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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2014
SEGMENT INFORMATION  
SEGMENT INFORMATION

NOTE 13 — SEGMENT INFORMATION

 

The Company operates in the packaging components industry, which includes the development, manufacture and sale of consumer product dispensing solutions.  The Company is organized into three reporting segments.  Operations that sell dispensing systems primarily to the personal care, beauty and home care markets form the Beauty + Home segment.  Operations that sell dispensing systems primarily to the prescription drug, consumer health care and injectables markets form the Pharma segment.  Operations that sell dispensing systems primarily to the food and beverage markets form the Food + Beverage segment.

The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.  Segment income is defined as earnings before net interest expense, certain corporate expenses, restructuring initiatives and related depreciation and income taxes.

 

Financial information regarding the Company’s reportable segments is shown below:

 

 

Three months ended March 31,

 

2014

 

2013

 

 

 

 

 

 

 

Total Revenue:

 

 

 

 

 

Beauty + Home

 

$

398,540

 

$

367,183

 

Pharma

 

194,349

 

168,893

 

Food + Beverage

 

90,626

 

85,333

 

Total Revenue

 

$

683,515

 

$

621,409

 

 

 

 

 

 

 

Less: Intersegment Sales:

 

 

 

 

 

Beauty + Home

 

$

7,304

 

$

3,711

 

Pharma

 

--

 

24

 

Food + Beverage

 

160

 

41

 

Total Intersegment Sales

 

$

7,464

 

$

3,776

 

 

 

 

 

 

 

Net Sales:

 

 

 

 

 

Beauty + Home

 

$

391,236

 

$

363,472

 

Pharma

 

194,349

 

168,869

 

Food + Beverage

 

90,466

 

85,292

 

Net Sales

 

$

676,051

 

$

617,633

 

 

 

 

 

 

 

Segment Income (1):

 

 

 

 

 

Beauty + Home

 

$

27,781

 

$

24,415

 

Pharma

 

52,482

 

45,980

 

Food + Beverage

 

9,080

 

8,550

 

Restructuring Initiatives and Related Depreciation

 

--

 

(4,526

)

Corporate & Other

 

(11,798

)

(10,785

)

Income before interest and taxes

 

$

77,545

 

$

63,634

 

Interest expense, net

 

(3,865

)

(4,232

)

Income before income taxes

 

$

73,680

 

$

59,402

 

 

(1)                                 The Company evaluates performance of our 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 months ended March 31, 2014 as follows:

 

Three months ended March 31,

 

2014

 

2013

 

 

 

 

 

 

 

European Restructuring Plan

 

 

 

 

 

Depreciation

 

$

--

 

$

459

 

Employee Severance and Other Costs

 

--

 

4,067

 

Total Restructuring Initiatives and Related Depreciation Expense

 

$

--

 

$

4,526

 

Restructuring Initiatives and Related Depreciation Expense by Segment

 

 

 

 

 

Beauty + Home

 

$

--

 

$

4,526

 

Total Restructuring Initiatives and Related Depreciation Expense

 

$

--

 

$

4,526