SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2014

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 13 – SEGMENT INFORMATION

The Company operates in the packaging components industry, which includes the development, manufacture and sale of consumer product dispensing solutions.  The Company is organized into three reporting segments.  Operations that sell dispensing systems primarily to the personal care, beauty and home care markets form the Beauty + Home segment.  Operations that sell dispensing systems primarily to the prescription drug, consumer health care and injectables 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, 2013.  Segment income is defined as earnings before net interest expense, certain corporate expenses, restructuring initiatives and related depreciation and income taxes.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Total Revenue:
Beauty + Home	$	384,604		$	379,250		$	1,174,359		$	1,125,261
Pharma	179,191			172,360			569,230			524,248
Food + Beverage	94,118			75,531			274,936			244,434
Total Revenue	657,913			627,141			2,018,525			1,893,943
Less: Intersegment Sales:
Beauty + Home	$	5,699		$	3,199		$	18,992		$	10,754
Pharma	--			90			--			178
Food + Beverage	272			208			909			293
Total Intersegment Sales	$	5,971		$	3,497		$	19,901		$	11,225
Net Sales:
Beauty + Home	$	378,905		$	376,051		$	1,155,367		$	1,114,507
Pharma	179,191			172,270			569,230			524,070
Food + Beverage	93,846			75,323			274,027			244,141
Net Sales	$	651,942		$	623,644		$	1,998,624		$	1,882,718
Segment Income:
Beauty + Home	$	25,399		$	30,943		$	80,378		$	85,697
Pharma	49,314			44,737			154,589			141,154
Food + Beverage	11,713			7,688			33,209			28,102
Restructuring Initiatives and
Related Depreciation (1)	--			(2,664		)	--			(10,257		)
Corporate & Other	(8,364		)	(8,113		)	(28,664		)	(27,605		)
Income before interest and taxes	$	78,062		$	72,591		$	239,512		$	217,091
Interest expense, net	(3,946		)	(4,265		)	(12,010		)	(13,093		)
Income before income taxes	$	74,116		$	68,326		$	227,502		$	203,998

(1) Restructuring Initiatives and Related Depreciation includes the following income/(expense) items for the three and nine months ended September 30, 2014:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
European Restructuring Plan
Depreciation	$	--	$	484	$	--	$	1,499
Employee Severance and Other Costs	--		2,180		--		8,802
Prior Year Initiatives	--		--		--		(44		)
Total Restructuring Initiatives and Related Depreciation Expense	$	--	$	2,664	$	--	$	10,257
Restructuring Initiatives and Related Depreciation Expense by Segment
Beauty + Home	$	--	$	2,664	$	--	$	10,280
Pharma	--		--		--		--
Food + Beverage	--		--		--		(23		)
Total Restructuring Initiatives and Related Depreciation Expense	$	--	$	2,664	$	--	$	10,257