SILGAN HOLDINGS INCSLGN

SILGAN HOLDINGS INC New Standards Disclosure

10-KFiled Feb 23, 20231 min read
Recently Adopted Accounting Pronouncements. In June 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that amends the guidance on the accounting for credit losses on financial instruments. This new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables. We adopted this new standard on January 1, 2020, using the transition method which allowed us to recognize the effects of applying this standard as a cumulative effect to retained earnings as of January 1, 2020. As a result of the adoption of this standard, we reduced retained earnings by $0.7 million as of January 1, 2020. The adoption of this standard did not have a material impact on our financial position, results of operations or cash flows.
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Historical Timeline

Fiscal YearFiled
2022Feb 23, 2023Showing above
2021Feb 24, 2022
2020Feb 25, 2021
2019Mar 2, 2020
2018Feb 28, 2019
2017Mar 1, 2018
2016Mar 1, 2017
2015Feb 25, 2016

About New Standards Disclosures

New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.

Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.

Other Available Disclosures

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