XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.25.3

SEGMENT INFORMATION | 9 Months Ended
--- | ---
Sep. 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 other 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, gain on remeasurement of equity method investment, 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total Sales: |  |  |  |  |  |  |
Aptar Pharma | $ | 445,656 |  |  | $ | 420,753 |  |  | $ | 1,298,170 |  |  | $ | 1,243,026 |
Aptar Beauty | 334,929 |  |  | 308,955 |  |  | 989,481 |  |  | 972,535 |
Aptar Closures | 189,732 |  |  | 187,324 |  |  | 553,931 |  |  | 547,002 |
Total Sales | $ | 970,317 |  |  | $ | 917,032 |  |  | $ | 2,841,582 |  |  | $ | 2,762,563 |
Less: Intersegment Sales: |  |  |  |  |  |  |
Aptar Pharma | $ | 246 |  |  | $ | 159 |  |  | $ | 704 |  |  | $ | 606 |
Aptar Beauty | 7,161 |  |  | 6,096 |  |  | 21,157 |  |  | 20,869 |
Aptar Closures | 1,779 |  |  | 1,486 |  |  | 5,276 |  |  | 6,286 |
Total Intersegment Sales | $ | 9,186 |  |  | $ | 7,741 |  |  | $ | 27,137 |  |  | $ | 27,761 |
Net Sales: |  |  |  |  |  |  |
Aptar Pharma | $ | 445,410 |  |  | $ | 420,594 |  |  | $ | 1,297,466 |  |  | $ | 1,242,420 |
Aptar Beauty | 327,768 |  |  | 302,859 |  |  | 968,324 |  |  | 951,666 |
Aptar Closures | 187,953 |  |  | 185,838 |  |  | 548,655 |  |  | 540,716 |
Net Sales | $ | 961,131 |  |  | $ | 909,291 |  |  | $ | 2,814,445 |  |  | $ | 2,734,802 |
Less: |  |  |  |  |  |  |
Cost of Sales (exclusive of depreciation and amortization): |  |  |  |  |  |  |
Aptar Pharma | 221,402 |  |  | 209,981 |  |  | 651,418 |  |  | 637,523 |
Aptar Beauty | 243,004 |  |  | 217,824 |  |  | 708,430 |  |  | 685,349 |
Aptar Closures | 135,246 |  |  | 131,737 |  |  | 390,999 |  |  | 388,160 |
Selling, Research & Development and Administrative: |  |  |  |  |  |  |
Aptar Pharma | 63,539 |  |  | 58,779 |  |  | 186,725 |  |  | 179,883 |
Aptar Beauty | 47,746 |  |  | 45,115 |  |  | 142,896 |  |  | 142,021 |
Aptar Closures | 22,895 |  |  | 22,407 |  |  | 69,765 |  |  | 67,469 |
Other Segment Items: |  |  |  |  |  |  |
Aptar Pharma | (5,300) |  |  | 240 |  |  | (5,727) |  |  | (246) |
Aptar Beauty | (2,731) |  |  | (301) |  |  | (6,962) |  |  | (1,697) |
Aptar Closures | (525) |  |  | (286) |  |  | (1,589) |  |  | (1,172) |
Adjusted EBITDA (1): |  |  |  |  |  |  |
Aptar Pharma | $ | 165,769 |  |  | $ | 151,594 |  |  | $ | 465,050 |  |  | $ | 425,260 |
Aptar Beauty | 39,749 |  |  | 40,221 |  |  | 123,960 |  |  | 125,993 |
Aptar Closures | 30,337 |  |  | 31,980 |  |  | 89,480 |  |  | 86,259 |
Adjusted EBITDA for Reportable Segments | $ | 235,855 |  |  | $ | 223,795 |  |  | $ | 678,490 |  |  | $ | 637,512 |
Corporate & Other, unallocated | (13,255) |  |  | (15,411) |  |  | (54,144) |  |  | (57,528) |
Acquisition-related costs (2) | (1,896) |  |  | — |  |  | (2,240) |  |  | (140) |
Restructuring Initiatives (3) | (2,168) |  |  | (3,864) |  |  | (5,789) |  |  | (9,659) |
Curtailment gain related to restructuring initiatives (4) | — |  |  | 1,851 |  |  | — |  |  | 1,851 |
Net unrealized investment (loss) gain (5) | (161) |  |  | 1,043 |  |  | 845 |  |  | 1,495 |
Gain from remeasurement of equity method investment (6) | 26,518 |  |  | — |  |  | 26,518 |  |  | — |
Other special items (7) | (4,400) |  |  | — |  |  | (4,400) |  |  | — |
Depreciation and amortization | (75,234) |  |  | (67,015) |  |  | (210,785) |  |  | (196,332) |
Interest Expense | (13,532) |  |  | (12,290) |  |  | (35,733) |  |  | (32,526) |
Interest Income | 2,400 |  |  | 3,022 |  |  | 7,094 |  |  | 9,022 |
Income before Income Taxes | $ | 154,127 |  |  | $ | 131,131 |  |  | $ | 399,856 |  |  | $ | 353,695 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and Amortization: |  |  |  |  |  |  |
Aptar Pharma | $ | 35,107 |  |  | $ | 30,787 |  |  | $ | 100,424 |  |  | $ | 89,198 |
Aptar Beauty | 24,332 |  |  | 20,420 |  |  | 65,869 |  |  | 62,174 |
Aptar Closures | 14,921 |  |  | 14,912 |  |  | 41,943 |  |  | 42,697 |
Depreciation and Amortization for Reportable Segments | 74,360 |  |  | 66,119 |  |  | 208,236 |  |  | 194,069 |
Corporate & Other | 874 |  |  | 896 |  |  | 2,549 |  |  | 2,263 |
Depreciation and Amortization | $ | 75,234 |  |  | $ | 67,015 |  |  | $ | 210,785 |  |  | $ | 196,332 |
________________________________________________ (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 nine months ended September 30, 2025 and 2024 as follows (see Note 19 – Restructuring Initiatives for further details):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Restructuring Initiatives by Plan: |  |  |  |  |  |  |
Optimization initiative | $ | 2,168 |  |  | $ | 3,864 |  |  | $ | 5,789 |  |  | $ | 9,676 |
Prior year initiatives | — |  |  | — |  |  | — |  |  | (17) |
Total Restructuring Initiatives | $ | 2,168 |  |  | $ | 3,864 |  |  | $ | 5,789 |  |  | $ | 9,659 |
Restructuring Initiatives by Segment: |  |  |  |  |  |  |
Aptar Pharma | $ | 919 |  |  | $ | 564 |  |  | $ | 1,177 |  |  | $ | 653 |
Aptar Beauty | 550 |  |  | 1,962 |  |  | 1,571 |  |  | 5,871 |
Aptar Closures | 702 |  |  | 877 |  |  | 2,944 |  |  | 2,530 |
Corporate & Other | (3) |  |  | 461 |  |  | 97 |  |  | 605 |
Total Restructuring Initiatives | $ | 2,168 |  |  | $ | 3,864 |  |  | $ | 5,789 |  |  | $ | 9,659 |
(4)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). (5)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). (6)The gain on remeasurement of equity method investment represents the remeasurement of our previously held minority equity interest in BTY at fair value (see Note 17 – Acquisitions for further details). (7)Other special items includes costs related to non-ordinary-course litigation regarding the matters disclosed under "Legal Proceedings" within Note 12 - Commitments and Contingencies, as these costs do not reflect our core operating performance.

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

X
- 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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: 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 3: 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 Reference 4: 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 5: 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 6: 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 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: 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 25: 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 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration