SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Financial information regarding the Company's reportable segments

Financial information regarding our reporting segments is shown below:

Three Months Ended March 31,	2021		2020
Total Sales:
Pharma	$	315,811	$	299,590
Beauty + Home	353,377		330,466
Food + Beverage	116,703		100,301
Total Sales	$	785,891	$	730,357
Less: Intersegment Sales:
Pharma	$	1,979	$	2,394
Beauty + Home	6,431		5,906
Food + Beverage	727		504
Total Intersegment Sales	$	9,137	$	8,804
Net Sales:
Pharma	$	313,832	$	297,196
Beauty + Home	346,946		324,560
Food + Beverage	115,976		99,797
Net Sales	$	776,754	$	721,553
Adjusted EBITDA (1):
Pharma	$	108,484	$	108,342
Beauty + Home	35,356		34,247
Food + Beverage	19,990		15,407
Corporate & Other, unallocated	(11,607)		(13,828)
Acquisition-related costs (2)	—		(2,274)
Restructuring Initiatives (3)	(3,672)		(4,839)
Net investment gain (4)	16,809		—
Depreciation and amortization	(57,438)		(50,806)
Interest Expense	(7,415)		(8,388)
Interest Income	381		175
Income before Income Taxes	$	100,888	$	78,036

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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, acquisition-related costs, net investment gains and losses related to observable market price changes on equity securities and other special items.

(2)Acquisition-related costs include transaction costs and purchase accounting adjustments related to acquisitions and investments (see Note 17 – Acquisitions in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further details).

(3)Restructuring Initiatives includes expense items for the three months ended March 31, 2021 and 2020 as follows (see Note 18 – Restructuring Initiatives for further details):

Three Months Ended March 31,	2021		2020
Restructuring Initiatives by Segment
Pharma	$	35	$	(31)
Beauty + Home	1,096		4,907
Food + Beverage	(79)		103
Corporate & Other	2,620		(140)
Total Restructuring Initiatives	$	3,672	$	4,839

(4)Net investment gain represents the change in fair value of our investment in PCT (see Note 17 – Investment in Equity Securities for further details).

Restructuring Initiatives

Restructuring Initiatives includes expense items for the three months ended March 31, 2021 and 2020 as follows (see Note 18 – Restructuring Initiatives for further details):

Three Months Ended March 31,	2021		2020
Restructuring Initiatives by Segment
Pharma	$	35	$	(31)
Beauty + Home	1,096		4,907
Food + Beverage	(79)		103
Corporate & Other	2,620		(140)
Total Restructuring Initiatives	$	3,672	$	4,839