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,	2021		2020		2019
Total Sales:
Pharma	$	1,297,996	$	1,234,107	$	1,100,463
Beauty + Home	1,456,208		1,320,988		1,376,027
Food + Beverage	511,112		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 + Home	22,186		22,837		23,313
Food + Beverage	2,537		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 + Home	1,434,022		1,298,151		1,352,714
Food + Beverage	508,575		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 + Home	154,689		129,299		181,150
Food + Beverage	79,377		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 Income	3,668		958		4,174
Income before Income Taxes	$	321,655	$	301,155	$	342,069
Depreciation and Amortization:
Pharma	$	90,510	$	75,874	$	65,590
Beauty + Home	96,611		95,880		82,778
Food + Beverage	40,323		37,768		35,728
Corporate & Other	7,409		10,778		10,456
Depreciation and Amortization	$	234,853	$	220,300	$	194,552
Capital Expenditures:
Pharma	$	154,077	$	117,835	$	89,702
Beauty + Home	100,531		93,980		96,040
Food + Beverage	34,136		29,956		45,130
Corporate & Other	29,686		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 + Home	1,615,917		1,610,058		1,378,292
Food + Beverage	574,269		549,270		534,527
Corporate & Other	117,666		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,	2021		2020		2019
Restructuring Initiatives by Segment
Pharma	$	76	$	220	$	632
Beauty + Home	10,447		24,464		17,682
Food + Beverage	404		1,903		391
Corporate & Other	12,313		(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:

	2021		2020		2019
Net Sales to Unaffiliated Customers (1):
United States	$	1,081,823	$	965,986	$	836,768
Europe:
France	906,057		854,639		895,110
Germany	486,928		448,405		452,409
Italy	161,676		148,636		141,867
Other Europe	170,521		152,376		149,083
Total Europe	1,725,182		1,604,056		1,638,469
Other Foreign Countries	420,216		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:
France	455,105		426,353		338,288
Germany	197,643		194,553		163,782
Italy	50,828		57,333		53,562
Other Europe	58,121		55,933		63,636
Total Europe	761,697		734,172		619,268
Other Foreign Countries	192,669		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.