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Segment Information | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information We evaluate performance of our business segments and allocate resources based on the adjusted EBIT of our business segments. Adjusted EBIT is not a defined term under GAAP. We define adjusted EBIT as income before interest and income taxes excluding acquired intangible asset amortization expense, other pension expense (income) for U.S. pension plans, rationalization charges, the impact from charges for the write-up of acquired inventory required under purchase accounting, the charge for the European Commission settlement and costs attributed to announced acquisitions. We began using adjusted EBIT in 2023. Previously, we used segment income, without any adjustments, for our business segments. We have provided adjusted EBIT for 2022 below for comparative purposes. Adjusted EBIT should not be considered in isolation or as a substitute for income before interest and income taxes or any other financial data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. Reportable segment information was as follows:
| Dispensing and Specialty Closures |  | Metal Containers |  | Custom Containers |  | Corporate |  | Total
| (Dollars in thousands)
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Net sales | $ | 560,096 |  |  | $ | 710,864 |  |  | $ | 155,767 |  |  | $ | — |  |  | $ | 1,426,727 |
Adjusted EBIT | 76,882 |  |  | 75,740 |  |  | 18,444 |  |  | (10,268) |  |  | 160,798 |
Depreciation | 25,756 |  |  | 18,528 |  |  | 8,999 |  |  | 18 |  |  | 53,301 |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Net sales | $ | 602,431 |  |  | $ | 754,396 |  |  | $ | 186,954 |  |  | $ | — |  |  | $ | 1,543,781 |
Adjusted EBIT | 100,340 |  |  | 63,439 |  |  | 29,451 |  |  | (5,377) |  |  | 187,853 |
Depreciation | 24,808 |  |  | 19,558 |  |  | 8,796 |  |  | 39 |  |  | 53,201 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,140,028 |  |  | $ | 1,380,960 |  |  | $ | 324,020 |  |  | $ | — |  |  | $ | 2,845,008 |
Adjusted EBIT | 159,818 |  |  | 128,140 |  |  | 38,478 |  |  | (16,234) |  |  | 310,202 |
Depreciation | 50,515 |  |  | 36,516 |  |  | 17,834 |  |  | 58 |  |  | 104,923 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,200,358 |  |  | $ | 1,405,122 |  |  | $ | 380,187 |  |  | $ | — |  |  | $ | 2,985,667 |
Adjusted EBIT | 196,868 |  |  | 96,390 |  |  | 52,815 |  |  | (12,001) |  |  | 334,072 |
Depreciation | 49,469 |  |  | 40,289 |  |  | 17,539 |  |  | 81 |  |  | 107,378 |
Total adjusted EBIT is reconciled to income before income taxes as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
| (Dollars in thousands)
Total adjusted EBIT | $ | 160,798 |  |  | $ | 187,853 |  |  | $ | 310,202 |  |  | $ | 334,072 |
Less: |  |  |  |  |  |  |
Acquired intangible asset amortization expense | 13,304 |  |  | 13,188 |  |  | 26,525 |  |  | 26,618 |
Other pension expense (income) for U.S. pension plans | 834 |  |  | (11,983) |  |  | 1,668 |  |  | (23,965) |
Rationalization charges | 2,667 |  |  | 3,428 |  |  | 6,788 |  |  | 4,807 |
European Commission settlement | — |  |  | 25,203 |  |  | — |  |  | 25,203 |
Income before interest and income taxes | 143,993 |  |  | 158,017 |  |  | 275,221 |  |  | 301,409 |
Less interest and other debt expense | 46,792 |  |  | 28,660 |  |  | 83,558 |  |  | 59,490 |
Income before income taxes | $ | 97,201 |  |  | $ | 129,357 |  |  | $ | 191,663 |  |  | $ | 241,919 |
Net sales and adjusted EBIT of our metal containers segment and of part of our dispensing and specialty closures segment are dependent, in part, upon the vegetable and fruit harvests in the United States and, to a lesser extent, in a variety of national growing regions in Europe. The size and quality of these harvests varies from year to year, depending in large part upon the weather conditions in applicable regions. Because of the seasonality of the harvests, we have historically experienced higher unit sales volume in the third quarter of our fiscal year and generated a disproportionate amount of our annual adjusted EBIT during that quarter.

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- 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 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -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 5: 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 6: 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 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: 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 10: 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 11: 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 Reference 12: 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 13: 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 14: 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 + Details
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