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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION We are organized into three reporting segments. Operations that sell proprietary dispensing systems, drug delivery systems, sealing solutions and services to the prescription drug, consumer health care, injectables, active material science solutions and digital health markets form our Aptar Pharma segment. Operations that sell dispensing systems and sealing solutions to the beauty, personal care and home care markets form our Aptar Beauty segment. Operations that sell dispensing systems, sealing solutions and food service trays to the food, beverage, personal care, home care, beauty and healthcare markets form our Aptar Closures segment. Aptar Pharma and Aptar Beauty are named for the markets they serve with multiple product platforms, while Aptar Closures is named primarily for a single product platform that serves all available markets. 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, 2023. 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. Financial information regarding our reporting segments is shown below:
Three Months Ended March 31, |  |  |  |  | 2024 |  | 2023
Total Sales: |  |  |  |  |  |  |
Aptar Pharma |  |  |  |  | $ | 407,490 |  |  | $ | 356,111 |
Aptar Beauty |  |  |  |  | 334,880 |  |  | 333,338 |
Aptar Closures |  |  |  |  | 182,697 |  |  | 180,439 |
Total Sales |  |  |  |  | $ | 925,067 |  |  | $ | 869,888 |
Less: Intersegment Sales: |  |  |  |  |  |  |
Aptar Pharma |  |  |  |  | $ | 197 |  |  | $ | 65 |
Aptar Beauty |  |  |  |  | 7,560 |  |  | 6,949 |
Aptar Closures |  |  |  |  | 1,862 |  |  | 2,807 |
Total Intersegment Sales |  |  |  |  | $ | 9,619 |  |  | $ | 9,821 |
Net Sales: |  |  |  |  |  |  |
Aptar Pharma |  |  |  |  | $ | 407,293 |  |  | $ | 356,046 |
Aptar Beauty |  |  |  |  | 327,320 |  |  | 326,389 |
Aptar Closures |  |  |  |  | 180,835 |  |  | 177,632 |
Net Sales |  |  |  |  | $ | 915,448 |  |  | $ | 860,067 |
Adjusted EBITDA (1): |  |  |  |  |  |  |
Aptar Pharma |  |  |  |  | $ | 132,178 |  |  | $ | 109,298 |
Aptar Beauty |  |  |  |  | 41,134 |  |  | 37,205 |
Aptar Closures |  |  |  |  | 27,161 |  |  | 26,008 |
Corporate & Other, unallocated |  |  |  |  | (21,641) |  |  | (18,836) |
Acquisition-related costs (2) |  |  |  |  | — |  |  | (255) |
Restructuring Initiatives (3) |  |  |  |  | (3,480) |  |  | (11,524) |
Net unrealized investment gain (4) |  |  |  |  | 592 |  |  | 188 |
Depreciation and amortization |  |  |  |  | (64,349) |  |  | (59,259) |
Interest Expense |  |  |  |  | (10,175) |  |  | (10,228) |
Interest Income |  |  |  |  | 2,898 |  |  | 672 |
Income before Income Taxes |  |  |  |  | $ | 104,318 |  |  | $ | 73,269 |
________________________________________________ (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 (and purchase accounting adjustments related to acquisitions and investments) (see Note 17 – Acquisitions for further details). (3)Restructuring Initiatives includes expense items for the three months ended March 31, 2024 and 2023 as follows (see Note 19 – Restructuring Initiatives for further details):
Three Months Ended March 31, |  |  |  |  | 2024 |  | 2023
Restructuring Initiatives by Plan: |  |  |  |  |  |  |
Optimization initiative |  |  |  |  | $ | 3,497 |  |  | $ | 11,540 |
Prior year initiatives |  |  |  |  | (17) |  |  | (16) |
Total Restructuring Initiatives |  |  |  |  | $ | 3,480 |  |  | $ | 11,524 |
Restructuring Initiatives by Segment: |  |  |  |  |  |  |
Aptar Pharma |  |  |  |  | $ | 24 |  |  | $ | 1,131 |
Aptar Beauty |  |  |  |  | 2,710 |  |  | 9,291 |
Aptar Closures |  |  |  |  | 760 |  |  | 522 |
Corporate & Other |  |  |  |  | (14) |  |  | 580 |
Total Restructuring Initiatives |  |  |  |  | $ | 3,480 |  |  | $ | 11,524 |
(4)Net unrealized investment gain (loss) 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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