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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One) | | | | | | | | | | | |
| ☒ | | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
OR | | | | | | | | | | | |
| ☐ | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________________ to ________________
Commission file number 001-41459
SILGAN HOLDINGS INC.
(Exact name of Registrant as specified in its charter) | | | | | | | | | | | |
Delaware | | 06-1269834 |
(State or other jurisdiction | | (I.R.S. Employer |
of incorporation or organization) | | Identification No.) |
| | | |
4 Landmark Square | | |
Stamford, | Connecticut | | 06901 |
(Address of principal executive offices) | | (Zip Code) |
(203) 975-7110
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.01 per share | SLGN | New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☒
| | Accelerated filer | | ☐
| |
Non-accelerated filer | ☐
| | Smaller reporting company | | ☐ | |
| | | Emerging growth company | | ☐ | |
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2024, the number of shares outstanding of the Registrant’s common stock was 106,779,356.
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SILGAN HOLDINGS INC. |
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TABLE OF CONTENTS |
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Part I. Financial Information
Item 1. Financial Statements
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
| | | | | | | | | | | | | | | | | |
| June 30, 2024 | | June 30, 2023 | | Dec. 31, 2023 |
| (unaudited) | | (unaudited) | | |
Assets | | | | | |
Current assets: | | | | | |
Cash and cash equivalents | $ | 302,795 | | | $ | 236,606 | | | $ | 642,923 | |
Trade accounts receivable, net | 1,056,785 | | | 1,067,550 | | | 599,524 | |
Inventories | 1,005,589 | | | 1,251,544 | | | 940,808 | |
Prepaid expenses and other current assets | 173,464 | | | 142,757 | | | 165,727 | |
Total current assets | 2,538,633 | | | 2,698,457 | | | 2,348,982 | |
| | | | | |
Property, plant and equipment, net | 1,933,591 | | | 1,934,187 | | | 1,961,585 | |
Goodwill | 1,987,284 | | | 2,007,388 | | | 2,018,241 | |
Other intangible assets, net | 685,043 | | | 745,275 | | | 721,023 | |
Other assets, net | 548,686 | | | 528,414 | | | 561,405 | |
| $ | 7,693,237 | | | $ | 7,913,721 | | | $ | 7,611,236 | |
| | | | | |
Liabilities and Stockholders’ Equity | | | | | |
Current liabilities: | | | | | |
Revolving loans and current portion of long-term debt | $ | 1,398,246 | | | $ | 811,387 | | | $ | 880,315 | |
Trade accounts payable | 658,118 | | | 751,758 | | | 1,075,913 | |
Accrued payroll and related costs | 100,663 | | | 94,961 | | | 97,886 | |
Accrued liabilities | 238,970 | | | 221,521 | | | 257,742 | |
Total current liabilities | 2,395,997 | | | 1,879,627 | | | 2,311,856 | |
| | | | | |
Long-term debt | 2,530,718 | | | 3,351,176 | | | 2,546,451 | |
Deferred income taxes | 425,151 | | | 384,410 | | | 433,666 | |
Other liabilities | 407,681 | | | 427,372 | | | 429,905 | |
| | | | | |
Stockholders’ equity: | | | | | |
Common stock | 1,751 | | | 1,751 | | | 1,751 | |
Paid-in capital | 360,344 | | | 345,442 | | | 353,848 | |
Retained earnings | 3,298,525 | | | 3,072,021 | | | 3,208,237 | |
Accumulated other comprehensive loss | (297,530) | | | (279,554) | | | (251,361) | |
Treasury stock | (1,429,400) | | | (1,268,524) | | | (1,423,117) | |
Total stockholders’ equity | 1,933,690 | | | 1,871,136 | | | 1,889,358 | |
| $ | 7,693,237 | | | $ | 7,913,721 | | | $ | 7,611,236 | |
See accompanying notes.
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2024 and 2023
(Dollars and shares in thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
| | | | | | | |
| | | | | | | |
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 | |
| | | | | | | |
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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 | $ | 0.71 | | | $ | 0.72 | | | $ | 1.23 | | | $ | 1.37 | |
Diluted net income per share | $ | 0.71 | | | $ | 0.71 | | | $ | 1.23 | | | $ | 1.36 | |
| | | | | | | |
Weighted average number of shares: | | | | | | | |
Basic | 106,835 | | | 110,129 | | | 106,740 | | | 110,211 | |
Effect of dilutive securities | 180 | | | 323 | | | 293 | | | 476 | |
Diluted | 107,015 | | | 110,452 | | | 107,033 | | | 110,687 | |
| | | | | | | |
See accompanying notes.
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the three and six months ended June 30, 2024 and 2023
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
| | | | | | | |
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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 | |
See accompanying notes.
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2024 and 2023
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | |
| 2024 | | 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 | |
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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 | — | | | 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 | |
See accompanying notes.
