Company Quick10K Filing
Silgan Holdings
Price29.77 EPS2
Shares112 P/E17
MCap3,321 P/FCF-1,377
Net Debt2,534 EBIT301
TEV5,855 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-08-02 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-11-04
8-K 2020-10-21
8-K 2020-08-05
8-K 2020-07-22
8-K 2020-07-15
8-K 2020-06-08
8-K 2020-06-01
8-K 2020-05-06
8-K 2020-04-22
8-K 2020-04-21
8-K 2020-04-17
8-K 2020-02-27
8-K 2020-02-26
8-K 2020-02-19
8-K 2020-02-19
8-K 2020-02-04
8-K 2020-01-28
8-K 2020-01-27
8-K 2020-01-27
8-K 2019-11-12
8-K 2019-11-06
8-K 2019-11-04
8-K 2019-11-04
8-K 2019-10-23
8-K 2019-10-01
8-K 2019-08-07
8-K 2019-07-24
8-K 2019-07-01
8-K 2019-07-01
8-K 2019-06-12
8-K 2019-06-11
8-K 2019-06-04
8-K 2019-05-08
8-K 2019-05-07
8-K 2019-04-24
8-K 2019-04-15
8-K 2019-04-01
8-K 2019-02-27
8-K 2019-01-29
8-K 2018-11-08
8-K 2018-10-24
8-K 2018-08-07
8-K 2018-08-06
8-K 2018-07-25
8-K 2018-06-11
8-K 2018-05-30
8-K 2018-05-03
8-K 2018-04-25
8-K 2018-03-16
8-K 2018-02-28
8-K 2018-01-30
8-K 2018-01-24

SLGN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Significant Accounting Policies
Note 2. Revenue
Note 3. Acquisitions
Note 4. Rationalization Charges
Note 5. Accumulated Other Comprehensive Loss
Note 6. Inventories
Note 7. Goodwill and Other Intangibles
Note 8. Long - Term Debt
Note 9. Financial Instruments
Note 10. Commitments and Contingencies
Note 11. Retirement Benefits
Note 12. Income Taxes
Note 13. Treasury Stock
Note 14. Stock - Based Compensation
Note 15. Business Segment Information
Item 2.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 6. Exhibits
EX-31.1 exhibit3119-30x20.htm
EX-31.2 exhibit3129-30x20.htm
EX-32.1 exhibit3219-30x20.htm
EX-32.2 exhibit3229-30x2020.htm

Silgan Holdings Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.41.10.80.60.30.02012201420172020
Rev, G Profit, Net Income
0.90.50.1-0.3-0.7-1.12012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________

Commission file number  000-22117
SILGAN HOLDINGS INC.
(Exact name of Registrant as specified in its charter)
Delaware06-1269834
(State or other jurisdiction(I.R.S. Employer
of incorporation or organization)Identification No.)
  
4 Landmark Square 
Stamford,Connecticut06901
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareSLGNNasdaq Global Select Market

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 October 31, 2020, the number of shares outstanding of the Registrant’s common stock was 110,587,054.
-1-



SILGAN HOLDINGS INC.
 
TABLE OF CONTENTS
  
 Page No.
  
  
  
  
 
  
  
  
  
  
 
  
 
 
  

