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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Financial information regarding the Company's reportable segments | Financial information regarding our reporting segments is shown below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Total Sales: |  |  |  |  |  |  |
Pharma | $ | 345,369 |  |  | $ | 328,549 |  |  | $ | 692,041 |  |  | $ | 644,360 |
Beauty + Home | 377,490 |  |  | 366,641 |  |  | 751,965 |  |  | 720,018 |
Food + Beverage | 133,122 |  |  | 125,918 |  |  | 267,889 |  |  | 242,621 |
Total Sales | $ | 855,981 |  |  | $ | 821,108 |  |  | $ | 1,711,895 |  |  | $ | 1,606,999 |
Less: Intersegment Sales: |  |  |  |  |  |  |
Pharma | $ | 5,138 |  |  | $ | 3,206 |  |  | $ | 9,348 |  |  | $ | 5,185 |
Beauty + Home | 6,144 |  |  | 6,395 |  |  | 12,420 |  |  | 12,826 |
Food + Beverage | 156 |  |  | 475 |  |  | 652 |  |  | 1,202 |
Total Intersegment Sales | $ | 11,438 |  |  | $ | 10,076 |  |  | $ | 22,420 |  |  | $ | 19,213 |
Net Sales: |  |  |  |  |  |  |
Pharma | $ | 340,231 |  |  | $ | 325,343 |  |  | $ | 682,693 |  |  | $ | 639,175 |
Beauty + Home | 371,346 |  |  | 360,246 |  |  | 739,545 |  |  | 707,192 |
Food + Beverage | 132,966 |  |  | 125,443 |  |  | 267,237 |  |  | 241,419 |
Net Sales | $ | 844,543 |  |  | $ | 811,032 |  |  | $ | 1,689,475 |  |  | $ | 1,587,786 |
Adjusted EBITDA (1): |  |  |  |  |  |  |
Pharma | $ | 111,006 |  |  | $ | 105,979 |  |  | $ | 226,558 |  |  | $ | 214,463 |
Beauty + Home | 44,879 |  |  | 37,910 |  |  | 84,377 |  |  | 73,266 |
Food + Beverage | 17,705 |  |  | 19,626 |  |  | 36,940 |  |  | 39,616 |
Corporate & Other, unallocated | (13,663) |  |  | (15,959) |  |  | (31,633) |  |  | (27,566) |
Acquisition-related costs (2) | — |  |  | (2,434) |  |  | — |  |  | (2,434) |
Restructuring Initiatives (3) | (428) |  |  | (4,876) |  |  | (719) |  |  | (8,548) |
Net unrealized investment (loss) gain (4) | (483) |  |  | (1,611) |  |  | (2,574) |  |  | 15,198 |
Depreciation and amortization | (58,552) |  |  | (57,790) |  |  | (117,217) |  |  | (115,228) |
Interest Expense | (11,982) |  |  | (7,175) |  |  | (20,912) |  |  | (14,590) |
Interest Income | 989 |  |  | 624 |  |  | 1,277 |  |  | 1,005 |
Income before Income Taxes | $ | 89,471 |  |  | $ | 74,294 |  |  | $ | 176,097 |  |  | $ | 175,182 |
________________________________________________ (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 unrealized investment gains and losses related to observable market price changes on equity securities and other special items. (2)Acquisition-related costs include transaction costs related to acquisitions (see Note 17 – Acquisitions for further details). (3)Restructuring Initiatives includes expense items for the three and six months ended June 30, 2022 and 2021 as follows (see Note 19 – Restructuring Initiatives for further details):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Restructuring Initiatives by Segment |  |  |  |  |  |  |
Pharma | $ | — |  |  | $ | 38 |  |  | $ | — |  |  | $ | 73 |
Beauty + Home | 420 |  |  | 1,457 |  |  | 678 |  |  | 2,553 |
Food + Beverage | 8 |  |  | 117 |  |  | 41 |  |  | 38 |
Corporate & Other | — |  |  | 3,264 |  |  | — |  |  | 5,884 |
Total Restructuring Initiatives | $ | 428 |  |  | $ | 4,876 |  |  | $ | 719 |  |  | $ | 8,548 |
(4)Net unrealized investment (loss) gain represents the change in fair value of our investment in PCT (see Note 18 – Investment in Equity Securities for further details).
Restructuring Initiatives | Restructuring Initiatives includes expense items for the three and six months ended June 30, 2022 and 2021 as follows (see Note 19 – Restructuring Initiatives for further details):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Restructuring Initiatives by Segment |  |  |  |  |  |  |
Pharma | $ | — |  |  | $ | 38 |  |  | $ | — |  |  | $ | 73 |
Beauty + Home | 420 |  |  | 1,457 |  |  | 678 |  |  | 2,553 |
Food + Beverage | 8 |  |  | 117 |  |  | 41 |  |  | 38 |
Corporate & Other | — |  |  | 3,264 |  |  | — |  |  | 5,884 |
Total Restructuring Initiatives | $ | 428 |  |  | $ | 4,876 |  |  | $ | 719 |  |  | $ | 8,548 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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