Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

Our chief operating decision maker, who is our Chief Executive Officer and President, evaluates performance of our business segments and allocates 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 and including, as applicable, equity in earnings of affiliates, net of tax. 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 Closures		Metal Containers		Custom Containers		Corporate		Total
	(Dollars in thousands)
Three months ended March 31, 2025
Net sales	$	671,103	$	628,427	$	167,131	$	—	$	1,466,661
Segment expenses and other (a)	573,062		578,871		142,547		15,073		1,309,553
Equity in earnings of affiliates, net of tax	1,162		—		—		—		1,162
Adjusted EBIT	99,203		49,556		24,584		(15,073)		158,270
Depreciation	35,855		19,285		8,764		46		63,950
Segment assets	5,566,505		2,352,480		782,577		37,677		8,739,239
Capital expenditures	43,434		31,243		7,839		408		82,924
Three months ended March 31, 2024
Net sales	$	535,920	$	617,129	$	163,989	$	—	$	1,317,038
Segment expenses and other (a)	458,070		572,175		143,821		7,492		1,181,558
Adjusted EBIT	77,850		44,954		20,168		(7,492)		135,480
Depreciation	25,151		18,913		9,064		21		53,149
Segment assets	4,386,429		2,290,206		811,485		37,519		7,525,639
Capital expenditures	29,865		37,224		8,155		14		75,258

(a)    Segment expenses and other includes cost of goods sold, selling, general and administrative expenses, and other pension and postretirement (income) expense and excludes acquired intangible asset amortization expense, other pension (income) expense only for U.S. pension plans, and costs attributed to announced acquisitions.

Total adjusted EBIT is reconciled to income before income taxes for the three months ended March 31 as follows:

	2025		2024
	(Dollars in thousands)
Total adjusted EBIT	$	158,270	$	135,480
Less:
Acquired intangible asset amortization expense	15,413		13,281
Other pension (income) for U.S. pension plans	(925)		(1,211)
Equity in earnings of affiliates, net of tax	1,162		—
Rationalization charges	10,959		11,691
Costs attributed to announced acquisitions	1,117		—
Income before interest and income taxes	130,544		111,719
Interest and other debt expense	42,928		38,647
Income before income taxes	$	87,616	$	73,072

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.