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SEGMENT INFORMATION
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We are organized into three reporting segments. Operations that sell proprietary dispensing systems, drug delivery systems, sealing solutions and services to the prescription drug, consumer health care, injectables, active material science solutions and digital health markets form our Aptar Pharma segment. Operations that sell dispensing systems and sealing solutions to the beauty, personal care and home care markets form our Aptar Beauty segment. Operations that sell dispensing closures, sealing solutions and food service trays to the food, beverage, personal care, home care, beauty and healthcare markets form our Aptar Closures segment. 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.
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, 2024. Our chief operating decision maker, ("CODM") is our President and Chief Executive Officer, Stephan Tanda. Our CODM is provided operating reports from each of our reportable segments which include or can be used to easily derive significant segment expenses identified as selling, research & development and administrative expenses and cost of sales by segment. Additionally, the other segment items is primarily comprised of foreign currency gains or losses from operations and other non-operating activity. Our CODM evaluates performance of our reporting segments and allocates 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. Adjusted EBITDA provides useful information regarding the performance of each segment as it reflects the profitability and performance of each segment on a consistent and comparable basis, and our CODM considers budget-to-actual variances on a monthly basis when making decisions supporting capital resource allocation, including in connection with development, acquisition and disposition activities in each segment.
Financial information regarding our reporting segments is shown below:
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Total Sales:
Aptar Pharma$442,817 $414,783 $852,514 $822,273 
Aptar Beauty342,251 328,700 654,552 663,580 
Aptar Closures190,278 176,981 364,199 359,678 
Total Sales$975,346 $920,464 $1,871,265 $1,845,531 
Less: Intersegment Sales:
Aptar Pharma$228 $250 $458 $447 
Aptar Beauty7,402 7,213 13,996 14,773 
Aptar Closures1,707 2,938 3,497 4,800 
Total Intersegment Sales$9,337 $10,401 $17,951 $20,020 
Net Sales:
Aptar Pharma$442,589 $414,533 $852,056 $821,826 
Aptar Beauty334,849 321,487 640,556 648,807 
Aptar Closures188,571 174,043 360,702 354,878 
Net Sales$966,009 $910,063 $1,853,314 $1,825,511 
Less:
Cost of Sales (exclusive of depreciation and amortization):
Aptar Pharma224,879 213,795 430,016 427,542 
Aptar Beauty241,378 229,553 465,426 467,525 
Aptar Closures133,362 125,087 255,753 256,423 
Selling, Research & Development and Administrative:
Aptar Pharma60,703 59,511 123,186 121,104 
Aptar Beauty48,738 48,278 95,150 96,906 
Aptar Closures23,858 22,397 46,870 45,062 
Other Segment Items:
Aptar Pharma176 (261)(427)(486)
Aptar Beauty(2,340)(982)(4,231)(1,396)
Aptar Closures(532)(559)(1,064)(886)
Adjusted EBITDA (1):
Aptar Pharma$156,831 $141,488 $299,281 $273,666 
Aptar Beauty47,073 44,638 84,211 85,772 
Aptar Closures31,883 27,118 59,143 54,279 
Adjusted EBITDA for Reportable Segments$235,787 $213,244 $442,635 $413,717 
Corporate & Other, unallocated(17,378)(20,476)(40,889)(42,117)
Acquisition-related costs (2)(344)(140)(344)(140)
Restructuring Initiatives (3)(1,579)(2,315)(3,621)(5,795)
Net unrealized investment gain (loss) (4)2,102 (140)1,006 452 
Depreciation and amortization(69,904)(64,968)(135,551)(129,317)
Interest Expense(10,850)(10,061)(22,201)(20,236)
Interest Income1,880 3,102 4,694 6,000 
Income before Income Taxes$139,714 $118,246 $245,729 $222,564 
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Depreciation and Amortization:
Aptar Pharma$34,169 $29,609 $65,317 $58,411 
Aptar Beauty21,475 20,526 41,537 41,754 
Aptar Closures13,447 14,254 27,022 27,785 
Depreciation and Amortization for Reportable Segments69,091 64,389 133,876 127,950 
Corporate & Other813 579 1,675 1,367 
Depreciation and Amortization$69,904 $64,968 $135,551 $129,317 
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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, 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).
(3)Restructuring Initiatives includes expense items for the three and six months ended June 30, 2025 and 2024 as follows (see Note 18 – Restructuring Initiatives for further details):
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Restructuring Initiatives by Plan:
Optimization initiative$1,579 $2,315 $3,621 $5,812 
Prior year initiatives —  (17)
Total Restructuring Initiatives$1,579 $2,315 $3,621 $5,795 
Restructuring Initiatives by Segment:
Aptar Pharma$68 $65 $258 $89 
Aptar Beauty626 1,199 1,021 3,909 
Aptar Closures890 893 2,242 1,653 
Corporate & Other(5)158 100 144 
Total Restructuring Initiatives$1,579 $2,315 $3,621 $5,795 
(4)Net unrealized investment gain (loss) represents the change in fair value of our investment in PCT (see Note 17 – Investment in Equity Securities for further details).