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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2022
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 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, 2021. 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:
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Total Sales:
Pharma$345,369 $328,549 $692,041 $644,360 
Beauty + Home377,490 366,641 751,965 720,018 
Food + Beverage133,122 125,918 267,889 242,621 
Total Sales$855,981 $821,108 $1,711,895 $1,606,999 
Less: Intersegment Sales:
Pharma$5,138 $3,206 $9,348 $5,185 
Beauty + Home6,144 6,395 12,420 12,826 
Food + Beverage156 475 652 1,202 
Total Intersegment Sales$11,438 $10,076 $22,420 $19,213 
Net Sales:
Pharma$340,231 $325,343 $682,693 $639,175 
Beauty + Home371,346 360,246 739,545 707,192 
Food + Beverage132,966 125,443 267,237 241,419 
Net Sales$844,543 $811,032 $1,689,475 $1,587,786 
Adjusted EBITDA (1):
Pharma$111,006 $105,979 $226,558 $214,463 
Beauty + Home44,879 37,910 84,377 73,266 
Food + Beverage17,705 19,626 36,940 39,616 
Corporate & Other, unallocated(13,663)(15,959)(31,633)(27,566)
Acquisition-related costs (2)— (2,434)— (2,434)
Restructuring Initiatives (3)(428)(4,876)(719)(8,548)
Net unrealized investment (loss) gain (4)(483)(1,611)(2,574)15,198 
Depreciation and amortization(58,552)(57,790)(117,217)(115,228)
Interest Expense(11,982)(7,175)(20,912)(14,590)
Interest Income989 624 1,277 1,005 
Income before Income Taxes$89,471 $74,294 $176,097 $175,182 
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(1)We evaluate performance of our reporting segments and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items.
(2)Acquisition-related costs include transaction costs related to acquisitions (see Note 17 – Acquisitions for further details).
(3)Restructuring Initiatives includes expense items for the three and six months ended June 30, 2022 and 2021 as follows (see Note 19 – Restructuring Initiatives for further details):
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Restructuring Initiatives by Segment
Pharma$— $38 $— $73 
Beauty + Home420 1,457 678 2,553 
Food + Beverage8 117 41 38 
Corporate & Other— 3,264 — 5,884 
Total Restructuring Initiatives$428 $4,876 $719 $8,548 
(4)Net unrealized investment (loss) gain represents the change in fair value of our investment in PCT (see Note 18 – Investment in Equity Securities for further details).