SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2019

NOTE 16 – SEGMENT INFORMATION

We are organized into three reporting segments. Operations that sell dispensing systems and sealing solutions primarily to the personal care, beauty and home care markets form the Beauty + Home segment. Operations that sell dispensing systems, sealing and active packaging solutions primarily to the prescription drug, consumer health care and injectables markets form the Pharma segment. Operations that sell dispensing systems and sealing solutions 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 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, 2018. We evaluate performance of our business units and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring and acquisition-related costs.

All internal segment reporting and discussions of results with our Chief Operating Decision Maker (CODM) are based on segment Adjusted EBITDA.

Financial information regarding our reporting segments is shown below:


Three Months Ended March 31,	2019		2018
Total Sales:
Beauty + Home	$	373,503	$	383,463
Pharma		274,494		230,132
Food + Beverage		104,727		95,645
Total Sales	$	752,724	$	709,240
Less: Intersegment Sales:
Beauty + Home	$	5,844	$	5,290
Pharma		1,793		5
Food + Beverage		627		595
Total Intersegment Sales	$	8,264	$	5,890
Net Sales:
Beauty + Home	$	367,659	$	378,173
Pharma		272,701		230,127
Food + Beverage		104,100		95,050
Net Sales	$	744,460	$	703,350
Adjusted EBITDA:
Beauty + Home	$	53,191	$	53,135
Pharma		97,357		79,840
Food + Beverage		16,691		12,739
Corporate & Other, unallocated		(12,755)		(11,579)
Restructuring Initiatives (1)		(9,530)		(5,936)
Depreciation and amortization		(47,489)		(41,175)
Interest Expense		(9,214)		(8,055)
Interest Income		1,748		2,248
Income before Income Taxes	$	89,999	$	81,217

(1)

Restructuring Initiatives includes expense items for the three months ended March 31, 2019 and 2018 as follows (see Note 19 – Restructuring Initiatives for further details):


Three Months Ended March 31,	2019		2018
Restructuring Initiatives by Segment
Beauty + Home	$	8,269	$	5,016
Pharma		326		364
Food + Beverage		510		315
Corporate & Other		425		241
Total Restructuring Initiatives	$	9,530	$	5,936