Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Silgan Holdings Inc | ' |
Trading Symbol | 'SLGN | ' |
Entity Central Index Key | '0000849869 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 63,410,057 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $133,928 | $160,463 | $113,195 |
Trade accounts receivable, net | 447,685 | 333,041 | 448,579 |
Inventories | 748,227 | 515,570 | 721,005 |
Prepaid expenses and other current assets | 61,374 | 73,374 | 63,600 |
Total current assets | 1,391,214 | 1,082,448 | 1,346,379 |
Property, plant and equipment, net | 1,103,030 | 1,118,443 | 1,051,675 |
Goodwill | 649,479 | 651,049 | 508,835 |
Other intangible assets, net | 222,328 | 229,166 | 167,652 |
Other assets, net | 274,847 | 239,976 | 134,564 |
Assets, Total | 3,640,898 | 3,321,082 | 3,209,105 |
Current liabilities: | ' | ' | ' |
Revolving loans and current portion of long-term debt | 463,112 | 146,174 | 619,469 |
Trade accounts payable | 307,113 | 352,192 | 271,498 |
Accrued payroll and related costs | 60,407 | 53,879 | 61,808 |
Accrued liabilities | 71,960 | 68,011 | 60,379 |
Total current liabilities | 902,592 | 620,256 | 1,013,154 |
Long-term debt | 1,554,360 | 1,557,662 | 1,258,765 |
Other liabilities | 426,288 | 429,321 | 389,288 |
Stockholders’ equity: | ' | ' | ' |
Common stock | 876 | 876 | 876 |
Paid-in capital | 218,145 | 212,822 | 208,517 |
Retained earnings | 1,225,877 | 1,169,754 | 1,087,361 |
Accumulated other comprehensive loss | -44,413 | -38,119 | -119,882 |
Treasury stock | -642,827 | -631,490 | -628,974 |
Total stockholders’ equity | 757,658 | 713,843 | 547,898 |
Liabilities and Equity, Total | $3,640,898 | $3,321,082 | $3,209,105 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $917,336 | $880,029 | $1,773,182 | $1,675,770 |
Cost of goods sold | 773,629 | 751,869 | 1,501,468 | 1,436,337 |
Gross profit | 143,707 | 128,160 | 271,714 | 239,433 |
Selling, general and administrative expenses | 56,765 | 52,322 | 115,175 | 104,120 |
Rationalization charges | 862 | 933 | 2,449 | 2,284 |
Income from operations | 86,080 | 74,905 | 154,090 | 133,029 |
Interest and other debt expense before loss on early extinguishment of debt | 18,958 | 15,445 | 37,644 | 30,794 |
Loss on early extinguishment of debt | 0 | 0 | 1,474 | 2,068 |
Interest and other debt expense | 18,958 | 15,445 | 39,118 | 32,862 |
Income before income taxes | 67,122 | 59,460 | 114,972 | 100,167 |
Provision for income taxes | 23,119 | -69 | 39,493 | 15,205 |
Net income | $44,003 | $59,529 | $75,479 | $84,962 |
Earnings per share: | ' | ' | ' | ' |
Basic net income per share | $0.69 | $0.93 | $1.19 | $1.31 |
Diluted net income per share | $0.69 | $0.93 | $1.18 | $1.30 |
Dividends per share | $0.15 | $0.14 | $0.30 | $0.28 |
Weighted average number of shares: | ' | ' | ' | ' |
Basic (in shares) | 63,525 | 63,710 | 63,511 | 65,068 |
Effect of dilutive securities (in shares) | 349 | 381 | 388 | 374 |
Diluted (in shares) | 63,874 | 64,091 | 63,899 | 65,442 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $44,003 | $59,529 | $75,479 | $84,962 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Changes in net prior service credit and actuarial losses | -133 | 1,718 | -544 | 3,759 |
Change in fair value of derivatives | 523 | 1,398 | 1,338 | 2,861 |
Foreign currency translation | 3,160 | -4,544 | -7,088 | -16,589 |
Other comprehensive income (loss) | 3,550 | -1,428 | -6,294 | -9,969 |
Comprehensive income | $47,553 | $58,101 | $69,185 | $74,993 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows provided by (used in) operating activities: | ' | ' |
Net income | $75,479 | $84,962 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 76,511 | 85,636 |
Rationalization charges | 2,449 | 2,284 |
Loss on early extinguishment of debt | 1,474 | 2,068 |
Excess tax benefit from stock-based compensation | -1,037 | -552 |
Other changes that provided (used) cash, net of effects from acquisitions: | ' | ' |
Trade accounts receivable, net | -116,359 | -124,761 |
Inventories | -234,603 | -207,040 |
Trade accounts payable | 42,724 | 28,058 |
Accrued liabilities | 12,966 | -7,972 |
Other, net | -22,428 | -21,839 |
Net cash used in operating activities | -162,824 | -159,156 |
Cash flows provided by (used in) investing activities: | ' | ' |
Purchases of businesses, net of cash acquired | 0 | -6,000 |
Capital expenditures | -60,004 | -53,048 |
Proceeds from asset sales | 372 | 6,411 |
Net cash used in investing activities | -59,632 | -52,637 |
Cash flows provided by (used in) financing activities: | ' | ' |
Borrowings under revolving loans | 678,872 | 593,424 |
Repayments under revolving loans | -340,779 | -70,720 |
Proceeds from issuance of long-term debt | 732,215 | 0 |
Repayments of long-term debt | -751,509 | -304,778 |
Debt issuance costs | -5,019 | 0 |
Changes in outstanding checks - principally vendors | -86,538 | -73,454 |
Dividends paid on common stock | -19,356 | -18,144 |
Excess tax benefit from stock-based compensation | 1,037 | 552 |
Repurchase of common stock under stock plan | -5,267 | -2,160 |
Repurchase of common stock under share repurchase authorization | -7,735 | -265,340 |
Net cash provided by (used in) financing activities | 195,921 | -140,620 |
Cash and cash equivalents: | ' | ' |
Net decrease | -26,535 | -352,413 |
Balance at beginning of year | 160,463 | 465,608 |
Balance at end of period | 133,928 | 113,195 |
Interest paid, net | 33,762 | 28,753 |
Income taxes paid, net | $25,056 | $51,787 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2012 | $753,643 | $876 | $204,449 | $1,020,543 | ($109,913) | ($362,312) |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 69,204,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit (in shares) | ' | 76,000 | ' | ' | ' | ' |
Repurchases of common stock (in shares) | ' | -5,831,000 | ' | ' | ' | ' |
Net income | 84,962 | ' | ' | 84,962 | ' | ' |
Other comprehensive loss | -9,969 | ' | ' | ' | -9,969 | ' |
Dividends declared on common stock | -18,144 | ' | ' | -18,144 | ' | ' |
Stock compensation expense | 4,354 | ' | 4,354 | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit | -1,608 | ' | -286 | ' | ' | -1,322 |
Repurchases of common stock | -265,340 | ' | ' | ' | ' | -265,340 |
Ending Balance at Jun. 30, 2013 | 547,898 | 876 | 208,517 | 1,087,361 | -119,882 | -628,974 |
Ending Balance (in shares) at Jun. 30, 2013 | ' | 63,449,000 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 713,843 | 876 | 212,822 | 1,169,754 | -38,119 | -631,490 |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 63,415,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit (in shares) | ' | 153,000 | ' | ' | ' | ' |
Repurchases of common stock (in shares) | -158,204 | -158,000 | ' | ' | ' | ' |
Net income | 75,479 | ' | ' | 75,479 | ' | ' |
Other comprehensive loss | -6,294 | ' | ' | ' | -6,294 | ' |
Dividends declared on common stock | -19,356 | ' | ' | -19,356 | ' | ' |
Stock compensation expense | 5,951 | ' | 5,951 | ' | ' | ' |
Net issuance of treasury stock for vested restricted stock units, including tax benefit | -4,230 | ' | -628 | ' | ' | -3,602 |
Repurchases of common stock | -7,735 | ' | ' | ' | ' | -7,735 |
Ending Balance at Jun. 30, 2014 | $757,658 | $876 | $218,145 | $1,225,877 | ($44,413) | ($642,827) |
Ending Balance (in shares) at Jun. 30, 2014 | ' | 63,410,000 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Net issuance of treasury stock for vested restricted stock units, tax benefit | $1,037 | $552 |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 1. Significant Accounting Policies | |
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Silgan Holdings Inc., or Silgan, have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. | |
The Condensed Consolidated Balance Sheet at December 31, 2013 has been derived from our audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. | |
You should read the accompanying condensed consolidated financial statements in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
Change in Depreciable Lives. Based on the long duration of utilization of our production assets, due in part to our maintenance practices for such assets, and the consistent outperformance of their depreciable lives, we engaged a third party appraiser to assist in the evaluation of the useful lives of certain production equipment in each of our business segments. As a result of this evaluation, effective January 1, 2014, we increased the estimated useful lives of certain production equipment by an average of approximately 5 years to a maximum depreciable life of 20 years, which increased income from operations by $5.6 million and $11.4 million and net income by $3.7 million and $7.5 million, or $0.06 and $0.12 per diluted share, for the three and six months ended June 30, 2014, respectively. | |
Recently Issued Accounting Pronouncement. In May 2014, the Financial Accounting Standards Board issued an accounting standards update which amends the guidance for revenue recognition. This amendment contains principles that will require an entity to recognize revenue to depict the transfer of goods and services to customers at an amount that an entity expects to be entitled to in exchange for those goods or services. This amendment is effective for us on January 1, 2017. Early adoption is not permitted. We are currently evaluating the impact of this amendment on our consolidated financial statements. |
Rationalization_Charges
Rationalization Charges | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Rationalization Charges | ' | |||||||||||||||
Note 2. 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 were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun-14 | June 30, | 30-Jun-14 | June 30, | |||||||||||||
2013 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Metal containers | $ | — | $ | 333 | $ | — | $ | 1,383 | ||||||||
Closures | 862 | 245 | 1,487 | 245 | ||||||||||||
Plastic containers | — | 355 | 962 | 656 | ||||||||||||
$ | 862 | $ | 933 | $ | 2,449 | $ | 2,284 | |||||||||
Activity in reserves for our rationalization plans for the six months ended June 30, was as follows: | ||||||||||||||||
Employee | Plant | Non-Cash | Total | |||||||||||||
Severance | Exit | Asset | ||||||||||||||
and Benefits | Costs | Write-Down | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | 4,116 | $ | 1,418 | $ | — | $ | 5,534 | ||||||||
Charged to expense | 1,538 | 1,082 | (171 | ) | 2,449 | |||||||||||
Utilized and currency translation | (4,081 | ) | (1,666 | ) | 171 | (5,576 | ) | |||||||||
Balance at June 30, 2014 | $ | 1,573 | $ | 834 | $ | — | $ | 2,407 | ||||||||
Rationalization reserves were included in the Condensed Consolidated Balance Sheets as accrued liabilities. | ||||||||||||||||
Remaining expenses and cash expenditures for our rationalization plans of $3.5 million and $5.9 million, respectively, are expected primarily in 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Note 3. Accumulated Other Comprehensive Loss | ||||||||||||||||
Accumulated other comprehensive loss is reported in our Condensed 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 December 31, 2013 | $ | (38,921 | ) | $ | (3,790 | ) | $ | 4,592 | $ | (38,119 | ) | |||||
Other comprehensive loss before reclassifications | (267 | ) | (504 | ) | (7,088 | ) | (7,859 | ) | ||||||||
Amounts reclassified from accumulated other | (277 | ) | 1,842 | — | 1,565 | |||||||||||
comprehensive loss | ||||||||||||||||
Other comprehensive loss | (544 | ) | 1,338 | (7,088 | ) | (6,294 | ) | |||||||||
Balance at June 30, 2014 | $ | (39,465 | ) | $ | (2,452 | ) | $ | (2,496 | ) | $ | (44,413 | ) | ||||
The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three and six months ended June 30, 2014 were net gains of $0.3 million and $0.5 million, respectively, excluding an income tax provision of $0.1 million and $0.2 million, respectively. For the three and six months ended June 30, 2014 these net gains consisted of $0.4 million and $0.8 million of amortization of net prior service credit and $0.1 million and $0.3 million of amortization of net actuarial losses, respectively. Amortization of net prior service credit and net actuarial losses is a component of net periodic benefit cost. See Note 7 for further information. | ||||||||||||||||
The amount reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three and six months ended June 30, 2014 were net losses of $1.6 million and $3.1 million, respectively, excluding an income tax benefit of $0.7 million and $1.3 million, respectively. These net losses were primarily related to our interest rate swap agreements which were recorded in interest and other debt expense in our Condensed Consolidated Statements of Income for the three and six months ended June 30, 2014. | ||||||||||||||||
Foreign currency gains related to our net investment hedges included in the foreign currency translation component of accumulated other comprehensive loss for the three and six months ended June 30, 2014 were $3.8 million and $3.3 million, respectively, excluding an income tax provision of $1.4 million and $1.2 million, respectively. | ||||||||||||||||
See Note 6 which includes a discussion of derivative instruments and hedging activities. |
Inventories
Inventories | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Note 4. Inventories | ||||||||||||
Inventories consisted of the following: | ||||||||||||
June 30, | June 30, | Dec. 31, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(Dollars in thousands) | ||||||||||||
Raw materials | $ | 190,546 | $ | 168,903 | $ | 158,963 | ||||||
Work-in-process | 123,557 | 133,126 | 104,811 | |||||||||
Finished goods | 517,897 | 508,170 | 333,978 | |||||||||
Other | 12,807 | 13,697 | 14,398 | |||||||||
844,807 | 823,896 | 612,150 | ||||||||||
Adjustment to value inventory | (96,580 | ) | (102,891 | ) | (96,580 | ) | ||||||
at cost on the LIFO method | ||||||||||||
$ | 748,227 | $ | 721,005 | $ | 515,570 | |||||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Long-Term Debt | ' | |||||||||||
Note 5. Long-Term Debt | ||||||||||||
Long-term debt consisted of the following: | ||||||||||||
