Company Quick10K Filing
AptarGroup
Price118.51 EPS4
Shares67 P/E34
MCap7,905 P/FCF21
Net Debt872 EBIT342
TEV8,777 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-30
10-K 2020-12-31 Filed 2021-02-19
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-02-26
8-K 2021-02-18
8-K 2020-10-29
8-K 2020-09-09
8-K 2020-07-30
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-02-20
8-K 2019-10-31
8-K 2019-07-31
8-K 2019-05-01
8-K 2019-04-30
8-K 2019-02-20
8-K 2018-11-01
8-K 2018-07-26
8-K 2018-06-12
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-02-12
8-K 2018-02-08
8-K 2018-01-18

ATR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Summary of Significant Accounting Policies
Note 2 - Revenue
Note 3 - Inventories
Note 4 - Goodwill and Other Intangible Assets
Note 5 - Income Taxes
Note 6 - Debt
Note 7 - Leases
Note 8 - Retirement and Deferred Compensation Plans
Note 9 - Accumulated Other Comprehensive Income
Note 10 - Derivative Instruments and Hedging Activities
Note 11 - Fair Value
Note 12 - Commitments and Contingencies
Note 13 - Stock Repurchase Program
Note 14 - Stock - Based Compensation
Note 15 - Earnings per Share
Note 16 - Segment Information
Note 17 - Investment in Equity Securities
Note 18 - Restructuring Initiatives
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 atr-20210331x10qexx101.htm
EX-31.1 atr-20210331x10qexx311.htm
EX-31.2 atr-20210331x10qexx312.htm
EX-32.1 atr-20210331x10qexx321.htm
EX-32.2 atr-20210331x10qexx322.htm

AptarGroup Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
3.62.92.21.40.70.02012201420172020
Assets, Equity
0.80.60.50.30.20.02012201420172020
Rev, G Profit, Net Income
0.70.40.2-0.1-0.3-0.62012201420172020
Ops, Inv, Fin

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Table of Contents
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 MARCH 31, 2021
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-20210331_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 April 23, 2021, was 65,714,946 shares.


Table of Contents
AptarGroup, Inc.
Form 10-Q
Quarter Ended March 31, 2021
INDEX
i

Table of Contents
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 March 31,20212020
Net Sales$776,754 $721,553 
Operating Expenses:
Cost of sales (exclusive of depreciation and amortization shown below)488,705 451,256 
Selling, research & development and administrative134,348 126,192 
Depreciation and amortization57,438 50,806 
Restructuring initiatives3,672 4,839 
Total Operating Expenses684,163 633,093 
Operating Income92,591 88,460 
Other Income (Expense):
Interest expense(7,415)(8,388)
Interest income381 175 
Net investment gain16,809  
Equity in results of affiliates(515)(799)
Miscellaneous, net(963)(1,412)
Total Other Income (Expense)8,297 (10,424)
Income before Income Taxes100,888 78,036 
Provision for Income Taxes16,949 22,786 
Net Income$83,939 $55,250 
Net Loss Attributable to Noncontrolling Interests$13 $3 
Net Income Attributable to AptarGroup, Inc.$83,952 $55,253 
Net Income Attributable to AptarGroup, Inc. per Common Share:
Basic$1.29 $0.86 
Diluted$1.24 $0.84 
Average Number of Shares Outstanding:
Basic65,229 64,009 
Diluted67,648 66,111 
Dividends per Common Share$0.36 $0.36 

