SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Financial information regarding the Company's reportable segments

Financial information regarding our reporting segments is shown below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total Sales:
Aptar Pharma	$	391,010	$	345,369	$	747,121	$	692,041
Aptar Beauty	338,404		323,794		671,742		639,162
Aptar Closures	177,471		189,166		357,910		385,234
Total Sales	$	906,885	$	858,329	$	1,776,773	$	1,716,437
Less: Intersegment Sales:
Aptar Pharma	$	310	$	5,138	$	375	$	9,348
Aptar Beauty	8,817		6,127		15,766		12,415
Aptar Closures	1,852		2,521		4,659		5,199
Total Intersegment Sales	$	10,979	$	13,786	$	20,800	$	26,962
Net Sales:
Aptar Pharma	$	390,700	$	340,231	$	746,746	$	682,693
Aptar Beauty	329,587		317,667		655,976		626,747
Aptar Closures	175,619		186,645		353,251		380,035
Net Sales	$	895,906	$	844,543	$	1,755,973	$	1,689,475
Adjusted EBITDA (1):
Aptar Pharma	$	125,866	$	111,006	$	235,164	$	226,558
Aptar Beauty	43,100		41,230		80,305		75,780
Aptar Closures	27,772		21,354		53,780		45,537
Corporate & Other, unallocated	(15,501)		(13,663)		(34,337)		(31,633)
Acquisition-related costs (2)	—		—		(255)		—
Restructuring Initiatives (3)	(1,943)		(428)		(13,467)		(719)
Net unrealized investment gain (loss) (4)	2,891		(483)		3,079		(2,574)
Depreciation and amortization	(62,267)		(58,552)		(121,526)		(117,217)
Interest Expense	(9,688)		(11,982)		(19,916)		(20,912)
Interest Income	648		989		1,320		1,277
Income before Income Taxes	$	110,878	$	89,471	$	184,147	$	176,097

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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 (and purchase accounting adjustments related to acquisitions and investments) (see Note 17 – Acquisitions for further details).

(3)Restructuring Initiatives includes expense items for the three and six months ended June 30, 2023 and 2022 as follows (see Note 19 – Restructuring Initiatives for further details):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Restructuring Initiatives by Plan:
Optimization initiative	$	1,943	$	—	$	13,483	$	—
Prior year initiatives	—		428		(16)		719
Total Restructuring Initiatives	$	1,943	$	428	$	13,467	$	719

Restructuring Initiatives by Segment:
Aptar Pharma	$	434	$	—	$	1,565	$	—
Aptar Beauty	479		423		9,770		534
Aptar Closures	440		5		962		185
Corporate & Other	590		—		1,170		—
Total Restructuring Initiatives	$	1,943	$	428	$	13,467	$	719

(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).

Restructuring Initiatives

Restructuring Initiatives includes expense items for the three and six months ended June 30, 2023 and 2022 as follows (see Note 19 – Restructuring Initiatives for further details):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Restructuring Initiatives by Plan:
Optimization initiative	$	1,943	$	—	$	13,483	$	—
Prior year initiatives	—		428		(16)		719
Total Restructuring Initiatives	$	1,943	$	428	$	13,467	$	719

Restructuring Initiatives by Segment:
Aptar Pharma	$	434	$	—	$	1,565	$	—
Aptar Beauty	479		423		9,770		534
Aptar Closures	440		5		962		185
Corporate & Other	590		—		1,170		—
Total Restructuring Initiatives	$	1,943	$	428	$	13,467	$	719