Silgan Holdings (SLGN) risk factors, FY2025 10-K

Silgan Holdings's FY2025 10-K, filed Feb 26, 2026, lists 28 risk factors in 7 groups. Against the prior year's 25: 4 new, 1 dropped, 10 substantially reworded.

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Risk factors listed
287 groups
New this year
4vs 25 last year
Dropped
1since the prior 10-K
Substantially reworded
10of those kept
Section length
8k wordsItem 1A

What the changes say

  • Silgan Holdings expanded international operations and debt levels while grappling with supply chain disruptions, energy costs, and labor availability.

What changed since the prior 10-K

New

  • NewRISKS RELATED TO BUSINESS, OPERATIONS AND CERTAIN FINANCIAL MATTERS

    demand. Any such occurrences, events or disruptions could have a material adverse impact on our business, financial condition or results of operations

    Supply chain challenges, inflation, and geopolitical conflicts have caused longer lead times and higher costs for equipment and operations.

  • NewRISKS RELATED TO BUSINESS, OPERATIONS AND CERTAIN FINANCIAL MATTERS

    In addition, our businesses may be adversely affected by changes in the availability or cost of certain resources that are necessary to produce and supply our products (including electrical power, natural gas, and oil)

    Energy availability and costs, particularly natural gas in Europe affected by the Russia-Ukraine conflict, could interrupt our manufacturing.

  • NewRISKS RELATED TO EMPLOYEES AND PENSION OBLIGATIONS

    with the necessary skills to replace those employees. Prolonged work stoppages at our facilities could have a material adverse effect on our business, financial condition or results of operations

    Tightened labor markets in the U.S. and Europe could make it difficult to find and retain qualified employees.

  • NewRISKS RELATED TO INTERNATIONAL OPERATIONS

    facilities in Russia at the beginning of 2023, resulting in a reduction in net sales in our metal containers segment of $54.3 million in 2023 as compared to 2022

    Operating in foreign countries exposes us to political instability, regulatory changes, and wars, such as the reduction of net sales by $54.3 million from facilities in Russia.

Dropped

  • DroppedRISKS RELATED TO BUSINESS, OPERATIONS AND CERTAIN FINANCIAL MATTERS

    commerce and travel, or cause an economic downturn or otherwise negatively impact consumer behavior and demand. Any such occurrences, events or disruptions could have a material adverse impact on our business, financial condition or results of operations

Reworded

  • 75% rewrittenRISKS RELATED TO INTERNATIONAL OPERATIONS

    OUR INTERNATIONAL OPERATIONS ARE SUBJECT TO VARIOUS RISKS THAT MAY ADVERSELY AFFECT OUR FINANCIAL RESULTS

    International net sales increased to $2.09 billion (32 percent of total) in 2025 across 64 facilities, up from $1.69 billion (29 percent) across 63 facilities.

  • 54% rewrittenRISKS RELATED TO BUSINESS, OPERATIONS AND CERTAIN FINANCIAL MATTERS

    THE COST OF PRODUCING AND SUPPLYING , AND THE AVAILABILITY AND COST OF CERTAIN RESOURCES NECESSARY TO PRODUCE AND SUPPLY, OUR PRODUCTS MAY BE ADVERSELY AFFECTED BY VARIOUS FACTORS

    Heading and text maintained similar focus on raw material, energy, and freight cost volatility with pass-through pricing limits.

  • 45% rewrittenRISKS RELATED TO EMPLOYEES AND PENSION OBLIGATIONS

    PROLONGED WORK STOPPAGES AT OUR FACILITIES WITH UNIONIZED LABOR OR OTHER WORK OR LABOR INTERRUPTIONS, INCLUDING DUE TO PANDEMICS, COULD ADVERSELY IMPACT OUR FINANCIAL CONDITION

    Unionized hourly representation shifted to 31 percent in the U.S. and Canada, with labor contracts now expiring between 2026 and 2031.

