AptarGroup (ATR) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 27, 2015
Document and Entity Information
Entity Registrant Name	APTARGROUP INC
Entity Central Index Key	896,622
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		62,795,667
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net Sales	$ 594,275	$ 670,631	$ 1,184,086	$ 1,346,682
Operating Expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	375,278	451,051	761,257	904,462
Selling, research & development and administrative	89,312	96,486	185,499	203,160
Depreciation and amortization	34,165	38,466	68,225	75,713
Total Operating Expenses	498,755	586,003	1,014,981	1,183,335
Operating Income	95,520	84,628	169,105	163,347
Other (Expense) Income:
Interest expense	(9,195)	(5,246)	(16,498)	(10,127)
Interest income	1,105	1,047	2,836	2,063
Equity results of affiliates	(407)	(198)	(526)	(1,744)
Miscellaneous, net	(1,268)	(525)	(1,467)	(153)
Total Other Income (Expense)	(9,765)	(4,922)	(15,655)	(9,961)
Income before Income Taxes	85,755	79,706	153,450	153,386
Provision for Income Taxes	28,214	26,622	50,810	51,894
Net Income	57,541	53,084	102,640	101,492
Net (Income) Loss Attributable to Noncontrolling Interests	(2)	(8)	70	(27)
Net Income Attributable to AptarGroup, Inc.	$ 57,539	$ 53,076	$ 102,710	$ 101,465
Net Income Attributable to AptarGroup, Inc. Per Common Share:
Basic (in dollars per share)	$ 0.92	$ 0.81	$ 1.64	$ 1.55
Diluted (in dollars per share)	$ 0.90	$ 0.79	$ 1.59	$ 1.49
Average Number of Shares Outstanding:
Basic (in shares)	62,697	65,328	62,496	65,397
Diluted (in shares)	64,276	67,438	64,603	68,042
Dividends per Common Share (in dollars per share)	$ 0.28	$ 0.28	$ 0.56	$ 0.53

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 57,541	$ 53,084	$ 102,640	$ 101,492
Other Comprehensive Income (Loss):
Foreign currency translation adjustments	45,099	(5,164)	(94,147)	(4,601)
Changes in treasury locks, net of tax	7	6	13	12
Defined benefit pension plan, net of tax
Amortization of prior service cost included in net income, net of tax	42	53	85	106
Amortization of net loss included in net income, net of tax	1,131	664	2,257	1,329
Total defined benefit pension plan, net of tax	1,173	717	2,342	1,435
Total other comprehensive income (loss)	46,279	(4,441)	(91,792)	(3,154)
Comprehensive Income	103,820	48,643	10,848	98,338
Comprehensive (Income) Loss Attributable to Noncontrolling Interests	(2)	(9)	70	(18)
Comprehensive Income Attributable to AptarGroup, Inc.	$ 103,818	$ 48,634	$ 10,918	$ 98,320

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and equivalents	$ 391,810	$ 399,762
Short-term Investments	66,897
Cash Equivalents and Short-term Investments Total	458,707	399,762
Accounts and notes receivable, less allowance for doubtful accounts of $4,192 in 2015 and $4,251 in 2014	435,448	406,976
Inventories	315,178	311,072
Prepaid and other	102,258	96,128
Total Current Assets	1,311,591	1,213,938
Property, Plant and Equipment:
Buildings and improvements	342,879	353,683
Machinery and equipment	1,874,243	1,919,507
Property, Plant and Equipment, Gross	2,217,122	2,273,190
Less: Accumulated depreciation	(1,462,264)	(1,484,546)
Property, Plant and Equipment, Net	754,858	788,644
Land	21,778	23,011
Total Property, Plant and Equipment	776,636	811,655
Other Assets:
Investments in affiliates	4,965	5,760
Goodwill	316,480	329,741
Intangible assets, net	36,090	40,045
Miscellaneous	32,044	36,051
Total Other Assets	389,579	411,597
Total Assets	2,477,806	2,437,190
Current Liabilities:
Notes payable	5,766	233,284
Current maturities of long-term obligations	18,122	18,692
Accounts payable and accrued liabilities	377,569	352,762
Total Current Liabilities	401,457	604,738
Long-term obligations	813,007	588,892
Deferred Liabilities and Other:
Deferred income taxes	21,297	25,521
Retirement and deferred compensation plans	110,631	109,517
Deferred and other non-current liabilities	$ 3,724	$ 4,606
Commitments and contingencies (Note 10)
Total Deferred Liabilities and Other	$ 135,652	$ 139,644
AptarGroup, Inc. stockholders' equity
Common stock, $.01 par value, 199 million shares authorized; 87.0 and 86.3 million shares issued as of June 30, 2015 and December 31, 2014, respectively	869	862
Capital in excess of par value	555,307	507,313
Retained earnings	1,807,786	1,740,005
Accumulated other comprehensive (loss)	(201,837)	(110,045)
Less treasury stock at cost, 24.2 and 24.3 million shares as of June 30, 2015 and December 31, 2014, respectively	(1,034,726)	(1,034,728)
Total AptarGroup, Inc. Stockholders' Equity	1,127,399	1,103,407
Noncontrolling interests in subsidiaries	291	509
Total Stockholders' Equity	1,127,690	1,103,916
Total Liabilities and Stockholders' Equity	$ 2,477,806	$ 2,437,190

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Jun. 30, 2015	Dec. 31, 2014
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts and notes receivable, allowance for doubtful accounts (in dollars)	$ 4,192	$ 4,251
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	199	199
Common stock, shares issued	87	86.3
Treasury stock, shares	24.2	24.3

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Common Stock Par Value	Treasury Stock	Capital in Excess of Par Value	Non-Controlling Interest	Total
Balance at Dec. 31, 2013	$ 1,619,419	$ 109,751	$ 853	$ (744,213)	$ 493,947	$ 551	$ 1,480,308
Increase (Decrease) in Stockholders' Equity
Net Income	101,465					27	101,492
Foreign currency translation adjustments		(4,592)				(9)	(4,601)
Changes in unrecognized pension losses and related amortization, net of tax		1,435					1,435
Changes in treasury locks, net of tax		12					12
Stock option exercises & restricted stock vestings			5	1	35,737		35,743
Cash dividends declared on common stock	(34,693)						(34,693)
Treasury stock purchased				(52,884)			(52,884)
Balance at Jun. 30, 2014	1,686,191	106,606	858	(797,096)	529,684	569	1,526,812
Balance at Dec. 31, 2014	1,740,005	(110,045)	862	(1,034,728)	507,313	509	1,103,916
Increase (Decrease) in Stockholders' Equity
Net Income	102,710					(70)	102,640
Foreign currency translation adjustments		(94,147)					(94,147)
Changes in unrecognized pension losses and related amortization, net of tax		2,342					2,342
Changes in treasury locks, net of tax		13					13
Stock option exercises & restricted stock vestings			7	2	48,470		48,479
Cash dividends declared on common stock	(34,929)						(34,929)
Non Controlling Interest Repurchased					(476)	(148)	(624)
Balance at Jun. 30, 2015	$ 1,807,786	$ (201,837)	$ 869	$ (1,034,726)	$ 555,307	$ 291	$ 1,127,690

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net income	$ 102,640	$ 101,492
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	66,059	72,946
Amortization	2,166	2,767
Stock based compensation	13,983	13,130
Provision for (recovery of) doubtful accounts	362	(69)
Deferred income taxes	(2,465)	(3,808)
Defined benefit plan expense	10,294	8,452
Equity in results of affiliates in excess of cash distributions received	526	1,744
Changes in balance sheet items, excluding effects from foreign currency adjustments:
Accounts receivable	(50,289)	(71,208)
Inventories	(23,058)	(19,565)
Prepaid and other current assets	(16,381)	(5,868)
Accounts payable and accrued liabilities	38,885	17,898
Income taxes payable	(3,222)	(21,572)
Retirement and deferred compensation plans	(3,832)	(6,559)
Other changes, net	4,509	20,920
Net Cash Provided by Operations	140,177	110,700
Cash Flows from Investing Activities:
Capital expenditures	(60,306)	(87,068)
Proceeds from sale of property and equipment	83	2,287
Insurance proceeds	1,900
Purchase of short-term investments	(66,897)
Notes receivable, net	(701)	(163)
Net Cash Used by Investing Activities	(125,921)	(84,944)
Cash Flows from Financing Activities:
(Repayments of) Proceeds from notes payable	(227,512)	77,019
Proceeds from long-term obligations	225,887
Repayments of long-term obligations	(1,539)	(308)
Dividends paid	(34,929)	(34,693)
Credit facility costs	(1,216)	(299)
Proceeds from stock option exercises	28,810	18,319
Purchase of treasury stock		(52,884)
Excess tax benefit from exercise of stock options	4,575	3,802
Net Cash (Used) Provided Provided by Financing Activities	(5,924)	10,956
Effect of Exchange Rate Changes on Cash	(16,284)	(5,285)
Net (Decrease) Increase in Cash and Equivalents	(7,952)	31,427
Cash and Equivalents at Beginning of Period	399,762	309,861
Cash and Equivalents at End of Period	$ 391,810	$ 341,288

