Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 05, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-11846 | ||
Entity Registrant Name | AptarGroup, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-3853103 | ||
Entity Address, Address Line One | 265 EXCHANGE DRIVE | ||
Entity Address, Address Line Two | SUITE 301 | ||
Entity Address, City or Town | CRYSTAL LAKE | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60014 | ||
City Area Code | 815 | ||
Local Phone Number | 477-0424 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | ATR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7,639,338,540 | ||
Entity Common Stock, Shares Outstanding | 66,016,263 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement to be delivered to stockholders in connection with the Annual Meeting of Stockholders to be held May 1, 2024 are incorporated by reference into Part III of this report. | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000896622 | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Chicago, Illinois |
Auditor Firm ID | 238 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net Sales | $ 3,487,450 | $ 3,322,249 | $ 3,227,221 |
Operating Expenses: | |||
Cost of sales (exclusive of depreciation and amortization shown below) | 2,224,051 | 2,158,411 | 2,070,538 |
Selling, research & development and administrative | 565,783 | 544,262 | 551,242 |
Depreciation and amortization | 248,593 | 233,706 | 234,853 |
Restructuring initiatives | 45,004 | 6,597 | 23,240 |
Total Operating Expenses | 3,083,431 | 2,942,976 | 2,879,873 |
Operating Income | 404,019 | 379,273 | 347,348 |
Other (Expense) Income: | |||
Interest expense | (40,418) | (40,827) | (30,284) |
Interest income | 4,373 | 2,700 | 3,668 |
Net investment gain (loss) | 1,413 | (2,110) | 4,709 |
Equity in results of affiliates | 2,226 | 467 | (692) |
Miscellaneous income (expense), net | 3,212 | (4,799) | (3,094) |
Total Other Expense | (29,194) | (44,569) | (25,693) |
Income before Income Taxes | 374,825 | 334,704 | 321,655 |
Provision for Income Taxes | 90,649 | 95,149 | 78,017 |
Net Income | 284,176 | 239,555 | 243,638 |
Net Loss (Income) Attributable to Noncontrolling Interests | 311 | (267) | 459 |
Net Income Attributable to AptarGroup, Inc. | $ 284,487 | $ 239,288 | $ 244,097 |
Net Income Attributable to AptarGroup, Inc. per Common Share: | |||
Basic (in dollars per share) | $ 4.34 | $ 3.66 | $ 3.72 |
Diluted (in dollars per share) | 4.25 | 3.59 | 3.61 |
Dividends per Common Share (in dollars per share) | $ 1.58 | $ 1.52 | $ 1.50 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 284,176 | $ 239,555 | $ 243,638 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation adjustments | 48,946 | (80,431) | (71,742) |
Changes in derivative (losses) gains, net of tax | (10,086) | (6,620) | 1,307 |
Defined benefit pension plan, net of tax | |||
Actuarial (loss) gain, net of tax | (6,711) | 54,149 | 26,409 |
Amortization of prior service cost included in net income, net of tax | 130 | 130 | 127 |
Amortization of net loss included in net income, net of tax | 641 | 6,256 | 9,300 |
Total defined benefit pension plan, net of tax | (5,940) | 60,535 | 35,836 |
Total other comprehensive income (loss) | 32,920 | (26,516) | (34,599) |
Comprehensive Income | 317,096 | 213,039 | 209,039 |
Comprehensive (Income) Loss Attributable to Noncontrolling Interests | (205) | 924 | 726 |
Comprehensive Income Attributable to AptarGroup, Inc. | $ 316,891 | $ 213,963 | $ 209,765 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and equivalents | $ 223,643 | $ 141,732 |
Accounts and notes receivable, less current expected credit loss ("CECL") of $16,217 in 2023 and $9,519 in 2022 | 677,822 | 676,987 |
Inventories | 513,053 | 486,806 |
Prepaid and other | 134,761 | 124,766 |
Total Current Assets | 1,549,279 | 1,430,291 |
Land | 30,090 | 30,197 |
Buildings and improvements | 748,897 | 693,542 |
Machinery and equipment | 3,183,097 | 2,925,517 |
Property, Plant and Equipment, Gross | 3,962,084 | 3,649,256 |
Less: Accumulated depreciation | (2,484,021) | (2,305,592) |
Property, Plant and Equipment, Net | 1,478,063 | 1,343,664 |
Investments in equity securities | 49,203 | 52,308 |
Goodwill | 963,418 | 945,632 |
Intangible assets, net | 283,211 | 315,744 |
Operating lease right-of-use assets | 59,074 | 58,675 |
Miscellaneous | 69,642 | 57,144 |
Total Other Assets | 1,424,548 | 1,429,503 |
Total Assets | 4,451,890 | 4,203,458 |
Liabilities and Stockholders’ Equity | ||
Revolving credit facility and overdrafts | 81,794 | 3,810 |
Current maturities of long-term obligations, net of unamortized debt issuance costs | 376,426 | 118,981 |
Accounts payable, accrued and other liabilities | 793,089 | 794,385 |
Total Current Liabilities | 1,251,309 | 917,176 |
Long-Term Obligations, net of unamortized debt issuance costs | 681,188 | 1,052,597 |
Deferred income taxes | 19,016 | 20,563 |
Retirement and deferred compensation plans | 62,795 | 48,977 |
Operating lease liabilities | 45,267 | 42,948 |
Deferred and other non-current liabilities | 71,017 | 52,993 |
Commitments and contingencies - (See Note 13) | 0 | 0 |
Total Deferred Liabilities and Other | 198,095 | 165,481 |
AptarGroup, Inc. stockholders’ equity | ||
Common stock, $.01 par value, 199 million shares authorized, 71.7 and 70.9 million shares issued as of December 31, 2023 and 2022, respectively | 717 | 709 |
Capital in excess of par value | 1,044,429 | 968,618 |
Retained earnings | 2,109,816 | 1,929,240 |
Accumulated other comprehensive loss | (308,734) | (341,366) |
Less: Treasury stock at cost, 5.8 and 5.6 million shares as of December 31, 2023 and 2022, respectively | (539,404) | (503,266) |
Total AptarGroup, Inc. Stockholders’ Equity | 2,306,824 | 2,053,935 |
Noncontrolling interests in subsidiaries | 14,474 | 14,269 |
Total Stockholders’ Equity | 2,321,298 | 2,068,204 |
Total Liabilities and Stockholders’ Equity | $ 4,451,890 | $ 4,203,458 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, less current expected credit loss (in dollars) | $ 16,217 | $ 9,519 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 199,000,000 | 199,000,000 |
Common stock, shares issued (in shares) | 71,700,000 | 70,900,000 |
Treasury stock, shares (in shares) | 5,800,000 | 5,600,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Retained Earnings | Accumulated Other Comprehensive (Loss)Income | Common Stock Par Value | Treasury Stock | Capital in Excess of Par Value | Non- Controlling Interest |
Balance at beginning of period at Dec. 31, 2020 | $ 1,850,785 | $ 1,643,825 | $ (281,709) | $ 695 | $ (361,583) | $ 849,161 | $ 396 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 243,638 | 244,097 | (459) | ||||
Acquisitions of non-controlling interest | 38,543 | 38,543 | |||||
Purchases of subsidiary shares from non-controlling interest | (23,020) | (23,020) | |||||
Foreign currency translation adjustments | (71,742) | (71,475) | (267) | ||||
Changes in unrecognized pension gains (losses) and related amortization, net of tax | 35,836 | 35,836 | |||||
Changes in derivative gains (losses), net of tax | 1,307 | 1,307 | |||||
Stock awards and option exercises | 85,910 | 9 | 18,528 | 67,373 | |||
Cash dividends declared on common stock | (98,509) | (98,509) | |||||
Treasury stock purchased | (78,148) | (78,148) | |||||
Balance at end of period at Dec. 31, 2021 | 1,984,600 | 1,789,413 | (316,041) | 704 | (421,203) | 916,534 | 15,193 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 239,555 | 239,288 | 267 | ||||
Foreign currency translation adjustments | (80,431) | (79,240) | (1,191) | ||||
Changes in unrecognized pension gains (losses) and related amortization, net of tax | 60,535 | 60,535 | |||||
Changes in derivative gains (losses), net of tax | (6,620) | (6,620) | |||||
Stock awards and option exercises | 62,152 | 5 | 10,063 | 52,084 | |||
Cash dividends declared on common stock | (99,461) | (99,461) | |||||
Treasury stock purchased | (92,126) | (92,126) | |||||
Balance at end of period at Dec. 31, 2022 | 2,068,204 | 1,929,240 | (341,366) | 709 | (503,266) | 968,618 | 14,269 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 284,176 | 284,487 | (311) | ||||
Foreign currency translation adjustments | 48,946 | (228) | 48,658 | 516 | |||
Changes in unrecognized pension gains (losses) and related amortization, net of tax | (5,940) | (5,940) | |||||
Changes in derivative gains (losses), net of tax | (10,086) | (10,086) | |||||
Stock awards and option exercises | 87,233 | 8 | 11,414 | 75,811 | |||
Cash dividends declared on common stock | (103,683) | (103,683) | |||||
Treasury stock purchased | (47,552) | (47,552) | |||||
Balance at end of period at Dec. 31, 2023 | $ 2,321,298 | $ 2,109,816 | $ (308,734) | $ 717 | $ (539,404) | $ 1,044,429 | $ 14,474 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net income | $ 284,176 | $ 239,555 | $ 243,638 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation | 203,873 | 190,132 | 193,781 |
Amortization | 44,720 | 43,574 | 41,072 |
Stock-based compensation | 41,293 | 40,937 | 38,870 |
Provision for CECL | 8,077 | 3,213 | 1,601 |
(Gain) loss on disposition of fixed assets | (3,584) | 397 | 217 |
Net (gain) loss on remeasurement of equity securities | (1,413) | 2,110 | (4,709) |
Deferred income taxes | (19,883) | (12,106) | (14,356) |
Defined benefit plan expense | 14,198 | 24,560 | 29,188 |
Equity in results of affiliates | (2,226) | (467) | 692 |
Impairment loss | 257 | 307 | 376 |
Change in fair value of contingent consideration | 0 | (8,598) | 2,768 |
Changes in balance sheet items, excluding effects from foreign currency adjustments and acquisitions: | |||
Accounts and other receivables | 15,431 | (27,937) | (123,251) |
Inventories | (10,641) | (60,354) | (79,961) |
Prepaid and other current assets | (3,900) | (6,787) | (5,538) |
Accounts payable, accrued and other liabilities | 14,596 | 55,098 | 52,305 |
Income taxes payable | (8,301) | 17,081 | (4,631) |
Retirement and deferred compensation plan liabilities | 2,984 | (13,093) | (8,726) |
Other changes, net | (4,418) | (9,005) | 107 |
Net Cash Provided by Operations | 575,239 | 478,617 | 363,443 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (312,342) | (310,427) | (307,935) |
Proceeds from government grants | 0 | 27,795 | 2,003 |
Proceeds from sale of property, plant and equipment | 5,348 | 93 | 5,231 |
Maturity of short-term investments | 0 | 740 | 0 |
Purchase of short-term investments | 0 | 0 | (497) |
Acquisition of business, net of cash acquired and release of escrow | (16,570) | (4,100) | (148,420) |
Acquisition of intangible assets, net | (6,061) | (5,189) | 0 |
Investment in equity securities | 0 | 0 | (6,870) |
Proceeds from sale of investment in equity securities | 5,604 | 1,599 | 2,434 |
Notes receivable, net | (442) | (6,153) | (3,185) |
Net Cash Used by Investing Activities | (324,463) | (295,642) | (457,239) |
Cash Flows from Financing Activities: | |||
Proceeds from notes payable and overdrafts | 25,531 | 39,944 | 14,931 |
Repayments of notes payable and overdrafts | (28,643) | (38,837) | (13,701) |
Proceeds and (repayments) of short term revolving credit facility, net | 76,966 | (143,055) | 92,863 |
Proceeds from long-term obligations | 403 | 412,021 | 11,703 |
Repayments of long-term obligations | (125,809) | (265,085) | (68,845) |
Payment of contingent consideration obligation | (22,750) | 0 | 0 |
Dividends paid | (103,683) | (99,461) | (98,509) |
Credit facility costs | 0 | (4,009) | (1,718) |
Proceeds from stock option exercises | 53,983 | 28,512 | 59,906 |
Purchase of treasury stock | (47,552) | (92,126) | (78,148) |
Net Cash Used by Financing Activities | (171,554) | (162,096) | (81,518) |
Effect of Exchange Rate Changes on Cash | 2,189 | (1,072) | (6,731) |
Net Increase (Decrease) in Cash and Equivalents and Restricted Cash | 81,411 | 19,807 | (182,045) |
Cash and Equivalents and Restricted Cash at Beginning of Period | 142,732 | 122,925 | 304,970 |
Cash and Equivalents and Restricted Cash at End of Period | 224,143 | 142,732 | 122,925 |
Supplemental Cash Flow Disclosure: | |||
Interest paid | 39,599 | 35,509 | 29,070 |
Income taxes paid | 111,994 | 87,529 | 94,968 |
Restricted cash included in the line item prepaid and other on the Condensed Consolidated Balance Sheets as shown below represents amounts held in escrow. | |||
Cash and equivalents | 223,643 | 141,732 | 122,925 |
Restricted cash included in prepaid and other | 500 | 1,000 | 0 |
Total Cash and Equivalents and Restricted Cash shown in the Statement of Cash Flows | $ 224,143 | $ 142,732 | $ 122,925 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying consolidated financial statements include the accounts of AptarGroup, Inc. and our subsidiaries. The terms “AptarGroup”, “Aptar”, “Company”, “we”, “us” or “our” as used herein refer to AptarGroup, Inc. and our subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current period presentation. AptarGroup’s organizational structure consists of three market-focused business segments which are Aptar Pharma, Aptar Beauty and Aptar Closures. This is a strategic structure which allows us to better serve our customers and position us for long-term profitable growth. Beginning July 1, 2018, we have applied highly inflationary accounting for our Argentinian subsidiary pursuant to U.S. GAAP. We have changed the functional currency from the Argentine peso to the U.S. dollar. We remeasure our peso denominated assets and liabilities using the official rate. The Blue Chip Swap rate has diverged significantly from Argentina’s “official rate” due to the economic environment. During the third quarter of 2021, we utilized the Blue Chip Swap and recognized a gain of $1.4 million. Additionally, during the fourth quarter of 2023 we recognized a loss due to devaluation of approximately $2.5 million. Our Argentinian operations contributed less than 2.0% of consolidated net assets and revenues at and for the year ended December 31, 2023. ACCOUNTING ESTIMATES The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). This process requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS We consider all investments that are readily convertible to known amounts of cash with an original maturity of three months or less when purchased to be cash equivalents. ACCOUNTS RECEIVABLE AND CURRENT EXPECTED CREDIT LOSSES At December 31, 2023, we reported $677.8 million of accounts receivable, net of CECL of $16.2 million. The allowance is estimated using reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Changes in CECL were not material for the year ended December 31, 2023. INVENTORIES Inventories are stated at lower of cost or net realizable value. Cost of our inventories is determined by costing methods that approximate a first-in, first-out ("FIFO") basis. Costs included in inventories are raw materials, direct labor and manufacturing overhead. ASSETS HELD FOR SALE Assets to be disposed of by sale are reported at the lower of their carrying amount or fair value less costs to sell, and are not depreciated while they are held for sale. During the second quarter of 2023, we recorded $0.7 million as assets held for sale within prepaid and other on our Consolidated Balance Sheets related to three buildings located in France. During the third quarter of 2023, two of the three buildings were sold and we recognized a $0.8 million gain on sale. ACQUISITIONS We account for business combinations using the acquisition method, which requires management to estimate the fair value of identifiable assets acquired and liabilities assumed, and to properly allocate purchase price consideration to the individual assets acquired and liabilities assumed. Goodwill is measured as the excess amount of consideration transferred, compared to fair value of the assets acquired and the liabilities assumed. The allocation of the purchase price utilizes significant estimates and assumptions in determining the fair values of identifiable assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset and are reviewed by consulting with outside valuation experts. The purchase price allocation for business acquisitions contains uncertainties because it requires management's judgment. INVESTMENTS IN EQUITY SECURITIES We account for our 20% to 50% owned investments using the equity method. Equity investments that do not result in consolidation and are not accounted for under the equity method are measured at fair value. Any related changes in fair value are recognized in net income unless the investments qualify for a practicality exception. There were no dividends received from affiliated companies in 2023, 2022 and 2021. PROPERTY AND DEPRECIATION Properties are stated at cost. Depreciation is determined on a straight-line basis over the estimated useful lives for financial reporting purposes and accelerated methods for income tax reporting. Generally, the estimated useful lives are 10 to 40 years for buildings and improvements and 3 to 15 years for machinery and equipment. FINITE-LIVED INTANGIBLE ASSETS Finite-lived intangibles, consisting of patents, acquired technology, customer relationships, trademarks and trade names and license agreements acquired in purchase transactions, are capitalized and amortized over their useful lives which range from 1 to 50 years. IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets, such as property, plant and equipment and finite-lived intangibles, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset (if any) are less than the carrying value of the asset. GOODWILL The Company has evaluated the excess of purchase price over the fair value of the net assets acquired (“goodwill”) for impairment annually as of October 1 or more frequently if impairment indicators arose in accordance with Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other.” We believe that the accounting estimates related to determining the fair value of our reporting units is a critical accounting estimate because: (1) it is highly susceptible to change from period to period because it requires management to make assumptions about the future cash flows for each reporting unit over several years, and (2) the impact that recognizing an impairment would have on the assets reported on our balance sheet as well as our results of operations could be material. Management’s determination of the fair value of our reporting units, based on future cash flows for the reporting units, requires significant judgment and the use of estimates and assumptions related to projected revenue growth rates, projected EBITDA margins, the terminal growth factor, as well as the discount rate. Actual cash flows in the future may differ significantly from those forecasted today. The estimates and assumptions for future cash flows and its impact on the impairment testing of goodwill is a critical accounting estimate. Management believes goodwill in purchase transactions has continuing value. Goodwill is not amortized and must be tested annually, or more frequently as circumstances dictate, for impairment. The annual goodwill impairment test may first consider qualitative factors to determine whether it is more likely than not (i.e., greater than 50 percent chance) that the fair value of a reporting unit is less than its book value. This is sometimes referred to as the “step zero” approach and is an optional step in the annual goodwill impairment analysis. Management has performed this qualitative assessment as of October 1, 2023 and October 1, 2022 for each of our reporting units. Due to the realignment of the Beauty and Closures segments, management determined it appropriate to calculate the fair value of both reporting units and compare with their associated carrying amounts as of January 1, 2023. Further, as we performed our annual goodwill impairment assessment, due to events or circumstances that were unfavorable for the Injectables and Active Material Science Solutions reporting units, management determined it appropriate to calculate the fair value of both reporting units and compare with their associated carrying amounts as of October 1, 2023. Based on our qualitative and quantitative analysis performed over the reporting units, we determined that it was more likely than not that the fair value of these reporting units was greater than their carrying amounts and therefore no impairment of goodwill is required. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative financial instruments are recorded in the Consolidated Balance Sheets at fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded in each period in earnings or other comprehensive income, depending on whether a derivative is designated and effective as part of a hedge transaction. PURCHASE OF TREASURY STOCK During 2023, 2022 and 2021, we repurchased 399 thousand, 860 thousand and 615 thousand shares, respectively, all of which were returned to treasury stock. If retired, common stock is reduced by the number of shares retired at $0.01 par value per share. We allocate the excess purchase price over par value between additional paid-in capital and retained earnings. RESEARCH & DEVELOPMENT EXPENSES Research and development costs, net of any customer funded research and development or government research and development credits, are expensed as incurred. These costs amounted to $92.8 million, $93.5 million and $99.8 million in 2023, 2022 and 2021, respectively. INCOME TAXES We compute taxes on income in accordance with the tax rules and regulations of the many taxing authorities where the income is earned. The income tax rates imposed by these taxing authorities may vary substantially. Taxable income may differ from pre-tax income for U.S. GAAP financial accounting purposes. To the extent that these differences create timing differences between the tax basis of an asset or liability and its reported amount in the U.S. GAAP financial statements, an appropriate provision for deferred income taxes is made. We have carry forward tax losses in Luxembourg of $131.4 million for which no benefit has been recorded in the Consolidated Financial Statements since there is no expectation of realization. We maintain our assertion that the cash and distributable reserves at our non-U.S. affiliates are indefinitely reinvested with the following exceptions: all earnings in Germany, and the pre-2020 earnings in Italy, Switzerland and Colombia. Under current U.S. tax laws, all of our non-U.S. earnings are subject to U.S. taxation on a current or deferred basis. We will provide for the necessary withholding and local income taxes when management decides that an affiliate should make a distribution. These decisions are made taking into consideration the financial requirements of the non-U.S. affiliates and our global cash management goals. We provide a liability for the amount of unrecognized tax benefits from uncertain tax positions. This liability is provided whenever we determine that a tax benefit will not meet a more-likely-than-not threshold for recognition. See Note 6 – Income Taxes for more information. We are subject to the examination of our returns and other tax matters by the U.S. Internal Revenue Service and other tax authorities and government bodies. We believe that we have adequately provided a tax reserve for any adjustments that may result from tax examinations or uncertain tax positions. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in our tax audits are resolved in a manner inconsistent with our expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs. The resolution of each of these audits is not expected to be material to our Consolidated Financial Statements. TRANSLATION OF FOREIGN CURRENCIES The functional currencies of the majority of our foreign operations are their local currencies. Assets and liabilities of our foreign operations are translated into U.S. dollars at the rates of exchange on the balance sheet date. Sales and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are accumulated in a separate section of Stockholders’ Equity. Realized and unrealized foreign currency transaction gains and losses are reflected in income, as a component of miscellaneous income and expense, and represented losses of $7.3 million, $7.2 million and $1.4 million in 2023, 2022 and 2021, respectively. STOCK-BASED COMPENSATION Accounting standards require the application of the non-substantive vesting approach which means that an award is fully vested when the employee’s retention of the award is no longer contingent on providing future service. Under this approach, compensation costs are recognized over the requisite service period of the award instead of ratably over the vesting period stated in the grant. As such, costs are recognized immediately if the employee is retirement eligible on the date of grant or over the period from the date of grant until retirement eligibility if retirement eligibility is reached before the end of the vesting period stated in the grant. Forfeitures are recognized as they occur. See Note 16 – Stock-Based Compensation for more information. REVENUE RECOGNITION At inception of customer contracts, we assess the goods and services promised in order to identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. For a contract that has more than one performance obligation, we allocate the total contract consideration to each distinct performance obligation on a relative standalone selling price basis. Revenue is recognized when (or as) the performance obligations are satisfied (i.e., when the customer obtains control of the good or service). The majority of our revenues are derived from product, tooling and service contract sales; however, we also receive revenues from license, exclusivity and royalty arrangements, which collectively are not material to the results. See specific discussions about methods of accounting for control transfers of product, tooling and service contract sales in Note 2 – Revenue. LEASES We determine if an arrangement is a lease at inception. Operating lease assets are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities are included in accounts payable accrued and other liabilities in our Consolidated Balance Sheets. Finance leases are included in property, plant and equipment, current maturities of long-term obligations and long-term obligations in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the implicit rate when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made as well as initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For certain equipment leases, we account for the lease and non-lease components as a single lease component. We have elected not to recognize ROU assets and lease liabilities that arise from short-term leases (a lease whose term is 12 months or less and does not include a purchase option that we are reasonably certain to exercise). Certain vehicle lease contracts include guaranteed residual value that is considered in the determination of lease classification. The probability of having to satisfy a residual value guarantee is not considered for the purpose of lease classification, but is considered when measuring a lease liability. GOVERNMENT GRANTS We record non-reimbursable government grants when there is reasonable assurance that we will comply with the relevant conditions of the grant agreement and the grant funds will be received. When a grant is received toward the purchase or construction of an asset, the funds received are recorded as a contra-asset and deducted from the cost of the related asset. Additionally, we record expenses net of reimbursements for government grants from a reimbursement of cost. During 2022, we received a $10.5 million government grant to be used toward the expansion of an existing injectables facility. This award will support the delivery of components for COVID-19 and other vaccines. The French government will fund approximately $14.0 million for the expansion of the facility, for which there is no clawback option. As of December 31, 2022, we recorded the $10.5 million received as a contra-asset within property, plant and equipment in the Consolidated Balance Sheets and reported in the proceeds from government grants within the investing section of the Consolidated Statements of Cash Flows. During 2022 and 2021, we received $17.3 million and $2.0 million, respectively, in government grants to be used toward the construction of a new facility in Alabama. This award will support expanded domestic production capacity for our active material science solutions proprietary Activ-Film technology, which is used to protect and enhance COVID-19 test kit integrity and accuracy. Under the terms of the grant agreement, the U.S. government will fund approximately $19 million to build an operating facility, for which there is no clawback provision, in exchange for the new facility to be on standby for the government for a period of 16 months after construction. As of December 31, 2022 and 2021, we recorded the $17.3 million and $2.0 million, respectively, received as a contra-asset within property, plant and equipment in the Consolidated Balance Sheets and reported in the proceeds from government grants within the investing section of the Consolidated Statements of Cash Flows. SUPPLY CHAIN FINANCE PROGRAM We facilitate a supply chain finance program ("SCF") across Europe and the U.S. that is administered by a third-party platform. Eligible suppliers can elect to receive early payment of invoices, less an interest deduction, and negotiate their receivable sales arrangements through the third-party platform on behalf of the respective SCF bank. We are not a party to those agreements, and the terms of our payment obligations are not impacted by a supplier's participation in the SCF. Accordingly, we have concluded that this program continues to be a trade payable program and is not indicative of a borrowing arrangement. Under these agreements, the average payment terms range from 60 to 120 days and are based on industry standards and best practices within each of our regions. All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable, accrued and other liabilities in our Consolidated Balance Sheets, and associated payments are included in operating activities within our Consolidated Statements of Cash Flows. As of December 31, 2023 and 2022, the amounts due to suppliers participating in the SCF and included in accounts payable, accrued and other liabilities were approximately $36.3 million and $30.8 million, respectively. 2023 2022 SCF obligations outstanding at the beginning of the year $ 30,833 $ 30,144 Additions 163,591 133,148 Settlements (158,115) (132,459) SCF obligations outstanding at the end of the year $ 36,309 $ 30,833 Collection and payment periods tend to be longer for our operations located outside the United States due to local business practices. We have also seen an increasing trend in pressure from certain customers to lengthen their payment terms. As the majority of our products are made to order, we have not needed to keep significant amounts of finished goods inventory to meet customer requirements. However, some of our contracts specify an amount of finished goods safety stock we are required to maintain. To the extent our financial position allows and there is a clear financial benefit, we from time-to-time benefit from early payment discounts with some suppliers. We have lengthened the payment terms with our suppliers to be in line with customer trends. While we have offered third party alternatives for our suppliers to receive payments sooner, we generally do not utilize these offerings from our customers as the economic conditions currently are not beneficial for us. ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB’s Accounting Standards Codification. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405), which enhances the transparency of supplier finance programs and requires certain disclosures for a buyer in a supplier finance program. The requirements are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 13, 2023. Early adoption is permitted. We adopted this guidance in the fourth quarter of 2022 and expanded our disclosure to include a roll forward of our supply chain finance program. In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments to this update apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 was further amended in January 2021 by ASU 2021-01 which clarified the applicability of certain provisions. Both standards are effective upon issuance and could be adopted any time prior to December 31, 2022. The guidance in ASU 2020-04 and ASU 2021-01 is optional and may be elected over time as reference rate reform activities occur. We adopted this guidance in the second quarter of 2023 and have transitioned away from LIBOR to SOFR for USD balances under our revolving credit facility. In November 2023, the FASB issued ASU 2023-07, Improvement to Reportable Segment Disclosures, which requires enhanced disclosures about significant segment expenses on an annual and interim basis. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We are evaluating the impact of the standard on our segment reporting disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to income tax disclosure requirements. The amendments is ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Other accounting standards that have been issued by the FASB or other standards-setting bodies did not have a material impact on our consolidated financial statements. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Segment financial information for the prior periods has been recast to conform to the current presentation. Refer to Note 18 - Segment Information. Revenue by segment and geography based on shipped from locations for the years ended December 31, 2023, 2022 and 2021 is as follows: For the Year Ended December 31, 2023 Segment Europe Domestic Latin Asia Total Aptar Pharma $ 973,158 $ 426,005 $ 41,409 $ 80,421 $ 1,520,993 Aptar Beauty 814,576 226,573 146,283 80,265 1,267,697 Aptar Closures 214,045 348,509 84,372 51,834 698,760 Total $ 2,001,779 $ 1,001,087 $ 272,064 $ 212,520 $ 3,487,450 For the Year Ended December 31, 2022 Segment Europe Domestic Latin Asia Total Aptar Pharma $ 836,447 $ 426,401 $ 27,075 $ 71,333 $ 1,361,256 Aptar Beauty 723,540 284,052 128,342 86,601 1,222,535 Aptar Closures 213,408 389,706 80,046 55,298 738,458 Total $ 1,773,395 $ 1,100,159 $ 235,463 $ 213,232 $ 3,322,249 For the Year Ended December 31, 2021 Segment Europe Domestic Latin Asia Total Aptar Pharma $ 830,552 $ 374,063 $ 21,482 $ 58,527 $ 1,284,624 Aptar Beauty 675,079 300,658 117,920 88,189 1,181,846 Aptar Closures 219,551 407,102 76,641 57,457 760,751 Total $ 1,725,182 $ 1,081,823 $ 216,043 $ 204,173 $ 3,227,221 We perform our obligations under a contract with a customer by transferring goods and/or services in exchange for consideration from the customer. The timing of performance will sometimes differ from the timing of the invoicing for the associated consideration from the customer, thus resulting in the recognition of a contract asset or a contract liability. We recognize a contract asset when we transfer control of goods or services to a customer prior to invoicing for the related performance obligation. The contract asset is transferred to accounts receivable when the product is shipped and invoiced to the customer. We recognize a contract liability if the customer's payment of consideration precedes the entity's performance. The opening and closing balances of our contract asset and contract liabilities are as follows: Balance as of December 31, 2022 Balance as of December 31, 2023 Increase/ Contract asset (current) $ 16,736 $ 18,033 $ 1,297 Contract liability (current) $ 80,241 $ 60,507 $ (19,734) Contract liability (long-term) $ 25,361 $ 37,756 $ 12,395 The differences in the opening and closing balances of our contract asset and contract liabilities are primarily the result of timing differences between our performance and the invoicing. The total amount of revenue recognized during the current year against contract liabilities is $150.5 million, including $69.4 million relating to contract liabilities at the beginning of the year. Current contract assets and long-term contract assets are included within the prepaid and other and miscellaneous assets, respectively, while current contract liabilities and long-term contract liabilities are included within accounts payable, accrued and other liabilities and deferred and other non-current liabilities, respectively, within our Consolidated Balance Sheets. Determining the Transaction Price In most cases, the transaction price for each performance obligation is stated in the contract. In determining the variable amounts of consideration within the transaction price (such as volume-based customer rebates), we include an estimate of the expected amount of consideration as revenue. We apply the expected value method based on all of the information (historical, current, and forecast) that is reasonably available and identifies reasonable estimates based on this information. We apply the method consistently throughout the contract when estimating the effect of an uncertainty on the amount of variable consideration to which it will be entitled. Product Sales We primarily manufacture and sell drug and consumer product dosing, dispensing and protection technologies. The amount of consideration is typically fixed for customers. At the time of delivery, the customer is invoiced the agreed-upon price. Revenue from product sales is typically recognized upon manufacture or shipment, when control of the goods transfers to the customer. To determine when the control transfers, we typically assess, among other things, the shipping terms of the contract, shipping being one of the indicators of transfer of control. For a majority of product sales, control of the goods transfers to the customer at the time of shipment of the goods. Once the goods are shipped, we are precluded from redirecting the shipment to another customer. Therefore, our performance obligation is satisfied at the time of shipment. For sales in which control transfers upon delivery, shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs and revenue is recorded upon final delivery to the customer location. We have elected to account for shipping and handling costs that occur after the customer has obtained control of a good as fulfillment costs rather than as a promised service. We do not have any material significant payment terms as payment is typically received shortly after the point of sale. There also exist instances where we manufacture highly customized products that have no alternative use to us and for which we have an enforceable right to payment for performance completed to date. For these products, we transfer control and recognize revenue over time by measuring progress toward completion using the output method based on the number of products produced. As we normally make our products to a customer’s order, the time between production and shipment of our products is typically within a few weeks. We believe this measurement provides a faithful depiction of the transfer of goods as the costs incurred reflect the value of the products produced. As a part of its customary business practice, we offer a standard warranty that the products will materially comply with the technical specifications and will be free from material defects. Because such warranties are not sold separately, do not provide for any service beyond a guarantee of a product’s initial specifications, and are not required by law, there is no revenue deferral for these types of warranties. Tooling Sales We also build or contract for molds and other tools (collectively defined as “tooling”) necessary to produce our products. As with product sales, we recognize revenue when control of the tool transfers to the customer. If the tooling is highly customized with no alternative use to us and we have an enforceable right to payment for performance completed to date, we transfer control and recognize revenue over time by measuring progress toward completion using the input method based on costs incurred relative to total estimated costs to completion. Otherwise, revenue for the tooling is recognized at the point in time when the customer approves the tool. We do not have any significant payment terms as payment is typically either received during the mold-build process or shortly after completion. In certain instances, we offer extended warranties on our tools above and beyond the normal standard warranties. We normally receive payment at the inception of the contract and recognize revenue over the term of the contract. We do not have any material extended warranties as of December 31, 2023 or December 31, 2022. Service Sales We also provide services to our customers. As with product sales, we recognize revenue based on completion of each performance obligation of the service contract. Milestone deliverables and upfront payments are tied to specific performance obligations and recognized upon satisfaction of the individual performance obligation. Contract Costs We do not incur significant costs to obtain or fulfill revenue contracts. Credit Risk We are exposed to credit losses primarily through our product sales, tooling sales and services to our customers. We assess each customer’s ability to pay for the products we sell by conducting a credit review. The credit review considers our expected billing exposure and timing for payment and the customer’s established credit rating or our assessment of the customer’s creditworthiness based on our analysis of their financial statements when a credit rating is not available. We also consider contract terms and conditions, country and political risks, and business strategy in our evaluation. A credit limit is established for each customer based on the outcome of this review. We monitor our ongoing credit exposure through active review of customer balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. Practical Expedients Significant financing component: We elected not to adjust the promised consideration for the time value of money for contracts where the difference between the time of payment and performance is one year or less. Remaining performance obligations: We elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for our contracts that are one year or less, as the revenue is expected to be recognized within the next year. In addition, we have elected not to disclose the expected consideration related to performance obligations where we recognize revenue in the amount it has a right to invoice (e.g., usage-based pricing terms). |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories, by component net of reserves, consisted of: 2023 2022 Raw materials $ 145,798 $ 159,041 Work in process 176,191 153,592 Finished goods 191,064 174,173 Total $ 513,053 $ 486,806 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the year ended December 31, 2023 are as follows by reporting segment: Aptar Aptar Aptar Total Balance as of December 31, 2021 $ 520,197 $ 325,719 $ 128,241 $ 974,157 Acquisition 3,029 — — 3,029 Foreign currency exchange effects (24,484) (6,708) (362) (31,554) Balance as of December 31, 2022 $ 498,742 $ 319,011 $ 127,879 $ 945,632 Reclassification due to segment change — (39,472) 39,472 — Acquisitions — 4,603 114 4,717 Foreign currency exchange effects 9,705 2,955 409 13,069 Balance as of December 31, 2023 $ 508,447 $ 287,097 $ 167,874 $ 963,418 Effective January 1, 2023, we realigned two of our segment, allowing us to better serve our customers and position us for long-term profitable growth; see Note 18 - Segment Information for additional information. As a result of this segment realignment, we reassigned a total of $39.5 million of goodwill from the Beauty reporting unit to the Closures reporting unit using the relative fair value approach. We have completed the annual impairment analysis of our reporting units as of October 1, 2023. Due to the realignment of the Beauty and Closures segments mentioned above, management determined it appropriate to calculate the fair value of both reporting units and compare with their associated carrying amounts as of January 1, 2023. Further, as we performed our annual goodwill impairment assessment, due to events or circumstances that were unfavorable for injectables and active material science solutions, management determined it appropriate to calculate the fair value of both reporting units and compare with their associated carrying amounts as of October 1, 2023. We estimated the fair values of the affected businesses based upon the present value of their estimated future cash flows. Our determination of fair value involved judgment and the use of significant estimates and assumptions, including assumptions regarding the projected revenue growth rates, projected EBITDA margins, the terminal growth factor, as well as the discount rate to calculate estimated future cash flows. We believe that our assumptions used in discounting future cash flows are appropriate. Based on our review of macroeconomic, industry, and market events and circumstances as well as the overall financial performance of the reporting units, we determined that it was more likely than not that the fair value of these reporting units was greater than their carrying amounts. No impairment was recognized during the years ended December 31, 2023, 2022 or 2021. The table below shows a summary of intangible assets for the years ended December 31, 2023 and 2022. 2023 2022 Weighted Average Gross Accumulated Net Gross Accumulated Net Amortized intangible assets: Patents 9.9 $ 7,362 $ (1,754) $ 5,608 $ 8,044 $ (1,968) $ 6,076 Acquired technology 11.2 142,837 (70,520) 72,317 135,191 (56,628) 78,563 Customer relationships 13.5 308,889 (124,648) 184,241 305,994 (99,130) 206,864 Trademarks and trade names 7.6 43,932 (33,368) 10,564 43,998 (28,190) 15,808 License agreements and other 31.8 17,213 (6,732) 10,481 15,425 (6,992) 8,433 Total intangible assets 13.3 $ 520,233 $ (237,022) $ 283,211 $ 508,652 $ (192,908) $ 315,744 Aggregate amortization expense for the intangible assets above for the years ended December 31, 2023, 2022 and 2021 was $44,720, $43,574 and $41,072, respectively. Future estimated amortization expense for the years ending December 31 is as follows: 2024 $ 40,021 2025 40,952 2026 38,596 2027 29,249 2028 22,710 2029 and thereafter 111,683 Future amortization expense may fluctuate depending on changes in foreign currency rates. The estimates for amortization expense noted above are based upon foreign exchange rates as of December 31, 2023. |
ACCOUNTS PAYABLE, ACCRUED AND O
ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES | ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES At December 31, 2023 and 2022, accounts payable, accrued and other liabilities consisted of the following: 2023 2022 Accounts payable, principally trade $ 328,571 $ 320,281 Accrued employee compensation costs 222,010 209,566 Customer deposits and other unearned income 60,507 80,241 Other accrued liabilities 182,001 184,297 Total $ 793,089 $ 794,385 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income before income taxes consists of: Years Ended December 31, 2023 2022 2021 United States $ 49,681 $ 65,350 $ 101,353 International 325,144 269,354 220,302 Total $ 374,825 $ 334,704 $ 321,655 The provision (benefit) for income taxes is composed of: Years Ended December 31, 2023 2022 2021 Federal: Current $ 11,777 $ 12,791 $ 11,932 Deferred (10,931) (783) (5,980) $ 846 $ 12,008 $ 5,952 State: Current $ 1,300 $ 2,265 $ 4,917 Deferred (675) (99) (5,188) $ 625 $ 2,166 $ (271) International: Current $ 97,455 $ 92,199 $ 75,524 Deferred (8,277) (11,224) (3,188) $ 89,178 $ 80,975 $ 72,336 Total $ 90,649 $ 95,149 $ 78,017 A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate of 21% to income before provision for income taxes is as follows: Years Ended December 31, 2023 2022 2021 Income tax at statutory rate $ 78,713 $ 70,288 $ 67,547 State income taxes, net of federal tax effect 362 1,475 1,616 Excess tax benefits from share-based compensation (5,935) (3,306) (16,060) Deferred tax (benefits) charges, incl. tax rate changes (3,512) (2,349) (1,040) Valuation allowance 158 1,486 4,485 Legal entity reorganization 3,630 5,850 — Rate differential on earnings of foreign operations 18,917 19,165 20,831 Other items, net (1,684) 2,540 638 Actual income tax provision $ 90,649 $ 95,149 $ 78,017 Effective income tax rate 24.2 % 28.4 % 24.3 % The provision for income taxes for 2023 and 2022 include a $3.6 million and $5.9 million charge, respectively, for taxes related to a legal entity reorganization intended to enhance our dividend and cash management capabilities. The provision for income tax is favorably impacted by excess tax benefits on deductible share-based compensation. The tax provision for 2023 reflects a $5.9 million benefit from this item compared with a $3.3 million and $16.1 million tax benefit for 2022 and 2021, respectively. The valuation allowance for all years reflects losses in jurisdictions where we cannot tax effect the loss. Our mix of earnings has an unfavorable tax rate impact since a majority of our pretax income is earned in higher tax jurisdictions. Significant deferred tax assets and liabilities as of December 31, 2023 and 2022 are composed of the following temporary differences: 2023 2022 Deferred Tax Assets: Net operating loss carryforwards $ 49,016 $ 45,823 Operating and finance leases 20,440 20,974 Pension liabilities 13,608 8,178 Share-based compensation 7,326 9,970 U.S. state tax credits 6,110 6,777 Vacation and bonus 16,915 14,681 U.S. capitalized research expenditures 35,563 27,840 Inventory 7,166 4,736 Accrued liabilities and other reserves 9,622 10,346 Other 16,470 11,744 Total gross deferred tax assets $ 182,236 $ 161,069 Less valuation allowance (48,856) (46,239) Net deferred tax assets $ 133,380 $ 114,830 Deferred Tax Liabilities: Acquisition related intangibles $ 57,426 $ 59,084 Depreciation and amortization 25,541 29,142 Operating and finance leases 22,715 23,041 Other 6,988 6,563 Total gross deferred tax liabilities $ 112,670 $ 117,830 Net deferred tax assets (liabilities) $ 20,710 $ (3,000) We evaluate the deferred tax assets and record a valuation allowance when it is believed it is more likely than not that the benefit will not be realized. We have established a valuation allowance for $42.7 million of the $49.0 million of tax effected net operating loss carryforwards. These losses are generally in locations that have not produced cumulative three year operating profit. A valuation allowance of $4.1 million has also been established against the $6.1 million of U.S. state tax credit carryforwards. There is no expiration date on $44.7 million of the tax-effected net operating loss carryforwards and $4.3 million (tax effected) will expire in the years 2024 to 2043. The U.S. state tax credit carryforwards of $6.1 million (tax effected) will expire in the years 2024 to 2038. We have carried forward tax losses in Luxembourg for $131.4 million for which no benefit has been recorded in the Consolidated Financial Statements since there is no expectation of realization. None of the earnings accumulated outside of the U.S. will be subject to U.S. taxation under the current U.S. federal income tax laws. We maintain our assertion that all other cash and distributable reserves at our non-U.S. affiliates will continue to be indefinitely reinvested, with the exception of earnings in Germany and the pre-2020 earnings in Italy, Switzerland and Colombia. We estimate the amount of additional local income tax and withholding tax that would be payable on distributions to be in the range of $15 million to $20 million if earnings accumulated outside the U.S. are repatriated to the U.S. Income Tax Uncertainties We provide a liability for the amount of tax benefits realized from uncertain tax positions. A reconciliation of the beginning and ending amount of income tax uncertainties is as follows: 2023 2022 2021 Balance at January 1 $ 6,919 $ 7,225 $ 4,504 Increases based on tax positions for the current year 985 1,433 262 Increases (Decreases) based on tax positions of prior years (997) (1,616) 3,348 Settlements (901) (80) (567) Lapse of statute of limitations (64) (43) (322) Balance at December 31 $ 5,942 $ 6,919 $ 7,225 As of December 31, 2023, the total amount of unrecognized tax benefits was $5.9 million, of which $5.9 million, if recognized, would favorably impact our effective tax rate. We estimate that it is reasonably possible that the liability for uncertain tax positions will decrease by approximately $1.5 million in the next 12 months from the resolution of various uncertain positions as a result of the completion of tax audits, litigation and the expiration of the statute of limitations in various jurisdictions. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income taxes. As of December 31, 2023, 2022 and 2021, we had approximately $3.4 million, $4.9 million and $4.6 million, respectively, accrued for the payment of interest and penalties, of which approximately $0.2 million, $0.3 million and $1.1 million was recognized in income tax expense for the years ended December 31, 2023, 2022 and 2021, respectively. Aptar or its subsidiaries file income tax returns in the U.S. Federal jurisdiction and various state and foreign jurisdictions. The major tax jurisdictions we file in, with the years still subject to income tax examinations, are listed below: Major Tax Tax Years United States — Federal 2020-2023 United States — State 2019-2023 France 2020-2023 Germany 2019-2023 Italy 2017-2023 China 2013-2023 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Revolving Credit Facility and Overdrafts At December 31, 2023 and 2022, our revolving credit facility and overdrafts consisted of the following: 2023 2022 Revolving credit facility 4.84% to 6.46% $ 80,662 $ — Overdrafts 0.30% to 5.99% 1,132 3,810 $ 81,794 $ 3,810 On June 30, 2021, we entered into an amended and restated multi-currency revolving credit facility (the "revolving credit facility") with a syndicate of banks to replace the then-existing facility maturing July 2022 (the "prior credit facility") and to amend and restate the unsecured term loan facility extended to our wholly-owned UK subsidiary under the prior credit facility (as amended, the "amended term facility"). The revolving credit facility matures in June 2026, subject to a maximum of two one-year extensions in certain circumstances, and provides for unsecured financing of up to $600 million available in the U.S. and to our wholly-owned UK subsidiary. The amended term facility matured in July 2022 and was repaid in full. The revolving credit facility can be drawn in various currencies including USD, EUR, GBP, and CHF to the equivalent of $600 million, which may be increased by up to $300 million subject to the satisfaction of certain conditions. As of December 31, 2023, $36.5 million and €40.0 million ($44.2 million) was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of December 31, 2022, no balance was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. There are no compensating balance requirements associated with our revolving credit facility. Each borrowing under the revolving credit facility will bear interest at rates based on SOFR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. In May 2023, the revolving credit facility was amended to make SOFR the default borrowing rate for USD. The revolving credit facility also provides mechanics relating to a transition away from designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio. We incurred approximately $3.9 million and $1.2 million in interest and fees related to our credit facility and money market borrowing arrangement during 2023 and 2022, respectively. Average borrowings under the revolving credit facility and money market borrowing arrangement were $60.5 million and $38.5 million for 2023 and 2022, respectively. The average annual interest rate on the revolving credit facility and money market borrowing arrangement was 5.2% and 1.2% for 2023 and 2022, respectively. In October 2020, we entered into an unsecured money market borrowing arrangement to provide short term financing of up to $30 million that is available in the U.S. No borrowing on this facility is permitted over a quarter end date. As such, no balance was utilized under this arrangement as of December 31, 2023 or December 31, 2022. Long-Term Obligations On July 19, 2023, we repaid in full the €100 million 0.98% Senior Notes that were due in July 2023. On March 7, 2022, we issued $400 million aggregate principal amount of 3.60% Senior Notes due March 2032 in an underwritten public offering. The form and terms of the notes were established pursuant to an Indenture, dated as of March 7, 2022, as amended and supplemented by a First Supplemental Indenture, dated as of March 7, 2022, each between the Company and U.S. Bank Trust Company, National Association, as trustee. Interest is payable semi-annually in arrears. The notes are unsecured obligations and rank equally in right of payment with all of our other existing and future senior, unsecured indebtedness. We redeemed all $75.0 million of our 3.25% senior unsecured notes during the second quarter of 2022 at a price equal to the principal amount plus accrued interest and a $0.4 million make-whole payment. We redeemed all $125.0 million of our 3.49% senior unsecured notes during the third quarter of 2022 at a price equal to the principal amount plus accrued interest. At December 31, 2023 and 2022, our long-term obligations consisted of the following: December 31, 2023 December 31, 2022 Notes payable 0.00% – 16.42%, due in monthly and annual installments through 2030 $ 14,988 $ 29,167 Senior unsecured notes 1.0%, due in 2023 — 106,995 Senior unsecured notes 3.4%, due in 2024 50,000 50,000 Senior unsecured notes 3.5%, due in 2024 100,000 100,000 Senior unsecured notes 1.2%, due in 2024 220,810 213,990 Senior unsecured notes 3.6%, due in 2025 125,000 125,000 Senior unsecured notes 3.6%, due in 2026 125,000 125,000 Senior unsecured notes 3.6%, due in 2032, net of discount of $0.8 million 399,154 399,050 Finance Lease Liabilities 26,478 26,934 Unamortized debt issuance costs (3,816) (4,558) $ 1,057,614 $ 1,171,578 Current maturities of long-term obligations (376,426) (118,981) Total long-term obligations $ 681,188 $ 1,052,597 The aggregate long-term maturities, excluding finance lease liabilities and unamortized debt issuance costs, which are discussed in Note 8, due annually for the next five years and thereafter are: 2024 $ 372,835 2025 131,651 2026 131,058 2027 131 2028 60 Thereafter 399,217 Covenants Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including: Requirement Level at December 31, 2023 Consolidated Leverage Ratio (1) Maximum of 3.50 to 1.00 1.46 to 1.00 Consolidated Interest Coverage Ratio (1) Minimum of 3.00 to 1.00 16.06 to 1.00 (1) Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements. |
LEASE COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASE COMMITMENTS | LEASE COMMITMENTS We lease certain warehouse, plant, and office facilities as well as certain equipment under noncancelable operating and finance leases expiring at various dates through the year 2037. Most of the operating leases contain renewal options and certain leases include options to purchase the related asset during or at the end of the lease term. Amortization expense related to finance leases is included in depreciation expense while rent expense related to operating leases is included within cost of sales and selling research & development and administrative expenses (“SG&A”). The components of lease expense for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Operating lease cost $ 20,780 $ 21,105 Finance lease cost: Amortization of right-of-use assets $ 4,662 $ 4,249 Interest on lease liabilities 1,220 1,249 Total finance lease cost $ 5,882 $ 5,498 Short-term lease and variable lease costs $ 20,509 $ 15,454 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,512 $ 20,488 Operating cash flows from finance leases 1,371 1,264 Financing cash flows from finance leases 3,682 3,662 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 14,514 $ 16,754 Finance leases 2,746 1,011 Supplemental balance sheet information related to leases was as follows: December 31, December 31, Operating Leases Operating lease right-of-use assets $ 59,074 $ 58,675 Accounts payable, accrued and other liabilities $ 14,056 $ 16,985 Operating lease liabilities 45,267 42,948 Total operating lease liabilities $ 59,323 $ 59,933 Finance Leases Property, plant and equipment, gross $ 49,776 $ 50,173 Accumulated depreciation (13,299) (12,781) Property, plant and equipment, net $ 36,477 $ 37,392 Current maturities of long-term obligations, net of unamortized debt issuance cost $ 3,591 $ 3,234 Long-term obligations, net of unamortized debt issuance cost 22,887 23,700 Total finance lease liabilities $ 26,478 $ 26,934 Weighted Average Remaining Lease Term (in years) Operating leases 3.5 4.6 Finance leases 5.3 6.6 Weighted Average Discount Rate Operating leases 5.52 % 4.01 % Finance leases 5.05 % 4.76 % Maturities of lease liabilities as of December 31, 2023, were as follows: Operating Finance Year 1 $ 17,844 $ 4,571 Year 2 14,539 4,437 Year 3 11,939 3,223 Year 4 9,224 6,359 Year 5 4,652 1,716 Thereafter 8,510 10,765 Total lease payments 66,708 31,071 Less imputed interest (7,385) (4,593) Total $ 59,323 $ 26,478 As of December 31, 2023, we have additional operating leases that have not yet commenced of $0.5 million and no finance leases that have not yet commenced. These operating leases will commence in 2024 with lease terms of 3 to 5 years. |
LEASE COMMITMENTS | LEASE COMMITMENTS We lease certain warehouse, plant, and office facilities as well as certain equipment under noncancelable operating and finance leases expiring at various dates through the year 2037. Most of the operating leases contain renewal options and certain leases include options to purchase the related asset during or at the end of the lease term. Amortization expense related to finance leases is included in depreciation expense while rent expense related to operating leases is included within cost of sales and selling research & development and administrative expenses (“SG&A”). The components of lease expense for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Operating lease cost $ 20,780 $ 21,105 Finance lease cost: Amortization of right-of-use assets $ 4,662 $ 4,249 Interest on lease liabilities 1,220 1,249 Total finance lease cost $ 5,882 $ 5,498 Short-term lease and variable lease costs $ 20,509 $ 15,454 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,512 $ 20,488 Operating cash flows from finance leases 1,371 1,264 Financing cash flows from finance leases 3,682 3,662 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 14,514 $ 16,754 Finance leases 2,746 1,011 Supplemental balance sheet information related to leases was as follows: December 31, December 31, Operating Leases Operating lease right-of-use assets $ 59,074 $ 58,675 Accounts payable, accrued and other liabilities $ 14,056 $ 16,985 Operating lease liabilities 45,267 42,948 Total operating lease liabilities $ 59,323 $ 59,933 Finance Leases Property, plant and equipment, gross $ 49,776 $ 50,173 Accumulated depreciation (13,299) (12,781) Property, plant and equipment, net $ 36,477 $ 37,392 Current maturities of long-term obligations, net of unamortized debt issuance cost $ 3,591 $ 3,234 Long-term obligations, net of unamortized debt issuance cost 22,887 23,700 Total finance lease liabilities $ 26,478 $ 26,934 Weighted Average Remaining Lease Term (in years) Operating leases 3.5 4.6 Finance leases 5.3 6.6 Weighted Average Discount Rate Operating leases 5.52 % 4.01 % Finance leases 5.05 % 4.76 % Maturities of lease liabilities as of December 31, 2023, were as follows: Operating Finance Year 1 $ 17,844 $ 4,571 Year 2 14,539 4,437 Year 3 11,939 3,223 Year 4 9,224 6,359 Year 5 4,652 1,716 Thereafter 8,510 10,765 Total lease payments 66,708 31,071 Less imputed interest (7,385) (4,593) Total $ 59,323 $ 26,478 As of December 31, 2023, we have additional operating leases that have not yet commenced of $0.5 million and no finance leases that have not yet commenced. These operating leases will commence in 2024 with lease terms of 3 to 5 years. |
RETIREMENT AND DEFERRED COMPENS
RETIREMENT AND DEFERRED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
RETIREMENT AND DEFERRED COMPENSATION PLANS | RETIREMENT AND DEFERRED COMPENSATION PLANS We have various noncontributory retirement plans covering certain of our domestic and foreign employees. Benefits under our retirement plans are based on participants’ years of service and annual compensation as defined by each plan. Annual cash contributions to fund pension costs accrued under our domestic plans are generally at least equal to the minimum funding amounts required by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Certain pension commitments under our foreign plans are also funded according to local requirements or at our discretion. Effective January 1, 2021, our domestic noncontributory retirement plans were closed to new employees and employees who were rehired after December 31, 2020. These employees are instead eligible for additional contribution to their defined contribution 401(k) employee savings plan. All domestic employees with hire/rehire dates prior to January 1, 2021 are still eligible for the domestic pension plans and continue to accrue plan benefits after this date. The following table presents the changes in the benefit obligations and plan assets for the most recent two years for our domestic and foreign plans. Domestic Plans Foreign Plans 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 163,872 $ 255,457 $ 93,999 $ 123,386 Service cost 9,638 15,784 5,915 7,547 Interest cost 8,631 6,970 3,642 1,388 Curtailment/Settlement — — (606) 68 Prior service cost — — (1,134) 813 Actuarial loss (gain) 13,989 (92,724) 6,906 (26,826) Benefits paid (10,117) (21,615) (6,788) (4,615) Foreign currency translation adjustment (loss) gain — — 2,823 (7,762) Benefit obligation at end of year $ 186,013 $ 163,872 $ 104,757 $ 93,999 Domestic Plans Foreign Plans 2023 2022 2023 2022 Change in plan assets: Fair value of plan assets at beginning of year $ 162,151 $ 193,770 $ 72,523 $ 85,421 Actual return on plan assets 21,207 (25,517) 3,978 (4,897) Employer contribution 495 15,513 477 1,871 Benefits paid (10,117) (21,615) (6,788) (4,615) Foreign currency translation adjustment — — 2,244 (5,257) Fair value of plan assets at end of year $ 173,735 $ 162,151 $ 72,434 $ 72,523 Funded status at end of year $ (12,278) $ (1,721) $ (32,323) $ (21,476) The following table presents the funded status amounts recognized in our Consolidated Balance Sheets as of December 31, 2023 and 2022. Domestic Plans Foreign Plans 2023 2022 2023 2022 Non-current assets $ 2,528 $ 9,304 $ 1,664 $ — Current liabilities (530) (515) (32) (31) Non-current liabilities (14,276) (10,510) (33,955) (21,445) $ (12,278) $ (1,721) $ (32,323) $ (21,476) The following table presents the amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive (gain) loss as of December 31, 2023 and 2022. Domestic Plans Foreign Plans 2023 2022 2023 2022 Net actuarial loss (gain) $ 1,823 $ (3,338) $ 15,661 $ 11,383 Net prior service cost — — (162) 1,150 Tax effects 1,029 2,271 (6,463) (5,518) $ 2,852 $ (1,067) $ 9,036 $ 7,015 Changes in benefit obligations and plan assets recognized in other comprehensive income in 2023, 2022 and 2021 are as follows: Domestic Plans 2023 2022 2021 Current year actuarial (loss) gain $ (5,161) $ 54,295 $ 28,714 Amortization of net loss — 6,670 10,099 $ (5,161) $ 60,965 $ 38,813 Foreign Plans 2023 2022 2021 Current year actuarial (loss) gain $ (5,315) $ 19,181 $ 6,257 Current year prior service cost 1,135 (818) — Transfer actuarial loss 124 17 — Amortization of net loss 914 1,688 2,325 Amortization of prior service cost 177 177 166 $ (2,966) $ 20,245 $ 8,748 Components of net periodic benefit cost: Domestic Plans 2023 2022 2021 Service cost $ 9,638 $ 15,784 $ 16,356 Interest cost 8,631 6,970 6,366 Expected return on plan assets (12,378) (12,912) (12,293) Amortization of net loss — 6,670 10,099 Net periodic benefit cost $ 5,891 $ 16,512 $ 20,528 Foreign Plans 2023 2022 2021 Service cost $ 5,915 $ 7,547 $ 8,159 Interest cost 3,642 1,388 843 Expected return on plan assets (2,340) (2,728) (2,838) Amortization of net loss 914 1,688 2,325 Amortization of prior service cost 177 177 166 Net periodic benefit cost $ 8,308 $ 8,072 $ 8,655 Curtailment (1) (24) 5 Total Net periodic benefit cost $ 8,307 $ 8,048 $ 8,660 The accumulated benefit obligation (“ABO”) for our domestic defined benefit pension plans was $171.6 million and $152.4 million at 2023 and 2022, respectively. The ABO for our foreign defined benefit pension plans was $80.1 million and $73.8 million at December 31, 2023 and 2022, respectively. The following table provides the projected benefit obligation (“PBO”), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets as of December 31, 2023 and 2022. Domestic Plans Foreign Plans 2023 2022 2023 2022 Projected benefit obligation $ 14,806 $ 11,025 $ 56,881 $ 54,455 Accumulated benefit obligation 12,156 10,087 40,312 40,481 Fair value of plan assets — — 29,372 34,446 The following table provides the PBO, ABO and fair value of plan assets for all pension plans with a PBO in excess of plan assets as of December 31, 2023 and 2022. Domestic Plans Foreign Plans 2023 2022 2023 2022 Projected benefit obligation $ 14,806 $ 11,025 $ 81,534 $ 71,730 Accumulated benefit obligation 12,156 10,087 56,969 52,173 Fair value of plan assets — — 47,544 47,236 Assumptions: Domestic Plans Foreign Plans 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 4.95 % 5.15 % 2.75 % 3.20 % 3.69 % 1.09 % Rate of compensation increase 3.24 % 3.20 % 3.17 % 3.20 % 3.21 % 3.05 % Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 5.15 % 2.75 % 2.40 % 3.69 % 1.20 % 0.66 % Expected long-term return on plan assets 7.00 % 7.00 % 7.00 % 3.23 % 3.53 % 3.56 % Rate of compensation increase 3.20 % 3.17 % 3.17 % 3.20 % 3.20 % 3.05 % We develop the expected long-term rate of return assumptions based on historical experience and by evaluating input from the plans’ asset managers, including the managers’ review of asset class return expectations and benchmarks, economic indicators and long-term inflation assumptions. In order to determine the 2024 net periodic benefit cost, we expect to use the December 31, 2023 discount rates, December 31, 2023 rates of compensation increase assumptions and the same assumed long-term returns on domestic and foreign plan assets used for the 2023 net periodic benefit cost. Our domestic and foreign pension plan weighted-average asset allocations at December 31, 2023 and 2022 by asset category are as follows: Plan Assets: Domestic Plans Assets at December 31, Foreign Plans Assets at December 31, 2023 2022 2023 2022 Equity securities 48 % 47 % 3 % 5 % Fixed income securities 26 % 27 % 1 % 1 % Corporate debt securities — — 1 % 1 % Infrastructure 8 % 8 % — — Hedge funds 11 % 10 % — — Money market 1 % 1 % 1 % 1 % Investment Funds — — 94 % 92 % Real estate 5 % 7 % — — Total 100 % 100 % 100 % 100 % Our investment strategy for our domestic and foreign pension plans is to maximize the long-term rate of return on plan assets within an acceptable level of risk. The investment policy strives to have assets sufficiently diversified so that adverse or unexpected results from one security type will not have an unduly detrimental impact on the entire portfolio and accordingly, establishes a target allocation for each asset category within the portfolio. The domestic plan asset allocation is reviewed on a quarterly basis and the foreign plan asset allocation is reviewed annually. Rebalancing occurs as needed to comply with the investment strategy. The domestic plan target allocation for 2024 is 61% equity securities and 39% fixed income securities and infrastructure. The foreign plan target allocation for 2024 is 100% investment funds. Authoritative guidelines require the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. • Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Domestic Fair Value Measurement at December 31, 2023 Foreign Fair Value Measurement at December 31, 2023 (In Thousands $) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Cash and Short-term Securities (a) $ 1,949 $ 1,949 $ — $ — $ 514 $ 514 $ — $ — USD — 1,949 — — — — — — EUR — — — — — 506 — — Others — — — — — 8 — — Equity Securities (a) $ 73,483 $ 73,483 $ — $ — $ 2,106 $ 2,106 $ — $ — U.S. Large Cap Equities — 43,156 — — — — — — U.S. Small Cap Equities — 8,864 — — — — — — International Equities — 21,463 — — — 2,106 — — Fixed Income (a)(b) $ 29,171 $ 29,171 $ — $ — $ 831 $ 831 $ — $ — Corporate debts securities $ — $ — $ — $ — $ 1,231 $ 1,231 $ — $ — Euro Corporate Bonds (a) — — — — — 1,231 — — Investment Funds $ — $ — $ — $ — $ 67,752 $ 23,513 $ 44,239 $ — Mutual Funds in Equities (a) — — — — — 5,411 — — Mutual Funds in Bonds (a) — — — — — 17,256 — — Mutual Funds Diversified (a)(b) — — — — — 846 44,239 — Total Investments in Fair Value Hierarchy $ 104,603 $ 104,603 $ — $ — $ 72,434 $ 28,195 $ 44,239 $ — Investments at Net Asset Value per Share 69,132 — — — — — — — Total Investments $ 173,735 $ 104,603 $ — $ — $ 72,434 $ 28,195 $ 44,239 $ — Domestic Fair Value Measurement at December 31, 2022 Foreign Fair Value Measurement at December 31, 2022 (In Thousands $) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Cash and Short-term Securities (a) $ 1,260 $ 1,260 $ — $ — $ 516 $ 516 $ — $ — USD — 1,260 — — — — — — EUR — — — — — 505 — — Others — — — — — 11 — — Equity Securities (a) $ 66,338 $ 66,338 $ — $ — $ 3,769 $ 3,769 $ — $ — U.S. Large Cap Equities — 37,537 — — — — — — U.S. Small Cap Equities — 7,918 — — — — — — International Equities — 20,883 — — — 3,769 — — Fixed Income (a)(b) $ 28,443 $ 28,443 $ — $ — $ 723 $ 723 $ — $ — Corporate debts securities $ — $ — $ — $ — $ 1,135 $ 1,135 $ — $ — Euro Corporate Bonds (a) — — — — — 1,135 — — Investment Funds $ — $ — $ — $ — $ 66,380 $ 21,952 $ 44,428 $ — Mutual Funds in Equities (a) — — — — — 5,221 — — Mutual Funds in Bonds (a) — — — — — 15,901 — — Mutual Funds Diversified (a)(b) — — — — — 830 44,428 — Total Investments in Fair Value Hierarchy $ 96,041 $ 96,041 $ — $ — $ 72,523 $ 28,095 $ 44,428 $ — Investments at Net Asset Value per Share 66,110 — — — — — — — Total Investments $ 162,151 $ 96,041 $ — $ — $ 72,523 $ 28,095 $ 44,428 $ — (a) Based on third party quotation from financial institution. (b) Based on observable market transactions. Contributions Annual cash contributions to fund pension costs accrued under our domestic plans are generally at least equal to the minimum funding amounts required by ERISA. We contributed $0.5 million to our domestic defined benefit plans in 2023 and although we have no minimum funding requirement, we plan to contribute approximately $0.5 million to pay our ongoing SERP annuity contracts in 2024. Contributions to fund pension costs accrued under our foreign plans are made in accordance with local laws or at our discretion. We contributed approximately $0.5 million to our foreign defined benefit plan in 2023 and expect to contribute approximately $0.6 million in 2024. Estimated Future Benefit Payments As of December 31, 2023, we expect the plans to make the following estimated benefit payments relating to our defined benefit plans over the next 10 years: Domestic Plans Foreign Plans 2024 $ 10,189 $ 3,738 2025 10,891 3,516 2026 11,191 4,184 2027 11,212 6,726 2028 12,178 5,295 2029 - 2033 72,294 38,398 Other Plans We have a non-qualified supplemental pension plan for domestic employees which provides for pension amounts that would have been payable from our principal domestic pension plan if it were not for limitations imposed by income tax regulations. The liability for this plan, which is not funded, was $14.8 million and $11.0 million at December 31, 2023 and 2022, respectively. This amount is included in the liability for domestic plans shown above. We have a defined contribution 401(k) employee savings plan ("401(k) plan") available to substantially all domestic employees. Company matching contributions are made in cash up to a maximum of 3% of the participating employee’s salary subject to income tax regulations. For each of the years ended December 31, 2023, 2022 and 2021, total contributions made to these plans were approximately $5.0 million, $5.0 million and $4.5 million, respectively. As discussed above, domestic employees hired after December 31, 2020 will no longer be eligible for the pension plans and will instead receive an annual Aptar Retirement Savings Account contribution of 5% of their eligible earnings in the 401(k) plan. For the years ended December 31, 2023, 2022 and 2021, total contributions for these eligible employees was approximately $2.7 million, $2.0 million and $0.7 million, respectively. We have several foreign defined contribution plans, which require us to contribute a percentage of the participating employee’s salary according to local regulations. For each of the years ended December 31, 2023, 2022 and 2021, total contributions made to these plans were approximately $3.1 million, $2.9 million and $2.9 million, respectively. We have no additional postretirement or postemployment benefit plans. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 12 Months Ended |
Dec. 31, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) Changes in Accumulated Other Comprehensive Income/(Loss) by Component: Foreign Defined Benefit Derivatives Total Balance - December 31, 2020 $ (178,025) $ (102,322) $ (1,362) $ (281,709) Other comprehensive (loss) income before reclassifications (71,475) 26,409 8,584 (36,482) Amounts reclassified from accumulated other comprehensive income (loss) — 9,427 (7,277) 2,150 Net current-period other comprehensive (loss) income (71,475) 35,836 1,307 (34,332) Balance - December 31, 2021 $ (249,500) $ (66,486) $ (55) $ (316,041) Other comprehensive (loss) income before reclassifications (79,240) 54,149 (6,666) (31,757) Amounts reclassified from accumulated other comprehensive income — 6,386 46 6,432 Net current-period other comprehensive (loss) income (79,240) 60,535 (6,620) (25,325) Balance - December 31, 2022 $ (328,740) $ (5,951) $ (6,675) $ (341,366) Other comprehensive (loss) income before reclassifications 48,658 (6,711) (10,086) 31,861 Amounts reclassified from accumulated other comprehensive income — 771 — 771 Net current-period other comprehensive (loss) income 48,658 (5,940) (10,086) 32,632 Balance - December 31, 2023 $ (280,082) $ (11,891) $ (16,761) $ (308,734) Reclassifications Out of Accumulated Other Comprehensive Income/(Loss): Details about Accumulated Other Amount Reclassified from Affected Line in the Statement Year Ended December 31, 2023 2022 2021 Defined Benefit Pension Plans Amortization of net loss $ 914 $ 8,358 $ 12,424 (1) Amortization of prior service cost 177 177 166 (1) 1,091 8,535 12,590 Total before tax (320) (2,149) (3,163) Tax benefit $ 771 $ 6,386 $ 9,427 Net of tax Derivatives Changes in cross currency swap: interest component $ — $ (171) $ (13) Interest Expense Changes in cross currency swap: foreign exchange component — 217 (7,264) Miscellaneous, net $ — $ 46 $ (7,277) Net of tax Total reclassifications for the period $ 771 $ 6,432 $ 2,150 (1) These accumulated other comprehensive income components are included in the computation of total net periodic benefit costs, net of tax (see Note 9 - Retirement and Deferred Compensation Plans for additional details). |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We maintain a foreign exchange risk management policy designed to establish a framework to protect the value of our non-functional currency denominated transactions from adverse changes in exchange rates. Sales of our products can be denominated in a currency different from the currency in which the related costs to produce the product are denominated. Changes in exchange rates on such inter-country sales or intercompany loans can impact our results of operations. Our policy is not to engage in speculative foreign currency hedging activities, but to minimize our net foreign currency transaction exposure defined as firm commitments and transactions recorded and denominated in currencies other than the functional currency. We may use foreign currency forward exchange contracts, options and cross currency swaps to economically hedge these risks. For derivative instruments designated as hedges, we formally document the nature and relationships between the hedging instruments and the hedged items, as well as the risk management objectives, strategies for undertaking the various hedge transactions, and the method of assessing hedge effectiveness at inception. Quarterly thereafter, we formally assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair value or cash flows of the hedged item. Additionally, in order to designate any derivative instrument as a hedge of an anticipated transaction, the significant characteristics and expected terms of any anticipated transaction must be specifically identified, and it must be probable that the anticipated transaction will occur. All derivative financial instruments used as hedges are recorded at fair value in the Consolidated Balance Sheets (See Note 12 – Fair Value). Cash Flow Hedge For derivative instruments that are designated and qualify as cash flow hedges, the changes in fair values are recorded in accumulated other comprehensive loss and included in changes in derivative gain/loss. The changes in the fair values of derivatives designated as cash flow hedges are reclassified from accumulated other comprehensive loss to net income when the underlying hedged item is recognized in earnings. Cash flows from the settlement of derivative contracts designated as cash flow hedges offset cash flows from the underlying hedged items and are included in operating activities in the Consolidated Statements of Cash Flows. Net Investment Hedge A significant number of our operations are located outside of the United States. Because of this, movements in exchange rates may have a significant impact on the translation of the financial condition and results of operations of our foreign subsidiaries. A weakening U.S. dollar has an additive effect on our financial condition and results of operations. Conversely, a strengthening U.S. dollar relative to foreign currencies has a dilutive translation effect. In some cases we maintain debt in these subsidiaries to offset the net asset exposure. In the event we plan on a full or partial liquidation of any of our foreign subsidiaries where our net investment is likely to be monetized, we will consider hedging the currency exposure associated with such a transaction. On July 6, 2022, we entered into a seven year USD/EUR fixed-to-fixed cross currency interest rate swap to effectively hedge the interest rate exposure relating to $203 million of the $400 million 3.60% Senior Notes due March 2032, which were issued by AptarGroup, Inc. on March 7, 2022. This USD/EUR swap agreement exchanged $203 million of fixed-rate 3.60% USD debt to €200 million of fixed-rate 2.5224% EUR debt. We pay semi-annual fixed rate interest payments on the euro notional amount of €2.5 million and receive semi-annual fixed rate interest payments on the USD notional amount of $3.7 million. This swap has been designated as a net investment hedge to effectively hedge the foreign exchange risk associated with €200 million of our euro denominated net assets. We elected the spot method for recording the net investment hedge. Gains and losses resulting from the settlement of the excluded components are recorded in interest expense in the Consolidated Statements of Income. Gains and losses resulting from the fair value adjustments to the cross currency swap agreements are recorded in accumulated other comprehensive loss as the swaps are effective in hedging the designated risk. As of December 31, 2023, the fair value of the cross currency swap was a $22.2 million liability. The swap agreement will mature on September 15, 2029. Other As of December 31, 2023, we have recorded the fair value of foreign currency forward exchange contracts of $0.4 million in prepaid and other and $0.2 million in accounts payable, accrued and other liabilities in the Consolidated Balance Sheets. All forward exchange contracts outstanding as of December 31, 2023 had an aggregate notional contract amount of $50.8 million. Fair Value of Derivative Instruments in the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022 December 31, 2023 December 31, 2022 Balance Sheet Derivatives Derivatives Derivatives Derivatives Derivative Assets Foreign Exchange Contracts Prepaid and other $ — $ 386 $ — $ 1,107 $ — $ 386 $ — $ 1,107 Derivative Liabilities Foreign Exchange Contracts Accounts payable, accrued and other liabilities $ — $ 221 $ — $ 269 Cross Currency Swap Contract (1) Accounts payable, accrued and other liabilities 22,199 — 8,840 — $ 22,199 $ 221 $ 8,840 $ 269 (1) This cross currency swap contract is composed of both an interest component and a foreign exchange component. The Effect of Derivatives Designated as Hedging Instruments on Accumulated Other Comprehensive Income (Loss) for the Fiscal Years Ended December 31, 2023 and December 31, 2022 Derivatives in Cash Amount of Gain (Loss) Location of (Loss) Amount of Gain (Loss) Total Amount 2023 2022 2023 2022 Cross currency swap contract: Interest component $ — $ 229 Interest expense $ — $ 171 $ (40,418) Foreign exchange component (10,086) (6,894) Miscellaneous, net — (217) 3,212 $ (10,086) $ (6,665) $ — $ (46) The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income for the Fiscal Years Ended December 31, 2023 and December 31, 2022 Derivatives Not Designated Location of (Loss) Gain Recognized Amount of (Loss) Gain 2023 2022 Foreign Exchange Contracts Other (Expense) Income: $ (668) $ 606 $ (668) $ 606 Gross Amounts Net Amounts Gross Amounts not Offset Gross Financial Cash Collateral Net Description December 31, 2023 Derivative Assets $ 386 $ — $ 386 $ — $ — $ 386 Total Assets $ 386 $ — $ 386 $ — $ — $ 386 Derivative Liabilities $ 22,420 $ — $ 22,420 $ — $ — $ 22,420 Total Liabilities $ 22,420 $ — $ 22,420 $ — $ — $ 22,420 December 31, 2022 Derivative Assets $ 1,107 $ — $ 1,107 $ — $ — $ 1,107 Total Assets $ 1,107 $ — $ 1,107 $ — $ — $ 1,107 Derivative Liabilities $ 9,109 $ — $ 9,109 $ — $ — $ 9,109 Total Liabilities $ 9,109 $ — $ 9,109 $ — $ — $ 9,109 |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Authoritative guidelines require the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. • Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. As of December 31, 2023, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Investment in equity securities (1) $ 1,106 $ 1,106 $ — $ — Foreign exchange contracts (2) 386 — 386 — Convertible notes 5,650 — — 5,650 Total assets at fair value $ 7,142 $ 1,106 $ 386 $ 5,650 Liabilities Foreign exchange contracts (2) $ 221 $ — $ 221 $ — Cross currency swap contract (2) 22,199 — 22,199 — Contingent consideration obligation — — — — Total liabilities at fair value $ 22,420 $ — $ 22,420 $ — As of December 31, 2022, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Investment in equity securities (1) $ 5,297 $ 5,297 $ — $ — Foreign exchange contracts (2) 1,107 — 1,107 — Convertible notes 5,650 — — 5,650 Total assets at fair value $ 12,054 $ 5,297 $ 1,107 $ 5,650 Liabilities Foreign exchange contracts (2) $ 269 $ — $ 269 $ — Cross currency swap contract (2) 8,840 — 8,840 — Contingent consideration obligation 25,310 — — 25,310 Total liabilities at fair value $ 34,419 $ — $ 9,109 $ 25,310 (1) Investment in PureCycle Technologies ("PCT" or "PureCycle"). See Note 20 - Investment in Equity Securities for discussion of this investment. (2) Market approach valuation technique based on observable market transactions of spot and forward rates. The carrying amounts of our other current financial instruments such as cash and equivalents, accounts and notes receivable, notes payable and current maturities of long-term obligations approximate fair value due to the short-term maturity of the instrument. We consider our long-term debt obligations a Level 2 liability and utilize the market approach valuation technique based on interest rates that are currently available to us for issuance of debt with similar terms and maturities. The estimated fair value of our long-term obligations was $0.6 billion and $0.9 billion as of December 31, 2023 and December 31, 2022, respectively. During the first quarter of 2022, we invested $5.0 million in a convertible note in Enable Injections, Inc. This investment is recorded at fair value and is a Level 3 fair value measurement. During the second quarter of 2022, we invested $1.0 million in a convertible note in Siklus Refill Pte. Ltd. ("Siklus"). During the fourth quarter of 2022, Siklus repaid $0.4 million of its convertible note. This investment is recorded at fair value and is a Level 3 fair value measurement. As discussed in Note 19 – Acquisitions, we had a contingent consideration obligation to the selling equity holders of: – Fusion in connection with the Fusion acquisition based on 2022 cumulative performance targets, and – Noble in connection with the Noble acquisition based on 2024 cumulative performance targets We consider these obligations a Level 3 liability and have estimated the aggregate fair value for these contingent consideration arrangements as follows: December 31, 2023 December 31, 2022 Fusion Acquisition $ — $ 25,310 Noble Acquisition — — $ — $ 25,310 Changes in the fair value of these obligations are recorded within selling, research & development and administrative expenses in our Consolidated Statements of Income. Significant changes to the inputs, as noted above, can result in a significantly higher or lower fair value measurement. The following table provides a summary of changes in our Level 3 fair value measurements: Balance, December 31, 2021 $ 33,908 Increase in fair value recorded in earnings (8,598) Balance, December 31, 2022 $ 25,310 Payments (25,310) Balance, December 31, 2023 $ — |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the normal course of business, we are subject to a number of lawsuits and claims both actual and potential in nature. While management believes the resolution of these claims and lawsuits will not have a material adverse effect on our financial position, results of operations or cash flows, claims and legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur that could include amounts in excess of any accruals which management has established. Were such unfavorable final outcomes to occur, it is possible that they could have a material adverse effect on our financial position, results of operations and cash flows. We have various purchase commitments for raw materials, supplies, and property and equipment obtained in the normal course of business. As of December 31, 2023, we have unconditional purchase commitments of approximately $53.4 million of which the majority relate to open purchase orders for fixed assets over the next five years, for which no liabilities have been recorded. Under our Certificate of Incorporation, we have agreed to indemnify our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have a directors and officers liability insurance policy that covers a portion of our exposure. As a result of our insurance policy coverage, we believe the estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of December 31, 2023. A fire caused damage to our facility in Annecy, France in June 2016. We were insured for the damages caused by the fire, including business interruption insurance. During the second quarter of 2022, we filed a lawsuit against the insurance company to recover a part of our claim. We reached a settlement with the insurance company during the fourth quarter of 2023 for $6.6 million, which is recorded in Miscellaneous income (expense), net in our Consolidated Statements of Income. We are periodically subject to loss contingencies resulting from custom duties assessments. We accrue for anticipated costs when an assessment has indicated that a loss is probable and can be reasonably estimated. We have received claims worth approximately $13 million in principal and $5 million to $6 million for interest and penalties. We are currently defending our position with respect to these claims in the respected administrative procedures. Due to uncertainty in the probability of settlement and the timing of our appeal, no liability is recorded as of December 31, 2023. We will continue to evaluate these liabilities periodically based on available information, including the progress of remedial investigations, the status of discussions with regulatory authorities regarding the methods and extent of remediation and the apportionment of costs and penalties among potentially responsible parties. |
STOCK REPURCHASE PROGRAM
STOCK REPURCHASE PROGRAM | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
STOCK REPURCHASE PROGRAM | STOCK REPURCHASE PROGRAM On April 18, 2019, we announced a share repurchase authorization of up to $350 million of common stock. This authorization replaces previous authorizations and has no expiration date. Aptar may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions. In 2023, 2022 and 2021, we repurchased approximately 399 thousand, 860 thousand and 615 thousand shares, respectively, of our outstanding common stock at a total cost of $47.6 million, $92.1 million and $78.1 million, respectively. As of December 31, 2023, there was $60.7 million of authorized share repurchases available to us. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2023 | |
CAPITAL STOCK | |
CAPITAL STOCK | CAPITAL STOCK We have 199 million authorized shares of common stock. The number of shares of common stock and treasury stock and the share activity were as follows: Common Shares Treasury Shares 2023 2022 2021 2023 2022 2021 Balance at the beginning of the year 70,848,810 70,370,812 69,516,805 5,555,027 4,852,709 4,528,051 Employee option exercises 679,878 301,463 634,572 (178,326) (157,682) (290,316) Director option exercises — — 47,500 — — — Restricted stock vestings 150,970 176,535 171,935 — — — Common stock repurchases — — — 398,594 860,000 614,974 Balance at the end of the year 71,679,658 70,848,810 70,370,812 5,775,295 5,555,027 4,852,709 The cash dividends paid on the common stock for the years ended December 31, 2023, 2022 and 2021 aggregated $103.7 million, $99.5 million and $98.5 million, respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION We issue restricted stock units (“RSUs”), which consist of time-based and performance-based awards, to employees under stock awards plans approved by stockholders. In addition, RSUs are issued to non-employee directors under a Restricted Stock Unit Award Agreement for Directors pursuant to the Company's 2018 Equity Incentive Plan. RSUs granted to employees vest according to a specified performance period and/or vesting period. Time-based RSUs generally vest over three years. Performance-based RSUs vest at the end of the specified performance period, generally three years, assuming required performance or market vesting conditions are met. For awards granted in the first quarter of 2023, our performance-based RSUs will vest solely based on our return of invested capital ("ROIC"). Award share payouts depend on the extent to which the ROIC performance goal has been achieved, but the final payout is adjusted by a total shareholder return (“TSR”) modifier. At the time of vesting, the vested shares of common stock are issued in the employee’s name. RSUs granted to directors are only time-based and generally vest over one year. The fair value of both time-based RSUs and performance-based RSUs pertaining to internal performance metrics is determined using the closing price of our common stock on the grant date. The fair value of performance-based RSUs pertaining to TSR is estimated using a Monte Carlo simulation. Inputs and assumptions used to calculate the fair value are shown in the table below. The fair value of these RSUs is expensed over the vesting period using the straight-line method or using the graded vesting method when an employee becomes eligible to retain the award at retirement. Year Ended December 31, 2023 (1) 2022 2021 Fair value per stock award $ 116.17 $ 141.95 $ 171.63 Grant date stock price $ 111.38 $ 114.52 $ 141.59 Assumptions: Aptar's stock price expected volatility 20.00 % 20.20 % 21.40 % Expected average volatility of peer companies 39.70 % 41.70 % 50.00 % Correlation assumption 33.30 % 41.20 % 58.10 % Risk-free interest rate 3.83 % 2.04 % 0.32 % Dividend yield assumption 1.36 % 1.33 % 1.02 % (1) The 2023 award inputs and assumptions are related to PSU-ROIC awards with a TSR modifier. A summary of RSU activity as of December 31, 2023, and changes during the period then ended is presented below: Time-Based RSUs Performance-Based RSUs Units Weighted Average Units Weighted Average Nonvested at January 1, 2023 426,361 $ 111.60 610,871 $ 118.77 Granted 123,657 110.55 151,499 115.69 Vested (193,820) 105.00 (99,182) 89.33 Forfeited (20,324) 111.17 (148,805) 96.24 Nonvested at December 31, 2023 335,874 $ 115.15 514,383 $ 130.10 Included in the December 31, 2023 time-based RSUs are 11,508 units granted to non-employee directors and 10,589 units vested related to non-employee directors. Year Ended December 31, 2023 2022 2021 Compensation expense $ 37,015 $ 40,937 $ 38,643 Fair value of units vested 29,100 32,013 32,414 Intrinsic value of units vested 33,914 33,024 42,970 The actual tax benefit realized for the tax deduction from RSUs was approximately $5.9 million, $8.0 million and $7.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $41.1 million of total unrecognized compensation cost relating to RSU awards which is expected to be recognized over a weighted average period of 1.7 years. Historically we issued stock options to our employees and non-employee directors. We did not issue stock options between 2019 and 2022. Stock options were awarded in the first quarter of 2023 with the exercise price equal to the market price on the date of grant; however, Aptar executive officers received stock options with an exercise price that was 110% of the closing market price on the date of grant. Stock option grants generally vest ratably over three years and expire 10 years after grant. The Company uses historical data to estimate expected life and volatility. The weighted-average fair value of stock options granted under the stock awards plans were $19.84 and $24.23 per share for executive officers and all others employees, respectively, during 2023. These values were estimated on the respective dates of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Stock Award Plans: Year Ended December 31, 2023 Dividend Yield 1.41 % Expected Stock Price Volatility 16.55 % Risk-free Interest Rate 3.57 % Expected Life of Option (years) 7.0 A summary of option activity under our stock plans as of December 31, 2023, and changes during the period then ended is presented below: Stock Awards Plans Director Stock Option Plans Options Weighted Average Options Weighted Average Outstanding, January 1, 2023 2,623,944 $ 73.34 51,700 $ 63.91 Granted 315,005 116.19 — — Exercised (749,899) 69.94 (32,700) 62.36 Forfeited or expired (6,266) 93.23 — — Outstanding at December 31, 2023 2,182,784 $ 80.63 19,000 $ 66.59 Exercisable at December 31, 2023 1,871,178 $ 74.70 19,000 $ 66.59 Weighted-Average Remaining Contractual Term (Years): Outstanding at December 31, 2023 3.5 0.4 Exercisable at December 31, 2023 2.6 0.4 Aggregate Intrinsic Value: Outstanding at December 31, 2023 $ 93,830 $ 1,084 Exercisable at December 31, 2023 $ 91,533 $ 1,084 Intrinsic Value of Options Exercised During the Years Ended: December 31, 2023 $ 38,706 $ 1,978 December 31, 2022 $ 20,608 $ — December 31, 2021 $ 69,862 $ 4,248 Year Ended December 31, 2023 2022 2021 Compensation expense (included in SG&A) $ 3,929 $ — $ 185 Compensation expense (included in Cost of sales) 349 — 42 Compensation expense, Total $ 4,278 $ — $ 227 Compensation expense, net of tax 4,278 — 174 Grant date fair value of options vested 2,663 — 2,421 The increase in stock option expense is due to the newly issued options as discussed above. Cash received from option exercises was approximately $54.0 million, $28.5 million and $59.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The actual tax benefit realized for the tax deduction from option exercises was approximately $9.1 million, $4.4 million and $16.5 million in the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $2.7 million of total unrecognized compensation cost relating to stock option awards which is expected to be recognized over a weighted-average period of 2.0 years. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic net income per share is calculated by dividing net income attributable to Aptar by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income attributable to Aptar by the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to stock based compensation awards. Stock-based compensation awards for which total employee proceeds exceed the average market price over the applicable period would have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The reconciliation of basic and diluted earnings per share (“EPS”) for the years ended December 31, 2023, 2022 and 2021 are as follows: Income Shares Per Share For the Year Ended December 31, 2023 Basic EPS Income available to common stockholders $ 284,487 65,616 $ 4.34 Effect of Dilutive Securities Stock options 874 Restricted stock 415 Diluted EPS Income available to common stockholders $ 284,487 66,905 $ 4.25 For the Year Ended December 31, 2022 Basic EPS Income available to common stockholders $ 239,288 65,402 $ 3.66 Effect of Dilutive Securities Stock options 978 Restricted stock 339 Diluted EPS Income available to common stockholders $ 239,288 66,719 $ 3.59 For the Year Ended December 31, 2021 Basic EPS Income available to common stockholders $ 244,097 65,663 $ 3.72 Effect of Dilutive Securities Stock options 1,600 Restricted stock 419 Diluted EPS Income available to common stockholders $ 244,097 67,682 $ 3.61 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 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. The Aptar Closures business serves multiple markets, including food, beverage, personal care, home care, beauty and healthcare. Closures that were developed in the previous Beauty + Home segment were moved to Aptar Closures, together with the operations of legacy Food + Beverage. This means that Aptar's food protection business and our elastomeric flow-control technology business report through the Aptar Closures segment. The realignment brings us closer to how our customers are structured and operate their business. 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 mass brands in the beauty, personal care and home care markets. For many of our customers, personal care products are considered part of "beauty" and so we renamed this segment, 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 Note 1 – Summary of Significant Accounting Policies. 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: In thousands Year Ended December 31, 2023 2022 2021 Total Sales: Aptar Pharma $ 1,521,837 $ 1,372,449 $ 1,297,996 Aptar Beauty 1,297,477 1,246,018 1,204,312 Aptar Closures 706,847 748,055 768,497 Total Sales $ 3,526,161 $ 3,366,522 $ 3,270,805 Less: Intersegment Sales: Aptar Pharma $ 844 $ 11,193 $ 13,372 Aptar Beauty 29,780 23,483 22,466 Aptar Closures 8,087 9,597 7,746 Total Intersegment Sales $ 38,711 $ 44,273 $ 43,584 Net Sales: Aptar Pharma $ 1,520,993 $ 1,361,256 $ 1,284,624 Aptar Beauty 1,267,697 1,222,535 1,181,846 Aptar Closures 698,760 738,458 760,751 Net Sales $ 3,487,450 $ 3,322,249 $ 3,227,221 Adjusted EBITDA (1): Aptar Pharma $ 502,633 $ 441,622 $ 425,714 Aptar Beauty 163,716 151,887 125,451 Aptar Closures 103,693 86,109 108,615 Corporate & Other, unallocated (62,320) (62,930) (52,314) Acquisition-related costs (2) (480) (231) (3,811) Restructuring Initiatives (3) (45,004) (6,597) (23,240) Net unrealized investment (loss) gain (4) (2,775) (3,323) 2,709 Depreciation and amortization (248,593) (233,706) (234,853) Interest Expense (40,418) (40,827) (30,284) Interest Income 4,373 2,700 3,668 Income before Income Taxes $ 374,825 $ 334,704 $ 321,655 Depreciation and Amortization: Aptar Pharma $ 109,366 $ 94,396 $ 90,510 Aptar Beauty 83,399 80,498 83,379 Aptar Closures 52,095 52,866 53,555 Corporate & Other 3,733 5,946 7,409 Depreciation and Amortization $ 248,593 $ 233,706 $ 234,853 Capital Expenditures: Aptar Pharma $ 196,083 $ 164,396 $ 154,077 Aptar Beauty 83,872 74,203 87,442 Aptar Closures 52,160 44,223 47,225 Corporate & Other 14,729 29,491 29,686 Transfer of Corporate Expenditures (5) (34,502) (1,886) (10,495) Capital Expenditures $ 312,342 $ 310,427 $ 307,935 Total Assets: Aptar Pharma $ 2,111,779 $ 1,872,843 $ 1,833,512 Aptar Beauty 1,412,203 1,398,813 1,370,854 Aptar Closures 765,930 779,654 819,332 Corporate & Other 161,978 152,148 117,666 Total Assets $ 4,451,890 $ 4,203,458 $ 4,141,364 (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 19 – Acquisitions and Note 20 – Investment in Equity Securities for further details). (3) Restructuring Initiatives includes expense items for the years ended December 31, 2023, 2022 and 2021 as follows (see Note 21 – Restructuring Initiatives for further details): In thousands Year Ended December 31, 2023 2022 2021 Restructuring Initiatives by Plan: Optimization initiative $ 45,445 $ 6,224 $ — Prior year initiatives (441) 373 23,240 Total Restructuring Initiatives $ 45,004 $ 6,597 $ 23,240 Restructuring Initiatives by Segment: Aptar Pharma $ 4,852 $ — $ 76 Aptar Beauty 20,683 5,539 8,149 Aptar Closures 17,927 1,058 2,702 Corporate & Other 1,542 — 12,313 Total Restructuring Initiatives $ 45,004 $ 6,597 $ 23,240 (4) Net unrealized investment (loss) gain represents the change in fair value of our investment in PCT (see Note 20 - Investment in Equity Securities for further details). (5) The transfer of corporate expenditures represents amounts of projects managed by corporate for the benefit of specific entities within each segment. Once the projects are complete, all related costs are allocated from corporate to and paid by the appropriate entity and the associated assets are then depreciated at the entity level. The increase in 2023 relates to a project build in Suzhou, China. Geographic Information The following are net sales and long-lived asset information by geographic area and product information for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Net Sales to Unaffiliated Customers (1): United States $ 1,001,087 $ 1,100,159 $ 1,081,823 Europe: France 1,077,695 938,637 906,057 Germany 564,528 512,709 486,928 Italy 172,215 154,823 161,676 Other Europe 187,341 167,226 170,521 Total Europe 2,001,779 1,773,395 1,725,182 China 152,609 156,577 148,671 Other Foreign Countries 331,975 292,118 271,545 Total $ 3,487,450 $ 3,322,249 $ 3,227,221 Property, Plant and Equipment, Net United States $ 357,729 $ 346,382 $ 321,511 Europe: France 550,738 482,091 455,105 Germany 225,860 194,898 197,643 Italy 42,240 42,522 50,828 Other Europe 63,864 53,317 58,121 Total Europe 882,702 772,828 761,697 China 112,017 98,469 74,535 Other Foreign Countries 125,615 125,985 118,134 Total $ 1,478,063 $ 1,343,664 $ 1,275,877 (1) Sales are attributed to countries based upon where the sales invoice to unaffiliated customers is generated. No single customer or group of affiliated customers represents greater than 5% of our net sales in 2023, 2022 or 2021. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS Business Combinations On August 1, 2023, we paid the remaining $5.2 million purchase price in relation to the 2021 Hengyu acquisition. No further liability remains outstanding for this acquisition. On March 1, 2023, we completed the acquisition of all the outstanding capital stock of iD SCENT. Located in Lyon, France, iD SCENT is an expert producer of paper fragrance sampling solutions that present multiple sustainability features. The purchase price was approximately $9.4 million (net of $1.4 million cash acquired) and was funded with cash on hand. The results of iD SCENT have been included in the consolidated financial statements within our Aptar Beauty segment since the date of acquisition. Also on March 1, 2023, we completed the acquisition of 80% of the equity interests of Gulf Closures W.L.L. ( "Gulf Closures"). Gulf Closures, located in Bahrain, is a closure manufacturer for beverage products. The purchase price for 80% ownership was approximately $1.5 million (net of $1.2 million cash acquired) and was funded with cash on hand. This values the full company equity at approximately $3.3 million and implies a non-controlling interest valued at approximately $0.7 million as of the acquisition date. The results of Gulf Closures have been included in the consolidated financial statements within our Aptar Closures segment since the date of acquisition. On August 31, 2022, we completed the acquisition of all the outstanding capital stock of Metaphase Design Group Inc. ("Metaphase"). Metaphase, located in St. Louis, Missouri, is a leading expert in ergonomic and industrial design of handheld devices including medical devices. The purchase price was approximately $5.1 million (net of $0.1 million cash acquired) and was funded with cash on hand. As of the acquisition date, $1.0 million was held in restricted cash for an indemnity escrow. The results of Metaphase have been included in the consolidated financial statements within our Aptar Pharma segment since the date of acquisition. For the year ended December 31, 2023, we recognized $0.3 million in transaction costs related to the acquisitions of iD SCENT and Gulf Closures. For the year ended December 31, 2022, we recognized $0.2 million in transaction costs related to the acquisition of Metaphase. These costs are reflected in the selling, research & development and administration section of the Consolidated Statements of Income and within acquisition-related costs as disclosed in Note 18 – Segment Information. Pro forma 2023 and 2022 reported results of operations for the acquisitions have not been presented as the effects of these business combinations individually and in aggregate were not material to the consolidated results of operations. Goodwill in the amount of $3.8 million was recorded related to the 2023 acquisitions, of which $3.7 million is included in the Aptar Beauty segment and $0.1 million is included in the Aptar Closures segment. $3.0 million was recorded related to the 2022 Metaphase acquisition and is included in the Aptar Pharma segment. Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill acquired in our 2023 acquisitions has expanded our portfolio of fragrance sampling solutions, and has expanded our market opportunities and strengthens our presence in the Middle East region, while goodwill in our 2022 acquisition expanded our portfolio of services as well as the ability to become a single source provider to our pharmaceutical and biotech customers. Goodwill will not be amortized, but will be tested for impairment at least annually. For 2023 and 2022 acquisitions, no goodwill will be deductible for tax purposes. |
INVESTMENT IN EQUITY SECURITIES
INVESTMENT IN EQUITY SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN EQUITY SECURITIES | INVESTMENT IN EQUITY SECURITIES Our investment in equity securities consisted of the following: December 31, 2023 December 31, 2022 Equity Method Investments BTY $ 33,090 $ 31,490 Sonmol 4,751 4,997 Desotec GmbH 905 863 Other Investments PureCycle 1,106 5,297 YAT 5,352 5,508 Loop 2,894 2,894 Others 1,105 1,259 $ 49,203 $ 52,308 Equity Method Investments Jinyu On December 10, 2023, we entered into a Share Purchase Agreement to acquire 40% of the equity interests in Ningbo Jinyu Technology Industry Co., Ltd. (referred to as "Jinyu"), a leading manufacturer of dispensing technologies in China for approximately $84 million. This transaction is expected to close during 2024, subject to satisfaction and completion of various closing conditions. BTY On January 1, 2020, we acquired 49% of the equity interests in three related companies: Suzhou Hsing Kwang, Suqian Hsing Kwang and Suzhou BTY (collectively referred to as “BTY”) for an approximate purchase price of $32 million. We have a call option to acquire an additional 26% to 31% of BTY’s equity interests following the initial lock-up period of 5 years based on a predetermined formula. Subsequent to the second lock-up period, which ends 3 years after the initial lock-up period, we have a call option to acquire the remaining equity interests of BTY based on a predetermined formula. Additionally, the selling shareholders of BTY have a put option for the remaining equity interest to be acquired by Aptar based on a predetermined formula. The BTY entities are leading Chinese manufacturers of high quality, decorative metal components, metal-plastic sub-assemblies, and complete color cosmetics packaging solutions for the beauty industry. For the years ended December 31, 2023, 2022 and 2021, Aptar had purchases of $14.3 million, $11.4 million and $6.3 million, respectively, from BTY. As of December 31, 2023 and 2022, approximately $1.8 million and $1.5 million, respectively, was due to BTY and included in accounts payable, accrued and other liabilities on our Consolidated Balance Sheets. Sonmol On April 1, 2020, we invested $5 million to acquire 30% of the equity interests in Healthcare, Inc., Shanghai Sonmol Internet Technology Co., Ltd. and its subsidiary, Shanghai Sonmol Medical Equipment Co., Ltd. (collectively referred to as “Sonmol”). Sonmol is a leading Chinese pharmaceutical company that provides consumer electric devices and connected devices for asthma control. Desotec GmbH During 2009, we invested €574 thousand to acquire 23% of the equity interests in Desotec GmbH, a leading manufacturer of special assembly machines for bulk processing for the pharmaceutical, beauty and closures markets. Other Investments In prior years, we invested, through a series of transactions, an aggregate amount of $2.9 million in preferred equity investments in Loop, a sustainability company. In prior years, we also invested, through a series of transactions, $3.0 million in PureCycle and received $0.7 million of equity in exchange for our resource dedication for technological partnership and support. In March 2021, PureCycle was purchased by a special purpose acquisition company and was subsequently listed on Nasdaq under the ticker PCT. At that time, our investment in PureCycle was converted into shares of PCT resulting in less than a 1% ownership interest. This investment is now recorded at fair value based on observable market prices for identical assets and the change in fair value is recorded as a net investment gain or loss in the Consolidated Statements of Income. We have sold the following PCT shares related to the PureCycle investment: Shares Sold Proceeds Realized Gain October 2021 191,349 $ 2,434 $ 2,000 March 2022 107,600 $ 1,088 $ 841 August 2022 50,000 $ 511 $ 372 July 2023 248,859 $ 2,659 $ 1,968 August 2023 261,590 $ 2,945 $ 2,220 For the years ended December 31, 2023, 2022 and 2021 we recorded the following net investment gain or loss on our investment in PureCycle: 2023 2022 2021 Net investment gain (loss) $ 1,413 $ (2,110) $ 4,709 On July 7, 2021, we investe d approximately $5.9 million to acquire 10% of the equity interests in YAT, a multi-functional, science-driven online skincare solutions company. There were no indications of impairment noted in the year ended December 31, 2023 related to these investments. |
RESTRUCTURING INITIATIVES
RESTRUCTURING INITIATIVES | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING INITIATIVES | RESTRUCTURING INITIATIVES In late 2017, we began a business transformation to drive profitable sales growth, increase operational excellence, enhance our approach to innovation and improve organizational effectiveness. The primary focus of the plan was the previous Beauty + Home segment; however, certain global general and administrative functions were also addressed. As of the end of 2021, we had completed the vast majority of our planned initiatives related to our transformation plan. During 2023, 2022 and 2021, we recognized $0.4 million of income, $0.4 million of restructuring costs and $23.2 million of restructuring costs related to this plan, respectively. During the third quarter of 2022, we began an initiative to better leverage our fixed cost base through growth and cost reduction measures. For the years ended December 31, 2023 and 2022, we recognized $45.4 million and $6.2 million, respectively, of restructuring costs related to this initiative. The cumulative expense incurred as of December 31, 2023 was $51.6 million. As of December 31, 2023, we have recorded the following activity associated with our optimization initiative: Beginning Reserve at 12/31/2022 Net Charges for the Year Ended 12/31/2023 Cash Paid Interest and Ending Reserve at 12/31/2023 Employee severance $ 4,993 $ 37,167 $ (12,608) $ (2,474) $ 27,078 Professional fees and other costs — 8,278 (5,486) 18 2,810 Totals $ 4,993 $ 45,445 $ (18,094) $ (2,456) $ 29,888 |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | AptarGroup, Inc SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2023, 2022 and 2021 Dollars in thousands Balance at Charged to Charged Deductions Balance 2023 CECL $ 9,519 $ 8,077 $ 12 $ (1,391) $ 16,217 Deferred tax valuation allowance 46,239 1,498 2,495 (1,376) 48,856 2022 CECL $ 7,374 $ 3,213 $ — $ (1,068) $ 9,519 Deferred tax valuation allowance 47,149 3,754 380 (5,044) 46,239 2021 CECL $ 5,918 $ 1,601 $ 391 $ (536) $ 7,374 Deferred tax valuation allowance (b) 23,105 5,355 20,572 (1,883) 47,149 (a) Write-off accounts considered uncollectible, net of recoveries and foreign currency impact adjustments. (b) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 284,487 | $ 239,288 | $ 244,097 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying consolidated financial statements include the accounts of AptarGroup, Inc. and our subsidiaries. The terms “AptarGroup”, “Aptar”, “Company”, “we”, “us” or “our” as used herein refer to AptarGroup, Inc. and our subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current period presentation. AptarGroup’s organizational structure consists of three market-focused business segments which are Aptar Pharma, Aptar Beauty and Aptar Closures. This is a strategic structure which allows us to better serve our customers and position us for long-term profitable growth. Beginning July 1, 2018, we have applied highly inflationary accounting for our Argentinian subsidiary pursuant to U.S. GAAP. We have changed the functional currency from the Argentine peso to the U.S. dollar. We remeasure our peso denominated assets and liabilities using the official rate. The Blue Chip Swap rate has diverged significantly from Argentina’s “official rate” due to the economic environment. During the third quarter of 2021, we utilized the Blue Chip Swap and recognized a gain of $1.4 million. Additionally, during the fourth quarter of 2023 we recognized a loss due to devaluation of approximately $2.5 million. Our Argentinian operations contributed less than 2.0% of consolidated net assets and revenues at and for the year ended December 31, 2023. |
ACCOUNTING ESTIMATES | ACCOUNTING ESTIMATES The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). This process requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS We consider all investments that are readily convertible to known amounts of cash with an original maturity of three months or less when purchased to be cash equivalents. |
ACCOUNTS RECEIVABLE AND CURRENT EXPECTED CREDIT LOSSES | ACCOUNTS RECEIVABLE AND CURRENT EXPECTED CREDIT LOSSES At December 31, 2023, we reported $677.8 million of accounts receivable, net of CECL of $16.2 million. The allowance is estimated using reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Changes in CECL were not material for the year ended December 31, 2023. |
INVENTORIES | INVENTORIES Inventories are stated at lower of cost or net realizable value. Cost of our inventories is determined by costing methods that approximate a first-in, first-out ("FIFO") basis. Costs included in inventories are raw materials, direct labor and manufacturing overhead. |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALE |
ACQUISITIONS | ACQUISITIONS We account for business combinations using the acquisition method, which requires management to estimate the fair value of identifiable assets acquired and liabilities assumed, and to properly allocate purchase price consideration to the individual assets acquired and liabilities assumed. Goodwill is measured as the excess amount of consideration transferred, compared to fair value of the assets acquired and the liabilities assumed. The allocation of the purchase price utilizes significant estimates and assumptions in determining the fair values of identifiable assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset and are reviewed by consulting with outside valuation experts. The purchase price allocation for business acquisitions contains uncertainties because it requires management's judgment. |
INVESTMENTS IN EQUITY SECURITIES | INVESTMENTS IN EQUITY SECURITIES We account for our 20% to 50% owned investments using the equity method. Equity investments that do not result in consolidation and are not accounted for under the equity method are measured at fair value. Any related changes in fair value are recognized in net income unless the investments qualify for a practicality exception. There were no dividends received from affiliated companies in 2023, 2022 and 2021. |
PROPERTY AND DEPRECIATION | PROPERTY AND DEPRECIATION Properties are stated at cost. Depreciation is determined on a straight-line basis over the estimated useful lives for financial reporting purposes and accelerated methods for income tax reporting. Generally, the estimated useful lives are 10 to 40 years for buildings and improvements and 3 to 15 years for machinery and equipment. |
FINITE-LIVED INTANGIBLE ASSETS | FINITE-LIVED INTANGIBLE ASSETS Finite-lived intangibles, consisting of patents, acquired technology, customer relationships, trademarks and trade names and license agreements acquired in purchase transactions, are capitalized and amortized over their useful lives which range from 1 to 50 years. |
IMPAIRMENT OF LONG-LIVED ASSETS | IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets, such as property, plant and equipment and finite-lived intangibles, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset (if any) are less than the carrying value of the asset. |
GOODWILL | GOODWILL The Company has evaluated the excess of purchase price over the fair value of the net assets acquired (“goodwill”) for impairment annually as of October 1 or more frequently if impairment indicators arose in accordance with Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other.” We believe that the accounting estimates related to determining the fair value of our reporting units is a critical accounting estimate because: (1) it is highly susceptible to change from period to period because it requires management to make assumptions about the future cash flows for each reporting unit over several years, and (2) the impact that recognizing an impairment would have on the assets reported on our balance sheet as well as our results of operations could be material. Management’s determination of the fair value of our reporting units, based on future cash flows for the reporting units, requires significant judgment and the use of estimates and assumptions related to projected revenue growth rates, projected EBITDA margins, the terminal growth factor, as well as the discount rate. Actual cash flows in the future may differ significantly from those forecasted today. The estimates and assumptions for future cash flows and its impact on the impairment testing of goodwill is a critical accounting estimate. Management believes goodwill in purchase transactions has continuing value. Goodwill is not amortized and must be tested annually, or more frequently as circumstances dictate, for impairment. The annual goodwill impairment test may first consider qualitative factors to determine whether it is more likely than not (i.e., greater than 50 percent chance) that the fair value of a reporting unit is less than its book value. This is sometimes referred to as the “step zero” approach and is an optional step in the annual goodwill impairment analysis. Management has performed this qualitative assessment as of October 1, 2023 and October 1, 2022 for each of our reporting units. Due to the realignment of the Beauty and Closures segments, management determined it appropriate to calculate the fair value of both reporting units and compare with their associated carrying amounts as of January 1, 2023. Further, as we performed our annual goodwill impairment assessment, due to events or circumstances that were unfavorable for the Injectables and Active Material Science Solutions reporting units, management determined it appropriate to calculate the fair value of both reporting units and compare with their associated carrying amounts as of October 1, 2023. Based on our qualitative and quantitative analysis performed over the reporting units, we determined that it was more likely than not that the fair value of these reporting units was greater than their carrying amounts and therefore no impairment of goodwill is required. |
DERIVATIVES INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative financial instruments are recorded in the Consolidated Balance Sheets at fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded in each period in earnings or other comprehensive income, depending on whether a derivative is designated and effective as part of a hedge transaction. |
PURCHASE OF TREASURY STOCK | PURCHASE OF TREASURY STOCK During 2023, 2022 and 2021, we repurchased 399 thousand, 860 thousand and 615 thousand shares, respectively, all of which were returned to treasury stock. If retired, common stock is reduced by the number of shares retired at $0.01 par value per share. We allocate the excess purchase price over par value between additional paid-in capital and retained earnings. |
RESEARCH & DEVELOPMENT EXPENSES | RESEARCH & DEVELOPMENT EXPENSES Research and development costs, net of any customer funded research and development or government research and development credits, are expensed as incurred. These costs amounted to $92.8 million, $93.5 million and $99.8 million in 2023, 2022 and 2021, respectively. |
INCOME TAXES | INCOME TAXES We compute taxes on income in accordance with the tax rules and regulations of the many taxing authorities where the income is earned. The income tax rates imposed by these taxing authorities may vary substantially. Taxable income may differ from pre-tax income for U.S. GAAP financial accounting purposes. To the extent that these differences create timing differences between the tax basis of an asset or liability and its reported amount in the U.S. GAAP financial statements, an appropriate provision for deferred income taxes is made. We have carry forward tax losses in Luxembourg of $131.4 million for which no benefit has been recorded in the Consolidated Financial Statements since there is no expectation of realization. We maintain our assertion that the cash and distributable reserves at our non-U.S. affiliates are indefinitely reinvested with the following exceptions: all earnings in Germany, and the pre-2020 earnings in Italy, Switzerland and Colombia. Under current U.S. tax laws, all of our non-U.S. earnings are subject to U.S. taxation on a current or deferred basis. We will provide for the necessary withholding and local income taxes when management decides that an affiliate should make a distribution. These decisions are made taking into consideration the financial requirements of the non-U.S. affiliates and our global cash management goals. We provide a liability for the amount of unrecognized tax benefits from uncertain tax positions. This liability is provided whenever we determine that a tax benefit will not meet a more-likely-than-not threshold for recognition. See Note 6 – Income Taxes for more information. We are subject to the examination of our returns and other tax matters by the U.S. Internal Revenue Service and other tax authorities and government bodies. We believe that we have adequately provided a tax reserve for any adjustments that may result from tax examinations or uncertain tax positions. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in our tax audits are resolved in a manner inconsistent with our expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs. The resolution of each of these audits is not expected to be material to our Consolidated Financial Statements. |
TRANSLATION OF FOREIGN CURRENCIES | TRANSLATION OF FOREIGN CURRENCIES The functional currencies of the majority of our foreign operations are their local currencies. Assets and liabilities of our foreign operations are translated into U.S. dollars at the rates of exchange on the balance sheet date. Sales and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are accumulated in a separate section of Stockholders’ Equity. Realized and unrealized foreign currency transaction gains and losses are reflected in income, as a component of miscellaneous income and expense, and represented losses of $7.3 million, $7.2 million and $1.4 million in 2023, 2022 and 2021, respectively. |
STOCK BASED COMPENSATION | STOCK-BASED COMPENSATION Accounting standards require the application of the non-substantive vesting approach which means that an award is fully vested when the employee’s retention of the award is no longer contingent on providing future service. Under this approach, compensation costs are recognized over the requisite service period of the award instead of ratably over the vesting period stated in the grant. As such, costs are recognized immediately if the employee is retirement eligible on the date of grant or over the period from the date of grant until retirement eligibility if retirement eligibility is reached before the end of the vesting period stated in the grant. Forfeitures are recognized as they occur. See Note 16 – Stock-Based Compensation for more information. |
REVENUE RECOGNITION | REVENUE RECOGNITION At inception of customer contracts, we assess the goods and services promised in order to identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. For a contract that has more than one performance obligation, we allocate the total contract consideration to each distinct performance obligation on a relative standalone selling price basis. Revenue is recognized when (or as) the performance obligations are satisfied (i.e., when the customer obtains control of the good or service). The majority of our revenues are derived from product, tooling and service contract sales; however, we also receive revenues from license, exclusivity and royalty arrangements, which collectively are not material to the results. See specific discussions about methods of accounting for control transfers of product, tooling and service contract sales in Note 2 – Revenue. |
LEASES | LEASES We determine if an arrangement is a lease at inception. Operating lease assets are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities are included in accounts payable accrued and other liabilities in our Consolidated Balance Sheets. Finance leases are included in property, plant and equipment, current maturities of long-term obligations and long-term obligations in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the implicit rate when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made as well as initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For certain equipment leases, we account for the lease and non-lease components as a single lease component. We have elected not to recognize ROU assets and lease liabilities that arise from short-term leases (a lease whose term is 12 months or less and does not include a purchase option that we are reasonably certain to exercise). Certain vehicle lease contracts include guaranteed residual value that is considered in the determination of lease classification. The probability of having to satisfy a residual value guarantee is not considered for the purpose of lease classification, but is considered when measuring a lease liability. |
