Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 March 31, 2024


			☐						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 April 30, 2024, the number of shares outstanding of the Registrant’s common stock was 106,775,134.

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SILGAN HOLDINGS INC.

TABLE OF CONTENTS

			Page No.


Part I. Financial Information			3

Item 1. Financial Statements			3

Condensed Consolidated Balance Sheets at March 31, 2024 and 202 3 and December 31, 202 3			3

Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 202 3			4

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 202 3			5

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 202 3			6

Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2024 and 202 3			7

Notes to Condensed Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18

Item 3. Quantitative and Qualitative Disclosures About Market Risk			26

Item 4. Controls and Procedures			26

Part II. Other Information			27

Item 6. Exhibits			27

Signatures			28

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Part I. Financial Information

Item 1. Financial Statements

SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)


	March 31, 2024		March 31, 2023		Dec. 31, 2023
	(unaudited)		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	308,641	$	501,060	$	642,923
Trade accounts receivable, net	946,051		936,048		599,524
Inventories	957,240		1,055,079		940,808
Prepaid expenses and other current assets	164,439		132,822		165,727
Total current assets	2,376,371		2,625,009		2,348,982

Property, plant and equipment, net	1,943,682		1,930,003		1,961,585
Goodwill	1,997,285		2,001,753		2,018,241
Other intangible assets, net	702,033		755,883		721,023
Other assets, net	554,884		549,074		561,405
	$	7,574,255	$	7,861,722	$	7,611,236

Liabilities and Stockholders’ Equity
Current liabilities:
Revolving loans and current portion of long-term debt	$	1,345,851	$	784,795	$	880,315
Trade accounts payable	609,832		716,487		1,075,913
Accrued payroll and related costs	100,118		101,881		97,886
Accrued liabilities	233,676		240,952		257,742
Total current liabilities	2,289,477		1,844,115		2,311,856

Long-term debt	2,534,504		3,370,346		2,546,451
Deferred income taxes	432,266		389,010		433,666
Other liabilities	418,162		476,961		429,905

Stockholders’ equity:
Common stock	1,751		1,751		1,751
Paid-in capital	356,529		342,157		353,848
Retained earnings	3,242,914		3,013,104		3,208,237
Accumulated other comprehensive loss	(271,990)		(324,570)		(251,361)
Treasury stock	(1,429,358)		(1,251,152)		(1,423,117)
Total stockholders’ equity	1,899,846		1,781,290		1,889,358
	$	7,574,255	$	7,861,722	$	7,611,236

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three months ended March 31, 2024 and 2023

(Dollars and shares in thousands, except per share amounts)

(Unaudited)



	2024		2023


Net sales	$	1,317,038	$	1,418,281
Cost of goods sold	1,093,559		1,180,316
Gross profit	223,479		237,965
Selling, general and administrative expenses	100,476		101,330
Rationalization charges	11,691		4,121
Other pension and postretirement (income) expense	(407)		1,286
Income before interest and income taxes	111,719		131,228


Interest and other debt expense	38,647		36,766
Income before income taxes	73,072		94,462
Provision for income taxes	17,908		22,433
Net income	$	55,164	$	72,029

Earnings per share:
Basic net income per share	$	0.52	$	0.65
Diluted net income per share	$	0.52	$	0.65

Weighted average number of shares:
Basic	106,646		110,219
Effect of dilutive securities	405		630
Diluted	107,051		110,849

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three months ended March 31, 2024 and 2023

(Dollars in thousands)

(Unaudited)



	2024		2023


Net income	$	55,164	$	72,029
Other comprehensive income (loss), net of tax:
Changes in net prior service credit and actuarial losses	1,403		2,306
Change in fair value of derivatives	2,425		(1,287)
Foreign currency translation	(24,457)		19,721
Other comprehensive (loss) income	(20,629)		20,740
Comprehensive income	$	34,535	$	92,769

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended March 31, 2024 and 2023

(Dollars in thousands)

(Unaudited)


	2024		2023
Cash flows provided by (used in) operating activities:
Net income	$	55,164	$	72,029
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	66,430		64,843
Amortization of debt discount and debt issuance costs	1,347		1,333
Rationalization charges	11,691		4,121
Stock compensation expense	4,115		3,681

Other changes that provided (used) cash:
Trade accounts receivable, net	(355,645)		(271,224)
Inventories	(22,319)		(279,982)
Trade accounts payable	(281,165)		(176,147)
Accrued liabilities	(30,041)		(49,812)

Other, net	2,613		(616)
Net cash (used in) operating activities	(547,810)		(631,774)

Cash flows provided by (used in) investing activities:

Capital expenditures	(75,258)		(67,871)
Proceeds from asset sales	2,495		372
Other, net	301		508
Net cash (used in) investing activities	(72,462)		(66,991)

Cash flows provided by (used in) financing activities:
Borrowings under revolving loans	597,879		783,454
Repayments under revolving loans	(15,469)		(28,442)
Repayment of principal amounts under finance leases	(346)		(658)
Proceeds from issuance of long-term debt	—		2,146
Repayments of long-term debt	(100,000)		(50,705)
Changes in outstanding checks - principally vendors	(160,576)		(61,433)
Dividends paid on common stock	(21,137)		(20,575)


Repurchase of common stock	(7,675)		(13,412)


Net cash provided by financing activities	292,676		610,375

Effect of exchange rate changes on cash and cash equivalents	(6,686)		3,828

Cash and cash equivalents:
Net (decrease)	(334,282)		(84,562)
Balance at beginning of year	642,923		585,622
Balance at end of period	$	308,641	$	501,060

Interest paid, net	$	50,290	$	34,764
Income taxes paid, net	17,003		20,086

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the three months ended March 31, 2024 and 2023

(Dollars and shares in thousands, except per share amounts)

(Unaudited)



	2024		2023


Common stock - shares outstanding
Balance at beginning of period	106,500		110,079
Net issuance of treasury stock for vested restricted stock units	275		266
Repurchases of common stock	—		(93)
Balance at end of period	106,775		110,252

Common stock - par value
Balance at beginning and end of period	$	1,751	$	1,751

Paid-in capital
Balance at beginning of period	353,848		339,839
Stock compensation expense	4,115		3,681
Net issuance of treasury stock for vested restricted stock units	(1,434)		(1,363)
Balance at end of period	356,529		342,157

Retained earnings
Balance at beginning of period	3,208,237		2,961,079
Net income	55,164		72,029
Dividends declared on common stock	(20,487)		(20,004)
Balance at end of period	3,242,914		3,013,104

Accumulated other comprehensive loss
Balance at beginning of period	(251,361)		(345,310)
Other comprehensive (loss) income	(20,629)		20,740
Balance at end of period	(271,990)		(324,570)

Treasury stock
Balance at beginning of period	(1,423,117)		(1,239,103)
Net issuance of treasury stock for vested restricted stock units	(6,241)		(7,249)
Repurchases of common stock	—		(4,800)
Balance at end of period	(1,429,358)		(1,251,152)
Total stockholders’ equity	$	1,899,846	$	1,781,290

Dividends declared on common stock per share	$	0.19	$	0.18

See accompanying notes.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three 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 confirm 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 for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
Dispensing and Specialty Closures	$	535,920	$	579,932
Metal Containers	617,129		670,096
Custom Containers	163,989		168,253
	$	1,317,038	$	1,418,281

Revenues by geography for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
North America	$	981,963	$	1,056,526
Europe and other	335,075		361,755
	$	1,317,038	$	1,418,281

Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $97.2 million, $108.5 million, and $100.0 million as of March 31, 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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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three months then ended is unaudited)

Note 3. Rationalization Charges



	2024		2023

	(Dollars in thousands)
Dispensing and Specialty Closures	$	6,557	$	114
Metal Containers	3,584		3,903
Custom Containers	1,550		104
	$	11,691	$	4,121

Activity in reserves for our rationalization plans were as follows:


	Employee 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	4,088		7,255		348		11,691
Utilized and currency translation	(4,229)		(7,555)		(348)		(12,132)
Balance at March 31, 2024	$	33,414	$	165	$	—	$	33,579

Rationalization reserves as of March 31, 2024 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $7.2 million and other liabilities of $26.4 million. Excluding the impact of our withdrawal from the Central States, Southeast and Southwest Areas Pension Plan, or the Central States Pension Plan, in 2019, remaining expenses and cash expenditures for our rationalization plans are expected to be $8.1 million and $14.3 million, respectively. Remaining expenses for the accretion of interest for the withdrawal liability related to the Central States Pension Plan are expected to average approximately $0.8 million per year and be recognized annually through 2040, and remaining cash expenditures for the withdrawal liability related to the Central States Pension Plan are expected to be approximately $2.6 million annually through 2040.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three 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	—		2,884		(24,457)		(21,573)
Amounts reclassified from accumulated other comprehensive loss	1,403		(459)		—		944
Other comprehensive loss	1,403		2,425		(24,457)		(20,629)
Balance at March 31, 2024	$	(132,120)	$	2,209	$	(142,079)	$	(271,990)

The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three months ended March 31, 2024 were net (losses) of $(1.8) million, excluding income tax benefits of $0.4 million. For the three months ended March 31, 2024, these net (losses) consisted primarily of amortization of net actuarial (losses) of $(1.8) million. Amortization of net actuarial losses and net prior service cost was recorded in other pension and postretirement income in our Condensed Consolidated Statements of Income. See Note 10 for further information.

The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three months ended March 31, 2024 were not significant.

Other comprehensive loss before reclassifications related to foreign currency translation for the three months ended March 31, 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 $(33.5) million, (ii) foreign currency gains related to intra-entity foreign currency transactions that are of a long-term investment nature of $0.1 million, and (iii) foreign currency gains related to our net investment hedges of $11.6 million, excluding an income tax (provision) of $(2.7) million. See Note 7 for further discussion.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three months then ended is unaudited)

Note 5. Inventories

Inventories consisted of the following:


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

Note 6. Long-Term Debt

Long-term debt consisted of the following:


	March 31, 2024		March 31, 2023		Dec. 31, 2023
	(Dollars in thousands)
Bank debt
Bank revolving loans	$	580,000	$	755,000	$	—
U.S. term loans	850,000		950,000		950,000

Other foreign bank revolving and term loans	57,435		51,840		56,243
Total bank debt	1,487,435		1,756,840		1,006,243



3¼% Senior Notes	702,000		706,160		717,990
4⅛% Senior Notes	600,000		600,000		600,000
2¼% Senior Notes	540,000		543,200		552,300
1.4% Senior Secured Notes	500,000		500,000		500,000
Finance leases	62,905		65,050		63,302
Total debt - principal	3,892,340		4,171,250		3,439,835
Less unamortized debt issuance costs and debt discount	11,985		16,109		13,069
Total debt	3,880,355		4,155,141		3,426,766
Less current portion	1,345,851		784,795		880,315
	$	2,534,504	$	3,370,346	$	2,546,451

At March 31, 2024, the current portion of long-term debt consisted of $702.0 million of 3¼% Senior Notes due 2025, $580.0 million of U.S. revolving loans under our amended and restated senior secured credit facility, as amended, or the Credit Agreement, $36.3 million of other foreign bank revolving and term loans and $27.6 million of finance leases.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three 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 March 31, 2024:


	Carrying Amount		Fair Value
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	308,641	$	308,641


Liabilities:
Bank debt	$	1,487,435	$	1,487,435


3¼% Senior Notes	702,000		695,415
4⅛% Senior Notes	599,469		567,708
2¼% Senior Notes	540,000		493,063
1.4% Senior Secured Notes	499,889		457,980

Fair Value Measurements

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP classifies the inputs used to measure fair value into a hierarchy consisting of three levels. Level 1 inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs represent unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs represent unobservable inputs for the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Financial Instruments Measured at Fair Value

The financial assets and liabilities that were measured on a recurring basis at March 31, 2024 consisted of our cash and cash equivalents and derivative instruments. We measured the fair value of cash and cash equivalents using Level 1 inputs. We measured the fair value of our derivative instruments using the income approach. The fair value of our derivative instruments reflects the estimated amounts that we would pay or receive based on the present value of the expected cash flows derived from market interest rates and prices. As such, these derivative instruments were classified within Level 2.

Financial Instruments Not Measured at Fair Value

Our bank debt, 3¼% Senior Notes, 4⅛% Senior Notes, 2¼% Senior Notes and 1.4% Senior Secured Notes were recorded at historical amounts in our Condensed Consolidated Balance Sheets, as we have not elected to measure them at fair value. We measured the fair value of our variable rate bank debt using the market approach based on Level 2 inputs. Fair values of the 3¼% Senior Notes, 4⅛% Senior Notes, 2¼% Senior Notes and 1.4% Senior Secured Notes were estimated based on quoted market prices, a Level 1 input.

