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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Silgan Holdings Inc | NASDAQ:SLGN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 44.50 | 43.79 | 45.29 | 0 | 01:00:00 |
[x]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
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)
|
|
|
Large accelerated filer [ X ]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ] (Do not check if a smaller reporting company)
|
Smaller reporting company [ ]
|
SILGAN HOLDINGS INC.
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
|
Dec. 31, 2015
|
||||||
|
(unaudited)
|
|
(unaudited)
|
|
|
||||||
Assets
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
93,561
|
|
|
$
|
104,203
|
|
|
$
|
99,945
|
|
Trade accounts receivable, net
|
515,606
|
|
|
623,591
|
|
|
281,041
|
|
|||
Inventories
|
638,091
|
|
|
580,276
|
|
|
628,138
|
|
|||
Prepaid expenses and other current assets
|
51,100
|
|
|
29,060
|
|
|
36,134
|
|
|||
Total current assets
|
1,298,358
|
|
|
1,337,130
|
|
|
1,045,258
|
|
|||
|
|
|
|
|
|
||||||
Property, plant and equipment, net
|
1,171,240
|
|
|
1,099,873
|
|
|
1,125,433
|
|
|||
Goodwill
|
614,698
|
|
|
617,786
|
|
|
612,792
|
|
|||
Other intangible assets, net
|
185,435
|
|
|
199,475
|
|
|
195,087
|
|
|||
Other assets, net
|
231,788
|
|
|
237,598
|
|
|
214,109
|
|
|||
|
$
|
3,501,519
|
|
|
$
|
3,491,862
|
|
|
$
|
3,192,679
|
|
|
|
|
|
|
|
||||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|||
Revolving loans and current portion of long-term debt
|
$
|
454,212
|
|
|
$
|
482,877
|
|
|
$
|
152,398
|
|
Trade accounts payable
|
316,802
|
|
|
342,878
|
|
|
477,171
|
|
|||
Accrued payroll and related costs
|
51,512
|
|
|
55,107
|
|
|
45,094
|
|
|||
Accrued liabilities
|
143,875
|
|
|
94,156
|
|
|
106,550
|
|
|||
Total current liabilities
|
966,401
|
|
|
975,018
|
|
|
781,213
|
|
|||
|
|
|
|
|
|
||||||
Long-term debt
|
1,364,199
|
|
|
1,436,013
|
|
|
1,361,149
|
|
|||
Other liabilities
|
419,265
|
|
|
448,946
|
|
|
411,133
|
|
|||
|
|
|
|
|
|
||||||
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|||
Common stock
|
876
|
|
|
876
|
|
|
876
|
|
|||
Paid-in capital
|
246,721
|
|
|
234,789
|
|
|
237,291
|
|
|||
Retained earnings
|
1,544,431
|
|
|
1,429,468
|
|
|
1,446,193
|
|
|||
Accumulated other comprehensive loss
|
(195,262
|
)
|
|
(196,878
|
)
|
|
(208,806
|
)
|
|||
Treasury stock
|
(845,112
|
)
|
|
(836,370
|
)
|
|
(836,370
|
)
|
|||
Total stockholders’ equity
|
751,654
|
|
|
631,885
|
|
|
639,184
|
|
|||
|
$
|
3,501,519
|
|
|
$
|
3,491,862
|
|
|
$
|
3,192,679
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
1,139,643
|
|
|
$
|
1,203,525
|
|
|
$
|
2,807,023
