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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 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, active material science solutions and digital health 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, sealing solutions and food service trays 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. 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 unrealized 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:
Year Ended December 31,202120202019
Total Sales:
Pharma$1,297,996 $1,234,107 $1,100,463 
Beauty + Home1,456,208 1,320,988 1,376,027 
Food + Beverage511,112 407,435 418,017 
Total Sales$3,265,316 $2,962,530 $2,894,507 
Less: Intersegment Sales:
Pharma$13,372 $8,328 $9,412 
Beauty + Home22,186 22,837 23,313 
Food + Beverage2,537 2,025 2,050 
Total Intersegment Sales$38,095 $33,190 $34,775 
Net Sales:
Pharma$1,284,624 $1,225,779 $1,091,051 
Beauty + Home1,434,022 1,298,151 1,352,714 
Food + Beverage508,575 405,410 415,967 
Net Sales$3,227,221 $2,929,340 $2,859,732 
Adjusted EBITDA (1):
Pharma$425,714 $428,469 $387,483 
Beauty + Home154,689 129,299 181,150 
Food + Beverage79,377 71,995 68,108 
Corporate & Other, unallocated(52,314)(43,443)(44,406)
Acquisition-related costs (2)(3,811)(6,087)(3,927)
Restructuring Initiatives (3)(23,240)(26,492)(20,472)
Net unrealized investment gain (4)2,709 — — 
Depreciation and amortization (5)(234,853)(220,300)(194,552)
Interest Expense(30,284)(33,244)(35,489)
Interest Income3,668 958 4,174 
Income before Income Taxes$321,655 $301,155 $342,069 
Depreciation and Amortization:
Pharma$90,510 $75,874 $65,590 
Beauty + Home96,611 95,880 82,778 
Food + Beverage40,323 37,768 35,728 
Corporate & Other7,409 10,778 10,456 
Depreciation and Amortization$234,853 $220,300 $194,552 
Capital Expenditures:
Pharma$154,077 $117,835 $89,702 
Beauty + Home100,531 93,980 96,040 
Food + Beverage34,136 29,956 45,130 
Corporate & Other29,686 15,690 13,933 
Transfer of Corporate Technology Expenditures (6)(10,495)(11,507)(2,529)
Capital Expenditures$307,935 $245,954 $242,276 
Total Assets:
Pharma$1,833,512 $1,549,781 $1,422,815 
Beauty + Home1,615,917 1,610,058 1,378,292 
Food + Beverage574,269 549,270 534,527 
Corporate & Other117,666 280,944 226,485 
Total Assets$4,141,364 $3,990,053 $3,562,119 
(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 unrealized 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 19 – Acquisitions and Note 20 – Investment in Equity Securities for further details).
(3)Restructuring Initiatives includes expense items for the years ended December 31, 2021, 2020 and 2019 as follows (see Note 21 – Restructuring Initiatives for further details):
Year Ended December 31,202120202019
Restructuring Initiatives by Segment
Pharma$76 $220 $632 
Beauty + Home10,447 24,464 17,682 
Food + Beverage404 1,903 391 
Corporate & Other12,313 (95)1,767 
Total Restructuring Initiatives$23,240 $26,492 $20,472 
(4)Net unrealized investment gain represents the change in fair value of our investment in PCT (see Note 20 - Investment in Equity Securities for further details).
(5)Depreciation and amortization includes amortization related to acquisition purchase accounting adjustments. See the reconciliation of Non-U.S. GAAP measures.
(6)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, 2021, 2020 and 2019:
202120202019
Net Sales to Unaffiliated Customers (1):
United States$1,081,823 $965,986 $836,768 
Europe:
France906,057 854,639 895,110 
Germany486,928 448,405 452,409 
Italy161,676 148,636 141,867 
Other Europe170,521 152,376 149,083 
Total Europe1,725,182 1,604,056 1,638,469 
Other Foreign Countries420,216 359,298 384,495 
Total$3,227,221 $2,929,340 $2,859,732 
Property, Plant and Equipment, Net
United States$321,511 $298,616 $300,820 
Europe:
France455,105 426,353 338,288 
Germany197,643 194,553 163,782 
Italy50,828 57,333 53,562 
Other Europe58,121 55,933 63,636 
Total Europe761,697 734,172 619,268 
Other Foreign Countries192,669 165,960 167,570 
Total$1,275,877 $1,198,748 $1,087,658 
(1)Sales are attributed to countries based upon where the sales invoice to unaffiliated customers is generated.
No single customer or group of affiliated customers represents greater than 5% of our net sales in 2021 and 2020 or greater than 6% in 2019.