raw materials and supplies	$ 198.3	$ 172.2
Work in process and finished goods	421.9	377.2
Total inventories	620.2	549.4
Depreciation expense	152.8	146.1	$ 144.2
Capitalized Computer Software, Net	55.0	60.8
Non-current pension and other post-retirement liability	$ 47.6	$ 59.5
Purchase of common stock, shares	2.2	3.0	3.3
Payments for Repurchase of Common Stock	$ 103.8	$ 143.9	$ 150.1
Remaining shares authorized to be repurchased	18.2
Other Nonoperating Income (Expense) [Member]
Foreign currency transaction (gain) loss		$ 0.7

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Significant Accounting Policies (Details 2)	12 Months Ended
	Dec. 31, 2017
Minimum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Minimum [Member] | Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Minimum [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Minimum [Member] | Leaseholds and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	8 years
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Minimum [Member] | Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	30 years
Maximum [Member] | Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Maximum [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	45 years
Maximum [Member] | Leaseholds and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	17 years
Maximum [Member] | Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	12 years

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New Accounting Guidance (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income from continuing operations, per diluted share		$ 0.59	$ 1.02	$ 2.48	$ 2.47
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Cash Flow	$ 0.9	$ 4.2
Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Diluted Earnings Per Share		$ 0.04
Pro Forma [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Diluted Earnings Per Share		$ 0.63

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Restructuring and Other Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 47.4	$ 22.5	$ 7.8
Other Restructuring Costs	10.3	0.0	0.0
Settlement loss (gain)	10.6	6.1	0.1
Other Costs	2.7	6.1	4.3
Restructuring and other costs	70.5	28.6	12.1
Pension Plans, Defined Benefit [Member]
Restructuring Cost and Reserve [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement, Net of Taxes	6.8
Settlement loss (gain)	$ 10.1	$ 0.0	$ 0.0

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Facility Consolidation and Other Costs (Details) $ in Millions	3 Months Ended			12 Months Ended		20 Months Ended
	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2017 USD ($)
Facility Consolidation and Other Costs
Net expense accrued				$ 11.0
2016 Restructuring Program [Member]
Facility Consolidation and Other Costs
Number of planned closure facilities under facility consolidation program				4
Restructuring and Related Cost Number of Facilities Closed				4
Net expense accrued				$ 8.2	$ 21.6	$ 29.8
Total estimated program costs	$ 31.4			31.4		31.4
Cash payments				15.4	8.3
Restructuring Reserve Settled				(15.4)
Restructuring Reserve, Accrual Adjustment				(2.8)
Restructuring Reserve, Translation and Other Adjustment				1.0
Restructuring Reserve	5.5			5.5	11.7	5.5
Expected Cash Payments for Plant Closure				7.0
Restructuring and Related Cost, Expected Cost Remaining	1.6			1.6		1.6
2016 Restructuring Program [Member] | Latin America [Member]
Facility Consolidation and Other Costs
Net expense accrued				8.0	20.5	28.5
Total estimated program costs	30.1			30.1		30.1
Restructuring and Related Cost, Expected Cost Remaining	1.6			1.6		1.6
2016 Restructuring Program [Member] | Rest of World [Member]
Facility Consolidation and Other Costs
Net expense accrued				0.2	1.1	1.3
Total estimated program costs	1.3			1.3		1.3
Restructuring and Related Cost, Expected Cost Remaining	0.0			0.0		0.0
2016 Restructuring Program [Member] | Employee Costs
Facility Consolidation and Other Costs
Net expense accrued				0.1
Total estimated program costs	13.0			13.0		13.0
Restructuring Reserve Settled				(6.6)
Restructuring Reserve, Accrual Adjustment				(2.0)
Restructuring Reserve, Translation and Other Adjustment				0.2
Restructuring Reserve	1.1			1.1	9.4	1.1
2016 Restructuring Program [Member] | Fixed Asset Related
Facility Consolidation and Other Costs
Net expense accrued				0.4
Total estimated program costs	2.0			2.0		2.0
Restructuring Reserve Settled				(0.4)
Restructuring Reserve, Accrual Adjustment				(0.8)
Restructuring Reserve, Translation and Other Adjustment				0.8
Restructuring Reserve	0.0			0.0	0.0	0.0
2016 Restructuring Program [Member] | Other Costs
Facility Consolidation and Other Costs
Net expense accrued				10.5
Total estimated program costs	16.0			16.0		16.0
Restructuring Reserve Settled				(8.4)
Restructuring Reserve, Accrual Adjustment				0.0
Restructuring Reserve, Translation and Other Adjustment				0.0
Restructuring Reserve	4.4			$ 4.4	$ 2.3	4.4
2017 Restructuring Program [Member]
Facility Consolidation and Other Costs
Number of planned closure facilities under facility consolidation program				4
Restructuring and Related Cost, Expected Number of Positions Eliminated				500
Net expense accrued	6.9	$ 11.9	$ 20.3	$ 39.1
Total estimated program costs	65.3			65.3		65.3
Cash payments				6.8
Restructuring Reserve Settled				(16.3)
Restructuring Reserve, Translation and Other Adjustment				(1.1)
Restructuring Reserve	21.7			21.7		21.7
Restructuring and Related Cost, Expected Cost Remaining	26.2			26.2		26.2
2017 Restructuring Program [Member] | USPackaging [Member]
Facility Consolidation and Other Costs
Net expense accrued	2.8	3.9	6.7	13.4
Total estimated program costs	32.3			32.3		32.3
Restructuring and Related Cost, Expected Cost Remaining	18.9			18.9		18.9
2017 Restructuring Program [Member] | Latin America [Member]
Facility Consolidation and Other Costs
Net expense accrued	2.9	6.1	11.7	20.7
Total estimated program costs	26.8			26.8		26.8
Restructuring and Related Cost, Expected Cost Remaining	6.1			6.1		6.1
2017 Restructuring Program [Member] | Rest of World [Member]
Facility Consolidation and Other Costs
Net expense accrued	0.5	0.4	0.6	1.5
Total estimated program costs	2.0			2.0		2.0
Restructuring and Related Cost, Expected Cost Remaining	0.5			0.5		0.5
2017 Restructuring Program [Member] | Corporate Segment [Member]
Facility Consolidation and Other Costs
Net expense accrued	0.7	$ 1.5	$ 1.3	3.5
Total estimated program costs	4.2			4.2		4.2
Restructuring and Related Cost, Expected Cost Remaining	0.7			0.7		0.7
2017 Restructuring Program [Member] | Employee Costs
Facility Consolidation and Other Costs
Net expense accrued				26.8
Restructuring Reserve Settled				(6.6)
Restructuring Reserve, Translation and Other Adjustment				(1.0)
Restructuring Reserve	19.2			19.2		19.2
2017 Restructuring Program [Member] | Fixed Asset Related
Facility Consolidation and Other Costs
Net expense accrued				9.7
Restructuring Reserve Settled				(9.7)
Restructuring Reserve, Translation and Other Adjustment				0.0
Restructuring Reserve	0.0			0.0		0.0
2017 Restructuring Program [Member] | Other Costs
Facility Consolidation and Other Costs
Net expense accrued				2.6
Restructuring Reserve Settled				0.0
Restructuring Reserve, Translation and Other Adjustment				(0.1)
Restructuring Reserve	2.5			2.5		2.5
2017 Restructuring Program [Member] | Maximum [Member]
Facility Consolidation and Other Costs
Total estimated program costs	70.0			70.0		70.0
2017 Restructuring Program [Member] | Maximum [Member] | Employee Costs
Facility Consolidation and Other Costs
Total estimated program costs	31.0			31.0		31.0
2017 Restructuring Program [Member] | Maximum [Member] | Fixed Asset Related
Facility Consolidation and Other Costs
Total estimated program costs	20.0			20.0		20.0
2017 Restructuring Program [Member] | Maximum [Member] | Other Costs
Facility Consolidation and Other Costs
Total estimated program costs	19.0			19.0		19.0
2017 Restructuring Program [Member] | Minimum [Member]
Facility Consolidation and Other Costs
Total estimated program costs	65.0			65.0		65.0
2017 Restructuring Program [Member] | Minimum [Member] | Employee Costs
Facility Consolidation and Other Costs
Total estimated program costs	29.0			29.0		29.0
2017 Restructuring Program [Member] | Minimum [Member] | Fixed Asset Related
Facility Consolidation and Other Costs
Total estimated program costs	19.0			19.0		19.0
2017 Restructuring Program [Member] | Minimum [Member] | Other Costs
Facility Consolidation and Other Costs
Total estimated program costs	$ 17.0			$ 17.0		$ 17.0

