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SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2021
Segment Reporting [Abstract] |
Financial information regarding the Company's reportable segments | Financial information regarding our reporting segments is shown below:
Three Months Ended March 31, |  |  |  |  | 2021 |  | 2020
Total Sales: |  |  |  |  |  |  |
Pharma |  |  |  |  | $ | 315,811 |  |  | $ | 299,590 |
Beauty + Home |  |  |  |  | 353,377 |  |  | 330,466 |
Food + Beverage |  |  |  |  | 116,703 |  |  | 100,301 |
Total Sales |  |  |  |  | $ | 785,891 |  |  | $ | 730,357 |
Less: Intersegment Sales: |  |  |  |  |  |  |
Pharma |  |  |  |  | $ | 1,979 |  |  | $ | 2,394 |
Beauty + Home |  |  |  |  | 6,431 |  |  | 5,906 |
Food + Beverage |  |  |  |  | 727 |  |  | 504 |
Total Intersegment Sales |  |  |  |  | $ | 9,137 |  |  | $ | 8,804 |
Net Sales: |  |  |  |  |  |  |
Pharma |  |  |  |  | $ | 313,832 |  |  | $ | 297,196 |
Beauty + Home |  |  |  |  | 346,946 |  |  | 324,560 |
Food + Beverage |  |  |  |  | 115,976 |  |  | 99,797 |
Net Sales |  |  |  |  | $ | 776,754 |  |  | $ | 721,553 |
Adjusted EBITDA (1): |  |  |  |  |  |  |
Pharma |  |  |  |  | $ | 108,484 |  |  | $ | 108,342 |
Beauty + Home |  |  |  |  | 35,356 |  |  | 34,247 |
Food + Beverage |  |  |  |  | 19,990 |  |  | 15,407 |
Corporate & Other, unallocated |  |  |  |  | (11,607) |  |  | (13,828) |
Acquisition-related costs (2) |  |  |  |  | — |  |  | (2,274) |
Restructuring Initiatives (3) |  |  |  |  | (3,672) |  |  | (4,839) |
Net investment gain (4) |  |  |  |  | 16,809 |  |  | — |
Depreciation and amortization |  |  |  |  | (57,438) |  |  | (50,806) |
Interest Expense |  |  |  |  | (7,415) |  |  | (8,388) |
Interest Income |  |  |  |  | 381 |  |  | 175 |
Income before Income Taxes |  |  |  |  | $ | 100,888 |  |  | $ | 78,036 |
________________________________________________ (1)We evaluate performance of our reporting segments and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives, acquisition-related costs, net investment gains and losses related to observable market price changes on equity securities and other special items. (2)Acquisition-related costs include transaction costs and purchase accounting adjustments related to acquisitions and investments (see Note 17 – Acquisitions in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further details). (3)Restructuring Initiatives includes expense items for the three months ended March 31, 2021 and 2020 as follows (see Note 18 – Restructuring Initiatives for further details):
Three Months Ended March 31, |  |  |  |  | 2021 |  | 2020
Restructuring Initiatives by Segment |  |  |  |  |  |  |
Pharma |  |  |  |  | $ | 35 |  |  | $ | (31) |
Beauty + Home |  |  |  |  | 1,096 |  |  | 4,907 |
Food + Beverage |  |  |  |  | (79) |  |  | 103 |
Corporate & Other |  |  |  |  | 2,620 |  |  | (140) |
Total Restructuring Initiatives |  |  |  |  | $ | 3,672 |  |  | $ | 4,839 |
(4)Net investment gain represents the change in fair value of our investment in PCT (see Note 17 – Investment in Equity Securities for further details).
Restructuring Initiatives | Restructuring Initiatives includes expense items for the three months ended March 31, 2021 and 2020 as follows (see Note 18 – Restructuring Initiatives for further details):
Three Months Ended March 31, |  |  |  |  | 2021 |  | 2020
Restructuring Initiatives by Segment |  |  |  |  |  |  |
Pharma |  |  |  |  | $ | 35 |  |  | $ | (31) |
Beauty + Home |  |  |  |  | 1,096 |  |  | 4,907 |
Food + Beverage |  |  |  |  | (79) |  |  | 103 |
Corporate & Other |  |  |  |  | 2,620 |  |  | (140) |
Total Restructuring Initiatives |  |  |  |  | $ | 3,672 |  |  | $ | 4,839 |

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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=115931487&loc=d3e140864-122747 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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=115931487&loc=d3e140904-122747 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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