Silgan (SLGN) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		106,779,356
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 302,795	$ 642,923	$ 236,606
Trade accounts receivable, net	1,056,785	599,524	1,067,550
Inventories	1,005,589	940,808	1,251,544
Prepaid expenses and other current assets	173,464	165,727	142,757
Total current assets	2,538,633	2,348,982	2,698,457
Property, plant and equipment, net	1,933,591	1,961,585	1,934,187
Goodwill	1,987,284	2,018,241	2,007,388
Other intangible assets, net	685,043	721,023	745,275
Other assets, net	548,686	561,405	528,414
Assets, total	7,693,237	7,611,236	7,913,721
Current liabilities:
Revolving loans and current portion of long-term debt	1,398,246	880,315	811,387
Trade accounts payable	658,118	1,075,913	751,758
Accrued payroll and related costs	100,663	97,886	94,961
Accrued liabilities	238,970	257,742	221,521
Total current liabilities	2,395,997	2,311,856	1,879,627
Long-term debt	2,530,718	2,546,451	3,351,176
Deferred income taxes	425,151	433,666	384,410
Other liabilities	407,681	429,905	427,372
Stockholders’ equity:
Common stock	1,751	1,751	1,751
Paid-in capital	360,344	353,848	345,442
Retained earnings	3,298,525	3,208,237	3,072,021
Accumulated other comprehensive loss	(297,530)	(251,361)	(279,554)
Treasury stock	(1,429,400)	(1,423,117)	(1,268,524)
Total stockholders’ equity	1,933,690	1,889,358	1,871,136
Liabilities and equity	$ 7,693,237	$ 7,611,236	$ 7,913,721

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,381,365	$ 1,426,727	$ 2,698,403	$ 2,845,008
Cost of goods sold	1,125,361	1,176,601	2,218,920	2,356,917
Gross profit	256,004	250,126	479,483	488,091
Selling, general and administrative expenses	107,701	102,171	208,177	203,501
Rationalization charges	6,859	2,667	18,550	6,788
Other pension and postretirement (income) expense	(409)	1,295	(816)	2,581
Income before interest and income taxes	141,853	143,993	253,572	275,221
Less interest and other debt expense	41,343	46,792	79,990	83,558
Income before income taxes	100,510	97,201	173,582	191,663
Provision for income taxes	24,413	18,311	42,321	40,744
Net income	$ 76,097	$ 78,890	$ 131,261	$ 150,919
Earnings per share
Basic net income per share (usd per share)	$ 0.71	$ 0.72	$ 1.23	$ 1.37
Diluted net income per share (usd per share)	$ 0.71	$ 0.71	$ 1.23	$ 1.36
Weighted average number of shares
Basic (in shares)	106,835	110,129	106,740	110,211
Effect of dilutive securities (in shares)	180	323	293	476
Diluted (in shares)	107,015	110,452	107,033	110,687

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 76,097	$ 78,890	$ 131,261	$ 150,919
Other comprehensive income (loss), net of tax:
Changes in net prior service credit and actuarial losses	1,411	1,217	2,814	3,523
Change in fair value of derivatives	527	4,652	2,952	3,365
Foreign currency translation	(27,478)	39,147	(51,935)	58,868
Other comprehensive (loss) income	(25,540)	45,016	(46,169)	65,756
Comprehensive income	$ 50,557	$ 123,906	$ 85,092	$ 216,675

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows provided by (used in) operating activities:
Net income	$ 131,261	$ 150,919
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	131,932	131,448
Amortization of debt discount and debt issuance costs	2,695	2,674
Rationalization charges	18,550	6,788
Stock compensation expense	7,948	7,156
Other changes that provided (used) cash:
Trade accounts receivable, net	(474,482)	(397,413)
Inventories	(74,498)	(472,989)
Trade accounts payable	(227,429)	(143,180)
Accrued liabilities	(27,008)	(78,545)
Other, net	(15,882)	(18,606)
Net cash (used in) operating activities	(526,913)	(811,748)
Cash flows provided by (used in) investing activities:
Capital expenditures	(131,442)	(118,204)
Proceeds from asset sales	2,984	675
Other, net	50	564
Net cash (used in) investing activities	(128,408)	(116,965)
Cash flows provided by (used in) financing activities:
Borrowings under revolving loans	739,385	998,167
Repayments under revolving loans	(75,408)	(243,040)
Repayment of principal amounts under finance leases	(25,267)	(1,514)
Proceeds from issuance of long-term debt	0	5,094
Repayments of long-term debt	(100,000)	(51,867)
Changes in outstanding checks - principally vendors	(160,576)	(61,433)
Dividends paid on common stock	(41,453)	(40,422)
Repurchase of common stock	(7,735)	(30,974)
Net cash provided by financing activities	328,946	574,011
Effect of exchange rate changes on cash and cash equivalents	(13,753)	5,686
Cash and cash equivalents:
Net (decrease)	(340,128)	(349,016)
Balance at beginning of year	642,923	585,622
Balance at end of period	302,795	236,606
Interest paid, net	90,832	80,623
Income taxes paid, net	$ 43,618	$ 84,884

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)		312
Repurchases 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 (loss) income					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
Repurchases 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 (loss) income					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
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)		279
Repurchases of common stock (in shares)		0
Stock compensation expense			7,948
Net issuance of treasury stock for vested restricted stock units			(1,452)			(6,283)
Net income	131,261			131,261
Dividends declared on common stock				(40,973)
Other comprehensive (loss) income					(46,169)
Repurchases of common stock						0
Ending balance at Jun. 30, 2024	$ 1,933,690	$ 1,751	360,344	3,298,525	(297,530)	(1,429,400)
Ending balance (in shares) at Jun. 30, 2024		106,779
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.38
Beginning balance at Mar. 31, 2024		$ 1,751	356,529	3,242,914	(271,990)	(1,429,358)
Beginning balance (in shares) at Mar. 31, 2024		106,775
Increase (Decrease) in Stockholders' Equity
Net issuance of treasury stock for vested restricted stock units (in shares)		4
Repurchases of common stock (in shares)		0
Stock compensation expense			3,833
Net issuance of treasury stock for vested restricted stock units			(18)			(42)
Net income	$ 76,097			76,097
Dividends declared on common stock				(20,486)
Other comprehensive (loss) income					(25,540)
Repurchases of common stock						0
Ending balance at Jun. 30, 2024	$ 1,933,690	$ 1,751	$ 360,344	$ 3,298,525	$ (297,530)	$ (1,429,400)
Ending balance (in shares) at Jun. 30, 2024		106,779
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.19

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 conform with the current year's presentation.

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 were as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Dispensing and Specialty Closures $ 565,377 $ 560,096 $ 1,101,297 $ 1,140,028 Metal Containers 650,796 710,864 1,267,925 1,380,960 Custom Containers 165,192 155,767 329,181 324,020 $ 1,381,365 $ 1,426,727 $ 2,698,403 $ 2,845,008 Revenues by geography were as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) North America $ 1,034,401 $ 1,061,906 $ 2,016,364 $ 2,118,432 Europe and other 346,964 364,821 682,039 726,576 $ 1,381,365 $ 1,426,727 $ 2,698,403 $ 2,845,008

