10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

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)

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)

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 [ X ]   No [   ]

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, 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 [ X ]   No [   ]

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  [ X ]	Accelerated filer  [   ]
Non-accelerated filer  [   ]  (Do not check if a smaller reporting company)	Smaller reporting company  [   ]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [   ]   No [ X ]

As of April 30, 2012, the number of shares outstanding of the Registrant’s common stock, $0.01 par value, was 69,717,061.

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, 2012 and 2011 and December 31, 2011	3
Condensed Consolidated Statements of Income for the three months ended March 31, 2012 and 2011	4
Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2012 and 2011	5
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and 2011	6
Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2012 and 2011	7
Notes to Condensed Consolidated Financial Statements	8
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.    Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.    Controls and Procedures	26
Part II.  Other Information	27
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 6.    Exhibits	28
Signatures	29
Exhibit Index	30

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Part I. Financial Information

Item 1. Financial Statements

SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	March 31,			March 31,			Dec. 31,
	2012			2011			2011
	(unaudited)			(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	648,479		$	135,782		$	397,101
Trade accounts receivable, net		368,199			377,875			339,909
Inventories		687,923			654,483			554,148
Prepaid expenses and other current assets		43,499			47,482			42,565
Total current assets		1,748,100			1,215,622			1,333,723
Property, plant and equipment, net		1,066,750			1,081,916			1,064,708
Goodwill		393,451			391,789			389,922
Other intangible assets, net		96,666			95,113			96,442
Other assets, net		112,861			70,649			94,292
	$	3,417,828		$	2,855,089		$	2,979,087
Liabilities and Stockholders’ Equity
Current liabilities:
Revolving loans and current
portion of long-term debt	$	331,008		$	520,285		$	87,776
Trade accounts payable		261,561			272,581			319,339
Accrued payroll and related costs		62,168			54,209			58,429
Accrued liabilities		68,727			81,731			129,945
Total current liabilities		723,464			928,806			595,489
Long-term debt		1,580,787			922,717			1,288,483
Other liabilities		419,437			415,794			437,121
Stockholders’ equity:
Common stock		876			873			875
Paid-in capital		199,068			186,114			196,626
Retained earnings		927,250			759,237			902,987
Accumulated other comprehensive loss		(99,888	)		(47,204	)		(115,282	)
Treasury stock		(333,166	)		(311,248	)		(327,212	)
Total stockholders’ equity		694,140			587,772			657,994
	$	3,417,828		$	2,855,089		$	2,979,087

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three months ended March 31, 2012 and 2011

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

(Unaudited)

	2012		2011
Net sales	$	768,357	$	703,087
Cost of goods sold		654,312		601,125
Gross profit		114,045		101,962
Selling, general and administrative expenses		44,680		46,588
Rationalization charges		3,603		1,732
Income from operations		65,762		53,642
Interest and other debt expense		15,588		13,940
Income before income taxes		50,174		39,702
Provision for income taxes		17,424		13,590
Net income	$	32,750	$	26,112
Earnings per share:
Basic net income per share	$	0.47	$	0.37
Diluted net income per share	$	0.47	$	0.37
Dividends per share	$	0.12	$	0.11
Weighted average number of shares:
Basic		69,940		69,983
Effect of dilutive securities		325		517
Diluted		70,265		70,500

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three months ended March 31, 2012 and 2011

(Dollars in thousands)

(Unaudited)

	2012			2011
Net income	$	32,750		$	26,112
Other comprehensive income (loss), net of tax:
Changes in net prior service credit and actuarial losses		1,851			1,240
Change in fair value of derivatives		(156	)		2,179
Foreign currency translation		13,699			12,403
Other comprehensive income		15,394			15,822
Comprehensive income	$	48,144		$	41,934

See accompanying notes.

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 SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended March 31, 2012 and 2011

(Dollars in thousands)

(Unaudited)

	2012			2011
Cash flows provided by (used in) operating activities:
Net income	$	32,750		$	26,112
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization		42,176			38,266
Rationalization charges		3,603			1,732
Excess tax benefit from stock-based compensation		(1,268	)		(1,652	)
Other changes that provided (used) cash, net of
effects from acquisitions:
Trade accounts receivable, net		(27,570	)		(69,787	)
Inventories		(129,525	)		(114,221	)
Trade accounts payable		3,469			43,324
Accrued liabilities		(11,898	)		3,077
Contributions to domestic pension benefit plans		(30,000	)		-
Other, net		12,752			14,231
Net cash used in operating activities		(105,511	)		(58,918	)
Cash flows provided by (used in) investing activities:
Purchases of businesses, net of cash acquired		(50,975	)		(264,367	)
Capital expenditures		(26,332	)		(33,463	)
Proceeds from asset sales		175			153
Net cash used in investing activities		(77,132	)		(297,677	)
Cash flows provided by (used in) financing activities:
Borrowings under revolving loans		4,991			617,305
Repayments under revolving loans		(10,913	)		(167,062	)
Proceeds from issuance of long-term debt		526,550			4,210
Repayments of long-term debt		-			(25,213	)
Debt issuance costs		(9,643	)		-
Changes in outstanding checks - principally vendors		(63,193	)		(101,124	)
Dividends paid on common stock		(8,487	)		(7,798	)
Proceeds from stock option exercises		155			-
Excess tax benefit from stock-based compensation		1,268			1,652
Repurchase of common stock under stock plan		(1,692	)		(4,819	)
Repurchase of common stock under share repurchase
authorization		(5,015	)		-
Net cash provided by financing activities		434,021			317,151
Cash and cash equivalents:
Net increase (decrease)		251,378			(39,444	)
Balance at beginning of year		397,101			175,226
Balance at end of period	$	648,479		$	135,782
Interest paid, net	$	18,566		$	17,387
Income taxes paid, net		14,083			822

See accompanying notes.

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SILGAN HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF

STOCKHOLDERS' EQUITY

For the three months ended March 31, 2012 and 2011

(Dollars and shares in thousands)

(Unaudited)

												Accumulated
	Common Stock											Other						Total
	Shares			Par		Paid-in			Retained			Comprehensive			Treasury			Stockholders’
	Outstanding			Value		Capital			Earnings			(Loss) Income			Stock			Equity
Balance at December 31, 2010		69,876		$	873	$	183,524		$	740,923		$	(63,026	)	$	(308,695	)	$	553,599
Net income		-			-		-			26,112			-			-			26,112
Other comprehensive income		-			-		-			-			15,822			-			15,822
Dividends declared on common stock		-			-		-			(7,798	)		-			-			(7,798	)
Stock compensation expense		-			-		3,204			-			-			-			3,204
Net issuance of treasury stock for
vested restricted stock units,
including tax benefit of $1,652		210			-		(614	)		-			-			(2,553	)		(3,167	)
Balance at March 31, 2011		70,086		$	873	$	186,114		$	759,237		$	(47,204	)	$	(311,248	)	$	587,772
Balance at December 31, 2011		69,884		$	875	$	196,626		$	902,987		$	(115,282	)	$	(327,212	)	$	657,994
Net income		-			-		-			32,750			-			-			32,750
Other comprehensive income		-			-		-			-			15,394			-			15,394
Dividends declared on common stock		-			-		-			(8,487	)		-			-			(8,487	)
Stock compensation expense		-			-		1,727			-			-			-			1,727
Stock option exercises, including
tax benefit of $485		30			1		639			-			-			-			640
Net issuance of treasury stock for
vested restricted stock units,
including tax benefit of $829		74			-		76			-			-			(939	)		(863	)
Repurchases of common stock		(114	)		-		-			-			-			(5,015	)		(5,015	)
Balance at March 31, 2012		69,874		$	876	$	199,068		$	927,250		$	(99,888	)	$	(333,166	)	$	694,140

See accompanying notes.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 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, 2011 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, 2011.

Certain prior years’ amounts have been reclassified to conform with the current year’s presentation.

Recently Adopted Accounting Pronouncement.  In June 2011, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, or ASU, which amends the guidance for presenting comprehensive income.  This amendment required us to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements effective January 1, 2012 with retrospective application required.  We have elected to present two consecutive statements.  Our adoption of this amendment did not have an effect on our financial position, results of operations or cash flows.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 2.                 Acquisitions

In March 2012, we paid the deferred portion of the purchase price under our agreement to acquire the metal container operations of Vogel & Noot Holding AG, or VN, of €36.4 million ($47.6 million translated at the U.S. dollar exchange rate at the date of payment).

Note 3.                 Rationalization Charges

As part of our plans to rationalize certain facilities, we have established reserves for employee severance and benefits and plant exit costs.  Activity in our rationalization reserves since December 31, 2011 is summarized as follows:

	Employee			Plant			Non-Cash
	Severance			Exit			Asset
	and Benefits			Costs			Write-Down			Total
	(Dollars in thousands)
Balance at December 31, 2011	$	4,385		$	211		$	-		$	4,596
Activity for the three months ended March 31, 2012
Prior years’ rationalization plan reserves established		525			-			-			525
Prior years’ rationalization plan reserves utilized		(1,794	)		-			-			(1,794	)
2012 rationalization plan reserves established		2,314			559			205			3,078
2012 rationalization plan reserves utilized		(334	)		(559	)		(205	)		(1,098	)
Currency translation		69			-			-			69
Total activity		780			-			-			780
Balance at March 31, 2012	$	5,165		$	211		$	-		$	5,376

Rationalization reserves as of March 31, 2012 and December 31, 2011 are included in the Condensed Consolidated Balance Sheets as accrued liabilities.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 3.                 Rationalization Charges (continued)

2012 Rationalization Plans

In the first quarter of 2012, we announced a plan to exit our Breinigsville (Allentown), PA plastic container manufacturing facility.  Our plan included the termination of approximately 32 employees and other related plant exit costs.  The total costs for the rationalization of this facility of $2.8 million consist of $0.3 million for employee severance and benefits, $1.9 million for plant exit costs and $0.6 million for the non-cash write-down in carrying value of assets.  Through March 31, 2012, we recognized a total of $1.0 million of costs, which consisted of $0.2 million of employee severance and benefits, $0.6 million for plant exit costs and $0.2 million for the non-cash write-down in carrying value of assets.  Remaining expenses and cash expenditures of $1.8 million and $2.2 million, respectively, are expected primarily in 2012.