June 30, | June 30, | Dec. 31, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(Dollars in thousands) | ||||||||||||
Bank debt | ||||||||||||
Bank revolving loans | $ | 350,924 | $ | 503,111 | $ | — | ||||||
U.S. term loans | 365,000 | 364,000 | 364,000 | |||||||||
Canadian term loans | 65,506 | 65,697 | 64,485 | |||||||||
Euro term loans | 300,410 | 305,647 | 323,704 | |||||||||
Other foreign bank revolving and term loans | 135,632 | 139,779 | 151,647 | |||||||||
Total bank debt | 1,217,472 | 1,378,234 | 903,836 | |||||||||
5½% Senior Notes | 300,000 | — | 300,000 | |||||||||
5% Senior Notes | 500,000 | 500,000 | 500,000 | |||||||||
Total debt | 2,017,472 | 1,878,234 | 1,703,836 | |||||||||
Less current portion | 463,112 | 619,469 | 146,174 | |||||||||
$ | 1,554,360 | $ | 1,258,765 | $ | 1,557,662 | |||||||
At June 30, 2014, amounts expected to be repaid within one year consisted of $350.9 million of bank revolving loans under our senior secured credit facility and $112.2 million of foreign bank revolving and term loans. | ||||||||||||
Credit Agreement | ||||||||||||
On January 14, 2014, we completed the refinancing of our previous senior secured credit facility, or our 2011 Credit Facility, by entering into a new senior secured credit facility, or the Credit Agreement. 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 recorded a pre-tax charge for the loss on early extinguishment of debt of $1.5 million during the first quarter of 2014. |
Financial_Instruments
Financial Instruments | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Financial Instruments | ' | |||||||
Note 6. Financial Instruments | ||||||||
The financial instruments recorded in our Condensed Consolidated Balance Sheets include cash and cash equivalents, trade accounts receivable, trade accounts payable, debt obligations and swap agreements. Due to their short-term maturity, the carrying amounts of trade accounts receivable and trade accounts payable approximate their fair market values. The following table summarizes the carrying amounts and estimated fair values of our other financial instruments at June 30, 2014: | ||||||||
Carrying | Fair | |||||||
Amount | Value | |||||||
(Dollars in thousands) | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 133,928 | $ | 133,928 | ||||
Liabilities: | ||||||||
Bank debt | $ | 1,217,472 | $ | 1,217,472 | ||||
5½% Senior Notes | 300,000 | 312,750 | ||||||
5% Senior Notes | 500,000 | 515,000 | ||||||
Interest rate swap agreements | 4,528 | 4,528 | ||||||
Fair Value Measurements | ||||||||
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP classifies the inputs used to measure fair value into a hierarchy consisting of three levels. Level 1 inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs represent unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs represent unobservable inputs for the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | ||||||||
Financial Instruments Measured at Fair Value | ||||||||
The financial assets and liabilities that were measured on a recurring basis at June 30, 2014 consisted of our cash and cash equivalents and interest rate swap agreements. We measured the fair value of cash and cash equivalents using Level 1 inputs. We measured the fair value of the swap agreements using the income approach. The fair value of the swap agreements reflects the estimated amounts that we would pay or receive based on the present value of the expected cash flows derived from market interest rates. As such, these derivative instruments were classified within Level 2. | ||||||||
Financial Instruments Not Measured at Fair Value | ||||||||
Our bank debt, 5½% Senior Notes due 2022, or the 5½% Notes, and 5% Senior Notes due 2020, or the 5% Notes, were recorded at historical amounts in our Condensed Consolidated Balance Sheets, as we have not elected to measure them at fair value. We measured the fair value of our variable rate bank debt using the market approach based on Level 2 inputs. Fair values of the 5½% Notes and the 5% Notes were estimated based on the quoted market price, a Level 1 input. | ||||||||
Derivative Instruments and Hedging Activities | ||||||||
Our derivative financial instruments were recorded in the Condensed Consolidated Balance Sheets at their fair values. Changes in fair values of derivatives are recorded in each period in earnings or comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and, if it is, the type of hedge transaction. | ||||||||
We utilize certain derivative financial instruments to manage a portion of our interest rate and natural gas cost exposures. We limit our use of derivative financial instruments to interest rate and natural gas swap agreements. We do not engage in trading or other speculative uses of these financial instruments. For a financial instrument to qualify as a hedge, we must be exposed to interest rate or price risk, and the financial instrument must reduce the exposure and be designated as a hedge. Financial instruments qualifying for hedge accounting must maintain a high correlation between the hedging instrument and the item being hedged, both at inception and throughout the hedged period. | ||||||||
We utilize certain internal hedging strategies to minimize our foreign currency exchange rate risk. Net investment hedges that qualify for hedge accounting result in the recognition of foreign currency gains or losses, net of tax, in accumulated other comprehensive (loss) income. We generally do not utilize external derivative financial instruments to manage our foreign currency exchange rate risk. | ||||||||
Our interest rate and natural gas swap agreements are accounted for as cash flow hedges. During the first six months of 2014, our hedges were fully effective. The fair value of our outstanding swap agreements in effect at June 30, 2014 was recorded in our Condensed Consolidated Balance Sheet as a net liability of $4.5 million, of which $4.2 million was included in accrued liabilities and $0.3 million was included in other liabilities. | ||||||||
The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three and six months ended June 30, 2014 were losses, net of income taxes, of $0.9 million and $1.8 million, respectively. We estimate that we will reclassify losses of $2.4 million, net of income taxes, from the change in fair value of derivatives component of accumulated other comprehensive loss to earnings during the next twelve months. The actual amount that will be reclassified to earnings will vary from this amount as a result of changes in market conditions. | ||||||||
Interest Rate Swap Agreements | ||||||||
We have entered into U.S. dollar and Euro interest rate swap agreements to manage a portion of our exposure to interest rate fluctuations. At June 30, 2014, the aggregate notional principal amount of our outstanding interest rate swap agreements was $293.4 million (non-U.S. dollar agreements have been translated into U.S. dollars at exchange rates in effect at the balance sheet date). The difference between amounts to be paid or received on our interest rate swap agreements is recorded in interest and other debt expense in our Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2014, net payments under our interest rate swap agreements were $1.6 million and $3.2 million, respectively. These agreements are with financial institutions which are expected to fully perform under the terms thereof. | ||||||||
