AptarGroup (ATR) 10-Q 1 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 24, 2019
Document and Entity Information
Entity Registrant Name	APTARGROUP INC
Entity Central Index Key	0000896622
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		63,192,199
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 744,460	$ 703,350
Operating Expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	469,132	455,822
Selling, research & development and administrative	121,215	112,461
Depreciation and amortization	47,489	41,175
Restructuring initiatives	9,530	5,936
Total Operating Expenses	647,366	615,394
Operating Income	97,094	87,956
Other (Expense) Income:
Interest expense	(9,214)	(8,055)
Interest income	1,748	2,248
Equity in results of affiliates	(95)	(65)
Miscellaneous, net	466	(867)
Total Other Income (Expense)	(7,095)	(6,739)
Income before Income Taxes	89,999	81,217
Provision for Income Taxes	27,000	21,929
Net Income	62,999	59,288
Net (Income) Loss Attributable to Noncontrolling Interests	5	12
Net Income Attributable to AptarGroup, Inc.	$ 63,004	$ 59,300
Net Income Attributable to AptarGroup, Inc. Per Common Share:
Basic (in dollars per share)	$ 1	$ 0.95
Diluted (in dollars per share)	$ 0.96	$ 0.92
Average number of shares outstanding:
Basic (in shares)	62,964	62,128
Diluted (in shares)	65,349	64,414
Dividends per Common Share (in dollars per share)	$ 0.34	$ 0.32

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 62,999	$ 59,288
Other Comprehensive Income (Loss):
Foreign currency translation adjustments	(9,611)	22,935
Changes in treasury locks, net of tax		7
Gain (loss) on derivatives, net of tax	(393)	346
Defined benefit pension plan, net of tax
Amortization of prior service cost included in net income, net of tax	84	96
Amortization of net loss included in net income, net of tax	637	1,260
Total defined benefit pension plan, net of tax	721	1,356
Total other comprehensive income (loss)	(9,283)	24,644
Comprehensive Income	53,716	83,932
Comprehensive (Income) Loss Attributable to Noncontrolling Interests	(3)	1
Comprehensive Income Attributable to AptarGroup, Inc.	$ 53,713	$ 83,933

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and equivalents	$ 217,377	$ 261,823
Accounts and notes receivable, less allowance for doubtful accounts of $3,820 in 2019 and $3,541 in 2018	599,561	569,630
Inventories	390,403	381,110
Prepaid and other	122,104	118,245
Total Current Assets	1,329,445	1,330,808
Property, Plant and Equipment:
Buildings and improvements	463,551	453,572
Machinery and equipment	2,385,283	2,368,332
Property, Plant and Equipment, Gross	2,848,834	2,821,904
Less: Accumulated depreciation	(1,866,875)	(1,855,810)
Property, Plant and Equipment, Net	981,959	966,094
Land	25,171	25,519
Total Property, Plant and Equipment	1,007,130	991,613
Other Assets:
Investments in equity securities	8,923	25,448
Goodwill	703,709	712,095
Intangible assets	246,899	254,904
Operating lease right-of-use assets	82,099
Miscellaneous	37,429	62,867
Total Other Assets	1,079,059	1,055,314
Total Assets	3,415,634	3,377,735
Current Liabilities:
Notes payable, including revolving credit facilities	17,683	101,293
Current maturities of long-term obligations, net of unamortized debt issuance costs	63,981	62,678
Accounts payable and accrued liabilities	542,252	525,199
Total Current Liabilities	623,916	689,170
Long-term obligations, net of unamortized debt issuance costs	1,141,062	1,125,993
Deferred Liabilities and Other:
Deferred income taxes	29,938	53,917
Retirement and deferred compensation plans	63,691	62,319
Operating lease liabilities	64,592
Deferred and other non-current liabilities	24,721	23,465
Commitments and contingencies
Total Deferred Liabilities and Other	182,942	139,701
AptarGroup, Inc. stockholders' equity
Common stock, $.01 par value, 199 million shares authorized, 67.6 and 67.3 million shares issued as of March 31, 2019 and December 31, 2018, respectively	676	673
Capital in excess of par value	700,933	678,769
Retained earnings	1,413,453	1,371,826
Accumulated other comprehensive (loss)	(319,795)	(310,504)
Less treasury stock at cost, 4.5 and 4.4 million shares as of March 31, 2019 and December 31, 2018, respectively	(327,871)	(318,208)
Total AptarGroup, Inc. Stockholders' Equity	1,467,396	1,422,556
Noncontrolling interests in subsidiaries	318	315
Total Stockholders' Equity	1,467,714	1,422,871
Total Liabilities and Stockholders' Equity	$ 3,415,634	$ 3,377,735

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Mar. 31, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts and notes receivable, allowance for doubtful accounts (in dollars)	$ 3,820	$ 3,541
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	199	199
Common stock, shares issued	67.6	67.3
Treasury stock, shares	4.5	4.4

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, 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 | Accounting Standards Update 2014-09	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
Balance at Dec. 31, 2018	1,371,826	(310,504)	673	(318,208)	678,769	315	1,422,871
Increase (Decrease) in Stockholders' Equity
Net Income	63,004					(5)	62,999
Foreign currency translation adjustments		(9,619)				8	(9,611)
Changes in unrecognized pension gains (losses) and related amortization, net of tax		721					721
Changes in derivative gains (losses), net of tax		(393)					(393)
Stock awards and option exercises			3	5,337	22,164		27,504
Cash dividends declared on common stock	(21,377)						(21,377)
Treasury stock purchased				(15,000)			(15,000)
Balance at Mar. 31, 2019	$ 1,413,453	$ (319,795)	$ 676	$ (327,871)	$ 700,933	$ 318	$ 1,467,714

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 62,999	$ 59,288
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	41,487	38,357
Amortization	6,002	2,818
Stock based compensation	6,565	7,511
Provision for (recovery of) doubtful accounts	497	94
(Gain) loss on disposition of fixed assets	310	(859)
Deferred income taxes	671	(2,733)
Defined benefit plan expense	3,858	4,872
Equity in results of affiliates	95	65
Changes in balance sheet items, excluding effects from acquisitions and foreign currency adjustments:
Accounts and other receivables	(35,301)	(67,484)
Inventories	(13,097)	(18,575)
Prepaid and other current assets	(2,282)	129
Accounts payable and accrued liabilities	6,865	26,744
Income taxes payable	3,511	3,255
Retirement and deferred compensation plan liabilities	(5,940)	(5,381)
Other changes, net	1,396	2,918
Net Cash Provided by Operations	77,636	51,019
Cash Flows from Investing Activities:
Capital expenditures	(51,742)	(40,019)
Proceeds from sale of property and equipment	178	2,848
Insurance proceeds		10,631
Acquisition of business, release of escrow	(4,036)
Acquisition of intangible assets	(221)	(124)
Proceeds from sale of investment in unconsolidated affiliate	16,487
Notes receivable, net	231	208
Net Cash Used by Investing Activities	(39,103)	(26,456)
Cash Flows from Financing Activities:
Proceeds from notes payable	16,783	8,564
Repayments of notes payable	(21,130)	(3,956)
Proceeds and repayments of short term credit facility, net	(78,222)
Proceeds from long-term obligations	10,446	2,524
Repayments of long-term obligations	(3,227)	(3,855)
Dividends paid	(21,377)	(19,830)
Proceeds from stock option exercises	20,939	34,880
Purchase of treasury stock	(15,000)	(3,905)
Common stock repurchased and retired		(12,797)
Net Cash Provided (Used) by Financing Activities	(90,788)	1,625
Effect of Exchange Rate Changes on Cash	2,809	5,930
Net Increase (Decrease) in Cash and Equivalents and Restricted Cash	(49,446)	32,118
Cash and Equivalents and Restricted Cash at Beginning of Period	266,823	712,640
Cash and Equivalents and Restricted Cash at End of Period	$ 217,377	$ 744,758

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Restricted cash included in the line item prepaid and other on the Condensed Consolidated Balance Sheets as shown below represents amounts held in escrow related to the CSP Technologies acquisition.
Cash and equivalents	$ 217,377	$ 261,823	$ 741,062
Restricted cash included in prepaid and other			3,696
Total Cash and Equivalents and Restricted Cash shown in the Statement of Cash Flows	$ 217,377	$ 266,823	$ 744,758	$ 712,640

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
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”, “Company”, “we”, “us” or “our” as used herein refer to AptarGroup, Inc. and our subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current period presentation. In the opinion of management, the unaudited Condensed Consolidated Financial Statements (the “Condensed Consolidated Financial Statements”) include all normal recurring adjustments necessary for a fair statement of consolidated financial position, results of operations, comprehensive income, changes in equity and cash flows for the interim periods presented. The accompanying Condensed Consolidated Financial Statements have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Also, certain financial position data included herein was derived from the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 but does not include all disclosures required by U.S. GAAP. Accordingly, these Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations of any interim period are not necessarily indicative of the results that may be expected for the year. During the quarter ended June 30, 2018, primarily based on published estimates, which indicate that Argentina's three-year cumulative inflation rate has exceeded 100%, we concluded that Argentina has become a highly inflationary economy. Beginning July 1, 2018, we have applied highly inflationary accounting for our Argentinian subsidiaries. We have changed the functional currency from the Argentinian peso to the U.S. dollar. Local currency monetary assets and liabilities have been remeasured into U.S. dollars using exchange rates as of the latest balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in net earnings. Our Argentinian operations contributed approximately 2.0% of consolidated net assets and revenues at and for the three months ended March 31, 2019. LEASES We determine if an arrangement is a lease at inception. Operating lease assets are included in operating lease right-of-use (“ROU”) assets and liabilities are included in Accounts payable and accrued liabilities and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property, plant and equipment, current maturities of long-term obligations and long-term obligations in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the implicit rate when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made as well as initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For certain equipment leases, we account for the lease and non-lease components as a single lease component. We have elected not to recognize right-of-use assets and lease liabilities that arise from short-term leases (a lease whose term is 12 months or less and does not include a purchase option that we are reasonably certain to exercise). Certain vehicle lease contracts include guaranteed residual value that is considered in the determination of lease classification. The probability of having to satisfy a residual value guarantee is not considered for the purpose of lease classification, but is considered when measuring a lease liability. 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 February 2016, the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We adopted the standard effective January 1, 2019 using a modified retrospective transition, using the effective date method. Under this method, financial results reported in periods prior to 2019 are not recast. We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows companies to carry forward their historical lease classification. We also implemented internal controls and key system functionality to enable the preparation of financial information on adoption. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, as our accounting for finance leases remained substantially unchanged. The impact of adoption of the standard to previously reported results is shown below. Balance at Balance at December 31, January 1, 2018 Adjustments 2019 Consolidated Balance Sheets Operating lease right-of-use assets $ — $ 83,222 $ 83,222 Prepaid and other 118,245 (1,383) 116,862 Property, plant and equipment 991,613 5,876 997,489 Current maturities of long-term obligations, net of unamortized debt issuance costs 62,678 2,631 65,309 Accounts payable and accrued liabilities 525,199 20,508 545,707 Operating lease liabilities — 61,331 61,331 Long-term obligations, net of unamortized debt issuance costs 1,125,993 3,245 1,129,238 In February 2018, the FASB issued ASU 2018-02, which provides guidance on the reclassification of certain tax effects from accumulated other comprehensive income. This guidance allows for the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (“TCJA”). The new standard is effective for fiscal years and interim periods beginning after December 15, 2018. We elected to early adopt this standard in the fourth quarter of 2018. As part of this adoption, we elected to reclassify $6.7 million of stranded income tax effects of the TCJA from accumulated other comprehensive income to retained earnings at the beginning of the fourth quarter of 2018. 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 2019, we repurchased 159 thousand shares of common stock, all of which were returned to treasury stock. During the first quarter of 2018, we repurchased 189 thousand shares of common stock, of which 144 thousand shares were immediately retired. Common stock was reduced by the number of shares retired at $0.01 par value per share. We allocate the excess purchase price over par value between additional paid-in capital and retained earnings. INCOME TAXES We compute taxes on income in accordance with the tax rules and regulations of the many taxing authorities where income is earned. The income tax rates imposed by these taxing authorities may vary substantially. Taxable income may differ from pre-tax income for financial accounting purposes. To the extent that these differences create 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. All of our non-U.S. earnings are subject to U.S. taxation, either from the transition tax enacted in the U.S. by the TCJA on accumulated non-U.S. earnings as of the end of 2017 or the global intangible low-taxed income (“GILTI”) provisions on non-U.S. earnings thereafter. We maintain our assertion that the cash and distributable reserves at our non-U.S. affiliates are indefinitely reinvested. We will provide for the necessary withholding and local income taxes when management decides that an affiliate should make a distribution. These decisions are made taking into consideration the financial requirements of the non-U.S. affiliates and the global cash management goals of the Company. We provide a liability for the amount of unrecognized tax benefits from uncertain tax positions. This liability is provided whenever we determine that a tax benefit will not meet a more-likely-than-not threshold for recognition. See Note 5 - Income Taxes for more information.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2019
REVENUE.
REVENUE	NOTE 2 – REVENUE At contract inception, we assess the goods and services promised in our contracts with customers and identify 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, we consider 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, we allocate 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, 2019 and 2018 is as follows: For the Three Months Ended March 31, 2019 Latin Segment Europe Domestic America Asia Total Beauty + Home $ 216,233 $ 86,979 $ 42,642 $ 21,805 $ 367,659 Pharma 184,174 71,772 7,656 9,099 272,701 Food + Beverage 30,961 55,120 7,884 10,135 104,100 Total $ 431,368 $ 213,871 $ 58,182 $ 41,039 $ 744,460 For the Three Months Ended March 31, 2018 Latin Segment Europe Domestic 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 We perform our obligations under a contract with a customer by transferring goods and/or services in exchange for consideration from the customer. The timing of performance will sometimes differ from the timing of the receipt of the associated consideration from the customer, thus resulting in the recognition of a contract asset or a contract liability. We recognize a contract asset when we transfer control of goods or services to a customer prior to invoicing for the related performance obligation. The contract asset is transferred to accounts receivable when the product is shipped and invoiced to the customer. We recognize a contract liability if the customer's payment of consideration precedes the entity's performance. The opening and closing balances of our contract asset and contract liabilities are as follows: Balance as of Balance as of Increase/ December 31, 2018 March 31, 2019 (Decrease) Contract asset (current) $ 15,858 $ 15,894 $ 36 Contract asset (long-term) $ — $ — $ — Contract liability (current) $ 68,134 $ 68,403 $ 269 Contract liability (long-term) $ 11,261 $ 11,906 $ 645 The differences in the opening and closing balances of our contract asset and contract liabilities are primarily the result of timing differences between our performance and the customer’s payment. The amount of revenue recognized in the current year that was included in the opening contract liability balance was $7.5 million. Determining the Transaction Price In most cases, the transaction price for each performance obligation is stated in the contract. In determining the variable amounts of consideration within the transaction price (such as volume-based customer rebates), we include an estimate of the expected amount of consideration as revenue. We apply the expected value method based on all of the information (historical, current, and forecast) that is reasonably available and identify reasonable estimates based on this information. We apply the method consistently throughout the contract when estimating the effect of an uncertainty on the amount of variable consideration to which we will be entitled. Product Sales We primarily manufacture 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, we typically assess, among other things, the shipping terms of the contract, shipping being one of the indicators of transfer of control. A majority of product sales are sold FOB shipping point. For FOB shipping point shipments, control of the goods transfers to the customer at the time of shipment of the goods. Therefore, our performance obligation is satisfied at the time of shipment. We have elected to account for shipping and handling costs that occur after the customer has obtained control of a good as fulfillment costs rather than as a promised service. We do not have any material significant payment terms as payment is typically received shortly after the point of sale. There also exist instances where we manufacture highly customized products that have no alternative use to us and for which we have an enforceable right to payment for performance completed to date. For these products, we transfer control and recognize revenue over time by measuring progress towards completion using the Output Method based on the number of products produced. As we normally make our products to a customer’s order, the time between production and shipment of our products is typically within a few weeks. As a part of our customary business practice, we offer a standard warranty that the products will materially comply with the technical specifications and will be free from material defects. Because such warranties are not sold separately, do not provide for any service beyond a guarantee of a product’s initial specifications, and are not required by law, there is no revenue deferral for these types of warranties. Tooling Sales We also build or contract for molds and other tools (collectively defined as “tooling”) necessary to produce our products. As with product sales, we recognize revenue when control of the tool transfers to the customer. If the tooling is highly customized with no alternative use to us and we have an enforceable right to payment for performance completed to date, we transfer control and recognize revenue over time by measuring progress towards completion using the Input Method based on costs incurred relative to total estimated costs to completion. Otherwise, revenue for the tooling is recognized at the point in time when the customer approves the tool. We do not have any material significant payment terms as payment is typically either received during the mold-build process or shortly after completion. In certain instances, we offer extended warranties on tools sold to our customers above and beyond the normal standard warranties. We normally receive payment at the inception of the contract and recognize revenue over the term of the contract. At December 31, 2018, $758 thousand of unearned revenue associated with outstanding contracts was reported in Accounts Payable and Other Liabilities. At March 31, 2019, the unearned amount was $686 thousand. We expect to recognize approximately $237 thousand of the unearned amount during the remainder of 2019, $268 thousand in 2020, and $181 thousand thereafter.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2019
INVENTORIES
INVENTORIES	NOTE 3 - INVENTORIES Inventories, by component, consisted of: March 31, December 31, Raw materials $ 115,942 $ 110,720 Work in process 125,774 131,091 Finished goods 148,687 139,299 Total $ 390,403 $ 381,110

