Silgan (SLGN) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-22117
Entity Registrant Name	SILGAN HOLDINGS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1269834
Entity Address, Address Line One	4 Landmark Square
Entity Address, City or Town	Stamford,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06901
City Area Code	203
Local Phone Number	975-7110
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SLGN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		110,800,407
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000849869
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 259,564	$ 631,439	$ 190,131
Trade accounts receivable, net	852,876	711,332	738,088
Inventories	1,018,685	798,837	788,637
Prepaid expenses and other current assets	150,646	154,241	102,382
Total current assets	2,281,771	2,295,849	1,819,238
Property, plant and equipment, net	1,979,681	1,993,877	1,811,593
Goodwill	2,024,340	2,038,408	1,701,040
Other intangible assets, net	817,450	830,772	613,220
Other assets, net	607,168	611,940	496,381
Assets, total	7,710,410	7,770,846	6,441,472
Current liabilities:
Revolving loans and current portion of long-term debt	539,134	20,251	195,122
Trade accounts payable	850,532	1,133,318	629,494
Accrued payroll and related costs	109,096	109,279	105,745
Accrued liabilities	218,194	245,674	224,747
Total current liabilities	1,716,956	1,508,522	1,155,108
Long-term debt	3,445,633	3,772,926	3,163,292
Deferred income taxes	433,843	435,252	357,587
Other liabilities	475,739	491,450	489,129
Stockholders’ equity:
Common stock	1,751	1,751	1,751
Paid-in capital	328,201	325,448	309,635
Retained earnings	2,758,697	2,691,745	2,452,996
Accumulated other comprehensive loss	(244,642)	(259,828)	(291,806)
Treasury stock	(1,205,768)	(1,196,420)	(1,196,220)
Total stockholders’ equity	1,638,239	1,562,696	1,276,356
Liabilities and equity, total	$ 7,710,410	$ 7,770,846	$ 6,441,472

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,441,886	$ 1,238,110
Cost of goods sold	1,208,433	1,016,644
Gross profit	233,453	221,466
Selling, general and administrative expenses	100,011	97,379
Rationalization charges	1,379	10,357
Other pension and postretirement income	(11,329)	(12,819)
Income before interest and income taxes	143,392	126,549
Interest and other debt expense before loss on early extinguishment of debt	29,349	26,423
Loss on early extinguishment of debt	1,481	883
Interest and other debt expense	30,830	27,306
Income before income taxes	112,562	99,243
Provision for income taxes	27,687	25,962
Net income	$ 84,875	$ 73,281
Earnings per share
Basic net income per share (usd per share)	$ 0.77	$ 0.66
Diluted net income per share (usd per share)	$ 0.76	$ 0.66
Weighted average number of shares
Basic (in shares)	110,600	110,206
Effect of dilutive securities (in shares)	793	824
Diluted (in shares)	111,393	111,030

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 84,875	$ 73,281
Other comprehensive income (loss), net of tax:
Changes in net prior service credit and actuarial losses	499	1,878
Change in fair value of derivatives	2,337	641
Foreign currency translation	12,350	(33,372)
Other comprehensive income (loss)	15,186	(30,853)
Comprehensive income	$ 100,061	$ 42,428

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows provided by (used in) operating activities:
Net income	$ 84,875	$ 73,281
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	69,067	60,872
Rationalization charges	1,379	10,357
Stock compensation expense	4,879	5,010
Loss on early extinguishment of debt	1,481	883
Other changes that provided (used) cash, net of effects from acquisitions:
Trade accounts receivable, net	(141,113)	(103,549)
Inventories	(222,137)	(118,132)
Trade accounts payable	(29,881)	(59,825)
Accrued liabilities	(23,291)	(32,062)
Other, net	(12,660)	(8,983)
Net cash used in operating activities	(267,401)	(172,148)
Cash flows provided by (used in) investing activities:
Purchase of businesses, net of cash acquired	(1,333)	0
Capital expenditures	(68,491)	(68,764)
Other, net	(203)	402
Net cash used in investing activities	(70,027)	(68,362)
Cash flows provided by (used in) financing activities:
Borrowings under revolving loans	544,624	170,457
Repayments under revolving loans	(24,408)	(31,310)
Proceeds from issuance of long-term debt	0	499,725
Repayments of long-term debt	(300,000)	(500,000)
Changes in outstanding checks - principally vendors	(225,863)	(84,216)
Dividends paid on common stock	(18,722)	(16,055)
Debt issuance costs	0	(4,633)
Repurchase of common stock	(11,474)	(8,275)
Net cash (used in) provided by financing activities	(35,843)	25,693
Effect of exchange rate changes on cash and cash equivalents	1,396	(4,533)
Cash and cash equivalents:
Net decrease	(371,875)	(219,350)
Balance at beginning of year	631,439	409,481
Balance at end of period	259,564	190,131
Interest paid, net	33,116	31,655
Income taxes paid, net	$ 6,718	$ 15,297