In the first quarter of 2012, we announced plans to reduce costs in the U.S. corporate office and European manufacturing facilities of our closures business through the termination of approximately 49 employees, with total estimated costs of $3.8 million for employee severance and benefits.  Through March 31, 2012, we recognized a total of $2.1 million of costs and made cash payments of $0.3 million.  Remaining expenses and cash expenditures of $1.7 million and $3.5 million, respectively, are expected primarily in 2012.

Note 4.                 Inventories

Inventories consisted of the following:

	March 31,			March 31,			Dec. 31,
	2012			2011			2011
	(Dollars in thousands)
Raw materials	$	181,546		$	164,263		$	191,590
Work-in-process		129,396			118,024			116,790
Finished goods		458,987			428,008			327,810
Other		13,931			13,137			13,781
		783,860			723,432			649,971
Adjustment to value inventory
at cost on the LIFO method		(95,937	)		(68,949	)		(95,823	)
	$	687,923		$	654,483		$	554,148

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 5.                 Long-Term Debt

Long-term debt consisted of the following:

	March 31,		March 31,		Dec. 31,
	2012		2011		2011
	(Dollars in thousands)
Bank debt
Bank revolving loans	$	-	$	440,163	$	-
U.S. term loans		520,000		400,000		520,000
Canadian term loans		80,943		83,130		79,323
Euro term loans		444,713		176,413		433,825
Other foreign bank revolving and term loans		120,685		98,684		97,874
Total bank debt		1,166,341		1,198,390		1,131,022
7¼% Senior Notes, net of unamortized discount		245,454		244,612		245,237
5% Senior Notes		500,000		-		-
Total debt		1,911,795		1,443,002		1,376,259
Less current portion		331,008		520,285		87,776
	$	1,580,787	$	922,717	$	1,288,483

At March 31, 2012, amounts expected to be repaid within one year consisted of $245.5 million of our 7¼% Senior Notes due 2016, or the 7¼% Notes, and $85.5 million of foreign bank revolving and term loans.

5% Senior Notes

On March 23, 2012, we issued $500 million aggregate principal amount of our 5% Senior Notes due 2020, or the 5% Notes, at 100 percent of their principal amount.  The 5% Notes are general unsecured obligations of Silgan, ranking equal in right of payment with Silgan’s unsecured unsubordinated indebtedness and ahead of Silgan’s subordinated debt, if any.  The 5% Notes are effectively subordinated to Silgan’s secured debt to the extent of the assets securing such debt and effectively subordinated to all obligations of the subsidiaries of Silgan.  Interest on the 5% Notes is payable semi-annually in cash on April 1 and October 1 of each year, and the 5% Notes mature on April 1, 2020.  Proceeds from the issuance of the 5% Notes were used in April 2012 to redeem all of the outstanding 7¼% Notes, to pay the applicable premium for such redemption, to pay related fees and expenses and for general corporate purposes.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 5.                 Long-Term Debt (continued)

5% Senior Notes (continued)

The 5% Notes are redeemable, at the option of Silgan, in whole or in part, at any time after April 1, 2016 at the following redemption prices (expressed in percentages of principal amount) plus accrued and unpaid interest thereon to the redemption date if redeemed during the twelve month period commencing April 1, of the years set forth below:

Year	Redemption Price
2016	102.500%
2017	101.250%
2018 and thereafter	100.000%

In addition, prior to April 1, 2015, we may redeem up to 35 percent of the aggregate principal amount of the 5% Notes from the proceeds of certain equity offerings at a redemption price of 105 percent of their principal amount, plus accrued and unpaid interest to the date of redemption.  We may also redeem the 5% Notes, in whole or in part, prior to April 1, 2016 at a redemption price equal to 100 percent of their principal amount plus a make-whole premium as provided in the indenture for the 5% Notes.

Upon the occurrence of a change of control, as defined in the indenture for the 5% Notes, Silgan is required to make an offer to purchase the 5% Notes at a purchase price equal to 101 percent of their principal amount, plus accrued and unpaid interest to the date of purchase.

The indenture for the 5% Notes contains covenants which are generally less restrictive than those under our senior secured credit facility, or the Credit Agreement.

7¼% Senior Notes

On April 9, 2012, we redeemed all $250 million aggregate principal amount of our outstanding 7¼% Notes at a redemption price of 112.3715 percent of their principal amount, or $280.9 million, plus accrued and unpaid interest up to the redemption date.  As a result, during the second quarter of 2012, we will record a loss on early extinguishment of debt of $38.7 million for the premium paid in connection with this redemption and for the write-off of unamortized debt issuance costs and discount.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 6.                 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, 2012:

	Carrying		Fair
	Amount		Value
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	648,479	$	648,479
Liabilities:
Bank debt		1,166,341		1,166,341
7¼% Notes		245,454		280,938
5% Notes		500,000		498,440
Interest rate swap agreements		11,532		11,532
Natural gas swap agreements		838		838

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 are measured on a recurring basis at March 31, 2012 consist of our cash and cash equivalents, interest rate swap agreements and natural gas swap agreements.  We measured the fair value of cash and cash equivalents using Level 1 inputs.  We measured the fair value of the swap agreements using the income approach.  The fair value of these agreements reflects the estimated amounts that we would pay based on the present value of the expected cash flows derived from market interest rates and prices.  As such, these derivative instruments are classified within Level 2.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 6.                 Financial Instruments (continued)

Financial Instruments Not Measured at Fair Value

Our bank debt, 7¼% Notes and 5% Notes are recorded at historical amounts in our Condensed Consolidated Balance Sheets, as we have not elected to record them at fair value.  For purposes of the table above, we measured the fair value of our variable rate bank debt using Level 2 inputs and the fair values of our 7¼% Notes and 5% Notes using Level 1 inputs.

Derivative Instruments and Hedging Activities

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

We utilize certain derivative financial instruments to manage a portion of our interest rate and natural gas cost exposures.  We 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 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) income.  We generally do not utilize external derivative financial instruments to manage our foreign currency exchange rate risk.

Our interest rate and natural gas swap agreements are accounted for as cash flow hedges.  During the first three months of 2012, our hedges were fully effective.The fair value of our outstanding swap agreements in effect at March 31, 2012 was recorded in our Condensed Consolidated Balance Sheet as a liability of $12.4 million, of which $5.4 million was included in accrued liabilities and $7.0 million was included in other liabilities.

The amount reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive (loss) income for the three months ended March 31, 2012 was a loss of $0.8 million, net of income taxes.  We estimate that we will reclassify losses of $2.9 million, net of income taxes, from the change in fair value of derivatives component of accumulated other comprehensive (loss) income to earnings during the next twelve months.  The actual amount that will be reclassified to earnings will vary from this amount as a result of changes in market conditions.

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SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 6.                 Financial Instruments (continued)

Interest Rate Swap Agreements

We have entered into Euro interest rate swap agreements to manage a portion of our exposure to interest rate fluctuations.  At March 31, 2012, the aggregate notional principal amount of our outstanding interest rate swap agreements was €105.0 million.  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.  For the three months ended March 31, 2012, net payments under our interest rate swap agreements were $1.0 million.  These agreements are with a financial institution which is expected to fully perform under the terms thereof.

Natural Gas Swap Agreements

We have entered into natural gas swap agreements with a major financial institution to manage a portion of our exposure to fluctuations in natural gas prices.  At March 31, 2012, the aggregate notional principal amount of our natural gas swap agreements was 707,000 MMBtu of natural gas with fixed prices ranging from $2.587 to $4.814 per MMBtu, which hedges approximately 16 percent of our estimated twelve month 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.  For the three months ended March 31, 2012, net payments under our natural gas swap agreements were $0.5 million.   These agreements are with a financial institution which is expected to fully perform under the terms thereof.

Foreign Currency Exchange Rate Risk

In an effort to minimize foreign currency exchange rate risk, we have initially financed acquisitions of foreign operations primarily with loans borrowed under the Credit Agreement denominated in Euros and Canadian dollars.  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.  We have designated substantially all of our Euro denominated borrowings under our Credit Agreement as net investment hedges.  Foreign currency losses related to our net investment hedges included in accumulated other comprehensive (loss) income for the three months ended March 31, 2012 were $10.4 million.

- 15 -

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 7.                 Retirement Benefits

The components of the net periodic benefit costs for the three months ended March 31 are as follows:

							Other
	Pension Benefits						Postretirement Benefits
	2012			2011			2012			2011
	(Dollars in thousands)
Service cost	$	3,724		$	3,770		$	227		$	259
Interest cost		6,909			7,170			569			657
Expected return on plan assets		(10,512	)		(10,214	)		-			-
Amortization of prior service cost (credit)		476			511			(654	)		(642	)
Amortization of actuarial losses		3,088			1,992			89			142
Net periodic benefit cost	$	3,685		$	3,229		$	231		$	416

As previously disclosed in our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011, there are no significant minimum required contributions to our pension plans in 2012.  In March and April 2012, we made voluntary contributions to our domestic pension benefit plans of $30.0 million and $46.0 million, respectively.

Note 8.                 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 commenced an examination of Silgan’s income tax return for the periods ended December 31, 2004 through December 31, 2010.  It is reasonably possible that this IRS audit and IRS audits for prior periods will be concluded within the next twelve months, and that the conclusion of these audits may result in a significant change to our reported unrecognized tax benefits.  Due to the ongoing nature of these audits, we are unable to estimate the amount of this potential impact.

- 16 -

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 9.                 Dividends

On March 26, 2012, we paid a quarterly cash dividend on our common stock of $0.12 per share, as approved by our Board of Directors.  The aggregate cash payment related to this dividend totaled $8.5 million.

On May 10, 2012, our Board of Directors declared a quarterly cash dividend on our common stock of $0.12 per share, payable on June 15, 2012 to holders of record of our common stock on June 1, 2012.  The cash payment related to this dividend is expected to be $8.5 million.

Note 10.               Treasury Stock

On August 5, 2011, our Board of Directors authorized the repurchase of up to $300 million of our common stock, inclusive of prior authorizations, from time to time through and including December 31, 2014. Pursuant to this authorization, we repurchased 114,199 shares of our common stock at an average price per share of $43.92, for a total purchase price of $5.0 million, during the quarter ended March 31, 2012.