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2019
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, 2018 are as follows: Beauty + Food + Corporate Home Pharma Beverage & Other Total Goodwill $ 223,933 $ 359,883 $ 128,279 $ 1,615 $ 713,710 Accumulated impairment losses — — — (1,615) (1,615) Balance as of December 31, 2018 $ 223,933 $ 359,883 $ 128,279 $ — $ 712,095 Acquisition — (964) — — (964) Foreign currency exchange effects (2,041) (5,255) (126) — (7,422) Goodwill $ 221,892 $ 353,664 $ 128,153 $ 1,615 $ 705,324 Accumulated impairment losses — — — (1,615) (1,615) Balance as of March 31, 2019 $ 221,892 $ 353,664 $ 128,153 $ — $ 703,709 The table below shows a summary of intangible assets as of March 31, 2019 and December 31, 2018. March 31, 2019 December 31, 2018 Weighted Average Gross Gross Amortization Period Carrying Accumulated Net Carrying Accumulated Net (Years) Amount Amortization Value Amount Amortization Value Amortized intangible assets: Patents 1.9 $ 5,545 (4,754) $ 791 $ 5,427 $ (5,294) $ 133 Acquired technology 13.5 90,867 (19,774) 71,093 92,389 (18,304) 74,085 Customer relationships 14.3 178,142 (22,784) 155,358 179,597 (20,439) 159,158 Trademarks and trade names 7.0 21,105 (7,928) 13,177 21,243 (5,914) 15,329 License agreements and other 11.9 14,171 (7,691) 6,480 13,852 (7,653) 6,199 Total intangible assets 13.2 $ 309,830 $ (62,931) $ 246,899 $ 312,508 $ (57,604) $ 254,904 Aggregate amortization expense for the intangible assets above for the quarters ended March 31, 2019 and 2018 was $6,002 and $2,818, respectively. Future estimated amortization expense for the years ending December 31 is as follows: 2019 $ 18,142 (remaining estimated amortization for 2019) 2020 22,643 2021 21,831 2022 21,545 2023 and thereafter 162,738 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, 2019.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
INCOME TAXES
INCOME TAXES	NOTE 5 – INCOME TAXES Based on current tax laws, our estimated annual effective tax rate for 2019, excluding discrete tax impacts, is 30.4%. This rate reflects the mix of pre-tax income in various non-U.S. jurisdictions and the reduced U.S. federal tax rate, offset by unfavorable provisions within the U.S. tax law and U.S. state income tax increases. The reported effective tax rate for the three months ended March 31, 2019 was 30.0%, as the impact of discrete tax items in the period were largely offsetting. The reported effective tax rate for the three months ended March 31, 2018 was 27.0%. The prior year tax rate was favorably impacted by $4.4 million of tax benefits from employee share-based compensation.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2019
DEBT
DEBT	NOTE 6 – DEBT We hold U.S. dollar and euro-denominated debt to align our capital structure with our earnings base. At March 31, 2019, our long-term obligations consisted of the following: Unamortized Debt Issuance Principal Costs Net Notes payable 0.00% – 16.00%, due in monthly and annual installments through 2028 $ 23,421 $ — $ 23,421 Senior unsecured notes 3.2%, due in 2022 75,000 83 74,917 Senior unsecured debts 4.3% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022 224,000 503 223,497 Senior unsecured notes 3.5%, due in 2023 125,000 172 124,828 Senior unsecured notes 1.0%, due in 2023 112,165 408 111,757 Senior unsecured notes 3.4%, due in 2024 50,000 73 49,927 Senior unsecured notes 3.5%, due in 2024 100,000 172 99,828 Senior unsecured notes 1.2%, due in 2024 224,330 863 223,467 Senior unsecured notes 3.6%, due in 2025 125,000 200 124,800 Senior unsecured notes 3.6%, due in 2026 125,000 200 124,800 Financial lease liabilities 23,801 — 23,801 $ 1,207,717 $ 2,674 $ 1,205,043 Current maturities of long-term obligations (63,981) — (63,981) Total long-term obligations $ 1,143,736 $ 2,674 $ 1,141,062 At December 31, 2018, our long-term obligations consisted of the following: Unamortized Debt Issuance Principal Costs Net Notes payable 0.00% – 16.00%, due in monthly and annual installments through 2028 $ 15,531 $ — $ 15,531 Senior unsecured notes 3.2%, due in 2022 75,000 88 74,912 Senior unsecured debts 4.0% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022 224,000 541 223,459 Senior unsecured notes 3.5%, due in 2023 125,000 181 124,819 Senior unsecured notes 1.0%, due in 2023 114,535 432 114,103 Senior unsecured notes 3.4%, due in 2024 50,000 76 49,924 Senior unsecured notes 3.5%, due in 2024 100,000 181 99,819 Senior unsecured notes 1.2%, due in 2024 229,070 904 228,166 Senior unsecured notes 3.6%, due in 2025 125,000 207 124,793 Senior unsecured notes 3.6%, due in 2026 125,000 208 124,792 Capital lease obligations 8,353 — 8,353 $ 1,191,489 $ 2,818 $ 1,188,671 Current maturities of long-term obligations (62,678) — (62,678) Total long-term obligations $ 1,128,811 $ 2,818 $ 1,125,993 Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including: Requirement Level at March 31, 2019 Consolidated Leverage Ratio (1) Maximum of 3.50 to 1.00 2.00 to 1.00 Consolidated Interest Coverage Ratio (1) Minimum of 3.00 to 1.00 14.75 to 1.00 (1) Definitions of ratios are included as part of the revolving credit facility agreement and the note purchase agreements. We also maintain a multi-currency revolving credit facility with two tranches, providing for unsecured financing of up to $300 million that is available in the U.S. and up to €150 million that is available to our wholly-owned UK subsidiary. Each borrowing under the credit facility will bear interest at rates based on LIBOR, prime rates or other similar rates, in each case plus an applicable margin. A facility fee on the total amount of the facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio. The December 31, 2018 outstanding balance of €69.0 million on the euro-based revolving credit facility was paid in the first quarter of 2019. No balances were drawn as of March 31, 2019. Credit facility balances are included in notes payable, including revolving credit facilities on the Condensed Consolidated Balance Sheet. Aggregate long-term maturities, excluding finance lease obligations, due annually from the current balance sheet date for the next five years are $60,592, $62,195, $61,111, $135,252, $339,883 and $524,883 thereafter.

LEASE COMMITMENTS

LEASE COMMITMENTS	3 Months Ended
	Mar. 31, 2019
LEASE COMMITMENTS
LEASE COMMITMENTS	NOTE 7 – LEASE COMMITMENTS We lease certain warehouse, plant and office facilities as well as certain equipment under noncancelable operating and finance leases expiring at various dates through the year 2028. Most of the operating leases contain renewal options and certain leases include options to purchase the related asset during or at the end of the lease term. Amortization expense related to finance leases is included in depreciation expense while rent expense related to operating leases is included within cost of sales and selling research & development and administrative expenses (“SG&A”). Rent expense related to operating leases (including taxes, insurance and maintenance when included in the rent) amounted to $8.1 million in the first quarter of 2018 under the old lease accounting standard. The components of lease expense for the current period were as follows: Three Months Ended March 31, Operating lease cost $ 6,004 Finance lease cost: Amortization of right-of-use assets $ 872 Interest on lease liabilities 315 Total finance lease cost $ 1,187 Short-term lease and variable lease costs $ 1,942 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,469 Operating cash flows from finance leases 243 Financing cash flows from finance leases 1,140 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 4,515 Finance leases 10,697 Supplemental balance sheet information related to leases was as follows: March 31, 2019 Operating Leases Operating lease right-of-use assets $ 82,099 Accounts payable and accrued liabilities $ 15,935 Operating lease liabilities 64,592 Total operating lease liabilities $ 80,527 Finance Leases Property, plant and equipment, gross $ 31,735 Accumulated depreciation (1,095) Property, plant and equipment, net $ 30,640 Current maturities of long-term obligations, net of unamortized debt issuance cost $ 3,389 Long-term obligations, net of unamortized debt issuance cost 20,412 Total finance lease liabilities $ 23,801 Weighted Average Remaining Lease Term (in years) Operating leases 6.4 Finance leases 7.3 Weighted Average Discount Rate Operating leases 4.92 % Finance leases 5.66 % Maturities of lease liabilities as of March 31, 2019, were as follows: Operating Finance Leases Leases Year 1 $ 19,988 $ 4,605 Year 2 16,408 3,704 Year 3 12,897 3,087 Year 4 10,467 2,200 Year 5 8,586 1,769 Thereafter 26,358 16,472 Total lease payments 94,704 31,837 Less imputed interest (14,177) (8,036) Total $ 80,527 $ 23,801 Maturities of lease liabilities as of December 31, 2018 under the old lease accounting standard were as follows: Operating Capital Leases Leases Year 1 $ 26,512 $ 1,828 Year 2 21,386 1,653 Year 3 16,529 1,546 Year 4 12,549 1,160 Year 5 10,225 880 Thereafter 21,932 3,827 Total lease payments $ 109,133 10,894 Less imputed interest (2,541) Present value of future lease payments $ 8,353 As of March 31, 2019, we have additional operating and finance leases, primarily for buildings, that have not yet commenced of $4.0 million. These operating and finance leases will commence in years 2019 and 2020 with lease terms of 3 to 10 years.

