AptarGroup (ATR) 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 26, 2018
Document and Entity Information
Entity Registrant Name	APTARGROUP INC
Entity Central Index Key	896,622
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
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		62,386,933
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 703,350	$ 601,316
Operating Expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	455,822	384,684
Selling, research & development and administrative	112,461	101,282
Depreciation and amortization	41,175	37,331
Restructuring initiatives	5,936
Total Operating Expenses	615,394	523,297
Operating Income	87,956	78,019
Other (Expense) Income:
Interest expense	(8,055)	(8,262)
Interest income	2,248	330
Equity in results of affiliates	(65)	(48)
Miscellaneous, net	(867)	(559)
Total Other Income (Expense)	(6,739)	(8,539)
Income before Income Taxes	81,217	69,480
Provision for Income Taxes	21,929	17,675
Net Income	59,288	51,805
Net (Income) Loss Attributable to Noncontrolling Interests	12	15
Net Income Attributable to AptarGroup, Inc.	$ 59,300	$ 51,820
Net Income Attributable to AptarGroup, Inc. Per Common Share:
Basic (in dollars per share)	$ 0.95	$ 0.83
Diluted (in dollars per share)	$ 0.92	$ 0.81
Average number of shares outstanding:
Basic (in shares)	62,128	62,355
Diluted (in shares)	64,414	64,234
Dividends per Common Share (in dollars per share)	$ 0.32	$ 0.32

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 59,288	$ 51,805
Other Comprehensive Income (Loss):
Foreign currency translation adjustments	22,935	23,186
Changes in treasury locks, net of tax	7	7
Loss on derivatives, net of tax	346
Defined benefit pension plan, net of tax
Amortization of prior service cost included in net income, net of tax	96	67
Amortization of net loss included in net income, net of tax	1,260	812
Total defined benefit pension plan, net of tax	1,356	879
Total other comprehensive income (loss)	24,644	24,072
Comprehensive Income (Loss)	83,932	75,877
Comprehensive (Income) Loss Attributable to Noncontrolling Interests	1	13
Comprehensive Income Attributable to AptarGroup, Inc.	$ 83,933	$ 75,890

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and equivalents	$ 741,062	$ 712,640
Accounts and notes receivable, less allowance for doubtful accounts of $3,125 in 2018 and $3,161 in 2017	586,592	510,426
Inventories	347,791	337,216
Prepaid and other	117,678	109,791
Total Current Assets	1,793,123	1,670,073
Property, Plant and Equipment:
Buildings and improvements	428,269	416,241
Machinery and equipment	2,304,892	2,237,655
Property, Plant and Equipment, Gross	2,733,161	2,653,896
Less: Accumulated depreciation	(1,873,502)	(1,811,819)
Property, Plant and Equipment, Net	859,659	842,077
Land	24,892	25,829
Total Property, Plant and Equipment	884,551	867,906
Other Assets:
Investments in affiliates	9,554	9,444
Goodwill	451,243	443,887
Intangible assets	94,745	95,460
Miscellaneous	50,478	51,053
Total Other Assets	606,020	599,844
Total Assets	3,283,694	3,137,823
Current Liabilities:
Notes payable	8,839	4,336
Current maturities of long-term obligations, net of unamortized debt issuance costs	61,505	61,833
Accounts payable and accrued liabilities	496,409	461,579
Total Current Liabilities	566,753	527,748
Long-term obligations, net of unamortized debt issuance costs	1,199,975	1,191,146
Deferred Liabilities and Other:
Deferred income taxes	20,578	20,995
Retirement and deferred compensation plans	84,930	80,278
Deferred and other non-current liabilities	6,682	5,608
Commitments and contingencies
Total Deferred Liabilities and Other	112,190	106,881
AptarGroup, Inc. stockholders' equity
Common stock, $.01 par value, 199 million shares authorized, 67.1 and 66.7 million shares issued as of March 31, 2018 and December 31, 2017, respectively	671	667
Capital in excess of par value	638,223	609,471
Retained earnings	1,332,218	1,301,147
Accumulated other comprehensive (loss)	(228,669)	(253,302)
Less treasury stock at cost, 4.7 and 4.9 million shares as of March 31, 2018 and December 31, 2017, respectively	(337,976)	(346,245)
Total AptarGroup, Inc. Stockholders' Equity	1,404,467	1,311,738
Noncontrolling interests in subsidiaries	309	310
Total Stockholders' Equity	1,404,776	1,312,048
Total Liabilities and Stockholders' Equity	$ 3,283,694	$ 3,137,823

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Mar. 31, 2018	Dec. 31, 2017
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts and notes receivable, allowance for doubtful accounts (in dollars)	$ 3,125	$ 3,161
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	199	199
Common stock, shares issued	67.1	66.7
Treasury stock, shares	4.7	4.9

CONSOLIDATED STATEMENTS OF CHAN

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, 2016	$ 1,197,234	$ (319,709)	$ 660	$ (250,917)	$ 546,682	$ 292	$ 1,174,242
Increase (Decrease) in Stockholders' Equity
Net Income	51,820					(15)	51,805
Foreign currency translation adjustments		23,184				2	23,186
Changes in unrecognized pension gains/losses and related amortization, net of tax		879					879
Changes in treasury locks, net of tax		7					7
Stock awards and option exercises			4	7,538	18,912		26,454
Cash dividends declared on common stock	(19,937)						(19,937)
Common stock repurchased and retired	(14,080)		(2)		(1,937)		(16,019)
Balance at Mar. 31, 2017	1,215,037	(295,639)	662	(243,379)	563,657	279	1,240,617
Balance at Dec. 31, 2017	1,301,147	(253,302)	667	(346,245)	609,471	310	1,312,048
Increase (Decrease) in Stockholders' Equity
Net Income	59,300					(12)	59,288
Adoption of accounting standards	2,937						2,937
Foreign currency translation adjustments		22,924				11	22,935
Changes in unrecognized pension gains/losses and related amortization, net of tax		1,356					1,356
Changes in treasury locks, net of tax		7					7
Changes in derivative gains/losses, net of tax		346					346
Stock awards and option exercises			5	12,174	30,212		42,391
Cash dividends declared on common stock	(19,830)						(19,830)
Treasury stock purchased				(3,905)			(3,905)
Common stock repurchased and retired	(11,336)		(1)		(1,460)		(12,797)
Balance at Mar. 31, 2018	$ 1,332,218	$ (228,669)	$ 671	$ (337,976)	$ 638,223	$ 309	$ 1,404,776

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities:
Net income	$ 59,288	$ 51,805
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	38,357	34,902
Amortization	2,818	2,429
Stock based compensation	7,511	7,748
Provision for (recovery of) doubtful accounts	94	147
Deferred income taxes	(2,733)	(2,492)
Defined benefit plan expense	4,872	4,239
Equity in results of affiliates	65	48
Changes in balance sheet items, excluding effects from foreign currency adjustments:
Accounts and other receivables	(67,484)	(35,865)
Inventories	(18,575)	(7,913)
Prepaid and other current assets	129	(13,320)
Accounts payable and accrued liabilities	26,744	26,269
Income taxes payable	3,255	1,981
Retirement and deferred compensation plan liabilities	(5,381)	(24,069)
Other changes, net	2,059	(7,733)
Net Cash Provided by Operations	51,019	38,176
Cash Flows from Investing Activities:
Capital expenditures	(40,019)	(34,848)
Proceeds from sale of property and equipment	2,848	989
Insurance proceeds	10,631
Acquisition of intangible assets	(124)
Investment in unconsolidated affiliate		(5,000)
Notes receivable, net	208	445
Net Cash Used by Investing Activities	(26,456)	(38,414)
Cash Flows from Financing Activities:
Proceeds from notes payable	8,564
Repayments of notes payable	(3,956)
Proceeds and repayments of short term credit facility, net		(163,665)
Proceeds from long-term obligations	2,524
Repayments of long-term obligations	(3,855)	(2,268)
Dividends paid	(19,830)	(19,937)
Proceeds from stock option exercises	34,880	18,705
Purchase of treasury stock	(3,905)
Common stock repurchased and retired	(12,797)	(16,019)
Net Cash Provided (Used) by Financing Activities	1,625	(183,184)
Effect of Exchange Rate Changes on Cash	5,930	1,862
Net Increase (Decrease) in Cash and Equivalents and Restricted Cash	32,118	(181,560)
Cash and Equivalents and Restricted Cash at Beginning of Period	712,640	466,287
Cash and Equivalents and Restricted Cash at End of Period	$ 744,758	$ 284,727

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Restricted cash included in the line item prepaid and other on the Condensed Consolidated Balance Sheets as shown below represents amounts recorded into escrow. See details in Note 19 - Subsequent Events.
Cash and equivalents	$ 741,062	$ 712,640	$ 284,727
Restricted cash included in prepaid and other	3,696
Total Cash and Equivalents and Restricted Cash shown in the Statement of Cash Flows	$ 744,758	$ 712,640	$ 284,727	$ 466,287

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2018
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”, “Aptar” or “Company” 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 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, 2017 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The results of operations of any interim period are not necessarily indicative of the results that may be expected for the year. ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS 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 May 2014, the FASB amended the guidance for recognition of revenue from customer contracts. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On January 1, 2018, we adopted this standard and all the related amendments (the “new revenue standard”) for all contracts. This adoption was accounted for using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the January 1, 2018 opening balance of retained earnings. Comparative information for the prior period has not been restated and continues to be reported under the accounting standards in effect prior to January 1, 2018. Balance at Balance at December 31, 2017 Adjustment January 1, 2018 Consolidated Balance Sheets Assets Inventories $ 337,216 $ (14,637) $ 322,579 Prepaid and other 109,791 13,984 123,775 Liabilities Accounts payable and accrued liabilities 461,579 (5,706) 455,873 Deferred income taxes 20,995 1,292 22,287 Deferred and other non-current liabilities 5,608 824 6,432 Stockholders’ Equity Retained earnings 1,301,147 2,937 1,304,084 A majority of our sales revenue continues to be recognized when products are shipped from our manufacturing facilities. For certain custom product and tooling sales where revenue was previously recognized when the products were shipped, we now recognize revenue over the time required to manufacture the product or build the tool in accordance with the new revenue standard. We also have certain extended warranty contracts, which under the new standard are considered a separate performance obligation and are required to be deferred and recognized into revenue over the life of the agreement. In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated statements of income and balance sheets is as follows: For the Three Months Ended March 31, 2018 Balances Without Effect of As Adoption of Change Reported ASC 606 Higher/(Lower) Consolidated Statements of Income Net Sales Beauty + Home $ 378,173 $ 376,868 $ (1,305) Pharma 230,127 230,462 335 Food + Beverage 95,050 95,100 50 Costs and Expenses Cost of sales 455,822 454,900 (922) Provision for income taxes 21,929 21,925 (4) Net income 59,288 59,294 6 March 31, 2018 Balances Without Effect of As Adoption of Change Reported ASC 606 Higher/(Lower) Consolidated Balance Sheets Assets Accounts and notes receivable $ 586,592 $ 600,576 $ 13,984 Inventories 347,791 348,713 922 Prepaid and other 117,678 104,193 (13,485) Liabilities Accounts payable and accrued liabilities 496,409 497,815 1,406 Deferred income taxes 20,578 20,574 (4) Deferred and other non-current liabilities 6,682 6,695 13 Stockholders’ Equity Retained earnings 1,332,218 1,332,224 6 In August 2016, the FASB issued guidance on the classification of certain cash receipts and cash payments within the statement of cash flows. This guidance provides clarification for the following types of transactions: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, distributions received from equity method investees and beneficial interest in securitization transactions. The guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. However, early adoption was permitted and an entity that elects early adoption must adopt all of the amendments on a retrospective basis in the period of adoption. The Company adopted this standard in the fourth quarter of 2017. In November 2016, the FASB issued guidance to address the diversity in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments in this standard require that a statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017. The Company has adopted the requirements of this standard during the first quarter of 2018 and appropriate disclosures are included on the statement of cash flows. In March 2017, the FASB issued guidance to disaggregate the current service cost component from the other components of net periodic benefit costs. The service cost component should be presented within compensation costs while the other components should be presented outside of income from operations. The guidance also clarifies that only the service cost component is eligible for capitalization. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017. The Company has adopted the requirements of this standard during the first quarter of 2018 and the prior periods were restated as follows: Original Revised Balance Adjustment Balance Revised Condensed Consolidated Statements of Income Three Months Ended March 31, 2017 Cost of sales $ 384,932 $ (248) $ 384,684 Selling, research & development and administrative 101,516 (234) 101,282 Total Operating Expenses 523,779 (482) 523,297 Operating Income 77,537 482 78,019 Miscellaneous, net (77) (482) (559) Total Other (Expense) Income (8,057) (482) (8,539) Income before Income Taxes 69,480 — 69,480 In May 2017, the FASB issued clarification on applying the standards for stock compensation accounting. The new standard provides guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017. The Company has adopted the requirements of this standard during the first quarter of 2018. In August 2017, the FASB issued new guidance to improve the accounting for hedging activities. The guidance changes the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, the guidance makes certain targeted improvements to simplify the application of the hedge accounting guidance in current U.S. GAAP. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. However, early application is permitted in any interim period after the issuance of this guidance. The Company adopted this standard in the third quarter of 2017. See details in Note 9 – Derivative Instruments and Hedging Activities. 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. RETIREMENT OF COMMON STOCK During the first quarter of 2018, the Company repurchased 189 thousand shares of common stock, of which 144 thousand shares were immediately retired. During the first quarter of 2017, the Company repurchased and immediately retired 210 thousand shares of common stock. Common stock was reduced by the number of shares retired at $0.01 par value per share. The Company allocates the excess purchase price over par value between additional paid-in capital and retained earnings. 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 temporary 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 Cuts and Jobs Act (the “TCJA”) was enacted in the United States (“U.S.”) on December 22, 2017. The TCJA lowered the corporate tax rate from 35.0% to 21.0% and imposed a one-time transition tax on unremitted earnings as of the end of 2017, and featured many other tax law provisions. New provisions for 2018 include, most notably, a tax on global intangible low-taxed income (“GILTI”) and the base erosion anti-abuse tax (“BEAT”). The SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the U.S. GAAP application of the TCJA. SAB 118 provides us up to a year to finalize accounting for the impacts of the TCJA. The Company estimated provisional tax amounts related to the transition tax and components of the revaluation of deferred tax assets and liabilities for the period ended December 31, 2017. We recognized a net tax charge of approximately $24.7 million, comprised of a provisional charge of $31.6 million for the transition tax and a provisional benefit of $6.8 million related to the corporate rate change. There have been no changes to those provisional amounts as of March 31, 2018. The Company expects these amounts to be finalized in the second half of 2018 when the 2017 tax return is filed. The Company has elected to account for the tax on GILTI as a period cost and not as a measure of deferred taxes in the current period. All of the Company’s non-U.S. earnings are subject to U.S. taxation, either from the TCJA transition tax on accumulated non-U.S. earnings as of the end of 2017 or the GILTI provisions on non-U.S. earnings going forward. The Company maintains its assertion that the cash and distributable reserves at its non-U.S. affiliates are indefinitely reinvested. The Company will provide for the necessary withholding and local income taxes when management decides that an affiliate should make a distribution. These decisions are made taking into consideration the financial requirements of the non-U.S. affiliates and the global cash management goals of the Company. The Company provides a liability for the amount of unrecognized tax benefits 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 5 - Income Taxes for more information. REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS During the second quarter of 2017, the Company determined that the impact of restricted stock unit (RSU) vesting was incorrectly presented in the Condensed Consolidated Statement of Cash Flows. The effect of correcting this error results in a reduction to Net Cash Provided by Operations with a corresponding increase to Net Cash (Used) Provided by Financing Activities. As this error represents a reclassification between two accounts within the Condensed Consolidated Statement of Cash Flows, the Condensed Consolidated Statements of Income, the Condensed Consolidated Balance Sheet and the Condensed Consolidated Statements of Changes in Equity are not impacted by this change. The Company determined the error is not material to previously issued financial statements but was significant enough to revise. Following is a summary of the previously issued financial statement line items impacted by this revision for all periods and statements included in this report: As Previously Reported Adjustment As Revised Revised Consolidated Statements of Cash Flows Three Months Ended March 31, 2017 Retirement and deferred compensation plan liabilities $ (21,272) $ (2,797) $ (24,069) Net Cash Provided by Operations 40,973 (2,797) 38,176 Proceeds from stock option exercises 15,908 2,797 18,705 Net Cash Provided (Used) by Financing Activities (185,981) 2,797 (183,184)