GOVERNMENT GRANTS | GOVERNMENT GRANTS We record non-reimbursable government grants when there is reasonable assurance that we will comply with the relevant conditions of the grant agreement and the grant funds will be received. When a grant is received toward the purchase or construction of an asset, the funds received are recorded as a contra-asset and deducted from the cost of the related asset. Additionally, we record expenses net of reimbursements for government grants from a reimbursement of cost. During 2022, we received a $10.5 million government grant to be used toward the expansion of an existing injectables facility. This award will support the delivery of components for COVID-19 and other vaccines. The French government will fund approximately $14.0 million for the expansion of the facility, for which there is no clawback option. As of December 31, 2022, we recorded the $10.5 million received as a contra-asset within property, plant and equipment in the Consolidated Balance Sheets and reported in the proceeds from government grants within the investing section of the Consolidated Statements of Cash Flows. During 2022 and 2021, we received $17.3 million and $2.0 million, respectively, in government grants to be used toward the construction of a new facility in Alabama. This award will support expanded domestic production capacity for our active material science solutions proprietary Activ-Film technology, which is used to protect and enhance COVID-19 test kit integrity and accuracy. Under the terms of the grant agreement, the U.S. government will fund approximately $19 million to build an operating facility, for which there is no clawback provision, in exchange for the new facility to be on standby for the government for a period of 16 months after construction. As of December 31, 2022 and 2021, we recorded the $17.3 million and $2.0 million, respectively, received as a contra-asset within property, plant and equipment in the Consolidated Balance Sheets and reported in the proceeds from government grants within the investing section of the Consolidated Statements of Cash Flows. |
SUPPLY CHAIN FINANCE PROGRAM | SUPPLY CHAIN FINANCE PROGRAM We facilitate a supply chain finance program ("SCF") across Europe and the U.S. that is administered by a third-party platform. Eligible suppliers can elect to receive early payment of invoices, less an interest deduction, and negotiate their receivable sales arrangements through the third-party platform on behalf of the respective SCF bank. We are not a party to those agreements, and the terms of our payment obligations are not impacted by a supplier's participation in the SCF. Accordingly, we have concluded that this program continues to be a trade payable program and is not indicative of a borrowing arrangement. Under these agreements, the average payment terms range from 60 to 120 days and are based on industry standards and best practices within each of our regions. All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable, accrued and other liabilities in our Consolidated Balance Sheets, and associated payments are included in operating activities within our Consolidated Statements of Cash Flows. As of December 31, 2023 and 2022, the amounts due to suppliers participating in the SCF and included in accounts payable, accrued and other liabilities were approximately $36.3 million and $30.8 million, respectively. 2023 2022 SCF obligations outstanding at the beginning of the year $ 30,833 $ 30,144 Additions 163,591 133,148 Settlements (158,115) (132,459) SCF obligations outstanding at the end of the year $ 36,309 $ 30,833 Collection and payment periods tend to be longer for our operations located outside the United States due to local business practices. We have also seen an increasing trend in pressure from certain customers to lengthen their payment terms. As the majority of our products are made to order, we have not needed to keep significant amounts of finished goods inventory to meet customer requirements. However, some of our contracts specify an amount of finished goods safety stock we are required to maintain. To the extent our financial position allows and there is a clear financial benefit, we from time-to-time benefit from early payment discounts with some suppliers. We have lengthened the payment terms with our suppliers to be in line with customer trends. While we have offered third party alternatives for our suppliers to receive payments sooner, we generally do not utilize these offerings from our customers as the economic conditions currently are not beneficial for us. |
ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS | ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB’s Accounting Standards Codification. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405), which enhances the transparency of supplier finance programs and requires certain disclosures for a buyer in a supplier finance program. The requirements are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 13, 2023. Early adoption is permitted. We adopted this guidance in the fourth quarter of 2022 and expanded our disclosure to include a roll forward of our supply chain finance program. In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments to this update apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 was further amended in January 2021 by ASU 2021-01 which clarified the applicability of certain provisions. Both standards are effective upon issuance and could be adopted any time prior to December 31, 2022. The guidance in ASU 2020-04 and ASU 2021-01 is optional and may be elected over time as reference rate reform activities occur. We adopted this guidance in the second quarter of 2023 and have transitioned away from LIBOR to SOFR for USD balances under our revolving credit facility. In November 2023, the FASB issued ASU 2023-07, Improvement to Reportable Segment Disclosures, which requires enhanced disclosures about significant segment expenses on an annual and interim basis. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We are evaluating the impact of the standard on our segment reporting disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to income tax disclosure requirements. The amendments is ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Other accounting standards that have been issued by the FASB or other standards-setting bodies did not have a material impact on our consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of supply chain finance program | 2023 2022 SCF obligations outstanding at the beginning of the year $ 30,833 $ 30,144 Additions 163,591 133,148 Settlements (158,115) (132,459) SCF obligations outstanding at the end of the year $ 36,309 $ 30,833 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenue by segment by geographic area | Revenue by segment and geography based on shipped from locations for the years ended December 31, 2023, 2022 and 2021 is as follows: For the Year Ended December 31, 2023 Segment Europe Domestic Latin Asia Total Aptar Pharma $ 973,158 $ 426,005 $ 41,409 $ 80,421 $ 1,520,993 Aptar Beauty 814,576 226,573 146,283 80,265 1,267,697 Aptar Closures 214,045 348,509 84,372 51,834 698,760 Total $ 2,001,779 $ 1,001,087 $ 272,064 $ 212,520 $ 3,487,450 For the Year Ended December 31, 2022 Segment Europe Domestic Latin Asia Total Aptar Pharma $ 836,447 $ 426,401 $ 27,075 $ 71,333 $ 1,361,256 Aptar Beauty 723,540 284,052 128,342 86,601 1,222,535 Aptar Closures 213,408 389,706 80,046 55,298 738,458 Total $ 1,773,395 $ 1,100,159 $ 235,463 $ 213,232 $ 3,322,249 For the Year Ended December 31, 2021 Segment Europe Domestic Latin Asia Total Aptar Pharma $ 830,552 $ 374,063 $ 21,482 $ 58,527 $ 1,284,624 Aptar Beauty 675,079 300,658 117,920 88,189 1,181,846 Aptar Closures 219,551 407,102 76,641 57,457 760,751 Total $ 1,725,182 $ 1,081,823 $ 216,043 $ 204,173 $ 3,227,221 |
Schedule of opening and closing balances of contract assets and contract liabilities | The opening and closing balances of our contract asset and contract liabilities are as follows: Balance as of December 31, 2022 Balance as of December 31, 2023 Increase/ Contract asset (current) $ 16,736 $ 18,033 $ 1,297 Contract liability (current) $ 80,241 $ 60,507 $ (19,734) Contract liability (long-term) $ 25,361 $ 37,756 $ 12,395 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories, by component | Inventories, by component net of reserves, consisted of: 2023 2022 Raw materials $ 145,798 $ 159,041 Work in process 176,191 153,592 Finished goods 191,064 174,173 Total $ 513,053 $ 486,806 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill for the year ended December 31, 2023 are as follows by reporting segment: Aptar Aptar Aptar Total Balance as of December 31, 2021 $ 520,197 $ 325,719 $ 128,241 $ 974,157 Acquisition 3,029 — — 3,029 Foreign currency exchange effects (24,484) (6,708) (362) (31,554) Balance as of December 31, 2022 $ 498,742 $ 319,011 $ 127,879 $ 945,632 Reclassification due to segment change — (39,472) 39,472 — Acquisitions — 4,603 114 4,717 Foreign currency exchange effects 9,705 2,955 409 13,069 Balance as of December 31, 2023 $ 508,447 $ 287,097 $ 167,874 $ 963,418 |
Summary of amortized intangible assets | The table below shows a summary of intangible assets for the years ended December 31, 2023 and 2022. 2023 2022 Weighted Average Gross Accumulated Net Gross Accumulated Net Amortized intangible assets: Patents 9.9 $ 7,362 $ (1,754) $ 5,608 $ 8,044 $ (1,968) $ 6,076 Acquired technology 11.2 142,837 (70,520) 72,317 135,191 (56,628) 78,563 Customer relationships 13.5 308,889 (124,648) 184,241 305,994 (99,130) 206,864 Trademarks and trade names 7.6 43,932 (33,368) 10,564 43,998 (28,190) 15,808 License agreements and other 31.8 17,213 (6,732) 10,481 15,425 (6,992) 8,433 Total intangible assets 13.3 $ 520,233 $ (237,022) $ 283,211 $ 508,652 $ (192,908) $ 315,744 |
Schedule of future estimated amortization expense | Future estimated amortization expense for the years ending December 31 is as follows: 2024 $ 40,021 2025 40,952 2026 38,596 2027 29,249 2028 22,710 2029 and thereafter 111,683 |
ACCOUNTS PAYABLE, ACCRUED AND_2
ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Components of accounts payable and accrued liabilities | At December 31, 2023 and 2022, accounts payable, accrued and other liabilities consisted of the following: 2023 2022 Accounts payable, principally trade $ 328,571 $ 320,281 Accrued employee compensation costs 222,010 209,566 Customer deposits and other unearned income 60,507 80,241 Other accrued liabilities 182,001 184,297 Total $ 793,089 $ 794,385 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income taxes | Income before income taxes consists of: Years Ended December 31, 2023 2022 2021 United States $ 49,681 $ 65,350 $ 101,353 International 325,144 269,354 220,302 Total $ 374,825 $ 334,704 $ 321,655 |
Schedule of provision (benefit) for income taxes | The provision (benefit) for income taxes is composed of: Years Ended December 31, 2023 2022 2021 Federal: Current $ 11,777 $ 12,791 $ 11,932 Deferred (10,931) (783) (5,980) $ 846 $ 12,008 $ 5,952 State: Current $ 1,300 $ 2,265 $ 4,917 Deferred (675) (99) (5,188) $ 625 $ 2,166 $ (271) International: Current $ 97,455 $ 92,199 $ 75,524 Deferred (8,277) (11,224) (3,188) $ 89,178 $ 80,975 $ 72,336 Total $ 90,649 $ 95,149 $ 78,017 |
Schedule of reconciliation of actual income tax provision and the tax provision computed by applying statutory federal income tax rate | A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate of 21% to income before provision for income taxes is as follows: Years Ended December 31, 2023 2022 2021 Income tax at statutory rate $ 78,713 $ 70,288 $ 67,547 State income taxes, net of federal tax effect 362 1,475 1,616 Excess tax benefits from share-based compensation (5,935) (3,306) (16,060) Deferred tax (benefits) charges, incl. tax rate changes (3,512) (2,349) (1,040) Valuation allowance 158 1,486 4,485 Legal entity reorganization 3,630 5,850 — Rate differential on earnings of foreign operations 18,917 19,165 20,831 Other items, net (1,684) 2,540 638 Actual income tax provision $ 90,649 $ 95,149 $ 78,017 Effective income tax rate 24.2 % 28.4 % 24.3 % |
Schedule of significant deferred tax assets and liabilities | Significant deferred tax assets and liabilities as of December 31, 2023 and 2022 are composed of the following temporary differences: 2023 2022 Deferred Tax Assets: Net operating loss carryforwards $ 49,016 $ 45,823 Operating and finance leases 20,440 20,974 Pension liabilities 13,608 8,178 Share-based compensation 7,326 9,970 U.S. state tax credits 6,110 6,777 Vacation and bonus 16,915 14,681 U.S. capitalized research expenditures 35,563 27,840 Inventory 7,166 4,736 Accrued liabilities and other reserves 9,622 10,346 Other 16,470 11,744 Total gross deferred tax assets $ 182,236 $ 161,069 Less valuation allowance (48,856) (46,239) Net deferred tax assets $ 133,380 $ 114,830 Deferred Tax Liabilities: Acquisition related intangibles $ 57,426 $ 59,084 Depreciation and amortization 25,541 29,142 Operating and finance leases 22,715 23,041 Other 6,988 6,563 Total gross deferred tax liabilities $ 112,670 $ 117,830 Net deferred tax assets (liabilities) $ 20,710 $ (3,000) |
Schedule of reconciliation of the beginning and ending amount of income tax uncertainties | A reconciliation of the beginning and ending amount of income tax uncertainties is as follows: 2023 2022 2021 Balance at January 1 $ 6,919 $ 7,225 $ 4,504 Increases based on tax positions for the current year 985 1,433 262 Increases (Decreases) based on tax positions of prior years (997) (1,616) 3,348 Settlements (901) (80) (567) Lapse of statute of limitations (64) (43) (322) Balance at December 31 $ 5,942 $ 6,919 $ 7,225 |
Schedule of major tax jurisdictions the Company files in, with the years still subject to income tax examinations | The major tax jurisdictions we file in, with the years still subject to income tax examinations, are listed below: Major Tax Tax Years United States — Federal 2020-2023 United States — State 2019-2023 France 2020-2023 Germany 2019-2023 Italy 2017-2023 China 2013-2023 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of current debt | At December 31, 2023 and 2022, our revolving credit facility and overdrafts consisted of the following: 2023 2022 Revolving credit facility 4.84% to 6.46% $ 80,662 $ — Overdrafts 0.30% to 5.99% 1,132 3,810 $ 81,794 $ 3,810 |
Schedule of long-term obligations | At December 31, 2023 and 2022, our long-term obligations consisted of the following: December 31, 2023 December 31, 2022 Notes payable 0.00% – 16.42%, due in monthly and annual installments through 2030 $ 14,988 $ 29,167 Senior unsecured notes 1.0%, due in 2023 — 106,995 Senior unsecured notes 3.4%, due in 2024 50,000 50,000 Senior unsecured notes 3.5%, due in 2024 100,000 100,000 Senior unsecured notes 1.2%, due in 2024 220,810 213,990 Senior unsecured notes 3.6%, due in 2025 125,000 125,000 Senior unsecured notes 3.6%, due in 2026 125,000 125,000 Senior unsecured notes 3.6%, due in 2032, net of discount of $0.8 million 399,154 399,050 Finance Lease Liabilities 26,478 26,934 Unamortized debt issuance costs (3,816) (4,558) $ 1,057,614 $ 1,171,578 Current maturities of long-term obligations (376,426) (118,981) Total long-term obligations $ 681,188 $ 1,052,597 |
Schedule of maturities of long-term debt | The aggregate long-term maturities, excluding finance lease liabilities and unamortized debt issuance costs, which are discussed in Note 8, due annually for the next five years and thereafter are: 2024 $ 372,835 2025 131,651 2026 131,058 2027 131 2028 60 Thereafter 399,217 |
Schedule of covenants on revolving credit facility and corporate long-term obligations | Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including: Requirement Level at December 31, 2023 Consolidated Leverage Ratio (1) Maximum of 3.50 to 1.00 1.46 to 1.00 Consolidated Interest Coverage Ratio (1) Minimum of 3.00 to 1.00 16.06 to 1.00 (1) Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements. |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of components of lease expense | The components of lease expense for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Operating lease cost $ 20,780 $ 21,105 Finance lease cost: Amortization of right-of-use assets $ 4,662 $ 4,249 Interest on lease liabilities 1,220 1,249 Total finance lease cost $ 5,882 $ 5,498 Short-term lease and variable lease costs $ 20,509 $ 15,454 |
Schedule of supplemental cash flow information related to leases | Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,512 $ 20,488 Operating cash flows from finance leases 1,371 1,264 Financing cash flows from finance leases 3,682 3,662 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 14,514 $ 16,754 Finance leases 2,746 1,011 |
Schedule of supplemental balance sheet information related to leases | Supplemental balance sheet information related to leases was as follows: December 31, December 31, Operating Leases Operating lease right-of-use assets $ 59,074 $ 58,675 Accounts payable, accrued and other liabilities $ 14,056 $ 16,985 Operating lease liabilities 45,267 42,948 Total operating lease liabilities $ 59,323 $ 59,933 Finance Leases Property, plant and equipment, gross $ 49,776 $ 50,173 Accumulated depreciation (13,299) (12,781) Property, plant and equipment, net $ 36,477 $ 37,392 Current maturities of long-term obligations, net of unamortized debt issuance cost $ 3,591 $ 3,234 Long-term obligations, net of unamortized debt issuance cost 22,887 23,700 Total finance lease liabilities $ 26,478 $ 26,934 Weighted Average Remaining Lease Term (in years) Operating leases 3.5 4.6 Finance leases 5.3 6.6 Weighted Average Discount Rate Operating leases 5.52 % 4.01 % Finance leases 5.05 % 4.76 % |
Schedule of maturities of lease liabilities | Maturities of lease liabilities as of December 31, 2023, were as follows: Operating Finance Year 1 $ 17,844 $ 4,571 Year 2 14,539 4,437 Year 3 11,939 3,223 Year 4 9,224 6,359 Year 5 4,652 1,716 Thereafter 8,510 10,765 Total lease payments 66,708 31,071 Less imputed interest (7,385) (4,593) Total $ 59,323 $ 26,478 |
RETIREMENT AND DEFERRED COMPE_2
RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Change in the projected benefit obligation, plan assets at fair value and funded status | The following table presents the changes in the benefit obligations and plan assets for the most recent two years for our domestic and foreign plans. Domestic Plans Foreign Plans 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 163,872 $ 255,457 $ 93,999 $ 123,386 Service cost 9,638 15,784 5,915 7,547 Interest cost 8,631 6,970 3,642 1,388 Curtailment/Settlement — — (606) 68 Prior service cost — — (1,134) 813 Actuarial loss (gain) 13,989 (92,724) 6,906 (26,826) Benefits paid (10,117) (21,615) (6,788) (4,615) Foreign currency translation adjustment (loss) gain — — 2,823 (7,762) Benefit obligation at end of year $ 186,013 $ 163,872 $ 104,757 $ 93,999 Domestic Plans Foreign Plans 2023 2022 2023 2022 Change in plan assets: Fair value of plan assets at beginning of year $ 162,151 $ 193,770 $ 72,523 $ 85,421 Actual return on plan assets 21,207 (25,517) 3,978 (4,897) Employer contribution 495 15,513 477 1,871 Benefits paid (10,117) (21,615) (6,788) (4,615) Foreign currency translation adjustment — — 2,244 (5,257) Fair value of plan assets at end of year $ 173,735 $ 162,151 $ 72,434 $ 72,523 Funded status at end of year $ (12,278) $ (1,721) $ (32,323) $ (21,476) |
Schedule of funded status amounts recognized in the Consolidated Balance Sheet | The following table presents the funded status amounts recognized in our Consolidated Balance Sheets as of December 31, 2023 and 2022. Domestic Plans Foreign Plans 2023 2022 2023 2022 Non-current assets $ 2,528 $ 9,304 $ 1,664 $ — Current liabilities (530) (515) (32) (31) Non-current liabilities (14,276) (10,510) (33,955) (21,445) $ (12,278) $ (1,721) $ (32,323) $ (21,476) |
Schedule of amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss | The following table presents the amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive (gain) loss as of December 31, 2023 and 2022. Domestic Plans Foreign Plans 2023 2022 2023 2022 Net actuarial loss (gain) $ 1,823 $ (3,338) $ 15,661 $ 11,383 Net prior service cost — — (162) 1,150 Tax effects 1,029 2,271 (6,463) (5,518) $ 2,852 $ (1,067) $ 9,036 $ 7,015 |
Schedule of changes in benefit obligations and plan assets recognized in other comprehensive income | Changes in benefit obligations and plan assets recognized in other comprehensive income in 2023, 2022 and 2021 are as follows: Domestic Plans 2023 2022 2021 Current year actuarial (loss) gain $ (5,161) $ 54,295 $ 28,714 Amortization of net loss — 6,670 10,099 $ (5,161) $ 60,965 $ 38,813 Foreign Plans 2023 2022 2021 Current year actuarial (loss) gain $ (5,315) $ 19,181 $ 6,257 Current year prior service cost 1,135 (818) — Transfer actuarial loss 124 17 — Amortization of net loss 914 1,688 2,325 Amortization of prior service cost 177 177 166 $ (2,966) $ 20,245 $ 8,748 |
Components of net periodic benefit cost | Components of net periodic benefit cost: Domestic Plans 2023 2022 2021 Service cost $ 9,638 $ 15,784 $ 16,356 Interest cost 8,631 6,970 6,366 Expected return on plan assets (12,378) (12,912) (12,293) Amortization of net loss — 6,670 10,099 Net periodic benefit cost $ 5,891 $ 16,512 $ 20,528 Foreign Plans 2023 2022 2021 Service cost $ 5,915 $ 7,547 $ 8,159 Interest cost 3,642 1,388 843 Expected return on plan assets (2,340) (2,728) (2,838) Amortization of net loss 914 1,688 2,325 Amortization of prior service cost 177 177 166 Net periodic benefit cost $ 8,308 $ 8,072 $ 8,655 Curtailment (1) (24) 5 Total Net periodic benefit cost $ 8,307 $ 8,048 $ 8,660 |
Schedule of projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets | The following table provides the projected benefit obligation (“PBO”), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets as of December 31, 2023 and 2022. Domestic Plans Foreign Plans 2023 2022 2023 2022 Projected benefit obligation $ 14,806 $ 11,025 $ 56,881 $ 54,455 Accumulated benefit obligation 12,156 10,087 40,312 40,481 Fair value of plan assets — — 29,372 34,446 |
Schedule of PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets | The following table provides the PBO, ABO and fair value of plan assets for all pension plans with a PBO in excess of plan assets as of December 31, 2023 and 2022. Domestic Plans Foreign Plans 2023 2022 2023 2022 Projected benefit obligation $ 14,806 $ 11,025 $ 81,534 $ 71,730 Accumulated benefit obligation 12,156 10,087 56,969 52,173 Fair value of plan assets — — 47,544 47,236 |
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost | Assumptions: Domestic Plans Foreign Plans 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 4.95 % 5.15 % 2.75 % 3.20 % 3.69 % 1.09 % Rate of compensation increase 3.24 % 3.20 % 3.17 % 3.20 % 3.21 % 3.05 % Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 5.15 % 2.75 % 2.40 % 3.69 % 1.20 % 0.66 % Expected long-term return on plan assets 7.00 % 7.00 % 7.00 % 3.23 % 3.53 % 3.56 % Rate of compensation increase 3.20 % 3.17 % 3.17 % 3.20 % 3.20 % 3.05 % |
Schedule of domestic and foreign pension plan weighted-average asset allocations by asset category | Our domestic and foreign pension plan weighted-average asset allocations at December 31, 2023 and 2022 by asset category are as follows: Plan Assets: Domestic Plans Assets at December 31, Foreign Plans Assets at December 31, 2023 2022 2023 2022 Equity securities 48 % 47 % 3 % 5 % Fixed income securities 26 % 27 % 1 % 1 % Corporate debt securities — — 1 % 1 % Infrastructure 8 % 8 % — — Hedge funds 11 % 10 % — — Money market 1 % 1 % 1 % 1 % Investment Funds — — 94 % 92 % Real estate 5 % 7 % — — Total 100 % 100 % 100 % 100 % |
Summary of fair value of pension plan assets | Domestic Fair Value Measurement at December 31, 2023 Foreign Fair Value Measurement at December 31, 2023 (In Thousands $) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Cash and Short-term Securities (a) $ 1,949 $ 1,949 $ — $ — $ 514 $ 514 $ — $ — USD — 1,949 — — — — — — EUR — — — — — 506 — — Others — — — — — 8 — — Equity Securities (a) $ 73,483 $ 73,483 $ — $ — $ 2,106 $ 2,106 $ — $ — U.S. Large Cap Equities — 43,156 — — — — — — U.S. Small Cap Equities — 8,864 — — — — — — International Equities — 21,463 — — — 2,106 — — Fixed Income (a)(b) $ 29,171 $ 29,171 $ — $ — $ 831 $ 831 $ — $ — Corporate debts securities $ — $ — $ — $ — $ 1,231 $ 1,231 $ — $ — Euro Corporate Bonds (a) — — — — — 1,231 — — Investment Funds $ — $ — $ — $ — $ 67,752 $ 23,513 $ 44,239 $ — Mutual Funds in Equities (a) — — — — — 5,411 — — Mutual Funds in Bonds (a) — — — — — 17,256 — — Mutual Funds Diversified (a)(b) — — — — — 846 44,239 — Total Investments in Fair Value Hierarchy $ 104,603 $ 104,603 $ — $ — $ 72,434 $ 28,195 $ 44,239 $ — Investments at Net Asset Value per Share 69,132 — — — — — — — Total Investments $ 173,735 $ 104,603 $ — $ — $ 72,434 $ 28,195 $ 44,239 $ — Domestic Fair Value Measurement at December 31, 2022 Foreign Fair Value Measurement at December 31, 2022 (In Thousands $) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Cash and Short-term Securities (a) $ 1,260 $ 1,260 $ — $ — $ 516 $ 516 $ — $ — USD — 1,260 — — — — — — EUR — — — — — 505 — — Others — — — — — 11 — — Equity Securities (a) $ 66,338 $ 66,338 $ — $ — $ 3,769 $ 3,769 $ — $ — U.S. Large Cap Equities — 37,537 — — — — — — U.S. Small Cap Equities — 7,918 — — — — — — International Equities — 20,883 — — — 3,769 — — Fixed Income (a)(b) $ 28,443 $ 28,443 $ — $ — $ 723 $ 723 $ — $ — Corporate debts securities $ — $ — $ — $ — $ 1,135 $ 1,135 $ — $ — Euro Corporate Bonds (a) — — — — — 1,135 — — Investment Funds $ — $ — $ — $ — $ 66,380 $ 21,952 $ 44,428 $ — Mutual Funds in Equities (a) — — — — — 5,221 — — Mutual Funds in Bonds (a) — — — — — 15,901 — — Mutual Funds Diversified (a)(b) — — — — — 830 44,428 — Total Investments in Fair Value Hierarchy $ 96,041 $ 96,041 $ — $ — $ 72,523 $ 28,095 $ 44,428 $ — Investments at Net Asset Value per Share 66,110 — — — — — — — Total Investments $ 162,151 $ 96,041 $ — $ — $ 72,523 $ 28,095 $ 44,428 $ — (a) Based on third party quotation from financial institution. (b) Based on observable market transactions. |
Schedule of estimated benefit payments relating to defined benefit plans over the next ten years | As of December 31, 2023, we expect the plans to make the following estimated benefit payments relating to our defined benefit plans over the next 10 years: Domestic Plans Foreign Plans 2024 $ 10,189 $ 3,738 2025 10,891 3,516 2026 11,191 4,184 2027 11,212 6,726 2028 12,178 5,295 2029 - 2033 72,294 38,398 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Changes in Accumulated Other Comprehensive Income/(Loss) by component | Changes in Accumulated Other Comprehensive Income/(Loss) by Component: Foreign Defined Benefit Derivatives Total Balance - December 31, 2020 $ (178,025) $ (102,322) $ (1,362) $ (281,709) Other comprehensive (loss) income before reclassifications (71,475) 26,409 8,584 (36,482) Amounts reclassified from accumulated other comprehensive income (loss) — 9,427 (7,277) 2,150 Net current-period other comprehensive (loss) income (71,475) 35,836 1,307 (34,332) Balance - December 31, 2021 $ (249,500) $ (66,486) $ (55) $ (316,041) Other comprehensive (loss) income before reclassifications (79,240) 54,149 (6,666) (31,757) Amounts reclassified from accumulated other comprehensive income — 6,386 46 6,432 Net current-period other comprehensive (loss) income (79,240) 60,535 (6,620) (25,325) Balance - December 31, 2022 $ (328,740) $ (5,951) $ (6,675) $ (341,366) Other comprehensive (loss) income before reclassifications 48,658 (6,711) (10,086) 31,861 Amounts reclassified from accumulated other comprehensive income — 771 — 771 Net current-period other comprehensive (loss) income 48,658 (5,940) (10,086) 32,632 Balance - December 31, 2023 $ (280,082) $ (11,891) $ (16,761) $ (308,734) |
Reclassifications out of Accumulated Other Comprehensive Income/(Loss) | Reclassifications Out of Accumulated Other Comprehensive Income/(Loss): Details about Accumulated Other Amount Reclassified from Affected Line in the Statement Year Ended December 31, 2023 2022 2021 Defined Benefit Pension Plans Amortization of net loss $ 914 $ 8,358 $ 12,424 (1) Amortization of prior service cost 177 177 166 (1) 1,091 8,535 12,590 Total before tax (320) (2,149) (3,163) Tax benefit $ 771 $ 6,386 $ 9,427 Net of tax Derivatives Changes in cross currency swap: interest component $ — $ (171) $ (13) Interest Expense Changes in cross currency swap: foreign exchange component — 217 (7,264) Miscellaneous, net $ — $ 46 $ (7,277) Net of tax Total reclassifications for the period $ 771 $ 6,432 $ 2,150 (1) These accumulated other comprehensive income components are included in the computation of total net periodic benefit costs, net of tax (see Note 9 - Retirement and Deferred Compensation Plans for additional details). |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of derivative instruments in the Consolidated Balance Sheets | Fair Value of Derivative Instruments in the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022 December 31, 2023 December 31, 2022 Balance Sheet Derivatives Derivatives Derivatives Derivatives Derivative Assets Foreign Exchange Contracts Prepaid and other $ — $ 386 $ — $ 1,107 $ — $ 386 $ — $ 1,107 Derivative Liabilities Foreign Exchange Contracts Accounts payable, accrued and other liabilities $ — $ 221 $ — $ 269 Cross Currency Swap Contract (1) Accounts payable, accrued and other liabilities 22,199 — 8,840 — $ 22,199 $ 221 $ 8,840 $ 269 (1) This cross currency swap contract is composed of both an interest component and a foreign exchange component. |
Schedule of effect of derivatives designated as hedging instruments on Accumulated Other Comprehensive Income (Loss) | The Effect of Derivatives Designated as Hedging Instruments on Accumulated Other Comprehensive Income (Loss) for the Fiscal Years Ended December 31, 2023 and December 31, 2022 Derivatives in Cash Amount of Gain (Loss) Location of (Loss) Amount of Gain (Loss) Total Amount 2023 2022 2023 2022 Cross currency swap contract: Interest component $ — $ 229 Interest expense $ — $ 171 $ (40,418) Foreign exchange component (10,086) (6,894) Miscellaneous, net — (217) 3,212 $ (10,086) $ (6,665) $ — $ (46) |
Schedule of effect of derivatives not designated as hedging instruments on the Consolidated Statements of Income | The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income for the Fiscal Years Ended December 31, 2023 and December 31, 2022 Derivatives Not Designated Location of (Loss) Gain Recognized Amount of (Loss) Gain 2023 2022 Foreign Exchange Contracts Other (Expense) Income: $ (668) $ 606 $ (668) $ 606 |
Schedule of offsetting derivative assets and liabilities | Gross Amounts Net Amounts Gross Amounts not Offset Gross Financial Cash Collateral Net Description December 31, 2023 Derivative Assets $ 386 $ — $ 386 $ — $ — $ 386 Total Assets $ 386 $ — $ 386 $ — $ — $ 386 Derivative Liabilities $ 22,420 $ — $ 22,420 $ — $ — $ 22,420 Total Liabilities $ 22,420 $ — $ 22,420 $ — $ — $ 22,420 December 31, 2022 Derivative Assets $ 1,107 $ — $ 1,107 $ — $ — $ 1,107 Total Assets $ 1,107 $ — $ 1,107 $ — $ — $ 1,107 Derivative Liabilities $ 9,109 $ — $ 9,109 $ — $ — $ 9,109 Total Liabilities $ 9,109 $ — $ 9,109 $ — $ — $ 9,109 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair values of financial assets and liabilities | As of December 31, 2023, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Investment in equity securities (1) $ 1,106 $ 1,106 $ — $ — Foreign exchange contracts (2) 386 — 386 — Convertible notes 5,650 — — 5,650 Total assets at fair value $ 7,142 $ 1,106 $ 386 $ 5,650 Liabilities Foreign exchange contracts (2) $ 221 $ — $ 221 $ — Cross currency swap contract (2) 22,199 — 22,199 — Contingent consideration obligation — — — — Total liabilities at fair value $ 22,420 $ — $ 22,420 $ — As of December 31, 2022, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Investment in equity securities (1) $ 5,297 $ 5,297 $ — $ — Foreign exchange contracts (2) 1,107 — 1,107 — Convertible notes 5,650 — — 5,650 Total assets at fair value $ 12,054 $ 5,297 $ 1,107 $ 5,650 Liabilities Foreign exchange contracts (2) $ 269 $ — $ 269 $ — Cross currency swap contract (2) 8,840 — 8,840 — Contingent consideration obligation 25,310 — — 25,310 Total liabilities at fair value $ 34,419 $ — $ 9,109 $ 25,310 (1) Investment in PureCycle Technologies ("PCT" or "PureCycle"). See Note 20 - Investment in Equity Securities for discussion of this investment. (2) Market approach valuation technique based on observable market transactions of spot and forward rates. |
Schedule of contingent consideration arrangements, fair value | We consider these obligations a Level 3 liability and have estimated the aggregate fair value for these contingent consideration arrangements as follows: December 31, 2023 December 31, 2022 Fusion Acquisition $ — $ 25,310 Noble Acquisition — — $ — $ 25,310 |
Summary of changes in Level 3 fair value measurements | The following table provides a summary of changes in our Level 3 fair value measurements: Balance, December 31, 2021 $ 33,908 Increase in fair value recorded in earnings (8,598) Balance, December 31, 2022 $ 25,310 Payments (25,310) Balance, December 31, 2023 $ — |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CAPITAL STOCK | |
Schedule of number of shares of common stock and treasury stock and the share activity | The number of shares of common stock and treasury stock and the share activity were as follows: Common Shares Treasury Shares 2023 2022 2021 2023 2022 2021 Balance at the beginning of the year 70,848,810 70,370,812 69,516,805 5,555,027 4,852,709 4,528,051 Employee option exercises 679,878 301,463 634,572 (178,326) (157,682) (290,316) Director option exercises — — 47,500 — — — Restricted stock vestings 150,970 176,535 171,935 — — — Common stock repurchases — — — 398,594 860,000 614,974 Balance at the end of the year 71,679,658 70,848,810 70,370,812 5,775,295 5,555,027 4,852,709 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Weighted-average assumptions used to estimate fair value of restricted stock units | Inputs and assumptions used to calculate the fair value are shown in the table below. The fair value of these RSUs is expensed over the vesting period using the straight-line method or using the graded vesting method when an employee becomes eligible to retain the award at retirement. Year Ended December 31, 2023 (1) 2022 2021 Fair value per stock award $ 116.17 $ 141.95 $ 171.63 Grant date stock price $ 111.38 $ 114.52 $ 141.59 Assumptions: Aptar's stock price expected volatility 20.00 % 20.20 % 21.40 % Expected average volatility of peer companies 39.70 % 41.70 % 50.00 % Correlation assumption 33.30 % 41.20 % 58.10 % Risk-free interest rate 3.83 % 2.04 % 0.32 % Dividend yield assumption 1.36 % 1.33 % 1.02 % (1) The 2023 award inputs and assumptions are related to PSU-ROIC awards with a TSR modifier. |
