CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash Flows from Operating Activities:
Net Income	$ 190,395	$ 173,391
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	113,720	107,643
Amortization	21,831	21,674
Stock-based compensation	27,208	27,553
Provision (release) for CECL	769	(1,997)
(Gain) loss on disposition of fixed assets	(366)	126
Net gain on remeasurement of equity securities	(1,006)	(452)
Deferred income taxes	(21,322)	(8,139)
Defined benefit plan expense	6,720	7,407
Equity in results of affiliates	(4,395)	91
Changes in balance sheet items, excluding effects from foreign currency adjustments:
Accounts and other receivables	(83,207)	(78,360)
Inventories	(15,951)	13,713
Prepaid and other current assets	(21,141)	(13,797)
Accounts payable, accrued and other liabilities	21,653	2,909
Income taxes payable	(908)	(1,248)
Retirement and deferred compensation plan liabilities	(10,579)	(10,167)
Retirement and deferred compensation plan assets	(7,537)	(1,564)
Other changes, net	(7,184)	(2,871)
Net Cash Provided by Operations	208,700	235,912
Cash Flows from Investing Activities:
Capital expenditures	(120,287)	(143,866)
Proceeds from government grants	3,308	0
Proceeds from sale of property, plant and equipment	79	1,020
Maturities and (purchases) of short-term investments, net	2,819	(2,242)
Acquisition of businesses, net of cash acquired and release of escrow	(7,934)	0
Acquisition of intangible assets, net	(4,006)	0
Notes receivable, net	(49)	102
Net Cash Used by Investing Activities	(126,070)	(144,986)
Cash Flows from Financing Activities:
Proceeds from notes payable and overdrafts	0	14,178
Repayments of notes payable and overdrafts	0	(8,841)
Proceeds of short-term revolving credit facility, net	69,103	49,338
Proceeds from long-term obligations	885	3,062
Repayments of long-term obligations	(32,950)	(103,177)
Dividends paid	(59,641)	(54,232)
Proceeds from stock option exercises	10,561	27,797
Purchase of treasury stock	(150,000)	(17,134)
Net Cash Used by Financing Activities	(162,042)	(89,009)
Effect of Exchange Rate Changes on Cash	17,296	(4,068)
Net Decrease in Cash and Equivalents and Restricted Cash	(62,116)	(2,151)
Cash and Equivalents and Restricted Cash at Beginning of Period	223,844	223,643
Cash and Equivalents and Restricted Cash at End of Period	$ 161,728	$ 221,492

APTARGROUP, INC. 10-Q