New Accounting Guidance

3 Months Ended

Mar. 31, 2012

New Accounting Guidance

New Accounting Guidance

Note 2 — New Accounting Guidance

Balance Sheet Disclosure — Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued new guidance that requires an entity to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions executed under a master netting or similar arrangement.  The new guidance was issued to enable users of financial statements to understand the effects or potential effects of those arrangements on its financial position.  The new guidance is required to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013.  The adoption of the new guidance will not have an impact on the Company’s consolidated financial position, results of operations, or cash flows.

Goodwill Impairment Testing

In September 2011, the FASB issued new guidance intended to simplify goodwill impairment testing.  The new guidance allows an entity to perform a qualitative assessment on goodwill impairment to determine whether a quantitative assessment is necessary.  When this guidance is adopted during the third quarter of 2012, which is the timing of our annual impairment testing, it is not expected that the adoption will have an impact on the Company’s consolidated financial position, results of operations, or cash flows.

Comprehensive Income

In June 2011, the FASB issued new guidance on the presentation of comprehensive income.  Specifically, the new guidance allows an entity to present components of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements.  While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance.  In December 2011, the FASB indefinitely deferred the guidance related to the presentation of reclassification adjustments.  This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011.  The adoption of the new guidance resulted in the addition of Comprehensive Income Attributable to Bemis Company, Inc. being presented on the Company’s consolidated statement of income.

Fair Value Measurements

In May 2011, the FASB issued new guidance to achieve common fair value measurement and disclosure requirements between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards.  This new guidance amends current fair value measurement and disclosure guidance to include increased transparency around valuation inputs and investment categorization and is effective for fiscal years and interim periods beginning after December 15, 2011.  The adoption of the new guidance in the first quarter of 2012 did not have an impact on the Company’s consolidated financial position, results of operations, or cash flows.