Silgan (SLGN) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		106,775,134
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 308,641	$ 642,923	$ 501,060
Trade accounts receivable, net	946,051	599,524	936,048
Inventories	957,240	940,808	1,055,079
Prepaid expenses and other current assets	164,439	165,727	132,822
Total current assets	2,376,371	2,348,982	2,625,009
Property, plant and equipment, net	1,943,682	1,961,585	1,930,003
Goodwill	1,997,285	2,018,241	2,001,753
Other intangible assets, net	702,033	721,023	755,883
Other assets, net	554,884	561,405	549,074
Assets, total	7,574,255	7,611,236	7,861,722
Current liabilities:
Revolving loans and current portion of long-term debt	1,345,851	880,315	784,795
Trade accounts payable	609,832	1,075,913	716,487
Accrued payroll and related costs	100,118	97,886	101,881
Accrued liabilities	233,676	257,742	240,952
Total current liabilities	2,289,477	2,311,856	1,844,115
Long-term debt	2,534,504	2,546,451	3,370,346
Deferred income taxes	432,266	433,666	389,010
Other liabilities	418,162	429,905	476,961
Stockholders’ equity:
Common stock	1,751	1,751	1,751
Paid-in capital	356,529	353,848	342,157
Retained earnings	3,242,914	3,208,237	3,013,104
Accumulated other comprehensive loss	(271,990)	(251,361)	(324,570)
Treasury stock	(1,429,358)	(1,423,117)	(1,251,152)
Total stockholders’ equity	1,899,846	1,889,358	1,781,290
Liabilities and equity	$ 7,574,255	$ 7,611,236	$ 7,861,722

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 1,317,038	$ 1,418,281
Cost of goods sold	1,093,559	1,180,316
Gross profit	223,479	237,965
Selling, general and administrative expenses	100,476	101,330
Rationalization charges	11,691	4,121
Other pension and postretirement (income) expense	(407)	1,286
Income before interest and income taxes	111,719	131,228
Less interest and other debt expense	38,647	36,766
Income before income taxes	73,072	94,462
Provision for income taxes	17,908	22,433
Net income	$ 55,164	$ 72,029
Earnings per share
Basic net income per share (usd per share)	$ 0.52	$ 0.65
Diluted net income per share (usd per share)	$ 0.52	$ 0.65
Weighted average number of shares
Basic (in shares)	106,646	110,219
Effect of dilutive securities (in shares)	405	630
Diluted (in shares)	107,051	110,849

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 55,164	$ 72,029
Other comprehensive income (loss), net of tax:
Changes in net prior service credit and actuarial losses	1,403	2,306
Change in fair value of derivatives	2,425	(1,287)
Foreign currency translation	(24,457)	19,721
Other comprehensive (loss) income	(20,629)	20,740
Comprehensive income	$ 34,535	$ 92,769

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows provided by (used in) operating activities:
Net income	$ 55,164	$ 72,029
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	66,430	64,843
Amortization of debt discount and debt issuance costs	1,347	1,333
Rationalization charges	11,691	4,121
Stock compensation expense	4,115	3,681
Other changes that provided (used) cash:
Trade accounts receivable, net	(355,645)	(271,224)
Inventories	(22,319)	(279,982)
Trade accounts payable	(281,165)	(176,147)
Accrued liabilities	(30,041)	(49,812)
Other, net	2,613	(616)
Net cash (used in) operating activities	(547,810)	(631,774)
Cash flows provided by (used in) investing activities:
Capital expenditures	(75,258)	(67,871)
Proceeds from asset sales	2,495	372
Other, net	301	508
Net cash (used in) investing activities	(72,462)	(66,991)
Cash flows provided by (used in) financing activities:
Borrowings under revolving loans	597,879	783,454
Repayments under revolving loans	(15,469)	(28,442)
Repayment of principal amounts under finance leases	(346)	(658)
Proceeds from issuance of long-term debt	0	2,146
Repayments of long-term debt	(100,000)	(50,705)
Changes in outstanding checks - principally vendors	(160,576)	(61,433)
Dividends paid on common stock	(21,137)	(20,575)
Repurchase of common stock	(7,675)	(13,412)
Net cash provided by financing activities	292,676	610,375
Effect of exchange rate changes on cash and cash equivalents	(6,686)	3,828
Cash and cash equivalents:
Net (decrease)	(334,282)	(84,562)
Balance at beginning of year	642,923	585,622
Balance at end of period	308,641	501,060
Interest paid, net	50,290	34,764
Income taxes paid, net	$ 17,003	$ 20,086