    Was: PROLONGED WORK STOPPAGES AT OUR FACILITIES WITH UNIONIZED LABOR OR OTHER WORK OR LABOR INTERRUPTIONS, INCLUDING DUE TO PANDEMICS, COULD JEOPARDIZE OUR FINANCIAL CONDITION

  • 37% rewrittenRISKS RELATED TO OUR INDEBTEDNESS

    OUR INDEBTEDNESS COULD ADVERSELY AFFECT OUR CASH FLOW

    Total consolidated indebtedness reached $4.36 billion alongside $1.08 billion in cash and cash equivalents at the end of 2025.

  • 25% rewrittenRISKS RELATED TO OUR INDEBTEDNESS

    DESPITE OUR CURRENT LEVELS OF INDEBTEDNESS, WE MAY INCUR ADDITIONAL DEBT IN THE FUTURE, WHICH COULD INCREASE THE RISKS ASSOCIATED WITH OUR LEVERAGE

    Retained details regarding the €868.0 million Weener Packaging acquisition financing and subsequent €900.0 million term loan refinancing.

  • 24% rewrittenRISKS RELATED TO OUR INDEBTEDNESS

    UPON THE OCCURRENCE OF CERTAIN CHANGE OF CONTROL EVENTS, WE MAY NOT BE ABLE TO SATISFY ALL OF OUR OBLIGATIONS UNDER OUR CREDIT AGREEMENT AND INDENTURES

    Updated note references to include the 4¼% Notes and remove the 3¼% Notes regarding change of control repurchase obligations.

  • 24% rewrittenRISKS RELATED TO EMPLOYEES AND PENSION OBLIGATIONS

    IF THE INVESTMENTS IN OUR U.S. PENSION BENEFIT PLANS DO NOT PERFORM AS EXPECTED, WE MAY HAVE TO CONTRIBUTE ADDITIONAL AMOUNTS TO THESE PLANS, WHICH WOULD OTHERWISE BE AVAILABLE TO COVER OPERATING AND OTHER EXPENSES

    Retained liability-driven investment strategy details for U.S. defined benefit pension plans established in 2023.

  • 23% rewrittenRISKS RELATED TO BUSINESS, OPERATIONS AND CERTAIN FINANCIAL MATTERS

    WE MAY BE UNABLE TO ACHIEVE, OR MAY BE DELAYED IN ACHIEVING, ADEQUATE RETURNS FROM OUR EFFORTS TO OPTIMIZE OUR OPERATIONS, WHICH COULD ADVERSELY AFFECT OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION

    Updated to include recent optimization plans for European metal closures operations involving the planned closure of one facility.

  • 23% rewrittenRISKS RELATED TO BUSINESS, OPERATIONS AND CERTAIN FINANCIAL MATTERS

    GLOBAL ECONOMIC CONDITIONS, DISRUPTIONS IN CREDIT MARKETS AND IN MARKETS GENERALLY COULD ADVERSELY AFFECT OUR BUSINESS, FINANCIAL CONDITION OR RESULTS OF OPERATIONS

    Was: GLOBAL ECONOMIC CONDITIONS, DISRUPTIONS IN CREDIT MARKETS AND IN MARKETS GENERALLY AND THE INSTABILITY OF THE EURO COULD ADVERSELY AFFECT OUR BUSINESS, FINANCIAL CONDITION OR RESULTS OF OPERATIONS

  • 22% rewrittenRISKS RELATED TO BUSINESS, OPERATIONS AND CERTAIN FINANCIAL MATTERS

    IF WE WERE REQUIRED TO WRITE-DOWN ALL OR PART OF OUR GOODWILL OR TRADE NAMES, OUR NET INCOME AND NET WORTH COULD BE MATERIALLY ADVERSELY AFFECTED

All 28 risk factors

Headings as the filing states them, in filing order.