Condensed Consolidated Statem_4

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 at Dec. 31, 2020		$ 1,751	$ 306,363	$ 2,395,395	$ (260,953)	$ (1,189,683)
Beginning balance (in shares) at Dec. 31, 2020		110,057
Increase (Decrease) in Stockholders' Equity
Net issuance of treasury stock for vested restricted stock units (in shares)		329
Stock compensation expense			5,010
Net issuance of treasury stock for vested restricted stock units			(1,738)			(6,537)
Net income	$ 73,281			73,281
Dividends declared on common stock				(15,680)
Other comprehensive income (loss)					(30,853)
Ending balance at Mar. 31, 2021	$ 1,276,356	$ 1,751	309,635	2,452,996	(291,806)	(1,196,220)
Ending balance (in shares) at Mar. 31, 2021		110,386
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.14
Beginning balance at Dec. 31, 2021	$ 1,562,696	$ 1,751	325,448	2,691,745	(259,828)	(1,196,420)
Beginning balance (in shares) at Dec. 31, 2021		110,410
Increase (Decrease) in Stockholders' Equity
Net issuance of treasury stock for vested restricted stock units (in shares)		390
Stock compensation expense			4,879
Net issuance of treasury stock for vested restricted stock units			(2,126)			(9,348)
Net income	84,875			84,875
Dividends declared on common stock				(17,923)
Other comprehensive income (loss)					15,186
Ending balance at Mar. 31, 2022	$ 1,638,239	$ 1,751	$ 328,201	$ 2,758,697	$ (244,642)	$ (1,205,768)
Ending balance (in shares) at Mar. 31, 2022		110,800
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.16

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021 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, 2021.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue Recognition [Abstract]
Revenue	Revenue The following tables present our revenues disaggregated by reportable segment and geography as they best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Revenues by segment for the three months ended March 31 were as follows: 2022 2021 (Dollars in thousands) Dispensing and Specialty Closures $ 597,927 $ 509,352 Metal Containers 650,726 554,081 Custom Containers 193,233 174,677 $ 1,441,886 $ 1,238,110 Revenues by geography for the three months ended March 31 were as follows: 2022 2021 (Dollars in thousands) North America $ 1,086,224 $ 898,402 Europe and other 355,662 339,708 $ 1,441,886 $ 1,238,110

