Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SLGN | |
Entity Registrant Name | Silgan Holdings Inc | |
Entity Central Index Key | 849,869 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 60,468,347 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 66,614 | $ 99,945 | $ 129,078 |
Trade accounts receivable, net | 338,933 | 281,041 | 382,805 |
Inventories | 752,971 | 628,138 | 680,178 |
Prepaid expenses and other current assets | 48,239 | 36,134 | 36,429 |
Total current assets | 1,206,757 | 1,045,258 | 1,228,490 |
Property, plant and equipment, net | 1,152,975 | 1,125,433 | 1,049,730 |
Goodwill | 615,956 | 612,792 | 612,130 |
Other intangible assets, net | 192,459 | 195,087 | 204,659 |
Other assets, net | 216,318 | 214,109 | 235,150 |
Assets, Total | 3,384,465 | 3,192,679 | 3,330,159 |
Current liabilities: | |||
Revolving loans and current portion of long-term debt | 449,512 | 152,398 | 474,023 |
Trade accounts payable | 327,178 | 477,171 | 329,708 |
Accrued payroll and related costs | 44,850 | 45,094 | 50,639 |
Accrued liabilities | 112,814 | 106,550 | 67,012 |
Total current liabilities | 934,354 | 781,213 | 921,382 |
Long-term debt | 1,368,498 | 1,361,149 | 1,422,550 |
Other liabilities | 413,583 | 411,133 | 443,324 |
Stockholders’ equity: | |||
Common stock | 876 | 876 | 876 |
Paid-in capital | 240,204 | 237,291 | 229,463 |
Retained earnings | 1,462,236 | 1,446,193 | 1,336,533 |
Accumulated other comprehensive loss | (197,456) | (208,806) | (195,301) |
Treasury stock | (837,830) | (836,370) | (828,668) |
Total stockholders’ equity | 668,030 | 639,184 | 542,903 |
Liabilities and Equity, Total | $ 3,384,465 | $ 3,192,679 | $ 3,330,159 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 792,738 | $ 816,601 |
Cost of goods sold | 678,861 | 694,364 |
Gross profit | 113,877 | 122,237 |
Selling, general and administrative expenses | 55,360 | 54,451 |
Rationalization charges | 1,071 | 725 |
Income from operations | 57,446 | 67,061 |
Interest and other debt expense | 16,455 | 16,443 |
Income before taxes | 40,991 | 50,618 |
Provision for income taxes | 14,419 | 17,314 |
Net income | $ 26,572 | $ 33,304 |
Earnings per share | ||
Basic net income per share (usd per share) | $ 0.44 | $ 0.53 |
Diluted net income per share (usd per share) | 0.44 | 0.53 |
Dividends per share (usd per share) | $ 0.17 | $ 0.16 |
Weighted average number of shares | ||
Basic (in shares) | 60,451 | 62,801 |
Effect of dilutive securities (in shares) | 374 | 281 |
Diluted (in shares) | 60,825 | 63,082 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 26,572 | $ 33,304 |
Other comprehensive income (loss), net of tax: | ||
Changes in net prior service credit and actuarial losses | 913 | 774 |
Change in fair value of derivatives | (55) | (182) |
Foreign currency translation | 10,492 | (30,269) |
Other comprehensive income (loss) | 11,350 | (29,677) |
Comprehensive income | $ 37,922 | $ 3,627 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows provided by (used in) operating activities: | ||
Net income | $ 26,572 | $ 33,304 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 36,218 | 36,676 |
Rationalization charges | 1,071 | 725 |
Stock compensation expense | 3,059 | 3,261 |
Other changes that provided (used) cash: | ||
Trade accounts receivable, net | (54,914) | (84,675) |
Inventories | (120,811) | (144,952) |
Trade accounts payable | (50,302) | (3,522) |
Accrued liabilities | 4,393 | 6,542 |
Other, net | 3,891 | 8,927 |
Net cash used in operating activities | (150,823) | (143,714) |
Cash flows provided by (used in) investing activities: | ||
Capital expenditures | (61,974) | (48,806) |
Proceeds from asset sales | 1,106 | 24 |
Net cash used in investing activities | (60,868) | (48,782) |
Cash flows provided by (used in) financing activities: | ||
Borrowings under revolving loans | 337,178 | 405,644 |
Repayments under revolving loans | (38,006) | (45,158) |
Proceeds from issuance of long-term debt | 0 | 935 |
Repayments of long-term debt | (6,387) | (4,173) |
Changes in outstanding checks - principally vendors | (101,765) | (82,805) |
Dividends paid on common stock | (10,456) | (10,292) |
Repurchase of common stock under stock plan | (2,204) | (2,538) |
Repurchase of common stock under share repurchase authorization | 0 | (162,630) |
Net cash provided by financing activities | 178,360 | 98,983 |
Cash and cash equivalents: | ||
Net decrease | (33,331) | (93,513) |
Balance at beginning of year | 99,945 | 222,591 |
Balance at end of period | 66,614 | 129,078 |
Interest paid, net | 13,275 | 13,409 |
Income taxes paid, net | $ 21,594 | $ 2,419 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
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) | |||||
Ending Balance (in shares) at Mar. 31, 2015 | 60,515 | |||||
Beginning Balance at Dec. 31, 2014 | $ 709,956 | $ 876 | $ 225,449 | $ 1,313,521 | $ (165,624) | $ (664,266) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 33,304 | 33,304 | ||||
