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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM     TO      
COMMISSION FILE NUMBER 1-11846
atr-20220630_g1.jpg
AptarGroup, Inc.
Delaware36-3853103
(State of Incorporation)(I.R.S. Employer Identification No.)
265 EXCHANGE DRIVE, SUITE 100, CRYSTAL LAKEIL 60014
815-477-0424
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueATRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer

Non-accelerated
filer
Smaller reporting
company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
The number of shares outstanding of common stock, as of July 22, 2022, was 65,337,000 shares.


AptarGroup, Inc.
Form 10-Q
Quarter Ended June 30, 2022
INDEX
i

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
In thousands, except per share amounts
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net Sales$844,543 $811,032 $1,689,475 $1,587,786 
Operating Expenses:
Cost of sales (exclusive of depreciation and amortization shown below)549,010 523,050 1,091,738 1,011,755 
Selling, research & development and administrative135,382 140,913 280,923 275,261 
Depreciation and amortization58,552 57,790 117,217 115,228 
Restructuring initiatives428 4,876 719 8,548 
Total Operating Expenses743,372 726,629 1,490,597 1,410,792 
Operating Income101,171 84,403 198,878 176,994 
Other (Expense) Income:
Interest expense(11,982)(7,175)(20,912)(14,590)
Interest income989 624 1,277 1,005 
Net investment (loss) gain(483)(1,611)(1,733)15,198 
Equity in results of affiliates(276)81 (362)(434)
Miscellaneous, net52 (2,028)(1,051)(2,991)
Total Other (Expense) Income(11,700)(10,109)(22,781)(1,812)
Income before Income Taxes89,471 74,294 176,097 175,182 
Provision for Income Taxes25,858 19,020 50,113 35,969 
Net Income$63,613 $55,274 $125,984 $139,213 
Net Income Attributable to Noncontrolling Interests$12 $2 $64 $15 
Net Income Attributable to AptarGroup, Inc.$63,625 $55,276 $126,048 $139,228 
Net Income Attributable to AptarGroup, Inc. per Common Share:
Basic$0.97 $0.84 $1.92 $2.12 
Diluted$0.95 $0.81 $1.88 $2.05 
Average Number of Shares Outstanding:
Basic65,475 65,818 65,509 65,525 
Diluted66,900 68,086 66,969 67,869 
Dividends per Common Share$0.38 $0.38 $0.76 $0.74 

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
1

AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
In thousands
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net Income$63,613 $55,274 $125,984 $139,213 
Other Comprehensive Income (Loss):
Foreign currency translation adjustments(68,845)21,109 (91,887)(27,373)
Changes in derivative gains, net of tax533 289 121 809 
Defined benefit pension plan, net of tax
Actuarial gain (loss), net of tax33 123 (750)442 
Prior service cost, net of tax    
Amortization of prior service cost included in net income, net of tax25 32 53 65 
Amortization of net loss included in net income, net of tax1,572 2,354 3,152 4,708 
Total defined benefit pension plan, net of tax1,630 2,509 2,455 5,215 
Total other comprehensive (loss) income(66,682)23,907 (89,311)(21,349)
Comprehensive (Loss) Income(3,069)79,181 36,673 117,864 
Comprehensive Income Attributable to Noncontrolling Interests826 2 840 15 
Comprehensive (Loss) Income Attributable to AptarGroup, Inc.$(2,243)$79,183 $37,513 $117,879 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
2

AptarGroup, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In thousands
June 30, 2022December 31, 2021
Assets
Cash and equivalents$240,474 $122,925 
Short-term investments 740 
Total Cash and equivalents and Short-term investments240,474 123,665 
Accounts and notes receivable, less current expected credit loss ("CECL") of $9,414 in 2022 and $7,374 in 2021
703,000 671,350 
Inventories470,600 441,464 
Prepaid and other144,567 121,729 
Total Current Assets1,558,641 1,358,208 
Land29,632 31,436 
Buildings and improvements638,497 631,897 
Machinery and equipment2,788,792 2,862,142 
Property, Plant and Equipment, Gross3,456,921 3,525,475 
Less: Accumulated depreciation(2,199,929)(2,249,598)
Property, Plant and Equipment, Net1,256,992 1,275,877 
Investments in equity securities53,838 59,485 
Goodwill936,107 974,157 
Intangible assets, net329,285 362,343 
Operating lease right-of-use assets62,626 62,454 
Miscellaneous60,621 48,840 
Total Other Assets1,442,477 1,507,279 
Total Assets$4,258,110 $4,141,364 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
3