RISKS RELATED TO BUSINESS, OPERATIONS AND CERTAIN FINANCIAL MATTERS

  1. 01WE FACE COMPETITION FROM MANY COMPANIES AND WE MAY LOSE SALES OR EXPERIENCE LOWER MARGINS ON SALES AS A RESULT OF SUCH COMPETITION
  2. 02DEMAND FOR OUR PRODUCTS COULD BE AFFECTED BY CHANGES IN LAWS AND REGULATIONS APPLICABLE TO FOOD AND BEVERAGES AND CHANGES IN CONSUMER PREFERENCES
  3. 03OUR FINANCIAL RESULTS COULD BE ADVERSELY AFFECTED IF WE ARE NOT ABLE TO OBTAIN SUFFICIENT QUANTITIES OF RAW MATERIALS OR MAINTAIN OUR ABILITY TO PASS RAW MATERIAL PRICE INCREASES THROUGH TO OUR CUSTOMERS
  4. 04GLOBAL ECONOMIC CONDITIONS, DISRUPTIONS IN CREDIT MARKETS AND IN MARKETS GENERALLY COULD ADVERSELY AFFECT OUR BUSINESS, FINANCIAL CONDITION OR RESULTS OF OPERATIONS23% rewritten
  5. 05demand. Any such occurrences, events or disruptions could have a material adverse impact on our business, financial condition or results of operationsNew
  6. 06A SUBSTANTIALLY LOWER THAN NORMAL CROP YIELD MAY REDUCE DEMAND FOR OUR METAL CONTAINERS AND CLOSURES FOR FOOD PRODUCTS
  7. 07THE SEASONALITY OF THE FRUIT AND VEGETABLE PACKING INDUSTRY CAUSES US TO INCUR SHORT-TERM DEBT
  8. 08THE COST OF PRODUCING AND SUPPLYING , AND THE AVAILABILITY AND COST OF CERTAIN RESOURCES NECESSARY TO PRODUCE AND SUPPLY, OUR PRODUCTS MAY BE ADVERSELY AFFECTED BY VARIOUS FACTORS54% rewritten
  9. 09In addition, our businesses may be adversely affected by changes in the availability or cost of certain resources that are necessary to produce and supply our products (including electrical power, natural gas, and oil)New
  10. 10WE MAY BE UNABLE TO ACHIEVE, OR MAY BE DELAYED IN ACHIEVING, ADEQUATE RETURNS FROM OUR EFFORTS TO OPTIMIZE OUR OPERATIONS, WHICH COULD ADVERSELY AFFECT OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION23% rewritten
  11. 11IF WE WERE REQUIRED TO WRITE-DOWN ALL OR PART OF OUR GOODWILL OR TRADE NAMES, OUR NET INCOME AND NET WORTH COULD BE MATERIALLY ADVERSELY AFFECTED22% rewritten
  12. 12INCREASED INFORMATION TECHNOLOGY SECURITY THREATS AND MORE SOPHISTICATED AND TARGETED COMPUTER CRIME COULD POSE A RISK TO OUR SYSTEMS, NETWORKS, PRODUCTS, SOLUTIONS AND SERVICES

RISKS RELATED TO OUR INDEBTEDNESS

  1. 13OUR INDEBTEDNESS COULD ADVERSELY AFFECT OUR CASH FLOW37% rewritten
  2. 14DESPITE OUR CURRENT LEVELS OF INDEBTEDNESS, WE MAY INCUR ADDITIONAL DEBT IN THE FUTURE, WHICH COULD INCREASE THE RISKS ASSOCIATED WITH OUR LEVERAGE25% rewritten
  3. 15THE TERMS OF OUR DEBT INSTRUMENTS RESTRICT THE MANNER IN WHICH WE CONDUCT OUR BUSINESS AND MAY LIMIT OUR ABILITY TO IMPLEMENT ELEMENTS OF OUR GROWTH STRATEGY
  4. 16UPON THE OCCURRENCE OF CERTAIN CHANGE OF CONTROL EVENTS, WE MAY NOT BE ABLE TO SATISFY ALL OF OUR OBLIGATIONS UNDER OUR CREDIT AGREEMENT AND INDENTURES24% rewritten