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2018
REVENUE.
REVENUE	NOTE 2 – REVENUE At contract inception, Aptar assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. For a contract that has more than one performance obligation, the Company allocates the total contract consideration to each distinct performance obligation on a relative standalone selling price basis. Revenue is recognized when (or as) the performance obligations are satisfied (i.e. when the customer obtains control of the good or service). The majority of our revenues are derived from product and tooling sales, however we also receive revenues from service, license, exclusivity and royalty arrangements, which are considered insignificant. Revenue by segment and geography for the three months ended March 31, 2018 is as follows: North Latin March 31, 2018 Segment Europe America America Asia Total Beauty + Home $ 224,612 $ 83,074 $ 48,266 $ 22,221 $ 378,173 Pharma 175,675 39,096 6,245 9,111 230,127 Food + Beverage 29,811 48,215 7,763 9,261 95,050 Total $ 430,098 $ 170,385 $ 62,274 $ 40,593 $ 703,350 Aptar performs its obligations under a contract with a customer by transferring goods and/or services in exchange for consideration from the customer. The timing of performance will sometimes differ from the timing of the receipt of the associated consideration from the customer, thus resulting in the recognition of a contract asset or a contract liability. Aptar recognizes a contract asset when it transfers control of goods or services to a customer prior to invoicing for the related performance obligation. The contract asset is transferred to accounts receivable when the product is shipped and invoiced to the customer. Aptar recognizes a contract liability if the customer's payment of consideration precedes the entity's performance. The opening and closing balances of Aptar’s contract asset and contract liabilities are as follows: Balance as of Balance as of January 1, 2018 March 31, 2018 Increase/ (opening) (closing) (Decrease) Contract asset (current) $ 13,984 $ 13,485 $ (499) Contract liability (current) $ 15 $ 114 $ 99 Contract liability (long-term) $ 824 $ 811 $ (13) The difference in the opening and closing balances of the Company’s contract asset and contract liabilities are primarily the result of timing differences between the Company’s performance and the customer’s payment. The amount of revenue recognized in the current period that was included in the opening contract liability balance was $51 thousand. Product Sales Aptar primarily manufactures dispensing systems for our Beauty + Home, Pharma, and Food + Beverage customers. The amount of consideration is typically fixed for such customers. At the time of delivery, the customer is invoiced the agreed-upon price. Revenue from product sales is typically recognized upon manufacture or shipment, when control of the goods transfers to the customer. To determine when the control transfers, Aptar typically assesses, among other things, the shipping terms of the contract, shipping being one of the indicators of transfer of control. A majority of product sales are sold free on board (“FOB”) shipping point. For FOB shipping point shipments, control of the goods transfers to the customer at the time of shipment of the goods. Therefore, Aptar's performance obligation is satisfied at the time of shipment. Aptar has elected to account for shipping and handling costs that occur after the customer has obtained control of a good as fulfillment costs rather than as a promised service. We do not have any material significant payment terms as payment is typically received shortly after the point of sale. There also exist instances where Aptar manufactures highly customized products that have no alternative use to Aptar and for which Aptar has an enforceable right to payment for performance completed to date. For these products, the Company transfers control and recognizes revenue over time by measuring progress towards completion using the "Output Method“ based on the number of products produced. As we normally make our products to a customer’s order, the time between production and shipment of our products is typically within a few weeks. As a part of its customary business practice, Aptar offers a standard warranty that the products will materially comply with the technical specifications and will be free from material defects. Because such warranties are not sold separately and do not provide for any service beyond a guarantee of a product’s initial specifications, and are not required by law, there is no revenue deferral for these types of warranties. Tooling Sales Aptar also builds or contracts for molds and other tools (collectively defined as “tooling”) necessary to produce our products. As with product sales, Aptar recognizes revenue when control of the tool transfers to the customer. If the tooling is highly customized with no alternative use to Aptar and Aptar has an enforceable right to payment for performance completed to date, the Company transfers control and recognizes revenue over time by measuring progress towards completion using the “Input Method” based on costs incurred relative to total estimated costs to completion. Otherwise, revenue for the tooling is recognized at the point in time when the customer approves the tool. We do not have any material significant payment terms as payment is typically either received during the mold-build process or shortly after completion. In certain instances, Aptar offers extended warranties on our tools above and beyond the normal standard warranties. Aptar normally receives payment at the inception of the contract and recognizes revenue over the term of the contract. At January 1, 2018, $839 thousand of unearned revenue associated with outstanding contracts was reported in Accounts Payable and Other Liabilities. At March 31, 2018, the unearned amount was $925 thousand. We expect to recognize approximately $89 thousand of the unearned amount during the remainder of 2018, $161 thousand in 2019, and $675 thousand thereafter. Determining the Transaction Price In most cases, the transaction price for each performance obligation is stated in the contract. In determining the variable amounts of consideration within the transaction price (such as volume-based customer rebates), Aptar includes an estimate of the expected amount of consideration as revenue. The Company applies the method consistently throughout the contract when estimating the effect of an uncertainty on the amount of variable consideration to which it will be entitled. Aptar applies the expected value method based on all of the information (historical, current, and forecast) that is reasonably available and identifies reasonable estimates based on this information. Point in Time Performance Obligations For product and tooling sales considered to be point in time, Aptar typically assesses, among other things, the shipping terms of the contract, shipping being one of the indicators of transfer of control. For FOB shipping point terms, revenue is recognized at the time of shipment. The performance obligation with respect to the sale of goods is satisfied at the time of shipment because the customer gains control at that time. Once the goods are shipped, the Company is precluded from redirecting the shipment to another customer. With respect to FOB destination sales, shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfilment activities and are accounted for as fulfilment costs and revenue is recorded upon final delivery to the customer location. Over Time Performance Obligations For performance obligations related to manufacturing of highly customized products that have no alternative use to the Company and for which the Company has an enforceable right to payment for performance completed to date, the Company transfers control and recognizes revenue over time by measuring progress towards complete satisfaction using the "Output Method“ based on the number of products produced. For similar performance obligations related to our tooling sales, the Company transfers control and recognizes revenue over time by measuring progress towards complete satisfaction using the "Input Method“ based on costs incurred relative to total estimated costs to completion. We believe these measurements provide a faithful depiction of the transfer of goods as the costs incurred reflect the value of the products produced. Contract Costs Aptar does not incur material costs to obtain or fulfill revenue contracts. Practical Expedients Significant financing component: Aptar elected not to adjust the promised consideration for the time value of money for contracts where the difference between the time of payment and performance is one year or less. Remaining performance obligations: Aptar elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its contracts that are one year or less, as the revenue is expected to be recognized within the next year. In addition, the Company has elected not to disclose the expected consideration related to performance obligations where the Company recognizes revenue in the amount it has a right to invoice (e.g., usage-based pricing terms).

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2018
INVENTORIES
INVENTORIES	NOTE 3 - INVENTORIES Inventories, by component, consisted of: March 31, December 31, Raw materials $ 103,442 $ 99,196 Work in process 115,925 107,307 Finished goods 128,424 130,713 Total $ 347,791 $ 337,216

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2018
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 4 – GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill by reporting segment since December 31, 2017 are as follows: Beauty + Food + Corporate Home Pharma Beverage & Other Total Goodwill $ 223,947 $ 203,069 $ 16,871 $ 1,615 $ 445,502 Accumulated impairment losses — — — (1,615) (1,615) Balance as of December 31, 2017 $ 223,947 $ 203,069 $ 16,871 $ — $ 443,887 Foreign currency exchange effects 2,346 4,851 159 — 7,356 Goodwill $ 226,293 $ 207,920 $ 17,030 $ 1,615 $ 452,858 Accumulated impairment losses — — — (1,615) (1,615) Balance as of March 31, 2018 $ 226,293 $ 207,920 $ 17,030 $ — $ 451,243 The table below shows a summary of intangible assets as of March 31, 2018 and December 31, 2017. March 31, 2018 December 31, 2017 Weighted Average Gross Gross Amortization Period Carrying Accumulated Net Carrying Accumulated Net (Years) Amount Amortization Value Amount Amortization Value Amortized intangible assets: Patents 0.2 $ 8,144 $ (8,015) $ 129 $ 7,819 $ (7,806) $ 13 Acquired technology 15.0 48,797 (15,816) 32,981 47,571 (14,624) 32,947 Customer relationships 12.2 70,120 (15,181) 54,939 68,886 (13,401) 55,485 License agreements and other 7.6 22,307 (15,611) 6,696 21,827 (14,812) 7,015 Total intangible assets 11.8 $ 149,368 $ (54,623) $ 94,745 $ 146,103 $ (50,643) $ 95,460 Aggregate amortization expense for the intangible assets above for the quarters ended March 31, 2018 and 2017 was $2,818 and $2,429, respectively. Future estimated amortization expense for the years ending December 31 is as follows: 2018 $ 8,448 (remaining estimated amortization for 2018) 2019 11,082 2020 9,840 2021 9,644 2022 and thereafter 55,731 Future amortization expense may fluctuate depending on changes in foreign currency rates. The estimates for amortization expense noted above are based upon foreign exchange rates as of March 31, 2018.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
INCOME TAXES
INCOME TAXES	NOTE 5 – INCOME TAXES The TCJA was enacted in the U.S. on December 22, 2017. The TCJA lowered the corporate tax rate from 35.0% to 21.0%, imposed a one-time transition tax on unremitted earnings as of the end of 2017, and also featured many other tax law provisions. New provisions for 2018 include, most notably, a tax on GILTI and BEAT. The SEC issued SAB 118 to address the U.S. GAAP application of the TCJA. SAB 118 provides us up to a year to finalize accounting for the impacts of the TCJA. The Company estimated provisional tax amounts related to the transition tax and components of the revaluation of deferred tax assets and liabilities for the period ended December 31, 2017. We recognized a net tax charge of approximately $24.7 million, comprised of a provisional charge of $31.6 million for the transition tax and a provisional benefit of $6.8 million related to the corporate rate change. There have been no changes to those provisional amounts as of March 31, 2018. The Company expects these amounts to be finalized in the second half of 2018 when the 2017 tax return is filed. The Company has elected to account for the tax on GILTI as a period cost and not as a measure of deferred taxes in the current period. The reported effective tax rate increased to 27.0% for the quarter ended March 31, 2018 compared to 25.4% for the period ended March 31, 2017, resulting in an increase to the provision for income taxes of approximately $1.3 million. For the three months ended March 31, 2018, the increase in the effective tax rate reflects the amounts recognized for the GILTI and BEAT taxes (+4.3%) largely offset by an increased benefit from employee share-based compensation deductions (-2.1%) and tax settlements (-0.5%). The Company had approximately $3.2 and $3.1 million recorded for income tax uncertainties as of March 31, 2018 and December 31, 2017, respectively. The uncertain amounts, if recognized, that would impact the effective tax rate are $3.2 and $3.1 million, respectively. The Company estimates that it is reasonably possible that the liability for uncertain tax positions will decrease by no more than $1.4 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.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2018
LONG-TERM OBLIGATIONS
DEBT	NOTE 6 – LONG–TERM OBLIGATIONS During the third quarter of 2017, the Company entered into the borrowing arrangements summarized below through our wholly-owned United Kingdom (“UK”) subsidiary to better balance our capital structure. Debt Type Amount Term/Maturity Interest Rate Bank term loan $ 280,000 5 year amortizing/July 2022 2.56% floating swapped to 1.36% fixed Bank revolver € 150,000 5 year/July 2022 1.10% floating Private placement € 100,000 6 year/July 2023 0.98% fixed Private placement € 200,000 7 year/July 2024 1.17% fixed The €150 million facility is available to the Company but was undrawn as of March 31, 2018. For the quarter ended March 31, 2018, the floating interest rate on the $280 million bank term loan was 3%. The Company also maintains a 5-year revolving credit facility that provides for unsecured financing of up to $300 million and matures in July 2022. We had no outstanding balance under the credit facility at March 31, 2018 and at December 31, 2017. At March 31, 2018, the Company’s long-term obligations consisted of the following: Unamortized Debt Issuance Principal Costs Net Notes payable 0.61% – 18.00%, due in monthly and annual installments through 2025 $ 14,607 $ — $ 14,607 Senior unsecured notes 3.2%, due in 2022 75,000 107 74,893 Senior unsecured debts 3.0% floating, equal annual installments through 2022 280,000 654 279,346 Senior unsecured notes 3.5%, due in 2023 125,000 208 124,792 Senior unsecured notes 1.0%, due in 2023 123,190 503 122,687 Senior unsecured notes 3.4%, due in 2024 50,000 86 49,914 Senior unsecured notes 3.5%, due in 2024 100,000 208 99,792 Senior unsecured notes 1.2%, due in 2024 246,380 1,025 245,355 Senior unsecured notes 3.6%, due in 2025 125,000 230 124,770 Senior unsecured notes 3.6%, due in 2026 125,000 230 124,770 Capital lease obligations 554 — 554 $ 1,264,731 $ 3,251 $ 1,261,480 Current maturities of long-term obligations (61,505) — (61,505) Total long-term obligations $ 1,203,226 $ 3,251 $ 1,199,975 At December 31, 2017, the Company’s long-term obligations consisted of the following: Unamortized Debt Issuance Principal Costs Net Notes payable 0.61% – 18.00%, due in monthly and annual installments through 2025 $ 15,349 $ — $ 15,349 Senior unsecured notes 3.2%, due in 2022 75,000 113 74,887 Senior unsecured debts 2.6% floating, equal annual installments through 2022 280,000 692 279,308 Senior unsecured notes 3.5%, due in 2023 125,000 217 124,783 Senior unsecured notes 1.0%, due in 2023 120,095 526 119,569 Senior unsecured notes 3.4%, due in 2024 50,000 89 49,911 Senior unsecured notes 3.5%, due in 2024 100,000 217 99,783 Senior unsecured notes 1.2%, due in 2024 240,190 1,066 239,124 Senior unsecured notes 3.6%, due in 2025 125,000 238 124,762 Senior unsecured notes 3.6%, due in 2026 125,000 238 124,762 Capital lease obligations 741 — 741 $ 1,256,375 $ 3,396 $ 1,252,979 Current maturities of long-term obligations (61,833) — (61,833) Total long-term obligations $ 1,194,542 $ 3,396 $ 1,191,146 Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including: Requirement Level at March 31, 2018 Consolidated Leverage Ratio (1) Maximum of 3.50 to 1.00 1.15 to 1.00 Consolidated Interest Coverage Ratio (1) Minimum of 3.00 to 1.00 12.12 to 1.00 (1) Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements. Aggregate long-term maturities, excluding capital lease obligations, due annually from the current balance sheet date for the next five years are $61,047, $59,105, $57,991, $57,993 and $132,823 and $895,218 thereafter.