-2-



Part I. Financial Information
Item 1. Financial Statements

SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

Sept. 30, 2020Sept. 30, 2019Dec. 31, 2019
 (unaudited)(unaudited) 
Assets   
Current assets:   
Cash and cash equivalents$193,759 $117,389 $203,824 
Trade accounts receivable, net865,436 751,404 504,986 
Inventories678,181 703,206 633,005 
Prepaid expenses and other current assets84,715 61,310 64,993 
Total current assets1,822,091 1,633,309 1,406,808 
Property, plant and equipment, net1,785,787 1,522,541 1,570,331 
Goodwill1,702,463 1,128,151 1,142,223 
Other intangible assets, net633,256 358,046 354,615 
Other assets, net508,982 431,970 457,082 
 $6,452,579 $5,074,017 $4,931,059 
Liabilities and Stockholders’ Equity   
Current liabilities:   
Revolving loans and current portion of long-term debt$284,465 $841,430 $29,813 
Trade accounts payable592,881 550,557 727,053 
Accrued payroll and related costs119,369 69,191 66,866 
Accrued liabilities245,626 156,599 194,797 
Total current liabilities1,242,341 1,617,777 1,018,529 
Long-term debt3,163,305 1,809,955 2,214,608 
Deferred income taxes371,966 274,107 254,836 
Other liabilities456,104 403,648 419,764 
Stockholders’ equity:   
Common stock1,751 1,751 1,751 
Paid-in capital301,463 285,061 289,422 
Retained earnings2,348,728 2,118,860 2,141,302 
Accumulated other comprehensive loss(272,352)(287,923)(259,742)
Treasury stock(1,160,727)(1,149,219)(1,149,411)
Total stockholders’ equity1,218,863 968,530 1,023,322 
 $6,452,579 $5,074,017 $4,931,059 

See accompanying notes.
-3-


SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the three and nine months ended September 30, 2020 and 2019
(Dollars and shares in thousands, except per share amounts)
(Unaudited)


Three Months EndedNine Months Ended
 Sept. 30, 2020Sept. 30, 2019Sept. 30, 2020Sept. 30, 2019
   
Net sales$1,488,499 $1,321,342 $3,695,353 $3,441,635 
Cost of goods sold1,230,148 1,113,727 3,027,809 2,884,510 
Gross profit258,351 207,615 667,544 557,125 
Selling, general and administrative expenses91,525 76,065 282,011 233,816 
Rationalization charges2,505 3,195 7,247 48,594 
Other pension and postretirement income(9,712)(4,340)(29,122)(13,320)
Income before interest and income taxes174,033 132,695 407,408 288,035 
Interest and other debt expense before loss on
early extinguishment of debt
27,725 26,767 77,051 82,272 
Loss on early extinguishment of debt
 1,676 1,481 1,676 
Interest and other debt expense27,725 28,443 78,532 83,948 
Income before income taxes146,308 104,252 328,876 204,087 
Provision for income taxes33,457 22,978 80,253 45,117 
Net income$112,851 $81,274 $248,623 $158,970 
Earnings per share:
Basic net income per share$1.02 $0.73 $2.24 $1.43 
Diluted net income per share$1.01 $0.73 $2.23 $1.43 
Weighted average number of shares:
Basic110,921 111,058 110,895 110,985 
Effect of dilutive securities691 463 565 554 
Diluted111,612 111,521 111,460 111,539 
See accompanying notes.

-4-


 SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the three and nine months ended September 30, 2020 and 2019
(Dollars in thousands)
(Unaudited)


Three Months EndedNine Months Ended
 Sept. 30, 2020Sept. 30, 2019Sept. 30, 2020Sept. 30, 2019
Net income$112,851 $81,274 $248,623 $158,970 
  Other comprehensive income (loss), net of tax:
  Changes in net prior service credit and actuarial losses1,807 2,625 4,555 7,745 
  Change in fair value of derivatives681 (159)(1,670)(2,647)
  Foreign currency translation22,520 (25,016)(15,495)(24,213)
Other comprehensive income (loss)25,008 (22,550)(12,610)(19,115)
Comprehensive income $137,859 $58,724 $236,013 $139,855 
 
See accompanying notes.
-5-


 SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 2020 and 2019
(Dollars in thousands)
(Unaudited)



 20202019
Cash flows provided by (used in) operating activities:  
Net income$248,623 $158,970 
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
  