During the first three months of 2012, we issued 113,720 treasury shares which had an average cost of $6.63 per share for restricted stock units that vested during the period.  In accordance with the Silgan Holdings Inc. 2004 Stock Incentive Plan, we repurchased 39,510 shares of our common stock at an average cost of $42.83 to satisfy minimum employee withholding tax requirements resulting from certain restricted stock units becoming vested.  We account for the treasury shares using the first-in, first-out (FIFO) cost method.  As of March 31, 2012, 17,675,896 shares were held in treasury.

Note 11.               Stock-Based Compensation

We currently have one stock-based compensation plan in effect, under which we have issued options and restricted stock units to our officers, other key employees and outside directors.  During the first quarter of 2012, 188,900 restricted stock units were granted to certain of our officers and key employees.  The fair value of these restricted stock units at the grant date was $8.1 million, which is being amortized ratably over the five-year vesting period from the grant date.

- 17 -

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 12.               Business Segment Information

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

	Metal				Plastic
	Containers		Closures		Containers		Corporate			Total
	(Dollars in thousands)
2012
Net sales	$	444,885	$	162,965	$	160,507	$	-		$	768,357
Depreciation and amortization(1)		21,661		8,271		10,521		418			40,871
Rationalization charges		-		2,141		1,462		-			3,603
Segment income from operations		42,017		18,020		8,919		(3,194	)		65,762
2011
Net sales	$	390,483	$	160,042	$	152,562	$	-		$	703,087
Depreciation and amortization(1)		17,823		8,116		11,117		422			37,478
Rationalization charges		-		1,076		656		-			1,732
Segment income from operations(2)		38,363		15,816		6,316		(6,853	)		53,642

_____________

(1)   Depreciation and amortization excludes amortization of debt discount and issuance costs of $1.3 million and $0.8 million for the three months ended March 31, 2012 and 2011, respectively.

(2)   Income from operations for corporate includes costs attributable to announced acquisitions of $1.8 million.

- 18 -

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2012 and 2011 and for the

three months then ended is unaudited)

Note 12.               Business Segment Information (continued)

Total segment income from operations is reconciled to income before income taxes for the three months ended March 31 as follows:

	2012		2011
	(Dollars in thousands)
Total segment income from operations	$	65,762	$	53,642
Interest and other debt expense		15,588		13,940
Income before income taxes	$	50,174	$	39,702

Sales and income from operations of our metal container and closures businesses 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 income from operations during that quarter.

Note 13.               Subsequent Event

On April 9, 2012, we redeemed all of our outstanding 7¼% Notes with proceeds from the 5% Notes.  See Note 5 for further information.

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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 which 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.  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, 2011 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 of rigid packaging for consumer goods products.  We currently produce steel and aluminum containers for human and pet food and general line products; metal, composite and plastic vacuum closures for food and beverage products and plastic closures for the dairy and juice markets; and custom designed plastic containers, tubes and closures for personal care, health care, pharmaceutical, household and industrial chemical, food, pet care, agricultural chemical, automotive and marine chemical products.  We are a leading manufacturer of metal containers in North America and Europe, a leading worldwide manufacturer of metal, composite and plastic vacuum closures for food and beverage products and a leading manufacturer of plastic containers in North America for a variety of markets, including the personal care, health care, household and industrial chemical and food 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 over the years, 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.

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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:

	2012			2011
Net sales
Metal containers		57.9	%		55.5	%
Closures		21.2			22.8
Plastic containers		20.9			21.7
Consolidated		100.0			100.0
Cost of goods sold		85.2			85.5
Gross profit		14.8			14.5
Selling, general and administrative expenses		5.8			6.6
Rationalization charges		0.4			0.3
Income from operations		8.6			7.6
Interest and other debt expense		2.0			2.0
Income before income taxes		6.6			5.6
Provision for income taxes		2.3			1.9
Net income		4.3	%		3.7	%

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

	2012			2011
	(Dollars in millions)
Net sales
Metal containers	$	444.9		$	390.5
Closures		163.0			160.0
Plastic containers		160.5			152.6
Consolidated	$	768.4		$	703.1
Income from operations
Metal containers	$	42.0		$	38.4
Closures (1)		18.0			15.8
Plastic containers (2)		8.9			6.3
Corporate (3)		(3.1	)		(6.9	)
Consolidated	$	65.8		$	53.6

_____________

(1)   Includes rationalization charges of $2.1 million and $1.1 million recorded in 2012 and 2011, respectively.

(2)   Includes rationalization charges of $1.5 million and $0.6 million recorded in 2012 and 2011, respectively.

(3)   Includes costs attributable to announced acquisitions of $1.8 million recorded in 2011.

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Three Months Ended March 31, 2012 Compared with Three Months Ended March 31, 2011

Overview.  Consolidated net sales were $768.4 million in the first quarter of 2012, representing a 9.3 percent increase as compared to the first quarter of 2011 primarily as a result of the inclusion of a full quarter from acquisitions completed in 2011, higher average selling prices across each business due to the pass through of higher raw material costs, and higher unit volumes in the closures business, partially offset by the impact of unfavorable foreign currency translation.  Income from operations for the first quarter of 2012 of $65.8 million increased by $12.2 million, or 22.8 percent, as compared to the same period in 2011 primarily due to the inclusion of a full quarter from acquisitions completed in 2011, the favorable impact of the lagged pass through of declines in resin costs in our plastic container business, continued improvement in manufacturing efficiencies, operating cost savings and benefits from cost reduction initiatives, a decrease in expenses associated with corporate development activities and higher unit volumes in the closures business, partially offset by increases in rationalization charges and depreciation expense.  Results for 2012 included rationalization charges of $3.6 million, while results for 2011 included rationalization charges of $1.7 million.  Net income for the first quarter of 2012 was $32.8 million as compared to $26.1 million for the same period in 2011.  Net income per diluted share was $0.47 as compared to $0.37 for the same period in 2011.

Net Sales.  The $65.3 million increase in consolidated net sales in the first quarter of 2012 as compared to the first quarter of 2011 was the result of higher net sales across all businesses.

Net sales for the metal container business increased $54.4 million, or 13.9 percent, in the first quarter of 2012 as compared to the same period in 2011.  This increase was primarily attributable to the inclusion of a full quarter of net sales from the VN and the Nestlé Purina PetCare steel can operations acquired in 2011 and higher average selling prices as a result of the pass through of higher raw material costs, partially offset by the impact of unfavorable foreign currency translation of $1.3 million.

Net sales for the closures business increased $3.0 million, or 1.9 percent, in the first quarter of 2012 as compared to the same period in 2011.  This increase was primarily the result of higher unit volumes and an increase in average selling prices due to the pass through of higher raw material costs, partially offset by the impact of unfavorable foreign currency translation of $2.9 million.

Net sales for the plastic container business in the first quarter of 2012 increased $7.9 million, or 5.2 percent, as compared to the same period in 2011.  This increase was primarily due to higher average selling prices as a result of the pass through of higher resin costs.

Gross Profit.  Gross profit margin increased 0.3 percentage points to 14.8 percent in the first quarter of 2012 as compared to the same period in 2011 for the reasons discussed below in “Income from Operations.”

Selling, General and Administrative Expenses.  Selling, general and administrative expenses as a percentage of consolidated net sales decreased 0.8 percentage points to 5.8 percent for the first quarter of 2012 as compared to 6.6 percent for the same period in 2011.  Selling, general and administrative expenses decreased $1.9 million to $44.7 million for the first quarter of 2012 as compared to $46.6 million for the same period in 2011.  These decreases were primarily due to lower expenses associated with corporate development activities and the benefits from cost reduction initiatives, partially offset by higher costs from the inclusion of a full quarter of expenses from operations acquired in 2011.

- 22 -

Income from Operations.  Income from operations for the first quarter of 2012 increased by $12.2 million as compared to the first quarter of 2011, and operating margin increased to 8.6 percent from 7.6 percent over the same periods.

Income from operations of the metal container business for the first quarter of 2012 increased $3.6 million, or 9.4 percent, as compared to the same period in 2011, while operating margin decreased to 9.4 percent from 9.8 percent over the same periods.  The increase in income from operations was primarily the result of the impact from acquisitions completed in 2011 and continued improvement in manufacturing efficiencies, partially offset by an increase in depreciation expense.

Income from operations of the closures business for the first quarter of 2012 increased $2.2 million, or 13.9 percent, as compared to the same period in 2011, and operating margin increased to 11.0 percent from 9.9 percent over the same periods.  These increases were primarily attributable to higher unit volumes, continued improvement in manufacturing efficiencies and operating cost savings, partially offset by an increase in rationalization charges.  Rationalization charges were $2.1 million in the first quarter of 2012, primarily as a result of the recently announced headcount reductions in European manufacturing facilities and the corporate office in the U.S.  Rationalization charges of $1.1 million were recognized in the first quarter of 2011.

Income from operations of the plastic container business for the first quarter of 2012 increased $2.6 million, or 41.3 percent as compared to the same period in 2011, and operating margin increased to 5.5 percent from 4.1 percent over the same periods.  These increases were primarily attributable to the favorable comparison of the year-over-year resin pass through lag effect which benefited the first quarter of 2012, the benefits from cost reduction initiatives and slightly better operating performance.  Rationalization charges were $1.5 million in the first quarter of 2012, primarily as a result of the recently announced shut down of the Breinigsville (Allentown), Pennsylvania manufacturing facility.  Rationalization charges were $0.6 million in the first quarter of  2011.

Interest and Other Debt Expense.  Interest and other debt expense for the first quarter of 2012 increased $1.7 million to $15.6 million as compared to the same period in 2011.  This increase was primarily due to higher average outstanding borrowings principally as a result of the incurrence of Euro borrowings to fund the VN acquisition in March 2011, the refinancing of our senior secured credit facility in July 2011 and the recent issuance of the 5% Notes, partially offset by lower average interest rates.

Provision for Income Taxes. The effective tax rate for the first quarter of 2012 was 34.7 percent as compared to 34.2 percent in the same period of 2011.