Natural Gas Swap Agreements | ||||||||
Historically, we have entered into natural gas swap agreements with a major financial institution to manage a portion of our exposure to fluctuations in natural gas prices. At June 30, 2014, we had no natural gas swap agreements outstanding. The difference between amounts to be paid or received on our natural gas swap agreements is recorded in cost of goods sold in our Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2014, net payments under our natural gas swap agreements were not significant. | ||||||||
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 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 exchange rate risk related to foreign operations. We have designated substantially all of our Euro denominated borrowings under the Credit Agreement as net investment hedges. Foreign currency gains related to our net investment hedges included in accumulated other comprehensive loss for the three and six months ended June 30, 2014 were $3.8 million and $3.3 million, respectively. |
Retirement_Benefits
Retirement Benefits | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Retirement Benefits | ' | |||||||||||||||
Note 7. Retirement Benefits | ||||||||||||||||
The components of the net periodic pension benefit costs were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun-14 | June 30, | 30-Jun-14 | June 30, | |||||||||||||
2013 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 3,316 | $ | 3,947 | $ | 6,771 | $ | 8,056 | ||||||||
Interest cost | 7,419 | 6,624 | 14,849 | 13,272 | ||||||||||||
Expected return on plan assets | (14,333 | ) | (13,156 | ) | (28,688 | ) | (26,269 | ) | ||||||||
Amortization of prior service cost | 334 | 421 | 619 | 849 | ||||||||||||
Amortization of actuarial losses | 217 | 2,898 | 434 | 5,885 | ||||||||||||
Net periodic benefit (credit) cost | $ | (3,047 | ) | $ | 734 | $ | (6,015 | ) | $ | 1,793 | ||||||
The components of the net periodic other postretirement benefits costs were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun-14 | June 30, | 30-Jun-14 | June 30, | |||||||||||||
2013 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 126 | $ | 191 | $ | 264 | $ | 392 | ||||||||
Interest cost | 417 | 443 | 825 | 917 | ||||||||||||
Amortization of prior service credit | (714 | ) | (669 | ) | (1,428 | ) | (1,339 | ) | ||||||||
Amortization of actuarial (gains) losses | (86 | ) | 49 | (171 | ) | 104 | ||||||||||
Net periodic benefit (credit) cost | $ | (257 | ) | $ | 14 | $ | (510 | ) | $ | 74 | ||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 8. Income Taxes | |
Silgan and its subsidiaries file U.S. Federal income tax returns, as well as income tax returns in various states and foreign jurisdictions. The Internal Revenue Service, or IRS, has commenced its review of the tax years 2012 and 2013 for us, 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 do not expect a material change to our unrecognized tax benefits within the next twelve months. |
Treasury_Stock
Treasury Stock | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Treasury Stock | ' |
Note 9. Treasury Stock | |
On February 28, 2014, our Board of Directors authorized the repurchase by us of up to an aggregate of $300.0 million of our common stock, inclusive of prior authorizations, from time to time through and including December 31, 2019. Pursuant to this authorization and previous authorizations, we repurchased 158,204 shares of our common stock in 2014 at an average price per share of $48.87, for a total purchase price of $7.7 million. | |
During the first six months of 2014, we issued 262,110 treasury shares which had an average cost of $6.35 per share for restricted stock units that vested during the period. In accordance with the Silgan Holdings Inc. 2004 Stock Incentive Plan, we repurchased 109,293 shares of our common stock at an average cost of $48.19 to satisfy minimum employee withholding tax requirements resulting from the vesting of such restricted stock units. | |
We account for treasury shares using the first-in, first-out (FIFO) cost method. As of June 30, 2014, 24,146,191 shares of our common stock were held in treasury. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock-Based Compensation | ' |
Note 10. Stock-Based Compensation | |
We currently have one stock-based compensation plan in effect, under which we have issued options and restricted stock units to our officers, other key employees and outside directors. During the first six months of 2014, 332,720 restricted stock units were granted to certain of our officers, other key employees and outside directors. The fair value of these restricted stock units at the grant date was $16.0 million, which is being amortized ratably over the respective vesting period from the grant date. |
Business_Segment_Information
Business Segment Information | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Business Segment Information | ' | |||||||||||||||||||
Note 11. Business Segment Information | ||||||||||||||||||||
Reportable business segment information for the three and six months ended June 30 was as follows: | ||||||||||||||||||||
Metal | Closures | Plastic | Corporate | Total | ||||||||||||||||
Containers | Containers | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Net sales | $ | 518,684 | $ | 232,232 | $ | 166,420 | $ | — | $ | 917,336 | ||||||||||
Depreciation and amortization(1) | 17,192 | 10,748 | 9,073 | 32 | 37,045 | |||||||||||||||
Rationalization charges | — | 862 | — | — | 862 | |||||||||||||||
Segment income from operations(2) | 50,900 | 25,228 | 12,974 | (3,022 | ) | 86,080 | ||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Net sales | $ | 531,172 | $ | 181,445 | $ | 167,412 | $ | — | $ | 880,029 | ||||||||||
Depreciation and amortization(1) | 21,519 | 8,225 | 11,106 | 34 | 40,884 | |||||||||||||||
Rationalization charges | 333 | 245 | 355 | — | 933 | |||||||||||||||
Segment income from operations(2) | 45,735 | 21,682 | 11,468 | (3,980 | ) | 74,905 | ||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Net sales | $ | 987,089 | $ | 446,029 | $ | 340,064 | $ | — | $ | 1,773,182 | ||||||||||
Depreciation and amortization(1) | 34,571 | 21,552 | 18,208 | 63 | 74,394 | |||||||||||||||
Rationalization charges | — | 1,487 | 962 | — | 2,449 | |||||||||||||||
Segment income from operations(2) | 91,353 | 42,993 | 25,818 | (6,074 | ) | 154,090 | ||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Net sales | $ | 994,932 | $ | 342,587 | $ | 338,251 | $ | — | $ | 1,675,770 | ||||||||||
Depreciation and amortization(1) | 43,527 | 16,552 | 23,260 | 67 | 83,406 | |||||||||||||||
Rationalization charges | 1,383 | 245 | 656 | — | 2,284 | |||||||||||||||
Segment income from operations(2)(3) | 85,297 | 32,313 | 21,874 | (6,455 | ) | 133,029 | ||||||||||||||