Depreciation and amortization163,454 156,780 
Rationalization charges7,247 48,594 
Stock compensation expense13,880 12,669 
Loss on early extinguishment of debt1,481 1,676 
Other changes that provided (used) cash, net of effects from acquisitions:  
Trade accounts receivable, net(311,008)(250,783)
Inventories2,435 (75,414)
Trade accounts payable(73,814)(63,609)
Accrued liabilities57,187 (10,475)
Other, net8,981 19,181 
Net cash provided by (used in) operating activities118,466 (2,411)
Cash flows provided by (used in) investing activities:  
Purchase of businesses, net of cash acquired(940,875) 
Capital expenditures(165,163)(166,848)
Other, net999 509 
Net cash used in investing activities(1,105,039)(166,339)
Cash flows provided by (used in) financing activities:  
Borrowings under revolving loans993,406 1,139,329 
Repayments under revolving loans(748,539)(464,759)
Proceeds from issuance of long-term debt1,639,661  
Repayments of long-term debt(766,170)(308,161)
Changes in outstanding checks - principally vendors(79,006)(83,670)
Dividends paid on common stock(40,432)(38,615)
Debt issuance costs(10,265) 
Repurchase of common stock(13,155)(27,364)
Net cash provided by financing activities975,500 216,760 
Effect of exchange rate changes on cash and cash equivalents1,008 (3,440)
Cash and cash equivalents:  
Net (decrease) increase (10,065)44,570 
Balance at beginning of year203,824 72,819 
Balance at end of period$193,759 $117,389 
Interest paid, net$70,948 $97,630 
Income taxes paid, net91,378 31,067 

See accompanying notes.
-6-


SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the three and nine months ended September 30, 2020 and 2019
(Dollars and shares in thousands, except per share amounts)
(Unaudited)
 


Three Months EndedNine Months Ended
Sept. 30, 2020Sept. 30, 2019Sept. 30, 2020Sept. 30, 2019
Common stock - shares outstanding
Balance at beginning of period
110,886 111,176 110,780 110,430 
Net issuance of treasury stock for vested restricted stock units
  365 746 
Repurchases of common stock
 (408)(259)(408)
Balance at end of period
110,886 110,768 110,886 110,768 
Common stock - par value
Balance at beginning and end of period
$1,751 $1,751 $1,751 $1,751 
Paid-in capital
Balance at beginning of period
296,639 280,636 289,422 276,062 
Stock compensation expense
4,824 4,425 13,880 12,669 
Net issuance of treasury stock for vested restricted stock units
  (1,839)(3,670)
Balance at end of period
301,463 285,061 301,463 285,061 
Retained earnings
Balance at beginning of period
2,249,391 2,049,995 2,141,302 1,997,785 
Net income
112,851 81,274 248,623 158,970 
Dividends declared on common stock
(13,514)(12,409)(40,532)(37,302)
Adoption of accounting standards updates related to credit losses in 2020 and leases in 2019 — — (665)(593)
Balance at end of period
2,348,728 2,118,860 2,348,728 2,118,860 
Accumulated other comprehensive loss
Balance at beginning of period
(297,360)(265,373)(259,742)(268,808)
Other comprehensive income (loss)25,008 (22,550)(12,610)(19,115)
Balance at end of period
(272,352)(287,923)(272,352)(287,923)
Treasury stock
Balance at beginning of period
(1,160,727)(1,137,107)(1,149,411)(1,125,525)
Net issuance of treasury stock for vested restricted stock units
  (4,382)(11,582)
Repurchases of common stock
 (12,112)(6,934)(12,112)
Balance at end of period
(1,160,727)(1,149,219)(1,160,727)(1,149,219)
Total stockholders' equity$1,218,863 $968,530 $1,218,863 $968,530 
Dividends declared on common stock per share$0.12 $0.11 $0.36 $0.33 

See accompanying notes.
-7-


SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at September 30, 2020 and 2019 and for the
three and nine 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, 2019 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, 2019.

Goodwill and Other Intangible Assets. We review goodwill and other indefinite-lived intangible assets for impairment as of July 1 of each year and more frequently if circumstances indicate a possible impairment. We determined that our goodwill and other indefinite-lived intangible assets were not impaired in our annual 2020 assessment performed during the third quarter.

Recently Adopted Accounting Pronouncements. In June 2016, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, or ASU, that amends the guidance on the accounting for credit losses on financial instruments. This new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables. We adopted this new standard on January 1, 2020 using the transition method, which allowed us to recognize the effects of applying this standard as a cumulative effect to retained earnings as of January 1, 2020. As a result of the adoption of this standard, we reduced retained earnings by $0.7 million. The adoption of this standard did not have a material impact on our financial position, results of operations or cash flows.