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, 2022		$ 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)		266
Repurchase of common stock (in shares)		(93)
Stock compensation expense			3,681
Net issuance of treasury stock for vested restricted stock units			(1,363)			(7,249)
Net income	$ 72,029			72,029
Dividends declared on common stock				(20,004)
Other comprehensive (loss) income					20,740
Repurchases of common stock						(4,800)
Ending balance at Mar. 31, 2023	$ 1,781,290	$ 1,751	342,157	3,013,104	(324,570)	(1,251,152)
Ending balance (in shares) at Mar. 31, 2023		110,252
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.18
Beginning balance at Dec. 31, 2023	$ 1,889,358	$ 1,751	353,848	3,208,237	(251,361)	(1,423,117)
Beginning balance (in shares) at Dec. 31, 2023		106,500
Increase (Decrease) in Stockholders' Equity
Net issuance of treasury stock for vested restricted stock units (in shares)		275
Repurchase of common stock (in shares)		0
Stock compensation expense			4,115
Net issuance of treasury stock for vested restricted stock units			(1,434)			(6,241)
Net income	55,164			55,164
Dividends declared on common stock				(20,487)
Other comprehensive (loss) income					(20,629)
Repurchases of common stock						0
Ending balance at Mar. 31, 2024	$ 1,899,846	$ 1,751	$ 356,529	$ 3,242,914	$ (271,990)	$ (1,429,358)
Ending balance (in shares) at Mar. 31, 2024		106,775
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.19

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023 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, 2023. Certain prior year amounts have been reclassified to confirm with the current year's presentation.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [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: 2024 2023 (Dollars in thousands) Dispensing and Specialty Closures $ 535,920 $ 579,932 Metal Containers 617,129 670,096 Custom Containers 163,989 168,253 $ 1,317,038 $ 1,418,281 Revenues by geography for the three months ended March 31 were as follows: 2024 2023 (Dollars in thousands) North America $ 981,963 $ 1,056,526 Europe and other 335,075 361,755 $ 1,317,038 $ 1,418,281

Rationalization Charges

Rationalization Charges	3 Months Ended
	Mar. 31, 2024
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: 2024 2023 (Dollars in thousands) Dispensing and Specialty Closures $ 6,557 $ 114 Metal Containers 3,584 3,903 Custom Containers 1,550 104 $ 11,691 $ 4,121 Activity in reserves for our rationalization plans were as follows: Employee Plant Non-Cash Total (Dollars in thousands) Balance at December 31, 2023 $ 33,555 $ 465 $ — $ 34,020 Charged to expense 4,088 7,255 348 11,691 Utilized and currency translation (4,229) (7,555) (348) (12,132) Balance at March 31, 2024 $ 33,414 $ 165 $ — $ 33,579 Rationalization reserves as of March 31, 2024 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $7.2 million and other liabilities of $26.4 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 $8.1 million and $14.3 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 $0.8 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 $2.6 million annually through 2040.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2024
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, 2023 $ (133,523) $ (216) $ (117,622) $ (251,361) Other comprehensive loss before reclassifications — 2,884 (24,457) (21,573) Amounts reclassified from accumulated other comprehensive loss 1,403 (459) — 944 Other comprehensive loss 1,403 2,425 (24,457) (20,629) Balance at March 31, 2024 $ (132,120) $ 2,209 $ (142,079) $ (271,990) 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, 2024 were net (losses) of $(1.8) million, excluding income tax benefits of $0.4 million. For the three months ended March 31, 2024, these net (losses) consisted primarily of amortization of net actuarial (losses) of $(1.8) million. Amortization of net actuarial losses and net prior service cost 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 months ended March 31, 2024 were not significant.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: March 31, 2024 March 31, 2023 Dec. 31, 2023 (Dollars in thousands) Raw materials $ 395,261 $ 498,580 $ 465,375 Work-in-process 209,296 254,373 219,462 Finished goods 652,724 630,233 556,737 Other 17,341 16,205 16,616 1,274,622 1,399,391 1,258,190 Adjustment to value inventory at cost on the LIFO method (317,382) (344,312) (317,382) $ 957,240 $ 1,055,079 $ 940,808