Derivative Instruments and Hedging Activities

Our derivative financial instruments were recorded in the Condensed Consolidated Balance Sheets at their fair values. Changes in fair values of derivatives are recorded in each period in earnings or comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and, if it is, the type of hedge transaction.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three 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 months ended March 31, 2024. The total fair value of our interest rate swaps agreements in effect at March 31, 2024 was not significant.

Natural Gas Swap Agreements

We have entered into natural gas swap agreements to manage a portion of our exposure to fluctuations in natural gas prices. The difference between amounts to be paid or received on our natural gas swap agreements is recorded in cost of goods sold in our Condensed Consolidated Statements of Income and was not significant for the three months ended March 31, 2024. These agreements are with a financial institution which is expected to fully perform under the terms thereof. The total fair value of our natural gas swap agreements in effect at March 31, 2024 was not significant.

Foreign Currency Exchange Rate Risk

In an effort to minimize our foreign currency exchange rate risk, we have financed acquisitions of foreign operations primarily with borrowings denominated in Euros. In addition, where available, we have borrowed funds in local currency or implemented certain internal hedging strategies to minimize our foreign currency exchange rate risk related to foreign operations, including net investment hedges related to the 3¼% Senior Notes which are Euro denominated. Foreign currency gains related to our net investment hedges included in accumulated other comprehensive loss for the three months ended March 31, 2024 were $11.6 million.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three 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 $252.6 million, $318.4 million and $330.2 million at March 31, 2024 and 2023 and December 31, 2023, respectively, and were included in accounts payable in our Condensed Consolidated Balance Sheets.

Note 10. Retirement Benefits

The components of the net periodic pension benefit cost for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
Service cost	$	2,165	$	2,229
Interest cost	8,413		8,709
Expected return on plan assets	(10,771)		(10,189)
Amortization of prior service cost	23		28
Amortization of actuarial losses	1,852		2,945

Net periodic benefit cost	$	1,682	$	3,722

The components of the net periodic other postretirement benefit cost (credit) for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
Service cost	$	7	$	14
Interest cost	165		189
Amortization of prior service credit	(5)		(235)
Amortization of actuarial gains	(84)		(161)
Net periodic benefit cost (credit)	$	83	$	(193)

-14-

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three 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 three months ended March 31, 2024. At March 31, 2024, we had approximately $93.3 million remaining under this authorization for the repurchase of our common stock.

During the first three months of 2024, we issued 449,998 treasury shares which had an average cost of $3.19 per share for restricted stock units that vested during the period that had been previously issued under our stock-based compensation plans. In accordance with the applicable agreements for such restricted stock units, we repurchased 174,819 shares of our common stock at an average cost of $43.91 to satisfy minimum employee withholding tax requirements resulting from the vesting of such restricted stock units.

We account for treasury shares using the first-in, first-out (FIFO) cost method. As of March 31, 2024, 68,337,362 shares of our common stock were held in treasury.

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 three months of 2024, 460,600 restricted stock units were granted to certain of our officers and other key employees. The fair value of these restricted stock units at the grant date was $20.2 million, which is being amortized ratably over the respective vesting period from the grant date.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three 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 and rationalization charges. Adjusted EBIT should not be considered in isolation or as a substitute for income before interest and income taxes or any other financial data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies.

Reportable segment information for the three months ended March 31 was as follows:


	Dispensing and Specialty Closures		Metal Containers		Custom Containers		Corporate		Total
	(Dollars in thousands)












Three months ended March 31, 2024
Net sales	$	535,920	$	617,129	$	163,989	$	—	$	1,317,038
Income before interest and income taxes	59,760		41,665		17,786		(7,492)		111,719
Adjusted EBIT	77,850		44,954		20,168		(7,492)		135,480
Depreciation	25,151		18,913		9,064		21		53,149

Three months ended March 31, 2023
Net sales	$	579,932	$	670,096	$	168,253	$	—	$	1,418,281
Income before interest and income taxes	70,946		47,797		18,451		(5,966)		131,228
Adjusted EBIT	82,936		52,400		20,034		(5,966)		149,404
Depreciation	24,759		17,988		8,835		40		51,622

-16-

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2024 and 2023 and for the

three months then ended is unaudited)

Total adjusted EBIT is reconciled to income before income taxes for the three months ended March 31 as follows:



	2024		2023

	(Dollars in thousands)
Total adjusted EBIT	$	135,480	$	149,404
Less:
Acquired intangible asset amortization expense	13,281		13,221
Other pension (income) expense for U.S. pension plans	(1,211)		834
Rationalization charges	11,691		4,121

Income before interest and income taxes	111,719		131,228
Less interest and other debt expense	38,647		36,766
Income before income taxes	$	73,072	$	94,462

Net sales and adjusted EBIT of our metal containers segment and of part of our dispensing and specialty closures segment are dependent, in part, upon the vegetable and fruit harvests in the United States and, to a lesser extent, in a variety of national growing regions in Europe. The size and quality of these harvests varies from year to year, depending in large part upon the weather conditions in applicable regions. Because of the seasonality of the harvests, we have historically experienced higher unit sales volume in the third quarter of our fiscal year and generated a disproportionate amount of our annual adjusted EBIT during that quarter.

-17-

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.

-18-

RESULTS OF OPERATIONS

The following table sets forth certain unaudited income statement data expressed as a percentage of net sales for the three months ended March 31 :



	2024		2023

Net sales
Dispensing and Specialty Closures	40.7	%	40.9	%
Metal Containers	46.9		47.2
Custom Containers	12.4		11.9
Consolidated	100.0		100.0
Cost of goods sold	83.0		83.2
Gross profit	17.0		16.8
Selling, general and administrative expenses	7.6		7.1
Rationalization charges	0.9		0.3
Other pension and postretirement expense (income)	—		0.1
Income before interest and income taxes	8.5		9.3
Interest and other debt expense	2.9		2.6
Income before income taxes	5.6		6.7
Provision for income taxes	1.4		1.6
Net income	4.2	%	5.1	%

Summary unaudited results of operations for the three months ended March 31 are provided below.



	2024		2023

	(dollars in millions)
Net sales
Dispensing and Specialty Closures	$	535.9	$	579.9
Metal Containers	617.1		670.1
Custom Containers	164.0		168.3
Consolidated	$	1,317.0	$	1,418.3

Income before interest and income taxes
Dispensing and Specialty Closures	$	59.7	$	70.9
Metal Containers	41.7		47.8
Custom Containers	17.8		18.5
Corporate	(7.5)		(6.0)
Consolidated	$	111.7	$	131.2

Three Months Ended March 31, 2024 Compared with Three Months Ended March 31, 2023

Net Sales. In the first quarter of 2024, consolidated net sales were $1.32 billion, a decrease of $101.3 million, or 7.1 percent, as compared to the first quarter of 2023 primarily due to lower volumes across all segments, the unfavorable impact from the pass through of lower raw material costs in the metal containers segment and a less favorable mix of products sold in the dispensing and specialty closures segment. These decreases were partially offset by a more favorable mix of products sold in the metal containers segment and the impact from favorable foreign currency translation.

Gross Profit. Gross profit margin increased 0.2 percentage points to 17.0 percent in the first quarter of 2024 as compared to the same period in 2023 primarily for the reasons discussed below in "Income before Interest and Income Taxes."

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Selling, General and Administrative Expenses. In the first quarter of 2024, selling, general and administrative expenses as a percentage of consolidated net sales increased to 7.6 percent as compared to 7.1 percent in the first quarter of 2023. For the first quarter of 2024, selling, general and administrative expenses decreased $0.9 million to $100.5 million as compared to the first quarter of 2023.

Income before Interest and Income Taxes. In the first quarter of 2024, income before interest and income taxes decreased by $19.5 million to $111.7 million as compared to $131.2 million in the first quarter of 2023, and margins decreased to 8.5 percent from 9.3 percent over the same periods. The decrease in income before interest and income taxes was primarily the result of lower volumes across all segments, the unfavorable impact of selling higher cost metal inventory from the prior year due to lower metal costs in 2024, higher rationalization charges and a more favorable mix of products sold in the custom containers segment, partially offset by improved operating and cost performance in all segments. Rationalization charges were $11.7 million and $4.1 million in the first quarters of 2024 and 2023, respectively.

Interest and Other Debt Expense. In the first quarter of 2024, interest and other debt expense increased $1.8 million to $38.6 million as compared to $36.8 million in the first quarter of 2023. This increase was primarily due to higher weighted average interest rates.

Provision for Income Taxes. For the first quarters of 2024 and 2023, the effective tax rates were 24.5 percent and 23.8 percent, respectively.

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 and rationalization charges. 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.

-20-

A reconciliation of such non-GAAP financial measures for the three months ended March 31 is provided below:



	2024		2023

	(Dollars in millions)
Dispensing and Specialty Closures
Income before interest and income taxes (EBIT)	$	59.7	$	70.9
Acquired intangible asset amortization expense	11.9		11.8
Other pension (income) expense for U.S. pension plans	(0.3)		0.1
Rationalization charges	6.5		0.1

Adjusted EBIT	$	77.8	$	82.9

Metal Containers
Income before interest and income taxes (EBIT)	$	41.7	$	47.8
Acquired intangible asset amortization expense	0.3		0.3
Other pension (income) expense for U.S. pension plans	(0.6)		0.4
Rationalization charges	3.6		3.9

Adjusted EBIT	$	45.0	$	52.4

Custom Containers
Income before interest and income taxes (EBIT)	$	17.8	$	18.5
Acquired intangible asset amortization expense	1.1		1.1
Other pension (income) expense for U.S. pension plans	(0.3)		0.4
Rationalization charges	1.6		0.1

Adjusted EBIT	$	20.2	$	20.1

Corporate
Loss before interest and income taxes (EBIT)	$	(7.5)	$	(6.0)


Adjusted EBIT	$	(7.5)	$	(6.0)

Total adjusted EBIT	$	135.5	$	149.4

-21-

Dispensing and Specialty Closures Segment



	2024			2023

	(Dollars in millions)

Net sales	$	535.9		$	579.9
Income before interest and income taxes (EBIT)	59.7			70.9
Income before interest and income taxes margin (EBIT margin)	11.1		%	12.2		%
Adjusted EBIT	$	77.8		$	82.9
Adjusted EBIT margin	14.5		%	14.3		%

In the first quarter of 2024, net sales for the dispensing and specialty closures segment decreased $44.0 million, or 7.6 percent, as compared to the first quarter of 2023. This decrease was primarily the result of lower unit volumes of approximately seven percent and a less favorable mix of products sold, partially offset by the impact of favorable foreign currency translation of approximately $5 million. 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 first quarter of 2024, adjusted EBIT of the dispensing and specialty closures segment decreased $5.1 million as compared to the first quarter of 2023, while adjusted EBIT margin increased to 14.5 percent from 14.3 percent over the same periods. The decrease in adjusted EBIT was primarily due to lower unit volumes and the unfavorable impact of selling higher cost inventory from the prior year in our European metal closures operations due to lower metal costs in 2024, partially offset by improved manufacturing productivity.

Metal Containers Segment



	2024			2023

	(Dollars in millions)

Net sales	$	617.1		$	670.1
Income before interest and income taxes (EBIT)	41.7			47.8
Income before interest and income taxes margin (EBIT margin)	6.8		%	7.1		%
Adjusted EBIT	$	45.0		$	52.4
Adjusted EBIT margin	7.3		%	7.8		%

In the first quarter of 2024, net sales for the metal containers segment decreased $53.0 million, or 7.9 percent, as compared to the first quarter of 2023. This decrease was primarily the result of lower unit volumes of approximately five percent and the pass through of lower raw material costs, partially offset by a more favorable mix of products sold and the impact of favorable foreign currency translation of approximately $2 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 first quarter of 2024, adjusted EBIT of the metal containers segment decreased $7.4 million as compared to the first quarter of 2023, and adjusted EBIT margin decreased to 7.3 percent from 7.8 percent for the same periods. The decrease in adjusted EBIT was primarily due to 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 by lower selling, general and administrative costs.