|
|
|
$
|
2,934,355
|
|
Cost of goods sold
|
957,704
|
|
|
1,018,419
|
|
|
2,383,500
|
|
|
2,493,355
|
|
||||
Gross profit
|
181,939
|
|
|
185,106
|
|
|
423,523
|
|
|
441,000
|
|
||||
Selling, general and administrative expenses
|
51,711
|
|
|
54,113
|
|
|
162,092
|
|
|
162,969
|
|
||||
Rationalization charges
|
7,821
|
|
|
9,070
|
|
|
13,929
|
|
|
10,754
|
|
||||
Income from operations
|
122,407
|
|
|
121,923
|
|
|
247,502
|
|
|
267,277
|
|
||||
Interest and other debt expense
|
17,318
|
|
|
17,159
|
|
|
50,657
|
|
|
50,364
|
|
||||
Income before income taxes
|
105,089
|
|
|
104,764
|
|
|
196,845
|
|
|
216,913
|
|
||||
Provision for income taxes
|
35,319
|
|
|
34,448
|
|
|
67,190
|
|
|
71,047
|
|
||||
Net income
|
$
|
69,770
|
|
|
$
|
70,316
|
|
|
$
|
129,655
|
|
|
$
|
145,866
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic net income per share
|
$
|
1.15
|
|
|
$
|
1.16
|
|
|
$
|
2.14
|
|
|
$
|
2.38
|
|
Diluted net income per share
|
$
|
1.15
|
|
|
$
|
1.16
|
|
|
$
|
2.13
|
|
|
$
|
2.37
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends per share
|
$
|
0.17
|
|
|
$
|
0.16
|
|
|
$
|
0.51
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
60,445
|
|
|
60,417
|
|
|
60,467
|
|
|
61,222
|
|
||||
Effect of dilutive securities
|
384
|
|
|
279
|
|
|
371
|
|
|
271
|
|
||||
Diluted
|
60,829
|
|
|
60,696
|
|
|
60,838
|
|
|
61,493
|
|
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
69,770
|
|
|
$
|
70,316
|
|
|
$
|
129,655
|
|
|
$
|
145,866
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
Changes in net prior service credit and actuarial losses
|
4,181
|
|
|
12
|
|
|
5,992
|
|
|
1,632
|
|
||||
Change in fair value of derivatives
|
228
|
|
|
(277
|
)
|
|
689
|
|
|
(107
|
)
|
||||
Foreign currency translation
|
2,625
|
|
|
(13,834
|
)
|
|
6,863
|
|
|
(32,779
|
)
|
||||
Other comprehensive income (loss)
|
7,034
|
|
|
(14,099
|
)
|
|
13,544
|
|
|
(31,254
|
)
|
||||
Comprehensive income
|
$
|
76,804
|
|
|
$
|
56,217
|
|
|
$
|
143,199
|
|
|
$
|
114,612
|
|
|
2016
|
|
2015
|
||||
Cash flows provided by (used in) operating activities:
|
|
|
|
||||
Net income
|
$
|
129,655
|
|
|
$
|
145,866
|
|
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
110,280
|
|
|
109,790
|
|
||
Rationalization charges
|
13,929
|
|
|
10,754
|
|
||
Stock compensation expense
|
9,724
|
|
|
9,098
|
|
||
Other changes that provided (used) cash:
|
|
|
|
|
|
||
Trade accounts receivable, net
|
(231,674
|
)
|
|
(325,281
|
)
|
||
Inventories
|
(6,546
|
)
|
|
(43,721
|
)
|
||
Trade accounts payable
|
(60,423
|
)
|
|
8,555
|
|
||
Accrued liabilities
|
34,371
|
|
|
22,272
|
|
||
Other, net
|
(10,885
|
)
|
|
15,170
|
|
||
Net cash used in operating activities
