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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2021
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 material science solutions 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 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, 2020. 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.
Financial information regarding our reporting segments is shown below:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Total Sales:
Pharma$328,549 $303,885 $644,360 $603,475 
Beauty + Home366,641 306,469 720,018 636,935 
Food + Beverage125,918 99,023 242,621 199,324 
Total Sales$821,108 $709,377 $1,606,999 $1,439,734 
Less: Intersegment Sales:
Pharma$3,206 $2,626 $5,185 $5,020 
Beauty + Home6,395 6,683 12,826 12,589 
Food + Beverage475 763 1,202 1,267 
Total Intersegment Sales$10,076 $10,072 $19,213 $18,876 
Net Sales:
Pharma$325,343 $301,259 $639,175 $598,455 
Beauty + Home360,246 299,786 707,192 624,346 
Food + Beverage125,443 98,260 241,419 198,057 
Net Sales$811,032 $699,305 $1,587,786 $1,420,858 
Adjusted EBITDA (1):
Pharma$105,979 $104,099 $214,463 $212,441 
Beauty + Home37,910 23,974 73,266 58,221 
Food + Beverage19,626 17,785 39,616 33,192 
Corporate & Other, unallocated(15,959)(9,279)(27,566)(23,107)
Acquisition-related costs (2)(2,434)(3,592)(2,434)(5,866)
Restructuring Initiatives (3)(4,876)(7,331)(8,548)(12,170)
Net investment (loss) gain (4)(1,611)— 15,198 — 
Depreciation and amortization(57,790)(56,429)(115,228)(107,235)
Interest Expense(7,175)(8,734)(14,590)(17,122)
Interest Income624 175 1,005 350 
Income before Income Taxes$74,294 $60,668 $175,182 $138,704 
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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 and Note 18 – Investment in Equity Securities for further details).
(3)Restructuring Initiatives includes expense items for the three and six months ended June 30, 2021 and 2020 as follows (see Note 19 – Restructuring Initiatives for further details):
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Restructuring Initiatives by Segment
Pharma$38 $(111)$73 $(142)
Beauty + Home1,457 7,324 2,553 12,231 
Food + Beverage117 75 38 178 
Corporate & Other3,264 43 5,884 (97)
Total Restructuring Initiatives$4,876 $7,331 $8,548 $12,170 
(4)Net investment (loss) gain represents the change in fair value of our investment in PCT (see Note 18 – Investment in Equity Securities for further details).