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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 SEPTEMBER 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-20220930_g1.jpg
AptarGroup, Inc.
Delaware36-3853103
(State of Incorporation)(I.R.S. Employer Identification No.)
265 EXCHANGE DRIVE, SUITE 301, CRYSTAL LAKE, IL 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 October 21, 2022, was 65,284,008 shares.

AptarGroup, Inc.
Form 10-Q
Quarter Ended September 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
September 30,		Nine Months Ended
September 30,
2022202120222021
Net Sales$836,860 $825,442 $2,526,335 $2,413,228 
Operating Expenses:
Cost of sales (exclusive of depreciation and amortization shown below)546,376 537,085 1,638,114 1,548,840 
Selling, research & development and administrative135,428 135,931 416,351 411,192 
Depreciation and amortization57,601 59,280 174,818 174,508 
Restructuring initiatives2,270 10,223 2,989 18,771 
Total Operating Expenses741,675 742,519 2,232,272 2,153,311 
Operating Income95,185 82,923 294,063 259,917 
Other (Expense) Income:
Interest expense(9,756)(8,011)(30,668)(22,601)
Interest income752 401 2,029 1,406 
Net investment gain (loss)649 (9,021)(1,084)6,177 
Equity in results of affiliates178 (71)(184)(505)
Miscellaneous, net(2,093)13 (3,144)(2,978)
Total Other Expense(10,270)(16,689)(33,051)(18,501)
Income before Income Taxes84,915 66,234 261,012 241,416 
Provision for Income Taxes30,738 19,340 80,851 55,309 
Net Income$54,177 $46,894 $180,161 $186,107 
Net Loss Attributable to Noncontrolling Interests$67 $366 $131 $381 
Net Income Attributable to AptarGroup, Inc.$54,244 $47,260 $180,292 $186,488 
Net Income Attributable to AptarGroup, Inc. per Common Share:
Basic$0.83 $0.72 $2.75 $2.84 
Diluted$0.81 $0.70 $2.70 $2.75 
Average Number of Shares Outstanding:
Basic65,322 65,900 65,446 65,652 
Diluted66,581 67,801 66,825 67,799 
Dividends per Common Share$0.38 $0.38 $1.14 $1.12 

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
1
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
In thousands
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Net Income$54,177 $46,894 $180,161 $186,107 
Other Comprehensive Income (Loss):
Foreign currency translation adjustments(92,164)(30,410)(184,051)(57,783)
Changes in derivative gains, net of tax3,542 230 3,663 1,039 
Defined benefit pension plan, net of tax
Actuarial gain (loss), net of tax31 87 (719)529 
Amortization of prior service cost included in net income, net of tax25 25 78 90 
Amortization of net loss included in net income, net of tax1,551 2,333 4,703 7,041 
Total defined benefit pension plan, net of tax1,607 2,445 4,062 7,660 
Total other comprehensive loss(87,015)(27,735)(176,326)(49,084)
Comprehensive (Loss) Income(32,838)19,159 3,835 137,023 
Comprehensive Income Attributable to Noncontrolling Interests910 832 1,750 847 
Comprehensive (Loss) Income Attributable to AptarGroup, Inc.$(31,928)$19,991 $5,585 $137,870 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
2
AptarGroup, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In thousands
September 30, 2022December 31, 2021
Assets
Cash and equivalents$124,812 $122,925 
Short-term investments— 740 
Total Cash and equivalents and Short-term investments124,812 123,665 
Accounts and notes receivable, less current expected credit loss ("CECL") of $9,899 in 2022 and $7,374 in 2021
690,818 671,350 
Inventories462,752 441,464 
Prepaid and other121,352 121,729 
Total Current Assets1,399,734 1,358,208 
Land28,373 31,436 
Buildings and improvements630,968 631,897 
Machinery and equipment2,713,619 2,862,142 
Property, Plant and Equipment, Gross3,372,960 3,525,475 
Less: Accumulated depreciation(2,147,160)(2,249,598)
Property, Plant and Equipment, Net1,225,800 1,275,877 
Investments in equity securities51,491 59,485 
Goodwill910,041 974,157 
Intangible assets, net317,144 362,343 
Operating lease right-of-use assets57,098 62,454 
Miscellaneous65,164 48,840 
Total Other Assets1,400,938 1,507,279 
Total Assets$4,026,472 $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
September 30, 2022December 31, 2021
Liabilities and Stockholders’ Equity
Current Liabilities:
Notes payable, revolving credit facility and overdrafts$53,209 $147,276 
Current maturities of long-term obligations, net of unamortized debt issuance costs111,034 142,351 
Accounts payable, accrued and other liabilities732,409 692,865 
Total Current Liabilities896,652 982,492 
Long-Term Obligations, net of unamortized debt issuance costs1,028,048 907,024 
Deferred income taxes19,545 27,547 
Retirement and deferred compensation plans105,947 116,809 
Operating lease liabilities42,125 48,010 
Deferred and other non-current liabilities46,030 74,882 
Commitments and contingencies— — 
Total Deferred Liabilities and Other213,647 267,248 
AptarGroup, Inc. stockholders’ equity
Common stock, $.01 par value, 199 million shares authorized, 70.7 million and 70.4 million shares issued as of September 30, 2022 and December 31, 2021, respectively
