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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,
2025202420252024
Total Sales:
Aptar Pharma$445,656 $420,753 $1,298,170 $1,243,026 
Aptar Beauty334,929 308,955 989,481 972,535 
Aptar Closures189,732 187,324 553,931 547,002 
Total Sales$970,317 $917,032 $2,841,582 $2,762,563 
Less: Intersegment Sales:
Aptar Pharma$246 $159 $704 $606 
Aptar Beauty7,161 6,096 21,157 20,869 
Aptar Closures1,779 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 Beauty327,768 302,859 968,324 951,666 
Aptar Closures187,953 185,838 548,655 540,716 
Net Sales$961,131 $909,291 $2,814,445 $2,734,802 
Less:
Cost of Sales (exclusive of depreciation and amortization):
Aptar Pharma221,402 209,981 651,418 637,523 
Aptar Beauty243,004 217,824 708,430 685,349 
Aptar Closures135,246 131,737 390,999 388,160 
Selling, Research & Development and Administrative:
Aptar Pharma63,539 58,779 186,725 179,883 
Aptar Beauty47,746 45,115 142,896 142,021 
Aptar Closures22,895 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 Beauty39,749 40,221 123,960 125,993 
Aptar Closures30,337 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 Income2,400 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,
2025202420252024
Depreciation and Amortization:
Aptar Pharma$35,107 $30,787 $100,424 $89,198 
Aptar Beauty24,332 20,420 65,869 62,174 
Aptar Closures14,921 14,912 41,943 42,697 
Depreciation and Amortization for Reportable Segments74,360 66,119 208,236 194,069 
Corporate & Other874 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,
2025202420252024
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 Beauty550 1,962 1,571 5,871 
Aptar Closures702 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.