-22-

Custom Containers Segment



	2024			2023

	(Dollars in millions)

Net sales	$	164.0		$	168.3
Income before interest and income taxes (EBIT)	17.8			18.5
Income before interest and income taxes margin (EBIT margin)	10.9		%	11.0		%
Adjusted EBIT	$	20.2		$	20.1
Adjusted EBIT margin	12.3		%	11.9		%

In the first quarter of 2024, net sales for the custom containers segment decreased $4.3 million, or 2.6 percent, as compared to the first quarter of 2023. This decrease was principally due to lower volumes of approximately three percent primarily due to customer destocking during the quarter.

In the first quarter of 2024, adjusted EBIT of the custom containers segment increased $0.1 million as compared to the first quarter of 2023, and adjusted EBIT margin increased to 12.3 percent from 11.9 percent over the same periods. The increase in adjusted EBIT was primarily attributable to a more favorable mix of products sold, partially offset by lower 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 three months ended March 31, 2024, we used net borrowings of revolving loans of an aggregate of $582.4 million and cash and cash equivalents of $334.3 million to fund cash used in operations of $547.8 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 $72.5 million, dividends paid on our common stock of $21.1 million, repurchases of our common stock of $7.7 million, the repayment of principal amounts under finance leases of $0.3 million and the negative effect of exchange rate changes on cash and cash equivalents of $6.7 million.

For the three months ended March 31, 2023, we used net borrowings of revolving loans and proceeds from other foreign long-term debt of an aggregate of $757.2 million and cash and cash equivalents of $84.6 million (after the positive effect of exchange rate changes of $3.8 million) to fund cash used in operations of $631.8 million, net capital expenditures and other investing activities of $67.0 million, decreases in outstanding checks of $61.4 million, the repayment of long-term debt of $50.7 million, dividends paid on our common stock of $20.6 million, repurchases of our common stock of $13.4 million and the repayment of principal amounts under finance leases of $0.7 million.

At March 31, 2024, we had $580.0 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 March 31, 2024 was $899.4 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.

-23-

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 $252.6 million, $318.4 million and $330.2 million at March 31, 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 March 31, 2024 and December 31, 2023 and for the three months ended March 31, 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 March 31, 2024 and December 31, 2023 are not included in noncurrent assets in the table below.



	March 31, 2024	Dec. 31, 2023
	(Dollars in millions)

Current assets	$1,435.4	$1,403.5
Noncurrent assets	5,532.9	3,988.8
Current liabilities	1,965.5	1,967.8
Noncurrent liabilities	3,103.0	3,123.8

At March 31, 2024 and December 31, 2023, the Obligor Group held current receivables due from other subsidiary companies of $23.8 million and $35.6 million, respectively; long-term notes receivable due from other subsidiary companies of

-24-

$731.0 million and $748.8 million, respectively; and current payables due to other subsidiary companies of $10.9 million and $10.9 million, respectively.

Three months ended

March 31, 2024

(Dollars in millions)

Net sales

$948.7

Gross profit

136.1

Net income

33.9

For the three months ended March 31, 2024, net income in the table above excludes income from equity method investments of other subsidiary companies of $21.3 million. For the three months ended March 31, 2024, the Obligor Group recorded the following transactions with other subsidiary companies: sales to such other subsidiary companies of $14.2 million; net credits from such other subsidiary companies of $6.7 million; and net interest income from such other subsidiary companies of $9.5 million. For the three months ended March 31, 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 $11.8 million and $5.1 million for the three months ended March 31, 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 $8.1 million and $14.3 million, respectively. Remaining expenses for the accretion of interest for the withdrawal liability related to the Central States Pension Plan are expected to average approximately $0.8 million per year and be recognized annually through 2040, and remaining cash expenditures for the withdrawal liability related to the Central States Pension Plan are expected to be approximately $2.6 million annually through 2040.

You should also read Note 3 to our Condensed Consolidated Financial Statements for the three months ended March 31, 2024 included elsewhere in this Quarterly Report.

-25-

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 months ended March 31, 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.

-26-

Part II. Other Information

Item 6. Exhibits


Exhibit Number						Description


22						Subsidiary Guarantors and Issuers of Guaranteed Securities (incorporated by reference to Exhibit 22 filed with our Annual Report on Form 10-K for the year ended December 31, 2023, Commission File No. 001-41459).

*31.1						Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act.

*31.2						Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act.

*32.1						Certification by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act.

*32.2						Certification by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act.

101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

___________________

*Filed herewith.

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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: May 8, 2024			/s/ Kimberly I. Ulmer
			Kimberly I. Ulmer
			Senior Vice President and
			Chief Financial Officer
			(Principal Financial and
			Accounting Officer)

-28-

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 March 31, 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: May 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 March 31, 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: May 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 March 31, 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

May 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 March 31, 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

May 8, 2024

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41459
Entity Registrant Name	SILGAN HOLDINGS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1269834
Entity Address, Address Line One	4 Landmark Square
Entity Address, City or Town	Stamford,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06901
City Area Code	203
Local Phone Number	975-7110
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SLGN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		106,775,134
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000849869
Current Fiscal Year End Date	--12-31

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

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

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

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

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Beginning balance at Dec. 31, 2022		$ 1,751	$ 339,839	$ 2,961,079	$ (345,310)	$ (1,239,103)
Beginning balance (in shares) at Dec. 31, 2022		110,079
Increase (Decrease) in Stockholders' Equity
Net issuance of treasury stock for vested restricted stock units (in shares)		266
Repurchase of common stock (in shares)		(93)
Stock compensation expense			3,681
Net issuance of treasury stock for vested restricted stock units			(1,363)			(7,249)
Net income	$ 72,029			72,029
Dividends declared on common stock				(20,004)
Other comprehensive (loss) income					20,740
Repurchases of common stock						(4,800)
Ending balance at Mar. 31, 2023	$ 1,781,290	$ 1,751	342,157	3,013,104	(324,570)	(1,251,152)
Ending balance (in shares) at Mar. 31, 2023		110,252
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.18
Beginning balance at Dec. 31, 2023	$ 1,889,358	$ 1,751	353,848	3,208,237	(251,361)	(1,423,117)
Beginning balance (in shares) at Dec. 31, 2023		106,500
Increase (Decrease) in Stockholders' Equity
Net issuance of treasury stock for vested restricted stock units (in shares)		275
Repurchase of common stock (in shares)		0
Stock compensation expense			4,115
Net issuance of treasury stock for vested restricted stock units			(1,434)			(6,241)
Net income	55,164			55,164
Dividends declared on common stock				(20,487)
Other comprehensive (loss) income					(20,629)
Repurchases of common stock						0
Ending balance at Mar. 31, 2024	$ 1,899,846	$ 1,751	$ 356,529	$ 3,242,914	$ (271,990)	$ (1,429,358)
Ending balance (in shares) at Mar. 31, 2024		106,775
Increase (Decrease) in Stockholders' Equity
Dividends declared on common stock per share (usd per share)	$ 0.19

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Silgan Holdings Inc., or Silgan, have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. The Condensed Consolidated Balance Sheet at December 31, 2023 has been derived from our audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. You should read the accompanying condensed consolidated financial statements in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior year amounts have been reclassified to confirm with the current year's presentation.

