Silgan Holdings Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Silgan Holdings Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

SILGAN HOLDINGS INC (SLGN) filed a Annual Report (10-K) with the SEC on February 29, 2024. Silgan Holdings Inc. reported its 2023 fiscal year results on Form 10-K, filed on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is manufacturing metal cans. The filing includes detailed financial statements and disclosures for the fiscal year 2023. Silgan Holdings Inc. is incorporated in Delaware and headquartered in Stamford, CT.

Why It Matters

For investors and stakeholders tracking SILGAN HOLDINGS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Silgan's financial health, operational performance, and strategic positioning within the metal can manufacturing industry for the fiscal year 2023. Investors and analysts can use this report to assess the company's profitability, debt levels, and overall financial stability, which are crucial for making informed investment decisions.

Risk Assessment

Risk Level: — SILGAN HOLDINGS INC shows moderate risk based on this filing. The company operates in the manufacturing sector, which can be subject to economic downturns and fluctuations in raw material costs, impacting profitability and revenue.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Silgan's performance drivers and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 3411 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SILGAN HOLDINGS INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240229 (date) — Filed as of date
• Stamford, CT (location) — Business address city and state
• METAL CANS (industry) — Standard Industrial Classification
• DE (location) — State of incorporation

FAQ

Risk Factors

• Market Conditions [medium — market]: The company's financial results are subject to fluctuations in market demand for its products and the competitive landscape within the metal can industry.
• Raw Material Costs [medium — financial]: Increases in the cost of raw materials, such as steel and aluminum, can adversely affect the company's profitability.
• Operational Disruptions [medium — operational]: The company's manufacturing operations could be impacted by supply chain disruptions, labor issues, or equipment failures.

Industry Context

Silgan Holdings Inc. operates in the metal can manufacturing industry, a sector that supplies packaging solutions for food, beverages, and other consumer goods.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K to understand revenue, net income, and other key financial metrics for FY2023.
2. Review the 'Risk Factors' section to identify potential challenges and uncertainties that could impact Silgan's future performance.
3. Compare the FY2023 results with previous years to identify trends and assess the company's growth trajectory.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: 10-K Filing Date — Official date the annual report was submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, providing a comprehensive update compared to previous quarterly filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share SLGN New York Stock Exchange
• $6.0 billion — consolidated net sales of approximately $6.0 billion in 2023. Our products are used for a wi
• $2.2 billion — alty closures business had net sales of $2.2 billion (approximately 37.1 percent of our cons
• $281.0 million — ore interest and income taxes (EBIT) of $281.0 million (approximately 45.2 percent of our cons
• $3.1 billion — al containers business had net sales of $3.1 billion (approximately 52.4 percent of our cons
• $287.4 million — our consolidated net sales) and EBIT of $287.4 million (approximately 46.3 percent of our cons
• $626 million — om containers business had net sales of $626 million (approximately 10.5 percent of our cons
• $52.8 million — our consolidated net sales) and EBIT of $52.8 million (approximately 8.5 percent of our conso
• $626.0 million — custom container business increasing to $626.0 million in 2023, representing a compound annual
• $50 million — ve cost reduction initiative to achieve $50 million of cost savings over the next two years
• $500.0 million — new senior secured notes, and we issued $500.0 million aggregate principal amount of our 1.4%
• $1.2 billion — crease our revolving loan facility from $1.2 billion to $1.5 billion, borrow $1.0 billion in
• $1.5 b — ving loan facility from $1.2 billion to $1.5 billion, borrow $1.0 billion in new term
• $1.0 billion — om $1.2 billion to $1.5 billion, borrow $1.0 billion in new term loans to refinance outstand
• $300.0 million — iatives. In March 2022, we redeemed all $300.0 million aggregate principal amount of our outst

Filing Documents

• slgn-20231231.htm (10-K) — 2378KB
• ex-21x20231231.htm (EX-21) — 59KB
• ex-22x20231231.htm (EX-22) — 15KB
• ex-23x20231231.htm (EX-23) — 4KB
• ex-311x20231231.htm (EX-31.1) — 9KB
• ex-312x20231231.htm (EX-31.2) — 9KB
• ex-321x20231231.htm (EX-32.1) — 5KB
• ex-322x20231231.htm (EX-32.2) — 5KB
• ex-97x20231231.htm (EX-97) — 38KB
• 0000849869-24-000014.txt (&nbsp;) — 12628KB
• slgn-20231231.xsd (EX-101.SCH) — 86KB
• slgn-20231231_cal.xml (EX-101.CAL) — 124KB
• slgn-20231231_def.xml (EX-101.DEF) — 487KB
• slgn-20231231_lab.xml (EX-101.LAB) — 1039KB
• slgn-20231231_pre.xml (EX-101.PRE) — 740KB
• slgn-20231231_htm.xml (XML) — 1923KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 25

Cybersecurity

Item 1C. Cybersecurity 26

Properties

Item 2. Properties 27

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 PART II 28

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

[Reserved]

Item 6. [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 45

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 46

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 46

Controls and Procedures

Item 9A. Controls and Procedures 47

Other Information

Item 9B. Other Information 48

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III 49

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 49

Executive Compensation

Item 11. Executive Compensation 49

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 49

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 49 PART IV 50

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 50

Form 10-K Summary

Item 16. Form 10-K Summary 55 -i- PART I I TEM 1. B USINESS . G ENERAL We are a leading manufacturer of sustainable rigid packaging solutions for the world's essential consumer goods products. We had consolidated net sales of approximately $6.0 billion in 2023. Our products are used for a wide variety of end markets and we operate 107 manufacturing plants in North America, Europe, Asia and South America. Our products include: dispensing and specialty closures for fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden products; steel and aluminum containers for pet and human food and general line products; and custom designed plastic containers for pet and human food, consumer health and pharmaceutical, personal care, home care, lawn and garden and automotive products. We are a leading worldwide manufacturer and supplier of dispensing and specialty closures for the fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden markets. Our leadership position in dispensing and specialty closures is a result of our ability to provide customers with market leading innovation and high levels of quality, service and technological support. Our dispensing and specialty closures business provides customers with an extensive variety of innovative dispensing systems and proprietary specialty closures solutions that ensure closure quality and safety, as well as state-of-the-art capping/sealing equipment and detection systems to complement our product offering. We have 44 dispensing and specialty closure manufacturing facilities located in North America, Europe, Asia and South America, from which we serve over 100 countries throughout the world. In addition, we license our technology to four other manufacturers for various international markets that we do not serve directly. For 2023, our dispensing and specialty closures business had net sales of $2.2 billion (approximately 37.1 percent of our c