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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
During the year ended December 31, 2022, our organizational structure consisted of three market-focused business segments: Pharma, Beauty+Home and Food+Beverage. Effective January 1, 2023, we realigned two of our segments, allowing us to better serve our customers and positioning us for long-term profitable growth. We continue to have three reporting segments; Aptar Pharma and Aptar Beauty are named for the markets they serve with multiple product platforms, while Aptar Closures is named primarily for a single product platform that serves all available markets.
We combined all of our closures operations into a single segment - Aptar Closures. The Aptar Closures business serves multiple markets, including food, beverage, personal care, home care, beauty and healthcare. Closures that were developed in Beauty + Home moved to Aptar Closures together with the operations of legacy Food + Beverage. Aptar's food protection business and our elastomeric flow-control technology business continue to report through the Aptar Closures segment.
At the same time, we have simplified and focused our Beauty + Home segment to better leverage our complex spray and dispensing solutions for prestige and premium brands in the beauty and personal care markets. For many of our customers, personal care products are considered part of "beauty" and so we renamed this segment, simply, Aptar Beauty. The segment realignment had no impact on our consolidated statements of income, balance sheets, and cash flows. Segment financial information for the prior periods has been recast to conform to the current presentation.
The accounting policies of the segments are the same as those described in Part II, Item 8, Note 1 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2022. 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 unrealized investment gains and losses related to observable market price changes on equity securities and other special items.
Financial information regarding our reporting segments is shown below:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Total Sales:
Aptar Pharma$391,010 $345,369 $747,121 $692,041 
Aptar Beauty338,404 323,794 671,742 639,162 
Aptar Closures177,471 189,166 357,910 385,234 
Total Sales$906,885 $858,329 $1,776,773 $1,716,437 
Less: Intersegment Sales:
Aptar Pharma$310 $5,138 $375 $9,348 
Aptar Beauty8,817 6,127 15,766 12,415 
Aptar Closures1,852 2,521 4,659 5,199 
Total Intersegment Sales$10,979 $13,786 $20,800 $26,962 
Net Sales:
Aptar Pharma$390,700 $340,231 $746,746 $682,693 
Aptar Beauty329,587 317,667 655,976 626,747 
Aptar Closures175,619 186,645 353,251 380,035 
Net Sales$895,906 $844,543 $1,755,973 $1,689,475 
Adjusted EBITDA (1):
Aptar Pharma$125,866 $111,006 $235,164 $226,558 
Aptar Beauty43,100 41,230 80,305 75,780 
Aptar Closures27,772 21,354 53,780 45,537 
Corporate & Other, unallocated(15,501)(13,663)(34,337)(31,633)
Acquisition-related costs (2)— — (255)— 
Restructuring Initiatives (3)(1,943)(428)(13,467)(719)
Net unrealized investment gain (loss) (4)2,891 (483)3,079 (2,574)
Depreciation and amortization(62,267)(58,552)(121,526)(117,217)
Interest Expense(9,688)(11,982)(19,916)(20,912)
Interest Income648 989 1,320 1,277 
Income before Income Taxes$110,878 $89,471 $184,147 $176,097 
________________________________________________
(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 unrealized 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 for further details).
(3)Restructuring Initiatives includes expense items for the three and six months ended June 30, 2023 and 2022 as follows (see Note 19 – Restructuring Initiatives for further details):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Restructuring Initiatives by Plan:
Optimization initiative$1,943 $— $13,483 $— 
Prior year initiatives— 428 (16)719 
Total Restructuring Initiatives$1,943 $428 $13,467 $719 
Restructuring Initiatives by Segment:
Aptar Pharma$434 $— $1,565 $— 
Aptar Beauty479 423 9,770 534 
Aptar Closures440 5 962 185 
Corporate & Other590 — 1,170 — 
Total Restructuring Initiatives$1,943 $428 $13,467 $719 
(4)Net unrealized investment gain (loss) represents the change in fair value of our investment in PCT (see Note 18 – Investment in Equity Securities for further details).