RETIREMENT AND DEFERRED COMPENS

RETIREMENT AND DEFERRED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2018
RETIREMENT AND DEFERRED COMPENSATION PLANS
RETIREMENT AND DEFERRED COMPENSATION PLANS	NOTE 7 – RETIREMENT AND DEFERRED COMPENSATION PLANS Components of Net Periodic Benefit Cost: Domestic Plans Foreign Plans Three Months Ended March 31, Service cost $ $ 2,420 $ 1,531 $ 1,337 Interest cost 1,748 472 424 Expected return on plan assets (2,464) (679) (568) Amortization of net loss 801 446 447 Amortization of prior service cost — — 129 94 Net periodic benefit cost $ 2,973 $ 2,505 $ 1,899 $ 1,734 The components of net periodic benefit cost, other than the service cost component, are included in the line “Miscellaneous, net” in the income statement. EMPLOYER CONTRIBUTIONS The Company has no minimum funding requirement and we do not expect to make any contribution to our domestic defined benefit plans in 2018. We expect to contribute approximately $3.1 million to our foreign defined benefit plans in 2018, and as of March 31, 2018, we have contributed approximately $0.8 million of that amount.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	3 Months Ended
	Mar. 31, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in Accumulated Other Comprehensive (Loss) Income by Component: Foreign Defined Benefit Currency Pension Plans Derivatives Total Balance - December 31, 2016 $ (259,888) $ (59,775) $ (46) $ (319,709) Other comprehensive income before reclassifications 23,184 — — 23,184 Amounts reclassified from accumulated other comprehensive income — 879 7 886 Net current-period other comprehensive income 23,184 879 7 24,070 Balance - March 31, 2017 $ (236,704) $ (58,896) $ (39) $ (295,639) Balance - December 31, 2017 $ (185,503) $ (64,595) $ (3,204) $ (253,302) Other comprehensive income (loss) before reclassifications 22,924 — (4,715) 18,209 Amounts reclassified from accumulated other comprehensive income — 1,356 5,068 6,424 Net current-period other comprehensive income 22,924 1,356 353 24,633 Balance - March 31, 2018 $ (162,579) $ (63,239) $ (2,851) $ (228,669) Reclassifications Out of Accumulated Other Comprehensive (Loss) Income: Amount Reclassified from Details about Accumulated Other Accumulated Other Affected Line in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented Three Months Ended March 31, Defined Benefit Pension Plans Amortization of net loss $ 1,664 $ 1,248 (1) Amortization of prior service cost 129 94 (1) 1,793 1,342 Total before tax (437) (463) Tax benefit $ 1,356 $ 879 Net of tax Derivatives Changes in treasury locks $ 11 $ 10 Interest Expense Changes in cross currency swap: interest component (1,019) — Interest Expense Changes in cross currency swap: foreign exchange component 7,116 — Miscellaneous, net 6,108 10 Total before tax (1,040) (3) Tax benefit $ 5,068 $ 7 Net of tax Total reclassifications for the period $ 6,424 $ 886 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 7 – Retirement and Deferred Compensation Plans for additional details).

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2018
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE 9 – 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 at inception. Quarterly thereafter, the Company formally assesses whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair value or cash flows of the hedged item. 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. All derivative financial instruments used as hedges are recorded at fair value in the Condensed Consolidated Balance Sheets (see Note 10 - Fair Value). CASH FLOW HEDGE For derivative instruments that are designated and qualify as a cash flow hedge, the changes in fair values are recorded in accumulated other comprehensive loss and included in changes in derivative gain/loss. The changes in the fair values of derivatives designated as cash flow hedges are reclassified from accumulated other comprehensive loss to net income when the underlying hedged item is recognized in earnings. Cash flows from the settlement of derivative contracts designated as cash flow hedges offset cash flows from the underlying hedged items and are included in operating activities in the Condensed Consolidated Statements of Cash Flows. As disclosed in Note 6 – Long-Term Obligations, our wholly-owned UK subsidiary borrowed $280 million in term loan borrowings under a new credit facility. In order to mitigate the currency risk of U.S. dollar debt on a Euro functional currency entity and to mitigate the risk of variability in interest rates, we entered into a EUR/USD floating-to-fixed cross currency swap on July 20, 2017 in the notional amount of $280 million to effectively hedge the foreign exchange and interest rate exposure on the $280 million term loan. Related to this hedge, approximately $2.8 million of net after-tax loss is included in accumulated other comprehensive earnings at March 31, 2018. The amount expected to be recognized into earnings during the next 12 months related to the interest component of our cross currency swap based on prevailing foreign exchange and interest rates at March 31, 2018 is $3.7 million. The amount expected to be recognized into earnings during the next 12 months related to the foreign exchange component of our cross currency swap is dependent on fluctuations in currency exchange rates. As of March 31, 2018, the fair value of the cross currency swap was a $23.5 million liability. The swap contract expires on July 20, 2022. 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 weakening U.S. dollar relative to foreign currencies has an additive translation effect on the Company’s financial condition and results of operations. Conversely, a strengthening U.S. dollar has a dilutive 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 March 31, 2018, the Company has recorded the fair value of foreign currency forward exchange contracts of $0.3 million in prepaid and other and $1.1 million in accounts payable and accrued liabilities on the balance sheet. All forward exchange contracts outstanding as of March 31, 2018 had an aggregate contract amount of $104.8 million. Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017 March 31, 2018 December 31, 2017 Derivatives Derivatives Derivatives not Derivatives not Designated Designated Designated Designated Balance Sheet as Hedging as Hedging as Hedging as Hedging Location Instruments Instruments Instruments Instruments Derivative Assets Foreign Exchange Contracts Prepaid and other $ — $ 289 $ — $ 663 $ — $ 289 $ — $ 663 Derivative Liabilities Foreign Exchange Contracts Accounts payable and accrued liabilities $ — $ 1,106 $ — $ 1,604 Cross Currency Swap Contract (1) Accounts payable and accrued liabilities 23,530 — 16,309 — $ 23,530 $ 1,106 $ 16,309 $ 1,604 (1) This cross currency swap contract is composed of both an interest component and a foreign exchange component. The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) for the Quarters Ended March 31, 2018 and 2017 Amount of Gain (Loss) Total Amount Amount of Gain (Loss) Location of (Loss) Reclassified from of Affected Derivatives in Cash Recognized in Gain Recognized Accumulated Income Flow Hedging Other Comprehensive in Income on Other Comprehensive Statement Relationships Income on Derivative Derivatives Income on Derivative Line Item Cross currency swap contract: Interest component $ 1,435 $ — Interest expense $ 1,019 $ — $ (8,055) Foreign exchange component (7,116) — Miscellaneous, net (7,116) — (867) $ (5,681) $ — $ (6,097) $ — $ (8,922) The Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Income for the Quarters Ended March 31, 2018 and 2017 Amount of (Loss) Gain Derivatives Not Designated Location of (Loss) Gain Recognized Recognized in Income as Hedging Instruments in Income on Derivatives on Derivatives Foreign Exchange Contracts Other (Expense) Income: $ 141 $ 645 $ 141 $ 645 Gross Amounts not Offset Gross Amounts Net Amounts in the Statement of Offset in the Presented in Financial Position Gross Statement of the Statement of Financial Cash Collateral Net Amount Financial Position Financial Position Instruments Received Amount Description March 31, 2018 Derivative Assets $ 289 — $ 289 — — $ 289 Total Assets $ 289 — $ 289 — — $ 289 Derivative Liabilities $ 24,636 — $ 24,636 — — $ 24,636 Total Liabilities $ 24,636 — $ 24,636 — — $ 24,636 December 31, 2017 Derivative Assets $ 663 — $ 663 — — $ 663 Total Assets $ 663 — $ 663 — — $ 663 Derivative Liabilities $ 17,913 — $ 17,913 — — $ 17,913 Total Liabilities $ 17,913 — $ 17,913 — — $ 17,913

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2018
FAIR VALUE
FAIR VALUE	NOTE 10 – 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. · Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. As of March 31, 2018, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Foreign exchange contracts (1) $ 289 $ — $ 289 $ — Total assets at fair value $ 289 $ — $ 289 $ — Liabilities Foreign exchange contracts (1) $ 1,106 $ — $ 1,106 $ — Cross currency swap contract (1) 23,530 — 23,530 — Total liabilities at fair value $ 24,636 $ — $ 24,636 $ — As of December 31, 2017, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Foreign exchange contracts (1) $ 663 $ — $ 663 $ — Total assets at fair value $ 663 $ — $ 663 $ — Liabilities Foreign exchange contracts (1) $ 1,604 $ — $ 1,604 $ — Cross currency swap contract (1) 16,309 — 16,309 — Total liabilities at fair value $ 17,913 $ — $ 17,913 $ — (1) 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, accounts and notes receivable, notes payable and current maturities of long-term obligations approximate fair value due to the short-term maturity of the instruments. 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 $1.1 billion as of March 31, 2018 and December 31, 2017.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11 - 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 and 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 March 31, 2018 and December 31, 2017. An environmental investigation, undertaken to assess areas of possible contamination, was completed at the Company’s facility in Jundiaí, São Paulo, Brazil. The facility is primarily an internal supplier of anodized aluminum components for certain of our dispensing systems. The testing indicated that soil and groundwater in certain areas of the facility were impacted above acceptable levels established by local regulations. In March 2017, the Company reported the findings to the relevant environmental authority, the Environmental Company of the State of São Paulo (“CETESB”). The Company is currently assessing the affected areas to determine the full extent of the impact and the scope of any required remediation. Initial costs for further investigation and possible remediation, which are based on assumptions about the area of impact and customary remediation costs, are estimated to be in the range of $1.5 million to $3.0 million. The range of possible loss associated with this environmental contingency is subject to considerable uncertainty due to the incomplete status of the investigation and ongoing review of the CETESB. We will continue to evaluate the range of likely costs as the investigation proceeds and we have further clarity on the nature and extent of remediation that will be required. We note that the contamination, or any failure to complete any required remediation in a timely manner, could potentially result in fines or penalties. We accrued $1.5 million (operating expense) in the first quarter of 2017 relating to this contingency. The amount is periodically reviewed, and adjusted as necessary, as the matter continues to evolve. Based on the current status of the investigation, no adjustment to the accrual was necessary for the quarter ended March 31, 2018.

STOCK REPURCHASE PROGRAM

STOCK REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2018
STOCK REPURCHASE PROGRAM
STOCK REPURCHASE PROGRAM	NOTE 12 – STOCK REPURCHASE PROGRAM On October 20, 2016, the Company announced a share repurchase authorization of up to $350 million of common stock. This authorization replaces previous authorizations and has no expiration date. Aptar may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions. During the three months ended March 31, 2018, the Company repurchased approximately 189 thousand shares for approximately $16.7 million. During the three months ended March 31, 2017, the Company repurchased approximately 210 thousand shares for approximately $16.0 million. As of March 31, 2018, there was $125.2 million of authorized share repurchases available to the Company.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2018
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 13 – STOCK-BASED COMPENSATION The Company issues stock options and restricted stock units (“RSUs”), which consist of time-based and performance-based awards, to employees under stock awards plans approved by stockholders. In addition, RSUs are issued to non-employee directors under a Director Restricted Stock Unit Plan and the 2016 Equity Incentive Plan. Previously, non-employee directors were issued stock options under a Director Stock Option Plan. Stock 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. RSUs granted to employees vest according to a specified performance period and/or vesting period. Time-based RSUs generally vest over three years. Performance-based RSUs vest at the end of the specified performance period, generally three years, assuming required performance or market vesting conditions are met. Performance-based RSUs have one of two vesting conditions: 1) based on Aptar’s internal financial performance metrics and 2) based on Aptar’s total shareholder return (“TSR”) relative to total shareholder returns of an industrial peer group, subject to discretion if the overall TSR is negative at the conclusion of the performance period. At the time of vesting, Aptar will issue or cause to be issued in the employee’s name the vested shares of common stock. In addition, RSU awards are generally net settled (shares are withheld to cover the employee tax obligation). Director RSUs are only time-based, and generally vest over one year. Compensation expense attributable to employee stock options for the first three months of 2018 was approximately $4.9 million ($3.5 million after tax). The income tax benefit related to this compensation expense was approximately $1.4 million. Approximately $4.0 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 attributable to stock options for the first three months of 2017 was approximately $6.9 million ($4.6 million after tax). The income tax benefit related to this compensation expense was approximately $2.3 million. Approximately $6.0 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 $14.82 and $11.85 per share during the first three months of 2018 and 2017, respectively. These values were estimated on the respective grant dates using the Black-Scholes option-pricing model with the following weighted-average assumptions: Stock Awards Plans: Three Months Ended March 31, Dividend Yield 1.5 % 1.7 % Expected Stock Price Volatility 14.2 % 15.8 % Risk-free Interest Rate 2.8 % 2.2 % Expected Life of Option (years) 6.6 6.7 A summary of option activity under the Company’s stock plans during the three months ended March 31, 2018 is presented below: Stock Awards Plans Director Stock Option Plans Weighted Average Weighted Average Options Exercise Price Options Exercise Price Outstanding, January 1, 2018 8,059,319 $ 61.67 214,967 $ 57.44 Granted 603,901 88.39 — — Exercised (613,913) 52.73 (44,000) 53.35 Forfeited or expired (26,738) 63.13 — — Outstanding at March 31, 2018 8,022,569 $ 64.36 170,967 $ 58.49 Exercisable at March 31, 2018 5,935,087 $ 59.55 170,967 $ 58.49 Weighted-Average Remaining Contractual Term (Years): Outstanding at March 31, 2018 6.4 4.9 Exercisable at March 31, 2018 5.5 4.9 Aggregate Intrinsic Value: Outstanding at March 31, 2018 $ 204,336 $ 5,358 Exercisable at March 31, 2018 $ 179,720 $ 5,358 Intrinsic Value of Options Exercised During the Three Months Ended: March 31, 2018 $ 22,804 $ 1,608 March 31, 2017 $ 15,289 $ — The grant date fair value of options vested during the three months ended March 31, 2018 and 2017 was $16.5 million and $16.9 million, respectively. Cash received from option exercises was approximately $34.9 million and the actual tax benefit realized for the tax deduction from option exercises was approximately $6.0 million in the three months ended March 31, 2018. As of March 31, 2018, the remaining valuation of stock option awards to be expensed in future periods was $17.4 million and the related weighted-average period over which it is expected to be recognized is 2.0 years. The fair value of both time-based RSUs and performance-based RSUs pertaining to internal performance metrics is determined using the closing price of our common stock on the grant date. The fair value of performance-based RSUs pertaining to TSR is estimated using a Monte Carlo simulation. Inputs and assumptions used to calculate the fair value are shown in the table below. The fair value of these RSUs is expensed over the vesting period using the straight-line method or using the graded vesting method when an employee becomes eligible to retain the award at retirement. Three Months Ended March 31, Fair value per stock award $ 128.70 Grant date stock price $ 89.42 Assumptions: Aptar's stock price expected volatility 12.30 % Expected average volatility of peer companies 27.50 % Correlation assumption 20.20 % Risk-free interest rate 2.42 % Dividend yield assumption 1.43 % A summary of RSU activity as of March 31, 2018, and changes during the three month period then ended, is presented below: Time-Based RSUs Performance-Based RSUs Weighted Average Weighted Average Units Grant-Date Fair Value Units Grant-Date Fair Value Nonvested at January 1, 2018 124,067 $ 74.65 — $ — Granted 80,067 89.42 80,843 111.55 Vested (14,281) 71.72 — — Nonvested at March 31, 2018 189,853 $ 81.10 80,843 $ 111.55 Included in the March 31, 2018 time-based RSUs are 14,793 units awarded to non-employee directors. There were no grants or vesting activity for non-employee director awards. Compensation expense recorded attributable to RSUs for the first three months of 2018 and 2017 was approximately $2.6 million and $0.9 million, respectively. The actual tax benefit realized for the tax deduction from RSUs was approximately $383 thousand in the three months ended March 31, 2018. The fair value of units vested during the three months ended March 31, 2018 and 2017 was $1.0 million and $2.8 million, respectively. The intrinsic value of units vested during the three months ended March 31, 2018 and 2017 was $1.3 million and $3.0 million, respectively. As of March 31, 2018, there was $24.4 million of total unrecognized compensation cost relating to RSU awards which is expected to be recognized over a weighted-average period of 2.7 years. The Company has a long-term incentive program for certain employees. Each award is based on the cumulative TSR of our common stock during a three-year performance period compared to a peer group. The total expected expense related to this program for awards outstanding as of March 31, 2018 is approximately $2.6 million, of which $409 thousand and $282 thousand was recognized in the first three months of 2018 and 2017, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 14 – EARNINGS PER SHARE Basic net income per share is calculated by dividing net income attributable to Aptar by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income attributable to Aptar by the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to stock-based compensation awards. Stock-based compensation awards for which total employee proceeds exceed the average market price over the applicable period would have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The reconciliation of basic and diluted earnings per share for the quarters ended March 31, 2018 and 2017 is as follows: Three Months Ended March 31, 2018 March 31, 2017 Diluted Basic Diluted Basic Consolidated operations Income available to common stockholders $ 59,300 $ 59,300 $ 51,820 $ 51,820 Average equivalent shares Shares of common stock 62,128 62,128 62,355 62,355 Effect of dilutive stock-based compensation Stock options 2,216 — 1,827 — Restricted stock 70 — 52 — Total average equivalent shares 64,414 62,128 64,234 62,355 Net income per share $ 0.92 $ 0.95 $ 0.81 $ 0.83

