SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2020

NOTE 16 – SEGMENT INFORMATION

We are organized into three reporting segments. Our Beauty + Home segment sells to the personal care, beauty and home care markets. Our Pharma segment serves customers in the prescription drug, consumer health care, injectables and active packaging markets. Our Food + Beverage segment sells to the food and beverage 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, 2019. We evaluate performance of our business units and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring and acquisition-related costs. All internal segment reporting and discussions of results with our Chief Operating Decision Maker (CODM) are based on segment Adjusted EBITDA.

Financial information regarding our reporting segments is shown below:


Three Months Ended March 31,	2020		2019
Total Sales:
Beauty + Home	$	330,466	$	373,503
Pharma		299,590		274,494
Food + Beverage		100,301		104,727
Total Sales	$	730,357	$	752,724
Less: Intersegment Sales:
Beauty + Home	$	5,906	$	5,844
Pharma		2,394		1,793
Food + Beverage		504		627
Total Intersegment Sales	$	8,804	$	8,264
Net Sales:
Beauty + Home	$	324,560	$	367,659
Pharma		297,196		272,701
Food + Beverage		99,797		104,100
Net Sales	$	721,553	$	744,460
Adjusted EBITDA (1):
Beauty + Home	$	34,247	$	53,191
Pharma		108,342		97,357
Food + Beverage		15,407		16,691
Corporate & Other, unallocated		(13,828)		(12,755)
Acquisition-related costs (2)		(2,274)		—
Restructuring Initiatives (3)		(4,839)		(9,530)
Depreciation and amortization		(50,806)		(47,489)
Interest Expense		(8,388)		(9,214)
Interest Income		175		1,748
Income before Income Taxes	$	78,036	$	89,999

(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 and acquisition-related costs.

(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 months ended March 31, 2020 and 2019 as follows (see Note 19 – Restructuring Initiatives for further details):


Three Months Ended March 31,	2020		2019
Restructuring Initiatives by Segment
Beauty + Home	$	4,907	$	8,269
Pharma		(31)		326
Food + Beverage		103		510
Corporate & Other		(140)		425
Total Restructuring Initiatives	$	4,839	$	9,530