Rationalization Charges

Rationalization Charges	6 Months Ended
	Jun. 30, 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 were as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Dispensing and Specialty Closures $ 3,191 $ 1,214 $ 9,748 $ 1,328 Metal Containers 2,493 1,453 6,077 5,356 Custom Containers 1,175 — 2,725 104 $ 6,859 $ 2,667 $ 18,550 $ 6,788 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 5,580 11,397 1,573 18,550 Utilized and currency translation (9,397) (11,697) (1,573) (22,667) Balance at June 30, 2024 $ 29,738 $ 165 $ — $ 29,903 Rationalization reserves as of June 30, 2024 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $3.8 million and other liabilities of $26.1 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 $5.1 million and $7.9 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	6 Months Ended
	Jun. 30, 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 — 1,952 (51,935) (49,983) Amounts reclassified from accumulated other comprehensive loss 2,814 1,000 — 3,814 Other comprehensive loss 2,814 2,952 (51,935) (46,169) Balance at June 30, 2024 $ (130,709) $ 2,736 $ (169,557) $ (297,530) 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, 2024 were net (losses) of $(1.8) million and $(3.6) million, respectively, excluding income tax benefits of $0.4 million and $0.8 million, respectively. For the three and six months ended June 30, 2024, these net (losses) consisted primarily of amortization of net actuarial (losses) of $(1.8) million and $(3.6) million, respectively. 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 and six months ended June 30, 2024 were not significant.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: June 30, 2024 June 30, 2023 Dec. 31, 2023 (Dollars in thousands) Raw materials $ 408,681 $ 524,993 $ 465,375 Work-in-process 190,661 238,546 219,462 Finished goods 706,234 815,884 556,737 Other 17,395 16,433 16,616 1,322,971 1,595,856 1,258,190 Adjustment to value inventory at cost on the LIFO method (317,382) (344,312) (317,382) $ 1,005,589 $ 1,251,544 $ 940,808

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: June 30, 2024 June 30, 2023 Dec. 31, 2023 (Dollars in thousands) Bank debt Bank revolving loans $ 665,000 $ 738,000 $ — U.S. term loans 850,000 950,000 950,000 Other foreign bank revolving and term loans 54,277 71,016 56,243 Total bank debt 1,569,277 1,759,016 1,006,243 3¼% Senior Notes 696,605 709,150 717,990 4⅛% Senior Notes 600,000 600,000 600,000 2¼% Senior Notes 535,850 545,500 552,300 1.4% Senior Secured Notes 500,000 500,000 500,000 Finance leases 38,134 64,225 63,302 Total debt - principal 3,939,866 4,177,891 3,439,835 Less unamortized debt issuance costs and debt discount 10,902 15,328 13,069 Total debt 3,928,964 4,162,563 3,426,766 Less current portion 1,398,246 811,387 880,315 $ 2,530,718 $ 3,351,176 $ 2,546,451

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2024: Carrying Fair (Dollars in thousands) Assets: Cash and cash equivalents $ 302,795 $ 302,795 Liabilities: Bank debt $ 1,569,277 $ 1,569,277 3¼% Senior Notes 696,605 690,482 4⅛% Senior Notes 599,500 566,964 2¼% Senior Notes 535,850 490,104 1.4% Senior Secured Notes 499,903 463,610 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, 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 and six months ended June 30, 2024. The total fair value of our interest rate swaps agreements in effect at June 30, 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 and six months ended June 30, 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 June 30, 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 and six months ended June 30, 2024 were $3.9 million and $15.5 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 $251.0 million, $321.9 million and $330.2 million at June 30, 2024 and 2023 and December 31, 2023, respectively, and were included in accounts payable in our Condensed Consolidated Balance Sheets.