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Acquisition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 01, 2015
Business Acquisition [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired	$ 3.9	$ 114.5	$ 66.4
Evadix [Member]
Business Acquisition [Abstract]
Business Combination, Consideration Transferred	3.9
Goodwill, Acquired During Period	0.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	8.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	$ 4.5
SteriPack [Member]
Business Acquisition [Abstract]
Business Combination, Consideration Transferred		115.5
Goodwill, Acquired During Period		66.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		131.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		$ 15.8
Emplal [Member]
Business Acquisition [Abstract]
Business Combination, Consideration Transferred			66.0
Goodwill, Acquired During Period			$ 41.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets				$ 143.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				77.8
Business Combination, Indemnification Assets, Amount as of Acquisition Date				$ 16.9

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Acquisitions (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 01, 2015
SteriPack [Member]
Business Acquisition [Abstract]
Business Combination, Consideration Transferred		$ 115.5
Goodwill, Acquired During Period		66.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		131.3
Finite-lived Intangible Assets Acquired		23.5
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		15.8
Evadix [Member]
Business Acquisition [Abstract]
Business Combination, Consideration Transferred	$ 3.9
Goodwill, Acquired During Period	0.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	8.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	4.5
Emplal [Member]
Business Acquisition [Abstract]
Business Combination, Consideration Transferred			$ 66.0
Goodwill, Acquired During Period			41.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets				$ 143.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				$ 77.8
Customer Relationships [Member] | SteriPack [Member]
Business Acquisition [Abstract]
Finite-lived Intangible Assets Acquired		$ 21.8
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		8 years
Customer Relationships [Member] | Evadix [Member]
Business Acquisition [Abstract]
Finite-lived Intangible Assets Acquired	$ 0.5
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Customer Relationships [Member] | Emplal [Member]
Business Acquisition [Abstract]
Finite-lived Intangible Assets Acquired			$ 4.5
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			10 years
Order or Production Backlog [Member] | SteriPack [Member]
Business Acquisition [Abstract]
Finite-lived Intangible Assets Acquired		$ 1.7
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		2 months

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Discontinued operations (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended				16 Months Ended
	Apr. 30, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Apr. 30, 2015
Discontinued operations
Non-cash impairment charge of discontinued operations		$ 0.0	$ 0.0	$ 3.2
Proceeds from divestitures		0.0	0.0	13.6
Restructuring and acquisition-related costs		11.0
Income (loss) from discontinued operations, net of tax		$ 0.0	0.0	(2.6)
Pressure Sensitive Materials [Member]
Discontinued operations
Proceeds from divestitures	$ 13.6				$ 136.9	$ 150.5
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax				(3.7)
Discontinued Operation, Tax Effect of Discontinued Operation				(1.1)
Income (loss) from discontinued operations, net of tax				(2.6)
Healthcare Plant Closure [Member]
Discontinued operations
Restructuring and acquisition-related costs				$ 7.8
Expected Cash Payments for Plant Closure			$ 7.0

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Financial Assets and Financial Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Carrying Value
Carrying values and estimated fair values of long-term debt, including current maturities
Total long-term debt	$ 1,542.4	$ 1,527.8
Fair Value | (Level 2)
Carrying values and estimated fair values of long-term debt, including current maturities
Total long-term debt	$ 1,591.0	$ 1,592.3

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Financial Assets and Financial Liabilities Measured at Fair Value (Details 2) - Measured on a recurring basis - (Level 2) - Interest-rate swap - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair values for derivatives
Derivative Liability	$ (0.6)	$ 0.0
Derivative Asset	$ 0.0	$ 1.3

