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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2025
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 closures, 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, 2024. 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 be used to 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 the performance of each segment as it reflects the 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:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total Sales: |  |  |  |  |  |  |
Aptar Pharma | $ | 442,817 |  |  | $ | 414,783 |  |  | $ | 852,514 |  |  | $ | 822,273 |
Aptar Beauty | 342,251 |  |  | 328,700 |  |  | 654,552 |  |  | 663,580 |
Aptar Closures | 190,278 |  |  | 176,981 |  |  | 364,199 |  |  | 359,678 |
Total Sales | $ | 975,346 |  |  | $ | 920,464 |  |  | $ | 1,871,265 |  |  | $ | 1,845,531 |
Less: Intersegment Sales: |  |  |  |  |  |  |
Aptar Pharma | $ | 228 |  |  | $ | 250 |  |  | $ | 458 |  |  | $ | 447 |
Aptar Beauty | 7,402 |  |  | 7,213 |  |  | 13,996 |  |  | 14,773 |
Aptar Closures | 1,707 |  |  | 2,938 |  |  | 3,497 |  |  | 4,800 |
Total Intersegment Sales | $ | 9,337 |  |  | $ | 10,401 |  |  | $ | 17,951 |  |  | $ | 20,020 |
Net Sales: |  |  |  |  |  |  |
Aptar Pharma | $ | 442,589 |  |  | $ | 414,533 |  |  | $ | 852,056 |  |  | $ | 821,826 |
Aptar Beauty | 334,849 |  |  | 321,487 |  |  | 640,556 |  |  | 648,807 |
Aptar Closures | 188,571 |  |  | 174,043 |  |  | 360,702 |  |  | 354,878 |
Net Sales | $ | 966,009 |  |  | $ | 910,063 |  |  | $ | 1,853,314 |  |  | $ | 1,825,511 |
Less: |  |  |  |  |  |  |
Cost of Sales (exclusive of depreciation and amortization): |  |  |  |  |  |  |
Aptar Pharma | 224,879 |  |  | 213,795 |  |  | 430,016 |  |  | 427,542 |
Aptar Beauty | 241,378 |  |  | 229,553 |  |  | 465,426 |  |  | 467,525 |
Aptar Closures | 133,362 |  |  | 125,087 |  |  | 255,753 |  |  | 256,423 |
Selling, Research & Development and Administrative: |  |  |  |  |  |  |
Aptar Pharma | 60,703 |  |  | 59,511 |  |  | 123,186 |  |  | 121,104 |
Aptar Beauty | 48,738 |  |  | 48,278 |  |  | 95,150 |  |  | 96,906 |
Aptar Closures | 23,858 |  |  | 22,397 |  |  | 46,870 |  |  | 45,062 |
Other Segment Items: |  |  |  |  |  |  |
Aptar Pharma | 176 |  |  | (261) |  |  | (427) |  |  | (486) |
Aptar Beauty | (2,340) |  |  | (982) |  |  | (4,231) |  |  | (1,396) |
Aptar Closures | (532) |  |  | (559) |  |  | (1,064) |  |  | (886) |
Adjusted EBITDA (1): |  |  |  |  |  |  |
Aptar Pharma | $ | 156,831 |  |  | $ | 141,488 |  |  | $ | 299,281 |  |  | $ | 273,666 |
Aptar Beauty | 47,073 |  |  | 44,638 |  |  | 84,211 |  |  | 85,772 |
Aptar Closures | 31,883 |  |  | 27,118 |  |  | 59,143 |  |  | 54,279 |
Adjusted EBITDA for Reportable Segments | $ | 235,787 |  |  | $ | 213,244 |  |  | $ | 442,635 |  |  | $ | 413,717 |
Corporate & Other, unallocated | (17,378) |  |  | (20,476) |  |  | (40,889) |  |  | (42,117) |
Acquisition-related costs (2) | (344) |  |  | (140) |  |  | (344) |  |  | (140) |
Restructuring Initiatives (3) | (1,579) |  |  | (2,315) |  |  | (3,621) |  |  | (5,795) |
Net unrealized investment gain (loss) (4) | 2,102 |  |  | (140) |  |  | 1,006 |  |  | 452 |
Depreciation and amortization | (69,904) |  |  | (64,968) |  |  | (135,551) |  |  | (129,317) |
Interest Expense | (10,850) |  |  | (10,061) |  |  | (22,201) |  |  | (20,236) |
Interest Income | 1,880 |  |  | 3,102 |  |  | 4,694 |  |  | 6,000 |
Income before Income Taxes | $ | 139,714 |  |  | $ | 118,246 |  |  | $ | 245,729 |  |  | $ | 222,564 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and Amortization: |  |  |  |  |  |  |
Aptar Pharma | $ | 34,169 |  |  | $ | 29,609 |  |  | $ | 65,317 |  |  | $ | 58,411 |
Aptar Beauty | 21,475 |  |  | 20,526 |  |  | 41,537 |  |  | 41,754 |
Aptar Closures | 13,447 |  |  | 14,254 |  |  | 27,022 |  |  | 27,785 |
Depreciation and Amortization for Reportable Segments | 69,091 |  |  | 64,389 |  |  | 133,876 |  |  | 127,950 |
Corporate & Other | 813 |  |  | 579 |  |  | 1,675 |  |  | 1,367 |
Depreciation and Amortization | $ | 69,904 |  |  | $ | 64,968 |  |  | $ | 135,551 |  |  | $ | 129,317 |
________________________________________________ (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). (3)Restructuring Initiatives includes expense items for the three and six months ended June 30, 2025 and 2024 as follows (see Note 18 – Restructuring Initiatives for further details):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Restructuring Initiatives by Plan: |  |  |  |  |  |  |
Optimization initiative | $ | 1,579 |  |  | $ | 2,315 |  |  | $ | 3,621 |  |  | $ | 5,812 |
Prior year initiatives | — |  |  | — |  |  | — |  |  | (17) |
Total Restructuring Initiatives | $ | 1,579 |  |  | $ | 2,315 |  |  | $ | 3,621 |  |  | $ | 5,795 |
Restructuring Initiatives by Segment: |  |  |  |  |  |  |
Aptar Pharma | $ | 68 |  |  | $ | 65 |  |  | $ | 258 |  |  | $ | 89 |
Aptar Beauty | 626 |  |  | 1,199 |  |  | 1,021 |  |  | 3,909 |
Aptar Closures | 890 |  |  | 893 |  |  | 2,242 |  |  | 1,653 |
Corporate & Other | (5) |  |  | 158 |  |  | 100 |  |  | 144 |
Total Restructuring Initiatives | $ | 1,579 |  |  | $ | 2,315 |  |  | $ | 3,621 |  |  | $ | 5,795 |
(4)Net unrealized investment gain (loss) represents the change in fair value of our investment in PCT (see Note 17 – Investment in Equity Securities for further details).

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- Definition The entire disclosure for reporting segments including data and tables. 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