Rationalization Charges

Rationalization Charges	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Rationalization Charges	Rationalization Charges We continually evaluate cost reduction opportunities across each of our segments, 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 segment for the three months ended March 31 were as follows: 2022 2021 (Dollars in thousands) Dispensing and Specialty Closures $ — $ 5,231 Metal Containers 1,274 5,021 Custom Containers 105 105 $ 1,379 $ 10,357 Activity in reserves for our rationalization plans were as follows: Employee Plant Non-Cash Total (Dollars in thousands) Balance at December 31, 2021 $ 41,090 $ 157 $ — $ 41,247 Charged to expense 621 733 25 1,379 Utilized and currency translation (1,839) (702) (25) (2,566) Balance at March 31, 2022 $ 39,872 $ 188 $ — $ 40,060 Non-cash asset write-downs were the result of comparing the carrying value of certain production related assets to their fair value using estimated future discounted cash flows, a Level 3 fair value measurement (see Note 7 for information regarding a Level 3 fair value measurement). Rationalization reserves as of March 31, 2022 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $4.8 million and other liabilities of $35.3 million. Excluding the impact of our withdrawal from the Central States, Southeast and Southwest Areas Pension Plan, or the Central States Pension Plan, in 2019, remaining expenses and cash expenditures for our rationalization plans are expected to be $0.6 million and $2.2 million, respectively. Remaining expenses for the accretion of interest for the withdrawal liability related to the Central States Pension Plan are expected to average approximately $1.0 million per year and be recognized annually through 2040, and remaining cash expenditures for the withdrawal liability related to the Central States Pension Plan are expected to be approximately $3.1 million annually through 2040.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
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 (Dollars in thousands) Balance at December 31, 2021 $ (119,474) $ (2,327) $ (138,027) $ (259,828) Other comprehensive income before reclassifications — 2,018 12,350 14,368 Amounts reclassified from accumulated other comprehensive loss 499 319 — 818 Other comprehensive income 499 2,337 12,350 15,186 Balance at March 31, 2022 $ (118,975) $ 10 $ (125,677) $ (244,642) 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, 2022 were net (losses) of $(0.7) million, excluding an income tax benefit of $0.2 million. These net (losses) consisted of amortization of net actuarial (losses) of $(1.1) million and amortization of net prior service credit of $0.4 million. Amortization of net actuarial losses and net prior service credit was recorded in other pension and postretirement income in our Condensed Consolidated Statements of Income. See Note 9 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, 2022 were not significant. Other comprehensive loss before reclassifications related to foreign currency translation for the three months ended March 31, 2022 consisted of (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 $3.0 million, (ii) foreign currency gains related to intra-entity foreign currency transactions that are of a long-term investment nature of $0.8 million, and (iii) foreign currency gains related to our net investment hedges of $11.3 million, excluding an income tax (provision) of $(2.7) million. See Note 7 for further discussion.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: March 31, 2022 March 31, 2021 Dec. 31, 2021 (Dollars in thousands) Raw materials $ 295,713 $ 263,580 $ 394,102 Work-in-process 263,878 167,137 157,406 Finished goods 607,087 452,553 394,378 Other 14,787 14,955 15,731 1,181,465 898,225 961,617 Adjustment to value inventory at cost on the LIFO method (162,780) (109,588) (162,780) $ 1,018,685 $ 788,637 $ 798,837

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: March 31, 2022 March 31, 2021 Dec. 31, 2021 (Dollars in thousands) Bank debt Bank revolving loans $ 508,000 $ 137,000 $ — U.S. term loans 1,000,000 400,000 1,000,000 Other foreign bank revolving and term loans 50,014 60,030 38,862 Total bank debt 1,558,014 597,030 1,038,862 4¾% Senior Notes — 300,000 300,000 3¼% Senior Notes 723,190 763,945 739,180 4⅛% Senior Notes 600,000 600,000 600,000 2¼% Senior Notes 556,300 587,650 568,600 1.4% Senior Secured Notes 500,000 500,000 500,000 Finance leases 67,714 33,936 68,730 Total debt - principal 4,005,218 3,382,561 3,815,372 Less unamortized debt issuance costs and debt discount 20,451 24,147 22,195 Total debt 3,984,767 3,358,414 3,793,177 Less current portion 539,134 195,122 