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 primarily 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 and the funding of our seasonal working capital needs.

On March 23, 2012, we issued $500 million aggregate principal amount of our 5% Notes at 100 percent of their principal amount.  Interest on the 5% Notes is payable semi-annually in cash on April 1 and October 1 of each year, and the 5% Notes mature on April 1, 2020.  Proceeds from the issuance of the 5% Notes were used to redeem all of the outstanding $250 million aggregate principal amount of our 7¼% Notes in April 2012, to pay the applicable premium for such redemption, to pay related fees and expenses, and for general corporate purposes.  As a result of this redemption, we will incur a $38.7 million loss on early extinguishment of debt for the premium paid in connection with this redemption and the write-off of unamortized debt issuance costs and discount in the second quarter of 2012.

- 23 -

You should also read Note 5 to our Condensed Consolidated Financial Statements for the three months ended March 31, 2012 included elsewhere in this Quarterly Report.

For the three months ended March 31, 2012, we used proceeds from the issuance of long-term debt of $526.6 million to fund cash used in operations of $105.5 million (including contributions of $30.0 million to our  domestic pension benefit plans), decreases in outstanding checks of $63.2 million, deferred payments of purchase price for acquisitions of $51.0 million, net capital expenditures of $26.2 million, debt issuance costs of $9.6 million related to the 5% Notes, dividends paid on our common stock of $8.5 million, net payments of revolving loans of $5.9 million, repurchases of our common stock of $5.0 million and net payments for stock-based compensation issuances of $0.3 million and to increase cash and cash equivalents by $251.4 million.

For the three months ended March 31, 2011, we used net borrowings of long-term debt and revolving loans of $429.2 million and cash and cash equivalents of $39.4 million to fund the acquisitions of VN and the twist-off metal closures operations of DGS S.A. in Poland for $264.4 million, cash used in operations of $58.9 million, decreases in outstanding checks of $101.1 million, net capital expenditures of $33.3 million, net payments for stock-based compensation issuances of $3.1 million and dividends paid on our common stock of $7.8 million.

Because we sell metal containers 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.  In recent years, our seasonal working capital requirements have peaked at approximately $300 million, which were funded through a combination of revolving loans under our senior secured credit facility and cash on hand.  We may use the available portion of revolving loans, after taking into account our seasonal needs and outstanding letters of credit, for other general corporate purposes including acquisitions, dividends, stock repurchases and to refinance or repurchase other debt.

At March 31, 2012, we had no 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, 2012 was $770.7 million.

On May 10, 2012, our Board of Directors declared a quarterly cash dividend on our common stock of $0.12 per share, payable on June 15, 2012 to holders of record of our common stock on June 1, 2012. The cash payment related to this dividend is expected to be $8.5 million.

We believe that cash generated from operations and funds from borrowings available under the Credit Agreement 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 2012 with all of these covenants.

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Rationalization Charges

In the first quarter of 2012, we announced a plan to exit our Breinigsville (Allentown), PA plastic container manufacturing facility.  Our plan included the termination of approximately 32 employees and other related plant exit costs.  The total costs for the rationalization of this facility of $2.8 million consist of $0.3 million for employee severance and benefits, $1.9 million for plant exit costs and $0.6 million for the non-cash write-down in carrying value of assets.  Through March 31, 2012, we recognized a total of $1.0 million of costs, which consisted of $0.2 million of employee severance and benefits, $0.6 million for plant exit costs and $0.2 million for the non-cash write-down in carrying value of assets.  Remaining expenses and cash expenditures of $1.8 million and $2.2 million, respectively, are expected primarily in 2012.

In the first quarter of 2012, we announced plans to reduce costs in the U.S. corporate office and European manufacturing facilities of our closures business through the termination of approximately 49 employees, with total estimated costs of $3.8 million for employee severance and benefits.  Through March 31, 2012, we recognized a total of $2.1 million of costs and made cash payments of $0.3 million.  Remaining expenses and cash expenditures of $1.7 million and $3.5 million, respectively, are expected primarily in 2012.

Under our rationalization plans, we made cash payments of $2.7 million and $2.5 million for the three months ended March 31, 2012 and 2011, respectively.  Total future cash spending of $14.8 million is expected for our outstanding rationalization plans in the current year and thereafter.

You should also read Note 3 to our Condensed Consolidated Financial Statements for the three months ended March 31, 2012 included elsewhere in this Quarterly Report.

We continually evaluate cost reduction opportunities in our business, including rationalizations of our existing facilities through plant closings and downsizings.  We use a disciplined approach to identify opportunities that generate attractive cash returns.

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 metal container and closures operations and our Canadian plastic container operations, from 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, 2011.  Since such filing, other than the changes discussed in Note 5 to our Condensed Consolidated Financial Statements for the three months ended March 31, 2012 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.

You should also read Notes 5 and 6 to our Condensed Consolidated Financial Statements for the three months ended March 31, 2012 included elsewhere in this Quarterly Report.

- 25 -

Item 4.  CONTROLS AND PROCEDURES

As required by Rule 13a-15(e) of the Securities Exchange Act of 1934, 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.  We are currently in the process of integrating the internal controls and procedures of VN into our internal controls over financial reporting.  As provided under the Sarbanes-Oxley Act of 2002 and the applicable rules and regulations of the Securities and Exchange Commission, we will include the internal controls and procedures of VN in our annual assessment of the effectiveness of our internal control over financial reporting for our 2012 fiscal year.

- 26 -

Part II.  Other Information

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

(c) Purchases of Equity Securities By the Issuer and Affiliated Purchasers

The following table provides information about shares of our common stock that we repurchased during the first quarter of 2012 pursuant to the authorization of our Board of Directors to repurchase up to $300 million of our common stock, inclusive of prior authorizations, from time to time through and including December 31, 2014:

ISSUER PURCHASES OF EQUITY SECURITIES (i)
							(d)
					(c)		Approximate
	(a)				Total Number of		Dollar Value of
	Total		(b)		Shares Purchased		Shares that May Yet
	Number of		Average		as Part of Publicly		Be Purchased Under
	Shares		Price Paid		Announced Plans		the Plans or Programs
	Purchased		per Share		or Programs		(in millions)
January 1-31, 2012		-		-		-	$284.2
February 1-29, 2012		-		-		-	$284.2
March 1-31, 2012		114,199	$43.92			114,199	$279.2
Total		114,199	$43.92			114,199	$279.2

_____________

(i) On August 5, 2011, our Board of Directors authorized the repurchase of up to $300 million of our common stock, inclusive of prior authorizations, from time to time through and including December 31, 2014.

- 27 -

Item 6.  Exhibits

Exhibit Number	Description
12	Ratio of Earnings to Fixed Charges for the three months ended March 31, 2012 and 2011.
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.

_____________________

* XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document. 

- 28 -

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 10, 2012
	/s/ Robert B. Lewis
	Robert B. Lewis
	Executive Vice President and
	Chief Financial Officer

- 29 -

EXHIBIT INDEX
EXHIBIT
EXHIBIT NO.
12	Ratio of Earnings to Fixed Charges for the three months ended March 31, 2012 and 2011.
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.

_____________________

* XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document. 

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EX-12

Exhibit 12

SILGAN HOLDINGS INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

The following table sets forth Silgan Holdings Inc.’s computation of its ratio of earnings to fixed charges for the three months ended March 31:

	2012		2011
	(Dollars in thousands)
Earnings before fixed charges:
Income before income taxes	$	50,174	$	39,702
Interest and other debt expense		15,588		13,940
Interest portion of rental expense		147		137
Earnings before fixed charges	$	65,909	$	53,779
Fixed charges:
Interest and other debt expense	$	15,588	$	13,940
Interest portion of rental expense		147		137
Capitalized interest		67		187
Total fixed charges	$	15,802	$	14,264
Ratio of earnings to fixed charges		4.17		3.77

EX-31.1

Exhibit 31.1

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Anthony J. Allott, certify that:

1.   I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2012 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

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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 10, 2012

/s/ Anthony J. Allott

Anthony J. Allott

President and

Chief Executive Officer

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EX-31.2

Exhibit 31.2

CERTIFICATION BY THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Robert B. Lewis, certify that:

1.   I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2012 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

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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 10, 2012

/s/ Robert B. Lewis

Robert B. Lewis

Executive Vice President and

Chief Financial Officer

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EX-32.1

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, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), I, Anthony J. Allott, 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/ Anthony J. Allott

Anthony J. Allott

President and

Chief Executive Officer

May 10, 2012

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.

EX-32.2

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, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), I, Robert B. Lewis, 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/ Robert B. Lewis

Robert B. Lewis

Executive Vice President and

Chief Financial Officer

May 10, 2012

A signed original of this written statement required by Section 906 has been provided to Silgan Holdings Inc. and will be retained by Silgan Holdings Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2012
Income Taxes [Line Items]
Income tax examination, year(s) under examination	The Internal Revenue Service, or IRS, has commenced an examination of Silgan's income tax return for the periods ended December 31, 2004 through December 31, 2010.