Note 2.               Revenue

The following tables present our revenues disaggregated by reportable business 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 business segment were as follows:
Three Months EndedNine Months Ended
Sept. 30, 2020Sept. 30, 2019Sept. 30, 2020Sept. 30, 2019
(Dollars in thousands)
Metal containers$856,660 $822,262 $1,962,370 $1,904,941 
Closures475,105 353,436 1,242,725 1,072,979 
Plastic containers156,734 145,644 490,258 463,715 
$1,488,499 $1,321,342 $3,695,353 $3,441,635 







-8-


SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at September 30, 2020 and 2019 and for the
three and nine months then ended is unaudited)
Revenues by geography were as follows:
Three Months EndedNine Months Ended
Sept. 30, 2020Sept. 30, 2019Sept. 30, 2020Sept. 30, 2019
(Dollars in thousands)
North America$1,143,562 $1,078,187 $2,858,561 $2,747,518 
Europe and other344,937 243,155 836,792 694,117 
$1,488,499 $1,321,342 $3,695,353 $3,441,635 

Our contracts generally include standard commercial payment terms generally acceptable in each region. We do not provide financing with extended payment terms beyond generally standard commercial payment terms for the applicable industry. We have no significant obligations for refunds, warranties or similar obligations. Trade accounts receivable, net are shown separately on our Condensed Consolidated Balance Sheet. Contract assets are the result of the timing of revenue recognition, billings and cash collections. Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $80.2 million, $73.4 million, and $71.1 million as of September 30, 2020 and 2019 and December 31, 2019, respectively. Unbilled receivables are included in trade accounts receivable, net on our Condensed Consolidated Balance Sheet.


Note 3.               Acquisitions

Cobra Plastics Acquisition

On February 4, 2020 we acquired Cobra Plastics, Inc., or Cobra Plastics, a manufacturer and seller of injection molded plastic closures for a wide variety of consumer products, with a particular focus on the aerosol overcap market. The purchase price for this acquisition of $39.8 million, net of cash acquired, was primarily funded with revolving loan borrowings under our amended and restated senior secured credit facility, or the Credit Agreement. For this acquisition, we applied the acquisition method of accounting and recognized assets acquired and liabilities assumed at fair value as of the acquisition date, and we recognized goodwill of $18.4 million and a customer relationship intangible asset of $11.5 million. Cobra Plastics' results of operations were included in our closures business since the acquisition date and were not significant since such date.

Albéa Dispensing Business Acquisition

On June 1, 2020, we acquired the dispensing operations of the Albéa Group, or the Albéa Dispensing Business, a leading global supplier of highly engineered pumps, sprayers and foam dispensing solutions to major branded consumer goods product companies in the beauty and personal care markets. It operates a global network of ten manufacturing facilities across North America, Europe, South America and Asia. This acquisition is strategically important for us, as it expands our closures franchise and, in particular, our dispensing systems operations. The Albéa Dispensing Business is included in our closures business as of the acquisition date.

We acquired the Albéa Dispensing Business for a purchase price in cash of $901.0 million, net of cash acquired. The purchase price is subject to adjustment for working capital, other current assets and current liabilities and net indebtedness. We incurred acquisition related costs for the Albéa Dispensing Business totaling $0.7 million and $19.0 million for the three and nine months ended September 30, 2020, respectively, which are included in selling, general and administrative expenses in our Condensed Consolidated Statements of Income. We funded the purchase price for this acquisition with term and revolving loan borrowings under the Credit Agreement, including a delayed draw term loan of $900 million. See Note 8 for further information.