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the three and six months ended June 30, 2024 and 2023
(Dollars and shares in thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
| | | | | | | |
| | | | | | | |
Common stock - shares outstanding | | | | | | | |
Balance at beginning of period | 106,775 | | | 110,252 | | | 106,500 | | | 110,079 | |
Net issuance of treasury stock for vested restricted stock units | 4 | | | 46 | | | 279 | | | 312 | |
Repurchases of common stock | — | | | (352) | | | — | | | (445) | |
Balance at end of period | 106,779 | | | 109,946 | | | 106,779 | | | 109,946 | |
| | | | | | | |
Common stock - par value | | | | | | | |
Balance at beginning and end of period | $ | 1,751 | | | $ | 1,751 | | | $ | 1,751 | | | $ | 1,751 | |
| | | | | | | |
Paid-in capital | | | | | | | |
Balance at beginning of period | 356,529 | | | 342,157 | | | 353,848 | | | 339,839 | |
Stock compensation expense | 3,833 | | | 3,475 | | | 7,948 | | | 7,156 | |
Net issuance of treasury stock for vested restricted stock units | (18) | | | (190) | | | (1,452) | | | (1,553) | |
Balance at end of period | 360,344 | | | 345,442 | | | 360,344 | | | 345,442 | |
| | | | | | | |
Retained earnings | | | | | | | |
Balance at beginning of period | 3,242,914 | | | 3,013,104 | | | 3,208,237 | | | 2,961,079 | |
Net income | 76,097 | | | 78,890 | | | 131,261 | | | 150,919 | |
Dividends declared on common stock | (20,486) | | | (19,973) | | | (40,973) | | | (39,977) | |
Balance at end of period | 3,298,525 | | | 3,072,021 | | | 3,298,525 | | | 3,072,021 | |
| | | | | | | |
Accumulated other comprehensive loss | | | | | | | |
Balance at beginning of period | (271,990) | | | (324,570) | | | (251,361) | | | (345,310) | |
Other comprehensive (loss) income | (25,540) | | | 45,016 | | | (46,169) | | | 65,756 | |
Balance at end of period | (297,530) | | | (279,554) | | | (297,530) | | | (279,554) | |
| | | | | | | |
Treasury stock | | | | | | | |
Balance at beginning of period | (1,429,358) | | | (1,251,152) | | | (1,423,117) | | | (1,239,103) | |
Net issuance of treasury stock for vested restricted stock units | (42) | | | (415) | | | (6,283) | | | (7,664) | |
Repurchases of common stock | — | | | (16,957) | | | — | | | (21,757) | |
Balance at end of period | (1,429,400) | | | (1,268,524) | | | (1,429,400) | | | (1,268,524) | |
Total stockholders’ equity | $ | 1,933,690 | | | $ | 1,871,136 | | | $ | 1,933,690 | | | $ | 1,871,136 | |
| | | | | | | |
Dividends declared on common stock per share | $ | 0.19 | | | $ | 0.18 | | | $ | 0.38 | | | $ | 0.36 | |
See accompanying notes.
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
Note 1. 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.
Note 2. 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 | |
Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $101.4 million, $109.7 million, and $100.0 million as of June 30, 2024 and 2023 and December 31, 2023, respectively. Unbilled receivables are included in trade accounts receivable, net on our Condensed Consolidated Balance Sheets.
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
Note 3. 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 Severance and Benefits | | Plant Exit Costs | | Non-Cash Asset Write-Down | | 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.
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
Note 4. Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss is reported in our Condensed Consolidated Statements of Stockholders’ Equity. Amounts included in accumulated other comprehensive loss, net of tax, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Unrecognized Net Defined Benefit Plan Costs | | Change in Fair Value of Derivatives | | Foreign Currency Translation | | Total |
| (Dollars in thousands) |
Balance at December 31, 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.
Other comprehensive loss before reclassifications related to foreign currency translation for the three and six months ended June 30, 2024 consisted of (i) foreign currency (losses) related to translation of quarter end financial statements of foreign subsidiaries utilizing a functional currency other than the U.S. dollar of $(30.3) million and $(63.7) million, respectively, and (ii) foreign currency gains related to our net investment hedges of $3.9 million and $15.5 million, respectively, excluding income tax (provisions) of $(1.0) million and $(3.7) million, respectively. See Note 7 for further discussion.
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
Note 5. 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 | |
Note 6. 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 | |
At June 30, 2024, the current portion of long-term debt consisted of $696.6 million of 3¼% Senior Notes due 2025, $665.0 million of U.S. revolving loans under our amended and restated senior secured credit facility, as amended, or the Credit Agreement, $33.5 million of other foreign bank revolving and term loans and $3.1 million of finance leases.
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
Note 7. 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 Amount | | Fair Value |
| (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.
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
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.
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
Note 8. 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.
Note 9. 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.
Note 10. 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) | |
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
Note 11. Income Taxes
Silgan and its subsidiaries file U.S. Federal income tax returns, as well as income tax returns in various states and foreign jurisdictions. 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.
Note 12. 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.
Note 13. 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.
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
Note 14. 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 Containers | | Custom Containers | | 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 | |
SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at June 30, 2024 and 2023 and for the
three and six months then ended is unaudited)
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.
Note 15. Subsequent Event
On 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.
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Statements included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q that are not historical facts are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and Securities Exchange Act of 1934, as amended. Such forward-looking statements are made based upon management’s expectations and beliefs concerning future events impacting us and therefore involve a number of uncertainties and risks, including, but not limited to, those described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in our other filings with the Securities and Exchange Commission. As a result, the actual results of our operations or our financial condition could differ materially from those expressed or implied in these forward-looking statements.
General
We are a leading manufacturer and supplier of sustainable rigid packaging solutions for the world's essential consumer goods products. We currently produce dispensing and specialty closures for the fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden markets; steel and aluminum containers for pet and human food and general line products; and custom designed plastic containers for the pet and human food, consumer health and pharmaceutical, personal care, home care, lawn and garden and automotive markets. We are a leading worldwide manufacturer of dispensing and specialty closures, a leading manufacturer of metal containers in North America and Europe, and a leading manufacturer of custom containers in North America for a variety of markets.
Our objective is to increase shareholder value by efficiently deploying capital and management resources to grow our business, reduce operating costs and build sustainable competitive positions, or franchises, and to complete acquisitions that generate attractive cash returns. We have grown our net sales and income from operations largely through acquisitions but also through internal growth, and we continue to evaluate acquisition opportunities in the consumer goods packaging market. If acquisition opportunities are not identified over a longer period of time, we may use our cash flow to repay debt, repurchase shares of our common stock or increase dividends to our stockholders or for other permitted purposes.
