Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

Reportable segment information was as follows:

	Dispensing and Specialty Closures		Metal Containers		Custom Containers		Corporate		Total
	(Dollars in thousands)
Three Months Ended September 30, 2022
Net sales	$	575,530	$	1,212,034	$	182,881	$	—	$	1,970,445
Depreciation and amortization(1)	36,056		17,811		9,882		39		63,788
Rationalization charges	346		2,480		(100)		—		2,726
Segment income	79,163		121,267		24,262		(5,282)		219,410
Three Months Ended September 30, 2021
Net sales	$	533,329	$	942,125	$	175,616	$	—	$	1,651,070
Depreciation and amortization(1)	30,830		21,231		10,072		38		62,171
Rationalization charges	406		1,822		87		—		2,315
Segment income	60,090		94,271		22,704		(9,148)		167,917
Nine Months Ended September 30, 2022
Net sales	$	1,775,888	$	2,617,156	$	563,068	$	—	$	4,956,112
Depreciation and amortization(1)	109,216		58,749		29,699		120		197,784
Rationalization charges	346		7,182		5		—		7,533
Segment income (2)	257,825		225,634		79,846		(42,486)		520,819
Nine Months Ended September 30, 2021
Net sales	$	1,588,449	$	2,120,740	$	528,652	$	—	$	4,237,841
Depreciation and amortization(1)	88,821		63,809		29,077		119		181,826
Rationalization charges	5,704		7,068		254		—		13,026
Segment income	199,571		198,520		74,434		(25,105)		447,420

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(1)Depreciation and amortization excludes amortization of debt discount and debt issuance costs of $1.3 million and $1.4 million for the three months ended September 30, 2022 and 2021, respectively, and $4.1 million for each of the nine months ended September 30, 2022 and 2021.

(2)Corporate includes a charge of $25.2 million for the settlement with the European Commission for the nine months ended September 30, 2022.

Total segment income is reconciled to income before income taxes as follows:

	Three Months Ended				Nine Months Ended
	Sept. 30, 2022		Sept. 30, 2021		Sept. 30, 2022		Sept. 30, 2021
	(Dollars in thousands)
Total segment income	$	219,410	$	167,917	$	520,819	$	447,420
Interest and other debt expense	33,743		27,039		93,233		80,751
Income before income taxes	$	185,667	$	140,878	$	427,586	$	366,669

Sales and segment income of our metal containers segment and of part of our dispensing and specialty closures segment are dependent, in part, upon the vegetable and fruit harvests in the United States and, to a lesser extent, in a variety of national growing regions in Europe. The size and quality of these harvests varies from year to year, depending in large part upon the weather conditions in applicable regions. Because of the seasonality of the harvests, we have historically experienced higher unit sales volume in the third quarter of our fiscal year and generated a disproportionate amount of our annual segment income during that quarter.