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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION We are organized into three reporting segments. Operations that sell dispensing systems, drug delivery systems, sealing solutions and services to the prescription drug, consumer health care, injectables, and active material science solutions markets form the Pharma segment. Operations that sell dispensing systems and sealing solutions primarily to the beauty, personal care and home care markets form the Beauty + Home segment. Operations that sell dispensing systems and sealing solutions to the food and beverage markets form the Food + Beverage segment. The accounting policies of the segments are the same as those described in Part II, Item 8, Note 1 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2020. 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. Financial information regarding our reporting segments is shown below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Total Sales: |  |  |  |  |  |  |
Pharma | $ | 328,549 |  |  | $ | 303,885 |  |  | $ | 644,360 |  |  | $ | 603,475 |
Beauty + Home | 366,641 |  |  | 306,469 |  |  | 720,018 |  |  | 636,935 |
Food + Beverage | 125,918 |  |  | 99,023 |  |  | 242,621 |  |  | 199,324 |
Total Sales | $ | 821,108 |  |  | $ | 709,377 |  |  | $ | 1,606,999 |  |  | $ | 1,439,734 |
Less: Intersegment Sales: |  |  |  |  |  |  |
Pharma | $ | 3,206 |  |  | $ | 2,626 |  |  | $ | 5,185 |  |  | $ | 5,020 |
Beauty + Home | 6,395 |  |  | 6,683 |  |  | 12,826 |  |  | 12,589 |
Food + Beverage | 475 |  |  | 763 |  |  | 1,202 |  |  | 1,267 |
Total Intersegment Sales | $ | 10,076 |  |  | $ | 10,072 |  |  | $ | 19,213 |  |  | $ | 18,876 |
Net Sales: |  |  |  |  |  |  |
Pharma | $ | 325,343 |  |  | $ | 301,259 |  |  | $ | 639,175 |  |  | $ | 598,455 |
Beauty + Home | 360,246 |  |  | 299,786 |  |  | 707,192 |  |  | 624,346 |
Food + Beverage | 125,443 |  |  | 98,260 |  |  | 241,419 |  |  | 198,057 |
Net Sales | $ | 811,032 |  |  | $ | 699,305 |  |  | $ | 1,587,786 |  |  | $ | 1,420,858 |
Adjusted EBITDA (1): |  |  |  |  |  |  |
Pharma | $ | 105,979 |  |  | $ | 104,099 |  |  | $ | 214,463 |  |  | $ | 212,441 |
Beauty + Home | 37,910 |  |  | 23,974 |  |  | 73,266 |  |  | 58,221 |
Food + Beverage | 19,626 |  |  | 17,785 |  |  | 39,616 |  |  | 33,192 |
Corporate & Other, unallocated | (15,959) |  |  | (9,279) |  |  | (27,566) |  |  | (23,107) |
Acquisition-related costs (2) | (2,434) |  |  | (3,592) |  |  | (2,434) |  |  | (5,866) |
Restructuring Initiatives (3) | (4,876) |  |  | (7,331) |  |  | (8,548) |  |  | (12,170) |
Net investment (loss) gain (4) | (1,611) |  |  | — |  |  | 15,198 |  |  | — |
Depreciation and amortization | (57,790) |  |  | (56,429) |  |  | (115,228) |  |  | (107,235) |
Interest Expense | (7,175) |  |  | (8,734) |  |  | (14,590) |  |  | (17,122) |
Interest Income | 624 |  |  | 175 |  |  | 1,005 |  |  | 350 |
Income before Income Taxes | $ | 74,294 |  |  | $ | 60,668 |  |  | $ | 175,182 |  |  | $ | 138,704 |
________________________________________________ (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 and Note 18 – Investment in Equity Securities for further details). (3)Restructuring Initiatives includes expense items for the three and six months ended June 30, 2021 and 2020 as follows (see Note 19 – Restructuring Initiatives for further details):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Restructuring Initiatives by Segment |  |  |  |  |  |  |
Pharma | $ | 38 |  |  | $ | (111) |  |  | $ | 73 |  |  | $ | (142) |
Beauty + Home | 1,457 |  |  | 7,324 |  |  | 2,553 |  |  | 12,231 |
Food + Beverage | 117 |  |  | 75 |  |  | 38 |  |  | 178 |
Corporate & Other | 3,264 |  |  | 43 |  |  | 5,884 |  |  | (97) |
Total Restructuring Initiatives | $ | 4,876 |  |  | $ | 7,331 |  |  | $ | 8,548 |  |  | $ | 12,170 |
(4)Net investment (loss) gain represents the change in fair value of our investment in PCT (see Note 18 – Investment in Equity Securities for further details).

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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