RESULTS OF OPERATIONS
The following table sets forth certain unaudited income statement data expressed as a percentage of net sales for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
| | | | | | | |
Net sales | | | | | |
Dispensing and Specialty Closures | 40.9 | % | | 39.3 | % | | 40.8 | % | | 40.1 | % |
Metal Containers | 47.1 | | | 49.8 | | | 47.0 | | | 48.5 | |
Custom Containers | 12.0 | | | 10.9 | | | 12.2 | | | 11.4 | |
Consolidated | 100.0 | | | 100.0 | | | 100.0 | | | 100.0 | |
Cost of goods sold | 81.5 | | | 82.5 | | | 82.2 | | | 82.8 | |
Gross profit | 18.5 | | | 17.5 | | | 17.8 | | | 17.2 | |
Selling, general and administrative expenses | 7.8 | | | 7.1 | | | 7.7 | | | 7.2 | |
Rationalization charges | 0.4 | | | 0.2 | | | 0.7 | | | 0.2 | |
Other pension and postretirement expense (income) | — | | | 0.1 | | | — | | | 0.1 | |
Income before interest and income taxes | 10.3 | | | 10.1 | | | 9.4 | | | 9.7 | |
Interest and other debt expense | 3.0 | | | 3.3 | | | 2.9 | | | 3.0 | |
Income before income taxes | 7.3 | | | 6.8 | | | 6.5 | | | 6.7 | |
Provision for income taxes | 1.8 | | | 1.3 | | | 1.6 | | | 1.4 | |
Net income | 5.5 | % | | 5.5 | % | | 4.9 | % | | 5.3 | % |
Summary unaudited results of operations for the periods presented are provided below.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
| | | | | | | |
| (dollars in millions) |
Net sales | | | | | | | |
Dispensing and Specialty Closures | $ | 565.4 | | | $ | 560.1 | | | $ | 1,101.3 | | | $ | 1,140.0 | |
Metal Containers | 650.8 | | | 710.8 | | | 1,267.9 | | | 1,381.0 | |
Custom Containers | 165.2 | | | 155.8 | | | 329.2 | | | 324.0 | |
Consolidated | $ | 1,381.4 | | | $ | 1,426.7 | | | $ | 2,698.4 | | | $ | 2,845.0 | |
| | | | | | | |
Income before interest and income taxes | | | | | | | |
Dispensing and Specialty Closures | $ | 78.9 | | | $ | 63.7 | | | $ | 138.7 | | | $ | 134.7 | |
Metal Containers | 56.3 | | | 73.6 | | | 98.0 | | | 121.4 | |
Custom Containers | 20.5 | | | 17.0 | | | 38.3 | | | 35.4 | |
Corporate | (13.9) | | | (10.3) | | | (21.4) | | | (16.3) | |
Consolidated | $ | 141.8 | | | $ | 144.0 | | | $ | 253.6 | | | $ | 275.2 | |
Net Sales. In the second quarter of 2024, consolidated net sales were $1.38 billion, a decrease of $45.3 million, or 3.2 percent, as compared to the second quarter of 2023 primarily due to the unfavorable impact from the pass through of lower raw material costs in the dispensing and specialty closures and metal containers segments, a less favorable mix of products sold in the custom containers segment and the impact from unfavorable foreign currency translation. These decreases were partially offset by higher volumes across all segments, a more favorable mix of products sold in the dispensing and specialty closures segment and the pass through of higher raw material costs in the custom containers segment.
In the first six months of 2024, consolidated net sales were $2.7 billion, a decrease of $146.6 million, or 5.2 percent, as compared to the first six months of 2023 primarily due to the unfavorable impact from the pass through of lower raw material costs in the dispensing and specialty closures and metal containers segments, lower volumes in the dispensing and specialty closures and metal containers segments and a less favorable mix of products sold in the custom containers segment. These decreases were partially offset by a more favorable mix of products sold in the dispensing and specialty closures and metal containers segments, higher volumes and the pass through of higher raw material costs in the custom containers segment and the impact from favorable foreign currency translation.
Gross Profit. Gross profit margin increased 1.0 percentage points to 18.5 percent in the second quarter of 2024 and increased 0.6 percentage points to 17.8 percent in the first six months of 2024 as compared to the same periods in 2023 primarily for the reasons discussed below in "Income before Interest and Income Taxes."
Selling, General and Administrative Expenses. In the second quarter of 2024, selling, general and administrative expenses as a percentage of consolidated net sales increased to 7.8 percent as compared to 7.1 percent in the second quarter of 2023. For the second quarter of 2024, selling, general and administrative expenses increased $5.5 million to $107.7 million as compared to the second quarter of 2023. In the first six months of 2024, selling, general and administrative expenses as a percentage of consolidated net sales increased to 7.7 percent as compared to 7.2 percent in the first six months of 2023. In the first six months of 2024, selling, general and administrative expenses increased $4.7 million to $208.2 million as compared to the first six months of 2023. The increase in selling, general and administrative expenses for each of the second quarter and the first six months of 2024 was primarily due to $5.5 million of costs attributed to announced acquisitions in the second quarter of 2024, partially offset by the write-off in the prior year period of a tax indemnity from a historical acquisition.
Income before Interest and Income Taxes. In the second quarter of 2024, income before interest and income taxes decreased by $2.1 million to $141.9 million as compared to $144.0 million in the second quarter of 2023, while margins increased to 10.3 percent from 10.1 percent over the same periods. The decrease in income before interest and income taxes was primarily the result of the unfavorable impact of lower fixed cost absorption in the metal containers segment as a result of a significantly lower inventory build due to a reduction in pack plans of a large fruit and vegetable customer to reduce its working capital, higher selling, general and administrative costs and higher rationalization charges, partially offset by improved manufacturing productivity and cost performance in the dispensing and specialty closures segment, higher volumes across all segments and a more favorable mix of products sold in the dispensing and specialty closures segment. Rationalization charges were $6.9 million and $2.7 million in the second quarters of 2024 and 2023, respectively.
In the first six months of 2024, income before interest and income taxes decreased by $21.6 million to $253.6 million as compared to $275.2 million in the second quarter of 2023, and margins decreased to 9.4 percent from 9.7 percent over the same periods. The decrease in income before interest and income taxes was primarily the result of the unfavorable impact of lower fixed cost absorption in the metal containers segment as a result of a significantly lower inventory build due to a reduction in pack plans of a large fruit and vegetable customer to reduce its working capital, the unfavorable impact in the metal containers segment of selling higher cost metal inventory from the prior year due to lower metal costs in 2024, lower volumes in the dispensing and specialty closures and metal containers segments, higher rationalization charges and higher selling, general and administrative costs, partially offset by improved manufacturing productivity and cost performance in the dispensing and specialty closures segment, a more favorable mix of products sold in the dispensing and specialty closures and metal containers segments and higher volumes in the custom containers segment. Rationalization charges were $18.6 million and $6.8 million in the first six months of 2024 and 2023, respectively.
Interest and Other Debt Expense. In the second quarter of 2024, interest and other debt expense decreased $5.5 million to $41.3 million as compared to $46.8 million in the second quarter of 2023. In the first six months of 2024, interest and other debt expense decreased $3.6 million to $80.0 million as compared to $83.6 million in the first six months of 2023. These decreases were primarily due to the write-off in the prior year periods of $3.5 million of accrued interest income associated with a historical acquisition tax indemnity and lower average borrowings in the current year periods, partially offset by the impact of higher weighted average interest rates.