707 704 
Capital in excess of par value954,477 916,534 
Retained earnings1,895,049 1,789,413 
Accumulated other comprehensive loss(490,748)(316,041)
Less: Treasury stock at cost, 5.4 million and 4.9 million shares as of September 30, 2022 and December 31, 2021, respectively
(484,803)(421,203)
Total AptarGroup, Inc. Stockholders’ Equity1,874,682 1,969,407 
Noncontrolling interests in subsidiaries13,443 15,193 
Total Stockholders’ Equity1,888,125 1,984,600 
Total Liabilities and Stockholders’ Equity$4,026,472 $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
September 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 - June 30, 2021$1,734,638 $(303,058)$702 $(344,382)$898,382 $381 $1,986,663 
Net income (loss)47,260 — — — — (366)46,894 
Acquisitions of non-controlling interest— — — — — 38,543 38,543 
Foreign currency translation adjustments— (29,944)— — — (466)(30,410)
Changes in unrecognized pension gains and related amortization, net of tax— 2,445 — — — — 2,445 
Changes in derivative gains, net of tax— 230 — — — — 230 
Stock awards and option exercises— — 1 884 4,219 — 5,104 
Cash dividends declared on common stock(25,078)— — — — — (25,078)
Treasury stock purchased— — — (28,398)— — (28,398)
Balance - September 30, 2021$1,756,820 $(330,327)$703 $(371,896)$902,601 $38,092 $1,995,993 
Balance - June 30, 2022$1,865,634 $(404,576)$706 $(467,550)$939,897 $14,353 $1,948,464 
Net income (loss)54,244 — — — — (67)54,177 
Foreign currency translation adjustments— (91,321)— — — (843)(92,164)
Changes in unrecognized pension gains and related amortization, net of tax— 1,607 — — — — 1,607 
Changes in derivative gains, net of tax— 3,542 — — — — 3,542 
Stock awards and option exercises— — 1 1,988 14,580 — 16,569 
Cash dividends declared on common stock(24,829)— — — — — (24,829)
Treasury stock purchased— — — (19,241)— — (19,241)
Balance - September 30, 2022$1,895,049 $(490,748)$707 $(484,803)$954,477 $13,443 $1,888,125 
5
In thousands
Nine Months EndedAptarGroup, Inc. Stockholders’ Equity
September 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)186,488 — — — — (381)186,107 
Acquisitions of non-controlling interest— — — — — 38,543 38,543 
Foreign currency translation adjustments— (57,317)— — — (466)(57,783)
Changes in unrecognized pension gains and related amortization, net of tax— 7,660 — — — — 7,660 
Changes in derivative gains, net of tax— 1,039 — — — — 1,039 
Stock awards and option exercises— — 8 18,085 53,440 — 71,533 
Cash dividends declared on common stock(73,493)— — — — — (73,493)
Treasury stock purchased— — — (28,398)— — (28,398)
Balance - September 30, 2021$1,756,820 $(330,327)$703 $(371,896)$902,601 $38,092 $1,995,993 
Balance - December 31, 2021
$1,789,413 $(316,041)$704 $(421,203)$916,534 $15,193 $1,984,600 
Net income (loss)180,292 — — — — (131)180,161 
Foreign currency translation adjustments— (182,432)— — — (1,619)(184,051)
Changes in unrecognized pension gains and related amortization, net of tax— 4,062 — — — — 4,062 
Changes in derivative gains, net of tax— 3,663 — — — — 3,663 
Stock awards and option exercises— — 3 8,729 37,943 — 46,675 
Cash dividends declared on common stock(74,656)— — — — — (74,656)
Treasury stock purchased— — — (72,329)— — (72,329)
Balance - September 30, 2022$1,895,049 $(490,748)$707 $(484,803)$954,477 $13,443 $1,888,125 
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
Nine Months Ended September 30,20222021
Cash Flows from Operating Activities:
Net income$180,161 $186,107 
Adjustments to reconcile net income to net cash provided by operations:
Depreciation142,046 144,637 
Amortization32,772 29,871 
Stock-based compensation31,941 29,720 
Provision for CECL3,344 1,016 
Loss (gain) on disposition of fixed assets315 (225)
Net loss (gain) on remeasurement of equity securities1,084 (6,177)
Deferred income taxes(9,506)(10,926)
Defined benefit plan expense18,367 21,930 
Equity in results of affiliates184 505 
Change in fair value of contingent consideration(2,265)3,110 
Changes in balance sheet items, excluding effects from foreign currency adjustments:
Accounts and other receivables(76,921)(109,194)
Inventories(62,139)(71,482)
Prepaid and other current assets(9,903)(13,105)
Accounts payable, accrued and other liabilities62,053 63,724 
Income taxes payable15,470 (1,656)
Retirement and deferred compensation plan liabilities(15,432)(6,400)
Other changes, net(5,222)(2,082)
Net Cash Provided by Operations306,349 259,373 
Cash Flows from Investing Activities:
Capital expenditures(226,131)(216,689)
Proceeds from government grants17,058 — 
Proceeds from sale of property, plant and equipment778 4,916 
Maturity of short-term investment740 — 
Purchase of short-term investments— (76)
Acquisition of business, net of cash acquired and release of escrow(4,100)(124,998)
Acquisition of intangible assets, net(5,189)— 
Investment in equity securities— (5,871)
Proceeds from sale of investment in equity securities1,599 — 
Notes receivable, net(7,155)(713)