|
(11,569
|
)
|
|
(47,497
|
)
|
||
|
|
|
|
||||
Cash flows provided by (used in) investing activities:
|
|
|
|
|
|
||
Purchase of business, net of cash acquired
|
—
|
|
|
(690
|
)
|
||
Capital expenditures
|
(151,522
|
)
|
|
(151,419
|
)
|
||
Proceeds from asset sales
|
8,926
|
|
|
225
|
|
||
Net cash used in investing activities
|
(142,596
|
)
|
|
(151,884
|
)
|
||
|
|
|
|
||||
Cash flows provided by (used in) financing activities:
|
|
|
|
|
|
||
Borrowings under revolving loans
|
601,558
|
|
|
692,476
|
|
||
Repayments under revolving loans
|
(303,259
|
)
|
|
(326,026
|
)
|
||
Proceeds from issuance of long-term debt
|
—
|
|
|
7,327
|
|
||
Repayments of long-term debt
|
(7,775
|
)
|
|
(7,040
|
)
|
||
Changes in outstanding checks - principally vendors
|
(101,765
|
)
|
|
(82,801
|
)
|
||
Dividends paid on common stock
|
(31,344
|
)
|
|
(29,919
|
)
|
||
Repurchase of common stock under stock plan
|
(2,434
|
)
|
|
(2,892
|
)
|
||
Repurchase of common stock under share repurchase authorization
|
(7,200
|
)
|
|
(170,132
|
)
|
||
Net cash provided by financing activities
|
147,781
|
|
|
80,993
|
|
||
|
|
|
|
||||
Cash and cash equivalents:
|
|
|
|
|
|
||
Net decrease
|
(6,384
|
)
|
|
(118,388
|
)
|
||
Balance at beginning of year
|
99,945
|
|
|
222,591
|
|
||
Balance at end of period
|
$
|
93,561
|
|
|
$
|
104,203
|
|
|
|
|
|
||||
Interest paid, net
|
$
|
46,899
|
|
|
$
|
45,541
|
|
Income taxes paid, net
|
46,206
|
|
|
37,546
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Loss
|
|
|
|
|
|||||||||||||
|
Common Stock
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity
|
||||||||||||||||
|
Shares Outstanding
|
|
Par Value
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
|
Treasury Stock
|
|
|||||||||||||||
Balance at December 31, 2014
|
63,203
|
|
|
$
|
876
|
|
|
$
|
225,449
|
|
|
$
|
1,313,521
|
|
|
$
|
(165,624
|
)
|
|
$
|
(664,266
|
)
|
|
$
|
709,956
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
145,866
|
|
|
—
|
|
|
—
|
|
|
145,866
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,254
|
)
|
|
—
|
|
|
(31,254
|
)
|
||||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,919
|
)
|
|
—
|
|
|
—
|
|
|
(29,919
|
)
|
||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
9,580
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,580
|
|
||||||
Net issuance of treasury stock for vested restricted stock units, including tax benefit of $680
|
96
|
|
|
—
|
|
|
(240
|
)
|
|
—
|
|
|
—
|
|
|
(1,972
|
)
|
|
(2,212
|
)
|
||||||
Repurchases of common stock
|
(2,906
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(170,132
|
)
|
|
(170,132
|
)
|
||||||
Balance at September 30, 2015
|
60,393
|
|
|
$
|
876
|
|