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
1

Table of Contents
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
In thousands
Three Months Ended March 31,20212020
Net Income$83,939 $55,250 
Other Comprehensive Income (Loss):
Foreign currency translation adjustments(48,482)(42,229)
Changes in derivative gains, net of tax520 1,483 
Defined benefit pension plan, net of tax
Actuarial gain, net of tax319  
Amortization of prior service cost included in net income, net of tax33 71 
Amortization of net loss included in net income, net of tax2,354 1,565 
Total defined benefit pension plan, net of tax2,706 1,636 
Total other comprehensive loss(45,256)(39,110)
Comprehensive Income38,683 16,140 
Comprehensive Loss Attributable to Noncontrolling Interests13 3 
Comprehensive Income Attributable to AptarGroup, Inc.$38,696 $16,143 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
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AptarGroup, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In thousands
March 31, 2021December 31, 2020
Assets
Cash and equivalents$254,852 $300,137 
Short-term investments 243 
Total Cash and equivalents and Short-term investments254,852 300,380 
Accounts and notes receivable, less current expected credit loss ("CECL") of $6,151 in 2021 and $5,918 in 2020
621,093 566,623 
Inventories394,179 379,379 
Prepaid and other136,854 122,613 
Total Current Assets1,406,978 1,368,995 
Land28,773 28,334 
Buildings and improvements577,724 579,616 
Machinery and equipment2,777,028 2,808,623 
Property, Plant and Equipment, Gross3,383,525 3,416,573 
Less: Accumulated depreciation(2,200,492)(2,217,825)
Property, Plant and Equipment, Net1,183,033 1,198,748 
Investments in equity securities66,102 50,087 
Goodwill883,543 898,521 
Intangible assets, net331,032 344,309 
Operating lease right-of-use assets64,118 69,845 
Miscellaneous57,833 59,548 
Total Other Assets1,402,628 1,422,310 
Total Assets$3,992,639 $3,990,053 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
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AptarGroup, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In thousands, except share and per share amounts
March 31, 2021December 31, 2020
Liabilities and Stockholders’ Equity
Current Liabilities:
Notes payable, revolving credit facility and overdrafts$1,036 $52,200 
Current maturities of long-term obligations, net of unamortized debt issuance costs64,776 65,666 
Accounts payable, accrued and other liabilities690,117 662,463 
Total Current Liabilities755,929 780,329 
Long-Term Obligations, net of unamortized debt issuance costs1,037,983 1,054,998 
Deferred income taxes32,790 37,242 
Retirement and deferred compensation plans146,568 145,959 
Operating lease liabilities47,530 52,212 
Deferred and other non-current liabilities71,044 68,528 
Commitments and contingencies  
Total Deferred Liabilities and Other297,932 303,941 
AptarGroup, Inc. stockholders’ equity
Common stock, $.01 par value, 199 million shares authorized, 70.0 and 69.5 million shares issued as of March 31, 2021 and December 31, 2020, respectively
700 695 
Capital in excess of par value874,623 849,161 
Retained earnings1,704,336 1,643,825 
Accumulated other comprehensive loss(326,965)(281,709)
Less: Treasury stock at cost, 4.4 and 4.5 million shares as of March 31, 2021 and December 31, 2020, respectively
(352,282)(361,583)
Total AptarGroup, Inc. Stockholders’ Equity1,900,412 1,850,389 
Noncontrolling interests in subsidiaries383 396 
Total Stockholders’ Equity1,900,795 1,850,785 
Total Liabilities and Stockholders’ Equity$3,992,639 $3,990,053 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
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AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
In thousands
Three Months EndedAptarGroup, Inc. Stockholders’ Equity
March 31, 2021 and 2020Retained
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, 2019
$1,523,820 $(341,948)$686 $(381,238)$770,596 $336 $1,572,252 
Net income (loss)55,253 — — — — (3)55,250 
Adoption of CECL standard(1,377)— — — — — (1,377)
Foreign currency translation adjustments— (42,229)— — — — (42,229)
Changes in unrecognized pension gains (losses) and related amortization, net of tax— 1,636 — — — — 1,636 
Changes in derivative gains (losses), net of tax— 1,483 — — — — 1,483 
Stock awards and option exercises— — 3 8,665 14,971 — 23,639 
Cash dividends declared on common stock(23,031)— — — — — (23,031)
Balance - March 31, 2020$1,554,665 $(381,058)$689 $(372,573)$785,567 $333 $1,587,623 
Balance - December 31, 2020
$1,643,825 $(281,709)$695 $(361,583)$849,161 $396 $1,850,785 
Net income (loss)83,952 — — — — (13)83,939 
Foreign currency translation adjustments— (48,482)— — — — (48,482)
Changes in unrecognized pension gains (losses) and related amortization, net of tax— 2,706 — — — — 2,706 
Changes in derivative gains (losses), net of tax— 520 — — — — 520 
Stock awards and option exercises— — 5 9,301 25,462 — 34,768 
Cash dividends declared on common stock(23,441)— — — — — (23,441)
Balance - March 31, 2021$1,704,336 $(326,965)$700 $(352,282)$874,623 $383 $1,900,795 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
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AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
In thousands, brackets denote cash outflows
Three Months Ended March 31,20212020
Cash Flows from Operating Activities:
Net income$83,939 $55,250 
Adjustments to reconcile net income to net cash provided by operations:
Depreciation47,627 42,792 
Amortization9,811 8,014 
Stock-based compensation11,489 9,141 
Provision for CECL342 1,251 
Loss on disposition of fixed assets91 54 
Gain on remeasurement of equity securities(16,809) 
Deferred income taxes(3,580)6 
Defined benefit plan expense7,475 5,775 
Equity in results of affiliates515 799 
Change in fair value of contingent consideration975  
Changes in balance sheet items, excluding effects from foreign currency adjustments:
Accounts and other receivables(70,194)(64,764)
Inventories(26,428)(8,615)
Prepaid and other current assets(16,995)(11,787)
Accounts payable, accrued and other liabilities49,764 51,523 
Income taxes payable(3,121)(5,278)
Retirement and deferred compensation plan liabilities(5,156)(1,312)
Other changes, net2,440 2,184 
Net Cash Provided by Operations72,185 85,033 
Cash Flows from Investing Activities:
Capital expenditures(63,884)(61,625)
Proceeds from sale of property, plant and equipment318 166 
Maturity of short-term investment243  
Acquisition of business, net of cash acquired and release of escrow (1,463)
Acquisition of intangible assets, net (3,955)
Investment in equity securities (20,423)
Notes receivable, net(593)(785)
Net Cash Used by Investing Activities(63,916)(88,085)
Cash Flows from Financing Activities:
Proceeds from notes payable and overdrafts4,019 8,148 
Repayments of notes payable and overdrafts(3,180)(2,030)
Repayments and proceeds of short term revolving credit facility, net(52,000)175,000 
Proceeds from long-term obligations2,053  
Repayments of long-term obligations(4,337)(2,386)
Dividends paid(23,441)(23,031)
Proceeds from stock option exercises31,871 18,602 
Net Cash (Used) Provided by Financing Activities(45,015)174,303 
Effect of Exchange Rate Changes on Cash(8,539)(3,381)
Net (Decrease) Increase in Cash and Equivalents and Restricted Cash(45,285)167,870 
Cash and Equivalents and Restricted Cash at Beginning of Period304,970 246,973 
Cash and Equivalents and Restricted Cash at End of Period$259,685 $414,843 
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Restricted cash included in the line item prepaid and other on the Condensed Consolidated Balance Sheets as shown below represents amounts held in escrow related to the Fusion Acquisition and the Noble Acquisition.