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: March 31, 2024 March 31, 2023 Dec. 31, 2023 (Dollars in thousands) Bank debt Bank revolving loans $ 580,000 $ 755,000 $ — U.S. term loans 850,000 950,000 950,000 Other foreign bank revolving and term loans 57,435 51,840 56,243 Total bank debt 1,487,435 1,756,840 1,006,243 3¼% Senior Notes 702,000 706,160 717,990 4⅛% Senior Notes 600,000 600,000 600,000 2¼% Senior Notes 540,000 543,200 552,300 1.4% Senior Secured Notes 500,000 500,000 500,000 Finance leases 62,905 65,050 63,302 Total debt - principal 3,892,340 4,171,250 3,439,835 Less unamortized debt issuance costs and debt discount 11,985 16,109 13,069 Total debt 3,880,355 4,155,141 3,426,766 Less current portion 1,345,851 784,795 880,315 $ 2,534,504 $ 3,370,346 $ 2,546,451

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2024
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, 2024: Carrying Fair (Dollars in thousands) Assets: Cash and cash equivalents $ 308,641 $ 308,641 Liabilities: Bank debt $ 1,487,435 $ 1,487,435 3¼% Senior Notes 702,000 695,415 4⅛% Senior Notes 599,469 567,708 2¼% Senior Notes 540,000 493,063 1.4% Senior Secured Notes 499,889 457,980 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, 2024 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 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 months ended March 31, 2024. The total fair value of our interest rate swaps agreements in effect at March 31, 2024 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, 2024. 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, 2024 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, 2024 were $11.6 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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.

Supply Chain Finance Program

Supply Chain Finance Program	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Supply Chain Finance Program	Supply Chain Finance Program We have a supply chain finance (“SCF”) program with a major global financial institution. Under this SCF program, a qualifying supplier may elect, but is not obligated, to sell its receivables from us to such financial institution. Once a qualifying supplier elects to participate in this SCF program, all of our payments to the participating supplier are paid to such financial institution in this SCF program on the invoice due date under our agreement with such supplier, regardless of whether the individual invoice was sold by the supplier to such financial institution. 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 $252.6 million, $318.4 million and $330.2 million at March 31, 2024 and 2023 and December 31, 2023, respectively, and were included in accounts payable in our Condensed Consolidated Balance Sheets.

Retirement Benefits

Retirement Benefits	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The components of the net periodic pension benefit cost for the three months ended March 31 were as follows: 2024 2023 (Dollars in thousands) Service cost $ 2,165 $ 2,229 Interest cost 8,413 8,709 Expected return on plan assets (10,771) (10,189) Amortization of prior service cost 23 28 Amortization of actuarial losses 1,852 2,945 Net periodic benefit cost $ 1,682 $ 3,722 The components of the net periodic other postretirement benefit cost (credit) for the three months ended March 31 were as follows: 2024 2023 (Dollars in thousands) Service cost $ 7 $ 14 Interest cost 165 189 Amortization of prior service credit (5) (235) Amortization of actuarial gains (84) (161) Net periodic benefit cost (credit) $ 83 $ (193)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 2022 tax year with no change to our filed federal income tax return. We have been accepted into the Compliance Assurance Program for the 2023 and 2024 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, 2024
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, 2024. At March 31, 2024, we had approximately $93.3 million remaining under this authorization for the repurchase of our common stock. During the first three months of 2024, we issued 449,998 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 our stock-based compensation plans. In accordance with the applicable agreements for such restricted stock units, we repurchased 174,819 shares of our common stock at an average cost of $43.91 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, 2024, 68,337,362 shares of our common stock were held in treasury.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation We 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. During the first three months of 2024, 460,600 restricted stock units were granted to certain of our officers and other key employees. The fair value of these restricted stock units at the grant date was $20.2 million, which is being amortized ratably over the respective vesting period from the grant date.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
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 (income) expense for U.S. pension plans and rationalization charges. 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 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, 2024 Net sales $ 535,920 $ 617,129 $ 163,989 $ — $ 1,317,038 Income before interest and income taxes 59,760 41,665 17,786 (7,492) 111,719 Adjusted EBIT 77,850 44,954 20,168 (7,492) 135,480 Depreciation 25,151 18,913 9,064 21 53,149 Three months ended March 31, 2023 Net sales $ 579,932 $ 670,096 $ 168,253 $ — $ 1,418,281 Income before interest and income taxes 70,946 47,797 18,451 (5,966) 131,228 Adjusted EBIT 82,936 52,400 20,034 (5,966) 149,404 Depreciation 24,759 17,988 8,835 40 51,622 Total adjusted EBIT is reconciled to income before income taxes for the three months ended March 31 as follows: 2024 2023 (Dollars in thousands) Total adjusted EBIT $ 135,480 $ 149,404 Less: Acquired intangible asset amortization expense 13,281 13,221 Other pension (income) expense for U.S. pension plans (1,211) 834 Rationalization charges 11,691 4,121 Income before interest and income taxes 111,719 131,228 Less interest and other debt expense 38,647 36,766 Income before income taxes $ 73,072 $ 94,462 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)	3 Months Ended
	Mar. 31, 2024
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, 2023 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, 2023. Certain prior year amounts have been reclassified to confirm with the current year's presentation.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenues by segment for the three months ended March 31 were as follows: 2024 2023 (Dollars in thousands) Dispensing and Specialty Closures $ 535,920 $ 579,932 Metal Containers 617,129 670,096 Custom Containers 163,989 168,253 $ 1,317,038 $ 1,418,281 Revenues by geography for the three months ended March 31 were as follows: 2024 2023 (Dollars in thousands) North America $ 981,963 $ 1,056,526 Europe and other 335,075 361,755 $ 1,317,038 $ 1,418,281

