SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2021

Financial information regarding the Company's reportable segments

Financial information regarding our reporting segments is shown below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total Sales:
Pharma	$	317,358	$	317,610	$	961,718	$	921,085
Beauty + Home	378,158		342,710		1,098,176		979,645
Food + Beverage	138,735		106,667		381,356		305,991
Total Sales	$	834,251	$	766,987	$	2,441,250	$	2,206,721
Less: Intersegment Sales:
Pharma	$	4,133	$	1,852	$	9,318	$	6,872
Beauty + Home	4,070		5,479		16,896		18,068
Food + Beverage	606		503		1,808		1,770
Total Intersegment Sales	$	8,809	$	7,834	$	28,022	$	26,710
Net Sales:
Pharma	$	313,225	$	315,758	$	952,400	$	914,213
Beauty + Home	374,088		337,231		1,081,280		961,577
Food + Beverage	138,129		106,164		379,548		304,221
Net Sales	$	825,442	$	759,153	$	2,413,228	$	2,180,011
Adjusted EBITDA (1):
Pharma	$	100,738	$	112,436	$	315,201	$	324,877
Beauty + Home	43,789		34,733		117,055		92,954
Food + Beverage	22,379		20,351		61,995		53,543
Corporate & Other, unallocated	(12,745)		(10,964)		(40,311)		(34,071)
Acquisition-related costs (2)	(1,793)		(221)		(4,227)		(6,087)
Restructuring Initiatives (3)	(10,223)		(3,415)		(18,771)		(15,585)
Net investment (loss) gain (4)	(9,021)		—		6,177		—
Depreciation and amortization	(59,280)		(55,179)		(174,508)		(162,414)
Interest Expense	(8,011)		(8,851)		(22,601)		(25,973)
Interest Income	401		249		1,406		599
Income before Income Taxes	$	66,234	$	89,139	$	241,416	$	227,843

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(1)We evaluate performance of our reporting segments and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives, acquisition-related costs, net investment gains and losses related to observable market price changes on equity securities and other special items.

(2)Acquisition-related costs include transaction costs and purchase accounting adjustments related to acquisitions and investments (see Note 17 – Acquisitions and Note 18 – Investment in Equity Securities for further details).

(3)Restructuring Initiatives includes expense items for the three and nine months ended September 30, 2021 and 2020 as follows (see Note 19 – Restructuring Initiatives for further details):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Restructuring Initiatives by Segment
Pharma	$	13	$	300	$	86	$	158
Beauty + Home	5,442		3,144		7,995		15,375
Food + Beverage	131		(31)		169		147
Corporate & Other	4,637		2		10,521		(95)
Total Restructuring Initiatives	$	10,223	$	3,415	$	18,771	$	15,585

(4)Net investment (loss) gain represents the change in fair value of our investment in PCT (see Note 18 – Investment in Equity Securities for further details).

Restructuring Initiatives

Restructuring Initiatives includes expense items for the three and nine months ended September 30, 2021 and 2020 as follows (see Note 19 – Restructuring Initiatives for further details):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Restructuring Initiatives by Segment
Pharma	$	13	$	300	$	86	$	158
Beauty + Home	5,442		3,144		7,995		15,375
Food + Beverage	131		(31)		169		147
Corporate & Other	4,637		2		10,521		(95)
Total Restructuring Initiatives	$	10,223	$	3,415	$	18,771	$	15,585