Net Cash Used by Investing Activities(222,400)(343,431)
Cash Flows from Financing Activities:
Proceeds from notes payable and overdrafts35,058 10,059 
Repayments of notes payable and overdrafts(33,417)(11,702)
Repayments and proceeds of short term revolving credit facility, net(93,468)6,766 
Proceeds from long-term obligations406,550 11,660 
Repayments of long-term obligations(262,245)(66,026)
Debt issuance costs(4,009)(1,718)
Dividends paid(74,656)(73,493)
Proceeds from stock option exercises18,411 53,979 
Purchase of treasury stock(72,329)(28,398)
Net Cash Used by Financing Activities(80,105)(98,873)
Effect of Exchange Rate Changes on Cash(957)(7,482)
Net Increase (Decrease) in Cash and Equivalents and Restricted Cash2,887 (190,413)
Cash and Equivalents and Restricted Cash at Beginning of Period122,925 304,970 
Cash and Equivalents and Restricted Cash at End of Period$125,812 $114,557 
7
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 Metaphase acquisition.
Nine Months Ended September 30,20222021
Cash and equivalents$124,812 $114,557 
Restricted cash included in prepaid and other1,000 — 
Total Cash and Equivalents and Restricted Cash shown in the Statement of Cash Flows$125,812 $114,557 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
8
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.
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 Argentinian peso to the U.S. dollar and remeasured our peso denominated assets and liabilities using the official rate. In September 2019, the President of Argentina reinstituted exchange controls restricting foreign currency purchases in an attempt to stabilize Argentina’s financial markets. As a result of these currency controls, a legal mechanism known as the Blue Chip Swap emerged in Argentina for reporting entities to transfer U.S. dollars. The Blue Chip Swap rate has diverged significantly from Argentina’s “official rate” due to the economic environment. During the second quarter of 2020, we transferred U.S. dollars into Argentina through the Blue Chip Swap method. During the third quarter of 2021, we utilized the Blue Chip Swap and recognized a gain of $1.4 million. Our Argentinian operations contributed less than 1.5% of consolidated net assets and revenues as of and for the nine months ended September 30, 2022.
The COVID-19 pandemic resulted in disruptions to the global economy and supply chains. As the rates of transmission have slowed in many regions during 2022, we have seen several of our impacted applications return to more normal volume levels. We have seen improvement in sales of our products to our prescription, beauty, hair care and sun care customers as people return to more active lifestyles. However, we have also seen more normal volumes in some of the applications which benefited from the pandemic, such as our personal cleansing and surface cleaner products, food applications, active material science solutions and injectables components. While some countries continue to experience disruptions due to efforts to eliminate the virus, we do not believe these impacts will be material to our business based on the current environment.
As of September 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 energy and other input costs as well as 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.
9
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.
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.
The tax rate for the three months ended September 30, 2022 reflects an out-of-period charge of $7.2 million for taxes due to a legal entity reorganization to enhance the Company's dividend and cash management capabilities. The tax charge contributed 8.5% to the impact on the effective tax rate for the three months ended September 30, 2022. The tax charge should have been recognized in the three months ended March 31, 2022. The impacts of the error on the three months ended March 31, 2022 and the three months ended September 30, 2022 are not considered material to either period.
We maintain our assertion that the cash and distributable reserves at our non-U.S. affiliates are indefinitely reinvested. As of September 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 nine months ended September 30, 2022 and 2021 is as follows:
For the Three Months Ended September 30, 2022
SegmentEuropeDomesticLatin
America		AsiaTotal
Pharma$212,751 $105,542 $6,309 $18,795 $343,397 
Beauty + Home189,963 98,216 44,573 27,071 359,823 
Food + Beverage34,119 76,052 12,399 11,070 133,640 
Total$436,833 $279,810 $63,281 $56,936 $836,860 
10
For the Three Months Ended September 30, 2021
SegmentEuropeDomesticLatin
America		AsiaTotal
Pharma$202,893 $89,620 $5,318 $15,394 $313,225 
Beauty + Home193,772 109,103 40,441 30,772 374,088 
Food + Beverage36,824 81,514 11,991 7,800 138,129 
Total$433,489 $280,237 $57,750 $53,966 $825,442 
For the Nine Months Ended September 30, 2022
SegmentEuropeDomesticLatin
America		AsiaTotal
Pharma$632,876 $320,297 $20,503 $52,414 $