Rationalization Charges (Tables

Rationalization Charges (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Activity in Rationalization Plan Reserves	Rationalization charges by segment for the three months ended March 31 were as follows: 2024 2023 (Dollars in thousands) Dispensing and Specialty Closures $ 6,557 $ 114 Metal Containers 3,584 3,903 Custom Containers 1,550 104 $ 11,691 $ 4,121 Activity in reserves for our rationalization plans were as follows: Employee Plant Non-Cash Total (Dollars in thousands) Balance at December 31, 2023 $ 33,555 $ 465 $ — $ 34,020 Charged to expense 4,088 7,255 348 11,691 Utilized and currency translation (4,229) (7,555) (348) (12,132) Balance at March 31, 2024 $ 33,414 $ 165 $ — $ 33,579

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 $ (133,523) $ (216) $ (117,622) $ (251,361) Other comprehensive loss before reclassifications — 2,884 (24,457) (21,573) Amounts reclassified from accumulated other comprehensive loss 1,403 (459) — 944 Other comprehensive loss 1,403 2,425 (24,457) (20,629) Balance at March 31, 2024 $ (132,120) $ 2,209 $ (142,079) $ (271,990)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: March 31, 2024 March 31, 2023 Dec. 31, 2023 (Dollars in thousands) Raw materials $ 395,261 $ 498,580 $ 465,375 Work-in-process 209,296 254,373 219,462 Finished goods 652,724 630,233 556,737 Other 17,341 16,205 16,616 1,274,622 1,399,391 1,258,190 Adjustment to value inventory at cost on the LIFO method (317,382) (344,312) (317,382) $ 957,240 $ 1,055,079 $ 940,808

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt consisted of the following: March 31, 2024 March 31, 2023 Dec. 31, 2023 (Dollars in thousands) Bank debt Bank revolving loans $ 580,000 $ 755,000 $ — U.S. term loans 850,000 950,000 950,000 Other foreign bank revolving and term loans 57,435 51,840 56,243 Total bank debt 1,487,435 1,756,840 1,006,243 3¼% Senior Notes 702,000 706,160 717,990 4⅛% Senior Notes 600,000 600,000 600,000 2¼% Senior Notes 540,000 543,200 552,300 1.4% Senior Secured Notes 500,000 500,000 500,000 Finance leases 62,905 65,050 63,302 Total debt - principal 3,892,340 4,171,250 3,439,835 Less unamortized debt issuance costs and debt discount 11,985 16,109 13,069 Total debt 3,880,355 4,155,141 3,426,766 Less current portion 1,345,851 784,795 880,315 $ 2,534,504 $ 3,370,346 $ 2,546,451

