SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

We are organized into three reporting segments. Operations that sell dispensing systems, drug delivery systems, sealing solutions and services to the prescription drug, consumer health care, injectables, and active packaging markets form the Pharma segment. Operations that sell dispensing systems and sealing solutions primarily to the beauty, personal care and home care markets form the Beauty + Home segment. Operations that sell dispensing systems and sealing solutions to the food and beverage markets form the Food + Beverage segment.

The accounting policies of the segments are the same as those described in Note 1 – Summary of Significant Accounting Policies. The Company evaluates performance of our reporting segments and allocates resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives, acquisition-related costs, and other special items.

Financial information regarding our reporting segments is shown below:

Year Ended December 31,	2020		2019		2018
Total Sales:
Pharma	$	1,234,107	$	1,100,463	$	955,069
Beauty + Home	1,320,988		1,376,027		1,446,231
Food + Beverage	407,435		418,017		386,689
Total Sales	$	2,962,530	$	2,894,507	$	2,787,989
Less: Intersegment Sales:
Pharma	$	8,328	$	9,412	$	417
Beauty + Home	22,837		23,313		19,849
Food + Beverage	2,025		2,050		2,962
Total Intersegment Sales	$	33,190	$	34,775	$	23,228
Net Sales:
Pharma	$	1,225,779	$	1,091,051	$	954,652
Beauty + Home	1,298,151		1,352,714		1,426,382
Food + Beverage	405,410		415,967		383,727
Net Sales	$	2,929,340	$	2,859,732	$	2,764,761
Adjusted EBITDA (1):
Pharma	$	428,469	$	387,483	$	343,706
Beauty + Home	129,299		181,150		185,926
Food + Beverage	71,995		68,108		57,589
Corporate & Other, unallocated	(43,443)		(44,406)		(36,285)
Acquisition-related costs (2)	(6,087)		(3,927)		(23,770)
Restructuring Initiatives (3)	(26,492)		(20,472)		(63,829)
Depreciation and amortization (4)	(220,300)		(194,552)		(171,747)
Interest Expense	(33,244)		(35,489)		(32,626)
Interest Income	958		4,174		7,056
Income before Income Taxes	$	301,155	$	342,069	$	266,020
Depreciation and Amortization:
Pharma	$	75,874	$	65,590	$	51,495
Beauty + Home	95,880		82,778		83,546
Food + Beverage	37,768		35,728		27,467
Corporate & Other	10,778		10,456		9,239
Depreciation and Amortization	$	220,300	$	194,552	$	171,747
Capital Expenditures:
Pharma	$	117,835	$	89,702	$	54,433
Beauty + Home	93,980		96,040		101,371
Food + Beverage	29,956		45,130		41,236
Corporate & Other	15,690		13,933		25,739
Transfer of Corporate Technology Expenditures (5)	(11,507)		(2,529)		(11,527)
Capital Expenditures	$	245,954	$	242,276	$	211,252
Total Assets:
Pharma	$	1,549,781	$	1,422,815	$	1,324,696
Beauty + Home	1,610,058		1,378,292		1,373,816
Food + Beverage	549,270		534,527		501,700
Corporate & Other	280,944		226,485		177,523
Total Assets	$	3,990,053	$	3,562,119	$	3,377,735

(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, acquisition-related costs, and other special items.

(2)Acquisition-related costs include transaction costs and purchase accounting adjustments related to acquisitions and investments (see Note 19 – Acquisitions and Note 20 – Investments in Equity Securities for further details).

(3)Restructuring Initiatives includes expense items for the years ended December 31, 2020, 2019, and 2018 as follows (see Note 21 – Restructuring Initiatives for further details):

Year Ended December 31,	2020		2019		2018
Restructuring Initiatives by Segment
Pharma	$	220	$	632	$	3,589
Beauty + Home	24,464		17,682		52,244
Food + Beverage	1,903		391		4,185
Corporate & Other	(95)		1,767		3,811
Total Restructuring Initiatives	$	26,492	$	20,472	$	63,829

(4)Depreciation and amortization includes amortization related to acquisition purchase accounting adjustments. See the reconciliation of Non-U.S. GAAP measures.

(5)The transfer of corporate technology expenditures represents amounts of projects managed by corporate for the benefit of specific entities within each segment. Once the projects are complete, all related costs are allocated from corporate to and paid by the appropriate entity and the associated assets are then depreciated at the entity level.

Geographic Information

The following are net sales and long-lived asset information by geographic area and product information for the years ended December 31, 2020, 2019 and 2018:

	2020		2019		2018
Net Sales to Unaffiliated Customers (1):
United States	$	965,986	$	836,768	$	726,336
Europe:
France	854,639		895,110		862,364
Germany	448,405		452,409		474,369
Italy	148,636		141,867		144,044
Other Europe	152,376		149,083		146,701
Total Europe	1,604,056		1,638,469		1,627,478
Other Foreign Countries	359,298		384,495		410,947
Total	$	2,929,340	$	2,859,732	$	2,764,761
Property, Plant and Equipment, Net
United States	$	298,616	$	300,820	$	265,004
Europe:
France	426,353		338,288		308,250
Germany	194,553		163,782		154,505
Italy	57,333		53,562		54,978
Other Europe	55,933		63,636		59,411
Total Europe	734,172		619,268		577,144
Other Foreign Countries	165,960		167,590		149,465
Total	$	1,198,748	$	1,087,678	$	991,613

(1)Sales are attributed to countries based upon where the sales invoice to unaffiliated customers is generated.

No single customer represents 6% or more of our net sales in 2020, 2019 or 2018.