|
$
|
234,789
|
|
|
$
|
1,429,468
|
|
|
$
|
(196,878
|
)
|
|
$
|
(836,370
|
)
|
|
$
|
631,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2015
|
60,393
|
|
|
$
|
876
|
|
|
$
|
237,291
|
|
|
$
|
1,446,193
|
|
|
$
|
(208,806
|
)
|
|
$
|
(836,370
|
)
|
|
$
|
639,184
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
129,655
|
|
|
—
|
|
|
—
|
|
|
129,655
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,544
|
|
|
—
|
|
|
13,544
|
|
||||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,344
|
)
|
|
|
|
|
—
|
|
|
(31,344
|
)
|
||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
9,724
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,724
|
|
||||||
Adoption of accounting standard update related to stock compensation accounting
|
|
|
|
|
598
|
|
|
(73
|
)
|
|
|
|
|
|
525
|
|
||||||||||
Net issuance of treasury stock for vested restricted stock units
|
94
|
|
|
—
|
|
|
(892
|
)
|
|
—
|
|
|
—
|
|
|
(1,542
|
)
|
|
(2,434
|
)
|
||||||
Repurchases of common stock
|
(147
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,200
|
)
|
|
(7,200
|
)
|
||||||
Balance at September 30, 2016
|
60,340
|
|
|
$
|
876
|
|
|
$
|
246,721
|
|
|
$
|
1,544,431
|
|
|
$
|
(195,262
|
)
|
|
$
|
(845,112
|
)
|
|
$
|
751,654
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Metal containers
|
$
|
4,280
|
|
|
$
|
—
|
|
|
$
|
8,333
|
|
|
$
|
—
|
|
Closures
|
64
|
|
|
205
|
|
|
482
|
|
|
1,351
|
|
||||
Plastic containers
|
3,477
|
|
|
8,865
|
|
|
5,114
|
|
|
9,403
|
|
||||
|
$
|
7,821
|
|
|
$
|
9,070
|
|
|
$
|
13,929
|
|
|
$
|
10,754
|
|
|
Employee
Severance
and Benefits
|
|
Non-Cash Retirement Benefits
|
|
Plant
Exit
Costs
|
|
Non-Cash
Asset
Write-Down
|
|
Total
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance at December 31, 2015
|
$
|
3,026
|
|
|
$
|
—
|
|
|
$
|
268
|
|
|
$
|
—
|
|
|
$
|
3,294
|
|
Charged to expense
|
2,754
|
|
|
3,080
|
|
|
3,906
|
|
|
4,189
|
|
|
13,929
|
|
|||||
Utilized and currency translation
|
(4,418
|
)
|
|
(3,080
|
)
|
|
(1,474
|
)
|
|
(4,189
|
)
|
|
(13,161
|
)
|
|||||
Balance at September 30, 2016
|
$
|
1,362
|
|
|
$
|
—
|
|
|
$
|
2,700
|
|
|
$
|
—
|
|
|
$
|
4,062
|
|
|
Unrecognized Net
Defined Benefit
Plan Costs
|
|
Change in Fair
Value of
Derivatives
|
|
Foreign
Currency
Translation
|
|
Total
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2015
|
$
|
(84,280
|
)
|
|
$
|
(988
|
)
|
|
$
|
(123,538
|
)
|
|
$
|
(208,806
|
)
|
Other comprehensive income before reclassifications
|
3,377
|
|
|
(271
|
)
|
|
6,863
|
|
|
9,969
|
|
||||
Amounts reclassified from accumulated other
comprehensive loss
|
2,615
|
|
|
960
|
|
|
—
|
|
|
3,575
|
|
||||
Other comprehensive income
|
5,992
|
|
|
689
|
|
|
6,863
|
|
|
