XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Revenue (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2018
Revenue [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effect of the changes made to our condensed consolidated January 1, 2018 balance sheet for the adoption of ASC 606 was as follows:
($ in millions) | Balance at December 31, 2017 |  | Adjustments Due to ASC 606 |  | Balance at January 1, 2018
Assets: |  |  |  |  |
Accounts receivable, net | $ | 253.2 |  |  | $ | 25.0 |  |  | $ | 278.2 |
Inventories | 215.2 |  |  | (20.8 | ) |  | 194.4 |
Other current assets | 39.2 |  |  | (8.4 | ) |  | 30.8 |
Liabilities and Equity: |  |  |  |  |
Other current liabilities | $ | 77.0 |  |  | $ | (13.7 | ) |  | $ | 63.3 |
Deferred income taxes | 10.4 |  |  | 3.0 |  |  | 13.4 |
Other long-term liabilities | 42.6 |  |  | (4.9 | ) |  | 37.7 |
Retained earnings | 1,178.2 |  |  | 11.4 |  |  | 1,189.6 |
The impact of the adoption of ASC 606 on our condensed consolidated income statement for the three months ended September 30, 2018 was as follows:
($ in millions) | As Reported |  | Balances without Adoption of ASC 606 |  | Effects of Change Higher/(Lower)
Net sales | $ | 431.7 |  |  | $ | 423.5 |  |  | $ | 8.2 |
Cost of goods and services sold | 296.1 |  |  | 290.3 |  |  | 5.8 |
Research and development | 10.1 |  |  | 10.0 |  |  | 0.1 |
Other (income) expense | (0.2 | ) |  | (0.4 | ) |  | 0.2 |
Income tax expense | 8.0 |  |  | 7.8 |  |  | 0.2 |
Net income | $ | 55.2 |  |  | $ | 53.2 |  |  | $ | 2.0 |
The impact of the adoption of ASC 606 on our condensed consolidated income statement for the nine months ended September 30, 2018 was as follows:
($ in millions) | As Reported |  | Balances without Adoption of ASC 606 |  | Effects of Change Higher/(Lower)
Net sales | $ | 1,294.9 |  |  | $ | 1,294.4 |  |  | $ | 0.5 |
Cost of goods and services sold | 882.7 |  |  | 878.9 |  |  | 3.8 |
Research and development | 30.5 |  |  | 30.5 |  |  | — |
Other expense | 4.0 |  |  | 3.5 |  |  | 0.5 |
Income tax expense | 26.5 |  |  | 27.5 |  |  | (1.0 | )
Net income | $ | 154.9 |  |  | $ | 157.6 |  |  | $ | (2.7 | )
The impact of the adoption of ASC 606 on our condensed consolidated balance sheet as of September 30, 2018 was as follows:
($ in millions) | As Reported |  | Balances without Adoption of ASC 606 |  | Effects of Change Higher/(Lower)
Assets: |  |  |  |  |
Accounts receivable, net | $ | 302.9 |  |  | $ | 277.6 |  |  | $ | 25.3 |
Inventories | 206.8 |  |  | 228.5 |  |  | (21.7 | )
Other current assets | 43.1 |  |  | 54.2 |  |  | (11.1 | )
Liabilities and Equity: |  |  |  |  |
Other current liabilities | $ | 76.4 |  |  | $ | 90.2 |  |  | $ | (13.8 | )
Deferred income taxes | 11.7 |  |  | 9.7 |  |  | 2.0 |
Other long-term liabilities | 43.8 |  |  | 48.2 |  |  | (4.4 | )
Retained earnings | 1,312.7 |  |  | 1,304.0 |  |  | 8.7 |
Disaggregation of Revenue [Table Text Block] | The following table presents the approximate percentage of our net sales by market group:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 (1) |  | 2018 |  | 2017 (1)
Biologics | 21 | % |  | 23 | % |  | 21 | % |  | 23 | %
Generics | 21 | % |  | 22 | % |  | 21 | % |  | 21 | %
Pharma | 34 | % |  | 33 | % |  | 35 | % |  | 35 | %
Contract-Manufactured Products | 24 | % |  | 22 | % |  | 23 | % |  | 21 | %
| 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
(1) As noted above, prior period amounts have not been adjusted under the modified retrospective method.
The following table presents the approximate percentage of our net sales by product category:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 (1) |  | 2018 |  | 2017 (1)
High-Value Components | 41 | % |  | 42 | % |  | 42 | % |  | 42 | %
Standard Packaging | 31 | % |  | 32 | % |  | 32 | % |  | 33 | %
Delivery Devices | 4 | % |  | 4 | % |  | 3 | % |  | 4 | %
Contract-Manufactured Products | 24 | % |  | 22 | % |  | 23 | % |  | 21 | %
| 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
(1) As noted above, prior period amounts have not been adjusted under the modified retrospective method.
The following table presents the approximate percentage of our net sales by geographic location:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 (1) |  | 2018 |  | 2017 (1)
Americas | 51 | % |  | 50 | % |  | 48 | % |  | 51 | %
Europe, Middle East, Africa | 41 | % |  | 42 | % |  | 44 | % |  | 41 | %
Asia Pacific | 8 | % |  | 8 | % |  | 8 | % |  | 8 | %
| 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
(1) As noted above, prior period amounts have not been adjusted under the modified retrospective method.
Change in Contract with Customer, Asset and Liability [Abstract] | The following table summarizes our contract assets and liabilities, excluding contract assets included in accounts receivable, net:
| ($ in millions)
Contract assets, December 31, 2017 | $ | 7.5 |
Contract assets, September 30, 2018 | 7.6 |
Change in contract assets - increase (decrease) | $ | 0.1 |
Deferred income, December 31, 2017 | $ | (33.6 | )
Deferred income, September 30, 2018 | (30.0 | )
Change in deferred income - decrease (increase) | $ | 3.6 |

X
- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Revenue [Abstract] + References No definition available. + Details
Name: | wst_RevenueAbstract
Namespace Prefix: | wst_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration