Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 01, 2014 | Jun. 28, 2013 |
Document Documentand Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'SLGN | ' | ' |
Entity Registrant Name | 'SILGAN HOLDINGS INC | ' | ' |
Entity Central Index Key | '0000849869 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 63,415,444 | ' |
Entity Public Float | ' | ' | $2,055 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $160,463 | $465,608 |
Trade accounts receivable, less allowances of $5,717 and $5,869, respectively | 333,041 | 326,691 |
Inventories | 515,570 | 515,927 |
Prepaid expenses and other current assets | 73,374 | 70,261 |
Total current assets | 1,082,448 | 1,378,487 |
Property, plant and equipment, net | 1,118,443 | 1,098,809 |
Goodwill | 651,049 | 510,836 |
Other intangible assets, net | 229,166 | 171,917 |
Other assets, net | 239,976 | 133,494 |
Total assets | 3,321,082 | 3,293,543 |
Current liabilities: | ' | ' |
Revolving loans and current portion of long-term debt | 146,174 | 255,349 |
Trade accounts payable | 352,192 | 318,669 |
Accrued payroll and related costs | 53,879 | 62,144 |
Accrued liabilities | 68,011 | 66,397 |
Total current liabilities | 620,256 | 702,559 |
Long-term debt | 1,557,662 | 1,415,967 |
Other liabilities | 429,321 | 421,374 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock ($0.01 par value per share; 200,000,000 shares authorized, 87,556,248 shares issued and 63,415,444 and 69,203,967 shares outstanding, respectively) | 876 | 876 |
Paid-in capital | 212,822 | 204,449 |
Retained earnings | 1,169,754 | 1,020,543 |
Accumulated other comprehensive loss | -38,119 | -109,913 |
Treasury stock at cost (24,140,804 and 18,352,281 shares, respectively) | -631,490 | -362,312 |
Total stockholders’ equity | 713,843 | 753,643 |
Liabilities and Equity, Total | $3,321,082 | $3,293,543 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Trade Accounts receivable, allowances | $5,717 | $5,869 |
Common Stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock shares issued | 87,556,248 | 87,556,248 |
Common Stock, shares outstanding | 63,415,444 | 69,203,967 |
Treasury stock, shares | 24,140,804 | 18,352,281 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $3,708,518 | $3,588,318 | $3,509,227 |
Cost of goods sold | 3,161,276 | 3,070,759 | 2,990,637 |
Gross profit | 547,242 | 517,559 | 518,590 |
Selling, general and administrative expenses | 211,075 | 183,390 | 156,752 |
Rationalization charges | 11,987 | 8,660 | 7,717 |
Income from operations | 324,180 | 325,509 | 354,121 |
Interest and other debt expense before loss on early extinguishment of debt | 67,394 | 63,018 | 62,978 |
Loss on early extinguishment of debt | 2,068 | 38,704 | 976 |
Interest and other debt expense | 69,462 | 101,722 | 63,954 |
Income before income taxes | 254,718 | 223,787 | 290,167 |
Provision for income taxes | 69,305 | 72,441 | 96,994 |
Net income | $185,413 | $151,346 | $193,173 |
Basic net income per share (in dollars per share) | $2.89 | $2.18 | $2.76 |
Diluted net income per share (in dollars per share) | $2.87 | $2.17 | $2.75 |
Dividends per share (in dollars per share) | $0.56 | $0.48 | $0.44 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $185,413 | $151,346 | $193,173 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Changes in net prior service credit and actuarial losses, net of tax provision (benefit) of $42,822, $(3,337) and $(16,045), respectively | 66,754 | -6,466 | -25,602 |
Change in fair value of derivatives, net of tax provision (benefit) of $2,763, $(513) and $(65), respectively | 3,937 | -905 | -127 |
Foreign currency translation, net of tax benefit (provision) of $4,580, $3,309 and $(6,469), respectively | 1,103 | 12,740 | -26,527 |
Other comprehensive income (loss) | 71,794 | 5,369 | -52,256 |
Comprehensive income | $257,207 | $156,715 | $140,917 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Changes in net prior service credit and actuarial losses, tax provision (benefit) | $42,822 | ($3,337) | ($16,045) |
Change in fair value of derivatives, tax provision (benefit) | 2,763 | -513 | -65 |
Foreign currency translation, tax provision (benefit) | $4,580 | $3,309 | ($6,469) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2010 | $553,599 | $873 | $183,524 | $740,923 | ($63,026) | ($308,695) |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 69,876,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 193,173 | ' | ' | 193,173 | ' | ' |
Other comprehensive income (loss) | -52,256 | ' | ' | ' | -52,256 | ' |
Dividends declared on common stock | -31,109 | ' | ' | -31,109 | ' | ' |
Stock compensation expense | 7,692 | ' | 7,692 | ' | ' | ' |
Stock option exercises (in shares) | ' | 217,000 | ' | ' | ' | ' |
Stock option exercises, including tax benefit | 4,451 | 2 | 4,449 | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units (in shares) | ' | 232,000 | ' | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit | -3,341 | ' | -621 | ' | ' | -2,720 |
Repurchases of common stock (in shares) | -441,416 | -441,000 | ' | ' | ' | ' |
Repurchases of common stock | -15,797 | ' | ' | ' | ' | -15,797 |
Other | 1,582 | ' | 1,582 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 657,994 | 875 | 196,626 | 902,987 | -115,282 | -327,212 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 69,884,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 151,346 | ' | ' | 151,346 | ' | ' |
Other comprehensive income (loss) | 5,369 | ' | ' | ' | 5,369 | ' |
Dividends declared on common stock | -33,790 | ' | ' | -33,790 | ' | ' |
Stock compensation expense | 7,208 | ' | 7,208 | ' | ' | ' |
Stock option exercises (in shares) | ' | 36,000 | ' | ' | ' | ' |
Stock option exercises, including tax benefit | 775 | 1 | 774 | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units (in shares) | ' | 89,000 | ' | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit | -1,150 | ' | -159 | ' | ' | -991 |
Repurchases of common stock (in shares) | -805,346 | -805,000 | ' | ' | ' | ' |
Repurchases of common stock | -34,109 | ' | ' | ' | ' | -34,109 |
Ending Balance at Dec. 31, 2012 | 753,643 | 876 | 204,449 | 1,020,543 | -109,913 | -362,312 |
Ending Balance (in shares) at Dec. 31, 2012 | 69,203,967 | 69,204,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 185,413 | ' | ' | 185,413 | ' | ' |
Other comprehensive income (loss) | 71,794 | ' | ' | ' | 71,794 | ' |
Dividends declared on common stock | -36,202 | ' | ' | -36,202 | ' | ' |
Stock compensation expense | 8,902 | ' | 8,902 | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units (in shares) | ' | 90,000 | ' | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit | -2,100 | ' | -529 | ' | ' | -1,571 |
Repurchases of common stock (in shares) | -354,154 | -5,879,000 | ' | ' | ' | ' |
Repurchases of common stock | -267,607 | ' | ' | ' | ' | -267,607 |
Ending Balance at Dec. 31, 2013 | $713,843 | $876 | $212,822 | $1,169,754 | ($38,119) | ($631,490) |
Ending Balance (in shares) at Dec. 31, 2013 | 63,415,444 | 63,415,000 | ' | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Stock option exercises, tax benefit | $0 | $580 | $2,576 |
Net issuance of treasury stock for vested restricted stock units, tax benefit | $460 | $721 | $1,856 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows provided by (used in) operating activities: | ' | ' | ' |
Net income | $185,413 | $151,346 | $193,173 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 167,644 | 165,015 | 158,801 |
Amortization of debt issuance costs and discount | 4,556 | 4,897 | 3,837 |
Rationalization charges | 11,987 | 8,660 | 7,717 |
Loss on early extinguishment of debt | 2,068 | 38,704 | 976 |
Deferred income tax provision (benefit) | 7,125 | -1,499 | 23,763 |
Excess tax benefit from stock-based compensation | -460 | -808 | -3,901 |
Other changes that provided (used) cash, net of effects from acquisitions: | ' | ' | ' |
Trade accounts receivable, net | 20,387 | 34,584 | -53,091 |
Inventories | 25,060 | 56,828 | -28,093 |
Trade accounts payable | 604 | -6,216 | 29,658 |
Accrued liabilities | -31,501 | -21,642 | 3,392 |
Contributions to domestic pension benefit plans | 0 | -76,000 | 0 |
Other, net | -42,178 | -2,207 | 23,350 |
Net cash provided by operating activities | 350,705 | 351,662 | 359,582 |
Cash flows provided by (used in) investing activities: | ' | ' | ' |
Purchase of businesses, net of cash acquired | -281,667 | -319,090 | -290,751 |
Capital expenditures | -103,136 | -119,241 | -173,009 |
Proceeds from asset sales | 8,389 | 1,555 | 3,943 |
Net cash used in investing activities | -376,414 | -436,776 | -459,817 |
Cash flows provided by (used in) financing activities: | ' | ' | ' |
Borrowings under revolving loans | 940,013 | 686,812 | 1,208,994 |
Repayments under revolving loans | -917,661 | -690,413 | -1,188,954 |
Changes in outstanding checks – principally vendors | 13,097 | -4,792 | -33,730 |
Proceeds from issuance of long-term debt | 304,981 | 526,550 | 1,088,823 |
Repayments of long-term debt | -308,257 | -285,932 | -691,427 |
Debt issuance costs | -5,700 | -9,837 | -12,943 |
Dividends paid on common stock | -36,202 | -33,790 | -31,109 |
Excess tax benefit from stock-based compensation | 460 | 808 | 3,901 |
Proceeds from stock option exercises | 0 | 195 | 1,875 |
Repurchase of common stock under stock plan | -2,560 | -1,871 | -5,197 |
Repurchase of common stock under share repurchase authorization | -267,607 | -34,109 | -15,797 |
Other | 0 | 0 | -2,326 |
Net cash (used in) provided by financing activities | -279,436 | 153,621 | 322,110 |
Cash and cash equivalents: | ' | ' | ' |
Net (decrease) increase | -305,145 | 68,507 | 221,875 |
Balance at beginning of year | 465,608 | 397,101 | 175,226 |
Balance at end of year | 160,463 | 465,608 | 397,101 |
Interest paid, net | 58,010 | 59,617 | 59,077 |
Income taxes paid, net of refunds | $114,213 | $79,056 | $38,521 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Business. Silgan Holdings Inc., or Silgan, and its subsidiaries conduct business in three market segments: metal containers, closures and plastic containers. Our metal container business is engaged in the manufacture and sale of steel and aluminum containers for human and pet food and general line products. Our closures business manufactures and sells metal, composite and plastic closures for food and beverage products. Our plastic container business manufactures and sells custom designed plastic containers, tubes and closures for personal care, food, health care, pharmaceutical, household and industrial chemical, pet care, agricultural chemical, automotive and marine chemical products. Our metal container business has operating facilities in North America, Europe and Asia. Our closures business has operating facilities in North and South America, Europe and Asia. Our plastic container business is based in North America. | |
Basis of Presentation. The consolidated financial statements include the accounts of Silgan and our subsidiaries. Newly acquired subsidiaries have been included in the consolidated financial statements from their dates of acquisition. All significant intercompany transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. | |
Generally, our subsidiaries that operate outside the United States use their local currency as the functional currency. The principal functional currencies for our foreign operations are the Euro and the Canadian dollar. Balance sheet accounts of our foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while revenue and expense accounts are translated at average rates prevailing during the year. Translation adjustments are reported as a component of accumulated other comprehensive (loss) income. Gains or losses resulting from transactions denominated in foreign currencies that are not designated as a hedge are included in selling, general and administrative expenses in our Consolidated Statements of Income. | |
Cash and Cash Equivalents. Cash equivalents represent short-term, highly liquid investments which are readily convertible to cash and have maturities of three months or less at the time of purchase. As a result of our cash management system, checks issued for payment may create negative book balances. Checks outstanding in excess of related book balances are included in trade accounts payable in our Consolidated Balance Sheets. Changes in outstanding checks are included in financing activities in our Consolidated Statements of Cash Flows to treat them as, in substance, cash advances. | |
Inventories. Inventories are valued at the lower of cost or market (net realizable value). Cost for domestic inventories for our metal container and closures businesses is principally determined on the last-in, first-out basis, or LIFO. Cost for inventories for our plastic container business is principally determined on the first-in, first-out basis, or FIFO. Cost for foreign inventories for our metal container and closures businesses is principally determined on the average cost method. | |
Property, Plant and Equipment, Net. Property, plant and equipment, net is stated at historical cost less accumulated depreciation. Major renewals and betterments that extend the life of an asset are capitalized and repairs and maintenance expenditures are charged to expense as incurred. Design and development costs for molds, dies and other tools that we do not own and that will be used to produce products that will be sold under long-term supply arrangements are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of depreciable assets. The principal estimated useful lives are 35 years for buildings and range between 3 to 18 years for machinery and equipment. Leasehold improvements are amortized over the shorter of the life of the related asset or the life of the lease. | |
Interest incurred on amounts borrowed in connection with the installation of major machinery and equipment acquisitions is capitalized. Capitalized interest of $0.3 million, $0.3 million and $0.7 million in 2013, 2012 and 2011, respectively, was recorded as part of the cost of the assets to which it relates and is amortized over the assets’ estimated useful life. | |
Goodwill and Other Intangible Assets, Net. We review goodwill and other indefinite-lived intangible assets for impairment as of July 1 of each year and more frequently if circumstances indicate a possible impairment. We determined that goodwill and other indefinite-lived intangible assets were not impaired in our annual assessment performed during the third quarter. | |
Impairment of Long-Lived Assets. We assess long-lived assets, including intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable. An impairment exists if the estimate of future undiscounted cash flows generated by the assets is less than the carrying value of the assets. If impairment is determined to exist, any related impairment loss is then measured by comparing the fair value of the assets to their carrying amount. | |
Hedging Instruments. All derivative financial instruments are recorded in the 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 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. | |
Income Taxes. We account for income taxes using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment of such change. No provision is made for U.S. income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested. | |
Revenue Recognition. Revenues are recognized when goods are shipped and the title and risk of loss pass to the customer. For those sites where we operate within the customer’s facilities, title and risk of loss pass to the customer upon delivery of product to clearly delineated areas within the common facility, at which time we recognize revenues. Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of goods sold in our Consolidated Statements of Income. | |
Stock-Based Compensation. We currently have one stock-based compensation plan in effect under which we have issued stock options and restricted stock units to our officers, other key employees and outside directors. A restricted stock unit represents the right to receive one share of our common stock at a future date. Unvested restricted stock units that have been issued do not have voting rights and may not be disposed of or transferred during the vesting period. | |
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 4 for the required disclosures. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
ACQUISITIONS | |
PORTOLA PACKAGING, INC. | |
On October 22, 2013, we acquired Portola Packaging, Inc. and its subsidiaries, or Portola, a leading manufacturer of plastic closures, for an aggregate purchase price of $262.8 million, net of cash acquired, which was funded through revolving loan borrowings under our senior secured credit facility. Portola operates eight facilities in North America and Europe and had sales of approximately $200 million in 2012. The results of operations of Portola have been reported primarily in our closures segment and were not significant since the acquisition date. | |
For this acquisition, we applied the acquisition method of accounting and recognized assets acquired and liabilities assumed at fair value as of the acquisition date using valuation techniques including the cost, market and income approaches. We recognized goodwill of $124.2 million and a customer relationship intangible asset of $62.0 million, having a weighted average life of 17 years, which is not expected to be deductible for tax purposes. The purchase price allocation is preliminary and subject to change pending a final valuation of deferred taxes and related balances. | |
PLASTIC FOOD CONTAINERS | |
On August 30, 2012, we acquired the plastic food container operations of Rexam PLC, which now operates under the name Silgan Plastic Food Containers, or PFC, for an aggregate purchase price of $250.0 million which was funded from cash on hand. PFC manufactures and sells barrier and non-barrier plastic thermoformed bowls and trays for shelf-stable foods to many of the world’s leading packaged food and ready-meal companies. The results of operations of PFC have been reported in our plastic container segment. | |
For this acquisition, we applied the acquisition method of accounting and recognized assets acquired and liabilities assumed at fair value as of the acquisition date using valuation techniques including the cost, market and income approaches. We recognized goodwill of $113.3 million and definite-lived intangible assets of $78.0 million consisting of customer relationships of $67.0 million, having a weighted average life of 18 years, and technology know-how of $11.0 million, having a weighted average life of 8 years. | |
GRAHAM PACKAGING | |
In June 2011, Graham Packaging Company Inc., or Graham Packaging, terminated our definitive merger agreement and paid us a termination fee of $39.5 million in accordance with the terms of such merger agreement. The proceeds from the termination fee, net of costs associated with certain corporate development activities, have been recorded in selling, general and administrative expenses in the Consolidated Statement of Income for the year ended December 31, 2011. | |
VOGEL & NOOT | |
On March 1, 2011, we acquired the metal container operations of Vogel & Noot Holding AG, or VN, which is headquartered in Vienna, Austria. VN manufactures metal food and general line containers, with manufacturing facilities in Central and Eastern Europe and Asia. We acquired these operations for a total purchase price, including deferred amounts, of €212.4 million ($292.7 million translated at the U.S. dollar exchange rate at the date of acquisition), net of cash acquired. We funded the purchase price for this acquisition from Euro denominated revolving loan borrowings under our senior secured credit facility. In March 2012, we paid the deferred portion of the purchase price under the purchase agreement of €36.4 million ($47.6 million translated at the U.S. dollar exchange rate at the date of payment). We applied the acquisition method of accounting and recognized assets acquired and liabilities assumed at fair value as of the acquisition date. For this acquisition, we recognized goodwill of $56.6 million, a customer relationship intangible asset of $19.3 million and a trade name of $3.4 million. VN’s results of operations have been included in our metal container business since the acquisition date. |
Rationalization_Charges
Rationalization Charges | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Rationalization Charges | ' | |||||||||||||||||||
RATIONALIZATION CHARGES | ||||||||||||||||||||
We continually evaluate cost reduction opportunities across each of our businesses, including rationalizations of our existing facilities through plant closings and downsizings. We use a disciplined approach to identify opportunities that generate attractive cash returns. Rationalization charges by business segment for each of the years ended December 31 were as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Metal containers | $ | 2,490 | $ | 2,446 | $ | 1,378 | ||||||||||||||
Closures | 5,615 | 2,878 | 1,805 | |||||||||||||||||
Plastic containers | 3,882 | 3,336 | 3,996 | |||||||||||||||||
Corporate | — | — | 538 | |||||||||||||||||
$ | 11,987 | $ | 8,660 | $ | 7,717 | |||||||||||||||
Activity in reserves for our rationalization plans was as follows: | ||||||||||||||||||||
Employee | Non-Cash | Plant | Non-Cash | Total | ||||||||||||||||
Severance | Retirement | Exit | Asset | |||||||||||||||||
and Benefits | Benefit | Costs | Write-Down | |||||||||||||||||
Curtailment | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance as of January 1, 2011 | $ | 11,057 | $ | — | $ | 217 | $ | — | $ | 11,274 | ||||||||||
Charged to expense | 4,908 | (449 | ) | 1,267 | 1,991 | 7,717 | ||||||||||||||
Utilized and currency translation | (11,579 | ) | 449 | (1,273 | ) | (1,991 | ) | (14,394 | ) | |||||||||||
Balance at December 31, 2011 | 4,386 | — | 211 | — | 4,597 | |||||||||||||||
Charged to expense | 5,056 | — | 1,924 | 1,680 | 8,660 | |||||||||||||||
Utilized and currency translation | (6,211 | ) | — | (439 | ) | (1,680 | ) | (8,330 | ) | |||||||||||
Balance at December 31, 2012 | 3,231 | 1,696 | — | 4,927 | ||||||||||||||||
Charged to expense | 5,822 | — | 1,684 | 4,481 | 11,987 | |||||||||||||||
Utilized and currency translation | (4,937 | ) | — | (1,962 | ) | (4,481 | ) | (11,380 | ) | |||||||||||
Balance at December 31, 2013 | $ | 4,116 | $ | — | $ | 1,418 | $ | — | $ | 5,534 | ||||||||||
Non-cash asset write-downs were the result of comparing the carrying value of certain production related equipment to their fair value using estimated future discounted cash flows, a Level 3 fair value measurement (as defined in Note 9). Rationalization reserves were included in our Consolidated Balance Sheets as accrued liabilities. | ||||||||||||||||||||
Remaining expenses and cash expenditures for our rationalization plans of $5.5 million and $11.0 million, respectively, are expected primarily in 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
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, were as follows: | ||||||||||||||||
Unrecognized Net | Change in Fair | Foreign | Total | |||||||||||||
Defined Benefit | Value of | Currency | ||||||||||||||
Plan Costs | Derivatives | Translation | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at January 1, 2011 | $ | (73,607 | ) | $ | (6,695 | ) | $ | 17,276 | $ | (63,026 | ) | |||||
Other comprehensive loss before | (30,388 | ) | (3,221 | ) | (26,527 | ) | (60,136 | ) | ||||||||
reclassifications | ||||||||||||||||
Amounts reclassified from accumulated | 4,786 | 3,094 | — | 7,880 | ||||||||||||
other comprehensive loss | ||||||||||||||||
Other comprehensive loss | (25,602 | ) | (127 | ) | (26,527 | ) | (52,256 | ) | ||||||||
Balance at December 31, 2011 | (99,209 | ) | (6,822 | ) | (9,251 | ) | (115,282 | ) | ||||||||
Other comprehensive loss before | (13,389 | ) | (4,513 | ) | 12,740 | (5,162 | ) | |||||||||
reclassifications | ||||||||||||||||
Amounts reclassified from accumulated | 6,923 | 3,608 | — | 10,531 | ||||||||||||
other comprehensive loss | ||||||||||||||||
Other comprehensive income | (6,466 | ) | (905 | ) | 12,740 | 5,369 | ||||||||||
Balance at December 31, 2012 | (105,675 | ) | (7,727 | ) | 3,489 | (109,913 | ) | |||||||||
Other comprehensive income before | 59,648 | 340 | 1,103 | 61,091 | ||||||||||||
reclassifications | ||||||||||||||||
Amounts reclassified from accumulated | 7,106 | 3,597 | — | 10,703 | ||||||||||||
other comprehensive loss | ||||||||||||||||
Other comprehensive income | 66,754 | 3,937 | 1,103 | 71,794 | ||||||||||||
Balance at December 31, 2013 | $ | (38,921 | ) | $ | (3,790 | ) | $ | 4,592 | $ | (38,119 | ) | |||||
The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 were net losses of $11.4 million, $11.4 million and $7.8 million, respectively, excluding an income tax benefit of $4.3 million, $4.5 million and $3.0 million, respectively. These net losses included $12.3 million, $12.2 million and $8.3 million of amortization of net actuarial losses for the years ended December 31, 2013, 2012 and 2011, respectively, and $0.9 million, $0.8 million and $0.5 million of amortization of net prior service credit for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of net actuarial losses and net prior service credit is a component of net periodic benefit cost. Amounts expected to be recognized as components of net periodic benefit costs in our Consolidated Statement of Income for the year ended December 31, 2014 are $0.3 million and $(1.0) million, net of income taxes, for the net actuarial loss and net prior service credit, respectively, related to our pension and other postretirement benefit plans. See Note 11 for further discussion. | ||||||||||||||||
The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 were net losses of $6.1 million, $5.8 million and $5.3 million, respectively, excluding an income tax benefit of $2.5 million, $2.2 million and $2.2 million, respectively. These net losses included $5.9 million, $4.6 million and $4.7 million of losses related to our interest rate swap agreements which were recorded in interest and other debt expense for the years ended December 31, 2013, 2012 and 2011, respectively, and gains of $0.2 million, $1.2 million and $0.6 million related to our natural gas swap agreements which were recorded in cost of goods sold for the years ended December 31, 2013, 2012 and 2011, respectively, in our Consolidated Statements of Income for such years. We estimate that we will reclassify $3.8 million of losses, net of income taxes, of 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. See Note 9 which includes a discussion of derivative instruments and hedging activities. | ||||||||||||||||
Foreign currency (losses) gains related to our net investment hedges included in the foreign currency translation component of accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 were $(12.2) million, $(9.2) million and $15.3 million, respectively, excluding an income tax benefit (provision) of $4.6 million, $3.3 million and $(6.5) million, respectively. See Note 9 for further information. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
The components of inventories at December 31 were as follows: | ||||||||
2013 | 2012 | |||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 158,963 | $ | 167,097 | ||||
Work-in-process | 104,811 | 108,385 | ||||||
Finished goods | 333,978 | 330,077 | ||||||
Other | 14,398 | 13,259 | ||||||
612,150 | 618,818 | |||||||
Adjustment to value inventory at cost on the LIFO method | (96,580 | ) | (102,891 | ) | ||||
$ | 515,570 | $ | 515,927 | |||||
Inventories include $87.6 million and $77.8 million recorded on the FIFO method at December 31, 2013 and 2012, respectively, and $174.1 million and $145.0 million recorded on the average cost method at December 31, 2013 and 2012, respectively. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
Property, plant and equipment, net at December 31 was as follows: | ||||||||
2013 | 2012 | |||||||
(Dollars in thousands) | ||||||||
Land | $ | 60,783 | $ | 60,287 | ||||
Buildings and improvements | 328,324 | 326,405 | ||||||
Machinery and equipment | 2,372,648 | 2,281,694 | ||||||
Construction in progress | 53,382 | 63,608 | ||||||
2,815,137 | 2,731,994 | |||||||
Accumulated depreciation | (1,696,694 | ) | (1,633,185 | ) | ||||
$ | 1,118,443 | $ | 1,098,809 | |||||
Depreciation expense in 2013, 2012 and 2011 was $157.3 million, $158.4 million and $153.3 million, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets, Net | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Other Intangible Assets, Net | ' | |||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | ||||||||||||||||
Changes in the carrying amount of goodwill were as follows: | ||||||||||||||||
Metal | Closures | Plastic | Total | |||||||||||||
Containers | Containers | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2011 | $ | 116,414 | $ | 158,922 | $ | 114,586 | $ | 389,922 | ||||||||
Acquisitions | 4,305 | — | 113,307 | 117,612 | ||||||||||||
Currency translation | 1,153 | 1,675 | 474 | 3,302 | ||||||||||||
Balance at December 31, 2012 | 121,872 | 160,597 | 228,367 | 510,836 | ||||||||||||
Acquisitions | — | 131,041 | 3,735 | 134,776 | ||||||||||||
Currency translation | 2,619 | 4,225 | (1,407 | ) | 5,437 | |||||||||||
Balance at December 31, 2013 | $ | 124,491 | $ | 295,863 | $ | 230,695 | $ | 651,049 | ||||||||
The components of other intangible assets, net at December 31 were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Definite-lived intangibles: | ||||||||||||||||
Customer relationships | $ | 206,855 | $ | (21,861 | ) | $ | 139,506 | $ | (13,663 | ) | ||||||
Other | 15,509 | (3,477 | ) | 15,336 | (1,402 | ) | ||||||||||
222,364 | (25,338 | ) | 154,842 | (15,065 | ) | |||||||||||
Indefinite-lived intangibles: | ||||||||||||||||
Trade names | 32,140 | — | 32,140 | — | ||||||||||||
$ | 254,504 | $ | (25,338 | ) | $ | 186,982 | $ | (15,065 | ) | |||||||
In connection with our acquisition of Portola as discussed in Note 2, we recognized a customer relationship intangible asset of $62.0 million. | ||||||||||||||||
Definite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis. Amortization expense in 2013, 2012 and 2011 was $10.3 million, $6.6 million and $5.5 million, respectively. Amortization expense is expected to be $13.6 million in each year from 2014 through 2018. Customer relationships have a weighted average life of approximately 18 years. Other definite-lived intangibles consist primarily of a trade name and technology know-how and have a weighted average life of approximately 9 years. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
LONG-TERM DEBT | ||||||||
Long-term debt at December 31 was as follows: | ||||||||
2013 | 2012 | |||||||
(Dollars in thousands) | ||||||||
Bank debt: | ||||||||
Bank revolving loans | $ | — | $ | — | ||||
U.S. term loans | 364,000 | 520,000 | ||||||
Canadian term loans | 64,485 | 81,389 | ||||||
Euro term loans | 323,704 | 443,406 | ||||||
Other foreign bank revolving and term loans | 151,647 | 126,521 | ||||||
Total bank debt | 903,836 | 1,171,316 | ||||||
5½% Senior Notes | 300,000 | — | ||||||
5% Senior Notes | 500,000 | 500,000 | ||||||
Total debt | 1,703,836 | 1,671,316 | ||||||
Less current portion | 146,174 | 255,349 | ||||||
$ | 1,557,662 | $ | 1,415,967 | |||||
At December 31, 2013, the current portion of our long-term debt consisted of $126.2 million of foreign bank revolving and term loans and $20.0 million of term loans under our senior secured credit facility that were repaid on January 14, 2014 upon the refinancing of such credit facility. | ||||||||
BANK CREDIT AGREEMENT | ||||||||
2011 CREDIT FACILITY | ||||||||
At December 31, 2013, we had term loan borrowings outstanding under our senior secured credit facility, or our 2011 Credit Facility, of $364.0 million, Cdn $68.9 million and €234.5 million, totaling U.S. denominated $752.2 million. At December 31, 2012, we had term loan borrowings outstanding under our 2011 Credit Facility of $520.0 million, Cdn $81.0 million and €335.0 million, totaling U.S. denominated $1,044.8 million. At December 31, 2013 and 2012, there were no revolving loans outstanding under our 2011 Credit Facility. After taking into account letters of credit of $22.7 million, borrowings available under the revolving loan facilities of our 2011 Credit Facility were $766.7 million and Cdn $10.0 million on December 31, 2013. | ||||||||
During 2013, we used cash on hand and revolving loan borrowings under the 2011 Credit Facility to prepay essentially all term loan amortization payments due in 2013 and 2014 under our 2011 Credit Facility, 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. | ||||||||
For 2013, 2012 and 2011, the weighted average annual interest rate paid on term loans under our respective senior secured credit facilities was 2.0 percent, 2.2 percent and 2.8 percent, respectively; and the weighted average annual interest rate paid on revolving loans under our respective senior secured credit facilities was 1.9 percent, 1.7 percent and 2.5 percent, respectively. We have entered into interest rate swap agreements to convert interest rate exposure from variable rates to fixed rates of interest. For 2013, 2012 and 2011, the weighted average interest rate paid on term loans under our respective senior secured credit facilities after consideration of our interest rate swap agreements was 2.7 percent, 2.6 percent and 3.3 percent, respectively. See Note 9 which includes a discussion of our interest rate swap agreements. | ||||||||
2014 CREDIT FACILITY | ||||||||
On January 14, 2014, we completed the refinancing of our 2011 Credit Facility by entering into a new senior secured credit facility, or the Credit Agreement. Under the Credit Agreement, we borrowed term loans and have available to us revolving loans. The term loans, or the Term Loans, provided under the Credit Agreement refinanced the term loans outstanding under the 2011 Credit Facility. The Term Loans consist of $365 million of U.S. term loans, Cdn $70 million of Canadian term loans and €220 million of Euro term loans. The Term Loans mature on January 14, 2020, and principal on the Term Loans is required to be repaid in scheduled annual installments as provided in the Credit Agreement beginning in December 2015. The revolving loans, or the Revolving Loans, consist of a $985.6 million multicurrency revolving loan facility and a Cdn $15.0 million Canadian revolving loan facility. We may use Revolving Loans under the Credit Agreement for working capital and other general corporate purposes, including acquisitions, dividends, stock repurchases and refinancing of other debt. Revolving Loans may be borrowed, repaid and reborrowed until their final maturity on January 14, 2019. | ||||||||
The Credit Agreement requires us to prepay the Term Loans with proceeds received in excess of certain amounts from certain asset sales. The mandatory repayment provisions under the Credit Agreement are less restrictive in the aggregate than under our 2011 Credit Facility. Generally, mandatory repayments of Term Loans are allocated pro rata to each of the Term Loans and applied first to the scheduled amortization payments in the year of such repayments (or, if no such payment is due in such year, to the payment due in the immediately succeeding year or the next succeeding year) and, to the extent in excess thereof, pro rata to the remaining installments of the Term Loans. Voluntary prepayments of Term Loans may be applied to any tranche of Term Loans at our discretion and are applied to the scheduled amortization payments in direct order of maturity. Amounts repaid under the Term Loans may not be reborrowed. | ||||||||
Pursuant to the Credit Agreement, we also have a $1.25 billion multicurrency uncommitted incremental loan facility (which amount may be increased as provided in the Credit Agreement), of which all of it may be borrowed in the form of term loans or up to $625.0 million of it may be borrowed in the form of revolving loans. The uncommitted multicurrency incremental loan facility provides, among other things, that any incremental term loan borrowing shall be denominated in a single currency, either U.S. dollars or certain foreign currencies; have a maturity date no earlier than the maturity date for the Term Loans; and be used for working capital and general corporate purposes, including to finance acquisitions, to refinance any indebtedness assumed as part of such acquisitions, to pay dividends, to repurchase common stock, to refinance or repurchase debt as permitted and to repay outstanding Revolving Loans. | ||||||||
The indebtedness under the Credit Agreement is guaranteed by Silgan and its U.S., Canadian and Dutch subsidiaries. The stock of our U.S., Canadian and Dutch subsidiaries has been pledged as security to the lenders under the Credit Agreement. The Credit Agreement contains certain financial and operating covenants which limit, subject to certain exceptions, among other things, our ability to incur additional indebtedness; create liens; consolidate, merge or sell assets; make certain advances, investments or loans; enter into certain transactions with affiliates; and engage in any business other than the packaging business and certain related businesses. In addition, we are required to meet specified financial covenants consisting of Interest Coverage and Total Net Leverage Ratios, each as defined in the Credit Agreement. We are currently in compliance with all covenants under the Credit Agreement. | ||||||||
Under the Credit Agreement, the interest rate for U.S. term loans will be either the Eurodollar Rate or the base rate under the Credit Agreement plus a margin, the interest rate for Canadian term loans will be either the CDOR Rate or the Canadian prime rate under the Credit Agreement plus a margin and the interest rate for Euro term loans will be the Euro Rate under the Credit Agreement plus a margin. Amounts outstanding under the revolving loan facilities incur interest at the same rates as the U.S. term loans in the case of U.S. dollar denominated Revolving Loans and as the Canadian term loans in the case of Canadian dollar denominated Revolving Loans. Euro and Pounds Sterling denominated Revolving Loans would incur interest at the applicable Euro Rate plus the applicable margin. | ||||||||
At January 14, 2014, the margin for Term Loans and Revolving Loans maintained as Eurodollar Rate, CDOR Rate or Euro Rate loans was 1.50 percent and the margin for Term Loans and Revolving Loans maintained as base rate or Canadian prime rate loans was 0.50 percent. After delivery of our financial statements in respect of our fiscal year ended December 31, 2013, the interest rate margin on all loans will be reset quarterly based upon our Total Net Leverage Ratio as provided in the Credit Agreement. As of January 14, 2014, the interest rates on U.S. term loans, Canadian term loans and Euro term loans were 1.74 percent, 2.76 percent and 1.74 percent, respectively. | ||||||||
The Credit Agreement provides for the payment of a commitment fee ranging from 0.20 percent to 0.35 percent per annum on the daily average unused portion of commitments available under the revolving loan facilities (0.25 percent at January 14, 2014). After delivery of our financial statements in respect of our fiscal year ended December 31, 2013, the commitment fee will be reset quarterly based on our Total Net Leverage Ratio as provided in the Credit Agreement. | ||||||||
We may utilize up to a maximum of $200 million of our multicurrency revolving loan facility under the Credit Agreement for letters of credit as long as the aggregate amount of borrowings of Revolving Loans under the multicurrency revolving loan facility and letters of credit do not exceed the amount of the commitment under such multicurrency revolving loan facility. The Credit Agreement provides for payment to the applicable lenders of a letter of credit fee equal to the applicable margin in effect for Revolving Loans under the multicurrency revolving loan facility and to the issuers of letters of credit of a fronting fee of the greater of (x) $500 per annum and (y) 0.25 percent per annum, calculated on the aggregate stated amount of such letters of credit for their stated duration. | ||||||||
All amounts owed under our 2011 Credit Facility were repaid on January 14, 2014 with proceeds from the Credit Agreement, and our 2011 Credit Facility was simultaneously terminated. As a result of the refinancing of our 2011 Credit Facility, we expect to record a pre-tax charge for the loss on early extinguishment of debt of approximately $1.6 million during the first quarter of 2014. | ||||||||
Because we sell metal containers and closures used in the fruit and vegetable packing process, we have seasonal sales. As is common in the industry, we must utilize working capital to build inventory and then carry accounts receivable for some customers beyond the packing season. Due to our seasonal requirements, which generally peak sometime in the summer or early fall, we may incur short-term indebtedness to finance our working capital requirements. | ||||||||
OTHER FOREIGN BANK REVOLVING AND TERM LOANS | ||||||||
We have certain other bank revolving and term loans outstanding in foreign countries. At December 31, 2013, these bank revolving loans allowed for total borrowings of up to $200.1 million (translated at exchange rates in effect at the balance sheet date). These bank revolving and term loans bear interest at rates ranging from 0.9 percent to 10.0 percent. For 2013, 2012 and 2011, the weighted average annual interest rate paid on these loans was 3.8 percent, 3.7 percent and 3.4 percent, respectively. | ||||||||
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, and ahead of Silgan’s subordinated debt, if any. The 5½% Notes are structurally 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 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 our 2011 Credit Facility. | ||||||||
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 105.5 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 our 5% Senior Notes due in 2020. | ||||||||
5% SENIOR NOTES | ||||||||
On March 23, 2012, we issued $500 million aggregate principal amount of our 5% Senior Notes due 2020, or the 5% Notes, at 100 percent of their principal amount. The 5% Notes are general unsecured obligations of Silgan, ranking equal in right of payment with Silgan’s unsecured unsubordinated indebtedness, including the 5½% Notes, and ahead of Silgan’s subordinated debt, if any. The 5% Notes are structurally 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 5% Notes is payable semi-annually in cash on April 1 and October 1 of each year, and the 5% Notes mature on April 1, 2020. Net proceeds from the issuance of the 5% Notes were used in April 2012 to redeem all of the outstanding 7¼% Senior Notes due 2016, or the 7¼% Notes, to pay the applicable premium for such redemption, to pay related fees and expenses and for general corporate purposes. | ||||||||
The 5% Notes are redeemable, at the option of Silgan, in whole or in part, at any time after April 1, 2016 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 April 1 of the years set forth below: | ||||||||
Year | Redemption Price | |||||||
2016 | 102.50% | |||||||
2017 | 101.25% | |||||||
2018 and thereafter | 100.00% | |||||||
In addition, prior to April 1, 2015, we may redeem up to 35 percent of the aggregate principal amount of the 5% 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 5% Notes, in whole or in part, prior to April 1, 2016 at a redemption price equal to 100 percent of their principal amount plus a make-whole premium as provided in the indenture for the 5% 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 5% Notes, Silgan is required to make an offer to purchase the 5% 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 5% Notes contains covenants which are generally less restrictive than those under the Credit Agreement and substantially similar to those under the indenture for the 5½% Notes. | ||||||||
7¼% SENIOR NOTES | ||||||||
On April 9, 2012, we redeemed all $250 million aggregate principal amount of our outstanding 7¼% Notes at a redemption price of 112.3715 percent of their principal amount, or $280.9 million, plus accrued and unpaid interest up to the redemption date. As a result, during the second quarter of 2012, we recorded a loss on early extinguishment of debt of $38.7 million for the premium paid in connection with this redemption and for the write-off of unamortized debt issuance costs and discount. | ||||||||
AGGREGATE ANNUAL MATURITIES | ||||||||
The aggregate annual maturities of our debt (non-U.S. dollar debt has been translated into U.S. dollars at exchange rates in effect at the balance sheet date) are as follows, assuming we had entered into the Credit Agreement and completed the refinancing of the 2011 Credit Facility on December 31, 2013 which resulted in a net decrease in our term loan borrowings of $17.9 million (dollars in thousands): | ||||||||
2014 | $ | 126,159 | ||||||
2015 | 46,672 | |||||||
2016 | 76,876 | |||||||
2017 | 76,876 | |||||||
2018 | 76,876 | |||||||
Thereafter | 1,282,439 | |||||||
$ | 1,685,898 | |||||||
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Instruments | ' | |||||||||||||||
FINANCIAL INSTRUMENTS | ||||||||||||||||
The financial instruments recorded in our 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 December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 160,463 | $ | 160,463 | $ | 465,608 | $ | 465,608 | ||||||||
Liabilities: | ||||||||||||||||
Bank debt | $ | 903,836 | $ | 903,836 | $ | 1,171,316 | $ | 1,171,316 | ||||||||
5½% Notes | 300,000 | 298,125 | — | — | ||||||||||||
5% Notes | 500,000 | 495,625 | 500,000 | 522,500 | ||||||||||||
Interest rate swap agreements | 6,895 | 6,895 | 13,307 | 13,307 | ||||||||||||
Natural gas swap agreements | 22 | 22 | 279 | 279 | ||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE | ||||||||||||||||
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. | ||||||||||||||||
The financial assets and liabilities that are measured on a recurring basis at December 31, 2013 and 2012 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 these 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 rates and prices. As such, these derivative instruments are classified within Level 2. | ||||||||||||||||
FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE | ||||||||||||||||
Our bank debt, 5½% Notes and 5% Notes are recorded at historical amounts in our 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. Fair values of our 5½% Notes and our 5% Notes were estimated based on the quoted market price, a Level 1 input. | ||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||||
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 utilize derivative financial instruments for trading or other speculative purposes. | ||||||||||||||||
Our interest rate and natural gas swap agreements are accounted for as cash flow hedges. To the extent these swap agreements are effective in offsetting the variability of the hedged cash flows, changes in their fair values are recorded in accumulated other comprehensive loss, a component of stockholders’ equity, and reclassified into earnings in future periods when earnings are also affected by the variability of the hedged cash flows. To the extent these swap agreements are not effective as hedges, changes in their fair values are recorded in net income. During 2013, 2012 and 2011, the ineffectiveness of our hedges did not have a significant impact on our net income. | ||||||||||||||||
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 December 31, 2013 and 2012, the aggregate notional principal amount of these agreements was $294.9 million and $289.0 million, respectively (non-U.S. dollar agreements have been translated into U.S. dollars at exchange rates in effect at the balance sheet date). The interest rate swap agreements effectively convert interest rate exposure from variable rates to fixed rates of interest. These agreements are with financial institutions which are expected to fully perform under the terms thereof. | ||||||||||||||||
Under our Euro interest rate swap agreements outstanding at December 31, 2013 for an aggregate notional principal amount of €105 million, we pay fixed rates of interest of 4.1 percent and receive floating rates of interest based on three month Euribor. These agreements mature in 2014. | ||||||||||||||||
We have three U.S. dollar interest rate swap agreements as of December 31, 2013, each for $50.0 million notional principal amount, to fix interest on variable rate debt. The first agreement, which began in 2012, has a fixed interest rate of 0.75 percent and matures in June 2015. The second agreement, which began in 2013, has a fixed interest rate of 1.38 percent and matures in June 2017. The third agreement has a fixed interest rate of 1.64 percent beginning in June 2014 and matures in June 2017. Under these agreements, we pay fixed rates of interest and receive floating rates of interest based on three month LIBOR. | ||||||||||||||||
The difference between amounts to be paid or received on interest rate swap agreements is recorded in interest and other debt expense in our Consolidated Statements of Income. Net payments of $5.9 million, $4.6 million and $4.7 million were recorded under our interest rate swap agreements for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
Taking into account the interest rate applicable for the amounts outstanding under the Credit Agreement for our U.S. term loans and Euro term loans and the weighted average cost differential between such rates at January 14, 2014 and the fixed rates on our interest rate swap agreements, the effective interest rate on our U.S. term loans and the Euro term loans at January 14, 2014 was 1.96 percent and 3.56 percent, respectively. | ||||||||||||||||
The total fair value of our interest rate swap agreements in effect at December 31, 2013 and 2012 was recorded in our Consolidated Balance Sheets as accrued liabilities of $6.5 million and $5.6 million, respectively, and as other liabilities of $0.4 million and $7.7 million, respectively. | ||||||||||||||||
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. We entered into natural gas swap agreements to hedge approximately 27, 21 and 29 percent of our exposure to fluctuations in natural gas prices in 2013, 2012 and 2011, respectively. In 2013, we paid fixed natural gas prices ranging from $3.45 to $4.47 per MMBtu and received a NYMEX-based natural gas price under our natural gas swap agreements. The difference between amounts to be paid or received on natural gas swap agreements is recorded in cost of goods sold in our Consolidated Statements of Income. Net payments under our natural gas swap agreements were $0.2 million, $1.2 million and $0.6 million during 2013, 2012 and 2011, respectively. These agreements are with a financial institution which is expected to fully perform under the terms thereof. | ||||||||||||||||
The aggregate notional principal amount of our natural gas swap agreements was 0.1 million and 1.0 million MMBtu of natural gas at December 31, 2013 and 2012, respectively. | ||||||||||||||||
The total fair value of our natural gas swap agreements in effect at December 31, 2013 and 2012 was recorded in our Consolidated Balance Sheets as accrued liabilities. | ||||||||||||||||
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 our respective senior secured credit facilities 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 risk related to foreign operations. We have designated substantially all of our Euro denominated borrowings under our respective senior secured credit facilities as net investment hedges and recognized foreign currency (losses) gains in accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 of $(12.2) million, $(9.2) million and $15.3 million, respectively. | ||||||||||||||||
CONCENTRATION OF CREDIT RISK | ||||||||||||||||
We derive a significant portion of our revenue from multi-year supply agreements with many of our customers. Aggregate revenues from our three largest customers (Nestlé Food Company, Campbell Soup Company and Del Monte Corporation) accounted for approximately 28.2 percent, 28.2 percent and 27.1 percent of our net sales in 2013, 2012 and 2011, respectively. The receivable balances from these customers collectively represented 14.0 percent and 20.6 percent of our trade accounts receivable at December 31, 2013 and 2012, respectively. As is common in the packaging industry, we provide extended payment terms to some of our customers due to the seasonality of the vegetable and fruit packing process. Exposure to losses is dependent on each customer’s financial position. We perform ongoing credit evaluations of our customers’ financial condition, and our receivables are generally not collateralized. We maintain an allowance for doubtful accounts which we believe is adequate to cover potential credit losses based on customer credit evaluations, collection history and other information. Accounts receivable are considered past due based on the original due date and write-offs occur only after all reasonable collection efforts are exhausted. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
We have a number of noncancelable operating leases for office and plant facilities, equipment and automobiles that expire at various dates through 2029. Certain operating leases have renewal options and rent escalation clauses as well as various purchase options. Minimum future rental payments under these leases are as set forth below for each of the following years (dollars in thousands): | ||||
2014 | $ | 34,350 | ||
2015 | 26,944 | |||
2016 | 22,483 | |||
2017 | 19,694 | |||
2018 | 13,555 | |||
Thereafter | 50,736 | |||
$ | 167,762 | |||
Rent expense was $40.9 million, $38.3 million and $37.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
At December 31, 2013, we had noncancelable commitments for capital expenditures in 2014 of $3.8 million. | ||||
We are a party to routine legal proceedings, contract disputes and claims arising in the ordinary course of our business. We are not a party to, and none of our properties are subject to, any pending legal proceedings which could have a material adverse effect on our business or financial condition. |
Retirement_Benefits
Retirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Retirement Benefits | ' | |||||||||||||||||||||||
RETIREMENT BENEFITS | ||||||||||||||||||||||||
We sponsor a number of defined benefit and defined contribution pension plans which cover substantially all U.S. employees, other than union employees covered by multiemployer defined benefit pension plans under collective bargaining agreements. Pension benefits are provided based on either a career average, final pay or years of service formula. With respect to certain hourly employees, pension benefits are provided based on stated amounts for each year of service. Our U.S. salaried pension plans are closed to new employees. | ||||||||||||||||||||||||
We also sponsor other postretirement benefits plans, including unfunded defined benefit health care and life insurance plans, that provide postretirement benefits to certain employees. The plans are contributory, with retiree contributions adjusted annually, and contain cost sharing features including deductibles and coinsurance. Retiree health care benefits are paid as covered expenses are incurred. | ||||||||||||||||||||||||
The changes in benefit obligations and plan assets as well as the funded status of our retirement plans at December 31 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Obligation at beginning of year | $ | 672,372 | $ | 609,738 | $ | 49,177 | $ | 51,131 | ||||||||||||||||
Service cost | 15,834 | 14,788 | 682 | 830 | ||||||||||||||||||||
Interest cost | 26,791 | 27,363 | 1,605 | 2,051 | ||||||||||||||||||||
Actuarial (gains) losses | (54,746 | ) | 49,067 | (10,352 | ) | (1,299 | ) | |||||||||||||||||
Plan amendments | 1,521 | (1,269 | ) | (1,790 | ) | (504 | ) | |||||||||||||||||
Benefits paid | (29,071 | ) | (28,301 | ) | (3,714 | ) | (3,904 | ) | ||||||||||||||||
Participants’ contributions | — | — | 897 | 872 | ||||||||||||||||||||
Foreign currency exchange rate changes | 2,542 | 986 | — | — | ||||||||||||||||||||
Obligation at end of year | 635,243 | 672,372 | 36,505 | 49,177 | ||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 633,261 | 509,877 | — | — | ||||||||||||||||||||
Actual return on plan assets | 85,809 | 74,774 | — | — | ||||||||||||||||||||
Employer contributions | 1,064 | 76,911 | 2,817 | 3,032 | ||||||||||||||||||||
Participants’ contributions | — | — | 897 | 872 | ||||||||||||||||||||
Benefits paid | (29,071 | ) | (28,301 | ) | (3,714 | ) | (3,904 | ) | ||||||||||||||||
Fair value of plan assets at end of year | 691,063 | 633,261 | — | — | ||||||||||||||||||||
Funded status | $ | 55,820 | $ | (39,111 | ) | $ | (36,505 | ) | $ | (49,177 | ) | |||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Amounts recognized in the consolidated | ||||||||||||||||||||||||
balance sheets | ||||||||||||||||||||||||
Non-current assets | $ | 116,888 | $ | 25,548 | $ | — | $ | — | ||||||||||||||||
Current liabilities | (1,241 | ) | (1,061 | ) | (3,291 | ) | (3,941 | ) | ||||||||||||||||
Non-current liabilities | (59,827 | ) | (63,598 | ) | (33,214 | ) | (45,236 | ) | ||||||||||||||||
Net amount recognized | $ | 55,820 | $ | (39,111 | ) | $ | (36,505 | ) | $ | (49,177 | ) | |||||||||||||
Amounts recognized in accumulated other | ||||||||||||||||||||||||
comprehensive loss (income) | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 75,539 | $ | 175,763 | $ | (5,124 | ) | $ | 4,994 | |||||||||||||||
Prior service cost (credit) | 3,578 | 3,843 | (14,682 | ) | (15,576 | ) | ||||||||||||||||||
Net amount recognized | $ | 79,117 | $ | 179,606 | $ | (19,806 | ) | $ | (10,582 | ) | ||||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Items to be recognized in 2014 as a component | ||||||||||||||||||||||||
of net periodic cost | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 826 | $ | (330 | ) | |||||||||||||||||||
Prior service cost (credit) | 1,189 | (2,854 | ) | |||||||||||||||||||||
Net periodic cost (credit) to be recorded in 2014 | $ | 2,015 | $ | (3,184 | ) | |||||||||||||||||||
Pension plans with projected benefit obligations in excess of plan assets at December 31, 2013 consisted entirely of our international pension benefit plans which are not funded. For pension plans with projected benefit obligations in excess of plan assets at December 31, 2012, the projected benefit obligation and fair value of plan assets were $204.3 million and $139.6 million, respectively. The projected benefit obligation for our international pension benefit plans was $61.1 million and $57.2 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The accumulated benefit obligation for all pension benefit plans at December 31, 2013 and 2012 was $606.1 million and $638.0 million, respectively. Pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2013 consisted entirely of our international pension benefit plans which are not funded. For pension plans with accumulated benefit obligations in excess of plan assets, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets at December 31, 2012 were $204.3 million, $193.6 million and $139.6 million, respectively. The accumulated benefit obligation for our international pension benefit plans was $56.5 million and $52.6 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The benefits expected to be paid from our pension and other postretirement benefit plans, which reflect future years of service and the Medicare subsidy expected to be received, are as follows (dollars in thousands): | ||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
2014 | $ | 30,138 | $ | 3,291 | ||||||||||||||||||||
2015 | 31,690 | 3,194 | ||||||||||||||||||||||
2016 | 33,299 | 2,827 | ||||||||||||||||||||||
2017 | 34,969 | 2,838 | ||||||||||||||||||||||
2018 | 36,663 | 2,726 | ||||||||||||||||||||||
2019 — 2023 | 203,677 | 12,436 | ||||||||||||||||||||||
$ | 370,436 | $ | 27,312 | |||||||||||||||||||||
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine the benefit obligations at December 31: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | ||||||||||||||||||||
Expected return on plan assets | 8.5 | % | 8.5 | % | ||||||||||||||||||||
Rate of compensation increase | 3 | % | 3.1 | % | ||||||||||||||||||||
Health care cost trend rate: | ||||||||||||||||||||||||
Assumed for next year | 7.2 | % | 7.2 | % | ||||||||||||||||||||
Ultimate rate | 4.9 | % | 4.5 | % | ||||||||||||||||||||
Year that the ultimate rate is reached | 2055 | 2046 | ||||||||||||||||||||||
Our expected return on plan assets is determined by current and expected asset allocation of plan assets, estimates of future long-term returns on those types of plan assets and historical long-term investment performance. | ||||||||||||||||||||||||
Our international pension benefit plans used a discount rate of 3.7 percent and 3.6 percent as of December 31, 2013 and 2012, respectively, and a rate of compensation increase of 3.5 percent to determine the benefit obligation at December 31, 2013 and 2012. | ||||||||||||||||||||||||
The components of the net periodic benefit cost for each of the years ended December 31 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Service cost | $ | 15,834 | $ | 14,788 | $ | 13,857 | $ | 682 | $ | 830 | $ | 862 | ||||||||||||
Interest cost | 26,791 | 27,363 | 28,519 | 1,605 | 2,051 | 2,441 | ||||||||||||||||||
Expected return on plan assets | (52,480 | ) | (46,967 | ) | (40,817 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 1,786 | 1,797 | 2,042 | (2,684 | ) | (2,616 | ) | (2,582 | ) | |||||||||||||||
(credit) | ||||||||||||||||||||||||
Amortization of actuarial losses | 12,556 | 12,168 | 8,171 | (234 | ) | 12 | 134 | |||||||||||||||||
(gains) | ||||||||||||||||||||||||
Net curtailment gain | — | (706 | ) | (449 | ) | — | — | — | ||||||||||||||||
Net periodic benefit cost (credit) | $ | 4,487 | $ | 8,443 | $ | 11,323 | $ | (631 | ) | $ | 277 | $ | 855 | |||||||||||
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine net periodic benefit cost for the years ended December 31: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.1 | % | 4.6 | % | 5.4 | % | ||||||||||||||||||
Expected return on plan assets | 8.5 | % | 8.5 | % | 8.5 | % | ||||||||||||||||||
Rate of compensation increase | 3.1 | % | 3.1 | % | 3.2 | % | ||||||||||||||||||
Health care cost trend rate | 7.2 | % | 7.8 | % | 8 | % | ||||||||||||||||||
Our international pension benefit plans used a discount rate of 3.6 percent, 4.9 percent and 5.5 percent for the years ended December 31, 2013, 2012 and 2011, respectively. Our international pension benefit plans used a rate of compensation increase of 3.5 percent for each of the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
The assumed health care cost trend rates affect the amounts reported for our health care plans. A one percentage point change in the assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||
1-Percentage | 1-Percentage | |||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Effect on service and interest cost | $ | 77 | $ | (68 | ) | |||||||||||||||||||
Effect on postretirement benefit obligation | 945 | (851 | ) | |||||||||||||||||||||
MULTIEMPLOYER PENSION PLANS | ||||||||||||||||||||||||
We participate in four multiemployer pension plans which provide defined benefits to certain of our union employees. The aggregate amount contributed to these plans and charged to pension cost in 2013, 2012 and 2011 was $6.2 million, $6.4 million and $6.0 million, respectively. | ||||||||||||||||||||||||
The risks of participating in multiemployer plans are different from the risks of single-employer plans in the following respects: | ||||||||||||||||||||||||
a) | Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||||||||
b) | If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||||||||||||
c) | If we cease to have an obligation to contribute to the multiemployer plan in which we had been a contributing employer, we may be required to pay to the plan an amount based on the underfunded status of the plan and on our historical participation in the plan prior to the cessation of our obligation to contribute. This amount is referred to as a withdrawal liability. | |||||||||||||||||||||||
Based on the latest information available, we participate in two multiemployer plans with a funded status less than 65 percent. Further information on these multiemployer plans for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||
Pension Fund | EIN/Pension Plan | Pension | FIP / RP | Contributions | Surcharge | |||||||||||||||||||
Number | Protection | Status | Imposed | |||||||||||||||||||||
Act Zone | Pending / | |||||||||||||||||||||||
Status | Implemented | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Central States, Southeast & Southwest Areas Pension Fund (1) | 36-6044243/001 | Red | Red | Implemented | $ | 1,752 | $ | 1,834 | $ | 1,724 | No | |||||||||||||
United Food & Commercial | 16-6144007/001 | Red | Red | Implemented | 123 | 120 | 107 | No | ||||||||||||||||
Workers — Local 1 Pension Fund (2) | ||||||||||||||||||||||||
All Other | 4,287 | 4,444 | 4,196 | |||||||||||||||||||||
Total Contributions | $ | 6,162 | $ | 6,398 | $ | 6,027 | ||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(1) | The applicable collective bargaining agreements related to this pension fund expire between January 31, 2014 and April 30, 2016. | |||||||||||||||||||||||
(2) | The collective bargaining agreement related to this pension fund expires on December 31, 2014. | |||||||||||||||||||||||
The “EIN/Pension Plan Number” column provides the Employer Identification Number and the three digit plan number assigned to a plan by the Internal Revenue Service. The most recent Pension Protection Act Zone Status available for 2013 and 2012 is for plan years that ended in each of those years. The zone status is based on information provided to us and other participating employers by each plan and is certified by the plan’s actuary. A plan in the “red” zone has been determined to be in “critical status,” based on criteria established under the Internal Revenue Code of 1986, as amended (the “Code”), and is generally less than 65 percent funded. The “FIP/RP Status Pending/Implemented” column indicates whether a rehabilitation plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the 2013 plan year. The “Surcharge Imposed” column indicates whether our contribution rate for 2013 included an amount in addition to the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in “critical status” in accordance with the requirements of the Code. The last column lists the expiration dates of the collective bargaining agreements under which we contribute to the plans. | ||||||||||||||||||||||||
Our contributions to each of these respective plans were less than five percent of total contributions made by all employers to each of these respective plans, as reported by these plans for the year ended December 31, 2012, the most recent plan year available. We expect our contributions for the year ended December 31, 2014 to these plans to be at the same level as the year ended December 31, 2013. | ||||||||||||||||||||||||
DEFINED CONTRIBUTION PLANS | ||||||||||||||||||||||||
We also sponsor defined contribution plans covering substantially all employees. Our contributions to these plans are based upon employee contributions and operating profitability. Contributions charged to expense for these plans for the years ended December 31, 2013, 2012 and 2011 were $7.8 million, $7.6 million and $8.0 million, respectively. | ||||||||||||||||||||||||
PLAN ASSETS | ||||||||||||||||||||||||
INVESTMENT STRATEGY | ||||||||||||||||||||||||
Our investment strategy is based on an expectation that equity securities will outperform debt securities over the long term. Accordingly, the composition of our plan assets is broadly characterized as a 58 percent/42 percent allocation between equity and debt securities. This strategy utilizes indexed U.S. equity securities (which constitutes approximately 85 percent of equity securities), with a lesser allocation to indexed international equity securities, and indexed investment grade U.S. debt securities. We attempt to mitigate investment risk by regularly rebalancing between equity and debt securities as contributions and benefit payments are made. | ||||||||||||||||||||||||
The weighted average asset allocation for our pension plans at December 31, 2013 and 2012 and target allocation for 2013 was as follows: | ||||||||||||||||||||||||
Target | Actual Allocation | |||||||||||||||||||||||
Allocation | 2013 | 2012 | ||||||||||||||||||||||
Equity securities—U.S. | 49 | % | 48 | % | 48 | % | ||||||||||||||||||
Equity securities—International | 9 | % | 10 | % | 9 | % | ||||||||||||||||||
Debt securities | 42 | % | 41 | % | 42 | % | ||||||||||||||||||
Cash and cash equivalents | — | 1 | % | 1 | % | |||||||||||||||||||
100 | % | 100 | % | 100 | % | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Our plan assets are primarily invested in commingled funds holding equity and debt securities, which are valued using the Net Asset Value, or NAV, provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. Commingled funds are classified within Level 2 (as described in Note 9) of the fair value hierarchy because the NAV’s are not publicly available. Plan excess cash balances are invested in short term investment funds which include investments in cash, bank notes, corporate notes, government bills and various short-term debt instruments. These typically are commingled funds valued using one dollar for the NAV. These short term funds are also classified within Level 2 of the valuation hierarchy. | ||||||||||||||||||||||||
The fair value of our plan assets by asset category consisted of the following at December 31: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Equity securities—U.S. | $ | 330,506 | $ | 302,169 | ||||||||||||||||||||
Equity securities—International | 69,811 | 62,770 | ||||||||||||||||||||||
Debt securities | 286,422 | 264,158 | ||||||||||||||||||||||
Cash and cash equivalents | 4,324 | 4,164 | ||||||||||||||||||||||
$ | 691,063 | $ | 633,261 | |||||||||||||||||||||
CONCENTRATIONS OF CREDIT RISK | ||||||||||||||||||||||||
As of December 31, 2013, approximately 99 percent of our plan assets were under management by a single investment management company in six individual commingled equity and debt index funds. Of these six funds, four funds held assets individually in excess of ten percent of our total plan assets. | ||||||||||||||||||||||||
EXPECTED CONTRIBUTIONS | ||||||||||||||||||||||||
In 2012, we made voluntary contributions to our domestic pension benefit plans of $76.0 million. Based on current legislation, there are no significant minimum required contributions to our pension benefit plans in 2014. In addition, based on the current funded status of our domestic pension benefit plans we do not expect to make significant contributions to these plans in 2014. However, this estimate may change based on regulatory changes and actual plan asset returns. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Income before income taxes was taxed in the following jurisdictions in each of the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in thousands) | ||||||||||||
Domestic | $ | 252,961 | $ | 212,213 | $ | 266,586 | ||||||
Foreign | 1,757 | 11,574 | 23,581 | |||||||||
Total | $ | 254,718 | $ | 223,787 | $ | 290,167 | ||||||
The components of the provision for income taxes were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 48,905 | $ | 57,106 | $ | 61,905 | ||||||
State | 5,954 | 8,449 | 4,039 | |||||||||
Foreign | 7,321 | 8,385 | 7,287 | |||||||||
Current income tax provision | 62,180 | 73,940 | 73,231 | |||||||||
Deferred: | ||||||||||||
Federal | 9,559 | 5,999 | 25,059 | |||||||||
State | 2,637 | (610 | ) | (883 | ) | |||||||
Foreign | (5,071 | ) | (6,888 | ) | (413 | ) | ||||||
Deferred income tax provision (benefit) | 7,125 | (1,499 | ) | 23,763 | ||||||||
$ | 69,305 | $ | 72,441 | $ | 96,994 | |||||||
The provision for income taxes varied from income taxes computed at the statutory U.S. federal income tax rate as a result of the following: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in thousands) | ||||||||||||
Income taxes computed at the statutory | $ | 89,151 | $ | 78,325 | $ | 101,559 | ||||||
U.S. federal income tax rate | ||||||||||||
State income taxes, net of federal tax benefit | 7,775 | 5,978 | 8,557 | |||||||||
Tax liabilities (no longer required) required | (17,043 | ) | (182 | ) | 507 | |||||||
Valuation allowance | (5,087 | ) | 239 | (6,662 | ) | |||||||
Manufacturing exemption | (7,452 | ) | (6,865 | ) | (5,128 | ) | ||||||
Tax credit refunds, net | (1,797 | ) | (1,066 | ) | (3,165 | ) | ||||||
Foreign earnings taxed at other than 35% | (600 | ) | (566 | ) | 94 | |||||||
Deferred tax rate changes | 2,235 | (3,422 | ) | — | ||||||||
Other | 2,123 | — | 1,232 | |||||||||
$ | 69,305 | $ | 72,441 | $ | 96,994 | |||||||
Effective tax rate | 27.2 | % | 32.4 | % | 33.4 | % | ||||||
Deferred income taxes reflect the net tax effect of temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Significant components of our deferred tax assets and liabilities at December 31 were as follows: | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Pension and other postretirement liabilities | $ | 9,805 | $ | 23,853 | ||||||||
Rationalization and other accrued liabilities | 26,031 | 28,040 | ||||||||||
AMT and other credit carryforwards | 2,400 | 5,815 | ||||||||||
Net operating loss carryforwards | 42,176 | 24,829 | ||||||||||
Foreign currency translation | 2,076 | — | ||||||||||
Inventory and related reserves | 7,722 | 14,013 | ||||||||||
Other | 7,202 | 9,972 | ||||||||||
Total deferred tax assets | 97,412 | 106,522 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | (200,359 | ) | (193,887 | ) | ||||||||
Pension and other post retirement liabilities | (28,552 | ) | — | |||||||||
Other intangible assets | (49,114 | ) | (26,302 | ) | ||||||||
Foreign currency translation | (4,206 | ) | (12,602 | ) | ||||||||
Other | (12,369 | ) | (10,358 | ) | ||||||||
Total deferred tax liabilities | (294,600 | ) | (243,149 | ) | ||||||||
Valuation allowance | (11,704 | ) | (12,361 | ) | ||||||||
$ | (208,892 | ) | $ | (148,988 | ) | |||||||
At December 31, 2013, the net deferred tax liability in our Consolidated Balance Sheets was comprised of current deferred tax assets of $23.7 million, long-term deferred tax assets of $19.6 million and long-term deferred tax liabilities of $252.2 million. At December 31, 2012, the net deferred tax liability in our Consolidated Balance Sheets was comprised of current deferred tax assets of $34.0 million, long-term deferred tax assets of $10.1 million and long-term deferred tax liabilities of $193.0 million. Current deferred tax assets, long-term deferred tax assets and long-term deferred tax liabilities were classified as prepaid expenses and other current assets, other assets, net and other liabilities, respectively, in our Consolidated Balance Sheets. | ||||||||||||
During 2013, we acquired Portola. A portion of the purchase price for Portola was allocated to goodwill and other intangible assets, which are not tax deductible in the applicable jurisdictions. During 2012, we acquired PFC. A portion of the purchase price for PFC was allocated to goodwill and other intangible assets, which are tax deductible in the applicable jurisdictions and are being amortized over 15 years for tax purposes. | ||||||||||||
The valuation allowance in 2013 includes deferred tax assets of $11.7 million resulting from foreign net operating loss carryforwards, or NOLs. The valuation allowance for deferred tax assets decreased in 2013 by $0.7 million primarily due to a decrease in the valuation allowance related to foreign tax credits and state and local tax credits, offset by an increase in the valuation allowance for foreign NOLs. | ||||||||||||
We file a consolidated U.S. federal income tax return that includes all domestic subsidiaries except Silgan Can Company, or Silgan Can, and Silgan Equipment Company, or Silgan Equipment. Silgan Can and Silgan Equipment file separate U.S. federal income tax returns. Silgan Holdings has federal NOLs of approximately $9.5 million related to the acquisition of Portola that will expire in 2033, and Silgan Equipment has federal NOLs of approximately $0.3 million that expire in 2021. | ||||||||||||
At December 31, 2013, we had state tax NOLs of approximately $4.6 million that are available to offset future taxable income and that expire from 2015 to 2024. | ||||||||||||
We recognize accrued interest and penalties related to unrecognized taxes as additional income tax expense. At December 31, 2013 and 2012, we had $2.8 million and $4.8 million, respectively, accrued for potential interest and penalties. | ||||||||||||
The total amount of unrecognized tax benefits recorded in other liabilities as of December 31, 2013 and 2012 were $26.7 million and $49.5 million, respectively, excluding associated tax assets and including the federal tax benefit of state taxes, interest and penalties. | ||||||||||||
Tax assets associated with uncertain tax positions primarily represent our estimate of the potential tax benefits in one tax jurisdiction that could result from the payment of income taxes in another jurisdiction. At December 31, 2013 and 2012, we had approximately $15.9 million and $16.0 million, respectively, in assets associated with uncertain tax positions recorded in other assets in our Consolidated Balance Sheets. | ||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits included as other liabilities in our Consolidated Balance Sheets was as follows: | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||
Balance at January 1, | $ | 51,433 | $ | 48,055 | ||||||||
Increase based upon tax positions of current year | 535 | 927 | ||||||||||
Increase based upon tax positions of a prior year | 139 | 701 | ||||||||||
Increase due to acquisitions | 27,086 | 3,316 | ||||||||||
Decrease based upon settlements with taxing authorities | (28,346 | ) | — | |||||||||
Decrease based upon a lapse in the statute of limitations | (449 | ) | (1,566 | ) | ||||||||
Balance at December 31, | $ | 50,398 | $ | 51,433 | ||||||||
The total amount of unrecognized tax benefits that would impact the effective tax rate, if recognized, at December 31, 2013 and 2012 were $11.6 million and $32.8 million, respectively. | ||||||||||||
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 2011, resulting in the recognition of previously gross unrecognized tax benefits of $28.3 million. We recorded a $20.5 million benefit to the effective tax rate for 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 NOLs 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 closing agreements with the IRS. The IRS has commenced its review of the tax years 2012 and 2013, and we have been accepted into the Compliance Assurance Program for the 2014 tax year which provides for the review by the IRS of tax matters relating to our tax return prior to filing. We are subject to examination by state and local tax authorities generally for the period mandated by statute, with the exception of states where waivers of the statute of limitations have been executed. These states and the earliest open period include Wisconsin (1995) and Indiana (2007). Our foreign subsidiaries are generally not subject to examination by tax authorities for periods before 2008, and we have contractual indemnities with third parties with respect to open periods that predate our ownership of certain foreign subsidiaries. Subsequent periods may be examined by the relevant tax authorities. We do not expect a material change to our unrecognized tax benefits within the next twelve months. | ||||||||||||
We had undistributed earnings from foreign subsidiaries of $67.4 million at December 31, 2013. If the earnings of foreign subsidiaries were not indefinitely reinvested, a deferred tax liability of $23.6 million would be required, excluding the potential use of foreign tax credits in the United States. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock-Based Compensation | ' | |||||||
STOCK-BASED COMPENSATION | ||||||||
The Silgan Holdings Inc. 2004 Stock Incentive Plan, as amended, or the Plan, provides for awards of stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to our officers, other key employees and outside directors. | ||||||||
Shares of our common stock issued under the Plan shall be authorized but unissued shares or treasury shares. The maximum aggregate number of shares of our common stock that may be issued in connection with stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards under the Plan shall not exceed 6,600,000 shares. Each award of stock options or stock appreciation rights under the Plan will reduce the number of shares of our common stock available for future issuance under the Plan by the number of shares of our common stock subject to the award. Each award of restricted stock or restricted stock units under the Plan, in contrast, will reduce the number of shares of our common stock available for future issuance under the Plan by two shares for every one restricted share or restricted stock unit awarded. As of December 31, 2013, 1,852,136 shares were available to be awarded under the Plan. | ||||||||
We measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized over the period during which an employee is required to provide service in exchange for the award, usually the vesting period. Stock-based compensation expense for the years ended December 31, 2013, 2012 and 2011 recorded in selling, general and administrative expenses was $10.0 million, $7.2 million and $7.7 million, respectively. | ||||||||
RESTRICTED STOCK UNITS | ||||||||
Restricted stock units issued are generally accounted for as fixed grants and, accordingly, the fair value at the grant date is being amortized ratably over the respective vesting period. The maximum contractual vesting period for restricted stock units outstanding at December 31, 2013 is six years. Unvested restricted stock units may not be disposed of or transferred during the vesting period. Restricted stock units carry with them the right to receive, upon vesting, dividend equivalents. | ||||||||
The table below summarizes restricted stock unit activity for the year ended December 31, 2013: | ||||||||
Restricted | Weighted | |||||||
Stock Units | Average | |||||||
Grant Date | ||||||||
Fair Value | ||||||||
Restricted stock units outstanding at December 31, 2012 | 932,601 | $ | 32.9 | |||||
Granted | 302,272 | 42.47 | ||||||
Released | (149,304 | ) | 31.86 | |||||
Cancelled | (7,520 | ) | 38.29 | |||||
Restricted stock units outstanding at December 31, 2013 | 1,078,049 | 35.69 | ||||||
The weighted average grant date fair value of restricted stock units granted during 2012 and 2011 was $42.50 and $36.98, respectively. The fair value of restricted stock units released during the years ended December 31, 2013, 2012 and 2011 was $6.5 million, $5.7 million and $13.7 million, respectively. | ||||||||
As of December 31, 2013, there was approximately $19.3 million of total unrecognized compensation expense related to restricted stock units. This cost is expected to be recognized over a weighted average period of 3.7 years. |
Capital_Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Capital Stock | ' |
CAPITAL STOCK | |
CAPITAL STOCK | |
At December 31, 2013, our authorized capital stock consists of 200,000,000 shares of common stock, par value $.01 per share, and 10,000,000 shares of preferred stock, par value $.01 per share. | |
TREASURY STOCK | |
In 2011 our Board of Directors authorized the repurchase by us of up to $300.0 million of our common stock, inclusive of prior authorizations, from time to time through and including December 31, 2014. On November 19, 2012, our Board of Directors authorized the repurchase by us of up to an additional $100.0 million of our common stock from time to time through and including December 31, 2014. Pursuant to these authorizations, we repurchased 354,154 shares of our common stock in 2013 at an average price per share of $46.90, for a total purchase price of $16.6 million, 805,346 shares of our common stock in 2012 at an average price per share of $42.33, for a total purchase price of $34.1 million and 441,416 shares of our common stock in 2011 at an average price per share of $35.77, for a total purchase price of $15.8 million. Pursuant to a “modified Dutch auction” tender offer that we commenced at the end of 2012, we repurchased 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. Mr. Horrigan, our Non-Executive Co-Chairman of our Board of Directors, participated in the tender offer, and we purchased 515,806 shares beneficially owned by him at a price of $45.25 per share, for a total purchase price of $23.3 million. At December 31, 2013, we had $83.5 million remaining under these authorizations for the repurchase of our common stock. | |
In 2013, 2012 and 2011, we issued 149,304, 132,846 and 374,071 treasury shares, respectively, at an average cost of $6.63 per share for restricted stock units that vested during these years. In 2013, 2012 and 2011, we repurchased 58,812, 43,874 and 142,080 shares of our common stock, respectively, at an average cost of $43.55, $42.64 and $36.58 per share, respectively, in accordance with the Plan to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested. | |
We account for treasury shares using the FIFO cost method. As of December 31, 2013, 24,140,804 shares of our common stock were held in treasury. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
The components of the calculation of earnings per share were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars and shares in thousands) | ||||||||||||
Net income | $ | 185,413 | $ | 151,346 | $ | 193,173 | ||||||
Weighted average number of shares used in: | ||||||||||||
Basic earnings per share | 64,254 | 69,571 | 69,996 | |||||||||
Dilutive common stock equivalents: | ||||||||||||
Stock options and restricted stock units | 404 | 318 | 386 | |||||||||
Diluted earnings per share | 64,658 | 69,889 | 70,382 | |||||||||
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Business Segment Information | ' | |||||||||||||||||||
BUSINESS SEGMENT INFORMATION | ||||||||||||||||||||
We are engaged in the packaging industry and report our results in three business segments: metal containers, closures and plastic containers. The metal containers segment manufactures steel and aluminum containers for human and pet food and general line products. The closures segment manufactures an extensive range of metal, composite and plastic closures for food and beverage products. The plastic containers segment manufactures custom designed plastic containers, tubes and closures for personal care, food, health care, pharmaceutical, household and industrial chemical, pet care, agricultural chemical, automotive and marine chemical products. These segments are strategic business operations that are managed separately to maximize the production, technology and marketing of their packaging product. Our metal container business operates primarily in North America and Europe. Our closures business operates in North and South America, Europe and Asia. Our plastic container business operates primarily in North America. The accounting policies of the business segments are the same as those described in Note 1. | ||||||||||||||||||||
Information for each of the past three years for our business segments is as follows: | ||||||||||||||||||||
Metal | Closures | Plastic | Corporate | Total | ||||||||||||||||
Containers | Containers | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 2,341,409 | $ | 720,111 | $ | 646,998 | $ | — | $ | 3,708,518 | ||||||||||
Depreciation and amortization | 84,871 | 35,834 | 46,807 | 132 | 167,644 | |||||||||||||||
Rationalization charges | 2,490 | 5,615 | 3,882 | — | 11,987 | |||||||||||||||
Segment income from operations (1) | 236,327 | 63,046 | 38,563 | (13,756 | ) | 324,180 | ||||||||||||||
Segment assets | 1,514,823 | 937,506 | 753,325 | 33,886 | 3,239,540 | |||||||||||||||
Capital expenditures | 73,764 | 17,094 | 11,769 | 509 | 103,136 | |||||||||||||||
2012 | ||||||||||||||||||||
Net sales | $ | 2,293,749 | $ | 680,031 | $ | 614,538 | $ | — | $ | 3,588,318 | ||||||||||
Depreciation and amortization | 87,629 | 32,427 | 44,203 | 756 | 165,015 | |||||||||||||||
Rationalization charges | 2,446 | 2,878 | 3,336 | — | 8,660 | |||||||||||||||
Segment income from operations (2) | 231,456 | 73,148 | 30,848 | (9,943 | ) | 325,509 | ||||||||||||||
Segment assets | 1,742,842 | 639,598 | 809,937 | 33,726 | 3,226,103 | |||||||||||||||
Capital expenditures | 68,737 | 19,838 | 30,405 | 261 | 119,241 | |||||||||||||||
2011 | ||||||||||||||||||||
Net sales | $ | 2,211,549 | $ | 687,801 | $ | 609,877 | $ | — | $ | 3,509,227 | ||||||||||
Depreciation and amortization | 79,655 | 33,232 | 44,237 | 1,677 | 158,801 | |||||||||||||||
Rationalization charges | 1,378 | 1,805 | 3,996 | 538 | 7,717 | |||||||||||||||
Segment income from operations (3) | 256,336 | 75,897 | 12,639 | 9,249 | 354,121 | |||||||||||||||
Segment assets | 1,714,516 | 632,048 | 561,312 | 36,868 | 2,944,744 | |||||||||||||||
Capital expenditures | 108,394 | 24,637 | 39,904 | 74 | 173,009 | |||||||||||||||
______________________ | ||||||||||||||||||||
-1 | Metal containers includes plant start-up costs of $0.8 million. Closures includes a charge of $3.0 million for the remeasurement of net assets in Venezuela. Corporate includes costs attributable to announced acquisitions of $1.5 million. | |||||||||||||||||||
-2 | Metal containers includes plant start-up costs of $6.4 million. Corporate includes costs attributable to announced acquisitions of $1.5 million. | |||||||||||||||||||
-3 | Metal containers includes a charge for the resolution of a past product liability dispute of $3.3 million. Corporate includes income of $25.2 million for proceeds received as a result of the termination of the merger agreement with Graham Packaging, net of costs associated with certain corporate development activities. | |||||||||||||||||||
Total segment income from operations is reconciled to income before income taxes as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment income from operations | $ | 324,180 | $ | 325,509 | $ | 354,121 | ||||||||||||||
Interest and other debt expense | 69,462 | 101,722 | 63,954 | |||||||||||||||||
Income before income taxes | $ | 254,718 | $ | 223,787 | $ | 290,167 | ||||||||||||||
Total segment assets at December 31 are reconciled to total assets as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment assets | $ | 3,239,540 | $ | 3,226,103 | ||||||||||||||||
Other assets | 81,542 | 67,440 | ||||||||||||||||||
Total assets | $ | 3,321,082 | $ | 3,293,543 | ||||||||||||||||
Financial information relating to our operations by geographic area is as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net sales: | ||||||||||||||||||||
United States | $ | 2,925,547 | $ | 2,845,773 | $ | 2,767,293 | ||||||||||||||
Foreign: | ||||||||||||||||||||
Europe | 601,530 | 559,818 | 563,991 | |||||||||||||||||
Canada | 120,536 | 124,059 | 128,882 | |||||||||||||||||
Other | 60,905 | 58,668 | 49,061 | |||||||||||||||||
Total net sales from | 782,971 | 742,545 | 741,934 | |||||||||||||||||
foreign operations | ||||||||||||||||||||
Total net sales | $ | 3,708,518 | $ | 3,588,318 | $ | 3,509,227 | ||||||||||||||
Long-lived assets: | ||||||||||||||||||||
United States | $ | 681,494 | $ | 679,273 | ||||||||||||||||
Foreign: | ||||||||||||||||||||
Europe | 360,733 | 341,908 | ||||||||||||||||||
Canada | 45,319 | 46,804 | ||||||||||||||||||
Other | 30,897 | 30,824 | ||||||||||||||||||
Total long-lived assets at | 436,949 | 419,536 | ||||||||||||||||||
foreign operations | ||||||||||||||||||||
Total long-lived assets | $ | 1,118,443 | $ | 1,098,809 | ||||||||||||||||
Net sales are attributed to the country from which the product was manufactured and shipped. | ||||||||||||||||||||
Sales of our metal containers segment to Nestlé Food Company accounted for 11.5 percent, 11.3 percent and 10.6 percent of our consolidated net sales in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
Sales and income from operations of our metal container business and part of our closures business are dependent, in part, upon the vegetable and fruit 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 (see Note 17). |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
The following table presents our quarterly results of operations for the years ended December 31, 2013 and 2012: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
2013 (1) | ||||||||||||||||
Net sales | $ | 795,741 | $ | 880,029 | $ | 1,167,921 | $ | 864,827 | ||||||||
Gross profit | 111,273 | 128,160 | 187,825 | 119,984 | ||||||||||||
Net income | 25,433 | 59,529 | 77,175 | 23,276 | ||||||||||||
Basic net income per share (3) | $ | 0.38 | $ | 0.93 | $ | 1.22 | $ | 0.37 | ||||||||
Diluted net income per share (3) | 0.38 | 0.93 | 1.21 | 0.36 | ||||||||||||
Dividends per share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | ||||||||
2012 (2) | ||||||||||||||||
Net sales | $ | 768,357 | $ | 821,611 | $ | 1,139,547 | $ | 858,803 | ||||||||
Gross profit | 114,045 | 115,329 | 178,771 | 109,414 | ||||||||||||
Net income | 32,750 | 10,580 | 78,657 | 29,359 | ||||||||||||
Basic net income per share (3) | $ | 0.47 | $ | 0.15 | $ | 1.13 | $ | 0.42 | ||||||||
Diluted net income per share (3) | 0.47 | 0.15 | 1.13 | 0.42 | ||||||||||||
Dividends per share | $ | 0.12 | $ | 0.12 | $ | 0.12 | $ | 0.12 | ||||||||
______________________ | ||||||||||||||||
(1) | The first, second, third and fourth quarters of 2013 include rationalization charges of $1.4 million, $0.9 million, $1.3 million and $8.4 million, respectively. The first quarter of 2013 includes plant start-up costs of $0.8 million. The first, third and fourth quarters of 2013 include costs attributable to announced acquisitions of $0.2 million and $1.0 million and $0.3 million, respectively. The first quarter of 2013 includes a loss on early extinguishment of debt of $2.1 million and a charge of $3.0 million for the remeasurement of net assets in Venezuela due to a currency devaluation. | |||||||||||||||
(2) | The first, second, third and fourth quarters of 2012 include rationalization charges of $3.6 million, $0.2 million, $2.0 million and $2.9 million, respectively. The first, second, third and fourth quarters of 2012 include plant start-up costs of $1.0 million, $1.9 million, $1.4 million and $2.1 million, respectively. The second and third quarters of 2012 include costs attributable to announced acquisitions of $0.7 million and $0.8 million, respectively. The second quarter of 2012 includes a loss on early extinguishment of debt of $38.7 million. | |||||||||||||||
-3 | Net income per share data is computed independently for each of the periods presented. Accordingly, the sum of the quarterly earnings per share amounts may not equal the total for the year. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
SUBSEQUENT EVENT | |
CREDIT AGREEMENT | |
On January 14, 2014, we refinanced our 2011 Credit Facility with the Credit Agreement. See Note 8 for further information. |
VALUATION_AND_QUALIFYING_ACCOU
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||||
SILGAN HOLDINGS INC. | ||||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011 | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Additions | Other Changes | |||||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||||||
Description | Balance at | Charged to | Charged | Cumulative | Other (1) | Balance | ||||||||||||||||||
beginning | costs and | to other | translation | at end | ||||||||||||||||||||
of period | expenses | accounts | adjustment | of period | ||||||||||||||||||||
For the year ended December 31, 2013: | ||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 5,869 | $ | 921 | $ | — | $ | (81 | ) | $ | (992 | ) | $ | 5,717 | ||||||||||
receivable | ||||||||||||||||||||||||
For the year ended December 31, 2012: | ||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 5,934 | $ | 774 | $ | — | $ | 179 | $ | (1,018 | ) | $ | 5,869 | |||||||||||
receivable | ||||||||||||||||||||||||
For the year ended December 31, 2011: | ||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 6,225 | $ | 596 | $ | — | $ | (267 | ) | $ | (620 | ) | $ | 5,934 | ||||||||||
receivable | ||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(1) Uncollectible accounts written off, net of recoveries. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Business | ' |
Nature of Business. Silgan Holdings Inc., or Silgan, and its subsidiaries conduct business in three market segments: metal containers, closures and plastic containers. Our metal container business is engaged in the manufacture and sale of steel and aluminum containers for human and pet food and general line products. Our closures business manufactures and sells metal, composite and plastic closures for food and beverage products. Our plastic container business manufactures and sells custom designed plastic containers, tubes and closures for personal care, food, health care, pharmaceutical, household and industrial chemical, pet care, agricultural chemical, automotive and marine chemical products. Our metal container business has operating facilities in North America, Europe and Asia. Our closures business has operating facilities in North and South America, Europe and Asia. Our plastic container business is based in North America. | |
Basis of Presentation | ' |
Basis of Presentation. The consolidated financial statements include the accounts of Silgan and our subsidiaries. Newly acquired subsidiaries have been included in the consolidated financial statements from their dates of acquisition. All significant intercompany transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. | |
Foreign Currency Transactions and Translations Policy | ' |
Generally, our subsidiaries that operate outside the United States use their local currency as the functional currency. The principal functional currencies for our foreign operations are the Euro and the Canadian dollar. Balance sheet accounts of our foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while revenue and expense accounts are translated at average rates prevailing during the year. Translation adjustments are reported as a component of accumulated other comprehensive (loss) income. Gains or losses resulting from transactions denominated in foreign currencies that are not designated as a hedge are included in selling, general and administrative expenses in our Consolidated Statements of Income. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents. Cash equivalents represent short-term, highly liquid investments which are readily convertible to cash and have maturities of three months or less at the time of purchase. As a result of our cash management system, checks issued for payment may create negative book balances. Checks outstanding in excess of related book balances are included in trade accounts payable in our Consolidated Balance Sheets. Changes in outstanding checks are included in financing activities in our Consolidated Statements of Cash Flows to treat them as, in substance, cash advances. | |
Inventories | ' |
Inventories. Inventories are valued at the lower of cost or market (net realizable value). Cost for domestic inventories for our metal container and closures businesses is principally determined on the last-in, first-out basis, or LIFO. Cost for inventories for our plastic container business is principally determined on the first-in, first-out basis, or FIFO. Cost for foreign inventories for our metal container and closures businesses is principally determined on the average cost method. | |
Property, Plant and Equipment, Net | ' |
Property, Plant and Equipment, Net. Property, plant and equipment, net is stated at historical cost less accumulated depreciation. Major renewals and betterments that extend the life of an asset are capitalized and repairs and maintenance expenditures are charged to expense as incurred. Design and development costs for molds, dies and other tools that we do not own and that will be used to produce products that will be sold under long-term supply arrangements are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of depreciable assets. The principal estimated useful lives are 35 years for buildings and range between 3 to 18 years for machinery and equipment. Leasehold improvements are amortized over the shorter of the life of the related asset or the life of the lease. | |
Interest incurred on amounts borrowed in connection with the installation of major machinery and equipment acquisitions is capitalized. Capitalized interest of $0.3 million, $0.3 million and $0.7 million in 2013, 2012 and 2011, respectively, was recorded as part of the cost of the assets to which it relates and is amortized over the assets’ estimated useful life. | |
Goodwill and Other Intangible Assets, Net | ' |
Goodwill and Other Intangible Assets, Net. We review goodwill and other indefinite-lived intangible assets for impairment as of July 1 of each year and more frequently if circumstances indicate a possible impairment. We determined that goodwill and other indefinite-lived intangible assets were not impaired in our annual assessment performed during the third quarter. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets. We assess long-lived assets, including intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable. An impairment exists if the estimate of future undiscounted cash flows generated by the assets is less than the carrying value of the assets. If impairment is determined to exist, any related impairment loss is then measured by comparing the fair value of the assets to their carrying amount. | |
Hedging Instruments | ' |
Hedging Instruments. All derivative financial instruments are recorded in the 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 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. | |
Income Taxes | ' |
Income Taxes. We account for income taxes using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment of such change. No provision is made for U.S. income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested. | |
Revenue Recognition | ' |
Revenue Recognition. Revenues are recognized when goods are shipped and the title and risk of loss pass to the customer. For those sites where we operate within the customer’s facilities, title and risk of loss pass to the customer upon delivery of product to clearly delineated areas within the common facility, at which time we recognize revenues. Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of goods sold in our Consolidated Statements of Income. | |
Stock-Based Compensation | ' |
Stock-Based Compensation. We currently have one stock-based compensation plan in effect under which we have issued stock options and restricted stock units to our officers, other key employees and outside directors. A restricted stock unit represents the right to receive one share of our common stock at a future date. Unvested restricted stock units that have been issued do not have voting rights and may not be disposed of or transferred during the vesting period. | |
Recently Adopted Accounting Pronouncements | ' |
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 4 for the required disclosures. | |
Rationalization_Charges_Tables
Rationalization Charges (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Activity in Rationalization Plan Reserves | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Metal containers | $ | 2,490 | $ | 2,446 | $ | 1,378 | ||||||||||||||
Closures | 5,615 | 2,878 | 1,805 | |||||||||||||||||
Plastic containers | 3,882 | 3,336 | 3,996 | |||||||||||||||||
Corporate | — | — | 538 | |||||||||||||||||
$ | 11,987 | $ | 8,660 | $ | 7,717 | |||||||||||||||
Activity in reserves for our rationalization plans was as follows: | ||||||||||||||||||||
Employee | Non-Cash | Plant | Non-Cash | Total | ||||||||||||||||
Severance | Retirement | Exit | Asset | |||||||||||||||||
and Benefits | Benefit | Costs | Write-Down | |||||||||||||||||
Curtailment | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance as of January 1, 2011 | $ | 11,057 | $ | — | $ | 217 | $ | — | $ | 11,274 | ||||||||||
Charged to expense | 4,908 | (449 | ) | 1,267 | 1,991 | 7,717 | ||||||||||||||
Utilized and currency translation | (11,579 | ) | 449 | (1,273 | ) | (1,991 | ) | (14,394 | ) | |||||||||||
Balance at December 31, 2011 | 4,386 | — | 211 | — | 4,597 | |||||||||||||||
Charged to expense | 5,056 | — | 1,924 | 1,680 | 8,660 | |||||||||||||||
Utilized and currency translation | (6,211 | ) | — | (439 | ) | (1,680 | ) | (8,330 | ) | |||||||||||
Balance at December 31, 2012 | 3,231 | 1,696 | — | 4,927 | ||||||||||||||||
Charged to expense | 5,822 | — | 1,684 | 4,481 | 11,987 | |||||||||||||||
Utilized and currency translation | (4,937 | ) | — | (1,962 | ) | (4,481 | ) | (11,380 | ) | |||||||||||
Balance at December 31, 2013 | $ | 4,116 | $ | — | $ | 1,418 | $ | — | $ | 5,534 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Amounts Included in Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | |||||||||||||||
Amounts included in accumulated other comprehensive loss, net of tax, were as follows: | ||||||||||||||||
Unrecognized Net | Change in Fair | Foreign | Total | |||||||||||||
Defined Benefit | Value of | Currency | ||||||||||||||
Plan Costs | Derivatives | Translation | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at January 1, 2011 | $ | (73,607 | ) | $ | (6,695 | ) | $ | 17,276 | $ | (63,026 | ) | |||||
Other comprehensive loss before | (30,388 | ) | (3,221 | ) | (26,527 | ) | (60,136 | ) | ||||||||
reclassifications | ||||||||||||||||
Amounts reclassified from accumulated | 4,786 | 3,094 | — | 7,880 | ||||||||||||
other comprehensive loss | ||||||||||||||||
Other comprehensive loss | (25,602 | ) | (127 | ) | (26,527 | ) | (52,256 | ) | ||||||||
Balance at December 31, 2011 | (99,209 | ) | (6,822 | ) | (9,251 | ) | (115,282 | ) | ||||||||
Other comprehensive loss before | (13,389 | ) | (4,513 | ) | 12,740 | (5,162 | ) | |||||||||
reclassifications | ||||||||||||||||
Amounts reclassified from accumulated | 6,923 | 3,608 | — | 10,531 | ||||||||||||
other comprehensive loss | ||||||||||||||||
Other comprehensive income | (6,466 | ) | (905 | ) | 12,740 | 5,369 | ||||||||||
Balance at December 31, 2012 | (105,675 | ) | (7,727 | ) | 3,489 | (109,913 | ) | |||||||||
Other comprehensive income before | 59,648 | 340 | 1,103 | 61,091 | ||||||||||||
reclassifications | ||||||||||||||||
Amounts reclassified from accumulated | 7,106 | 3,597 | — | 10,703 | ||||||||||||
other comprehensive loss | ||||||||||||||||
Other comprehensive income | 66,754 | 3,937 | 1,103 | 71,794 | ||||||||||||
Balance at December 31, 2013 | $ | (38,921 | ) | $ | (3,790 | ) | $ | 4,592 | $ | (38,119 | ) | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
The components of inventories at December 31 were as follows: | ||||||||
2013 | 2012 | |||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 158,963 | $ | 167,097 | ||||
Work-in-process | 104,811 | 108,385 | ||||||
Finished goods | 333,978 | 330,077 | ||||||
Other | 14,398 | 13,259 | ||||||
612,150 | 618,818 | |||||||
Adjustment to value inventory at cost on the LIFO method | (96,580 | ) | (102,891 | ) | ||||
$ | 515,570 | $ | 515,927 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
Property, plant and equipment, net at December 31 was as follows: | ||||||||
2013 | 2012 | |||||||
(Dollars in thousands) | ||||||||
Land | $ | 60,783 | $ | 60,287 | ||||
Buildings and improvements | 328,324 | 326,405 | ||||||
Machinery and equipment | 2,372,648 | 2,281,694 | ||||||
Construction in progress | 53,382 | 63,608 | ||||||
2,815,137 | 2,731,994 | |||||||
Accumulated depreciation | (1,696,694 | ) | (1,633,185 | ) | ||||
$ | 1,118,443 | $ | 1,098,809 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in Carrying Amount of Goodwill | ' | |||||||||||||||
Changes in the carrying amount of goodwill were as follows: | ||||||||||||||||
Metal | Closures | Plastic | Total | |||||||||||||
Containers | Containers | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2011 | $ | 116,414 | $ | 158,922 | $ | 114,586 | $ | 389,922 | ||||||||
Acquisitions | 4,305 | — | 113,307 | 117,612 | ||||||||||||
Currency translation | 1,153 | 1,675 | 474 | 3,302 | ||||||||||||
Balance at December 31, 2012 | 121,872 | 160,597 | 228,367 | 510,836 | ||||||||||||
Acquisitions | — | 131,041 | 3,735 | 134,776 | ||||||||||||
Currency translation | 2,619 | 4,225 | (1,407 | ) | 5,437 | |||||||||||
Balance at December 31, 2013 | $ | 124,491 | $ | 295,863 | $ | 230,695 | $ | 651,049 | ||||||||
Components of Other Intangible Assets | ' | |||||||||||||||
The components of other intangible assets, net at December 31 were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Definite-lived intangibles: | ||||||||||||||||
Customer relationships | $ | 206,855 | $ | (21,861 | ) | $ | 139,506 | $ | (13,663 | ) | ||||||
Other | 15,509 | (3,477 | ) | 15,336 | (1,402 | ) | ||||||||||
222,364 | (25,338 | ) | 154,842 | (15,065 | ) | |||||||||||
Indefinite-lived intangibles: | ||||||||||||||||
Trade names | 32,140 | — | 32,140 | — | ||||||||||||
$ | 254,504 | $ | (25,338 | ) | $ | 186,982 | $ | (15,065 | ) | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term Debt | ' | |||||||
Long-term debt at December 31 was as follows: | ||||||||
2013 | 2012 | |||||||
(Dollars in thousands) | ||||||||
Bank debt: | ||||||||
Bank revolving loans | $ | — | $ | — | ||||
U.S. term loans | 364,000 | 520,000 | ||||||
Canadian term loans | 64,485 | 81,389 | ||||||
Euro term loans | 323,704 | 443,406 | ||||||
Other foreign bank revolving and term loans | 151,647 | 126,521 | ||||||
Total bank debt | 903,836 | 1,171,316 | ||||||
5½% Senior Notes | 300,000 | — | ||||||
5% Senior Notes | 500,000 | 500,000 | ||||||
Total debt | 1,703,836 | 1,671,316 | ||||||
Less current portion | 146,174 | 255,349 | ||||||
$ | 1,557,662 | $ | 1,415,967 | |||||
Redemption Price of Notes Plus Accrued and Unpaid Interest Thereon to Redemption Date | ' | |||||||
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% | |||||||
The 5% Notes are redeemable, at the option of Silgan, in whole or in part, at any time after April 1, 2016 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 April 1 of the years set forth below: | ||||||||
Year | Redemption Price | |||||||
2016 | 102.50% | |||||||
2017 | 101.25% | |||||||
2018 and thereafter | 100.00% | |||||||
Aggregate Annual Maturities of Debt | ' | |||||||
The aggregate annual maturities of our debt (non-U.S. dollar debt has been translated into U.S. dollars at exchange rates in effect at the balance sheet date) are as follows, assuming we had entered into the Credit Agreement and completed the refinancing of the 2011 Credit Facility on December 31, 2013 which resulted in a net decrease in our term loan borrowings of $17.9 million (dollars in thousands): | ||||||||
2014 | $ | 126,159 | ||||||
2015 | 46,672 | |||||||
2016 | 76,876 | |||||||
2017 | 76,876 | |||||||
2018 | 76,876 | |||||||
Thereafter | 1,282,439 | |||||||
$ | 1,685,898 | |||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [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 December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 160,463 | $ | 160,463 | $ | 465,608 | $ | 465,608 | ||||||||
Liabilities: | ||||||||||||||||
Bank debt | $ | 903,836 | $ | 903,836 | $ | 1,171,316 | $ | 1,171,316 | ||||||||
5½% Notes | 300,000 | 298,125 | — | — | ||||||||||||
5% Notes | 500,000 | 495,625 | 500,000 | 522,500 | ||||||||||||
Interest rate swap agreements | 6,895 | 6,895 | 13,307 | 13,307 | ||||||||||||
Natural gas swap agreements | 22 | 22 | 279 | 279 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Minimum Future Rental Payments under Operating Leases | ' | |||
Minimum future rental payments under these leases are as set forth below for each of the following years (dollars in thousands): | ||||
2014 | $ | 34,350 | ||
2015 | 26,944 | |||
2016 | 22,483 | |||
2017 | 19,694 | |||
2018 | 13,555 | |||
Thereafter | 50,736 | |||
$ | 167,762 | |||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Changes in Benefit Obligations and Plan Assets as Well as Funded Status of Retirement Plans | ' | |||||||||||||||||||||||
The changes in benefit obligations and plan assets as well as the funded status of our retirement plans at December 31 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Obligation at beginning of year | $ | 672,372 | $ | 609,738 | $ | 49,177 | $ | 51,131 | ||||||||||||||||
Service cost | 15,834 | 14,788 | 682 | 830 | ||||||||||||||||||||
Interest cost | 26,791 | 27,363 | 1,605 | 2,051 | ||||||||||||||||||||
Actuarial (gains) losses | (54,746 | ) | 49,067 | (10,352 | ) | (1,299 | ) | |||||||||||||||||
Plan amendments | 1,521 | (1,269 | ) | (1,790 | ) | (504 | ) | |||||||||||||||||
Benefits paid | (29,071 | ) | (28,301 | ) | (3,714 | ) | (3,904 | ) | ||||||||||||||||
Participants’ contributions | — | — | 897 | 872 | ||||||||||||||||||||
Foreign currency exchange rate changes | 2,542 | 986 | — | — | ||||||||||||||||||||
Obligation at end of year | 635,243 | 672,372 | 36,505 | 49,177 | ||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 633,261 | 509,877 | — | — | ||||||||||||||||||||
Actual return on plan assets | 85,809 | 74,774 | — | — | ||||||||||||||||||||
Employer contributions | 1,064 | 76,911 | 2,817 | 3,032 | ||||||||||||||||||||
Participants’ contributions | — | — | 897 | 872 | ||||||||||||||||||||
Benefits paid | (29,071 | ) | (28,301 | ) | (3,714 | ) | (3,904 | ) | ||||||||||||||||
Fair value of plan assets at end of year | 691,063 | 633,261 | — | — | ||||||||||||||||||||
Funded status | $ | 55,820 | $ | (39,111 | ) | $ | (36,505 | ) | $ | (49,177 | ) | |||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Amounts recognized in the consolidated | ||||||||||||||||||||||||
balance sheets | ||||||||||||||||||||||||
Non-current assets | $ | 116,888 | $ | 25,548 | $ | — | $ | — | ||||||||||||||||
Current liabilities | (1,241 | ) | (1,061 | ) | (3,291 | ) | (3,941 | ) | ||||||||||||||||
Non-current liabilities | (59,827 | ) | (63,598 | ) | (33,214 | ) | (45,236 | ) | ||||||||||||||||
Net amount recognized | $ | 55,820 | $ | (39,111 | ) | $ | (36,505 | ) | $ | (49,177 | ) | |||||||||||||
Amounts recognized in accumulated other | ||||||||||||||||||||||||
comprehensive loss (income) | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 75,539 | $ | 175,763 | $ | (5,124 | ) | $ | 4,994 | |||||||||||||||
Prior service cost (credit) | 3,578 | 3,843 | (14,682 | ) | (15,576 | ) | ||||||||||||||||||
Net amount recognized | $ | 79,117 | $ | 179,606 | $ | (19,806 | ) | $ | (10,582 | ) | ||||||||||||||
Items to be Recognized in 2013 as Component of Net Periodic Cost | ' | |||||||||||||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Items to be recognized in 2014 as a component | ||||||||||||||||||||||||
of net periodic cost | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 826 | $ | (330 | ) | |||||||||||||||||||
Prior service cost (credit) | 1,189 | (2,854 | ) | |||||||||||||||||||||
Net periodic cost (credit) to be recorded in 2014 | $ | 2,015 | $ | (3,184 | ) | |||||||||||||||||||
Benefits Expected to Be Paid from Pension and Other Postretirement Benefit Plans, Which Reflect Future Years of Services and Medicare Subsidy Expected to Be Received | ' | |||||||||||||||||||||||
The benefits expected to be paid from our pension and other postretirement benefit plans, which reflect future years of service and the Medicare subsidy expected to be received, are as follows (dollars in thousands): | ||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
2014 | $ | 30,138 | $ | 3,291 | ||||||||||||||||||||
2015 | 31,690 | 3,194 | ||||||||||||||||||||||
2016 | 33,299 | 2,827 | ||||||||||||||||||||||
2017 | 34,969 | 2,838 | ||||||||||||||||||||||
2018 | 36,663 | 2,726 | ||||||||||||||||||||||
2019 — 2023 | 203,677 | 12,436 | ||||||||||||||||||||||
$ | 370,436 | $ | 27,312 | |||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||
The components of the net periodic benefit cost for each of the years ended December 31 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Service cost | $ | 15,834 | $ | 14,788 | $ | 13,857 | $ | 682 | $ | 830 | $ | 862 | ||||||||||||
Interest cost | 26,791 | 27,363 | 28,519 | 1,605 | 2,051 | 2,441 | ||||||||||||||||||
Expected return on plan assets | (52,480 | ) | (46,967 | ) | (40,817 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 1,786 | 1,797 | 2,042 | (2,684 | ) | (2,616 | ) | (2,582 | ) | |||||||||||||||
(credit) | ||||||||||||||||||||||||
Amortization of actuarial losses | 12,556 | 12,168 | 8,171 | (234 | ) | 12 | 134 | |||||||||||||||||
(gains) | ||||||||||||||||||||||||
Net curtailment gain | — | (706 | ) | (449 | ) | — | — | — | ||||||||||||||||
Net periodic benefit cost (credit) | $ | 4,487 | $ | 8,443 | $ | 11,323 | $ | (631 | ) | $ | 277 | $ | 855 | |||||||||||
Effect of a One Percentage Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||
A one percentage point change in the assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||
1-Percentage | 1-Percentage | |||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Effect on service and interest cost | $ | 77 | $ | (68 | ) | |||||||||||||||||||
Effect on postretirement benefit obligation | 945 | (851 | ) | |||||||||||||||||||||
Multiemployer Pension Plans | ' | |||||||||||||||||||||||
Further information on these multiemployer plans for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||
Pension Fund | EIN/Pension Plan | Pension | FIP / RP | Contributions | Surcharge | |||||||||||||||||||
Number | Protection | Status | Imposed | |||||||||||||||||||||
Act Zone | Pending / | |||||||||||||||||||||||
Status | Implemented | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Central States, Southeast & Southwest Areas Pension Fund (1) | 36-6044243/001 | Red | Red | Implemented | $ | 1,752 | $ | 1,834 | $ | 1,724 | No | |||||||||||||
United Food & Commercial | 16-6144007/001 | Red | Red | Implemented | 123 | 120 | 107 | No | ||||||||||||||||
Workers — Local 1 Pension Fund (2) | ||||||||||||||||||||||||
All Other | 4,287 | 4,444 | 4,196 | |||||||||||||||||||||
Total Contributions | $ | 6,162 | $ | 6,398 | $ | 6,027 | ||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(1) | The applicable collective bargaining agreements related to this pension fund expire between January 31, 2014 and April 30, 2016. | |||||||||||||||||||||||
(2) | The collective bargaining agreement related to this pension fund expires on December 31, 2014. | |||||||||||||||||||||||
Weighted Average Asset Allocation for Pension Plans and Target Allocation | ' | |||||||||||||||||||||||
The weighted average asset allocation for our pension plans at December 31, 2013 and 2012 and target allocation for 2013 was as follows: | ||||||||||||||||||||||||
Target | Actual Allocation | |||||||||||||||||||||||
Allocation | 2013 | 2012 | ||||||||||||||||||||||
Equity securities—U.S. | 49 | % | 48 | % | 48 | % | ||||||||||||||||||
Equity securities—International | 9 | % | 10 | % | 9 | % | ||||||||||||||||||
Debt securities | 42 | % | 41 | % | 42 | % | ||||||||||||||||||
Cash and cash equivalents | — | 1 | % | 1 | % | |||||||||||||||||||
100 | % | 100 | % | 100 | % | |||||||||||||||||||
Fair Value of Plan Assets by Asset Category | ' | |||||||||||||||||||||||
The fair value of our plan assets by asset category consisted of the following at December 31: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Equity securities—U.S. | $ | 330,506 | $ | 302,169 | ||||||||||||||||||||
Equity securities—International | 69,811 | 62,770 | ||||||||||||||||||||||
Debt securities | 286,422 | 264,158 | ||||||||||||||||||||||
Cash and cash equivalents | 4,324 | 4,164 | ||||||||||||||||||||||
$ | 691,063 | $ | 633,261 | |||||||||||||||||||||
Benefit Obligation | ' | |||||||||||||||||||||||
Weighted Average Actuarial Assumptions | ' | |||||||||||||||||||||||
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine the benefit obligations at December 31: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | ||||||||||||||||||||
Expected return on plan assets | 8.5 | % | 8.5 | % | ||||||||||||||||||||
Rate of compensation increase | 3 | % | 3.1 | % | ||||||||||||||||||||
Health care cost trend rate: | ||||||||||||||||||||||||
Assumed for next year | 7.2 | % | 7.2 | % | ||||||||||||||||||||
Ultimate rate | 4.9 | % | 4.5 | % | ||||||||||||||||||||
Year that the ultimate rate is reached | 2055 | 2046 | ||||||||||||||||||||||
Benefit Costs | ' | |||||||||||||||||||||||
Weighted Average Actuarial Assumptions | ' | |||||||||||||||||||||||
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine net periodic benefit cost for the years ended December 31: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.1 | % | 4.6 | % | 5.4 | % | ||||||||||||||||||
Expected return on plan assets | 8.5 | % | 8.5 | % | 8.5 | % | ||||||||||||||||||
Rate of compensation increase | 3.1 | % | 3.1 | % | 3.2 | % | ||||||||||||||||||
Health care cost trend rate | 7.2 | % | 7.8 | % | 8 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Before Income Taxes | ' | |||||||||||
Income before income taxes was taxed in the following jurisdictions in each of the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in thousands) | ||||||||||||
Domestic | $ | 252,961 | $ | 212,213 | $ | 266,586 | ||||||
Foreign | 1,757 | 11,574 | 23,581 | |||||||||
Total | $ | 254,718 | $ | 223,787 | $ | 290,167 | ||||||
Components of Provision for Income Taxes | ' | |||||||||||
The components of the provision for income taxes were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 48,905 | $ | 57,106 | $ | 61,905 | ||||||
State | 5,954 | 8,449 | 4,039 | |||||||||
Foreign | 7,321 | 8,385 | 7,287 | |||||||||
Current income tax provision | 62,180 | 73,940 | 73,231 | |||||||||
Deferred: | ||||||||||||
Federal | 9,559 | 5,999 | 25,059 | |||||||||
State | 2,637 | (610 | ) | (883 | ) | |||||||
Foreign | (5,071 | ) | (6,888 | ) | (413 | ) | ||||||
Deferred income tax provision (benefit) | 7,125 | (1,499 | ) | 23,763 | ||||||||
$ | 69,305 | $ | 72,441 | $ | 96,994 | |||||||
Variation of Provision for Income Taxes from Statutory U.S. Federal Income Tax Rate | ' | |||||||||||
The provision for income taxes varied from income taxes computed at the statutory U.S. federal income tax rate as a result of the following: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in thousands) | ||||||||||||
Income taxes computed at the statutory | $ | 89,151 | $ | 78,325 | $ | 101,559 | ||||||
U.S. federal income tax rate | ||||||||||||
State income taxes, net of federal tax benefit | 7,775 | 5,978 | 8,557 | |||||||||
Tax liabilities (no longer required) required | (17,043 | ) | (182 | ) | 507 | |||||||
Valuation allowance | (5,087 | ) | 239 | (6,662 | ) | |||||||
Manufacturing exemption | (7,452 | ) | (6,865 | ) | (5,128 | ) | ||||||
Tax credit refunds, net | (1,797 | ) | (1,066 | ) | (3,165 | ) | ||||||
Foreign earnings taxed at other than 35% | (600 | ) | (566 | ) | 94 | |||||||
Deferred tax rate changes | 2,235 | (3,422 | ) | — | ||||||||
Other | 2,123 | — | 1,232 | |||||||||
$ | 69,305 | $ | 72,441 | $ | 96,994 | |||||||
Effective tax rate | 27.2 | % | 32.4 | % | 33.4 | % | ||||||
Significant Components of Deferred Tax Assets and Liabilities | ' | |||||||||||
Significant components of our deferred tax assets and liabilities at December 31 were as follows: | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Pension and other postretirement liabilities | $ | 9,805 | $ | 23,853 | ||||||||
Rationalization and other accrued liabilities | 26,031 | 28,040 | ||||||||||
AMT and other credit carryforwards | 2,400 | 5,815 | ||||||||||
Net operating loss carryforwards | 42,176 | 24,829 | ||||||||||
Foreign currency translation | 2,076 | — | ||||||||||
Inventory and related reserves | 7,722 | 14,013 | ||||||||||
Other | 7,202 | 9,972 | ||||||||||
Total deferred tax assets | 97,412 | 106,522 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | (200,359 | ) | (193,887 | ) | ||||||||
Pension and other post retirement liabilities | (28,552 | ) | — | |||||||||
Other intangible assets | (49,114 | ) | (26,302 | ) | ||||||||
Foreign currency translation | (4,206 | ) | (12,602 | ) | ||||||||
Other | (12,369 | ) | (10,358 | ) | ||||||||
Total deferred tax liabilities | (294,600 | ) | (243,149 | ) | ||||||||
Valuation allowance | (11,704 | ) | (12,361 | ) | ||||||||
$ | (208,892 | ) | $ | (148,988 | ) | |||||||
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits included as other liabilities in our Consolidated Balance Sheets was as follows: | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||
Balance at January 1, | $ | 51,433 | $ | 48,055 | ||||||||
Increase based upon tax positions of current year | 535 | 927 | ||||||||||
Increase based upon tax positions of a prior year | 139 | 701 | ||||||||||
Increase due to acquisitions | 27,086 | 3,316 | ||||||||||
Decrease based upon settlements with taxing authorities | (28,346 | ) | — | |||||||||
Decrease based upon a lapse in the statute of limitations | (449 | ) | (1,566 | ) | ||||||||
Balance at December 31, | $ | 50,398 | $ | 51,433 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Summary of Restricted Stock Unit Activity | ' | |||||||
The table below summarizes restricted stock unit activity for the year ended December 31, 2013: | ||||||||
Restricted | Weighted | |||||||
Stock Units | Average | |||||||
Grant Date | ||||||||
Fair Value | ||||||||
Restricted stock units outstanding at December 31, 2012 | 932,601 | $ | 32.9 | |||||
Granted | 302,272 | 42.47 | ||||||
Released | (149,304 | ) | 31.86 | |||||
Cancelled | (7,520 | ) | 38.29 | |||||
Restricted stock units outstanding at December 31, 2013 | 1,078,049 | 35.69 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Components of Calculation of Earnings Per Share | ' | |||||||||||
The components of the calculation of earnings per share were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars and shares in thousands) | ||||||||||||
Net income | $ | 185,413 | $ | 151,346 | $ | 193,173 | ||||||
Weighted average number of shares used in: | ||||||||||||
Basic earnings per share | 64,254 | 69,571 | 69,996 | |||||||||
Dilutive common stock equivalents: | ||||||||||||
Stock options and restricted stock units | 404 | 318 | 386 | |||||||||
Diluted earnings per share | 64,658 | 69,889 | 70,382 | |||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reportable Business Segment Information | ' | |||||||||||||||||||
Information for each of the past three years for our business segments is as follows: | ||||||||||||||||||||
Metal | Closures | Plastic | Corporate | Total | ||||||||||||||||
Containers | Containers | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 2,341,409 | $ | 720,111 | $ | 646,998 | $ | — | $ | 3,708,518 | ||||||||||
Depreciation and amortization | 84,871 | 35,834 | 46,807 | 132 | 167,644 | |||||||||||||||
Rationalization charges | 2,490 | 5,615 | 3,882 | — | 11,987 | |||||||||||||||
Segment income from operations (1) | 236,327 | 63,046 | 38,563 | (13,756 | ) | 324,180 | ||||||||||||||
Segment assets | 1,514,823 | 937,506 | 753,325 | 33,886 | 3,239,540 | |||||||||||||||
Capital expenditures | 73,764 | 17,094 | 11,769 | 509 | 103,136 | |||||||||||||||
2012 | ||||||||||||||||||||
Net sales | $ | 2,293,749 | $ | 680,031 | $ | 614,538 | $ | — | $ | 3,588,318 | ||||||||||
Depreciation and amortization | 87,629 | 32,427 | 44,203 | 756 | 165,015 | |||||||||||||||
Rationalization charges | 2,446 | 2,878 | 3,336 | — | 8,660 | |||||||||||||||
Segment income from operations (2) | 231,456 | 73,148 | 30,848 | (9,943 | ) | 325,509 | ||||||||||||||
Segment assets | 1,742,842 | 639,598 | 809,937 | 33,726 | 3,226,103 | |||||||||||||||
Capital expenditures | 68,737 | 19,838 | 30,405 | 261 | 119,241 | |||||||||||||||
2011 | ||||||||||||||||||||
Net sales | $ | 2,211,549 | $ | 687,801 | $ | 609,877 | $ | — | $ | 3,509,227 | ||||||||||
Depreciation and amortization | 79,655 | 33,232 | 44,237 | 1,677 | 158,801 | |||||||||||||||
Rationalization charges | 1,378 | 1,805 | 3,996 | 538 | 7,717 | |||||||||||||||
Segment income from operations (3) | 256,336 | 75,897 | 12,639 | 9,249 | 354,121 | |||||||||||||||
Segment assets | 1,714,516 | 632,048 | 561,312 | 36,868 | 2,944,744 | |||||||||||||||
Capital expenditures | 108,394 | 24,637 | 39,904 | 74 | 173,009 | |||||||||||||||
______________________ | ||||||||||||||||||||
-1 | Metal containers includes plant start-up costs of $0.8 million. Closures includes a charge of $3.0 million for the remeasurement of net assets in Venezuela. Corporate includes costs attributable to announced acquisitions of $1.5 million. | |||||||||||||||||||
-2 | Metal containers includes plant start-up costs of $6.4 million. Corporate includes costs attributable to announced acquisitions of $1.5 million. | |||||||||||||||||||
-3 | Metal containers includes a charge for the resolution of a past product liability dispute of $3.3 million. Corporate includes income of $25.2 million for proceeds received as a result of the termination of the merger agreement with Graham Packaging, net of costs associated with certain corporate development activities. | |||||||||||||||||||
Reconciliation of Income Before Income Taxes from Segment Income from Operations | ' | |||||||||||||||||||
Total segment income from operations is reconciled to income before income taxes as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment income from operations | $ | 324,180 | $ | 325,509 | $ | 354,121 | ||||||||||||||
Interest and other debt expense | 69,462 | 101,722 | 63,954 | |||||||||||||||||
Income before income taxes | $ | 254,718 | $ | 223,787 | $ | 290,167 | ||||||||||||||
Reconciliation of Total Segment Assets to Total Assets | ' | |||||||||||||||||||
Total segment assets at December 31 are reconciled to total assets as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment assets | $ | 3,239,540 | $ | 3,226,103 | ||||||||||||||||
Other assets | 81,542 | 67,440 | ||||||||||||||||||
Total assets | $ | 3,321,082 | $ | 3,293,543 | ||||||||||||||||
Financial Information Relating to Operations by Geographic Area | ' | |||||||||||||||||||
Financial information relating to our operations by geographic area is as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net sales: | ||||||||||||||||||||
United States | $ | 2,925,547 | $ | 2,845,773 | $ | 2,767,293 | ||||||||||||||
Foreign: | ||||||||||||||||||||
Europe | 601,530 | 559,818 | 563,991 | |||||||||||||||||
Canada | 120,536 | 124,059 | 128,882 | |||||||||||||||||
Other | 60,905 | 58,668 | 49,061 | |||||||||||||||||
Total net sales from | 782,971 | 742,545 | 741,934 | |||||||||||||||||
foreign operations | ||||||||||||||||||||
Total net sales | $ | 3,708,518 | $ | 3,588,318 | $ | 3,509,227 | ||||||||||||||
Long-lived assets: | ||||||||||||||||||||
United States | $ | 681,494 | $ | 679,273 | ||||||||||||||||
Foreign: | ||||||||||||||||||||
Europe | 360,733 | 341,908 | ||||||||||||||||||
Canada | 45,319 | 46,804 | ||||||||||||||||||
Other | 30,897 | 30,824 | ||||||||||||||||||
Total long-lived assets at | 436,949 | 419,536 | ||||||||||||||||||
foreign operations | ||||||||||||||||||||
Total long-lived assets | $ | 1,118,443 | $ | 1,098,809 | ||||||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Results of Operations (Unaudited) | ' | |||||||||||||||
The following table presents our quarterly results of operations for the years ended December 31, 2013 and 2012: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
2013 (1) | ||||||||||||||||
Net sales | $ | 795,741 | $ | 880,029 | $ | 1,167,921 | $ | 864,827 | ||||||||
Gross profit | 111,273 | 128,160 | 187,825 | 119,984 | ||||||||||||
Net income | 25,433 | 59,529 | 77,175 | 23,276 | ||||||||||||
Basic net income per share (3) | $ | 0.38 | $ | 0.93 | $ | 1.22 | $ | 0.37 | ||||||||
Diluted net income per share (3) | 0.38 | 0.93 | 1.21 | 0.36 | ||||||||||||
Dividends per share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | ||||||||
2012 (2) | ||||||||||||||||
Net sales | $ | 768,357 | $ | 821,611 | $ | 1,139,547 | $ | 858,803 | ||||||||
Gross profit | 114,045 | 115,329 | 178,771 | 109,414 | ||||||||||||
Net income | 32,750 | 10,580 | 78,657 | 29,359 | ||||||||||||
Basic net income per share (3) | $ | 0.47 | $ | 0.15 | $ | 1.13 | $ | 0.42 | ||||||||
Diluted net income per share (3) | 0.47 | 0.15 | 1.13 | 0.42 | ||||||||||||
Dividends per share | $ | 0.12 | $ | 0.12 | $ | 0.12 | $ | 0.12 | ||||||||
______________________ | ||||||||||||||||
(1) | The first, second, third and fourth quarters of 2013 include rationalization charges of $1.4 million, $0.9 million, $1.3 million and $8.4 million, respectively. The first quarter of 2013 includes plant start-up costs of $0.8 million. The first, third and fourth quarters of 2013 include costs attributable to announced acquisitions of $0.2 million and $1.0 million and $0.3 million, respectively. The first quarter of 2013 includes a loss on early extinguishment of debt of $2.1 million and a charge of $3.0 million for the remeasurement of net assets in Venezuela due to a currency devaluation. | |||||||||||||||
(2) | The first, second, third and fourth quarters of 2012 include rationalization charges of $3.6 million, $0.2 million, $2.0 million and $2.9 million, respectively. The first, second, third and fourth quarters of 2012 include plant start-up costs of $1.0 million, $1.9 million, $1.4 million and $2.1 million, respectively. The second and third quarters of 2012 include costs attributable to announced acquisitions of $0.7 million and $0.8 million, respectively. The second quarter of 2012 includes a loss on early extinguishment of debt of $38.7 million. | |||||||||||||||
-3 | Net income per share data is computed independently for each of the periods presented. Accordingly, the sum of the quarterly earnings per share amounts may not equal the total for the year. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Capitalized interest recorded as part of the cost of the assets | $0.30 | $0.30 | $0.70 |
Building | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life (in years) | '35 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life (in years) | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life (in years) | '18 years | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 22, 2013 | Oct. 22, 2013 | Oct. 22, 2013 | Oct. 22, 2013 | Aug. 30, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | Jun. 30, 2011 | Mar. 01, 2011 | Mar. 01, 2011 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 01, 2011 | Mar. 01, 2011 |
USD ($) | USD ($) | USD ($) | Customer relationships [Member] | Portola Packaging, Inc [Member] | Portola Packaging, Inc [Member] | Portola Packaging, Inc [Member] | Plastic Food Container Operations of Rexam PLC | Plastic Food Container Operations of Rexam PLC | Plastic Food Container Operations of Rexam PLC | Plastic Food Container Operations of Rexam PLC | Graham Packaging Company Inc. | Vogel & Noot Holding AG | Vogel & Noot Holding AG | Vogel & Noot Holding AG | Vogel & Noot Holding AG | Vogel & Noot Holding AG | Vogel & Noot Holding AG | |
USD ($) | USD ($) | Customer relationships [Member] | North America and Europe [Member] | USD ($) | Customer Relationships and Technology | Customer relationships [Member] | Technology Know-how | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | Customer relationships [Member] | Trade names [Member] | ||||
USD ($) | Facility | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for business acquired | ' | ' | ' | ' | $262,800,000 | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | $47,600,000 | € 36,400,000 | ' | ' |
Number of Plants Acquired | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net annual sales | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 651,049,000 | 510,836,000 | 389,922,000 | ' | 124,200,000 | ' | ' | 113,300,000 | ' | ' | ' | ' | 56,600,000 | ' | ' | ' | ' | ' |
Business combination, Intangible assets acquired | ' | ' | ' | 62,000,000 | ' | 62,000,000 | ' | ' | 78,000,000 | 67,000,000 | 11,000,000 | ' | ' | ' | ' | ' | 19,300,000 | 3,400,000 |
Acquired finite lived intangible assets weighted average useful life | ' | ' | ' | ' | ' | '17 years | ' | ' | ' | '18 years | '8 years | ' | ' | ' | ' | ' | ' | ' |
Termination fee cash paid to Silgan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,500,000 | ' | ' | ' | ' | ' | ' |
Business combination, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $292,700,000 | € 212,400,000 | ' | ' | ' | ' |
Activity_in_Rationalization_Pl
Activity in Rationalization Plan Reserves (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | $8,400,000 | $1,300,000 | $900,000 | $1,400,000 | $2,900,000 | $2,000,000 | $200,000 | $3,600,000 | ' | $11,987,000 | $8,660,000 | $7,717,000 |
Rationalization Reserve Beginning Balance | ' | ' | ' | 4,927,000 | ' | ' | ' | 4,597,000 | 5,534,000 | 4,927,000 | 4,597,000 | 11,274,000 |
Restructuring Charges Credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,987,000 | 8,660,000 | 7,717,000 |
Rationalization Plan Reserves Utilized and CTA | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,380,000 | -8,330,000 | -14,394,000 |
Rationalization Reserve Ending Balance | 5,534,000 | ' | ' | ' | 4,927,000 | ' | ' | ' | ' | 5,534,000 | 4,927,000 | 4,597,000 |
Restructuring and Related Cost, Expected Cost | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' |
Expected Future Restructuring Net Estimated Cash Payable | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' |
Facility Closings and Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,987,000 | 8,660,000 | 7,717,000 |
Employee Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rationalization Reserve Beginning Balance | ' | ' | ' | 3,231,000 | ' | ' | ' | 4,386,000 | ' | 3,231,000 | 4,386,000 | 11,057,000 |
Restructuring Charges Credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,822,000 | 5,056,000 | 4,908,000 |
Rationalization Plan Reserves Utilized and CTA | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,937,000 | -6,211,000 | -11,579,000 |
Rationalization Reserve Ending Balance | 4,116,000 | ' | ' | ' | 3,231,000 | ' | ' | ' | ' | 4,116,000 | 3,231,000 | 4,386,000 |
Special Termination Benefits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges Credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -449,000 |
Rationalization Plan Reserves Utilized and CTA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 449,000 |
Facility Closing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rationalization Reserve Beginning Balance | ' | ' | ' | 1,696,000 | ' | ' | ' | 211,000 | ' | 1,696,000 | 211,000 | 217,000 |
Restructuring Charges Credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,684,000 | 1,924,000 | 1,267,000 |
Rationalization Plan Reserves Utilized and CTA | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,962,000 | -439,000 | -1,273,000 |
Rationalization Reserve Ending Balance | 1,418,000 | ' | ' | ' | 1,696,000 | ' | ' | ' | ' | 1,418,000 | 1,696,000 | 211,000 |
Asset Impairments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges Credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,481,000 | 1,680,000 | 1,991,000 |
Rationalization Plan Reserves Utilized and CTA | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,481,000 | -1,680,000 | -1,991,000 |
Metal Containers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,446,000 | 1,378,000 |
Metal Containers [Member] | Facility Closings and Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,490,000 | 2,446,000 | 1,378,000 |
Closures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,878,000 | 1,805,000 |
Closures [Member] | Facility Closings and Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,615,000 | 2,878,000 | 1,805,000 |
Plastic Containers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,336,000 | 3,996,000 |
Plastic Containers [Member] | Facility Closings and Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,882,000 | 3,336,000 | 3,996,000 |
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 538,000 |
Corporate Segment [Member] | Facility Closings and Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $538,000 |
Amounts_Included_in_Accumulate
Amounts Included in Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' |
Beginning Balance | ($109,913) | ($115,282) | ($63,026) |
Other comprehensive income (loss) before reclassifications | 61,091 | -5,162 | -60,136 |
Amounts reclassified from accumulated other comprehensive loss | 10,703 | 10,531 | 7,880 |
Other comprehensive income (loss) | 71,794 | 5,369 | -52,256 |
Ending Balance | -38,119 | -109,913 | -115,282 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' |
Beginning Balance | -105,675 | -99,209 | -73,607 |
Other comprehensive income (loss) before reclassifications | 59,648 | -13,389 | -30,388 |
Amounts reclassified from accumulated other comprehensive loss | 7,106 | 6,923 | 4,786 |
Other comprehensive income (loss) | 66,754 | -6,466 | -25,602 |
Ending Balance | -38,921 | -105,675 | -99,209 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' |
Beginning Balance | -7,727 | -6,822 | -6,695 |
Other comprehensive income (loss) before reclassifications | 340 | -4,513 | -3,221 |
Amounts reclassified from accumulated other comprehensive loss | 3,597 | 3,608 | 3,094 |
Other comprehensive income (loss) | 3,937 | -905 | -127 |
Ending Balance | -3,790 | -7,727 | -6,822 |
Foreign Currency Translation [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' |
Beginning Balance | 3,489 | -9,251 | 17,276 |
Other comprehensive income (loss) before reclassifications | 1,103 | 12,740 | -26,527 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Other comprehensive income (loss) | 1,103 | 12,740 | -26,527 |
Ending Balance | $4,592 | $3,489 | ($9,251) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $23,276,000 | [1] | $77,175,000 | [1] | $59,529,000 | [1] | $25,433,000 | [1] | $29,359,000 | [2] | $78,657,000 | [2] | $10,580,000 | [2] | $32,750,000 | [2] | $185,413,000 | $151,346,000 | $193,173,000 |
Provision for income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 69,305,000 | 72,441,000 | 96,994,000 | ||||||||
Estimated reclassification of change in fair value of derivatives component of accumulated other comprehensive (loss) income to earning during the next twelve months | ' | ' | ' | ' | ' | ' | ' | ' | -3,800,000 | ' | ' | ||||||||
Foreign currency translation, tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 4,580,000 | 3,309,000 | -6,469,000 | ||||||||
Pension Benefits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Amounts expected to be recognized as components of net periodic benefit costs, net prior service credit | ' | ' | ' | ' | ' | ' | ' | ' | 4,487,000 | 8,443,000 | 11,323,000 | ||||||||
Scenario, Forecast [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Amounts expected to be recognized as components of net periodic benefit costs, net prior service credit | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ||||||||
Scenario, Forecast [Member] | Pension Benefits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Amounts expected to be recognized as components of net periodic benefit costs, net prior service credit | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -11,400,000 | -11,400,000 | -7,800,000 | ||||||||
Provision for income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -4,300,000 | -4,500,000 | -3,000,000 | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | ' | ' | ' | ' | ' | ' | ' | ' | 12,300,000 | 12,200,000 | 8,300,000 | ||||||||
Other comprehensive loss, net prior service cost (credit) | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 800,000 | 500,000 | ||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -6,100,000 | -5,800,000 | -5,300,000 | ||||||||
Provision for income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -2,500,000 | -2,200,000 | -2,200,000 | ||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -5,900,000 | -4,600,000 | -4,700,000 | ||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 1,200,000 | 600,000 | ||||||||
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | ' | ' | ' | ' | ' | ' | ' | ' | -12,200,000 | -9,200,000 | 15,300,000 | ||||||||
Foreign currency translation, tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $4,600,000 | $3,300,000 | ($6,500,000) | ||||||||
[1] | The first, second, third and fourth quarters of 2013 include rationalization charges of $1.4 million, $0.9 million, $1.3 million and $8.4 million, respectively. The first quarter of 2013 includes plant start-up costs of $0.8 million. The first, third and fourth quarters of 2013 include costs attributable to announced acquisitions of $0.2 million and $1.0 million and $0.3 million, respectively. The first quarter of 2013 includes a loss on early extinguishment of debt of $2.1 million and a charge of $3.0 million for the remeasurement of net assets in Venezuela due to a currency devaluation. | ||||||||||||||||||
[2] | The first, second, third and fourth quarters of 2012 include rationalization charges of $3.6 million, $0.2 million, $2.0 million and $2.9 million, respectively. The first, second, third and fourth quarters of 2012 include plant start-up costs of $1.0 million, $1.9 million, $1.4 million and $2.1 million, respectively. The second and third quarters of 2012 include costs attributable to announced acquisitions of $0.7 million and $0.8 million, respectively. The second quarter of 2012 includes a loss on early extinguishment of debt of $38.7 million. |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $158,963 | $167,097 |
Work-in-process | 104,811 | 108,385 |
Finished goods | 333,978 | 330,077 |
Other | 14,398 | 13,259 |
Inventory, Gross, Total | 612,150 | 618,818 |
Adjustment to value inventory at cost on the LIFO method | -96,580 | -102,891 |
Inventories | $515,570 | $515,927 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Inventory recorded on FIFO method | $87.60 | $77.80 |
Inventory recorded on average cost method | $174.10 | $145 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $2,815,137,000 | $2,731,994,000 | ' |
Accumulated depreciation | -1,696,694,000 | -1,633,185,000 | ' |
Property, plant and equipment, net | 1,118,443,000 | 1,098,809,000 | ' |
Depreciation | 157,300,000 | 158,400,000 | 153,300,000 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 60,783,000 | 60,287,000 | ' |
Buildings and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 328,324,000 | 326,405,000 | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 2,372,648,000 | 2,281,694,000 | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $53,382,000 | $63,608,000 | ' |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Beginning Balance | $510,836 | $389,922 |
Acquisitions | 134,776 | 117,612 |
Currency translation | 5,437 | 3,302 |
Ending Balance | 651,049 | 510,836 |
Metal Containers [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning Balance | 121,872 | 116,414 |
Acquisitions | 0 | 4,305 |
Currency translation | 2,619 | 1,153 |
Ending Balance | 124,491 | 121,872 |
Closures [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning Balance | 160,597 | 158,922 |
Acquisitions | 131,041 | 0 |
Currency translation | 4,225 | 1,675 |
Ending Balance | 295,863 | 160,597 |
Plastic Containers [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning Balance | 228,367 | 114,586 |
Acquisitions | 3,735 | 113,307 |
Currency translation | -1,407 | 474 |
Ending Balance | $230,695 | $228,367 |
Components_of_Other_Intangible
Components of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets by Major Class [Line Items] | ' | ' |
Definite-lived intangibles, gross amount | $222,364 | $154,842 |
Intangibles, gross amount | 254,504 | 186,982 |
Definite-lived intangibles, accumulated amortization | -25,338 | -15,065 |
Intangibles, accumulated amortization | -25,338 | -15,065 |
Trade names [Member] | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived intangibles, gross amount | 32,140 | 32,140 |
Customer relationships [Member] | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Definite-lived intangibles, gross amount | 206,855 | 139,506 |
Definite-lived intangibles, accumulated amortization | -21,861 | -13,663 |
Other definite-lived intangibles [Member] | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Definite-lived intangibles, gross amount | 15,509 | 15,336 |
Definite-lived intangibles, accumulated amortization | ($3,477) | ($1,402) |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 22, 2013 | Dec. 31, 2013 |
Customer relationships [Member] | Customer relationships [Member] | Other definite-lived intangibles [Member] | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Business combination, Intangible assets acquired | ' | ' | ' | ' | $62 | ' |
Amortization expense | 10.3 | 6.6 | 5.5 | ' | ' | ' |
Expected amortization expense in 2014 | 13.6 | ' | ' | ' | ' | ' |
Expected amortization expense in 2015 | 13.6 | ' | ' | ' | ' | ' |
Expected amortization expense in 2016 | 13.6 | ' | ' | ' | ' | ' |
Expected amortization expense in 2017 | 13.6 | ' | ' | ' | ' | ' |
Expected amortization expense in 2018 | $13.60 | ' | ' | ' | ' | ' |
Definite-lived intangibles, weighted-average useful life (in years) | ' | ' | ' | '18 years | ' | '9 years |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 09, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 23, 2012 |
In Thousands, unless otherwise specified | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank revolving loans [Member] | Bank revolving loans [Member] | U.S. term loans [Member] | U.S. term loans [Member] | Canadian term loans [Member] | Canadian 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] | Term Loan [Member] | 5½% Senior Notes [Member] | 5½% Senior Notes [Member] | 5½% Senior Notes [Member] | 5% Senior Notes due 2020 [Member] | 5% Senior Notes due 2020 [Member] | 5% Senior Notes due 2020 [Member] | ||
Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $1,703,836 | $1,671,316 | $903,836 | $1,171,316 | $0 | $0 | $364,000 | $520,000 | $64,485 | $81,389 | $323,704 | $443,406 | $151,647 | $126,521 | ' | $300,000 | ' | $0 | $500,000 | $500,000 | ' |
Less current portion | 146,174 | 255,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,557,662 | 1,415,967 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | 5.00% |
Long-term debt, due in the next twelve months | $126,159 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $126,200 | ' | $20,000 | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Credit_Facility_
Long-Term Debt Credit Facility Agreements (Detail) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Mar. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | U S Term Loans [Member] | U S Term Loans [Member] | Canadian Term Loans [Member] | Canadian Term Loans [Member] | Term Loan [Member] | Euro Term Loans [Member] | Euro Term Loans [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | |
USD ($) | USD ($) | CAD | CAD | USD ($) | EUR (€) | EUR (€) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | U S Term Loans [Member] | Canadian Term Loans [Member] | Euro Term Loans [Member] | Revolving Loan [Member] | U S Revolving Loans [Member] | Canadian Revolving Loans [Member] | Revolving And Term Loans [Member] | Revolving And Term Loans [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Credit Facility 2005 [Member] | |||||||||
USD ($) | CAD | EUR (€) | USD ($) | USD ($) | CAD | London Interbank Offered Rate [Member] | Base Rate [Member] | USD ($) | Revolving Loan [Member] | Revolving Loan [Member] | USD ($) | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, due in the next twelve months | ' | ' | $126,159,000 | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding under the credit agreement | ' | ' | ' | ' | ' | 364,000,000 | 520,000,000 | 68,900,000 | 81,000,000 | ' | 234,500,000 | 335,000,000 | ' | 752,200,000 | 1,044,800,000 | 0 | ' | ' | ' | ' | 365,000,000 | 70,000,000 | 220,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit outstanding under the credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings available under the revolving loan facilities | ' | ' | ' | ' | ' | 766,700,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt | ' | ' | 308,257,000 | 285,932,000 | 691,427,000 | 156,000,000 | ' | 12,200,000 | ' | 300,900,000 | 100,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 2.20% | 2.80% | 1.90% | 1.70% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate after interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | 2.70% | 2.60% | 3.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 986,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' |
Additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 625,000,000 | ' | ' | ' |
Line of credit facility, margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 0.50% | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.74% | 2.76% | 1.74% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | 0.35% | 0.20% | ' |
Letter Of Credit Maximum Borrowing Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Letters Of Credit Facing Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters Of Credit Facing Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ($2,100,000) | ($38,700,000) | ($2,068,000) | ($38,704,000) | ($976,000) | ' | ' | ' | ' | ($2,100,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,600,000) |
LongTerm_Debt_Other_Foreign_Ba
Long-Term Debt Other Foreign Bank Revolving and Term Loans (Detail) (Other Foreign Bank Revolving And Term Loans [Member], Bank Borrowings [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Foreign Bank Revolving And Term Loans [Member] | Bank Borrowings [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $200,100,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.90% | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 10.00% | ' | ' |
Debt, Weighted Average Interest Rate | 3.80% | 3.70% | 3.40% |
LongTerm_Debt_Senior_Notes_Det
Long-Term Debt Senior Notes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||
Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 09, 2013 | Sep. 09, 2013 | Sep. 09, 2013 | Mar. 23, 2012 | Mar. 23, 2012 | Mar. 23, 2012 | Mar. 23, 2012 | Apr. 09, 2012 | Jun. 30, 2012 | |
5½% Senior Notes [Member] | 5½% Senior Notes [Member] | 5½% Senior Notes [Member] | 5% Senior Notes due 2020 [Member] | 5% Senior Notes due 2020 [Member] | 5% Senior Notes due 2020 [Member] | 5% Senior Notes due 2020 [Member] | 7.25 % Senior Notes [Member] | 7.25 % Senior Notes [Member] | ||||||
Senior Notes [Member] | Prior to August 1, 2016 | Prior to August 1, 2017 | Senior Notes [Member] | Prior to April 01, 2016 | Prior to April 1, 2015 | Prior to April 1, 2016 | Senior Notes [Member] | Senior Notes [Member] | ||||||
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | $500,000,000 | ' | ' | ' | ' | ' |
Debt Instrument Offering Price Percentage | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Debt Instrument Redemption Date | ' | ' | ' | ' | ' | ' | 'August 1, 2016 | 'August 1, 2017 | ' | 'April 1, 2016 | 'April 1, 2015 | 'April 1, 2016 | ' | ' |
Maximum Redemption Percent Allowed And Limited To Proceeds From Equity Offering | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | 35.00% | ' | ' | ' |
Debt Redemption Price Percent Of Principal Amount | ' | ' | ' | ' | ' | ' | 105.50% | 100.00% | ' | ' | 105.00% | 100.00% | 112.37% | ' |
Redemption Price Percent If Change In Control Occurs | ' | ' | ' | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' |
Early Repayment of Subordinated Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,900,000 | ' |
Loss on early extinguishment of debt | ($2,100,000) | ($38,700,000) | ($2,068,000) | ($38,704,000) | ($976,000) | ' | ' | ' | ' | ' | ' | ' | ' | ($38,700,000) |
Aggregate_Annual_Maturities_of
Aggregate Annual Maturities of Debt (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' |
2014 | $126,159,000 |
2015 | 46,672,000 |
2016 | 76,876,000 |
2017 | 76,876,000 |
2018 | 76,876,000 |
Thereafter | 1,282,439,000 |
Long-term Debt, Total | 1,685,898,000 |
Scenario, Forecast [Member] | ' |
Debt Instrument [Line Items] | ' |
Decrease in term loan borrowings due to refinancing | $17,900,000 |
Redemption_Price_of_Notes_Plus
Redemption Price of Notes Plus Accrued and Unpaid Interest Thereon to Redemption Date (Detail) (Senior Notes [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
5½% Senior Notes [Member] | 2017 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 102.75% |
5½% Senior Notes [Member] | 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 101.38% |
5½% Senior Notes [Member] | 2019 and thereafter [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 100.00% |
5% Senior Notes due 2020 [Member] | 2016 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 102.50% |
5% Senior Notes due 2020 [Member] | 2017 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 101.25% |
5% Senior Notes due 2020 [Member] | 2018 and thereafter [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Summary_of_Carrying_Amounts_an
Summary of Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 09, 2013 | Mar. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] | Bank Borrowings [Member] |
Interest rate swap agreements | Interest rate swap agreements | Natural gas swap agreements | Natural gas swap agreements | Interest rate swap agreements | Interest rate swap agreements | Natural gas swap agreements | Natural gas swap agreements | 5½% Senior Notes [Member] | 5% Senior Notes due 2020 [Member] | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Fair Value | Fair Value | Fair Value | Fair Value | Carrying Amount | Carrying Amount | Fair Value | Fair Value | |||||
5½% Senior Notes [Member] | 5½% Senior Notes [Member] | 5% Senior Notes due 2020 [Member] | 5% Senior Notes due 2020 [Member] | 5½% Senior Notes [Member] | 5½% Senior Notes [Member] | 5% Senior Notes due 2020 [Member] | 5% Senior Notes due 2020 [Member] | |||||||||||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $160,463 | $465,608 | ' | ' | ' | ' | $160,463 | $465,608 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 0 | 500,000 | 500,000 | 298,125 | 0 | 495,625 | 522,500 | 903,836 | 1,171,316 | 903,836 | 1,171,316 |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities | ' | ' | $6,895 | $13,307 | $22 | $279 | ' | ' | $6,895 | $13,307 | $22 | $279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Financia
Financial Instruments Financial Instruments - Interest Rate Swap Agreements (Detail) | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 14, 2014 | Jan. 14, 2014 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | USD Interest Rate Swap [Member] | Euro Interest Rate Swap [Member] | Euro Interest Rate Swap [Member] | Interest Rate Swap Contract One [Member] | Interest Rate Swap Contract Two [Member] | Interest Rate Swap Contract Three [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Us Term Loan [Member] | Euro Term Loan [Member] | |||||
Contract | USD ($) | USD ($) | USD ($) | USD ($) | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional principal amount for each interest rate swap agreement | $294,900,000 | $289,000,000 | ' | $50,000,000 | ' | € 105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap agreement fixed interest rate | ' | ' | ' | ' | ' | 4.10% | 0.75% | 1.38% | 1.64% | ' | ' | ' | ' | ' | ' |
Agreement maturity year | ' | ' | ' | ' | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swap agreements | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap agreement beginning period | ' | ' | ' | ' | ' | ' | ' | ' | '06/01/2014 | ' | ' | ' | ' | ' | ' |
Interest rate swap agreement maturity period | ' | ' | ' | ' | ' | ' | '06/01/2015 | '06/01/2017 | '06/01/2017 | ' | ' | ' | ' | ' | ' |
Net payments under derivative swap agreements | 5,900,000 | 4,600,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate on term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.96% | 3.56% |
Fair value of total outstanding swap agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,500,000 | $5,600,000 | $400,000 | $7,700,000 | ' | ' |
Financial_Instruments_Financia1
Financial Instruments Financial Instruments - Natural Gas Swap Agreements (Detail) (Commodity Contract [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
MMBTU | MMBTU | ||
Derivative [Line Items] | ' | ' | ' |
Percentage of hedged estimated twelve month exposure to fluctuations in natural gas prices | 27.00% | 21.00% | 29.00% |
Net payments under derivative swap agreements | $0.20 | $1.20 | $0.60 |
Aggregate notional principal amount of natural gas swap agreements | 100,000 | 1,000,000 | ' |
Natural Gas Commodity [Member] | Minimum [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Underlying, Derivative | 3.45 | ' | ' |
Natural Gas Commodity [Member] | Maximum [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Underlying, Derivative | 4.47 | ' | ' |
Financial_Instruments_Financia2
Financial Instruments Financial Instruments - Foreign Currency Exchange Rate Risk and Concentration of Credit Risk (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Entity | |||
Derivative [Line Items] | ' | ' | ' |
Concentration risk, percentage | 99.00% | ' | ' |
Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Number of customers | 3 | ' | ' |
Concentration risk, percentage | 28.20% | 28.20% | 27.10% |
Accounts Receivable [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Concentration risk, percentage | 14.00% | 20.60% | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive loss, net of deferred tax benefit | -12.2 | -9.2 | 15.3 |
Minimum_Future_Rental_Payments
Minimum Future Rental Payments under Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $34,350 |
2015 | 26,944 |
2016 | 22,483 |
2017 | 19,694 |
2018 | 13,555 |
Thereafter | 50,736 |
Total | $167,762 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating lease rent expense | $40.90 | $38.30 | $37.20 |
Noncancelable commitments for capital expenditure | $3.80 | ' | ' |
Changes_in_Benefit_Obligations
Changes in Benefit Obligations and Plan Assets as Well as Funded Status of Retirement Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at end of year | $691,063 | $633,261 | ' |
Pension Benefits [Member] | ' | ' | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Obligation at beginning of year | 672,372 | 609,738 | ' |
Service cost | 15,834 | 14,788 | 13,857 |
Interest cost | 26,791 | 27,363 | 28,519 |
Actuarial (gains) losses | -54,746 | 49,067 | ' |
Plan amendments | 1,521 | -1,269 | ' |
Benefits paid | -29,071 | -28,301 | ' |
Participants’ contributions | 0 | 0 | ' |
Foreign currency exchange rate changes | 2,542 | 986 | ' |
Obligation at end of year | 635,243 | 672,372 | 609,738 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 633,261 | 509,877 | ' |
Actual return on plan assets | 85,809 | 74,774 | ' |
Employer contributions | 1,064 | 76,911 | ' |
Participants’ contributions | 0 | 0 | ' |
Benefits paid | -29,071 | -28,301 | ' |
Fair value of plan assets at end of year | 691,063 | 633,261 | 509,877 |
Funded status | 55,820 | -39,111 | ' |
Amounts recognized in the consolidated balance sheets | ' | ' | ' |
Non-current assets | 116,888 | 25,548 | ' |
Current liabilities | -1,241 | -1,061 | ' |
Non-current liabilities | -59,827 | -63,598 | ' |
Net amount recognized | 55,820 | -39,111 | ' |
Amounts recognized in accumulated other comprehensive loss (income) | ' | ' | ' |
Net actuarial loss (gain) | 75,539 | 175,763 | ' |
Prior service cost (credit) | 3,578 | 3,843 | ' |
Net amount recognized | 79,117 | 179,606 | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Obligation at beginning of year | 49,177 | 51,131 | ' |
Service cost | 682 | 830 | 862 |
Interest cost | 1,605 | 2,051 | 2,441 |
Actuarial (gains) losses | -10,352 | -1,299 | ' |
Plan amendments | -1,790 | -504 | ' |
Benefits paid | -3,714 | -3,904 | ' |
Participants’ contributions | 897 | 872 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Obligation at end of year | 36,505 | 49,177 | 51,131 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 2,817 | 3,032 | ' |
Participants’ contributions | 897 | 872 | ' |
Benefits paid | -3,714 | -3,904 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status | -36,505 | -49,177 | ' |
Amounts recognized in the consolidated balance sheets | ' | ' | ' |
Non-current assets | 0 | 0 | ' |
Current liabilities | -3,291 | -3,941 | ' |
Non-current liabilities | -33,214 | -45,236 | ' |
Net amount recognized | -36,505 | -49,177 | ' |
Amounts recognized in accumulated other comprehensive loss (income) | ' | ' | ' |
Net actuarial loss (gain) | -5,124 | 4,994 | ' |
Prior service cost (credit) | -14,682 | -15,576 | ' |
Net amount recognized | ($19,806) | ($10,582) | ' |
Items_to_be_Recognized_in_2014
Items to be Recognized in 2014 as Component of Net Periodic Cost (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Items to be recognized in 2014 as a component of net periodic cost | ' |
Net actuarial loss (gain) | $826 |
Prior service cost (credit) | 1,189 |
Net periodic cost (credit) to be recorded in 2014 | 2,015 |
Other Postretirement Benefits [Member] | ' |
Items to be recognized in 2014 as a component of net periodic cost | ' |
Net actuarial loss (gain) | -330 |
Prior service cost (credit) | -2,854 |
Net periodic cost (credit) to be recorded in 2014 | ($3,184) |
Retirement_Benefits_Additional
Retirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligations in excess of plan assets, projected benefit obligation | ' | $204,300,000 | ' |
Accumulated benefit obligations in excess of plan assets, fair value of plan assets | ' | 139,600,000 | ' |
Accumulated benefit obligation, pension benefit plans | 606,100,000 | 638,000,000 | ' |
Accumulated benefit obligations in excess of plan assets, accumulated benefit obligation | ' | 193,600,000 | ' |
Multi employer pension plan contributions | 6,162,000 | 6,398,000 | 6,027,000 |
Defined contribution plans contributions charged to expense | 7,800,000 | 7,600,000 | 8,000,000 |
Target Allocation | 100.00% | ' | ' |
Plan assets held under management by single investment company | 99.00% | ' | ' |
Number of commingled debt and equity index funds | 6 | ' | ' |
Number of asset funds | 4 | ' | ' |
Voluntary contributions to Domestic Pension Benefit Plans | ' | 76,000,000 | ' |
United States | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Equity securities, target allocation as percentage of total equity securities | 85.00% | ' | ' |
Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target Allocation | 58.00% | ' | ' |
Equity Securities | United States | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target Allocation | 49.00% | ' | ' |
Debt securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target Allocation | 42.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Multi Employer Funded Status | 65.00% | ' | ' |
Projected Benefit Obligation In Excess Of Plan Assets | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligations in excess of plan assets, projected benefit obligation | ' | 204,300,000 | ' |
Accumulated benefit obligations in excess of plan assets, fair value of plan assets | ' | 139,600,000 | ' |
Unfunded International Defined Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligations in excess of plan assets, projected benefit obligation | 61,100,000 | 57,200,000 | ' |
Accumulated benefit obligations in excess of plan assets, accumulated benefit obligation | $56,500,000 | $52,600,000 | ' |
Foreign Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation discount rate | 3.70% | 3.60% | ' |
Benefit obligation rate of compensation increase | 3.50% | 3.50% | ' |
Net periodic benefit cost discount rate | 3.60% | 4.90% | 5.50% |
Net periodic benefit cost rate of compensation increase | 3.50% | 3.50% | 3.50% |
Benefits_Expected_to_Be_Paid_f
Benefits Expected to Be Paid from Pension and Other Postretirement Benefit Plans, Which Reflect Future Years of Services and Medicare Subsidy Expected to Be Received (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $30,138 |
2015 | 31,690 |
2016 | 33,299 |
2017 | 34,969 |
2018 | 36,663 |
2019 — 2023 | 203,677 |
Defined Benefit Plan, Expected Future Benefit Payments, Total | 370,436 |
Other Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 3,291 |
2015 | 3,194 |
2016 | 2,827 |
2017 | 2,838 |
2018 | 2,726 |
2019 — 2023 | 12,436 |
Defined Benefit Plan, Expected Future Benefit Payments, Total | $27,312 |
Weighted_Average_Actuarial_Ass
Weighted Average Actuarial Assumptions to Determine Benefit Obligations (Detail) (Domestic Pension and Other Postretirement Benefit Plans) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Domestic Pension and Other Postretirement Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.90% | 4.10% | ' |
Expected return on plan assets | 8.50% | 8.50% | 8.50% |
Rate of compensation increase | 3.00% | 3.10% | ' |
Health care cost trend rate: | ' | ' | ' |
Assumed for next year | 7.20% | 7.20% | ' |
Ultimate rate | 4.90% | 4.50% | ' |
Year that the ultimate rate is reached | '2055 | '2046 | ' |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $15,834 | $14,788 | $13,857 |
Interest cost | 26,791 | 27,363 | 28,519 |
Expected return on plan assets | -52,480 | -46,967 | -40,817 |
Amortization of prior service cost (credit) | 1,786 | 1,797 | 2,042 |
Amortization of actuarial losses | 12,556 | 12,168 | 8,171 |
Net curtailment gain | 0 | -706 | -449 |
Net periodic benefit cost (credit) | 4,487 | 8,443 | 11,323 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 682 | 830 | 862 |
Interest cost | 1,605 | 2,051 | 2,441 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | -2,684 | -2,616 | -2,582 |
Amortization of actuarial losses | -234 | 12 | 134 |
Net curtailment gain | 0 | 0 | 0 |
Net periodic benefit cost (credit) | ($631) | $277 | $855 |
Weighted_Average_Actuarial_Ass1
Weighted Average Actuarial Assumptions to Determine Net Period Cost (Detail) (Domestic Pension and Other Postretirement Benefit Plans) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Domestic Pension and Other Postretirement Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.10% | 4.60% | 5.40% |
Expected return on plan assets | 8.50% | 8.50% | 8.50% |
Rate of compensation increase | 3.10% | 3.10% | 3.20% |
Health care cost trend rate | 7.20% | 7.80% | 8.00% |
Effect_of_One_Percentage_Point
Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' |
1-Percentage Point Increase effect on service and interest cost | $77 |
1-Percentage Point Increase effect on postretirement benefit obligation | 945 |
1-Percentage Point Decrease effect on service and interest cost | -68 |
1-Percentage Point Decrease effect on post retirement benefit obligation | ($851) |
Multiemployer_Pension_Plans_De
Multiemployer Pension Plans (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Contributions | $6,162 | $6,398 | $6,027 | |||
Central States, Southeast and Southwest Areas Pension Fund | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
EIN/Pension Plan Number | '36-6044243/001 | [1] | ' | ' | ||
Pension Protection Act Zone Status | 'Red | [1] | 'Red | [1] | ' | |
FIP / RP Status Pending / Implemented | 'Implemented | [1] | ' | ' | ||
Contributions | 1,752 | [1] | 1,834 | [1] | 1,724 | [1] |
Surcharge Imposed | 'No | [1] | ' | ' | ||
Expiration Dates of Collective Bargaining Agreements, First | 31-Jan-14 | ' | ' | |||
Expiration Dates of Collective Bargaining Agreements, Last | 30-Apr-16 | ' | ' | |||
United Food and Commercial Workers Local One Pension Fund | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
EIN/Pension Plan Number | '16-6144007/001 | [2] | ' | ' | ||
Pension Protection Act Zone Status | 'Red | [2] | 'Red | [2] | ' | |
FIP / RP Status Pending / Implemented | 'Implemented | [2] | ' | ' | ||
Contributions | 123 | [2] | 120 | [2] | 107 | [2] |
Surcharge Imposed | 'No | [2] | ' | ' | ||
Expiration Dates of Collective Bargaining Agreements, First | 31-Dec-14 | ' | ' | |||
Pension Fund All Other | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Contributions | $4,287 | $4,444 | $4,196 | |||
[1] | The applicable collective bargaining agreements related to this pension fund expire between January 31, 2014 and April 30, 2016. | |||||
[2] | The collective bargaining agreement related to this pension fund expires on December 31, 2014. |
Weighted_Average_Asset_Allocat
Weighted Average Asset Allocation for Pension Plans and Target Allocation (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 100.00% | ' |
Actual Allocation | 100.00% | 100.00% |
Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 58.00% | ' |
Equity Securities | United States | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 49.00% | ' |
Actual Allocation | 48.00% | 48.00% |
Equity Securities | International | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 9.00% | ' |
Actual Allocation | 10.00% | 9.00% |
Debt securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 42.00% | ' |
Actual Allocation | 41.00% | 42.00% |
Cash and cash equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 0.00% | ' |
Actual Allocation | 1.00% | 1.00% |
Fair_Value_of_Plan_Assets_by_A
Fair Value of Plan Assets by Asset Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | $691,063 | $633,261 |
Equity Securities | United States | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 330,506 | 302,169 |
Equity Securities | International | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 69,811 | 62,770 |
Debt securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 286,422 | 264,158 |
Cash and cash equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | $4,324 | $4,164 |
Income_Before_Income_Taxes_Det
Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $252,961 | $212,213 | $266,586 |
Foreign | 1,757 | 11,574 | 23,581 |
Income before income taxes | $254,718 | $223,787 | $290,167 |
Components_of_Provision_for_In
Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $48,905 | $57,106 | $61,905 |
State | 5,954 | 8,449 | 4,039 |
Foreign | 7,321 | 8,385 | 7,287 |
Current income tax provision | 62,180 | 73,940 | 73,231 |
Deferred: | ' | ' | ' |
Federal | 9,559 | 5,999 | 25,059 |
State | 2,637 | -610 | -883 |
Foreign | -5,071 | -6,888 | -413 |
Deferred income tax provision (benefit) | 7,125 | -1,499 | 23,763 |
Provision for income taxes | $69,305 | $72,441 | $96,994 |
Variation_of_Provision_for_Inc
Variation of Provision for Income Taxes from Statutory U.S. Federal Income Tax Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory Tax Rate | 35.00% | ' | ' |
Income taxes computed at the statutory U.S. federal income tax rate | $89,151 | $78,325 | $101,559 |
State income taxes, net of federal tax benefit | 7,775 | 5,978 | 8,557 |
Tax liabilities (no longer required) required | -17,043 | -182 | 507 |
Valuation allowance | -5,087 | 239 | -6,662 |
Manufacturing exemption | -7,452 | -6,865 | -5,128 |
Tax credit refunds, net | -1,797 | -1,066 | -3,165 |
Foreign earnings taxed at other than 35% | -600 | -566 | 94 |
Deferred tax rate changes | 2,235 | -3,422 | 0 |
Other | 2,123 | 0 | 1,232 |
Provision for income taxes | $69,305 | $72,441 | $96,994 |
Effective tax rate | 27.20% | 32.40% | 33.40% |
Significant_Components_of_Defe
Significant Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Pension and other postretirement liabilities | $9,805 | $23,853 |
Rationalization and other accrued liabilities | 26,031 | 28,040 |
AMT and other credit carryforwards | 2,400 | 5,815 |
Net operating loss carryforwards | 42,176 | 24,829 |
Foreign currency translation | 2,076 | 0 |
Inventory and related reserves | 7,722 | 14,013 |
Other | 7,202 | 9,972 |
Total deferred tax assets | 97,412 | 106,522 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment | -200,359 | -193,887 |
Pension and other post retirement liabilities | -28,552 | 0 |
Other intangible assets | -49,114 | -26,302 |
Foreign currency translation | -4,206 | -12,602 |
Other | -12,369 | -10,358 |
Total deferred tax liabilities | -294,600 | -243,149 |
Valuation allowance | -11,704 | -12,361 |
Deferred Tax Assets, Net, Total | ($208,892) | ($148,988) |
Income_Taxes_Income_Taxes_Addi
Income Taxes Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ' | ' |
Current deferred tax assets | $23,700,000 | $34,000,000 |
Long term deferred tax assets | 19,600,000 | 10,100,000 |
Long term deferred tax liabilities | 252,200,000 | 193,000,000 |
Valuation allowance, amount | 11,704,000 | 12,361,000 |
Valuation allowance, deferred tax asset, change in amount | ' | 700,000 |
Net operating loss carryforwards, expiration year | '2021 | ' |
Unrecognized tax benefits, income tax penalties and interest accrued | 2,800,000 | 4,800,000 |
Unrecognized tax benefits, net of associated tax assets and excluding federal tax benefit of state taxes, interest and penalties | 26,700,000 | 49,500,000 |
Asset associated with uncertain tax position | 15,900,000 | 16,000,000 |
Unrecognized tax benefits would impact effective tax rate | 11,600,000 | 32,800,000 |
Income Tax Expense (Benefit) | 20,500,000 | ' |
Undistributed earnings from foreign earnings | 67,400,000 | ' |
Deferred tax liability related to undistributed earnings from foreign earnings If the earnings of foreign subsidiaries were not indefinitely reinvested | 23,600,000 | ' |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 28,346,000 | 0 |
Internal Revenue Service (IRS) [Member] | Silgan Holdings [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Net operating loss carryforwards | ' | 9,500,000 |
Internal Revenue Service (IRS) [Member] | Portola Packaging, Inc [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Net operating loss carryforwards | ' | 300,000 |
State and Local Jurisdiction | ' | ' |
Income Taxes [Line Items] | ' | ' |
Net operating loss carryforwards | ' | 4,600,000 |
State and Local Jurisdiction | Minimum [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Net operating loss carryforwards, expiration year | ' | '2015 |
State and Local Jurisdiction | Maximum [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Net operating loss carryforwards, expiration year | ' | '2024 |
Deferred Tax Asset, Operating Loss Carryforwards, Domestic | ' | ' |
Income Taxes [Line Items] | ' | ' |
Valuation allowance, amount | $11,700,000 | ' |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Balance at January 1, | $51,433 | $48,055 |
Increase based upon tax positions of current year | 535 | 927 |
Increase based upon tax positions of a prior year | 139 | 701 |
Increase due to acquisitions | 27,086 | 3,316 |
Decrease based upon settlements with taxing authorities | -28,346 | 0 |
Decrease based upon a lapse in the statute of limitations | -449 | -1,566 |
Balance at December 31, | $50,398 | $51,433 |
StockBased_Compensation_Additi
Stock-Based Compensation -Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2004 | Dec. 31, 2004 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | Restricted stock units | Restricted stock units | Restricted stock units | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Subsequent Event [Member] | Maximum [Member] | Maximum [Member] | |
Restricted stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum aggregate number of shares of common stock that may be issued in connection with stock options, stock appreciation rights, restricted stock, restricted stock units and performance award | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' |
Reduction in number of shares available for grant, for every one restricted share or restricted stock unit awarded | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Shares available to be awarded under the plan | 1,852,136 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | $10 | $7.20 | $7.70 | ' | ' | ' |
Maximum vesting period for restricted stock units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years |
Weighted average grant date fair value of restricted stock units granted | ' | $42.47 | $42.50 | $36.98 | ' | ' | ' | ' | ' | ' |
Fair value of restricted stock units released | ' | 6.5 | 5.7 | 13.7 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to restricted stock units | ' | $19.30 | ' | ' | ' | ' | ' | ' | ' | ' |
Cost expected to be recognized over a period | ' | '3 years 8 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Unit Activity (Detail) (Restricted stock units, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted stock units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Restricted stock units outstanding at December 31, 2012 | 932,601 | ' | ' |
Granted | 302,272 | ' | ' |
Released | -149,304 | ' | ' |
Cancelled | -7,520 | ' | ' |
Restricted stock units outstanding at December 31, 2013 | 1,078,049 | 932,601 | ' |
Weighted average grant date fair value | ' | ' | ' |
Restricted stock units outstanding at December 31, 2012 | $32.90 | ' | ' |
Granted | $42.47 | $42.50 | $36.98 |
Released | $31.86 | ' | ' |
Cancelled | $38.29 | ' | ' |
Restricted stock units outstanding at December 31, 2013 | $35.69 | $32.90 | ' |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Feb. 08, 2013 | Nov. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | 200,000,000 | 200,000,000 | ' |
Common Stock, par value | ' | ' | $0.01 | $0.01 | ' |
Preferred stock, shares authorized | ' | ' | 10,000,000 | ' | ' |
Preferred stock, par value | ' | ' | $0.01 | ' | ' |
Common stock authorized for repurchase | ' | $100,000,000 | ' | ' | $300,000,000 |
Repurchases of common stock | ' | ' | 354,154 | 805,346 | 441,416 |
Common stock repurchased, purchase price per share | ' | ' | $46.90 | $42.33 | $35.77 |
Common stock repurchased, total purchase price | ' | ' | 267,607,000 | 34,109,000 | 15,797,000 |
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 - total purchase price in dollars | 250,000,000 | ' | ' | ' | ' |
Fees And Expenses Incurred Related To Modified Dutch Auction Tender Offer | 1,000,000 | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | ' | 267,607,000 | 34,109,000 | 15,797,000 |
Common stock repurchase, remaining authorized amount | ' | ' | 83,500,000 | ' | ' |
Treasury shares issued | ' | ' | 149,304 | 132,846 | 374,071 |
Average cost for restricted stock units | ' | ' | $6.63 | $6.63 | $6.63 |
Shares repurchased to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested | ' | ' | 58,812 | 43,874 | 142,080 |
Common stock repurchased, average cost | ' | ' | $43.55 | $42.64 | $36.58 |
Treasury stock, shares | ' | ' | 24,140,804 | 18,352,281 | ' |
Stock Repurchase Progam for 2013 [Member] | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' |
Common stock repurchased, total purchase price | ' | ' | 16,600,000 | ' | ' |
Board of Directors Co-Chairman [Member] | Stock Repurchase Program for 2012 [Member] | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' |
Repurchases of common stock | 515,806 | ' | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | $45.25 | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | $23,300,000 | ' | ' | ' | ' |
Components_of_Calculation_of_E
Components of Calculation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $23,276 | [1] | $77,175 | [1] | $59,529 | [1] | $25,433 | [1] | $29,359 | [2] | $78,657 | [2] | $10,580 | [2] | $32,750 | [2] | $185,413 | $151,346 | $193,173 |
Weighted average number of shares used in: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 64,254 | 69,571 | 69,996 | ||||||||
Dilutive common stock equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Stock options and restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 404 | 318 | 386 | ||||||||
Diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 64,658 | 69,889 | 70,382 | ||||||||
[1] | The first, second, third and fourth quarters of 2013 include rationalization charges of $1.4 million, $0.9 million, $1.3 million and $8.4 million, respectively. The first quarter of 2013 includes plant start-up costs of $0.8 million. The first, third and fourth quarters of 2013 include costs attributable to announced acquisitions of $0.2 million and $1.0 million and $0.3 million, respectively. The first quarter of 2013 includes a loss on early extinguishment of debt of $2.1 million and a charge of $3.0 million for the remeasurement of net assets in Venezuela due to a currency devaluation. | ||||||||||||||||||
[2] | The first, second, third and fourth quarters of 2012 include rationalization charges of $3.6 million, $0.2 million, $2.0 million and $2.9 million, respectively. The first, second, third and fourth quarters of 2012 include plant start-up costs of $1.0 million, $1.9 million, $1.4 million and $2.1 million, respectively. The second and third quarters of 2012 include costs attributable to announced acquisitions of $0.7 million and $0.8 million, respectively. The second quarter of 2012 includes a loss on early extinguishment of debt of $38.7 million. |
Reportable_Business_Segment_In
Reportable Business Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | $864,827,000 | [1] | $1,167,921,000 | [1] | $880,029,000 | [1] | $795,741,000 | [1] | $858,803,000 | [2] | $1,139,547,000 | [2] | $821,611,000 | [2] | $768,357,000 | [2] | $3,708,518,000 | $3,588,318,000 | $3,509,227,000 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 167,644,000 | 165,015,000 | 158,801,000 | |||||||||||
Rationalization charges | 8,400,000 | 1,300,000 | 900,000 | 1,400,000 | 2,900,000 | 2,000,000 | 200,000 | 3,600,000 | 11,987,000 | 8,660,000 | 7,717,000 | |||||||||||
Segment income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 324,180,000 | 325,509,000 | 354,121,000 | |||||||||||
Segment assets | 3,239,540,000 | ' | ' | ' | 3,226,103,000 | ' | ' | ' | 3,239,540,000 | 3,226,103,000 | 2,944,744,000 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 103,136,000 | 119,241,000 | 173,009,000 | |||||||||||
Start Up Costs | ' | ' | ' | 800,000 | 2,100,000 | 1,400,000 | 1,900,000 | 1,000,000 | ' | ' | ' | |||||||||||
Charge included for the remeasurement of net assets | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Acquisition Related Costs | 300,000 | 1,000,000 | ' | 200,000 | ' | 800,000 | 700,000 | ' | ' | ' | ' | |||||||||||
Metal Containers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,341,409,000 | 2,293,749,000 | 2,211,549,000 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 84,871,000 | 87,629,000 | 79,655,000 | |||||||||||
Rationalization charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,446,000 | 1,378,000 | |||||||||||
Segment income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 236,327,000 | [3] | 231,456,000 | [4] | 256,336,000 | [5] | ||||||||
Segment assets | 1,514,823,000 | ' | ' | ' | 1,742,842,000 | ' | ' | ' | 1,514,823,000 | 1,742,842,000 | 1,714,516,000 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 73,764,000 | 68,737,000 | 108,394,000 | |||||||||||
Start Up Costs | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 6,400,000 | ' | |||||||||||
Charge related to resolution of past product liability dispute | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | |||||||||||
Closures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 720,111,000 | 680,031,000 | 687,801,000 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 35,834,000 | 32,427,000 | 33,232,000 | |||||||||||
Rationalization charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,878,000 | 1,805,000 | |||||||||||
Segment income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 63,046,000 | [3] | 73,148,000 | 75,897,000 | ||||||||||
Segment assets | 937,506,000 | ' | ' | ' | 639,598,000 | ' | ' | ' | 937,506,000 | 639,598,000 | 632,048,000 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 17,094,000 | 19,838,000 | 24,637,000 | |||||||||||
Charge included for the remeasurement of net assets | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | |||||||||||
Plastic Containers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 646,998,000 | 614,538,000 | 609,877,000 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 46,807,000 | 44,203,000 | 44,237,000 | |||||||||||
Rationalization charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,336,000 | 3,996,000 | |||||||||||
Segment income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 38,563,000 | 30,848,000 | 12,639,000 | |||||||||||
Segment assets | 753,325,000 | ' | ' | ' | 809,937,000 | ' | ' | ' | 753,325,000 | 809,937,000 | 561,312,000 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 11,769,000 | 30,405,000 | 39,904,000 | |||||||||||
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 132,000 | 756,000 | 1,677,000 | |||||||||||
Rationalization charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 538,000 | |||||||||||
Segment income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -13,756,000 | [3] | -9,943,000 | [4] | 9,249,000 | [5] | ||||||||
Segment assets | 33,886,000 | ' | ' | ' | 33,726,000 | ' | ' | ' | 33,886,000 | 33,726,000 | 36,868,000 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 509,000 | 261,000 | 74,000 | |||||||||||
Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 | ' | |||||||||||
Income as result of proceeds received from termination of the Graham Packaging merger agreement net of costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,200,000 | |||||||||||
Facility Closings and Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rationalization charges | ' | ' | ' | ' | ' | ' | ' | ' | 11,987,000 | 8,660,000 | 7,717,000 | |||||||||||
Facility Closings and Restructuring [Member] | Metal Containers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rationalization charges | ' | ' | ' | ' | ' | ' | ' | ' | 2,490,000 | 2,446,000 | 1,378,000 | |||||||||||
Facility Closings and Restructuring [Member] | Closures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rationalization charges | ' | ' | ' | ' | ' | ' | ' | ' | 5,615,000 | 2,878,000 | 1,805,000 | |||||||||||
Facility Closings and Restructuring [Member] | Plastic Containers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rationalization charges | ' | ' | ' | ' | ' | ' | ' | ' | 3,882,000 | 3,336,000 | 3,996,000 | |||||||||||
Facility Closings and Restructuring [Member] | Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rationalization charges | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $538,000 | |||||||||||
[1] | The first, second, third and fourth quarters of 2013 include rationalization charges of $1.4 million, $0.9 million, $1.3 million and $8.4 million, respectively. The first quarter of 2013 includes plant start-up costs of $0.8 million. The first, third and fourth quarters of 2013 include costs attributable to announced acquisitions of $0.2 million and $1.0 million and $0.3 million, respectively. The first quarter of 2013 includes a loss on early extinguishment of debt of $2.1 million and a charge of $3.0 million for the remeasurement of net assets in Venezuela due to a currency devaluation. | |||||||||||||||||||||
[2] | The first, second, third and fourth quarters of 2012 include rationalization charges of $3.6 million, $0.2 million, $2.0 million and $2.9 million, respectively. The first, second, third and fourth quarters of 2012 include plant start-up costs of $1.0 million, $1.9 million, $1.4 million and $2.1 million, respectively. The second and third quarters of 2012 include costs attributable to announced acquisitions of $0.7 million and $0.8 million, respectively. The second quarter of 2012 includes a loss on early extinguishment of debt of $38.7 million. | |||||||||||||||||||||
[3] | Metal containers includes plant start-up costs of $0.8 million. Closures includes a charge of $3.0 million for the remeasurement of net assets in Venezuela. Corporate includes costs attributable to announced acquisitions of $1.5 million. | |||||||||||||||||||||
[4] | Metal containers includes plant start-up costs of $6.4 million. Corporate includes costs attributable to announced acquisitions of $1.5 million. | |||||||||||||||||||||
[5] | Metal containers includes a charge for the resolution of a past product liability dispute of $3.3 million. Corporate includes income of $25.2 million for proceeds received as a result of the termination of the merger agreement with Graham Packaging, net of costs associated with certain corporate development activities. |
Reconciliation_of_Segment_Inco
Reconciliation of Segment Income from Operations to Income before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Total segment income from operations | $324,180 | $325,509 | $354,121 |
Interest and other debt expense | 69,462 | 101,722 | 63,954 |
Income before income taxes | $254,718 | $223,787 | $290,167 |
Reconciliation_of_Total_Segmen
Reconciliation of Total Segment Assets to Total Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting [Abstract] | ' | ' | ' |
Total segment assets | $3,239,540 | $3,226,103 | $2,944,744 |
Other assets | 81,542 | 67,440 | ' |
Total assets | $3,321,082 | $3,293,543 | ' |
Financial_Information_Relating
Financial Information Relating to Operations by Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $864,827 | [1] | $1,167,921 | [1] | $880,029 | [1] | $795,741 | [1] | $858,803 | [2] | $1,139,547 | [2] | $821,611 | [2] | $768,357 | [2] | $3,708,518 | $3,588,318 | $3,509,227 |
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-lived assets | 1,118,443 | ' | ' | ' | 1,098,809 | ' | ' | ' | 1,118,443 | 1,098,809 | ' | ||||||||
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,925,547 | 2,845,773 | 2,767,293 | ||||||||
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-lived assets | 681,494 | ' | ' | ' | 679,273 | ' | ' | ' | 681,494 | 679,273 | ' | ||||||||
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 601,530 | 559,818 | 563,991 | ||||||||
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-lived assets | 360,733 | ' | ' | ' | 341,908 | ' | ' | ' | 360,733 | 341,908 | ' | ||||||||
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 120,536 | 124,059 | 128,882 | ||||||||
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-lived assets | 45,319 | ' | ' | ' | 46,804 | ' | ' | ' | 45,319 | 46,804 | ' | ||||||||
Other foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 60,905 | 58,668 | 49,061 | ||||||||
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-lived assets | 30,897 | ' | ' | ' | 30,824 | ' | ' | ' | 30,897 | 30,824 | ' | ||||||||
Total foreign operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 782,971 | 742,545 | 741,934 | ||||||||
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-lived assets | $436,949 | ' | ' | ' | $419,536 | ' | ' | ' | $436,949 | $419,536 | ' | ||||||||
[1] | The first, second, third and fourth quarters of 2013 include rationalization charges of $1.4 million, $0.9 million, $1.3 million and $8.4 million, respectively. The first quarter of 2013 includes plant start-up costs of $0.8 million. The first, third and fourth quarters of 2013 include costs attributable to announced acquisitions of $0.2 million and $1.0 million and $0.3 million, respectively. The first quarter of 2013 includes a loss on early extinguishment of debt of $2.1 million and a charge of $3.0 million for the remeasurement of net assets in Venezuela due to a currency devaluation. | ||||||||||||||||||
[2] | The first, second, third and fourth quarters of 2012 include rationalization charges of $3.6 million, $0.2 million, $2.0 million and $2.9 million, respectively. The first, second, third and fourth quarters of 2012 include plant start-up costs of $1.0 million, $1.9 million, $1.4 million and $2.1 million, respectively. The second and third quarters of 2012 include costs attributable to announced acquisitions of $0.7 million and $0.8 million, respectively. The second quarter of 2012 includes a loss on early extinguishment of debt of $38.7 million. |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) (Nestle Food Company) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Nestle Food Company | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Percentage of net sales | 11.50% | 11.30% | 10.60% |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $864,827,000 | [1] | $1,167,921,000 | [1] | $880,029,000 | [1] | $795,741,000 | [1] | $858,803,000 | [2] | $1,139,547,000 | [2] | $821,611,000 | [2] | $768,357,000 | [2] | $3,708,518,000 | $3,588,318,000 | $3,509,227,000 |
Gross profit | 119,984,000 | [1] | 187,825,000 | [1] | 128,160,000 | [1] | 111,273,000 | [1] | 109,414,000 | [2] | 178,771,000 | [2] | 115,329,000 | [2] | 114,045,000 | [2] | 547,242,000 | 517,559,000 | 518,590,000 |
Net income | 23,276,000 | [1] | 77,175,000 | [1] | 59,529,000 | [1] | 25,433,000 | [1] | 29,359,000 | [2] | 78,657,000 | [2] | 10,580,000 | [2] | 32,750,000 | [2] | 185,413,000 | 151,346,000 | 193,173,000 |
Basic net income per share (in dollars per share) | $0.37 | [1],[3] | $1.22 | [1],[3] | $0.93 | [1],[3] | $0.38 | [1],[3] | $0.42 | [2],[3] | $1.13 | [2],[3] | $0.15 | [2],[3] | $0.47 | [2],[3] | $2.89 | $2.18 | $2.76 |
Diluted net income per share (in dollars per share) | $0.36 | [1],[3] | $1.21 | [1],[3] | $0.93 | [1],[3] | $0.38 | [1],[3] | $0.42 | [2],[3] | $1.13 | [2],[3] | $0.15 | [2],[3] | $0.47 | [2],[3] | $2.87 | $2.17 | $2.75 |
Dividends per share (in dollars per share) | $0.14 | [1] | $0.14 | [1] | $0.14 | [1] | $0.14 | [1] | $0.12 | [2] | $0.12 | [2] | $0.12 | [2] | $0.12 | [2] | $0.56 | $0.48 | $0.44 |
Rationalization charges | 8,400,000 | 1,300,000 | 900,000 | 1,400,000 | 2,900,000 | 2,000,000 | 200,000 | 3,600,000 | 11,987,000 | 8,660,000 | 7,717,000 | ||||||||
Plant start-up costs | ' | ' | ' | 800,000 | 2,100,000 | 1,400,000 | 1,900,000 | 1,000,000 | ' | ' | ' | ||||||||
Acquisition Related Costs | 300,000 | 1,000,000 | ' | 200,000 | ' | 800,000 | 700,000 | ' | ' | ' | ' | ||||||||
Loss on early extinguishment of debt | ' | ' | ' | -2,100,000 | ' | ' | -38,700,000 | ' | -2,068,000 | -38,704,000 | -976,000 | ||||||||
Charge included for the remeasurement of net assets | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | The first, second, third and fourth quarters of 2013 include rationalization charges of $1.4 million, $0.9 million, $1.3 million and $8.4 million, respectively. The first quarter of 2013 includes plant start-up costs of $0.8 million. The first, third and fourth quarters of 2013 include costs attributable to announced acquisitions of $0.2 million and $1.0 million and $0.3 million, respectively. The first quarter of 2013 includes a loss on early extinguishment of debt of $2.1 million and a charge of $3.0 million for the remeasurement of net assets in Venezuela due to a currency devaluation. | ||||||||||||||||||
[2] | The first, second, third and fourth quarters of 2012 include rationalization charges of $3.6 million, $0.2 million, $2.0 million and $2.9 million, respectively. The first, second, third and fourth quarters of 2012 include plant start-up costs of $1.0 million, $1.9 million, $1.4 million and $2.1 million, respectively. The second and third quarters of 2012 include costs attributable to announced acquisitions of $0.7 million and $0.8 million, respectively. The second quarter of 2012 includes a loss on early extinguishment of debt of $38.7 million. | ||||||||||||||||||
[3] | Net income per share data is computed independently for each of the periods presented. Accordingly, the sum of the quarterly earnings per share amounts may not equal the total for the year. |
Recovered_Sheet1
Valuation And Qualifying Accounts (Detail) (Allowance for doubtful accounts receivable, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | $5,869 | $5,934 | $6,225 | |||
Charged to costs and expenses | 921 | 774 | 596 | |||
Charged to other accounts | 0 | 0 | 0 | |||
Other | -992 | [1] | -1,018 | [1] | -620 | [1] |
Balance at end of period | 5,717 | 5,869 | 5,934 | |||
Foreign Currency Gain (Loss) [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Cumulative translation adjustment | ($81) | $179 | ($267) | |||
[1] | Uncollectible accounts written off, net of recoveries. |