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v3.25.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
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, 2025 |  |  |  |  |  |  |  |  |
Net sales | $ | 702,187 |  |  | $ | 676,056 |  |  | $ | 160,918 |  |  | $ | — |  |  | $ | 1,539,161 |
Segment expenses and other (a) | 594,817 |  |  | 605,285 |  |  | 135,989 |  |  | 10,654 |  |  | 1,346,745 |
Equity in earnings of affiliates, net of tax | 555 |  |  | — |  |  | — |  |  | — |  |  | 555 |
Adjusted EBIT | 107,925 |  |  | 70,771 |  |  | 24,929 |  |  | (10,654) |  |  | 192,971 |
Depreciation | 37,633 |  |  | 13,607 |  |  | 8,684 |  |  | 102 |  |  | 60,026 |
Capital expenditures | 48,707 |  |  | 17,728 |  |  | 5,826 |  |  | 508 |  |  | 72,769 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Net sales | $ | 565,377 |  |  | $ | 650,796 |  |  | $ | 165,192 |  |  | $ | — |  |  | $ | 1,381,365 |
Segment expenses and other (a) | 472,670 |  |  | 592,283 |  |  | 142,647 |  |  | 8,401 |  |  | 1,216,001 |
Adjusted EBIT | 92,707 |  |  | 58,513 |  |  | 22,545 |  |  | (8,401) |  |  | 165,364 |
Depreciation | 25,384 |  |  | 18,892 |  |  | 8,823 |  |  | 47 |  |  | 53,146 |
Capital expenditures | 26,149 |  |  | 22,645 |  |  | 7,386 |  |  | 4 |  |  | 56,184 |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,373,290 |  |  | $ | 1,304,483 |  |  | $ | 328,049 |  |  | $ | — |  |  | $ | 3,005,822 |
Segment expenses and other (a) | 1,167,879 |  |  | 1,184,156 |  |  | 278,536 |  |  | 25,727 |  |  | 2,656,298 |
Equity in earnings of affiliates, net of tax | 1,717 |  |  | — |  |  | — |  |  | — |  |  | 1,717 |
Adjusted EBIT | 207,128 |  |  | 120,327 |  |  | 49,513 |  |  | (25,727) |  |  | 351,241 |
Depreciation | 73,488 |  |  | 32,892 |  |  | 17,448 |  |  | 148 |  |  | 123,976 |
Segment assets | 5,846,884 |  |  | 2,706,408 |  |  | 780,467 |  |  | 39,861 |  |  | 9,373,620 |
Capital expenditures | 92,141 |  |  | 48,971 |  |  | 13,665 |  |  | 916 |  |  | 155,693 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,101,297 |  |  | $ | 1,267,925 |  |  | $ | 329,181 |  |  | $ | — |  |  | $ | 2,698,403 |
Segment expenses and other (a) | 930,740 |  |  | 1,164,458 |  |  | 286,468 |  |  | 15,893 |  |  | 2,397,559 |
Adjusted EBIT | 170,557 |  |  | 103,467 |  |  | 42,713 |  |  | (15,893) |  |  | 300,844 |
Depreciation | 50,535 |  |  | 37,805 |  |  | 17,887 |  |  | 68 |  |  | 106,295 |
Segment assets | 4,389,613 |  |  | 2,398,402 |  |  | 817,205 |  |  | 38,219 |  |  | 7,643,439 |
Capital expenditures | 56,014 |  |  | 59,869 |  |  | 15,541 |  |  | 18 |  |  | 131,442 |
(a) Segment expenses and other includes cost of goods sold, selling, general and administrative expenses, and other pension and postretirement (income) expense and excludes acquired intangible asset amortization expense, other pension (income) expense only for U.S. pension plans, and costs attributed to announced acquisitions.
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, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
| (Dollars in thousands)
Total adjusted EBIT | $ | 192,971 |  |  | $ | 165,364 |  |  | $ | 351,241 |  |  | $ | 300,844 |
Less: |  |  |  |  |  |  |
Acquired intangible asset amortization expense | 15,946 |  |  | 12,356 |  |  | 31,359 |  |  | 25,637 |
Other pension (income) for U.S. pension plans | (925) |  |  | (1,211) |  |  | (1,850) |  |  | (2,422) |
Equity in earnings of affiliates, net of tax | 555 |  |  | — |  |  | 1,717 |  |  | — |
Rationalization charges | 9,864 |  |  | 6,859 |  |  | 20,823 |  |  | 18,550 |
Costs attributed to announced acquisitions | — |  |  | 5,507 |  |  | 1,117 |  |  | 5,507 |
Income before interest and income taxes | 167,531 |  |  | 141,853 |  |  | 298,075 |  |  | 253,572 |
Interest and other debt expense | 48,699 |  |  | 41,343 |  |  | 91,627 |  |  | 79,990 |
Income before income taxes | $ | 118,832 |  |  | $ | 100,510 |  |  | $ | 206,448 |  |  | $ | 173,582 |

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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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