RETIREMENT AND DEFERRED COMPENS

RETIREMENT AND DEFERRED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2019
RETIREMENT AND DEFERRED COMPENSATION PLANS
RETIREMENT AND DEFERRED COMPENSATION PLANS	NOTE 8 – RETIREMENT AND DEFERRED COMPENSATION PLANS Components of Net Periodic Benefit Cost: Domestic Plans Foreign Plans Three Months Ended March 31, Service cost $ $ 2,849 $ 1,460 $ 1,531 Interest cost 1,720 501 472 Expected return on plan assets (2,814) (592) (679) Amortization of net loss 1,218 363 446 Amortization of prior service cost — — 113 129 Net periodic benefit cost $ 2,013 $ 2,973 $ 1,845 $ 1,899 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 Although we have no minimum funding requirement, we contributed $365 thousand to our domestic defined benefit plans during the quarter ended March 31, 2019. We expect to contribute approximately $4.3 million to our foreign defined benefit plans in 2019, and as of March 31, 2019, we have contributed approximately $0.7 million of that amount.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 9 – ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in Accumulated Other Comprehensive (Loss) Income by Component: Foreign Defined Benefit Currency Pension Plans Derivatives Total 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) Balance - December 31, 2018 $ (248,401) $ (60,463) $ (1,640) $ (310,504) Other comprehensive income (loss) before reclassifications (9,619) — 5,738 (3,881) Amounts reclassified from accumulated other comprehensive income (loss) — 721 (6,131) (5,410) Net current-period other comprehensive income (9,619) 721 (393) (9,291) Balance - March 31, 2019 $ (258,020) $ (59,742) $ (2,033) $ (319,795) 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 $ 852 $ 1,664 (1) Amortization of prior service cost 113 129 (1) 965 1,793 Total before tax (244) (437) Tax benefit $ 721 $ 1,356 Net of tax Derivatives Changes in treasury locks $ — $ 11 Interest Expense Changes in cross currency swap: interest component (1,454) (1,019) Interest Expense Changes in cross currency swap: foreign exchange component (4,677) 7,116 Miscellaneous, net (6,131) 6,108 Total before tax — (1,040) Tax benefit $ (6,131) $ 5,068 Net of tax Total reclassifications for the period $ (5,410) $ 6,424 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 8 – Retirement and Deferred Compensation Plans for additional details).

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2019
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE 10 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We maintain a foreign exchange risk management policy designed to establish a framework to protect the value of our non-functional denominated transactions from adverse changes in exchange rates. Sales of our 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 our results of operations. Our 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. We may use foreign currency forward exchange contracts, options and cross currency swaps to economically hedge these risks. For derivative instruments designated as hedges, we formally document 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, we formally assess 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 11 - Fair Value). CASH FLOW HEDGE For derivative instruments that are designated and qualify as cash flow hedges, 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. During 2017, 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 cross currency swap in the notional amount of $280 million to effectively hedge the foreign exchange and interest rate exposure on the $280 million term loan. This EUR/USD swap agreement fixed our U.S. dollar floating-rate debt to 1.36% euro fixed-rate debt. Related to this hedge, approximately $2.0 million of loss is included in accumulated other comprehensive loss at March 31, 2019. 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, 2019 is $5.1 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, 2019, the fair value of the cross currency swap was a $3.6 million asset. The swap contract expires on July 20, 2022. HEDGE OF NET INVESTMENTS IN FOREIGN OPERATIONS A significant number of our 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 our foreign subsidiaries. A strengthening U.S. dollar relative to foreign currencies has a dilutive translation effect on our financial condition and results of operations. Conversely, a weakening U.S. dollar has an additive effect. In some cases, we maintain debt in these subsidiaries to offset the net asset exposure. We do not otherwise actively manage this risk using derivative financial instruments. In the event we plan on a full or partial liquidation of any of our foreign subsidiaries where our net investment is likely to be monetized, we will consider hedging the currency exposure associated with such a transaction. OTHER As of March 31, 2019, we have recorded the fair value of foreign currency forward exchange contracts of $0.4 million in prepaid and other and $0.7 million in accounts payable and accrued liabilities on the balance sheet. All forward exchange contracts outstanding as of March 31, 2019 had an aggregate notional contract amount of $39.6 million. Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 March 31, 2019 December 31, 2018 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 $ — $ 391 $ — $ 259 Cross Currency Swap Contract (1) Prepaid and other 3,557 — — — $ 3,557 $ 391 $ — $ 259 Derivative Liabilities Foreign Exchange Contracts Accounts payable and accrued liabilities $ — $ 713 $ — $ 331 Cross Currency Swap Contract (1) Accounts payable and accrued liabilities — — 1,040 — $ — $ 713 $ 1,040 $ 331 (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, 2019 and 2018 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 $ 1,392 $ 1,435 Interest expense $ 1,454 $ 1,019 $ (9,214) Foreign exchange component 4,677 (7,116) Miscellaneous, net 4,677 (7,116) 466 $ 6,069 $ (5,681) $ 6,131 $ (6,097) The Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Income for the Quarters Ended March 31, 2019 and 2018 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: $ (263) $ 141 $ (263) $ 141 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, 2019 Derivative Assets $ 3,948 — $ 3,948 — — $ 3,948 Total Assets $ 3,948 — $ 3,948 — — $ 3,948 Derivative Liabilities $ 713 — $ 713 — — $ 713 Total Liabilities $ 713 — $ 713 — — $ 713 December 31, 2018 Derivative Assets $ 259 — $ 259 — — $ 259 Total Assets $ 259 — $ 259 — — $ 259 Derivative Liabilities $ 1,371 — $ 1,371 — — $ 1,371 Total Liabilities $ 1,371 — $ 1,371 — — $ 1,371

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2019
FAIR VALUE
FAIR VALUE	NOTE 11 – 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, 2019, 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) $ 391 $ — $ 391 $ — Cross currency swap contract (1) 3,557 — 3,557 — Total assets at fair value $ 3,948 $ — $ 3,948 $ — Liabilities Foreign exchange contracts (1) $ 713 $ — $ 713 $ — Total liabilities at fair value $ 713 $ — $ 713 $ — As of December 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) $ 259 $ — $ 259 $ — Total assets at fair value $ 259 $ — $ 259 $ — Liabilities Foreign exchange contracts (1) $ 331 $ — $ 331 $ — Cross currency swap contract (1) 1,040 — 1,040 — Total liabilities at fair value $ 1,371 $ — $ 1,371 $ — (1) Market approach valuation technique based on observable market transactions of spot and forward rates. The carrying amounts of our 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. We consider our long-term obligations a Level 2 liability and utilize the market approach valuation technique based on interest rates that are currently available to us for issuance of debt with similar terms and maturities. The estimated fair value of our long-term obligations was $1.1 billion as of March 31, 2019 and December 31, 2018.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 12 - 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 our financial position, 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, we have 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 we could be required to make under these indemnification agreements is unlimited; however, we have a directors and officers liability insurance policy that covers a portion of our exposure. As a result of our insurance policy coverage, we believe the estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of March 31, 2019 and December 31, 2018. An environmental investigation, undertaken to assess areas of possible contamination, was completed at our 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, we reported the findings to the relevant environmental authority, the Environmental Company of the State of São Paulo – CETESB. We continue to monitor and test 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, 2019. In March 2017, the Supreme Court of Brazil issued a decision that a certain state value added tax should not be included in the calculation of federal gross receipts taxes. The decision reduces our gross receipts tax in Brazil prospectively and, potentially, retrospectively. If the Judicial Court grants full retrospective recovery, we estimate potential recoveries of up to $13.4 million, including interest. During the first quarter of 2019, we received a favorable court decision of $2.7 million for the retrospective right to recover part of our claim. This amount is recorded in cost of sales as a favorable impact of $1.7 million and $1.0 million was recognized as interest income. Due to uncertainties around our remaining court recovery claims, we have not recorded any further amounts relating to the retrospective nature of this matter. However, we anticipate decisions on our remaining claims in 2019.

STOCK REPURCHASE PROGRAM

STOCK REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2019
STOCK REPURCHASE PROGRAM
STOCK REPURCHASE PROGRAM	NOTE 13 – STOCK REPURCHASE PROGRAM We announced the $350 million share repurchase program in effect for the quarter ended March 31, 2019 on October 20, 2016. On April 18, 2019, we announced a new share repurchase authorization of up to $350 million of common stock. This authorization replaces previous authorizations and has no expiration date. We may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions. During the three months ended March 31, 2019, we repurchased approximately 159 thousand shares for approximately $15.0 million. During the three months ended March 31, 2018, we repurchased approximately 189 thousand shares for approximately $16.7 million.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 14 – STOCK-BASED COMPENSATION Historically we have issued stock options and restricted stock units (“RSUs”), which consisted of time-based and performance-based awards, to employees under stock awards plans approved by stockholders. Beginning in 2019, we no longer issue stock options to employees. In addition, RSUs are issued to non-employee directors under a Restricted Stock Unit Award Agreement for Directors pursuant to the 2018 Equity Incentive Plan. Previously, non-employee directors were issued stock options under a Director Stock Option Plan. Stock options were awarded with the exercise price equal to the market price on the date of grant and generally vest 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 our internal financial performance metrics and (2) based on our total shareholder return (“TSR”) relative to total shareholder returns of an industrial peer group. At the time of vesting, the vested shares of common stock are issued in the employee’s name. 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 2019 was approximately $1.8 million ($1.5 million after tax). The income tax benefit related to this compensation expense was approximately $0.3 million. Approximately $1.6 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 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. The reduction in stock option expense is due to our move to RSUs as discussed above. For stock option grants, we used 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 per share during the first three months of 2018. This value was estimated on the grant date 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 % Expected Stock Price Volatility 14.2 % Risk-free Interest Rate 2.8 % Expected Life of Option (years) 6.6 A summary of option activity under our stock plans during the three months ended March 31, 2019 is presented below: Stock Awards Plans Director Stock Option Plans Weighted Average Weighted Average Options Exercise Price Options Exercise Price Outstanding, January 1, 2019 6,761,055 $ 65.76 155,200 $ 58.13 Granted — — — — Exercised (349,320) 59.81 (1,000) 53.72 Forfeited or expired (5,842) 58.11 — — Outstanding at March 31, 2019 6,405,893 $ 66.10 154,200 $ 58.16 Exercisable at March 31, 2019 5,593,702 $ 63.88 154,200 $ 58.16 Weighted-Average Remaining Contractual Term (Years): Outstanding at March 31, 2019 5.7 3.9 Exercisable at March 31, 2019 5.3 3.9 Aggregate Intrinsic Value: Outstanding at March 31, 2019 $ 258,093 $ 7,437 Exercisable at March 31, 2019 $ 237,778 $ 7,437 Intrinsic Value of Options Exercised During the Three Months Ended: March 31, 2019 $ 14,047 $ 51 March 31, 2018 $ 22,804 $ 1,608 The grant date fair value of options vested during the three months ended March 31, 2019 and 2018 was $12.2 million and $16.5 million, respectively. Cash received from option exercises was approximately $20.9 million and the actual tax benefit realized for the tax deduction from option exercises was approximately $3.4 million in the three months ended March 31, 2019. As of March 31, 2019, the remaining valuation of stock option awards to be expensed in future periods was $6.5 million and the related weighted-average period over which it is expected to be recognized is 1.4 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 $ 134.97 $ 128.70 Grant date stock price $ 104.51 $ 89.42 Assumptions: Aptar's stock price expected volatility 16.50 % 12.30 % Expected average volatility of peer companies 31.90 % 27.50 % Correlation assumption 37.40 % 20.20 % Risk-free interest rate 2.19 % 2.42 % Dividend yield assumption 1.30 % 1.43 % A summary of RSU activity as of March 31, 2019 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, 2019 261,487 $ 91.78 69,990 $ 111.55 Granted 112,553 101.96 122,737 120.62 Vested (32,202) 85.13 — — Forfeited (3,786) 104.54 — — Nonvested at March 31, 2019 338,052 $ 95.66 192,727 $ 117.32 Nonvested time-based RSUs outstanding as of March 31, 2019, include 14,257 units awarded to non-employee directors. Compensation expense recorded attributable to RSUs for the first three months of 2019 and 2018 was approximately $4.7 million and $2.6 million, respectively. The actual tax benefit realized for the tax deduction from RSUs was approximately $408 thousand in the three months ended March 31, 2019. The fair value of units vested during the three months ended March 31, 2019 and 2018 was $2.7 million and $1.0 million, respectively. The intrinsic value of units vested during the three months ended March 31, 2019 and 2018 was $3.2 million and $1.3 million, respectively. As of March 31, 2019, there was $42.0 million of total unrecognized compensation cost relating to RSU awards which is expected to be recognized over a weighted-average period of 2.5 years. During 2017, we provided 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, 2019 is approximately $2.8 million, of which $206 thousand and $409 thousand was recognized in the first three months of 2019 and 2018, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 15 – 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 three months ended March 31, 2019 and 2018 is as follows: Three Months Ended March 31, 2019 March 31, 2018 Diluted Basic Diluted Basic Consolidated operations Income available to common stockholders $ 63,004 $ 63,004 $ 59,300 $ 59,300 Average equivalent shares Shares of common stock 62,964 62,964 62,128 62,128 Effect of dilutive stock-based compensation Stock options 2,222 — 2,216 — Restricted stock 163 — 70 — Total average equivalent shares 65,349 62,964 64,414 62,128 Net income per share $ 0.96 $ 1.00 $ 0.92 $ 0.95