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2018
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 15 – SEGMENT INFORMATION The Company is organized into three reporting segments. Operations that sell dispensing systems and sealing solutions primarily to the personal care, beauty and home care markets form the Beauty + Home segment. Operations that sell dispensing systems and sealing solutions primarily to the prescription drug, consumer health care and injectables markets form the Pharma segment. Operations that sell dispensing systems and sealing solutions 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, 2017. In order to more closely align with how the markets analyze our segment results, we have changed our non-U.S.GAAP segment measure of profitability from Segment Income to Adjusted EBITDA beginning in 2018. All internal segment reporting and discussions of results with our Chief Operating Decision Maker (CODM) are now based on segment Adjusted EBITDA. All references to segment profitability have been updated for this change. Financial information regarding the Company’s reporting segments is shown below: Three Months Ended March 31, Total Sales: Beauty + Home $ 383,463 $ 326,933 Pharma 230,132 196,914 Food + Beverage 95,645 82,349 Total Sales 709,240 606,196 Less: Intersegment Sales: Beauty + Home $ 5,290 $ 4,485 Pharma 5 2 Food + Beverage 595 393 Total Intersegment Sales $ 5,890 $ 4,880 Net Sales: Beauty + Home $ 378,173 $ 322,448 Pharma 230,127 196,912 Food + Beverage 95,050 81,956 Net Sales $ 703,350 $ 601,316 Adjusted EBITDA (1): Beauty + Home $ 53,135 $ 42,088 Pharma 79,840 68,841 Food + Beverage 12,739 12,946 Corporate & Other, unallocated (11,579) (9,132) Restructuring Initiatives (2) (5,936) — Depreciation and amortization (41,175) (37,331) Interest Expense (8,055) (8,262) Interest Income 2,248 330 Income before Income Taxes $ 81,217 $ 69,480 (1) The Company evaluates performance of our business units and allocates resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest expense, depreciation and amortization, unallocated corporate expenses, restructuring initiatives and income taxes. (2) Restructuring Initiatives includes expense items for the three months ended March 31, 2018 as follows (see Note 18 – Restructuring Initiatives for further details): Three Months Ended March 31, Business Transformation Employee Severance and Other Costs $ 5,936 Total Restructuring Initiatives $ 5,936 Restructuring Initiatives by Segment Beauty + Home $ 5,016 Pharma 364 Food + Beverage 315 Corporate & Other 241 Total Restructuring Initiatives $ 5,936

INSURANCE SETTLEMENT RECEIVABLE

INSURANCE SETTLEMENT RECEIVABLE	3 Months Ended
	Mar. 31, 2018
INSURANCE SETTLEMENT RECEIVABLE
INSURANCE SETTLEMENT RECEIVABLE	Note 16 – INSURANCE SETTLEMENT RECEIVABLE A fire caused damage to Aptar’s facility in Annecy, France in June 2016. The fire was contained to one of three production units and there were no reported injuries. Aptar Annecy supplies anodized aluminum components for certain Aptar dispensing systems. While repairs are underway, Aptar sources from its network of suppliers as well as from its anodizing facility in Brazil. The Company is insured for the damages caused by the fire, including business interruption insurance, and it does not expect this incident to have a material impact on its financial results. Losses related to the fire of $5.9 million and $4.9 million were incurred during the three months ended March 31, 2018 and 2017, respectively. For the three months ended March 31, 2018, we received insurance proceeds of $18.9 million, and have no insurance receivable as of March 31, 2018. In many cases, our insurance coverage exceeds the amount of these recognized losses. However, no gain contingencies were recognized during the first quarter of 2018 as our ability to realize those gains remains uncertain. Profitability was negatively impacted by $1.5 million and $1.3 million related to the Annecy fire during the three months ended March 31, 2018 and 2017, respectively. These costs are included in the Beauty + Home segment.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2018
ACQUISITIONS
ACQUISITIONS	NOTE 17 – ACQUISITIONS On May 1, 2018, the Company announced it has acquired Reboul SAS (“Reboul”). Further information about this transaction can be found in Note 19 – Subsequent Events. In February 2017, the Company acquired a 20% minority investment in Kali Care, Inc. (“Kali Care”) for $5.0 million. Kali Care is a Silicon Valley-based technology company, which provides digital monitoring systems for ophthalmic medication. Kali Care’s sensing technology allows clinicians to collect real time compliance data and is a powerful tool for ophthalmologists in managing the care of their patients and represents an additional investment into connected devices for our Pharma applications. This investment is being accounted for under the equity method of accounting from the date of acquisition.

RESTRUCTURING INITIATIVES

RESTRUCTURING INITIATIVES	3 Months Ended
	Mar. 31, 2018
RESTRUCTURING INITIATIVES.
RESTRUCTURING INITIATIVES	NOTE 18 – RESTRUCTURING INITIATIVES In late 2017, Aptar began a business transformation to drive profitable sales growth, increase operational excellence, enhance our approach to innovation and improve organizational effectiveness. The primary focus of the plan is the Beauty + Home segment; however, certain global general and administrative functions will also be addressed. For the three months ended March 31, 2018, we recognized $5.9 million of restructuring costs related to this plan. We estimate total implementation costs of approximately $90 million over the next three years. We also anticipate making capital investments related to the business transformation of approximately $45 million of which the majority will be in 2018. As of March 31, 2018 we have recorded the following activity associated with the business transformation: Beginning Net Charges for Ending Reserve at the Three Months Reserve at 12/31/2017 Ended 3/31/2018 Cash Paid FX Impact 3/31/2018 Employee severance $ 2,258 $ 221 $ (357) $ 58 $ 2,180 Other costs — 5,715 (4,214) (1) 1,500 Totals $ 2,258 $ 5,936 $ (4,571) $ 57 $ 3,680

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19 – SUBSEQUENT EVENTS On May 1, 2018, the Company announced it has acquired 100% of Reboul from Vacheron Industries SAS. Reboul is a leading provider of high-quality metal components, metal-plastic subassemblies, next generation lipstick mechanisms, and complete color cosmetic packaging solutions. Under the terms of the agreement, the Company will acquire Reboul for an enterprise value of €14 million (approximately $17 million) in cash less the amount of net debt assumed at the closing date. The agreement also provides an earn-out provision based on Reboul’s 2018 financial results, which could increase the enterprise value to a maximum of €23 million (approximately $28 million). The purchase will be funded with available cash on hand. For the quarter ended March 31, 2018, we recognized $0.5 million in transaction costs related to the agreement. These costs are reflected in the selling, research & development and administrative section of the Condensed Consolidated Statements of Income. The Company also provided €3 million ($3.7 million) cash in escrow, which has been presented as restricted cash on the Consolidated Statements of Cash Flows for the three months ended March 31, 2018.

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
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”, “Aptar” or “Company” 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 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, 2017 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The results of operations of any interim period are not necessarily indicative of the results that may be expected for the year.
RETIREMENT OF COMMON STOCK	RETIREMENT OF COMMON STOCK During the first quarter of 2018, the Company repurchased 189 thousand shares of common stock, of which 144 thousand shares were immediately retired. During the first quarter of 2017, the Company repurchased and immediately retired 210 thousand shares of common stock. Common stock was reduced by the number of shares retired at $0.01 par value per share. The Company allocates the excess purchase price over par value between additional paid-in capital and retained earnings.
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 temporary 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 Cuts and Jobs Act (the “TCJA”) was enacted in the United States (“U.S.”) on December 22, 2017. The TCJA lowered the corporate tax rate from 35.0% to 21.0% and imposed a one-time transition tax on unremitted earnings as of the end of 2017, and featured many other tax law provisions. New provisions for 2018 include, most notably, a tax on global intangible low-taxed income (“GILTI”) and the base erosion anti-abuse tax (“BEAT”). The SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the U.S. GAAP application of the TCJA. SAB 118 provides us up to a year to finalize accounting for the impacts of the TCJA. The Company estimated provisional tax amounts related to the transition tax and components of the revaluation of deferred tax assets and liabilities for the period ended December 31, 2017. We recognized a net tax charge of approximately $24.7 million, comprised of a provisional charge of $31.6 million for the transition tax and a provisional benefit of $6.8 million related to the corporate rate change. There have been no changes to those provisional amounts as of March 31, 2018. The Company expects these amounts to be finalized in the second half of 2018 when the 2017 tax return is filed. The Company has elected to account for the tax on GILTI as a period cost and not as a measure of deferred taxes in the current period. All of the Company’s non-U.S. earnings are subject to U.S. taxation, either from the TCJA transition tax on accumulated non-U.S. earnings as of the end of 2017 or the GILTI provisions on non-U.S. earnings going forward. The Company maintains its assertion that the cash and distributable reserves at its non-U.S. affiliates are indefinitely reinvested. The Company will provide for the necessary withholding and local income taxes when management decides that an affiliate should make a distribution. These decisions are made taking into consideration the financial requirements of the non-U.S. affiliates and the global cash management goals of the Company. The Company provides a liability for the amount of unrecognized tax benefits 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 5 - Income Taxes for more information.
ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS	ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS 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 May 2014, the FASB amended the guidance for recognition of revenue from customer contracts. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On January 1, 2018, we adopted this standard and all the related amendments (the “new revenue standard”) for all contracts. This adoption was accounted for using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the January 1, 2018 opening balance of retained earnings. Comparative information for the prior period has not been restated and continues to be reported under the accounting standards in effect prior to January 1, 2018. Balance at Balance at December 31, 2017 Adjustment January 1, 2018 Consolidated Balance Sheets Assets Inventories $ 337,216 $ (14,637) $ 322,579 Prepaid and other 109,791 13,984 123,775 Liabilities Accounts payable and accrued liabilities 461,579 (5,706) 455,873 Deferred income taxes 20,995 1,292 22,287 Deferred and other non-current liabilities 5,608 824 6,432 Stockholders’ Equity Retained earnings 1,301,147 2,937 1,304,084 A majority of our sales revenue continues to be recognized when products are shipped from our manufacturing facilities. For certain custom product and tooling sales where revenue was previously recognized when the products were shipped, we now recognize revenue over the time required to manufacture the product or build the tool in accordance with the new revenue standard. We also have certain extended warranty contracts, which under the new standard are considered a separate performance obligation and are required to be deferred and recognized into revenue over the life of the agreement. In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated statements of income and balance sheets is as follows: For the Three Months Ended March 31, 2018 Balances Without Effect of As Adoption of Change Reported ASC 606 Higher/(Lower) Consolidated Statements of Income Net Sales Beauty + Home $ 378,173 $ 376,868 $ (1,305) Pharma 230,127 230,462 335 Food + Beverage 95,050 95,100 50 Costs and Expenses Cost of sales 455,822 454,900 (922) Provision for income taxes 21,929 21,925 (4) Net income 59,288 59,294 6 March 31, 2018 Balances Without Effect of As Adoption of Change Reported ASC 606 Higher/(Lower) Consolidated Balance Sheets Assets Accounts and notes receivable $ 586,592 $ 600,576 $ 13,984 Inventories 347,791 348,713 922 Prepaid and other 117,678 104,193 (13,485) Liabilities Accounts payable and accrued liabilities 496,409 497,815 1,406 Deferred income taxes 20,578 20,574 (4) Deferred and other non-current liabilities 6,682 6,695 13 Stockholders’ Equity Retained earnings 1,332,218 1,332,224 6 In August 2016, the FASB issued guidance on the classification of certain cash receipts and cash payments within the statement of cash flows. This guidance provides clarification for the following types of transactions: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, distributions received from equity method investees and beneficial interest in securitization transactions. The guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. However, early adoption was permitted and an entity that elects early adoption must adopt all of the amendments on a retrospective basis in the period of adoption. The Company adopted this standard in the fourth quarter of 2017. In November 2016, the FASB issued guidance to address the diversity in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments in this standard require that a statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017. The Company has adopted the requirements of this standard during the first quarter of 2018 and appropriate disclosures are included on the statement of cash flows. In March 2017, the FASB issued guidance to disaggregate the current service cost component from the other components of net periodic benefit costs. The service cost component should be presented within compensation costs while the other components should be presented outside of income from operations. The guidance also clarifies that only the service cost component is eligible for capitalization. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017. The Company has adopted the requirements of this standard during the first quarter of 2018 and the prior periods were restated as follows: Original Revised Balance Adjustment Balance Revised Condensed Consolidated Statements of Income Three Months Ended March 31, 2017 Cost of sales $ 384,932 $ (248) $ 384,684 Selling, research & development and administrative 101,516 (234) 101,282 Total Operating Expenses 523,779 (482) 523,297 Operating Income 77,537 482 78,019 Miscellaneous, net (77) (482) (559) Total Other (Expense) Income (8,057) (482) (8,539) Income before Income Taxes 69,480 — 69,480 In May 2017, the FASB issued clarification on applying the standards for stock compensation accounting. The new standard provides guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017. The Company has adopted the requirements of this standard during the first quarter of 2018. In August 2017, the FASB issued new guidance to improve the accounting for hedging activities. The guidance changes the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, the guidance makes certain targeted improvements to simplify the application of the hedge accounting guidance in current U.S. GAAP. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. However, early application is permitted in any interim period after the issuance of this guidance. The Company adopted this standard in the third quarter of 2017. See details in Note 9 – Derivative Instruments and Hedging Activities. 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.
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS	REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS During the second quarter of 2017, the Company determined that the impact of restricted stock unit (RSU) vesting was incorrectly presented in the Condensed Consolidated Statement of Cash Flows. The effect of correcting this error results in a reduction to Net Cash Provided by Operations with a corresponding increase to Net Cash (Used) Provided by Financing Activities. As this error represents a reclassification between two accounts within the Condensed Consolidated Statement of Cash Flows, the Condensed Consolidated Statements of Income, the Condensed Consolidated Balance Sheet and the Condensed Consolidated Statements of Changes in Equity are not impacted by this change. The Company determined the error is not material to previously issued financial statements but was significant enough to revise. Following is a summary of the previously issued financial statement line items impacted by this revision for all periods and statements included in this report: As Previously Reported Adjustment As Revised Revised Consolidated Statements of Cash Flows Three Months Ended March 31, 2017 Retirement and deferred compensation plan liabilities $ (21,272) $ (2,797) $ (24,069) Net Cash Provided by Operations 40,973 (2,797) 38,176 Proceeds from stock option exercises 15,908 2,797 18,705 Net Cash Provided (Used) by Financing Activities (185,981) 2,797 (183,184)