Other comprehensive income (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) |
Beginning Balance (in shares) at Dec. 31, 2015 | 60,393 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net issuance of treasury stock for vested restricted stock units, including tax benefit (in shares) | 75 | |||||
Ending Balance (in shares) at Mar. 31, 2016 | 60,468 | |||||
Beginning Balance at Dec. 31, 2015 | 639,184 | $ 876 | 237,291 | 1,446,193 | (208,806) | (836,370) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 26,572 | 26,572 | ||||
Other comprehensive income (loss) | 11,350 | 11,350 | ||||
Dividends declared on common stock | (10,456) | (10,456) | ||||
Stock compensation expense | 3,059 | 3,059 | ||||
Adoption of accounting standard update related to stock compensation accounting | 525 | 598 | (73) | |||
Net issuance of treasury stock for vested restricted stock units including tax benefit | (2,204) | (744) | (1,460) | |||
Ending Balance at Mar. 31, 2016 | $ 668,030 | $ 876 | $ 240,204 | $ 1,462,236 | $ (197,456) | $ (837,830) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Net issuance of treasury stock for vested restricted stock units, tax benefit | $ 0 | $ 762 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 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. Certain prior year's amounts have been reclassified to conform with the current year's presentation. 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, 2015. Recently Adopted Accounting Pronouncements. In July 2015, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, or ASU, that amends existing guidance for measuring inventories. This amendment requires us to measure inventories recorded using the first-in, first-out method and the average cost method at the lower of cost and net realizable value. This amendment did not change the methodology for measuring inventories recorded using the last-in, first-out method. As permitted, we have adopted this amendment early, effective January 1, 2016, and have applied it prospectively. The adoption of this amendment did not have a material effect on our financial position, results of operations or cash flows. In March 2016, the FASB issued an ASU that amends the guidance for stock compensation accounting. This amendment (i) requires all income tax effects of stock-based compensation awards to be recognized in the statement of income when such awards vest or are settled, (ii) allows an employer to repurchase more of an employee's shares upon the vesting or settlement of an award than it could have previously for tax withholding purposes without triggering liability accounting, (iii) allows an employer to make a policy election to recognize forfeitures in respect of awards as they occur and (iv) specifies certain classifications on the statement of cash flows related to excess tax benefits and shares repurchased from employees for tax withholding purposes. As permitted, we have adopted this amendment early, effective January 1, 2016, and have applied it (i) prospectively as it related to recognizing income tax effects of awards in the statement of income, (ii) using the modified retrospective method as it related to classifying certain awards as equity rather than liabilities and recognizing forfeitures as they occur, and (iii) using the retrospective method as it related to classifying excess tax benefits on the statement of cash flows. The adoption of this amendment did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements. In May 2014, the FASB issued an 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, 2018, with early adoption permitted up to one year prior to the effective date. We have not yet selected a transition method and are currently evaluating the impact of this amendment on our financial position, results of operations and cash flows. In February 2016, the FASB issued an ASU that amends existing guidance for certain leases by lessees. This amendment will require us to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. In addition, this amendment clarifies the presentation requirements of the effects of leases in the statement of income and statement of cash flows. This amendment will be effective for us on January 1, 2019. Early adoption is permitted. This amendment is required to be adopted using a modified retrospective approach. We are currently evaluating the impact of this amendment on our financial position, results of operations and cash flows. |
Rationalization Charges
Rationalization Charges | 3 Months Ended |
Mar. 31, 2016 | |