Retirement Benefits

Retirement Benefits	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The components of the net periodic pension benefit cost were as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Service cost $ 2,164 $ 2,234 $ 4,329 $ 4,463 Interest cost 8,408 8,724 16,821 17,433 Expected return on plan assets (10,771) (10,187) (21,542) (20,376) Amortization of prior service cost 23 25 46 53 Amortization of actuarial losses 1,853 2,939 3,705 5,884 Net periodic benefit cost $ 1,677 $ 3,735 $ 3,359 $ 7,457 The components of the net periodic other postretirement benefit cost (credit) were as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Service cost $ 7 $ 12 $ 14 $ 26 Interest cost 167 189 332 378 Amortization of prior service credit (5) (233) (10) (468) Amortization of actuarial gains (84) (162) (168) (323) Net periodic benefit cost (credit) $ 85 $ (194) $ 168 $ (387)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024. At June 30, 2024, we had approximately $93.3 million remaining under this authorization for the repurchase of our common stock. During the first six months of 2024, we issued 455,494 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 176,093 shares of our common stock at an average cost of $43.92 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, 2024, 68,333,140 shares of our common stock were held in treasury.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 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 six months of 2024, 476,872 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 $21.0 million, which is being amortized ratably over the respective vesting period from the grant date.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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, rationalization charges and costs attributed to announced acquisitions. 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, 2024 Net sales $ 565,377 $ 650,796 $ 165,192 $ — $ 1,381,365 Income before interest and income taxes 78,901 56,318 20,542 (13,908) 141,853 Adjusted EBIT 92,707 58,513 22,545 (8,401) 165,364 Depreciation 25,384 18,892 8,823 47 53,146 Three Months Ended June 30, 2023 Net sales $ 560,096 $ 710,864 $ 155,767 $ — $ 1,426,727 Income before interest and income taxes 63,717 73,581 16,963 (10,268) 143,993 Adjusted EBIT 76,882 75,740 18,444 (10,268) 160,798 Depreciation 25,756 18,528 8,999 18 53,301 Six Months Ended June 30, 2024 Net sales $ 1,101,297 $ 1,267,925 $ 329,181 $ — $ 2,698,403 Income before interest and income taxes 138,661 97,983 38,328 (21,400) 253,572 Adjusted EBIT 170,557 103,467 42,713 (15,893) 300,844 Depreciation 50,535 37,805 17,887 68 106,295 Six Months Ended June 30, 2023 Net sales $ 1,140,028 $ 1,380,960 $ 324,020 $ — $ 2,845,008 Income before interest and income taxes 134,663 121,378 35,414 (16,234) 275,221 Adjusted EBIT 159,818 128,140 38,478 (16,234) 310,202 Depreciation 50,515 36,516 17,834 58 104,923 Total adjusted EBIT is reconciled to income before income taxes as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Total adjusted EBIT $ 165,364 $ 160,798 $ 300,844 $ 310,202 Less: Acquired intangible asset amortization expense 12,356 13,304 25,637 26,525 Other pension (income) expense for U.S. pension plans (1,211) 834 (2,422) 1,668 Rationalization charges 6,859 2,667 18,550 6,788 Costs attributed to announced acquisitions 5,507 — 5,507 — Income before interest and income taxes 141,853 143,993 253,572 275,221 Less interest and other debt expense 41,343 46,792 79,990 83,558 Income before income taxes $ 100,510 $ 97,201 $ 173,582 $ 191,663 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.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn July 24, 2024, the Company announced it entered into a sale and purchase agreement to acquire Weener Plastics Holding B.V., or Weener, a leading producer of differentiated dispensing solutions for personal care, food and healthcare products, for an enterprise value of €838 million. Weener operates a global network of 19 facilities predominantly in Europe and the Americas, with approximately 4,000 employees and proprietary manufacturing technologies including significant clean room capabilities. For the year ended December 31, 2023, Weener generated sales of approximately $471 million. This proposed acquisition is expected to close in the fourth quarter of 2024 and is subject to applicable regulatory approvals and certain other customary conditions. The purchase price for this proposed acquisition is subject to certain adjustments set forth in the sale and purchase agreement. The Company expects to fund the purchase price for this proposed acquisition with a combination of cash on hand and borrowings under the Credit Agreement.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 conform with the current year's presentation.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenues by segment were as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Dispensing and Specialty Closures $ 565,377 $ 560,096 $ 1,101,297 $ 1,140,028 Metal Containers 650,796 710,864 1,267,925 1,380,960 Custom Containers 165,192 155,767 329,181 324,020 $ 1,381,365 $ 1,426,727 $ 2,698,403 $ 2,845,008 Revenues by geography were as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) North America $ 1,034,401 $ 1,061,906 $ 2,016,364 $ 2,118,432 Europe and other 346,964 364,821 682,039 726,576 $ 1,381,365 $ 1,426,727 $ 2,698,403 $ 2,845,008

Rationalization Charges (Tables

Rationalization Charges (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Dispensing and Specialty Closures $ 3,191 $ 1,214 $ 9,748 $ 1,328 Metal Containers 2,493 1,453 6,077 5,356 Custom Containers 1,175 — 2,725 104 $ 6,859 $ 2,667 $ 18,550 $ 6,788 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 5,580 11,397 1,573 18,550 Utilized and currency translation (9,397) (11,697) (1,573) (22,667) Balance at June 30, 2024 $ 29,738 $ 165 $ — $ 29,903

