Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Silgan Holdings Inc | ' |
Trading Symbol | 'SLGN | ' |
Entity Central Index Key | '0000849869 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 63,415,444 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $134,473 | $465,608 | $422,525 |
Trade accounts receivable, net | 587,669 | 326,691 | 597,678 |
Inventories | 544,519 | 515,927 | 561,511 |
Prepaid expenses and other current assets | 65,148 | 70,261 | 51,628 |
Total current assets | 1,331,809 | 1,378,487 | 1,633,342 |
Property, plant and equipment, net | 1,052,382 | 1,098,809 | 1,092,610 |
Goodwill | 514,254 | 510,836 | 503,240 |
Other intangible assets, net | 166,358 | 171,917 | 173,916 |
Other assets, net | 138,296 | 133,494 | 138,848 |
Assets, Total | 3,203,099 | 3,293,543 | 3,541,956 |
Current liabilities: | ' | ' | ' |
Revolving loans and current portion of long-term debt | 225,732 | 255,349 | 423,274 |
Trade accounts payable | 247,404 | 318,669 | 254,565 |
Accrued payroll and related costs | 65,364 | 62,144 | 71,013 |
Accrued liabilities | 78,703 | 66,397 | 81,762 |
Total current liabilities | 617,203 | 702,559 | 830,614 |
Long-term debt | 1,574,196 | 1,415,967 | 1,566,427 |
Other liabilities | 382,287 | 421,374 | 408,575 |
Stockholders’ equity: | ' | ' | ' |
Common stock | 876 | 876 | 876 |
Paid-in capital | 210,739 | 204,449 | 202,707 |
Retained earnings | 1,155,507 | 1,020,543 | 999,603 |
Accumulated other comprehensive loss | -106,219 | -109,913 | -104,780 |
Treasury stock | -631,490 | -362,312 | -362,066 |
Total stockholders’ equity | 629,413 | 753,643 | 736,340 |
Liabilities and Equity, Total | $3,203,099 | $3,293,543 | $3,541,956 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,167,921 | $1,139,547 | $2,843,691 | $2,729,516 |
Cost of goods sold | 980,096 | 960,776 | 2,416,433 | 2,321,371 |
Gross profit | 187,825 | 178,771 | 427,258 | 408,145 |
Selling, general and administrative expenses | 50,634 | 44,291 | 154,754 | 135,503 |
Rationalization charges | 1,332 | 2,048 | 3,616 | 5,809 |
Income from operations | 135,859 | 132,432 | 268,888 | 266,833 |
Interest and other debt expense before loss on early extinguishment of debt | 16,982 | 16,005 | 47,776 | 47,622 |
Loss on early extinguishment of debt | 0 | 0 | 2,068 | 38,704 |
Interest and other debt expense | 16,982 | 16,005 | 49,844 | 86,326 |
Income before income taxes | 118,877 | 116,427 | 219,044 | 180,507 |
Provision for income taxes | 41,702 | 37,770 | 56,907 | 58,520 |
Net income | $77,175 | $78,657 | $162,137 | $121,987 |
Earnings per share: | ' | ' | ' | ' |
Basic net income per share | $1.22 | $1.13 | $2.51 | $1.75 |
Diluted net income per share | $1.21 | $1.13 | $2.50 | $1.74 |
Dividends per share | $0.14 | $0.12 | $0.42 | $0.36 |
Weighted average number of shares: | ' | ' | ' | ' |
Basic (in shares) | 63,449 | 69,375 | 64,522 | 69,679 |
Effect of dilutive securities (in shares) | 415 | 310 | 389 | 305 |
Diluted (in shares) | 63,864 | 69,685 | 64,911 | 69,984 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $77,175 | $78,657 | $162,137 | $121,987 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Changes in net prior service credit and actuarial losses | 1,958 | 1,557 | 5,717 | 5,259 |
Change in fair value of derivatives | 152 | -587 | 3,013 | -965 |
Foreign currency translation | 11,553 | 15,728 | -5,036 | 6,208 |
Other comprehensive income | 13,663 | 16,698 | 3,694 | 10,502 |
Comprehensive income | $90,838 | $95,355 | $165,831 | $132,489 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows provided by (used in) operating activities: | ' | ' |
Net income | $162,137 | $121,987 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 127,087 | 125,161 |
Rationalization charges | 3,616 | 5,809 |
Loss on early extinguishment of debt | 2,068 | 38,704 |
Excess tax benefit from stock-based compensation | -444 | -1,429 |
Other changes that provided (used) cash, net of effects from acquisitions: | ' | ' |
Trade accounts receivable, net | -258,090 | -239,154 |
Inventories | -25,022 | 10,841 |
Trade accounts payable | 492 | -7,308 |
Accrued liabilities | 10,520 | 4,874 |
Contributions to domestic pension benefit plans | 0 | -76,000 |
Other, net | -21,325 | 10,552 |
Net cash provided by (used in) operating activities | 1,039 | -5,963 |
Cash flows provided by (used in) investing activities: | ' | ' |
Purchases of businesses, net of cash acquired | -6,000 | -317,546 |
Capital expenditures | -79,950 | -84,739 |
Proceeds from asset sales | 6,722 | 1,456 |
Net cash used in investing activities | -79,228 | -400,829 |
Cash flows provided by (used in) financing activities: | ' | ' |
Borrowings under revolving loans | 655,685 | 651,299 |
Repayments under revolving loans | -531,118 | -325,922 |
Proceeds from issuance of long-term debt | 304,981 | 526,550 |
Repayments of long-term debt | -306,444 | -284,204 |
Debt issuance costs | -5,700 | -9,847 |
Changes in outstanding checks - principally vendors | -73,454 | -66,178 |
Dividends paid on common stock | -27,173 | -25,371 |
Proceeds from stock option exercises | 0 | 195 |
Excess tax benefit from stock-based compensation | 444 | 1,429 |
Repurchase of common stock under stock plan | -2,560 | -1,872 |
Repurchase of common stock under share repurchase authorization | -267,607 | -33,863 |
Net cash (used in) provided by financing activities | -252,946 | 432,216 |
Cash and cash equivalents: | ' | ' |
Net (decrease) increase | -331,135 | 25,424 |
Balance at beginning of year | 465,608 | 397,101 |
Balance at end of period | 134,473 | 422,525 |
Interest paid, net | 37,513 | 38,457 |
Income taxes paid, net | $89,344 | $55,858 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2011 | $657,994 | $875 | $196,626 | $902,987 | ($115,282) | ($327,212) |
Beginning Balance (in shares) at Dec. 31, 2011 | ' | 69,884,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Stock option exercises, including tax benefit of $580 (in shares) | ' | 36,000 | ' | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit of $905 in 2012 and $444 in 2013 (in shares) | ' | 89,000 | ' | ' | ' | ' |
Repurchases of common stock (in shares) | ' | -799,000 | ' | ' | ' | ' |
Net income | 121,987 | ' | ' | 121,987 | ' | ' |
Other comprehensive income | 10,502 | ' | ' | ' | 10,502 | ' |
Dividends declared on common stock | -25,371 | ' | ' | -25,371 | ' | ' |
Stock compensation expense | 5,283 | ' | 5,283 | ' | ' | ' |
Stock option exercises, including tax benefit of $580 | 775 | 1 | 774 | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit of $905 in 2012 and $444 in 2013 | -967 | ' | 24 | ' | ' | -991 |
Repurchases of common stock | -33,863 | ' | ' | ' | ' | -33,863 |
Ending Balance at Sep. 30, 2012 | 736,340 | 876 | 202,707 | 999,603 | -104,780 | -362,066 |
Ending Balance (in shares) at Sep. 30, 2012 | ' | 69,210,000 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2012 | 753,643 | 876 | 204,449 | 1,020,543 | -109,913 | -362,312 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 69,204,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit of $905 in 2012 and $444 in 2013 (in shares) | ' | 90,000 | ' | ' | ' | ' |
Repurchases of common stock (in shares) | ' | -5,879,000 | ' | ' | ' | ' |
Net income | 162,137 | ' | ' | 162,137 | ' | ' |
Other comprehensive income | 3,694 | ' | ' | ' | 3,694 | ' |
Dividends declared on common stock | -27,173 | ' | ' | -27,173 | ' | ' |
Stock compensation expense | 6,835 | ' | 6,835 | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit of $905 in 2012 and $444 in 2013 | -2,116 | ' | -545 | ' | ' | -1,571 |
Repurchases of common stock | -267,607 | ' | ' | ' | ' | -267,607 |
Ending Balance at Sep. 30, 2013 | $629,413 | $876 | $210,739 | $1,155,507 | ($106,219) | ($631,490) |
Ending Balance (in shares) at Sep. 30, 2013 | ' | 63,415,000 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Stock option exercises, tax benefit | ' | $580 |
Net issuance of treasury stock for vested restricted stock units, tax benefit | $444 | $905 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 1. Significant Accounting Policies | |
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Silgan Holdings Inc., or Silgan, have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. | |
The Condensed Consolidated Balance Sheet at December 31, 2012 has been derived from our audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. | |
You should read the accompanying condensed consolidated financial statements in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
Goodwill and Other Intangible Assets. We review goodwill and other indefinite-lived intangible assets for impairment as of July 1 each year and more frequently if circumstances indicate a possible impairment. We determined that our goodwill and other indefinite-lived intangible assets were not impaired in our annual 2013 assessment performed during the third quarter. | |
Recently Adopted Accounting Pronouncement. In February 2013, the Financial Accounting Standards Board issued an accounting standards update which amends the guidance for reporting reclassification adjustments from accumulated other comprehensive income to net income. This amendment requires us to present information that is significant about reclassification adjustments from accumulated other comprehensive income to net income in one footnote and, in some cases, cross-reference to related footnote disclosures. This amendment was effective for us on January 1, 2013. Our adoption of this amendment did not have an effect on our financial position, results of operations or cash flows. See Note 3 for the required disclosures. |
Rationalization_Charges
Rationalization Charges | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Rationalization Charges | ' | |||||||||||||||
Note 2. Rationalization Charges | ||||||||||||||||
As part of our plans to rationalize certain facilities, we have established reserves for employee severance and benefits and plant exit costs. Activity in our rationalization reserves since December 31, 2012 is summarized as follows: | ||||||||||||||||
Employee | Plant | Non-Cash | Total | |||||||||||||
Severance | Exit | Asset | ||||||||||||||
and Benefits | Costs | Write-Down | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | 3,231 | $ | 1,698 | $ | — | $ | 4,929 | ||||||||
Activity for the nine months ended September 30, 2013 | ||||||||||||||||
Prior years’ rationalization plan reserves established | 161 | 816 | 178 | 1,155 | ||||||||||||
Prior years’ rationalization plan reserves utilized | (1,706 | ) | (933 | ) | (178 | ) | (2,817 | ) | ||||||||
2013 rationalization plan reserves established | 1,760 | 523 | 178 | 2,461 | ||||||||||||
2013 rationalization plan reserves utilized | (1,490 | ) | (523 | ) | (178 | ) | (2,191 | ) | ||||||||
Total activity | (1,275 | ) | (117 | ) | — | (1,392 | ) | |||||||||
Balance at September 30, 2013 | $ | 1,956 | $ | 1,581 | $ | — | $ | 3,537 | ||||||||
Rationalization reserves as of September 30, 2013 and December 31, 2012 are included in the Condensed Consolidated Balance Sheets as accrued liabilities. Total future cash spending of $7.0 million is expected for our outstanding rationalization plans in the current year and thereafter. | ||||||||||||||||
2013 Rationalization Plans | ||||||||||||||||
In the first quarter of 2013, we announced plans to exit our Crystal City, Texas metal container manufacturing facility and to downsize our Sacramento, California metal container manufacturing facility. Our plans include the termination of approximately 40 employees and other related plant exit costs. The total estimated costs for these rationalizations of $1.6 million consist of $0.9 million for employee severance and benefits, $0.6 million for plant exit costs and $0.1 million for the non-cash write-down in carrying value of assets. Through September 30, 2013, we recognized a total of $1.4 million of costs, which consisted of $0.8 million of employee severance and benefits, $0.5 million for plant exit costs and $0.1 million for the non-cash write-down in carrying value of assets. Remaining expenses and cash expenditures of $0.2 million each are expected in 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Note 3. Accumulated Other Comprehensive Loss | ||||||||||||||||
Accumulated other comprehensive loss is reported in our Consolidated Statements of Stockholders’ Equity. Amounts included in accumulated other comprehensive loss, net of tax, are as follows: | ||||||||||||||||
Unrecognized Net | Change in Fair | Foreign | Total | |||||||||||||
Defined Benefit | Value of | Currency | ||||||||||||||
Plan Costs | Derivatives | Translation | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | (105,675 | ) | $ | (7,727 | ) | $ | 3,489 | $ | (109,913 | ) | |||||
Other comprehensive loss before reclassifications | 318 | 260 | (5,036 | ) | (4,458 | ) | ||||||||||
Amounts reclassified from accumulated other | 5,399 | 2,753 | — | 8,152 | ||||||||||||
comprehensive loss | ||||||||||||||||
Other comprehensive income | 5,717 | 3,013 | (5,036 | ) | 3,694 | |||||||||||
Balance at September 30, 2013 | $ | (99,958 | ) | $ | (4,714 | ) | $ | (1,547 | ) | $ | (106,219 | ) | ||||
The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three and nine months ended September 30, 2013 were losses of $3.2 million and $8.7 million, respectively, excluding an income tax benefit of $1.2 million and $3.3 million, respectively. Amortization of actuarial losses (gains) and prior service cost (credit) is a component of net periodic benefit cost. See Note 7 for further information. | ||||||||||||||||
The amount reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three and nine months ended September 30, 2013 were net losses of $1.7 million and $4.4 million, respectively, excluding an income tax benefit of $0.6 million and $1.6 million, respectively. These net losses included $1.6 million and $4.4 million of losses related to our interest rate swap agreements which were recorded in interest and other debt expense for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||
Foreign currency losses related to our net investment hedges included in the foreign currency translation component of accumulated other comprehensive loss for the three and nine months ended September 30, 2013 were $10.0 million and $5.3 million, respectively, excluding an income tax benefit of $3.7 million and $2.0 million, respectively. | ||||||||||||||||
See Note 6 which includes a discussion of derivative instruments and hedging activities. |
Inventories
Inventories | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Note 4. Inventories | ||||||||||||
Inventories consisted of the following: | ||||||||||||
Sept. 30, | Sept. 30, | Dec. 31, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Raw materials | $ | 163,129 | $ | 170,350 | $ | 167,097 | ||||||
Work-in-process | 117,559 | 115,282 | 108,385 | |||||||||
Finished goods | 353,426 | 358,319 | 330,077 | |||||||||
Other | 13,296 | 13,497 | 13,259 | |||||||||
647,410 | 657,448 | 618,818 | ||||||||||
Adjustment to value inventory | (102,891 | ) | (95,937 | ) | (102,891 | ) | ||||||
at cost on the LIFO method | ||||||||||||
$ | 544,519 | $ | 561,511 | $ | 515,927 | |||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Long-Term Debt | ' | |||||||||||
Note 5. Long-Term Debt | ||||||||||||
Long-term debt consisted of the following: | ||||||||||||
Sept. 30, | Sept. 30, | Dec. 31, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Bank debt | ||||||||||||
Bank revolving loans | $ | 98,395 | $ | 320,000 | $ | — | ||||||
U.S. term loans | 364,000 | 520,000 | 520,000 | |||||||||
Canadian term loans | 66,784 | 82,571 | 81,389 | |||||||||
Euro term loans | 316,317 | 432,686 | 443,406 | |||||||||
Other foreign bank revolving and term loans | 154,432 | 134,444 | 126,521 | |||||||||
Total bank debt | 999,928 | 1,489,701 | 1,171,316 | |||||||||
5% Senior Notes | 500,000 | 500,000 | 500,000 | |||||||||
5½% Senior Notes | 300,000 | — | — | |||||||||
Total debt | 1,799,928 | 1,989,701 | 1,671,316 | |||||||||
Less current portion | 225,732 | 423,274 | 255,349 | |||||||||
$ | 1,574,196 | $ | 1,566,427 | $ | 1,415,967 | |||||||
At September 30, 2013, amounts expected to be repaid within one year consisted of $98.4 million of bank revolving loans under our senior secured credit facility, or the Credit Agreement, and $127.3 million of foreign bank revolving and term loans. | ||||||||||||
In the first quarter of 2013, we prepaid essentially all term loan amortization payments due in 2013 and 2014 under the Credit Agreement, consisting of $156.0 million of U.S. term loans, €100.5 million of Euro term loans and Cdn $12.2 million of Canadian term loans, aggregating U.S. denominated $300.9 million. In connection with these prepayments, we recorded a loss on early extinguishment of debt of $2.1 million. | ||||||||||||
5½ % Senior Notes | ||||||||||||
On September 9, 2013, we issued $300 million aggregate principal amount of our 5½% Senior Notes due 2022, or the 5½% Notes, at 100 percent of their principal amount. The 5½% Notes are general unsecured obligations of Silgan, ranking equal in right of payment with Silgan’s unsecured unsubordinated indebtedness, including our 5% Senior Notes due 2020, or the 5% Notes, and ahead of Silgan’s subordinated debt, if any. The 5½% Notes are effectively subordinated to Silgan’s secured debt to the extent of the assets securing such debt and effectively subordinated to all obligations of subsidiaries of Silgan. Interest on the 5½% Notes is payable semi-annually in cash on February 1 and August 1 of each year beginning February 1, 2014, and the 5½% Notes mature on February 1, 2022. Net proceeds from the issuance of the 5½% Notes were used to repay outstanding bank revolving loans under the Credit Agreement. | ||||||||||||
The 5½% Notes are redeemable, at the option of Silgan, in whole or in part, at any time after August 1, 2017 at the following redemption prices (expressed in percentages of principal amount) plus accrued and unpaid interest thereon to the redemption date if redeemed during the twelve month period commencing August 1 of the years set forth below: | ||||||||||||
Year | Redemption Price | |||||||||||
2017 | 102.75% | |||||||||||
2018 | 101.38% | |||||||||||
2019 and thereafter | 100.00% | |||||||||||
In addition, prior to August 1, 2016, we may redeem up to 35 percent of the aggregate principal amount of the 5½% Notes from the proceeds of certain equity offerings at a redemption price of 105 percent of their principal amount, plus accrued and unpaid interest to the date of redemption. We may also redeem the 5½% Notes, in whole or in part, prior to August 1, 2017 at a redemption price equal to 100 percent of their principal amount plus a make-whole premium as provided in the indenture for the 5½% Notes, together with accrued and unpaid interest to the date of redemption. | ||||||||||||
Upon the occurrence of a change of control, as defined in the indenture for the 5½% Notes, Silgan is required to make an offer to purchase the 5½% Notes at a purchase price equal to 101 percent of their principal amount, plus accrued and unpaid interest to the date of purchase. | ||||||||||||
The indenture for the 5½% Notes contains covenants which are generally less restrictive than those under the Credit Agreement and substantially similar to those under the indenture for the 5% Notes. |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Financial Instruments | ' | |||||||
Note 6. Financial Instruments | ||||||||
The financial instruments recorded in our Condensed Consolidated Balance Sheets include cash and cash equivalents, trade accounts receivable, trade accounts payable, debt obligations and swap agreements. Due to their short-term maturity, the carrying amounts of trade accounts receivable and trade accounts payable approximate their fair market values. The following table summarizes the carrying amounts and estimated fair values of our other financial instruments at September 30, 2013: | ||||||||
Carrying | Fair | |||||||
Amount | Value | |||||||
(Dollars in thousands) | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 134,473 | $ | 134,473 | ||||
Liabilities: | ||||||||
Bank debt | $ | 999,928 | $ | 999,928 | ||||
5% Notes | 500,000 | 498,700 | ||||||
5½% Notes | 300,000 | 292,314 | ||||||
Interest rate swap agreements | 8,187 | 8,187 | ||||||
Natural gas swap agreements | 272 | 272 | ||||||
Fair Value Measurements | ||||||||
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP classifies the inputs used to measure fair value into a hierarchy consisting of three levels. Level 1 inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs represent unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs represent unobservable inputs for the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | ||||||||
Financial Instruments Measured at Fair Value | ||||||||
The financial assets and liabilities that are measured on a recurring basis at September 30, 2013 consist of our cash and cash equivalents, interest rate swap agreements and natural gas swap agreements. We measured the fair value of cash and cash equivalents using Level 1 inputs. We measured the fair value of the swap agreements using the income approach. The fair value of the swap agreements reflects the estimated amounts that we would pay or receive based on the present value of the expected cash flows derived from market interest rates and prices. As such, these derivative instruments are classified within Level 2. | ||||||||
Financial Instruments Not Measured at Fair Value | ||||||||
Our bank debt, 5% Notes and 5½% Notes are recorded at historical amounts in our Condensed Consolidated Balance Sheets, as we have not elected to measure them at fair value. We measured the fair value of our variable rate bank debt using the market approach based on Level 2 inputs. The fair values of the 5% Notes and 5½% Notes were estimated based on quoted market prices, a Level 1 input. | ||||||||
Derivative Instruments and Hedging Activities | ||||||||
Our derivative financial instruments are recorded in the Condensed Consolidated Balance Sheets at their fair values. Changes in fair values of derivatives are recorded in each period in earnings or comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and, if it is, the type of hedge transaction. | ||||||||
We utilize certain derivative financial instruments to manage a portion of our interest rate and natural gas cost exposures. We limit our use of derivative financial instruments to interest rate and natural gas swap agreements. We do not engage in trading or other speculative uses of these financial instruments. For a financial instrument to qualify as a hedge, we must be exposed to interest rate or price risk, and the financial instrument must reduce the exposure and be designated as a hedge. Financial instruments qualifying for hedge accounting must maintain a high correlation between the hedging instrument and the item being hedged, both at inception and throughout the hedged period. | ||||||||
We utilize certain internal hedging strategies to minimize our foreign currency exchange rate risk. Net investment hedges that qualify for hedge accounting result in the recognition of foreign currency gains or losses, net of tax, in accumulated other comprehensive (loss) income. We generally do not utilize external derivative financial instruments to manage our foreign currency exchange rate risk. | ||||||||
Our interest rate and natural gas swap agreements are accounted for as cash flow hedges. During the first nine months of 2013, our hedges were fully effective. The fair value of our outstanding swap agreements in effect at September 30, 2013 was recorded in our Condensed Consolidated Balance Sheet as a net liability of $8.5 million, of which $6.6 million was included in accrued liabilities and $1.9 million was included in other liabilities. | ||||||||
The amount reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three and nine months ended September 30, 2013 were losses, net of income taxes, of $1.1 million and $2.8 million, respectively. We estimate that we will reclassify losses of $3.8 million, net of income taxes, from the change in fair value of derivatives component of accumulated other comprehensive loss to earnings during the next twelve months. The actual amount that will be reclassified to earnings will vary from this amount as a result of changes in market conditions. | ||||||||
Interest Rate Swap Agreements | ||||||||
We have entered into U.S. dollar and Euro interest rate swap agreements to manage a portion of our exposure to interest rate fluctuations. At September 30, 2013, the aggregate notional principal amount of our outstanding interest rate swap agreements was $291.6 million (non-U.S. dollar agreements have been translated into U.S. dollars at exchange rates in effect at the balance sheet date). The difference between amounts to be paid or received on our interest rate swap agreements is recorded in interest and other debt expense in our Condensed Consolidated Statements of Income. For the three and nine months ended September 30, 2013, net payments under our interest rate swap agreements were $1.6 million and $4.4 million, respectively. These agreements are with financial institutions which are expected to fully perform under the terms thereof. | ||||||||
Natural Gas Swap Agreements | ||||||||
We have entered into natural gas swap agreements with a major financial institution to manage a portion of our exposure to fluctuations in natural gas prices. At September 30, 2013, the aggregate notional principal amount of our natural gas swap agreements was 457,000 MMBtu of natural gas with fixed prices ranging from $3.695 to $4.548 per MMBtu, which hedges approximately 9 percent of our estimated twelve month exposure to fluctuations in natural gas prices. The difference between amounts to be paid or received on our natural gas swap agreements is recorded in cost of goods sold in our Condensed Consolidated Statements of Income. For the three and nine months ended September 30, 2013, net payments under our natural gas swap agreements were not significant. These agreements are with a financial institution which is expected to fully perform under the terms thereof. | ||||||||
Foreign Currency Exchange Rate Risk | ||||||||
In an effort to minimize foreign currency exchange rate risk, we have financed acquisitions of foreign operations primarily with loans borrowed under the Credit Agreement denominated in Euros and Canadian dollars. In addition, where available, we have borrowed funds in local currency or implemented certain internal hedging strategies to minimize our foreign currency exchange rate risk related to foreign operations. We have designated substantially all of our Euro denominated borrowings under our Credit Agreement as net investment hedges. Foreign currency losses related to our net investment hedges included in accumulated other comprehensive loss for the three and nine months ended September 30, 2013 were $10.0 million and $5.3 million, respectively. |
Retirement_Benefits
Retirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Retirement Benefits | ' | |||||||||||||||
Note 7. Retirement Benefits | ||||||||||||||||
The components of the net periodic pension benefit costs are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Sept. 30, | Sept 30, | Sept. 30, | Sept. 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 3,814 | $ | 3,690 | $ | 11,870 | $ | 11,089 | ||||||||
Interest cost | 6,809 | 6,688 | 20,081 | 20,517 | ||||||||||||
Expected return on plan assets | (13,092 | ) | (12,127 | ) | (39,361 | ) | (34,441 | ) | ||||||||
Amortization of prior service cost | 490 | 395 | 1,339 | 1,348 | ||||||||||||
Amortization of actuarial losses | 3,532 | 2,950 | 9,417 | 9,126 | ||||||||||||
Net periodic benefit cost | $ | 1,553 | $ | 1,596 | $ | 3,346 | $ | 7,639 | ||||||||
The components of the net periodic other postretirement benefits costs are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Sept. 30, | Sept. 30, | Sept. 30, | Sept. 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 139 | $ | 156 | $ | 531 | $ | 611 | ||||||||
Interest cost | 343 | 435 | 1,260 | 1,575 | ||||||||||||
Amortization of prior service credit | (674 | ) | (655 | ) | (2,013 | ) | (1,963 | ) | ||||||||
Amortization of actuarial (gains) losses | (229 | ) | (138 | ) | (125 | ) | 4 | |||||||||
Net periodic benefit (credit) cost | $ | (421 | ) | $ | (202 | ) | $ | (347 | ) | $ | 227 | |||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 8. Income Taxes | |
Silgan and its subsidiaries file U.S. Federal income tax returns, as well as income tax returns in various states and foreign jurisdictions. The Internal Revenue Service, or IRS, concluded its review of tax years through 2007, and we reached a tentative settlement of all issues with IRS Appeals in March 2013, pending the review of the Joint Committee on Taxation. We received final acceptance of the settlement from the Joint Committee on Taxation in June 2013, resulting in the recognition of previously gross unrecognized tax benefits of $27.2 million. We recorded a $19.7 million benefit to the effective tax rate for the first nine months of 2013 primarily related to this settlement and associated payments. The unrecognized tax benefits included items predating the years under audit as a result of the net operating losses utilized during the period and items arising in the audit period. These items, primarily related to the timing and character of losses arising from the write-off of intercompany obligations and instruments, were covered by the terms of the closing agreements with the IRS. As of September 30, 2013, the remaining amount of gross unrecognized tax benefits on our Condensed Consolidated Balance Sheet was $25.0 million, which was primarily unrelated to the U.S. federal jurisdiction. We are currently in discussions with the IRS related to the closing of the examination of the 2008 through 2011 tax years, however we do not expect a material change in the amount of our unrecognized tax benefits in the next twelve months as the result of the closing of the examination of these tax years. The amount of unrecognized tax benefits that would impact the effective tax rate, if recognized, at September 30, 2013 and December 31, 2012 were $12.7 million and $32.8 million, respectively, net of associated tax assets and excluding the federal tax benefit of state taxes, interest and penalties. |
Treasury_Stock
Treasury Stock | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Treasury Stock | ' |
Note 9. Treasury Stock | |
At December 31, 2012, we had $350.1 million remaining under authorizations from our Board of Directors for the repurchase of our common stock from time to time through and including December 31, 2014. | |
On November 19, 2012, we commenced a “modified Dutch auction” tender offer to purchase up to $250.0 million of our common stock. Pursuant to the tender offer, which expired on February 5, 2013, we purchased 5,524,861 shares of our common stock from our stockholders on February 8, 2013 at a price of $45.25 per share, for a total purchase price of $250.0 million, exclusive of $1.0 million of fees and expenses. | |
During the nine months ended September 30, 2013, we repurchased an additional 354,154 shares of our common stock at an average price per share of $46.90, for a total purchase price of $16.6 million. Accordingly, at September 30, 2013, we had $83.5 million remaining under authorizations from our Board of Directors for the repurchase of our common stock from time to time through and including December 31, 2014. | |
During the first nine months of 2013, we issued 149,304 treasury shares which had an average cost of $6.63 per share for restricted stock units that vested during the period. In accordance with the Silgan Holdings Inc. 2004 Stock Incentive Plan, we repurchased 58,812 shares of our common stock at an average cost of $43.55 to satisfy minimum employee withholding tax requirements resulting from certain restricted stock units becoming vested. | |
We account for treasury shares using the first-in, first-out (FIFO) cost method. As of September 30, 2013, 24,140,804 shares of our common stock were held in treasury. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock-Based Compensation | ' |
Note 10. Stock-Based Compensation | |
We currently have one stock-based compensation plan in effect, under which we have issued options and restricted stock units to our officers, other key employees and outside directors. During the first nine months of 2013, 295,900 restricted stock units were granted to certain of our officers and other key employees. The fair value of these restricted stock units at the grant date was $12.6 million, which is being amortized ratably over the respective vesting period from the grant date. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Business Segment Information | ' | |||||||||||||||||||
Note 11. Business Segment Information | ||||||||||||||||||||
Reportable business segment information for the three and nine months ended September 30 is as follows: | ||||||||||||||||||||
Metal | Closures | Plastic | Corporate | Total | ||||||||||||||||
Containers | Containers | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Net sales | $ | 831,094 | $ | 185,249 | $ | 151,578 | $ | — | $ | 1,167,921 | ||||||||||
Depreciation and amortization(1) | 20,243 | 8,310 | 11,765 | 33 | 40,351 | |||||||||||||||
Rationalization charges | 344 | 988 | — | — | 1,332 | |||||||||||||||
Segment income from operations(2) | 108,322 | 23,053 | 8,557 | (4,073 | ) | 135,859 | ||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Net sales | $ | 814,111 | $ | 182,730 | $ | 142,706 | $ | — | $ | 1,139,547 | ||||||||||
Depreciation and amortization(1) | 21,920 | 7,900 | 10,755 | 22 | 40,597 | |||||||||||||||
Rationalization charges (credit) | 1,732 | 453 | (137 | ) | — | 2,048 | ||||||||||||||
Segment income from operations(2)(3) | 103,453 | 24,134 | 6,221 | (1,376 | ) | 132,432 | ||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Net sales | $ | 1,826,026 | $ | 527,835 | $ | 489,830 | $ | — | $ | 2,843,691 | ||||||||||
Depreciation and amortization(1) | 63,770 | 24,862 | 35,025 | 100 | 123,757 | |||||||||||||||
Rationalization charges | 1,727 | 1,233 | 656 | — | 3,616 | |||||||||||||||
Segment income from operations(2)(3)(4) | 193,619 | 55,367 | 30,431 | (10,529 | ) | 268,888 | ||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Net sales | $ | 1,738,684 | $ | 528,782 | $ | 462,050 | $ | — | $ | 2,729,516 | ||||||||||
Depreciation and amortization(1) | 64,926 | 24,110 | 31,690 | 729 | 121,455 | |||||||||||||||
Rationalization charges | 1,732 | 2,594 | 1,483 | — | 5,809 | |||||||||||||||
Segment income from operations(2)(3) | 185,604 | 65,072 | 24,201 | (8,044 | ) | 266,833 | ||||||||||||||
_____________ | ||||||||||||||||||||
(1) | Depreciation and amortization excludes amortization of debt issuance costs of $1.1 million and $1.2 million for the three months ended September 30, 2013 and 2012, respectively, and amortization of debt issuance costs of $3.3 million and amortization of debt discount and issuance costs of $3.7 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||
(2) | Income from operations for Corporate includes costs attributable to announced acquisitions of $1.0 million and $0.8 million for the three months ended September 30, 2013 and 2012, respectively, and $1.2 million and $1.5 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||
(3) | Income from operations of the metal containers segment includes new plant start-up costs of $1.4 million for the three months ended September 30, 2012 and $0.8 million and $4.3 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||
(4) | Income from operations of the closures segment for the nine months ended September 30, 2013 includes a charge of $3.0 million for the remeasurement of net assets in Venezuela due to the devalued official Bolivar exchange rate. | |||||||||||||||||||
Total segment income from operations is reconciled to income before income taxes as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
Sept. 30, | Sept. 30, | Sept. 30, | Sept 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment income from operations | $ | 135,859 | $ | 132,432 | $ | 268,888 | $ | 266,833 | ||||||||||||
Interest and other debt expense | 16,982 | 16,005 | 49,844 | 86,326 | ||||||||||||||||
Income before income taxes | $ | 118,877 | $ | 116,427 | $ | 219,044 | $ | 180,507 | ||||||||||||
Sales and income from operations of our metal container business and part of our closures business are dependent, in part, upon the fruit and vegetable harvests in the United States and, to a lesser extent, in a variety of national growing regions in Europe. The size and quality of these harvests varies from year to year, depending in large part upon the weather conditions in applicable regions. Because of the seasonality of the harvests, we have historically experienced higher unit sales volume in the third quarter of our fiscal year and generated a disproportionate amount of our annual income from operations during that quarter. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
On October 22, 2013, we acquired Portola Packaging, Inc., or Portola, a leading manufacturer of plastic closures, for an aggregate purchase price of $266 million on a debt-free basis. This business, with sales of approximately $200 million in 2012, operates eight facilities in North America and Europe. We funded the purchase price for this acquisition through revolving loan borrowings under the Credit Agreement. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Silgan Holdings Inc., or Silgan, have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. | |
The Condensed Consolidated Balance Sheet at December 31, 2012 has been derived from our audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. | |
You should read the accompanying condensed consolidated financial statements in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets. We review goodwill and other indefinite-lived intangible assets for impairment as of July 1 each year and more frequently if circumstances indicate a possible impairment. We determined that our goodwill and other indefinite-lived intangible assets were not impaired in our annual 2013 assessment performed during the third quarter. | |
Recently Adopted Accounting Pronouncement. | ' |
Recently Adopted Accounting Pronouncement. In February 2013, the Financial Accounting Standards Board issued an accounting standards update which amends the guidance for reporting reclassification adjustments from accumulated other comprehensive income to net income. This amendment requires us to present information that is significant about reclassification adjustments from accumulated other comprehensive income to net income in one footnote and, in some cases, cross-reference to related footnote disclosures. This amendment was effective for us on January 1, 2013. Our adoption of this amendment did not have an effect on our financial position, results of operations or cash flows. See Note 3 for the required disclosures. | |
Rationalization_Charges_Tables
Rationalization Charges (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Activity in Rationalization Plan Reserves | ' | |||||||||||||||
Activity in our rationalization reserves since December 31, 2012 is summarized as follows: | ||||||||||||||||
Employee | Plant | Non-Cash | Total | |||||||||||||
Severance | Exit | Asset | ||||||||||||||
and Benefits | Costs | Write-Down | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | 3,231 | $ | 1,698 | $ | — | $ | 4,929 | ||||||||
Activity for the nine months ended September 30, 2013 | ||||||||||||||||
Prior years’ rationalization plan reserves established | 161 | 816 | 178 | 1,155 | ||||||||||||
Prior years’ rationalization plan reserves utilized | (1,706 | ) | (933 | ) | (178 | ) | (2,817 | ) | ||||||||
2013 rationalization plan reserves established | 1,760 | 523 | 178 | 2,461 | ||||||||||||
2013 rationalization plan reserves utilized | (1,490 | ) | (523 | ) | (178 | ) | (2,191 | ) | ||||||||
Total activity | (1,275 | ) | (117 | ) | — | (1,392 | ) | |||||||||
Balance at September 30, 2013 | $ | 1,956 | $ | 1,581 | $ | — | $ | 3,537 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax | ' | |||||||||||||||
Amounts included in accumulated other comprehensive loss, net of tax, are as follows: | ||||||||||||||||
Unrecognized Net | Change in Fair | Foreign | Total | |||||||||||||
Defined Benefit | Value of | Currency | ||||||||||||||
Plan Costs | Derivatives | Translation | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | (105,675 | ) | $ | (7,727 | ) | $ | 3,489 | $ | (109,913 | ) | |||||
Other comprehensive loss before reclassifications | 318 | 260 | (5,036 | ) | (4,458 | ) | ||||||||||
Amounts reclassified from accumulated other | 5,399 | 2,753 | — | 8,152 | ||||||||||||
comprehensive loss | ||||||||||||||||
Other comprehensive income | 5,717 | 3,013 | (5,036 | ) | 3,694 | |||||||||||
Balance at September 30, 2013 | $ | (99,958 | ) | $ | (4,714 | ) | $ | (1,547 | ) | $ | (106,219 | ) |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories consisted of the following: | ||||||||||||
Sept. 30, | Sept. 30, | Dec. 31, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Raw materials | $ | 163,129 | $ | 170,350 | $ | 167,097 | ||||||
Work-in-process | 117,559 | 115,282 | 108,385 | |||||||||
Finished goods | 353,426 | 358,319 | 330,077 | |||||||||
Other | 13,296 | 13,497 | 13,259 | |||||||||
647,410 | 657,448 | 618,818 | ||||||||||
Adjustment to value inventory | (102,891 | ) | (95,937 | ) | (102,891 | ) | ||||||
at cost on the LIFO method | ||||||||||||
$ | 544,519 | $ | 561,511 | $ | 515,927 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Long-term Debt | ' | |||||||||||
Long-term debt consisted of the following: | ||||||||||||
Sept. 30, | Sept. 30, | Dec. 31, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Bank debt | ||||||||||||
Bank revolving loans | $ | 98,395 | $ | 320,000 | $ | — | ||||||
U.S. term loans | 364,000 | 520,000 | 520,000 | |||||||||
Canadian term loans | 66,784 | 82,571 | 81,389 | |||||||||
Euro term loans | 316,317 | 432,686 | 443,406 | |||||||||
Other foreign bank revolving and term loans | 154,432 | 134,444 | 126,521 | |||||||||
Total bank debt | 999,928 | 1,489,701 | 1,171,316 | |||||||||
5% Senior Notes | 500,000 | 500,000 | 500,000 | |||||||||
5½% Senior Notes | 300,000 | — | — | |||||||||
Total debt | 1,799,928 | 1,989,701 | 1,671,316 | |||||||||
Less current portion | 225,732 | 423,274 | 255,349 | |||||||||
$ | 1,574,196 | $ | 1,566,427 | $ | 1,415,967 | |||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Summary of Carrying Amounts and Estimated Fair Values of Other Financial Instruments | ' | |||||||
The following table summarizes the carrying amounts and estimated fair values of our other financial instruments at September 30, 2013: | ||||||||
Carrying | Fair | |||||||
Amount | Value | |||||||
(Dollars in thousands) | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 134,473 | $ | 134,473 | ||||
Liabilities: | ||||||||
Bank debt | $ | 999,928 | $ | 999,928 | ||||
5% Notes | 500,000 | 498,700 | ||||||
5½% Notes | 300,000 | 292,314 | ||||||
Interest rate swap agreements | 8,187 | 8,187 | ||||||
Natural gas swap agreements | 272 | 272 | ||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||
The components of the net periodic pension benefit costs are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Sept. 30, | Sept 30, | Sept. 30, | Sept. 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 3,814 | $ | 3,690 | $ | 11,870 | $ | 11,089 | ||||||||
Interest cost | 6,809 | 6,688 | 20,081 | 20,517 | ||||||||||||
Expected return on plan assets | (13,092 | ) | (12,127 | ) | (39,361 | ) | (34,441 | ) | ||||||||
Amortization of prior service cost | 490 | 395 | 1,339 | 1,348 | ||||||||||||
Amortization of actuarial losses | 3,532 | 2,950 | 9,417 | 9,126 | ||||||||||||
Net periodic benefit cost | $ | 1,553 | $ | 1,596 | $ | 3,346 | $ | 7,639 | ||||||||
The components of the net periodic other postretirement benefits costs are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Sept. 30, | Sept. 30, | Sept. 30, | Sept. 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 139 | $ | 156 | $ | 531 | $ | 611 | ||||||||
Interest cost | 343 | 435 | 1,260 | 1,575 | ||||||||||||
Amortization of prior service credit | (674 | ) | (655 | ) | (2,013 | ) | (1,963 | ) | ||||||||
Amortization of actuarial (gains) losses | (229 | ) | (138 | ) | (125 | ) | 4 | |||||||||
Net periodic benefit (credit) cost | $ | (421 | ) | $ | (202 | ) | $ | (347 | ) | $ | 227 | |||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reportable Business Segment Information | ' | |||||||||||||||||||
Reportable business segment information for the three and nine months ended September 30 is as follows: | ||||||||||||||||||||
Metal | Closures | Plastic | Corporate | Total | ||||||||||||||||
Containers | Containers | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Net sales | $ | 831,094 | $ | 185,249 | $ | 151,578 | $ | — | $ | 1,167,921 | ||||||||||
Depreciation and amortization(1) | 20,243 | 8,310 | 11,765 | 33 | 40,351 | |||||||||||||||
Rationalization charges | 344 | 988 | — | — | 1,332 | |||||||||||||||
Segment income from operations(2) | 108,322 | 23,053 | 8,557 | (4,073 | ) | 135,859 | ||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Net sales | $ | 814,111 | $ | 182,730 | $ | 142,706 | $ | — | $ | 1,139,547 | ||||||||||
Depreciation and amortization(1) | 21,920 | 7,900 | 10,755 | 22 | 40,597 | |||||||||||||||
Rationalization charges (credit) | 1,732 | 453 | (137 | ) | — | 2,048 | ||||||||||||||
Segment income from operations(2)(3) | 103,453 | 24,134 | 6,221 | (1,376 | ) | 132,432 | ||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Net sales | $ | 1,826,026 | $ | 527,835 | $ | 489,830 | $ | — | $ | 2,843,691 | ||||||||||
Depreciation and amortization(1) | 63,770 | 24,862 | 35,025 | 100 | 123,757 | |||||||||||||||
Rationalization charges | 1,727 | 1,233 | 656 | — | 3,616 | |||||||||||||||
Segment income from operations(2)(3)(4) | 193,619 | 55,367 | 30,431 | (10,529 | ) | 268,888 | ||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Net sales | $ | 1,738,684 | $ | 528,782 | $ | 462,050 | $ | — | $ | 2,729,516 | ||||||||||
Depreciation and amortization(1) | 64,926 | 24,110 | 31,690 | 729 | 121,455 | |||||||||||||||
Rationalization charges | 1,732 | 2,594 | 1,483 | — | 5,809 | |||||||||||||||
Segment income from operations(2)(3) | 185,604 | 65,072 | 24,201 | (8,044 | ) | 266,833 | ||||||||||||||
_____________ | ||||||||||||||||||||
(1) | Depreciation and amortization excludes amortization of debt issuance costs of $1.1 million and $1.2 million for the three months ended September 30, 2013 and 2012, respectively, and amortization of debt issuance costs of $3.3 million and amortization of debt discount and issuance costs of $3.7 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||
(2) | Income from operations for Corporate includes costs attributable to announced acquisitions of $1.0 million and $0.8 million for the three months ended September 30, 2013 and 2012, respectively, and $1.2 million and $1.5 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||
(3) | Income from operations of the metal containers segment includes new plant start-up costs of $1.4 million for the three months ended September 30, 2012 and $0.8 million and $4.3 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||
(4) | Income from operations of the closures segment for the nine months ended September 30, 2013 includes a charge of $3.0 million for the remeasurement of net assets in Venezuela due to the devalued official Bolivar exchange rate. | |||||||||||||||||||
Reconciliation of Segment Income from Operations to Income before Income Taxes | ' | |||||||||||||||||||
Total segment income from operations is reconciled to income before income taxes as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
Sept. 30, | Sept. 30, | Sept. 30, | Sept 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment income from operations | $ | 135,859 | $ | 132,432 | $ | 268,888 | $ | 266,833 | ||||||||||||
Interest and other debt expense | 16,982 | 16,005 | 49,844 | 86,326 | ||||||||||||||||
Income before income taxes | $ | 118,877 | $ | 116,427 | $ | 219,044 | $ | 180,507 | ||||||||||||
Rationalization_Charges_Activi
Rationalization Charges Activity in Rationalization Plan Reserves (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Restructuring Reserve [Roll Forward] | ' |
Balance at December 31, 2012 | $4,929 |
Total activity | -1,392 |
Balance at September 30, 2013 | 3,537 |
Prior Years' Rationalization plans | ' |
Restructuring Reserve [Roll Forward] | ' |
Rationalization Plan Reserves Established | 1,155 |
Rationalization Plan Reserves Utilized | -2,817 |
2013 Rationalization Plans | ' |
Restructuring Reserve [Roll Forward] | ' |
Rationalization Plan Reserves Established | 2,461 |
Rationalization Plan Reserves Utilized | -2,191 |
Employee Severance and Benefits | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance at December 31, 2012 | 3,231 |
Total activity | -1,275 |
Balance at September 30, 2013 | 1,956 |
Employee Severance and Benefits | Prior Years' Rationalization plans | ' |
Restructuring Reserve [Roll Forward] | ' |
Rationalization Plan Reserves Established | 161 |
Rationalization Plan Reserves Utilized | -1,706 |
Employee Severance and Benefits | 2013 Rationalization Plans | ' |
Restructuring Reserve [Roll Forward] | ' |
Rationalization Plan Reserves Established | 1,760 |
Rationalization Plan Reserves Utilized | -1,490 |
Plant Exit Costs | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance at December 31, 2012 | 1,698 |
Total activity | -117 |
Balance at September 30, 2013 | 1,581 |
Plant Exit Costs | Prior Years' Rationalization plans | ' |
Restructuring Reserve [Roll Forward] | ' |
Rationalization Plan Reserves Established | 816 |
Rationalization Plan Reserves Utilized | -933 |
Plant Exit Costs | 2013 Rationalization Plans | ' |
Restructuring Reserve [Roll Forward] | ' |
Rationalization Plan Reserves Established | 523 |
Rationalization Plan Reserves Utilized | -523 |
Non-Cash Asset Write-Down | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance at December 31, 2012 | 0 |
Total activity | 0 |
Balance at September 30, 2013 | 0 |
Non-Cash Asset Write-Down | Prior Years' Rationalization plans | ' |
Restructuring Reserve [Roll Forward] | ' |
Rationalization Plan Reserves Established | 178 |
Rationalization Plan Reserves Utilized | -178 |
Non-Cash Asset Write-Down | 2013 Rationalization Plans | ' |
Restructuring Reserve [Roll Forward] | ' |
Rationalization Plan Reserves Established | 178 |
Rationalization Plan Reserves Utilized | ($178) |
Rationalization_Charges_Activi1
Rationalization Charges Activity in Rationalization Plan Reserves (Details II) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | |
Crystal City Texas and Sacramento California Metal Container Manufacturing Facilities [Member] | Crystal City Texas and Sacramento California Metal Container Manufacturing Facilities [Member] | |||||
2013 Rationalization Plans | 2013 Rationalization Plans | |||||
Employee | ||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Rationalization charge, expected cash payments | $7,000,000 | ' | $7,000,000 | ' | ' | $200,000 |
Expected number of employees terminated | ' | ' | ' | ' | 40 | ' |
Total estimated costs for rationalization of these facilities | ' | ' | ' | ' | 1,600,000 | ' |
Plant exit costs | ' | ' | ' | ' | ' | 500,000 |
Non-cash write-down in carrying value of assets | ' | ' | ' | ' | ' | 100,000 |
Estimated employee severance and benefits cost | ' | ' | ' | ' | 900,000 | ' |
Expected plant exit costs | ' | ' | ' | ' | 600,000 | ' |
Employee severance and benefits cost | ' | ' | ' | ' | ' | 800,000 |
Expected non-cash write-down in carrying value of assets | ' | ' | ' | ' | 100,000 | ' |
Rationalization charges | 1,332,000 | 2,048,000 | 3,616,000 | 5,809,000 | ' | 1,400,000 |
Expected rationalization charges | ' | ' | ' | ' | ' | $200,000 |
Amounts_Included_in_Accumulate
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | ($109,913) | ' |
Other comprehensive loss before reclassifications | ' | ' | -4,458 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 8,152 | ' |
Other comprehensive income | 13,663 | 16,698 | 3,694 | 10,502 |
Balance at September 30, 2013 | -106,219 | -104,780 | -106,219 | -104,780 |
Unrecognized Net Defined Benefit Plan Costs | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | -105,675 | ' |
Other comprehensive loss before reclassifications | ' | ' | 318 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 5,399 | ' |
Other comprehensive income | ' | ' | 5,717 | ' |
Balance at September 30, 2013 | -99,958 | ' | -99,958 | ' |
Change in Fair Value of Derivatives | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | -7,727 | ' |
Other comprehensive loss before reclassifications | ' | ' | 260 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 2,753 | ' |
Other comprehensive income | ' | ' | 3,013 | ' |
Balance at September 30, 2013 | -4,714 | ' | -4,714 | ' |
Foreign Currency Translation | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 3,489 | ' |
Other comprehensive loss before reclassifications | ' | ' | -5,036 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | ' |
Other comprehensive income | ' | ' | -5,036 | ' |
Balance at September 30, 2013 | ($1,547) | ' | ($1,547) | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income before income taxes | $118,877,000 | $116,427,000 | $219,044,000 | $180,507,000 |
Provision for income taxes | 41,702,000 | 37,770,000 | 56,907,000 | 58,520,000 |
Interest and other debt expense | 16,982,000 | 16,005,000 | 49,844,000 | 86,326,000 |
Cost of goods sold | 980,096,000 | 960,776,000 | 2,416,433,000 | 2,321,371,000 |
Foreign currency gains (losses) related to net investment hedges included in foreign currency translation component of accumulated other comprehensive loss | -10,000,000 | ' | -5,300,000 | ' |
Foreign currency gains (losses) related to net investment hedges included in foreign currency translation component of accumulated other comprehensive loss, income tax (benefit) provision | -3,700,000 | ' | -2,000,000 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrecognized Net Defined Benefit Plan Costs | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income before income taxes | -3,200,000 | ' | -8,700,000 | ' |
Provision for income taxes | -1,200,000 | ' | -3,300,000 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Change in Fair Value of Derivatives | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income before income taxes | -1,700,000 | ' | -4,400,000 | ' |
Provision for income taxes | -600,000 | ' | -1,600,000 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Change in Fair Value of Derivatives | Interest Rate Swap Agreements | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest and other debt expense | $1,600,000 | ' | $4,400,000 | ' |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Raw materials | $163,129 | $167,097 | $170,350 |
Work-in-process | 117,559 | 108,385 | 115,282 |
Finished goods | 353,426 | 330,077 | 358,319 |
Other | 13,296 | 13,259 | 13,497 |
Inventory, Gross, Total | 647,410 | 618,818 | 657,448 |
Adjustment to value inventory at cost on the LIFO method | -102,891 | -102,891 | -95,937 |
Inventories | $544,519 | $515,927 | $561,511 |
LongTerm_Debt_Detail
Long-Term Debt (Detail) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 09, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | 5.5% Senior Notes due 2022 [Member] | 5.5% Senior Notes due 2022 [Member] | 5.5% Senior Notes due 2022 [Member] | Bank debt | Bank debt | Bank debt | 5% Senior Notes | 5% Senior Notes | 5% Senior Notes | Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | U S Term Loans [Member] | U S Term Loans [Member] | U S Term Loans [Member] | U S Term Loans [Member] | Canadian Term Loans [Member] | Canadian Term Loans [Member] | Canadian Term Loans [Member] | Canadian Term Loans [Member] | Euro Term Loans [Member] | Euro Term Loans [Member] | Euro Term Loans [Member] | Euro Term Loans [Member] | Other Foreign Bank Revolving And Term Loans [Member] | Other Foreign Bank Revolving And Term Loans [Member] | Other Foreign Bank Revolving And Term Loans [Member] | Term Loan [Member] | Senior Notes [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Bank debt | Bank debt | Bank debt | USD ($) | Bank debt | Bank debt | Bank debt | CAD | Bank debt | Bank debt | Bank debt | EUR (€) | Bank debt | Bank debt | Bank debt | Bank debt | Bank debt | Bank debt | USD ($) | 5.5% Senior Notes due 2022 [Member] | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $1,799,928,000 | ' | $1,989,701,000 | $1,799,928,000 | $1,989,701,000 | $1,671,316,000 | $300,000,000 | $0 | $0 | $999,928,000 | $1,171,316,000 | $1,489,701,000 | $500,000,000 | $500,000,000 | $500,000,000 | $98,395,000 | $0 | $320,000,000 | ' | $364,000,000 | $520,000,000 | $520,000,000 | ' | $66,784,000 | $81,389,000 | $82,571,000 | ' | $316,317,000 | $443,406,000 | $432,686,000 | $154,432,000 | $126,521,000 | $134,444,000 | ' | ' |
Senior note interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% |
Less current portion | 225,732,000 | ' | 423,274,000 | 225,732,000 | 423,274,000 | 255,349,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,300,000 | ' | ' | ' | ' |
Long-term debt, noncurrent | 1,574,196,000 | ' | 1,566,427,000 | 1,574,196,000 | 1,566,427,000 | 1,415,967,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of term loan | ' | ' | ' | 306,444,000 | 284,204,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,000,000 | ' | ' | ' | 12,200,000 | ' | ' | ' | 100,500,000 | ' | ' | ' | ' | ' | ' | 300,900,000 | ' |
Loss on early extinguishment of debt | 0 | 2,100,000 | 0 | 2,068,000 | 38,704,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 |
Issuance price as a percentage of principal amount issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
LongTerm_Debt_Additional_Detai
Long-Term Debt Additional Detail (Details) (Senior Notes [Member], 5.5% Senior Notes due 2022 [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Instrument, Redemption [Line Items] | ' |
Change in control terms, redemption price percentage | 101.00% |
August 1, 2017 to July 31, 2018 | ' |
Debt Instrument, Redemption [Line Items] | ' |
Redemption price percentage | 102.75% |
August 1, 2018 to July 31, 2019 | ' |
Debt Instrument, Redemption [Line Items] | ' |
Redemption price percentage | 101.38% |
August 1, 2019 and thereafter | ' |
Debt Instrument, Redemption [Line Items] | ' |
Redemption price percentage | 100.00% |
Prior to August 1, 2016 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Maximum Redemption Percent Allowed From Equity Offering | 35.00% |
Redemption price percentage | 105.00% |
Prior to August 1, 2017 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Redemption price percentage | 100.00% |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Derivative [Line Items] | ' | ' |
Amount of losses, net of income taxes, reclassified to earnings from change in fair value of derivatives component of accumulated other comprehensive loss | $1,100,000 | $2,800,000 |
Estimated reclassification of losses, net of income taxes, from the change in fair value of derivatives component of accumulated other comprehensive loss to earnings during the next twelve months | ' | 3,800,000 |
Interest Rate Swap and Natural Gas Swap Agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 8,500,000 | 8,500,000 |
Interest rate swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Aggregate notional principal amount of outstanding interest rate swap agreements | 291,600,000 | 291,600,000 |
Net payments under derivative swap agreements | 1,600,000 | 4,400,000 |
Foreign Currency Exchange Rate Risk | ' | ' |
Derivative [Line Items] | ' | ' |
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive (loss) income | -10,000,000 | -5,300,000 |
Accrued liabilities | Interest Rate Swap and Natural Gas Swap Agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 6,600,000 | 6,600,000 |
Other liabilities | Interest Rate Swap and Natural Gas Swap Agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 1,900,000 | 1,900,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Cash and cash equivalents | 134,473,000 | 134,473,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Interest rate swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 8,187,000 | 8,187,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Natural gas swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 272,000 | 272,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Cash and cash equivalents | 134,473,000 | 134,473,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Interest rate swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 8,187,000 | 8,187,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Natural gas swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 272,000 | 272,000 |
Bank Debt | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 999,928,000 | 999,928,000 |
Bank Debt | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 999,928,000 | 999,928,000 |
5% Senior Notes | ' | ' |
Derivative [Line Items] | ' | ' |
Senior note interest rate | 5.00% | 5.00% |
5% Senior Notes | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 500,000,000 | 500,000,000 |
