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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2018
SEGMENT INFORMATION |
SEGMENT INFORMATION | NOTE 15 – SEGMENT INFORMATION The Company is organized into three reporting segments. Operations that sell dispensing systems and sealing solutions primarily to the personal care, beauty and home care markets form the Beauty + Home segment. Operations that sell dispensing systems and sealing solutions primarily to the prescription drug, consumer health care and injectables markets form the Pharma segment. Operations that sell dispensing systems and sealing solutions 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, 2017. In order to more closely align with how the markets analyze our segment results, we have changed our non-U.S.GAAP segment measure of profitability from Segment Income to Adjusted EBITDA beginning in 2018. All internal segment reporting and discussions of results with our Chief Operating Decision Maker (CODM) are now based on segment Adjusted EBITDA. All references to segment profitability have been updated for this change. Financial information regarding the Company’s reporting segments is shown below:
Three Months Ended March 31, | 2018 |  | 2017 |
Total Sales: |  |  |  |  |  |
Beauty + Home | $ | 383,463 |  | $ | 326,933 |
Pharma |  | 230,132 |  |  | 196,914 |
Food + Beverage |  | 95,645 |  |  | 82,349 |
Total Sales |  | 709,240 |  |  | 606,196 |
Less: Intersegment Sales: |  |  |  |  |  |
Beauty + Home | $ | 5,290 |  | $ | 4,485 |
Pharma |  | 5 |  |  | 2 |
Food + Beverage |  | 595 |  |  | 393 |
Total Intersegment Sales | $ | 5,890 |  | $ | 4,880 |
Net Sales: |  |  |  |  |  |
Beauty + Home | $ | 378,173 |  | $ | 322,448 |
Pharma |  | 230,127 |  |  | 196,912 |
Food + Beverage |  | 95,050 |  |  | 81,956 |
Net Sales | $ | 703,350 |  | $ | 601,316 |
Adjusted EBITDA (1): |  |  |  |  |  |
Beauty + Home | $ | 53,135 |  | $ | 42,088 |
Pharma |  | 79,840 |  |  | 68,841 |
Food + Beverage |  | 12,739 |  |  | 12,946 |
Corporate & Other, unallocated |  | (11,579) |  |  | (9,132) |
Restructuring Initiatives (2) |  | (5,936) |  |  | — |
Depreciation and amortization |  | (41,175) |  |  | (37,331) |
Interest Expense |  | (8,055) |  |  | (8,262) |
Interest Income |  | 2,248 |  |  | 330 |
Income before Income Taxes | $ | 81,217 |  | $ | 69,480 |
| (1) |  | The Company evaluates performance of our business units and allocates resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest expense, depreciation and amortization, unallocated corporate expenses, restructuring initiatives and income taxes.
| (2) |  | Restructuring Initiatives includes expense items for the three months ended March 31, 2018 as follows (see Note 18 – Restructuring Initiatives for further details):
Three Months Ended March 31, |  | 2018 |
Business Transformation |  |  |  |
Employee Severance and Other Costs |  | $ | 5,936 |
Total Restructuring Initiatives |  | $ | 5,936 |
Restructuring Initiatives by Segment |  |  |  |
Beauty + Home |  | $ | 5,016 |
Pharma |  |  | 364 |
Food + Beverage |  |  | 315 |
Corporate & Other |  |  | 241 |
Total Restructuring Initiatives |  | $ | 5,936 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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