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 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 — 1,952 (51,935) (49,983) Amounts reclassified from accumulated other comprehensive loss 2,814 1,000 — 3,814 Other comprehensive loss 2,814 2,952 (51,935) (46,169) Balance at June 30, 2024 $ (130,709) $ 2,736 $ (169,557) $ (297,530)

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: June 30, 2024 June 30, 2023 Dec. 31, 2023 (Dollars in thousands) Raw materials $ 408,681 $ 524,993 $ 465,375 Work-in-process 190,661 238,546 219,462 Finished goods 706,234 815,884 556,737 Other 17,395 16,433 16,616 1,322,971 1,595,856 1,258,190 Adjustment to value inventory at cost on the LIFO method (317,382) (344,312) (317,382) $ 1,005,589 $ 1,251,544 $ 940,808

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt consisted of the following: June 30, 2024 June 30, 2023 Dec. 31, 2023 (Dollars in thousands) Bank debt Bank revolving loans $ 665,000 $ 738,000 $ — U.S. term loans 850,000 950,000 950,000 Other foreign bank revolving and term loans 54,277 71,016 56,243 Total bank debt 1,569,277 1,759,016 1,006,243 3¼% Senior Notes 696,605 709,150 717,990 4⅛% Senior Notes 600,000 600,000 600,000 2¼% Senior Notes 535,850 545,500 552,300 1.4% Senior Secured Notes 500,000 500,000 500,000 Finance leases 38,134 64,225 63,302 Total debt - principal 3,939,866 4,177,891 3,439,835 Less unamortized debt issuance costs and debt discount 10,902 15,328 13,069 Total debt 3,928,964 4,162,563 3,426,766 Less current portion 1,398,246 811,387 880,315 $ 2,530,718 $ 3,351,176 $ 2,546,451

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024: Carrying Fair (Dollars in thousands) Assets: Cash and cash equivalents $ 302,795 $ 302,795 Liabilities: Bank debt $ 1,569,277 $ 1,569,277 3¼% Senior Notes 696,605 690,482 4⅛% Senior Notes 599,500 566,964 2¼% Senior Notes 535,850 490,104 1.4% Senior Secured Notes 499,903 463,610

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost (Credit)	The components of the net periodic pension benefit cost were as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Service cost $ 2,164 $ 2,234 $ 4,329 $ 4,463 Interest cost 8,408 8,724 16,821 17,433 Expected return on plan assets (10,771) (10,187) (21,542) (20,376) Amortization of prior service cost 23 25 46 53 Amortization of actuarial losses 1,853 2,939 3,705 5,884 Net periodic benefit cost $ 1,677 $ 3,735 $ 3,359 $ 7,457 The components of the net periodic other postretirement benefit cost (credit) were as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Service cost $ 7 $ 12 $ 14 $ 26 Interest cost 167 189 332 378 Amortization of prior service credit (5) (233) (10) (468) Amortization of actuarial gains (84) (162) (168) (323) Net periodic benefit cost (credit) $ 85 $ (194) $ 168 $ (387)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 Net sales $ 565,377 $ 650,796 $ 165,192 $ — $ 1,381,365 Income before interest and income taxes 78,901 56,318 20,542 (13,908) 141,853 Adjusted EBIT 92,707 58,513 22,545 (8,401) 165,364 Depreciation 25,384 18,892 8,823 47 53,146 Three Months Ended June 30, 2023 Net sales $ 560,096 $ 710,864 $ 155,767 $ — $ 1,426,727 Income before interest and income taxes 63,717 73,581 16,963 (10,268) 143,993 Adjusted EBIT 76,882 75,740 18,444 (10,268) 160,798 Depreciation 25,756 18,528 8,999 18 53,301 Six Months Ended June 30, 2024 Net sales $ 1,101,297 $ 1,267,925 $ 329,181 $ — $ 2,698,403 Income before interest and income taxes 138,661 97,983 38,328 (21,400) 253,572 Adjusted EBIT 170,557 103,467 42,713 (15,893) 300,844 Depreciation 50,535 37,805 17,887 68 106,295 Six Months Ended June 30, 2023 Net sales $ 1,140,028 $ 1,380,960 $ 324,020 $ — $ 2,845,008 Income before interest and income taxes 134,663 121,378 35,414 (16,234) 275,221 Adjusted EBIT 159,818 128,140 38,478 (16,234) 310,202 Depreciation 50,515 36,516 17,834 58 104,923
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, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands) Total adjusted EBIT $ 165,364 $ 160,798 $ 300,844 $ 310,202 Less: Acquired intangible asset amortization expense 12,356 13,304 25,637 26,525 Other pension (income) expense for U.S. pension plans (1,211) 834 (2,422) 1,668 Rationalization charges 6,859 2,667 18,550 6,788 Costs attributed to announced acquisitions 5,507 — 5,507 — Income before interest and income taxes 141,853 143,993 253,572 275,221 Less interest and other debt expense 41,343 46,792 79,990 83,558 Income before income taxes $ 100,510 $ 97,201 $ 173,582 $ 191,663

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,381,365	$ 1,426,727	$ 2,698,403	$ 2,845,008
Trade Accounts Receivable | Unbilled Accounts Receivable
Segment Reporting Information [Line Items]
Contract assets	101,400	109,700	101,400	109,700	$ 100,000
North America
Segment Reporting Information [Line Items]
Net sales	1,034,401	1,061,906	2,016,364	2,118,432
Europe and other
Segment Reporting Information [Line Items]
Net sales	346,964	364,821	682,039	726,576
Dispensing and Specialty Closures
Segment Reporting Information [Line Items]
Net sales	565,377	560,096	1,101,297	1,140,028
Metal Containers
Segment Reporting Information [Line Items]
Net sales	650,796	710,864	1,267,925	1,380,960
Custom Containers
Segment Reporting Information [Line Items]
Net sales	$ 165,192	$ 155,767	$ 329,181	$ 324,020

Rationalization Charges - Ratio

Rationalization Charges - Rationalization Charges by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Rationalization charges	$ 6,859	$ 2,667	$ 18,550	$ 6,788
Dispensing and Specialty Closures
Restructuring Cost and Reserve [Line Items]
Rationalization charges	3,191	1,214	9,748	1,328
Metal Containers
Restructuring Cost and Reserve [Line Items]
Rationalization charges	2,493	1,453	6,077	5,356
Custom Containers
Restructuring Cost and Reserve [Line Items]
Rationalization charges	$ 1,175	$ 0	$ 2,725	$ 104

Rationalization Charges - Activ

Rationalization Charges - Activity in Rationalization Plan Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023			$ 34,020
Charged to expense	$ 6,859	$ 2,667	18,550	$ 6,788
Utilized and currency translation			(22,667)
Balance at June 30, 2024	29,903		29,903
Employee Severance and Benefits
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023			33,555
Charged to expense			5,580
Utilized and currency translation			(9,397)
Balance at June 30, 2024	29,738		29,738
Plant Exit Costs
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023			465
Charged to expense			11,397
Utilized and currency translation			(11,697)
Balance at June 30, 2024	165		165
Non-Cash Asset Write-Down
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023			0
Charged to expense			1,573
Utilized and currency translation			(1,573)
Balance at June 30, 2024	$ 0		$ 0

Rationalization Charges - Narra

Rationalization Charges - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 29,903	$ 34,020
Other Restructuring | Rationalization Plan
Restructuring Cost and Reserve [Line Items]
Remaining expenses	5,100
Remaining cash expenditures	7,900
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	3,800
Other Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 26,100

