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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Financial information regarding the company's reportable segments | Financial information regarding our reporting segments is shown below:
In thousands |  |  |  |  |
Year Ended December 31, | 2024 |  | 2023 |  | 2022
Total Sales: |  |  |  |  |
Aptar Pharma | $ | 1,644,012 |  |  | $ | 1,521,837 |  |  | $ | 1,372,449 |
Aptar Beauty | 1,252,904 |  |  | 1,297,477 |  |  | 1,246,018 |
Aptar Closures | 721,564 |  |  | 706,847 |  |  | 748,055 |
Total Sales | $ | 3,618,480 |  |  | $ | 3,526,161 |  |  | $ | 3,366,522 |
Less: Intersegment Sales: |  |  |  |  |
Aptar Pharma | $ | 860 |  |  | $ | 844 |  |  | $ | 11,193 |
Aptar Beauty | 27,174 |  |  | 29,780 |  |  | 23,483 |
Aptar Closures | 7,556 |  |  | 8,087 |  |  | 9,597 |
Total Intersegment Sales | $ | 35,590 |  |  | $ | 38,711 |  |  | $ | 44,273 |
Net Sales: |  |  |  |  |
Aptar Pharma | $ | 1,643,152 |  |  | $ | 1,520,993 |  |  | $ | 1,361,256 |
Aptar Beauty | 1,225,730 |  |  | 1,267,697 |  |  | 1,222,535 |
Aptar Closures | 714,008 |  |  | 698,760 |  |  | 738,458 |
Net Sales | $ | 3,582,890 |  |  | $ | 3,487,450 |  |  | $ | 3,322,249 |
Less: |  |  |  |  |
Cost of Sales (exclusive of depreciation and amortization): |  |  |  |  |
Aptar Pharma | 834,595 |  |  | 797,542 |  |  | 709,873 |
Aptar Beauty | 884,433 |  |  | 922,223 |  |  | 891,619 |
Aptar Closures | 511,409 |  |  | 507,866 |  |  | 560,300 |
Selling, Research & Development and Administrative: |  |  |  |  |
Aptar Pharma | 241,357 |  |  | 221,808 |  |  | 211,101 |
Aptar Beauty | 183,903 |  |  | 192,831 |  |  | 180,910 |
Aptar Closures | 89,913 |  |  | 87,930 |  |  | 92,697 |
Other Segment Items: |  |  |  |  |
Aptar Pharma | (1,171) |  |  | (990) |  |  | (1,340) |
Aptar Beauty | (2,515) |  |  | (11,073) |  |  | (1,881) |
Aptar Closures | (1,456) |  |  | (729) |  |  | (648) |
Adjusted EBITDA (1): |  |  |  |  |
Aptar Pharma | $ | 568,371 |  |  | $ | 502,633 |  |  | $ | 441,622 |
Aptar Beauty | 159,909 |  |  | 163,716 |  |  | 151,887 |
Aptar Closures | 114,142 |  |  | 103,693 |  |  | 86,109 |
Adjusted EBITDA for Reportable Segments | $ | 842,422 |  |  | $ | 770,042 |  |  | $ | 679,618 |
Corporate & Other, unallocated | (67,498) |  |  | (62,320) |  |  | (62,930) |
Acquisition-related costs (2) | (140) |  |  | (480) |  |  | (231) |
Restructuring Initiatives (3) | (13,002) |  |  | (45,004) |  |  | (6,597) |
Curtailment gain related to restructuring initiatives (4) | 1,851 |  |  | — |  |  | — |
Net unrealized investment gain (loss) (5) | 1,713 |  |  | (2,775) |  |  | (3,323) |
Depreciation and amortization | (263,784) |  |  | (248,593) |  |  | (233,706) |
Interest Expense | (43,898) |  |  | (40,418) |  |  | (40,827) |
Interest Income | 12,101 |  |  | 4,373 |  |  | 2,700 |
Income before Income Taxes | $ | 469,765 |  |  | $ | 374,825 |  |  | $ | 334,704 |
In thousands |  |  |  |  |
Year Ended December 31, | 2024 |  | 2023 |  | 2022
Depreciation and Amortization: |  |  |  |  |
Aptar Pharma | $ | 120,429 |  |  | $ | 109,366 |  |  | $ | 94,396 |
Aptar Beauty | 82,931 |  |  | 83,399 |  |  | 80,498 |
Aptar Closures | 57,326 |  |  | 52,095 |  |  | 52,866 |
Depreciation and Amortization for Reportable Segments | 260,686 |  |  | 244,860 |  |  | 227,760 |
Corporate & Other | 3,098 |  |  | 3,733 |  |  | 5,946 |
Depreciation and Amortization | $ | 263,784 |  |  | $ | 248,593 |  |  | $ | 233,706 |
Capital Expenditures: |  |  |  |  |
Aptar Pharma | $ | 148,261 |  |  | $ | 196,083 |  |  | $ | 164,396 |
Aptar Beauty | 64,571 |  |  | 83,872 |  |  | 74,203 |
Aptar Closures | 45,766 |  |  | 52,160 |  |  | 44,223 |
Capital Expenditures for Reportable Segments | 258,598 |  |  | 332,115 |  |  | 282,822 |
Corporate & Other | 23,630 |  |  | 14,729 |  |  | 29,491 |
Transfer of Corporate Expenditures (6) | (5,747) |  |  | (34,502) |  |  | (1,886) |
Capital Expenditures | $ | 276,481 |  |  | $ | 312,342 |  |  | $ | 310,427 |
Total Assets: |  |  |  |  |
Aptar Pharma | $ | 2,057,586 |  |  | $ | 2,111,779 |  |  | $ | 1,872,843 |
Aptar Beauty | 1,392,491 |  |  | 1,412,203 |  |  | 1,398,813 |
Aptar Closures | 746,127 |  |  | 765,930 |  |  | 779,654 |
Total Assets for Reportable Segments | 4,196,204 |  |  | 4,289,912 |  |  | 4,051,310 |
Corporate & Other | 236,074 |  |  | 161,978 |  |  | 152,148 |
Total Assets | $ | 4,432,278 |  |  | $ | 4,451,890 |  |  | $ | 4,203,458 |
(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 19 - Acquisitions and Note 20 – Investments in Equity Securities for further details). (3)Restructuring Initiatives includes expense items for the years ended December 31, 2024, 2023 and 2022 as follows (see Note 21 – Restructuring Initiatives for further details):
In thousands |  |  |  |  |
Year Ended December 31, | 2024 |  | 2023 |  | 2022
Restructuring Initiatives by Plan: |  |  |  |  |
Optimization initiative | $ | 13,019 |  |  | $ | 45,445 |  |  | $ | 6,224 |
Prior year initiatives | (17) |  |  | (441) |  |  | 373 |
Total Restructuring Initiatives | $ | 13,002 |  |  | $ | 45,004 |  |  | $ | 6,597 |
Restructuring Initiatives by Segment: |  |  |  |  |
Aptar Pharma | $ | 589 |  |  | $ | 4,852 |  |  | $ | — |
Aptar Beauty | 8,041 |  |  | 20,683 |  |  | 5,539 |
Aptar Closures | 3,835 |  |  | 17,927 |  |  | 1,058 |
Corporate & Other | 537 |  |  | 1,542 |  |  | — |
Total Restructuring Initiatives | $ | 13,002 |  |  | $ | 45,004 |  |  | $ | 6,597 |
(4)The curtailment gain is included in the line miscellaneous income (expense), net in the Consolidated Statements of Income (see Note 9 - Retirement and Deferred Compensation Plans). (5)Net unrealized investment gain (loss) represents the change in fair value of our investment in PCT (see Note 20 – Investment in Equity Securities for further details). (6)The transfer of corporate expenditures represents amounts of projects managed by corporate for the benefit of specific entities within each segment. Once the projects are complete, all related costs are allocated from corporate to and paid by the appropriate entity and the associated assets are then depreciated at the entity level. The increase in 2023 relates to a project build in Suzhou, China.
Restructuring Initiatives | Restructuring Initiatives includes expense items for the years ended December 31, 2024, 2023 and 2022 as follows (see Note 21 – Restructuring Initiatives for further details):
In thousands |  |  |  |  |
Year Ended December 31, | 2024 |  | 2023 |  | 2022
Restructuring Initiatives by Plan: |  |  |  |  |
Optimization initiative | $ | 13,019 |  |  | $ | 45,445 |  |  | $ | 6,224 |
Prior year initiatives | (17) |  |  | (441) |  |  | 373 |
Total Restructuring Initiatives | $ | 13,002 |  |  | $ | 45,004 |  |  | $ | 6,597 |
Restructuring Initiatives by Segment: |  |  |  |  |
Aptar Pharma | $ | 589 |  |  | $ | 4,852 |  |  | $ | — |
Aptar Beauty | 8,041 |  |  | 20,683 |  |  | 5,539 |
Aptar Closures | 3,835 |  |  | 17,927 |  |  | 1,058 |
Corporate & Other | 537 |  |  | 1,542 |  |  | — |
Total Restructuring Initiatives | $ | 13,002 |  |  | $ | 45,004 |  |  | $ | 6,597 |
Schedule of net sales and long-lived asset information by geographic area | The following are net sales and long-lived asset information by geographic area and product information for the years ended December 31, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
Net Sales to Unaffiliated Customers (1): |  |  |  |  |
United States | $ | 1,037,968 |  |  | $ | 949,248 |  |  | $ | 972,920 |
Europe: |  |  |  |  |
France | 499,795 |  |  | 541,333 |  |  | 487,650 |
Germany | 169,891 |  |  | 160,812 |  |  | 163,277 |
Italy | 180,101 |  |  | 200,817 |  |  | 149,725 |
Spain | 171,779 |  |  | 175,101 |  |  | 149,987 |
Other Europe | 748,302 |  |  | 727,662 |  |  | 665,537 |
Total Europe | 1,769,868 |  |  | 1,805,725 |  |  | 1,616,176 |
China | 155,502 |  |  | 146,026 |  |  | 177,855 |
Other Foreign Countries | 619,552 |  |  | 586,451 |  |  | 555,298 |
Total | $ | 3,582,890 |  |  | $ | 3,487,450 |  |  | $ | 3,322,249 |
Property, Plant and Equipment, Net |  |  |  |  |
United States | $ | 349,255 |  |  | $ | 357,729 |  |  | $ | 346,382 |
Europe: |  |  |  |  |
France | 527,570 |  |  | 550,738 |  |  | 482,091 |
Germany | 229,637 |  |  | 225,860 |  |  | 194,898 |
Italy | 44,087 |  |  | 42,240 |  |  | 42,522 |
Other Europe | 66,546 |  |  | 63,864 |  |  | 53,317 |
Total Europe | 867,840 |  |  | 882,702 |  |  | 772,828 |
China | 105,613 |  |  | 112,017 |  |  | 98,469 |
Other Foreign Countries | 124,442 |  |  | 125,615 |  |  | 125,985 |
Total | $ | 1,447,150 |  |  | $ | 1,478,063 |  |  | $ | 1,343,664 |
(1)Sales are attributed to countries based upon shipped to location.

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References No definition available. + Details
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