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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bemis Company, Inc. | NYSE:BMS | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.25 | 0.00 | 01:00:00 |
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)
|
|
(Zip Code)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
|
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
(Do not check if a smaller reporting company)
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
1,027.2
|
|
|
$
|
1,018.3
|
|
|
$
|
3,016.4
|
|
|
$
|
3,088.7
|
|
Cost of products sold
|
802.4
|
|
|
796.5
|
|
|
2,365.8
|
|
|
2,428.2
|
|
||||
Gross profit
|
224.8
|
|
|
221.8
|
|
|
650.6
|
|
|
660.5
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general, and administrative expenses
|
95.8
|
|
|
101.8
|
|
|
295.6
|
|
|
312.1
|
|
||||
Research and development
|
11.6
|
|
|
11.0
|
|
|
34.7
|
|
|
33.8
|
|
||||
Restructuring and acquisition-related costs
|
4.4
|
|
|
4.6
|
|
|
24.8
|
|
|
9.9
|
|
||||
Other operating income
|
(3.2
|
)
|
|
(1.4
|
)
|
|
(9.1
|
)
|
|
(7.7
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating income
|
116.2
|
|
|
105.8
|
|
|
304.6
|
|
|
312.4
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
15.1
|
|
|
12.6
|
|
|
44.5
|
|
|
38.5
|
|
||||
Other non-operating income
|
(0.6
|
)
|
|
(0.8
|
)
|
|
(1.1
|
)
|
|
(4.8
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations before income taxes
|
101.7
|
|
|
94.0
|
|
|
261.2
|
|
|
278.7
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
33.1
|
|
|
31.5
|
|
|
85.5
|
|
|
93.6
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
68.6
|
|
|
62.5
|
|
|
175.7
|
|
|
185.1
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
68.6
|
|
|
$
|
62.5
|
|
|
$
|
175.7
|
|
|
$
|
182.5
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.73
|
|
|
$
|
0.65
|
|
|
$
|
1.86
|
|
|
$
|
1.91
|
|
Loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.03
|
)
|
||||
Net income
|
$
|
0.73
|
|
|
$
|
0.65
|
|
|
$
|
1.86
|
|
|
$
|
1.88
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.72
|
|
|
$
|
0.64
|
|
|
$
|
1.84
|
|
|
$
|
1.89
|
|
Loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.03
|
)
|
||||
Net income
|
$
|
0.72
|
|
|
$
|
0.64
|
|
|
$
|
1.84
|
|
|
$
|
1.86
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends paid per share
|
$
|
0.29
|
|
|
$
|
0.28
|
|
|
$
|
0.87
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
|
$
|
68.6
|
|
|
$
|
62.5
|
|
|
$
|
175.7
|
|
|
$
|
182.5
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
||||||||
Translation adjustments
|
|
(10.9
|
)
|
|
(119.8
|
)
|
|
63.8
|
|
|
(206.1
|
)
|
||||
Pension and other postretirement liability adjustments, net of tax (a)
|
|
2.0
|
|
|
3.2
|
|
|
11.0
|
|
|
9.6
|
|
||||
Other comprehensive (loss) income
|
|
(8.9
|
)
|
|
(116.6
|
)
|
|
74.8
|
|
|
(196.5
|
)
|
||||
Total comprehensive income (loss)
|
|
$
|
59.7
|
|
|
$
|
(54.1
|
)
|
|
$
|
250.5
|
|
|
$
|
(14.0
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
(a) Tax expense related to pension and other postretirement liability adjustments
|
|
$
|
1.9
|
|
|
$
|
2.0
|
|
|
$
|
6.9
|
|
|
$
|
6.0
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
ASSETS
|
|
|
|
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
$
|
79.1
|
|
|
$
|
59.2
|
|
Trade receivables
|
474.7
|
|
|
451.3
|
|
||
Inventories
|
568.6
|
|
|
525.9
|
|
||
Prepaid expenses and other current assets
|
76.6
|
|
|
82.6
|
|
||
Total current assets
|
1,199.0
|
|
|
1,119.0
|
|
||
|
|
|
|
||||
Property and equipment, net
|
1,268.9
|
|
|
1,206.3
|
|
||
|
|
|
|
||||
Goodwill
|
1,037.2
|
|
|
949.5
|
|
||
Other intangible assets, net
|
161.6
|
|
|
149.8
|
|
||
Deferred charges and other assets
|
86.4
|
|
|
65.2
|
|
||
Total other long-term assets
|
1,285.2
|
|
|
1,164.5
|
|
||
|
|
|
|
||||
TOTAL ASSETS
|
$
|
3,753.1
|
|
|
$
|
3,489.8
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
|
|
||
|
|
|
|
||||
Current portion of long-term debt
|
$
|
1.5
|
|
|
$
|
5.8
|
|
Short-term borrowings
|
15.9
|
|
|
29.6
|
|
||
Accounts payable
|
422.6
|
|
|
334.8
|
|
||
Employee-related liabilities
|
77.3
|
|
|
93.3
|
|
||
Accrued income and other taxes
|
41.5
|
|
|
35.2
|
|
||
Other current liabilities
|
66.1
|
|
|
90.4
|
|
||
Total current liabilities
|
624.9
|
|
|
589.1
|
|
||
|
|
|
|
||||
Long-term debt, less current portion
|
1,485.9
|
|
|
1,353.9
|
|
||
Deferred taxes
|
198.6
|
|
|
172.4
|
|
||
Other liabilities and deferred credits
|
160.7
|
|
|
167.0
|
|
||
Total liabilities
|
2,470.1
|
|
|
2,282.4
|
|
||
|
|
|
|
||||
Commitments and contingencies (See Note 14)
|
|
|
|
||||
|
|
|
|
||||
EQUITY
|
|
|
|
|
|
||
|
|
|
|
||||
Common stock issued (128.8 and 128.2 shares, respectively)
|
12.9
|
|
|
12.8
|
|
||
Capital in excess of par value
|
576.8
|
|
|
573.2
|
|
||
Retained earnings
|
2,308.5
|
|
|
2,216.0
|
|
||
Accumulated other comprehensive loss
|
(435.1
|
)
|
|
(509.9
|
)
|
||
Common stock held in treasury (35.1 and 33.1 shares at cost, respectively)
|
(1,180.1
|
)
|
|
(1,084.7
|
)
|
||
Total equity
|
1,283.0
|
|
|
1,207.4
|
|
||
|
|
|
|
||||
TOTAL LIABILITIES AND EQUITY
|
$
|
3,753.1
|
|
|
$
|
3,489.8
|
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income
|
$
|
175.7
|
|
|
$
|
182.5
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
121.4
|
|
|
118.1
|
|
||
Excess tax benefit from share-based payment arrangements
|
(4.4
|
)
|
|
(0.3
|
)
|
||
Share-based compensation
|
13.9
|
|
|
13.7
|
|
||
Deferred income taxes
|
17.0
|
|
|
(5.0
|
)
|
||
Income of unconsolidated affiliated company
|
(1.7
|
)
|
|
(1.5
|
)
|
||
Non-cash impairment charge of discontinued operations
|
—
|
|
|
3.2
|
|
||
Loss (gain) on sale of property and equipment
|
1.7
|
|
|
(3.0
|
)
|
||
Changes in working capital, excluding effect of acquisitions, divestitures and currency
|
15.4
|
|
|
94.6
|
|
||
Changes in other assets and liabilities
|
9.4
|
|
|
9.7
|
|
||
|
|
|
|
||||
Net cash provided by operating activities
|
348.4
|
|
|
412.0
|
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
||
Additions to property and equipment
|
(129.0
|
)
|
|
(147.9
|
)
|
||
Business acquisitions and adjustments, net of cash acquired
|
(114.5
|
)
|
|
—
|
|
||
Proceeds from sale of property and equipment
|
7.3
|
|
|
9.4
|
|
||
Proceeds from divestitures
|
—
|
|
|
13.6
|
|
||
|
|
|
|
||||
Net cash used in investing activities
|
(236.2
|
)
|
|
(124.9
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
||
Proceeds from issuance of long-term debt
|
297.1
|
|
|
2.0
|
|
||
Repayment of long-term debt
|
(23.9
|
)
|
|
—
|
|
||
Net repayment of commercial paper
|
(165.8
|
)
|
|
(31.8
|
)
|
||
Net repayment of short-term debt
|
(8.1
|
)
|
|
(20.0
|
)
|
||
Cash dividends paid to shareholders
|
(86.9
|
)
|
|
(82.2
|
)
|
||
Common stock purchased for the treasury
|
(95.4
|
)
|
|
(104.3
|
)
|
||
Deferred payments for business acquisitions
|
—
|
|
|
(4.3
|
)
|
||
Excess tax benefit from share-based payment arrangements
|
4.4
|
|
|
0.3
|
|
||
Stock incentive programs and related tax withholdings
|
(14.6
|
)
|
|
(2.7
|
)
|
||
|
|
|
|
||||
Net cash used in financing activities
|
(93.2
|
)
|
|
(243.0
|
)
|
||
|
|
|
|
||||
Effect of exchange rates on cash and cash equivalents
|
0.9
|
|
|
(12.6
|
)
|
||
|
|
|
|
||||
Net increase in cash and cash equivalents
|
19.9
|
|
|
31.5
|
|
||
|
|
|
|
||||
Cash and cash equivalents balance at beginning of year
|
59.2
|
|
|
47.1
|
|
||
|
|
|
|
||||
Cash and cash equivalents balance at end of period
|
$
|
79.1
|
|
|
$
|
78.6
|
|
|
Common
Stock
|
|
Capital In
Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Common
Stock Held
In Treasury
|
|
Total
|
||||||||||||
Balance at December 31, 2014
|
$
|
12.8
|
|
|
$
|
559.7
|
|
|
$
|
2,086.8
|
|
|
$
|
(291.7
|
)
|
|
$
|
(934.6
|
)
|
|
$
|
1,433.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
|
|
|
|
|
|
182.5
|
|
|
|
|
|
|
|
|
182.5
|
|
||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
(196.5
|
)
|
|
|
|
|
(196.5
|
)
|
||||||
Cash dividends declared on common stock
|
|
|
|
|
|
|
(82.7
|
)
|
|
|
|
|
|
|
|
(82.7
|
)
|
||||||
Stock incentive programs and related tax withholdings (0.1 shares)
|
|
|
|
(2.7
|
)
|
|
|
|
|
|
|
|
|
|
|
(2.7
|
)
|
||||||
Excess tax benefit from share-based payment arrangements
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
0.3
|
|
||||||
Share-based compensation
|
|
|
|
13.7
|
|
|
|
|
|
|
|
|
|
|
|
13.7
|
|
||||||
Purchase of 2.3 shares of common stock for the treasury
|
|
|
|
|
|
|
|
|
(104.3
|
)
|
|
(104.3
|
)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at September 30, 2015
|
$
|
12.8
|
|
|
$
|
571.0
|
|
|
$
|
2,186.6
|
|
|
$
|
(488.2
|
)
|
|
$
|
(1,038.9
|
)
|
|
$
|
1,243.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2015
|
$
|
12.8
|
|
|
$
|
573.2
|
|
|
$
|
2,216.0
|
|
|
$
|
(509.9
|
)
|
|
$
|
(1,084.7
|
)
|
|
$
|
1,207.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
|
|
|
|
|
|
175.7
|
|
|
|
|
|
|
|
|
175.7
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
74.8
|
|
|
|
|
|
74.8
|
|
||||||
Cash dividends declared on common stock
|
|
|
|
|
|
|
(83.2
|
)
|
|
|
|
|
|
|
|
(83.2
|
)
|
||||||
Stock incentive programs and related tax withholdings (0.6 shares)
|
0.1
|
|
|
(14.7
|
)
|
|
|
|
|
|
|
|
|
|
|
(14.6
|
)
|
||||||
Excess tax benefit from share-based payment arrangements
|
|
|
|
4.4
|
|
|
|
|
|
|
|
|
|
|
|
4.4
|
|
||||||
Share-based compensation
|
|
|
|
13.9
|
|
|
|
|
|
|
|
|
|
|
|
13.9
|
|
||||||
Purchase of 2.0 shares of common stock for the treasury
|
|
|
|
|
|
|
|
|
(95.4
|
)
|
|
(95.4
|
)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at September 30, 2016
|
$
|
12.9
|
|
|
$
|
576.8
|
|
|
$
|
2,308.5
|
|
|
$
|
(435.1
|
)
|
|
$
|
(1,180.1
|
)
|
|
$
|
1,283.0
|
|
(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
|
|
|
|
(in millions)
|
|
Employee Costs
|
|
Fixed Asset Related
|
|
Other Costs
|
|
Total Restructuring Costs
|
||||||||
Net expense accrued
|
|
$
|
14.8
|
|
|
$
|
1.0
|
|
|
$
|
1.8
|
|
|
$
|
17.6
|
|
Utilization (cash payments or otherwise settled)
|
|
(3.2
|
)
|
|
(1.0
|
)
|
|
(0.6
|
)
|
|
(4.8
|
)
|
||||
Translation adjustments and other
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
||||
Reserve balance at September 30, 2016
|
|
$
|
12.0
|
|
|
$
|
—
|
|
|
$
|
1.2
|
|
|
$
|
13.2
|
|
|
|
Fair Value As of
|
|
Fair Value As of
|
||||
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
(in millions)
|
|
(Level 2)
|
|
(Level 2)
|
||||
Interest rate swaps — net asset position
|
|
$
|
17.1
|
|
|
$
|
5.2
|
|
|
|
|
|
Fair Value (Level 2) As of
|
||||||
(in millions)
|
|
Balance Sheet Location
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Asset Derivatives
|
|
|
|
|
|
|
|
|
||
Interest rate swaps — designated as hedge
|
|
Deferred charges and other assets
|
|
$
|
17.1
|
|
|
$
|
5.2
|
|
|
|
|
|
Amount of Gain (Loss) Recognized in Income on Derivatives
|
||||||||||||||
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in millions)
|
|
Location of Gain (Loss) Recognized in Income on Derivatives
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Designated as hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
Interest expense
|
|
$
|
0.8
|
|
|
$
|
1.7
|
|
|
$
|
3.7
|
|
|
$
|
5.6
|
|
Not designated as hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Forward exchange contracts
|
|
Other operating income
|
|
0.1
|
|
|
0.2
|
|
|
(0.8
|
)
|
|
0.6
|
|
||||
Total
|
|
|
|
$
|
0.9
|
|
|
$
|
1.9
|
|
|
$
|
2.9
|
|
|
$
|
6.2
|
|
(in millions)
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Raw materials and supplies
|
|
$
|
188.7
|
|
|
$
|
169.3
|
|
Work in process and finished goods
|
|
379.9
|
|
|
356.6
|
|
||
Total inventories
|
|
$
|
568.6
|
|
|
$
|
525.9
|
|
(in millions)
|
|
U.S. Packaging Segment
|
|
Global Packaging Segment
|
|
Total
|
||||||
Reported balance at December 31, 2015
|
|
$
|
632.1
|
|
|
$
|
317.4
|
|
|
$
|
949.5
|
|
Acquisition and acquisition adjustments
|
|
—
|
|
|
63.2
|
|
|
63.2
|
|
|||
Currency translation
|
|
0.5
|
|
|
24.0
|
|
|
24.5
|
|
|||
Reported balance at September 30, 2016
|
|
$
|
632.6
|
|
|
$
|
404.6
|
|
|
$
|
1,037.2
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||
(in millions)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
||||||||
Contract based
|
|
$
|
9.5
|
|
|
$
|
(1.2
|
)
|
|
$
|
10.0
|
|
|
$
|
(1.2
|
)
|
Technology based
|
|
79.7
|
|
|
(50.9
|
)
|
|
79.6
|
|
|
(47.5
|
)
|
||||
Marketing related
|
|
14.2
|
|
|
(8.9
|
)
|
|
12.7
|
|
|
(7.8
|
)
|
||||
Customer based
|
|
206.1
|
|
|
(86.9
|
)
|
|
180.4
|
|
|
(76.4
|
)
|
||||
Reported balance
|
|
$
|
309.5
|
|
|
$
|
(147.9
|
)
|
|
$
|
282.7
|
|
|
$
|
(132.9
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||
|
|
Pension Benefits
|
|
Other Benefits
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
Service cost - benefits earned during the period
|
|
$
|
1.9
|
|
|
$
|
1.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5.7
|
|
|
$
|
5.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost on projected benefit obligation
|
|
8.2
|
|
|
8.2
|
|
|
—
|
|
|
0.1
|
|
|
24.6
|
|
|
24.5
|
|
|
0.1
|
|
|
0.2
|
|
||||||||
Expected return on plan assets
|
|
(12.9
|
)
|
|
(12.7
|
)
|
|
—
|
|
|
—
|
|
|
(38.7
|
)
|
|
(38.1
|
)
|
|
—
|
|
|
—
|
|
||||||||
Settlement loss
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Unrecognized transition obligation
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
||||||||
Prior service cost
|
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
0.7
|
|
|
(0.2
|
)
|
|
—
|
|
||||||||
Actuarial net loss (gain)
|
|
3.6
|
|
|
5.0
|
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
10.9
|
|
|
15.1
|
|
|
(0.5
|
)
|
|
(0.2
|
)
|
||||||||
Net periodic benefit cost
|
|
$
|
1.1
|
|
|
$
|
2.7
|
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
9.1
|
|
|
$
|
8.1
|
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
(in millions)
|
|
Foreign Currency Translation
|
|
Pension And Other Postretirement Liability Adjustments
|
|
Accumulated Other Comprehensive Loss
|
||||||
December 31, 2014
|
|
$
|
(151.3
|
)
|
|
$
|
(140.4
|
)
|
|
$
|
(291.7
|
)
|
Other comprehensive loss before reclassifications
|
|
(206.1
|
)
|
|
—
|
|
|
(206.1
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
|
—
|
|
|
9.6
|
|
|
9.6
|
|
|||
Net current period other comprehensive (loss) income
|
|
(206.1
|
)
|
|
9.6
|
|
|
(196.5
|
)
|
|||
September 30, 2015
|
|
$
|
(357.4
|
)
|
|
$
|
(130.8
|
)
|
|
$
|
(488.2
|
)
|
|
|
|
|
|
|
|
||||||
December 31, 2015
|
|
$
|
(366.5
|
)
|
|
$
|
(143.4
|
)
|
|
$
|
(509.9
|
)
|
Other comprehensive income before reclassifications
|
|
63.8
|
|
|
0.7
|
|
|
64.5
|
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
|
—
|
|
|
10.3
|
|
|
10.3
|
|
|||
Net current period other comprehensive income
|
|
63.8
|
|
|
11.0
|
|
|
74.8
