Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SLGN | |
Entity Registrant Name | Silgan Holdings Inc | |
Entity Central Index Key | 849869 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 60,514,651 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $129,078 | $222,591 | $83,222 |
Trade accounts receivable, net | 382,805 | 310,732 | 400,925 |
Inventories | 680,178 | 548,765 | 648,723 |
Prepaid expenses and other current assets | 58,855 | 75,744 | 63,358 |
Total current assets | 1,250,916 | 1,157,832 | 1,196,228 |
Property, plant and equipment, net | 1,049,730 | 1,063,631 | 1,102,000 |
Goodwill | 612,130 | 630,262 | 649,381 |
Other intangible assets, net | 204,659 | 211,770 | 225,256 |
Other assets, net | 235,871 | 240,429 | 266,261 |
Assets, Total | 3,353,306 | 3,303,924 | 3,439,126 |
Current liabilities: | |||
Revolving loans and current portion of long-term debt | 474,023 | 125,130 | 302,087 |
Trade accounts payable | 329,708 | 423,905 | 296,777 |
Accrued payroll and related costs | 50,639 | 46,242 | 57,643 |
Accrued liabilities | 68,010 | 69,285 | 78,507 |
Total current liabilities | 922,380 | 664,562 | 735,014 |
Long-term debt | 1,436,784 | 1,473,833 | 1,557,722 |
Other liabilities | 451,239 | 455,573 | 421,295 |
Stockholders’ equity: | |||
Common stock | 876 | 876 | 876 |
Paid-in capital | 229,463 | 225,449 | 215,920 |
Retained earnings | 1,336,533 | 1,313,521 | 1,191,541 |
Accumulated other comprehensive loss | -195,301 | -165,624 | -47,963 |
Treasury stock | -828,668 | -664,266 | -635,279 |
Total stockholders’ equity | 542,903 | 709,956 | 725,095 |
Liabilities and Equity, Total | $3,353,306 | $3,303,924 | $3,439,126 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $816,601 | $855,846 |
Cost of goods sold | 694,364 | 727,839 |
Gross profit | 122,237 | 128,007 |
Selling, general and administrative expenses | 54,451 | 58,409 |
Rationalization charges | 725 | 1,588 |
Income from operations | 67,061 | 68,010 |
Interest and other debt expense before loss on early extinguishment of debt | 16,443 | 18,686 |
Loss on early extinguishment of debt | 0 | 1,474 |
Interest and other debt expense | 16,443 | 20,160 |
Income before income taxes | 50,618 | 47,850 |
Provision for income taxes | 17,314 | 16,374 |
Net income | $33,304 | $31,476 |
Earnings per share: | ||
Basic net income per share | $0.53 | $0.50 |
Diluted net income per share | $0.53 | $0.49 |
Dividends per share | $0.16 | $0.15 |
Weighted average number of shares: | ||
Basic (in shares) | 62,801 | 63,497 |
Effect of dilutive securities (in shares) | 281 | 426 |
Diluted (in shares) | 63,082 | 63,923 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $33,304 | $31,476 |
Other comprehensive income (loss), net of tax: | ||
Changes in net prior service credit and actuarial losses | 774 | -411 |
Change in fair value of derivatives | -182 | 815 |
Foreign currency translation | -30,269 | -10,248 |
Other comprehensive loss | -29,677 | -9,844 |
Comprehensive income | $3,627 | $21,632 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows provided by (used in) operating activities: | ||
Net income | $33,304 | $31,476 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 36,676 | 38,411 |
Rationalization charges | 725 | 1,588 |
Loss on early extinguishment of debt | 0 | 1,474 |
Excess tax benefit from stock-based compensation | -762 | -947 |
Other changes that provided (used) cash: | ||
Trade accounts receivable, net | -84,675 | -68,411 |
Inventories | -144,952 | -133,398 |
Trade accounts payable | -3,522 | 31,388 |
Accrued liabilities | 6,542 | 16,726 |
Other, net | 12,188 | -21,366 |
Net cash used in operating activities | -144,476 | -103,059 |
Cash flows provided by (used in) investing activities: | ||
Capital expenditures | -48,806 | -26,998 |
Proceeds from asset sales | 24 | 163 |
Net cash used in investing activities | -48,782 | -26,835 |
Cash flows provided by (used in) financing activities: | ||
Borrowings under revolving loans | 405,644 | 460,420 |
Repayments under revolving loans | -45,158 | -284,632 |
Proceeds from issuance of long-term debt | 935 | 732,215 |
Repayments of long-term debt | -4,173 | -749,682 |
Debt issuance costs | 0 | -5,062 |
Changes in outstanding checks - principally vendors | -82,805 | -86,484 |
Dividends paid on common stock | -10,292 | -9,689 |
Excess tax benefit from stock-based compensation | 762 | 947 |
Repurchase of common stock under stock plan | -2,538 | -5,267 |
Repurchase of common stock under share repurchase authorization | -162,630 | -113 |
Net cash provided by financing activities | 99,745 | 52,653 |
Cash and cash equivalents: | ||
Net decrease | -93,513 | -77,241 |
Balance at beginning of year | 222,591 | 160,463 |
Balance at end of period | 129,078 | 83,222 |
Interest paid, net | 13,409 | 13,782 |
Income taxes paid, net | $2,419 | $3,868 |
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, unless otherwise specified | ||||||
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 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net issuance of treasury stock for vested restricted stock units, including tax benefit (in shares) | 141 | |||||
Repurchases of common stock (in shares) | -2 | |||||
Net income | 31,476 | 31,476 | ||||
Other comprehensive loss | -9,844 | -9,844 | ||||
