Silgan (SLGN) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-41459
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	NYSE
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		109,946,430
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000849869
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 236,606	$ 585,622	$ 247,843
Trade accounts receivable, net	1,067,550	657,968	931,282
Inventories	1,251,544	769,403	1,253,894
Prepaid expenses and other current assets	142,757	119,659	120,133
Total current assets	2,698,457	2,132,652	2,553,152
Property, plant and equipment, net	1,934,187	1,931,497	1,932,805
Goodwill	2,007,388	1,984,952	1,966,136
Other intangible assets, net	745,275	763,812	785,976
Other assets, net	528,414	532,844	636,430
Assets, total	7,913,721	7,345,757	7,874,499
Current liabilities:
Revolving loans and current portion of long-term debt	811,387	80,061	718,695
Trade accounts payable	751,758	974,030	880,862
Accrued payroll and related costs	94,961	98,914	109,211
Accrued liabilities	221,521	284,855	251,271
Total current liabilities	1,879,627	1,437,860	1,960,039
Long-term debt	3,351,176	3,345,381	3,367,469
Deferred income taxes	384,410	388,677	430,147
Other liabilities	427,372	455,583	491,381
Stockholders’ equity:
Common stock	1,751	1,751	1,751
Paid-in capital	345,442	339,839	331,877
Retained earnings	3,072,021	2,961,079	2,833,431
Accumulated other comprehensive loss	(279,554)	(345,310)	(308,216)
Treasury stock	(1,268,524)	(1,239,103)	(1,233,380)
Total stockholders’ equity	1,871,136	1,718,256	1,625,463
Liabilities and equity, total	$ 7,913,721	$ 7,345,757	$ 7,874,499

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,426,727	$ 1,543,781	$ 2,845,008	$ 2,985,667
Cost of goods sold	1,176,601	1,269,855	2,356,917	2,478,288
Gross profit	250,126	273,926	488,091	507,379
Selling, general and administrative expenses	102,171	123,830	203,501	223,841
Rationalization charges	2,667	3,428	6,788	4,807
Other pension and postretirement expense (income)	1,295	(11,349)	2,581	(22,678)
Income before interest and income taxes	143,993	158,017	275,221	301,409
Interest and other debt expense before loss on early extinguishment of debt	46,792	28,660	83,558	58,009
Loss on early extinguishment of debt	0	0	0	1,481
Interest and other debt expense	46,792	28,660	83,558	59,490
Income before income taxes	97,201	129,357	191,663	241,919
Provision for income taxes	18,311	36,682	40,744	64,369
Net income	$ 78,890	$ 92,675	$ 150,919	$ 177,550
Earnings per share
Basic net income per share (usd per share)	$ 0.72	$ 0.84	$ 1.37	$ 1.60
Diluted net income per share (usd per share)	$ 0.71	$ 0.83	$ 1.36	$ 1.59
Weighted average number of shares
Basic (in shares)	110,129	110,840	110,211	110,750
Effect of dilutive securities (in shares)	323	388	476	590
Diluted (in shares)	110,452	111,228	110,687	111,340

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 78,890	$ 92,675	$ 150,919	$ 177,550
Other comprehensive income (loss), net of tax:
Changes in net prior service credit and actuarial losses	1,217	539	3,523	1,038
Change in fair value of derivatives	4,652	(60)	3,365	2,277
Foreign currency translation	39,147	(64,053)	58,868	(51,703)
Other comprehensive income (loss)	45,016	(63,574)	65,756	(48,388)
Comprehensive income	$ 123,906	$ 29,101	$ 216,675	$ 129,162

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows provided by (used in) operating activities:
Net income	$ 150,919	$ 177,550
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	134,122	136,790
Rationalization charges	6,788	4,807
Stock compensation expense	7,156	8,870
Loss on early extinguishment of debt	0	1,481
Other changes that provided (used) cash, net of effects from acquisitions:
Trade accounts receivable, net	(397,413)	(243,261)
Inventories	(472,989)	(475,171)
Trade accounts payable	(143,180)	15,331
Accrued liabilities	(78,545)	15,914
Other, net	(18,606)	5,753
Net cash (used in) operating activities	(811,748)	(351,936)
Cash flows provided by (used in) investing activities:
Purchase of businesses, net of cash acquired	0	(1,333)
Capital expenditures	(118,204)	(118,357)
Other, net	1,239	(688)
Net cash (used in) investing activities	(116,965)	(120,378)
Cash flows provided by (used in) financing activities:
Borrowings under revolving loans	998,167	753,657
Repayments under revolving loans	(244,554)	(54,815)
Proceeds from issuance of long-term debt	5,094	0
Repayments of long-term debt	(51,867)	(300,000)
Changes in outstanding checks - principally vendors	(61,433)	(225,863)
Dividends paid on common stock	(40,422)	(36,680)
Repurchase of common stock	(30,974)	(39,402)
Net cash provided by financing activities	574,011	96,897
Effect of exchange rate changes on cash and cash equivalents	5,686	(8,179)
Cash and cash equivalents:
Net (decrease)	(349,016)	(383,596)
Balance at beginning of year	585,622	631,439
Balance at end of period	236,606	247,843
Interest paid, net	80,623	59,297
Income taxes paid, net	$ 84,884	$ 28,881