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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” or “Company” 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 include all adjustments, consisting of only 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 Unaudited 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 (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 but does not include all disclosures required by GAAP. Accordingly, these Unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations of any interim period are not necessarily indicative of the results that may be expected for the year. CHANGE IN ACCOUNTING PRINCIPLE During the quarter, the Company changed its inventory valuation method for certain operating entities in its North American business to the first-in first-out (FIFO) method from the last-in first-out (LIFO) method. Prior to the change, the Company utilized two methods of inventory costing: LIFO for inventories in these operating entities and FIFO for inventories in other operating entities. The Company believes that the FIFO method is preferable as it better reflects the current value of inventory on the Company’s Condensed Consolidated Balance Sheet, provides better matching of revenues and expenses, results in uniformity across the Company’s global operations with respect to the method of inventory accounting and improves comparability with the Company’s peers. The cumulative pre-tax effect of this change is $7.4 million. We have determined that this change is not material to the Company’s previously issued financial statements and that the cumulative effect of the change is not material to current operations or to the trend of reported results of operations. Therefore, we conclude it was appropriate to recognize the cumulative effect of the change as an operating item in the current period’s Condensed Consolidated Statement of Income and not to adopt the change by retrospective application. ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB’s Accounting Standards Codification. During the first six months of 2015, there have been no developments to the recently adopted accounting pronouncements from those disclosed in the Company’s 2014 Annual Report on Form 10-K that are considered to have a material impact on our Unaudited Condensed Consolidated Financial Statements. Other accounting standards that have been issued by the FASB or other standards-setting bodies but are not yet effective are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations. SHORT TERM INVESTMENTS Short term investments reflect funds invested in a time deposit instrument with a two-year maturity. However, during the life of the investment the funds can be redeemed at any time with a 35-90 day notice. There are no penalties for early redemption. We do not consider this investment a marketable security as there is no active market for this type of product. INCOME TAXES The Company computes 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 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. In our determination of which foreign earnings are permanently reinvested in foreign operations, the Company considers numerous factors, including the financial requirements of the U.S. parent company and those of our foreign subsidiaries, the U.S. funding needs for dividend payments and stock repurchases, and the tax consequences of remitting earnings to the U.S. From this analysis, current year repatriation decisions are made in an attempt to provide a proper mix of debt and shareholder capital both within the U.S. and for non-U.S. operations. The Company’s policy is to permanently reinvest our accumulated foreign earnings and the Company will only make a distribution out of current year earnings to meet the cash needs at the parent company. As such, the Company does not provide for taxes on earnings that are deemed to be permanently reinvested. Since no distribution to the U.S. of foreign earnings is expected in 2015, the effective tax rate for 2015 includes no tax cost of repatriation. The Company provides a liability for the amount of tax benefits realized from uncertain tax positions. This liability is provided whenever the Company determines that a tax benefit will not meet a more-likely-than-not threshold for recognition. See Note 4 of the Unaudited Notes to the Condensed Consolidated Financial Statements for more information.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2015
INVENTORIES
INVENTORIES	NOTE 2 - INVENTORIES At December 31, 2014, approximately 19% of the total inventories were accounted for by the LIFO method. Inventories, by component, consisted of: June 30, December 31, Raw materials $ $ Work in process Finished goods Total Less LIFO reserve -- ) Total $ $ As discussed in Note 1 above, the Company changed its inventory valuation method for certain operating entities in its North American business to the first-in first-out (FIFO) method from the last-in first-out (LIFO) method during the current quarter. Had this change not been implemented, the Company would have reported a LIFO reserve for the current quarter ended June 30, 2015 of $6,879 as compared to $7,427 for the quarter ended March 31, 2015 and $7,769 for the fiscal year ended December 31, 2014.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2015
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 3 – GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill since December 31, 2014 are as follows by reporting segment: Beauty + Food + Corporate Home Pharma Beverage & Other Total Balance as of December 31, 2014 Goodwill $ $ $ $ $ Accumulated impairment losses -- -- -- ) ) $ $ $ $ -- $ Foreign currency exchange effects ) ) ) -- ) Balance as of June 30, 2015 Goodwill $ $ $ $ $ Accumulated impairment losses -- -- -- ) ) $ $ $ $ -- $ The table below shows a summary of intangible assets as of June 30, 2015 and December 31, 2014. June 30, 2015 December 31, 2014 Weighted Average Gross Gross Amortization Carrying Accumulated Net Carrying Accumulated Net Period (Years) Amount Amortization Value Amount Amortization Value Amortized intangible assets: Patents $ $ ) $ $ $ ) $ Acquired Technology ) ) License agreements and other ) ) Total intangible assets $ $ ) $ $ $ ) $ Aggregate amortization expense for the intangible assets above for the quarters ended June 30, 2015 and 2014 was $1,085 and $1,369, respectively. Aggregate amortization expense for the intangible assets above for the six months ended June 30, 2015 and 2014 was $2,166 and $2,767, respectively. Future estimated amortization expense for the years ending December 31 is as follows: 2015 $ (remaining estimated amortization for 2015) 2016 2017 2018 2019 and thereafter 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 June 30, 2015.

INCOME TAX UNCERTAINTIES

INCOME TAX UNCERTAINTIES	6 Months Ended
	Jun. 30, 2015
INCOME TAX UNCERTAINTIES
INCOME TAX UNCERTAINTIES	NOTE 4 – INCOME TAX UNCERTAINTIES The Company had approximately $5.7 and $6.4 million recorded for income tax uncertainties as of June 30, 2015 and December 31, 2014, respectively. The $0.7 million decrease in income tax uncertainties was primarily due to the settlement of a tax audit in Italy as well as changes in foreign currency rates. The amount, if recognized, that would impact the effective tax rate is $5.5 and $6.3 million, respectively. The Company estimates that it is reasonably possible that the liability for uncertain tax positions will decrease by no more than $5.1 million in the next twelve 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.

LONG-TERM OBLIGATIONS

LONG-TERM OBLIGATIONS	6 Months Ended
	Jun. 30, 2015
LONG-TERM OBLIGATIONS
LONG TERM OBLIGATIONS	NOTE 5 – LONG –TERM OBLIGATIONS In December 2014, we executed a $475 million private placement to take advantage of low long-term interest rates. At that time, we closed on $250 million of the private placement to fund our ASR program (see Note 11). This closing consisted of two maturity tranches, with $125 million of 9 year notes at an interest rate of 3.49% and $125 million of 11 year notes at an interest rate of 3.61%. We closed on the remaining $225 million of the private placement in February, 2015, consisting of $100 million of 9 year notes at an interest rate of 3.49% and $125 million of 11 year notes at an interest rate of 3.61%. The proceeds from this closing were used to pay down the existing revolving line of credit. The Company’s long-term obligations consisted of the following: June 30, December 31, Notes payable 0.61% - 27.26%, due in monthly and annual installments through 2027 $ $ Senior unsecured notes 2.3%, due in 2015 Senior unsecured notes 6.0%, due in 2016 Senior unsecured notes 6.0%, due in 2018 Senior unsecured notes 3.8%, due in 2020 Senior unsecured notes 3.2%, due in 2022 Senior unsecured notes 3.5%, due in 2023 Senior unsecured notes 3.4%, due in 2024 Senior unsecured notes 3.5%, due in 2024 -- Senior unsecured notes 3.6%, due in 2025 Senior unsecured notes 3.6%, due in 2026 -- Capital lease obligations Current maturities of long-term obligations ) ) Total long-term obligations $ $ Aggregate long-term maturities, excluding capital lease obligations, due annually for the five years beginning in 2015 are $17,769, $50,391, $392, $75,342, $189 and $685,161 thereafter.

