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Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Reportable Operating Segment Information | Reportable segment information was as follows:
| Dispensing and Specialty Closures |  | Metal Containers |  | Custom Containers |  | Corporate |  | Total
| (Dollars in thousands)
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Net sales | $ | 565,377 |  |  | $ | 650,796 |  |  | $ | 165,192 |  |  | $ | — |  |  | $ | 1,381,365 |
Income before interest and income taxes | 78,901 |  |  | 56,318 |  |  | 20,542 |  |  | (13,908) |  |  | 141,853 |
Adjusted EBIT | 92,707 |  |  | 58,513 |  |  | 22,545 |  |  | (8,401) |  |  | 165,364 |
Depreciation | 25,384 |  |  | 18,892 |  |  | 8,823 |  |  | 47 |  |  | 53,146 |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Net sales | $ | 560,096 |  |  | $ | 710,864 |  |  | $ | 155,767 |  |  | $ | — |  |  | $ | 1,426,727 |
Income before interest and income taxes | 63,717 |  |  | 73,581 |  |  | 16,963 |  |  | (10,268) |  |  | 143,993 |
Adjusted EBIT | 76,882 |  |  | 75,740 |  |  | 18,444 |  |  | (10,268) |  |  | 160,798 |
Depreciation | 25,756 |  |  | 18,528 |  |  | 8,999 |  |  | 18 |  |  | 53,301 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,101,297 |  |  | $ | 1,267,925 |  |  | $ | 329,181 |  |  | $ | — |  |  | $ | 2,698,403 |
Income before interest and income taxes | 138,661 |  |  | 97,983 |  |  | 38,328 |  |  | (21,400) |  |  | 253,572 |
Adjusted EBIT | 170,557 |  |  | 103,467 |  |  | 42,713 |  |  | (15,893) |  |  | 300,844 |
Depreciation | 50,535 |  |  | 37,805 |  |  | 17,887 |  |  | 68 |  |  | 106,295 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,140,028 |  |  | $ | 1,380,960 |  |  | $ | 324,020 |  |  | $ | — |  |  | $ | 2,845,008 |
Income before interest and income taxes | 134,663 |  |  | 121,378 |  |  | 35,414 |  |  | (16,234) |  |  | 275,221 |
Adjusted EBIT | 159,818 |  |  | 128,140 |  |  | 38,478 |  |  | (16,234) |  |  | 310,202 |
Depreciation | 50,515 |  |  | 36,516 |  |  | 17,834 |  |  | 58 |  |  | 104,923 |
Reconciliation of Adjusted EBIT to Income before Income Taxes | Total adjusted EBIT is reconciled to income before income taxes as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
| (Dollars in thousands)
Total adjusted EBIT | $ | 165,364 |  |  | $ | 160,798 |  |  | $ | 300,844 |  |  | $ | 310,202 |
Less: |  |  |  |  |  |  |
Acquired intangible asset amortization expense | 12,356 |  |  | 13,304 |  |  | 25,637 |  |  | 26,525 |
Other pension (income) expense for U.S. pension plans | (1,211) |  |  | 834 |  |  | (2,422) |  |  | 1,668 |
Rationalization charges | 6,859 |  |  | 2,667 |  |  | 18,550 |  |  | 6,788 |
Costs attributed to announced acquisitions | 5,507 |  |  | — |  |  | 5,507 |  |  | — |
Income before interest and income taxes | 141,853 |  |  | 143,993 |  |  | 253,572 |  |  | 275,221 |
Less interest and other debt expense | 41,343 |  |  | 46,792 |  |  | 79,990 |  |  | 83,558 |
Income before income taxes | $ | 100,510 |  |  | $ | 97,201 |  |  | $ | 173,582 |  |  | $ | 191,663 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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