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, 2021		$ 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)		455
Repurchase of common stock (in shares)		(650)
Stock compensation expense			8,870
Net issuance of treasury stock for vested restricted stock units			(2,441)			(10,593)
Net income	$ 177,550			177,550
Dividends declared on common stock				(35,864)
Other comprehensive income (loss)					(48,388)
Repurchases of common stock						(26,367)
Ending balance at Jun. 30, 2022	$ 1,625,463	$ 1,751	331,877	2,833,431	(308,216)	(1,233,380)
Ending balance (in shares) at Jun. 30, 2022		110,215
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.32
Beginning balance at Mar. 31, 2022		$ 1,751	328,201	2,758,697	(244,642)	(1,205,768)
Beginning balance (in shares) at Mar. 31, 2022		110,800
Increase (Decrease) in Stockholders' Equity
Net issuance of treasury stock for vested restricted stock units (in shares)		65
Repurchase of common stock (in shares)		(650)
Stock compensation expense			3,991
Net issuance of treasury stock for vested restricted stock units			(315)			(1,245)
Net income	$ 92,675			92,675
Dividends declared on common stock				(17,941)
Other comprehensive income (loss)					(63,574)
Repurchases of common stock						(26,367)
Ending balance at Jun. 30, 2022	$ 1,625,463	$ 1,751	331,877	2,833,431	(308,216)	(1,233,380)
Ending balance (in shares) at Jun. 30, 2022		110,215
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.16
Beginning balance at Dec. 31, 2022	$ 1,718,256	$ 1,751	339,839	2,961,079	(345,310)	(1,239,103)
Beginning balance (in shares) at Dec. 31, 2022		110,079
Increase (Decrease) in Stockholders' Equity
Net issuance of treasury stock for vested restricted stock units (in shares)		312
Repurchase of common stock (in shares)		(445)
Stock compensation expense			7,156
Net issuance of treasury stock for vested restricted stock units			(1,553)			(7,664)
Net income	150,919			150,919
Dividends declared on common stock				(39,977)
Other comprehensive income (loss)					65,756
Repurchases of common stock						(21,757)
Ending balance at Jun. 30, 2023	$ 1,871,136	$ 1,751	345,442	3,072,021	(279,554)	(1,268,524)
Ending balance (in shares) at Jun. 30, 2023		109,946
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.36
Beginning balance at Mar. 31, 2023		$ 1,751	342,157	3,013,104	(324,570)	(1,251,152)
Beginning balance (in shares) at Mar. 31, 2023		110,252
Increase (Decrease) in Stockholders' Equity
Net issuance of treasury stock for vested restricted stock units (in shares)		46
Repurchase of common stock (in shares)		(352)
Stock compensation expense			3,475
Net issuance of treasury stock for vested restricted stock units			(190)			(415)
Net income	$ 78,890			78,890
Dividends declared on common stock				(19,973)
Other comprehensive income (loss)					45,016
Repurchases of common stock						(16,957)
Ending balance at Jun. 30, 2023	$ 1,871,136	$ 1,751	$ 345,442	$ 3,072,021	$ (279,554)	$ (1,268,524)
Ending balance (in shares) at Jun. 30, 2023		109,946
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.18

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022 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, 2022.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
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 were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Dispensing and Specialty Closures $ 560,096 $ 602,431 $ 1,140,028 $ 1,200,358 Metal Containers 710,864 754,396 1,380,960 1,405,122 Custom Containers 155,767 186,954 324,020 380,187 $ 1,426,727 $ 1,543,781 $ 2,845,008 $ 2,985,667 Revenues by geography were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) North America $ 1,061,906 $ 1,154,614 $ 2,118,432 $ 2,240,838 Europe and other 364,821 389,167 726,576 744,829 $ 1,426,727 $ 1,543,781 $ 2,845,008 $ 2,985,667

