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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
During the year ended December 31, 2022, our organizational structure consisted of three market-focused business segments: Pharma, Beauty+Home and Food+Beverage. Effective January 1, 2023, we realigned two of our segments, allowing us to better serve our customers and positioning us for long-term profitable growth. We continue to have three reporting segments; Aptar Pharma and Aptar Beauty are named for the markets they serve with multiple product platforms, while Aptar Closures is named primarily for a single product platform that serves all available markets.
We combined all of our closures operations into a single segment - Aptar Closures. The Aptar Closures business serves multiple markets, including food, beverage, personal care, home care, beauty and healthcare. Closures that were developed in Beauty + Home moved to Aptar Closures together with the operations of legacy Food + Beverage. Aptar's food protection business and our elastomeric flow-control technology business continue to report through the Aptar Closures segment.
At the same time, we have simplified and focused 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 renamed this segment, simply, Aptar Beauty. The segment realignment had no impact on our consolidated statements of income, balance sheets, and cash flows. Segment financial information for the prior periods has been recast to conform to the current presentation.
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, 2022. 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,
2023202220232022
Total Sales:
Aptar Pharma$389,423 $345,079 $1,136,544 $1,037,120 
Aptar Beauty330,467 308,353 1,002,209 947,515 
Aptar Closures181,562 192,706 539,472 577,940 
Total Sales$901,452 $846,138 $2,678,225 $2,562,575 
Less: Intersegment Sales:
Aptar Pharma$235 $1,682 $610 $11,030 
Aptar Beauty6,487 5,307 22,253 17,722 
Aptar Closures1,733 2,289 6,392 7,488 
Total Intersegment Sales$8,455 $9,278 $29,255 $36,240 
Net Sales:
Aptar Pharma$389,188 $343,397 $1,135,934 $1,026,090 
Aptar Beauty323,980 303,046 979,956 929,793 
Aptar Closures179,829 190,417 533,080 570,452 
Net Sales$892,997 $836,860 $2,648,970 $2,526,335 
Adjusted EBITDA (1):
Aptar Pharma$136,344 $107,235 $371,508 $333,793 
Aptar Beauty41,070 36,563 121,375 112,343 
Aptar Closures27,607 23,483 81,387 69,020 
Corporate & Other, unallocated(11,659)(13,537)(45,996)(45,170)
Acquisition-related costs (2)— (231)(255)(231)
Restructuring Initiatives (3)(6,161)(2,270)(19,628)(2,989)
Net unrealized investment (loss) gain (4)(5,428)277 (2,349)(2,297)
Depreciation and amortization(62,686)(57,601)(184,212)(174,818)
Interest Expense(9,984)(9,756)(29,900)(30,668)
Interest Income946 752 2,266 2,029 
Income before Income Taxes$110,049 $84,915 $294,196 $261,012 
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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 nine months ended September 30, 2023 and 2022 as follows (see Note 19 – Restructuring Initiatives for further details):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Restructuring Initiatives by Plan:
Optimization initiative$6,586 $2,254 $20,069 $2,254 
Prior year initiatives(425)16 (441)735 
Total Restructuring Initiatives$6,161 $2,270 $19,628 $2,989 
Restructuring Initiatives by Segment:
Aptar Pharma$92 $— $1,657 $— 
Aptar Beauty2,880 2,240 12,650 2,774 
Aptar Closures3,098 30 4,060 215 
Corporate & Other91 — 1,261 — 
Total Restructuring Initiatives$6,161 $2,270 $19,628 $2,989 
(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).