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Segment Information | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Information | Segment InformationOur business operations are organized into two reportable segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment and drug delivery products, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our Contract-Manufactured Products reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers. The Chief Operating Decision Maker ("CODM") evaluates the performance of our segments based upon, among other things, segment net sales and operating profit. Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that the CODM considers not representative of ongoing operations. Such items are referred to as other unallocated items and generally include restructuring and related charges, certain asset impairments and other specifically-identified income or expense items. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides a valuable insight into our overall performance and financial position. The following table presents net sales information about our reportable segments, reconciled to consolidated totals:
($ in millions) | 2021 |  | 2020 |  | 2019
Net sales: |  |  |  |  |
Proprietary Products | $ | 2,317.3 |  |  | $ | 1,648.6 |  |  | $ | 1,398.6 |
Contract-Manufactured Products | 514.7 |  |  | 498.6 |  |  | 441.5 |
Intersegment sales elimination | (0.4) |  |  | (0.3) |  |  | (0.2) |
Consolidated net sales | $ | 2,831.6 |  |  | $ | 2,146.9 |  |  | $ | 1,839.9 |
The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the elimination of components sold between our segments. We do not have any customers accounting for greater than 10% of consolidated net sales. The following table presents net sales and long-lived assets, by the country in which the legal subsidiary is domiciled and assets are located:
| Net Sales |  | Long-Lived Assets
($ in millions) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020
United States | $ | 1,198.0 |  |  | $ | 975.6 |  |  | $ | 814.7 |  |  | $ | 504.1 |  |  | $ | 407.8 |
Germany | 474.3 |  |  | 282.1 |  |  | 236.3 |  |  | 124.1 |  |  | 112.0 |
Ireland | 247.6 |  |  | 226.0 |  |  | 173.8 |  |  | 187.3 |  |  | 197.6 |
France | 213.0 |  |  | 172.7 |  |  | 150.6 |  |  | 86.1 |  |  | 76.0 |
Other European countries | 341.3 |  |  | 236.8 |  |  | 251.1 |  |  | 65.1 |  |  | 66.8 |
Other | 357.4 |  |  | 253.7 |  |  | 213.4 |  |  | 160.1 |  |  | 151.3 |
| $ | 2,831.6 |  |  | $ | 2,146.9 |  |  | $ | 1,839.9 |  |  | $ | 1,126.8 |  |  | $ | 1,011.5 |
The following tables provide summarized financial information for our segments: |
($ in millions) | 2021 |  | 2020 |  | 2019 |
Proprietary Products | $ | 796.1 |  |  | $ | 434.5 |  |  | $ | 313.6 |  |
Contract-Manufactured Products | 67.2 |  |  | 68.6 |  |  | 49.1 |  |
Total business segment operating profit | $ | 863.3 |  |  | $ | 503.1 |  |  | $ | 362.7 |  |
Corporate and Unallocated |  |  |  |  |  |
Stock-based compensation expense | $ | (37.5) |  |  | $ | (34.0) |  |  | $ | (24.4) |  |
Corporate general costs (1) | (63.4) |  |  | (52.1) |  |  | (41.9) |  |
Unallocated Items: |  |  |  |  |  |
Restructuring and severance related charges (2) | (2.2) |  |  | (7.0) |  |  | (4.9) |  |
Amortization of acquisition-related intangible assets (3) | (0.8) |  |  | (0.6) |  |  | — |  |
Asset impairment (4) | (2.8) |  |  | — |  |  | — |  |
Cost investment activity (5) | (4.3) |  |  | (2.5) |  |  | — |  |
Gain on restructuring-related sale of assets | — |  |  | — |  |  | 1.7 |  |
Argentina currency devaluation | — |  |  | — |  |  | (1.0) |  |
Tax recovery (6) | — |  |  | — |  |  | 4.4 |  |
Total Corporate and Unallocated | (111.0) |  |  | (96.2) |  |  | (66.1) |  |
Total consolidated operating profit | $ | 752.3 |  |  | $ | 406.9 |  |  | $ | 296.6 |  |
Other expense/(income), net | 3.4 |  |  | 5.6 |  |  | 4.8 |  |
Income before income taxes | $ | 748.9 |  |  | $ | 401.3 |  |  | $ | 291.8 |  |
(1) Corporate general costs includes executive and director compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. (2) During 2021 and 2020, the Company recorded a restructuring and severance related charge of $2.2 million and $7.0 million, respectively, to optimize certain organizational structure within the Company. During 2019, the Company recorded $4.9 million in restructuring and related charges in connection with the 2018 plan. (3) During 2021, the company recorded $0.8 million of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020. During 2020, the company recorded $0.6 million of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020. (4) The Company recorded a $2.8 million impairment charge for certain long-lived and intangible assets within the Proprietary Products segment as it determined the carrying value was not fully recoverable. $1.9 million of this charge is recorded in Cost of Goods Sold and $0.9 million of the charge is recorded in Selling, General, and Administrative expense, due to the nature of the impaired assets. (5) During 2021, the net cost investment activity was equal to $4.3 million, inclusive of an impairment charge of $4.6 million partially offset by a $0.3 million gain on the sale of a cost investment. During 2020, the Company recorded a cost investment impairment charge of $2.5 million. (6) During the twelve months ended December 31, 2019, the Company recorded a net tax recovery of $4.4 million related to previously-paid international excise taxes, following a favorable court ruling. Please refer to Note 16, Other Expense (Income), for further discussion of unallocated items. The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:
($ in millions) |  |  |
Assets | 2021 |  | 2020
Proprietary Products | $ | 2,152.6 |  |  | $ | 1,798.3 |
Contract-Manufactured Products | 443.7 |  |  | 411.6 |
Corporate and Unallocated | 717.5 |  |  | 583.9 |
Total consolidated | $ | 3,313.8 |  |  | $ | 2,793.8 |
($ in millions) |  |  |  |  |
Depreciation and Amortization | 2021 |  | 2020 |  | 2019
Proprietary Products | $ | 93.8 |  |  | $ | 84.6 |  |  | $ | 82.2 |
Contract-Manufactured Products | 21.1 |  |  | 20.4 |  |  | 17.9 |
Corporate and Unallocated | 7.4 |  |  | 4.1 |  |  | 3.3 |
Total consolidated | $ | 122.3 |  |  | $ | 109.1 |  |  | $ | 103.4 |
($ in millions) |  |  |  |  |
Capital Expenditures | 2021 |  | 2020 |  | 2019
Proprietary Products | $ | 218.0 |  |  | $ | 139.5 |  |  | $ | 88.7 |
Contract-Manufactured Products | 26.6 |  |  | 25.0 |  |  | 36.1 |
Corporate and Unallocated | 8.8 |  |  | 9.9 |  |  | 1.6 |
Total consolidated | $ | 253.4 |  |  | $ | 174.4 |  |  | $ | 126.4 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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