Rationalization Charges

Rationalization Charges	6 Months Ended
	Jun. 30, 2023
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 were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Dispensing and Specialty Closures $ 1,214 $ — $ 1,328 $ — Metal Containers 1,453 3,428 5,356 4,702 Custom Containers — — 104 105 $ 2,667 $ 3,428 $ 6,788 $ 4,807 Activity in reserves for our rationalization plans were as follows: Employee Plant Total (Dollars in thousands) Balance at December 31, 2022 $ 31,641 $ 159 $ 31,800 Charged to expense 3,640 3,148 6,788 Utilized and currency translation (5,710) (3,143) (8,853) Balance at June 30, 2023 $ 29,571 $ 164 $ 29,735 Rationalization reserves as of June 30, 2023 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $2.5 million and other liabilities of $27.2 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 $1.0 million and $3.3 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 $0.9 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 $0.8 million in 2023 and $2.6 million annually thereafter through 2040.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2023
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, 2022 $ (156,733) $ (772) $ (187,805) $ (345,310) Other comprehensive income before reclassifications — 2,736 35,279 38,015 Amounts reclassified from accumulated other comprehensive loss 3,523 629 23,589 27,741 Other comprehensive income 3,523 3,365 58,868 65,756 Balance at June 30, 2023 $ (153,210) $ 2,593 $ (128,937) $ (279,554) The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three and six months ended June 30, 2023 were net (losses) of $(2.6) million and $(5.1) million, respectively, excluding income tax benefits of $1.4 million and $1.6 million, respectively. For the three and six months ended June 30, 2023, these net (losses) consisted of amortization of net actuarial (losses) of $(2.8) million and $(5.5) million and amortization of net prior service credit of $0.2 million and $0.4 million, respectively. 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 10 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 and six months ended June 30, 2023 were not significant. Other comprehensive income before reclassifications related to foreign currency translation for the three and six months ended June 30, 2023 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 $16.1 million and $41.7 million, respectively, (ii) foreign currency gains related to intra-entity foreign currency transactions that are of a long-term investment nature of $1.1 million and $1.9 million, respectively, and (iii) foreign currency (losses) related to our net investment hedges of $(2.1) million and $(10.9) million, respectively, excluding income tax benefits of $0.5 million and $2.6 million, respectively. See Note 7 for further discussion. Amounts reclassified from accumulated other comprehensive loss related to foreign currency translation for the three and six months ended June 30, 2023 related to the shutdown of our metal container manufacturing facilities in Russia.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: June 30, 2023 June 30, 2022 Dec. 31, 2022 (Dollars in thousands) Raw materials $ 524,993 $ 362,950 $ 409,349 Work-in-process 238,546 255,249 218,691 Finished goods 815,884 807,219 469,212 Other 16,433 16,881 16,463 1,595,856 1,442,299 1,113,715 Adjustment to value inventory at cost on the LIFO method (344,312) (188,405) (344,312) $ 1,251,544 $ 1,253,894 $ 769,403

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: June 30, 2023 June 30, 2022 Dec. 31, 2022 (Dollars in thousands) Bank debt Bank revolving loans $ 738,000 $ 675,000 $ — U.S. term loans 950,000 1,000,000 1,000,000 Other foreign bank revolving and term loans 71,016 61,364 49,673 Total bank debt 1,759,016 1,736,364 1,049,673 3¼% Senior Notes 709,150 679,510 693,680 4⅛% Senior Notes 600,000 600,000 600,000 2¼% Senior Notes 545,500 522,700 533,600 1.4% Senior Secured Notes 500,000 500,000 500,000 Finance leases 64,225 66,938 65,667 Total debt - principal 4,177,891 4,105,512 3,442,620 Less unamortized debt issuance costs and debt discount 15,328 19,348 17,178 Total debt 4,162,563 4,086,164 3,425,442 Less current portion 811,387 718,695 80,061 $ 3,351,176 $ 3,367,469 $ 3,345,381 At June 30, 2023, the current portion of long-term debt consisted of $738.0 million of U.S. revolving loans under our amended and restated senior secured credit facility, as amended, or the Credit Agreement, $46.7 million of other foreign bank revolving and term loans and $26.7 million of finance leases. On June 22, 2023, we and certain of our wholly owned subsidiaries entered into the Fourth Amendment to Amended and Restated Credit Agreement, or the Fourth Amendment, with the lenders party to the Credit Agreement and Wells Fargo Bank, National Association, as administrative agent. The Fourth Amendment amended the Credit Agreement to provide for the transition from LIBOR based interest rates to SOFR (Secured Overnight Financing Rates) and SONIA (Sterling Overnight Index Average) based interest rates and to provide for standard interest rate benchmark replacement language. The Fourth Amendment also reduced the spread adjustments for Term SOFR borrowings.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023: Carrying Fair (Dollars in thousands) Assets: Cash and cash equivalents $ 236,606 $ 236,606 Liabilities: Bank debt $ 1,759,016 $ 1,759,016 3¼% Senior Notes 709,150 696,570 4⅛% Senior Notes 599,376 550,530 2¼% Senior Notes 545,500 471,012 1.4% Senior Secured Notes 499,849 441,595 Fair Value Measurements GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP classifies the inputs used to measure fair value into a hierarchy consisting of three levels. Level 1 inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs represent unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs represent unobservable inputs for the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Financial Instruments Measured at Fair Value The financial assets and liabilities that were measured on a recurring basis at June 30, 2023 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 had 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, with a fixed rate of 2.878 percent, that matured on March 24, 2023. In March 2023, we entered into four U.S. dollar interest rate swap agreements, each for $75.0 million notional principal amount, to manage a portion of our exposure to interest rate fluctuations. These agreements have a fixed rate ranging from 3.889 percent to 3.905 percent, mature on April 3, 2026, and were entered into with financial institutions which are expected to fully perform under the terms thereof. 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 and six months ended June 30, 2023. The total fair value of our interest rate swaps agreements in effect at June 30, 2023 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 and six months ended June 30, 2023. 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 June 30, 2023 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 (losses) related to our net investment hedges included in accumulated other comprehensive loss for the three and six months ended June 30, 2023 were $(2.1) million and $(10.9) million, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe 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.