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024: Carrying Fair (Dollars in thousands) Assets: Cash and cash equivalents $ 308,641 $ 308,641 Liabilities: Bank debt $ 1,487,435 $ 1,487,435 3¼% Senior Notes 702,000 695,415 4⅛% Senior Notes 599,469 567,708 2¼% Senior Notes 540,000 493,063 1.4% Senior Secured Notes 499,889 457,980

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost (Credit)	The components of the net periodic pension benefit cost for the three months ended March 31 were as follows: 2024 2023 (Dollars in thousands) Service cost $ 2,165 $ 2,229 Interest cost 8,413 8,709 Expected return on plan assets (10,771) (10,189) Amortization of prior service cost 23 28 Amortization of actuarial losses 1,852 2,945 Net periodic benefit cost $ 1,682 $ 3,722 The components of the net periodic other postretirement benefit cost (credit) for the three months ended March 31 were as follows: 2024 2023 (Dollars in thousands) Service cost $ 7 $ 14 Interest cost 165 189 Amortization of prior service credit (5) (235) Amortization of actuarial gains (84) (161) Net periodic benefit cost (credit) $ 83 $ (193)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Net sales $ 535,920 $ 617,129 $ 163,989 $ — $ 1,317,038 Income before interest and income taxes 59,760 41,665 17,786 (7,492) 111,719 Adjusted EBIT 77,850 44,954 20,168 (7,492) 135,480 Depreciation 25,151 18,913 9,064 21 53,149 Three months ended March 31, 2023 Net sales $ 579,932 $ 670,096 $ 168,253 $ — $ 1,418,281 Income before interest and income taxes 70,946 47,797 18,451 (5,966) 131,228 Adjusted EBIT 82,936 52,400 20,034 (5,966) 149,404 Depreciation 24,759 17,988 8,835 40 51,622
Reconciliation of Adjusted EBIT to Income before Income Taxes	Total adjusted EBIT is reconciled to income before income taxes for the three months ended March 31 as follows: 2024 2023 (Dollars in thousands) Total adjusted EBIT $ 135,480 $ 149,404 Less: Acquired intangible asset amortization expense 13,281 13,221 Other pension (income) expense for U.S. pension plans (1,211) 834 Rationalization charges 11,691 4,121 Income before interest and income taxes 111,719 131,228 Less interest and other debt expense 38,647 36,766 Income before income taxes $ 73,072 $ 94,462

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,317,038	$ 1,418,281
Trade Accounts Receivable | Unbilled Accounts Receivable
Segment Reporting Information [Line Items]
Contract assets	97,200	108,500	$ 100,000
North America
Segment Reporting Information [Line Items]
Net sales	981,963	1,056,526
Europe and other
Segment Reporting Information [Line Items]
Net sales	335,075	361,755
Dispensing and Specialty Closures
Segment Reporting Information [Line Items]
Net sales	535,920	579,932
Metal Containers
Segment Reporting Information [Line Items]
Net sales	617,129	670,096
Custom Containers
Segment Reporting Information [Line Items]
Net sales	$ 163,989	$ 168,253

Rationalization Charges - Ratio

Rationalization Charges - Rationalization Charges by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Rationalization charges	$ 11,691	$ 4,121
Dispensing and Specialty Closures
Restructuring Cost and Reserve [Line Items]
Rationalization charges	6,557	114
Metal Containers
Restructuring Cost and Reserve [Line Items]
Rationalization charges	3,584	3,903
Custom Containers
Restructuring Cost and Reserve [Line Items]
Rationalization charges	$ 1,550	$ 104

Rationalization Charges - Activ

Rationalization Charges - Activity in Rationalization Plan Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	$ 34,020
Charged to expense	11,691	$ 4,121
Utilized and currency translation	(12,132)
Balance at March 31, 2024	33,579
Employee Severance and Benefits
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	33,555
Charged to expense	4,088
Utilized and currency translation	(4,229)
Balance at March 31, 2024	33,414
Plant Exit Costs
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	465
Charged to expense	7,255
Utilized and currency translation	(7,555)
Balance at March 31, 2024	165
Non-Cash Asset Write-Down
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	0
Charged to expense	348
Utilized and currency translation	(348)
Balance at March 31, 2024	$ 0