Dividends declared on common stock | -9,689 | -9,689 | ||||
Stock compensation expense | 3,742 | 3,742 | ||||
Net issuance of treasury stock for vested restricted stock units, including tax benefit | -4,320 | -644 | -3,676 | |||
Repurchases of common stock | -113 | -113 | ||||
Ending Balance at Mar. 31, 2014 | 725,095 | 876 | 215,920 | 1,191,541 | -47,963 | -635,279 |
Ending Balance (in shares) at Mar. 31, 2014 | 63,554 | |||||
Beginning Balance at Dec. 31, 2014 | 709,956 | 876 | 225,449 | 1,313,521 | -165,624 | -664,266 |
Beginning Balance (in shares) at Dec. 31, 2014 | 63,203 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net issuance of treasury stock for vested restricted stock units, including tax benefit (in shares) | 78 | |||||
Repurchases of common stock (in shares) | -2,766 | |||||
Net income | 33,304 | 33,304 | ||||
Other comprehensive loss | -29,677 | -29,677 | ||||
Dividends declared on common stock | -10,292 | -10,292 | ||||
Stock compensation expense | 4,018 | 4,018 | ||||
Net issuance of treasury stock for vested restricted stock units, including tax benefit | -1,776 | -4 | -1,772 | |||
Repurchases of common stock | -162,630 | -162,630 | ||||
Ending Balance at Mar. 31, 2015 | $542,903 | $876 | $229,463 | $1,336,533 | ($195,301) | ($828,668) |
Ending Balance (in shares) at Mar. 31, 2015 | 60,515 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | ||
Net issuance of treasury stock for vested restricted stock units, tax benefit | $762 | $947 |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 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, 2014 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, 2014. | |
Recently Issued Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, or ASU, that 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 permits the use of one of two retrospective transition methods. This amendment will be effective for us on January 1, 2017. Early adoption is not permitted. We have not yet selected a transition method and are currently evaluating the impact of this amendment on our consolidated financial statements. | |
In April 2015, the FASB issued an ASU which amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability. This amendment will be effective for us on January 1, 2016. Early adoption is permitted. Adoption of this amendment will not have a material effect on our financial position, results of operations or cash flows. |
Rationalization_Charges
Rationalization Charges | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 the three months ended March 31 were as follows: | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Metal containers | $ | — | $ | — | ||||||||||||
Closures | 336 | 626 | ||||||||||||||
Plastic containers | 389 | 962 | ||||||||||||||
$ | 725 | $ | 1,588 | |||||||||||||
Activity in reserves for our rationalization plans for the three months ended March 31 was as follows: | ||||||||||||||||
Employee | Plant | Non-Cash | Total | |||||||||||||
Severance | Exit | Asset | ||||||||||||||
and Benefits | Costs | Write-Down | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2014 | $ | 6,052 | $ | 316 | $ | — | $ | 6,368 | ||||||||
Charged to expense | 416 | 166 | 143 | 725 | ||||||||||||
Utilized and currency translation | (2,950 | ) | (264 | ) | (143 | ) | (3,357 | ) | ||||||||
Balance at March 31, 2015 | $ | 3,518 | $ | 218 | $ | — | $ | 3,736 | ||||||||
Rationalization reserves were included in the Condensed Consolidated Balance Sheets as accrued liabilities. | ||||||||||||||||
Remaining expenses and cash expenditures for our rationalization plans of $2.6 million and $6.8 million, respectively, are expected within the next twelve months. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Loss | 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, 2014 | $ | (89,252 | ) | $ | (1,198 | ) | $ | (75,174 | ) | $ | (165,624 | ) | ||||
Other comprehensive loss before reclassifications | — | (636 | ) | (30,269 | ) | (30,905 | ) | |||||||||
Amounts reclassified from accumulated other | 774 | 454 | — | 1,228 | ||||||||||||
comprehensive loss | ||||||||||||||||
Other comprehensive loss | 774 | (182 | ) | (30,269 | ) | (29,677 | ) | |||||||||
Balance at March 31, 2015 | $ | (88,478 | ) | $ | (1,380 | ) | $ | (105,443 | ) | $ | (195,301 | ) | ||||
The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three months ended March 31, 2015 were net losses of $1.3 million, excluding an income tax benefit of $0.5 million. These net losses consisted of $1.8 million of amortization of net actuarial losses and $0.5 million of amortization of net prior service credit. Amortization of net actuarial losses and net prior service credit is a component of net periodic benefit cost. See Note 7 for further information. | ||||||||||||||||
The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three months ended March 31, 2015 were net losses of $0.7 million, excluding an income tax benefit of $0.2 million. These net losses included $0.4 million related to our interest rate swap agreements which were recorded in interest and other debt expense and $0.3 million related to our natural gas swap agreements which were recorded in cost of goods sold in our Condensed Consolidated Statements of Income for the three months ended March 31, 2015. See Note 6 for further information. | ||||||||||||||||