The initial purchase price has been allocated to assets acquired and liabilities assumed based on estimated fair values at the date of acquisition using valuation techniques including the income, cost and market approaches, primarily using Level 3 inputs (as defined in Note 9). The purchase price allocation is preliminary and subject to change pending a final valuation of the assets and liabilities, including property, plant and equipment and intangible assets, and the related tax impact of any adjustments to
-9-


SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at September 30, 2020 and 2019 and for the
three and nine months then ended is unaudited)
such valuations. In connection with this acquisition, we recorded a charge of $3.5 million related to the write-up of acquired inventory of the Albéa Dispensing Business as a result of purchase accounting.

The allocated fair value of assets acquired and liabilities assumed are summarized as follows (in thousands)
Trade accounts receivable$42,742 
Inventories41,102 
Property, plant and equipment192,723 
Other intangible assets285,000 
Other assets33,478 
Trade accounts payable and accrued liabilities(62,930)
Deferred income tax liabilities(101,795)
Debt and other liabilities(31,843)
Total identifiable net assets398,477 
Goodwill502,570 
Cash paid at closing, net of cash acquired$901,047 



Goodwill of $502.6 million consists largely of our increased capacity to serve our global customers and achieve operational synergies and has been assigned to our closures segment. A majority of the goodwill is not expected to be deductible for income tax purposes. Other intangible assets consist of customer relationships of $257.0 million with an estimated remaining life of 24 years and technology know-how of $28.0 million with an estimated remaining life of 8 years. Acquired property, plant and equipment are being depreciated on a straight-line basis with estimated remaining lives of up to 35 years.

Our consolidated results of operations for the three and nine months ended September 30, 2020 included the results for the Albéa Dispensing Business since the acquisition date. Net sales from the Albéa Dispensing Business operations of $81.3 million and $111.2 million were included in our Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020, respectively.


Note 4.               Rationalization Charges

We continually evaluate cost reduction opportunities across each of our businesses, including rationalizations of our existing facilities through plant closings and downsizings. We use a disciplined approach to identify opportunities that generate attractive cash returns. Rationalization charges by business segment were as follows:
Three Months EndedNine Months Ended
Sept. 30, 2020Sept. 30, 2019Sept. 30, 2020Sept. 30, 2019
 (Dollars in thousands)
Metal containers$1,639 $3,035 $4,755 $42,280 
Closures787 72 2,229 5,979 
Plastic containers79 88 263 335 
 $2,505 $3,195 $7,247 $48,594 


-10-


SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at September 30, 2020 and 2019 and for the
three and nine months then ended is unaudited)
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, 2019$42,815 $898 $ $43,713 
Charged to expense4,138 2,005 1,104 7,247 
Utilized and currency translation(5,410)(2,251)(1,104)(8,765)
Balance at September 30, 2020$41,543 $652 $ $42,195 

Rationalization reserves as of September 30, 2020 were recorded in our Condensed Consolidated Balance Sheets as accrued liabilities of $4.8 million and other liabilities of $37.4 million. Exclusive of the footprint optimization plan for our metal container business and our resulting withdrawal from the Central States, Southeast and Southwest Areas Pension Plan, or the Central States Pension Plan, announced in 2019, remaining expenses and cash expenditures for our rationalization plans are expected to be $2.1 million and $3.9 million, respectively. Remaining expenses for the accretion of interest for the withdrawal liability related to the Central States Pension Plan are expected to average approximately $1.1 million per year and be recognized annually for the next twenty years, and remaining cash expenditures for the withdrawal liability related to the Central States Pension Plan are expected to be approximately $3.1 million annually for the next twenty years, beginning in 2020.


Note 5.               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, 2019$(139,102)$(3,182)$(117,458)$(259,742)
Other comprehensive loss before reclassifications
(872)(3,176)(15,495)(19,543)
Amounts reclassified from accumulated other
    comprehensive loss
5,427 1,506  6,933 
 Other comprehensive loss4,555 (1,670)(15,495)(12,610)
Balance at September 30, 2020$(134,547)$(4,852)$(132,953)$(272,352)
 
The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three and nine months ended September 30, 2020, were net (losses) of $(2.4) million and $(7.3) million, respectively, excluding income tax benefits of $0.6 million and $1.9 million, respectively. For the three and nine months ended September 30, 2020 these net (losses) consisted of amortization of net actuarial (losses) of $(2.9) million and $(8.6) million and amortization of net prior service credit of $0.4 million and $1.3 million, respectively. Amortization of net actuarial losses and net prior service credit was recorded in other pension and postretirement income in our Condensed Consolidated Statements of Income. See Note 11 for further information.

The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three and nine months ended September 30, 2020 were not significant.



-11-


SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at September 30, 2020 and 2019 and for the
three and nine months then ended is unaudited)
Other comprehensive loss before reclassifications related to foreign currency translation for the three and nine months ended September 30, 2020, consisted of (i) foreign currency gains related to translation of quarter end financial statements of foreign subsidiaries utilizing a functional currency other than the U.S. dollar of $42.4 million and $19.4 million, respectively, (ii) foreign currency (losses) related to intra-entity foreign currency transactions that are of a long-term investment nature of $(0.4) million and $(3.3) million, respectively, and (iii) foreign currency (losses) related to our net investment hedges of $(25.2) million and $(41.4) million, respectively, excluding income tax benefits of $6.0 million and $9.8 million, respectively. See Note 9 for further discussion.


Note 6.               Inventories

Inventories consisted of the following: 
Sept. 30, 2020Sept. 30, 2019Dec. 31, 2019
 (Dollars in thousands)
Raw materials$294,896 $275,015 $286,953 
Work-in-process154,157 127,590 134,417 
Finished goods370,406 413,864 355,337 
Other15,217 12,620 12,793 
 834,676 829,089 789,500 
Adjustment to value inventory
at cost on the LIFO method
(156,495)(125,883)(156,495)
 $678,181 $703,206 $633,005 


Note 7.               Goodwill and Other Intangibles

Changes in the carrying amount of goodwill were as follows:

Metal
Containers
ClosuresPlastic
Containers
Total
(Dollars in thousands)
Balance at December 31, 2019$113,463 $801,776 $226,984 $1,142,223 
Acquisitions— 520,946 — 520,946 
Currency translation2,217 37,511 (434)39,294 
Balance at September 30, 2020$115,680 $1,360,233 $226,550 $1,702,463 
In connection with our acquisitions of Cobra Plastics and the Albéa Dispensing Business as discussed in Note 3, we recognized goodwill of $521.0 million.












-12-


SILGAN HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Information at September 30, 2020 and 2019 and for the
three and nine months then ended is unaudited)
The components of other intangible assets, net were as follows:

Sept. 30, 2020Dec. 31, 2019
Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
(Dollars in thousands)
Definite-lived intangibles:
Customer relationships$696,003 $(136,583)$422,042 $(116,575)
Other70,766 (29,070)39,447 (22,439)
766,769 (165,653)461,489 (139,014)
Indefinite-lived intangibles:
Trade names32,140 — 32,140 — 
$798,909 $(165,653)$493,629 $(139,014)
In connection with our acquisitions of Cobra Plastics and the Albéa Dispensing Business as discussed in Note 3, we recognized intangible assets for customer relationships of $268.5 million and technology know-how of $28.0 million.

Amortization expense was $10.4 million and $25.4 million for the three and nine months ended September 30, 2020, respectively, and $6.7 million and $20.4 million for the three and nine months ended September 30, 2019, respectively. Amortization expense is expected to be $35.9 million, $40.7 million, $39.9 million, $39.9 million and $38.3 million for the years ended December 31, 2020 through 2024, respectively.


Note 8.               Long-Term Debt

Long-term debt consisted of the following: 
Sept. 30, 2020Sept. 30, 2019Dec. 31, 2019
 (Dollars in thousands)
Bank debt   
Bank revolving loans$246,000 $766,000 $ 
U.S. term loans900,000 800,000 760,000 
Canadian term loans 15,943 4,703 
Other foreign bank revolving and term loans39,825 37,062 31,127 
Total bank debt1,185,825 1,619,005 795,830 
4¾% Senior Notes
300,000 300,000 300,000 
3¼% Senior Notes
762,223 708,630 729,755 
4⅛% Senior Notes