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Subsequent Event - Additional Information (Detail)	Mar. 31, 2012 5% Senior Notes	Mar. 23, 2012 5% Senior Notes	Apr. 09, 2012 Repayment of Debt 7 1/4% Senior Notes
Subsequent Event [Line Items]
Debt instrument, stated interest rate	5.00%	5.00%	7.25%

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Long-Term Debt - Additional Information (Detail) (USD $)					1 Months Ended				1 Months Ended
	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011	Mar. 31, 2012 7 1/4% Senior Notes	Mar. 23, 2012 5% Senior Notes	Mar. 31, 2012 5% Senior Notes	Mar. 23, 2012 5% Senior Notes Prior to April One Twenty Fifteen	Mar. 23, 2012 5% Senior Notes Prior to April One Twenty Sixteen	Apr. 09, 2012 Repayment of Debt 7 1/4% Senior Notes	Mar. 31, 2012 Bank debt Revolving and term loans Other foreign
Line of Credit Facility [Line Items]
Long-term debt, current	$ 331,008,000	$ 87,776,000	$ 520,285,000	$ 245,500,000						$ 85,500,000
Debt instrument, maturity year				2016
Senior subordinated note principal amount redeemed									250,000,000
Aggregate principal amount of notes issued					500,000,000
Redemption price as percentage of principal amount							105.00%	100.00%	112.3715%
Redemption price paid									280,900,000
Debt instrument, stated interest rate					5.00%	5.00%			7.25%
Pre-tax charge for loss on early extinguishment of debt									$ (38,700,000)
Issue price as percentage of principal amount					100.00%
Description of the debt instrument interest payment					Interest on the 5% Notes is payable semi-annually in cash on April 1 and October 1 of each year, and the 5% Notes mature on April 1, 2020.
Debt instrument, maturity date					Apr. 01, 2020
Debt instrument, redemption date							Apr. 01, 2015	Apr. 01, 2016
Debt Instrument, redemption percentage with equity offering proceeds, maximum							35.00%
Redemption price as percentage of principal amount upon the occurrence of change of control					101.00%

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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2012

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, 2012:

	Carrying		Fair
	Amount		Value
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	648,479	$	648,479
Liabilities:
Bank debt		1,166,341		1,166,341
7¼% Notes		245,454		280,938
5% Notes		500,000		498,440
Interest rate swap agreements		11,532		11,532
Natural gas swap agreements		838		838

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Stock-Based Compensation - Additional Information (Detail) (Restricted stock units, USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012 Year
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted in shares	188,900
Fair value of restricted stock units	$ 8.1
Restricted stock units, period of amortization (in years)	5

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Components of Net Periodic Benefit Costs (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,724	$ 3,770
Interest cost	6,909	7,170
Expected return on plan assets	(10,512)	(10,214)
Amortization of prior service cost (credit)	476	511
Amortization of actuarial losses	3,088	1,992
Net periodic benefit cost	3,685	3,229
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	227	259
Interest cost	569	657
Amortization of prior service cost (credit)	(654)	(642)
Amortization of actuarial losses	89	142
Net periodic benefit cost	$ 231	$ 416

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Acquisitions

3 Months Ended

Mar. 31, 2012

Acquisitions

Note 2.                 Acquisitions

In March 2012, we paid the deferred portion of the purchase price under our agreement to acquire the metal container operations of Vogel & Noot Holding AG, or VN, of €36.4 million ($47.6 million translated at the U.S. dollar exchange rate at the date of payment).

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Reportable Business Segment Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012		Mar. 31, 2011
Segment Reporting Information [Line Items]
Net sales	$ 768,357		$ 703,087
Depreciation and amortization	40,871	[1]	37,478	[1]
Rationalization charges	3,603		1,732
Segment income from operations	65,762		53,642	[2]
Metal Containers
Segment Reporting Information [Line Items]
Net sales	444,885		390,483
Depreciation and amortization	21,661	[1]	17,823	[1]
Segment income from operations	42,017		38,363	[2]
Closures
Segment Reporting Information [Line Items]
Net sales	162,965		160,042
Depreciation and amortization	8,271	[1]	8,116	[1]
Rationalization charges	2,141		1,076
Segment income from operations	18,020		15,816	[2]
Plastic Containers
Segment Reporting Information [Line Items]
Net sales	160,507		152,562
Depreciation and amortization	10,521	[1]	11,117	[1]
Rationalization charges	1,462		656
Segment income from operations	8,919		6,316	[2]
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	418	[1]	422	[1]
Segment income from operations	$ (3,194)		$ (6,853)	[2]

[1] Depreciation and amortization excludes amortization of debt discount and issuance costs of $1.3 million and $0.8 million for the three months ended March 31, 2012 and 2011, respectively.

[2] Income from operations for corporate includes costs attributable to announced acquisitions of $1.8 million.

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Activity in Rationalization Reserves (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								3 Months Ended
	Mar. 31, 2012	Mar. 31, 2012 Prior Years' Rationalization Plans	Mar. 31, 2012 2012 Rationalization Plans	Mar. 31, 2012 Employee Severance and Benefits	Mar. 31, 2012 Employee Severance and Benefits Prior Years' Rationalization Plans	Mar. 31, 2012 Employee Severance and Benefits 2012 Rationalization Plans	Mar. 31, 2012 Plant Exit Costs	Dec. 31, 2011 Plant Exit Costs	Mar. 31, 2012 Plant Exit Costs 2012 Rationalization Plans	Mar. 31, 2012 Non-Cash Asset Write-Down 2012 Rationalization Plans
Restructuring Cost and Reserve [Line Items]
Balance at December 31, 2011	$ 4,596			$ 4,385			$ 211	$ 211
Currency translation	69			69
Total activity	780			780
Balance at March 31, 2012	5,376			5,165			211	211
Rationalization Plan Reserves Established		525	3,078		525	2,314			559	205
Rationalization Plan Reserves Utilized		$ (1,794)	$ (1,098)		$ (1,794)	$ (334)			$ (559)	$ (205)

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Acquisitions - Additional Information (Detail) (Vogel & Noot Holding AG) In Millions, unless otherwise specified	Mar. 31, 2012 USD ($)	Mar. 31, 2012 EUR (€)
Business Acquisition [Line Items]
Business acquisition, cost of acquired entity, cash paid	$ 47.6	€ 36.4

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Reportable Business Segment Information (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Segment Reporting Information [Line Items]
Amortization of debt discount and issuance costs excluded from depreciation and amortization	$ 1.3	$ 0.8
Costs attributable to announced acquisitions		$ 1.8

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Rationalization Charges - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Restructuring Cost and Reserve [Line Items]
Rationalization charges	$ 3,603,000	$ 1,732,000
Breinigsville, (Allentown), PA Plastic Container Manufacturing Facility | 2012 Rationalization Plans
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated	32
Total estimated costs for rationalization of facility	2,800,000
Estimated employee severance and benefits cost	300,000
Estimated plant exit costs	1,900,000
Estimated non-cash write-down in carrying value of assets	600,000
Rationalization charges	1,000,000
Employee severance and benefits cost	200,000
Plant exit costs	600,000
Non-cash write-down in carrying value of assets	200,000
Expected rationalization charges	1,800,000
Rationalization charge, expected cash payments	2,200,000
US Corporate and European Closures Manufacturing Facilities | 2012 Rationalization Plans
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated	49
Estimated employee severance and benefits cost	3,800,000
Employee severance and benefits cost	2,100,000
Rationalization charge, cash payments	300,000
Expected rationalization charges	1,700,000
Rationalization charge, expected cash payments	$ 3,500,000

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Inventories (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011
Schedule of Inventory [Line Items]
Raw materials	$ 181,546	$ 191,590	$ 164,263
Work-in-process	129,396	116,790	118,024
Finished goods	458,987	327,810	428,008
Other	13,931	13,781	13,137
Inventory, Gross, Total	783,860	649,971	723,432
Adjustment to value inventory at cost on the LIFO method	(95,937)	(95,823)	(68,949)
Inventories	$ 687,923	$ 554,148	$ 654,483

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Significant Accounting Policies

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, 2011 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, 2011.

Certain prior years’ amounts have been reclassified to conform with the current year’s presentation.

Recently Adopted Accounting Pronouncement.  In June 2011, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, or ASU, which amends the guidance for presenting comprehensive income.  This amendment required us to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements effective January 1, 2012 with retrospective application required.  We have elected to present two consecutive statements.  Our adoption of this amendment did not have an effect on our financial position, results of operations or cash flows.

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Long-Term Debt (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011
Debt Instrument [Line Items]
Long-term debt	$ 1,911,795	$ 1,376,259	$ 1,443,002
Less current portion	331,008	87,776	520,285
Long-term debt, noncurrent	1,580,787	1,288,483	922,717
7 1/4% Senior Notes
Debt Instrument [Line Items]
Long-term debt	245,454	245,237	244,612
Less current portion	245,500
5% Senior Notes
Debt Instrument [Line Items]
Long-term debt	500,000
Bank debt
Debt Instrument [Line Items]
Long-term debt	1,166,341	1,131,022	1,198,390
Bank debt | Revolving loans
Debt Instrument [Line Items]
Long-term debt			440,163
Bank debt | U.S. term loans
Debt Instrument [Line Items]
Long-term debt	520,000	520,000	400,000
Bank debt | Canadian term loans
Debt Instrument [Line Items]
Long-term debt	80,943	79,323	83,130
Bank debt | Euro term loans
Debt Instrument [Line Items]
Long-term debt	444,713	433,825	176,413
Bank debt | Other foreign bank revolving and term loans
Debt Instrument [Line Items]
Long-term debt	$ 120,685	$ 97,874	$ 98,684

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Dividends - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended		1 Months Ended
	Mar. 26, 2012	Mar. 31, 2012	Mar. 31, 2011	May 10, 2012 Dividend Declared
Dividends Payable [Line Items]
Cash dividend paid, per share amount	$ 0.12	$ 0.12	$ 0.11
Dividends paid on common stock	$ 8,500,000	$ 8,487,000	$ 7,798,000
Cash dividend declared per share amount				$ 0.12
Cash dividend payable date				Jun. 15, 2012
Dividend payable, date of record for common stock holders				Jun. 01, 2012
Expected payment of quarterly dividend				$ 8,500,000

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011
Current assets:
Cash and cash equivalents	$ 648,479	$ 397,101	$ 135,782
Trade accounts receivable, net	368,199	339,909	377,875
Inventories	687,923	554,148	654,483
Prepaid expenses and other current assets	43,499	42,565	47,482
Total current assets	1,748,100	1,333,723	1,215,622
Property, plant and equipment, net	1,066,750	1,064,708	1,081,916
Goodwill	393,451	389,922	391,789
Other intangible assets, net	96,666	96,442	95,113
Other assets, net	112,861	94,292	70,649
Assets, Total	3,417,828	2,979,087	2,855,089
Current liabilities:
Revolving loans and current portion of long-term debt	331,008	87,776	520,285
Trade accounts payable	261,561	319,339	272,581
Accrued payroll and related costs	62,168	58,429	54,209
Accrued liabilities	68,727	129,945	81,731
Total current liabilities	723,464	595,489	928,806
Long-term debt	1,580,787	1,288,483	922,717
Other liabilities	419,437	437,121	415,794
Stockholders' equity:
Common stock	876	875	873
Paid-in capital	199,068	196,626	186,114
Retained earnings	927,250	902,987	759,237
Accumulated other comprehensive loss	(99,888)	(115,282)	(47,204)
Treasury stock	(333,166)	(327,212)	(311,248)
Total stockholders' equity	694,140	657,994	587,772
Liabilities and Equity, Total	$ 3,417,828	$ 2,979,087	$ 2,855,089

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Reconciliation of Segment Income from Operations to Income before Income Taxes (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment income from operations	$ 65,762	$ 53,642	[1]
Interest and other debt expense	15,588	13,940
Income before income taxes	$ 50,174	$ 39,702

[1] Income from operations for corporate includes costs attributable to announced acquisitions of $1.8 million.