RETIREMENT AND DEFERRED COMPENS

RETIREMENT AND DEFERRED COMPENSATION PLANS	6 Months Ended
	Jun. 30, 2015
RETIREMENT AND DEFERRED COMPENSATION PLANS
RETIREMENT AND DEFERRED COMPENSATION PLANS	NOTE 6 – RETIREMENT AND DEFERRED COMPENSATION PLANS Components of Net Periodic Benefit Cost: Domestic Plans Foreign Plans Three months ended June 30, Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) ) ) Amortization of net loss Amortization of prior service cost -- -- Net periodic benefit cost $ $ $ $ Domestic Plans Foreign Plans Six months ended June 30, Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) ) ) Amortization of net loss Amortization of prior service cost -- -- Net periodic benefit cost $ $ $ $ EMPLOYER CONTRIBUTIONS Although the Company has no minimum funding requirement, we plan to contribute approximately $10 million to our domestic defined benefit plans in 2015. No 2015 contributions were made as of June 30, 2015. The Company also expects to contribute approximately $12.6 million to our foreign defined benefit plans in 2015, and as of June 30, 2015, we have contributed approximately $1.0 million.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2015
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 7 – ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in Accumulated Other Comprehensive Income by Component: Foreign Currency Defined Benefit Pension Plans Other Total Balance – December 31, 2013 $ $ ) $ ) $ Other comprehensive loss before reclassifications ) -- -- ) Amounts reclassified from accumulated other comprehensive income ) Net current-period other comprehensive (loss) income ) ) Balance - June 30, 2014 $ $ ) $ ) $ Balance – December 31, 2014 $ ) $ ) $ ) $ ) Other comprehensive loss before reclassifications ) -- -- ) Amounts reclassified from accumulated other comprehensive income -- Net current-period other comprehensive (loss) income ) ) Balance - June 30, 2015 $ ) $ ) $ ) $ ) Reclassifications Out of Accumulated Other Comprehensive Income: Details about Accumulated Other Amount Reclassified from Accumulated Affected Line in the Statement Comprehensive Income Components Other Comprehensive Income Where Net Income is Presented Three months ended June 30, Defined Benefit Pension Plans Amortization of net loss $ $ (a) Amortization of prior service cost (a) Total before tax ) ) Tax benefit $ $ Net of tax Other Changes in treasury locks Interest Expense Total before tax ) ) Tax benefit $ $ Net of tax Total reclassifications for the period $ $ (a) These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 6 – Retirement and Deferred Compensation Plans for additional details). Details about Accumulated Other Amount Reclassified from Accumulated Affected Line in the Statement Comprehensive Income Components Other Comprehensive Income Where Net Income is Presented Six months ended June 30, Defined Benefit Pension Plans Amortization of net loss $ $ (b) Amortization of prior service cost (b) Total before tax ) ) Tax benefit $ $ Net of tax Foreign Currency Foreign Currency Gain -- ) Miscellaneous, net -- ) Total before tax -- -- Tax benefit $ -- $ ) Net of tax Other Changes in treasury locks Interest Expense Total before tax ) ) Tax benefit $ $ Net of tax Total reclassifications for the period $ $ (b) These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 6 – Retirement and Deferred Compensation Plans for additional details).

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2015
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE 8 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company maintains a foreign exchange risk management policy designed to establish a framework to protect the value of the Company’s non-functional denominated transactions from adverse changes in exchange rates. Sales of the Company’s 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 the Company’s results of operations. The Company’s 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. The Company may use foreign currency forward exchange contracts, options and cross currency swaps to economically hedge these risks. For derivative instruments designated as hedges, the Company formally documents 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. 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. HEDGE OF NET INVESTMENTS IN FOREIGN OPERATIONS A significant number of the Company’s 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 the Company’s foreign subsidiaries. A strengthening U.S. dollar relative to foreign currencies has a dilutive translation effect on the Company’s financial condition and results of operations. Conversely, a weakening U.S. dollar has an additive effect. The Company in some cases maintains debt in these subsidiaries to offset the net asset exposure. The Company does not otherwise actively manage this risk using derivative financial instruments. In the event the Company plans on a full or partial liquidation of any of our foreign subsidiaries where the Company’s net investment is likely to be monetized, the Company will consider hedging the currency exposure associated with such a transaction. OTHER As of June 30, 2015, the Company has recorded the fair value of foreign currency forward exchange contracts of $1.4 million in prepaid and other, $1.7 million in accounts payable and accrued liabilities, and $0.1 million in deferred and other non-current liabilities in the balance sheet. All forward exchange contracts outstanding as of June 30, 2015 had an aggregate contract amount of $138.1 million. Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 Derivative Contracts Not Designated as Hedging Instruments Balance Sheet Location June 30, 2015 December 31, 2014 Derivative Assets Foreign Exchange Contracts Prepaid and other $ $ Foreign Exchange Contracts Miscellaneous Other Assets -- $ $ Derivative Liabilities Foreign Exchange Contracts Accounts payable and accrued liabilities $ $ Foreign Exchange Contracts Deferred and other non-current liabilities $ $ The Effect of Derivative Instruments on the Condensed Consolidated Statements of Income for the Quarters Ended June 30, 2015 and June 30, 2014 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative 2015 2014 Foreign Exchange Contracts Other Income (Expense) Miscellaneous, net $ ) $ ) $ ) $ ) The Effect of Derivative Instruments on the Condensed Consolidated Statements of Income for the Six Months Ended June 30, 2015 and June 30, 2014 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative 2015 2014 Foreign Exchange Contracts Other Income (Expense) Miscellaneous, net $ ) $ ) $ ) $ ) Net Amounts Gross Amounts not Offset in the Gross Amounts Presented in Statement of Financial Position Gross Offset in the the Statement of Financial Cash Collateral Net Amount Financial Position Financial Position Instruments Received Amount Description June 30, 2015 Derivative Assets $ -- $ -- -- $ Total Assets $ -- $ -- -- $ Derivative Liabilities $ -- $ -- -- $ Total Liabilities $ -- $ -- -- $ December 31, 2014 Derivative Assets $ -- $ -- -- $ Total Assets $ -- $ -- -- $ Derivative Liabilities $ -- $ -- -- $ Total Liabilities $ -- $ -- -- $

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2015
FAIR VALUE
FAIR VALUE	NOTE 9 – 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. · Le vel 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. As of June 30, 2015, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Forward exchange contracts (a) $ $ -- $ $ -- Total assets at fair value $ $ -- $ $ -- Liabilities Forward exchange contracts (a) $ $ -- $ $ -- Total liabilities at fair value $ $ -- $ $ -- As of December 31, 2014, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Forward exchange contracts (a) $ $ -- $ $ -- Total assets at fair value $ $ -- $ $ -- Liabilities Forward exchange contracts (a) $ $ -- $ $ -- Total liabilities at fair value $ $ -- $ $ -- (a) Market approach valuation technique based on observable market transactions of spot and forward rates. The carrying amounts of the Company’s other current financial instruments such as cash and equivalents, notes payable and current maturities of long-term obligations approximate fair value due to the short-term maturity of the instrument. The Company considers our long-term obligations a Level 2 liability and utilizes the market approach valuation technique based on interest rates that are currently available to the Company for issuance of debt with similar terms and maturities. The estimated fair value of the Company’s long-term obligations was $827 million as of June 30, 2015 and $606 million as of December 31, 2014.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 10 – COMMITMENTS AND CONTINGENCIES The Company, in the normal course of business, is 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 the Company’s financial position or 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. Under our Certificate of Incorporation, the Company has 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 the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a directors and officers liability insurance policy that covers a portion of our exposure. As a result of our insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. The Company has no liabilities recorded for these agreements as of June 30, 2015.