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue



	2024		2023

	(Dollars in thousands)
Dispensing and Specialty Closures	$	535,920	$	579,932
Metal Containers	617,129		670,096
Custom Containers	163,989		168,253
	$	1,317,038	$	1,418,281

Revenues by geography for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
North America	$	981,963	$	1,056,526
Europe and other	335,075		361,755
	$	1,317,038	$	1,418,281

Rationalization Charges

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Rationalization Charges



	2024		2023

	(Dollars in thousands)
Dispensing and Specialty Closures	$	6,557	$	114
Metal Containers	3,584		3,903
Custom Containers	1,550		104
	$	11,691	$	4,121

Activity in reserves for our rationalization plans were as follows:


	Employee 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	4,088		7,255		348		11,691
Utilized and currency translation	(4,229)		(7,555)		(348)		(12,132)
Balance at March 31, 2024	$	33,414	$	165	$	—	$	33,579

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss


	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	—		2,884		(24,457)		(21,573)
Amounts reclassified from accumulated other comprehensive loss	1,403		(459)		—		944
Other comprehensive loss	1,403		2,425		(24,457)		(20,629)
Balance at March 31, 2024	$	(132,120)	$	2,209	$	(142,079)	$	(271,990)

The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three months ended March 31, 2024 were not significant.

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


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

Long-Term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following:


	March 31, 2024		March 31, 2023		Dec. 31, 2023
	(Dollars in thousands)
Bank debt
Bank revolving loans	$	580,000	$	755,000	$	—
U.S. term loans	850,000		950,000		950,000

Other foreign bank revolving and term loans	57,435		51,840		56,243
Total bank debt	1,487,435		1,756,840		1,006,243



3¼% Senior Notes	702,000		706,160		717,990
4⅛% Senior Notes	600,000		600,000		600,000
2¼% Senior Notes	540,000		543,200		552,300
1.4% Senior Secured Notes	500,000		500,000		500,000
Finance leases	62,905		65,050		63,302
Total debt - principal	3,892,340		4,171,250		3,439,835
Less unamortized debt issuance costs and debt discount	11,985		16,109		13,069
Total debt	3,880,355		4,155,141		3,426,766
Less current portion	1,345,851		784,795		880,315
	$	2,534,504	$	3,370,346	$	2,546,451

Financial Instruments

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Financial Instruments


	Carrying Amount		Fair Value
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	308,641	$	308,641


Liabilities:
Bank debt	$	1,487,435	$	1,487,435


3¼% Senior Notes	702,000		695,415
4⅛% Senior Notes	599,469		567,708
2¼% Senior Notes	540,000		493,063
1.4% Senior Secured Notes	499,889		457,980

Fair Value Measurements

Financial Instruments Measured at Fair Value

Financial Instruments Not Measured at Fair Value

Derivative Instruments and Hedging Activities

Interest Rate Swap Agreements

Natural Gas Swap Agreements

Foreign Currency Exchange Rate Risk

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are a party to other legal proceedings, contract disputes and claims arising in the ordinary course of our business. We are not a party to, and none of our properties are subject to, any pending legal proceedings which could have a material adverse effect on our business or financial condition.

Supply Chain Finance Program	3 Months Ended
Supply Chain Finance Program	Mar. 31, 2024
Payables and Accruals [Abstract]
Supply Chain Finance Program	Supply Chain Finance Program We have a supply chain finance (“SCF”) program with a major global financial institution. Under this SCF program, a qualifying supplier may elect, but is not obligated, to sell its receivables from us to such financial institution. Once a qualifying supplier elects to participate in this SCF program, all of our payments to the participating supplier are paid to such financial institution in this SCF program on the invoice due date under our agreement with such supplier, regardless of whether the individual invoice was sold by the supplier to such financial institution. We may terminate our agreement with the financial institution upon at least 30 days’ notice, and the financial institution may terminate our agreement upon at least 10 days’ notice. Additionally, suppliers who elect to participate in this SCF program may terminate their participation upon at least 30 days’ notice. The suppliers' invoices sold under this SCF program can be outstanding up to 210 days from the invoice date. Suppliers’ invoices included in this SCF program were $252.6 million, $318.4 million and $330.2 million at March 31, 2024 and 2023 and December 31, 2023, respectively, and were included in accounts payable in our Condensed Consolidated Balance Sheets.

Retirement Benefits

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Retirement Benefits

The components of the net periodic pension benefit cost for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
Service cost	$	2,165	$	2,229
Interest cost	8,413		8,709
Expected return on plan assets	(10,771)		(10,189)
Amortization of prior service cost	23		28
Amortization of actuarial losses	1,852		2,945

Net periodic benefit cost	$	1,682	$	3,722

The components of the net periodic other postretirement benefit cost (credit) for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
Service cost	$	7	$	14
Interest cost	165		189
Amortization of prior service credit	(5)		(235)
Amortization of actuarial gains	(84)		(161)
Net periodic benefit cost (credit)	$	83	$	(193)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesSilgan and its subsidiaries file U.S. Federal income tax returns, as well as income tax returns in various states and foreign jurisdictions. The Internal Revenue Service, or IRS, has completed its review of the 2022 tax year with no change to our filed federal income tax return. We have been accepted into the Compliance Assurance Program for the 2023 and 2024 tax years which provides for the review by the IRS of tax matters relating to our tax return prior to filing.

