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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Effective January 1, 2023, we combined all of our closures technologies into one segment, and realigned and renamed two of our three segments. Our reporting segments became: Aptar Pharma, Aptar Beauty and Aptar Closures. 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 Aptar Closures business serves multiple markets, including food, beverage, personal care, home care, beauty and healthcare. Aptar's food protection business and our elastomeric flow-control technology business continue to report through the Aptar Closures segment. The realignment brings us closer to how our customers are structured and operate their business. At the same time, we simplified and focused our Beauty segment to better leverage our complex spray and dispensing solutions for prestige and mass brands in the beauty, personal care and home care markets. The segment realignment had no impact on our Consolidated Statements of Income, Balance Sheets, and Cash Flows. Segment financial information for the prior periods has been recast to conform to the current presentation. The accounting policies of the segments are the same as those described in Note 1 – Summary of Significant Accounting Policies. We adopted ASU 2023-07, Improvement to Reportable Segment Disclosures which requires enhanced segment disclosure. Our chief operating decision maker, ("CODM") is our President and Chief Executive Officer, Stephan Tanda. Our CODM is provided operating reports from each of our reportable segments which include or can easily derive significant segment expenses identified as selling, research & development and administrative expenses and cost of sales by segment. Additionally, the other segment items is primarily comprised of foreign currency gains or losses from operations and other non-operating activity. Our CODM evaluates performance of our reporting segments and allocates 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. Adjusted EBITDA provides useful information regarding performance of each segment as it reflects profitability and performance of each segment on a consistent and comparable basis, and our CODM considers budget-to-actual variances on a monthly basis when making decisions supporting capital resource allocation, including in connection with development, acquisition and disposition activities in each segment. 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. Geographic Information 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. No single customer or group of affiliated customers represents greater than 4% of our net sales in 2024 and 5% of our net sales in 2023 or 2022.

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