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) In Thousands, except Share data	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock
Beginning Balance at Dec. 31, 2010	$ 553,599	$ 873	$ 183,524	$ 740,923	$ (63,026)	$ (308,695)
Beginning Balance (in shares) at Dec. 31, 2010		69,876,000
Net income	26,112			26,112
Other comprehensive income	15,822				15,822
Dividends declared on common stock	(7,798)			(7,798)
Stock compensation expense	3,204		3,204
Net issuance of treasury stock for vested restricted stock units, including tax benefit of $1,652 in 2011 and $829 in 2012 (in shares)		210,000
Net issuance of treasury stock for vested restricted stock units, including tax benefit of $1,652 in 2011 and $829 in 2012	(3,167)		(614)			(2,553)
Ending Balance at Mar. 31, 2011	587,772	873	186,114	759,237	(47,204)	(311,248)
Ending Balance (in shares) at Mar. 31, 2011		70,086,000
Beginning Balance at Dec. 31, 2011	657,994	875	196,626	902,987	(115,282)	(327,212)
Beginning Balance (in shares) at Dec. 31, 2011		69,884,000
Net income	32,750			32,750
Other comprehensive income	15,394				15,394
Dividends declared on common stock	(8,487)			(8,487)
Stock compensation expense	1,727		1,727
Stock option exercises, including tax benefit of $485 (in shares)		30,000
Stock option exercises, including tax benefit of $485	640	1	639
Net issuance of treasury stock for vested restricted stock units, including tax benefit of $1,652 in 2011 and $829 in 2012 (in shares)		74,000
Net issuance of treasury stock for vested restricted stock units, including tax benefit of $1,652 in 2011 and $829 in 2012	(863)		76			(939)
Repurchases of common stock (in shares)	(114,199)	(114,000)
Repurchases of common stock	(5,015)					(5,015)
Ending Balance at Mar. 31, 2012	$ 694,140	$ 876	$ 199,068	$ 927,250	$ (99,888)	$ (333,166)
Ending Balance (in shares) at Mar. 31, 2012		69,874,000

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Summary of Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012
Liabilities:
Derivative liabilities	$ 12,400
Carrying Amount
Assets:
Cash and cash equivalents	648,479
Carrying Amount | Interest rate swap agreements
Liabilities:
Derivative liabilities	11,532
Carrying Amount | Natural gas swap agreements
Liabilities:
Derivative liabilities	838
Carrying Amount | Bank debt
Liabilities:
Long term debt fair value	1,166,341
Carrying Amount | 7 1/4% Senior Notes
Liabilities:
Long term debt fair value	245,454
Carrying Amount | 5% Senior Notes
Liabilities:
Long term debt fair value	500,000
Fair Value
Assets:
Cash and cash equivalents	648,479
Fair Value | Interest rate swap agreements
Liabilities:
Derivative liabilities	11,532
Fair Value | Natural gas swap agreements
Liabilities:
Derivative liabilities	838
Fair Value | Bank debt
Liabilities:
Long term debt fair value	1,166,341
Fair Value | 7 1/4% Senior Notes
Liabilities:
Long term debt fair value	280,938
Fair Value | 5% Senior Notes
Liabilities:
Long term debt fair value	$ 498,440

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Rationalization Charges (Tables)

3 Months Ended

Mar. 31, 2012

Activity in Rationalization Plan Reserves

Activity in our rationalization reserves since December 31, 2011 is summarized as follows:

	Employee			Plant			Non-Cash
	Severance			Exit			Asset
	and Benefits			Costs			Write-Down			Total
	(Dollars in thousands)
Balance at December 31, 2011	$	4,385		$	211		$	-		$	4,596
Activity for the three months ended March 31, 2012
Prior years’ rationalization plan reserves established		525			-			-			525
Prior years’ rationalization plan reserves utilized		(1,794	)		-			-			(1,794	)
2012 rationalization plan reserves established		2,314			559			205			3,078
2012 rationalization plan reserves utilized		(334	)		(559	)		(205	)		(1,098	)
Currency translation		69			-			-			69
Total activity		780			-			-			780
Balance at March 31, 2012	$	5,165		$	211		$	-		$	5,376

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Financial Instruments - Additional Information (Detail)	3 Months Ended			3 Months Ended		3 Months Ended			3 Months Ended
	Mar. 31, 2012 USD ($)	Mar. 31, 2012 Accrued liabilities USD ($)	Mar. 31, 2012 Other liabilities USD ($)	Mar. 31, 2012 Interest rate swap agreements USD ($)	Mar. 31, 2012 Interest rate swap agreements EUR (€)	Mar. 31, 2012 Natural gas swap agreements USD ($) MMBtu	Mar. 31, 2012 Natural gas swap agreements Minimum	Mar. 31, 2012 Natural gas swap agreements Maximum	Mar. 31, 2012 Foreign Currency Exchange Rate Risk USD ($)
Derivative [Line Items]
Fair value of total outstanding swap agreements	$ 12,400,000	$ 5,400,000	$ 7,000,000
Amount of loss reclassified to earnings from derivatives component of accumulated other comprehensive (loss) income	800,000
Estimated amount of loss to be reclassified to earnings from derivatives component of accumulated other comprehensive (loss) income during the next twelve months	2,900,000
Aggregate notional principal amount of outstanding interest rate swap agreements					105,000,000
Percentage of hedged estimated twelve month exposure to fluctuations in natural gas prices						16.00%
Net payments under derivative swap agreements				1,000,000		500,000
Aggregate notional principal amount of natural gas swap agreements						707,000
Natural gas fixed prices per MMBtu							2.587	4.814
Foreign currency losses of net investment hedges included in accumulated other comprehensive (loss) income									$ 10,400,000

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2012

Long-Term Debt

Long-term debt consisted of the following:

	March 31,		March 31,		Dec. 31,
	2012		2011		2011
	(Dollars in thousands)
Bank debt
Bank revolving loans	$	-	$	440,163	$	-
U.S. term loans		520,000		400,000		520,000
Canadian term loans		80,943		83,130		79,323
Euro term loans		444,713		176,413		433,825
Other foreign bank revolving and term loans		120,685		98,684		97,874
Total bank debt		1,166,341		1,198,390		1,131,022
7¼% Senior Notes, net of unamortized discount		245,454		244,612		245,237
5% Senior Notes		500,000		-		-
Total debt		1,911,795		1,443,002		1,376,259
Less current portion		331,008		520,285		87,776
	$	1,580,787	$	922,717	$	1,288,483

Redemption Price of Notes Plus Accrued And Unpaid Interest Thereon to Redemption Date

The 5% Notes are redeemable, at the option of Silgan, in whole or in part, at any time after April 1, 2016 at the following redemption prices (expressed in percentages of principal amount) plus accrued and unpaid interest thereon to the redemption date if redeemed during the twelve month period commencing April 1, of the years set forth below:

Year	Redemption Price
2016	102.500%
2017	101.250%
2018 and thereafter	100.000%

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Stock option exercises, tax benefit	$ 485
Net issuance of treasury stock for vested restricted stock units, tax benefit	$ 829	$ 1,652

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net sales	$ 768,357	$ 703,087
Cost of goods sold	654,312	601,125
Gross profit	114,045	101,962
Selling, general and administrative expenses	44,680	46,588
Rationalization charges	3,603	1,732
Income from operations	65,762	53,642	[1]
Interest and other debt expense	15,588	13,940
Income before income taxes	50,174	39,702
Provision for income taxes	17,424	13,590
Net income	$ 32,750	$ 26,112
Earnings per share:
Basic net income per share	$ 0.47	$ 0.37
Diluted net income per share	$ 0.47	$ 0.37
Dividends per share	$ 0.12	$ 0.11
Weighted average number of shares:
Basic	69,940	69,983
Effect of dilutive securities	325	517
Diluted	70,265	70,500

[1] Income from operations for corporate includes costs attributable to announced acquisitions of $1.8 million.

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Treasury Stock

3 Months Ended

Mar. 31, 2012

Treasury Stock

Note 10.               Treasury Stock

On August 5, 2011, our Board of Directors authorized the repurchase of up to $300 million of our common stock, inclusive of prior authorizations, from time to time through and including December 31, 2014. Pursuant to this authorization, we repurchased 114,199 shares of our common stock at an average price per share of $43.92, for a total purchase price of $5.0 million, during the quarter ended March 31, 2012.

During the first three months of 2012, we issued 113,720 treasury shares which had an average cost of $6.63 per share for restricted stock units that vested during the period.  In accordance with the Silgan Holdings Inc. 2004 Stock Incentive Plan, we repurchased 39,510 shares of our common stock at an average cost of $42.83 to satisfy minimum employee withholding tax requirements resulting from certain restricted stock units becoming vested.  We account for the treasury shares using the first-in, first-out (FIFO) cost method.  As of March 31, 2012, 17,675,896 shares were held in treasury.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2012	Apr. 30, 2012
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Trading Symbol	SLGN
Entity Registrant Name	SILGAN HOLDINGS INC
Entity Central Index Key	0000849869
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		69,717,061

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation

Note 11.               Stock-Based Compensation

We currently have one stock-based compensation plan in effect, under which we have issued options and restricted stock units to our officers, other key employees and outside directors.  During the first quarter of 2012, 188,900 restricted stock units were granted to certain of our officers and key employees.  The fair value of these restricted stock units at the grant date was $8.1 million, which is being amortized ratably over the five-year vesting period from the grant date.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net income	$ 32,750	$ 26,112
Other comprehensive income (loss), net of tax:
Changes in net prior service credit and actuarial losses	1,851	1,240
Change in fair value of derivatives	(156)	2,179
Foreign currency translation	13,699	12,403
Other comprehensive income	15,394	15,822
Comprehensive income	$ 48,144	$ 41,934

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Long-Term Debt

3 Months Ended

Mar. 31, 2012

Long-Term Debt

Note 5.                 Long-Term Debt

Long-term debt consisted of the following:

	March 31,		March 31,		Dec. 31,
	2012		2011		2011
	(Dollars in thousands)
Bank debt
Bank revolving loans	$	-	$	440,163	$	-
U.S. term loans		520,000		400,000		520,000
Canadian term loans		80,943		83,130		79,323
Euro term loans		444,713		176,413		433,825
Other foreign bank revolving and term loans		120,685		98,684		97,874
Total bank debt		1,166,341		1,198,390		1,131,022
7¼% Senior Notes, net of unamortized discount		245,454		244,612		245,237
5% Senior Notes		500,000		-		-
Total debt		1,911,795		1,443,002		1,376,259
Less current portion		331,008		520,285		87,776
	$	1,580,787	$	922,717	$	1,288,483

At March 31, 2012, amounts expected to be repaid within one year consisted of $245.5 million of our 7¼% Senior Notes due 2016, or the 7¼% Notes, and $85.5 million of foreign bank revolving and term loans.

5% Senior Notes

On March 23, 2012, we issued $500 million aggregate principal amount of our 5% Senior Notes due 2020, or the 5% Notes, at 100 percent of their principal amount.  The 5% Notes are general unsecured obligations of Silgan, ranking equal in right of payment with Silgan’s unsecured unsubordinated indebtedness and ahead of Silgan’s subordinated debt, if any.  The 5% Notes are effectively subordinated to Silgan’s secured debt to the extent of the assets securing such debt and effectively subordinated to all obligations of the subsidiaries of Silgan.  Interest on the 5% Notes is payable semi-annually in cash on April 1 and October 1 of each year, and the 5% Notes mature on April 1, 2020.  Proceeds from the issuance of the 5% Notes were used in April 2012 to redeem all of the outstanding 7¼% Notes, to pay the applicable premium for such redemption, to pay related fees and expenses and for general corporate purposes.

The 5% Notes are redeemable, at the option of Silgan, in whole or in part, at any time after April 1, 2016 at the following redemption prices (expressed in percentages of principal amount) plus accrued and unpaid interest thereon to the redemption date if redeemed during the twelve month period commencing April 1, of the years set forth below:

Year	Redemption Price
2016	102.500%
2017	101.250%
2018 and thereafter	100.000%

In addition, prior to April 1, 2015, we may redeem up to 35 percent of the aggregate principal amount of the 5% Notes from the proceeds of certain equity offerings at a redemption price of 105 percent of their principal amount, plus accrued and unpaid interest to the date of redemption.  We may also redeem the 5% Notes, in whole or in part, prior to April 1, 2016 at a redemption price equal to 100 percent of their principal amount plus a make-whole premium as provided in the indenture for the 5% Notes.

Upon the occurrence of a change of control, as defined in the indenture for the 5% Notes, Silgan is required to make an offer to purchase the 5% Notes at a purchase price equal to 101 percent of their principal amount, plus accrued and unpaid interest to the date of purchase.

The indenture for the 5% Notes contains covenants which are generally less restrictive than those under our senior secured credit facility, or the Credit Agreement.

7¼% Senior Notes

On April 9, 2012, we redeemed all $250 million aggregate principal amount of our outstanding 7¼% Notes at a redemption price of 112.3715 percent of their principal amount, or $280.9 million, plus accrued and unpaid interest up to the redemption date.  As a result, during the second quarter of 2012, we will record a loss on early extinguishment of debt of $38.7 million for the premium paid in connection with this redemption and for the write-off of unamortized debt issuance costs and discount.

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Inventories

3 Months Ended

Mar. 31, 2012

Inventories

Note 4.                 Inventories

Inventories consisted of the following:

	March 31,			March 31,			Dec. 31,
	2012			2011			2011
	(Dollars in thousands)
Raw materials	$	181,546		$	164,263		$	191,590
Work-in-process		129,396			118,024			116,790
Finished goods		458,987			428,008			327,810
Other		13,931			13,137			13,781
		783,860			723,432			649,971
Adjustment to value inventory
at cost on the LIFO method		(95,937	)		(68,949	)		(95,823	)
	$	687,923		$	654,483		$	554,148

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Inventories (Tables)

3 Months Ended

Mar. 31, 2012

Inventories

Inventories consisted of the following:

	March 31,			March 31,			Dec. 31,
	2012			2011			2011
	(Dollars in thousands)
Raw materials	$	181,546		$	164,263		$	191,590
Work-in-process		129,396			118,024			116,790
Finished goods		458,987			428,008			327,810
Other		13,931			13,137			13,781
		783,860			723,432			649,971
Adjustment to value inventory
at cost on the LIFO method		(95,937	)		(68,949	)		(95,823	)
	$	687,923		$	654,483		$	554,148

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Business Segment Information

3 Months Ended

Mar. 31, 2012

Business Segment Information

Note 12.               Business Segment Information

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

	Metal				Plastic
	Containers		Closures		Containers		Corporate			Total
	(Dollars in thousands)
2012
Net sales	$	444,885	$	162,965	$	160,507	$	-		$	768,357
Depreciation and amortization(1)		21,661		8,271		10,521		418			40,871
Rationalization charges		-		2,141		1,462		-			3,603
Segment income from operations		42,017		18,020		8,919		(3,194	)		65,762
2011
Net sales	$	390,483	$	160,042	$	152,562	$	-		$	703,087
Depreciation and amortization(1)		17,823		8,116		11,117		422			37,478
Rationalization charges		-		1,076		656		-			1,732
Segment income from operations(2)		38,363		15,816		6,316		(6,853	)		53,642

_____________

(1)   Depreciation and amortization excludes amortization of debt discount and issuance costs of $1.3 million and $0.8 million for the three months ended March 31, 2012 and 2011, respectively.

(2)   Income from operations for corporate includes costs attributable to announced acquisitions of $1.8 million.

Total segment income from operations is reconciled to income before income taxes for the three months ended March 31 as follows:

	2012		2011
	(Dollars in thousands)
Total segment income from operations	$	65,762	$	53,642
Interest and other debt expense		15,588		13,940
Income before income taxes	$	50,174	$	39,702

Sales and income from operations of our metal container and closures businesses 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 income from operations during that quarter.

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Income Taxes

3 Months Ended

Mar. 31, 2012

Income Taxes

Note 8.                 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 commenced an examination of Silgan’s income tax return for the periods ended December 31, 2004 through December 31, 2010.  It is reasonably possible that this IRS audit and IRS audits for prior periods will be concluded within the next twelve months, and that the conclusion of these audits may result in a significant change to our reported unrecognized tax benefits.  Due to the ongoing nature of these audits, we are unable to estimate the amount of this potential impact.

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Financial Instruments

3 Months Ended

Mar. 31, 2012

Financial Instruments

Note 6.                 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, 2012:

	Carrying		Fair
	Amount		Value
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	648,479	$	648,479
Liabilities:
Bank debt		1,166,341		1,166,341
7¼% Notes		245,454		280,938
5% Notes		500,000		498,440
Interest rate swap agreements		11,532		11,532
Natural gas swap agreements		838		838

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 are measured on a recurring basis at March 31, 2012 consist of our cash and cash equivalents, interest rate swap agreements and natural gas swap agreements.  We measured the fair value of cash and cash equivalents using Level 1 inputs.  We measured the fair value of the swap agreements using the income approach.  The fair value of these agreements reflects the estimated amounts that we would pay based on the present value of the expected cash flows derived from market interest rates and prices.  As such, these derivative instruments are classified within Level 2.

Financial Instruments Not Measured at Fair Value

Our bank debt, 7¼% Notes and 5% Notes are recorded at historical amounts in our Condensed Consolidated Balance Sheets, as we have not elected to record them at fair value.  For purposes of the table above, we measured the fair value of our variable rate bank debt using Level 2 inputs and the fair values of our 7¼% Notes and 5% Notes using Level 1 inputs.

Derivative Instruments and Hedging Activities

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

We utilize certain derivative financial instruments to manage a portion of our interest rate and natural gas cost exposures.  We 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 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) income.  We generally do not utilize external derivative financial instruments to manage our foreign currency exchange rate risk.

Our interest rate and natural gas swap agreements are accounted for as cash flow hedges.  During the first three months of 2012, our hedges were fully effective.The fair value of our outstanding swap agreements in effect at March 31, 2012 was recorded in our Condensed Consolidated Balance Sheet as a liability of $12.4 million, of which $5.4 million was included in accrued liabilities and $7.0 million was included in other liabilities.

The amount reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive (loss) income for the three months ended March 31, 2012 was a loss of $0.8 million, net of income taxes.  We estimate that we will reclassify losses of $2.9 million, net of income taxes, from the change in fair value of derivatives component of accumulated other comprehensive (loss) income to earnings during the next twelve months.  The actual amount that will be reclassified to earnings will vary from this amount as a result of changes in market conditions.

Interest Rate Swap Agreements

We have entered into Euro interest rate swap agreements to manage a portion of our exposure to interest rate fluctuations.  At March 31, 2012, the aggregate notional principal amount of our outstanding interest rate swap agreements was €105.0 million.  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.  For the three months ended March 31, 2012, net payments under our interest rate swap agreements were $1.0 million.  These agreements are with a financial institution which is expected to fully perform under the terms thereof.

Natural Gas Swap Agreements

We have entered into natural gas swap agreements with a major financial institution to manage a portion of our exposure to fluctuations in natural gas prices.  At March 31, 2012, the aggregate notional principal amount of our natural gas swap agreements was 707,000 MMBtu of natural gas with fixed prices ranging from $2.587 to $4.814 per MMBtu, which hedges approximately 16 percent of our estimated twelve month 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.  For the three months ended March 31, 2012, net payments under our natural gas swap agreements were $0.5 million.   These agreements are with a financial institution which is expected to fully perform under the terms thereof.