Provision for Income Taxes. For the second quarters of 2024 and 2023, the effective tax rates were 24.3 percent and 18.8 percent, respectively. For the first six months of 2024 and 2023, the effective tax rates were 24.4 percent and 21.3 percent, respectively. The effective tax rates in the second quarter and the first six months of 2023 were favorably impacted by the reversal of tax reserves associated with a historical acquisition indemnity which unfavorably impacted corporate and interest expense in both periods.
Non-GAAP Measures
Generally accepted accounting principles in the United States are commonly referred to as GAAP. A non-GAAP financial measure is generally defined as a financial measure that purports to measure financial performance, financial position or liquidity but excludes or includes amounts that could not be so adjusted in the most comparable GAAP measure. Adjusted EBIT and adjusted EBIT margin are unaudited supplemental measures of financial performance that the Company uses, which are not required by, or presented in accordance with, GAAP and therefore are non-GAAP financial measures. These non-GAAP financial measures should not be considered as alternatives to income before interest and income taxes or any other measures derived in accordance with GAAP. Such non-GAAP financial measures should not be considered in isolation or as a substitute for any financial data prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. The Company uses such non-GAAP financial measures because it considers them to be important and useful supplemental measures of its and its segments’ financial performance which provide a more complete understanding of the Company and its segments than could be obtained absent such non-GAAP financial measures. The Company believes that it is important and useful to present these non-GAAP financial measures because they allow for a better period-over-period comparison of results by removing the impact of items that, in management’s view, do not reflect the Company’s or its segments’ core operating performance. Management uses these non-GAAP financial measures to review and analyze the operating performance of the Company and its segments. Investors and others are urged to review and consider carefully the adjustments made by management to the most comparable GAAP financial measure to arrive at these non-GAAP financial measures.
Adjusted EBIT, a non-GAAP financial measure, means income before interest and income taxes excluding, as applicable, acquired intangible asset amortization expense, other pension (income) expense for U.S. pension plans, rationalization charges and costs attributed to announced acquisitions. Adjusted EBIT margin, a non-GAAP financial measure, means adjusted EBIT divided by segment net sales.
Acquired intangible asset amortization expense is a non-cash expense related to acquired operations that management believes is not indicative of the on-going performance of the acquired operations. Since the Company’s U.S. pension plans are significantly over funded and have no required cash contributions for the foreseeable future based on current regulations, management views other pension (income) expense from the Company’s U.S. pension plans, which excludes service costs, as not reflective of the operational performance of the Company or its segments. While rationalization costs are incurred on a regular basis, management views these costs more as an investment to generate savings rather than period costs. Costs attributed to announced acquisitions consist of third party fees and expenses that are viewed by management as part of the acquisition and not indicative of the on-going cost structure of the Company.
A reconciliation of such non-GAAP financial measures for the periods presented is provided below:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
| | | | | | | |
| (Dollars in millions) |
Dispensing and Specialty Closures | | | | | |
Income before interest and income taxes (EBIT) | $ | 78.9 | | | $ | 63.7 | | | $ | 138.7 | | | $ | 134.7 | |
Acquired intangible asset amortization expense | 10.9 | | | 11.8 | | | 22.6 | | | 23.6 | |
Other pension (income) expense for U.S. pension plans | (0.3) | | | 0.2 | | | (0.5) | | | 0.3 | |
Rationalization charges | 3.2 | | | 1.2 | | | 9.7 | | | 1.3 | |
| | | | | | | |
Adjusted EBIT | $ | 92.7 | | | $ | 76.9 | | | $ | 170.5 | | | $ | 159.9 | |
| | | | | | | |
Metal Containers | | | | | | | |
Income before interest and income taxes (EBIT) | $ | 56.3 | | | $ | 73.6 | | | $ | 98.0 | | | $ | 121.4 | |
Acquired intangible asset amortization expense | 0.3 | | | 0.3 | | | 0.7 | | | 0.6 | |
Other pension (income) expense for U.S. pension plans | (0.6) | | | 0.3 | | | (1.3) | | | 0.7 | |
Rationalization charges | 2.5 | | | 1.5 | | | 6.1 | | | 5.4 | |
| | | | | | | |
Adjusted EBIT | $ | 58.5 | | | $ | 75.7 | | | $ | 103.5 | | | $ | 128.1 | |
| | | | | | | |
Custom Containers | | | | | | | |
Income before interest and income taxes (EBIT) | $ | 20.5 | | | $ | 17.0 | | | $ | 38.3 | | | $ | 35.4 | |
Acquired intangible asset amortization expense | 1.1 | | | 1.2 | | | 2.3 | | | 2.3 | |
Other pension (income) expense for U.S. pension plans | (0.3) | | | 0.3 | | | (0.6) | | | 0.7 | |
Rationalization charges | 1.2 | | | — | | | 2.7 | | | 0.1 | |
| | | | | | | |
Adjusted EBIT | $ | 22.5 | | | $ | 18.5 | | | $ | 42.7 | | | $ | 38.5 | |
| | | | | | | |
Corporate | | | | | | | |
Loss before interest and income taxes (EBIT) | $ | (13.9) | | | $ | (10.3) | | | $ | (21.4) | | | $ | (16.3) | |
| | | | | | | |
Costs attributed to announced acquisitions | 5.5 | | | — | | | 5.5 | | | — | |
Adjusted EBIT | $ | (8.4) | | | $ | (10.3) | | | $ | (15.9) | | | $ | (16.3) | |
| | | | | | | |
Total adjusted EBIT | $ | 165.3 | | | $ | 160.8 | | | $ | 300.8 | | | $ | 310.2 | |
Dispensing and Specialty Closures Segment
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
| | | | | | | |
| (Dollars in millions) |
| | | | | | | |
Net sales | $ | 565.4 | | | $ | 560.1 | | | $ | 1,101.3 | | | $ | 1,140.0 |
Income before interest and income taxes (EBIT) | 78.9 | | | 63.7 | | | 138.7 | | | 134.7 | |
Income before interest and income taxes margin (EBIT margin) | 14.0 | % | | 11.4 | % | | 12.6 | % | | 11.8 | % |
Adjusted EBIT | $ | 92.7 | | | $ | 76.9 | | | $ | 170.5 | | | $ | 159.9 |
Adjusted EBIT margin | 16.4 | % | | 13.7 | % | | 15.5 | % | | 14.0 | % |
In the second quarter of 2024, net sales for the dispensing and specialty closures segment increased $5.3 million, or 0.9 percent, as compared to the second quarter of 2023. This increase was primarily the result of higher unit volumes of approximately one percent and a more favorable mix of products sold, partially offset by the pass through of lower raw material costs and the impact of unfavorable foreign currency translation of approximately $4.0 million.