Treasury Stock	3 Months Ended
Treasury Stock	Mar. 31, 2024
Equity [Abstract]
Treasury Stock	Treasury Stock On March 4, 2022, our Board of Directors authorized the repurchase by us of up to an aggregate of $300.0 million of our common stock by various means from time to time through and including December 31, 2026. We did not repurchase any shares of our common stock pursuant to this authorization during the three months ended March 31, 2024. At March 31, 2024, we had approximately $93.3 million remaining under this authorization for the repurchase of our common stock. During the first three months of 2024, we issued 449,998 treasury shares which had an average cost of $3.19 per share for restricted stock units that vested during the period that had been previously issued under our stock-based compensation plans. In accordance with the applicable agreements for such restricted stock units, we repurchased 174,819 shares of our common stock at an average cost of $43.91 to satisfy minimum employee withholding tax requirements resulting from the vesting of such restricted stock units. We account for treasury shares using the first-in, first-out (FIFO) cost method. As of March 31, 2024, 68,337,362 shares of our common stock were held in treasury.

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

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Reportable segment information for the three months ended March 31 was as follows:


	Dispensing and Specialty Closures		Metal Containers		Custom Containers		Corporate		Total
	(Dollars in thousands)












Three months ended March 31, 2024
Net sales	$	535,920	$	617,129	$	163,989	$	—	$	1,317,038
Income before interest and income taxes	59,760		41,665		17,786		(7,492)		111,719
Adjusted EBIT	77,850		44,954		20,168		(7,492)		135,480
Depreciation	25,151		18,913		9,064		21		53,149

Three months ended March 31, 2023
Net sales	$	579,932	$	670,096	$	168,253	$	—	$	1,418,281
Income before interest and income taxes	70,946		47,797		18,451		(5,966)		131,228
Adjusted EBIT	82,936		52,400		20,034		(5,966)		149,404
Depreciation	24,759		17,988		8,835		40		51,622

Total adjusted EBIT is reconciled to income before income taxes for the three months ended March 31 as follows:



	2024		2023

	(Dollars in thousands)
Total adjusted EBIT	$	135,480	$	149,404
Less:
Acquired intangible asset amortization expense	13,281		13,221
Other pension (income) expense for U.S. pension plans	(1,211)		834
Rationalization charges	11,691		4,121

Income before interest and income taxes	111,719		131,228
Less interest and other debt expense	38,647		36,766
Income before income taxes	$	73,072	$	94,462

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Silgan Holdings Inc., or Silgan, have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. The Condensed Consolidated Balance Sheet at December 31, 2023 has been derived from our audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. You should read the accompanying condensed consolidated financial statements in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior year amounts have been reclassified to confirm with the current year's presentation.

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenues by segment for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
Dispensing and Specialty Closures	$	535,920	$	579,932
Metal Containers	617,129		670,096
Custom Containers	163,989		168,253
	$	1,317,038	$	1,418,281

Revenues by geography for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
North America	$	981,963	$	1,056,526
Europe and other	335,075		361,755
	$	1,317,038	$	1,418,281

Rationalization Charges (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Activity in Rationalization Plan Reserves

Rationalization charges by segment for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
Dispensing and Specialty Closures	$	6,557	$	114
Metal Containers	3,584		3,903
Custom Containers	1,550		104
	$	11,691	$	4,121

Activity in reserves for our rationalization plans were as follows:


	Employee 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	4,088		7,255		348		11,691
Utilized and currency translation	(4,229)		(7,555)		(348)		(12,132)
Balance at March 31, 2024	$	33,414	$	165	$	—	$	33,579

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax

Amounts included in accumulated other comprehensive loss, net of tax, were as follows:


	Unrecognized Net 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	—		2,884		(24,457)		(21,573)
Amounts reclassified from accumulated other comprehensive loss	1,403		(459)		—		944
Other comprehensive loss	1,403		2,425		(24,457)		(20,629)
Balance at March 31, 2024	$	(132,120)	$	2,209	$	(142,079)	$	(271,990)

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


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

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt consisted of the following:


	March 31, 2024		March 31, 2023		Dec. 31, 2023
	(Dollars in thousands)
Bank debt
Bank revolving loans	$	580,000	$	755,000	$	—
U.S. term loans	850,000		950,000		950,000

Other foreign bank revolving and term loans	57,435		51,840		56,243
Total bank debt	1,487,435		1,756,840		1,006,243



3¼% Senior Notes	702,000		706,160		717,990
4⅛% Senior Notes	600,000		600,000		600,000
2¼% Senior Notes	540,000		543,200		552,300
1.4% Senior Secured Notes	500,000		500,000		500,000
Finance leases	62,905		65,050		63,302
Total debt - principal	3,892,340		4,171,250		3,439,835
Less unamortized debt issuance costs and debt discount	11,985		16,109		13,069
Total debt	3,880,355		4,155,141		3,426,766
Less current portion	1,345,851		784,795		880,315
	$	2,534,504	$	3,370,346	$	2,546,451

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Summary of Carrying Amounts and Estimated Fair Values of Other Financial Instruments

The following table summarizes the carrying amounts and estimated fair values of our other financial instruments at March 31, 2024:


	Carrying Amount		Fair Value
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	308,641	$	308,641


Liabilities:
Bank debt	$	1,487,435	$	1,487,435


3¼% Senior Notes	702,000		695,415
4⅛% Senior Notes	599,469		567,708
2¼% Senior Notes	540,000		493,063
1.4% Senior Secured Notes	499,889		457,980

Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost (Credit)

The components of the net periodic pension benefit cost for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
Service cost	$	2,165	$	2,229
Interest cost	8,413		8,709
Expected return on plan assets	(10,771)		(10,189)
Amortization of prior service cost	23		28
Amortization of actuarial losses	1,852		2,945

Net periodic benefit cost	$	1,682	$	3,722

The components of the net periodic other postretirement benefit cost (credit) for the three months ended March 31 were as follows:



	2024		2023

	(Dollars in thousands)
Service cost	$	7	$	14
Interest cost	165		189
Amortization of prior service credit	(5)		(235)
Amortization of actuarial gains	(84)		(161)
Net periodic benefit cost (credit)	$	83	$	(193)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Reportable Operating Segment Information

Reportable segment information for the three months ended March 31 was as follows:


	Dispensing and Specialty Closures		Metal Containers		Custom Containers		Corporate		Total
	(Dollars in thousands)












Three months ended March 31, 2024
Net sales	$	535,920	$	617,129	$	163,989	$	—	$	1,317,038
Income before interest and income taxes	59,760		41,665		17,786		(7,492)		111,719
Adjusted EBIT	77,850		44,954		20,168		(7,492)		135,480
Depreciation	25,151		18,913		9,064		21		53,149