Foreign currency gains related to our net investment hedges included in the foreign currency translation component of accumulated other comprehensive loss for the three months ended March 31, 2015 were $29.9 million, excluding an income tax provision of $11.2 million. See Note 6 which includes a discussion of derivative instruments and hedging activities. |
Inventories
Inventories | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Inventories | Inventories | |||||||||||
Inventories consisted of the following: | ||||||||||||
March 31, | March 31, | Dec. 31, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
(Dollars in thousands) | ||||||||||||
Raw materials | $ | 192,292 | $ | 185,848 | $ | 184,714 | ||||||
Work-in-process | 119,607 | 122,083 | 115,308 | |||||||||
Finished goods | 456,958 | 424,236 | 338,562 | |||||||||
Other | 14,342 | 13,136 | 13,541 | |||||||||
783,199 | 745,303 | 652,125 | ||||||||||
Adjustment to value inventory | (103,021 | ) | (96,580 | ) | (103,360 | ) | ||||||
at cost on the LIFO method | ||||||||||||
$ | 680,178 | $ | 648,723 | $ | 548,765 | |||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Long-Term Debt | Long-Term Debt | |||||||||||
Long-term debt consisted of the following: | ||||||||||||
March 31, | March 31, | Dec. 31, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
(Dollars in thousands) | ||||||||||||
Bank debt | ||||||||||||
Bank revolving loans | $ | 359,500 | $ | 182,358 | $ | — | ||||||
U.S. term loans | 365,000 | 365,000 | 365,000 | |||||||||
Canadian term loans | 52,515 | 62,734 | 60,235 | |||||||||
Euro term loans | 236,192 | 304,194 | 266,156 | |||||||||
Other foreign bank revolving and term loans | 97,600 | 145,523 | 107,572 | |||||||||
Total bank debt | 1,110,807 | 1,059,809 | 798,963 | |||||||||
5½% Senior Notes | 300,000 | 300,000 | 300,000 | |||||||||
5% Senior Notes | 500,000 | 500,000 | 500,000 | |||||||||
Total debt | 1,910,807 | 1,859,809 | 1,598,963 | |||||||||
Less current portion | 474,023 | 302,087 | 125,130 | |||||||||
$ | 1,436,784 | $ | 1,557,722 | $ | 1,473,833 | |||||||
At March 31, 2015, amounts expected to be repaid within one year consisted of $389.6 million of bank revolving and term loans under our senior secured credit facility, or the Credit Agreement, and $84.4 million of foreign bank revolving and term loans. |
Financial_Instruments
Financial Instruments | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Investments, All Other Investments [Abstract] | ||||||||
Financial Instruments | 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 March 31, 2015: | ||||||||
Carrying | Fair | |||||||
Amount | Value | |||||||
(Dollars in thousands) | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 129,078 | $ | 129,078 | ||||
Liabilities: | ||||||||
Bank debt | $ | 1,110,807 | $ | 1,110,807 | ||||
5½% Senior Notes | 300,000 | 315,750 | ||||||
5% Senior Notes | 500,000 | 515,410 | ||||||
Interest rate swap agreements | 1,503 | 1,503 | ||||||
Natural gas swap agreements | 710 | 710 | ||||||
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 March 31, 2015 consisted of our cash and cash equivalents, interest rate swap agreements and natural gas swap agreements. We measured the fair value of cash and cash equivalents using Level 1 inputs. We measured the fair value of the swap agreements using the income approach. The fair value of the swap agreements reflects the estimated amounts that we would pay or receive based on the present value of the expected cash flows derived from market interest rates and prices. As such, these derivative instruments 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 quoted market prices, 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 three months of 2015, our hedges were fully effective. The fair value of our outstanding swap agreements in effect at March 31, 2015 was included in accrued liabilities in our Condensed Consolidated Balance Sheet. | ||||||||
The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three months ended March 31, 2015 were losses, net of income taxes, of $0.5 million. We estimate that we will reclassify losses of $1.0 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 interest rate swap agreements to manage a portion of our exposure to interest rate fluctuations. At March 31, 2015, the aggregate notional principal amount of our outstanding interest rate swap agreements was $150.0 million. 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 months ended March 31, 2015, net payments under our interest rate swap agreements were $0.4 million. These agreements are with financial institutions which are expected to fully perform under the terms thereof. | ||||||||
Natural Gas Swap Agreements | ||||||||
We have entered into natural gas swap agreements with a major financial institution to manage a portion of our exposure to fluctuations in natural gas prices. At March 31, 2015, the aggregate notional principal amount of our natural gas swap agreements was 1,233,000 MMBtu of natural gas with fixed prices ranging from $2.59 to $3.19 per MMBtu, which hedges approximately 29 percent of our estimated twelve month exposure to fluctuations in natural gas prices. The difference between amounts to be paid or received on our natural gas swap agreements is recorded in cost of goods sold in our Condensed Consolidated Statements of Income. For the three months ended March 31, 2015, net payments under our natural gas swap agreements were $0.3 million. These agreements are with a financial institution which is expected to fully perform under the terms thereof. | ||||||||