Rationalization Charges - Narra

Rationalization Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 33,579	$ 34,020
Other Restructuring | Rationalization Plan
Restructuring Cost and Reserve [Line Items]
Remaining expenses	8,100
Remaining cash expenditures	14,300
Annually Through 2040 | Central States Pension Plan withdrawal
Restructuring Cost and Reserve [Line Items]
Remaining cash expenditures	2,600
Accretion expense	800
Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	7,200
Other Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 26,400

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, 2024	Mar. 31, 2023
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,889,358
Other comprehensive loss before reclassifications	(21,573)
Amounts reclassified from accumulated other comprehensive loss	944
Other comprehensive (loss) income	(20,629)	$ 20,740
Ending balance	1,899,846	1,781,290
Accumulated other comprehensive loss
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(251,361)	(345,310)
Ending balance	(271,990)	$ (324,570)
Unrecognized Net Defined Benefit Plan Costs
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(133,523)
Other comprehensive loss before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	1,403
Other comprehensive (loss) income	1,403
Ending balance	(132,120)
Change in Fair Value of Derivatives
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(216)
Other comprehensive loss before reclassifications	2,884
Amounts reclassified from accumulated other comprehensive loss	(459)
Other comprehensive (loss) income	2,425
Ending balance	2,209
Foreign Currency Translation
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(117,622)
Other comprehensive loss before reclassifications	(24,457)
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive (loss) income	(24,457)
Ending balance	$ (142,079)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Unrecognized Net Defined Benefit Plan Costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) reclassification adjustment from AOCI	$ (1.8)
Benefit for income taxes	0.4
Amortization of net actuarial (losses), before tax	(1.8)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency gains (losses)	(33.5)
Foreign currency transaction and translation gain arising during period related to intra-entity transactions of a long-term investment nature, net of tax	0.1
Foreign currency gains of net investment hedges included in accumulated other comprehensive	11.6
Foreign currency translation, tax benefit (provision) related to net investment hedges	$ (2.7)

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 395,261	$ 465,375	$ 498,580
Work-in-process	209,296	219,462	254,373
Finished goods	652,724	556,737	630,233
Other	17,341	16,616	16,205
Inventories, gross	1,274,622	1,258,190	1,399,391
Adjustment to value inventory at cost on the LIFO method	(317,382)	(317,382)	(344,312)
Inventories	$ 957,240	$ 940,808	$ 1,055,079

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Total debt - principal	$ 3,892,340	$ 3,439,835	$ 4,171,250
Less unamortized debt issuance costs and debt discount	11,985	13,069	16,109
Total debt	3,880,355	3,426,766	4,155,141
Less current portion	1,345,851	880,315	784,795
Long-term debt	2,534,504	2,546,451	3,370,346
Bank debt
Debt Instrument [Line Items]
Total debt - principal	1,487,435	1,006,243	1,756,840
3¼% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt - principal	702,000	717,990	706,160
Less current portion	$ 702,000
Senior note interest rate	3.25%
1.4% Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Senior note interest rate	1.40%
Finance leases
Debt Instrument [Line Items]
Total debt - principal	$ 62,905	63,302	65,050
Bank revolving loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	580,000	0	755,000
U.S. term loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	850,000	950,000	950,000
Other foreign bank revolving and term loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	57,435	56,243	51,840
Less current portion	36,300
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	$ 540,000	552,300	543,200
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%
U.S. revolving loans | Bank debt
Debt Instrument [Line Items]
Less current portion	$ 580,000
Finance leases
Debt Instrument [Line Items]
Less current portion	$ 27,600

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Long-term debt, current maturities	$ 1,345,851	$ 880,315	$ 784,795
Finance leases
Debt Instrument [Line Items]
Long-term debt, current maturities	27,600
Bank debt | Other Foreign Bank Revolving and Term Loans
Debt Instrument [Line Items]
Long-term debt, current maturities	36,300
3¼% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term debt, current maturities	$ 702,000