STOCK REPURCHASE PROGRAM

STOCK REPURCHASE PROGRAM	6 Months Ended
	Jun. 30, 2015
STOCK REPURCHASE PROGRAM
STOCK REPURCHASE PROGRAM	NOTE 11 – STOCK REPURCHASE PROGRAM On October 30, 2014, the Company announced a new share repurchase authorization of up to $350 million of common stock. This new authorization replaces previous authorizations and has no expiration date. AptarGroup may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions. On December 16, 2014, the Company entered into an agreement to repurchase approximately $250 million of its common stock under an accelerated share repurchase program (the “ASR program”). The ASR program is part of the Company’s $350 million share repurchase authorization. On December 17, 2014, the Company paid $250 million to Wells Fargo Bank N.A. (“Wells Fargo”) in exchange for approximately 3.1 million shares, estimated to represent approximately 80% of the total number of shares expected to be purchased in the ASR program based on then current market prices. The ultimate number of shares to be repurchased under the ASR program will be based on the volume-weighted average price of the Company’s common stock during the term of the ASR program, less a discount. Final settlement of the ASR program is expected to be completed by the end of September 2015, although the settlement may be accelerated at Wells Fargo’s option. During the three and six months ended June 30, 2015, the Company did not repurchase any shares. During the three and six months ended June 30, 2014, the Company repurchased approximately 600 thousand and 800 thousand shares for approximately $39.9 million and $52.9 million, respectively. Shares repurchased were returned to Treasury Stock.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 12 – STOCK-BASED COMPENSATION The Company issues stock options and restricted stock units to employees under Stock Awards Plans approved by shareholders. Stock options and restricted stock units are issued to non-employee directors under Director Stock Option Plans and the Director Restricted Stock Unit Plan approved by shareholders. Options are awarded with the exercise price equal to the market price on the date of grant and generally become exercisable over three years and expire 10 years after grant. Restricted stock units generally vest over three years. Compensation expense recorded attributable to stock options for the first six months of 2015 was approximately $12.0 million ($7.8 million after tax). The income tax benefit related to this compensation expense was approximately $4.2 million. Approximately $10.7 million of the compensation expense was recorded in selling, research & development and administrative expenses and the balance was recorded in cost of sales. Compensation expense recorded attributable to stock options for the first six months of 2014 was approximately $12.0 million ($7.8 million after tax). The income tax benefit related to this compensation expense was approximately $4.2 million. Approximately $10.8 million of the compensation expense was recorded in selling, research & development and administrative expenses and the balance was recorded in cost of sales. 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 was $12.83 and $14.84 per share in 2015 and 2014, respectively. These values were estimated on the respective dates of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Stock Awards Plans: Six months ended June 30, Dividend Yield % % Expected Stock Price Volatility % % Risk-free Interest Rate % % Expected Life of Option (years) There were no grants under the Director Stock Option Plan during the second quarter of 2015 as this plan was cancelled and replaced by the Director Restricted Stock Unit Plan. The fair value of stock options granted under the Director Stock Option Plan during the second quarter of 2014 was $14.07. These values were estimated on the respective date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Director Stock Option Plans: Six months ended June 30, Dividend Yield % Expected Stock Price Volatility % Risk-free Interest Rate % Expected Life of Option (years) A summary of option activity under the Company’s stock plans during the first half of 2015 is presented below: Stock Awards Plans Director Stock Option Plans Weighted Average Weighted Average Shares Exercise Price Shares Exercise Price Outstanding, January 1, 2015 $ $ Granted -- -- Exercised ) ) Forfeited or expired ) -- -- Outstanding at June 30, 2015 $ $ Exercisable at June 30, 2015 $ $ Weighted-Average Remaining Contractual Term (Years): Outstanding at June 30, 2015 Exercisable at June 30, 2015 Aggregate Intrinsic Value ($000): Outstanding at June 30, 2015 $ $ Exercisable at June 30, 2015 $ $ Intrinsic Value of Options Exercised ($000) During the Six Months Ended: June 30, 2015 $ $ June 30, 2014 $ $ The fair value of shares vested during the six months ended June 30, 2015 and 2014 was $15.8 million and $13.9 million, respectively. Cash received from option exercises was approximately $28.8 million and the actual tax benefit realized for the tax deduction from option exercises was approximately $7.0 million in the six months ended June 30, 2015. As of June 30, 2015, the remaining valuation of stock option awards to be expensed in future periods was $18.7 million and the related weighted-average period over which it is expected to be recognized is 1.5 years. The fair value of restricted stock unit grants is the market price of the underlying shares on the grant date. A summary of restricted stock unit activity as of June 30, 2015, and changes during the period then ended is presented below: Director Restricted Stock Awards Plans Stock Unit Plan Weighted Average Weighted Average Shares Grant-Date Fair Value Shares Grant-Date Fair Value Nonvested at January 1, 2015 $ -- $ -- Granted Vested ) -- -- Nonvested at June 30, 2015 $ $ Compensation expense recorded attributable to restricted stock unit grants for the first half of 2015 and 2014 was approximately $2.0 million and $1.1 million, respectively. The fair value of units vested during the six months ended June 30, 2015 and 2014 was $633 thousand and $491 thousand, respectively. The intrinsic value of units vested during the six months ended June 30, 2015 and 2014 was $732 thousand and $613 thousand, respectively. As of June 30, 2015 there was $1.9 million of total unrecognized compensation cost relating to restricted stock unit awards which is expected to be recognized over a weighted-average period of 1.4 years. The Company has a long-term incentive program for certain employees. The program is based on the cumulative total shareholder return of our common stock during a three year performance period. Total expense related to this program is expected to be approximately $2.3 million over the performance period, of which $483 thousand and $320 thousand was recognized in the first half of 2015 and 2014, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 13 – EARNINGS PER SHARE AptarGroup’s authorized common stock consists of 199 million shares, having a par value of $.01 each. Information related to the calculation of earnings per share is as follows: Three months ended June 30, 2015 June 30, 2014 Diluted Basic Diluted Basic Consolidated operations Income available to common shareholders $ $ $ $ Average equivalent shares Shares of common stock Effect of dilutive stock based compensation Stock options -- -- Restricted stock -- -- Total average equivalent shares Net income per share $ $ $ $ Six months ended June 30, 2015 June 30, 2014 Diluted Basic Diluted Basic Consolidated operations Income available to common shareholders $ $ $ $ Average equivalent shares Shares of common stock Effect of dilutive stock based compensation Stock options -- -- Restricted stock -- -- Total average equivalent shares Net income per share $ $ $ $

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2015
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 14 – SEGMENT INFORMATION The Company operates in the packaging components industry, which includes the development, manufacture and sale of consumer product dispensing solutions. The Company is organized into three reporting segments. Operations that sell dispensing systems primarily to the personal care, beauty and home care markets form the Beauty + Home segment. Operations that sell dispensing systems primarily to the prescription drug, consumer health care and injectables markets form the Pharma segment. Operations that sell dispensing systems primarily to the food and beverage markets form the Food + Beverage segment. The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Financial information regarding the Company’s reportable segments is shown below: Three Months Ended June 30 , Six Months Ended June 30, Total Revenue: Beauty + Home $ $ $ $ Pharma Food + Beverage Total Revenue Less: Intersegment Sales: Beauty + Home $ $ $ $ Pharma -- -- -- -- Food + Beverage Total Intersegment Sales $ $ $ $ Net Sales: Beauty + Home $ $ $ $ Pharma Food + Beverage Net Sales $ $ $ $ Segment Income (1): Beauty + Home $ $ $ $ Pharma Food + Beverage Corporate & Other ) ) ) ) Income before interest and taxes $ $ $ $ Interest expense, net ) ) ) ) Income before income taxes $ $ $ $ (1) The Company evaluates performance of our business units and allocates resources based upon segment income. Segment income is defined as earnings before net interest expense, certain corporate expenses and income taxes.

INSURANCE SETTLEMENT RECEIVABLE

INSURANCE SETTLEMENT RECEIVABLE	6 Months Ended
	Jun. 30, 2015
INSURANCE SETTLEMENT RECEIVABLE
INSURANCE SETTLEMENT RECEIVABLE	NOTE 15 – INSURANCE SETTLEMENT RECEIVABLE A fire caused damage to the roof and production area of a facility owned by an AptarGroup subsidiary in Brazil on September 1, 2014. There were no injuries. The facility is primarily an internal supplier to AptarGroup of anodized aluminum components for certain dispensing systems sold to the regional beauty and personal care markets. Repairs of the facility continue to progress as planned. AptarGroup is insured for the damages caused by the fire, including business interruption insurance. While the Company is still in the process of reviewing claims with our insurance carriers, we have currently recognized a $4.3 million receivable related to costs incurred but not yet reimbursed, which is included in Prepaid and Other in the Condensed Consolidated Balance Sheet. This incident did not have a material impact on our financial results during the first half of 2015 and we expect to reach a final insurance settlement during the second half of 2015.

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of AptarGroup, Inc. and our subsidiaries. The terms “AptarGroup” or “Company” 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 include all adjustments, consisting of only 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 Unaudited 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 (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 but does not include all disclosures required by GAAP. Accordingly, these Unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations of any interim period are not necessarily indicative of the results that may be expected for the year.
CHANGE IN ACCOUNTING POLICY	CHANGE IN ACCOUNTING PRINCIPLE During the quarter, the Company changed its inventory valuation method for certain operating entities in its North American business to the first-in first-out (FIFO) method from the last-in first-out (LIFO) method. Prior to the change, the Company utilized two methods of inventory costing: LIFO for inventories in these operating entities and FIFO for inventories in other operating entities. The Company believes that the FIFO method is preferable as it better reflects the current value of inventory on the Company’s Condensed Consolidated Balance Sheet, provides better matching of revenues and expenses, results in uniformity across the Company’s global operations with respect to the method of inventory accounting and improves comparability with the Company’s peers. The cumulative pre-tax effect of this change is $7.4 million. We have determined that this change is not material to the Company’s previously issued financial statements and that the cumulative effect of the change is not material to current operations or to the trend of reported results of operations. Therefore, we conclude it was appropriate to recognize the cumulative effect of the change as an operating item in the current period’s Condensed Consolidated Statement of Income and not to adopt the change by retrospective application.
ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS	ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB’s Accounting Standards Codification. During the first six months of 2015, there have been no developments to the recently adopted accounting pronouncements from those disclosed in the Company’s 2014 Annual Report on Form 10-K that are considered to have a material impact on our Unaudited Condensed Consolidated Financial Statements. Other accounting standards that have been issued by the FASB or other standards-setting bodies but are not yet effective are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations.
SHORT TERM INVESTMENTS	SHORT TERM INVESTMENTS Short term investments reflect funds invested in a time deposit instrument with a two-year maturity. However, during the life of the investment the funds can be redeemed at any time with a 35-90 day notice. There are no penalties for early redemption. We do not consider this investment a marketable security as there is no active market for this type of product.
INCOME TAXES	INCOME TAXES The Company computes 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 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. In our determination of which foreign earnings are permanently reinvested in foreign operations, the Company considers numerous factors, including the financial requirements of the U.S. parent company and those of our foreign subsidiaries, the U.S. funding needs for dividend payments and stock repurchases, and the tax consequences of remitting earnings to the U.S. From this analysis, current year repatriation decisions are made in an attempt to provide a proper mix of debt and shareholder capital both within the U.S. and for non-U.S. operations. The Company’s policy is to permanently reinvest our accumulated foreign earnings and the Company will only make a distribution out of current year earnings to meet the cash needs at the parent company. As such, the Company does not provide for taxes on earnings that are deemed to be permanently reinvested. Since no distribution to the U.S. of foreign earnings is expected in 2015, the effective tax rate for 2015 includes no tax cost of repatriation. The Company provides a liability for the amount of tax benefits realized from uncertain tax positions. This liability is provided whenever the Company determines that a tax benefit will not meet a more-likely-than-not threshold for recognition. See Note 4 of the Unaudited Notes to the Condensed Consolidated Financial Statements for more information.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2015
INVENTORIES
Schedule of inventories, by component	June 30, December 31, Raw materials $ $ Work in process Finished goods Total Less LIFO reserve -- ) Total $ $

GOODWILL AND OTHER INTANGIBLE25

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	Beauty + Food + Corporate Home Pharma Beverage & Other Total Balance as of December 31, 2014 Goodwill $ $ $ $ $ Accumulated impairment losses -- -- -- ) ) $ $ $ $ -- $ Foreign currency exchange effects ) ) ) -- ) Balance as of June 30, 2015 Goodwill $ $ $ $ $ Accumulated impairment losses -- -- -- ) ) $ $ $ $ -- $
Summary of amortized intangible assets	June 30, 2015 December 31, 2014 Weighted Average Gross Gross Amortization Carrying Accumulated Net Carrying Accumulated Net Period (Years) Amount Amortization Value Amount Amortization Value Amortized intangible assets: Patents $ $ ) $ $ $ ) $ Acquired Technology ) ) License agreements and other ) ) Total intangible assets $ $ ) $ $ $ ) $
Schedule of future estimated amortization expense	Future estimated amortization expense for the years ending December 31 is as follows: 2015 $ (remaining estimated amortization for 2015) 2016 2017 2018 2019 and thereafter

LONG-TERM OBLIGATIONS (Tables)

LONG-TERM OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2015
LONG-TERM OBLIGATIONS
Schedule of long-term obligations	June 30, December 31, Notes payable 0.61% - 27.26%, due in monthly and annual installments through 2027 $ $ Senior unsecured notes 2.3%, due in 2015 Senior unsecured notes 6.0%, due in 2016 Senior unsecured notes 6.0%, due in 2018 Senior unsecured notes 3.8%, due in 2020 Senior unsecured notes 3.2%, due in 2022 Senior unsecured notes 3.5%, due in 2023 Senior unsecured notes 3.4%, due in 2024 Senior unsecured notes 3.5%, due in 2024 -- Senior unsecured notes 3.6%, due in 2025 Senior unsecured notes 3.6%, due in 2026 -- Capital lease obligations Current maturities of long-term obligations ) ) Total long-term obligations $ $

RETIREMENT AND DEFERRED COMPE27

RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)	6 Months Ended
	Jun. 30, 2015
RETIREMENT AND DEFERRED COMPENSATION PLANS
Components of net periodic benefit cost	Domestic Plans Foreign Plans Three months ended June 30, Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) ) ) Amortization of net loss Amortization of prior service cost -- -- Net periodic benefit cost $ $ $ $ Domestic Plans Foreign Plans Six months ended June 30, Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) ) ) Amortization of net loss Amortization of prior service cost -- -- Net periodic benefit cost $ $ $ $

ACCUMULATED OTHER COMPREHENSI28

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2015
ACCUMULATED OTHER COMPREHENSIVE INCOME
Changes in Accumulated Other Comprehensive Income by Component	Foreign Currency Defined Benefit Pension Plans Other Total Balance – December 31, 2013 $ $ ) $ ) $ Other comprehensive loss before reclassifications ) -- -- ) Amounts reclassified from accumulated other comprehensive income ) Net current-period other comprehensive (loss) income ) ) Balance - June 30, 2014 $ $ ) $ ) $ Balance – December 31, 2014 $ ) $ ) $ ) $ ) Other comprehensive loss before reclassifications ) -- -- ) Amounts reclassified from accumulated other comprehensive income -- Net current-period other comprehensive (loss) income ) ) Balance - June 30, 2015 $ ) $ ) $ ) $ )
Reclassifications Out of Accumulated Other Comprehensive Income	Details about Accumulated Other Amount Reclassified from Accumulated Affected Line in the Statement Comprehensive Income Components Other Comprehensive Income Where Net Income is Presented Three months ended June 30, Defined Benefit Pension Plans Amortization of net loss $ $ (a) Amortization of prior service cost (a) Total before tax ) ) Tax benefit $ $ Net of tax Other Changes in treasury locks Interest Expense Total before tax ) ) Tax benefit $ $ Net of tax Total reclassifications for the period $ $ (a) These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 6 – Retirement and Deferred Compensation Plans for additional details). Details about Accumulated Other Amount Reclassified from Accumulated Affected Line in the Statement Comprehensive Income Components Other Comprehensive Income Where Net Income is Presented Six months ended June 30, Defined Benefit Pension Plans Amortization of net loss $ $ (b) Amortization of prior service cost (b) Total before tax ) ) Tax benefit $ $ Net of tax Foreign Currency Foreign Currency Gain -- ) Miscellaneous, net -- ) Total before tax -- -- Tax benefit $ -- $ ) Net of tax Other Changes in treasury locks Interest Expense Total before tax ) ) Tax benefit $ $ Net of tax Total reclassifications for the period $ $ (b) These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 6 – Retirement and Deferred Compensation Plans for additional details).

DERIVATIVE INSTRUMENTS AND HE29

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2015
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Schedule of Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets	Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 Derivative Contracts Not Designated as Hedging Instruments Balance Sheet Location June 30, 2015 December 31, 2014 Derivative Assets Foreign Exchange Contracts Prepaid and other $ $ Foreign Exchange Contracts Miscellaneous Other Assets -- $ $ Derivative Liabilities Foreign Exchange Contracts Accounts payable and accrued liabilities $ $ Foreign Exchange Contracts Deferred and other non-current liabilities $ $
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Statements of Income	The Effect of Derivative Instruments on the Condensed Consolidated Statements of Income for the Quarters Ended June 30, 2015 and June 30, 2014 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative 2015 2014 Foreign Exchange Contracts Other Income (Expense) Miscellaneous, net $ ) $ ) $ ) $ ) The Effect of Derivative Instruments on the Condensed Consolidated Statements of Income for the Six Months Ended June 30, 2015 and June 30, 2014 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative 2015 2014 Foreign Exchange Contracts Other Income (Expense) Miscellaneous, net $ ) $ ) $ ) $ )
Schedule of offsetting derivative assets and liabilities	Net Amounts Gross Amounts not Offset in the Gross Amounts Presented in Statement of Financial Position Gross Offset in the the Statement of Financial Cash Collateral Net Amount Financial Position Financial Position Instruments Received Amount Description June 30, 2015 Derivative Assets $ -- $ -- -- $ Total Assets $ -- $ -- -- $ Derivative Liabilities $ -- $ -- -- $ Total Liabilities $ -- $ -- -- $ December 31, 2014 Derivative Assets $ -- $ -- -- $ Total Assets $ -- $ -- -- $ Derivative Liabilities $ -- $ -- -- $ Total Liabilities $ -- $ -- -- $