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2019
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 16 – SEGMENT INFORMATION We are 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, sealing and active packaging 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 Part II, Item 8, Note 1 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2018. We evaluate performance of our business units and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring and acquisition-related costs. All internal segment reporting and discussions of results with our Chief Operating Decision Maker (CODM) are based on segment Adjusted EBITDA. Financial information regarding our reporting segments is shown below: Three Months Ended March 31, Total Sales: Beauty + Home $ 373,503 $ 383,463 Pharma 274,494 230,132 Food + Beverage 104,727 95,645 Total Sales $ 752,724 $ 709,240 Less: Intersegment Sales: Beauty + Home $ 5,844 $ 5,290 Pharma 1,793 5 Food + Beverage 627 595 Total Intersegment Sales $ 8,264 $ 5,890 Net Sales: Beauty + Home $ 367,659 $ 378,173 Pharma 272,701 230,127 Food + Beverage 104,100 95,050 Net Sales $ 744,460 $ 703,350 Adjusted EBITDA: Beauty + Home $ 53,191 $ 53,135 Pharma 97,357 79,840 Food + Beverage 16,691 12,739 Corporate & Other, unallocated (12,755) (11,579) Restructuring Initiatives (1) (9,530) (5,936) Depreciation and amortization (47,489) (41,175) Interest Expense (9,214) (8,055) Interest Income 1,748 2,248 Income before Income Taxes $ 89,999 $ 81,217 (1) Restructuring Initiatives includes expense items for the three months ended March 31, 2019 and 2018 as follows (see Note 19 – Restructuring Initiatives for further details): Three Months Ended March 31, Restructuring Initiatives by Segment Beauty + Home $ 8,269 $ 5,016 Pharma 326 364 Food + Beverage 510 315 Corporate & Other 425 241 Total Restructuring Initiatives $ 9,530 $ 5,936

INSURANCE SETTLEMENT RECEIVABLE

INSURANCE SETTLEMENT RECEIVABLE	3 Months Ended
	Mar. 31, 2019
INSURANCE SETTLEMENT RECEIVABLE
INSURANCE SETTLEMENT RECEIVABLE	Note 17 – INSURANCE SETTLEMENT RECEIVABLE A fire caused damage to our 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, we source from our network of suppliers as well as from our anodizing facility in Brazil. We are insured for the damages caused by the fire, including business interruption insurance, and we do not expect this incident to have a material impact on our financial results. Losses related to the fire of $5.9 million were incurred during the three months ended March 31, 2018. We have an insurance receivable of $3.4 million as of March 31, 2019. We did not receive any insurance proceeds during the first quarter of 2019. In many cases, our insurance coverage exceeds the amount of our recognized losses. However, no gain contingencies were recognized during the three months ended March 31, 2019 as our ability to realize those gains remains uncertain. During the three months ended March 31, 2019, profitability was not impacted while profitability was negatively impacted by $1.5 million during the three months ended March 31, 2018. These 2018 losses negatively impacted the Beauty + Home segment.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2019
ACQUISITIONS
ACQUISITIONS	NOTE 18 – ACQUISITIONS On August 27, 2018, we completed our acquisition (the “CSP Technologies Acquisition”) of all of the outstanding capital stock of CSP Technologies S.à r.l. (“CSP Technologies”). CSP Technologies is a leader in active packaging technology based on proprietary material science expertise for the pharma and food service markets. CSP Technologies operates two manufacturing locations in the U.S. and one in France. The purchase price was approximately $553.5 million and was funded by cash on hand. $5 million, which was held in restricted cash pending the finalization of a working capital adjustment, was released from restriction in January 2019 resulting in a refund of $964 thousand. The following table summarizes the assets acquired and liabilities assumed as of the acquisition date at estimated fair value. August 27, 2018 Assets Cash and equivalents $ 24,053 Accounts receivable 20,847 Inventories 42,169 Prepaid and other 3,995 Property, plant and equipment 99,194 Goodwill 278,020 Intangible assets 177,120 Other miscellaneous assets 1,039 Liabilities Current maturities of long-term obligations 129 Accounts payable and accrued liabilities 31,989 Long-term obligations 6,037 Deferred income taxes 38,442 Retirement and deferred compensation plans 1,038 Deferred and other non-current liabilities 15,344 Net assets acquired $ 553,458 During the quarter ended March 31, 2019, we settled our $5 million working capital escrow account resulting in a reduction of our purchase price and the associated goodwill balance by $964 thousand. The following table is a summary of the fair value estimates of the acquired identifiable intangible assets and weighted-average useful lives as of the acquisition date: Weighted-Average Estimated Useful Life Fair Value (in years) of Asset Acquired technology $ 46,700 Customer relationships 113,300 Trademarks and trade names 14,600 License agreements and other 2,520 Total $ 177,120 Goodwill, net of working capital settlement, in the amount of $277.1 million was recorded for the CSP Technologies Acquisition, of which $173.4 million and $103.7 million is included in the Pharma and Food + Beverage segments, respectively. Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill largely consists of leveraging our commercial presence in selling the CSP Technologies line of products in markets where CSP Technologies did not previously operate and the ability of CSP Technologies to maintain its competitive advantage from a technical viewpoint. Goodwill will not be amortized, but will be tested for impairment at least annually. We do not expect any of the goodwill will be deductible for tax purposes. The unaudited pro forma results presented below include the effects of the CSP Technologies Acquisition as if it had occurred as of January 1, 2017. The unaudited pro forma results reflect certain adjustments related to the acquisition, such as intangible asset amortization, fair value adjustments for inventory and financing costs related to the change in our debt structure. The pro forma results do not include any synergies or other expected benefits of the acquisition. Accordingly, the unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been completed on the date indicated. Three Months Ended March 31, Net Sales $ 737,430 Net Income Attributable to AptarGroup Inc. 60,116 Net Income per common share — basic 0.97 Net Income per common share — diluted 0.93 On May 1, 2018, we acquired 100% of the common stock of Reboul, a French manufacturer specializing in stamping, decorating and assembling metal and plastic packaging for the cosmetics and luxury markets, for a purchase price of approximately $3.6 million (exclusive of $112 thousand of cash acquired) (the “Reboul Acquisition”). The results of Reboul’s operations have been included in the consolidated financial statements within our Beauty + Home segment since the date of acquisition. In May 2018, we invested $10.0 million in preferred equity stock of Reciprocal Labs Corporation, doing business as Propeller Health, which was accounted for at cost. No impairment charges were recorded during 2018 or 2019 against this investment. During the fourth quarter of 2018, we recorded a gain of approximately $6.5 million by adjusting the carrying amount to its expected proceeds as this investment was ultimately sold during January 2019.

RESTRUCTURING INITIATIVES

RESTRUCTURING INITIATIVES	3 Months Ended
	Mar. 31, 2019
RESTRUCTURING INITIATIVES.
RESTRUCTURING INITIATIVES	NOTE 19 – RESTRUCTURING INITIATIVES In late 2017, we 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, 2019 and 2018, we recognized $9.5 million and $5.9 million of restructuring costs related to this plan, respectively. Using current exchange rates, we estimate total implementation costs of approximately $90 million over three years, including costs that have been recognized to date. The cumulative expense incurred as of March 31, 2019 was $75.6 million. We also anticipate making capital investments related to the transformation plan of approximately $55 million, of which the majority will be in 2019. As of March 31, 2019 we have recorded the following activity associated with the business transformation: Beginning Net Charges for Ending Reserve at the Three Months Reserve at 12/31/2018 Ended 3/31/2019 Cash Paid FX Impact 3/31/2019 Employee severance $ 3,934 $ 2,360 $ (750) $ (36) $ 5,508 Professional fees and other costs 11,101 7,170 (14,892) (19) 3,360 Totals $ 15,035 $ 9,530 $ (15,642) $ (55) $ 8,868

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
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”, “Company”, “we”, “us” or “our” as used herein refer to AptarGroup, Inc. and our subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current period presentation. In the opinion of management, the unaudited Condensed Consolidated Financial Statements (the “Condensed Consolidated Financial Statements”) include all normal recurring adjustments necessary for a fair statement of consolidated financial position, results of operations, comprehensive income, changes in equity and cash flows for the interim periods presented. The accompanying Condensed Consolidated Financial Statements have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Also, certain financial position data included herein was derived from the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 but does not include all disclosures required by U.S. GAAP. Accordingly, these Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations of any interim period are not necessarily indicative of the results that may be expected for the year. During the quarter ended June 30, 2018, primarily based on published estimates, which indicate that Argentina's three-year cumulative inflation rate has exceeded 100%, we concluded that Argentina has become a highly inflationary economy. Beginning July 1, 2018, we have applied highly inflationary accounting for our Argentinian subsidiaries. We have changed the functional currency from the Argentinian peso to the U.S. dollar. Local currency monetary assets and liabilities have been remeasured into U.S. dollars using exchange rates as of the latest balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in net earnings. Our Argentinian operations contributed approximately 2.0% of consolidated net assets and revenues at and for the three months ended March 31, 2019.
LEASES	LEASES We determine if an arrangement is a lease at inception. Operating lease assets are included in operating lease right-of-use (“ROU”) assets and liabilities are included in Accounts payable and accrued liabilities and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property, plant and equipment, current maturities of long-term obligations and long-term obligations in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the implicit rate when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made as well as initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For certain equipment leases, we account for the lease and non-lease components as a single lease component. We have elected not to recognize right-of-use assets and lease liabilities that arise from short-term leases (a lease whose term is 12 months or less and does not include a purchase option that we are reasonably certain to exercise). Certain vehicle lease contracts include guaranteed residual value that is considered in the determination of lease classification. The probability of having to satisfy a residual value guarantee is not considered for the purpose of lease classification, but is considered when measuring a lease liability.
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 February 2016, the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We adopted the standard effective January 1, 2019 using a modified retrospective transition, using the effective date method. Under this method, financial results reported in periods prior to 2019 are not recast. We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows companies to carry forward their historical lease classification. We also implemented internal controls and key system functionality to enable the preparation of financial information on adoption. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, as our accounting for finance leases remained substantially unchanged. The impact of adoption of the standard to previously reported results is shown below. Balance at Balance at December 31, January 1, 2018 Adjustments 2019 Consolidated Balance Sheets Operating lease right-of-use assets $ — $ 83,222 $ 83,222 Prepaid and other 118,245 (1,383) 116,862 Property, plant and equipment 991,613 5,876 997,489 Current maturities of long-term obligations, net of unamortized debt issuance costs 62,678 2,631 65,309 Accounts payable and accrued liabilities 525,199 20,508 545,707 Operating lease liabilities — 61,331 61,331 Long-term obligations, net of unamortized debt issuance costs 1,125,993 3,245 1,129,238 In February 2018, the FASB issued ASU 2018-02, which provides guidance on the reclassification of certain tax effects from accumulated other comprehensive income. This guidance allows for the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (“TCJA”). The new standard is effective for fiscal years and interim periods beginning after December 15, 2018. We elected to early adopt this standard in the fourth quarter of 2018. As part of this adoption, we elected to reclassify $6.7 million of stranded income tax effects of the TCJA from accumulated other comprehensive income to retained earnings at the beginning of the fourth quarter of 2018. 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	RETIREMENT OF COMMON STOCK During the first quarter of 2019, we repurchased 159 thousand shares of common stock, all of which were returned to treasury stock. During the first quarter of 2018, we repurchased 189 thousand shares of common stock, of which 144 thousand shares were immediately retired. Common stock was reduced by the number of shares retired at $0.01 par value per share. We allocate the excess purchase price over par value between additional paid-in capital and retained earnings.
INCOME TAXES	INCOME TAXES We compute taxes on income in accordance with the tax rules and regulations of the many taxing authorities where income is earned. The income tax rates imposed by these taxing authorities may vary substantially. Taxable income may differ from pre-tax income for financial accounting purposes. To the extent that these differences create 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. All of our non-U.S. earnings are subject to U.S. taxation, either from the transition tax enacted in the U.S. by the TCJA on accumulated non-U.S. earnings as of the end of 2017 or the global intangible low-taxed income (“GILTI”) provisions on non-U.S. earnings thereafter. We maintain our assertion that the cash and distributable reserves at our non-U.S. affiliates are indefinitely reinvested. We will provide for the necessary withholding and local income taxes when management decides that an affiliate should make a distribution. These decisions are made taking into consideration the financial requirements of the non-U.S. affiliates and the global cash management goals of the Company. We provide a liability for the amount of unrecognized tax benefits from uncertain tax positions. This liability is provided whenever we determine that a tax benefit will not meet a more-likely-than-not threshold for recognition. See Note 5 - Income Taxes for more information.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Standards Update 2016-02
Summary of impacts of adoption of recent accounting pronouncements	Balance at Balance at December 31, January 1, 2018 Adjustments 2019 Consolidated Balance Sheets Operating lease right-of-use assets $ — $ 83,222 $ 83,222 Prepaid and other 118,245 (1,383) 116,862 Property, plant and equipment 991,613 5,876 997,489 Current maturities of long-term obligations, net of unamortized debt issuance costs 62,678 2,631 65,309 Accounts payable and accrued liabilities 525,199 20,508 545,707 Operating lease liabilities — 61,331 61,331 Long-term obligations, net of unamortized debt issuance costs 1,125,993 3,245 1,129,238