AptarGroup, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In thousands, except share and per share amounts
June 30, 2022December 31, 2021
Liabilities and Stockholders’ Equity
Current Liabilities:
Notes payable, revolving credit facility and overdrafts$2,300 $147,276 
Current maturities of long-term obligations, net of unamortized debt issuance costs67,986 142,351 
Accounts payable, accrued and other liabilities751,746 692,865 
Total Current Liabilities822,032 982,492 
Long-Term Obligations, net of unamortized debt issuance costs1,271,752 907,024 
Deferred income taxes22,096 27,547 
Retirement and deferred compensation plans105,335 116,809 
Operating lease liabilities46,973 48,010 
Deferred and other non-current liabilities41,458 74,882 
Commitments and contingencies  
Total Deferred Liabilities and Other215,862 267,248 
AptarGroup, Inc. stockholders’ equity
Common stock, $.01 par value, 199 million shares authorized, 70.6 million and 70.4 million shares issued as of June 30, 2022 and December 31, 2021, respectively
706 704 
Capital in excess of par value939,897 916,534 
Retained earnings1,865,634 1,789,413 
Accumulated other comprehensive loss(404,576)(316,041)
Less: Treasury stock at cost, 5.2 million and 4.9 million shares as of June 30, 2022 and December 31, 2021, respectively
(467,550)(421,203)
Total AptarGroup, Inc. Stockholders’ Equity1,934,111 1,969,407 
Noncontrolling interests in subsidiaries14,353 15,193 
Total Stockholders’ Equity1,948,464 1,984,600 
Total Liabilities and Stockholders’ Equity$4,258,110 $4,141,364 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
4

AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
In thousands
Three Months EndedAptarGroup, Inc. Stockholders’ Equity
June 30, 2022 and 2021Retained EarningsAccumulated
Other
Comprehensive (Loss) Income
Common
Stock
Par Value
Treasury
Stock
Capital in
Excess of
Par Value
Non-
Controlling
Interest
Total
Equity
Balance - March 31, 2021$1,704,336 $(326,965)$700 $(352,282)$874,623 $383 $1,900,795 
Net income (loss)55,276 — — — — (2)55,274 
Foreign currency translation adjustments— 21,109 — — —  21,109 
Changes in unrecognized pension gains and related amortization, net of tax— 2,509 — — — — 2,509 
Changes in derivative gains, net of tax— 289 — — — — 289 
Stock awards and option exercises— — 2 7,900 23,759 — 31,661 
Cash dividends declared on common stock(24,974)— — — — — (24,974)
Balance - June 30, 2021$1,734,638 $(303,058)$702 $(344,382)$898,382 $381 $1,986,663 
Balance - March 31, 2022$1,826,924 $(338,708)$705 $(434,867)$929,218 $15,179 $1,998,451 
Net income (loss)63,625 — — — — (12)63,613 
Foreign currency translation adjustments— (68,031)— — — (814)(68,845)
Changes in unrecognized pension gains and related amortization, net of tax— 1,630 — — — — 1,630 
Changes in derivative gains, net of tax— 533 — — — — 533 
Stock awards and option exercises— — 1 4,422 10,679 — 15,102 
Cash dividends declared on common stock(24,915)— — — — — (24,915)
Treasury stock purchased— — — (37,105)— — (37,105)
Balance - June 30, 2022$1,865,634 $(404,576)$706 $(467,550)$939,897 $14,353 $1,948,464 
5