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2015
FAIR VALUE
Schedule of fair values of financial assets and liabilities	As of June 30, 2015, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Forward exchange contracts (a) $ $ -- $ $ -- Total assets at fair value $ $ -- $ $ -- Liabilities Forward exchange contracts (a) $ $ -- $ $ -- Total liabilities at fair value $ $ -- $ $ -- As of December 31, 2014, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Forward exchange contracts (a) $ $ -- $ $ -- Total assets at fair value $ $ -- $ $ -- Liabilities Forward exchange contracts (a) $ $ -- $ $ -- Total liabilities at fair value $ $ -- $ $ -- (a) Market approach valuation technique based on observable market transactions of spot and forward rates.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
STOCK-BASED COMPENSATION
Weighted-average assumptions used to estimate fair value of stock options granted	Stock Awards Plans: Six months ended June 30, Dividend Yield % % Expected Stock Price Volatility % % Risk-free Interest Rate % % Expected Life of Option (years) Director Stock Option Plans: Six months ended June 30, Dividend Yield % Expected Stock Price Volatility % Risk-free Interest Rate % Expected Life of Option (years)
Summary of option activity	Stock Awards Plans Director Stock Option Plans Weighted Average Weighted Average Shares Exercise Price Shares Exercise Price Outstanding, January 1, 2015 $ $ Granted -- -- Exercised ) ) Forfeited or expired ) -- -- Outstanding at June 30, 2015 $ $ Exercisable at June 30, 2015 $ $ Weighted-Average Remaining Contractual Term (Years): Outstanding at June 30, 2015 Exercisable at June 30, 2015 Aggregate Intrinsic Value ($000): Outstanding at June 30, 2015 $ $ Exercisable at June 30, 2015 $ $ Intrinsic Value of Options Exercised ($000) During the Six Months Ended: June 30, 2015 $ $ June 30, 2014 $ $
Summary of restricted stock unit activity	Director Restricted Stock Awards Plans Stock Unit Plan Weighted Average Weighted Average Shares Grant-Date Fair Value Shares Grant-Date Fair Value Nonvested at January 1, 2015 $ -- $ -- Granted Vested ) -- -- Nonvested at June 30, 2015 $ $

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
EARNINGS PER SHARE
Information related to the calculation of earnings per share	Three months ended June 30, 2015 June 30, 2014 Diluted Basic Diluted Basic Consolidated operations Income available to common shareholders $ $ $ $ Average equivalent shares Shares of common stock Effect of dilutive stock based compensation Stock options -- -- Restricted stock -- -- Total average equivalent shares Net income per share $ $ $ $ Six months ended June 30, 2015 June 30, 2014 Diluted Basic Diluted Basic Consolidated operations Income available to common shareholders $ $ $ $ Average equivalent shares Shares of common stock Effect of dilutive stock based compensation Stock options -- -- Restricted stock -- -- Total average equivalent shares Net income per share $ $ $ $

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2015
SEGMENT INFORMATION
Financial information regarding the Company's reportable segments	Three Months Ended June 30 , Six Months Ended June 30, Total Revenue: Beauty + Home $ $ $ $ Pharma Food + Beverage Total Revenue Less: Intersegment Sales: Beauty + Home $ $ $ $ Pharma -- -- -- -- Food + Beverage Total Intersegment Sales $ $ $ $ Net Sales: Beauty + Home $ $ $ $ Pharma Food + Beverage Net Sales $ $ $ $ Segment Income (1): Beauty + Home $ $ $ $ Pharma Food + Beverage Corporate & Other ) ) ) ) Income before interest and taxes $ $ $ $ Interest expense, net ) ) ) ) Income before income taxes $ $ $ $ (1) The Company evaluates performance of our business units and allocates resources based upon segment income. Segment income is defined as earnings before net interest expense, certain corporate expenses and income taxes.

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total
INCOME TAXES
Expected distribution of foreign earnings	$ 0
Tax cost of repatriation included in effective tax rate	$ 0
Short Term Investments
Maturity of the deposit	2 years
Penalty for early redemption	$ 0
Minimum
Short Term Investments
Redemption period	35 days
Maximum
Short Term Investments
Redemption period	90 days
Accounting principle change
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Cumulative pre-tax effect	$ 7,400

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Inventories accounted for by using the LIFO method (as a percent)			19.00%
Inventories, by component
Raw materials	$ 100,872		$ 108,618
Work in process	97,426		94,414
Finished goods	116,880		115,809
Total	315,178		318,841
Less LIFO Reserve		$ (7,427)	(7,769)
Total	315,178		$ 311,072
Pro Forma
Inventories, by component
Less LIFO Reserve	$ (6,879)

GOODWILL AND OTHER INTANGIBLE36

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Changes in the carrying amount of goodwill
Goodwill		$ 318,095	$ 331,356
Accumulated impairment losses		(1,615)	(1,615)
Goodwill, Total	$ 329,741	316,480	329,741
Goodwill, balance at the beginning of the period	329,741
Foreign currency exchange effects	(13,261)
Goodwill, balance at the end of the period	316,480
Operating segment | Beauty + Home
Changes in the carrying amount of goodwill
Goodwill		167,202	171,149
Goodwill, Total	171,149	167,202	171,149
Goodwill, balance at the beginning of the period	171,149
Foreign currency exchange effects	(3,947)
Goodwill, balance at the end of the period	167,202
Operating segment | Pharma
Changes in the carrying amount of goodwill
Goodwill		132,793	141,592
Goodwill, Total	141,592	132,793	141,592
Goodwill, balance at the beginning of the period	141,592
Foreign currency exchange effects	(8,799)
Goodwill, balance at the end of the period	132,793
Operating segment | Food + Beverage
Changes in the carrying amount of goodwill
Goodwill		16,485	17,000
Goodwill, Total	17,000	16,485	17,000
Goodwill, balance at the beginning of the period	17,000
Foreign currency exchange effects	(515)
Goodwill, balance at the end of the period	$ 16,485
Corporate Non-Segment
Changes in the carrying amount of goodwill
Goodwill		1,615	1,615
Accumulated impairment losses		$ (1,615)	$ (1,615)

GOODWILL AND OTHER INTANGIBLE37

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Amortized intangible assets:
Gross Carrying Amount	$ 79,690		$ 79,690		$ 85,506
Accumulated Amortization	(43,600)		(43,600)		(45,461)
Net Value	36,090		36,090		40,045
Aggregate amortization expense	1,085	$ 1,369	2,166	$ 2,767
Future estimated amortization expense
2,015	2,055		2,055
2,016	3,743		3,743
2,017	3,317		3,317
2,018	3,317		3,317
2019 and thereafter	23,658		$ 23,658
Weighted Average
Amortized intangible assets:
Amortization Period			9 years
Patents
Amortized intangible assets:
Gross Carrying Amount	15,743		$ 15,743		17,001
Accumulated Amortization	(15,711)		(15,711)		(16,852)
Net Value	32		$ 32		149
Patents | Weighted Average
Amortized intangible assets:
Amortization Period			7 years
Acquired technology
Amortized intangible assets:
Gross Carrying Amount	32,891		$ 32,891		35,701
Accumulated Amortization	(7,675)		(7,675)		(5,950)
Net Value	25,216		$ 25,216		29,751
Acquired technology | Weighted Average
Amortized intangible assets:
Amortization Period			15 years
License agreements and other
Amortized intangible assets:
Gross Carrying Amount	31,056		$ 31,056		32,804
Accumulated Amortization	(20,214)		(20,214)		(22,659)
Net Value	$ 10,842		$ 10,842		$ 10,145
License agreements and other | Weighted Average
Amortized intangible assets:
Amortization Period			5 years

INCOME TAXES UNCERTAINTIES (Det

INCOME TAXES UNCERTAINTIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
INCOME TAX UNCERTAINTIES
Income tax uncertainties	$ 5.7	$ 6.4
Change in income tax uncertainties	0.7
Amount of income tax uncertainties that, if recognized, would impact the effective tax rate	5.5	$ 6.3
Decrease in liability for uncertain tax positions, high end of range	$ 5.1
Number of months, in which liability for uncertain tax positions will decrease	12 months

LONG-TERM OBLIGATIONS (Details)