Supply Chain Finance Program

Supply Chain Finance Program	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Supply Chain Finance Program	Supply Chain Finance ProgramWe have a supply chain finance (“SCF”) program with a major global financial institution. Under this SCF program, qualifying suppliers may elect, but are not obligated, to sell their receivables from us to such financial institution. We agree to pay the financial institution the stated amount of invoices from our suppliers electing to participate on the original maturity dates of the invoices. We may terminate our agreement with the financial institution upon at least 30 days’ notice, and the financial institution may terminate our agreement upon at least 10 days’ notice. Additionally, suppliers who elect to participate in this SCF program may terminate their participation upon at least 30 days’ notice. The suppliers' invoices sold under this SCF program can be outstanding up to 210 days from the invoice date. Suppliers’ invoices included in this SCF program were $321.9 million, $369.5 million and $346.8 million at June 30, 2023 and 2022 and December 31, 2022, respectively, and were included in accounts payable in our Condensed Consolidated Balance Sheets.

Retirement Benefits

Retirement Benefits	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The components of the net periodic pension benefit cost (credit) were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Service cost $ 2,234 $ 3,270 $ 4,463 $ 6,570 Interest cost 8,724 5,140 17,433 10,299 Expected return on plan assets (10,187) (17,315) (20,376) (34,629) Amortization of prior service cost 25 53 53 108 Amortization of actuarial losses 2,939 1,157 5,884 2,312 Net periodic benefit cost (credit) $ 3,735 $ (7,695) $ 7,457 $ (15,340) The components of the net periodic other postretirement benefit credit were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Service cost $ 12 $ 26 $ 26 $ 51 Interest cost 189 109 378 218 Amortization of prior service credit (233) (416) (468) (832) Amortization of actuarial gains (162) (77) (323) (154) Net periodic benefit credit $ (194) $ (358) $ (387) $ (717)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
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 2021 tax year with no change to our filed federal income tax return. We have been accepted into the Compliance Assurance Program for the 2022 and 2023 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	6 Months Ended
	Jun. 30, 2023
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. During the six months ended June 30, 2023, we repurchased an aggregate of 445,104 shares of our common stock at an average price per share of $48.74, for a total purchase price of $21.7 million. At June 30, 2023, we had approximately $246.2 million remaining under this authorization for the repurchase of our common stock. During the first six months of 2023, we issued 487,409 treasury shares which had an average cost of $3.19 per share for restricted stock units that vested during the period that had been previously issued under a prior stock-based compensation plan. In accordance with the applicable agreements for such restricted stock units, we repurchased 174,882 shares of our common stock at an average cost of $52.71 to satisfy minimum employee withholding tax requirements resulting from the vesting of such restricted stock units. We account for treasury shares using the first-in, first-out (FIFO) cost method. As of June 30, 2023, 65,166,066 shares of our common stock were held in treasury.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
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 restricted stock units to our officers, other key employees and outside directors. In May and June of 2023, 293,190 restricted stock units were granted to certain of our officers, other key employees and outside directors. The fair value of these restricted stock units at the grant date was $13.6 million, which is being amortized ratably over the respective vesting period from the grant date.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information We evaluate performance of our business segments and allocate resources based on the adjusted EBIT of our business segments. Adjusted EBIT is not a defined term under GAAP. We define adjusted EBIT as income before interest and income taxes excluding acquired intangible asset amortization expense, other pension expense (income) for U.S. pension plans, rationalization charges, the impact from charges for the write-up of acquired inventory required under purchase accounting, the charge for the European Commission settlement and costs attributed to announced acquisitions. We began using adjusted EBIT in 2023. Previously, we used segment income, without any adjustments, for our business segments. We have provided adjusted EBIT for 2022 below for comparative purposes. Adjusted EBIT should not be considered in isolation or as a substitute for income before interest and income taxes or any other financial data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. Reportable segment information was as follows: Dispensing and Specialty Closures Metal Custom Corporate Total (Dollars in thousands) Three Months Ended June 30, 2023 Net sales $ 560,096 $ 710,864 $ 155,767 $ — $ 1,426,727 Adjusted EBIT 76,882 75,740 18,444 (10,268) 160,798 Depreciation 25,756 18,528 8,999 18 53,301 Three Months Ended June 30, 2022 Net sales $ 602,431 $ 754,396 $ 186,954 $ — $ 1,543,781 Adjusted EBIT 100,340 63,439 29,451 (5,377) 187,853 Depreciation 24,808 19,558 8,796 39 53,201 Six Months Ended June 30, 2023 Net sales $ 1,140,028 $ 1,380,960 $ 324,020 $ — $ 2,845,008 Adjusted EBIT 159,818 128,140 38,478 (16,234) 310,202 Depreciation 50,515 36,516 17,834 58 104,923 Six Months Ended June 30, 2022 Net sales $ 1,200,358 $ 1,405,122 $ 380,187 $ — $ 2,985,667 Adjusted EBIT 196,868 96,390 52,815 (12,001) 334,072 Depreciation 49,469 40,289 17,539 81 107,378 Total adjusted EBIT is reconciled to income before income taxes as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Total adjusted EBIT $ 160,798 $ 187,853 $ 310,202 $ 334,072 Less: Acquired intangible asset amortization expense 13,304 13,188 26,525 26,618 Other pension expense (income) for U.S. pension plans 834 (11,983) 1,668 (23,965) Rationalization charges 2,667 3,428 6,788 4,807 European Commission settlement — 25,203 — 25,203 Income before interest and income taxes 143,993 158,017 275,221 301,409 Less interest and other debt expense 46,792 28,660 83,558 59,490 Income before income taxes $ 97,201 $ 129,357 $ 191,663 $ 241,919 Net sales and adjusted EBIT 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 adjusted EBIT during that quarter.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022 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, 2022.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue Recognition [Abstract]
Disaggregation of Revenue	Revenues by segment were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Dispensing and Specialty Closures $ 560,096 $ 602,431 $ 1,140,028 $ 1,200,358 Metal Containers 710,864 754,396 1,380,960 1,405,122 Custom Containers 155,767 186,954 324,020 380,187 $ 1,426,727 $ 1,543,781 $ 2,845,008 $ 2,985,667 Revenues by geography were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) North America $ 1,061,906 $ 1,154,614 $ 2,118,432 $ 2,240,838 Europe and other 364,821 389,167 726,576 744,829 $ 1,426,727 $ 1,543,781 $ 2,845,008 $ 2,985,667