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of the previously issued line items	As Previously Reported Adjustment As Revised Revised Consolidated Statements of Cash Flows Three Months Ended March 31, 2017 Retirement and deferred compensation plan liabilities $ (21,272) $ (2,797) $ (24,069) Net Cash Provided by Operations 40,973 (2,797) 38,176 Proceeds from stock option exercises 15,908 2,797 18,705 Net Cash Provided (Used) by Financing Activities (185,981) 2,797 (183,184)
Accounting Standards Update 2014-09 | Restatement of beginning balances
Summary of impacts of adoption of recent accounting pronouncements	Balance at Balance at December 31, 2017 Adjustment January 1, 2018 Consolidated Balance Sheets Assets Inventories $ 337,216 $ (14,637) $ 322,579 Prepaid and other 109,791 13,984 123,775 Liabilities Accounts payable and accrued liabilities 461,579 (5,706) 455,873 Deferred income taxes 20,995 1,292 22,287 Deferred and other non-current liabilities 5,608 824 6,432 Stockholders’ Equity Retained earnings 1,301,147 2,937 1,304,084
Accounting Standards Update 2014-09 | Cumulative effect of change
Summary of impacts of adoption of recent accounting pronouncements	For the Three Months Ended March 31, 2018 Balances Without Effect of As Adoption of Change Reported ASC 606 Higher/(Lower) Consolidated Statements of Income Net Sales Beauty + Home $ 378,173 $ 376,868 $ (1,305) Pharma 230,127 230,462 335 Food + Beverage 95,050 95,100 50 Costs and Expenses Cost of sales 455,822 454,900 (922) Provision for income taxes 21,929 21,925 (4) Net income 59,288 59,294 6 March 31, 2018 Balances Without Effect of As Adoption of Change Reported ASC 606 Higher/(Lower) Consolidated Balance Sheets Assets Accounts and notes receivable $ 586,592 $ 600,576 $ 13,984 Inventories 347,791 348,713 922 Prepaid and other 117,678 104,193 (13,485) Liabilities Accounts payable and accrued liabilities 496,409 497,815 1,406 Deferred income taxes 20,578 20,574 (4) Deferred and other non-current liabilities 6,682 6,695 13 Stockholders’ Equity Retained earnings 1,332,218 1,332,224 6
Accounting Standards Update 2017-07
Summary of impacts of adoption of recent accounting pronouncements	Original Revised Balance Adjustment Balance Revised Condensed Consolidated Statements of Income Three Months Ended March 31, 2017 Cost of sales $ 384,932 $ (248) $ 384,684 Selling, research & development and administrative 101,516 (234) 101,282 Total Operating Expenses 523,779 (482) 523,297 Operating Income 77,537 482 78,019 Miscellaneous, net (77) (482) (559) Total Other (Expense) Income (8,057) (482) (8,539) Income before Income Taxes 69,480 — 69,480

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2018
REVENUE.
Schedule of revenue by segment by geographic area	North Latin March 31, 2018 Segment Europe America America Asia Total Beauty + Home $ 224,612 $ 83,074 $ 48,266 $ 22,221 $ 378,173 Pharma 175,675 39,096 6,245 9,111 230,127 Food + Beverage 29,811 48,215 7,763 9,261 95,050 Total $ 430,098 $ 170,385 $ 62,274 $ 40,593 $ 703,350
Schedule of opening and closing balances of contract assets and contract liabilities	Balance as of Balance as of January 1, 2018 March 31, 2018 Increase/ (opening) (closing) (Decrease) Contract asset (current) $ 13,984 $ 13,485 $ (499) Contract liability (current) $ 15 $ 114 $ 99 Contract liability (long-term) $ 824 $ 811 $ (13)

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2018
INVENTORIES
Schedule of inventories, by component	March 31, December 31, Raw materials $ 103,442 $ 99,196 Work in process 115,925 107,307 Finished goods 128,424 130,713 Total $ 347,791 $ 337,216

GOODWILL AND OTHER INTANGIBLE32

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2018
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	Beauty + Food + Corporate Home Pharma Beverage & Other Total Goodwill $ 223,947 $ 203,069 $ 16,871 $ 1,615 $ 445,502 Accumulated impairment losses — — — (1,615) (1,615) Balance as of December 31, 2017 $ 223,947 $ 203,069 $ 16,871 $ — $ 443,887 Foreign currency exchange effects 2,346 4,851 159 — 7,356 Goodwill $ 226,293 $ 207,920 $ 17,030 $ 1,615 $ 452,858 Accumulated impairment losses — — — (1,615) (1,615) Balance as of March 31, 2018 $ 226,293 $ 207,920 $ 17,030 $ — $ 451,243
Summary of amortized intangible assets	March 31, 2018 December 31, 2017 Weighted Average Gross Gross Amortization Period Carrying Accumulated Net Carrying Accumulated Net (Years) Amount Amortization Value Amount Amortization Value Amortized intangible assets: Patents 0.2 $ 8,144 $ (8,015) $ 129 $ 7,819 $ (7,806) $ 13 Acquired technology 15.0 48,797 (15,816) 32,981 47,571 (14,624) 32,947 Customer relationships 12.2 70,120 (15,181) 54,939 68,886 (13,401) 55,485 License agreements and other 7.6 22,307 (15,611) 6,696 21,827 (14,812) 7,015 Total intangible assets 11.8 $ 149,368 $ (54,623) $ 94,745 $ 146,103 $ (50,643) $ 95,460
Schedule of future estimated amortization expense	Future estimated amortization expense for the years ending December 31 is as follows: 2018 $ 8,448 (remaining estimated amortization for 2018) 2019 11,082 2020 9,840 2021 9,644 2022 and thereafter 55,731

LONG-TERM OBLIGATIONS (Tables)

LONG-TERM OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2018
LONG-TERM OBLIGATIONS
Schedule of borrowing arrangements through wholly owned UK subsidiary	Debt Type Amount Term/Maturity Interest Rate Bank term loan $ 280,000 5 year amortizing/July 2022 2.56% floating swapped to 1.36% fixed Bank revolver € 150,000 5 year/July 2022 1.10% floating Private placement € 100,000 6 year/July 2023 0.98% fixed Private placement € 200,000 7 year/July 2024 1.17% fixed
Schedule of long-term obligations	At March 31, 2018, the Company’s long-term obligations consisted of the following: Unamortized Debt Issuance Principal Costs Net Notes payable 0.61% – 18.00%, due in monthly and annual installments through 2025 $ 14,607 $ — $ 14,607 Senior unsecured notes 3.2%, due in 2022 75,000 107 74,893 Senior unsecured debts 3.0% floating, equal annual installments through 2022 280,000 654 279,346 Senior unsecured notes 3.5%, due in 2023 125,000 208 124,792 Senior unsecured notes 1.0%, due in 2023 123,190 503 122,687 Senior unsecured notes 3.4%, due in 2024 50,000 86 49,914 Senior unsecured notes 3.5%, due in 2024 100,000 208 99,792 Senior unsecured notes 1.2%, due in 2024 246,380 1,025 245,355 Senior unsecured notes 3.6%, due in 2025 125,000 230 124,770 Senior unsecured notes 3.6%, due in 2026 125,000 230 124,770 Capital lease obligations 554 — 554 $ 1,264,731 $ 3,251 $ 1,261,480 Current maturities of long-term obligations (61,505) — (61,505) Total long-term obligations $ 1,203,226 $ 3,251 $ 1,199,975 At December 31, 2017, the Company’s long-term obligations consisted of the following: Unamortized Debt Issuance Principal Costs Net Notes payable 0.61% – 18.00%, due in monthly and annual installments through 2025 $ 15,349 $ — $ 15,349 Senior unsecured notes 3.2%, due in 2022 75,000 113 74,887 Senior unsecured debts 2.6% floating, equal annual installments through 2022 280,000 692 279,308 Senior unsecured notes 3.5%, due in 2023 125,000 217 124,783 Senior unsecured notes 1.0%, due in 2023 120,095 526 119,569 Senior unsecured notes 3.4%, due in 2024 50,000 89 49,911 Senior unsecured notes 3.5%, due in 2024 100,000 217 99,783 Senior unsecured notes 1.2%, due in 2024 240,190 1,066 239,124 Senior unsecured notes 3.6%, due in 2025 125,000 238 124,762 Senior unsecured notes 3.6%, due in 2026 125,000 238 124,762 Capital lease obligations 741 — 741 $ 1,256,375 $ 3,396 $ 1,252,979 Current maturities of long-term obligations (61,833) — (61,833) Total long-term obligations $ 1,194,542 $ 3,396 $ 1,191,146
Schedule of covenants on revolving credit facility and corporate long-term obligations	Requirement Level at March 31, 2018 Consolidated Leverage Ratio (1) Maximum of 3.50 to 1.00 1.15 to 1.00 Consolidated Interest Coverage Ratio (1) Minimum of 3.00 to 1.00 12.12 to 1.00 (1) Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.

RETIREMENT AND DEFERRED COMPE34

RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2018
RETIREMENT AND DEFERRED COMPENSATION PLANS
Components of net periodic benefit cost	Domestic Plans Foreign Plans Three Months Ended March 31, Service cost $ $ 2,420 $ 1,531 $ 1,337 Interest cost 1,748 472 424 Expected return on plan assets (2,464) (679) (568) Amortization of net loss 801 446 447 Amortization of prior service cost — — 129 94 Net periodic benefit cost $ 2,973 $ 2,505 $ 1,899 $ 1,734

ACCUMULATED OTHER COMPREHENSI35

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	3 Months Ended
	Mar. 31, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME
Changes in Accumulated Other Comprehensive Income/(Loss) by Component	Foreign Defined Benefit Currency Pension Plans Derivatives Total Balance - December 31, 2016 $ (259,888) $ (59,775) $ (46) $ (319,709) Other comprehensive income before reclassifications 23,184 — — 23,184 Amounts reclassified from accumulated other comprehensive income — 879 7 886 Net current-period other comprehensive income 23,184 879 7 24,070 Balance - March 31, 2017 $ (236,704) $ (58,896) $ (39) $ (295,639) Balance - December 31, 2017 $ (185,503) $ (64,595) $ (3,204) $ (253,302) Other comprehensive income (loss) before reclassifications 22,924 — (4,715) 18,209 Amounts reclassified from accumulated other comprehensive income — 1,356 5,068 6,424 Net current-period other comprehensive income 22,924 1,356 353 24,633 Balance - March 31, 2018 $ (162,579) $ (63,239) $ (2,851) $ (228,669)
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income	Amount Reclassified from Details about Accumulated Other Accumulated Other Affected Line in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented Three Months Ended March 31, Defined Benefit Pension Plans Amortization of net loss $ 1,664 $ 1,248 (1) Amortization of prior service cost 129 94 (1) 1,793 1,342 Total before tax (437) (463) Tax benefit $ 1,356 $ 879 Net of tax Derivatives Changes in treasury locks $ 11 $ 10 Interest Expense Changes in cross currency swap: interest component (1,019) — Interest Expense Changes in cross currency swap: foreign exchange component 7,116 — Miscellaneous, net 6,108 10 Total before tax (1,040) (3) Tax benefit $ 5,068 $ 7 Net of tax Total reclassifications for the period $ 6,424 $ 886 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 7 – Retirement and Deferred Compensation Plans for additional details).