Foreign Currency Exchange Rate Risk

In an effort to minimize foreign currency exchange rate risk, we have initially financed acquisitions of foreign operations primarily with loans borrowed under the Credit Agreement denominated in Euros and Canadian dollars.  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.  We have designated substantially all of our Euro denominated borrowings under our Credit Agreement as net investment hedges.  Foreign currency losses related to our net investment hedges included in accumulated other comprehensive (loss) income for the three months ended March 31, 2012 were $10.4 million.

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Retirement Benefits

3 Months Ended

Mar. 31, 2012

Retirement Benefits

Note 7.                 Retirement Benefits

The components of the net periodic benefit costs for the three months ended March 31 are as follows:

							Other
	Pension Benefits						Postretirement Benefits
	2012			2011			2012			2011
	(Dollars in thousands)
Service cost	$	3,724		$	3,770		$	227		$	259
Interest cost		6,909			7,170			569			657
Expected return on plan assets		(10,512	)		(10,214	)		-			-
Amortization of prior service cost (credit)		476			511			(654	)		(642	)
Amortization of actuarial losses		3,088			1,992			89			142
Net periodic benefit cost	$	3,685		$	3,229		$	231		$	416

As previously disclosed in our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011, there are no significant minimum required contributions to our pension plans in 2012.  In March and April 2012, we made voluntary contributions to our domestic pension benefit plans of $30.0 million and $46.0 million, respectively.

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Dividends

3 Months Ended

Mar. 31, 2012

Dividends

Note 9.                 Dividends

On March 26, 2012, we paid a quarterly cash dividend on our common stock of $0.12 per share, as approved by our Board of Directors.  The aggregate cash payment related to this dividend totaled $8.5 million.

On May 10, 2012, our Board of Directors declared a quarterly cash dividend on our common stock of $0.12 per share, payable on June 15, 2012 to holders of record of our common stock on June 1, 2012.  The cash payment related to this dividend is expected to be $8.5 million.

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Redemption Price of Notes Plus Accrued and Unpaid Interest Thereon to Redemption Date (Detail) (5% Senior Notes)	Mar. 31, 2012
Redemption 2016
Debt Instrument [Line Items]
Redemption price as percentage of principal amount	102.50%
Redemption 2017
Debt Instrument [Line Items]
Redemption price as percentage of principal amount	101.25%
Redemption 2018 and Thereafter
Debt Instrument [Line Items]
Redemption price as percentage of principal amount	100.00%

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2012

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, 2011 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, 2011.

Certain prior years’ amounts have been reclassified to conform with the current year’s presentation.

Recently Adopted Accounting Pronouncement

Recently Adopted Accounting Pronouncement.  In June 2011, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, or ASU, which amends the guidance for presenting comprehensive income.  This amendment required us to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements effective January 1, 2012 with retrospective application required.  We have elected to present two consecutive statements.  Our adoption of this amendment did not have an effect on our financial position, results of operations or cash flows.

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Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2012

Components of Net Periodic Benefit Costs

The components of the net periodic benefit costs for the three months ended March 31 are as follows:

							Other
	Pension Benefits						Postretirement Benefits
	2012			2011			2012			2011
	(Dollars in thousands)
Service cost	$	3,724		$	3,770		$	227		$	259
Interest cost		6,909			7,170			569			657
Expected return on plan assets		(10,512	)		(10,214	)		-			-
Amortization of prior service cost (credit)		476			511			(654	)		(642	)
Amortization of actuarial losses		3,088			1,992			89			142
Net periodic benefit cost	$	3,685		$	3,229		$	231		$	416

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Treasury Stock - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended
	Aug. 05, 2011	Mar. 31, 2012
Equity, Class of Treasury Stock [Line Items]
Authorization to repurchase common stock	$ 300,000,000
Repurchase of common stock, shares		114,199
Repurchase of common stock, average cost per share		$ 43.92
Repurchase of common stock, Value		$ 5,015,000
Treasury shares issued		113,720
Issuance of treasury shares, average cost per share		$ 6.63
Shares repurchased to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested		39,510
Common stock repurchased, average cost		$ 42.83
Shares held in treasury		17,675,896

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows provided by (used in) operating activities:
Net income	$ 32,750	$ 26,112
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	42,176	38,266
Rationalization charges	3,603	1,732
Excess tax benefit from stock-based compensation	(1,268)	(1,652)
Other changes that provided (used) cash, net of effects from acquisitions:
Trade accounts receivable, net	(27,570)	(69,787)
Inventories	(129,525)	(114,221)
Trade accounts payable	3,469	43,324
Accrued liabilities	(11,898)	3,077
Contributions to domestic pension benefit plans	(30,000)
Other, net	12,752	14,231
Net cash used in operating activities	(105,511)	(58,918)
Cash flows provided by (used in) investing activities:
Purchases of businesses, net of cash acquired	(50,975)	(264,367)
Capital expenditures	(26,332)	(33,463)
Proceeds from asset sales	175	153
Net cash used in investing activities	(77,132)	(297,677)
Cash flows provided by (used in) financing activities:
Borrowings under revolving loans	4,991	617,305
Repayments under revolving loans	(10,913)	(167,062)
Proceeds from issuance of long-term debt	526,550	4,210
Repayments of long-term debt		(25,213)
Debt issuance costs	(9,643)
Changes in outstanding checks - principally vendors	(63,193)	(101,124)
Dividends paid on common stock	(8,487)	(7,798)
Proceeds from stock option exercises	155
Excess tax benefit from stock-based compensation	1,268	1,652
Repurchase of common stock under stock plan	(1,692)	(4,819)
Repurchase of common stock under share repurchase authorization	(5,015)
Net cash provided by financing activities	434,021	317,151
Cash and cash equivalents:
Net increase (decrease)	251,378	(39,444)
Balance at beginning of year	397,101	175,226
Balance at end of period	648,479	135,782
Interest paid, net	18,566	17,387
Income taxes paid, net	$ 14,083	$ 822

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Rationalization Charges

3 Months Ended

Mar. 31, 2012

Rationalization Charges

Note 3.                 Rationalization Charges

As part of our plans to rationalize certain facilities, we have established reserves for employee severance and benefits and plant exit costs.  Activity in our rationalization reserves since December 31, 2011 is summarized as follows:

	Employee			Plant			Non-Cash
	Severance			Exit			Asset
	and Benefits			Costs			Write-Down			Total
	(Dollars in thousands)
Balance at December 31, 2011	$	4,385		$	211		$	-		$	4,596
Activity for the three months ended March 31, 2012
Prior years’ rationalization plan reserves established		525			-			-			525
Prior years’ rationalization plan reserves utilized		(1,794	)		-			-			(1,794	)
2012 rationalization plan reserves established		2,314			559			205			3,078
2012 rationalization plan reserves utilized		(334	)		(559	)		(205	)		(1,098	)
Currency translation		69			-			-			69
Total activity		780			-			-			780
Balance at March 31, 2012	$	5,165		$	211		$	-		$	5,376

Rationalization reserves as of March 31, 2012 and December 31, 2011 are included in the Condensed Consolidated Balance Sheets as accrued liabilities.

2012 Rationalization Plans

In the first quarter of 2012, we announced a plan to exit our Breinigsville (Allentown), PA plastic container manufacturing facility.  Our plan included the termination of approximately 32 employees and other related plant exit costs.  The total costs for the rationalization of this facility of $2.8 million consist of $0.3 million for employee severance and benefits, $1.9 million for plant exit costs and $0.6 million for the non-cash write-down in carrying value of assets.  Through March 31, 2012, we recognized a total of $1.0 million of costs, which consisted of $0.2 million of employee severance and benefits, $0.6 million for plant exit costs and $0.2 million for the non-cash write-down in carrying value of assets.  Remaining expenses and cash expenditures of $1.8 million and $2.2 million, respectively, are expected primarily in 2012.

In the first quarter of 2012, we announced plans to reduce costs in the U.S. corporate office and European manufacturing facilities of our closures business through the termination of approximately 49 employees, with total estimated costs of $3.8 million for employee severance and benefits.  Through March 31, 2012, we recognized a total of $2.1 million of costs and made cash payments of $0.3 million.  Remaining expenses and cash expenditures of $1.7 million and $3.5 million, respectively, are expected primarily in 2012.

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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Reportable Business Segment Information

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

	Metal				Plastic
	Containers		Closures		Containers		Corporate			Total
	(Dollars in thousands)
2012
Net sales	$	444,885	$	162,965	$	160,507	$	-		$	768,357
Depreciation and amortization(1)		21,661		8,271		10,521		418			40,871
Rationalization charges		-		2,141		1,462		-			3,603
Segment income from operations		42,017		18,020		8,919		(3,194	)		65,762
2011
Net sales	$	390,483	$	160,042	$	152,562	$	-		$	703,087
Depreciation and amortization(1)		17,823		8,116		11,117		422			37,478
Rationalization charges		-		1,076		656		-			1,732
Segment income from operations(2)		38,363		15,816		6,316		(6,853	)		53,642

_____________

(1)   Depreciation and amortization excludes amortization of debt discount and issuance costs of $1.3 million and $0.8 million for the three months ended March 31, 2012 and 2011, respectively.

(2)   Income from operations for corporate includes costs attributable to announced acquisitions of $1.8 million.

Reconciliation of Segment Income from Operations to Income before Income Taxes

Total segment income from operations is reconciled to income before income taxes for the three months ended March 31 as follows:

	2012		2011
	(Dollars in thousands)
Total segment income from operations	$	65,762	$	53,642
Interest and other debt expense		15,588		13,940
Income before income taxes	$	50,174	$	39,702

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Retirement Benefits - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	1 Months Ended
	Mar. 31, 2012	Apr. 30, 2012 Defined Contribution Pension
Defined Benefit Plan Disclosure [Line Items]
Contributions to domestic pension benefits plans	$ 30.0	$ 46.0

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Subsequent Event

3 Months Ended

Mar. 31, 2012

Subsequent Event

Note 13.               Subsequent Event

On April 9, 2012, we redeemed all of our outstanding 7¼% Notes with proceeds from the 5% Notes.  See Note 5 for further information.