Rationalization Charges (Tables

Rationalization Charges (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Activity in Rationalization Plan Reserves	Rationalization charges by segment were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Dispensing and Specialty Closures $ 1,214 $ — $ 1,328 $ — Metal Containers 1,453 3,428 5,356 4,702 Custom Containers — — 104 105 $ 2,667 $ 3,428 $ 6,788 $ 4,807 Activity in reserves for our rationalization plans were as follows: Employee Plant Total (Dollars in thousands) Balance at December 31, 2022 $ 31,641 $ 159 $ 31,800 Charged to expense 3,640 3,148 6,788 Utilized and currency translation (5,710) (3,143) (8,853) Balance at June 30, 2023 $ 29,571 $ 164 $ 29,735

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 $ (156,733) $ (772) $ (187,805) $ (345,310) Other comprehensive income before reclassifications — 2,736 35,279 38,015 Amounts reclassified from accumulated other comprehensive loss 3,523 629 23,589 27,741 Other comprehensive income 3,523 3,365 58,868 65,756 Balance at June 30, 2023 $ (153,210) $ 2,593 $ (128,937) $ (279,554)

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: June 30, 2023 June 30, 2022 Dec. 31, 2022 (Dollars in thousands) Raw materials $ 524,993 $ 362,950 $ 409,349 Work-in-process 238,546 255,249 218,691 Finished goods 815,884 807,219 469,212 Other 16,433 16,881 16,463 1,595,856 1,442,299 1,113,715 Adjustment to value inventory at cost on the LIFO method (344,312) (188,405) (344,312) $ 1,251,544 $ 1,253,894 $ 769,403

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt consisted of the following: June 30, 2023 June 30, 2022 Dec. 31, 2022 (Dollars in thousands) Bank debt Bank revolving loans $ 738,000 $ 675,000 $ — U.S. term loans 950,000 1,000,000 1,000,000 Other foreign bank revolving and term loans 71,016 61,364 49,673 Total bank debt 1,759,016 1,736,364 1,049,673 3¼% Senior Notes 709,150 679,510 693,680 4⅛% Senior Notes 600,000 600,000 600,000 2¼% Senior Notes 545,500 522,700 533,600 1.4% Senior Secured Notes 500,000 500,000 500,000 Finance leases 64,225 66,938 65,667 Total debt - principal 4,177,891 4,105,512 3,442,620 Less unamortized debt issuance costs and debt discount 15,328 19,348 17,178 Total debt 4,162,563 4,086,164 3,425,442 Less current portion 811,387 718,695 80,061 $ 3,351,176 $ 3,367,469 $ 3,345,381

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Summary of Carrying Amounts and Estimated Fair Values of Other Financial Instruments	The following table summarizes the carrying amounts and estimated fair values of our other financial instruments at June 30, 2023: Carrying Fair (Dollars in thousands) Assets: Cash and cash equivalents $ 236,606 $ 236,606 Liabilities: Bank debt $ 1,759,016 $ 1,759,016 3¼% Senior Notes 709,150 696,570 4⅛% Senior Notes 599,376 550,530 2¼% Senior Notes 545,500 471,012 1.4% Senior Secured Notes 499,849 441,595