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: 2016 2015 (Dollars in thousands) Closures $ 125 $ 336 Plastic containers 946 389 $ 1,071 $ 725 Activity in reserves for our rationalization plans for the three months ended March 31 was as follows: Employee Severance and Benefits Plant Exit Costs Non-Cash Asset Write-Down Total (Dollars in thousands) Balance at December 31, 2015 $ 3,026 $ 268 $ — $ 3,294 Charged to expense 1,008 25 38 1,071 Utilized and currency translation (2,393 ) (177 ) (38 ) (2,608 ) Balance at March 31, 2016 $ 1,641 $ 116 $ — $ 1,757 Rationalization reserves were included in the Condensed Consolidated Balance Sheets as accrued liabilities. Remaining expenses and cash expenditures for our rationalization plans of $9.5 million and $9.2 million , respectively, are expected primarily within the next twelve months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2016 | |
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 Defined Benefit Plan Costs Change in Fair Value of Derivatives Foreign Currency Translation Total (Dollars in thousands) Balance at December 31, 2015 $ (84,280 ) $ (988 ) $ (123,538 ) $ (208,806 ) Other comprehensive income before reclassifications — (516 ) 10,492 9,976 Amounts reclassified from accumulated other comprehensive loss 913 461 — 1,374 Other comprehensive income 913 (55 ) 10,492 11,350 Balance at March 31, 2016 $ (83,367 ) $ (1,043 ) $ (113,046 ) $ (197,456 ) 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, 2016 were net (losses) of $(1.3) million , excluding an income tax benefit of $0.4 million . These net (losses) consisted of $(2.0) million of amortization of net actuarial (losses) and $0.7 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 8 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, 2016 were net (losses) of $(0.7) million , excluding an income tax benefit of $0.2 million . These net (losses) included $(0.2) million related to our interest rate swap agreements which were recorded in interest and other debt expense and $(0.5) 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, 2016. See Note 6 for further information. Other comprehensive income before reclassifications related to foreign currency translation for the three months ended March 31, 2016 included (i) foreign currency gains related to translation of quarter-end financial statements of foreign subsidiaries utilizing a functional currency other than the U.S. dollar of $15.0 million , (ii) foreign currency (losses) related to intra-entity foreign currency transactions that are of a long-term investment nature of $(0.6) million and (iii) foreign currency (losses) related to our net investment hedges of $(6.2) million , excluding an income tax benefit of $2.3 million . See Note 6 for further discussion. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: March 31, 2016 March 31, 2015 Dec. 31, 2015 (Dollars in thousands) Raw materials $ 212,445 $ 192,292 $ 215,018 Work-in-process 128,471 119,607 118,947 Finished goods 489,554 456,958 371,561 Other 13,827 14,342 13,938 844,297 783,199 719,464 Adjustment to value inventory at cost on the LIFO method (91,326 ) (103,021 ) (91,326 ) $ 752,971 $ 680,178 $ 628,138 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: March 31, 2016 March 31, 2015 Dec. 31, 2015 (Dollars in thousands) Bank debt Bank revolving loans $ 299,031 $ 359,500 $ — U.S. term loans 346,750 365,000 346,750 Canadian term loans 45,119 52,515 47,973 Euro term loans 233,683 236,192 227,434 Other foreign bank revolving and term loans 105,046 97,600 103,661 Total bank debt 1,029,629 1,110,807 725,818 5½% Senior Notes 300,000 300,000 300,000 5% Senior Notes 500,000 500,000 500,000 Total debt - principal 1,829,629 1,910,807 1,525,818 Less unamortized debt issuance costs 11,619 14,234 12,271 Total debt 1,818,010 1,896,573 1,513,547 Less current portion 449,512 474,023 152,398 $ 1,368,498 $ 1,422,550 $ 1,361,149 At March 31, 2016, amounts expected to be repaid within one year consisted of $360.1 million of bank revolving and term loans under our senior secured credit facility, or the Credit Agreement, and $89.4 million of foreign bank revolving and term loans. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016: Carrying Amount Fair Value (Dollars in thousands) Assets: Cash and cash equivalents $ 66,614 $ 66,614 Liabilities: Bank debt $ 1,029,629 $ 1,029,629 5½% Senior Notes 300,000 312,444 5% Senior Notes 500,000 510,270 Interest rate swap agreements 949 949 Natural gas swap agreements 724 724 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, 2016 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. 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 2016, our hedges were fully effective. The fair value of our outstanding swap agreements in effect at March 31, 2016 was recorded in our Condensed Consolidated Balance Sheet as a total liability of $1.7 million , of which $1.5 million was included in accrued liabilities and $0.2 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 months ended March 31, 2016 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, 2016, the aggregate notional principal amount of our outstanding interest rate swap agreements was $100.0 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, 2016, net payments under our interest rate swap agreements were $0.2 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, 2016, the aggregate notional principal amount of our natural gas swap agreements was 986,000 MMBtu of natural gas with fixed prices ranging from $2.86 to $3.21 per MMBtu, which hedges approximately 20 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, 2016, net payments under our natural gas swap agreements were $0.5 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 losses related to our net investment hedges included in accumulated other comprehensive loss for the three months ended March 31, 2016 were $6.2 million . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies A competition authority in Germany commenced an antitrust investigation involving the industry association for metal packaging in Germany and its members, including our metal container and closures subsidiaries in Germany. Given the early stage of the investigation, we cannot reasonably assess what actions may result from the investigation or estimate what costs we may incur as a result of the investigation. We are a party to other legal proceedings, contract disputes and claims arising in the ordinary course of our business, none of which are expected to have a material adverse effect on our business or financial condition. |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefits | Retirement Benefits The components of the net periodic pension benefit credit for the three months ended March 31 were as follows: 2016 2015 (Dollars in thousands) Service cost $ 3,313 $ 4,050 Interest cost 6,434 7,149 Expected return on plan assets (14,583 ) (15,655 ) Amortization of prior service cost 151 246 Amortization of actuarial losses 2,083 1,833 Net periodic benefit credit $ (2,602 ) $ (2,377 ) The components of the net periodic other postretirement benefits credit for the three months ended March 31 were as follows: 2016 2015 (Dollars in thousands) Service cost $ 67 $ 143 Interest cost 254 360 Amortization of prior service credit (850 ) (736 ) Amortization of actuarial gains (118 ) (64 ) Net periodic benefit credit $ (647 ) $ (297 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
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. We have been accepted into the Compliance Assurance Program for the 2015 and 2016 tax years which provides for the review by the Internal Revenue Service, or 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, 2016 | |
Equity [Abstract] | |
Treasury Stock | 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. At March 31, 2016, we had approximately $106.0 million remaining under this authorization for the repurchase of our common stock. During the first three months of 2016, we issued 118,180 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. Amended and Restated 2004 Stock Incentive Plan, we repurchased 42,738 shares of our common stock at an average cost of $51.57 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, 2016, 27,087,901 shares of our common stock were held in treasury. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
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 2016, 188,600 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 $9.7 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, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information Reportable business segment information for the three months ended March 31 was as follows: Metal Containers Closures Plastic Containers Corporate Total (Dollars in thousands) Three Months Ended March 31, 2016 Net sales $ 453,455 $ 196,110 $ 143,173 $ — $ 792,738 Depreciation and amortization (1) 17,950 9,416 7,782 29 35,177 Rationalization charges — 125 946 — 1,071 Segment income from operations 37,616 24,520 50 (4,740 ) 57,446 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 40,667 21,575 9,211 (4,392 ) 67,061 _____________ (1) Depreciation and amortization excludes amortization of debt issuance costs of $1.0 million for each of the three months ended March 31, 2016 and 2015. Total segment income from operations is reconciled to income before income taxes as follows: 2016 2015 (Dollars in thousands) Total segment income from operations $ 57,446 $ 67,061 Interest and other debt expense 16,455 16,443 Income before income taxes $ 40,991 $ 50,618 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 Polici20