Foreign Currency Exchange Rate Risk | ||||||||
In an effort to minimize foreign currency exchange rate risk, we have financed acquisitions of foreign operations primarily with loans borrowed under 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 months ended March 31, 2015 were $29.9 million. |
Retirement_Benefits
Retirement Benefits | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Retirement Benefits | Retirement Benefits | |||||||
The components of the net periodic pension benefit costs for the three months ended March 31 were as follows: | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Service cost | $ | 4,050 | $ | 3,455 | ||||
Interest cost | 7,149 | 7,430 | ||||||
Expected return on plan assets | (15,655 | ) | (14,355 | ) | ||||
Amortization of prior service cost | 246 | 285 | ||||||
Amortization of actuarial losses | 1,833 | 217 | ||||||
Net periodic benefit credit | $ | (2,377 | ) | $ | (2,968 | ) | ||
The components of the net periodic other postretirement benefits costs for the three months ended March 31 were as follows: | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Service cost | $ | 143 | $ | 138 | ||||
Interest cost | 360 | 408 | ||||||
Amortization of prior service credit | (736 | ) | (714 | ) | ||||
Amortization of actuarial gains | (64 | ) | (85 | ) | ||||
Net periodic benefit credit | $ | (297 | ) | $ | (253 | ) |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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 through 2014, and we have been accepted into the Compliance Assurance Program for the 2014 and 2015 tax years 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 | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Treasury Stock | Treasury Stock |
On February 9, 2015, we commenced a “modified Dutch auction” tender offer to purchase up to $200.0 million of our common stock. Pursuant to the tender offer, which expired on March 10, 2015, we purchased 2,766,354 shares of our common stock from our stockholders on March 17, 2015 at a price of $58.50 per share, for a total purchase price of $161.8 million, exclusive of $0.8 million of fees and expenses. As a result, at March 31, 2015, we had approximately $113.6 million remaining under an authorization from our Board of Directors for the repurchase of our common stock from time to time through and including December 31, 2019. | |
During the first three months of 2015, we issued 121,766 treasury shares which had an average cost of $6.30 per share for restricted stock units that vested during the period. In accordance with the Silgan Holdings Inc. 2004 Stock Incentive Plan, we repurchased 44,122 shares of our common stock at an average cost of $57.53 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 March 31, 2015, 27,041,597 shares of our common stock were held in treasury. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 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 three months of 2015, 149,100 restricted stock units were granted to certain of our officers and other key employees. The fair value of these restricted stock units at the grant date was $8.6 million, which is being amortized ratably over the respective vesting period from the grant date. |
Business_Segment_Information
Business Segment Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Business Segment Information | Business Segment Information | |||||||||||||||||||
Reportable business segment information for the three months ended March 31 was as follows: | ||||||||||||||||||||
Metal | Closures | Plastic | Corporate | Total | ||||||||||||||||
Containers | Containers | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Net sales | $ | 458,898 | $ | 198,080 | $ | 159,623 | $ | — | $ | 816,601 | ||||||||||
Depreciation and amortization(1) | 17,192 | 9,727 | 8,692 | 32 | 35,643 | |||||||||||||||
Rationalization charges | — | 336 | 389 | — | 725 | |||||||||||||||
Segment income from operations(2) | 40,667 | 21,575 | 9,211 | (4,392 | ) | 67,061 | ||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Net sales | $ | 468,405 | $ | 213,797 | $ | 173,644 | $ | — | $ | 855,846 | ||||||||||
Depreciation and amortization(1) | 17,379 | 10,804 | 9,135 | 32 | 37,350 | |||||||||||||||
Rationalization charges | — | 626 | 962 | — | 1,588 | |||||||||||||||
Segment income from operations(2) | 40,453 | 17,766 | 12,843 | (3,052 | ) | 68,010 | ||||||||||||||
_____________ | ||||||||||||||||||||
(1) | Depreciation and amortization excludes amortization of debt issuance costs of $1.0 million and $1.1 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
(2) | Income from operations of the closures segment includes losses from operations in Venezuela of $0.1 million and $0.5 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
Total segment income from operations is reconciled to income before income taxes as follows: | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment income from operations | $ | 67,061 | $ | 68,010 | ||||||||||||||||