_____________ | ||||||||||||||||||||
(1) | Depreciation and amortization excludes amortization of debt issuance costs of $1.1 million in each of the three months ended June 30, 2014 and 2013 and $2.1 million and $2.2 million for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||
(2) | Income from operations of the closures segment includes losses from operations in Venezuela of $2.9 million and $1.1 million for the three months ended June 30, 2014 and 2013, respectively, and losses of $3.4 million and $5.4 million for the six months ended June 30, 2014 and 2013, respectively, which for the six months ended June 30, 2013 includes a charge of $3.0 million for the remeasurement of net assets in Venezuela due to the devaluation of the official Bolivar exchange rate. | |||||||||||||||||||
(3) | Income from operations of the metal containers segment includes plant start-up costs of $0.8 million for the six months ended June 30, 2013. | |||||||||||||||||||
Total segment income from operations is reconciled to income before income taxes as follows: | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment income from operations | $ | 86,080 | $ | 74,905 | $ | 154,090 | $ | 133,029 | ||||||||||||
Interest and other debt expense | 18,958 | 15,445 | 39,118 | 32,862 | ||||||||||||||||
Income before income taxes | $ | 67,122 | $ | 59,460 | $ | 114,972 | $ | 100,167 | ||||||||||||
Sales and income from operations of our metal container business and part of our closures business are dependent, in part, upon fruit and vegetable harvests. 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. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Issued Accounting Pronouncement. In May 2014, the Financial Accounting Standards Board issued an accounting standards update which amends the guidance for revenue recognition. This amendment contains principles that will require an entity to recognize revenue to depict the transfer of goods and services to customers at an amount that an entity expects to be entitled to in exchange for those goods or services. This amendment is effective for us on January 1, 2017. Early adoption is not permitted. We are currently evaluating the impact of this amendment on our consolidated financial statements. | |
Basis of Presentation | ' |
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Silgan Holdings Inc., or Silgan, have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. | |
The Condensed Consolidated Balance Sheet at December 31, 2013 has been derived from our audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. | |
You should read the accompanying condensed consolidated financial statements in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
Recently Adopted Accounting Pronouncement. | 'Change in Depreciable Lives. Based on the long duration of utilization of our production assets, due in part to our maintenance practices for such assets, and the consistent outperformance of their depreciable lives, we engaged a third party appraiser to assist in the evaluation of the useful lives of certain production equipment in each of our business segments. As a result of this evaluation, effective January 1, 2014, we increased the estimated useful lives of certain production equipment by an average of approximately 5 years to a maximum depreciable life of 20 years, which increased income from operations by $5.6 million and $11.4 million and net income by $3.7 million and $7.5 million, or $0.06 and $0.12 per diluted share, for the three and six months ended June 30, 2014, respectively. |
Rationalization_Charges_Tables
Rationalization Charges (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Activity in Rationalization Plan Reserves | ' | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun-14 | June 30, | 30-Jun-14 | June 30, | |||||||||||||
2013 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Metal containers | $ | — | $ | 333 | $ | — | $ | 1,383 | ||||||||
Closures | 862 | 245 | 1,487 | 245 | ||||||||||||
Plastic containers | — | 355 | 962 | 656 | ||||||||||||
$ | 862 | $ | 933 | $ | 2,449 | $ | 2,284 | |||||||||
Activity in reserves for our rationalization plans for the six months ended June 30, was as follows: | ||||||||||||||||
Employee | Plant | Non-Cash | Total | |||||||||||||
Severance | Exit | Asset | ||||||||||||||
and Benefits | Costs | Write-Down | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | 4,116 | $ | 1,418 | $ | — | $ | 5,534 | ||||||||
Charged to expense | 1,538 | 1,082 | (171 | ) | 2,449 | |||||||||||
Utilized and currency translation | (4,081 | ) | (1,666 | ) | 171 | (5,576 | ) | |||||||||
Balance at June 30, 2014 | $ | 1,573 | $ | 834 | $ | — | $ | 2,407 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Amounts Included in Accumulated Other Comprehensive 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 December 31, 2013 | $ | (38,921 | ) | $ | (3,790 | ) | $ | 4,592 | $ | (38,119 | ) | |||||
Other comprehensive loss before reclassifications | (267 | ) | (504 | ) | (7,088 | ) | (7,859 | ) | ||||||||
Amounts reclassified from accumulated other | (277 | ) | 1,842 | — | 1,565 | |||||||||||
comprehensive loss | ||||||||||||||||
Other comprehensive loss | (544 | ) | 1,338 | (7,088 | ) | (6,294 | ) | |||||||||
Balance at June 30, 2014 | $ | (39,465 | ) | $ | (2,452 | ) | $ | (2,496 | ) | $ | (44,413 | ) |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories consisted of the following: | ||||||||||||
June 30, | June 30, | Dec. 31, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(Dollars in thousands) | ||||||||||||
Raw materials | $ | 190,546 | $ | 168,903 | $ | 158,963 | ||||||
Work-in-process | 123,557 | 133,126 | 104,811 | |||||||||
Finished goods | 517,897 | 508,170 | 333,978 | |||||||||
Other | 12,807 | 13,697 | 14,398 | |||||||||
844,807 | 823,896 | 612,150 | ||||||||||
Adjustment to value inventory | (96,580 | ) | (102,891 | ) | (96,580 | ) | ||||||
at cost on the LIFO method | ||||||||||||
$ | 748,227 | $ | 721,005 | $ | 515,570 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Long-term Debt | ' | |||||||||||
Long-term debt consisted of the following: | ||||||||||||
June 30, | June 30, | Dec. 31, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(Dollars in thousands) | ||||||||||||
Bank debt | ||||||||||||
Bank revolving loans | $ | 350,924 | $ | 503,111 | $ | — | ||||||
U.S. term loans | 365,000 | 364,000 | 364,000 | |||||||||
Canadian term loans | 65,506 | 65,697 | 64,485 | |||||||||
Euro term loans | 300,410 | 305,647 | 323,704 | |||||||||
Other foreign bank revolving and term loans | 135,632 | 139,779 | 151,647 | |||||||||
Total bank debt | 1,217,472 | 1,378,234 | 903,836 | |||||||||
5½% Senior Notes | 300,000 | — | 300,000 | |||||||||
5% Senior Notes | 500,000 | 500,000 | 500,000 | |||||||||
Total debt | 2,017,472 | 1,878,234 | 1,703,836 | |||||||||
Less current portion | 463,112 | 619,469 | 146,174 | |||||||||
$ | 1,554,360 | $ | 1,258,765 | $ | 1,557,662 | |||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Summary of Carrying Amounts and Estimated Fair Values of Other Financial Instruments | ' | |||||||