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 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. Certain prior year's amounts have been reclassified to conform with the current year's presentation. 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, 2015. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements. In July 2015, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, or ASU, that amends existing guidance for measuring inventories. This amendment requires us to measure inventories recorded using the first-in, first-out method and the average cost method at the lower of cost and net realizable value. This amendment did not change the methodology for measuring inventories recorded using the last-in, first-out method. As permitted, we have adopted this amendment early, effective January 1, 2016, and have applied it prospectively. The adoption of this amendment did not have a material effect on our financial position, results of operations or cash flows. In March 2016, the FASB issued an ASU that amends the guidance for stock compensation accounting. This amendment (i) requires all income tax effects of stock-based compensation awards to be recognized in the statement of income when such awards vest or are settled, (ii) allows an employer to repurchase more of an employee's shares upon the vesting or settlement of an award than it could have previously for tax withholding purposes without triggering liability accounting, (iii) allows an employer to make a policy election to recognize forfeitures in respect of awards as they occur and (iv) specifies certain classifications on the statement of cash flows related to excess tax benefits and shares repurchased from employees for tax withholding purposes. As permitted, we have adopted this amendment early, effective January 1, 2016, and have applied it (i) prospectively as it related to recognizing income tax effects of awards in the statement of income, (ii) using the modified retrospective method as it related to classifying certain awards as equity rather than liabilities and recognizing forfeitures as they occur, and (iii) using the retrospective method as it related to classifying excess tax benefits on the statement of cash flows. The adoption of this amendment did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements. In May 2014, the FASB issued an 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, 2018, with early adoption permitted up to one year prior to the effective date. We have not yet selected a transition method and are currently evaluating the impact of this amendment on our financial position, results of operations and cash flows. In February 2016, the FASB issued an ASU that amends existing guidance for certain leases by lessees. This amendment will require us to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. In addition, this amendment clarifies the presentation requirements of the effects of leases in the statement of income and statement of cash flows. This amendment will be effective for us on January 1, 2019. Early adoption is permitted. This amendment is required to be adopted using a modified retrospective approach. We are currently evaluating the impact of this amendment on our financial position, results of operations and cash flows. |
Rationalization Charges (Tables
Rationalization Charges (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: 2016 2015 (Dollars in thousands) Closures $ 125 $ 336 Plastic containers 946 389 $ 1,071 $ 725 Activity in reserves for our rationalization plans for the three months ended March 31 was as follows: Employee Severance and Benefits Plant Exit Costs Non-Cash Asset Write-Down Total (Dollars in thousands) Balance at December 31, 2015 $ 3,026 $ 268 $ — $ 3,294 Charged to expense 1,008 25 38 1,071 Utilized and currency translation (2,393 ) (177 ) (38 ) (2,608 ) Balance at March 31, 2016 $ 1,641 $ 116 $ — $ 1,757 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Defined Benefit Plan Costs Change in Fair Value of Derivatives Foreign Currency Translation Total (Dollars in thousands) Balance at December 31, 2015 $ (84,280 ) $ (988 ) $ (123,538 ) $ (208,806 ) Other comprehensive income before reclassifications — (516 ) 10,492 9,976 Amounts reclassified from accumulated other comprehensive loss 913 461 — 1,374 Other comprehensive income 913 (55 ) 10,492 11,350 Balance at March 31, 2016 $ (83,367 ) $ (1,043 ) $ (113,046 ) $ (197,456 ) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following: March 31, 2016 March 31, 2015 Dec. 31, 2015 (Dollars in thousands) Raw materials $ 212,445 $ 192,292 $ 215,018 Work-in-process 128,471 119,607 118,947 Finished goods 489,554 456,958 371,561 Other 13,827 14,342 13,938 844,297 783,199 719,464 Adjustment to value inventory at cost on the LIFO method (91,326 ) (103,021 ) (91,326 ) $ 752,971 $ 680,178 $ 628,138 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt consisted of the following: March 31, 2016 March 31, 2015 Dec. 31, 2015 (Dollars in thousands) Bank debt Bank revolving loans $ 299,031 $ 359,500 $ — U.S. term loans 346,750 365,000 346,750 Canadian term loans 45,119 52,515 47,973 Euro term loans 233,683 236,192 227,434 Other foreign bank revolving and term loans 105,046 97,600 103,661 Total bank debt 1,029,629 1,110,807 725,818 5½% Senior Notes 300,000 300,000 300,000 5% Senior Notes 500,000 500,000 500,000 Total debt - principal 1,829,629 1,910,807 1,525,818 Less unamortized debt issuance costs 11,619 14,234 12,271 Total debt 1,818,010 1,896,573 1,513,547 Less current portion 449,512 474,023 152,398 $ 1,368,498 $ 1,422,550 $ 1,361,149 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016: Carrying Amount Fair Value (Dollars in thousands) Assets: Cash and cash equivalents $ 66,614 $ 66,614 Liabilities: Bank debt $ 1,029,629 $ 1,029,629 5½% Senior Notes 300,000 312,444 5% Senior Notes 500,000 510,270 Interest rate swap agreements 949 949 Natural gas swap agreements 724 724 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The components of the net periodic pension benefit credit for the three months ended March 31 were as follows: 2016 2015 (Dollars in thousands) Service cost $ 3,313 $ 4,050 Interest cost 6,434 7,149 Expected return on plan assets (14,583 ) (15,655 ) Amortization of prior service cost 151 246 Amortization of actuarial losses 2,083 1,833 Net periodic benefit credit $ (2,602 ) $ (2,377 ) The components of the net periodic other postretirement benefits credit for the three months ended March 31 were as follows: 2016 2015 (Dollars in thousands) Service cost $ 67 $ 143 Interest cost 254 360 Amortization of prior service credit (850 ) (736 ) Amortization of actuarial gains (118 ) (64 ) Net periodic benefit credit $ (647 ) $ (297 ) |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Reportable Business Segment Information | Reportable business segment information for the three months ended March 31 was as follows: Metal Containers Closures Plastic Containers Corporate Total (Dollars in thousands) Three Months Ended March 31, 2016 Net sales $ 453,455 $ 196,110 $ 143,173 $ — $ 792,738 Depreciation and amortization (1) 17,950 9,416 7,782 29 35,177 Rationalization charges — 125 946 — 1,071 Segment income from operations 37,616 24,520 50 (4,740 ) 57,446 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 40,667 21,575 9,211 (4,392 ) 67,061 _____________ (1) Depreciation and amortization excludes amortization of debt issuance costs of $1.0 million for each of the three months ended March 31, 2016 and 2015. |
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: 2016 2015 (Dollars in thousands) Total segment income from operations $ 57,446 $ 67,061 Interest and other debt expense 16,455 16,443 Income before income taxes $ 40,991 $ 50,618 |
Rationalization Charges Activit
Rationalization Charges Activity in Rationalization Plan Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2015 | $ 3,294 | |
Charged to expense | 1,071 | $ 725 |
Utilized and currency translation | (2,608) | |
Balance at March 31, 2016 | 1,757 | |
Employee Severance and Benefits [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2015 | 3,026 | |
Charged to expense | 1,008 | |
Utilized and currency translation | (2,393) | |
Balance at March 31, 2016 | 1,641 | |
Plant Exit Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2015 | 268 | |
Charged to expense | 25 | |
Utilized and currency translation | (177) | |
Balance at March 31, 2016 | 116 | |
Non-Cash Asset Write-Down [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charged to expense | 38 | |
Utilized and currency translation | (38) | |
Closures [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charged to expense | 125 | 336 |
Plastic Containers [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charged to expense | $ 946 | $ 389 |
Rationalization Charges Activ29
Rationalization Charges Activity in Rationalization Plan Reserves (Details II) - Rationalization [Member] - Rationalization Plan [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Remaining expenses for our rationalization plans expected within the next twelve months | $ 9.5 |
Remaining cash expenditures for our rationalization plans expected within the next twelve months | $ 9.2 |
Amounts Included in Accumulated
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2015 | $ (208,806) | |
Other comprehensive income before reclassifications | 9,976 | |
Amounts reclassified from accumulated other comprehensive loss | 1,374 | |
Other comprehensive income | 11,350 | $ (29,677) |
Balance at March 31, 2016 | (197,456) | $ (195,301) |
Unrecognized Net Defined Benefit Plan Costs [Member] | ||
Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2015 | (84,280) | |
Other comprehensive income before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive loss | 913 | |
Other comprehensive income | 913 | |
Balance at March 31, 2016 | (83,367) | |
Change in Fair Value of Derivatives [Member] | ||
Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2015 | (988) | |
Other comprehensive income before reclassifications | (516) | |
Amounts reclassified from accumulated other comprehensive loss | 461 | |
Other comprehensive income | (55) | |
Balance at March 31, 2016 | (1,043) | |
Foreign Currency Translation [Member] | ||
Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2015 | (123,538) | |
Other comprehensive income before reclassifications | 10,492 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | |
Other comprehensive income | 10,492 | |
Balance at March 31, 2016 | $ (113,046) |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 10,492 | $ (30,269) |