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Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments
Maximum Remaining Maturity of Foreign Currency Derivatives	6 months
Notes Payable 4.5 Percent Due 2021 [Member]
Derivative Instruments
Debt instrument, face amount	$ 400.0
Fixed-rate (as a percent)	4.50%
Derivatives not designated as hedging instruments | Forward exchange contracts
Derivative Instruments
Notional amounts of derivatives	$ 2.7	$ 4.1
Derivatives designated as hedging instruments | Interest-rate swap
Derivative Instruments
Notional amounts of derivatives	$ 400.0
Number of swap agreements	4
(Level 2) | Measured on a recurring basis | Interest-rate swap
Derivative Instruments
Derivative Liability	$ 0.6	0.0
Derivative Asset	$ 0.0	$ 1.3

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Derivative Instruments (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 2.4	$ 3.9	$ 7.9
Derivatives designated as hedging instruments | Interest-rate swap
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	3.2	4.7	7.2
Not Designated as Hedging Instrument [Member] | Forward exchange contracts
Derivative Instruments, Gain (Loss)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (0.8)	$ (0.8)	$ 0.7

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Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill
Amount of Carrying Value in Excess of Fair Value	$ 163.0
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	1,028.8	$ 949.5
Acquisitions and acquisition adjustments	0.1	63.2
Goodwill and Intangible Asset Impairment	(196.6)	0.0	$ 0.0
Non-cash impairment charge of discontinued operations	0.0	0.0	(3.2)
Currency translation	20.4	16.1
Reported balance at the end of the period	852.7	1,028.8	949.5
Goodwill, Impairment Loss, Net of Tax	145.5
USPackaging [Member]
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	632.4	632.1
Acquisitions and acquisition adjustments	0.0	0.0
Goodwill and Intangible Asset Impairment	0.0
Currency translation	0.7	0.3
Reported balance at the end of the period	633.1	632.4	632.1
Latin America [Member]
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	189.0	169.1
Acquisitions and acquisition adjustments	0.0	(3.6)
Goodwill and Intangible Asset Impairment	(196.6)
Currency translation	7.6	23.5
Reported balance at the end of the period	0.0	189.0	169.1
Rest of World [Member]
Changes in the carrying amount of goodwill
Reported balance at the beginning of the period	207.4	148.3
Acquisitions and acquisition adjustments	0.1	66.8
Goodwill and Intangible Asset Impairment	0.0
Currency translation	12.1	(7.7)
Reported balance at the end of the period	$ 219.6	$ 207.4	$ 148.3

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Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Components of amortized intangible assets
Gross Carrying Amount	$ 313.8	$ 306.5
Accumulated Amortization	(171.5)	(151.3)
Amortization of Intangible Assets	17.0	16.0	$ 14.3
Estimated amortization expense
2018	17.1
2019	16.9
2020	16.1
2021	14.1
2022	12.4
Contract based
Components of amortized intangible assets
Gross Carrying Amount	9.9	8.9
Accumulated Amortization	(1.6)	(1.0)
Technology [Member]
Components of amortized intangible assets
Gross Carrying Amount	79.7	79.5
Accumulated Amortization	(56.6)	(52.0)
Marketing related
Components of amortized intangible assets
Gross Carrying Amount	14.1	14.2
Accumulated Amortization	(9.3)	(8.9)
Customer based
Components of amortized intangible assets
Gross Carrying Amount	210.1	203.9
Accumulated Amortization	$ (104.0)	$ (89.4)

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Pension plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Pension Cost (Reversal of Cost)		$ 45,000,000	$ 32,100,000	$ 41,200,000
Defined Contribution Plan, Employer Matching Contribution on Pre-tax Dollar for First Four Percentage of Participants Contribution			0.50
Employee contribution for the first four percent of the plan			1.00
Employer's matching contribution on each pre-tax dollar for the next four percent of participant's contribution			0.25
Participant's contribution for the next four percent to the plan			$ 1.00
Next percentage of participant contributions eligible for employer contribution match towards defined contribution plan			4.00%
Defined Contribution Plan Employer Matching Contribution		1.00
Defined Contribution Plan Employee Contribution		$ 1.00
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	7.00%	8.00%
Settlement loss (gain)		$ 10,600,000	$ 6,100,000	100,000
Plan settlements		41,600,000	26,300,000
Amount contributed to defined benefit multiemployear plans			0	100,000
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period		7,400,000	7,600,000	7,800,000
Interest cost on benefit obligation		30,200,000	32,700,000	32,600,000
Expected return on plan assets		(48,300,000)	(51,400,000)	(50,700,000)
Settlement loss (gain)		10,100,000	0	0
Curtailment gain		(300,000)	0	0
Amortization of unrecognized transition obligation		0	0	100,000
Amortization of prior service cost		900,000	800,000	900,000
Recognized actuarial net (gain) or loss		14,100,000	14,600,000	20,100,000
Net periodic benefit (income) cost		14,600,000	10,400,000	10,900,000
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement loss (gain)			5,800,000
Defined Benefit Plan, Benefit Obligation, Benefits Paid			18,100,000
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payment, Year Four		200,000
Interest cost on benefit obligation		200,000	200,000	300,000
Defined Benefit Plan, Benefit Obligation, Benefits Paid		900,000	1,000,000
Amortization of prior service cost		(300,000)	(300,000)	0
Recognized actuarial net (gain) or loss		(800,000)	(700,000)	(300,000)
Net periodic benefit (income) cost		(900,000)	(800,000)	0
Defined Contribution Plans 401K Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution benefits plans		28,400,000	10,600,000	10,200,000
Bemis Investment Profit Sharing Plan and Other Defined Contribution Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution benefits plans		2,000,000	11,100,000	$ 20,000,000
Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payment, Year Four		43,100,000
Service cost - benefits earned during the period		3,800,000	6,200,000
Interest cost on benefit obligation		28,400,000	30,700,000
Defined Benefit Plan, Benefit Obligation, Benefits Paid		79,600,000	79,400,000
Plan curtailments		$ 0	$ 0

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Pension plans 2 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan, Change in Benefit Obligation and Fair Value of Plan Assets and Reconciliation of Funded Status [Abstract]
Accumulated benefit obligation at the end of the year	$ 751.3	$ 744.7
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Employer contributions	4.0	20.7
Plan settlements	41.6	26.3
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Non-current pension and other post-retirement liability	(47.6)	(59.5)
Deferred tax asset	61.6	71.2
Accumulated other comprehensive loss (income)	$ 103.4	$ 117.1	$ 143.4	$ 140.4
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Defined Benefit Plan, Plan Assets Percentage	92.00%	93.00%
Defined Benefit Plan, Projected Benefit Obligation Percentage	91.00%	92.00%
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan, Change in Benefit Obligation and Fair Value of Plan Assets and Reconciliation of Funded Status [Abstract]
Service cost	$ 7.4	$ 7.6	7.8
Interest cost	30.2	32.7	32.6
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year	2.0
Domestic Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation and Fair Value of Plan Assets and Reconciliation of Funded Status [Abstract]
Benefit obligation at the beginning of the year	693.7	750.4
Service cost	3.8	6.2
Interest cost	28.4	30.7
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant	0.0	0.0
Plan amendments	0.3	0.1
Plan curtailments	0.0	0.0
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(79.6)	(79.4)
Actuarial loss	39.1	(14.3)
Foreign currency exchange rates	0.0	0.0
Benefit obligation at the end of the year	685.7	693.7	750.4
Accumulated benefit obligation at the end of the year	685.7	693.7
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at the beginning of the year	641.4	641.3
Actual return on plan assets	82.5	60.4
Employer contributions	3.0	19.1
Foreign currency exchange rates	0.0	0.0
Fair value of plan assets at the end of the year	647.3	641.4	641.3
Defined Benefit Plan, Plan Assets, Benefits Paid	(79.6)	(79.4)
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	0.0	0.0
Unfunded status at year end:	(38.4)	(52.3)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Accrued benefit liability, current	(1.0)	(3.0)
Non-current pension and other post-retirement liability	(37.4)	(49.3)
Subtotal	(38.4)	(52.3)
Deferred tax asset	61.8	71.4
Accumulated other comprehensive loss (income)	97.9	113.1
Net amount related to pension plans	121.3	132.2
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Unrecognized net actuarial losses	156.5	180.9
Unrecognized net prior service costs	3.2	3.6
Unrecognized net transition costs	0.0	0.0
Tax benefit	(61.8)	(71.4)
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract]
Net actuarial losses	16.2
Net prior service costs	0.9
Total	17.1
Defined Benefit Plan, Plan with Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	685.7	693.7
Accumulated benefit obligation	685.7	693.7
Fair value of plan assets	647.3	641.4
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	685.7	693.7
Accumulated benefit obligation	685.7	693.7
Fair value of plan assets	647.3	641.4
Foreign Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation and Fair Value of Plan Assets and Reconciliation of Funded Status [Abstract]
Benefit obligation at the beginning of the year	56.8	57.3
Service cost	1.7	1.4
Interest cost	1.8	2.0
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant	0.0	0.1
Plan amendments	0.0	0.6
Plan curtailments	(0.3)	0.0
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(1.9)	(6.2)
Actuarial loss	1.9	10.2
Foreign currency exchange rates	5.6	(8.6)
Benefit obligation at the end of the year	65.6	56.8	57.3
Accumulated benefit obligation at the end of the year	59.1	51.0
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at the beginning of the year	50.2	54.2
Actual return on plan assets	3.0	8.7
Employer contributions	1.0	1.6
Foreign currency exchange rates	4.8	(8.2)
Fair value of plan assets at the end of the year	57.1	50.2	$ 54.2
Defined Benefit Plan, Plan Assets, Benefits Paid	(1.9)	(6.2)
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	0.0	0.1
Unfunded status at year end:	(8.5)	(6.6)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Accrued benefit liability, current	(0.2)	(0.2)
Non-current pension and other post-retirement liability	(8.3)	(6.4)
Subtotal	(8.5)	(6.6)
Deferred tax asset	2.3	1.9
Accumulated other comprehensive loss (income)	9.2	7.3
Net amount related to pension plans	3.0	2.6
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Unrecognized net actuarial losses	10.6	8.3
Unrecognized net prior service costs	0.7	0.6
Unrecognized net transition costs	0.2	0.3
Tax benefit	(2.3)	(1.9)
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract]
Net actuarial losses	0.4
Net prior service costs	0.1
Total	0.5
Defined Benefit Plan, Plan with Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	65.6	56.8
Accumulated benefit obligation	59.1	51.0
Fair value of plan assets	57.1	50.2
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	8.7	7.9
Accumulated benefit obligation	6.9	6.3
Fair value of plan assets	$ 4.1	$ 3.6

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Pension plans 3 (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Domestic Plan [Member]
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Weighted-average discount rate	3.75%	4.25%
Rate of increase in future compensation levels	0.00%	0.00%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Weighted-average discount rate	4.21%	4.25%	4.00%
Expected return on plan assets	7.25%	7.50%	7.50%
Rate of increase in future compensation levels	0.00%	0.00%	0.00%
Foreign Plan [Member]
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Weighted-average discount rate	2.80%	3.05%
Rate of increase in future compensation levels	3.48%	3.48%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Weighted-average discount rate	3.05%	3.96%	3.67%
Expected return on plan assets	5.30%	6.08%	6.00%
Rate of increase in future compensation levels	3.48%	3.71%	3.66%