5% Senior Notes | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 498,700,000 | 498,700,000 |
Senior Notes Five and One Half Percent [Member] [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Senior note interest rate | 5.50% | 5.50% |
Senior Notes Five and One Half Percent [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 300,000,000 | 300,000,000 |
Senior Notes Five and One Half Percent [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | $292,314,000 | $292,314,000 |
Natural Gas Commodity [Member] | Natural gas swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Aggregate notional principal amount of natural gas swap agreements in MMBtu | 457,000 | 457,000 |
Percentage of hedged estimated twelve month exposure to fluctuations in natural gas prices | 9.00% | 9.00% |
Natural Gas Commodity [Member] | Natural gas swap agreements | Minimum | ' | ' |
Derivative [Line Items] | ' | ' |
Underlying, Derivative, price per MMBtu | 3.695 | ' |
Natural Gas Commodity [Member] | Natural gas swap agreements | Maximum | ' | ' |
Derivative [Line Items] | ' | ' |
Underlying, Derivative, price per MMBtu | 4.548 | ' |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $139 | $156 | $531 | $611 |
Interest cost | 343 | 435 | 1,260 | 1,575 |
Amortization of prior service cost | -674 | -655 | -2,013 | -1,963 |
Amortization of actuarial (gains) losses | -229 | -138 | -125 | 4 |
Net periodic benefit cost | -421 | -202 | -347 | 227 |
Pension Benefit Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 3,814 | 3,690 | 11,870 | 11,089 |
Interest cost | 6,809 | 6,688 | 20,081 | 20,517 |
Expected return on plan assets | -13,092 | -12,127 | -39,361 | -34,441 |
Amortization of prior service cost | 490 | 395 | 1,339 | 1,348 |
Amortization of actuarial (gains) losses | 3,532 | 2,950 | 9,417 | 9,126 |
Net periodic benefit cost | $1,553 | $1,596 | $3,346 | $7,639 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 6 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Decrease in gross unrecognized tax benefits due to settlement with the IRS | $27.20 | ' | ' |
Benefit to effective income tax rate from tax settlements | ' | 19.7 | ' |
Gross unrecognized tax benefits | ' | 25 | ' |
Unrecognized tax benefits that would impact effective tax rate, if recognized, net of associated tax assets and excluding the federal tax benefit of state taxes, interest and penalties | ' | $12.70 | $32.80 |
Treasury_Stock_Additional_Info
Treasury Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | ||
Feb. 08, 2013 | Nov. 19, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock repurchase, remaining authorized amount | ' | ' | ' | ' | $350,100,000 |
Common stock purchased through modified dutch auction tender offer - in shares | 5,524,861 | ' | ' | ' | ' |
Common stock purchased through modified dutch auction tender offer - price per share | $45.25 | ' | ' | ' | ' |
Common Stock Purchased Through Modified Dutch Auction Tender Offer Value | 250,000,000 | ' | ' | ' | ' |
Dollar amount of common stock intended to purchase through modified dutch auction tender offer | ' | 250,000,000 | ' | ' | ' |
Common stock purchased through modified dutch auction tender offer - Fees and expenses incurred | 1,000,000 | ' | ' | ' | ' |
Repurchase of common stock | ' | ' | 267,607,000 | 33,863,000 | ' |
Treasury shares issued | ' | ' | 149,304 | ' | ' |
Issuance of treasury shares, average cost per share | ' | ' | $6.63 | ' | ' |
Shares repurchased to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested | ' | ' | 58,812 | ' | ' |
Common stock repurchased, average cost (in dollars per share) | ' | ' | $43.55 | ' | ' |
Treasury stock, shares | ' | ' | 24,140,804 | ' | ' |
Common Stock Repurchase Progam (excluding Dutch Auction purchases) | ' | ' | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock repurchase, remaining authorized amount | ' | ' | 83,500,000 | ' | ' |
Repurchases of common stock (in shares) | ' | ' | 354,154 | ' | ' |
Average cost per share of stock acquired (in dollars per share) | ' | ' | $46.90 | ' | ' |
Repurchase of common stock | ' | ' | $16,600,000 | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (Restricted stock units, USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 |
Restricted stock units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock units granted in shares | 295,900 |
Fair value of restricted stock units | $12.60 |
Reportable_Business_Segment_In
Reportable Business Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | $1,167,921,000 | $1,139,547,000 | $2,843,691,000 | $2,729,516,000 | ||||
Depreciation and amortization | 40,351,000 | [1] | 40,597,000 | [1] | 123,757,000 | [1] | 121,455,000 | [1] |
Rationalization charges (credit) | 1,332,000 | 2,048,000 | 3,616,000 | 5,809,000 | ||||
Segment income from operations | 135,859,000 | 132,432,000 | 268,888,000 | 266,833,000 | ||||
Amortization of debt issuance costs excluded from depreciation and amortization | 1,100,000 | 1,200,000 | 3,300,000 | ' | ||||
Amortization of Debt Discounts and Issuance Costs | ' | ' | ' | 3,700,000 | ||||
Metal Containers | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 831,094,000 | 814,111,000 | 1,826,026,000 | 1,738,684,000 | ||||
Depreciation and amortization | 20,243,000 | [1] | 21,920,000 | [1] | 63,770,000 | [1] | 64,926,000 | [1] |
Rationalization charges (credit) | 344,000 | 1,732,000 | 1,727,000 | 1,732,000 | ||||
Segment income from operations | 108,322,000 | 103,453,000 | [2] | 193,619,000 | [2] | 185,604,000 | [2] | |
New plant start-up costs | ' | 1,400,000 | 800,000 | 4,300,000 | ||||
Closures | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 185,249,000 | 182,730,000 | 527,835,000 | 528,782,000 | ||||
Depreciation and amortization | 8,310,000 | [1] | 7,900,000 | [1] | 24,862,000 | [1] | 24,110,000 | [1] |
Rationalization charges (credit) | 988,000 | 453,000 | 1,233,000 | 2,594,000 | ||||
Segment income from operations | 23,053,000 | 24,134,000 | 55,367,000 | [3] | 65,072,000 | |||
Charge included for the remeasurement of net assets in Venezuela operations | ' | ' | 3,000,000 | ' | ||||
Plastic Containers | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 151,578,000 | 142,706,000 | 489,830,000 | 462,050,000 | ||||
Depreciation and amortization | 11,765,000 | [1] | 10,755,000 | [1] | 35,025,000 | [1] | 31,690,000 | [1] |
Rationalization charges (credit) | 0 | -137,000 | 656,000 | 1,483,000 | ||||
Segment income from operations | 8,557,000 | 6,221,000 | 30,431,000 | 24,201,000 | ||||
Corporate | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 33,000 | [1] | 22,000 | [1] | 100,000 | [1] | 729,000 | [1] |
Rationalization charges (credit) | 0 | 0 | 0 | 0 | ||||
Segment income from operations | -4,073,000 | [4] | -1,376,000 | [4] | -10,529,000 | [4] | -8,044,000 | [4] |
Costs attributable to announced acquisitions | $1,000,000 | $800,000 | $1,200,000 | $1,500,000 | ||||
[1] | Depreciation and amortization excludes amortization of debt issuance costs of $1.1 million and $1.2 million for the three months ended September 30, 2013 and 2012, respectively, and amortization of debt issuance costs of $3.3 million and amortization of debt discount and issuance costs of $3.7 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[2] | Income from operations of the metal containers segment includes new plant start-up costs of $1.4 million for the three months ended September 30, 2012 and $0.8 million and $4.3 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[3] | Income from operations of the closures segment for the nine months ended September 30, 2013 includes a charge of $3.0 million for the remeasurement of net assets in Venezuela due to the devalued official Bolivar exchange rate. | |||||||
[4] | Income from operations for Corporate includes costs attributable to announced acquisitions of $1.0 million and $0.8 million for the three months ended September 30, 2013 and 2012, respectively, and $1.2 million and $1.5 million for the nine months ended September 30, 2013 and 2012, respectively. |
Reconciliation_of_Segment_Inco
Reconciliation of Segment Income from Operations to Income before Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Total segment income from operations | $135,859 | $132,432 | $268,888 | $266,833 |
Interest and other debt expense | 16,982 | 16,005 | 49,844 | 86,326 |
Income before income taxes | $118,877 | $116,427 | $219,044 | $180,507 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 22, 2013 | Dec. 31, 2012 | |
Portola Packaging, Inc [Member] | Portola Packaging, Inc [Member] | |||||
Subsequent Event Type [Domain] | Subsequent Event Type [Domain] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | $266,000,000 | ' |
Net sales | $1,167,921,000 | $1,139,547,000 | $2,843,691,000 | $2,729,516,000 | ' | $200,000,000 |