Business Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

Reportable business segment information for the three and six months ended June 30 was as follows:

	Metal Containers		Closures		Plastic Containers		Corporate			Total
	(Dollars in thousands)
Three Months Ended June 30, 2015
Net sales	$	553,698	$	207,156	$	153,375	$	—		$	914,229
Depreciation and amortization(1)	17,464		9,175		8,659		31			35,329
Rationalization charges	—		810		149		—			959
Segment income from operations	48,300		24,584		9,414		(4,007		)	78,291
Three Months Ended June 30, 2014
Net sales	$	518,684	$	232,232	$	166,420	$	—		$	917,336
Depreciation and amortization(1)	17,192		10,748		9,073		32			37,045
Rationalization charges	—		862		—		—			862
Segment income from operations(2)	50,900		25,228		12,974		(3,022		)	86,080
Six Months Ended June 30, 2015
Net sales	$	1,012,596	$	405,235	$	312,998	$	—		$	1,730,829
Depreciation and amortization(1)	34,655		18,902		17,350		63			70,970
Rationalization charges	—		1,146		538		—			1,684
Segment income from operations	88,967		46,159		18,625		(8,399		)	145,352
Six Months Ended June 30, 2014
Net sales	$	987,089	$	446,029	$	340,064	$	—		$	1,773,182
Depreciation and amortization(1)	34,571		21,552		18,208		63			74,394
Rationalization charges	—		1,487		962		—			2,449
Segment income from operations(2)	91,353		42,993		25,818		(6,074		)	154,090

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⁽¹⁾  Depreciation and amortization excludes amortization of debt issuance costs of $1.0 million and $1.1 million for the three months ended June 30, 2015 and 2014, respectively, and $2.1 million in each of the six months ended June 30, 2015 and 2014.

⁽²⁾  Income from operations of the closures segment includes losses from operations in Venezuela of $2.9 million and $3.4 million for the three and six months ended June 30, 2014, respectively. The manufacturing facility in Venezuela ceased operations at the end of 2014.

Total segment income from operations is reconciled to income before income taxes as follows:

	Three Months Ended				Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(Dollars in thousands)
Total segment income from operations	$	78,291	$	86,080	$	145,352	$	154,090
Interest and other debt expense	16,762		18,958		33,205		39,118
Income before income taxes	$	61,529	$	67,122	$	112,147	$	114,972

Sales and income from operations of our metal container business and part of our closures business are dependent, in part, upon fruit and vegetable harvests.  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 income from operations during that quarter.