13,544
|
|
||||
Balance at September 30, 2016
|
$
|
(78,288
|
)
|
|
$
|
(299
|
)
|
|
$
|
(116,675
|
)
|
|
$
|
(195,262
|
)
|
|
Sept. 30,
2016 |
|
Sept 30,
2015 |
|
Dec. 31,
2015 |
||||||
|
(Dollars in thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Raw materials
|
$
|
213,020
|
|
|
$
|
204,841
|
|
|
$
|
215,018
|
|
Work-in-process
|
113,393
|
|
|
104,842
|
|
|
118,947
|
|
|||
Finished goods
|
389,073
|
|
|
358,783
|
|
|
371,561
|
|
|||
Other
|
13,931
|
|
|
14,831
|
|
|
13,938
|
|
|||
|
729,417
|
|
|
683,297
|
|
|
719,464
|
|
|||
Adjustment to value inventory
|
|
|
|
|
|
|
|
|
|||
at cost on the LIFO method
|
(91,326
|
)
|
|
(103,021
|
)
|
|
(91,326
|
)
|
|||
|
$
|
638,091
|
|
|
$
|
580,276
|
|
|
$
|
628,138
|
|
|
|
|
|
|
|
|
Sept. 30,
2016 |
|
Sept. 30,
2015 |
|
Dec. 31,
2015 |
||||||
|
(Dollars in thousands)
|
||||||||||
Bank debt
|
|
|
|
|
|
||||||
Bank revolving loans
|
$
|
306,557
|
|
|
$
|
357,044
|
|
|
$
|
—
|
|
U.S. term loans
|
346,750
|
|
|
365,000
|
|
|
346,750
|
|
|||
Canadian term loans
|
45,393
|
|
|
49,582
|
|
|
47,973
|
|
|||
Euro term loans
|
234,853
|
|
|
246,576
|
|
|
227,434
|
|
|||
Other foreign bank revolving and term loans
|
95,121
|
|
|
113,612
|
|
|
103,661
|
|
|||
Total bank debt
|
1,028,674
|
|
|
1,131,814
|
|
|
725,818
|
|
|||
5½% Senior Notes
|
300,000
|
|
|
300,000
|
|
|
300,000
|
|
|||
5% Senior Notes
|
500,000
|
|
|
500,000
|
|
|
500,000
|
|
|||
Total debt - principal
|
1,828,674
|
|
|
1,931,814
|
|
|
1,525,818
|
|
|||
Less unamortized debt issuance costs
|
10,263
|
|
|
12,924
|
|
|
12,271
|
|
|||
Total debt
|
1,818,411
|
|
|
1,918,890
|
|
|
1,513,547
|
|
|||
Less current portion
|
454,212
|
|
|
482,877
|
|
|
152,398
|
|
|||
|
$
|
1,364,199
|
|
|
$
|
1,436,013
|
|
|
$
|
1,361,149
|
|
|
Carrying
Amount
|
|
Fair
Value
|
||||
|
(Dollars in thousands)
|
||||||
Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
93,561
|
|
|
$
|
93,561
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
||
Bank debt
|
$
|
1,028,674
|
|
|
$
|
1,028,674
|
|
5½% Senior Notes
|
300,000
|
|
|
311,250
|
|
||
5% Senior Notes
|
500,000
|
|
|
510,430
|
|
||
Interest rate swap agreements
|
459
|
|
|
459
|
|
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Service cost
|
$
|
2,950
|
|
|
$
|
3,688
|
|
|
$
|
9,584
|
|
|
$
|
11,689
|
|
Interest cost
|
6,473
|
|
|
6,753
|
|
|
19,351
|
|
|
21,044
|
|
||||
Expected return on plan assets
|
(14,653
|
)
|
|
(15,692
|
)
|
|
(43,819
|
)
|
|
(47,045
|
)
|
||||
Amortization of prior service cost
|
113
|
|
|
264
|
|
|
415
|
|
|
778
|
|
||||
Amortization of actuarial losses
|
2,326
|
|
|
627
|
|
|
6,493
|
|
|
4,293
|
|
||||
Special termination benefits
|
—
|
|
|
—
|
|
|
2,900
|
|
|
—
|