In the first six months of 2024, net sales for the dispensing and specialty closures segment decreased $38.7 million, or 3.4 percent, as compared to the first six months of 2023. This decrease was primarily the result of lower unit volumes of approximately three percent and the pass through of lower raw material costs, partially offset by the impact of favorable foreign currency translation of approximately $2.0 million and a more favorable mix of products sold. The decrease in unit volumes was principally the result of lower volumes for closures for food and beverage markets due to customer destocking priorities.
In the second quarter of 2024, adjusted EBIT of the dispensing and specialty closures segment increased $15.8 million as compared to the second quarter of 2023, and adjusted EBIT margin increased to 16.4 percent from 13.7 percent over the same periods. The increase in adjusted EBIT was primarily due to the unfavorable impact in the prior year period of higher costs related to labor challenges that limited output at a U.S. food and beverage closures facility, a more favorable mix of products sold, higher unit volumes and improved manufacturing productivity.
In the first six months of 2024, adjusted EBIT of the dispensing and specialty closures segment increased $10.6 million as compared to the first six months of 2023, and adjusted EBIT margin increased to 15.5 percent from 14.0 percent over the same periods. The increase in adjusted EBIT was primarily due to the unfavorable impact in the prior year period of higher costs related to labor challenges that limited output at a U.S. food and beverage closures facility, a more favorable mix of products sold and improved manufacturing productivity, partially offset by lower unit volumes.
Metal Containers Segment
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
| | | | | | | |
| (Dollars in millions) |
| | | | | | | |
Net sales | $ | 650.8 | | | $ | 710.8 | | | $ | 1,267.9 | | | $ | 1,381.0 | |
Income before interest and income taxes (EBIT) | 56.3 | | | 73.6 | | | 98.0 | | | 121.4 | |
Income before interest and income taxes margin (EBIT margin) | 8.7 | % | | 10.4 | % | | 7.7 | % | | 8.8 | % |
Adjusted EBIT | $ | 58.5 | | | $ | 75.7 | | | $ | 103.5 | | | $ | 128.1 | |
Adjusted EBIT margin | 9.0 | % | | 10.6 | % | | 8.2 | % | | 9.3 | % |
In the second quarter of 2024, net sales for the metal containers segment decreased $60.0 million, or 8.4 percent, as compared to the second quarter of 2023. This decrease was primarily the result of the contractual pass through of lower raw material costs as compared to the lagged contractual pass through of inflation in labor and other manufacturing costs in the prior year period, partially offset by higher unit volumes of approximately one percent.
In the first six months of 2024, net sales for the metal containers segment decreased $113.1 million, or 8.2 percent, as compared to the first six months of 2023. This decrease was primarily the result of the contractual pass through of lower raw material costs as compared to the lagged contractual pass through of inflation in labor and other manufacturing costs in the prior year period and lower unit volumes of approximately two percent, partially offset by a more favorable mix of products sold and the impact of favorable foreign currency translation of approximately $3.0 million. The decrease in unit volumes was principally the result of customer destocking across several categories in the first quarter of 2024 as compared to very strong customer demand in the first quarter of 2023.
In the second quarter of 2024, adjusted EBIT of the metal containers segment decreased $17.2 million as compared to the second quarter of 2023, and adjusted EBIT margin decreased to 9.0 percent from 10.6 percent for the same periods. The decrease in adjusted EBIT was primarily due to the unfavorable impact of lower fixed cost absorption as a result of a significantly lower inventory build due to the reduction in pack plans of a large fruit and vegetable customer to reduce its working capital, partially offset by higher unit volumes.
In the first six months of 2024, adjusted EBIT of the metal containers segment decreased $24.6 million as compared to the first six months of 2023, and adjusted EBIT margin decreased to 8.2 percent from 9.3 percent for the same periods. The decrease in adjusted EBIT was primarily due to the unfavorable impact of lower fixed cost absorption as a result of a significantly lower inventory build due to the reduction in pack plans of a large fruit and vegetable customer to reduce its working capital, the unfavorable impact of selling higher cost inventory from the prior year in our European operations due to lower metal costs in 2024, and lower unit volumes, partially offset a more favorable mix of products sold.
Custom Containers Segment
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
| | | | | | | |
| (Dollars in millions) |
| | | | | | | |
Net sales | $ | 165.2 | | | $ | 155.8 | | | $ | 329.2 | | | $ | 324.0 | |
Income before interest and income taxes (EBIT) | 20.5 | | | 17.0 | | | 38.3 | | | 35.4 | |
Income before interest and income taxes margin (EBIT margin) | 12.4 | % | | 10.9 | % | | 11.6 | % | | 10.9 | % |
Adjusted EBIT | $ | 22.5 | | | $ | 18.5 | | | $ | 42.7 | | | $ | 38.5 | |
Adjusted EBIT margin | 13.6 | % | | 11.9 | % | | 13.0 | % | | 11.9 | % |
In the second quarter of 2024, net sales for the custom containers segment increased $9.4 million, or 6.0 percent, as compared to the second quarter of 2023. This increase was principally due to higher volumes of approximately seven percent partly driven by earlier than expected commercialization of new business awards and the pass through of higher raw material costs, partially offset by a less favorable mix of products sold and the impact of unfavorable foreign currency translation of $1.0 million.
In the first six months of 2024, net sales for the custom containers segment increased $5.2 million, or 1.6 percent, as compared to the first six months of 2023. This increase was principally due to higher volumes of approximately two percent and the pass through of higher raw material costs, partially offset by a less favorable mix of products sold.
In the second quarter of 2024, adjusted EBIT of the custom containers segment increased $4.0 million as compared to the second quarter of 2023, and adjusted EBIT margin increased to 13.6 percent from 11.9 percent over the same periods. The increase in adjusted EBIT was primarily attributable to higher volumes.
