Segment Information

3 Months Ended

Mar. 31, 2026

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 and closed facilities, 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, 2026
Net sales	$	685,322	$	724,870	$	151,066	$	—	$	1,561,258
Segment expenses and other (a)	590,447		675,045		129,348		15,667		1,410,507
Equity in earnings of affiliates, net of tax	1,198		—		—		—		1,198
Adjusted EBIT	96,073		49,825		21,718		(15,667)		151,949
Depreciation	40,668		19,991		8,039		118		68,816
Segment assets	5,756,062		2,665,140		759,653		62,420		9,243,275
Capital expenditures	48,486		29,110		4,848		—		82,444
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

(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 closed facilities, 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:

	2026		2025
	(Dollars in thousands)
Total adjusted EBIT	$	151,949	$	158,270
Less:
Acquired intangible asset amortization expense	16,116		15,413
Other pension (income) for U.S. pension plans and closed facilities	(1,007)		(925)
Equity in earnings of affiliates, net of tax	1,198		1,162
Rationalization charges	9,047		10,959
Costs attributed to announced acquisitions	—		1,117
Income before interest and income taxes	126,595		130,544
Interest and other debt expense	42,449		42,928
Income before income taxes	$	84,146	$	87,616

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.