The following table summarizes the carrying amounts and estimated fair values of our other financial instruments at June 30, 2014: | ||||||||
Carrying | Fair | |||||||
Amount | Value | |||||||
(Dollars in thousands) | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 133,928 | $ | 133,928 | ||||
Liabilities: | ||||||||
Bank debt | $ | 1,217,472 | $ | 1,217,472 | ||||
5½% Senior Notes | 300,000 | 312,750 | ||||||
5% Senior Notes | 500,000 | 515,000 | ||||||
Interest rate swap agreements | 4,528 | 4,528 | ||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||
The components of the net periodic pension benefit costs were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun-14 | June 30, | 30-Jun-14 | June 30, | |||||||||||||
2013 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 3,316 | $ | 3,947 | $ | 6,771 | $ | 8,056 | ||||||||
Interest cost | 7,419 | 6,624 | 14,849 | 13,272 | ||||||||||||
Expected return on plan assets | (14,333 | ) | (13,156 | ) | (28,688 | ) | (26,269 | ) | ||||||||
Amortization of prior service cost | 334 | 421 | 619 | 849 | ||||||||||||
Amortization of actuarial losses | 217 | 2,898 | 434 | 5,885 | ||||||||||||
Net periodic benefit (credit) cost | $ | (3,047 | ) | $ | 734 | $ | (6,015 | ) | $ | 1,793 | ||||||
The components of the net periodic other postretirement benefits costs were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun-14 | June 30, | 30-Jun-14 | June 30, | |||||||||||||
2013 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 126 | $ | 191 | $ | 264 | $ | 392 | ||||||||
Interest cost | 417 | 443 | 825 | 917 | ||||||||||||
Amortization of prior service credit | (714 | ) | (669 | ) | (1,428 | ) | (1,339 | ) | ||||||||
Amortization of actuarial (gains) losses | (86 | ) | 49 | (171 | ) | 104 | ||||||||||
Net periodic benefit (credit) cost | $ | (257 | ) | $ | 14 | $ | (510 | ) | $ | 74 | ||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reportable Business Segment Information | ' | |||||||||||||||||||
Reportable business segment information for the three and six months ended June 30 was as follows: | ||||||||||||||||||||
Metal | Closures | Plastic | Corporate | Total | ||||||||||||||||
Containers | Containers | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Net sales | $ | 518,684 | $ | 232,232 | $ | 166,420 | $ | — | $ | 917,336 | ||||||||||
Depreciation and amortization(1) | 17,192 | 10,748 | 9,073 | 32 | 37,045 | |||||||||||||||
Rationalization charges | — | 862 | — | — | 862 | |||||||||||||||
Segment income from operations(2) | 50,900 | 25,228 | 12,974 | (3,022 | ) | 86,080 | ||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Net sales | $ | 531,172 | $ | 181,445 | $ | 167,412 | $ | — | $ | 880,029 | ||||||||||
Depreciation and amortization(1) | 21,519 | 8,225 | 11,106 | 34 | 40,884 | |||||||||||||||
Rationalization charges | 333 | 245 | 355 | — | 933 | |||||||||||||||
Segment income from operations(2) | 45,735 | 21,682 | 11,468 | (3,980 | ) | 74,905 | ||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Net sales | $ | 987,089 | $ | 446,029 | $ | 340,064 | $ | — | $ | 1,773,182 | ||||||||||
Depreciation and amortization(1) | 34,571 | 21,552 | 18,208 | 63 | 74,394 | |||||||||||||||
Rationalization charges | — | 1,487 | 962 | — | 2,449 | |||||||||||||||
Segment income from operations(2) | 91,353 | 42,993 | 25,818 | (6,074 | ) | 154,090 | ||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Net sales | $ | 994,932 | $ | 342,587 | $ | 338,251 | $ | — | $ | 1,675,770 | ||||||||||
Depreciation and amortization(1) | 43,527 | 16,552 | 23,260 | 67 | 83,406 | |||||||||||||||
Rationalization charges | 1,383 | 245 | 656 | — | 2,284 | |||||||||||||||
Segment income from operations(2)(3) | 85,297 | 32,313 | 21,874 | (6,455 | ) | 133,029 | ||||||||||||||
_____________ | ||||||||||||||||||||
(1) | Depreciation and amortization excludes amortization of debt issuance costs of $1.1 million in each of the three months ended June 30, 2014 and 2013 and $2.1 million and $2.2 million for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||
(2) | Income from operations of the closures segment includes losses from operations in Venezuela of $2.9 million and $1.1 million for the three months ended June 30, 2014 and 2013, respectively, and losses of $3.4 million and $5.4 million for the six months ended June 30, 2014 and 2013, respectively, which for the six months ended June 30, 2013 includes a charge of $3.0 million for the remeasurement of net assets in Venezuela due to the devaluation of the official Bolivar exchange rate. | |||||||||||||||||||
(3) | Income from operations of the metal containers segment includes plant start-up costs of $0.8 million for the six months ended June 30, 2013. | |||||||||||||||||||
Reconciliation of Segment Income from Operations to Income before Income Taxes | ' | |||||||||||||||||||
Total segment income from operations is reconciled to income before income taxes as follows: | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment income from operations | $ | 86,080 | $ | 74,905 | $ | 154,090 | $ | 133,029 | ||||||||||||
Interest and other debt expense | 18,958 | 15,445 | 39,118 | 32,862 | ||||||||||||||||
Income before income taxes | $ | 67,122 | $ | 59,460 | $ | 114,972 | $ | 100,167 | ||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Service Life [Member] | Service Life [Member] | Service Life [Member] | Maximum [Member] | |||||
Equipment [Member] | Equipment [Member] | Equipment [Member] | Service Life [Member] | |||||
Equipment [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Increase in Estimated Useful Life | ' | ' | ' | ' | '5 years | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | '20 years |
Income from operations | $86,080 | $74,905 | $154,090 | $133,029 | ' | $5,600 | $11,400 | ' |
Net income | $44,003 | $59,529 | $75,479 | $84,962 | ' | $3,700 | $7,500 | ' |
Diluted net income per share | $0.69 | $0.93 | $1.18 | $1.30 | ' | $0.06 | $0.12 | ' |
Rationalization_Charges_Activi
Rationalization Charges Activity in Rationalization Plan Reserves (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | $5,534 | ' |
Rationalization charges | 862 | 933 | 2,449 | 2,284 |
Rationalization Plan Reserves Utilized and CTA | ' | ' | -5,576 | ' |
Balance at June 30, 2014 | 2,407 | ' | 2,407 | ' |
Employee Severance and Benefits | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 4,116 | ' |
Rationalization charges | ' | ' | 1,538 | ' |
Rationalization Plan Reserves Utilized and CTA | ' | ' | -4,081 | ' |
Balance at June 30, 2014 | 1,573 | ' | 1,573 | ' |
Plant Exit Costs | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 1,418 | ' |
Rationalization charges | ' | ' | 1,082 | ' |
Rationalization Plan Reserves Utilized and CTA | ' | ' | -1,666 | ' |
Balance at June 30, 2014 | 834 | ' | 834 | ' |
Non-Cash Asset Write-Down | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Rationalization charges | ' | ' | -171 | ' |
Rationalization Plan Reserves Utilized and CTA | ' | ' | 171 | ' |