|
|
|||
September 30, 2016
|
|
$
|
(302.7
|
)
|
|
$
|
(132.4
|
)
|
|
$
|
(435.1
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Pension and postretirement costs (See Note 11)
|
|
$
|
3.2
|
|
|
$
|
5.3
|
|
|
$
|
16.8
|
|
|
$
|
15.9
|
|
Tax benefit
|
|
(1.9
|
)
|
|
(2.1
|
)
|
|
(6.5
|
)
|
|
(6.3
|
)
|
||||
Pension and postretirement costs, net of tax
|
|
$
|
1.3
|
|
|
$
|
3.2
|
|
|
$
|
10.3
|
|
|
$
|
9.6
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|||||||||||||
(in millions, except per share amounts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
Numerator
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
68.6
|
|
|
$
|
62.5
|
|
|
$
|
175.7
|
|
|
$
|
182.5
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Denominator
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average common shares outstanding — basic
|
|
94.3
|
|
|
96.4
|
|
|
94.6
|
|
|
97.0
|
|
|||||
Dilutive shares
|
|
0.7
|
|
|
1.3
|
|
|
0.9
|
|
|
1.2
|
|
|||||
Weighted average common and common equivalent shares outstanding — diluted
|
|
95.0
|
|
|
97.7
|
|
|
95.5
|
|
|
98.2
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Per common share income
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
|
$
|
0.73
|
|
|
$
|
0.65
|
|
|
$
|
1.86
|
|
|
$
|
1.88
|
|
|
Diluted
|
|
$
|
0.72
|
|
|
$
|
0.64
|
|
|
$
|
1.84
|
|
|
$
|
1.86
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Business Segments (in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Sales including intersegment sales:
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. Packaging
|
|
$
|
664.8
|
|
|
$
|
696.7
|
|
|
$
|
2,009.5
|
|
|
$
|
2,111.8
|
|
Global Packaging
|
|
374.6
|
|
|
332.6
|
|
|
1,043.5
|
|
|
1,014.4
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Intersegment sales:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Packaging
|
|
(7.2
|
)
|
|
(6.5
|
)
|
|
(20.4
|
)
|
|
(19.9
|
)
|
||||
Global Packaging
|
|
(5.0
|
)
|
|
(4.5
|
)
|
|
(16.2
|
)
|
|
(17.6
|
)
|
||||
Total net sales
|
|
$
|
1,027.2
|
|
|
$
|
1,018.3
|
|
|
$
|
3,016.4
|
|
|
$
|
3,088.7
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Packaging operating profit
|
|
$
|
100.8
|
|
|
$
|
100.0
|
|
|
$
|
306.0
|
|
|
$
|
298.3
|
|
|
|
|
|
|
|
|
|
|
||||||||
Global Packaging:
|
|
|
|
|
|
|
|
|
||||||||
Operating profit before restructuring and acquisition-related costs
|
|
36.2
|
|
|
31.8
|
|
|
80.6
|
|
|
88.4
|
|
||||
Restructuring and acquisition-related costs
|
|
(4.4
|
)
|
|
(1.9
|
)
|
|
(24.6
|
)
|
|
(7.2
|
)
|
||||
Operating profit
|
|
31.8
|
|
|
29.9
|
|
|
56.0
|
|
|
81.2
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
General corporate expenses
|
|
(16.4
|
)
|
|
(24.1
|
)
|
|
(57.4
|
)
|
|
(67.1
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
116.2
|
|
|
105.8
|
|
|
304.6
|
|
|
312.4
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
15.1
|
|
|
12.6
|
|
|
44.5
|
|
|
38.5
|
|
||||
Other non-operating income
|
|
(0.6
|
)
|
|
(0.8
|
)
|
|
(1.1
|
)
|
|
(4.8
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations before income taxes
|
|
$
|
101.7
|
|
|
$
|
94.0
|
|
|
$
|
261.2
|
|
|
$
|
278.7
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(in millions, except per share amounts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
Net sales
|
|
$
|
1,027.2
|
|
|
100.0
|
%
|
|
$
|
1,018.3
|
|
|
100.0
|
%
|
|
$
|
3,016.4
|
|
|
100.0
|
%
|
|
$
|
3,088.7
|
|
|
100.0
|
%
|
Cost of products sold
|
|
802.4
|
|
|
78.1
|
|
|
796.5
|
|
|
78.2
|
|
|
2,365.8
|
|
|
78.4
|
|
|
2,428.2
|
|
|
78.6
|
|
||||
Gross profit
|
|
224.8
|
|
|
21.9
|
|
|
221.8
|
|
|
21.8
|
|
|
650.6
|
|
|
21.6
|
|
|
660.5
|
|
|
21.4
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general, and administrative expenses
|
|
95.8
|
|
|
9.3
|
|
|
101.8
|
|
|
10.0
|
|
|
295.6
|
|
|
9.8
|
|
|
312.1
|
|
|
10.1
|
|
||||
Research and development
|
|
11.6
|
|
|
1.1
|
|
|
11.0
|
|
|
1.1
|
|
|
34.7
|
|
|
1.2
|
|
|
33.8
|
|
|
1.1
|
|
||||
Restructuring and acquisition-related costs
|
|
4.4
|
|
|
0.4
|
|
|
4.6
|
|
|
0.5
|
|
|
24.8
|
|
|
0.8
|
|
|
9.9
|
|
|
0.3
|
|
||||
Other operating income
|
|
(3.2
|
)
|
|
(0.3
|
)
|
|
(1.4
|
)
|
|
(0.1
|
)
|
|
(9.1
|
)
|
|
(0.3
|
)
|
|
(7.7
|
)
|
|
(0.2
|
)
|
||||
Operating income
|
|
116.2
|
|
|
11.3
|
|
|
105.8
|
|
|
10.4
|
|
|
304.6
|
|
|
10.1
|
|
|
312.4
|
|
|
10.1
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
|
15.1
|
|
|
1.5
|
|
|
12.6
|
|
|
1.2
|
|
|
44.5
|
|
|
1.5
|
|
|
38.5
|
|
|
1.2
|
|
||||
Other non-operating income
|
|
(0.6
|
)
|
|
(0.1
|
)
|
|
(0.8
|
)
|
|
(0.1
|
)
|
|
(1.1
|
)
|
|
—
|
|
|
(4.8
|
)
|
|
(0.2
|
)
|
||||
Income from continuing operations before income taxes
|
|
101.7
|
|
|
9.9
|
|
|
94.0
|
|
|
9.2
|
|
|
261.2
|
|
|
8.7
|
|
|
278.7
|
|
|
9.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Provision for income taxes
|
|
33.1
|
|
|
3.2
|
|
|
31.5
|
|
|
3.1
|
|
|
85.5
|
|
|
2.8
|
|
|
93.6
|
|
|
3.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from continuing operations
|
|
68.6
|
|
|
6.7
|
%
|
|
62.5
|
|
|
6.1
|
%
|
|
175.7
|
|
|
5.8
|
%
|
|
185.1
|
|
|
6.0
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss from discontinued operations
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
(2.6
|
)
|
|
(0.1
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
|
$
|
68.6
|
|
|
6.7
|
%
|
|
$
|
62.5
|
|
|
6.1
|
%
|
|
$
|
175.7
|
|
|
5.8
|
%
|
|
$
|
182.5
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effective income tax rate
|
|
|
|
|
32.5
|
%
|
|
|
|
|
33.5
|
%
|
|
|
|
|
32.7
|
%
|
|
|
|
|
33.6
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted earnings per share from continuing operations
|
|
$
|
0.72
|
|
|
|
|
|
$
|
0.64
|
|
|
|
|
|
$
|
1.84
|
|
|
|
|
|
$
|
1.89
|
|
|
|
|
(in millions, except per share amounts)
|
|
2016
|
|
2015
|
||||
Net sales
|
|
$
|
1,027.2
|
|
|
$
|
1,018.3
|
|
Income from continuing operations
|
|
68.6
|
|
|
62.5
|
|
||
