SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

We are organized into three reporting segments. Our Beauty + Home segment sells to the personal care, beauty and home care markets. Our Pharma segment serves customers in the prescription drug, consumer health care, injectables and active packaging markets. Our Food + Beverage segment sells to the food and beverage 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, 2019. We evaluate performance of our business units and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives and acquisition-related costs. All internal segment reporting and discussions of results with our Chief Operating Decision Maker (CODM) are based on segment Adjusted EBITDA.

Financial information regarding our reporting segments is shown below:

​	Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
​	2020		2019		2020		2019
Total Sales:	​		​		​		​
Beauty + Home	$	342,710	$	333,870	$	979,645	$	1,056,626
Pharma	317,610		271,608		921,085		830,679
Food + Beverage	106,667		104,458		305,991		328,280
Total Sales	766,987		709,936		$	2,206,721	$	2,215,585
Less: Intersegment Sales:	​		​		​		​
Beauty + Home	$	5,479	$	5,688	$	18,068	$	18,705
Pharma	1,852		2,357		6,872		6,788
Food + Beverage	503		613		1,770		1,693
Total Intersegment Sales	$	7,834	$	8,658	$	26,710	$	27,186
Net Sales:	​		​		​		​
Beauty + Home	$	337,231	$	328,182	$	961,577	$	1,037,921
Pharma	315,758		269,251		914,213		823,891
Food + Beverage	106,164		103,845		304,221		326,587
Net Sales	$	759,153	$	701,278	$	2,180,011	$	2,188,399
Adjusted EBITDA (1):	​		​		​		​
Beauty + Home	$	34,733	$	41,475	$	92,954	$	143,411
Pharma	112,436		95,899		324,877		294,684
Food + Beverage	20,351		18,728		53,543		56,363
Corporate & Other, unallocated	(10,964)		(9,943)		(34,071)		(33,328)
Acquisition-related costs (2)	(221)		(708)		(6,087)		(1,767)
Restructuring Initiatives (3)	(3,415)		(6,019)		(15,585)		(17,286)
Depreciation and amortization	(55,179)		(49,218)		(162,414)		(144,574)
Interest Expense	(8,851)		(8,898)		(25,973)		(26,868)
Interest Income	249		957		599		3,738
Income before Income Taxes	$	89,139	$	82,273	$	227,843	$	274,373

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(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, unallocated corporate expenses, restructuring initiatives and acquisition-related costs.

(2)Acquisition-related costs include transaction costs and purchase accounting adjustments related to acquisitions and investments (see Note 17 – Acquisitions and Note 18 – Investment in Equity Securities for further details).

(3)Restructuring Initiatives includes expense items for the three and nine months ended September 30, 2020 and 2019 as follows (see Note 19 – Restructuring Initiatives for further details):

​	Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
​	2020		2019		2020		2019
Restructuring Initiatives by Segment	​		​		​		​
Beauty + Home	$	3,144	$	5,341	$	15,375	$	14,869
Pharma	300		168		158		381
Food + Beverage	(31)		204		147		826
Corporate & Other	2		306		(95)		1,210
Total Restructuring Initiatives	$	3,415	$	6,019	$	15,585	$	17,286