Interest and other debt expense | 16,443 | 20,160 | ||||||||||||||||||
Income before income taxes | $ | 50,618 | $ | 47,850 | ||||||||||||||||
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) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Silgan Holdings Inc., or Silgan, have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. |
The Condensed Consolidated Balance Sheet at December 31, 2014 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, 2014. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, or ASU, that 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 permits the use of one of two retrospective transition methods. This amendment will be effective for us on January 1, 2017. Early adoption is not permitted. We have not yet selected a transition method and are currently evaluating the impact of this amendment on our consolidated financial statements. |
In April 2015, the FASB issued an ASU which amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability. This amendment will be effective for us on January 1, 2016. Early adoption is permitted. Adoption of this amendment will not have a material effect on our financial position, results of operations or cash flows. |
Rationalization_Charges_Tables
Rationalization Charges (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Activity in Rationalization Plan Reserves | Rationalization charges by business segment for the three months ended March 31 were as follows: | |||||||||||||||
2015 | 2014 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Metal containers | $ | — | $ | — | ||||||||||||
Closures | 336 | 626 | ||||||||||||||
Plastic containers | 389 | 962 | ||||||||||||||
$ | 725 | $ | 1,588 | |||||||||||||
Activity in reserves for our rationalization plans for the three months ended March 31 was as follows: | ||||||||||||||||
Employee | Plant | Non-Cash | Total | |||||||||||||
Severance | Exit | Asset | ||||||||||||||
and Benefits | Costs | Write-Down | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2014 | $ | 6,052 | $ | 316 | $ | — | $ | 6,368 | ||||||||
Charged to expense | 416 | 166 | 143 | 725 | ||||||||||||
Utilized and currency translation | (2,950 | ) | (264 | ) | (143 | ) | (3,357 | ) | ||||||||
Balance at March 31, 2015 | $ | 3,518 | $ | 218 | $ | — | $ | 3,736 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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, 2014 | $ | (89,252 | ) | $ | (1,198 | ) | $ | (75,174 | ) | $ | (165,624 | ) | ||||
Other comprehensive loss before reclassifications | — | (636 | ) | (30,269 | ) | (30,905 | ) | |||||||||
Amounts reclassified from accumulated other | 774 | 454 | — | 1,228 | ||||||||||||
comprehensive loss | ||||||||||||||||
Other comprehensive loss | 774 | (182 | ) | (30,269 | ) | (29,677 | ) | |||||||||
Balance at March 31, 2015 | $ | (88,478 | ) | $ | (1,380 | ) | $ | (105,443 | ) | $ | (195,301 | ) |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Inventories | Inventories consisted of the following: | |||||||||||
March 31, | March 31, | Dec. 31, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
(Dollars in thousands) | ||||||||||||
Raw materials | $ | 192,292 | $ | 185,848 | $ | 184,714 | ||||||
Work-in-process | 119,607 | 122,083 | 115,308 | |||||||||
Finished goods | 456,958 | 424,236 | 338,562 | |||||||||
Other | 14,342 | 13,136 | 13,541 | |||||||||
783,199 | 745,303 | 652,125 | ||||||||||
Adjustment to value inventory | (103,021 | ) | (96,580 | ) | (103,360 | ) | ||||||
at cost on the LIFO method | ||||||||||||
$ | 680,178 | $ | 648,723 | $ | 548,765 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Long-term Debt | Long-term debt consisted of the following: | |||||||||||
March 31, | March 31, | Dec. 31, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
(Dollars in thousands) | ||||||||||||
Bank debt | ||||||||||||
Bank revolving loans | $ | 359,500 | $ | 182,358 | $ | — | ||||||
U.S. term loans | 365,000 | 365,000 | 365,000 | |||||||||
Canadian term loans | 52,515 | 62,734 | 60,235 | |||||||||
Euro term loans | 236,192 | 304,194 | 266,156 | |||||||||
Other foreign bank revolving and term loans | 97,600 | 145,523 | 107,572 | |||||||||
Total bank debt | 1,110,807 | 1,059,809 | 798,963 | |||||||||
5½% Senior Notes | 300,000 | 300,000 | 300,000 | |||||||||
5% Senior Notes | 500,000 | 500,000 | 500,000 | |||||||||
Total debt | 1,910,807 | 1,859,809 | 1,598,963 | |||||||||
Less current portion | 474,023 | 302,087 | 125,130 | |||||||||
$ | 1,436,784 | $ | 1,557,722 | $ | 1,473,833 | |||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 March 31, 2015: | |||||||
Carrying | Fair | |||||||
Amount | Value | |||||||
(Dollars in thousands) | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 129,078 | $ | 129,078 | ||||
Liabilities: | ||||||||
Bank debt | $ | 1,110,807 | $ | 1,110,807 | ||||
5½% Senior Notes | 300,000 | 315,750 | ||||||
5% Senior Notes | 500,000 | 515,410 | ||||||
Interest rate swap agreements | 1,503 | 1,503 | ||||||
Natural gas swap agreements | 710 | 710 | ||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Components of Net Periodic Benefit Cost | The components of the net periodic pension benefit costs for the three months ended March 31 were as follows: | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Service cost | $ | 4,050 | $ | 3,455 | ||||
Interest cost | 7,149 | 7,430 | ||||||
Expected return on plan assets | (15,655 | ) | (14,355 | ) | ||||
Amortization of prior service cost | 246 | 285 | ||||||
Amortization of actuarial losses | 1,833 | 217 | ||||||
Net periodic benefit credit | $ | (2,377 | ) | $ | (2,968 | ) | ||
The components of the net periodic other postretirement benefits costs for the three months ended March 31 were as follows: | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Service cost | $ | 143 | $ | 138 | ||||
Interest cost | 360 | 408 | ||||||
Amortization of prior service credit | (736 | ) | (714 | ) | ||||
Amortization of actuarial gains | (64 | ) | (85 | ) | ||||
Net periodic benefit credit | $ | (297 | ) | $ | (253 | ) |
Business_Segment_Information_T
Business Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Reportable Business Segment Information | Reportable business segment information for the three months ended March 31 was as follows: | |||||||||||||||||||
Metal | Closures | Plastic | Corporate | Total | ||||||||||||||||
Containers | Containers | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Net sales | $ | 458,898 | $ | 198,080 | $ | 159,623 | $ | — | $ | 816,601 | ||||||||||
Depreciation and amortization(1) | 17,192 | 9,727 | 8,692 | 32 | 35,643 | |||||||||||||||
Rationalization charges | — | 336 | 389 | — | 725 | |||||||||||||||
Segment income from operations(2) | 40,667 | 21,575 | 9,211 | (4,392 | ) | 67,061 | ||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Net sales | $ | 468,405 | $ | 213,797 | $ | 173,644 | $ | — | $ | 855,846 | ||||||||||
Depreciation and amortization(1) | 17,379 | 10,804 | 9,135 | 32 | 37,350 | |||||||||||||||
Rationalization charges | — | 626 | 962 | — | 1,588 | |||||||||||||||
Segment income from operations(2) | 40,453 | 17,766 | 12,843 | (3,052 | ) | 68,010 | ||||||||||||||
_____________ | ||||||||||||||||||||
(1) | Depreciation and amortization excludes amortization of debt issuance costs of $1.0 million and $1.1 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
(2) | Income from operations of the closures segment includes losses from operations in Venezuela of $0.1 million and $0.5 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
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: | |||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total segment income from operations | $ | 67,061 | $ | 68,010 | ||||||||||||||||
Interest and other debt expense | 16,443 | 20,160 | ||||||||||||||||||
Income before income taxes | $ | 50,618 | $ | 47,850 | ||||||||||||||||
Rationalization_Charges_Activi
Rationalization Charges Activity in Rationalization Plan Reserves (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2014 | $6,368 | |
Charged to expense | 725 | 1,588 |
Utilized and currency translation | -3,357 | |
Balance at March 31, 2015 | 3,736 | |
Employee Severance and Benefits [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2014 | 6,052 | |
Charged to expense | 416 | |
Utilized and currency translation | -2,950 | |
Balance at March 31, 2015 | 3,518 | |
Plant Exit Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2014 | 316 | |
Charged to expense | 166 | |
Utilized and currency translation | -264 | |
Balance at March 31, 2015 | 218 | |
Non-Cash Asset Write-Down [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charged to expense | 143 | |
Utilized and currency translation | -143 | |
Metal Containers [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charged to expense | 0 | 0 |
Closures [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charged to expense | 336 | 626 |
Plastic Containers [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charged to expense | $389 | $962 |
Rationalization_Charges_Activi1
Rationalization Charges Activity in Rationalization Plan Reserves (Details II) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | |
Remaining expenses for our rationalization plans expected within the next twelve months | $2.60 |
Remaining cash expenditures for our rationalization plans expected within the next twelve months | $6.80 |
Amounts_Included_in_Accumulate
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2014 | ($165,624) | |
Other comprehensive loss before reclassifications | -30,905 | |
Amounts reclassified from accumulated other comprehensive loss | 1,228 | |
Other comprehensive loss | -29,677 | -9,844 |
Balance at March 31, 2015 | -195,301 | -47,963 |
Unrecognized Net Defined Benefit Plan Costs [Member] | ||
Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2014 | -89,252 | |
Other comprehensive loss before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive loss | 774 | |
Other comprehensive loss | 774 | |
Balance at March 31, 2015 | -88,478 | |
Change in Fair Value of Derivatives [Member] | ||
Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2014 | -1,198 | |
Other comprehensive loss before reclassifications | -636 | |
Amounts reclassified from accumulated other comprehensive loss | 454 | |
Other comprehensive loss | -182 | |
Balance at March 31, 2015 | -1,380 | |
Foreign Currency Translation [Member] | ||
Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2014 | -75,174 | |
Other comprehensive loss before reclassifications | -30,269 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | |
Other comprehensive loss | -30,269 | |
Balance at March 31, 2015 | ($105,443) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
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 | $50,618,000 | $47,850,000 |
Provision for income taxes | 17,314,000 | 16,374,000 |
Interest and other debt expense | 16,443,000 | 20,160,000 |
Cost of goods sold | 694,364,000 | 727,839,000 |
Foreign currency gains related to net investment hedges included in foreign currency translation component of accumulated other comprehensive loss | 29,900,000 | |
Foreign currency gains related to net investment hedges included in foreign currency translation component of accumulated other comprehensive loss, income tax provision | 11,200,000 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrecognized Net Defined Benefit Plan Costs [Member] | ||
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 | -1,300,000 | |
Provision for income taxes | -500,000 | |
Net prior service credit arising during period, before tax | 500,000 | |
Amortization of net actuarial losses | 1,800,000 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Change in Fair Value of Derivatives [Member] | ||
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 | -700,000 | |
Provision for income taxes | -200,000 | |
Interest Rate Swap [Member] | Change in Fair Value of Derivatives [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest and other debt expense | 400,000 | |
Natural Gas [Member] | Change in Fair Value of Derivatives [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of goods sold | $300,000 |
Inventories_Detail
Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Raw materials | $192,292 | $184,714 | $185,848 |
Work-in-process | 119,607 | 115,308 | 122,083 |
Finished goods | 456,958 | 338,562 | 424,236 |
Other | 14,342 | 13,541 | 13,136 |
Inventory, Gross, Total | 783,199 | 652,125 | 745,303 |
Adjustment to value inventory at cost on the LIFO method | -103,021 | -103,360 | -96,580 |
Inventories | $680,178 | $548,765 | $648,723 |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Total Debt | $1,910,807 | $1,859,809 | $1,598,963 |
Less current portion | 474,023 | 302,087 | 125,130 |
Long-term debt | 1,436,784 | 1,557,722 | 1,473,833 |
Loss on early extinguishment of debt | 0 | 1,474 | |
Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 1,110,807 | 1,059,809 | 798,963 |
5 1/2% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 300,000 | 300,000 | 300,000 |
5% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 500,000 | 500,000 | 500,000 |
Revolving Loan [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 359,500 | 182,358 | 0 |
Senior Notes [Member] | Five and One Half Percent Senior Notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note interest rate (percent) | 5.50% | 5.50% | 5.50% |
Senior Notes [Member] | Five Percent Senior Notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note interest rate (percent) | 5.00% | 5.00% | 5.00% |
Bank revolving loans and term loans [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Less current portion | 389,600 | ||
U S Term Loans [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 365,000 | 365,000 | 365,000 |
Canadian Term Loans [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 52,515 | 62,734 | 60,235 |
Euro Term Loans [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 236,192 | 304,194 | 266,156 |
Other Foreign Bank Revolving And Term Loans [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total Debt | 97,600 | 145,523 | 107,572 |
Less current portion | $84,400 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 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 | $500,000 | ||
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 | 1,000,000 | ||
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Aggregate notional principal amount of outstanding interest rate swap agreements | 150,000,000 | ||
Net payments under derivative swap agreements | 400,000 | ||
Natural Gas [Member] | |||
Derivative [Line Items] | |||
Net payments under derivative swap agreements | 300,000 | ||
Principal amount of natural gas swap agreements (mmbtu) | 1,233,000 | ||
Hedged portion of estimated twelve month exposure to natural gas price fluctuations (percent) | 29.00% | ||
Foreign Currency Exchange Rate Risk [Member] | |||
Derivative [Line Items] | |||
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive (loss) income | 29,900,000 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Derivative [Line Items] | |||
Cash and cash equivalents | 129,078,000 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | 1,503,000 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | 710,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Derivative [Line Items] | |||
Cash and cash equivalents | 129,078,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | 1,503,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | 710,000 | ||
Bank debt [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Derivative [Line Items] | |||
Long-Term Debt | 1,110,807,000 | ||
Bank debt [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Derivative [Line Items] | |||
Long-Term Debt | 1,110,807,000 | ||
5 1/2% Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Derivative [Line Items] | |||
Long-Term Debt | 300,000,000 | ||