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost (Credit)	The components of the net periodic pension benefit cost (credit) were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Service cost $ 2,234 $ 3,270 $ 4,463 $ 6,570 Interest cost 8,724 5,140 17,433 10,299 Expected return on plan assets (10,187) (17,315) (20,376) (34,629) Amortization of prior service cost 25 53 53 108 Amortization of actuarial losses 2,939 1,157 5,884 2,312 Net periodic benefit cost (credit) $ 3,735 $ (7,695) $ 7,457 $ (15,340) The components of the net periodic other postretirement benefit credit were as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Service cost $ 12 $ 26 $ 26 $ 51 Interest cost 189 109 378 218 Amortization of prior service credit (233) (416) (468) (832) Amortization of actuarial gains (162) (77) (323) (154) Net periodic benefit credit $ (194) $ (358) $ (387) $ (717)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Reportable Operating Segment Information	Reportable segment information was as follows: Dispensing and Specialty Closures Metal Custom Corporate Total (Dollars in thousands) Three Months Ended June 30, 2023 Net sales $ 560,096 $ 710,864 $ 155,767 $ — $ 1,426,727 Adjusted EBIT 76,882 75,740 18,444 (10,268) 160,798 Depreciation 25,756 18,528 8,999 18 53,301 Three Months Ended June 30, 2022 Net sales $ 602,431 $ 754,396 $ 186,954 $ — $ 1,543,781 Adjusted EBIT 100,340 63,439 29,451 (5,377) 187,853 Depreciation 24,808 19,558 8,796 39 53,201 Six Months Ended June 30, 2023 Net sales $ 1,140,028 $ 1,380,960 $ 324,020 $ — $ 2,845,008 Adjusted EBIT 159,818 128,140 38,478 (16,234) 310,202 Depreciation 50,515 36,516 17,834 58 104,923 Six Months Ended June 30, 2022 Net sales $ 1,200,358 $ 1,405,122 $ 380,187 $ — $ 2,985,667 Adjusted EBIT 196,868 96,390 52,815 (12,001) 334,072 Depreciation 49,469 40,289 17,539 81 107,378
Reconciliation of Adjusted EBIT to Income before Income Taxes	Total adjusted EBIT is reconciled to income before income taxes as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands) Total adjusted EBIT $ 160,798 $ 187,853 $ 310,202 $ 334,072 Less: Acquired intangible asset amortization expense 13,304 13,188 26,525 26,618 Other pension expense (income) for U.S. pension plans 834 (11,983) 1,668 (23,965) Rationalization charges 2,667 3,428 6,788 4,807 European Commission settlement — 25,203 — 25,203 Income before interest and income taxes 143,993 158,017 275,221 301,409 Less interest and other debt expense 46,792 28,660 83,558 59,490 Income before income taxes $ 97,201 $ 129,357 $ 191,663 $ 241,919

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,426,727	$ 1,543,781	$ 2,845,008	$ 2,985,667
Trade Accounts Receivable | Unbilled Accounts Receivable
Segment Reporting Information [Line Items]
Contract assets	109,700	110,300	109,700	110,300	$ 110,200
North America
Segment Reporting Information [Line Items]
Net sales	1,061,906	1,154,614	2,118,432	2,240,838
Europe and other
Segment Reporting Information [Line Items]
Net sales	364,821	389,167	726,576	744,829
Dispensing and Specialty Closures
Segment Reporting Information [Line Items]
Net sales	560,096	602,431	1,140,028	1,200,358
Metal Containers
Segment Reporting Information [Line Items]
Net sales	710,864	754,396	1,380,960	1,405,122
Custom Containers
Segment Reporting Information [Line Items]
Net sales	$ 155,767	$ 186,954	$ 324,020	$ 380,187

Rationalization Charges - Ratio

Rationalization Charges - Rationalization Charges by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Rationalization charges	$ 2,667	$ 3,428	$ 6,788	$ 4,807
Dispensing and Specialty Closures
Restructuring Cost and Reserve [Line Items]
Rationalization charges	1,214	0	1,328	0
Metal Containers
Restructuring Cost and Reserve [Line Items]
Rationalization charges	1,453	3,428	5,356	4,702
Custom Containers
Restructuring Cost and Reserve [Line Items]
Rationalization charges	$ 0	$ 0	$ 104	$ 105

Rationalization Charges - Activ

Rationalization Charges - Activity in Rationalization Plan Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
Balance at December 31, 2022			$ 31,800
Charged to expense	$ 2,667	$ 3,428	6,788	$ 4,807
Utilized and currency translation			(8,853)
Balance at June 30, 2023	29,735		29,735
Employee Severance and Benefits
Restructuring Reserve [Roll Forward]
Balance at December 31, 2022			31,641
Charged to expense			3,640
Utilized and currency translation			(5,710)
Balance at June 30, 2023	29,571		29,571
Plant Exit Costs
Restructuring Reserve [Roll Forward]
Balance at December 31, 2022			159
Charged to expense			3,148
Utilized and currency translation			(3,143)
Balance at June 30, 2023	$ 164		$ 164