Three months ended March 31, 2023
Net sales	$	579,932	$	670,096	$	168,253	$	—	$	1,418,281
Income before interest and income taxes	70,946		47,797		18,451		(5,966)		131,228
Adjusted EBIT	82,936		52,400		20,034		(5,966)		149,404
Depreciation	24,759		17,988		8,835		40		51,622

Reconciliation of Adjusted EBIT to Income before Income Taxes

Total adjusted EBIT is reconciled to income before income taxes for the three months ended March 31 as follows:



	2024		2023

	(Dollars in thousands)
Total adjusted EBIT	$	135,480	$	149,404
Less:
Acquired intangible asset amortization expense	13,281		13,221
Other pension (income) expense for U.S. pension plans	(1,211)		834
Rationalization charges	11,691		4,121

Income before interest and income taxes	111,719		131,228
Less interest and other debt expense	38,647		36,766
Income before income taxes	$	73,072	$	94,462

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

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

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

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

Accumulated Other Comprehensive Loss - Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,889,358
Other comprehensive loss before reclassifications	(21,573)
Amounts reclassified from accumulated other comprehensive loss	944
Other comprehensive (loss) income	(20,629)	$ 20,740
Ending balance	1,899,846	1,781,290
Accumulated other comprehensive loss
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(251,361)	(345,310)
Ending balance	(271,990)	$ (324,570)
Unrecognized Net Defined Benefit Plan Costs
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(133,523)
Other comprehensive loss before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	1,403
Other comprehensive (loss) income	1,403
Ending balance	(132,120)
Change in Fair Value of Derivatives
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(216)
Other comprehensive loss before reclassifications	2,884
Amounts reclassified from accumulated other comprehensive loss	(459)
Other comprehensive (loss) income	2,425
Ending balance	2,209
Foreign Currency Translation
Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(117,622)
Other comprehensive loss before reclassifications	(24,457)
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive (loss) income	(24,457)
Ending balance	$ (142,079)

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

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

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Total debt - principal	$ 3,892,340	$ 3,439,835	$ 4,171,250
Less unamortized debt issuance costs and debt discount	11,985	13,069	16,109
Total debt	3,880,355	3,426,766	4,155,141
Less current portion	1,345,851	880,315	784,795
Long-term debt	2,534,504	2,546,451	3,370,346
Bank debt
Debt Instrument [Line Items]
Total debt - principal	1,487,435	1,006,243	1,756,840
3¼% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt - principal	702,000	717,990	706,160
Less current portion	$ 702,000
Senior note interest rate	3.25%
1.4% Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Senior note interest rate	1.40%
Finance leases
Debt Instrument [Line Items]
Total debt - principal	$ 62,905	63,302	65,050
Bank revolving loans \| Bank debt
Debt Instrument [Line Items]
Total debt - principal	580,000	0	755,000
U.S. term loans \| Bank debt
Debt Instrument [Line Items]
Total debt - principal	850,000	950,000	950,000
Other foreign bank revolving and term loans \| Bank debt
Debt Instrument [Line Items]
Total debt - principal	57,435	56,243	51,840
Less current portion	36,300
Senior Notes \| 4⅛% Senior Notes
Debt Instrument [Line Items]
Total debt - principal	$ 600,000	600,000	600,000
Senior note interest rate	4.125%
Senior Notes \| 2¼% Senior Notes
Debt Instrument [Line Items]
Total debt - principal	$ 540,000	552,300	543,200
Senior note interest rate	2.25%
Senior Notes \| 1.4% Senior Secured Notes
Debt Instrument [Line Items]
Total debt - principal	$ 500,000	$ 500,000	$ 500,000
Senior note interest rate	1.40%
U.S. revolving loans \| Bank debt
Debt Instrument [Line Items]
Less current portion	$ 580,000
Finance leases
Debt Instrument [Line Items]
Less current portion	$ 27,600

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

Financial Instruments - Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
3¼% Senior Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	3.25%
1.4% Senior Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	1.40%
Senior Notes \| 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	4.125%
Senior Notes \| 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	2.25%
Senior Notes \| 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior note interest rate	1.40%
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 308,641
Carrying Amount \| 3¼% Senior Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term senior notes	702,000
Carrying Amount \| Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	1,487,435
Carrying Amount \| Senior Notes \| 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	599,469
Carrying Amount \| Senior Notes \| 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	540,000
Carrying Amount \| Senior Notes \| 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	499,889
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	308,641
Fair Value \| 3¼% Senior Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term senior notes	695,415
Fair Value \| Bank debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	1,487,435
Fair Value \| Senior Notes \| 4⅛% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	567,708
Fair Value \| Senior Notes \| 2¼% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	493,063
Fair Value \| Senior Notes \| 1.4% Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term senior notes	$ 457,980

Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
Financial Instruments - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) instrument
USD Interest Rate Swap, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, number of interest rate swap agreements \| instrument		4
USD Interest Rate Swap, Maturity Date April 3, 2026 \| Minimum
Derivative [Line Items]
Fixed interest rate		3.889%
USD Interest Rate Swap, Maturity Date April 3, 2026 \| Maximum
Derivative [Line Items]
Fixed interest rate		3.905%
USD Interest Rate Swap Contract One, Maturity Date April 3, 2026
Derivative [Line Items]
Derivative, notional amount		$ 75.0
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	$ 11.6

Supply Chain Finance Program (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Termination notice period (at least)	30 days
Termination notice period by financial institution (at least)	10 days
Supply chain finance program, payment period (up to)	210 days
Supplier chain finance program obligation, current	$ 252.6	$ 330.2	$ 318.4

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

Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 04, 2022
Equity, Class of Treasury Stock [Line Items]
Treasury stock (in shares)	68,337,362
2022 BOD Authorized Common Stock Repurchase
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, additional repurchase authorization		$ 300.0
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)	449,998
Average cost of treasury shares that were issued for restricted stock units that vested during the period (usd per share)	$ 3.19
Shares repurchased to satisfy minimum employee withholding tax requirements resulting from the vesting of such restricted stock units (in shares)	174,819
Average cost per share of treasury stock acquired (usd per share)	$ 43.91

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

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

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

Silgan (NYSE:SLGN)
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