In the first six months of 2024, adjusted EBIT of the custom containers segment increased $4.2 million as compared to the first six months of 2023, and adjusted EBIT margin increased to 13.0 percent from 11.9 percent over the same periods. The increase in adjusted EBIT was primarily attributable to higher volumes.
CAPITAL RESOURCES AND LIQUIDITY
Our principal sources of liquidity have been net cash from operating activities and borrowings under our debt instruments, including our senior secured credit facility. Our liquidity requirements arise from our obligations under the indebtedness incurred in connection with our acquisitions and the refinancing of that indebtedness, capital investment in new and existing equipment, the funding of our seasonal working capital needs and other general corporate uses.
For the six months ended June 30, 2024, we used net borrowings of revolving loans of an aggregate of $664.0 million and cash and cash equivalents of $340.1 million to fund cash used in operations of $526.9 million, decreases in outstanding checks of $160.6 million, the repayment of long-term debt of $100.0 million, net capital expenditures and other investing activities of $128.4 million, dividends paid on our common stock of $41.5 million, the repayment of principal amounts under finance leases of $25.3 million, repurchases of our common stock of $7.7 million and the negative effect of exchange rate changes on cash and cash equivalents of $13.7 million.
For the six months ended June 30, 2023, we used net borrowings of revolving loans and proceeds from other foreign long-term debt of an aggregate of $760.2 million and cash and cash equivalents of $349.0 million (including the positive effect of exchange rate changes of $5.7 million) to fund cash used in operations of $811.7 million, net capital expenditures and other investing activities of $117.0 million, decreases in outstanding checks of $61.4 million, the repayment of long-term debt of $51.9 million, dividends paid on our common stock of $40.4 million, repurchases of our common stock of $31.0 million and the repayment of principal amounts under finance leases of $1.5 million.
At June 30, 2024, we had $665.0 million of revolving loans outstanding under the Credit Agreement. After taking into account outstanding letters of credit, the available portion of revolving loans under the Credit Agreement at June 30, 2024 was $814.5 million.
Because we sell metal containers and closures used in fruit and vegetable pack processing, we have seasonal sales. As is common in the industry, we must utilize working capital to build inventory and then carry accounts receivable for some customers beyond the end of the packing season. Due to our seasonal requirements, which generally peak sometime in the summer or early fall, we may incur short-term indebtedness to finance our working capital requirements. Our peak seasonal working capital requirements have historically averaged approximately $375 million. We fund seasonal working capital requirements through revolving loans under the Credit Agreement, other foreign bank loans and cash on hand. We may use the available portion of revolving loans under the Credit Agreement, after taking into account our seasonal needs and outstanding letters of credit, for other general corporate purposes including acquisitions, capital expenditures, dividends, stock repurchases and to refinance or repurchase other debt.
We believe that cash generated from operations and funds from borrowings available under the Credit Agreement and other foreign bank loans will be sufficient to meet our expected operating needs, planned capital expenditures, debt service, tax obligations, pension benefit plan contributions, share repurchases and common stock dividends for the foreseeable future. We continue to evaluate acquisition opportunities in the consumer goods packaging market and may incur additional indebtedness, including indebtedness under the Credit Agreement, to finance any such acquisition.
We are in compliance with all financial and operating covenants contained in our financing agreements and believe that we will continue to be in compliance during 2024 with all of these covenants.
Supply Chain Finance Program
For our suppliers, we believe that we negotiate the best terms possible, including payment terms. In connection therewith, we initiated a 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. A participating supplier negotiates its receivables sale arrangements directly with the financial institution under this SCF program. While we are not party to, and do not participate in the negotiation of, such arrangements, such financial institution allows a participating supplier to utilize our creditworthiness in establishing a credit spread in respect of the sale of its receivables from us as well as other applicable terms. This may provide a supplier with more favorable terms than it would be able to secure on its own. We have no economic interest in a supplier’s decision to sell a receivable. Once a qualifying supplier elects to participate in this SCF program and reaches an agreement with the financial institution, the supplier independently elects which individual invoices to us that they sell to the financial institution. All of our payments to a participating supplier are paid to the financial institution on the invoice due date under our agreement with such supplier, regardless of whether the individual invoice was sold by the supplier to the financial institution. The financial institution then pays the supplier on the invoice due date under our agreement with such supplier for any invoices not previously sold by the supplier to the financial institution. Amounts due to a supplier that elects to participate in this SCF program are included in accounts payable in our Condensed Consolidated Balance Sheet, and the associated payments are reflected in net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows. Separate from this SCF program, we and suppliers who participate in this SCF program generally maintain the contractual right to require the other party to negotiate in good faith the existing payment terms as a result of changes in market conditions, including changes in interest rates and general market liquidity, or in some cases for any reason. Outstanding trade accounts payables subject to this SCF program were approximately $251.0 million, $321.9 million and $330.2 million at June 30, 2024 and 2023 and December 31, 2023, respectively.
Guaranteed Securities
Each of the 3¼% Senior Notes, the 4⅛% Senior Notes, the 2¼% Senior Notes and the 1.4% Senior Secured Notes were issued by Silgan and are guaranteed by our U.S. subsidiaries that also guarantee our obligations under the Credit Agreement, collectively the Obligor Group.
The following summarized financial information relates to the Obligor Group as of June 30, 2024 and December 31, 2023 and for the six months ended June 30, 2024. Intercompany transactions, equity investments and other intercompany activity within the Obligor Group have been eliminated from the summarized financial information. Investments in subsidiaries of Silgan that are not part of the Obligor Group of $1.6 billion as of June 30, 2024 and December 31, 2023 are not included in noncurrent assets in the table below.
| | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | June 30, 2024 | | Dec. 31, 2023 | | | | |
| | | (Dollars in millions) |
| | | | | | | | | |
Current assets | | | $1,571.0 | | $1,403.5 | | | | |
Noncurrent assets | | | 3,921.6 | | 3,988.8 | | | | |
Current liabilities | | | 2,060.7 | | 1,967.8 | | | | |
Noncurrent liabilities | | | 3,087.6 | | 3,123.8 | | | | |
At June 30, 2024 and December 31, 2023, the Obligor Group held current receivables due from other subsidiary companies of $33.4 million and $35.6 million, respectively; long-term notes receivable due from other subsidiary companies of $725.4 million and $748.8 million, respectively; and current payables due to other subsidiary companies of $16.2 million and $10.9 million, respectively.
| | | | | | | | | | | | |
| | | |
| | | | Six Months Ended |
| | | | June 30, 2024 |
| | | | (Dollars in millions) |
| | | | |
Net sales | | | | $1,949.3 |
Gross profit | | | | 290.3 | |
Net income | | | | 79.2 | |
For the six months ended June 30, 2024, net income in the table above excludes income from equity method investments of other subsidiary companies of $52.0 million. For the six months ended June 30, 2024, the Obligor Group recorded the following transactions with other subsidiary companies: sales to such other subsidiary companies of $28.1 million; net credits from such other subsidiary companies of $13.6 million; and net interest income from such other subsidiary companies of $18.8 million. For the six months ended June 30, 2024, the Obligor Group did not receive dividends from other subsidiary companies.