Rationalization Charges - Narra

Rationalization Charges - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 29,735	$ 31,800
Other Restructuring | Rationalization Plan
Restructuring Cost and Reserve [Line Items]
Remaining expenses	1,000
Remaining cash expenditures	3,300
Current Fiscal Year | Central States Pension Plan Withdrawal
Restructuring Cost and Reserve [Line Items]
Remaining cash expenditures	800
Annually Through 2040 | Central States Pension Plan withdrawal
Restructuring Cost and Reserve [Line Items]
Remaining cash expenditures	2,600
Accretion expense	900
Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	2,500
Other Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 27,200

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			$ 1,718,256
Other comprehensive income before reclassifications			38,015
Amounts reclassified from accumulated other comprehensive loss			27,741
Other comprehensive income (loss)	$ 45,016	$ (63,574)	65,756	$ (48,388)
Ending balance	1,871,136	1,625,463	1,871,136	1,625,463
Accumulated other comprehensive loss
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(324,570)	(244,642)	(345,310)	(259,828)
Ending balance	(279,554)	$ (308,216)	(279,554)	$ (308,216)
Unrecognized Net Defined Benefit Plan Costs
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(156,733)
Other comprehensive income before reclassifications			0
Amounts reclassified from accumulated other comprehensive loss			3,523
Other comprehensive income (loss)			3,523
Ending balance	(153,210)		(153,210)
Change in Fair Value of Derivatives
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(772)
Other comprehensive income before reclassifications			2,736
Amounts reclassified from accumulated other comprehensive loss			629
Other comprehensive income (loss)			3,365
Ending balance	2,593		2,593
Foreign Currency Translation
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(187,805)
Other comprehensive income before reclassifications			35,279
Amounts reclassified from accumulated other comprehensive loss			23,589
Other comprehensive income (loss)			58,868
Ending balance	$ (128,937)		$ (128,937)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Unrecognized Net Defined Benefit Plan Costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) reclassification adjustment from AOCI	$ (2.6)	$ (5.1)
Benefit for income taxes	1.4	1.6
Amortization of net actuarial (losses), before tax	(2.8)	(5.5)
Net prior service credit arising during period, before tax	0.2	0.4
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency gains (losses)	16.1	41.7
Foreign currency transaction and translation gain (loss) arising during period related to intra-entity transactions of a long-term investment nature, net of tax	1.1	1.9
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive loss	(2.1)	(10.9)
Foreign currency translation, tax benefit (provision) related to net investment hedges	$ 0.5	$ 2.6

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 524,993	$ 409,349	$ 362,950
Work-in-process	238,546	218,691	255,249
Finished goods	815,884	469,212	807,219
Other	16,433	16,463	16,881
Inventories, gross	1,595,856	1,113,715	1,442,299
Adjustment to value inventory at cost on the LIFO method	(344,312)	(344,312)	(188,405)
Inventories	$ 1,251,544	$ 769,403	$ 1,253,894

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Total debt - principal	$ 4,177,891	$ 3,442,620	$ 4,105,512
Less unamortized debt issuance costs and debt discount	15,328	17,178	19,348
Debt long term and short term less unamortized debt issuance costs and debt discount	4,162,563	3,425,442	4,086,164
Less current portion	811,387	80,061	718,695
Long-term debt	3,351,176	3,345,381	3,367,469
Bank debt
Debt Instrument [Line Items]
Total debt - principal	1,759,016	1,049,673	1,736,364
Finance Leases
Debt Instrument [Line Items]
Total debt - principal	64,225	65,667	66,938
Bank Revolving Loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	738,000	0	675,000
Less current portion	738,000
U S Term Loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	950,000	1,000,000	1,000,000
Other Foreign Bank Revolving and Term Loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	71,016	49,673	61,364
Less current portion	46,700
Senior Notes | 3¼% Senior Notes
Debt Instrument [Line Items]
Total debt - principal	$ 709,150	693,680	679,510
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	$ 545,500	533,600	522,700
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	$ 26,700

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Long-term debt, current maturities	$ 811,387	$ 80,061	$ 718,695
Finance Leases
Debt Instrument [Line Items]
Long-term debt, current maturities	26,700
Bank debt | Other Foreign Bank Revolving and Term Loans
Debt Instrument [Line Items]
Long-term debt, current maturities	$ 46,700

Financial Instruments - Carryin

Financial Instruments - Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
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	$ 236,606
Carrying Amount | Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	1,759,016
Carrying Amount | Senior Notes | 3¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	709,150
Carrying Amount | Senior Notes | 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	599,376
Carrying Amount | Senior Notes | 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	545,500
Carrying Amount | Senior Notes | 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	499,849
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	236,606
Fair Value | Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	1,759,016
Fair Value | Senior Notes | 3¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	696,570
Fair Value | Senior Notes | 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	550,530
Fair Value | Senior Notes | 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	471,012
Fair Value | Senior Notes | 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank debt	$ 441,595

