SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2019

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 16 – SEGMENT INFORMATION

We are organized into three reporting segments. Our Beauty+ Home segment sells to the personal care, beauty and home care markets. Our Pharma segment serves customers in the prescription drug, consumer health care, injectables and active-packaging markets. Our Food + Beverage segment sells primarily to the food and beverage markets.

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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Total Sales:
Beauty + Home	$	349,253	$	374,161	$	722,756	$	757,624
Pharma		284,577		241,282		559,071		471,414
Food + Beverage		119,095		101,420		223,822		197,065
Total Sales		752,925		716,863	$	1,505,649	$	1,426,103
Less: Intersegment Sales:
Beauty + Home	$	7,173	$	5,625	$	13,017	$	10,915
Pharma		2,638		73		4,431		78
Food + Beverage		453		557		1,080		1,152
Total Intersegment Sales	$	10,264	$	6,255	$	18,528	$	12,145
Net Sales:
Beauty + Home	$	342,080	$	368,536	$	709,739	$	746,709
Pharma		281,939		241,209		554,640		471,336
Food + Beverage		118,642		100,863		222,742		195,913
Net Sales	$	742,661	$	710,608	$	1,487,121	$	1,413,958
Adjusted EBITDA:
Beauty + Home	$	48,745	$	45,846	$	101,936	$	98,981
Pharma		101,650		86,353		199,007		166,193
Food + Beverage		20,944		18,063		37,635		30,802
Corporate & Other, unallocated		(10,630)		(9,043)		(23,385)		(20,622)
Acquisition-related costs (1)		(1,281)		(2,563)		(1,281)		(2,563)
Restructuring Initiatives (2)		(1,737)		(18,214)		(11,267)		(24,150)
Depreciation and amortization		(47,867)		(40,101)		(95,356)		(81,276)
Interest Expense		(8,756)		(7,964)		(17,970)		(16,019)
Interest Income		1,033		2,521		2,781		4,769
Income before Income Taxes	$	102,101	$	74,898	$	192,100	$	156,115

(1) Acquisition-related costs include transaction costs and purchase accounting adjustments related to inventory and backlog for acquisitions (see Note 18 – Acquisitions for further details).

(2) Restructuring Initiatives includes expense items for the three and six months ended June 30, 2019 and 2018 as follows (see Note 19 – Restructuring Initiatives for further details):

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Restructuring Initiatives by Segment
Beauty + Home	$	1,259	$	14,631	$	9,528	$	19,647
Pharma		(113)		1,224		213		1,588
Food + Beverage		112		1,354		622		1,669
Corporate & Other		479		1,005		904		1,246
Total Restructuring Initiatives	$	1,737	$	18,214	$	11,267	$	24,150