Diluted earnings per share from continuing operations
|
|
0.72
|
|
|
0.64
|
|
(dollars in millions)
|
|
2016
|
|
2015
|
||||
Net sales
|
|
$
|
657.6
|
|
|
$
|
690.2
|
|
Operating profit
|
|
100.8
|
|
|
100.0
|
|
||
Operating profit as a percentage of net sales
|
|
15.3
|
%
|
|
14.5
|
%
|
(dollars in millions)
|
|
2016
|
|
2015
|
||||
Net sales
|
|
$
|
369.6
|
|
|
$
|
328.1
|
|
Operating profit
|
|
31.8
|
|
|
29.9
|
|
||
Operating profit as a percentage of net sales
|
|
8.6
|
%
|
|
9.1
|
%
|
(dollars in millions)
|
|
2016
|
|
2015
|
||||
Selling, general, and administrative expenses (SG&A)
|
|
$
|
95.8
|
|
|
$
|
101.8
|
|
SG&A as a percentage of net sales
|
|
9.3
|
%
|
|
10.0
|
%
|
(dollars in millions)
|
|
2016
|
|
2015
|
||||
Interest expense
|
|
$
|
15.1
|
|
|
$
|
12.6
|
|
Effective interest rate
|
|
3.9
|
%
|
|
3.8
|
%
|
(in millions, except per share amounts)
|
|
2016
|
|
2015
|
||||
Net sales
|
|
$
|
3,016.4
|
|
|
$
|
3,088.7
|
|
Income from continuing operations
|
|
175.7
|
|
|
185.1
|
|
||
Diluted earnings per share from continuing operations
|
|
1.84
|
|
|
1.89
|
|
(dollars in millions)
|
|
2016
|
|
2015
|
||||
Net sales
|
|
$
|
1,989.1
|
|
|
$
|
2,091.9
|
|
Operating profit
|
|
306.0
|
|
|
298.3
|
|
||
Operating profit as a percentage of net sales
|
|
15.4
|
%
|
|
14.3
|
%
|
(dollars in millions)
|
|
2016
|
|
2015
|
||||
Net sales
|
|
$
|
1,027.3
|
|
|
$
|
996.8
|
|
Operating profit
|
|
56.0
|
|
|
81.2
|
|
||
Operating profit as a percentage of net sales
|
|
5.5
|
%
|
|
8.1
|
%
|
(dollars in millions)
|
|
2016
|
|
2015
|
||||
Interest expense
|
|
$
|
44.5
|
|
|
$
|
38.5
|
|
Effective interest rate
|
|
4.1
|
%
|
|
3.9
|
%
|
(in millions)
|
|
2016
|
|
2015
|
||||
Other non-operating income
|
|
$
|
(1.1
|
)
|
|
$
|
(4.8
|
)
|
(dollars in millions)
|
|
2016
|
|
2015
|
||||
Income taxes
|
|
$
|
85.5
|
|
|
$
|
93.6
|
|
Effective tax rate
|
|
32.7
|
%
|
|
33.6
|
%
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|||||
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
|
|||||
August 1-31, 2016
|
|
889,700
|
|
|
$
|
50.90
|
|
|
889,700
|
|
|
21,468,191
|
|
September 1-30, 2016
|
|
110,300
|
|
|
$
|
52.34
|
|
|
110,300
|
|
|
21,357,891
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
$
|
51.06
|
|
|
1,000,000
|
|
|
21,357,891
|
|
|
|
BEMIS COMPANY, INC.
|
|
|
|
|
|
Date
|
October 28, 2016
|
|
/s/ Michael B. Clauer
|
|
|
Michael B. Clauer, Vice President and Chief Financial Officer
|
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. (5)
|
|
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. (4)
|
|
Incorporated by Reference
|
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
|
(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 the Registrant's Current Report on Form 8-K dated July 22, 2016 (File No. 1-5277).
|
(5)
|
Incorporated by reference to the Registrant's Current Report on Form 8-K dated September 15, 2016 (File No. 1-5277).
|
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