20,251 $ 3,445,633 $ 3,163,292 $ 3,772,926 At March 31, 2022, the current portion of long-term debt consisted of $508.0 million of bank revolving loans under our amended and restated senior secured credit facility, as amended, or the Credit Agreement, $28.4 million of other foreign bank revolving and term loans and $2.7 million of finance leases. On March 28, 2022, we redeemed all $300.0 million aggregate principal amount of our outstanding 4¾% Senior Notes due 2025, or the 4¾% Notes, at a redemption price of 100 percent of their principal amount plus accrued and unpaid interest to the redemption date. We funded this redemption with revolving loan borrowings under the Credit Agreement and cash on hand. As a result of this redemption, we recorded a pre-tax charge for the loss on early extinguishment of debt of $1.5 million during the first quarter of 2022 for the write-off of unamortized debt issuance costs.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
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, 2022: Carrying Fair (Dollars in thousands) Assets: Cash and cash equivalents $ 259,564 $ 259,564 Liabilities: Bank debt $ 1,558,014 $ 1,558,014 3¼% Senior Notes 723,190 721,671 4⅛% Senior Notes 599,229 575,280 2¼% Senior Notes 556,300 507,624 1.4% Senior Secured Notes 499,784 456,550 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, 2022 consisted of our cash and cash equivalents and derivative instruments. We measured the fair value of cash and cash equivalents using Level 1 inputs. We measured the fair value of our derivative instruments using the income approach. The fair value of our derivative instruments 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, 3¼% Senior Notes, 4⅛% Senior Notes, 2¼% Senior Notes and 1.4% Senior Secured 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 3¼% Senior Notes, 4⅛% Senior Notes, 2¼% Senior Notes and 1.4% Senior Secured 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 generally 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 also 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. Interest Rate Swap Agreements We have entered into two U.S. dollar interest rate swap agreements, each for $50.0 million notional principal amount, to manage a portion of our exposure to interest rate fluctuations. These agreements have a fixed rate of 2.878 percent and mature on March 24, 2023. 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 and was not significant for the three months ended March 31, 2022. These agreements are with a financial institution which is expected to fully perform under the terms thereof. The total fair value of our interest rate swap agreements in effect at March 31, 2022 was not significant. Natural Gas Swap Agreements We have entered into natural gas swap agreements to manage a portion of our 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 and was not significant for the three months ended March 31, 2022. These agreements are with a financial institution which is expected to fully perform under the terms thereof. The total fair value of our natural gas swap agreements in effect at March 31, 2022 was not significant. Foreign Currency Exchange Rate Risk In an effort to minimize our foreign currency exchange rate risk, we have financed acquisitions of foreign operations primarily with borrowings denominated in Euros. 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, including net investment hedges related to the 3¼% Senior Notes which are Euro denominated. Foreign currency gains related to our net investment hedges included in accumulated other comprehensive loss for the three months ended March 31, 2022 were $11.3 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies A competition authority in Germany commenced an antitrust investigation in 2015 involving the industry association for metal packaging in Germany and its members, including our metal closures and metal container subsidiaries in Germany. At the end of April 2018, the European Commission commenced an antitrust investigation involving the metal packaging industry in Europe including our metal closures and metal container subsidiaries, which should effectively close out the investigation in Germany. Given the current stage of the investigation, we cannot reasonably assess what actions may result from these investigations or estimate what costs we may incur as a result thereof. We are a party to other legal proceedings, contract disputes and claims arising in the ordinary course of our business. We are not a party to, and none of our properties are subject to, any pending legal proceedings which could have a material adverse effect on our business or financial condition.

