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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2013
SEGMENT INFORMATION |
Financial information regarding the Company's reportable segments |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Total Revenue: |  |  |  |  |  |  |  |  |
Beauty + Home |  | $ | 378,828 |  | $ | 372,853 |  | $ | 746,011 |  | $ | 753,689 |
Pharma |  | 182,995 |  | 133,033 |  | 351,888 |  | 273,234 |
Food + Beverage |  | 83,570 |  | 75,684 |  | 168,903 |  | 151,506 |
Total Revenue |  | 645,393 |  | 581,570 |  | 1,266,802 |  | 1,178,429 |
Less: Intersegment Sales: |  |  |  |  |  |  |  |  |
Beauty + Home |  | $ | 3,844 |  | $ | 3,569 |  | $ | 7,555 |  | $ | 7,254 |
Pharma |  | 64 |  | 54 |  | 88 |  | 212 |
Food + Beverage |  | 44 |  | 444 |  | 85 |  | 962 |
Total Intersegment Sales |  | $ | 3,952 |  | $ | 4,067 |  | $ | 7,728 |  | $ | 8,428 |
Net Sales: |  |  |  |  |  |  |  |  |
Beauty + Home |  | $ | 374,984 |  | $ | 369,284 |  | $ | 738,456 |  | $ | 746,435 |
Pharma |  | 182,931 |  | 132,979 |  | 351,800 |  | 273,022 |
Food + Beverage |  | 83,526 |  | 75,240 |  | 168,818 |  | 150,544 |
Net Sales |  | $ | 641,441 |  | $ | 577,503 |  | $ | 1,259,074 |  | $ | 1,170,001 |
Segment Income (1): |  |  |  |  |  |  |  |  |
Beauty + Home |  | $ | 30,339 |  | $ | 33,546 |  | $ | 54,754 |  | $ | 66,518 |
Pharma |  | 50,437 |  | 31,110 |  | 96,417 |  | 70,482 |
Food + Beverage |  | 11,864 |  | 7,744 |  | 20,414 |  | 14,532 |
Restructuring Initiatives and Related Depreciation |  | (3,067 | ) | 215 |  | (7,593 | ) | 215 |
Corporate & Other |  | (8,707 | ) | (6,964 | ) | (19,492 | ) | (15,605 | )
Income before interest and taxes |  | $ | 80,866 |  | $ | 65,651 |  | $ | 144,500 |  | $ | 136,142 |
Interest expense, net |  | (4,596 | ) | (3,110 | ) | (8,828 | ) | (7,324 | )
Income before income taxes |  | $ | 76,270 |  | $ | 62,541 |  | $ | 135,672 |  | $ | 128,818 |
(1) The Company evaluates performance of its business units and allocates resources based upon segment income. Segment income is defined as earnings before net interest expense, certain corporate expenses, restructuring initiatives and income taxes. Restructuring Initiatives and Related Depreciation includes the following income/(expense) items for the three and six months ended June 30, 2013 as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
European Operations Optimization (“EOO”) Plan |  |  |  |  |  |  |  |  |
Depreciation |  | $ | 556 |  | $ | -- |  | $ | 1,015 |  | $ | -- |
Employee Severance and Other Costs |  | 2,555 |  | -- |  | 6,622 |  | -- |
Prior Year Initiatives |  | (44 | ) | (215 | ) | (44 | ) | (215 | )
Total Restructuring Initiatives and Related Depreciation Expense |  | $ | 3,067 |  | $ | (215 | ) | $ | 7,593 |  | $ | (215 | )
Restructuring Initiatives and Related Depreciation Expense by Segment |  |  |  |  |
Beauty + Home |  | $ | 3,090 |  | $ | (105 | ) | $ | 7,616 |  | $ | (105 | )
Pharma |  | -- |  | -- |  | -- |  | -- |
Food + Beverage |  | (23 | ) | (110 | ) | (23 | ) | (110 | )
Total Restructuring Initiatives and Related Depreciation Expense |  | $ | 3,067 |  | $ | (215 | ) | $ | 7,593 |  | $ | (215 | )
Restructuring Initiatives and Related Depreciation Expense |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
European Operations Optimization (“EOO”) Plan |  |  |  |  |  |  |  |  |
Depreciation |  | $ | 556 |  | $ | -- |  | $ | 1,015 |  | $ | -- |
Employee Severance and Other Costs |  | 2,555 |  | -- |  | 6,622 |  | -- |
Prior Year Initiatives |  | (44 | ) | (215 | ) | (44 | ) | (215 | )
Total Restructuring Initiatives and Related Depreciation Expense |  | $ | 3,067 |  | $ | (215 | ) | $ | 7,593 |  | $ | (215 | )
Restructuring Initiatives and Related Depreciation Expense by Segment |  |  |  |  |
Beauty + Home |  | $ | 3,090 |  | $ | (105 | ) | $ | 7,616 |  | $ | (105 | )
Pharma |  | -- |  | -- |  | -- |  | -- |
Food + Beverage |  | (23 | ) | (110 | ) | (23 | ) | (110 | )
Total Restructuring Initiatives and Related Depreciation Expense |  | $ | 3,067 |  | $ | (215 | ) | $ | 7,593 |  | $ | (215 | )

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- Definition Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140904-122747 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140864-122747 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -Paragraph 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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