Segment Information

6 Months Ended

Jun. 30, 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 June 30, 2025
Net sales	$	702,187	$	676,056	$	160,918	$	—	$	1,539,161
Segment expenses and other (a)	594,817		605,285		135,989		10,654		1,346,745
Equity in earnings of affiliates, net of tax	555		—		—		—		555
Adjusted EBIT	107,925		70,771		24,929		(10,654)		192,971
Depreciation	37,633		13,607		8,684		102		60,026
Capital expenditures	48,707		17,728		5,826		508		72,769
Three Months Ended June 30, 2024
Net sales	$	565,377	$	650,796	$	165,192	$	—	$	1,381,365
Segment expenses and other (a)	472,670		592,283		142,647		8,401		1,216,001
Adjusted EBIT	92,707		58,513		22,545		(8,401)		165,364
Depreciation	25,384		18,892		8,823		47		53,146
Capital expenditures	26,149		22,645		7,386		4		56,184
Six Months Ended June 30, 2025
Net sales	$	1,373,290	$	1,304,483	$	328,049	$	—	$	3,005,822
Segment expenses and other (a)	1,167,879		1,184,156		278,536		25,727		2,656,298
Equity in earnings of affiliates, net of tax	1,717		—		—		—		1,717
Adjusted EBIT	207,128		120,327		49,513		(25,727)		351,241
Depreciation	73,488		32,892		17,448		148		123,976
Segment assets	5,846,884		2,706,408		780,467		39,861		9,373,620
Capital expenditures	92,141		48,971		13,665		916		155,693
Six Months Ended June 30, 2024
Net sales	$	1,101,297	$	1,267,925	$	329,181	$	—	$	2,698,403
Segment expenses and other (a)	930,740		1,164,458		286,468		15,893		2,397,559
Adjusted EBIT	170,557		103,467		42,713		(15,893)		300,844
Depreciation	50,535		37,805		17,887		68		106,295
Segment assets	4,389,613		2,398,402		817,205		38,219		7,643,439
Capital expenditures	56,014		59,869		15,541		18		131,442

(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 as follows:

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	(Dollars in thousands)
Total adjusted EBIT	$	192,971	$	165,364	$	351,241	$	300,844
Less:
Acquired intangible asset amortization expense	15,946		12,356		31,359		25,637
Other pension (income) for U.S. pension plans	(925)		(1,211)		(1,850)		(2,422)
Equity in earnings of affiliates, net of tax	555		—		1,717		—
Rationalization charges	9,864		6,859		20,823		18,550
Costs attributed to announced acquisitions	—		5,507		1,117		5,507
Income before interest and income taxes	167,531		141,853		298,075		253,572
Interest and other debt expense	48,699		41,343		91,627		79,990
Income before income taxes	$	118,832	$	100,510	$	206,448	$	173,582

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.