Retirement Benefits

Retirement Benefits	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The components of the net periodic pension benefit credit for the three months ended March 31 were as follows: 2022 2021 (Dollars in thousands) Service cost $ 3,300 $ 3,788 Interest cost 5,159 4,354 Expected return on plan assets (17,314) (19,848) Amortization of prior service cost 55 58 Amortization of actuarial losses 1,155 3,026 Net periodic benefit credit $ (7,645) $ (8,622) The components of the net periodic other postretirement benefit credit for the three months ended March 31 were as follows: 2022 2021 (Dollars in thousands) Service cost $ 25 $ 28 Interest cost 109 95 Amortization of prior service credit (416) (456) Amortization of actuarial gains (77) (48) Net periodic benefit credit $ (359) $ (381)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesSilgan 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 completed its review of the 2020 tax year with no change to our filed federal income tax return. We have been accepted into the Compliance Assurance Program for the 2021 and 2022 tax years which provides for the review by the IRS of tax matters relating to our tax return prior to filing.

Treasury Stock

Treasury Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Treasury Stock	Treasury Stock On March 4, 2022, our Board of Directors authorized the repurchase by us of up to an aggregate of $300.0 million of our common stock by various means from time to time through and including December 31, 2026. We did not repurchase any shares of our common stock pursuant to this authorization during the three months ended March 31, 2022. During the first three months of 2022, we issued 667,004 treasury shares which had an average cost of $3.19 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 276,826 shares of our common stock at an average cost of $41.45 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, 2022, 64,312,089 shares of our common stock were held in treasury.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based CompensationWe 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 2022, 409,900 restricted stock units were granted to certain of our officers and other key employees. The fair value of these restricted stock units at the grant date was $17.0 million, which is being amortized ratably over the respective vesting period from the grant date.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information Reportable segment information for the three months ended March 31 was as follows: Dispensing and Specialty Closures Metal Custom Corporate Total (Dollars in thousands) Three Months Ended March 31, 2022 Net sales $ 597,927 $ 650,726 $ 193,233 $ — $ 1,441,886 Depreciation and amortization (1) 36,619 21,064 9,883 42 67,608 Rationalization charges — 1,274 105 — 1,379 Segment income 87,313 38,009 24,694 (6,624) 143,392 Three Months Ended March 31, 2021 Net sales $ 509,352 $ 554,081 $ 174,677 $ — $ 1,238,110 Depreciation and amortization (1) 28,890 21,249 9,373 39 59,551 Rationalization charges 5,231 5,021 105 — 10,357 Segment income 65,645 45,614 24,486 (9,196) 126,549 _____________ (1) Depreciation and amortization excludes amortization of debt discount and debt issuance costs of $1.5 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively. Total segment income is reconciled to income before income taxes for the three months ended March 31 as follows: 2022 2021 (Dollars in thousands) Total segment income $ 143,392 $ 126,549 Interest and other debt expense 30,830 27,306 Income before income taxes $ 112,562 $ 99,243 Sales and segment income of our metal containers segment and of part of our dispensing and specialty closures segment are dependent, in part, upon the vegetable and fruit harvests in the United States and, to a lesser extent, in a variety of national growing regions in Europe. The size and quality of these harvests varies from year to year, depending in large part upon the weather conditions in applicable regions. Because of the seasonality of the harvests, we have historically experienced higher unit sales volume in the third quarter of our fiscal year and generated a disproportionate amount of our annual segment income during that quarter.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021 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, 2021.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition [Abstract]
Disaggregation of Revenue	Revenues by segment for the three months ended March 31 were as follows: 2022 2021 (Dollars in thousands) Dispensing and Specialty Closures $ 597,927 $ 509,352 Metal Containers 650,726 554,081 Custom Containers 193,233 174,677 $ 1,441,886 $ 1,238,110 Revenues by geography for the three months ended March 31 were as follows: 2022 2021 (Dollars in thousands) North America $ 1,086,224 $ 898,402 Europe and other 355,662 339,708 $ 1,441,886 $ 1,238,110

Rationalization Charges (Tables

Rationalization Charges (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Activity in Rationalization Plan Reserves	Rationalization charges by segment for the three months ended March 31 were as follows: 2022 2021 (Dollars in thousands) Dispensing and Specialty Closures $ — $ 5,231 Metal Containers 1,274 5,021 Custom Containers 105 105 $ 1,379 $ 10,357 Activity in reserves for our rationalization plans were as follows: Employee Plant Non-Cash Total (Dollars in thousands) Balance at December 31, 2021 $ 41,090 $ 157 $ — $ 41,247 Charged to expense 621 733 25 1,379 Utilized and currency translation (1,839) (702) (25) (2,566) Balance at March 31, 2022 $ 39,872 $ 188 $ — $ 40,060

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
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 (Dollars in thousands) Balance at December 31, 2021 $ (119,474) $ (2,327) $ (138,027) $ (259,828) Other comprehensive income before reclassifications — 2,018 12,350 14,368 Amounts reclassified from accumulated other comprehensive loss 499 319 — 818 Other comprehensive income 499 2,337 12,350 15,186 Balance at March 31, 2022 $ (118,975) $ 10 $ (125,677) $ (244,642)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: March 31, 2022 March 31, 2021 Dec. 31, 2021 (Dollars in thousands) Raw materials $ 295,713 $ 263,580 $ 394,102 Work-in-process 263,878 167,137 157,406 Finished goods 607,087 452,553 394,378 Other 14,787 14,955 15,731 1,181,465 898,225 961,617 Adjustment to value inventory at cost on the LIFO method (162,780) (109,588) (162,780) $ 1,018,685 $ 788,637 $ 798,837

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt consisted of the following: March 31, 2022 March 31, 2021 Dec. 31, 2021 (Dollars in thousands) Bank debt Bank revolving loans $ 508,000 $ 137,000 $ — U.S. term loans 1,000,000 400,000 1,000,000 Other foreign bank revolving and term loans 50,014 60,030 38,862 Total bank debt 1,558,014 597,030 1,038,862 4¾% Senior Notes — 300,000 300,000 3¼% Senior Notes 723,190 763,945 739,180 4⅛% Senior Notes 600,000 600,000 600,000 2¼% Senior Notes 556,300 587,650 568,600 1.4% Senior Secured Notes 500,000 500,000 500,000 Finance leases 67,714 33,936 68,730 Total debt - principal 4,005,218 3,382,561 3,815,372 Less unamortized debt issuance costs and debt discount 20,451 24,147 22,195 Total debt 3,984,767 3,358,414 3,793,177 Less current portion 539,134 195,122 20,251 $ 3,445,633 $ 3,163,292 $ 3,772,926