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Pension plans 4 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
General insurance account [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	$ 1.2	$ 5.3
Actual return on plan assets	0.1	0.2
Purchases, sales and settlments, net		(4.3)
Foreign currency exchange rates	0.2
Fair value of plan assets at the end of the year	1.5	1.2
Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	641.4	641.3
Actual return on plan assets	82.5	60.4
Foreign currency exchange rates	0.0	0.0
Fair value of plan assets at the end of the year	647.3	641.4
Domestic Plan [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	14.4
Fair value of plan assets at the end of the year	10.5	14.4
Domestic Plan [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	627.0
Fair value of plan assets at the end of the year	636.8	627.0
Domestic Plan [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | Cash and cash equivalents [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	9.0
Fair value of plan assets at the end of the year	6.5	9.0
Domestic Plan [Member] | Cash and cash equivalents [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	2.2
Fair value of plan assets at the end of the year	2.0	2.2
Domestic Plan [Member] | Cash and cash equivalents [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | Corporate debt securities [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | Corporate debt securities [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	248.5
Fair value of plan assets at the end of the year	257.9	248.5
Domestic Plan [Member] | Corporate debt securities [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | U.S. government debt securities [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	5.4
Fair value of plan assets at the end of the year	4.0	5.4
Domestic Plan [Member] | U.S. government debt securities [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | U.S. government debt securities [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | State and municipal debt securities [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | State and municipal debt securities [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	18.4
Fair value of plan assets at the end of the year	16.9	18.4
Domestic Plan [Member] | State and municipal debt securities [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | Corporate common stock [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year		0.0
Domestic Plan [Member] | Corporate common stock [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year		0.0
Domestic Plan [Member] | Corporate common stock [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year		0.0
Domestic Plan [Member] | Registered investment company funds [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | Registered investment company funds [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | Registered investment company funds [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | Common trust funds [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | Common trust funds [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	357.9
Fair value of plan assets at the end of the year	360.0	357.9
Domestic Plan [Member] | Common trust funds [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | General insurance account [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | General insurance account [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Domestic Plan [Member] | General insurance account [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	50.2	54.2
Actual return on plan assets	3.0	8.7
Foreign currency exchange rates	4.8	(8.2)
Fair value of plan assets at the end of the year	57.1	50.2
Foreign Plan [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	44.7
Fair value of plan assets at the end of the year	50.8	44.7
Foreign Plan [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	4.3
Fair value of plan assets at the end of the year	4.8	4.3
Foreign Plan [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	1.2
Fair value of plan assets at the end of the year	1.5	1.2
Foreign Plan [Member] | Cash and cash equivalents [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | Cash and cash equivalents [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | Cash and cash equivalents [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | Corporate debt securities [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | Corporate debt securities [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | Corporate debt securities [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | U.S. government debt securities [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | U.S. government debt securities [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | U.S. government debt securities [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | State and municipal debt securities [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | State and municipal debt securities [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | State and municipal debt securities [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | Corporate common stock [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year		0.0
Foreign Plan [Member] | Corporate common stock [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year		0.0
Foreign Plan [Member] | Corporate common stock [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year		0.0
Foreign Plan [Member] | Registered investment company funds [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	44.7
Fair value of plan assets at the end of the year	50.8	44.7
Foreign Plan [Member] | Registered investment company funds [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | Registered investment company funds [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | Common trust funds [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | Common trust funds [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	4.3
Fair value of plan assets at the end of the year	4.8	4.3
Foreign Plan [Member] | Common trust funds [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | General insurance account [Member] | (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | General insurance account [Member] | (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	0.0
Fair value of plan assets at the end of the year	0.0	0.0
Foreign Plan [Member] | General insurance account [Member] | (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at the beginning of the year	1.2
Fair value of plan assets at the end of the year	$ 1.5	$ 1.2

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Pension plans 5 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Settlement loss (gain)	$ (10.6)	$ (6.1)	$ (0.1)
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation (as a percent)	35.00%
Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation (as a percent)	65.00%
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement loss (gain)	$ (10.1)	$ 0.0	$ 0.0
Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	7.25%	7.50%	7.50%
2018	$ 37.8
2019	38.3
2020	38.9
2021	43.1
2022	40.6
Years 2023 - 2027	$ 203.2
Weighted-average discount rate	3.75%	4.25%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	5.30%	6.08%	6.00%
2018	$ 1.7
2019	1.9
2020	2.0
2021	2.4
2022	2.2
Years 2023 - 2027	$ 13.8
Weighted-average discount rate	2.80%	3.05%

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Postretirement benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Employer contributions	$ 4.0	$ 20.7
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Non-current pension and other post-retirement liability	(47.6)	(59.5)
Accumulated other comprehensive loss (income)	103.4	117.1	$ 143.4	$ 140.4
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Accumulated other comprehensive loss (income)	103.4	117.1	143.4	$ 140.4
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	0.6	0.7
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(0.9)	(1.0)
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant	0.6	0.7
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost on benefit obligation	0.2	0.2	0.3
Amortization of prior service credit	0.3	0.3	0.0
Recognized actuarial net (gain) or loss	(0.8)	(0.7)	(0.3)
Net periodic benefit (income) cost	(0.9)	(0.8)	0.0
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at the beginning of the year	4.2	5.7
Interest cost	0.2	0.2	0.3
OPEB curtailment	0.0	(1.1)
Actuarial loss	(1.8)	(0.3)
Benefit obligation at the end of the year	2.3	4.2	5.7
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at the beginning of the year	0.0	0.0
Employer contributions	0.3	0.3
Fair value of plan assets at the end of the year	0.0	0.0	$ 0.0
Unfunded status at year end:	2.3	4.2
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Accrued benefit liability, current	(0.3)	(0.4)
Non-current pension and other post-retirement liability	(2.0)	(3.8)
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits	(2.5)	(2.2)
Accumulated other comprehensive loss (income)	(3.7)	(3.3)
Net amount related to postretirement plans	(8.5)	(9.7)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Unrecognized net actuarial losses	(5.8)	(4.7)
Unrecognized net prior service costs	(0.4)	(0.7)
Tax benefit	2.5	2.1
Accumulated other comprehensive loss (income)	(3.7)	$ (3.3)
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract]
Net actuarial losses	1.1
Net prior service costs	0.3
Total	1.4
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2018	0.3
2019	0.3
2020	0.3
2021	0.2
2022	0.2
Years 2023 - 2027	0.9
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year	$ 0.3
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	6.50%	6.75%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate Annual Change	0.25%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate, Next Fiscal Years	5.00%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Weighted-average discount rate	4.25%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Weighted-average discount rate	4.25%	4.25%	4.00%
Defined Benefit Plan, Plan Assets, Benefits Paid	$ 0.9	$ 1.0