Unrecognized Net Defined Benefit Plan Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive (Loss) Reclassification Adjustment from AOCI, Pension and other Postretirement Benefit Plans, before tax | (1,300) | |
Benefit for Income Taxes | 400 | |
Amortization of net actuarial (losses) | (2,000) | |
Net prior service credit arising during period, before tax | 700 | |
Change in Fair Value of Derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Benefit for Income Taxes | 200 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (700) | |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 15,000 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Related to Net Investment Hedges, before Reclassification and Tax | (6,200) | |
Foreign currency translation, tax benefit | 2,300 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period Related to Intra-Entity Transactions of a Long-Term Investment Nature, Net of Tax | (600) | |
Interest Expense [Member] | Interest Rate Contract [Member] | Change in Fair Value of Derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (200) | |
Cost of Goods, Total [Member] | Natural Gas [Member] | Change in Fair Value of Derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ (500) |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 212,445 | $ 215,018 | $ 192,292 |
Work-in-process | 128,471 | 118,947 | 119,607 |
Finished goods | 489,554 | 371,561 | 456,958 |
Other | 13,827 | 13,938 | 14,342 |
Inventory, Gross, Total | 844,297 | 719,464 | 783,199 |
Adjustment to value inventory at cost on the LIFO method | (91,326) | (91,326) | (103,021) |
Inventories | $ 752,971 | $ 628,138 | $ 680,178 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Debt Instrument [Line Items] | |||
Total debt - principal | $ 1,829,629 | $ 1,525,818 | $ 1,910,807 |
Less unamortized debt issuance costs | 11,619 | 12,271 | 14,234 |
Debt Long Term and Short Term Less Unamortized Debt Issuance Expense Combined Amount | 1,818,010 | 1,513,547 | 1,896,573 |
Less current portion | 449,512 | 152,398 | 474,023 |
Long-term debt | 1,368,498 | 1,361,149 | 1,422,550 |
Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt - principal | 1,029,629 | 725,818 | 1,110,807 |
5 1/2% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total debt - principal | $ 300,000 | $ 300,000 | $ 300,000 |
Senior note interest rate (percent) | 5.50% | 5.50% | 5.50% |
5% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total debt - principal | $ 500,000 | $ 500,000 | $ 500,000 |
Senior note interest rate (percent) | 5.00% | 5.00% | 5.00% |
Revolving Loan [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt - principal | $ 299,031 | $ 0 | $ 359,500 |
Bank revolving loans and term loans[Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Less current portion | 360,100 | ||
U S Term Loans [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt - principal | 346,750 | 346,750 | 365,000 |
Canadian Term Loans [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt - principal | 45,119 | 47,973 | 52,515 |
Euro Term Loans [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt - principal | 233,683 | 227,434 | 236,192 |
Other Foreign Bank Revolving And Term Loans [Member] | Bank debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt - principal | 105,046 | $ 103,661 | $ 97,600 |
Less current portion | $ 89,400 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)MMBTU$ / MMBTU | |
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 |
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 |
Interest Rate and Natural Gas Swap [Member] | |
Derivative [Line Items] | |
Derivative liabilities | 1,700 |
Natural Gas [Member] | |
Derivative [Line Items] | |
Net payments under derivative swap agreements | $ 500 |
Principal amount of natural gas swap (Mmbtu) | MMBTU | 986,000 |
Hedged portion of exposure to natural gas price fluctuations (percent) | 20.00% |
Interest rate swap agreements [Member] | |
Derivative [Line Items] | |
Aggregate notional principal amount of outstanding interest rate swap agreements | $ 100,000 |
Net payments under derivative swap agreements | 200 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |
Derivative [Line Items] | |
Cash and cash equivalents | 66,614 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Derivative liabilities | 724 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Interest rate swap agreements [Member] | |
Derivative [Line Items] | |
Derivative liabilities | 949 |
Estimate of Fair Value, Fair Value Disclosure [Member] | |
Derivative [Line Items] | |
Cash and cash equivalents | 66,614 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Derivative liabilities | 724 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Interest rate swap agreements [Member] | |
Derivative [Line Items] | |
Derivative liabilities | 949 |
Bank debt [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |
Derivative [Line Items] | |
Long-Term Debt | 1,029,629 |
Bank debt [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |
Derivative [Line Items] | |
Long-Term Debt | 1,029,629 |
5 1/2% Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |
Derivative [Line Items] | |
Long-Term Debt | 300,000 |
5 1/2% Senior Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |
Derivative [Line Items] | |
Long-Term Debt | 312,444 |
5% Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |
Derivative [Line Items] | |
Long-Term Debt | 500,000 |
5% Senior Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |
Derivative [Line Items] | |
Long-Term Debt | $ 510,270 |
5.0% Senior Notes due 2020 [Member] | Senior Notes [Member] | |
Derivative [Line Items] | |
Senior note interest rate (percent) | 5.00% |
5.5% Senior Notes due 2022 [Member] | Senior Notes [Member] | |
Derivative [Line Items] | |
Senior note interest rate (percent) | 5.50% |
Minimum [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural gas fixed price | $ / MMBTU | 2.86 |
Maximum [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural gas fixed price | $ / MMBTU | 3.21 |
Accrued Liabilities [Member] | Interest Rate and Natural Gas Swap [Member] | |
Derivative [Line Items] | |
Derivative liabilities | $ 1,500 |
Other Liabilities [Member] | Interest Rate and Natural Gas Swap [Member] | |
Derivative [Line Items] | |
Derivative liabilities | 200 |
Accumulated Translation Adjustment [Member] | |
Derivative [Line Items] | |
Foreign currency losses of net investment hedges included in accumulated other comprehensive loss | $ 6,200 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3,313 | $ 4,050 |
Interest cost | 6,434 | 7,149 |
Expected return on plan assets | (14,583) | (15,655) |
Amortization of prior service cost (credit) | 151 | 246 |
Amortization of actuarial losses (gains) | 2,083 | 1,833 |
Net periodic benefit credit | (2,602) | (2,377) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 67 | 143 |
Interest cost | 254 | 360 |
Amortization of prior service cost (credit) | (850) | (736) |
Amortization of actuarial losses (gains) | (118) | (64) |
Net periodic benefit credit | $ (647) | $ (297) |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Feb. 28, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock authorized for repurchase Program (shares) | $ 300,000 | ||
Remaining authorized repurchase amount | $ 106,000 | ||
Repurchase of common stock under share repurchase authorization | $ 0 | $ 162,630 | |
Treasury stock (shares) | 27,087,901 | ||
2004 Amended and Restated Stock Incentive Plan | |||
Equity, Class of Treasury Stock [Line Items] | |||
Average cost per share of treasury stock acquired (usd per share) | $ 51.57 | ||
Treasury shares issued (shares) | 118,180 | ||
Issuance of treasury shares, average cost per share (usd per share) | $ 6.30 | ||
Shares repurchased to satisfy minimum employee withholding tax requirements resulting from the vesting of such restricted stock units (shares) | 42,738 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - Restricted stock units [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units granted (shares) | shares | 188,600 |
Fair value of restricted stock units granted | $ | $ 9.7 |
Reportable Business Segment Inf
Reportable Business Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Segment Reporting Information [Line Items] | |||
Net sales | $ 792,738 | $ 816,601 | |
Depreciation and amortization | [1] | 35,177 | 35,643 |
Rationalization charges | 1,071 | 725 | |
Segment income from operations | 57,446 | 67,061 | |
Amortization of debt issuance costs excluded from depreciation and amortization | 1,000 | 1,000 | |
Metal Containers [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 453,455 | 458,898 | |
Depreciation and amortization | [1] | 17,950 | 17,192 |
Rationalization charges | 0 | 0 | |
Segment income from operations | 37,616 | 40,667 | |
Closures [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 196,110 | 198,080 | |
Depreciation and amortization | [1] | 9,416 | 9,727 |
Rationalization charges | 125 | 336 | |
Segment income from operations | 24,520 | 21,575 | |
Plastic Containers [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 143,173 | 159,623 | |
Depreciation and amortization | [1] | 7,782 | 8,692 |
Rationalization charges | 946 | 389 | |
Segment income from operations | 50 | 9,211 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | |
Depreciation and amortization | [1] | 29 | 32 |
Rationalization charges | 0 | 0 | |
Segment income from operations | $ (4,740) | $ (4,392) | |
[1] | Depreciation and amortization excludes amortization of debt issuance costs of $1.0 million for each of the three months ended March 31, 2016 and 2015. |
Reconciliation of Segment Incom
Reconciliation of Segment Income from Operations to Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting [Abstract] | ||
Total segment income from operations | $ 57,446 | $ 67,061 |
Interest and other debt expense | 16,455 | 16,443 |
Income before income taxes | $ 40,991 | $ 50,618 |