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			$ 1,889,358
Other comprehensive loss before reclassifications			(49,983)
Amounts reclassified from accumulated other comprehensive loss			3,814
Other comprehensive (loss) income	$ (25,540)	$ 45,016	(46,169)	$ 65,756
Ending balance	1,933,690	1,871,136	1,933,690	1,871,136
Accumulated other comprehensive loss
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(271,990)	(324,570)	(251,361)	(345,310)
Ending balance	(297,530)	$ (279,554)	(297,530)	$ (279,554)
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			2,814
Other comprehensive (loss) income			2,814
Ending balance	(130,709)		(130,709)
Change in Fair Value of Derivatives
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(216)
Other comprehensive loss before reclassifications			1,952
Amounts reclassified from accumulated other comprehensive loss			1,000
Other comprehensive (loss) income			2,952
Ending balance	2,736		2,736
Foreign Currency Translation
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(117,622)
Other comprehensive loss before reclassifications			(51,935)
Amounts reclassified from accumulated other comprehensive loss			0
Other comprehensive (loss) income			(51,935)
Ending balance	$ (169,557)		$ (169,557)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Unrecognized Net Defined Benefit Plan Costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) reclassification adjustment from AOCI	$ (1.8)	$ (3.6)
Benefit for income taxes	0.4	0.8
Amortization of net actuarial (losses), before tax	(1.8)	(3.6)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency gains (losses)	(30.3)	(63.7)
Foreign currency gains of net investment hedges included in accumulated other comprehensive	3.9	15.5
Foreign currency translation, tax benefit (provision) related to net investment hedges	$ (1)	$ (3.7)

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 408,681	$ 465,375	$ 524,993
Work-in-process	190,661	219,462	238,546
Finished goods	706,234	556,737	815,884
Other	17,395	16,616	16,433
Inventories, gross	1,322,971	1,258,190	1,595,856
Adjustment to value inventory at cost on the LIFO method	(317,382)	(317,382)	(344,312)
Inventories	$ 1,005,589	$ 940,808	$ 1,251,544

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Total debt - principal	$ 3,939,866	$ 3,439,835	$ 4,177,891
Less unamortized debt issuance costs and debt discount	10,902	13,069	15,328
Total debt	3,928,964	3,426,766	4,162,563
Less current portion	1,398,246	880,315	811,387
Long-term debt	2,530,718	2,546,451	3,351,176
Bank debt
Debt Instrument [Line Items]
Total debt - principal	1,569,277	1,006,243	1,759,016
3¼% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt - principal	696,605
Less current portion	$ 696,600
Senior note interest rate	3.25%
Finance leases
Debt Instrument [Line Items]
Total debt - principal	$ 38,134	63,302	64,225
Bank revolving loans | Bank debt
Debt Instrument [Line Items]
Total debt - principal	665,000	0	738,000
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	54,277	56,243	71,016
Less current portion	33,500
Senior Notes | 3¼% Senior Notes
Debt Instrument [Line Items]
Total debt - principal		717,990	709,150
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	$ 535,850	552,300	545,500
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	$ 665,000
Finance leases
Debt Instrument [Line Items]
Less current portion	$ 3,100

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Long-term debt, current maturities	$ 1,398,246	$ 880,315	$ 811,387
Finance leases
Debt Instrument [Line Items]
Long-term debt, current maturities	3,100
Bank debt | Other Foreign Bank Revolving and Term Loans
Debt Instrument [Line Items]
Long-term debt, current maturities	33,500
3¼% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term debt, current maturities	$ 696,600

Financial Instruments - Carryin

Financial Instruments - Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
3¼% Senior Notes | 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	$ 302,795
Carrying Amount | 3¼% Senior Notes | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term senior notes	696,605
Carrying Amount | Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	1,569,277
Carrying Amount | Senior Notes | 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	599,500
Carrying Amount | Senior Notes | 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	535,850
Carrying Amount | Senior Notes | 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	499,903
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	302,795
Fair Value | 3¼% Senior Notes | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term senior notes	690,482
Fair Value | Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	1,569,277
Fair Value | Senior Notes | 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	566,964
Fair Value | Senior Notes | 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	490,104
Fair Value | Senior Notes | 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	$ 463,610

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2023 USD ($) instrument
1.4% Senior Secured Notes | Senior Notes
Derivative [Line Items]
Senior note interest rate	1.40%	1.40%
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	$ 3.9	$ 15.5

Supply Chain Finance Program (D

Supply Chain Finance Program (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 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	$ 251	$ 330.2	$ 321.9