Summary of restricted stock unit activity | A summary of RSU activity as of December 31, 2023, and changes during the period then ended is presented below: Time-Based RSUs Performance-Based RSUs Units Weighted Average Units Weighted Average Nonvested at January 1, 2023 426,361 $ 111.60 610,871 $ 118.77 Granted 123,657 110.55 151,499 115.69 Vested (193,820) 105.00 (99,182) 89.33 Forfeited (20,324) 111.17 (148,805) 96.24 Nonvested at December 31, 2023 335,874 $ 115.15 514,383 $ 130.10 |
Schedule of compensation expense, fair value, and intrinsic value related to RSU's | Year Ended December 31, 2023 2022 2021 Compensation expense $ 37,015 $ 40,937 $ 38,643 Fair value of units vested 29,100 32,013 32,414 Intrinsic value of units vested 33,914 33,024 42,970 |
Schedule of share-based payment award, stock options, valuation assumptions | These values were estimated on the respective dates of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Stock Award Plans: Year Ended December 31, 2023 Dividend Yield 1.41 % Expected Stock Price Volatility 16.55 % Risk-free Interest Rate 3.57 % Expected Life of Option (years) 7.0 |
Summary of option activity | A summary of option activity under our stock plans as of December 31, 2023, and changes during the period then ended is presented below: Stock Awards Plans Director Stock Option Plans Options Weighted Average Options Weighted Average Outstanding, January 1, 2023 2,623,944 $ 73.34 51,700 $ 63.91 Granted 315,005 116.19 — — Exercised (749,899) 69.94 (32,700) 62.36 Forfeited or expired (6,266) 93.23 — — Outstanding at December 31, 2023 2,182,784 $ 80.63 19,000 $ 66.59 Exercisable at December 31, 2023 1,871,178 $ 74.70 19,000 $ 66.59 Weighted-Average Remaining Contractual Term (Years): Outstanding at December 31, 2023 3.5 0.4 Exercisable at December 31, 2023 2.6 0.4 Aggregate Intrinsic Value: Outstanding at December 31, 2023 $ 93,830 $ 1,084 Exercisable at December 31, 2023 $ 91,533 $ 1,084 Intrinsic Value of Options Exercised During the Years Ended: December 31, 2023 $ 38,706 $ 1,978 December 31, 2022 $ 20,608 $ — December 31, 2021 $ 69,862 $ 4,248 |
Schedule of compensation expense, and fair value related to options | Year Ended December 31, 2023 2022 2021 Compensation expense (included in SG&A) $ 3,929 $ — $ 185 Compensation expense (included in Cost of sales) 349 — 42 Compensation expense, Total $ 4,278 $ — $ 227 Compensation expense, net of tax 4,278 — 174 Grant date fair value of options vested 2,663 — 2,421 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic and diluted earnings per share | The reconciliation of basic and diluted earnings per share (“EPS”) for the years ended December 31, 2023, 2022 and 2021 are as follows: Income Shares Per Share For the Year Ended December 31, 2023 Basic EPS Income available to common stockholders $ 284,487 65,616 $ 4.34 Effect of Dilutive Securities Stock options 874 Restricted stock 415 Diluted EPS Income available to common stockholders $ 284,487 66,905 $ 4.25 For the Year Ended December 31, 2022 Basic EPS Income available to common stockholders $ 239,288 65,402 $ 3.66 Effect of Dilutive Securities Stock options 978 Restricted stock 339 Diluted EPS Income available to common stockholders $ 239,288 66,719 $ 3.59 For the Year Ended December 31, 2021 Basic EPS Income available to common stockholders $ 244,097 65,663 $ 3.72 Effect of Dilutive Securities Stock options 1,600 Restricted stock 419 Diluted EPS Income available to common stockholders $ 244,097 67,682 $ 3.61 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial information regarding the company's reportable segments | Financial information regarding our reporting segments is shown below: In thousands Year Ended December 31, 2023 2022 2021 Total Sales: Aptar Pharma $ 1,521,837 $ 1,372,449 $ 1,297,996 Aptar Beauty 1,297,477 1,246,018 1,204,312 Aptar Closures 706,847 748,055 768,497 Total Sales $ 3,526,161 $ 3,366,522 $ 3,270,805 Less: Intersegment Sales: Aptar Pharma $ 844 $ 11,193 $ 13,372 Aptar Beauty 29,780 23,483 22,466 Aptar Closures 8,087 9,597 7,746 Total Intersegment Sales $ 38,711 $ 44,273 $ 43,584 Net Sales: Aptar Pharma $ 1,520,993 $ 1,361,256 $ 1,284,624 Aptar Beauty 1,267,697 1,222,535 1,181,846 Aptar Closures 698,760 738,458 760,751 Net Sales $ 3,487,450 $ 3,322,249 $ 3,227,221 Adjusted EBITDA (1): Aptar Pharma $ 502,633 $ 441,622 $ 425,714 Aptar Beauty 163,716 151,887 125,451 Aptar Closures 103,693 86,109 108,615 Corporate & Other, unallocated (62,320) (62,930) (52,314) Acquisition-related costs (2) (480) (231) (3,811) Restructuring Initiatives (3) (45,004) (6,597) (23,240) Net unrealized investment (loss) gain (4) (2,775) (3,323) 2,709 Depreciation and amortization (248,593) (233,706) (234,853) Interest Expense (40,418) (40,827) (30,284) Interest Income 4,373 2,700 3,668 Income before Income Taxes $ 374,825 $ 334,704 $ 321,655 Depreciation and Amortization: Aptar Pharma $ 109,366 $ 94,396 $ 90,510 Aptar Beauty 83,399 80,498 83,379 Aptar Closures 52,095 52,866 53,555 Corporate & Other 3,733 5,946 7,409 Depreciation and Amortization $ 248,593 $ 233,706 $ 234,853 Capital Expenditures: Aptar Pharma $ 196,083 $ 164,396 $ 154,077 Aptar Beauty 83,872 74,203 87,442 Aptar Closures 52,160 44,223 47,225 Corporate & Other 14,729 29,491 29,686 Transfer of Corporate Expenditures (5) (34,502) (1,886) (10,495) Capital Expenditures $ 312,342 $ 310,427 $ 307,935 Total Assets: Aptar Pharma $ 2,111,779 $ 1,872,843 $ 1,833,512 Aptar Beauty 1,412,203 1,398,813 1,370,854 Aptar Closures 765,930 779,654 819,332 Corporate & Other 161,978 152,148 117,666 Total Assets $ 4,451,890 $ 4,203,458 $ 4,141,364 (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 19 – Acquisitions and Note 20 – Investment in Equity Securities for further details). (3) Restructuring Initiatives includes expense items for the years ended December 31, 2023, 2022 and 2021 as follows (see Note 21 – Restructuring Initiatives for further details): In thousands Year Ended December 31, 2023 2022 2021 Restructuring Initiatives by Plan: Optimization initiative $ 45,445 $ 6,224 $ — Prior year initiatives (441) 373 23,240 Total Restructuring Initiatives $ 45,004 $ 6,597 $ 23,240 Restructuring Initiatives by Segment: Aptar Pharma $ 4,852 $ — $ 76 Aptar Beauty 20,683 5,539 8,149 Aptar Closures 17,927 1,058 2,702 Corporate & Other 1,542 — 12,313 Total Restructuring Initiatives $ 45,004 $ 6,597 $ 23,240 (4) Net unrealized investment (loss) gain represents the change in fair value of our investment in PCT (see Note 20 - Investment in Equity Securities for further details). (5) The transfer of corporate expenditures represents amounts of projects managed by corporate for the benefit of specific entities within each segment. Once the projects are complete, all related costs are allocated from corporate to and paid by the appropriate entity and the associated assets are then depreciated at the entity level. The increase in 2023 relates to a project build in Suzhou, China. |
Restructuring Initiatives | Restructuring Initiatives includes expense items for the years ended December 31, 2023, 2022 and 2021 as follows (see Note 21 – Restructuring Initiatives for further details): In thousands Year Ended December 31, 2023 2022 2021 Restructuring Initiatives by Plan: Optimization initiative $ 45,445 $ 6,224 $ — Prior year initiatives (441) 373 23,240 Total Restructuring Initiatives $ 45,004 $ 6,597 $ 23,240 Restructuring Initiatives by Segment: Aptar Pharma $ 4,852 $ — $ 76 Aptar Beauty 20,683 5,539 8,149 Aptar Closures 17,927 1,058 2,702 Corporate & Other 1,542 — 12,313 Total Restructuring Initiatives $ 45,004 $ 6,597 $ 23,240 |
Schedule of net sales and long-lived asset information by geographic area | The following are net sales and long-lived asset information by geographic area and product information for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Net Sales to Unaffiliated Customers (1): United States $ 1,001,087 $ 1,100,159 $ 1,081,823 Europe: France 1,077,695 938,637 906,057 Germany 564,528 512,709 486,928 Italy 172,215 154,823 161,676 Other Europe 187,341 167,226 170,521 Total Europe 2,001,779 1,773,395 1,725,182 China 152,609 156,577 148,671 Other Foreign Countries 331,975 292,118 271,545 Total $ 3,487,450 $ 3,322,249 $ 3,227,221 Property, Plant and Equipment, Net United States $ 357,729 $ 346,382 $ 321,511 Europe: France 550,738 482,091 455,105 Germany 225,860 194,898 197,643 Italy 42,240 42,522 50,828 Other Europe 63,864 53,317 58,121 Total Europe 882,702 772,828 761,697 China 112,017 98,469 74,535 Other Foreign Countries 125,615 125,985 118,134 Total $ 1,478,063 $ 1,343,664 $ 1,275,877 (1) Sales are attributed to countries based upon where the sales invoice to unaffiliated customers is generated. |
INVESTMENT IN EQUITY SECURITI_2
INVESTMENT IN EQUITY SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of investments in equity securities | Our investment in equity securities consisted of the following: December 31, 2023 December 31, 2022 Equity Method Investments BTY $ 33,090 $ 31,490 Sonmol 4,751 4,997 Desotec GmbH 905 863 Other Investments PureCycle 1,106 5,297 YAT 5,352 5,508 Loop 2,894 2,894 Others 1,105 1,259 $ 49,203 $ 52,308 |
Schedule of investment company, financial highlights | We have sold the following PCT shares related to the PureCycle investment: Shares Sold Proceeds Realized Gain October 2021 191,349 $ 2,434 $ 2,000 March 2022 107,600 $ 1,088 $ 841 August 2022 50,000 $ 511 $ 372 July 2023 248,859 $ 2,659 $ 1,968 August 2023 261,590 $ 2,945 $ 2,220 |
Schedule of other nonoperating income (expense) | For the years ended December 31, 2023, 2022 and 2021 we recorded the following net investment gain or loss on our investment in PureCycle: 2023 2022 2021 Net investment gain (loss) $ 1,413 $ (2,110) $ 4,709 |
RESTRUCTURING INITIATIVES (Tabl
RESTRUCTURING INITIATIVES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | As of December 31, 2023, we have recorded the following activity associated with our optimization initiative: Beginning Reserve at 12/31/2022 Net Charges for the Year Ended 12/31/2023 Cash Paid Interest and Ending Reserve at 12/31/2023 Employee severance $ 4,993 $ 37,167 $ (12,608) $ (2,474) $ 27,078 Professional fees and other costs — 8,278 (5,486) 18 2,810 Totals $ 4,993 $ 45,445 $ (18,094) $ (2,456) $ 29,888 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2023 segment | Dec. 31, 2022 segment | Dec. 31, 2021 segment | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Number of reportable segments | segment | 3 | 3 | 3 | ||
Argentina | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Foreign currency, gain (loss) recognized | $ | $ (2.5) | $ 1.4 | |||
Argentina | Maximum | Consolidated net revenues | Geographic concentration risk | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Concentration risk | 2% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 USD ($) building | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Jun. 30, 2023 USD ($) building | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accounts receivable | $ 677,800,000 | ||||
Accounts and notes receivable, less current expected credit loss | 16,217,000 | $ 9,519,000 | |||
Assets held-for-sale | $ 700,000 | ||||
Number of buildings held before sale of 2 buildings | building | 3 | ||||
Number of buildings sold | building | 2 | ||||
Gain on sale of buildings | $ 800,000 | ||||
Dividends received from affiliates | $ 0 | $ 0 | $ 0 | ||
Common stock repurchased (retired and held in treasury) (in shares) | shares | 399 | 860 | 615 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Research and development expenses incurred net of customer funded research and development or government research and development credits | $ 92,800,000 | $ 93,500,000 | $ 99,800,000 | ||
Foreign currency transaction gain (loss) | (7,300,000) | (7,200,000) | (1,400,000) | ||
Accounts payable, accrued and other liabilities | 36,300,000 | 30,800,000 | |||
Luxembourg | Foreign Tax Authority | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating loss carryforwards | $ 131,400,000 | ||||
Government | France | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Proceeds from government grants, used for expansion of facility | 10,500,000 | ||||
Funding to be received | 14,000,000 | ||||
Government | United States | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Funding to be received | $ 19,000,000 | ||||
Standby new facility period | 16 months | ||||
Proceeds from government grants, used for new facility | $ 17,300,000 | $ 2,000,000 | |||
Minimum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Supplier finance program payment terms | 60 days | ||||
Maximum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Supplier finance program payment terms | 120 days | ||||
Finite-Lived Intangible Assets | Minimum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Finite-lived intangible asset, useful life (in years) | 1 year | ||||
Finite-Lived Intangible Assets | Maximum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Finite-lived intangible asset, useful life (in years) | 50 years | ||||
Buildings and improvements | Minimum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives (in years) | 10 years | ||||
Buildings and improvements | Maximum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives (in years) | 40 years | ||||
Machinery and equipment | Minimum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives (in years) | 3 years | ||||
Machinery and equipment | Maximum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful lives (in years) | 15 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supply Chain Finance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SCF [Roll Forward] | ||
SCF obligations outstanding at the beginning of the year | $ 30,833 | $ 30,144 |
Additions | 163,591 | 133,148 |
Settlements | (158,115) | (132,459) |
SCF obligations outstanding at the end of the year | $ 36,309 | $ 30,833 |
REVENUE - Revenue by Geographic
REVENUE - Revenue by Geographic Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE | |||
Net Sales | $ 3,487,450 | $ 3,322,249 | $ 3,227,221 |
Aptar Pharma | |||
REVENUE | |||
Net Sales | 1,520,993 | 1,361,256 | 1,284,624 |
Aptar Beauty | |||
REVENUE | |||
Net Sales | 1,267,697 | 1,222,535 | 1,181,846 |
Aptar Closures | |||
REVENUE | |||
Net Sales | 698,760 | 738,458 | 760,751 |
Europe | |||
REVENUE | |||
Net Sales | 2,001,779 | 1,773,395 | 1,725,182 |
Europe | Aptar Pharma | |||
REVENUE | |||
Net Sales | 973,158 | 836,447 | 830,552 |
Europe | Aptar Beauty | |||
REVENUE | |||
Net Sales | 814,576 | 723,540 | 675,079 |
Europe | Aptar Closures | |||
REVENUE | |||
Net Sales | 214,045 | 213,408 | 219,551 |
Domestic | |||
REVENUE | |||
Net Sales | 1,001,087 | 1,100,159 | 1,081,823 |
Domestic | Aptar Pharma | |||
REVENUE | |||
Net Sales | 426,005 | 426,401 | 374,063 |
Domestic | Aptar Beauty | |||
REVENUE | |||
Net Sales | 226,573 | 284,052 | 300,658 |
Domestic | Aptar Closures | |||
REVENUE | |||
Net Sales | 348,509 | 389,706 | 407,102 |
Latin America | |||
REVENUE | |||
Net Sales | 272,064 | 235,463 | 216,043 |
Latin America | Aptar Pharma | |||
REVENUE | |||
Net Sales | 41,409 | 27,075 | 21,482 |
Latin America | Aptar Beauty | |||
REVENUE | |||
Net Sales | 146,283 | 128,342 | 117,920 |
Latin America | Aptar Closures | |||
REVENUE | |||
Net Sales | 84,372 | 80,046 | 76,641 |
Asia | |||
REVENUE | |||
Net Sales | 212,520 | 213,232 | 204,173 |
Asia | Aptar Pharma | |||
REVENUE | |||
Net Sales | 80,421 | 71,333 | 58,527 |
Asia | Aptar Beauty | |||
REVENUE | |||
Net Sales | 80,265 | 86,601 | 88,189 |
Asia | Aptar Closures | |||
REVENUE | |||
Net Sales | $ 51,834 | $ 55,298 | $ 57,457 |
REVENUE - Contract Assets and C
REVENUE - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Contract asset (current) | $ 18,033 | $ 16,736 |
Increase / (decrease) in contract asset (current) | 1,297 | |
Contract liability (current) | 60,507 | 80,241 |
Increase / (decrease) in contract liability (current) | (19,734) | |
Contract liability (long-term) | 37,756 | $ 25,361 |
Increase / (decrease) in contract liability (long-term) | 12,395 | |
Revenue recognized previously included in current contract liabilities | 150,500 | |
Revenue recognized previously included in current contract liabilities at the beginning of the year | $ 69,400 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories, by component | ||
Raw materials | $ 145,798 | $ 159,041 |
Work in process | 176,191 | 153,592 |
Finished goods | 191,064 | 174,173 |
Total | $ 513,053 | $ 486,806 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Changes in the carrying amount of goodwill | ||
Goodwill beginning balance | $ 945,632 | $ 974,157 |
Acquisition | 4,717 | 3,029 |
Foreign currency exchange effects | 13,069 | (31,554) |
Reclassification due to segment change | 0 | |
Goodwill ending balance | 963,418 | 945,632 |
Operating Segments | Aptar Pharma | ||
Changes in the carrying amount of goodwill | ||
Goodwill beginning balance | 498,742 | 520,197 |
Acquisition | 0 | 3,029 |
Foreign currency exchange effects | 9,705 | (24,484) |
Reclassification due to segment change | 0 | |
Goodwill ending balance | 508,447 | 498,742 |
Operating Segments | Aptar Beauty | ||
Changes in the carrying amount of goodwill | ||
Goodwill beginning balance | 319,011 | 325,719 |
Acquisition | 4,603 | 0 |
Foreign currency exchange effects | 2,955 | (6,708) |
Reclassification due to segment change | (39,472) | |
Goodwill ending balance | 287,097 | 319,011 |
Operating Segments | Aptar Closures | ||
Changes in the carrying amount of goodwill | ||
Goodwill beginning balance | 127,879 | 128,241 |
Acquisition | 114 | 0 |
Foreign currency exchange effects | 409 | (362) |
Reclassification due to segment change | 39,472 | |
Goodwill ending balance | $ 167,874 | $ 127,879 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) | 12 Months Ended | |||
Jan. 01, 2023 USD ($) segment | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Number of realigned segments | segment | 2 | |||
Goodwill, amount transferred between reporting unit | $ 39,500,000 | |||
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortized intangible assets: | |||
Gross Carrying Amount | $ 520,233 | $ 508,652 | |
Accumulated Amortization | (237,022) | (192,908) | |
Net Value | 283,211 | 315,744 | |
Aggregate amortization expense | $ 44,720 | 43,574 | $ 41,072 |
Weighted Average | |||
Amortized intangible assets: | |||
Weighted Average Amortization Period (Years) | 13 years 3 months 18 days | ||
Patents | |||
Amortized intangible assets: | |||
Gross Carrying Amount | $ 7,362 | 8,044 | |
Accumulated Amortization | (1,754) | (1,968) | |
Net Value | $ 5,608 | 6,076 | |
Patents | Weighted Average | |||
Amortized intangible assets: | |||
Weighted Average Amortization Period (Years) | 9 years 10 months 24 days | ||
Acquired technology | |||
Amortized intangible assets: | |||
Gross Carrying Amount | $ 142,837 | 135,191 | |
Accumulated Amortization | (70,520) | (56,628) | |
Net Value | $ 72,317 | 78,563 | |
Acquired technology | Weighted Average | |||
Amortized intangible assets: | |||
Weighted Average Amortization Period (Years) | 11 years 2 months 12 days | ||
Customer relationships | |||
Amortized intangible assets: | |||
Gross Carrying Amount | $ 308,889 | 305,994 | |
Accumulated Amortization | (124,648) | (99,130) | |
Net Value | $ 184,241 | 206,864 | |
Customer relationships | Weighted Average | |||
Amortized intangible assets: | |||
Weighted Average Amortization Period (Years) | 13 years 6 months | ||
Trademarks and trade names | |||
Amortized intangible assets: | |||
Gross Carrying Amount | $ 43,932 | 43,998 | |
Accumulated Amortization | (33,368) | (28,190) | |
Net Value | $ 10,564 | 15,808 | |
Trademarks and trade names | Weighted Average | |||
Amortized intangible assets: | |||
Weighted Average Amortization Period (Years) | 7 years 7 months 6 days | ||
License agreements and other | |||
Amortized intangible assets: | |||
Gross Carrying Amount | $ 17,213 | 15,425 | |
Accumulated Amortization | (6,732) | (6,992) | |
Net Value | $ 10,481 | $ 8,433 | |
License agreements and other | Weighted Average | |||
Amortized intangible assets: | |||
Weighted Average Amortization Period (Years) | 31 years 9 months 18 days |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 40,021 |
2025 | 40,952 |
2026 | 38,596 |
2027 | 29,249 |
2028 | 22,710 |
2029 and thereafter | $ 111,683 |
ACCOUNTS PAYABLE, ACCRUED AND_3
ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable, principally trade | $ 328,571 | $ 320,281 |
Accrued employee compensation costs | 222,010 | 209,566 |
Customer deposits and other unearned income | 60,507 | 80,241 |
Other accrued liabilities | 182,001 | 184,297 |
Total | $ 793,089 | $ 794,385 |
INCOME TAXES - Provision (Benef
INCOME TAXES - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income before income taxes: | |||
United States | $ 49,681 | $ 65,350 | $ 101,353 |
International | 325,144 | 269,354 | 220,302 |
Income before Income Taxes | 374,825 | 334,704 | 321,655 |
Federal: | |||
Current | 11,777 | 12,791 | 11,932 |
Deferred | (10,931) | (783) | (5,980) |
Federal provision (benefit) for income tax | 846 | 12,008 | 5,952 |
State: | |||
Current | 1,300 | 2,265 | 4,917 |
Deferred | (675) | (99) | (5,188) |
State provision (benefit) for income tax | 625 | 2,166 | (271) |
International: | |||
Current | 97,455 | 92,199 | 75,524 |
Deferred | (8,277) | (11,224) | (3,188) |
International, provision (benefit) for income tax | 89,178 | 80,975 | 72,336 |
Actual income tax provision | $ 90,649 | $ 95,149 | $ 78,017 |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax at statutory rate | $ 78,713 | $ 70,288 | $ 67,547 |
State income taxes, net of federal tax effect | 362 | 1,475 | 1,616 |
Excess tax benefits from share-based compensation | (5,935) | (3,306) | (16,060) |
Deferred tax (benefits) charges, incl. tax rate changes | (3,512) | (2,349) | (1,040) |
Valuation allowance | 158 | 1,486 | 4,485 |
Legal entity reorganization | 3,630 | 5,850 | 0 |
Rate differential on earnings of foreign operations | 18,917 | 19,165 | 20,831 |
Other items, net | (1,684) | 2,540 | 638 |
Actual income tax provision | $ 90,649 | $ 95,149 | $ 78,017 |
Effective income tax rate | 24.20% | 28.40% | 24.30% |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance [Line Items] | ||||
Legal entity reorganization | $ 3,630 | $ 5,850 | $ 0 | |
Excess tax benefits from share-based compensation | 5,935 | 3,306 | 16,060 | |
Deferred tax assets, valuation allowance | 48,856 | 46,239 | ||
Net operating loss carryforwards | 49,016 | 45,823 | ||
Tax-effected net operating loss subject to expiration | 4,300 | |||
Tax-effected net operating loss carryforwards not subject to expiration | 44,700 | |||
Unrecognized Tax Benefits | 5,942 | 6,919 | 7,225 | $ 4,504 |
Unrecognized tax benefits that would impact effective tax rate | 5,900 | |||
Decrease in unrecognized tax benefits is reasonably possible | 1,500 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | 3,400 | 4,900 | 4,600 | |
Unrecognized tax benefits, income tax penalties and interest expense | 200 | $ 300 | $ 1,100 | |
State and Local Jurisdiction | ||||
Valuation Allowance [Line Items] | ||||
Tax-effected net operating loss subject to expiration | 6,100 | |||
Foreign Tax Authority | Luxembourg | ||||
Valuation Allowance [Line Items] | ||||
Operating loss carryforwards | 131,400 | |||
Minimum | Foreign Tax Authority | ||||
Valuation Allowance [Line Items] | ||||
Estimated additional tax payable on previously unremitted earnings | 15,000 | |||
Maximum | Foreign Tax Authority | ||||
Valuation Allowance [Line Items] | ||||
Estimated additional tax payable on previously unremitted earnings | 20,000 | |||
Deferred tax assets for specified locations | ||||
Valuation Allowance [Line Items] | ||||
Deferred tax assets, valuation allowance | 42,700 | |||
Deferred tax assets related to tax credit carryforwards, U.S. state | ||||
Valuation Allowance [Line Items] | ||||
Deferred tax assets, valuation allowance | $ 4,100 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets: | ||
Net operating loss carryforwards | $ 49,016 | $ 45,823 |
Operating and finance leases | 20,440 | 20,974 |
Pension liabilities | 13,608 | 8,178 |
Share-based compensation | 7,326 | 9,970 |
U.S. state tax credits | 6,110 | 6,777 |
Vacation and bonus | 16,915 | 14,681 |
U.S. capitalized research expenditures | 35,563 | 27,840 |
Inventory | 7,166 | 4,736 |
Accrued liabilities and other reserves | 9,622 | 10,346 |
Other | 16,470 | 11,744 |
Total gross deferred tax assets | 182,236 | 161,069 |
Less valuation allowance | (48,856) | (46,239) |
Net deferred tax assets | 133,380 | 114,830 |
Deferred Tax Liabilities: | ||
Acquisition related intangibles | 57,426 | 59,084 |
Depreciation and amortization | 25,541 | 29,142 |
Operating and finance leases | 22,715 | 23,041 |
Other | 6,988 | 6,563 |
Total gross deferred tax liabilities | 112,670 | 117,830 |
Net deferred tax assets | $ 20,710 | |
Net deferred tax liabilities | $ (3,000) |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Uncertainties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of the beginning and ending amount of income tax uncertainties | |||
Balance at the beginning of period | $ 6,919 | $ 7,225 | $ 4,504 |
Increases based on tax positions for the current year | 985 | 1,433 | 262 |
Increases (Decreases) based on tax positions of prior years | (997) | (1,616) | 3,348 |
Settlements | (901) | (80) | (567) |
Lapse of statute of limitations | (64) | (43) | (322) |
Balance at the end of period | $ 5,942 | $ 6,919 | $ 7,225 |
DEBT - Short-term Debt Obligati
DEBT - Short-term Debt Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | ||
Revolving credit facility and overdrafts | $ 81,794 | $ 3,810 |
Revolving credit facility | ||
Short-term Debt [Line Items] | ||
Revolving credit facility and overdrafts | $ 80,662 | 0 |
Revolving credit facility | Minimum | ||
Short-term Debt [Line Items] | ||
Interest rate | 4.84% | |
Revolving credit facility | Maximum | ||
Short-term Debt [Line Items] | ||
Interest rate | 6.46% | |
Overdrafts | ||
Short-term Debt [Line Items] | ||
Revolving credit facility and overdrafts | $ 1,132 | $ 3,810 |
Overdrafts | Minimum | ||
Short-term Debt [Line Items] | ||
Interest rate | 0.30% | |
Overdrafts | Maximum | ||
Short-term Debt [Line Items] | ||
Interest rate | 5.99% |
DEBT - Narrative (Details)
DEBT - Narrative (Details) € in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Jul. 19, 2023 EUR (€) | Jun. 30, 2021 USD ($) extension | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 EUR (€) | Jul. 06, 2022 | Mar. 07, 2022 USD ($) | Oct. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Short-term borrowing | $ 81,794,000 | $ 3,810,000 | ||||||||
Money Market Borrowing Arrangement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short-term borrowing | 0 | 0 | ||||||||
Short-term borrowing, maximum borrowing capacity | $ 30,000,000 | |||||||||
Amended Revolving Credit Facility Maturing In June 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, number of extensions | extension | 2 | |||||||||
Line of credit facility, duration of extension (in years) | 1 year | |||||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | |||||||||
Line of credit facility, increase limit | $ 300,000,000 | |||||||||
Long-term line of credit | 36,500,000 | 0 | ||||||||
Compensating balance, amount | 0 | |||||||||
Interest and fees | 3,900,000 | 1,200,000 | ||||||||
Amended Revolving Credit Facility Maturing In June 2026 | Subsidiaries | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term line of credit | 0 | 0 | ||||||||
Amended Revolving Credit Facility Maturing In June 2026 | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term line of credit | 44,200,000 | € 40 | ||||||||
Unsecured Lines Of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, average outstanding amount | $ 60,500,000 | $ 38,500,000 | ||||||||
Short-term debt, weighted average interest rate, over time | 5.20% | 1.20% | ||||||||
Senior Unsecured Notes 0.98 Percent Due In 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, repaid | € | € 100 | |||||||||
Interest rate on notes (as a percent) | 0.98% | |||||||||
Senior unsecured notes 3.6%, due in 2032, net of discount of $0.8 million | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on notes (as a percent) | 3.60% | 3.60% | 3.60% | 3.60% | ||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||
Private Placement Notes | Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on notes (as a percent) | 3.49% | 3.25% | ||||||||
Repayments of unsecured debt | $ 125,000,000 | $ 75,000,000 | ||||||||
Repayment of unsecured debt, make-whole payment | $ 400,000 |
DEBT - Long-Term Obligations (D
DEBT - Long-Term Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 06, 2022 | Mar. 07, 2022 |
Debt Instrument [Line Items] | ||||
Total finance lease liabilities | $ 26,478 | $ 26,934 | ||
Unamortized debt issuance costs | (3,816) | (4,558) | ||
Long-term debt and lease obligation, including current maturities | 1,057,614 | 1,171,578 | ||
Current maturities of long-term obligations | (376,426) | (118,981) | ||
Total long-term obligations | $ 681,188 | 1,052,597 | ||
Consolidated leverage ratio | 1.46 | |||
Consolidated interest coverage ratio | 16.06 | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Consolidated interest coverage ratio | 3 | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Consolidated leverage ratio | 3.50 | |||
Notes payable 0.00% – 16.42%, due in monthly and annual installments through 2030 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 14,988 | 29,167 | ||
Notes payable 0.00% – 16.42%, due in monthly and annual installments through 2030 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes (as a percent) | 0% | |||
Notes payable 0.00% – 16.42%, due in monthly and annual installments through 2030 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate on notes (as a percent) | 16.42% | |||
Senior unsecured notes 1.0%, due in 2023 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 106,995 | ||
Interest rate on notes (as a percent) | 1% | |||
Senior unsecured notes 3.4%, due in 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 50,000 | 50,000 | ||
Interest rate on notes (as a percent) | 3.40% | |||
Senior unsecured notes 3.5%, due in 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 100,000 | 100,000 | ||
Interest rate on notes (as a percent) | 3.50% | |||
Senior unsecured notes 1.2%, due in 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 220,810 | 213,990 | ||
Interest rate on notes (as a percent) | 1.20% | |||
Senior unsecured notes 3.6%, due in 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 125,000 | 125,000 | ||
Interest rate on notes (as a percent) | 3.60% | |||
Senior unsecured notes 3.6%, due in 2026 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 125,000 | 125,000 | ||
Interest rate on notes (as a percent) | 3.60% | |||
Senior unsecured notes 3.6%, due in 2032, net of discount of $0.8 million | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 399,154 | $ 399,050 | ||
Interest rate on notes (as a percent) | 3.60% | 3.60% | 3.60% | |
Debt instrument, discount | $ 800 |
DEBT - Long-Term Maturities (De
DEBT - Long-Term Maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 372,835 |
2025 | 131,651 |
2026 | 131,058 |
2027 | 131 |
2028 | 60 |
Thereafter | $ 399,217 |
LEASE COMMITMENTS - Components
LEASE COMMITMENTS - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Components of lease expense: | ||
Operating lease cost | $ 20,780 | $ 21,105 |
Finance lease cost: | ||
Amortization of right-of-use assets | 4,662 | 4,249 |
Interest on lease liabilities | 1,220 | 1,249 |
Total finance lease cost | 5,882 | 5,498 |
Short-term lease and variable lease costs | $ 20,509 | $ 15,454 |
LEASE COMMITMENTS - Supplementa
LEASE COMMITMENTS - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 21,512 | $ 20,488 |
Operating cash flows from finance leases | 1,371 | 1,264 |
Financing cash flows from finance leases | 3,682 | 3,662 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 14,514 | 16,754 |
Finance leases | $ 2,746 | $ 1,011 |
LEASE COMMITMENTS - Supplemen_2
LEASE COMMITMENTS - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Operating lease right-of-use assets | $ 59,074 | $ 58,675 |
Accounts payable, accrued and other liabilities | 14,056 | 16,985 |
Operating lease liabilities | 45,267 | 42,948 |
Total operating lease liabilities | $ 59,323 | $ 59,933 |
Operating lease, liability, current, Statement of Financial Position [Extensible List] | Accounts payable, accrued and other liabilities | Accounts payable, accrued and other liabilities |
Finance Leases | ||
Property, plant and equipment, gross | $ 49,776 | $ 50,173 |
Accumulated depreciation | (13,299) | (12,781) |
Property, plant and equipment, net | 36,477 | 37,392 |
Current maturities of long-term obligations, net of unamortized debt issuance cost | 3,591 | 3,234 |
Long-term obligations, net of unamortized debt issuance cost | 22,887 | 23,700 |
Total finance lease liabilities | $ 26,478 | $ 26,934 |
Finance lease, right-of-use asset, Statement of Financial Position [Extensible List] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization |
Finance lease, liability, current, Statement of Financial Position [Extensible List] | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current |
Finance lease, liability, noncurrent, Statement of Financial Position [Extensible List] | Long-Term Obligations, net of unamortized debt issuance costs | Long-Term Obligations, net of unamortized debt issuance costs |
Weighted Average Remaining Lease Term (in years) | ||
Operating leases | 3 years 6 months | 4 years 7 months 6 days |
Finance leases | 5 years 3 months 18 days | 6 years 7 months 6 days |
Weighted Average Discount Rate | ||
Operating leases | 5.52% | 4.01% |
Finance leases | 5.05% | 4.76% |
LEASE COMMITMENTS - Maturities
LEASE COMMITMENTS - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Year 1 | $ 17,844 | |
Year 2 | 14,539 | |
Year 3 | 11,939 | |
Year 4 | 9,224 | |
Year 5 | 4,652 | |
Thereafter | 8,510 | |
Total lease payments | 66,708 | |
Less imputed interest | (7,385) | |
Total operating lease liabilities | 59,323 | $ 59,933 |
Finance Leases | ||
Year 1 | 4,571 | |
Year 2 | 4,437 | |
Year 3 | 3,223 | |
Year 4 | 6,359 | |
Year 5 | 1,716 | |
Thereafter | 10,765 | |
Total lease payments | 31,071 | |
Less imputed interest | (4,593) | |
Total finance lease liabilities | $ 26,478 | $ 26,934 |
LEASE COMMITMENTS - Narrative (
LEASE COMMITMENTS - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Operating Leased Assets [Line Items] | |
Amount of additional operating leases that have not yet commenced | $ 500,000 |
Amount of additional finance leases that have not yet commenced | $ 0 |
Minimum | |
Operating Leased Assets [Line Items] | |
Term of operating and finance leases that have not yet commenced (in years) | 3 years |
Maximum | |
Operating Leased Assets [Line Items] | |
Term of operating and finance leases that have not yet commenced (in years) | 5 years |
RETIREMENT AND DEFERRED COMPE_3
RETIREMENT AND DEFERRED COMPENSATION PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
United States | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 163,872 | $ 255,457 | |
Service cost | 9,638 | 15,784 | $ 16,356 |
Interest cost | 8,631 | 6,970 | 6,366 |
Curtailment/Settlement | 0 | 0 | |
Prior service cost | 0 | 0 | |
Actuarial loss (gain) | 13,989 | (92,724) | |
Benefits paid | (10,117) | (21,615) | |
Foreign currency translation adjustment (loss) gain | 0 | 0 | |
Benefit obligation at end of year | 186,013 | 163,872 | 255,457 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 162,151 | 193,770 | |
Actual return on plan assets | 21,207 | (25,517) | |
Employer contribution | 495 | 15,513 | |
Benefits paid | (10,117) | (21,615) | |
Foreign currency translation adjustment | 0 | 0 | |
Fair value of plan assets at end of year | 173,735 | 162,151 | 193,770 |
Funded status at end of year | (12,278) | (1,721) | |
Funded status amounts recognized in Consolidated Balance Sheet | |||
Non-current assets | 2,528 | 9,304 | |
Current liabilities | (530) | (515) | |
Non-current liabilities | (14,276) | (10,510) | |
Funded status amount | (12,278) | (1,721) | |
Amounts recognized in accumulated other comprehensive loss | |||
Net actuarial loss (gain) | 1,823 | (3,338) | |
Net prior service cost | 0 | 0 | |
Tax effects | 1,029 | 2,271 | |
Net amount recognized | 2,852 | (1,067) | |
Changes in benefit obligations and plan assets recognized in other comprehensive income | |||
Current year actuarial (loss) gain | (5,161) | 54,295 | 28,714 |
Amortization of net loss | 0 | 6,670 | 10,099 |
Net amount recognized | (5,161) | 60,965 | 38,813 |
Components of net periodic benefit cost: | |||
Service cost | 9,638 | 15,784 | 16,356 |
Interest cost | 8,631 | 6,970 | 6,366 |
Expected return on plan assets | (12,378) | (12,912) | (12,293) |
Amortization of net loss | 0 | 6,670 | 10,099 |
Net periodic benefit cost | 5,891 | 16,512 | $ 20,528 |
Accumulated benefit obligation | 171,600 | 152,400 | |
Projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets | |||
Projected benefit obligation | 14,806 | 11,025 | |
Accumulated benefit obligation | 12,156 | 10,087 | |
Fair value of plan assets | 0 | 0 | |
PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets | |||
Projected benefit obligation | 14,806 | 11,025 | |
Accumulated benefit obligation | 12,156 | 10,087 | |
Fair value of plan assets | $ 0 | $ 0 | |
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 4.95% | 5.15% | 2.75% |
Rate of compensation increase | 3.24% | 3.20% | 3.17% |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 5.15% | 2.75% | 2.40% |
Expected long-term return on plan assets | 7% | 7% | 7% |
Rate of compensation increase | 3.20% | 3.17% | 3.17% |
Plan assets, actual allocation percentage | 100% | 100% | |
Plan Assets: | |||
Total investments | $ 173,735 | $ 162,151 | $ 193,770 |
United States | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 162,151 | ||
Fair value of plan assets at end of year | 173,735 | 162,151 | |
Plan Assets: | |||
Total investments | $ 173,735 | $ 162,151 | |
United States | Equity securities | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 48% | 47% | |
Target allocation percentage | 61% | ||
United States | Fixed income securities | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 26% | 27% | |
United States | Corporate debt securities | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 0% | 0% | |
United States | Investment Funds | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 0% | 0% | |
United States | Infrastructure | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 8% | 8% | |
United States | Hedge funds | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 11% | 10% | |
United States | Money market | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 1% | 1% | |
United States | Real estate | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 5% | 7% | |
United States | Fixed income securities and infrastructure | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Target allocation percentage | 39% | ||
United States | Fair Value, Inputs, Level 1, 2 and 3 | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 96,041 | ||
Fair value of plan assets at end of year | 104,603 | $ 96,041 | |
Plan Assets: | |||
Total investments | 104,603 | 96,041 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Cash and Short Term Securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,260 | ||
Fair value of plan assets at end of year | 1,949 | 1,260 | |
Plan Assets: | |||
Total investments | 1,949 | 1,260 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Cash and Short Term Securities | USD | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Cash and Short Term Securities | EUR | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Cash and Short Term Securities | Others | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Equity securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 66,338 | ||
Fair value of plan assets at end of year | 73,483 | 66,338 | |
Plan Assets: | |||
Total investments | 73,483 | 66,338 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | U.S. Large Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | U.S. Small Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | International Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Fixed income securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 28,443 | ||
Fair value of plan assets at end of year | 29,171 | 28,443 | |
Plan Assets: | |||
Total investments | 29,171 | 28,443 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Corporate debt securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Euro Corporate Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Investment Funds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Mutual Funds in Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Mutual Funds in Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | Mutual Funds Diversified | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 1 | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 96,041 | ||
Fair value of plan assets at end of year | 104,603 | 96,041 | |
Plan Assets: | |||
Total investments | 104,603 | 96,041 | |
United States | Level 1 | Cash and Short Term Securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,260 | ||
Fair value of plan assets at end of year | 1,949 | 1,260 | |
Plan Assets: | |||
Total investments | 1,949 | 1,260 | |
United States | Level 1 | Cash and Short Term Securities | USD | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,260 | ||
Fair value of plan assets at end of year | 1,949 | 1,260 | |
Plan Assets: | |||
Total investments | 1,949 | 1,260 | |
United States | Level 1 | Cash and Short Term Securities | EUR | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 1 | Cash and Short Term Securities | Others | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 1 | Equity securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 66,338 | ||
Fair value of plan assets at end of year | 73,483 | 66,338 | |
Plan Assets: | |||
Total investments | 73,483 | 66,338 | |
United States | Level 1 | U.S. Large Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 37,537 | ||
Fair value of plan assets at end of year | 43,156 | 37,537 | |
Plan Assets: | |||
Total investments | 43,156 | 37,537 | |
United States | Level 1 | U.S. Small Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 7,918 | ||
Fair value of plan assets at end of year | 8,864 | 7,918 | |
Plan Assets: | |||
Total investments | 8,864 | 7,918 | |
United States | Level 1 | International Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 20,883 | ||
Fair value of plan assets at end of year | 21,463 | 20,883 | |
Plan Assets: | |||
Total investments | 21,463 | 20,883 | |
United States | Level 1 | Fixed income securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 28,443 | ||
Fair value of plan assets at end of year | 29,171 | 28,443 | |
Plan Assets: | |||
Total investments | 29,171 | 28,443 | |
United States | Level 1 | Corporate debt securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 1 | Euro Corporate Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 1 | Investment Funds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 1 | Mutual Funds in Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 1 | Mutual Funds in Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 1 | Mutual Funds Diversified | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Cash and Short Term Securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Cash and Short Term Securities | USD | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Cash and Short Term Securities | EUR | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Cash and Short Term Securities | Others | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Equity securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | U.S. Large Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | U.S. Small Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | International Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Fixed income securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Corporate debt securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Euro Corporate Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Investment Funds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Mutual Funds in Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Mutual Funds in Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 2 | Mutual Funds Diversified | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Cash and Short Term Securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Cash and Short Term Securities | USD | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Cash and Short Term Securities | EUR | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Cash and Short Term Securities | Others | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Equity securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | U.S. Large Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | U.S. Small Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | International Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Fixed income securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Corporate debt securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Euro Corporate Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Investment Funds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Mutual Funds in Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Mutual Funds in Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Level 3 | Mutual Funds Diversified | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
United States | Net Asset Value per Share | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 66,110 | ||
Fair value of plan assets at end of year | 69,132 | 66,110 | |
Plan Assets: | |||
Total investments | 69,132 | 66,110 | |
Foreign Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 93,999 | 123,386 | |
Service cost | 5,915 | 7,547 | 8,159 |
Interest cost | 3,642 | 1,388 | 843 |
Curtailment/Settlement | (606) | 68 | |
Prior service cost | (1,134) | 813 | |
Actuarial loss (gain) | 6,906 | (26,826) | |
Benefits paid | (6,788) | (4,615) | |
Foreign currency translation adjustment (loss) gain | 2,823 | (7,762) | |
Benefit obligation at end of year | 104,757 | 93,999 | 123,386 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 72,523 | 85,421 | |
Actual return on plan assets | 3,978 | (4,897) | |
Employer contribution | 477 | 1,871 | |
Benefits paid | (6,788) | (4,615) | |
Foreign currency translation adjustment | 2,244 | (5,257) | |
Fair value of plan assets at end of year | 72,434 | 72,523 | 85,421 |
Funded status at end of year | (32,323) | (21,476) | |
Funded status amounts recognized in Consolidated Balance Sheet | |||
Non-current assets | 1,664 | 0 | |
Current liabilities | (32) | (31) | |
Non-current liabilities | (33,955) | (21,445) | |
Funded status amount | (32,323) | (21,476) | |
Amounts recognized in accumulated other comprehensive loss | |||
Net actuarial loss (gain) | 15,661 | 11,383 | |
Net prior service cost | (162) | 1,150 | |
Tax effects | (6,463) | (5,518) | |
Net amount recognized | 9,036 | 7,015 | |
Changes in benefit obligations and plan assets recognized in other comprehensive income | |||
Current year actuarial (loss) gain | (5,315) | 19,181 | 6,257 |
Current year prior service cost | 1,135 | (818) | 0 |
Transfer actuarial loss | 124 | 17 | 0 |
Amortization of net loss | 914 | 1,688 | 2,325 |
Amortization of prior service cost | 177 | 177 | 166 |
Net amount recognized | (2,966) | 20,245 | 8,748 |
Components of net periodic benefit cost: | |||
Service cost | 5,915 | 7,547 | 8,159 |
Interest cost | 3,642 | 1,388 | 843 |
Expected return on plan assets | (2,340) | (2,728) | (2,838) |
Amortization of net loss | 914 | 1,688 | 2,325 |
Amortization of prior service cost | 177 | 177 | 166 |
Net periodic benefit cost | 8,308 | 8,072 | 8,655 |
Curtailment | (1) | (24) | 5 |
Total Net periodic benefit cost | 8,307 | 8,048 | $ 8,660 |
Accumulated benefit obligation | 80,100 | 73,800 | |
Projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets | |||
Projected benefit obligation | 56,881 | 54,455 | |
Accumulated benefit obligation | 40,312 | 40,481 | |
Fair value of plan assets | 29,372 | 34,446 | |
PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets | |||
Projected benefit obligation | 81,534 | 71,730 | |
Accumulated benefit obligation | 56,969 | 52,173 | |
Fair value of plan assets | $ 47,544 | $ 47,236 | |
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 3.20% | 3.69% | 1.09% |
Rate of compensation increase | 3.20% | 3.21% | 3.05% |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 3.69% | 1.20% | 0.66% |
Expected long-term return on plan assets | 3.23% | 3.53% | 3.56% |
Rate of compensation increase | 3.20% | 3.20% | 3.05% |
Plan assets, actual allocation percentage | 100% | 100% | |
Plan Assets: | |||
Total investments | $ 72,434 | $ 72,523 | $ 85,421 |
Foreign Plans | Equity securities | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 3% | 5% | |
Foreign Plans | Fixed income securities | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 1% | 1% | |
Foreign Plans | Corporate debt securities | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 1% | 1% | |
Foreign Plans | Investment Funds | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 94% | 92% | |
Target allocation percentage | 100% | ||
Foreign Plans | Infrastructure | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 0% | 0% | |
Foreign Plans | Hedge funds | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 0% | 0% | |
Foreign Plans | Money market | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 1% | 1% | |
Foreign Plans | Real estate | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Plan assets, actual allocation percentage | 0% | 0% | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 72,523 | ||
Fair value of plan assets at end of year | 72,434 | $ 72,523 | |
Plan Assets: | |||
Total investments | 72,434 | 72,523 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Cash and Short Term Securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 516 | ||
Fair value of plan assets at end of year | 514 | 516 | |
Plan Assets: | |||
Total investments | 514 | 516 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Cash and Short Term Securities | USD | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Cash and Short Term Securities | EUR | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Cash and Short Term Securities | Others | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Equity securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 3,769 | ||
Fair value of plan assets at end of year | 2,106 | 3,769 | |
Plan Assets: | |||
Total investments | 2,106 | 3,769 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | U.S. Large Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | U.S. Small Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | International Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Fixed income securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 723 | ||
Fair value of plan assets at end of year | 831 | 723 | |
Plan Assets: | |||
Total investments | 831 | 723 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Corporate debt securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,135 | ||
Fair value of plan assets at end of year | 1,231 | 1,135 | |
Plan Assets: | |||
Total investments | 1,231 | 1,135 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Euro Corporate Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Investment Funds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 66,380 | ||
Fair value of plan assets at end of year | 67,752 | 66,380 | |
Plan Assets: | |||
Total investments | 67,752 | 66,380 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Mutual Funds in Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Mutual Funds in Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Fair Value, Inputs, Level 1, 2 and 3 | Mutual Funds Diversified | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 1 | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 28,095 | ||
Fair value of plan assets at end of year | 28,195 | 28,095 | |
Plan Assets: | |||
Total investments | 28,195 | 28,095 | |
Foreign Plans | Level 1 | Cash and Short Term Securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 516 | ||
Fair value of plan assets at end of year | 514 | 516 | |
Plan Assets: | |||
Total investments | 514 | 516 | |
Foreign Plans | Level 1 | Cash and Short Term Securities | USD | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 1 | Cash and Short Term Securities | EUR | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 505 | ||
Fair value of plan assets at end of year | 506 | 505 | |
Plan Assets: | |||
Total investments | 506 | 505 | |
Foreign Plans | Level 1 | Cash and Short Term Securities | Others | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 11 | ||
Fair value of plan assets at end of year | 8 | 11 | |
Plan Assets: | |||
Total investments | 8 | 11 | |
Foreign Plans | Level 1 | Equity securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 3,769 | ||
Fair value of plan assets at end of year | 2,106 | 3,769 | |
Plan Assets: | |||
Total investments | 2,106 | 3,769 | |
Foreign Plans | Level 1 | U.S. Large Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 1 | U.S. Small Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 1 | International Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 3,769 | ||
Fair value of plan assets at end of year | 2,106 | 3,769 | |
Plan Assets: | |||
Total investments | 2,106 | 3,769 | |
Foreign Plans | Level 1 | Fixed income securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 723 | ||
Fair value of plan assets at end of year | 831 | 723 | |
Plan Assets: | |||
Total investments | 831 | 723 | |
Foreign Plans | Level 1 | Corporate debt securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,135 | ||
Fair value of plan assets at end of year | 1,231 | 1,135 | |
Plan Assets: | |||
Total investments | 1,231 | 1,135 | |
Foreign Plans | Level 1 | Euro Corporate Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,135 | ||
Fair value of plan assets at end of year | 1,231 | 1,135 | |
Plan Assets: | |||
Total investments | 1,231 | 1,135 | |
Foreign Plans | Level 1 | Investment Funds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 21,952 | ||
Fair value of plan assets at end of year | 23,513 | 21,952 | |
Plan Assets: | |||
Total investments | 23,513 | 21,952 | |
Foreign Plans | Level 1 | Mutual Funds in Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 5,221 | ||
Fair value of plan assets at end of year | 5,411 | 5,221 | |
Plan Assets: | |||
Total investments | 5,411 | 5,221 | |
Foreign Plans | Level 1 | Mutual Funds in Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 15,901 | ||
Fair value of plan assets at end of year | 17,256 | 15,901 | |
Plan Assets: | |||
Total investments | 17,256 | 15,901 | |
Foreign Plans | Level 1 | Mutual Funds Diversified | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 830 | ||
Fair value of plan assets at end of year | 846 | 830 | |
Plan Assets: | |||
Total investments | 846 | 830 | |
Foreign Plans | Level 2 | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 44,428 | ||
Fair value of plan assets at end of year | 44,239 | 44,428 | |
Plan Assets: | |||
Total investments | 44,239 | 44,428 | |
Foreign Plans | Level 2 | Cash and Short Term Securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Cash and Short Term Securities | USD | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Cash and Short Term Securities | EUR | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Cash and Short Term Securities | Others | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Equity securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | U.S. Large Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | U.S. Small Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | International Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Fixed income securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Corporate debt securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Euro Corporate Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Investment Funds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 44,428 | ||
Fair value of plan assets at end of year | 44,239 | 44,428 | |
Plan Assets: | |||
Total investments | 44,239 | 44,428 | |
Foreign Plans | Level 2 | Mutual Funds in Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Mutual Funds in Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 2 | Mutual Funds Diversified | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 44,428 | ||
Fair value of plan assets at end of year | 44,239 | 44,428 | |
Plan Assets: | |||
Total investments | 44,239 | 44,428 | |
Foreign Plans | Level 3 | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Cash and Short Term Securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Cash and Short Term Securities | USD | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Cash and Short Term Securities | EUR | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Cash and Short Term Securities | Others | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Equity securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | U.S. Large Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | U.S. Small Cap Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | International Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Fixed income securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Corporate debt securities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Euro Corporate Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Investment Funds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Mutual Funds in Equities | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Mutual Funds in Bonds | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | 0 | 0 | |
Foreign Plans | Level 3 | Mutual Funds Diversified | Fair Value, Recurring | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Plan Assets: | |||
Total investments | $ 0 | $ 0 |
RETIREMENT AND DEFERRED COMPE_4
RETIREMENT AND DEFERRED COMPENSATION PLANS - Defined Benefit Plans Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
United States | ||
Changes in the benefit obligations and plan assets | ||
Employer contribution | $ 495,000 | $ 15,513,000 |
Minimum funding requirement by employer | 0 | |
Expected contribution in next fiscal year | 500,000 | |
United States | Supplemental Employee Retirement Plan | ||
Changes in the benefit obligations and plan assets | ||
Liability, defined benefit plan | 14,800,000 | 11,000,000 |
Foreign Plans | ||
Changes in the benefit obligations and plan assets | ||
Employer contribution | 477,000 | $ 1,871,000 |
Expected contribution in next fiscal year | $ 600,000 |
RETIREMENT AND DEFERRED COMPE_5
RETIREMENT AND DEFERRED COMPENSATION PLANS - Schedule of Estimated Benefit Payments to Defined Benefit Plans (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
United States | |
Changes in the benefit obligations and plan assets | |
2024 | $ 10,189 |
2025 | 10,891 |
2026 | 11,191 |
2027 | 11,212 |
2028 | 12,178 |
2029 - 2033 | 72,294 |
Foreign Plans | |
Changes in the benefit obligations and plan assets | |
2024 | 3,738 |
2025 | 3,516 |
2026 | 4,184 |
2027 | 6,726 |
2028 | 5,295 |
2029 - 2033 | $ 38,398 |
RETIREMENT AND DEFERRED COMPE_6
RETIREMENT AND DEFERRED COMPENSATION PLANS - Defined Contribution and Other Plans Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
United States | |||
Defined contribution plan | |||
Total contributions by company | $ 5 | $ 5 | $ 4.5 |
United States | Aptar Retirement Savings Account | |||
Defined contribution plan | |||
Total contributions by company | $ 2.7 | 2 | 0.7 |
United States | Maximum | |||
Defined contribution plan | |||
Employer matching contribution as a percentage of salary | 3% | ||
United States | Maximum | Aptar Retirement Savings Account | |||
Defined contribution plan | |||
Employer matching contribution as a percentage of salary | 5% | ||
Foreign Plans | |||
Defined contribution plan | |||
Total contributions by company | $ 3.1 | $ 2.9 | $ 2.9 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated other comprehensive income activity | |||
Balance at beginning of period | $ 2,068,204 | $ 1,984,600 | $ 1,850,785 |
Total other comprehensive income (loss) | 32,920 | (26,516) | (34,599) |
Balance at end of period | 2,321,298 | 2,068,204 | 1,984,600 |
Accumulated Other Comprehensive (Loss)Income | |||
Accumulated other comprehensive income activity | |||
Balance at beginning of period | (341,366) | (316,041) | (281,709) |
Other comprehensive (loss) income before reclassifications | 31,861 | (31,757) | (36,482) |
Amounts reclassified from accumulated other comprehensive income (loss) | 771 | 6,432 | 2,150 |
Total other comprehensive income (loss) | 32,632 | (25,325) | (34,332) |
Balance at end of period | (308,734) | (341,366) | (316,041) |
Foreign Currency | |||
Accumulated other comprehensive income activity | |||
Balance at beginning of period | (328,740) | (249,500) | (178,025) |
Other comprehensive (loss) income before reclassifications | 48,658 | (79,240) | (71,475) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Total other comprehensive income (loss) | 48,658 | (79,240) | (71,475) |
Balance at end of period | (280,082) | (328,740) | (249,500) |
Defined Benefit Pension Plans | |||
Accumulated other comprehensive income activity | |||
Balance at beginning of period | (5,951) | (66,486) | (102,322) |
Other comprehensive (loss) income before reclassifications | (6,711) | 54,149 | 26,409 |
Amounts reclassified from accumulated other comprehensive income (loss) | 771 | 6,386 | 9,427 |
Total other comprehensive income (loss) | (5,940) | 60,535 | 35,836 |
Balance at end of period | (11,891) | (5,951) | (66,486) |
Derivatives | |||
Accumulated other comprehensive income activity | |||
Balance at beginning of period | (6,675) | (55) | (1,362) |
Other comprehensive (loss) income before reclassifications | (10,086) | (6,666) | 8,584 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 46 | (7,277) |
Total other comprehensive income (loss) | (10,086) | (6,620) | 1,307 |
Balance at end of period | $ (16,761) | $ (6,675) | $ (55) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Reclassifications out of Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount Reclassified from Accumulated Other Comprehensive Income | |||
Income before Income Taxes | $ (374,825) | $ (334,704) | $ (321,655) |
Tax benefit | 90,649 | 95,149 | 78,017 |
Interest expense | 40,418 | 40,827 | 30,284 |
Miscellaneous income (expense), net | (3,212) | 4,799 | 3,094 |
Net Income | (284,176) | (239,555) | (243,638) |
Amount Reclassified from Accumulated Other Comprehensive Income | |||
Amount Reclassified from Accumulated Other Comprehensive Income | |||
Net Income | 771 | 6,432 | 2,150 |
Defined Benefit Pension Plans | Amount Reclassified from Accumulated Other Comprehensive Income | |||
Amount Reclassified from Accumulated Other Comprehensive Income | |||
Amortization of net loss | 914 | 8,358 | 12,424 |
Amortization of prior service cost | 177 | 177 | 166 |
Income before Income Taxes | 1,091 | 8,535 | 12,590 |
Tax benefit | (320) | (2,149) | (3,163) |
Net Income | 771 | 6,386 | 9,427 |
Derivatives | Amount Reclassified from Accumulated Other Comprehensive Income | |||
Amount Reclassified from Accumulated Other Comprehensive Income | |||
Net Income | 0 | 46 | (7,277) |
Derivatives | Changes in cross currency swap: interest component | Amount Reclassified from Accumulated Other Comprehensive Income | |||
Amount Reclassified from Accumulated Other Comprehensive Income | |||
Interest expense | 0 | (171) | (13) |
Derivatives | Changes in cross currency swap: foreign exchange component | Amount Reclassified from Accumulated Other Comprehensive Income | |||
Amount Reclassified from Accumulated Other Comprehensive Income | |||
Miscellaneous income (expense), net | $ 0 | $ 217 | $ (7,264) |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands, € in Millions | Jul. 06, 2022 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 06, 2022 USD ($) | Jul. 06, 2022 EUR (€) | Mar. 07, 2022 USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative Assets | $ 386 | $ 1,107 | ||||
Derivative Liabilities | 22,420 | 9,109 | ||||
Derivatives not Designated as Hedging Instruments | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative Assets | 386 | 1,107 | ||||
Derivative Liabilities | 221 | 269 | ||||
Cross Currency Swap Contract | Accounts payable and accrued liabilities | Derivatives not Designated as Hedging Instruments | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative Liabilities | 0 | 0 | ||||
Cross Currency Swap Contract | Net Investment Hedging | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, term of contract | 7 years | |||||
Amount hedged | $ 203,000 | € 200 | ||||
Derivative, fixed interest rate | 2.5224% | 2.5224% | ||||
Derivative, annual fixed interest payments receivable | $ 3,700 | |||||
Cash flow hedge derivative instrument liability at fair value | 22,200 | |||||
Foreign Exchange Contracts | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, notional amount | 50,800 | |||||
Foreign Exchange Contracts | Prepaid and other | Derivatives not Designated as Hedging Instruments | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative Assets | 386 | 1,107 | ||||
Foreign Exchange Contracts | Accounts payable and accrued liabilities | Derivatives not Designated as Hedging Instruments | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative Liabilities | $ 221 | $ 269 | ||||
Senior unsecured notes 3.6%, due in 2032, net of discount of $0.8 million | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Interest rate on notes (as a percent) | 3.60% | 3.60% | 3.60% | 3.60% | ||
Debt instrument, face amount | $ 400,000 | |||||
Debt instrument, periodic payment | € | € 2.5 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair Value of Derivative Instruments in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value of Derivative Instruments | ||
Derivative Assets | $ 386 | $ 1,107 |
Derivative Liabilities | 22,420 | 9,109 |
Derivatives Designated as Hedging Instruments | ||