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. Under our rationalization plans, we made cash payments of $21.1 million and $8.9 million for the six months ended June 30, 2024 and 2023, respectively. Excluding the impact of our withdrawal from 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.
You should also read Note 3 to our Condensed Consolidated Financial Statements for the three and six months ended June 30, 2024 included elsewhere in this Quarterly Report.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risks relating to our operations result primarily from changes in interest rates and, with respect to our international operations, in foreign currency exchange rates. In the normal course of business, we also have risk related to commodity price changes for items such as natural gas. We employ established policies and procedures to manage our exposure to these risks. Interest rate, foreign currency and commodity pricing transactions are used only to the extent considered necessary to meet our objectives. We do not utilize derivative financial instruments for trading or other speculative purposes.
Information regarding our interest rate risk, foreign currency exchange rate risk and commodity pricing risk has been disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Since such filing, other than the changes discussed in Note 7 to our Condensed Consolidated Financial Statements for the three and six months ended June 30, 2024 included elsewhere in this Quarterly Report, there has not been a material change to our interest rate risk, foreign currency exchange rate risk or commodity pricing risk or to our policies and procedures to manage our exposure to these risks.
Item 4. CONTROLS AND PROCEDURES
As required by Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures. Based upon that evaluation, as of the end of the period covered by this Quarterly Report, our Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that our disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including the Principal Executive Officer and the Principal Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
There were no changes in our internal controls over financial reporting during the period covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, these internal controls.
Part II. Other Information
Item 6. Exhibits
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Exhibit Number | | Description |
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| | |
*3.1 | | |
| | |
22 | | |
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*31.1 | | |
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*31.2 | | |
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*32.1 | | |
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*32.2 | | |
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___________________
*Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | |
| SILGAN HOLDINGS INC. |
| | |
| | |
| | |
Dated: August 8, 2024 | /s/ Kimberly I. Ulmer | |
| Kimberly I. Ulmer |
| Senior Vice President and |
| Chief Financial Officer |
| (Principal Financial and |
| Accounting Officer) |
CERTIFICATE OF AMENDMENT TO THE
AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
OF
SILGAN HOLDINGS INC.
PURSUANT TO SECTION 242 OF THE GENERAL CORPORATION LAW
OF THE STATE OF DELAWARE
Silgan Holdings Inc., a corporation organized and existing under and by virtue of the laws of the State of Delaware, hereby certifies that:
1. The name of the corporation is Silgan Holdings Inc. (the “Corporation”).
2. Paragraph A of Article FOURTH of the Corporation’s Amended and Restated Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on June 7, 2006, as amended by Certificates of Amendment filed with the Secretary of State of the State of Delaware on June 7, 2010, June 7, 2010, June 11, 2018, and June 1, 2021 (as so amended, the “Certificate of Incorporation”), is hereby amended by deleting the last four sentences of such paragraph and adding the following to the end of such paragraph:
Notwithstanding anything to the contrary in this Paragraph A, at any time and from time to time during the period beginning on May 28, 2024 and ending on December 31, 2027, the Board of Directors of the Corporation may increase the number of directors of the Corporation constituting the entire Board of Directors to a maximum of nine. Any vacancies in the Board of Directors created by any such increase may be filled, as determined by the Board of Directors of the Corporation, either (i) by the Board of Directors of the Corporation, acting by a majority of the directors then in office, or (ii) by the stockholders of the Corporation at an annual meeting of stockholders. Any director so chosen shall (i) be designated as a member of such class of directors as shall be determined by the Board of Directors who shall, in making such determination, take into consideration that all classes of directors should be comprised of as nearly equal a number of directors as possible and (ii) hold office until the annual meeting of stockholders at which the term of office of such class of directors expires and until such director’s successor shall be elected and shall qualify. The number of directors constituting the class to which such director is designated shall correspondingly be increased by one. To the extent the size of the Board of Directors is so increased, upon the death, resignation, removal from office or expiration of term of service without standing for re-election of any independent director (as defined in the applicable listing standards of the New York Stock Exchange and the applicable rules of the Securities and Exchange Commission) at any time following such increase and only if the number of directors constituting the entire Board of Directors immediately prior to such death, resignation, removal from office or expiration of term of service without standing for re-election was greater than seven, then, subject to the ability of the Board of Directors of the Corporation to again increase the size of the Board of Directors to up to a maximum of nine members at any time and from time to time through December 31, 2027, (x) such directorship shall be eliminated, (y) the number of directors of the Corporation constituting the entire Board of Directors shall be reduced by one and the number of directors constituting the class of which such director was a member shall correspondingly be reduced by one, but in no event shall the number of directors of the Corporation constituting the entire Board of Directors be less than seven, and (z) such death, resignation, removal from office or expiration of term of service without standing for re-election shall not result in a vacancy in the Board of Directors.
3. This Certificate of Amendment was duly approved and adopted by the Board of Directors of the Corporation in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.
4. Thereafter, an annual meeting of the stockholders of the Corporation was duly called and held upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware, at which meeting this Certificate of Amendment was authorized and approved by the stockholders of the Corporation in accordance with Section 242 of the General Corporation Law of the State of Delaware.