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2019
REVENUE.
Schedule of revenue by segment by geographic area	For the Three Months Ended March 31, 2019 Latin Segment Europe Domestic America Asia Total Beauty + Home $ 216,233 $ 86,979 $ 42,642 $ 21,805 $ 367,659 Pharma 184,174 71,772 7,656 9,099 272,701 Food + Beverage 30,961 55,120 7,884 10,135 104,100 Total $ 431,368 $ 213,871 $ 58,182 $ 41,039 $ 744,460 For the Three Months Ended March 31, 2018 Latin Segment Europe Domestic 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 Increase/ December 31, 2018 March 31, 2019 (Decrease) Contract asset (current) $ 15,858 $ 15,894 $ 36 Contract asset (long-term) $ — $ — $ — Contract liability (current) $ 68,134 $ 68,403 $ 269 Contract liability (long-term) $ 11,261 $ 11,906 $ 645

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2019
INVENTORIES
Schedule of inventories, by component	March 31, December 31, Raw materials $ 115,942 $ 110,720 Work in process 125,774 131,091 Finished goods 148,687 139,299 Total $ 390,403 $ 381,110

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	Beauty + Food + Corporate Home Pharma Beverage & Other Total Goodwill $ 223,933 $ 359,883 $ 128,279 $ 1,615 $ 713,710 Accumulated impairment losses — — — (1,615) (1,615) Balance as of December 31, 2018 $ 223,933 $ 359,883 $ 128,279 $ — $ 712,095 Acquisition — (964) — — (964) Foreign currency exchange effects (2,041) (5,255) (126) — (7,422) Goodwill $ 221,892 $ 353,664 $ 128,153 $ 1,615 $ 705,324 Accumulated impairment losses — — — (1,615) (1,615) Balance as of March 31, 2019 $ 221,892 $ 353,664 $ 128,153 $ — $ 703,709
Summary of amortized intangible assets	March 31, 2019 December 31, 2018 Weighted Average Gross Gross Amortization Period Carrying Accumulated Net Carrying Accumulated Net (Years) Amount Amortization Value Amount Amortization Value Amortized intangible assets: Patents 1.9 $ 5,545 (4,754) $ 791 $ 5,427 $ (5,294) $ 133 Acquired technology 13.5 90,867 (19,774) 71,093 92,389 (18,304) 74,085 Customer relationships 14.3 178,142 (22,784) 155,358 179,597 (20,439) 159,158 Trademarks and trade names 7.0 21,105 (7,928) 13,177 21,243 (5,914) 15,329 License agreements and other 11.9 14,171 (7,691) 6,480 13,852 (7,653) 6,199 Total intangible assets 13.2 $ 309,830 $ (62,931) $ 246,899 $ 312,508 $ (57,604) $ 254,904
Schedule of future estimated amortization expense	Future estimated amortization expense for the years ending December 31 is as follows: 2019 $ 18,142 (remaining estimated amortization for 2019) 2020 22,643 2021 21,831 2022 21,545 2023 and thereafter 162,738

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2019
DEBT
Schedule of long-term obligations	We hold U.S. dollar and euro-denominated debt to align our capital structure with our earnings base. At March 31, 2019, our long-term obligations consisted of the following: Unamortized Debt Issuance Principal Costs Net Notes payable 0.00% – 16.00%, due in monthly and annual installments through 2028 $ 23,421 $ — $ 23,421 Senior unsecured notes 3.2%, due in 2022 75,000 83 74,917 Senior unsecured debts 4.3% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022 224,000 503 223,497 Senior unsecured notes 3.5%, due in 2023 125,000 172 124,828 Senior unsecured notes 1.0%, due in 2023 112,165 408 111,757 Senior unsecured notes 3.4%, due in 2024 50,000 73 49,927 Senior unsecured notes 3.5%, due in 2024 100,000 172 99,828 Senior unsecured notes 1.2%, due in 2024 224,330 863 223,467 Senior unsecured notes 3.6%, due in 2025 125,000 200 124,800 Senior unsecured notes 3.6%, due in 2026 125,000 200 124,800 Financial lease liabilities 23,801 — 23,801 $ 1,207,717 $ 2,674 $ 1,205,043 Current maturities of long-term obligations (63,981) — (63,981) Total long-term obligations $ 1,143,736 $ 2,674 $ 1,141,062 At December 31, 2018, our long-term obligations consisted of the following: Unamortized Debt Issuance Principal Costs Net Notes payable 0.00% – 16.00%, due in monthly and annual installments through 2028 $ 15,531 $ — $ 15,531 Senior unsecured notes 3.2%, due in 2022 75,000 88 74,912 Senior unsecured debts 4.0% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022 224,000 541 223,459 Senior unsecured notes 3.5%, due in 2023 125,000 181 124,819 Senior unsecured notes 1.0%, due in 2023 114,535 432 114,103 Senior unsecured notes 3.4%, due in 2024 50,000 76 49,924 Senior unsecured notes 3.5%, due in 2024 100,000 181 99,819 Senior unsecured notes 1.2%, due in 2024 229,070 904 228,166 Senior unsecured notes 3.6%, due in 2025 125,000 207 124,793 Senior unsecured notes 3.6%, due in 2026 125,000 208 124,792 Capital lease obligations 8,353 — 8,353 $ 1,191,489 $ 2,818 $ 1,188,671 Current maturities of long-term obligations (62,678) — (62,678) Total long-term obligations $ 1,128,811 $ 2,818 $ 1,125,993
Schedule of covenants on revolving credit facility and corporate long-term obligations	Requirement Level at March 31, 2019 Consolidated Leverage Ratio (1) Maximum of 3.50 to 1.00 2.00 to 1.00 Consolidated Interest Coverage Ratio (1) Minimum of 3.00 to 1.00 14.75 to 1.00 (1) Definitions of ratios are included as part of the revolving credit facility agreement and the note purchase agreements.

LEASE COMMITMENTS (Tables)

LEASE COMMITMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
LEASE COMMITMENTS
Schedule of components of lease expense	Three Months Ended March 31, Operating lease cost $ 6,004 Finance lease cost: Amortization of right-of-use assets $ 872 Interest on lease liabilities 315 Total finance lease cost $ 1,187 Short-term lease and variable lease costs $ 1,942
Schedule of supplemental cash flow information related to leases	Three Months Ended March 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,469 Operating cash flows from finance leases 243 Financing cash flows from finance leases 1,140 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 4,515 Finance leases 10,697
Schedule of supplemental balance sheet information related to leases	March 31, 2019 Operating Leases Operating lease right-of-use assets $ 82,099 Accounts payable and accrued liabilities $ 15,935 Operating lease liabilities 64,592 Total operating lease liabilities $ 80,527 Finance Leases Property, plant and equipment, gross $ 31,735 Accumulated depreciation (1,095) Property, plant and equipment, net $ 30,640 Current maturities of long-term obligations, net of unamortized debt issuance cost $ 3,389 Long-term obligations, net of unamortized debt issuance cost 20,412 Total finance lease liabilities $ 23,801 Weighted Average Remaining Lease Term (in years) Operating leases 6.4 Finance leases 7.3 Weighted Average Discount Rate Operating leases 4.92 % Finance leases 5.66 %
Schedule of maturities of lease liabilities	Maturities of lease liabilities as of March 31, 2019, were as follows: Operating Finance Leases Leases Year 1 $ 19,988 $ 4,605 Year 2 16,408 3,704 Year 3 12,897 3,087 Year 4 10,467 2,200 Year 5 8,586 1,769 Thereafter 26,358 16,472 Total lease payments 94,704 31,837 Less imputed interest (14,177) (8,036) Total $ 80,527 $ 23,801 Maturities of lease liabilities as of December 31, 2018 under the old lease accounting standard were as follows: Operating Capital Leases Leases Year 1 $ 26,512 $ 1,828 Year 2 21,386 1,653 Year 3 16,529 1,546 Year 4 12,549 1,160 Year 5 10,225 880 Thereafter 21,932 3,827 Total lease payments $ 109,133 10,894 Less imputed interest (2,541) Present value of future lease payments $ 8,353

RETIREMENT AND DEFERRED COMPE_2

RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2019
RETIREMENT AND DEFERRED COMPENSATION PLANS
Components of net periodic benefit cost	Domestic Plans Foreign Plans Three Months Ended March 31, Service cost $ $ 2,849 $ 1,460 $ 1,531 Interest cost 1,720 501 472 Expected return on plan assets (2,814) (592) (679) Amortization of net loss 1,218 363 446 Amortization of prior service cost — — 113 129 Net periodic benefit cost $ 2,013 $ 2,973 $ 1,845 $ 1,899

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE INCOME
Changes in Accumulated Other Comprehensive Income/(Loss) by Component	Foreign Defined Benefit Currency Pension Plans Derivatives Total 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) Balance - December 31, 2018 $ (248,401) $ (60,463) $ (1,640) $ (310,504) Other comprehensive income (loss) before reclassifications (9,619) — 5,738 (3,881) Amounts reclassified from accumulated other comprehensive income (loss) — 721 (6,131) (5,410) Net current-period other comprehensive income (9,619) 721 (393) (9,291) Balance - March 31, 2019 $ (258,020) $ (59,742) $ (2,033) $ (319,795)
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income	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 $ 852 $ 1,664 (1) Amortization of prior service cost 113 129 (1) 965 1,793 Total before tax (244) (437) Tax benefit $ 721 $ 1,356 Net of tax Derivatives Changes in treasury locks $ — $ 11 Interest Expense Changes in cross currency swap: interest component (1,454) (1,019) Interest Expense Changes in cross currency swap: foreign exchange component (4,677) 7,116 Miscellaneous, net (6,131) 6,108 Total before tax — (1,040) Tax benefit $ (6,131) $ 5,068 Net of tax Total reclassifications for the period $ (5,410) $ 6,424 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit costs, net of tax (see Note 8 – Retirement and Deferred Compensation Plans for additional details).

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2019
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Schedule of Fair Value of Derivative Instruments in the Consolidated Balance Sheets	Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 March 31, 2019 December 31, 2018 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 $ — $ 391 $ — $ 259 Cross Currency Swap Contract (1) Prepaid and other 3,557 — — — $ 3,557 $ 391 $ — $ 259 Derivative Liabilities Foreign Exchange Contracts Accounts payable and accrued liabilities $ — $ 713 $ — $ 331 Cross Currency Swap Contract (1) Accounts payable and accrued liabilities — — 1,040 — $ — $ 713 $ 1,040 $ 331 (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, 2019 and 2018 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 $ 1,392 $ 1,435 Interest expense $ 1,454 $ 1,019 $ (9,214) Foreign exchange component 4,677 (7,116) Miscellaneous, net 4,677 (7,116) 466 $ 6,069 $ (5,681) $ 6,131 $ (6,097)
Schedule of Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income	The Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Income for the Quarters Ended March 31, 2019 and 2018 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: $ (263) $ 141 $ (263) $ 141
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, 2019 Derivative Assets $ 3,948 — $ 3,948 — — $ 3,948 Total Assets $ 3,948 — $ 3,948 — — $ 3,948 Derivative Liabilities $ 713 — $ 713 — — $ 713 Total Liabilities $ 713 — $ 713 — — $ 713 December 31, 2018 Derivative Assets $ 259 — $ 259 — — $ 259 Total Assets $ 259 — $ 259 — — $ 259 Derivative Liabilities $ 1,371 — $ 1,371 — — $ 1,371 Total Liabilities $ 1,371 — $ 1,371 — — $ 1,371

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2019
FAIR VALUE
Schedule of fair values of financial assets and liabilities	As of March 31, 2019, 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) $ 391 $ — $ 391 $ — Cross currency swap contract (1) 3,557 — 3,557 — Total assets at fair value $ 3,948 $ — $ 3,948 $ — Liabilities Foreign exchange contracts (1) $ 713 $ — $ 713 $ — Total liabilities at fair value $ 713 $ — $ 713 $ — As of December 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) $ 259 $ — $ 259 $ — Total assets at fair value $ 259 $ — $ 259 $ — Liabilities Foreign exchange contracts (1) $ 331 $ — $ 331 $ — Cross currency swap contract (1) 1,040 — 1,040 — Total liabilities at fair value $ 1,371 $ — $ 1,371 $ — (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, 2019
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 % Expected Stock Price Volatility 14.2 % Risk-free Interest Rate 2.8 % Expected Life of Option (years) 6.6
Summary of option activity	Stock Awards Plans Director Stock Option Plans Weighted Average Weighted Average Options Exercise Price Options Exercise Price Outstanding, January 1, 2019 6,761,055 $ 65.76 155,200 $ 58.13 Granted — — — — Exercised (349,320) 59.81 (1,000) 53.72 Forfeited or expired (5,842) 58.11 — — Outstanding at March 31, 2019 6,405,893 $ 66.10 154,200 $ 58.16 Exercisable at March 31, 2019 5,593,702 $ 63.88 154,200 $ 58.16 Weighted-Average Remaining Contractual Term (Years): Outstanding at March 31, 2019 5.7 3.9 Exercisable at March 31, 2019 5.3 3.9 Aggregate Intrinsic Value: Outstanding at March 31, 2019 $ 258,093 $ 7,437 Exercisable at March 31, 2019 $ 237,778 $ 7,437 Intrinsic Value of Options Exercised During the Three Months Ended: March 31, 2019 $ 14,047 $ 51 March 31, 2018 $ 22,804 $ 1,608
Weighted-average assumptions used to estimate fair value of restricted stock units	Three Months Ended March 31, Fair value per stock award $ 134.97 $ 128.70 Grant date stock price $ 104.51 $ 89.42 Assumptions: Aptar's stock price expected volatility 16.50 % 12.30 % Expected average volatility of peer companies 31.90 % 27.50 % Correlation assumption 37.40 % 20.20 % Risk-free interest rate 2.19 % 2.42 % Dividend yield assumption 1.30 % 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, 2019 261,487 $ 91.78 69,990 $ 111.55 Granted 112,553 101.96 122,737 120.62 Vested (32,202) 85.13 — — Forfeited (3,786) 104.54 — — Nonvested at March 31, 2019 338,052 $ 95.66 192,727 $ 117.32

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
EARNINGS PER SHARE
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended March 31, 2019 March 31, 2018 Diluted Basic Diluted Basic Consolidated operations Income available to common stockholders $ 63,004 $ 63,004 $ 59,300 $ 59,300 Average equivalent shares Shares of common stock 62,964 62,964 62,128 62,128 Effect of dilutive stock-based compensation Stock options 2,222 — 2,216 — Restricted stock 163 — 70 — Total average equivalent shares 65,349 62,964 64,414 62,128 Net income per share $ 0.96 $ 1.00 $ 0.92 $ 0.95

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2019
SEGMENT INFORMATION
Financial information regarding the Company's reportable segments	Three Months Ended March 31, Total Sales: Beauty + Home $ 373,503 $ 383,463 Pharma 274,494 230,132 Food + Beverage 104,727 95,645 Total Sales $ 752,724 $ 709,240 Less: Intersegment Sales: Beauty + Home $ 5,844 $ 5,290 Pharma 1,793 5 Food + Beverage 627 595 Total Intersegment Sales $ 8,264 $ 5,890 Net Sales: Beauty + Home $ 367,659 $ 378,173 Pharma 272,701 230,127 Food + Beverage 104,100 95,050 Net Sales $ 744,460 $ 703,350 Adjusted EBITDA: Beauty + Home $ 53,191 $ 53,135 Pharma 97,357 79,840 Food + Beverage 16,691 12,739 Corporate & Other, unallocated (12,755) (11,579) Restructuring Initiatives (1) (9,530) (5,936) Depreciation and amortization (47,489) (41,175) Interest Expense (9,214) (8,055) Interest Income 1,748 2,248 Income before Income Taxes $ 89,999 $ 81,217 (1) Restructuring Initiatives includes expense items for the three months ended March 31, 2019 and 2018 as follows (see Note 19 – Restructuring Initiatives for further details):
Restructuring Initiatives	Three Months Ended March 31, Restructuring Initiatives by Segment Beauty + Home $ 8,269 $ 5,016 Pharma 326 364 Food + Beverage 510 315 Corporate & Other 425 241 Total Restructuring Initiatives $ 9,530 $ 5,936

ACQUISITIONS (Tables)

ACQUISITIONS (Tables) - CSP Technologies Member	3 Months Ended
	Mar. 31, 2019
Acquisitions
Summary of assets acquired and liabilities assumed at estimated fair value	August 27, 2018 Assets Cash and equivalents $ 24,053 Accounts receivable 20,847 Inventories 42,169 Prepaid and other 3,995 Property, plant and equipment 99,194 Goodwill 278,020 Intangible assets 177,120 Other miscellaneous assets 1,039 Liabilities Current maturities of long-term obligations 129 Accounts payable and accrued liabilities 31,989 Long-term obligations 6,037 Deferred income taxes 38,442 Retirement and deferred compensation plans 1,038 Deferred and other non-current liabilities 15,344 Net assets acquired $ 553,458
Summary of the fair value estimates of the acquired identifiable intangible assets and weighted-average useful lives as of the acquisition date	Weighted-Average Estimated Useful Life Fair Value (in years) of Asset Acquired technology $ 46,700 Customer relationships 113,300 Trademarks and trade names 14,600 License agreements and other 2,520 Total $ 177,120
Schedule of unaudited pro forma financial information	Three Months Ended March 31, Net Sales $ 737,430 Net Income Attributable to AptarGroup Inc. 60,116 Net Income per common share — basic 0.97 Net Income per common share — diluted 0.93

RESTRUCTURING INITIATIVES (Tabl

RESTRUCTURING INITIATIVES (Tables)	3 Months Ended
	Mar. 31, 2019
RESTRUCTURING INITIATIVES.
Activity associated with the entity's restructuring initiatives	Beginning Net Charges for Ending Reserve at the Three Months Reserve at 12/31/2018 Ended 3/31/2019 Cash Paid FX Impact 3/31/2019 Employee severance $ 3,934 $ 2,360 $ (750) $ (36) $ 5,508 Professional fees and other costs 11,101 7,170 (14,892) (19) 3,360 Totals $ 15,035 $ 9,530 $ (15,642) $ (55) $ 8,868

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2019
Argentina | Maximum | Consolidated net revenues | Geographic concentration risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	2.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Adoption of ASU 2016-02 and ASU 2018-02 (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 82,099	$ 83,222
Prepaid and other	$ 118,245	122,104	116,862
Property, plant and equipment	991,613	1,007,130	997,489
Current maturities of long-term obligations, net of unamortized debt issuance costs	62,678	63,981	65,309
Accounts payable and accrued liabilities	525,199	542,252	545,707
Operating lease liabilities		64,592	61,331
Long-term obligations, net of unamortized debt issuance costs	1,125,993	$ 1,141,062	1,129,238
Reclassification of stranded income tax effects from AOCI to retained earnings	$ 6,700
Accounting Standards Update 2016-02 | Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets			83,222
Prepaid and other			(1,383)
Property, plant and equipment			5,876
Current maturities of long-term obligations, net of unamortized debt issuance costs			2,631
Accounts payable and accrued liabilities			20,508
Operating lease liabilities			61,331
Long-term obligations, net of unamortized debt issuance costs			$ 3,245

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2018$ / shares
Number of reportable segments | segment	3
Total Restructuring Initiatives	$ 9,530	$ 5,936
RETIREMENT OF COMMON STOCK
Common stock repurchased (retired and held in treasury) (in shares) | shares	159	189
Common stock repurchased and retired (in shares) | shares		144
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
ADOPTION OF RECENT ACCOUNTING PRONOUNCEMENTS
Provision for Income Taxes	$ 27,000	$ 21,929
Beauty + Home
Total Restructuring Initiatives	8,269	5,016
Pharma
Total Restructuring Initiatives	326	364
Food + Beverage
Total Restructuring Initiatives	510	315
Corporate & Other
Total Restructuring Initiatives	$ 425	$ 241

REVENUE - Revenue by Geographic

REVENUE - Revenue by Geographic Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUE
Net revenue	$ 744,460	$ 703,350
Beauty + Home
REVENUE
Net revenue	367,659	378,173
Pharma
REVENUE
Net revenue	272,701	230,127
Food + Beverage
REVENUE
Net revenue	104,100	95,050
Europe
REVENUE
Net revenue	431,368	430,098
Europe | Beauty + Home
REVENUE
Net revenue	216,233	224,612
Europe | Pharma
REVENUE
Net revenue	184,174	175,675
Europe | Food + Beverage
REVENUE
Net revenue	30,961	29,811
North America
REVENUE
Net revenue	213,871	170,385
North America | Beauty + Home
REVENUE
Net revenue	86,979	83,074
North America | Pharma
REVENUE
Net revenue	71,772	39,096
North America | Food + Beverage
REVENUE
Net revenue	55,120	48,215
Latin America
REVENUE
Net revenue	58,182	62,274
Latin America | Beauty + Home
REVENUE
Net revenue	42,642	48,266
Latin America | Pharma
REVENUE
Net revenue	7,656	6,245
Latin America | Food + Beverage
REVENUE
Net revenue	7,884	7,763
Asia
REVENUE
Net revenue	41,039	40,593
Asia | Beauty + Home
REVENUE
Net revenue	21,805	22,221
Asia | Pharma
REVENUE
Net revenue	9,099	9,111
Asia | Food + Beverage
REVENUE
Net revenue	$ 10,135	$ 9,261

REVENUE - Contract Assets and C

REVENUE - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
REVENUE.
Contract asset (current)	$ 15,894	$ 15,858
Increase / (decrease) in contract asset (current)	36
Contract liability (current)	68,403	68,134
Increase / (decrease) in contract liability (current)	269
Contract liability (long-term)	11,906	$ 11,261
Increase / (decrease) in contract liability (long-term)	645
Revenue recognized previously included in current contract liabilities	7,500
Unearned revenue associated with outstanding contracts	686		$ 758
Estimated revenue to be recognized in 2019	237
Estimated revenue to be recognized in 2020	268
Estimated revenue to be recognized after 2020	$ 181

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventories, by component
Raw materials	$ 115,942	$ 110,720
Work in process	125,774	131,091
Finished goods	148,687	139,299
Total	$ 390,403	$ 381,110

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Changes in the carrying amount of goodwill
Goodwill	$ 705,324	$ 713,710
Accumulated impairment losses	(1,615)	(1,615)
Goodwill, Total	703,709	712,095
Acquisition	(964)
Foreign currency exchange effects	(7,422)
Operating segment | Beauty + Home
Changes in the carrying amount of goodwill
Goodwill	221,892	223,933
Goodwill, Total	221,892	223,933
Foreign currency exchange effects	(2,041)
Operating segment | Pharma
Changes in the carrying amount of goodwill
Goodwill	353,664	359,883
Goodwill, Total	353,664	359,883
Acquisition	(964)
Foreign currency exchange effects	(5,255)
Operating segment | Food + Beverage
Changes in the carrying amount of goodwill
Goodwill	128,153	128,279
Goodwill, Total	128,153	128,279
Foreign currency exchange effects	(126)
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 INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Amortized intangible assets:
Gross Carrying Amount	$ 309,830		$ 312,508
Accumulated Amortization	(62,931)		(57,604)
Net Value	246,899		254,904
Aggregate amortization expense	6,002	$ 2,818
Future estimated amortization expense
2019	18,142
2020	22,643
2021	21,831
2022	21,545
2023 and thereafter	$ 162,738
Weighted Average
Amortized intangible assets:
Amortization Period	13 years 2 months 12 days
Patents
Amortized intangible assets:
Gross Carrying Amount	$ 5,545		5,427
Accumulated Amortization	(4,754)		(5,294)
Net Value	$ 791		133
Patents | Weighted Average
Amortized intangible assets:
Amortization Period	1 year 10 months 24 days
Acquired technology
Amortized intangible assets:
Gross Carrying Amount	$ 90,867		92,389
Accumulated Amortization	(19,774)		(18,304)
Net Value	$ 71,093		74,085
Acquired technology | Weighted Average
Amortized intangible assets:
Amortization Period	13 years 6 months
Customer relationships
Amortized intangible assets:
Gross Carrying Amount	$ 178,142		179,597
Accumulated Amortization	(22,784)		(20,439)
Net Value	$ 155,358		159,158
Customer relationships | Weighted Average
Amortized intangible assets:
Amortization Period	14 years 3 months 18 days
Trademarks and trade names
Amortized intangible assets:
Gross Carrying Amount	$ 21,105		21,243
Accumulated Amortization	(7,928)		(5,914)
Net Value	$ 13,177		15,329
Trademarks and trade names | Weighted Average
Amortized intangible assets:
Amortization Period	7 years
License agreements and other
Amortized intangible assets:
Gross Carrying Amount	$ 14,171		13,852
Accumulated Amortization	(7,691)		(7,653)
Net Value	$ 6,480		$ 6,199
License agreements and other | Weighted Average
Amortized intangible assets:
Amortization Period	11 years 10 months 24 days

INCOME TAXES QTR (Details)

INCOME TAXES QTR (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2019
Effective income tax rate (as a percent)	30.00%	27.00%
Tax benefits from employee share-based compensation		$ 4.4
Forecast
Effective income tax rate (as a percent)			30.40%

DEBT (Details)

