SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2013

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 10 — SEGMENT INFORMATION

The Company operates in the packaging components industry, which includes the development, manufacture and sale of consumer product dispensing systems.  The Company is organized into three reporting segments.  Operations that sell dispensing systems primarily to the beauty, personal care, and home care markets form the Beauty + Home segment.  Operations that sell dispensing systems primarily to the prescription drug and consumer health care markets form the Pharma segment.  Operations that sell dispensing systems primarily to the food and beverage markets form the Food + Beverage segment.  The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

Financial information regarding the Company’s reportable segments is shown below:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Total Revenue:
Beauty + Home	$	379,250		$	362,077		$	1,125,261		$	1,115,766
Pharma	172,360			156,044			524,248			429,278
Food + Beverage	75,531			75,245			244,434			226,751
Total Revenue	627,141			593,366			1,893,943			1,771,795
Less: Intersegment Sales:
Beauty + Home	$	3,199		$	3,601		$	10,754		$	10,855
Pharma	90			(56		)	178			156
Food + Beverage	208			223			293			1,185
Total Intersegment Sales	$	3,497		$	3,768		$	11,225		$	12,196
Net Sales:
Beauty + Home	$	376,051		$	358,476		$	1,114,507		$	1,104,911
Pharma	172,270			156,100			524,070			429,122
Food + Beverage	75,323			75,022			244,141			225,566
Net Sales	$	623,644		$	589,598		$	1,882,718		$	1,759,599
Segment Income (1):
Beauty + Home	$	30,943		$	30,050		$	85,697		$	96,569
Pharma	44,737			34,194			141,154			104,676
Food + Beverage	7,688			9,611			28,102			24,142
Restructuring Initiatives and Related Depreciation	(2,664		)	--			(10,257		)	215
Corporate & Other	(8,113		)	(6,443		)	(27,605		)	(22,048		)
Income before interest and taxes	$	72,591		$	67,412		$	217,091		$	203,554
Interest expense, net	(4,265		)	(4,386		)	(13,093		)	(11,710		)
Income before income taxes	$	68,326		$	63,026		$	203,998		$	191,844

(1) The Company evaluates performance of its business units and allocates resources based upon segment income.  Segment income is defined as earnings before net interest expense, certain corporate expenses, restructuring initiatives and related depreciation, and income taxes. Restructuring Initiatives and Related Depreciation includes the following income/(expense) items for the three and nine months ended September 30, 2013 as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013			2012
European Restructuring Plan
Depreciation	$	484	$	--	$	1,499		$	--
Employee Severance and Other Costs	2,180		--		8,802			--
Prior Year Initiatives	--		--		(44		)	(215		)
Total Restructuring Initiatives and Related Depreciation Expense	$	2,664	$	--	$	10,257		$	(215	)
Restructuring Initiatives and Related Depreciation Expense by Segment
Beauty + Home	$	2,664	$	--	$	10,280		$	(105	)
Pharma	--		--		--			--
Food + Beverage	--		--		(23		)	(110		)
Total Restructuring Initiatives and Related Depreciation Expense	$	2,664	$	--	$	10,257		$	(215	)