IN WITNESS WHEREOF, SILGAN HOLDINGS INC. has caused this Certificate of Amendment to be executed in its corporate name by its duly authorized officer on the 28th day of May, 2024.
| | | | | | | | |
| | |
SILGAN HOLDINGS INC. |
| |
By: | | /s/ Frank W. Hogan, III |
Name: | | Frank W. Hogan, III |
Title: | | Executive Vice President, General Counsel and Secretary |
Exhibit 31.1
CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT
I, Adam J. Greenlee, certify that:
| | | | | |
1. | I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024 of Silgan Holdings Inc.; |
| | | | | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| | | | | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| | | | | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| | | | | |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| | | | | |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| | | | | |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| | | | | |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| | | | | |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| | | | | |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| | | | | |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| | | | | |
Date: August 8, 2024 | /s/ Adam J. Greenlee |
| Adam J. Greenlee |
| Chief Executive Officer and President |
| |
Exhibit 31.2
CERTIFICATION BY THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT
I, Kimberly I. Ulmer, certify that:
| | | | | |
1. | I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024 of Silgan Holdings Inc.; |
| | | | | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| | | | | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| | | | | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| | | | | |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| | | | | |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| | | | | |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| | | | | |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| | | | | |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| | | | | |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| | | | | |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| | | | | |
Date: August 8, 2024 | /s/ Kimberly I. Ulmer |
| Kimberly I. Ulmer |
| Senior Vice President and |
| Chief Financial Officer |
Exhibit 32.1
CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
In connection with the Quarterly Report of Silgan Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), I, Adam J. Greenlee, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
| | | | | |
| (1) The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| | |
/s/ Adam J. Greenlee |
Adam J. Greenlee |
Chief Executive Officer and President |
|
August 8, 2024
A signed original of this written statement required by Section 906 has been provided to Silgan Holdings Inc. and will be retained by Silgan Holdings Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
CERTIFICATION BY THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
In connection with the Quarterly Report of Silgan Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), I, Kimberly I. Ulmer, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
| | | | | |
| (1) The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| | |
/s/ Kimberly I. Ulmer |
Kimberly I. Ulmer |
Senior Vice President and |
Chief Financial Officer |
August 8, 2024
A signed original of this written statement required by Section 906 has been provided to Silgan Holdings Inc. and will be retained by Silgan Holdings Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
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v3.24.2.u1
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
|
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v3.24.2.u1
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
|
X |
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v3.24.2.u1
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
|
X |
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v3.24.2.u1
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
|
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v3.24.2.u1
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
|
|
|
|
|
|
X |
- DefinitionNumber of shares of treasury stock issued for vested restricted stocks as part of a non-qualified stock option plan, net of common stock repurchased for employee's tax withholdings.
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v3.24.2.u1
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.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.2.u1
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 | |
Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $101.4 million, $109.7 million, and $100.0 million as of June 30, 2024 and 2023 and December 31, 2023, respectively. Unbilled receivables are included in trade accounts receivable, net on our Condensed Consolidated Balance Sheets.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.2.u1
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 Severance and Benefits | | Plant Exit Costs | | Non-Cash Asset Write-Down | | 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.
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- DefinitionThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
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v3.24.2.u1
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 Defined Benefit Plan Costs | | Change in Fair Value of Derivatives | | Foreign Currency Translation | | 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. Other comprehensive loss before reclassifications related to foreign currency translation for the three and six months ended June 30, 2024 consisted of (i) foreign currency (losses) related to translation of quarter end financial statements of foreign subsidiaries utilizing a functional currency other than the U.S. dollar of $(30.3) million and $(63.7) million, respectively, and (ii) foreign currency gains related to our net investment hedges of $3.9 million and $15.5 million, respectively, excluding income tax (provisions) of $(1.0) million and $(3.7) million, respectively. See Note 7 for further discussion.
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v3.24.2.u1
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 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.2.u1
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 | |
At June 30, 2024, the current portion of long-term debt consisted of $696.6 million of 3¼% Senior Notes due 2025, $665.0 million of U.S. revolving loans under our amended and restated senior secured credit facility, as amended, or the Credit Agreement, $33.5 million of other foreign bank revolving and term loans and $3.1 million of finance leases.
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v3.24.2.u1
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 Amount | | Fair Value | | (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.
|
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- DefinitionThe entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.
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v3.24.2.u1
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.
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v3.24.2.u1
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.
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v3.24.2.u1
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) | |
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v3.24.2.u1
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.
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- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
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.
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v3.24.2.u1
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.
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v3.24.2.u1
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 Containers | | Custom Containers | | 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.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.2.u1
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.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
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.
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v3.24.2.u1
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 | |
|
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.24.2.u1
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 Severance and Benefits | | Plant Exit Costs | | Non-Cash Asset Write-Down | | 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 | |
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- DefinitionTabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.
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v3.24.2.u1
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 Defined Benefit Plan Costs | | Change in Fair Value of Derivatives | | Foreign Currency Translation | | 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) | |
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v3.24.2.u1
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 | |
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v3.24.2.u1
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 | |
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v3.24.2.u1
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 Amount | | Fair Value | | (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 | | | | | |
|
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- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.
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v3.24.2.u1
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) | |
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v3.24.2.u1
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 Containers | | Custom Containers | | 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 | |
|
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v3.24.2.u1
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
|
|
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- DefinitionAmount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time.
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v3.24.2.u1
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
|
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v3.24.2.u1
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
|
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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
|
|
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$ (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)
|
|
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$ (169,557)
|
|
$ (169,557)
|
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v3.24.2.u1
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
|
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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
|
|
|
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v3.24.2.u1
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
|
|
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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
|
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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 |
|
|
$ 75.0
|
USD Interest Rate Swap Contract Two, Maturity Date April 3, 2026 |
|
|
|
Derivative [Line Items] |
|
|
|
Derivative, notional amount |
|
|
75.0
|
USD Interest Rate Swap Contract Three, Maturity Date April 3, 2026 |
|
|
|
Derivative [Line Items] |
|
|
|
Derivative, notional amount |
|
|
75.0
|
USD Interest Rate Swap Contract Four, Maturity Date April 3, 2026 |
|
|
|
Derivative [Line Items] |
|
|
|
Derivative, notional amount |
|
|
$ 75.0
|
Accumulated Translation Adjustment |
|
|
|
Derivative [Line Items] |
|
|
|
Foreign currency (losses) gains of net investment hedges included in accumulated other comprehensive loss |
$ 3.9
|
$ 15.5
|
|
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v3.24.2.u1
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)
|
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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 |
|
$ 300.0
|
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
|
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v3.24.2.u1
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
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v3.24.2.u1
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
|
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v3.24.2.u1
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
|
|
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