DERIVATIVE INSTRUMENTS AND HE36

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 March 31, 2018 December 31, 2017 Derivatives Derivatives Derivatives not Derivatives not Designated Designated Designated Designated Balance Sheet as Hedging as Hedging as Hedging as Hedging Location Instruments Instruments Instruments Instruments Derivative Assets Foreign Exchange Contracts Prepaid and other $ — $ 289 $ — $ 663 $ — $ 289 $ — $ 663 Derivative Liabilities Foreign Exchange Contracts Accounts payable and accrued liabilities $ — $ 1,106 $ — $ 1,604 Cross Currency Swap Contract (1) Accounts payable and accrued liabilities 23,530 — 16,309 — $ 23,530 $ 1,106 $ 16,309 $ 1,604 (1) This cross currency swap contract is composed of both an interest component and a foreign exchange component.
Schedule of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss)	The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) for the Quarters Ended March 31, 2018 and 2017 Amount of Gain (Loss) Total Amount Amount of Gain (Loss) Location of (Loss) Reclassified from of Affected Derivatives in Cash Recognized in Gain Recognized Accumulated Income Flow Hedging Other Comprehensive in Income on Other Comprehensive Statement Relationships Income on Derivative Derivatives Income on Derivative Line Item Cross currency swap contract: Interest component $ 1,435 $ — Interest expense $ 1,019 $ — $ (8,055) Foreign exchange component (7,116) — Miscellaneous, net (7,116) — (867) $ (5,681) $ — $ (6,097) $ — $ (8,922)
Schedule of Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Income	Amount of Gain (Loss) Total Amount Amount of Gain (Loss) Location of (Loss) Reclassified from of Affected Derivatives in Cash Recognized in Gain Recognized Accumulated Income Flow Hedging Other Comprehensive in Income on Other Comprehensive Statement Relationships Income on Derivative Derivatives Income on Derivative Line Item Cross currency swap contract: Interest component $ 1,435 $ — Interest expense $ 1,019 $ — $ (8,055) Foreign exchange component (7,116) — Miscellaneous, net (7,116) — (867) $ (5,681) $ — $ (6,097) $ — $ (8,922) The Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Income for the Quarters Ended March 31, 2018 and 2017 Amount of (Loss) Gain Derivatives Not Designated Location of (Loss) Gain Recognized Recognized in Income as Hedging Instruments in Income on Derivatives on Derivatives Foreign Exchange Contracts Other (Expense) Income: $ 141 $ 645 $ 141 $ 645
Schedule of offsetting derivative assets and liabilities	Gross Amounts not Offset Gross Amounts Net Amounts in the Statement of Offset in the Presented in Financial Position Gross Statement of the Statement of Financial Cash Collateral Net Amount Financial Position Financial Position Instruments Received Amount Description March 31, 2018 Derivative Assets $ 289 — $ 289 — — $ 289 Total Assets $ 289 — $ 289 — — $ 289 Derivative Liabilities $ 24,636 — $ 24,636 — — $ 24,636 Total Liabilities $ 24,636 — $ 24,636 — — $ 24,636 December 31, 2017 Derivative Assets $ 663 — $ 663 — — $ 663 Total Assets $ 663 — $ 663 — — $ 663 Derivative Liabilities $ 17,913 — $ 17,913 — — $ 17,913 Total Liabilities $ 17,913 — $ 17,913 — — $ 17,913

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2018
FAIR VALUE
Schedule of fair values of financial assets and liabilities	As of March 31, 2018, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Foreign exchange contracts (1) $ 289 $ — $ 289 $ — Total assets at fair value $ 289 $ — $ 289 $ — Liabilities Foreign exchange contracts (1) $ 1,106 $ — $ 1,106 $ — Cross currency swap contract (1) 23,530 — 23,530 — Total liabilities at fair value $ 24,636 $ — $ 24,636 $ — As of December 31, 2017, the fair values of our financial assets and liabilities were categorized as follows: Total Level 1 Level 2 Level 3 Assets Foreign exchange contracts (1) $ 663 $ — $ 663 $ — Total assets at fair value $ 663 $ — $ 663 $ — Liabilities Foreign exchange contracts (1) $ 1,604 $ — $ 1,604 $ — Cross currency swap contract (1) 16,309 — 16,309 — Total liabilities at fair value $ 17,913 $ — $ 17,913 $ — (1) Market approach valuation technique based on observable market transactions of spot and forward rates.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2018
STOCK-BASED COMPENSATION
Weighted-average assumptions used to estimate fair value of stock options granted	Stock Awards Plans: Three Months Ended March 31, Dividend Yield 1.5 % 1.7 % Expected Stock Price Volatility 14.2 % 15.8 % Risk-free Interest Rate 2.8 % 2.2 % Expected Life of Option (years) 6.6 6.7
Summary of option activity	Stock Awards Plans Director Stock Option Plans Weighted Average Weighted Average Options Exercise Price Options Exercise Price Outstanding, January 1, 2018 8,059,319 $ 61.67 214,967 $ 57.44 Granted 603,901 88.39 — — Exercised (613,913) 52.73 (44,000) 53.35 Forfeited or expired (26,738) 63.13 — — Outstanding at March 31, 2018 8,022,569 $ 64.36 170,967 $ 58.49 Exercisable at March 31, 2018 5,935,087 $ 59.55 170,967 $ 58.49 Weighted-Average Remaining Contractual Term (Years): Outstanding at March 31, 2018 6.4 4.9 Exercisable at March 31, 2018 5.5 4.9 Aggregate Intrinsic Value: Outstanding at March 31, 2018 $ 204,336 $ 5,358 Exercisable at March 31, 2018 $ 179,720 $ 5,358 Intrinsic Value of Options Exercised During the Three Months Ended: March 31, 2018 $ 22,804 $ 1,608 March 31, 2017 $ 15,289 $ —
Weighted-average assumptions used to estimate fair value of restricted stock units	Three Months Ended March 31, Fair value per stock award $ 128.70 Grant date stock price $ 89.42 Assumptions: Aptar's stock price expected volatility 12.30 % Expected average volatility of peer companies 27.50 % Correlation assumption 20.20 % Risk-free interest rate 2.42 % Dividend yield assumption 1.43 %
Summary of restricted stock unit activity	Time-Based RSUs Performance-Based RSUs Weighted Average Weighted Average Units Grant-Date Fair Value Units Grant-Date Fair Value Nonvested at January 1, 2018 124,067 $ 74.65 — $ — Granted 80,067 89.42 80,843 111.55 Vested (14,281) 71.72 — — Nonvested at March 31, 2018 189,853 $ 81.10 80,843 $ 111.55 Included in the March 31, 2018 time-based RSUs are 14,793 units awarded to non-employee directors. There were no grants or vesting activity for non-employee director awards.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
EARNINGS PER SHARE
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended March 31, 2018 March 31, 2017 Diluted Basic Diluted Basic Consolidated operations Income available to common stockholders $ 59,300 $ 59,300 $ 51,820 $ 51,820 Average equivalent shares Shares of common stock 62,128 62,128 62,355 62,355 Effect of dilutive stock-based compensation Stock options 2,216 — 1,827 — Restricted stock 70 — 52 — Total average equivalent shares 64,414 62,128 64,234 62,355 Net income per share $ 0.92 $ 0.95 $ 0.81 $ 0.83

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2018
SEGMENT INFORMATION
Financial information regarding the Company's reportable segments	Three Months Ended March 31, Total Sales: Beauty + Home $ 383,463 $ 326,933 Pharma 230,132 196,914 Food + Beverage 95,645 82,349 Total Sales 709,240 606,196 Less: Intersegment Sales: Beauty + Home $ 5,290 $ 4,485 Pharma 5 2 Food + Beverage 595 393 Total Intersegment Sales $ 5,890 $ 4,880 Net Sales: Beauty + Home $ 378,173 $ 322,448 Pharma 230,127 196,912 Food + Beverage 95,050 81,956 Net Sales $ 703,350 $ 601,316 Adjusted EBITDA (1): Beauty + Home $ 53,135 $ 42,088 Pharma 79,840 68,841 Food + Beverage 12,739 12,946 Corporate & Other, unallocated (11,579) (9,132) Restructuring Initiatives (2) (5,936) — Depreciation and amortization (41,175) (37,331) Interest Expense (8,055) (8,262) Interest Income 2,248 330 Income before Income Taxes $ 81,217 $ 69,480 (1) The Company evaluates performance of our business units and allocates resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest expense, depreciation and amortization, unallocated corporate expenses, restructuring initiatives and income taxes. (2) Restructuring Initiatives includes expense items for the three months ended March 31, 2018 as follows (see Note 18 – Restructuring Initiatives for further details): Three Months Ended March 31, Business Transformation Employee Severance and Other Costs $ 5,936 Total Restructuring Initiatives $ 5,936 Restructuring Initiatives by Segment Beauty + Home $ 5,016 Pharma 364 Food + Beverage 315 Corporate & Other 241 Total Restructuring Initiatives $ 5,936
Restructuring Initiatives	Three Months Ended March 31, Business Transformation Employee Severance and Other Costs $ 5,936 Total Restructuring Initiatives $ 5,936 Restructuring Initiatives by Segment Beauty + Home $ 5,016 Pharma 364 Food + Beverage 315 Corporate & Other 241 Total Restructuring Initiatives $ 5,936

RESTRUCTURING INITIATIVES (Tabl

RESTRUCTURING INITIATIVES (Tables)	3 Months Ended
	Mar. 31, 2018
RESTRUCTURING INITIATIVES.
Activity associated with the entity's restructuring initiatives	Beginning Net Charges for Ending Reserve at the Three Months Reserve at 12/31/2017 Ended 3/31/2018 Cash Paid FX Impact 3/31/2018 Employee severance $ 2,258 $ 221 $ (357) $ 58 $ 2,180 Other costs — 5,715 (4,214) (1) 1,500 Totals $ 2,258 $ 5,936 $ (4,571) $ 57 $ 3,680

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Revenue Recognition, Adjustments to Opening Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets
Inventories	$ 347,791	$ 322,579	$ 337,216
Prepaid and other	117,678	123,775	109,791
Liabilities
Accounts payable and accrued liabilities	496,409	455,873	461,579
Deferred income taxes	20,578	22,287	20,995
Deferred and other non-current liabilities	6,682	6,432	5,608
Stockholders' Equity
Retained earnings	1,332,218	1,304,084	$ 1,301,147
Adjustment/Effect of Change | Accounting Standards Update 2014-09
Assets
Inventories	922	(14,637)
Prepaid and other	(13,485)	13,984
Liabilities
Accounts payable and accrued liabilities	1,406	(5,706)
Deferred income taxes	(4)	1,292
Deferred and other non-current liabilities	13	824
Stockholders' Equity
Retained earnings	$ 6	$ 2,937

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Revenue Recognition, Balances Reported with and without Adoption of ASC 606 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Consolidated Statements of Income
Net sales	$ 703,350	$ 601,316
Costs and Expenses
Cost of sales	455,822	384,684
Provision for income taxes	21,929	17,675
Net income	59,288	51,805
Assets
Accounts and note receivable	586,592			$ 510,426
Inventories	347,791		$ 322,579	337,216
Prepaid and other	117,678		123,775	109,791
Liabilities
Accounts payable and accrued liabilities	496,409		455,873	461,579
Deferred income taxes	20,578		22,287	20,995
Deferred and other non-current liabilities	6,682		6,432	5,608
Stockholders' Equity
Retained earnings	1,332,218		1,304,084	$ 1,301,147
Beauty + Home
Consolidated Statements of Income
Net sales	378,173	322,448
Pharma
Consolidated Statements of Income
Net sales	230,127	196,912
Food + Beverage
Consolidated Statements of Income
Net sales	95,050	$ 81,956
Balances Without Adoption of ASC 606 | Accounting Standards Update 2014-09
Costs and Expenses
Cost of sales	454,900
Provision for income taxes	21,925
Net income	59,294
Assets
Accounts and note receivable	600,576
Inventories	348,713
Prepaid and other	104,193
Liabilities
Accounts payable and accrued liabilities	497,815
Deferred income taxes	20,574
Deferred and other non-current liabilities	6,695
Stockholders' Equity
Retained earnings	1,332,224
Balances Without Adoption of ASC 606 | Accounting Standards Update 2014-09 | Beauty + Home
Consolidated Statements of Income
Net sales	376,868
Balances Without Adoption of ASC 606 | Accounting Standards Update 2014-09 | Pharma
Consolidated Statements of Income
Net sales	230,462
Balances Without Adoption of ASC 606 | Accounting Standards Update 2014-09 | Food + Beverage
Consolidated Statements of Income
Net sales	95,100
Adjustment/Effect of Change | Accounting Standards Update 2014-09
Costs and Expenses
Cost of sales	(922)
Provision for income taxes	(4)
Net income	6
Assets
Accounts and note receivable	13,984
Inventories	922		(14,637)
Prepaid and other	(13,485)		13,984
Liabilities
Accounts payable and accrued liabilities	1,406		(5,706)
Deferred income taxes	(4)		1,292
Deferred and other non-current liabilities	13		824
Stockholders' Equity
Retained earnings	6		$ 2,937
Adjustment/Effect of Change | Accounting Standards Update 2014-09 | Beauty + Home
Consolidated Statements of Income
Net sales	(1,305)
Adjustment/Effect of Change | Accounting Standards Update 2014-09 | Pharma
Consolidated Statements of Income
Net sales	335
Adjustment/Effect of Change | Accounting Standards Update 2014-09 | Food + Beverage
Consolidated Statements of Income
Net sales	$ 50

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Adoption of ASU 2017-07 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales	$ 455,822	$ 384,684
Selling, research & development and administrative	112,461	101,282
Total Operating Expenses	615,394	523,297
Operating Income	87,956	78,019
Miscellaneous, net	(867)	(559)
Total Other (Expense) Income	(6,739)	(8,539)
Income before Income Taxes	$ 81,217	69,480
Original Balance | Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		384,932
Selling, research & development and administrative		101,516
Total Operating Expenses		523,779
Operating Income		77,537
Miscellaneous, net		(77)
Total Other (Expense) Income		(8,057)
Income before Income Taxes		69,480
Adjustment | Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		(248)
Selling, research & development and administrative		(234)
Total Operating Expenses		(482)
Operating Income		482
Miscellaneous, net		(482)
Total Other (Expense) Income		$ (482)

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)segment$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / shares
Number of reportable segments | segment	3
Total Restructuring Initiatives	$ 5,936
INVESTMENTS IN AFFILIATED COMPANIES
Investment in unconsolidated affiliate		$ 5,000
RETIREMENT OF COMMON STOCK
Common stock repurchased (retired and held in treasury) (in shares) | shares	189
Common stock repurchased and retired (in shares) | shares	144	210
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
INCOME TAXES
Statutory federal income tax rate (as a percent)	21.00%		35.00%
Net tax charge			$ 24,700
Recognized charge representing provisional estimate of one-time transition tax			31,600
Estimate of deferred income tax benefit related to corporate rate change			$ (6,800)
ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS
Provision for Income Taxes	$ 21,929	$ 17,675
Business Transformation
Total Restructuring Initiatives	5,936
Beauty + Home
Total Restructuring Initiatives	5,016
Pharma
Total Restructuring Initiatives	364
Food + Beverage
Total Restructuring Initiatives	315
Corporate & Other
Total Restructuring Initiatives	$ 241

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revision of Prior Period Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Retirement and deferred compensation plan liabilities	$ (5,381)	$ (24,069)
Net Cash Provided by Operations	51,019	38,176
Proceeds from stock option exercises	34,880	18,705
Net Cash Provided (Used) by Financing Activities	$ 1,625	(183,184)
Original Balance
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Retirement and deferred compensation plan liabilities		(21,272)
Net Cash Provided by Operations		40,973
Proceeds from stock option exercises		15,908
Net Cash Provided (Used) by Financing Activities		(185,981)
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Retirement and deferred compensation plan liabilities		(2,797)
Net Cash Provided by Operations		(2,797)
Proceeds from stock option exercises		2,797
Net Cash Provided (Used) by Financing Activities		$ 2,797

REVENUE - Revenue by Geographic

REVENUE - Revenue by Geographic Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
REVENUE
Net revenue	$ 703,350
Beauty + Home
REVENUE
Net revenue	378,173
Pharma
REVENUE
Net revenue	230,127
Food + Beverage
REVENUE
Net revenue	95,050
Europe
REVENUE
Net revenue	430,098
Europe | Beauty + Home
REVENUE
Net revenue	224,612
Europe | Pharma
REVENUE
Net revenue	175,675
Europe | Food + Beverage
REVENUE
Net revenue	29,811
North America
REVENUE
Net revenue	170,385
North America | Beauty + Home
REVENUE
Net revenue	83,074
North America | Pharma
REVENUE
Net revenue	39,096
North America | Food + Beverage
REVENUE
Net revenue	48,215
Latin America
REVENUE
Net revenue	62,274
Latin America | Beauty + Home
REVENUE
Net revenue	48,266
Latin America | Pharma
REVENUE
Net revenue	6,245
Latin America | Food + Beverage
REVENUE
Net revenue	7,763
Asia
REVENUE
Net revenue	40,593
Asia | Beauty + Home
REVENUE
Net revenue	22,221
Asia | Pharma
REVENUE
Net revenue	9,111
Asia | Food + Beverage
REVENUE
Net revenue	$ 9,261

REVENUE - Contract Assets and C

REVENUE - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018
REVENUE.
Contract asset (current)	$ 13,485	$ 13,984
Increase / (decrease) in contract asset (current)	(499)
Contract liability (current)	114	15
Increase / (decrease) in contract liability (current)	99
Contract liability (long-term)	811	824
Increase / (decrease) in contract liability (long-term)	(13)
Revenue recognized previously included in current contract liabilities	51
Unearned revenue associated with outstanding contracts	925	$ 839
Estimated revenue to be recognized in 2018	89
Estimated revenue to be recognized in 2019	161
Estimated revenue to be recognized after 2019	$ 675

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Inventories, by component
Raw materials	$ 103,442		$ 99,196
Work in process	115,925		107,307
Finished goods	128,424		130,713
Total	$ 347,791	$ 322,579	$ 337,216

GOODWILL AND OTHER INTANGIBLE50

GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Changes in the carrying amount of goodwill
Goodwill	$ 452,858	$ 445,502
Accumulated impairment losses	(1,615)	(1,615)
Goodwill, Total	451,243	443,887
Foreign currency exchange effects	7,356
Operating segment | Beauty + Home
Changes in the carrying amount of goodwill
Goodwill	226,293	223,947
Goodwill, Total	226,293	223,947
Foreign currency exchange effects	2,346
Operating segment | Pharma
Changes in the carrying amount of goodwill
Goodwill	207,920	203,069
Goodwill, Total	207,920	203,069
Foreign currency exchange effects	4,851
Operating segment | Food + Beverage
Changes in the carrying amount of goodwill
Goodwill	17,030	16,871
Goodwill, Total	17,030	16,871
Foreign currency exchange effects	159
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 INTANGIBLE51

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Amortized intangible assets:
Gross Carrying Amount	$ 149,368		$ 146,103
Accumulated Amortization	(54,623)		(50,643)
Net Value	94,745		95,460
Aggregate amortization expense	2,818	$ 2,429
Future estimated amortization expense
2,018	8,448
2,019	11,082
2,020	9,840
2,021	9,644
2022 and thereafter	$ 55,731
Weighted Average
Amortized intangible assets:
Amortization Period	11 years 9 months 18 days
Patents
Amortized intangible assets:
Gross Carrying Amount	$ 8,144		7,819
Accumulated Amortization	(8,015)		(7,806)
Net Value	$ 129		13
Patents | Weighted Average
Amortized intangible assets:
Amortization Period	2 months 12 days
Technology
Amortized intangible assets:
Gross Carrying Amount	$ 48,797		47,571
Accumulated Amortization	(15,816)		(14,624)
Net Value	$ 32,981		32,947
Technology | Weighted Average
Amortized intangible assets:
Amortization Period	15 years
Customer relationships
Amortized intangible assets:
Gross Carrying Amount	$ 70,120		68,886
Accumulated Amortization	(15,181)		(13,401)
Net Value	$ 54,939		55,485
Customer relationships | Weighted Average
Amortized intangible assets:
Amortization Period	12 years 2 months 12 days
License agreements and other
Amortized intangible assets:
Gross Carrying Amount	$ 22,307		21,827
Accumulated Amortization	(15,611)		(14,812)
Net Value	$ 6,696		$ 7,015
License agreements and other | Weighted Average
Amortized intangible assets:
Amortization Period	7 years 7 months 6 days

INCOME TAXES QTR (Details)

INCOME TAXES QTR (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
INCOME TAXES
Statutory federal income tax rate (as a percent)	21.00%		35.00%
Net tax charge			$ 24.7
Recognized charge representing provisional estimate of one-time transition tax			31.6
Estimate of deferred income tax benefit related to corporate rate change			(6.8)
Effective income tax rate (as a percent)	27.00%	25.40%
Increase (decrease) in income taxes	$ 1.3
Increase in effective tax rates due to GILTI and BEAT taxes	4.30%
Decrease in effective tax rate from employee share-based compensation deductions	(2.10%)
Decrease in effective tax rate from tax settlements	(0.50%)
Income tax uncertainties	$ 3.2		3.1
Amount of income tax uncertainties that, if recognized, would impact the effective tax rate	3.2		$ 3.1
Decrease in liability for uncertain tax positions, high end of range	$ 1.4

LONG-TERM OBLIGATIONS (Details)

LONG-TERM OBLIGATIONS (Details) € in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)	Sep. 30, 2017EUR (€)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Long-Term Obligations
Revolving credit facility maximum borrowing capacity	$ 300,000
Revolving credit facility maturity date	Jul. 1, 2022
Amount outstanding under line of credit	$ 0			$ 0
Consolidated Leverage Ratio	1.15
Consolidated Interest Coverage Ratio	12.12
Long-term obligations gross including current maturities	$ 1,264,731			1,256,375
Current maturities of long-term obligations	(61,505)			(61,833)
Total long-term obligations	1,203,226			1,194,542
Deferred Finance Costs, Net, Total	3,251			3,396
Deferred debt issuance costs noncurrent	3,251			3,396
Long-term obligations including current maturities	1,261,480			1,252,979
Current maturities of long-term obligations	(61,505)			(61,833)
Long-term obligations, net of unamortized debt issuance costs	1,199,975			1,191,146
Aggregate long-term maturities, excluding capital lease obligations
2,018	61,047
2,019	59,105
2,020	57,991
2,021	57,993
2,022	132,823
Thereafter	$ 895,218
Minimum
Long-Term Obligations
Consolidated Interest Coverage Ratio	3
Maximum
Long-Term Obligations
Consolidated Leverage Ratio	3.50
Revolving credit facility
Long-Term Obligations
Proceeds from debt | €		€ 150,000
Term of debt		5 years	5 years
Interest rate on notes (as a percent)		1.10%	1.10%
Notes payable to banks
Long-Term Obligations
Proceeds from debt			$ 280,000
Term of debt		5 years	5 years
Long-term obligations gross including current maturities	$ 280,000			280,000
Deferred Finance Costs, Net, Total	654			692
Long-term obligations including current maturities	279,346			279,308
Interest rate on notes (as a percent)		1.36%	1.36%
Floating interest rate prior to conversion to a fixed interest rate		2.56%	2.56%
Notes payable 0.61% - 18.00%, due in monthly and annual installments through 2025
Long-Term Obligations
Long-term obligations gross including current maturities	14,607			15,349
Long-term obligations including current maturities	$ 14,607			$ 15,349
Notes payable 0.61% - 18.00%, due in monthly and annual installments through 2025 | Minimum
Long-Term Obligations
Interest rate on notes (as a percent)	0.61%			0.61%
Notes payable 0.61% - 18.00%, due in monthly and annual installments through 2025 | Maximum
Long-Term Obligations
Interest rate on notes (as a percent)	18.00%			18.00%
Senior unsecured notes 3.2%, due in 2022
Long-Term Obligations
Long-term obligations gross including current maturities	$ 75,000			$ 75,000
Deferred Finance Costs, Net, Total	107			113
Long-term obligations including current maturities	$ 74,893			$ 74,887
Interest rate on notes (as a percent)	3.20%			3.20%
Senior unsecured notes 3.5%, due in 2023
Long-Term Obligations
Long-term obligations gross including current maturities	$ 125,000			$ 125,000
Deferred Finance Costs, Net, Total	208			217
Long-term obligations including current maturities	$ 124,792			$ 124,783
Interest rate on notes (as a percent)	3.50%			3.50%
Senior unsecured notes 0.98%, due in 2023
Long-Term Obligations
Proceeds from private placement | €		€ 100,000
Term of debt		6 years	6 years
Long-term obligations gross including current maturities	$ 123,190			$ 120,095
Deferred Finance Costs, Net, Total	503			526
Long-term obligations including current maturities	122,687			119,569
Interest rate on notes (as a percent)		0.98%	0.98%
Senior unsecured notes 3.4%, due in 2024
Long-Term Obligations
Long-term obligations gross including current maturities	50,000			50,000
Deferred Finance Costs, Net, Total	86			89
Long-term obligations including current maturities	$ 49,914			$ 49,911
Interest rate on notes (as a percent)	3.40%			3.40%
Senior unsecured notes 3.5%, due in 2024
Long-Term Obligations
Long-term obligations gross including current maturities	$ 100,000			$ 100,000
Deferred Finance Costs, Net, Total	208			217
Long-term obligations including current maturities	$ 99,792			$ 99,783
Interest rate on notes (as a percent)	3.50%			3.50%
Senior unsecured notes 1.17%, due in 2024
Long-Term Obligations
Proceeds from private placement | €		€ 200,000
Term of debt		7 years	7 years
Long-term obligations gross including current maturities	$ 246,380			$ 240,190
Deferred Finance Costs, Net, Total	1,025			1,066
Long-term obligations including current maturities	245,355			239,124
Interest rate on notes (as a percent)		1.17%	1.17%
Senior unsecured notes 3.6%, due in 2025
Long-Term Obligations
Long-term obligations gross including current maturities	125,000			125,000
Deferred Finance Costs, Net, Total	230			238
Long-term obligations including current maturities	$ 124,770			$ 124,762
Interest rate on notes (as a percent)	3.60%			3.60%
Senior unsecured notes 3.6%, due in 2026
Long-Term Obligations
Long-term obligations gross including current maturities	$ 125,000			$ 125,000
Deferred Finance Costs, Net, Total	230			238
Long-term obligations including current maturities	$ 124,770			$ 124,762
Interest rate on notes (as a percent)	3.60%			3.60%
Capital lease obligations
Long-Term Obligations
Long-term obligations gross including current maturities	$ 554			$ 741
Long-term obligations including current maturities	$ 554			$ 741

RETIREMENT AND DEFERRED COMPE54

RETIREMENT AND DEFERRED COMPENSATION PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
United States
Change in benefit obligation:
Service cost	$ 2,849	$ 2,420
Interest cost	1,720	1,748
Components of net periodic benefit cost:
Service cost	2,849	2,420
Interest cost	1,720	1,748
Expected return on plan assets	(2,814)	(2,464)
Amortization of net loss	1,218	801
Net periodic benefit cost	2,973	2,505
Minimum funding requirements	0
Foreign Plans
Change in benefit obligation:
Service cost	1,531	1,337
Interest cost	472	424
Change in plan assets:
Employer contribution	800
Components of net periodic benefit cost:
Service cost	1,531	1,337
Interest cost	472	424
Expected return on plan assets	(679)	(568)
Amortization of net loss	446	447
Amortization of prior service cost	129	94
Net periodic benefit cost	1,899	$ 1,734
Expected contribution in current fiscal year	$ 3,100

ACCUMULATED OTHER COMPREHENSI55

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated other comprehensive income activity
Balance at the beginning of the period	$ 1,311,738
Balance at the end of the period	1,404,467
Foreign Currency
Accumulated other comprehensive income activity
Balance at the beginning of the period	(185,503)	$ (259,888)
Other comprehensive income (loss) before reclassifications	22,924	23,184
Net current-period other comprehensive income (loss)	22,924	23,184
Balance at the end of the period	(162,579)	(236,704)
Defined Benefit Pension Plans
Accumulated other comprehensive income activity
Balance at the beginning of the period	(64,595)	(59,775)
Amounts reclassified from accumulated other comprehensive income	1,356	879
Net current-period other comprehensive income (loss)	1,356	879
Balance at the end of the period	(63,239)	(58,896)
Derivatives
Accumulated other comprehensive income activity
Balance at the beginning of the period	(3,204)	(46)
Other comprehensive income (loss) before reclassifications	(4,715)
Amounts reclassified from accumulated other comprehensive income	5,068	7
Net current-period other comprehensive income (loss)	353	7
Balance at the end of the period	(2,851)	(39)
Accumulated Other Comprehensive Income/(Loss)
Accumulated other comprehensive income activity
Balance at the beginning of the period	(253,302)	(319,709)
Other comprehensive income (loss) before reclassifications	18,209	23,184
Amounts reclassified from accumulated other comprehensive income	6,424	886
Net current-period other comprehensive income (loss)	24,633	24,070
Balance at the end of the period	$ (228,669)	$ (295,639)

ACCUMULATED OTHER COMPREHENSI56

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Reclassifications From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amount Reclassified from Accumulated Other Comprehensive Income
Miscellaneous, net	$ (867)	$ (559)
Interest expense	8,055	8,262
Total before tax	(81,217)	(69,480)
Tax benefit	21,929	17,675
Total reclassifications for the period	(59,300)	(51,820)
Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Total reclassifications for the period	6,424	886
Defined Benefit Pension Plans | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Amortization of net loss	1,664	1,248
Amortization of prior service cost	129	94
Total before tax	1,793	1,342
Tax benefit	(437)	(463)
Total reclassifications for the period	1,356	879
Derivatives | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Total before tax	6,108	10
Tax benefit	(1,040)	(3)
Total reclassifications for the period	5,068	7
Derivatives | Treasury locks | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Interest expense	11	$ 10
Derivatives | Cross Currency Swap Contract: Interest Component | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Interest expense	(1,019)
Derivatives | Cross Currency Swap Contract: Foreign Exchange Component | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Miscellaneous, net	$ 7,116

DERIVATIVE INSTRUMENTS AND HE57

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Cash Flow Hedge) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Sep. 30, 2017	Jul. 20, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net after-tax loss included in accumulated other comprehensive earnings	$ (346)
Derivatives in Cash Flow Hedging Relationships
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	(5,681)
Cross Currency Swap Contract | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount hedged			$ 280,000
Net after-tax loss included in accumulated other comprehensive earnings	2,800
Fair value of derivative liability	23,500
Cross Currency Swap Contract: Interest Component | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount expected to be recognized in earnings in next twelve months related to cross currency swap contract	$ 3,700
Notes payable to banks
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Proceeds from debt		$ 280,000

DERIVATIVE INSTRUMENTS AND HE58

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Fair Value of Derivative Instruments in the Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value of Derivative Instruments
Derivative Assets	$ 289		$ 663
Derivative Liabilities	24,636		17,913
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments	141	$ 645
Foreign Exchange Contracts
Fair Value of Derivative Instruments
Aggregate amount of forward exchange contracts outstanding	104,800
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments	141	$ 645
Derivative Contracts Not Designated as Hedging Instruments
Fair Value of Derivative Instruments
Derivative Assets	289		663
Derivative Liabilities	1,106		1,604
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Prepayments and other
Fair Value of Derivative Instruments
Derivative Assets	289		663
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Accounts payable and accrued liabilities
Fair Value of Derivative Instruments
Derivative Liabilities	1,106		1,604
Derivative Contracts Designated as Hedging Instruments
Fair Value of Derivative Instruments
Derivative Liabilities	23,530		16,309
Derivative Contracts Designated as Hedging Instruments | Cross Currency Swap Contract | Accounts payable and accrued liabilities
Fair Value of Derivative Instruments
Derivative Liabilities	$ 23,530		$ 16,309

DERIVATIVE INSTRUMENTS AND HE59

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Effect of Derivative Instruments on the Consolidated Statements of Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative instruments, gain or (loss)
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments	$ 141	$ 645
Derivatives in Cash Flow Hedging Relationships
Derivative instruments, gain or (loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	(5,681)
Amount of Gain (Loss) Reclassified from AOCI on Derivative	(6,097)
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	141	$ 645
Cross Currency Swap Contract: Interest Component | Interest expense | Derivatives in Cash Flow Hedging Relationships
Derivative instruments, gain or (loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	1,435
Amount of Gain (Loss) Reclassified from AOCI on Derivative	1,019
Cross Currency Swap Contract: Foreign Exchange Component | Other Income (Expense): Miscellaneous, net | Derivatives in Cash Flow Hedging Relationships
Derivative instruments, gain or (loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	(7,116)
Amount of Gain (Loss) Reclassified from AOCI on Derivative	$ (7,116)

DERIVATIVE INSTRUMENTS AND HE60

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative Assets
Gross Amount	$ 289	$ 663
Net Amounts Presented in the Statement of Financial Position	289	663
Net Amount	289	663
Derivative Liabilities
Gross Amount	24,636	17,913
Net Amounts Presented in the Statement of Financial Position	24,636	17,913
Net Amount	$ 24,636	$ 17,913

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Liabilities
Fair value of long-term obligations	$ 1,100,000	$ 1,100,000
Assets and liabilities measured at fair value on recurring basis
Assets
Foreign exchange contracts, assets	289	663
Total assets at fair value	289	663
Liabilities
Foreign exchange contracts, liabilities	1,106	1,604
Cross currency swap contract, liability	23,530	16,309
Total liabilities at fair value	24,636	17,913
Assets and liabilities measured at fair value on recurring basis | Level 2
Assets
Foreign exchange contracts, assets	289	663
Total assets at fair value	289	663
Liabilities
Foreign exchange contracts, liabilities	1,106	1,604
Cross currency swap contract, liability	23,530	16,309
Total liabilities at fair value	$ 24,636	$ 17,913

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Commitments and contingencies
Environmental Remediation Expense	$ 0	$ 1,500,000
Indemnification agreements
Commitments and contingencies
Liabilities recorded under indemnification agreements	0		$ 0
Minimum
Commitments and contingencies
Environmental Loss Contingencies Estimate	1,500,000
Maximum
Commitments and contingencies
Environmental Loss Contingencies Estimate	$ 3,000,000

STOCK REPURCHASE PROGRAM (Detai

STOCK REPURCHASE PROGRAM (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Oct. 20, 2016
STOCK REPURCHASE PROGRAM
Share repurchases authorized amount			$ 350,000
Common stock repurchased (in shares)	189
Aggregate amount of share repurchases (in dollars)	$ 3,905
Common stock repurchased (retired and held in treasury) (in shares)	189
Common stock repurchased (retired and held in treasury)	$ 16,700
Common stock repurchased and retired (in shares)	144	210
Common stock repurchased and retired	$ 12,797	$ 16,019
Remaining authorized repurchase amount	$ 125,200

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
STOCK-BASED COMPENSATION
Proceeds from stock option exercises	$ 34,880	$ 18,705
Stock options
STOCK-BASED COMPENSATION
Award vesting period	3 years
Expiration period	10 years
Compensation expense	$ 4,900	6,900
Compensation expense, net of tax	3,500	4,600
Income tax benefit related to compensation expense	1,400	2,300
Fair value of shares vested	16,500	16,900
Proceeds from stock option exercises	34,900
Actual tax benefit realized for the tax deduction from option exercises	6,000
Unrecognized compensation cost expected to be recognized in future periods	$ 17,400
Weighted-average period over which compensation cost is expected to be recognized	2 years
Stock options | Selling, research & development and administrative expenses
STOCK-BASED COMPENSATION
Compensation expense	$ 4,000	6,000
Restricted stock units
STOCK-BASED COMPENSATION
Compensation expense	2,600	900
Actual tax benefit realized for the tax deduction from option exercises	383
Unrecognized compensation cost expected to be recognized in future periods	$ 24,400
Weighted-average period over which compensation cost is expected to be recognized	2 years 8 months 12 days
Weighted-Average Grant-Date Fair Value
Fair value of units vested	$ 1,000	2,800
Intrinsic value of units vested	$ 1,300	$ 3,000
Restricted stock units (time-based)
STOCK-BASED COMPENSATION
Award vesting period	3 years
Restricted stock unit activity
Balance at the beginning of the period (in shares)	124,067
Granted (in shares)	80,067
Vested (in shares)	(14,281)
Balance at the end of the period (in shares)	189,853
Weighted-Average Grant-Date Fair Value
Nonvested at the beginning of the period (in dollars per share)	$ 74.65
Granted (in dollars per share)	89.42
Vested (in dollars per share)	71.72
Nonvested at the end of the period (in dollars per share)	$ 81.10
Restricted stock units (performance-based)
STOCK-BASED COMPENSATION
Award vesting period	3 years
Assumptions used to estimate fair value of stock options granted
Dividend Yield (as a percent)	1.43%
Expected Stock Price Volatility (as a percent)	12.30%
Risk-free Interest Rate (as a percent)	2.42%
Assumptions used to estimate fair value of restricted stock units granted
Fair value per stock award (in dollars per share)	$ 128.70
Grant date stock price (in dollars per share)	$ 89.42
Expected Stock Price Volatility (as a percent)	12.30%
Expected average volatility of peer companies (as a percent)	27.50%
Correlation assumption (as a percent)	20.20%
Risk-free Interest Rate (as a percent)	2.42%
Dividend Yield (as a percent)	1.43%
Restricted stock unit activity
Granted (in shares)	80,843
Balance at the end of the period (in shares)	80,843
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 111.55
Nonvested at the end of the period (in dollars per share)	111.55
Stock Awards Plans | Stock options
STOCK-BASED COMPENSATION
Weighted-average fair value of stock options granted (in dollars per share)	$ 14.82	$ 11.85
Assumptions used to estimate fair value of stock options granted
Dividend Yield (as a percent)	1.50%	1.70%
Expected Stock Price Volatility (as a percent)	14.20%	15.80%
Risk-free Interest Rate (as a percent)	2.80%	2.20%
Expected Life of Option (years)	6 years 7 months 6 days	6 years 8 months 12 days
Stock options activity
Outstanding at the beginning of the period (in shares)	8,059,319
Granted (in shares)	603,901
Exercised (in shares)	(613,913)
Forfeited or expired (in shares)	(26,738)
Outstanding at the end of the period (in shares)	8,022,569
Exercisable at the end of the period (in shares)	5,935,087
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 61.67
Granted (in dollars per share)	88.39
Exercised (in dollars per share)	52.73
Forfeited or expired (in dollars per share)	63.13
Outstanding at the end of the period (in dollars per share)	64.36
Exercisable at the end of the period (in dollars per share)	$ 59.55
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 6 months
Aggregate Intrinsic Value:
Outstanding at the end of the period	$ 204,336
Exercisable at the end of the period	179,720
Intrinsic Value of Options Exercised	$ 22,804	$ 15,289
Assumptions used to estimate fair value of restricted stock units granted
Expected Stock Price Volatility (as a percent)	14.20%	15.80%
Risk-free Interest Rate (as a percent)	2.80%	2.20%
Dividend Yield (as a percent)	1.50%	1.70%
Director Stock Option Plans | Stock options
Stock options activity
Outstanding at the beginning of the period (in shares)	214,967
Exercised (in shares)	(44,000)
Outstanding at the end of the period (in shares)	170,967
Exercisable at the end of the period (in shares)	170,967
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 57.44
Exercised (in dollars per share)	53.35
Outstanding at the end of the period (in dollars per share)	58.49
Exercisable at the end of the period (in dollars per share)	$ 58.49
Weighted-Average Remaining Contractual Term (Years):
Outstanding at the end of the period	4 years 10 months 24 days
Exercisable at the end of the period	4 years 10 months 24 days
Aggregate Intrinsic Value:
Outstanding at the end of the period	$ 5,358
Exercisable at the end of the period	5,358
Intrinsic Value of Options Exercised	$ 1,608
Director Stock Option Plans | Restricted stock units
STOCK-BASED COMPENSATION
Award vesting period	1 year
Director Stock Option Plans | Restricted stock units (time-based)
Restricted stock unit activity
Balance at the end of the period (in shares)	14,793
New long-term incentive program
STOCK-BASED COMPENSATION
Compensation expense	$ 409	$ 282
Expected total expense related to program over the performance period	$ 2,600

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Earning per share
Authorized common stock (in shares)	199,000		199,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Income (Numerator)
Income available to common stockholders, basic (in dollars)	$ 59,300	$ 51,820
Income available to common stockholders, diluted (in dollars)	$ 59,300	$ 51,820
Shares (Denominator)
Basic (in shares)	62,128	62,355
Total average equivalent shares	64,414	64,234
Per Share Amount
Net income per share, basic (in dollars per share)	$ 0.95	$ 0.83
Net income per share, diluted (in dollars per share)	$ 0.92	$ 0.81
Stock options
Shares (Denominator)
Effect of dilutive stock based compensation (in shares)	2,216	1,827
Restricted stock units
Shares (Denominator)
Effect of dilutive stock based compensation (in shares)	70	52

SEGMENT INFORMATION (Summary of

SEGMENT INFORMATION (Summary of Reportable Segments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Financial information regarding the Company's reportable segments
Number of reportable segments | segment	3
Net sales	$ 703,350	$ 601,316
Depreciation and amortization	41,175	37,331
Interest expense	(8,055)	(8,262)
Interest income	2,248	330
Income before Income Taxes	81,217	69,480
Capital Expenditures	40,019	34,848
Total Assets	3,283,694		$ 3,137,823
Restructuring Initiatives by Segment
Total Restructuring Initiatives	5,936
Employee severance
Restructuring Initiatives by Segment
Total Restructuring Initiatives	221
Business Transformation
Restructuring Initiatives by Segment
Total Restructuring Initiatives	5,936
Beauty + Home
Financial information regarding the Company's reportable segments
Net sales	378,173	322,448
Adjusted EBITDA	53,135	42,088
Restructuring Initiatives by Segment
Total Restructuring Initiatives	5,016
Pharma
Financial information regarding the Company's reportable segments
Net sales	230,127	196,912
Adjusted EBITDA	79,840	68,841
Restructuring Initiatives by Segment
Total Restructuring Initiatives	364
Food + Beverage
Financial information regarding the Company's reportable segments
Net sales	95,050	81,956
Adjusted EBITDA	12,739	12,946
Restructuring Initiatives by Segment
Total Restructuring Initiatives	315
Corporate & Other
Financial information regarding the Company's reportable segments
Adjusted EBITDA	(11,579)	(9,132)
Restructuring Initiatives by Segment
Total Restructuring Initiatives	241
Operating segment
Financial information regarding the Company's reportable segments
Net sales	709,240	606,196
Operating segment | Beauty + Home
Financial information regarding the Company's reportable segments
Net sales	383,463	326,933
Operating segment | Pharma
Financial information regarding the Company's reportable segments
Net sales	230,132	196,914
Operating segment | Food + Beverage
Financial information regarding the Company's reportable segments
Net sales	95,645	82,349
Intersegment
Financial information regarding the Company's reportable segments
Net sales	5,890	4,880
Intersegment | Beauty + Home
Financial information regarding the Company's reportable segments
Net sales	5,290	4,485
Intersegment | Pharma
Financial information regarding the Company's reportable segments
Net sales	5	2
Intersegment | Food + Beverage
Financial information regarding the Company's reportable segments
Net sales	$ 595	$ 393

INSURANCE SETTLEMENT RECEIVAB67

INSURANCE SETTLEMENT RECEIVABLE (Details) - Beauty + Home - France - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
INSURANCE SETTLEMENT RECEIVABLE
Costs incurred related to fire	$ 5.9	$ 4.9
Advances on insurance proceeds received	18.9
Insurance receivable	0
Gain contingencies recognized	0
Expenses related to fire	$ 1.5	$ 1.3

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017
Acquisitions
Investment in unconsolidated affiliate		$ 5,000
Assets
Goodwill			$ 451,243	$ 443,887
Kali Care
Acquisitions
Percentage of interest acquired	20.00%
Investment in unconsolidated affiliate	$ 5,000

RESTRUCTURING INITIATIVE (Detai

RESTRUCTURING INITIATIVE (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Restructuring reserve
Restructuring reserve, balance at the beginning of the period	$ 2,258
Expense recognized related to the plan	5,936
Cash paid	(4,571)
FX impact	57
Restructuring reserve, balance at the end of the period	3,680
Employee severance
Restructuring reserve
Restructuring reserve, balance at the beginning of the period	2,258
Expense recognized related to the plan	221
Cash paid	(357)
FX impact	58
Restructuring reserve, balance at the end of the period	2,180
Other costs
Restructuring reserve
Expense recognized related to the plan	5,715
Cash paid	(4,214)
FX impact	(1)
Restructuring reserve, balance at the end of the period	1,500
Business Transformation
Restructuring initiatives
Expected future implementation costs	$ 90,000
Expected term of additional implementation costs	P3Y
Expected future capital investments related to transformation plan	$ 45,000
Restructuring reserve
Expense recognized related to the plan	5,936
Beauty + Home
Restructuring reserve
Expense recognized related to the plan	5,016
Pharma
Restructuring reserve
Expense recognized related to the plan	364
Food + Beverage
Restructuring reserve
Expense recognized related to the plan	315
Corporate & Other
Restructuring reserve
Expense recognized related to the plan	$ 241

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands, € in Millions	May 01, 2018EUR (€)	May 01, 2018USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2018USD ($)
Subsequent Event [Line Items]
Restricted cash included in prepaid and other				$ 3,696
Reboul Member
Subsequent Event [Line Items]
Transaction costs recognized				500
Restricted cash included in prepaid and other			€ 3	$ 3,700
Subsequent Events | Reboul Member
Subsequent Event [Line Items]
Percentage of interest acquired	100.00%	100.00%
Acquisition enterprise value in cash less amount of net debt assumed	€ 14	$ 17,000
Subsequent Events | Reboul Member | Maximum
Subsequent Event [Line Items]
Acquisition enterprise value in cash less amount of net debt assumed	€ 23	$ 28,000