LONG-TERM OBLIGATIONS (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Feb. 28, 2015USD ($)	Dec. 31, 2014USD ($)item	Jun. 30, 2015USD ($)
Debt
Proceeds from private placement		$ 475,000
Long-term obligations including current maturities		607,584	$ 831,129
Current maturities of long-term obligations		(18,692)	(18,122)
Long-term obligations		588,892	813,007
Aggregate long-term maturities, excluding capital lease obligations
2,015			17,769
2,016			50,391
2,017			392
2,018			75,342
2,019			189
Thereafter			685,161
Notes payable
Debt
Proceeds from debt	$ 225,000	$ 250,000
Number of maturity tranches in funding of private placement | item		2
Notes payable 0.61% - 27.26%, due in monthly and annual installments through 2027
Debt
Long-term obligations including current maturities		$ 5,160	$ 4,244
Interest rate on notes payable, low end of range (as a percent)			0.61%
Interest rate on notes payable, high end of range (as a percent)			27.26%
Senior unsecured notes 2.3%, due in 2015
Debt
Long-term obligations including current maturities		16,000	$ 16,000
Interest rate on senior unsecured notes (as a percent)			2.30%
Senior unsecured notes 6.0%, due in 2016
Debt
Long-term obligations including current maturities		50,000	$ 50,000
Interest rate on senior unsecured notes (as a percent)			6.00%
Senior unsecured notes 6.0%, due in 2018
Debt
Long-term obligations including current maturities		75,000	$ 75,000
Interest rate on senior unsecured notes (as a percent)			6.00%
Senior unsecured notes 3.8%, due in 2020
Debt
Long-term obligations including current maturities		84,000	$ 84,000
Interest rate on senior unsecured notes (as a percent)			3.80%
Senior unsecured notes 3.2%, due in 2022
Debt
Long-term obligations including current maturities		75,000	$ 75,000
Interest rate on senior unsecured notes (as a percent)			3.20%
Senior unsecured notes 3.5%, due in 2023
Debt
Term of debt			9 years
Long-term obligations including current maturities		125,000	$ 125,000
Interest rate on senior unsecured notes (as a percent)			3.49%
Senior unsecured notes 3.4%, due in 2024
Debt
Long-term obligations including current maturities		50,000	$ 50,000
Interest rate on senior unsecured notes (as a percent)			3.40%
Senior unsecured notes 3.5%, due in 2024
Debt
Term of debt			9 years
Long-term obligations including current maturities			$ 100,000
Interest rate on senior unsecured notes (as a percent)			3.49%
Senior unsecured notes 3.6%, due in 2025
Debt
Term of debt			11 years
Long-term obligations including current maturities		125,000	$ 125,000
Interest rate on senior unsecured notes (as a percent)			3.61%
Senior unsecured notes 3.6%, due in 2026
Debt
Term of debt			11 years
Long-term obligations including current maturities			$ 125,000
Interest rate on senior unsecured notes (as a percent)			3.61%
Capital lease obligations
Debt
Long-term obligations including current maturities		$ 2,424	$ 1,885

RETIREMENT AND DEFERRED COMPE40

RETIREMENT AND DEFERRED COMPENSATION PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Domestic Plans
Components of net periodic benefit cost:
Service cost	$ 2,504	$ 2,010	$ 5,008	$ 4,021
Interest cost	1,589	1,482	3,178	2,964
Expected return on plan assets	(1,897)	(1,646)	(3,795)	(3,292)
Amortization of net loss	1,351	717	2,702	1,434
Net periodic benefit cost	3,547	2,563	7,093	5,127
Minimum funding requirement			0
Expected contribution in current fiscal year			10,000
Employer contributions			0
Foreign Plans
Components of net periodic benefit cost:
Service cost	1,139	1,081	2,299	2,160
Interest cost	412	699	832	1,398
Expected return on plan assets	(447)	(510)	(902)	(1,020)
Amortization of net loss	418	313	843	626
Amortization of prior service cost	64	80	129	161
Net periodic benefit cost	$ 1,586	$ 1,663	3,201	$ 3,325
Expected contribution in current fiscal year			12,600
Employer contributions			$ 1,000

ACCUMULATED OTHER COMPREHENSI41

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated other comprehensive income activity
Balance at the beginning of the period	$ (110,045)	$ 109,751
Other comprehensive loss before reclassifications	(94,147)	(4,252)
Amounts reclassified from accumulated other comprehensive income	2,355	1,107
Net current-period other comprehensive (loss) income	(91,792)	(3,145)
Balance at the end of the period	(201,837)	106,606
Foreign Currency
Accumulated other comprehensive income activity
Balance at the beginning of the period	(42,851)	149,965
Other comprehensive loss before reclassifications	(94,147)	(4,252)
Amounts reclassified from accumulated other comprehensive income		(340)
Net current-period other comprehensive (loss) income	(94,147)	(4,592)
Balance at the end of the period	(136,998)	145,373
Defined Benefit Pension Plans
Accumulated other comprehensive income activity
Balance at the beginning of the period	(67,097)	(40,093)
Amounts reclassified from accumulated other comprehensive income	2,342	1,435
Net current-period other comprehensive (loss) income	2,342	1,435
Balance at the end of the period	(64,755)	(38,658)
Other
Accumulated other comprehensive income activity
Balance at the beginning of the period	(97)	(121)
Amounts reclassified from accumulated other comprehensive income	13	12
Net current-period other comprehensive (loss) income	13	12
Balance at the end of the period	$ (84)	$ (109)

ACCUMULATED OTHER COMPREHENSI42

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Amount Reclassified from Accumulated Other Comprehensive Income
Interest expense	$ 9,195	$ 5,246	$ 16,498	$ 10,127
Miscellaneous, net	1,268	525	1,467	153
Total before tax	(85,755)	(79,706)	(153,450)	(153,386)
Tax benefit	28,214	26,622	50,810	51,894
Total reclassifications for the period	(57,539)	(53,076)	(102,710)	(101,465)
Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Total reclassifications for the period	1,180	723	2,355	1,107
Defined Benefit Pension Plans | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Amortization of net loss	1,769	1,030	3,545	2,060
Amortization of prior service cost	64	80	129	161
Total before tax	1,833	1,110	3,674	2,221
Tax benefit	(660)	(393)	(1,332)	(786)
Total reclassifications for the period	1,173	717	2,342	1,435
Foreign Currency | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Miscellaneous, net				(340)
Total before tax				(340)
Total reclassifications for the period				(340)
Other | Treasury locks | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Interest expense	9	10	19	19
Total before tax	9	10	19	19
Tax benefit	(2)	(4)	(6)	(7)
Total reclassifications for the period	$ 7	$ 6	$ 13	$ 12

DERIVATIVE INSTRUMENTS AND HE43

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Aggregate amount of forward exchange contracts outstanding	$ 138,100
Fair Value of Derivative Instruments
Derivative Assets	1,379	$ 1,044
Derivative Liabilities	1,826	2,493
Derivative Contracts Not Designated as Hedging Instruments
Fair Value of Derivative Instruments
Derivative Assets	1,379	1,044
Derivative Liabilities	1,826	2,493
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Prepaid and other
Fair Value of Derivative Instruments
Derivative Assets	1,379	1,037
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Miscellaneous Other Assets
Fair Value of Derivative Instruments
Derivative Assets		7
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Accounts payable and accrued liabilities
Fair Value of Derivative Instruments
Derivative Liabilities	1,736	2,378
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Deferred and other non-current liabilities
Fair Value of Derivative Instruments
Derivative Liabilities	$ 90	$ 115

DERIVATIVE INSTRUMENTS AND HE44

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative instruments, gain or (loss)
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments	$ (3,301)	$ (1,335)	$ (48)	$ (1,494)
Foreign Exchange Contracts
Derivative instruments, gain or (loss)
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments	$ (3,301)	$ (1,335)	$ (48)	$ (1,494)

DERIVATIVE INSTRUMENTS AND HE45

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Assets
Gross Amount	$ 1,379	$ 1,044
Net Amounts Presented in the Statement of Financial Position	1,379	1,044
Net Amount	1,379	1,044
Derivative Liabilities
Gross Amount	1,826	2,493
Net Amounts Presented in the Statement of Financial Position	1,826	2,493
Net Amount	$ 1,826	$ 2,493

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Liabilities
Fair value of long-term obligations	$ 827,000	$ 606,000
Assets and liabilities measured at fair value on recurring basis | Total
Assets
Forward exchange contracts, assets	1,379	1,044
Total assets at fair value	1,379	1,044
Liabilities
Forward exchange contracts, liabilities	1,826	2,493
Total liabilities at fair value	1,826	2,493
Assets and liabilities measured at fair value on recurring basis | Level 2
Assets
Forward exchange contracts, assets	1,379	1,044
Total assets at fair value	1,379	1,044
Liabilities
Forward exchange contracts, liabilities	1,826	2,493
Total liabilities at fair value	$ 1,826	$ 2,493

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2015USD ($)
Indemnification agreements
Commitments and contingencies
Liabilities recorded under indemnification agreements	$ 0

