SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

Financial information regarding the company's reportable segments

Financial information regarding our reporting segments is shown below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total Sales:
Aptar Pharma	$	389,423	$	345,079	$	1,136,544	$	1,037,120
Aptar Beauty	330,467		308,353		1,002,209		947,515
Aptar Closures	181,562		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 Beauty	6,487		5,307		22,253		17,722
Aptar Closures	1,733		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 Beauty	323,980		303,046		979,956		929,793
Aptar Closures	179,829		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 Beauty	41,070		36,563		121,375		112,343
Aptar Closures	27,607		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 Income	946		752		2,266		2,029
Income before Income Taxes	$	110,049	$	84,915	$	294,196	$	261,012

________________________________________________

(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,
	2023		2022		2023		2022
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 Beauty	2,880		2,240		12,650		2,774
Aptar Closures	3,098		30		4,060		215
Corporate & Other	91		—		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).

Restructuring Initiatives

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,
	2023		2022		2023		2022
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 Beauty	2,880		2,240		12,650		2,774
Aptar Closures	3,098		30		4,060		215
Corporate & Other	91		—		1,261		—
Total Restructuring Initiatives	$	6,161	$	2,270	$	19,628	$	2,989