v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Our chief operating decision maker, who is our Chief Executive Officer and President, evaluates performance of our business segments and allocates resources based on the adjusted EBIT of our business segments. Adjusted EBIT is not a defined term under GAAP. We define adjusted EBIT as income before interest and income taxes excluding acquired intangible asset amortization expense, other pension (income) expense for U.S. pension plans and closed facilities, rationalization charges and costs attributed to announced acquisitions and including, as applicable, equity in earnings of affiliates, net of tax. Adjusted EBIT should not be considered in isolation or as a substitute for income before interest and income taxes or any other financial data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies.
Reportable segment information was as follows:
Dispensing and Specialty ClosuresMetal
Containers		Custom
Containers		CorporateTotal
(Dollars in thousands)
Three Months Ended June 30, 2026
Net sales$713,862 $763,936 $165,471 $— $1,643,269 
Segment expenses and other (a)
607,247 698,057 138,322 15,360 1,458,986 
Equity in earnings of affiliates, net of tax982 — — — 982 
Adjusted EBIT107,597 65,879 27,149 (15,360)185,265 
Depreciation39,266 20,260 8,022 119 67,667 
Capital expenditures36,345 21,208 6,684 7 64,244 
Three Months Ended June 30, 2025
Net sales$702,187 $676,056 $160,918 $— $1,539,161 
Segment expenses and other (a)
594,817 605,285 135,989 10,654 1,346,745 
Equity in earnings of affiliates, net of tax555 — — — 555 
Adjusted EBIT107,925 70,771 24,929 (10,654)192,971 
Depreciation37,633 13,607 8,684 102 60,026 
Capital expenditures48,707 17,728 5,826 508 72,769 
Six Months Ended June 30, 2026
Net sales$1,399,184 $1,488,806 $316,537 $— $3,204,527 
Segment expenses and other (a)
1,197,694 1,373,102 267,670 31,027 2,869,493 
Equity in earnings of affiliates, net of tax 2,180 — — — 2,180 
Adjusted EBIT203,670 115,704 48,867 (31,027)337,214 
Depreciation79,934 40,251 16,061 237 136,483 
Segment assets5,777,536 2,956,843 746,513 50,318 9,531,210 
Capital expenditures84,831 50,318 11,532 7 146,688 
Six Months Ended June 30, 2025
Net sales$1,373,290 $1,304,483 $328,049 $— $3,005,822 
Segment expenses and other (a)
1,167,879 1,184,156 278,536 25,727 2,656,298 
Equity in earnings of affiliates, net of tax1,717 — — — 1,717 
Adjusted EBIT207,128 120,327 49,513 (25,727)351,241 
Depreciation73,488 32,892 17,448 148 123,976 
Segment assets5,846,884 2,706,408 780,467 39,861 9,373,620 
Capital expenditures92,141 48,971 13,665 916 155,693 
(a)    Segment expenses and other includes cost of goods sold, selling, general and administrative expenses, and other pension and postretirement (income) expense and excludes acquired intangible asset amortization expense, other pension (income) expense only for U.S. pension plans and closed facilities, and costs attributed to announced acquisitions.
Total adjusted EBIT is reconciled to income before income taxes as follows:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands)
Total adjusted EBIT $185,265 $192,971 $337,214 $351,241 
Less:
Acquired intangible asset amortization expense16,082 15,946 32,198 31,359 
Other pension (income) for U.S. pension plans and closed
    facilities		(1,003)(925)(2,010)(1,850)
Equity in earnings of affiliates, net of tax982 555 2,180 1,717 
Rationalization charges18,159 9,864 27,206 20,823 
Costs attributed to announced acquisitions— — — 1,117 
Income before interest and income taxes151,045 167,531 277,640 298,075 
Interest and other debt expense47,117 48,699 89,566 91,627 
Income before income taxes$103,928 $118,832 $188,074 $206,448 

Net sales and adjusted EBIT of our metal containers segment and of part of our dispensing and specialty closures segment are dependent, in part, upon the vegetable and fruit harvests in the United States and, to a lesser extent, in a variety of national growing regions in Europe. The size and quality of these harvests varies from year to year, depending in large part upon the weather conditions in applicable regions. Because of the seasonality of the harvests, we have historically experienced higher unit sales volume in the third quarter of our fiscal year and generated a disproportionate amount of our annual adjusted EBIT during that quarter.