In thousands
Six Months EndedAptarGroup, Inc. Stockholders’ Equity
June 30, 2022 and 2021Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Common
Stock
Par Value
Treasury
Stock
Capital in
Excess of
Par Value
Non-
Controlling
Interest
Total
Equity
Balance - December 31, 2020
$1,643,825 $(281,709)$695 $(361,583)$849,161 $396 $1,850,785 
Net income (loss)139,228 — — — — (15)139,213 
Foreign currency translation adjustments— (27,373)— — —  (27,373)
Changes in unrecognized pension gains and related amortization, net of tax— 5,215 — — — — 5,215 
Changes in derivative gains, net of tax— 809 — — — — 809 
Stock awards and option exercises— — 7 17,201 49,221 — 66,429 
Cash dividends declared on common stock(48,415)— — — — — (48,415)
Balance - June 30, 2021$1,734,638 $(303,058)$702 $(344,382)$898,382 $381 $1,986,663 
Balance - December 31, 2021
$1,789,413 $(316,041)$704 $(421,203)$916,534 $15,193 $1,984,600 
Net income (loss)126,048 — — — — (64)125,984 
Foreign currency translation adjustments— (91,111)— — — (776)(91,887)
Changes in unrecognized pension gains and related amortization, net of tax— 2,455 — — — — 2,455 
Changes in derivative gains, net of tax— 121 — — — — 121 
Stock awards and option exercises— — 2 6,741 23,363 — 30,106 
Cash dividends declared on common stock(49,827)— — — — — (49,827)
Treasury stock purchased— — — (53,088)— — (53,088)
Balance - June 30, 2022$1,865,634 $(404,576)$706 $(467,550)$939,897 $14,353 $1,948,464 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
6


AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
In thousands, brackets denote cash outflows
Six Months Ended June 30,20222021
Cash Flows from Operating Activities:
Net income$125,984 $139,213 
Adjustments to reconcile net income to net cash provided by operations:
Depreciation95,123 95,606 
Amortization22,094 19,622 
Stock-based compensation22,136 21,805 
Provision for CECL2,338 (240)
(Gain) loss on disposition of fixed assets(179)5 
Net loss (gain) on remeasurement of equity securities1,733 (15,198)
Deferred income taxes(5,484)(6,865)
Defined benefit plan expense12,347 14,650 
Equity in results of affiliates362 434 
Change in fair value of contingent consideration(2,265)1,950 
Changes in balance sheet items, excluding effects from foreign currency adjustments:
Accounts and other receivables(60,045)(76,735)
Inventories(49,242)(55,873)
Prepaid and other current assets(24,091)(19,793)
Accounts payable, accrued and other liabilities62,973 69,139 
Income taxes payable822 (5,261)
Retirement and deferred compensation plan liabilities(19,727)(9,657)
Other changes, net(8,225)2,779 
Net Cash Provided by Operations176,654 175,581 
Cash Flows from Investing Activities:
Capital expenditures(147,262)(137,039)
Proceeds from government grants12,794  
Proceeds from sale of property, plant and equipment507 4,571 
Maturity of short-term investment740 243 
Acquisition of business, net of cash acquired and release of escrow (4,834)
Proceeds from sale of investment in equity securities1,088  
Notes receivable, net(6,992)(29)
Net Cash Used by Investing Activities(139,125)(137,088)
Cash Flows from Financing Activities:
Proceeds from notes payable and overdrafts20,457 7,410 
Repayments of notes payable and overdrafts(21,010)(4,615)
Repayments and proceeds of short term revolving credit facility, net(144,345)(52,000)
Proceeds from long-term obligations402,244 7,888 
Repayments of long-term obligations(80,453)(7,001)
Debt issuance costs(4,009)(1,718)
Dividends paid(49,827)(48,415)
Proceeds from stock option exercises11,416 53,038 
Purchase of treasury stock(53,088) 
Net Cash Provided (Used) by Financing Activities81,385 (45,413)
Effect of Exchange Rate Changes on Cash(1,365)(6,555)
Net Increase (Decrease) in Cash and Equivalents117,549 (13,475)
Cash and Equivalents at Beginning of Period122,925 304,970 
Cash and Equivalents at End of Period$240,474 $291,495 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
7