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Multiemployer (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items]
Amount contributed to defined benefit multiemployear plans	$ 0.0	$ 0.1
Warehouse Employees Local 169 and Employers Joint Pension Fund [Member]
Multi Employer Defined Pension Benefit Plans Disclosures [Line Items]
Amount contributed to defined benefit multiemployear plans	$ 0.0	$ 0.1

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Stock Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		1.50%	1.31%	1.07%
Aggregate shares of common stock authorized for issuance under the 2007 stock incentive plan		3,282,170
Remaining shares available for grant		1,916,131
Share-based compensation		$ 17.4	$ 18.1	$ 18.4
Unrecorded compensation cost		$ 19.2
Weighted average remaining contractual terms		1 year 7 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		17.70%	16.30%	15.10%
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Payout Percentage	62.50%	94.70%	93.70%	59.50%
Time Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted, weighted average grant date fair value		$ 48.10	$ 45.56	$ 45.18
Units paid, weighted average grant date fair value		39.72
Units canceled, weighted average grant date fair value		45.61
Outstanding units granted, weighted average grant date fair value		$ 45.84	$ 42.05
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding units granted at the beginning of the year	566	746
Units granted		214
Units paid		(329)
Units canceled		(65)
Outstanding units granted at the end of the year		566	746
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted, weighted average grant date fair value		$ 53.43	$ 48.48	$ 53.14
Units paid, weighted average grant date fair value		46.33
Units canceled, weighted average grant date fair value		50.28
Outstanding units granted, weighted average grant date fair value		$ 51.35	$ 49.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding units granted at the beginning of the year	525	438
Units granted		241
Units paid		(105)
Units canceled		(49)
Outstanding units granted at the end of the year		525	438
Continuing Operations [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 17.4	$ 18.1	$ 18.4

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Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Weighted average interest rate	1.30%
Long-term Debt	$ 1,547.4	$ 1,529.8
Commercial paper, maximum amount outstanding during period	321.3
Commercial paper, average outstanding amount	254.4
Line of credit, maximum borrowing capacity	1,100.0
Line of Credit Facility, Maximum Borrowing Capacity, Multicurrency Limit	100.0
Derivative Instruments, Gain (Loss) Recognized in Income, Net	2.4	3.9	$ 7.9
Current portion of long-term debt	5.0	2.0
Long-term Debt and Capital Lease Obligations	1,542.4	1,527.8
Long-term Debt, Fiscal Year Maturity [Abstract]
2018	239.3
2019	402.7
2020	1.7
2021	401.7
2022	$ 201.7
Notes Payable 3.1 Percent Due 2026 [Member]
Debt Instrument [Line Items]
Weighted average interest rate	3.10%
Long-term Debt	$ 300.0	300.0
Debt instrument, face amount	300.0
Other Debt Obligations [Member]
Debt Instrument [Line Items]
Long-term Debt	15.8	14.7
Interest-rate swap
Debt Instrument [Line Items]
Long-term Debt	(0.6)	1.3
Unamortized discounts and debt issuance costs [Member]
Debt Instrument [Line Items]
Long-term Debt	$ (6.0)	(7.5)
Commercial Paper [Member]
Debt Instrument [Line Items]
Weighted average interest rate	1.90%
Long-term Debt	$ 238.2	221.3
Notes Payable 6.8 Percent Due 2019 [Member]
Debt Instrument [Line Items]
Weighted average interest rate	6.80%
Long-term Debt	$ 400.0	400.0
Notes Payable 4.5 Percent Due 2021 [Member]
Debt Instrument [Line Items]
Weighted average interest rate	4.50%
Long-term Debt	$ 400.0	400.0
Debt instrument, face amount	$ 400.0
Fixed-rate (as a percent)	4.50%
Note Payable LIBOR plus fixed spread due 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 200.0	200.0
Debt instrument, face amount	200.0
Interest-rate swap | Measured on a recurring basis | (Level 2)
Debt Instrument [Line Items]
Derivative Asset	0.0	1.3
Derivative Liability	$ 0.6	0.0
Derivatives designated as hedging instruments | Interest-rate swap
Debt Instrument [Line Items]
Number of swap agreements	4
Notional amounts of derivatives	$ 400.0
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 3.2	$ 4.7	$ 7.2

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Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Leases [Abstract]
Rent expense	$ 12.8	$ 12.4	$ 13.9
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2018	10.9
2019	7.4
2020	5.5
2021	5.1
2022	3.9
Thereafter	28.0
Total minimum obligations	$ 60.8