Fair Value of Derivative Instruments | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 22,199 | 8,840 |
Derivatives Designated as Hedging Instruments | Foreign Exchange Contracts | Prepaid and other | ||
Fair Value of Derivative Instruments | ||
Derivative Assets | 0 | 0 |
Derivatives Designated as Hedging Instruments | Foreign Exchange Contracts | Accounts payable and accrued liabilities | ||
Fair Value of Derivative Instruments | ||
Derivative Liabilities | 0 | 0 |
Derivatives Designated as Hedging Instruments | Cross Currency Swap Contract | Accounts payable and accrued liabilities | ||
Fair Value of Derivative Instruments | ||
Derivative Liabilities | 22,199 | 8,840 |
Derivatives not Designated as Hedging Instruments | ||
Fair Value of Derivative Instruments | ||
Derivative Assets | 386 | 1,107 |
Derivative Liabilities | 221 | 269 |
Derivatives not Designated as Hedging Instruments | Foreign Exchange Contracts | Prepaid and other | ||
Fair Value of Derivative Instruments | ||
Derivative Assets | 386 | 1,107 |
Derivatives not Designated as Hedging Instruments | Foreign Exchange Contracts | Accounts payable and accrued liabilities | ||
Fair Value of Derivative Instruments | ||
Derivative Liabilities | 221 | 269 |
Derivatives not Designated as Hedging Instruments | Cross Currency Swap Contract | Accounts payable and accrued liabilities | ||
Fair Value of Derivative Instruments | ||
Derivative Liabilities | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Instruments on the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative instruments, gain or (loss) | |||
Interest expense | $ (40,418) | $ (40,827) | $ (30,284) |
Miscellaneous income (expense), net | 3,212 | (4,799) | $ (3,094) |
Amount of (Loss) Gain Recognized in Income on Derivatives | (668) | 606 | |
Derivatives in Cash Flow Hedging Relationships | |||
Derivative instruments, gain or (loss) | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative | (10,086) | (6,665) | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income on Derivative | 0 | (46) | |
Changes in cross currency swap: interest component | Derivatives in Cash Flow Hedging Relationships | |||
Derivative instruments, gain or (loss) | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative | 0 | 229 | |
Interest expense | (40,418) | ||
Changes in cross currency swap: interest component | Interest expense | Derivatives in Cash Flow Hedging Relationships | |||
Derivative instruments, gain or (loss) | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income on Derivative | 0 | 171 | |
Changes in cross currency swap: foreign exchange component | Derivatives in Cash Flow Hedging Relationships | |||
Derivative instruments, gain or (loss) | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative | (10,086) | (6,894) | |
Miscellaneous income (expense), net | 3,212 | ||
Changes in cross currency swap: foreign exchange component | Miscellaneous, net | Derivatives in Cash Flow Hedging Relationships | |||
Derivative instruments, gain or (loss) | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income on Derivative | 0 | (217) | |
Foreign Exchange Contracts | |||
Derivative instruments, gain or (loss) | |||
Amount of (Loss) Gain Recognized in Income on Derivatives | $ (668) | $ 606 |
DERIVATIVE INSTRUMENTS AND HE_6
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Assets | ||
Gross Amount | $ 386 | $ 1,107 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts Presented in the Statement of Financial Position | 386 | 1,107 |
Gross Amounts not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts not Offset in the Statement of Financial Position, Cash Collateral Received | 0 | 0 |
Net Amount | $ 386 | $ 1,107 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid and other | Prepaid and other |
Derivative Liabilities | ||
Gross Amount | $ 22,420 | $ 9,109 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts Presented in the Statement of Financial Position | 22,420 | 9,109 |
Gross Amounts not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts not Offset in the Statement of Financial Position, Cash Collateral Received | 0 | 0 |
Net Amount | $ 22,420 | $ 9,109 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accrued and other liabilities | Accounts payable, accrued and other liabilities |
FAIR VALUE - Financial Assets a
FAIR VALUE - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Liabilities | ||||
Fair value of long-term obligations | $ 900,000 | $ 600,000 | ||
Level 3 | ||||
Liabilities | ||||
Contingent consideration obligation | 25,310 | 0 | ||
Level 3 | Enable Injections, Inc. | ||||
Assets | ||||
Convertible notes | $ 5,000 | |||
Level 3 | Siklus Refill Pte Ltd | ||||
Assets | ||||
Convertible notes | $ 1,000 | |||
Liabilities | ||||
Proceeds from collection of notes receivable | 400 | |||
Fair Value, Recurring | ||||
Assets | ||||
Investment in equity securities | 5,297 | 1,106 | ||
Foreign exchange contracts | 1,107 | 386 | ||
Convertible notes | 5,650 | 5,650 | ||
Total assets at fair value | 12,054 | 7,142 | ||
Liabilities | ||||
Foreign exchange contracts | 269 | 221 | ||
Cross currency swap contract | 8,840 | 22,199 | ||
Contingent consideration obligation | 25,310 | 0 | ||
Total liabilities at fair value | 34,419 | 22,420 | ||
Fair Value, Recurring | Level 1 | ||||
Assets | ||||
Investment in equity securities | 5,297 | 1,106 | ||
Foreign exchange contracts | 0 | 0 | ||
Convertible notes | 0 | 0 | ||
Total assets at fair value | 5,297 | 1,106 | ||
Liabilities | ||||
Foreign exchange contracts | 0 | 0 | ||
Cross currency swap contract | 0 | 0 | ||
Contingent consideration obligation | 0 | 0 | ||
Total liabilities at fair value | 0 | 0 | ||
Fair Value, Recurring | Level 2 | ||||
Assets | ||||
Investment in equity securities | 0 | 0 | ||
Foreign exchange contracts | 1,107 | 386 | ||
Convertible notes | 0 | 0 | ||
Total assets at fair value | 1,107 | 386 | ||
Liabilities | ||||
Foreign exchange contracts | 269 | 221 | ||
Cross currency swap contract | 8,840 | 22,199 | ||
Contingent consideration obligation | 0 | 0 | ||
Total liabilities at fair value | 9,109 | 22,420 | ||
Fair Value, Recurring | Level 3 | ||||
Assets | ||||
Investment in equity securities | 0 | 0 | ||
Foreign exchange contracts | 0 | 0 | ||
Convertible notes | 5,650 | 5,650 | ||
Total assets at fair value | 5,650 | 5,650 | ||
Liabilities | ||||
Foreign exchange contracts | 0 | 0 | ||
Cross currency swap contract | 0 | 0 | ||
Contingent consideration obligation | 25,310 | 0 | ||
Total liabilities at fair value | $ 25,310 | $ 0 |
FAIR VALUE - Contingent Conside
FAIR VALUE - Contingent Consideration Fair Value (Details) - Level 3 - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Contingent consideration obligation | $ 0 | $ 25,310 |
Fusion Acquisition | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Contingent consideration obligation | 0 | 25,310 |
Noble Acquisition | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Contingent consideration obligation | $ 0 | $ 0 |
FAIR VALUE - Roll Forward (Deta
FAIR VALUE - Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 25,310 | $ 33,908 |
Increase in fair value recorded in earnings | (8,598) | |
Payments | (25,310) | |
Balance at end of period | $ 0 | $ 25,310 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, research & development and administrative |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Commitments and contingencies | ||
Unconditional purchase commitment | $ 53,400,000 | $ 53,400,000 |
Purchase commitment, term | 5 years | |
Liabilities recorded under indemnification agreements | 0 | $ 0 |
Gain (loss) related to litigation settlement | 6,600,000 | |
Indemnification agreements | ||
Commitments and contingencies | ||
Liabilities recorded under indemnification agreements | 0 | 0 |
Tax Assessment | ||
Commitments and contingencies | ||
Liabilities recorded under indemnification agreements | 0 | 0 |
Estimated loss contingency | 13,000,000 | 13,000,000 |
Tax Assessment Interest and Penalties | Minimum | ||
Commitments and contingencies | ||
Estimated loss contingency | 5,000,000 | 5,000,000 |
Tax Assessment Interest and Penalties | Maximum | ||
Commitments and contingencies | ||
Estimated loss contingency | $ 6,000,000 | $ 6,000,000 |
STOCK REPURCHASE PROGRAM (Detai
STOCK REPURCHASE PROGRAM (Details) - USD ($) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 18, 2019 | |
Stock repurchase program | ||||
Common stock repurchased (retired and held in treasury) (in shares) | 399 | 860 | 615 | |
Common stock repurchased (retired and held in treasury) | $ 47,600,000 | $ 92,100,000 | $ 78,100,000 | |
Remaining authorized repurchase amount | $ 60,700,000 | |||
Stock Repurchase Program April 18, 2019 | ||||
Stock repurchase program | ||||
Share repurchases authorized amount | $ 350,000,000 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Authorized common stock (in shares) | 199,000,000 | 199,000,000 | |
Common stock and treasury stock and the share activity | |||
Balance at the beginning of the year (in shares) | 70,900,000 | ||
Balance at the end of the year (in shares) | 71,700,000 | 70,900,000 | |
Cash dividends paid on the common stock | $ 103,683 | $ 99,461 | $ 98,509 |
Common Shares | |||
Common stock and treasury stock and the share activity | |||
Balance at the beginning of the year (in shares) | 70,848,810 | 70,370,812 | 69,516,805 |
Restricted stock vestings (in shares) | 150,970 | 176,535 | 171,935 |
Balance at the end of the year (in shares) | 71,679,658 | 70,848,810 | 70,370,812 |
Common Shares | Employee option exercises | |||
Common stock and treasury stock and the share activity | |||
Stock option exercises (in shares) | 679,878 | 301,463 | 634,572 |
Common Shares | Director option exercises | |||
Common stock and treasury stock and the share activity | |||
Stock option exercises (in shares) | 0 | 0 | 47,500 |
Treasury Shares | |||
Common stock and treasury stock and the share activity | |||
Balance at the beginning of the year (in shares) | 5,555,027 | 4,852,709 | 4,528,051 |
Common stock repurchased (in shares) | 398,594 | 860,000 | 614,974 |
Balance at the end of the year (in shares) | 5,775,295 | 5,555,027 | 4,852,709 |
Treasury Shares | Employee option exercises | |||
Common stock and treasury stock and the share activity | |||
Stock option exercises (in shares) | 178,326 | 157,682 | 290,316 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Proceeds from stock option exercises | $ 53,983 | $ 28,512 | $ 59,906 |
Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Received stock options exercise price percentage | 110% | ||
Weighted-average fair value of stock options granted (in dollars per share) | $ 19.84 | ||
Non Executive Officer Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Weighted-average fair value of stock options granted (in dollars per share) | $ 24.23 | ||
Time-Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period (in years) | 3 years | ||
RSUs granted (in shares) | 123,657 | ||
Restricted stock vestings (in shares) | 193,820 | ||
Time-Based RSUs | Director option exercises | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period (in years) | 1 year | ||
RSUs granted (in shares) | 11,508 | ||
Restricted stock vestings (in shares) | 10,589 | ||
Performance-Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period (in years) | 3 years | ||
RSUs granted (in shares) | 151,499 | ||
Restricted stock vestings (in shares) | 99,182 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Tax benefit | $ 5,900 | 8,000 | 7,200 |
Unrecognized compensation expense | $ 41,100 | ||
Weighted-average period cost will be recognized over | 1 year 8 months 12 days | ||
Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period (in years) | 3 years | ||
Tax benefit | $ 9,100 | 4,400 | 16,500 |
Unrecognized compensation expense | $ 2,700 | ||
Weighted-average period cost will be recognized over | 2 years | ||
Expiration period (in years) | 10 years | ||
Proceeds from stock option exercises | $ 54,000 | $ 28,500 | $ 59,900 |
STOCK-BASED COMPENSATION - Assu
STOCK-BASED COMPENSATION - Assumptions Used (Details) - Performance-Based RSUs - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Fair value per stock award (in dollars per share) | $ 116.17 | $ 141.95 | $ 171.63 |
Grant date stock price (in dollars per share) | $ 111.38 | $ 114.52 | $ 141.59 |
Aptar's stock price expected volatility | 20% | 20.20% | 21.40% |
Expected average volatility of peer companies | 39.70% | 41.70% | 50% |
Correlation assumption | 33.30% | 41.20% | 58.10% |
Risk-free interest rate | 3.83% | 2.04% | 0.32% |
Dividend yield assumption | 1.36% | 1.33% | 1.02% |
STOCK-BASED COMPENSATION - Rest
STOCK-BASED COMPENSATION - Restricted Stock Unit Activity (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Time-Based RSUs | |
Units | |
Nonvested outstanding beginning balance (in shares) | shares | 426,361 |
RSUs granted (in shares) | shares | 123,657 |
RSUs vested (in shares) | shares | (193,820) |
RSUs forfeited (in shares) | shares | (20,324) |
Nonvested outstanding ending balance (in shares) | shares | 335,874 |
Weighted Average Grant-Date Fair Value | |
Outstanding, Weighted average grant date fair value begging balance (in dollars per share) | $ / shares | $ 111.60 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 110.55 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 105 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 111.17 |
Outstanding, Weighted average grant date fair value ending balance (in dollars per share) | $ / shares | $ 115.15 |
Performance-Based RSUs | |
Units | |
Nonvested outstanding beginning balance (in shares) | shares | 610,871 |
RSUs granted (in shares) | shares | 151,499 |
RSUs vested (in shares) | shares | (99,182) |
RSUs forfeited (in shares) | shares | (148,805) |
Nonvested outstanding ending balance (in shares) | shares | 514,383 |
Weighted Average Grant-Date Fair Value | |
Outstanding, Weighted average grant date fair value begging balance (in dollars per share) | $ / shares | $ 118.77 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 115.69 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 89.33 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 96.24 |
Outstanding, Weighted average grant date fair value ending balance (in dollars per share) | $ / shares | $ 130.10 |
STOCK-BASED COMPENSATION - Comp
STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | $ 37,015 | $ 40,937 | $ 38,643 |
Fair value of units vested | 29,100 | 32,013 | 32,414 |
Intrinsic value of units vested | 33,914 | 33,024 | 42,970 |
Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | 4,278 | 0 | 227 |
Compensation expense, net of tax | 4,278 | 0 | 174 |
Grant date fair value of options vested | 2,663 | 0 | 2,421 |
Options | Compensation expense (included in SG&A) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | 3,929 | 0 | 185 |
Options | Compensation expense (included in Cost of sales) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | $ 349 | $ 0 | $ 42 |
STOCK-BASED COMPENSATION - Summ
STOCK-BASED COMPENSATION - Summary of Option Activity (Details) - Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Awards Plans | |||
Assumptions used to estimate fair value of stock options granted | |||
Dividend Yield | 1.41% | ||
Expected Stock Price Volatility | 16.55% | ||
Risk-free Interest Rate | 3.57% | ||
Expected Life of Option (years) | 7 years | ||
Stock options activity | |||
Outstanding at the beginning of the period (in shares) | 2,623,944 | ||
Granted (in shares) | 315,005 | ||
Exercised (in shares) | (749,899) | ||
Forfeited or expired (in shares) | (6,266) | ||
Outstanding at the end of the period (in shares) | 2,182,784 | 2,623,944 | |
Stock option weighted average exercise price | |||
Outstanding at the beginning of the period (in dollars per share) | $ 73.34 | ||
Options granted, Weighted average exercise price per share (in dollars per share) | 116.19 | ||
Options exercised, Weighted average exercise price per share (in dollars per share) | 69.94 | ||
Options forfeited or expired, Weighted average exercise price per share (in dollars per share) | 93.23 | ||
Outstanding at the end of the period (in dollars per share) | $ 80.63 | $ 73.34 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Options exercisable, Number of options (in shares) | 1,871,178 | ||
Options exercisable, Weighted average exercise price per share (in dollars per share) | $ 74.70 | ||
Options outstanding, Weighted average remaining contractual term (in years) | 3 years 6 months | ||
Options exercisable, Weighted average remaining contractual term (in years) | 2 years 7 months 6 days | ||
Options outstanding, Aggregate intrinsic value (in USD) | $ 93,830 | ||
Options exercisable, Aggregate intrinsic value (in USD) | 91,533 | ||
Options exercised, Intrinsic value, at end of period | $ 38,706 | $ 20,608 | $ 69,862 |
Director option exercises | |||
Stock options activity | |||
Outstanding at the beginning of the period (in shares) | 51,700 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | (32,700) | ||
Forfeited or expired (in shares) | 0 | ||
Outstanding at the end of the period (in shares) | 19,000 | 51,700 | |
Stock option weighted average exercise price | |||
Outstanding at the beginning of the period (in dollars per share) | $ 63.91 | ||
Options granted, Weighted average exercise price per share (in dollars per share) | 0 | ||
Options exercised, Weighted average exercise price per share (in dollars per share) | 62.36 | ||
Options forfeited or expired, Weighted average exercise price per share (in dollars per share) | 0 | ||
Outstanding at the end of the period (in dollars per share) | $ 66.59 | $ 63.91 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Options exercisable, Number of options (in shares) | 19,000 | ||
Options exercisable, Weighted average exercise price per share (in dollars per share) | $ 66.59 | ||
Options outstanding, Weighted average remaining contractual term (in years) | 4 months 24 days | ||
Options exercisable, Weighted average remaining contractual term (in years) | 4 months 24 days | ||
Options outstanding, Aggregate intrinsic value (in USD) | $ 1,084 | ||
Options exercisable, Aggregate intrinsic value (in USD) | 1,084 | ||
Options exercised, Intrinsic value, at end of period | $ 1,978 | $ 0 | $ 4,248 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (Numerator) | |||
Income available to common stockholders, basic | $ 284,487 | $ 239,288 | $ 244,097 |
Income available to common stockholders, diluted | $ 284,487 | $ 239,288 | $ 244,097 |
Shares (Denominator) | |||
Basic (in shares) | 65,616 | 65,402 | 65,663 |
Total average equivalent shares (in shares) | 66,905 | 66,719 | 67,682 |
Per Share Amount | |||
Net income per share, basic (in dollars per share) | $ 4.34 | $ 3.66 | $ 3.72 |
Net income per share, diluted (in dollars per share) | $ 4.25 | $ 3.59 | $ 3.61 |
Stock options | |||
Shares (Denominator) | |||
Effect of dilutive stock based compensation (in shares) | 874 | 978 | 1,600 |
Restricted stock | |||
Shares (Denominator) | |||
Effect of dilutive stock based compensation (in shares) | 415 | 339 | 419 |
SEGMENT INFORMATION - Summary o
SEGMENT INFORMATION - Summary of Reportable Segments (Details) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2023 segment | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) segment | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 3 | 3 | 3 | |
Number of realigned segments | segment | 2 | |||
Financial information regarding the Company's reportable segments | ||||
Net Sales | $ 3,487,450 | $ 3,322,249 | $ 3,227,221 | |
Acquisition-related costs | (480) | (231) | (3,811) | |
Restructuring initiatives | (45,004) | (6,597) | (23,240) | |
Net unrealized investment (loss) gain | (2,775) | (3,323) | 2,709 | |
Depreciation and amortization | (248,593) | (233,706) | (234,853) | |
Interest expense | (40,418) | (40,827) | (30,284) | |
Interest income | 4,373 | 2,700 | 3,668 | |
Income before Income Taxes | 374,825 | 334,704 | 321,655 | |
Capital Expenditures | 312,342 | 310,427 | 307,935 | |
Total Assets | 4,451,890 | 4,203,458 | 4,141,364 | |
Optimization Initiative | ||||
Financial information regarding the Company's reportable segments | ||||
Restructuring initiatives | (45,445) | (6,224) | 0 | |
Prior Year Initiatives | ||||
Financial information regarding the Company's reportable segments | ||||
Restructuring initiatives | 441 | (373) | (23,240) | |
Aptar Pharma | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 1,520,993 | 1,361,256 | 1,284,624 | |
Aptar Beauty | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 1,267,697 | 1,222,535 | 1,181,846 | |
Aptar Closures | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 698,760 | 738,458 | 760,751 | |
Operating Segments | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 3,526,161 | 3,366,522 | 3,270,805 | |
Operating Segments | Aptar Pharma | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 1,521,837 | 1,372,449 | 1,297,996 | |
Adjusted EBITDA | 502,633 | 441,622 | 425,714 | |
Restructuring initiatives | (4,852) | 0 | (76) | |
Depreciation and amortization | (109,366) | (94,396) | (90,510) | |
Capital Expenditures | 196,083 | 164,396 | 154,077 | |
Total Assets | 2,111,779 | 1,872,843 | 1,833,512 | |
Operating Segments | Aptar Beauty | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 1,297,477 | 1,246,018 | 1,204,312 | |
Adjusted EBITDA | 163,716 | 151,887 | 125,451 | |
Restructuring initiatives | (20,683) | (5,539) | (8,149) | |
Depreciation and amortization | (83,399) | (80,498) | (83,379) | |
Capital Expenditures | 83,872 | 74,203 | 87,442 | |
Total Assets | 1,412,203 | 1,398,813 | 1,370,854 | |
Operating Segments | Aptar Closures | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 706,847 | 748,055 | 768,497 | |
Adjusted EBITDA | 103,693 | 86,109 | 108,615 | |
Restructuring initiatives | (17,927) | (1,058) | (2,702) | |
Depreciation and amortization | (52,095) | (52,866) | (53,555) | |
Capital Expenditures | 52,160 | 44,223 | 47,225 | |
Total Assets | 765,930 | 779,654 | 819,332 | |
Intersegment | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 38,711 | 44,273 | 43,584 | |
Intersegment | Aptar Pharma | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 844 | 11,193 | 13,372 | |
Intersegment | Aptar Beauty | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 29,780 | 23,483 | 22,466 | |
Intersegment | Aptar Closures | ||||
Financial information regarding the Company's reportable segments | ||||
Net Sales | 8,087 | 9,597 | 7,746 | |
Corporate & Other | ||||
Financial information regarding the Company's reportable segments | ||||
Adjusted EBITDA | (62,320) | (62,930) | (52,314) | |
Restructuring initiatives | (1,542) | 0 | (12,313) | |
Depreciation and amortization | (3,733) | (5,946) | (7,409) | |
Capital Expenditures | 14,729 | 29,491 | 29,686 | |
Transfer of Corporate Expenditures | (34,502) | (1,886) | (10,495) | |
Total Assets | $ 161,978 | $ 152,148 | $ 117,666 |
SEGMENT INFORMATION - Summary_2
SEGMENT INFORMATION - Summary of Net Sales and Long-Lived Assets By Geographic Area (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Net sales and long-lived asset information by geographic area | |||
Net Sales | $ 3,487,450 | $ 3,322,249 | $ 3,227,221 |
Property, Plant and Equipment, Net | $ 1,478,063 | $ 1,343,664 | $ 1,275,877 |
Customer Concentration Risk | Net sales | |||
Net sales and long-lived asset information by geographic area | |||
Concentration risk, threshold percentage | 0.05 | 0.05 | 0.05 |
United States | |||
Net sales and long-lived asset information by geographic area | |||
Net Sales | $ 1,001,087 | $ 1,100,159 | $ 1,081,823 |
Property, Plant and Equipment, Net | 357,729 | 346,382 | 321,511 |
Europe | |||
Net sales and long-lived asset information by geographic area | |||
Net Sales | 2,001,779 | 1,773,395 | 1,725,182 |
Property, Plant and Equipment, Net | 882,702 | 772,828 | 761,697 |
France | |||
Net sales and long-lived asset information by geographic area | |||
Net Sales | 1,077,695 | 938,637 | 906,057 |
Property, Plant and Equipment, Net | 550,738 | 482,091 | 455,105 |
Germany | |||
Net sales and long-lived asset information by geographic area | |||
Net Sales | 564,528 | 512,709 | 486,928 |
Property, Plant and Equipment, Net | 225,860 | 194,898 | 197,643 |
Italy | |||
Net sales and long-lived asset information by geographic area | |||
Net Sales | 172,215 | 154,823 | 161,676 |
Property, Plant and Equipment, Net | 42,240 | 42,522 | 50,828 |
Other Europe | |||
Net sales and long-lived asset information by geographic area | |||
Net Sales | 187,341 | 167,226 | 170,521 |
Property, Plant and Equipment, Net | 63,864 | 53,317 | 58,121 |
China | |||
Net sales and long-lived asset information by geographic area | |||
Net Sales | 152,609 | 156,577 | 148,671 |
Property, Plant and Equipment, Net | 112,017 | 98,469 | 74,535 |
Other Foreign Countries | |||
Net sales and long-lived asset information by geographic area | |||
Net Sales | 331,975 | 292,118 | 271,545 |
Property, Plant and Equipment, Net | $ 125,615 | $ 125,985 | $ 118,134 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Aug. 01, 2023 | Mar. 01, 2023 | Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquisitions | ||||||
Acquisition of businesses, net of cash acquired and release of escrow | $ 16,570,000 | $ 4,100,000 | $ 148,420,000 | |||
Restricted cash included in prepaid and other | 500,000 | 1,000,000 | 0 | |||
Acquisition-related costs | 480,000 | 231,000 | 3,811,000 | |||
Goodwill | 963,418,000 | 945,632,000 | $ 974,157,000 | |||
Hengyu Acquisition | ||||||
Acquisitions | ||||||
Payments to acquire businesses, gross | $ 5,200,000 | |||||
iD SCENT and Gulf Closures | ||||||
Acquisitions | ||||||
Acquisition-related costs | 300,000 | |||||
iD SCENT | ||||||
Acquisitions | ||||||
Acquisition of businesses, net of cash acquired and release of escrow | $ 9,400,000 | |||||
Cash acquired | 1,400,000 | |||||
Gulf Closures | ||||||
Acquisitions | ||||||
Acquisition of businesses, net of cash acquired and release of escrow | 1,500,000 | |||||
Cash acquired | $ 1,200,000 | |||||
Percentage of interest acquired | 80% | |||||
Valuation of full company equity of acquired company | $ 3,300,000 | |||||
Non-controlling interest value | $ 700,000 | |||||
Metaphase | ||||||
Acquisitions | ||||||
Acquisition of businesses, net of cash acquired and release of escrow | $ 5,100,000 | |||||
Cash acquired | 100,000 | |||||
Restricted cash included in prepaid and other | $ 1,000,000 | |||||
Acquisition-related costs | 200,000 | |||||
2023 Acquisitions | ||||||
Acquisitions | ||||||
Goodwill | 3,800,000 | |||||
Goodwill deductible for tax purposes | 0 | |||||
2023 Acquisitions | Aptar Beauty | ||||||
Acquisitions | ||||||
Goodwill | 3,700,000 | |||||
2023 Acquisitions | Aptar Closures | ||||||
Acquisitions | ||||||
Goodwill | $ 100,000 | |||||
2022 Acquisitions | ||||||
Acquisitions | ||||||
Goodwill | 3,000,000 | |||||
Goodwill deductible for tax purposes | $ 0 |
INVESTMENT IN EQUITY SECURITI_3
INVESTMENT IN EQUITY SECURITIES - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Total equity method investments and other investments | $ 49,203 | $ 52,308 |
BTY | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 33,090 | 31,490 |
Sonmol | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 4,751 | 4,997 |
Desotec GmbH | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 905 | 863 |
PureCycle | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Investments | 1,106 | 5,297 |
YAT | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Investments | 5,352 | 5,508 |
Loop | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Investments | 2,894 | 2,894 |
Others | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Investments | $ 1,105 | $ 1,259 |
INVESTMENT IN EQUITY SECURITI_4
INVESTMENT IN EQUITY SECURITIES - Narrative (Details) € in Thousands | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||||||||
Dec. 10, 2023 USD ($) | Jul. 07, 2021 USD ($) | Apr. 01, 2020 USD ($) | Jan. 01, 2020 USD ($) company | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2009 EUR (€) | Dec. 31, 2020 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Accounts payable, accrued and other liabilities | $ 36,300,000 | $ 30,800,000 | |||||||||
Investment impairment | 0 | ||||||||||
Jinyu | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage of equity method investment | 40% | ||||||||||
Investment in unconsolidated affiliate | $ 84,000,000 | ||||||||||
BTY | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage of equity method investment | 49% | ||||||||||
Investment in unconsolidated affiliate | $ 32,000,000 | ||||||||||
Number of companies acquired | company | 3 | ||||||||||
Initial lock-up period (in years) | 5 years | ||||||||||
Second lock-up period (in years) | 3 years | ||||||||||
Purchases from related party | 14,300,000 | 11,400,000 | $ 6,300,000 | ||||||||
Accounts payable, accrued and other liabilities | $ 1,800,000 | $ 1,500,000 | |||||||||
BTY | Minimum | Call Option | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage of equity method investment | 26% | ||||||||||
BTY | Maximum | Call Option | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage of equity method investment | 31% | ||||||||||
Sonmol | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage of equity method investment | 30% | ||||||||||
Investment in unconsolidated affiliate | $ 5,000,000 | ||||||||||
Desotec GmbH | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage of equity method investment | 23% | ||||||||||
Investment in unconsolidated affiliate | € | € 574 | ||||||||||
Loop | Preferred equity stocks | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated affiliate | $ 2,900,000 | ||||||||||
PureCycle | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment ownership percentage | 0.01 | ||||||||||
PureCycle | Preferred equity stocks | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated affiliate | $ 3,000,000 | ||||||||||
Equity received in exchange for services | $ 700,000 | ||||||||||
YAT | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated affiliate | $ 5,900,000 | ||||||||||
Investment ownership percentage | 0.10 |
INVESTMENT IN EQUITY SECURITI_5
INVESTMENT IN EQUITY SECURITIES - Purecycle Investment (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2023 | Jul. 31, 2023 | Aug. 31, 2022 | Mar. 31, 2022 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds | $ 5,604 | $ 1,599 | $ 2,434 | |||||
PureCycle | Preferred stock | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Shares Sold (in shares) | 261,590 | 248,859 | 50,000 | 107,600 | 191,349 | |||
Proceeds | $ 2,945 | $ 2,659 | $ 511 | $ 1,088 | $ 2,434 | |||
Realized Gain | $ 2,220 | $ 1,968 | $ 372 | $ 841 | $ 2,000 |
INVESTMENT IN EQUITY SECURITI_6
INVESTMENT IN EQUITY SECURITIES - Net Investment Gain/Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Net investment gain (loss) | $ 1,413 | $ (2,110) | $ 4,709 |
PureCycle | Preferred stock | |||
Schedule of Equity Method Investments [Line Items] | |||
Net investment gain (loss) | $ 1,413 | $ (2,110) | $ 4,709 |
RESTRUCTURING INITIATIVES - Nar
RESTRUCTURING INITIATIVES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring initiatives | |||
Restructuring charges | $ 45,004 | $ 6,597 | $ 23,240 |
Business Transformation | |||
Restructuring initiatives | |||
Restructuring income | (400) | ||
Restructuring charges | 400 | $ 23,200 | |
Optimization Plan | |||
Restructuring initiatives | |||
Restructuring charges | 45,400 | $ 6,200 | |
Cumulative expense incurred | $ 51,600 |
RESTRUCTURING INITIATIVES - Res
RESTRUCTURING INITIATIVES - Restructuring Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring reserve | |||
Net Charges | $ 45,004 | $ 6,597 | $ 23,240 |
Business Optimization | |||
Restructuring reserve | |||
Restructuring reserve, balance at the beginning of the period | 4,993 | ||
Net Charges | 45,445 | ||
Cash Paid | (18,094) | ||
Interest and FX Impact | (2,456) | ||
Restructuring reserve, balance at the end of the period | 29,888 | 4,993 | |
Business Optimization | Employee severance | |||
Restructuring reserve | |||
Restructuring reserve, balance at the beginning of the period | 4,993 | ||
Net Charges | 37,167 | ||
Cash Paid | (12,608) | ||
Interest and FX Impact | (2,474) | ||
Restructuring reserve, balance at the end of the period | 27,078 | 4,993 | |
Business Optimization | Professional fees and other costs | |||
Restructuring reserve | |||
Restructuring reserve, balance at the beginning of the period | 0 | ||
Net Charges | 8,278 | ||
Cash Paid | (5,486) | ||
Interest and FX Impact | 18 | ||
Restructuring reserve, balance at the end of the period | $ 2,810 | $ 0 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CECL | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at Beginning Of Period | $ 9,519 | $ 7,374 | $ 5,918 |
Charged to Costs and Expenses | 8,077 | 3,213 | 1,601 |
Charged to Other Accounts | 12 | 0 | 391 |
Deductions from Reserve | (1,391) | (1,068) | (536) |
Balance at End of Period | 16,217 | 9,519 | 7,374 |
Deferred tax valuation allowance | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at Beginning Of Period | 46,239 | 47,149 | 23,105 |
Charged to Costs and Expenses | 1,498 | 3,754 | 5,355 |
Charged to Other Accounts | 2,495 | 380 | 20,572 |
Deductions from Reserve | (1,376) | (5,044) | (1,883) |
Balance at End of Period | $ 48,856 | $ 46,239 | 47,149 |
Deferred tax valuation allowance | Voluntis | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Charged to Other Accounts | $ 20,500 |