Retirement Benefits - Component

Retirement Benefits - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefit Cost (Credit)
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,164	$ 2,234	$ 4,329	$ 4,463
Interest cost	8,408	8,724	16,821	17,433
Expected return on plan assets	(10,771)	(10,187)	(21,542)	(20,376)
Amortization of prior service cost	23	25	46	53
Amortization of actuarial losses (gains)	1,853	2,939	3,705	5,884
Net periodic benefit cost (credit)	1,677	3,735	3,359	7,457
Other Postretirement Benefit Credit
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	12	14	26
Interest cost	167	189	332	378
Amortization of prior service cost	(5)	(233)	(10)	(468)
Amortization of actuarial losses (gains)	(84)	(162)	(168)	(323)
Net periodic benefit cost (credit)	$ 85	$ (194)	$ 168	$ (387)

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Mar. 04, 2022
Equity, Class of Treasury Stock [Line Items]
Treasury stock (in shares)	68,333,140
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)	455,494
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)	176,093
Average cost per share of treasury stock acquired (usd per share)	$ 43.92

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation arrangements | plan	1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares) | shares	476,872
Fair value of restricted stock units granted | $	$ 21

Segment Information - Reportabl

Segment Information - Reportable Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,381,365	$ 1,426,727	$ 2,698,403	$ 2,845,008
Income before interest and income taxes	141,853	143,993	253,572	275,221
Adjusted EBIT	165,364	160,798	300,844	310,202
Depreciation	53,146	53,301	106,295	104,923
Dispensing and Specialty Closures
Segment Reporting Information [Line Items]
Net sales	565,377	560,096	1,101,297	1,140,028
Income before interest and income taxes	78,901	63,717	138,661	134,663
Adjusted EBIT	92,707	76,882	170,557	159,818
Depreciation	25,384	25,756	50,535	50,515
Metal Containers
Segment Reporting Information [Line Items]
Net sales	650,796	710,864	1,267,925	1,380,960
Income before interest and income taxes	56,318	73,581	97,983	121,378
Adjusted EBIT	58,513	75,740	103,467	128,140
Depreciation	18,892	18,528	37,805	36,516
Custom Containers
Segment Reporting Information [Line Items]
Net sales	165,192	155,767	329,181	324,020
Income before interest and income taxes	20,542	16,963	38,328	35,414
Adjusted EBIT	22,545	18,444	42,713	38,478
Depreciation	8,823	8,999	17,887	17,834
Corporate
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Income before interest and income taxes	(13,908)	(10,268)	(21,400)	(16,234)
Adjusted EBIT	(8,401)	(10,268)	(15,893)	(16,234)
Depreciation	$ 47	$ 18	$ 68	$ 58

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total adjusted EBIT	$ 165,364	$ 160,798	$ 300,844	$ 310,202
Less:
Rationalization charges	6,859	2,667	18,550	6,788
Income before interest and income taxes	141,853	143,993	253,572	275,221
Less interest and other debt expense	41,343	46,792	79,990	83,558
Income before income taxes	100,510	97,201	173,582	191,663
Segment Reconciling Items
Less:
Acquired intangible asset amortization expense	12,356	13,304	25,637	26,525
Other pension (income) expense for U.S. pension plans	(1,211)	834	(2,422)	1,668
Rationalization charges	6,859	2,667	18,550	6,788
Costs attributed to announced acquisitions	$ 5,507	$ 0	$ 5,507	$ 0

Subsequent Event (Details)

Subsequent Event (Details) employee in Thousands, $ in Thousands, € in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 24, 2024 EUR (€) employee facility	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Net sales		$ 1,381,365	$ 1,426,727	$ 2,698,403	$ 2,845,008
Weener Plastics Holding B.V.
Subsequent Event [Line Items]
Net sales						$ 471,000
Subsequent Event | Weener Plastics Holding B.V.
Subsequent Event [Line Items]
Number of manufacturing facilities | facility	19
Entity number of employees | employee	4
Weener Plastics Holding B.V. | Subsequent Event
Subsequent Event [Line Items]
Business combination, expected purchase price | €	€ 838