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Mar. 24, 2023
USD Interest Rate Swap Contract, Maturity Date March 24, 2023
Derivative [Line Items]
Fixed interest rate			2.878%
USD Interest Rate Swap Contract One, Maturity Date March 24, 2023
Derivative [Line Items]
Derivative, notional amount			$ 50,000,000
USD Interest Rate Swap Contract Two, Maturity Date March 24, 2023
Derivative [Line Items]
Derivative, notional amount			$ 50,000,000
USD Interest Rate Swap, Maturity Date April 3, 2026 | Minimum
Derivative [Line Items]
Fixed interest rate	3.889%	3.889%
USD Interest Rate Swap, Maturity Date April 3, 2026 | Maximum
Derivative [Line Items]
Fixed interest rate	3.905%	3.905%
USD Interest Rate Swap Contract One, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, notional amount	$ 75,000,000	$ 75,000,000
USD Interest Rate Swap Contract Two, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, notional amount	75,000,000	75,000,000
USD Interest Rate Swap Contract Three, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, notional amount	75,000,000	75,000,000
USD Interest Rate Swap Contract Four, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, notional amount	75,000,000	75,000,000
Accumulated Translation Adjustment
Derivative [Line Items]
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive loss	$ (2,100,000)	$ (10,900,000)

Supply Chain Finance Program (D

Supply Chain Finance Program (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Payables and Accruals [Abstract]
Termination notice period (at least)	30 days
Termination notice period by financial institution (at least)	10 days
Supply chain finance program, payment period (up to)	210 days
Supplier chain finance program obligation, current	$ 321.9	$ 346.8	$ 369.5

Retirement Benefits - Component

Retirement Benefits - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,234	$ 3,270	$ 4,463	$ 6,570
Interest cost	8,724	5,140	17,433	10,299
Expected return on plan assets	(10,187)	(17,315)	(20,376)	(34,629)
Amortization of prior service cost	25	53	53	108
Amortization of actuarial losses (gains)	2,939	1,157	5,884	2,312
Net periodic benefit cost (credit)	3,735	(7,695)	7,457	(15,340)
Other Postretirement Benefit Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Service cost	12	26	26	51
Interest cost	189	109	378	218
Amortization of prior service cost	(233)	(416)	(468)	(832)
Amortization of actuarial losses (gains)	(162)	(77)	(323)	(154)
Net periodic benefit cost (credit)	$ (194)	$ (358)	$ (387)	$ (717)

Treasury Stock (Details)

Treasury Stock (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Mar. 04, 2022
Equity, Class of Treasury Stock [Line Items]
Treasury stock (in shares)	65,166,066
2022 BOD Authorized Common Stock Repurchase
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, additional repurchase authorization		$ 300,000,000
Repurchase of common stock (in shares)	445,104
Average cost per share of treasury stock acquired (usd per share)	$ 48.74
Stock repurchase price	$ 21,700,000
Remaining authorized repurchase amount	$ 246,200,000
Activity Related to Restricted Stock Units Vested Under a prior Stock-based Compensation Plan
Equity, Class of Treasury Stock [Line Items]
Average cost per share of treasury stock acquired (usd per share)	$ 52.71
Treasury shares issued for restricted stock units that vested during the period (in shares)	487,409
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)	174,882

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Restricted Stock Units $ in Millions	2 Months Ended
	Jun. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares) | shares	293,190
Fair value of restricted stock units granted | $	$ 13.6

Segment Information - Reportabl

Segment Information - Reportable Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,426,727	$ 1,543,781	$ 2,845,008	$ 2,985,667
Adjusted EBIT	160,798	187,853	310,202	334,072
Depreciation	53,301	53,201	104,923	107,378
Dispensing and Specialty Closures
Segment Reporting Information [Line Items]
Net sales	560,096	602,431	1,140,028	1,200,358
Adjusted EBIT	76,882	100,340	159,818	196,868
Depreciation	25,756	24,808	50,515	49,469
Metal Containers
Segment Reporting Information [Line Items]
Net sales	710,864	754,396	1,380,960	1,405,122
Adjusted EBIT	75,740	63,439	128,140	96,390
Depreciation	18,528	19,558	36,516	40,289
Custom Containers
Segment Reporting Information [Line Items]
Net sales	155,767	186,954	324,020	380,187
Adjusted EBIT	18,444	29,451	38,478	52,815
Depreciation	8,999	8,796	17,834	17,539
Corporate
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Adjusted EBIT	(10,268)	(5,377)	(16,234)	(12,001)
Depreciation	$ 18	$ 39	$ 58	$ 81

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBIT to Income before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total adjusted EBIT	$ 160,798	$ 187,853	$ 310,202	$ 334,072
Less:
Other pension expense (income) for U.S. pension plans	1,295	(11,349)	2,581	(22,678)
Rationalization charges	2,667	3,428	6,788	4,807
Income before interest and income taxes	143,993	158,017	275,221	301,409
Less interest and other debt expense	46,792	28,660	83,558	59,490
Income before income taxes	97,201	129,357	191,663	241,919
Segment Reconciling Items
Less:
Acquired intangible asset amortization expense	13,304	13,188	26,525	26,618
Other pension expense (income) for U.S. pension plans	834	(11,983)	1,668	(23,965)
Rationalization charges	2,667	3,428	6,788	4,807
European Commission settlement	$ 0	$ 25,203	$ 0	$ 25,203