STOCK REPURCHASE PROGRAM (Detai

STOCK REPURCHASE PROGRAM (Details) - USD ($) shares in Thousands, $ in Thousands	Dec. 17, 2014	Jun. 30, 2014	Jun. 30, 2014	Dec. 16, 2014	Oct. 30, 2014
Stock repurchase program
Share repurchases authorized amount					$ 350,000
Aggregate amount of share repurchases (in dollars)		$ 39,900	$ 52,884
Number of shares repurchased		600	800
ASR Program
Stock repurchase program
Share repurchases authorized amount				$ 250,000
Aggregate amount of share repurchases (in dollars)	$ 250,000
Number of shares repurchased	3,100
Percentage of the total number of shares expected to be purchased in the ASR	80.00%

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
STOCK-BASED COMPENSATION
Proceeds from stock option exercises		$ 28,810	$ 18,319
Stock options
STOCK-BASED COMPENSATION
Award vesting period		3 years
Expiration period		10 years
Compensation expense		$ 12,000	12,000
Compensation expense, net of tax		7,800	7,800
Income tax benefit related to compensation expense		4,200	4,200
Fair value of shares vested		15,800	13,900
Proceeds from stock option exercises		28,800
Actual tax benefit realized for the tax deduction from option exercises		7,000
Unrecognized compensation cost expected to be recognized in future periods		$ 18,700
Weighted-average period over which compensation cost is expected to be recognized		1 year 6 months
Stock options | Selling, research & development and administrative expenses
STOCK-BASED COMPENSATION
Compensation expense		$ 10,700	$ 10,800
Stock Option Plans | Stock options
STOCK-BASED COMPENSATION
Weighted-average fair value of stock options granted (in dollars per share)		$ 12.83	$ 14.84
Assumptions used to estimate fair value of stock options granted
Dividend Yield (as a percent)		1.70%	1.70%
Expected Stock Price Volatility (as a percent)		21.90%	22.20%
Risk-free Interest Rate (as a percent)		1.60%	2.30%
Expected Life of Option (years)		6 years 10 months 24 days	6 years 10 months 24 days
Stock options activity
Outstanding at the beginning of the period (in shares)		8,107,806
Granted (in shares)		1,391,355
Exercised (in shares)		(788,268)
Forfeited or expired (in shares)		(20,653)
Outstanding at the end of the period (in shares)		8,690,240
Exercisable at the end of the period (in shares)		5,925,974
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)		$ 46.74
Granted (in dollars per share)		64.60
Exercised (in dollars per share)		34.60
Forfeited or expired (in dollars per share)		60.34
Outstanding at the end of the period (in dollars per share)		50.67
Exercisable at the end of the period (in dollars per share)		$ 44.64
Weighted-Average Remaining Contractual Term (Years):
Outstanding at the end of the period		6 years 4 months 24 days
Exercisable at the end of the period		5 years 2 months 12 days
Aggregate Intrinsic Value:
Outstanding at the end of the period		$ 120,651
Exercisable at the end of the period		115,264
Intrinsic Value of Options Exercised		$ 23,592	$ 18,050
Stock Option Plans | Restricted stock units
STOCK-BASED COMPENSATION
Award vesting period		3 years
Compensation expense		$ 2,000	1,100
Unrecognized compensation cost expected to be recognized in future periods		$ 1,900
Weighted-average period over which compensation cost is expected to be recognized		1 year 4 months 24 days
Restricted stock unit activity
Balance at the beginning of the period (in shares)		61,750
Granted (in shares)		11,448
Vested (in shares)		(11,083)
Balance at the end of the period (in shares)		62,115
Weighted-Average Grant-Date Fair Value
Nonvested at the beginning of the period (in dollars per share)		$ 64.09
Granted (in dollars per share)		65.87
Vested (in dollars per share)		57.13
Nonvested at the end of the period (in dollars per share)		$ 65.65
Fair value of units vested		$ 633	491
Intrinsic value of units vested		$ 732	$ 613
Stock Option Plans | Director restricted stock unit plan
Restricted stock unit activity
Granted (in shares)		18,857
Balance at the end of the period (in shares)		18,857
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)		$ 63.10
Nonvested at the end of the period (in dollars per share)		63.10
Director Stock Option Plans | Stock options
STOCK-BASED COMPENSATION
Weighted-average fair value of stock options granted (in dollars per share)	$ 14.07	$ 0
Assumptions used to estimate fair value of stock options granted
Dividend Yield (as a percent)			1.80%
Expected Stock Price Volatility (as a percent)			22.20%
Risk-free Interest Rate (as a percent)			2.20%
Expected Life of Option (years)			6 years 10 months 24 days
Stock options activity
Outstanding at the beginning of the period (in shares)		368,668
Exercised (in shares)		(62,001)
Outstanding at the end of the period (in shares)		306,667
Exercisable at the end of the period (in shares)		224,325
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)		$ 53.52
Exercised (in dollars per share)		40.67
Outstanding at the end of the period (in dollars per share)		56.11
Exercisable at the end of the period (in dollars per share)		$ 53.41
Weighted-Average Remaining Contractual Term (Years):
Outstanding at the end of the period		7 years 4 months 24 days
Exercisable at the end of the period		6 years 10 months 24 days
Aggregate Intrinsic Value:
Outstanding at the end of the period		$ 2,616
Exercisable at the end of the period		2,432
Intrinsic Value of Options Exercised		1,449	$ 741
New long-term incentive program
STOCK-BASED COMPENSATION
Compensation expense		$ 483	$ 320
Performance period used to measure cumulative total shareholder return of common stock		3 years
Expected total expense related to program over the performance period		$ 2,300

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
EARNINGS PER SHARE
Authorized common stock (in shares)	199,000		199,000		199,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01		$ 0.01
Diluted
Income available to common stockholders (in dollars)	$ 57,539	$ 53,076	$ 102,710	$ 101,465
Shares of common stock	62,697	65,328	62,496	65,397
Total average equivalent shares	64,276	67,438	64,603	68,042
Net income per share, diluted (in dollars per share)	$ 0.90	$ 0.79	$ 1.59	$ 1.49
Basic
Income available to common stockholders (in dollars)	$ 57,539	$ 53,076	$ 102,710	$ 101,465
Shares of common stock	62,697	65,328	62,496	65,397
Net income per share, basic (in dollars per share)	$ 0.92	$ 0.81	$ 1.64	$ 1.55
Stock options
Diluted
Effect of dilutive stock based compensation (in shares)	1,550	2,103	2,075	2,616
Restricted stock units
Diluted
Effect of dilutive stock based compensation (in shares)	29	7	32	29

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)
SEGMENT INFORMATION
Number of reportable segments | segment			3
Financial information regarding the Company's reportable segments
Net Sales	$ 594,275	$ 670,631	$ 1,184,086	$ 1,346,682
Income before interest and taxes	93,845	83,905	167,112	161,450
Interest expense, net	(8,090)	(4,199)	(13,662)	(8,064)
Income before Income Taxes	85,755	79,706	153,450	153,386
Beauty + Home
Financial information regarding the Company's reportable segments
Net Sales	319,124	385,226	648,539	776,462
Income before interest and taxes	27,193	27,198	50,569	54,979
Pharma
Financial information regarding the Company's reportable segments
Net Sales	183,300	195,690	361,969	390,039
Income before interest and taxes	55,462	52,793	107,463	105,275
Food + Beverage
Financial information regarding the Company's reportable segments
Net Sales	91,851	89,715	173,578	180,181
Income before interest and taxes	14,991	12,416	24,041	21,496
Corporate & Other
Financial information regarding the Company's reportable segments
Income before interest and taxes	(3,801)	(8,502)	(14,961)	(20,300)
Operating segment
Financial information regarding the Company's reportable segments
Net Sales	600,164	677,097	1,195,547	1,360,612
Operating segment | Beauty + Home
Financial information regarding the Company's reportable segments
Net Sales	324,742	391,215	659,536	789,755
Operating segment | Pharma
Financial information regarding the Company's reportable segments
Net Sales	183,300	195,690	361,969	390,039
Operating segment | Food + Beverage
Financial information regarding the Company's reportable segments
Net Sales	92,122	90,192	174,042	180,818
Intersegment
Financial information regarding the Company's reportable segments
Net Sales	(5,889)	(6,466)	(11,461)	(13,930)
Intersegment | Beauty + Home
Financial information regarding the Company's reportable segments
Net Sales	(5,617)	(5,989)	(10,997)	(13,293)
Intersegment | Food + Beverage
Financial information regarding the Company's reportable segments
Net Sales	$ (272)	$ (477)	$ (464)	$ (637)

INSURANCE SETTLEMENT RECEIVAB52

INSURANCE SETTLEMENT RECEIVABLE (Details) $ in Millions	Jun. 30, 2015USD ($)
INSURANCE SETTLEMENT RECEIVABLE
Insurance receivable	$ 4.3