AptarGroup, Inc.
Notes to Condensed Consolidated Financial Statements
(Dollars in Thousands, Except per Share Amounts, or as Otherwise Indicated)
(Unaudited)
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying unaudited Condensed 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.
In the opinion of management, the unaudited Condensed Consolidated Financial Statements (the “Condensed Consolidated Financial Statements”) include all normal recurring adjustments necessary for a fair statement of consolidated financial position, results of operations, comprehensive income, changes in equity and cash flows for the interim periods presented. The accompanying Condensed Consolidated Financial Statements have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Also, certain financial position data included herein was derived from the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 but does not include all disclosures required by U.S. GAAP. Accordingly, these Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations of any interim period are not necessarily indicative of the results that may be expected for the year.
The extent to which the COVID-19 pandemic impacts our financial results and operations for all three of our business segments will depend on future developments which are highly uncertain and cannot be predicted, including the emergence of new variants, the availability, adoption and efficacy of vaccines and boosters, the length of time it takes for normal economic and operating conditions to resume, additional governmental actions that may be taken and/or extended in response to any further resurgence of the virus and numerous other uncertainties. No impairments were recorded as of June 30, 2022 related to the COVID-19 pandemic. However, due to the general uncertainty surrounding the situation, including areas such as cost inflation, supply chain disruptions and labor shortages, future results could be materially impacted.
As of June 30, 2022, the war in Ukraine has not had a significant direct impact on our business, though the near-term visibility for this situation is expected to remain fluid and uncertain for the next several quarters. However, we have experienced some indirect impacts on our business, including higher input costs and certain supply chain disruptions.
ADOPTION OF RECENT ACCOUNTING STANDARDS
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 November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy including the nature of the transaction, the financial statement line items affected by the transaction and any significant terms and conditions associated with the transactions. We adopted this guidance in the fourth quarter of 2021 using the prospective approach.
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 can 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. During 2021, we amended the revolving credit facility to provide mechanics relating to a transition away from LIBOR (in the case of USD) and the 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. We are evaluating any further impact this standard may have on our Condensed Consolidated Financial Statements and anticipate no further significant impacts.
Other accounting standards that have been issued by the FASB or other standards-setting bodies did not have a material impact on our Condensed Consolidated Financial Statements.
8

INCOME TAXES
We compute taxes on income in accordance with the tax rules and regulations of the many taxing authorities where income is earned. The income tax rates imposed by these taxing authorities may vary substantially. Taxable income may differ from pre-tax income for financial accounting purposes. To the extent that these differences create timing differences between the tax basis of an asset or liability and our reported amount in the financial statements, an appropriate provision for deferred income taxes is made.
We maintain our assertion that the cash and distributable reserves at our non-U.S. affiliates are indefinitely reinvested. As of June 30, 2022, under currently enacted laws, we do not have a balance of foreign earnings that will be subject to U.S. taxation upon repatriation. 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.
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 governmental 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 Condensed Consolidated Financial Statements.
 
NOTE 2 – REVENUE
Revenue by segment and geography for the three and six months ended June 30, 2022 and 2021 is as follows:
For the Three Months Ended June 30, 2022
SegmentEuropeDomesticLatin
America
AsiaTotal
Pharma$209,118 $108,414 $6,339 $16,360 $340,231 
Beauty + Home202,276 102,354 40,504 26,212 371,346 
Food + Beverage33,571 78,034 12,299 9,062 132,966 
Total$444,965 $288,802 $59,142 $51,634 $844,543 
For the Three Months Ended June 30, 2021
SegmentEuropeDomesticLatin
America
AsiaTotal
Pharma$212,220 $93,527 $5,294 $14,302 $325,343 
Beauty + Home192,371 103,679 38,882 25,314 360,246 
Food + Beverage32,402 71,974 11,885 9,182 125,443 
Total$436,993 $269,180 $56,061 $48,798 $811,032 
For the Six Months Ended June 30, 2022
SegmentEuropeDomesticLatin
America
AsiaTotal
Pharma$420,125 $214,755 $14,194 $33,619 $682,693 
Beauty + Home411,359 198,170 77,702 52,314 739,545 
Food + Beverage68,612 155,882 24,990 17,753 267,237 
Total$900,096 $568,807 $116,886 $103,686 $1,689,475 
9

For the Six Months Ended June 30, 2021
SegmentEuropeDomesticLatin
America
AsiaTotal
Pharma$420,167 $182,822 $10,664 $25,522 $639,175 
Beauty + Home381,611 202,486 73,224 49,871 707,192 
Food + Beverage