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022: Carrying Fair (Dollars in thousands) Assets: Cash and cash equivalents $ 259,564 $ 259,564 Liabilities: Bank debt $ 1,558,014 $ 1,558,014 3¼% Senior Notes 723,190 721,671 4⅛% Senior Notes 599,229 575,280 2¼% Senior Notes 556,300 507,624 1.4% Senior Secured Notes 499,784 456,550

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [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: 2022 2021 (Dollars in thousands) Service cost $ 3,300 $ 3,788 Interest cost 5,159 4,354 Expected return on plan assets (17,314) (19,848) Amortization of prior service cost 55 58 Amortization of actuarial losses 1,155 3,026 Net periodic benefit credit $ (7,645) $ (8,622) The components of the net periodic other postretirement benefit credit for the three months ended March 31 were as follows: 2022 2021 (Dollars in thousands) Service cost $ 25 $ 28 Interest cost 109 95 Amortization of prior service credit (416) (456) Amortization of actuarial gains (77) (48) Net periodic benefit credit $ (359) $ (381)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Reportable Operating Segment Information	Reportable segment information for the three months ended March 31 was as follows: Dispensing and Specialty Closures Metal Custom Corporate Total (Dollars in thousands) Three Months Ended March 31, 2022 Net sales $ 597,927 $ 650,726 $ 193,233 $ — $ 1,441,886 Depreciation and amortization (1) 36,619 21,064 9,883 42 67,608 Rationalization charges — 1,274 105 — 1,379 Segment income 87,313 38,009 24,694 (6,624) 143,392 Three Months Ended March 31, 2021 Net sales $ 509,352 $ 554,081 $ 174,677 $ — $ 1,238,110 Depreciation and amortization (1) 28,890 21,249 9,373 39 59,551 Rationalization charges 5,231 5,021 105 — 10,357 Segment income 65,645 45,614 24,486 (9,196) 126,549 _____________ (1) Depreciation and amortization excludes amortization of debt discount and debt issuance costs of $1.5 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively.
Reconciliation of Segment Income from Operations to Income before Income Taxes	Total segment income is reconciled to income before income taxes for the three months ended March 31 as follows: 2022 2021 (Dollars in thousands) Total segment income $ 143,392 $ 126,549 Interest and other debt expense 30,830 27,306 Income before income taxes $ 112,562 $ 99,243

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,441,886	$ 1,238,110
Trade Accounts Receivable | Unbilled Accounts Receivable
Segment Reporting Information [Line Items]
Contract assets	99,100	86,400	$ 78,200
North America
Segment Reporting Information [Line Items]
Net sales	1,086,224	898,402
Europe and other
Segment Reporting Information [Line Items]
Net sales	355,662	339,708
Dispensing and Specialty Closures
Segment Reporting Information [Line Items]
Net sales	597,927	509,352
Metal Containers
Segment Reporting Information [Line Items]
Net sales	650,726	554,081
Custom Containers
Segment Reporting Information [Line Items]
Net sales	$ 193,233	$ 174,677

Rationalization Charges - Ratio

Rationalization Charges - Rationalization Charges by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Rationalization charges	$ 1,379	$ 10,357
Dispensing and Specialty Closures
Restructuring Cost and Reserve [Line Items]
Rationalization charges	0	5,231
Metal Containers
Restructuring Cost and Reserve [Line Items]
Rationalization charges	1,274	5,021
Custom Containers
Restructuring Cost and Reserve [Line Items]
Rationalization charges	$ 105	$ 105

Rationalization Charges - Activ

Rationalization Charges - Activity in Rationalization Plan Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021	$ 41,247
Charged to expense	1,379	$ 10,357
Utilized and currency translation	(2,566)
Balance at March 31, 2022	40,060
Employee Severance and Benefits
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021	41,090
Charged to expense	621
Utilized and currency translation	(1,839)
Balance at March 31, 2022	39,872
Plant Exit Costs
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021	157
Charged to expense	733
Utilized and currency translation	(702)
Balance at March 31, 2022	188
Non-Cash Asset Write-Down
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021	0
Charged to expense	25
Utilized and currency translation	(25)
Balance at March 31, 2022	$ 0

Rationalization Charges - Narra

Rationalization Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 40,060	$ 41,247
Other Restructuring | Rationalization Plan
Restructuring Cost and Reserve [Line Items]
Remaining expenses	600
Remaining cash expenditures	2,200
Annually Through 2040 | Central States Pension Plan withdrawal
Restructuring Cost and Reserve [Line Items]
Remaining cash expenditures	3,100
Accretion expense	1,000
Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	4,800
Other Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 35,300

