XML 56 R41.htm IDEA: XBRL DOCUMENT
v3.24.3

SEGMENT INFORMATION (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of financial information regarding the company's reportable segments | Financial information regarding our reporting segments is shown below:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Total Sales: |  |  |  |  |  |  |
Aptar Pharma | $ | 420,753 |  |  | $ | 389,423 |  |  | $ | 1,243,026 |  |  | $ | 1,136,544 |
Aptar Beauty | 308,955 |  |  | 330,467 |  |  | 972,535 |  |  | 1,002,209 |
Aptar Closures | 187,324 |  |  | 181,562 |  |  | 547,002 |  |  | 539,472 |
Total Sales | $ | 917,032 |  |  | $ | 901,452 |  |  | $ | 2,762,563 |  |  | $ | 2,678,225 |
Less: Intersegment Sales: |  |  |  |  |  |  |
Aptar Pharma | $ | 159 |  |  | $ | 235 |  |  | $ | 606 |  |  | $ | 610 |
Aptar Beauty | 6,096 |  |  | 6,487 |  |  | 20,869 |  |  | 22,253 |
Aptar Closures | 1,486 |  |  | 1,733 |  |  | 6,286 |  |  | 6,392 |
Total Intersegment Sales | $ | 7,741 |  |  | $ | 8,455 |  |  | $ | 27,761 |  |  | $ | 29,255 |
Net Sales: |  |  |  |  |  |  |
Aptar Pharma | $ | 420,594 |  |  | $ | 389,188 |  |  | $ | 1,242,420 |  |  | $ | 1,135,934 |
Aptar Beauty | 302,859 |  |  | 323,980 |  |  | 951,666 |  |  | 979,956 |
Aptar Closures | 185,838 |  |  | 179,829 |  |  | 540,716 |  |  | 533,080 |
Net Sales | $ | 909,291 |  |  | $ | 892,997 |  |  | $ | 2,734,802 |  |  | $ | 2,648,970 |
Adjusted EBITDA (1): |  |  |  |  |  |  |
Aptar Pharma | $ | 151,594 |  |  | $ | 136,344 |  |  | $ | 425,260 |  |  | $ | 371,508 |
Aptar Beauty | 40,221 |  |  | 41,070 |  |  | 125,993 |  |  | 121,375 |
Aptar Closures | 31,980 |  |  | 27,607 |  |  | 86,259 |  |  | 81,387 |
Corporate & Other, unallocated | (15,411) |  |  | (11,659) |  |  | (57,528) |  |  | (45,996) |
Acquisition-related costs (2) | — |  |  | — |  |  | (140) |  |  | (255) |
Restructuring Initiatives (3) | (3,864) |  |  | (6,161) |  |  | (9,659) |  |  | (19,628) |
Curtailment gain related to restructuring initiatives (5) | 1,851 |  |  | — |  |  | 1,851 |  |  | — |
Net unrealized investment (loss) gain (4) | 1,043 |  |  | (5,428) |  |  | 1,495 |  |  | (2,349) |
Depreciation and amortization | (67,015) |  |  | (62,686) |  |  | (196,332) |  |  | (184,212) |
Interest Expense | (12,290) |  |  | (9,984) |  |  | (32,526) |  |  | (29,900) |
Interest Income | 3,022 |  |  | 946 |  |  | 9,022 |  |  | 2,266 |
Income before Income Taxes | $ | 131,131 |  |  | $ | 110,049 |  |  | $ | 353,695 |  |  | $ | 294,196 |
________________________________________________ (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, 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 and Note 18 – Investments in Equity Securities for further details). (3)Restructuring Initiatives includes expense items for the three and nine months ended September 30, 2024 and 2023 as follows (see Note 19 – Restructuring Initiatives for further details):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Restructuring Initiatives by Plan: |  |  |  |  |  |  |
Optimization initiative | $ | 3,864 |  |  | $ | 6,586 |  |  | $ | 9,676 |  |  | $ | 20,069 |
Prior year initiatives | — |  |  | (425) |  |  | (17) |  |  | (441) |
Total Restructuring Initiatives | $ | 3,864 |  |  | $ | 6,161 |  |  | $ | 9,659 |  |  | $ | 19,628 |
Restructuring Initiatives by Segment: |  |  |  |  |  |  |
Aptar Pharma | $ | 564 |  |  | $ | 92 |  |  | $ | 653 |  |  | $ | 1,657 |
Aptar Beauty | 1,962 |  |  | 2,880 |  |  | 5,871 |  |  | 12,650 |
Aptar Closures | 877 |  |  | 3,098 |  |  | 2,530 |  |  | 4,060 |
Corporate & Other | 461 |  |  | 91 |  |  | 605 |  |  | 1,261 |
Total Restructuring Initiatives | $ | 3,864 |  |  | $ | 6,161 |  |  | $ | 9,659 |  |  | $ | 19,628 |
(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). (5)The curtailment gain is included in the line miscellaneous income (expense), net in the Condensed Consolidated Statements of Income (see Note 8 - Retirement and Deferred Compensation Plans).
Schedule of restructuring initiatives | Restructuring Initiatives includes expense items for the three and nine months ended September 30, 2024 and 2023 as follows (see Note 19 – Restructuring Initiatives for further details):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Restructuring Initiatives by Plan: |  |  |  |  |  |  |
Optimization initiative | $ | 3,864 |  |  | $ | 6,586 |  |  | $ | 9,676 |  |  | $ | 20,069 |
Prior year initiatives | — |  |  | (425) |  |  | (17) |  |  | (441) |
Total Restructuring Initiatives | $ | 3,864 |  |  | $ | 6,161 |  |  | $ | 9,659 |  |  | $ | 19,628 |
Restructuring Initiatives by Segment: |  |  |  |  |  |  |
Aptar Pharma | $ | 564 |  |  | $ | 92 |  |  | $ | 653 |  |  | $ | 1,657 |
Aptar Beauty | 1,962 |  |  | 2,880 |  |  | 5,871 |  |  | 12,650 |
Aptar Closures | 877 |  |  | 3,098 |  |  | 2,530 |  |  | 4,060 |
Corporate & Other | 461 |  |  | 91 |  |  | 605 |  |  | 1,261 |
Total Restructuring Initiatives | $ | 3,864 |  |  | $ | 6,161 |  |  | $ | 9,659 |  |  | $ | 19,628 |

X
- 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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
Name: | us-gaap_ScheduleOfRestructuringAndRelatedCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration