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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
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 systems, 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, 2023. 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 March 31,20242023
Total Sales:
Aptar Pharma$407,490 $356,111 
Aptar Beauty334,880 333,338 
Aptar Closures182,697 180,439 
Total Sales$925,067 $869,888 
Less: Intersegment Sales:
Aptar Pharma$197 $65 
Aptar Beauty7,560 6,949 
Aptar Closures1,862 2,807 
Total Intersegment Sales$9,619 $9,821 
Net Sales:
Aptar Pharma$407,293 $356,046 
Aptar Beauty327,320 326,389 
Aptar Closures180,835 177,632 
Net Sales$915,448 $860,067 
Adjusted EBITDA (1):
Aptar Pharma$132,178 $109,298 
Aptar Beauty41,134 37,205 
Aptar Closures27,161 26,008 
Corporate & Other, unallocated(21,641)(18,836)
Acquisition-related costs (2)— (255)
Restructuring Initiatives (3)(3,480)(11,524)
Net unrealized investment gain (4)592 188 
Depreciation and amortization(64,349)(59,259)
Interest Expense(10,175)(10,228)
Interest Income2,898 672 
Income before Income Taxes$104,318 $73,269 
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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 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 months ended March 31, 2024 and 2023 as follows (see Note 19 – Restructuring Initiatives for further details):
Three Months Ended March 31,20242023
Restructuring Initiatives by Plan:
Optimization initiative$3,497 $11,540 
Prior year initiatives(17)(16)
Total Restructuring Initiatives$3,480 $11,524 
Restructuring Initiatives by Segment:
Aptar Pharma$24 $1,131 
Aptar Beauty2,710 9,291 
Aptar Closures760 522 
Corporate & Other(14)580 
Total Restructuring Initiatives$3,480 $11,524 
(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).