Financial Instruments - Carryin

Financial Instruments - Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
3¼% Senior Notes | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	3.25%
1.4% Senior Secured Notes | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	1.40%
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	$ 308,641
Carrying Amount | 3¼% Senior Notes | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term senior notes	702,000
Carrying Amount | Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	1,487,435
Carrying Amount | Senior Notes | 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	599,469
Carrying Amount | Senior Notes | 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	540,000
Carrying Amount | Senior Notes | 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	499,889
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	308,641
Fair Value | 3¼% Senior Notes | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term senior notes	695,415
Fair Value | Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	1,487,435
Fair Value | Senior Notes | 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	567,708
Fair Value | Senior Notes | 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	493,063
Fair Value | Senior Notes | 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	$ 457,980

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) instrument
USD Interest Rate Swap, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, number of interest rate swap agreements | instrument		4
USD Interest Rate Swap, Maturity Date April 3, 2026 | Minimum
Derivative [Line Items]
Fixed interest rate		3.889%
USD Interest Rate Swap, Maturity Date April 3, 2026 | Maximum
Derivative [Line Items]
Fixed interest rate		3.905%
USD Interest Rate Swap Contract One, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, notional amount		$ 75
USD Interest Rate Swap Contract Two, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, notional amount		75
USD Interest Rate Swap Contract Three, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, notional amount		75
USD Interest Rate Swap Contract Four, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, notional amount		$ 75
Accumulated Translation Adjustment
Derivative [Line Items]
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive loss	$ 11.6

Supply Chain Finance Program (D

Supply Chain Finance Program (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
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	$ 252.6	$ 330.2	$ 318.4

Retirement Benefits - Component

Retirement Benefits - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefit Cost (Credit)
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,165	$ 2,229
Interest cost	8,413	8,709
Expected return on plan assets	(10,771)	(10,189)
Amortization of prior service cost	23	28
Amortization of actuarial losses (gains)	1,852	2,945
Net periodic benefit cost (credit)	1,682	3,722
Other Postretirement Benefit Credit
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	14
Interest cost	165	189
Amortization of prior service cost	(5)	(235)
Amortization of actuarial losses (gains)	(84)	(161)
Net periodic benefit cost (credit)	$ 83	$ (193)

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 04, 2022
Equity, Class of Treasury Stock [Line Items]
Treasury stock (in shares)	68,337,362
2022 BOD Authorized Common Stock Repurchase
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, additional repurchase authorization		$ 300
Remaining authorized repurchase amount	$ 93.3
Activity Related to Restricted Stock Units Vested Under a prior Stock-based Compensation Plan
Equity, Class of Treasury Stock [Line Items]
Treasury shares issued for restricted stock units that vested during the period (in shares)	449,998
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)	174,819
Average cost per share of treasury stock acquired (usd per share)	$ 43.91

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation arrangement | plan	1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares) | shares	460,600
Fair value of restricted stock units granted | $	$ 20.2

Segment Information - Reportabl

Segment Information - Reportable Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,317,038	$ 1,418,281
Income before interest and income taxes	111,719	131,228
Adjusted EBIT	135,480	149,404
Depreciation	53,149	51,622
Dispensing and Specialty Closures
Segment Reporting Information [Line Items]
Net sales	535,920	579,932
Income before interest and income taxes	59,760	70,946
Adjusted EBIT	77,850	82,936
Depreciation	25,151	24,759
Metal Containers
Segment Reporting Information [Line Items]
Net sales	617,129	670,096
Income before interest and income taxes	41,665	47,797
Adjusted EBIT	44,954	52,400
Depreciation	18,913	17,988
Custom Containers
Segment Reporting Information [Line Items]
Net sales	163,989	168,253
Income before interest and income taxes	17,786	18,451
Adjusted EBIT	20,168	20,034
Depreciation	9,064	8,835
Corporate
Segment Reporting Information [Line Items]
Net sales	0	0
Income before interest and income taxes	(7,492)	(5,966)
Adjusted EBIT	(7,492)	(5,966)
Depreciation	$ 21	$ 40

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBIT to Income before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total adjusted EBIT	$ 135,480	$ 149,404
Less:
Other pension (income) expense for U.S. pension plans	(407)	1,286
Rationalization charges	11,691	4,121
Income before interest and income taxes	111,719	131,228
Less interest and other debt expense	38,647	36,766
Income before income taxes	73,072	94,462
Segment Reconciling Items
Less:
Acquired intangible asset amortization expense	13,281	13,221
Other pension (income) expense for U.S. pension plans	(1,211)	834
Rationalization charges	$ 11,691	$ 4,121