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SEGMENT INFORMATION
 9 Months Ended
Sep. 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
September 30,		Nine Months Ended
September 30,
2022202120222021
Total Sales:
Pharma$345,079 $317,358 $1,037,120 $961,718 
Beauty + Home365,105 378,158 1,117,070 1,098,176 
Food + Beverage133,869 138,735 401,758 381,356 
Total Sales$844,053 $834,251 $2,555,948 $2,441,250 
Less: Intersegment Sales:
Pharma$1,682 $4,133 $11,030 $9,318 
Beauty + Home5,282 4,070 17,702 16,896 
Food + Beverage229 606 881 1,808 
Total Intersegment Sales$7,193 $8,809 $29,613 $28,022 
Net Sales:
Pharma$343,397 $313,225 $1,026,090 $952,400 
Beauty + Home359,823 374,088 1,099,368 1,081,280 
Food + Beverage133,640 138,129 400,877 379,548 
Net Sales$836,860 $825,442 $2,526,335 $2,413,228 
Adjusted EBITDA (1):
Pharma$107,235 $100,738 $333,793 $315,201 
Beauty + Home41,230 43,789 125,607 117,055 
Food + Beverage18,816 22,379 55,756 61,995 
Corporate & Other, unallocated(13,537)(12,745)(45,170)(40,311)
Acquisition-related costs (2)(231)(1,793)(231)(4,227)
Restructuring Initiatives (3)(2,270)(10,223)(2,989)(18,771)
Net unrealized investment gain (loss) (4)277 (9,021)(2,297)6,177 
Depreciation and amortization(57,601)(59,280)(174,818)(174,508)
Interest Expense(9,756)(8,011)(30,668)(22,601)
Interest Income752 401 2,029 1,406 
Income before Income Taxes$84,915 $66,234 $261,012 $241,416 
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(1)We evaluate performance of our reporting segments and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items.
(2)Acquisition-related costs include transaction costs related to acquisitions (see Note 17 – Acquisitions for further details).
(3)Restructuring Initiatives includes expense items for the three and nine months ended September 30, 2022 and 2021 as follows (see Note 19 – Restructuring Initiatives for further details):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Restructuring Initiatives by Segment
Pharma$— $13 $— $86 
Beauty + Home2,344 5,442 3,022 7,995 
Food + Beverage(74)131 (33)169 
Corporate & Other— 4,637 — 10,521 
Total Restructuring Initiatives$2,270 $10,223 $2,989 $18,771 
(4)Net unrealized investment gain (loss) represents the change in fair value of our investment in PCT (see Note 18 – Investment in Equity Securities for further details).