DEBT (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Mar. 31, 2019EUR (€)	Mar. 31, 2019USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)
Long-Term Obligations
Consolidated Leverage Ratio		2	2
Consolidated Interest Coverage Ratio		14.75	14.75
Long-term obligations gross including current maturities			$ 1,207,717			$ 1,191,489
Current maturities of long-term obligations			(63,981)			(62,678)
Total long-term obligations			1,143,736			1,128,811
Deferred Finance Costs, Net, Total			2,674			2,818
Deferred debt issuance costs noncurrent			2,674			2,818
Long-term obligations including current maturities			1,205,043			1,188,671
Current maturities of long-term obligations			(63,981)	$ (65,309)		(62,678)
Long-term obligations, net of unamortized debt issuance costs			1,141,062	$ 1,129,238		1,125,993
Aggregate long-term maturities, excluding finance lease obligations
Year One			60,592
Year Two			62,195
Year Three			61,111
Year Four			135,252
Year Five			339,883
After Year Five			$ 524,883
Minimum
Long-Term Obligations
Consolidated Interest Coverage Ratio		3	3
Maximum
Long-Term Obligations
Consolidated Leverage Ratio		3.50	3.50
5-year revolving credit facility maturing in July 2022
Long-Term Obligations
Revolving credit facility maximum borrowing capacity		€ 150	$ 300,000
Amount outstanding under line of credit | €		€ 0			€ 69
Notes payable to banks
Long-Term Obligations
Proceeds from debt	$ 280,000
Long-term obligations gross including current maturities			224,000			224,000
Deferred Finance Costs, Net, Total			503			541
Long-term obligations including current maturities			$ 223,497			$ 223,459
Interest rate on notes (as a percent)	1.36%	1.36%	1.36%		1.36%	1.36%
Floating interest rate prior to conversion to a fixed interest rate		4.30%	4.30%		4.00%	4.00%
Notes payable 0.00% - 16.00%, due in monthly and annual installments through 2028
Long-Term Obligations
Long-term obligations gross including current maturities			$ 23,421			$ 15,531
Long-term obligations including current maturities			$ 23,421			$ 15,531
Notes payable 0.00% - 16.00%, due in monthly and annual installments through 2028 | Minimum
Long-Term Obligations
Interest rate on notes (as a percent)		0.00%	0.00%		0.00%	0.00%
Notes payable 0.00% - 16.00%, due in monthly and annual installments through 2028 | Maximum
Long-Term Obligations
Interest rate on notes (as a percent)		16.00%	16.00%		16.00%	16.00%
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			83			88
Long-term obligations including current maturities			$ 74,917			$ 74,912
Interest rate on notes (as a percent)		3.20%	3.20%		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			172			181
Long-term obligations including current maturities			$ 124,828			$ 124,819
Interest rate on notes (as a percent)		3.50%	3.50%		3.50%	3.50%
Senior unsecured notes 0.98%, due in 2023
Long-Term Obligations
Long-term obligations gross including current maturities			$ 112,165			$ 114,535
Deferred Finance Costs, Net, Total			408			432
Long-term obligations including current maturities			$ 111,757			$ 114,103
Interest rate on notes (as a percent)		1.00%	1.00%		1.00%	1.00%
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			73			76
Long-term obligations including current maturities			$ 49,927			$ 49,924
Interest rate on notes (as a percent)		3.40%	3.40%		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			172			181
Long-term obligations including current maturities			$ 99,828			$ 99,819
Interest rate on notes (as a percent)		3.50%	3.50%		3.50%	3.50%
Senior unsecured notes 1.17%, due in 2024
Long-Term Obligations
Long-term obligations gross including current maturities			$ 224,330			$ 229,070
Deferred Finance Costs, Net, Total			863			904
Long-term obligations including current maturities			$ 223,467			$ 228,166
Interest rate on notes (as a percent)		1.20%	1.20%		1.20%	1.20%
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			200			207
Long-term obligations including current maturities			$ 124,800			$ 124,793
Interest rate on notes (as a percent)		3.60%	3.60%		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			200			208
Long-term obligations including current maturities			$ 124,800			$ 124,792
Interest rate on notes (as a percent)		3.60%	3.60%		3.60%	3.60%
Financial lease liabilities
Long-Term Obligations
Long-term obligations gross including current maturities			$ 23,801
Long-term obligations including current maturities			$ 23,801
Capital lease obligations
Long-Term Obligations
Long-term obligations gross including current maturities						$ 8,353
Long-term obligations including current maturities						$ 8,353

LEASE COMMITMENTS - Components

LEASE COMMITMENTS - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
LEASE COMMITMENTS
Rent expense under operating leases		$ 8,100
Components of lease expense:
Operating lease cost	$ 6,004
Finance lease cost:
Amortization of right-of-use assets	872
Interest on lease liabilities	315
Total finance lease cost	1,187
Short-term lease and variable lease costs	$ 1,942

LEASE COMMITMENTS - Supplementa

LEASE COMMITMENTS - Supplemental Cash Flow Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 6,469
Operating cash flows from finance leases	243
Financing cash flows from finance leases	1,140
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	4,515
Finance leases	$ 10,697

LEASE COMMITMENTS - Supplemen_2

LEASE COMMITMENTS - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Leases
Operating lease right-of-use assets	$ 82,099	$ 83,222
Operating lease liability, current	$ 15,935
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Operating lease liabilities	$ 64,592	$ 61,331
Total operating lease liabilities	80,527
Finance Leases
Finance leases included in property, plant and equipment, gross	31,735
Accumulated depreciation of finance leases included in property, plant and equipment, net	(1,095)
Total finance leases	$ 30,640
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net
Current portion of finance lease liabilities	$ 3,389
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term Debt and Capital Lease Obligations, Current
Noncurrent portion of finance lease liabilities	$ 20,412
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term Debt and Capital Lease Obligations
Total finance lease liabilities	$ 23,801		$ 8,353
Weighted Average Remaining Lease Term (in years)
Operating leases	6 years 4 months 24 days
Finance leases	7 years 3 months 18 days
Weighted Average Discount Rate
Operating leases	4.92%
Finance leases	5.66%

LEASE COMMITMENTS - Maturities

LEASE COMMITMENTS - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Maturities of operating lease liabilities:
Year 1	$ 19,988	$ 26,512
Year 2	16,408	21,386
Year 3	12,897	16,529
Year 4	10,467	12,549
Year 5	8,586	10,225
Thereafter	26,358	21,932
Total lease payments	94,704	109,133
Less imputed interest	(14,177)
Total operating lease liabilities	80,527
Maturities of finance lease liabilities:
Year 1	4,605	1,828
Year 2	3,704	1,653
Year 3	3,087	1,546
Year 4	2,200	1,160
Year 5	1,769	880
Thereafter	16,472	3,827
Total lease payments	31,837	10,894
Less imputed interest	(8,036)	(2,541)
Total finance lease liabilities	23,801	$ 8,353
Amount of additional operating and finance leases that have not yet commenced	$ 4,000
Minimum
Maturities of finance lease liabilities:
Term of operating and finance leases that have not yet commenced	3 years
Maximum
Maturities of finance lease liabilities:
Term of operating and finance leases that have not yet commenced	10 years

RETIREMENT AND DEFERRED COMPE_3

RETIREMENT AND DEFERRED COMPENSATION PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
United States
Change in benefit obligation:
Service cost	$ 2,773	$ 2,849
Interest cost	1,845	1,720
Change in plan assets:
Employer contribution	365
Components of net periodic benefit cost:
Service cost	2,773	2,849
Interest cost	1,845	1,720
Expected return on plan assets	(3,094)	(2,814)
Amortization of net loss	489	1,218
Net periodic benefit cost	2,013	2,973
Minimum funding requirements	0
Foreign Plans
Change in benefit obligation:
Service cost	1,460	1,531
Interest cost	501	472
Change in plan assets:
Employer contribution	700
Components of net periodic benefit cost:
Service cost	1,460	1,531
Interest cost	501	472
Expected return on plan assets	(592)	(679)
Amortization of net loss	363	446
Amortization of prior service cost	113	129
Net periodic benefit cost	1,845	$ 1,899
Expected contribution in current fiscal year	$ 4,300

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated other comprehensive income activity
Balance at the beginning of the period	$ 1,422,556
Balance at the end of the period	1,467,396
Foreign Currency
Accumulated other comprehensive income activity
Balance at the beginning of the period	(248,401)	$ (185,503)
Other comprehensive income (loss) before reclassifications	(9,619)	22,924
Net current-period other comprehensive income (loss)	(9,619)	22,924
Balance at the end of the period	(258,020)	(162,579)
Defined Benefit Pension Plans
Accumulated other comprehensive income activity
Balance at the beginning of the period	(60,463)	(64,595)
Amounts reclassified from accumulated other comprehensive income	721	1,356
Net current-period other comprehensive income (loss)	721	1,356
Balance at the end of the period	(59,742)	(63,239)
Derivatives
Accumulated other comprehensive income activity
Balance at the beginning of the period	(1,640)	(3,204)
Other comprehensive income (loss) before reclassifications	5,738	(4,715)
Amounts reclassified from accumulated other comprehensive income	(6,131)	5,068
Net current-period other comprehensive income (loss)	(393)	353
Balance at the end of the period	(2,033)	(2,851)
Accumulated Other Comprehensive Income/(Loss)
Accumulated other comprehensive income activity
Balance at the beginning of the period	(310,504)	(253,302)
Other comprehensive income (loss) before reclassifications	(3,881)	18,209
Amounts reclassified from accumulated other comprehensive income	(5,410)	6,424
Net current-period other comprehensive income (loss)	(9,291)	24,633
Balance at the end of the period	$ (319,795)	$ (228,669)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (Reclassifications From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Amount Reclassified from Accumulated Other Comprehensive Income
Miscellaneous, net	$ 466	$ (867)
Interest expense	9,214	8,055
Total before tax	(89,999)	(81,217)
Tax benefit	27,000	21,929
Total reclassifications for the period	(63,004)	(59,300)
Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Total reclassifications for the period	(5,410)	6,424
Defined Benefit Pension Plans | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Amortization of net loss	852	1,664
Amortization of prior service cost	113	129
Total before tax	965	1,793
Tax benefit	(244)	(437)
Total reclassifications for the period	721	1,356
Derivatives | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Total before tax	(6,131)	6,108
Tax benefit		(1,040)
Total reclassifications for the period	(6,131)	5,068
Derivatives | Treasury locks | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Interest expense		11
Derivatives | Cross Currency Swap Contract: Interest Component | Amount Reclassified from Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Interest expense	(1,454)	(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	$ (4,677)	$ 7,116

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Cash Flow Hedge) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net after-tax loss included in accumulated other comprehensive earnings	$ 393	$ (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)	6,069	$ (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	2,000
Fair value of derivative asset	3,600
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	$ 5,100
Notes payable to banks
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Proceeds from debt			$ 280,000
Interest rate on notes (as a percent)	1.36%		1.36%	1.36%

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Fair Value of Derivative Instruments in the Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value of Derivative Instruments
Derivative Assets	$ 3,948		$ 259
Derivative Liabilities	713		1,371
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments	(263)	$ 141
Foreign Exchange Contracts
Fair Value of Derivative Instruments
Aggregate amount of forward exchange contracts outstanding	39,600
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments	(263)	$ 141
Derivative Contracts Not Designated as Hedging Instruments
Fair Value of Derivative Instruments
Derivative Assets	391		259
Derivative Liabilities	713		331
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Prepaid and other
Fair Value of Derivative Instruments
Derivative Assets	391		259
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange Contracts | Accounts payable and accrued liabilities
Fair Value of Derivative Instruments
Derivative Liabilities	713		331
Derivative Contracts Designated as Hedging Instruments
Fair Value of Derivative Instruments
Derivative Assets	3,557
Derivative Liabilities			1,040
Derivative Contracts Designated as Hedging Instruments | Cross Currency Swap Contract | Prepaid and other
Fair Value of Derivative Instruments
Derivative Assets	$ 3,557
Derivative Contracts Designated as Hedging Instruments | Cross Currency Swap Contract | Accounts payable and accrued liabilities
Fair Value of Derivative Instruments
Derivative Liabilities			$ 1,040

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Effect of Derivative Instruments on the Consolidated Statements of Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative instruments, gain or (loss)
Foreign Exchange Contract, Amount of Gain (Loss) Recognized in Income on Derivative, not designated as hedging instruments	$ (263)	$ 141
Derivatives in Cash Flow Hedging Relationships
Derivative instruments, gain or (loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	6,069	(5,681)
Amount of Gain (Loss) Reclassified from AOCI on Derivative	6,131	(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	(263)	141
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)	1,392	1,435
Amount of Gain (Loss) Reclassified from AOCI on Derivative	1,454	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)	4,677	(7,116)
Amount of Gain (Loss) Reclassified from AOCI on Derivative	$ 4,677	$ (7,116)

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivative Assets
Gross Amount	$ 3,948	$ 259
Net Amounts Presented in the Statement of Financial Position	3,948	259
Net Amount	3,948	259
Derivative Liabilities
Gross Amount	713	1,371
Net Amounts Presented in the Statement of Financial Position	713	1,371
Net Amount	$ 713	$ 1,371

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
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	391	259
Cross currency swap contract, asset	3,557
Total assets at fair value	3,948	259
Liabilities
Foreign exchange contracts, liabilities	713	331
Cross currency swap contract, liability		1,040
Total liabilities at fair value	713	1,371
Assets and liabilities measured at fair value on recurring basis | Level 2
Assets
Foreign exchange contracts, assets	391	259
Cross currency swap contract, asset	3,557
Total assets at fair value	3,948	259
Liabilities
Foreign exchange contracts, liabilities	713	331
Cross currency swap contract, liability		1,040
Total liabilities at fair value	$ 713	$ 1,371

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2017	Dec. 31, 2018
Brazil
Commitments and contingencies
Environmental Remediation Expense	$ 0	$ 1,500,000
Brazil | Reduction of gross receipts tax
Commitments and contingencies
Estimated potential recoveries		$ 13,400,000
Recovery of part of claim	2,700,000
Brazil | Reduction of gross receipts tax | Cost of Sales
Commitments and contingencies
Recovery of part of claim	1,700,000
Brazil | Reduction of gross receipts tax | Interest Income
Commitments and contingencies
Recovery of part of claim	1,000,000
Brazil | Minimum
Commitments and contingencies
Environmental Loss Contingencies Estimate	1,500,000
Brazil | Maximum
Commitments and contingencies
Environmental Loss Contingencies Estimate	3,000,000
Indemnification agreements
Commitments and contingencies
Liabilities recorded under indemnification agreements	$ 0		$ 0

STOCK REPURCHASE PROGRAM (Detai

STOCK REPURCHASE PROGRAM (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Apr. 18, 2019	Oct. 20, 2016
Stock repurchase program
Aggregate amount of share repurchases (in dollars)	$ 15,000	$ 3,905
Common stock repurchased (retired and held in treasury) (in shares)	159	189
Common stock repurchased (retired and held in treasury)	$ 15,000	$ 16,700
Common stock repurchased and retired (in shares)		144
Common stock repurchased and retired		$ 12,797
Stock Repurchase Program October 20, 2016
Stock repurchase program
Share repurchases authorized amount				$ 350,000
Stock Repurchase Program April 18, 2019
Stock repurchase program
Share repurchases authorized amount			$ 350,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
STOCK-BASED COMPENSATION
Proceeds from stock option exercises	$ 20,939	$ 34,880
Stock options
STOCK-BASED COMPENSATION
Award vesting period	3 years
Expiration period	10 years
Compensation expense	$ 1,800	4,900
Compensation expense, net of tax	1,500	3,500
Income tax benefit related to compensation expense	300	1,400
Fair value of shares vested	12,200	16,500
Proceeds from stock option exercises	20,900
Actual tax benefit realized for the tax deduction from option exercises	3,400
Unrecognized compensation cost expected to be recognized in future periods	$ 6,500
Weighted-average period over which compensation cost is expected to be recognized	1 year 4 months 24 days
Stock options | Selling, research & development and administrative expenses
STOCK-BASED COMPENSATION
Compensation expense	$ 1,600	4,000
Restricted stock units
STOCK-BASED COMPENSATION
Compensation expense	4,700	2,600
Actual tax benefit realized for the tax deduction from option exercises	408
Unrecognized compensation cost expected to be recognized in future periods	$ 42,000
Weighted-average period over which compensation cost is expected to be recognized	2 years 6 months
Weighted-Average Grant-Date Fair Value
Fair value of units vested	$ 2,700	1,000
Intrinsic value of units vested	$ 3,200	$ 1,300
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)	261,487
Granted (in shares)	112,553
Vested (in shares)	(32,202)
Forfeited (in shares)	(3,786)
Balance at the end of the period (in shares)	338,052
Weighted-Average Grant-Date Fair Value
Nonvested at the beginning of the period (in dollars per share)	$ 91.78
Granted (in dollars per share)	101.96
Vested (in dollars per share)	85.13
Forfeited (in dollars per share)	104.54
Nonvested at the end of the period (in dollars per share)	$ 95.66
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)	1.30%	1.43%
Expected Stock Price Volatility (as a percent)	16.50%	12.30%
Risk-free Interest Rate (as a percent)	2.19%	2.42%
Assumptions used to estimate fair value of restricted stock units granted
Fair value per stock award (in dollars per share)	$ 134.97	$ 128.70
Grant date stock price (in dollars per share)	$ 104.51	$ 89.42
Expected Stock Price Volatility (as a percent)	16.50%	12.30%
Expected average volatility of peer companies (as a percent)	31.90%	27.50%
Correlation assumption (as a percent)	37.40%	20.20%
Risk-free Interest Rate (as a percent)	2.19%	2.42%
Dividend Yield (as a percent)	1.30%	1.43%
Restricted stock unit activity
Balance at the beginning of the period (in shares)	69,990
Granted (in shares)	122,737
Balance at the end of the period (in shares)	192,727
Weighted-Average Grant-Date Fair Value
Nonvested at the beginning of the period (in dollars per share)	$ 111.55
Granted (in dollars per share)	120.62
Nonvested at the end of the period (in dollars per share)	$ 117.32
Stock Awards Plans | Stock options
STOCK-BASED COMPENSATION
Weighted-average fair value of stock options granted (in dollars per share)		$ 14.82
Assumptions used to estimate fair value of stock options granted
Dividend Yield (as a percent)		1.50%
Expected Stock Price Volatility (as a percent)		14.20%
Risk-free Interest Rate (as a percent)		2.80%
Expected Life of Option (years)		6 years 7 months 6 days
Stock options activity
Outstanding at the beginning of the period (in shares)	6,761,055
Exercised (in shares)	(349,320)
Forfeited or expired (in shares)	(5,842)
Outstanding at the end of the period (in shares)	6,405,893
Exercisable at the end of the period (in shares)	5,593,702
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 65.76
Exercised (in dollars per share)	59.81
Forfeited or expired (in dollars per share)	58.11
Outstanding at the end of the period (in dollars per share)	66.10
Exercisable at the end of the period (in dollars per share)	$ 63.88
Weighted-Average Remaining Contractual Term (Years):
Outstanding at the end of the period	5 years 8 months 12 days
Exercisable at the end of the period	5 years 3 months 18 days
Aggregate Intrinsic Value:
Outstanding at the end of the period	$ 258,093
Exercisable at the end of the period	237,778
Intrinsic Value of Options Exercised	$ 14,047	$ 22,804
Assumptions used to estimate fair value of restricted stock units granted
Expected Stock Price Volatility (as a percent)		14.20%
Risk-free Interest Rate (as a percent)		2.80%
Dividend Yield (as a percent)		1.50%
Director Stock Option Plans | Stock options
Stock options activity
Outstanding at the beginning of the period (in shares)	155,200
Exercised (in shares)	(1,000)
Outstanding at the end of the period (in shares)	154,200
Exercisable at the end of the period (in shares)	154,200
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 58.13
Exercised (in dollars per share)	53.72
Outstanding at the end of the period (in dollars per share)	58.16
Exercisable at the end of the period (in dollars per share)	$ 58.16
Weighted-Average Remaining Contractual Term (Years):
Outstanding at the end of the period	3 years 10 months 24 days
Exercisable at the end of the period	3 years 10 months 24 days
Aggregate Intrinsic Value:
Outstanding at the end of the period	$ 7,437
Exercisable at the end of the period	7,437
Intrinsic Value of Options Exercised	$ 51	$ 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)	14,257
New long-term incentive program
STOCK-BASED COMPENSATION
Compensation expense	$ 206	$ 409
Expected total expense related to program over the performance period	$ 2,800

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
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)	$ 63,004	$ 59,300
Income available to common stockholders, diluted (in dollars)	$ 63,004	$ 59,300
Shares (Denominator)
Basic (in shares)	62,964	62,128
Total average equivalent shares	65,349	64,414
Per Share Amount
Net income per share, basic (in dollars per share)	$ 1	$ 0.95
Net income per share, diluted (in dollars per share)	$ 0.96	$ 0.92
Stock options
Shares (Denominator)
Effect of dilutive stock based compensation (in shares)	2,222	2,216
Restricted stock units
Shares (Denominator)
Effect of dilutive stock based compensation (in shares)	163	70

SEGMENT INFORMATION (Summary of

SEGMENT INFORMATION (Summary of Reportable Segments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Financial information regarding the Company's reportable segments
Number of reportable segments | segment	3
Net sales	$ 744,460	$ 703,350
Total Restructuring Initiatives	9,530	5,936
Depreciation and amortization	47,489	41,175
Interest expense	(9,214)	(8,055)
Interest income	1,748	2,248
Income before Income Taxes	89,999	81,217
Capital Expenditures	51,742	40,019
Total Assets	3,415,634		$ 3,377,735
Employee severance
Financial information regarding the Company's reportable segments
Total Restructuring Initiatives	2,360
Beauty + Home
Financial information regarding the Company's reportable segments
Net sales	367,659	378,173
Adjusted EBITDA	53,191	53,135
Total Restructuring Initiatives	8,269	5,016
Pharma
Financial information regarding the Company's reportable segments
Net sales	272,701	230,127
Adjusted EBITDA	97,357	79,840
Total Restructuring Initiatives	326	364
Food + Beverage
Financial information regarding the Company's reportable segments
Net sales	104,100	95,050
Adjusted EBITDA	16,691	12,739
Total Restructuring Initiatives	510	315
Corporate & Other
Financial information regarding the Company's reportable segments
Adjusted EBITDA	(12,755)	(11,579)
Total Restructuring Initiatives	425	241
Operating segment
Financial information regarding the Company's reportable segments
Net sales	752,724	709,240
Operating segment | Beauty + Home
Financial information regarding the Company's reportable segments
Net sales	373,503	383,463
Operating segment | Pharma
Financial information regarding the Company's reportable segments
Net sales	274,494	230,132
Operating segment | Food + Beverage
Financial information regarding the Company's reportable segments
Net sales	104,727	95,645
Intersegment
Financial information regarding the Company's reportable segments
Net sales	8,264	5,890
Intersegment | Beauty + Home
Financial information regarding the Company's reportable segments
Net sales	5,844	5,290
Intersegment | Pharma
Financial information regarding the Company's reportable segments
Net sales	1,793	5
Intersegment | Food + Beverage
Financial information regarding the Company's reportable segments
Net sales	$ 627	$ 595

INSURANCE SETTLEMENT RECEIVAB_2

INSURANCE SETTLEMENT RECEIVABLE (Details) - France - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2019
INSURANCE SETTLEMENT RECEIVABLE
Costs incurred related to fire	$ 5.9
Insurance receivable		$ 3.4
Estimated potential recoveries		$ 0
Expenses related to fire	$ 1.5

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Thousands	Aug. 27, 2018USD ($)	May 01, 2018USD ($)	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)	May 31, 2018USD ($)	Mar. 31, 2018USD ($)
Acquisitions
Restricted cash included in prepaid and other							$ 3,696
Assets
Goodwill				$ 712,095	$ 703,709
Preferred equity stocks
Acquisitions
Cost method investments						$ 10,000
Carrying amount adjustments related to fair value adjustments
Adjustment of carrying amount to expected sales proceeds				6,500
Reboul
Acquisitions
Percentage of interest acquired		100.00%
Cost of acquired entity		$ 3,600
Assets
Cash and equivalents		$ 112
CSP Technologies Member
Acquisitions
Cost of acquired entity	$ 553,500
Restricted cash included in prepaid and other				$ 5,000
Refund from working capital adjustment			$ 964
Assets
Cash and equivalents	24,053
Accounts receivable	20,847
Inventories	42,169
Prepaid and other	3,995
Property, plant and equipment	99,194
Goodwill	278,020
Intangible assets	177,120
Other miscellaneous assets	1,039
Liabilities
Current maturities of long-term obligations	129
Accounts payable and accrued liabilities	31,989
Long-term obligations	6,037
Deferred income taxes	38,442
Retirement and deferred compensation plans	1,038
Deferred and other non-current liabilities	15,344
Net assets acquired	$ 553,458
France | CSP Technologies Member
Acquisitions
Number of manufacturing plants acquired	1
United States | CSP Technologies Member
Acquisitions
Number of manufacturing plants acquired	2
Pharma | CSP Technologies Member
Assets
Goodwill	$ 173,400
Food + Beverage | CSP Technologies Member
Assets
Goodwill	$ 103,700

ACQUISITIONS (Acquired Intangib

ACQUISITIONS (Acquired Intangibles) (Details) - CSP Technologies Member $ in Thousands	Aug. 27, 2018USD ($)
Acquired finite-lived intangible assets
Estimated Fair Value of Asset	$ 177,120
Acquired technology
Acquired finite-lived intangible assets
Weighted average useful life	12 years
Estimated Fair Value of Asset	$ 46,700
Customer relationships
Acquired finite-lived intangible assets
Weighted average useful life	16 years
Estimated Fair Value of Asset	$ 113,300
Trademarks and trade names
Acquired finite-lived intangible assets
Weighted average useful life	9 years
Estimated Fair Value of Asset	$ 14,600
License agreements and other
Acquired finite-lived intangible assets
Weighted average useful life	11 years
Estimated Fair Value of Asset	$ 2,520

ACQUISITIONS (Pro Forma) (Detai

ACQUISITIONS (Pro Forma) (Details) - CSP Technologies Member $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / shares
Unaudited pro forma financial information
Net Sales | $	$ 737,430
Net Income Attributable to AptarGroup, Inc. | $	$ 60,116
Net Income per common share - basic | $ / shares	$ 0.97
Net Income per common share - diluted | $ / shares	$ 0.93

RESTRUCTURING INITIATIVE (Detai

RESTRUCTURING INITIATIVE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restructuring reserve
Restructuring reserve, balance at the beginning of the period	$ 15,035
Expense recognized related to the plan	9,530	$ 5,936
Cash paid	(15,642)
FX impact	(55)
Restructuring reserve, balance at the end of the period	8,868
Employee severance
Restructuring reserve
Restructuring reserve, balance at the beginning of the period	3,934
Expense recognized related to the plan	2,360
Cash paid	(750)
FX impact	(36)
Restructuring reserve, balance at the end of the period	5,508
Professional fees and other costs
Restructuring reserve
Restructuring reserve, balance at the beginning of the period	11,101
Expense recognized related to the plan	7,170
Cash paid	(14,892)
FX impact	(19)
Restructuring reserve, balance at the end of the period	3,360
Business Transformation
Restructuring initiatives
Expected implementation costs	$ 90,000
Expected term of implementation costs	P3Y
Expected capital investments related to transformation plan	$ 55,000
Cumulative expense incurred	75,600
Beauty + Home
Restructuring reserve
Expense recognized related to the plan	8,269	5,016
Pharma
Restructuring reserve
Expense recognized related to the plan	326	364
Food + Beverage
Restructuring reserve
Expense recognized related to the plan	510	315
Corporate & Other
Restructuring reserve
Expense recognized related to the plan	$ 425	$ 241