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Income tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred Tax Benefit on Goodwill Impairment		$ 51.1
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount		77.8
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
U.S. federal		68.1	$ 63.2	$ 71.8
Foreign		16.2	20.1	28.0
State and local		5.6	5.2	8.0
Total current tax expense		89.9	88.5	107.8
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Total deferred tax expense		(131.2)	26.2	14.2
Provision for income taxes		(41.3)	114.7	122.0
Net deferred tax liabilities		102.0	216.2
Effect of Tax Cuts and Jobs Act of 2017, Repatriation Transition Tax		10.6
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense		1.1	1.2	1.5
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
U.S. income before income taxes		210.9	283.6	260.1
Non-U.S. income before income taxes		(158.2)	67.3	103.8
Income from continuing operations before income taxes		52.7	350.9	363.9
Components of Deferred Tax Assets [Abstract]
Accounts receivable, principally due to allowances for returns and doubtful accounts		2.9	4.1
Inventories, principally due to additional costs inventories for tax purposes		17.7	22.9
Employee compensation and benefits accrued for financial reporting purposes		36.5	60.6
Foreign net operating losses		24.5	25.7
Foreign tax credits		34.1	24.1
Other		16.1	12.8
Total deferred tax assets		131.8	150.2
Less valuation allowance		(48.5)	(40.3)
Total deferred tax assets after valuation allowance		83.3	109.9
Components of Deferred Tax Liabilities [Abstract]
Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead		86.4	130.9
Goodwill and intangible assets, principally due to differences in amortization		98.9	195.2
Total deferred tax liabilities		185.3	326.1
Deferred tax liabilities, net		102.0	216.2
Deferred Tax Assets, Net, Classification [Abstract]
Deferred tax liabilities		153.5	219.7
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Computed expected tax expense on income before taxes at federal statutory rate		18.5	122.8	127.4
Increase (Decrease) Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
State and local income taxes net of federal income tax benefit		3.3	5.6	5.6
Foreign tax rate differential		(4.7)	(7.4)	(7.5)
Manufacturing tax benefits		(6.0)	(5.8)	(6.7)
Other		(2.0)	(0.5)	3.2
Actual income tax expense		$ (41.3)	$ 114.7	$ 122.0
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory rate	21.00%	35.00%	35.00%	35.00%
Increase (Decrease) Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
State and local income taxes net of federal income tax benefit		6.20%	1.60%	1.50%
Foreign tax rate differential		(8.90%)	(2.10%)	(2.10%)
Manufacturing tax benefits		(11.30%)	(1.70%)	(1.80%)
Other		(3.80%)	(0.10%)	0.90%
Effective tax rate		(78.40%)	32.70%	33.50%
Effective Income Tax Rate Reconciliation, Goodwill Impairment Rate Differential, Amount		$ 17.7	$ 0.0	$ 0.0
Effective Income Tax Rate Reconciliation, Goodwill Impairment Rate Differential, Percent		33.60%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Effect of Tax Cuts and Jobs Act of 2017, Amount		$ (67.2)	$ 0.0	$ 0.0
Effective Income Tax Rate Reconciliation, Effect of Tax Cuts and Jobs Act of 2017, Percent		(127.50%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount		$ (0.9)	$ 0.0	$ 0.0
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent		(1.70%)	0.00%	0.00%
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 35.2	$ 32.9	$ 30.7
Additions based on tax positions related to the current year		3.9	2.3
Additions for tax positions of prior years		4.1	7.0
Reductions for tax positions of prior years		(1.1)	(4.5)
Reductions due to a lapse of the statute of limitations		(4.5)	(1.7)
Settlements		(0.1)	(0.9)
Balance at end of year		35.2	32.9	$ 30.7
Operating loss carryforwards		88.5
Operating loss carryforwards subject to expiration		23.0
Foreign tax credit carryforward		34.1
Valuation allowance		48.5	40.3
Undistributed foreign subsidiaries earnings		255.8
Unrecognized tax benefits that would impact effective tax rate		35.2	32.9
Interest and penalties		14.5	13.2
Unrecognized Tax Benefits, Increase Resulting from Acquisition			2.6
Interest and penalties resulting from acquisitions			2.5
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit		10.0
Continuing Operations [Member]
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
U.S. federal		(73.2)	26.7	11.5
Foreign		(58.5)	(3.9)	2.1
State and local		0.5	3.4	0.6
Total deferred tax expense		(131.2)	26.2	$ 14.2
Deferred charges and other assets [Member]
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Net deferred tax liabilities		51.5	3.5
Components of Deferred Tax Liabilities [Abstract]
Deferred tax liabilities, net		$ 51.5	$ 3.5

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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other comprehensive income (loss)	$ 53.3	$ 62.1	$ (218.2)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax	24.2	20.5
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	0.0	0.0	0.0
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax	15.0	12.5	12.9
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	39.6	35.8	(215.2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	39.6	35.8	(215.2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	(1.3)	13.8	(15.9)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	(9.2)	(8.0)
Pension and other postretirement liability adjustments, net of tax	13.7	26.3	(3.0)
Accumulated other comprehensive loss, net of tax
Foreign currency translation	(291.1)	(330.7)	(366.5)	$ (151.3)
Pension and postretirement liability adjustment, net of tax effect	(103.4)	(117.1)	(143.4)	(140.4)
Tax effect of pension liability adjustment	61.6	71.2
Accumulated other comprehensive income (loss)	(394.5)	(447.8)	(509.9)	$ (291.7)
Before reclassification [Member]
Other comprehensive income (loss)	38.3	49.6	(231.1)
Reclassified [Member]
Other comprehensive income (loss)	15.0	12.5	$ 12.9
Pension Costs [Member]
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax	$ 15.0	$ 12.5

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Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator
Net income	$ (40.7)	$ 55.6	$ 28.0	$ 51.1	$ 60.5	$ 68.6	$ 50.9	$ 56.2	$ 94.0	$ 236.2	$ 239.3
Denominator
Basic weighted-average common shares outstanding									91.5	94.3	96.7
Dilutive shares									0.4	0.8	1.2
Weighted-average common and common equivalent shares outstanding - diluted									91.9	95.1	97.9
Per common share income
Net income, per basic share	$ (0.44)	$ 0.61	$ 0.31	$ 0.55	$ 0.65	$ 0.73	$ 0.54	$ 0.59	$ 1.03	$ 2.51	$ 2.47
Net income, per diluted share	$ (0.44)	$ 0.61	$ 0.30	$ 0.55	$ 0.64	$ 0.72	$ 0.53	$ 0.59	$ 1.02	$ 2.48	$ 2.44
Basic weighted-average common shares outstanding									91.5	94.3	96.7
Antidilutive stock options and stock awards									0.4	0.0	0.0

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Legal Proceedings (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Loss contingencies
Number of sites for state law proceedings under environmental matters	17
Number of sites for proceedings under environmental matters in Brazil	1
Accrual for Environmental Loss Contingencies	$ 0.9	$ 3.5
TaxAssessmentForGoodwillAmortization	11.5
Brazil Investigation [Member]
Loss contingencies
Loss Contingency, Estimate of Possible Loss	$ 60.0