Metal Containers [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Rationalization charges | 0 | 333 | 0 | 1,383 |
Metal Containers [Member] | Facility Closings and Restructuring [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Rationalization charges | 0 | 333 | 0 | 1,383 |
Closures [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Rationalization charges | 862 | 245 | 1,487 | 245 |
Closures [Member] | Facility Closings and Restructuring [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Rationalization charges | 862 | 245 | 1,487 | 245 |
Plastic Containers [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Rationalization charges | 0 | 355 | 962 | 656 |
Plastic Containers [Member] | Facility Closings and Restructuring [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Rationalization charges | $0 | $355 | $962 | $656 |
Rationalization_Charges_Activi1
Rationalization Charges Activity in Rationalization Plan Reserves (Details II) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Rationalization charges | $862,000 | $933,000 | $2,449,000 | $2,284,000 |
Rationalization [Member] | Rationalization Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Total estimated costs for rationalization of these facilities | 3,500,000 | ' | ' | ' |
Rationalization charge, expected cash payments | $5,900,000 | ' | ' | ' |
Amounts_Included_in_Accumulate
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($38,119) | ' |
Other comprehensive loss before reclassifications | ' | ' | -7,859 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 1,565 | ' |
Other comprehensive loss | 3,550 | -1,428 | -6,294 | -9,969 |
Ending Balance | -44,413 | -119,882 | -44,413 | -119,882 |
Unrecognized Net Defined Benefit Plan Costs | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -38,921 | ' |
Other comprehensive loss before reclassifications | ' | ' | -267 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -277 | ' |
Other comprehensive loss | ' | ' | -544 | ' |
Ending Balance | -39,465 | ' | -39,465 | ' |
Change in Fair Value of Derivatives | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -3,790 | ' |
Other comprehensive loss before reclassifications | ' | ' | -504 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 1,842 | ' |
Other comprehensive loss | ' | ' | 1,338 | ' |
Ending Balance | -2,452 | ' | -2,452 | ' |
Foreign Currency Translation | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 4,592 | ' |
Other comprehensive loss before reclassifications | ' | ' | -7,088 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | ' |
Other comprehensive loss | ' | ' | -7,088 | ' |
Ending Balance | ($2,496) | ' | ($2,496) | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $67,122,000 | $59,460,000 | $114,972,000 | $100,167,000 |
Provision for income taxes | 23,119,000 | -69,000 | 39,493,000 | 15,205,000 |
Foreign currency gains (losses) related to net investment hedges included in foreign currency translation component of accumulated other comprehensive loss | 3,800,000 | ' | 3,300,000 | ' |
Foreign currency gains (losses) related to net investment hedges included in foreign currency translation component of accumulated other comprehensive loss, income tax (benefit) provision | 1,400,000 | ' | 1,200,000 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrecognized Net Defined Benefit Plan Costs | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 300,000 | ' | 500,000 | ' |
Provision for income taxes | 100,000 | ' | 200,000 | ' |
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Net Prior Service Credit Arising During Period, before Tax | -400,000 | ' | -800,000 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -100,000 | ' | -300,000 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Change in Fair Value of Derivatives | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -1,600,000 | ' | -3,100,000 | ' |
Provision for income taxes | ($700,000) | ' | ($1,300,000) | ' |
Inventories_Detail
Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Raw materials | $190,546 | $158,963 | $168,903 |
Work-in-process | 123,557 | 104,811 | 133,126 |
Finished goods | 517,897 | 333,978 | 508,170 |
Other | 12,807 | 14,398 | 13,697 |
Inventory, Gross, Total | 844,807 | 612,150 | 823,896 |
Adjustment to value inventory at cost on the LIFO method | -96,580 | -96,580 | -102,891 |
Inventories | $748,227 | $515,570 | $721,005 |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | $2,017,472 | $1,878,234 | $2,017,472 | $1,878,234 | $1,703,836 |
Less current portion | 463,112 | 619,469 | 463,112 | 619,469 | 146,174 |
Long-term debt, noncurrent | 1,554,360 | 1,258,765 | 1,554,360 | 1,258,765 | 1,557,662 |
Loss on early extinguishment of debt | 0 | 0 | 1,474 | 2,068 | ' |
5% Senior Notes | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 |
Senior note interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% |
Bank debt | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | 1,217,472 | 1,378,234 | 1,217,472 | 1,378,234 | 903,836 |
Senior Notes Five and One Half Percent [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | 300,000 | 0 | 300,000 | 0 | 300,000 |
Senior note interest rate | 5.50% | ' | 5.50% | ' | 5.50% |
Revolving Loan [Member] | Bank debt | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | 350,924 | 503,111 | 350,924 | 503,111 | 0 |
Less current portion | 350,900 | ' | 350,900 | ' | ' |
U S Term Loans [Member] | Bank debt | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | 365,000 | 364,000 | 365,000 | 364,000 | 364,000 |
Canadian Term Loans [Member] | Bank debt | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | 65,506 | 65,697 | 65,506 | 65,697 | 64,485 |
Euro Term Loans [Member] | Bank debt | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | 300,410 | 305,647 | 300,410 | 305,647 | 323,704 |
Other Foreign Bank Revolving And Term Loans [Member] | Bank debt | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | 135,632 | 139,779 | 135,632 | 139,779 | 151,647 |
Less current portion | 112,200 | ' | 112,200 | ' | ' |
Term Loan [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | $1,500 | ' | ' | ' | ' |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Derivative [Line Items] | ' | ' |
Amount of losses, net of income taxes, reclassified to earnings from change in fair value of derivatives component of accumulated other comprehensive loss | $900,000 | $1,800,000 |
Estimated reclassification of losses, net of income taxes, from the change in fair value of derivatives component of accumulated other comprehensive loss to earnings during the next twelve months | ' | 2,400,000 |
Interest rate swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 4,500,000 | 4,500,000 |
Aggregate notional principal amount of outstanding interest rate swap agreements | 293,400,000 | 293,400,000 |
Net payments under derivative swap agreements | 1,600,000 | 3,200,000 |
Foreign Currency Exchange Rate Risk | ' | ' |
Derivative [Line Items] | ' | ' |
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive (loss) income | 3,800,000 | 3,300,000 |
