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Segment Information
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We evaluate performance of our business segments and allocate resources based on the adjusted EBIT of our business segments. Adjusted EBIT is not a defined term under GAAP. We define adjusted EBIT as income before interest and income taxes excluding acquired intangible asset amortization expense, other pension (income) expense for U.S. pension plans, rationalization charges and costs attributed to announced acquisitions. Adjusted EBIT should not be considered in isolation or as a substitute for income before interest and income taxes or any other financial data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies.

Reportable segment information was as follows:
Dispensing and Specialty ClosuresMetal
Containers
Custom
Containers
CorporateTotal
 (Dollars in thousands)
Three Months Ended June 30, 2024     
Net sales$565,377 $650,796 $165,192 $— $1,381,365 
Income before interest and income taxes78,901 56,318 20,542 (13,908)141,853 
Adjusted EBIT92,707 58,513 22,545 (8,401)165,364 
Depreciation25,384 18,892 8,823 47 53,146 
Three Months Ended June 30, 2023     
Net sales$560,096 $710,864 $155,767 $— $1,426,727 
Income before interest and income taxes63,717 73,581 16,963 (10,268)143,993 
Adjusted EBIT76,882 75,740 18,444 (10,268)160,798 
Depreciation25,756 18,528 8,999 18 53,301 
Six Months Ended June 30, 2024     
Net sales$1,101,297 $1,267,925 $329,181 $— $2,698,403 
Income before interest and income taxes138,661 97,983 38,328 (21,400)253,572 
Adjusted EBIT170,557 103,467 42,713 (15,893)300,844 
Depreciation50,535 37,805 17,887 68 106,295 
Six Months Ended June 30, 2023     
Net sales$1,140,028 $1,380,960 $324,020 $— $2,845,008 
Income before interest and income taxes134,663 121,378 35,414 (16,234)275,221 
Adjusted EBIT159,818 128,140 38,478 (16,234)310,202 
Depreciation50,515 36,516 17,834 58 104,923 
Total adjusted EBIT is reconciled to income before income taxes as follows:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
 (Dollars in thousands)
Total adjusted EBIT $165,364 $160,798 $300,844 $310,202 
Less:
Acquired intangible asset amortization expense12,356 13,304 25,637 26,525 
Other pension (income) expense for U.S. pension plans(1,211)834 (2,422)1,668 
Rationalization charges6,859 2,667 18,550 6,788 
Costs attributed to announced acquisitions5,507 — 5,507 — 
Income before interest and income taxes141,853 143,993 253,572 275,221 
Less interest and other debt expense41,343 46,792 79,990 83,558 
Income before income taxes$100,510 $97,201 $173,582 $191,663 

Net sales and adjusted EBIT 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 adjusted EBIT during that quarter.