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Segments of Business (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting [Abstract]
Reporting Segments Number	3
Segment Reporting Information [Line Items]
Sales including intersegment sales	$ 4,046.2	$ 4,004.4	$ 4,071.4
Operating Profit and Pretax Profit:
Operating Income (Loss)	115.7	409.3	409.6
Goodwill and Intangible Asset Impairment	196.6	0.0	0.0
Interest expense	65.8	60.2	51.7
Other non-operating (income) expense, net	(2.8)	(1.8)	(6.0)
Income from continuing operations before income taxes	52.7	350.9	363.9
Total assets	3,699.9	3,715.7	3,489.8
Restructuring and other costs	70.5	28.6	12.1
Depreciation and amortization	169.8	162.1	158.1
Additions to property and equipment	188.5	208.3	219.4
Long-lived assets	$ 1,416.3	1,362.6	1,267.8
Segment Reporting, Disclosure of Major Customers	0.10
USPackaging [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	$ 352.5	400.0	391.8
Goodwill and Intangible Asset Impairment	0.0
Total assets	2,072.0	2,007.7	1,982.5
Restructuring and other costs	13.3	0.0	0.0
Depreciation and amortization	97.9	93.7	97.8
Additions to property and equipment	101.9	131.2	127.5
Latin America [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	30.0	50.0	60.9
Goodwill and Intangible Asset Impairment	196.6
Total assets	648.1	779.2	690.4
Restructuring and other costs	28.8	18.9	1.6
Depreciation and amortization	26.7	26.2	22.2
Additions to property and equipment	45.2	32.9	23.8
Rest of World [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	61.1	64.0	55.6
Goodwill and Intangible Asset Impairment	0.0
Total assets	784.5	706.1	601.1
Restructuring and other costs	2.7	7.7	7.8
Depreciation and amortization	30.2	27.9	25.5
Additions to property and equipment	35.0	36.8	55.6
Restructuring and acquisition-related costs [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	70.5	28.6	12.1
GeneralCorporateExpenses [Member]
Operating Profit and Pretax Profit:
Operating Income (Loss)	60.8	76.1	86.6
Unallocated amount to segment
Operating Profit and Pretax Profit:
Total assets	195.3	222.7	215.8
Restructuring and other costs	25.7	2.0	2.7
Depreciation and amortization	15.0	14.3	12.6
Additions to property and equipment	6.4	7.4	12.5
UNITED STATES
Segment Reporting Information [Line Items]
Sales including intersegment sales	2,826.0	2,820.3	2,937.8
Operating Profit and Pretax Profit:
Long-lived assets	957.4	949.2	897.4
BRAZIL
Segment Reporting Information [Line Items]
Sales including intersegment sales	482.1	483.5	442.5
Operating Profit and Pretax Profit:
Long-lived assets	223.6	212.9	173.1
Other Americas [Member]
Segment Reporting Information [Line Items]
Sales including intersegment sales	250.6	244.6	273.5
Operating Profit and Pretax Profit:
Long-lived assets	51.9	44.1	53.1
Europe [Member]
Segment Reporting Information [Line Items]
Sales including intersegment sales	290.0	263.5	233.9
Operating Profit and Pretax Profit:
Long-lived assets	93.3	75.1	68.6
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Sales including intersegment sales	197.5	192.5	183.7
Operating Profit and Pretax Profit:
Long-lived assets	90.1	81.3	75.6
Intersegment Eliminations [Member] | USPackaging [Member]
Segment Reporting Information [Line Items]
Sales including intersegment sales	(40.0)	(25.7)	(25.3)
Intersegment Eliminations [Member] | Latin America [Member]
Segment Reporting Information [Line Items]
Sales including intersegment sales	(3.8)	(3.9)	(3.8)
Intersegment Eliminations [Member] | Rest of World [Member]
Segment Reporting Information [Line Items]
Sales including intersegment sales	(12.6)	(16.2)	(17.9)
Operating Segments [Member] | USPackaging [Member]
Segment Reporting Information [Line Items]
Sales including intersegment sales	2,666.0	2,646.8	2,772.8
Operating Segments [Member] | Latin America [Member]
Segment Reporting Information [Line Items]
Sales including intersegment sales	715.2	707.0	696.9
Operating Segments [Member] | Rest of World [Member]
Segment Reporting Information [Line Items]
Sales including intersegment sales	$ 721.4	$ 696.4	$ 648.7

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Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 1,003.6	$ 1,035.1	$ 1,012.1	$ 995.4	$ 988.0	$ 1,027.2	$ 1,021.3	$ 967.9	$ 4,046.2	$ 4,004.4	$ 4,071.4
Gross profit	193.7	207.7	185.9	197.9	215.6	224.8	217.0	208.8	785.2	866.2	873.4
Income from continuing operations									94.0	236.2	241.9
Income (loss) from discontinued operations, net of tax									0.0	0.0	(2.6)
Net income	$ (40.7)	$ 55.6	$ 28.0	$ 51.1	$ 60.5	$ 68.6	$ 50.9	$ 56.2	$ 94.0	$ 236.2	$ 239.3
Income from continuing operations, per basic share									$ 1.03	$ 2.51	$ 2.50
Income (loss) from discontinued operations, per basic share									0.00	0.00	(0.03)
Net income, per basic share	$ (0.44)	$ 0.61	$ 0.31	$ 0.55	$ 0.65	$ 0.73	$ 0.54	$ 0.59	1.03	2.51	2.47
Income from continuing operations, per diluted share								0.59	1.02	2.48	2.47
Income (loss) from discontinued operations, per diluted share									0.00	0.00	(0.03)
Net income, per diluted share	$ (0.44)	$ 0.61	$ 0.30	$ 0.55	$ 0.64	$ 0.72	$ 0.53	$ 0.59	$ 1.02	$ 2.48	$ 2.44

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Schedule II (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of year	$ 18.2	$ 18.0	$ 21.0
Additions charged to profit and loss	30.5	27.5	27.5
Write-offs	(31.2)	(28.1)	(28.3)
Foreign currency impact	0.2	0.1	(2.2)
Other	0.0	0.7	0.0
Balance at end of year	17.7	18.2	18.0
Valuation Allowance of Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of year	40.3	42.0	47.9
Additions charged to profit and loss	6.6	(1.1)	(3.8)
Write-offs	0.0	0.0	0.0
Foreign currency impact	1.6	(0.6)	(2.1)
Other	0.0	0.0	0.0
Balance at end of year	$ 48.5	$ 40.3	$ 42.0