Accrued liabilities | Interest rate swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 4,200,000 | 4,200,000 |
Other liabilities | Interest rate swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 300,000 | 300,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Cash and cash equivalents | 133,928,000 | 133,928,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Interest rate swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 4,528,000 | 4,528,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Cash and cash equivalents | 133,928,000 | 133,928,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Interest rate swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 4,528,000 | 4,528,000 |
Bank Debt | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 1,217,472,000 | 1,217,472,000 |
Bank Debt | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 1,217,472,000 | 1,217,472,000 |
Senior Notes Five and One Half Percent [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 300,000,000 | 300,000,000 |
Senior Notes Five and One Half Percent [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 312,750,000 | 312,750,000 |
5% Senior Notes | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | 500,000,000 | 500,000,000 |
5% Senior Notes | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Long-Term Debt | $515,000,000 | $515,000,000 |
Five Percent Senior Notes due 2020 [Member] | Senior Notes [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Senior note interest rate | 5.00% | 5.00% |
Five and One Half Percent Senior Notes due 2022 [Member] | Senior Notes [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Senior note interest rate | 5.50% | 5.50% |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $126 | $191 | $264 | $392 |
Interest cost | 417 | 443 | 825 | 917 |
Amortization of prior service cost | -714 | -669 | -1,428 | -1,339 |
Amortization of actuarial (gains) losses | -86 | 49 | -171 | 104 |
Net periodic benefit (credit) cost | -257 | 14 | -510 | 74 |
Pension Benefit Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 3,316 | 3,947 | 6,771 | 8,056 |
Interest cost | 7,419 | 6,624 | 14,849 | 13,272 |
Expected return on plan assets | -14,333 | -13,156 | -28,688 | -26,269 |
Amortization of prior service cost | 334 | 421 | 619 | 849 |
Amortization of actuarial (gains) losses | 217 | 2,898 | 434 | 5,885 |
Net periodic benefit (credit) cost | ($3,047) | $734 | ($6,015) | $1,793 |
Treasury_Stock_Additional_Info
Treasury Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended | |
Feb. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $300,000,000 | ' | ' |
Repurchases of common stock (in shares) | ' | 158,204 | ' |
Repurchase of common stock | ' | $7,735,000 | $265,340,000 |
Treasury shares issued | ' | 262,110 | ' |
Issuance of treasury shares, average cost per share | ' | $6.35 | ' |
Shares repurchased to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested | ' | 109,293 | ' |
Treasury stock, shares | ' | 24,146,191 | ' |
2014 Stock Repurchase Program [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | $48.87 | ' |
2014 Stock Incentive Plan [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | $48.19 | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (Restricted stock units, USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Restricted stock units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock units granted in shares | 332,720 |
Fair value of restricted stock units | $16 |
Reportable_Business_Segment_In
Reportable Business Segment Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | $917,336,000 | $880,029,000 | $1,773,182,000 | $1,675,770,000 | ||||
Depreciation and amortization | 37,045,000 | [1] | 40,884,000 | [1] | 74,394,000 | [1] | 83,406,000 | [1] |
Rationalization charges | 862,000 | 933,000 | 2,449,000 | 2,284,000 | ||||
Segment income from operations | 86,080,000 | 74,905,000 | 154,090,000 | 133,029,000 | ||||
Amortization of debt issuance costs excluded from depreciation and amortization | 1,100,000 | 1,100,000 | 2,100,000 | 2,200,000 | ||||
Metal Containers | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 518,684,000 | 531,172,000 | 987,089,000 | 994,932,000 | ||||
Depreciation and amortization | 17,192,000 | [1] | 21,519,000 | [1] | 34,571,000 | [1] | 43,527,000 | [1] |
Rationalization charges | 0 | 333,000 | 0 | 1,383,000 | ||||
Segment income from operations | 50,900,000 | 45,735,000 | 91,353,000 | 85,297,000 | [2] | |||
New plant start-up costs | ' | ' | ' | 800,000 | ||||
Closures [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 232,232,000 | 181,445,000 | 446,029,000 | 342,587,000 | ||||
Depreciation and amortization | 10,748,000 | [1] | 8,225,000 | [1] | 21,552,000 | [1] | 16,552,000 | [1] |
Rationalization charges | 862,000 | 245,000 | 1,487,000 | 245,000 | ||||
Segment income from operations | 25,228,000 | [3] | 21,682,000 | [3] | 42,993,000 | [3] | 32,313,000 | [3] |
Charge For Remeasurement Of Net Assets | ' | ' | ' | 3,000,000 | ||||
Plastic Containers | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 166,420,000 | 167,412,000 | 340,064,000 | 338,251,000 | ||||
Depreciation and amortization | 9,073,000 | [1] | 11,106,000 | [1] | 18,208,000 | [1] | 23,260,000 | [1] |
Rationalization charges | 0 | 355,000 | 962,000 | 656,000 | ||||
Segment income from operations | 12,974,000 | 11,468,000 | 25,818,000 | 21,874,000 | ||||
Corporate | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 32,000 | [1] | 34,000 | [1] | 63,000 | [1] | 67,000 | [1] |
Rationalization charges | 0 | 0 | 0 | 0 | ||||
Segment income from operations | -3,022,000 | -3,980,000 | -6,074,000 | -6,455,000 | ||||
Venezuela [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment income from operations | ($2,900,000) | ($1,100,000) | ($3,400,000) | ($5,400,000) | ||||
[1] | Depreciation and amortization excludes amortization of debt issuance costs of $1.1 million in each of the three months ended June 30, 2014 and 2013 and $2.1 million and $2.2 million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[2] | Income from operations of the metal containers segment includes plant start-up costs of $0.8 million for the six months ended June 30, 2013. | |||||||
[3] | Income from operations of the closures segment includes losses from operations in Venezuela of $2.9 million and $1.1 million for the three months ended June 30, 2014 and 2013, respectively, and losses of $3.4 million and $5.4 million for the six months ended June 30, 2014 and 2013, respectively, which for the six months ended June 30, 2013 includes a charge of $3.0 million for the remeasurement of net assets in Venezuela due to the devaluation of the official Bolivar exchange rate. |
Reconciliation_of_Segment_Inco
Reconciliation of Segment Income from Operations to Income before Income Taxes (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Total segment income from operations | $86,080 | $74,905 | $154,090 | $133,029 |
Interest and other debt expense | 18,958 | 15,445 | 39,118 | 32,862 |
Income before income taxes | $67,122 | $59,460 | $114,972 | $100,167 |