|
||||
Curtailment (gain) loss
|
—
|
|
|
(482
|
)
|
|
180
|
|
|
(482
|
)
|
||||
Net periodic benefit credit
|
$
|
(2,791
|
)
|
|
$
|
(4,842
|
)
|
|
$
|
(4,896
|
)
|
|
$
|
(9,723
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Service cost
|
$
|
52
|
|
|
$
|
56
|
|
|
$
|
188
|
|
|
$
|
335
|
|
Interest cost
|
230
|
|
|
256
|
|
|
737
|
|
|
965
|
|
||||
Amortization of prior service credit
|
(816
|
)
|
|
(817
|
)
|
|
(2,516
|
)
|
|
(2,289
|
)
|
||||
Amortization of actuarial gains
|
(187
|
)
|
|
(133
|
)
|
|
(475
|
)
|
|
(260
|
)
|
||||
Net periodic benefit credit
|
$
|
(721
|
)
|
|
$
|
(638
|
)
|
|
$
|
(2,066
|
)
|
|
$
|
(1,249
|
)
|
|
Metal
Containers |
|
Closures
|
|
Plastic
Containers |
|
Corporate
|
|
Total
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Three Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
797,370
|
|
|
$
|
211,955
|
|
|
$
|
130,318
|
|
|
$
|
—
|
|
|
$
|
1,139,643
|
|
Depreciation and amortization
(1)
|
18,432
|
|
|
9,757
|
|
|
8,006
|
|
|
27
|
|
|
36,222
|
|
|||||
Rationalization charges
|
4,280
|
|
|
64
|
|
|
3,477
|
|
|
—
|
|
|
7,821
|
|
|||||
Segment income from operations
|
98,007
|
|
|
28,401
|
|
|
800
|
|
|
(4,801
|
)
|
|
122,407
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
845,408
|
|
|
$
|
215,713
|
|
|
$
|
142,404
|
|
|
$
|
—
|
|
|
$
|
1,203,525
|
|
Depreciation and amortization
(1)
|
17,746
|
|
|
9,399
|
|
|
8,531
|
|
|
30
|
|
|
35,706
|
|
|||||
Rationalization charges
|
—
|
|
|
205
|
|
|
8,865
|
|
|
—
|
|
|
9,070
|
|
|||||
Segment income from operations
|
106,024
|
|
|
27,066
|
|
|
(7,293
|
)
|
|
(3,874
|
)
|
|
121,923
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
1,780,429
|
|
|
$
|
614,558
|
|
|
$
|
412,036
|
|
|
$
|
—
|
|
|
$
|
2,807,023
|
|
Depreciation and amortization
(1)
|
54,379
|
|
|
28,873
|
|
|
23,847
|
|
|
82
|
|
|
107,181
|
|
|||||
Rationalization charges
|
8,333
|
|
|
482
|
|
|
5,114
|
|
|
—
|
|
|
13,929
|
|
|||||
Segment income from operations
|
181,496
|
|
|
78,220
|
|
|
1,868
|
|
|
(14,082
|
)
|
|
247,502
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
1,858,004
|
|
|
$
|
620,949
|
|
|
$
|
455,402
|
|
|
$
|
—
|
|
|
$
|
2,934,355
|
|
Depreciation and amortization
(1)
|
52,400
|
|
|
28,302
|
|
|
25,881
|
|
|
93
|
|
|
106,676
|
|
|||||
Rationalization charges
|
—
|
|
|
1,351
|
|
|
9,403
|
|
|
—
|
|
|
10,754
|
|
|||||
Segment income from operations
|
194,992
|
|
|
73,226
|
|
|
11,332
|
|
|
(12,273
|
)
|
|
267,277
|
|
(1)
|
Depreciation and amortization excludes amortization of debt issuance costs of
$1.0 million
in each of the three months ended September 30, 2016 and 2015 and
$3.1
million in each of the nine months ended September 30, 2016 and 2015.
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||
Total segment income from operations
|
|
|
$
|
122,407
|
|
|
$
|
121,923
|
|
|
$
|
247,502
|
|
|
$
|
267,277
|
|
Interest and other debt expense
|
|
|
17,318
|
|
|
17,159
|
|
|
50,657
|
|
|
50,364
|
|
||||
Income before income taxes
|
|
|
$
|
105,089
|
|
|
$
|
104,764
|
|
|
$
|
196,845
|
|
|
$
|
216,913
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
||||
Net sales
|
|
|
|
|
|
|
|
|
||||
Metal containers
|
|
70.0
|
%
|
|
70.3
|
%
|
|
63.4
|
%
|
|
63.3
|
%
|
Closures
|
|
18.6
|
|
|
17.9
|
|
|
21.9
|
|
|
21.2
|
|
Plastic containers
|
|
11.4
|
|
|
11.8
|
|
|
14.7
|
|
|
15.5
|
|
Consolidated
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
Cost of goods sold
|
|
84.0
|
|
|
84.6
|
|
|
84.9
|
|
|
85.0
|
|
Gross profit
|
|
16.0
|
|
|
15.4
|
|
|
15.1
|
|
|
15.0
|
|
Selling, general and administrative expenses
|
|
4.6
|
|
|
4.5
|
|
|
5.8
|
|
|
5.6
|
|
Rationalization charges
|
|
0.7
|
|
|
0.8
|
|
|
0.5
|
|
|
0.3
|
|
Income from operations
|
|
10.7
|
|
|
10.1
|
|
|
8.8
|
|
|
9.1
|
|
Interest and other debt expense
|
|
1.5
|
|
|
1.4
|
|
|
1.8
|
|
|
1.7
|
|
Income before income taxes
|
|
9.2
|
|
|
8.7
|
|
|
7.0
|
|
|
7.4
|
|
Provision for income taxes
|
|
3.1
|
|
|
2.9
|
|
|
2.4
|
|
|
2.4
|
|
Net income
|
|
6.1
|
%
|
|
5.8
|
%
|
|
4.6
|
%
|
|
5.0
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
|
Sept. 30, 2016
|
|
Sept. 30, 2015
|
||||||||
|
|
(Dollars in millions)
|
||||||||||||||
Net sales
|
|
|
|
|
|
|
|
|
||||||||
Metal containers
|
|
$
|
797.4
|
|
|
$
|
845.4
|
|
|
$
|
1,780.4
|
|
|
$
|
1,858.0
|
|
Closures
|
|
211.9
|
|
|
215.7
|
|
|
614.6
|
|
|
620.9
|
|
||||
Plastic containers
|
|
130.3
|
|
|
142.4
|
|
|
412.0
|
|
|
455.4
|
|
||||
Consolidated
|
|
$
|
1,139.6
|
|
|
$
|
1,203.5
|
|
|
$
|
2,807.0
|
|
|
$
|
2,934.3
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income from operations
|
|
|
|
|
|
|
|
|
||||||||
Metal containers
(1)
|
|
$
|
98.0
|
|
|
$
|
106.0
|
|
|
$
|
181.5
|
|
|
$
|
195.0
|
|
Closures
(2)
|
|
28.4
|
|
|
27.1
|
|
|
78.2
|
|
|
73.2
|
|
||||
Plastic containers
(3)
|
|
0.8
|
|
|
(7.3
|
)
|
|
1.9
|
|
|
11.3
|
|
||||
Corporate
|
|
(4.8
|
)
|
|
(3.9
|
)
|
|
(14.1
|
)
|
|
(12.2
|
)
|
||||
Consolidated
|
|
$
|
122.4
|
|
|
$
|
121.9
|
|
|
$
|
247.5
|
|
|
$
|
267.3
|
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
(d)
Approximate
Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(in millions)
(1)
|
|
(a)
Total Number of Shares Purchased
|
|
|
|
|
||
|
|
(b)
Average Price Paid per Share
|
|
|
|||
|
|
|
|
||||
|
|
|
|
||||
July 1-31, 2016
|
—
|
|
—
|
|
—
|
|
$106.0
|
August 1-31, 2016
|
83,155
|
|
$49.31
|
|
83,155
|
|
$101.9
|
September 1-30, 2016
|
64,110
|
|
$48.16
|
|
64,110
|
|
$98.8
|
|
|
|
|
|
|
|
|
Total
|
147,265
|
|
$48.81
|
|
147,265
|
|
$98.8
|
Exhibit Number
|
|
Description
|
|
|
|
12
|
|
Ratio of Earnings to Fixed Charges for the three and nine months ended September 30, 2016 and 2015.
|
|
|
|
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.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
SILGAN HOLDINGS INC.
|
|
|
|
|
|
|
|
|
|
|
Dated: November 8, 2016
|
/s/ Robert B. Lewis
|
|
|
Robert B. Lewis
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial and
|
|
|
Accounting Officer)
|
1 Year Silgan Chart |
1 Month Silgan Chart |
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