Three Months Ended March 31,20212020
Cash and equivalents$254,852 $410,840 
Restricted cash included in prepaid and other4,833 4,003 
Total Cash and Equivalents and Restricted Cash shown in the Statement of Cash Flows$259,685 $414,843 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
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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. Certain previously reported amounts have been reclassified to conform to the current period presentation.
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, 2020 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, 2020. The results of operations of any interim period are not necessarily indicative of the results that may be expected for the year.
There are many uncertainties regarding the current COVID-19 pandemic, including the availability, adoption, and effectiveness of a vaccine, the length of time it takes for normal economic and operating conditions to resume, additional governmental actions that may be taken and/or extensions of time for restrictions that have been imposed to date, and numerous other uncertainties. The pandemic has impacted certain markets within our business, our operations and our financial results during the three months ended March 31, 2021. No impairments were recorded as of March 31, 2021 related to the COVID-19 pandemic. While the disruption is currently expected to be temporary, there is uncertainty around the duration. Due to significant uncertainty surrounding the situation, future results could change and therefore our results could be materially impacted.
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.
Effective January 1, 2021, we adopted ASU 2020-10, Codification Improvements, which updates various codification topics by clarifying or improving disclosure requirements to align with the SEC's regulations, and no material impacts were noted.
Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued by the FASB in June 2016, as well as the clarifying amendments subsequently issued. We applied the guidance using a modified retrospective approach and accordingly recognized an amount of $1.4 million as the cumulative adjustment to opening retained earnings in the first quarter of 2020. This is based on management's best estimates of specific losses on individual exposures particularly on current trade receivables, as well as the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. On an ongoing basis, we will contemplate forward-looking economic conditions in recording lifetime expected credit losses for our financial assets measured at cost, such as our trade receivables and certain other assets.
In January 2017, the FASB issued ASU 2017-04, which provides guidance to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. As a result, impairment charges are required for the amount by which a reporting unit’s carrying amount exceeds its fair value up to the amount of its allocated goodwill. We adopted the standard on January 1, 2020 and did not record any impairment charges.
In August 2018, the FASB issued ASU 2018-13, which amends disclosure requirements for fair value measurements. The new standard modifies disclosure requirements including removing requirements to disclose the valuation process for Level 3 measurements and adding requirements to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. We adopted the standard on January 1, 2020 and no material impacts were noted.
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In August 2018, the FASB issued ASU 2018-14, which amends disclosure requirements for defined benefit pension and other postretirement plans. The amendments in this update remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. We adopted the standard during the fourth quarter of 2020 and appropriate disclosures are included in the notes to the financial statements to the extent applicable. The provisions of the new standard do not have any effect on our financial statements.
In August 2018, the FASB issued ASU 2018-15 to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments also require the entity (customer) to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, which includes reasonably certain renewals. We adopted the standard on January 1, 2020 and no material impacts were noted.
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.
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 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. At March 31, 2021, under currently enacted laws, we do not have a balance of foreign earnings that will be subject to U.S. taxation. 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 the global cash management goals of the Company.
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 an adequate provision for any adjustments that may result from tax examinations exists. 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 its 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 months ended March 31, 2021 and 2020 is as follows:
For the Three Months Ended March 31, 2021
SegmentEuropeDomesticLatin
America
AsiaTotal
Pharma$207,947 $89,295 $5,370 $11,220 $313,832 
Beauty + Home189,240 98,807 34,342 24,557 346,946 
Food + Beverage28,502 67,063 9,253 11,158 115,976 
Total$425,689 $255,165 $48,965 $46,935 $776,754 
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For the Three Months Ended March 31, 2020
SegmentEuropeDomesticLatin
America
AsiaTotal
Pharma$190,130 $90,965 $6,579 $9,522 $297,196 
Beauty + Home186,950 81,845 36,181 19,584 324,560 
Food + Beverage28,769 57,590 8,034 5,404 99,797 
Total$405,849 $230,400 $50,794 $34,510 $721,553 
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 receipt of 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, 2020Balance as of March 31, 2021Increase/
(Decrease)
Contract asset (current)$16,109 $15,490 $(619)
Contract asset (long-term)$ $ $ 
Contract liability (current)$87,188 $102,721 $15,533 
Contract liability (long-term)$21,584 $25,747 $4,163 
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 customer’s payment. The total amount of revenue recognized during the current year against contract liabilities is $18.7 million, including $13.0 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 Condensed 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 identify 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 we will be entitled.
Product Sales
We primarily manufacture and sell drug delivery, dispensing, sealing and active material science solutions. The amount of consideration is typically fixed for such 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. A majority of product sales are sold FOB shipping point. For FOB shipping point shipments, 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. With respect to FOB destination sales, 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.
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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 towards 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 our 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 towards 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 material 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. At December 31, 2020, $536 thousand of unearned revenue associated with outstanding contracts was reported in Accounts Payable, Accrued and Other Liabilities. At March 31, 2021, the unearned amount was $523 thousand. We expect to recognize approximately $98 thousand of the unearned amount during the remainder of 2021, $142 thousand in 2022, and $283 thousand thereafter.
Service Sales
We also provide services to our pharmaceutical customers. As with product sales, we recognize revenue based on completion of each performance obligation of the service contract.

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.
Current uncertainty in credit and market conditions due to the COVID-19 pandemic may slow our collection efforts if customers experience significant difficulty accessing credit and paying their obligations, which may lead to higher than normal accounts receivable and increased CECL charges.
NOTE 3 - INVENTORIES
Inventories, by component net of reserves, consisted of:
March 31,
2021
December 31,
2020
Raw materials$115,645 $116,029 
Work in process124,097 115,870 
Finished goods154,437 147,480 
Total$394,179 $379,379 
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NOTE 4 – GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in the carrying amount of goodwill by reporting segment since December 31, 2020 are as follows:
PharmaBeauty +
Home
Food +
Beverage
Corporate
& Other
Total
Goodwill$436,731 $333,111 $128,679 $1,615 $900,136 
Accumulated impairment losses   (1,615)(1,615)
Balance as of December 31, 2020$436,731 $333,111 $128,679 $ $898,521 
Foreign currency exchange effects(10,456)(4,266)(256) (14,978)
Goodwill$426,275 $328,845 $128,423 $1,615 $885,158 
Accumulated impairment losses   (1,615)(1,615)
Balance as of March 31, 2021$426,275 $328,845 $128,423 $ $883,543 
The table below shows a summary of intangible assets as of March 31, 2021 and December 31, 2020.
March 31, 2021December 31, 2020
Weighted Average Amortization Period (Years)Gross
Carrying
Amount
Accumulated
Amortization
Net
Value
Gross
Carrying
Amount
Accumulated
Amortization
Net
Value
Amortized intangible assets:
Patents13.8$2,810 $(1,440)$1,370 $2,861 $(1,477)$1,384 
Acquired technology12.2109,508 (38,415)71,093 111,854 (36,943)74,911 
Customer relationships13.5283,761 (61,214)222,547 286,644 (56,714)229,930 
Trademarks and trade names6.845,444 (18,615)26,829 46,174 (17,437)28,737 
License agreements and other36.718,981 (9,788)9,193 19,208 (9,861)9,347 
Total intangible assets13.3$460,504 $(129,472)$331,032 $466,741 $(122,432)$344,309 
Aggregate amortization expense for the intangible assets above for the three months ended March 31, 2021 and 2020 was $9,811 and $8,014, respectively.
Future estimated amortization expense for the years ending December 31 is as follows:
2021$27,995 
(remaining estimated amortization for 2021)
202238,815 
202338,545 
202435,406 
2025 and thereafter190,271 
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 March 31, 2021.

NOTE 5 –