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,562,696
Other comprehensive income before reclassifications	14,368
Amounts reclassified from accumulated other comprehensive loss	818
Other comprehensive income (loss)	15,186	$ (30,853)
Ending balance	1,638,239	1,276,356
Accumulated Other Comprehensive Loss
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(259,828)	(260,953)
Ending balance	(244,642)	$ (291,806)
Unrecognized Net Defined Benefit Plan Costs
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(119,474)
Other comprehensive income before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	499
Other comprehensive income (loss)	499
Ending balance	(118,975)
Change in Fair Value of Derivatives
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,327)
Other comprehensive income before reclassifications	2,018
Amounts reclassified from accumulated other comprehensive loss	319
Other comprehensive income (loss)	2,337
Ending balance	10
Foreign Currency Translation
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(138,027)
Other comprehensive income before reclassifications	12,350
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive income (loss)	12,350
Ending balance	$ (125,677)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Unrecognized Net Defined Benefit Plan Costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) reclassification adjustment from AOCI	$ (0.7)
Benefit for income taxes	0.2
Amortization of net actuarial (losses), before tax	(1.1)
Net prior service credit arising during period, before tax	0.4
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency gains (losses)	3
Foreign currency transaction and translation gain (loss) arising during period related to intra-entity transactions of a long-term investment nature, net of tax	0.8
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive loss	11.3
Foreign currency translation, tax benefit (provision) related to net investment hedges	$ (2.7)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 295,713	$ 394,102	$ 263,580
Work-in-process	263,878	157,406	167,137
Finished goods	607,087	394,378	452,553
Other	14,787	15,731	14,955
Inventories, gross	1,181,465	961,617	898,225
Adjustment to value inventory at cost on the LIFO method	(162,780)	(162,780)	(109,588)
Inventories	$ 1,018,685	$ 798,837	$ 788,637

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Total debt - principal	$ 4,005,218	$ 3,815,372	$ 3,382,561
Less unamortized debt issuance costs and debt discount	20,451	22,195	24,147
Debt long term and short term less unamortized debt issuance costs and debt discount	3,984,767	3,793,177	3,358,414
Less current portion	539,134	20,251	195,122
Long-term debt	3,445,633	3,772,926	3,163,292
Bank debt
Debt Instrument [Line Items]
Total debt - principal	1,558,014	1,038,862	597,030
Finance Leases
Debt Instrument [Line Items]
Total debt - principal	67,714	68,730	33,936
Bank Revolving Loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	508,000	0	137,000
Less current portion	508,000
U S Term Loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	1,000,000	1,000,000	400,000
Other Foreign Bank Revolving and Term Loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	50,014	38,862	60,030
Less current portion	28,400
Senior Notes | 4¾% Notes
Debt Instrument [Line Items]
Total debt - principal	$ 0	300,000	300,000
Senior note interest rate	4.75%
Senior Notes | 3¼% Senior Notes
Debt Instrument [Line Items]
Total debt - principal	$ 723,190	739,180	763,945
Senior note interest rate	3.25%
Senior Notes | 4⅛% Senior Notes
Debt Instrument [Line Items]
Total debt - principal	$ 600,000	600,000	600,000
Senior note interest rate	4.125%
Senior Notes | 2¼% Senior Notes
Debt Instrument [Line Items]
Total debt - principal	$ 556,300	568,600	587,650
Senior note interest rate	2.25%
Senior Notes | 1.4% Senior Secured Notes
Debt Instrument [Line Items]
Total debt - principal	$ 500,000	$ 500,000	$ 500,000
Senior note interest rate	1.40%
Finance Leases
Debt Instrument [Line Items]
Less current portion	$ 2,700

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Mar. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, current maturities		$ 539,134,000	$ 195,122,000	$ 20,251,000
Loss on early extinguishment of debt		1,481,000	$ 883,000
Finance Leases
Debt Instrument [Line Items]
Long-term debt, current maturities		2,700,000
Bank debt | Bank Revolving Loans
Debt Instrument [Line Items]
Long-term debt, current maturities		508,000,000
Bank debt | Other Foreign Bank Revolving and Term Loans
Debt Instrument [Line Items]
Long-term debt, current maturities		28,400,000
Four and Three Quarters Percent Senior Notes due 2025 [Member] | Senior Notes
Debt Instrument [Line Items]
Early repayment of senior debt	$ 300,000,000
Debt instrument, redemption price (in percentage)	100.00%
Loss on early extinguishment of debt		$ 1,500,000

