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SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Financial information regarding the company's reportable segments
Financial information regarding our reporting segments is shown below:
In thousands
Year Ended December 31,202320222021
Total Sales:
Aptar Pharma$1,521,837 $1,372,449 $1,297,996 
Aptar Beauty1,297,477 1,246,018 1,204,312 
Aptar Closures706,847 748,055 768,497 
Total Sales$3,526,161 $3,366,522 $3,270,805 
Less: Intersegment Sales:
Aptar Pharma$844 $11,193 $13,372 
Aptar Beauty29,780 23,483 22,466 
Aptar Closures8,087 9,597 7,746 
Total Intersegment Sales$38,711 $44,273 $43,584 
Net Sales:
Aptar Pharma$1,520,993 $1,361,256 $1,284,624 
Aptar Beauty1,267,697 1,222,535 1,181,846 
Aptar Closures698,760 738,458 760,751 
Net Sales$3,487,450 $3,322,249 $3,227,221 
Adjusted EBITDA (1):
Aptar Pharma$502,633 $441,622 $425,714 
Aptar Beauty163,716 151,887 125,451 
Aptar Closures103,693 86,109 108,615 
Corporate & Other, unallocated(62,320)(62,930)(52,314)
Acquisition-related costs (2)(480)(231)(3,811)
Restructuring Initiatives (3)(45,004)(6,597)(23,240)
Net unrealized investment (loss) gain (4)(2,775)(3,323)2,709 
Depreciation and amortization(248,593)(233,706)(234,853)
Interest Expense(40,418)(40,827)(30,284)
Interest Income4,373 2,700 3,668 
Income before Income Taxes$374,825 $334,704 $321,655 
Depreciation and Amortization:
Aptar Pharma$109,366 $94,396 $90,510 
Aptar Beauty83,399 80,498 83,379 
Aptar Closures52,095 52,866 53,555 
Corporate & Other3,733 5,946 7,409 
Depreciation and Amortization$248,593 $233,706 $234,853 
Capital Expenditures:
Aptar Pharma$196,083 $164,396 $154,077 
Aptar Beauty83,872 74,203 87,442 
Aptar Closures52,160 44,223 47,225 
Corporate & Other14,729 29,491 29,686 
Transfer of Corporate Expenditures (5)
(34,502)(1,886)(10,495)
Capital Expenditures$312,342 $310,427 $307,935 
Total Assets:
Aptar Pharma$2,111,779 $1,872,843 $1,833,512 
Aptar Beauty1,412,203 1,398,813 1,370,854 
Aptar Closures765,930 779,654 819,332 
Corporate & Other161,978 152,148 117,666 
Total Assets$4,451,890 $4,203,458 $4,141,364 
(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, 2023, 2022 and 2021 as follows (see Note 21 – Restructuring Initiatives for further details):
In thousands
Year Ended December 31,202320222021
Restructuring Initiatives by Plan:
Optimization initiative$45,445 $6,224 $— 
Prior year initiatives(441)373 23,240 
Total Restructuring Initiatives$45,004 $6,597 $23,240 
Restructuring Initiatives by Segment:
Aptar Pharma$4,852 $— $76 
Aptar Beauty20,683 5,539 8,149 
Aptar Closures17,927 1,058 2,702 
Corporate & Other1,542 — 12,313 
Total Restructuring Initiatives$45,004 $6,597 $23,240 
(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)The transfer of corporate 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. The increase in 2023 relates to a project build in Suzhou, China.
Restructuring Initiatives Restructuring Initiatives includes expense items for the years ended December 31, 2023, 2022 and 2021 as follows (see Note 21 – Restructuring Initiatives for further details):
In thousands
Year Ended December 31,202320222021
Restructuring Initiatives by Plan:
Optimization initiative$45,445 $6,224 $— 
Prior year initiatives(441)373 23,240 
Total Restructuring Initiatives$45,004 $6,597 $23,240 
Restructuring Initiatives by Segment:
Aptar Pharma$4,852 $— $76 
Aptar Beauty20,683 5,539 8,149 
Aptar Closures17,927 1,058 2,702 
Corporate & Other1,542 — 12,313 
Total Restructuring Initiatives$45,004 $6,597 $23,240 
Schedule of net sales and long-lived asset information by geographic area
The following are net sales and long-lived asset information by geographic area and product information for the years ended December 31, 2023, 2022 and 2021:
202320222021
Net Sales to Unaffiliated Customers (1):
United States$1,001,087 $1,100,159 $1,081,823 
Europe:
France1,077,695 938,637 906,057 
Germany564,528 512,709 486,928 
Italy172,215 154,823 161,676 
Other Europe187,341 167,226 170,521 
Total Europe2,001,779 1,773,395 1,725,182 
China152,609 156,577 148,671 
Other Foreign Countries331,975 292,118 271,545 
Total$3,487,450 $3,322,249 $3,227,221 
Property, Plant and Equipment, Net
United States$357,729 $346,382 $321,511 
Europe:
France550,738 482,091 455,105 
Germany225,860 194,898 197,643 
Italy42,240 42,522 50,828 
Other Europe63,864 53,317 58,121 
Total Europe882,702 772,828 761,697 
China112,017 98,469 74,535 
Other Foreign Countries125,615 125,985 118,134 
Total$1,478,063 $1,343,664 $1,275,877 
(1)Sales are attributed to countries based upon where the sales invoice to unaffiliated customers is generated.