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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
During the years ended December 31, 2022, 2021 and 2020, we were 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 formed the Pharma segment. Operations that sell dispensing systems and sealing solutions primarily to the beauty, personal care and home care markets formed the Beauty + Home segment. Operations that sell dispensing systems, sealing solutions and food service trays to the food and beverage markets formed 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 31,202220212020
Total Sales:
Pharma$1,372,449 $1,297,996 $1,234,107 
Beauty + Home1,461,894 1,456,208 1,320,988 
Food + Beverage523,643 511,112 407,435 
Total Sales$3,357,986 $3,265,316 $2,962,530 
Less: Intersegment Sales:
Pharma$11,193 $13,372 $8,328 
Beauty + Home23,360 22,186 22,837 
Food + Beverage1,184 2,537 2,025 
Total Intersegment Sales$35,737 $38,095 $33,190 
Net Sales:
Pharma$1,361,256 $1,284,624 $1,225,779 
Beauty + Home1,438,534 1,434,022 1,298,151 
Food + Beverage522,459 508,575 405,410 
Net Sales$3,322,249 $3,227,221 $2,929,340 
Adjusted EBITDA (1):
Pharma$441,622 $425,714 $428,469 
Beauty + Home166,465 154,689 129,299 
Food + Beverage71,531 79,377 71,995 
Corporate & Other, unallocated(62,930)(52,314)(43,443)
Acquisition-related costs (2)(231)(3,811)(6,087)
Restructuring Initiatives (3)(6,597)(23,240)(26,492)
Net unrealized investment (loss) gain (4)(3,323)2,709 — 
Depreciation and amortization (5)(233,706)(234,853)(220,300)
Interest Expense(40,827)(30,284)(33,244)
Interest Income2,700 3,668 958 
Income before Income Taxes$334,704 $321,655 $301,155 
Depreciation and Amortization:
Pharma$94,396 $90,510 $75,874 
Beauty + Home93,027 96,611 95,880 
Food + Beverage40,337 40,323 37,768 
Corporate & Other5,946 7,409 10,778 
Depreciation and Amortization$233,706 $234,853 $220,300 
Capital Expenditures:
Pharma$164,396 $154,077 $117,835 
Beauty + Home86,048 100,531 93,980 
Food + Beverage32,378 34,136 29,956 
Corporate & Other29,491 29,686 15,690 
Transfer of Corporate Technology Expenditures (6)(1,886)(10,495)(11,507)
Capital Expenditures$310,427 $307,935 $245,954 
Total Assets:
Pharma$1,872,843 $1,833,512 $1,549,781 
Beauty + Home1,625,596 1,615,917 1,610,058 
Food + Beverage552,871 574,269 549,270 
Corporate & Other152,148 117,666 280,944 
Total Assets$4,203,458 $4,141,364 $3,990,053 
(1)We evaluate performance of our reporting segments and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items.
(2)Acquisition-related costs include transaction costs and purchase accounting adjustments related to acquisitions and investments (see Note 19 – Acquisitions and Note 20 – Investment in Equity Securities for further details).
(3)Restructuring Initiatives includes expense items for the years ended December 31, 2022, 2021 and 2020 as follows (see Note 21 – Restructuring Initiatives for further details):
Year Ended December 31,202220212020
Restructuring Initiatives by Segment
Pharma$— $76 $220 
Beauty + Home6,460 10,447 24,464 
Food + Beverage137 404 1,903 
Corporate & Other— 12,313 (95)
Total Restructuring Initiatives$6,597 $23,240 $26,492 
(4)Net unrealized investment (loss) 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, 2022, 2021 and 2020:
202220212020
Net Sales to Unaffiliated Customers (1):
United States$1,100,159 $1,081,823 $965,986 
Europe:
France938,637 906,057 854,639 
Germany512,709 486,928 448,405 
Italy154,823 161,676 148,636 
Other Europe167,226 170,521 152,376 
Total Europe1,773,395 1,725,182 1,604,056 
China156,577 148,671 118,791 
Other Foreign Countries292,118 271,545 240,507 
Total$3,322,249 $3,227,221 $2,929,340 
Property, Plant and Equipment, Net
United States$346,382 $321,511 $298,616 
Europe:
France482,091 455,105 426,353 
Germany194,898 197,643 194,553 
Italy42,522 50,828 57,333 
Other Europe53,317 58,121 55,933 
Total Europe772,828 761,697 734,172 
China98,469 74,535 46,005 
Other Foreign Countries125,985 118,134 119,955 
Total$1,343,664 $1,275,877 $1,198,748 
(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 2022, 2021 or 2020.
Effective January 1, 2023, there was a realignment of two of our segments, allowing us to better serve our customers and positioning us for long-term profitable growth. We will continue to have three reporting segments and they will be called Aptar Pharma, Aptar Beauty and Aptar Closures.
We are combining all of our closures operations into a single segment - Aptar Closures. The Aptar Closures business will serve multiple markets, including food, beverage, personal care, home care, beauty and healthcare. Closures that were developed in Beauty + Home and Pharma will move to Aptar Closures together with the operations of legacy Food + Beverage. Aptar's food protection business and our elastomeric flow-control technology business will continue to report through the Aptar Closures segment.
At the same time, we are simplifying and focusing our Beauty + Home segment to better leverage our complex spray and dispensing solutions for prestige and premium brands in the beauty and personal care markets. For many of our customers, personal care products are considered part of "beauty" and so we are renaming this segment, simply, Aptar Beauty.