5 1/2% Senior Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Derivative [Line Items] | |||
Long-Term Debt | 315,750,000 | ||
5% Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Derivative [Line Items] | |||
Long-Term Debt | 500,000,000 | ||
5% Senior Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Derivative [Line Items] | |||
Long-Term Debt | $515,410,000 | ||
Five Percent Senior Notes due 2020 [Member] | Senior Notes [Member] | |||
Derivative [Line Items] | |||
Senior note interest rate (percent) | 5.00% | 5.00% | 5.00% |
Five and One Half Percent Senior Notes due 2022 [Member] | Senior Notes [Member] | |||
Derivative [Line Items] | |||
Senior note interest rate (percent) | 5.50% | 5.50% | 5.50% |
Natural Gas [Member] | Minimum [Member] | Natural Gas [Member] | |||
Derivative [Line Items] | |||
Natural gas fixed price (per mmbtu) | 2.59 | ||
Natural Gas [Member] | Maximum [Member] | Natural Gas [Member] | |||
Derivative [Line Items] | |||
Natural gas fixed price (per mmbtu) | 3.19 |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $4,050 | $3,455 |
Interest cost | 7,149 | 7,430 |
Expected return on plan assets | -15,655 | -14,355 |
Amortization of prior service cost | 246 | 285 |
Amortization of actuarial losses (gains) | 1,833 | 217 |
Net periodic benefit credit | -2,377 | -2,968 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 143 | 138 |
Interest cost | 360 | 408 |
Amortization of prior service cost | -736 | -714 |
Amortization of actuarial losses (gains) | -64 | -85 |
Net periodic benefit credit | ($297) | ($253) |
Treasury_Stock_Additional_Info
Treasury Stock - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 17, 2015 | Feb. 09, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Remaining authorized repurchase amount | $113,600,000 | |||
Modified Dutch Auction Authorized Amount | 200,000,000 | |||
Fees and Expenses Modified Dutch Auction | 800,000 | |||
Repurchase of common stock under share repurchase authorization | -162,630,000 | -113,000 | ||
Treasury shares issued (shares) | 121,766 | |||
Issuance of treasury shares, average cost per share (usd per share) | $6.30 | |||
Treasury stock (shares) | 27,041,597 | |||
Common Stock Purchased Through Modified Dutch Auction Tender Offer Shares | 2,766,354 | |||
Common Stock Purchased Through Modified Dutch Auction Tender Offer Price Per Share | $58.50 | |||
Common Stock Purchased Through Modified Dutch Auction Tender Offer Value | $161,800,000 | |||
2014 Stock Incentive Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Average cost per share of treasury stock acquired | $57.53 | |||
Shares repurchased to satisfy minimum employee withholding tax requirements resulting from the vesting of such restricted stock units (shares) | 44,122 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (Restricted stock units [Member], USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units granted (shares) | 149,100 |
Fair value of restricted stock units granted | $8.60 |
Reportable_Business_Segment_In
Reportable Business Segment Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Segment Reporting Information [Line Items] | ||||
Net sales | $816,601,000 | $855,846,000 | ||
Depreciation and amortization | 35,643,000 | [1] | 37,350,000 | [1] |
Rationalization charges | 725,000 | 1,588,000 | ||
Operating Income (Loss) | 67,061,000 | 68,010,000 | ||
Amortization of debt issuance costs excluded from depreciation and amortization | 1,000,000 | 1,100,000 | ||
Metal Containers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 458,898,000 | 468,405,000 | ||
Depreciation and amortization | 17,192,000 | [1] | 17,379,000 | [1] |
Rationalization charges | 0 | 0 | ||
Operating Income (Loss) | 40,667,000 | 40,453,000 | ||
Closures [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 198,080,000 | 213,797,000 | ||
Depreciation and amortization | 9,727,000 | [1] | 10,804,000 | [1] |
Rationalization charges | 336,000 | 626,000 | ||
Operating Income (Loss) | 21,575,000 | [2] | 17,766,000 | [2] |
Operating Income (Loss) Venezuela | -100,000 | -500,000 | ||
Plastic Containers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 159,623,000 | 173,644,000 | ||
Depreciation and amortization | 8,692,000 | [1] | 9,135,000 | [1] |
Rationalization charges | 389,000 | 962,000 | ||
Operating Income (Loss) | 9,211,000 | 12,843,000 | ||
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | ||
Depreciation and amortization | 32,000 | [1] | 32,000 | [1] |
Rationalization charges | 0 | 0 | ||
Operating Income (Loss) | ($4,392,000) | ($3,052,000) | ||
[1] | Depreciation and amortization excludes amortization of debt issuance costs of $1.0 million and $1.1 million for the three months ended March 31, 2015 and 2014, respectively. | |||
[2] | Income from operations of the closures segment includes losses from operations in Venezuela of $0.1 million and $0.5 million for the three months ended March 31, 2015 and 2014, respectively. |
Reconciliation_of_Segment_Inco
Reconciliation of Segment Income from Operations to Income before Income Taxes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting [Abstract] | ||
Total segment income from operations | $67,061 | $68,010 |
Interest and other debt expense | 16,443 | 20,160 |
Income before income taxes | $50,618 | $47,850 |