Financial Instruments - Carryin

Financial Instruments - Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Senior Notes | 3¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	3.25%
Senior Notes | 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	4.125%
Senior Notes | 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	2.25%
Senior Notes | 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	1.40%
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 259,564
Carrying Amount | Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	1,558,014
Carrying Amount | Senior Notes | 3¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	723,190
Carrying Amount | Senior Notes | 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	599,229
Carrying Amount | Senior Notes | 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	556,300
Carrying Amount | Senior Notes | 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	499,784
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	259,564
Fair Value | Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	1,558,014
Fair Value | Senior Notes | 3¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	721,671
Fair Value | Senior Notes | 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	575,280
Fair Value | Senior Notes | 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	507,624
Fair Value | Senior Notes | 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	$ 456,550

Financial Instruments - Additio

Financial Instruments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
USD Interest Rate Swap Contract One
Derivative [Line Items]
Derivative, notional amount	$ 50,000,000
Fixed interest rate	2.878%
USD Interest Rate Swap Contract Two
Derivative [Line Items]
Derivative, notional amount	$ 50,000,000
Fixed interest rate	2.878%
Accumulated Translation Adjustment
Derivative [Line Items]
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive loss	$ 11,300,000

Retirement Benefits - Component

Retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,300	$ 3,788
Interest cost	5,159	4,354
Expected return on plan assets	(17,314)	(19,848)
Amortization of prior service cost	55	58
Amortization of actuarial losses	1,155	3,026
Net periodic benefit credit	(7,645)	(8,622)
Other Postretirement Benefit Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Service cost	25	28
Interest cost	109	95
Amortization of prior service cost	(416)	(456)
Amortization of actuarial losses	(77)	(48)
Net periodic benefit credit	$ (359)	$ (381)

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 04, 2022
Equity, Class of Treasury Stock [Line Items]
Treasury stock (in shares)	64,312,089
2022 BOD Authorized Common Stock Repurchase
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, additional repurchase authorization		$ 300,000,000
2004 Amended and Restated Stock Incentive Plan
Equity, Class of Treasury Stock [Line Items]
Treasury shares issued for restricted stock units that vested during the period (in shares)	667,004
Average cost of treasury shares that were issued for restricted stock units that vested during the period (usd per share)	$ 3.19
Shares repurchased to satisfy minimum employee withholding tax requirements resulting from the vesting of such restricted stock units (in shares)	276,826
Average cost per share of treasury stock acquired (usd per share)	$ 41.45

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - Restricted Stock Units $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares) | shares	409,900
Fair value of restricted stock units granted | $	$ 17

Segment Information - Reportabl

Segment Information - Reportable Business Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net sales		$ 1,441,886	$ 1,238,110
Depreciation and amortization	[1]	67,608	59,551
Rationalization charges		1,379	10,357
Segment income		143,392	126,549
Amortization of debt issuance costs and discounts		1,500	1,300
Dispensing and Specialty Closures
Segment Reporting Information [Line Items]
Net sales		597,927	509,352
Depreciation and amortization	[1]	36,619	28,890
Rationalization charges		0	5,231
Segment income		87,313	65,645
Metal Containers
Segment Reporting Information [Line Items]
Net sales		650,726	554,081
Depreciation and amortization	[1]	21,064	21,249
Rationalization charges		1,274	5,021
Segment income		38,009	45,614
Custom Containers
Segment Reporting Information [Line Items]
Net sales		193,233	174,677
Depreciation and amortization	[1]	9,883	9,373
Rationalization charges		105	105
Segment income		24,694	24,486
Corporate
Segment Reporting Information [Line Items]
Net sales		0	0
Depreciation and amortization	[1]	42	39
Rationalization charges		0	0
Segment income		$ (6,624)	$ (9,196)
[1]	Depreciation and amortization excludes amortization of debt discount and debt issuance costs of $1.5 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively.

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Income to Income before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Segment income	$ 143,392	$ 126,549
Interest and other debt expense	30,830	27,306
Income before income taxes	$ 112,562	$ 99,243