RISKS RELATED TO ACQUISITIONS

  1. 17WE MAY NOT BE ABLE TO PURSUE OUR GROWTH STRATEGY BY ACQUISITION
  2. 18FUTURE ACQUISITIONS MAY CREATE RISKS AND UNCERTAINTIES THAT COULD ADVERSELY AFFECT OUR OPERATING RESULTS AND DIVERT OUR MANAGEMENT’S ATTENTION

RISKS RELATED TO EMPLOYEES AND PENSION OBLIGATIONS

  1. 19IF WE ARE UNABLE TO RETAIN KEY MANAGEMENT, WE MAY BE ADVERSELY AFFECTED
  2. 20PROLONGED WORK STOPPAGES AT OUR FACILITIES WITH UNIONIZED LABOR OR OTHER WORK OR LABOR INTERRUPTIONS, INCLUDING DUE TO PANDEMICS, COULD ADVERSELY IMPACT OUR FINANCIAL CONDITION45% rewritten
  3. 21with the necessary skills to replace those employees. Prolonged work stoppages at our facilities could have a material adverse effect on our business, financial condition or results of operationsNew
  4. 22IF THE INVESTMENTS IN OUR U.S. PENSION BENEFIT PLANS DO NOT PERFORM AS EXPECTED, WE MAY HAVE TO CONTRIBUTE ADDITIONAL AMOUNTS TO THESE PLANS, WHICH WOULD OTHERWISE BE AVAILABLE TO COVER OPERATING AND OTHER EXPENSES24% rewritten
  5. 23WE PARTICIPATE IN MULTIEMPLOYER PENSION PLANS UNDER WHICH, IN THE EVENT OF CERTAIN CIRCUMSTANCES, WE COULD INCUR ADDITIONAL LIABILITIES WHICH MAY BE MATERIAL AND MAY NEGATIVELY AFFECT OUR FINANCIAL RESULTS

RISKS RELATED TO INTERNATIONAL OPERATIONS

  1. 24OUR INTERNATIONAL OPERATIONS ARE SUBJECT TO VARIOUS RISKS THAT MAY ADVERSELY AFFECT OUR FINANCIAL RESULTS75% rewritten
  2. 25facilities in Russia at the beginning of 2023, resulting in a reduction in net sales in our metal containers segment of $54.3 million in 2023 as compared to 2022New
  3. 26WE ARE SUBJECT TO THE EFFECTS OF FLUCTUATIONS IN FOREIGN CURRENCY EXCHANGE RATES

RISKS RELATED TO LEGAL AND REGULATORY MATTERS

  1. 27WE ARE SUBJECT TO COSTS AND LIABILITIES RELATED TO ENVIRONMENTAL AND HEALTH AND SAFETY LAWS AND REGULATIONS AND RISKS RELATED TO LEGAL PROCEEDINGS, AND WE MAY BE IMPACTED BY NEW, CHANGED OR INCREASED REGULATIONS OR REQUIREMENTS RELATING TO ENVIRONMENTAL MATTERS

RISKS RELATED TO OUR COMMON STOCK

  1. 28ANTI-TAKEOVER PROVISIONS IN OUR AMENDED AND RESTATED CERTIFICATE OF INCORPORATION AND OUR AMENDED AND RESTATED BY-LAWS COULD HAVE THE EFFECT OF DISCOURAGING, DELAYING OR PREVENTING A MERGER OR ACQUISITION. ANY OF THESE EFFECTS COULD ADVERSELY AFFECT THE MARKET PRICE OF OUR COMMON STOCK

Other Silgan Holdings 10-Ks

  • FY2024 10-K risk factors
    25 risks

    High debt load of $4.15 billion creates significant leverage risks and constrains future acquisition strategies. Extensive reliance on raw materials like steel, aluminum, and plastic resins exposes margins to volatility. International operations spanning 25 countries subject financial results to foreign currency and geopolitical risks.

    Filed Feb 27, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.