Segment Information

9 Months Ended

Sep. 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 September 30, 2025
Net sales	$	690,382	$	1,158,227	$	160,130	$	—	$	2,008,739
Segment expenses and other (a)	577,639		1,062,367		137,045		11,055		1,788,106
Equity in earnings of affiliates, net of tax	775		—		—		—		775
Adjusted EBIT	113,518		95,860		23,085		(11,055)		221,408
Depreciation	38,458		19,853		8,501		115		66,927
Capital expenditures	54,527		19,331		6,144		96		80,098
Three Months Ended September 30, 2024
Net sales	$	563,669	$	1,022,605	$	158,850	$	—	$	1,745,124
Segment expenses and other (a)	468,453		925,540		138,839		6,704		1,539,536
Adjusted EBIT	95,216		97,065		20,011		(6,704)		205,588
Depreciation	25,755		19,801		8,747		47		54,350
Capital expenditures	24,693		26,056		9,844		—		60,593
Nine Months Ended September 30, 2025
Net sales	$	2,063,672	$	2,462,710	$	488,179	$	—	$	5,014,561
Segment expenses and other (a)	1,745,518		2,246,523		415,581		36,782		4,444,404
Equity in earnings of affiliates, net of tax	2,492		—		—		—		2,492
Adjusted EBIT	320,646		216,187		72,598		(36,782)		572,649
Depreciation	111,946		52,745		25,949		263		190,903
Segment assets	5,865,522		2,763,764		790,925		43,355		9,463,566
Capital expenditures	146,668		68,302		19,809		1,012		235,791
Nine Months Ended September 30, 2024
Net sales	$	1,664,966	$	2,290,530	$	488,031	$	—	$	4,443,527
Segment expenses and other (a)	1,399,193		2,089,998		425,307		22,597		3,937,095
Adjusted EBIT	265,773		200,532		62,724		(22,597)		506,432
Depreciation	76,290		57,606		26,634		115		160,645
Segment assets	4,479,582		2,355,614		828,548		37,416		7,701,160
Capital expenditures	80,707		85,925		25,385		18		192,035

(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				Nine Months Ended
	Sept. 30, 2025		Sept. 30, 2024		Sept. 30, 2025		Sept. 30, 2024
	(Dollars in thousands)
Total adjusted EBIT	$	221,408	$	205,588	$	572,649	$	506,432
Less:
Acquired intangible asset amortization expense	15,948		12,367		47,307		38,004
Other pension (income) for U.S. pension plans	(1,162)		(660)		(3,012)		(3,082)
Equity in earnings of affiliates, net of tax	775		—		2,492		—
Rationalization charges	7,189		19,483		28,012		38,033
Costs attributed to announced acquisitions	—		7,111		1,117		12,618
Income before interest and income taxes	198,658		167,287		496,733		420,859
Interest and other debt expense	49,989		41,871		141,616		121,861
Income before income taxes	$	148,669	$	125,416	$	355,117	$	298,998

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.