XML 61 R48.htm IDEA: XBRL DOCUMENT
v3.22.4

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Sales by Significant Product Group | The following table presents net sales information about our reportable segments, reconciled to consolidated totals:
($ in millions) | 2022 |  | 2021 |  | 2020
Net sales: |  |  |  |  |
Proprietary Products | $ | 2,406.8 |  |  | $ | 2,317.3 |  |  | $ | 1,648.6 |
Contract-Manufactured Products | 480.4 |  |  | 514.7 |  |  | 498.6 |
Intersegment sales elimination | (0.3) |  |  | (0.4) |  |  | (0.3) |
Consolidated net sales | $ | 2,886.9 |  |  | $ | 2,831.6 |  |  | $ | 2,146.9 |
Schedule of Sales and Long-Lived Assets, by Geographical Areas | 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) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021
United States | $ | 1,286.5 |  |  | $ | 1,198.0 |  |  | $ | 975.6 |  |  | $ | 611.5 |  |  | $ | 504.1 |
Germany | 398.7 |  |  | 474.3 |  |  | 282.1 |  |  | 139.0 |  |  | 124.1 |
Ireland | 240.3 |  |  | 247.6 |  |  | 226.0 |  |  | 179.5 |  |  | 187.3 |
France | 237.9 |  |  | 213.0 |  |  | 172.7 |  |  | 68.8 |  |  | 86.1 |
Other European countries | 359.2 |  |  | 341.3 |  |  | 236.8 |  |  | 81.8 |  |  | 65.1 |
Other | 364.3 |  |  | 357.4 |  |  | 253.7 |  |  | 182.1 |  |  | 160.1 |
| $ | 2,886.9 |  |  | $ | 2,831.6 |  |  | $ | 2,146.9 |  |  | $ | 1,262.7 |  |  | $ | 1,126.8 |
Schedule of Segment Reporting Information, by Segment |
The following tables provide summarized financial information for our segments: |
($ in millions) | 2022 |  | 2021 |  | 2020 |
Operating profit (loss): |  |  |  |  |  |
Proprietary Products | $ | 784.4 |  |  | $ | 796.1 |  |  | $ | 434.5 |  |
Contract-Manufactured Products | 60.4 |  |  | 67.2 |  |  | 68.6 |  |
Total business segment operating profit | $ | 844.8 |  |  | $ | 863.3 |  |  | $ | 503.1 |  |
Corporate and Unallocated |  |  |  |  |  |
Stock-based compensation expense | $ | (23.7) |  |  | $ | (37.5) |  |  | $ | (34.0) |  |
Corporate general costs (1) | (59.1) |  |  | (63.4) |  |  | (52.1) |  |
Unallocated Items: |  |  |  |  |  |
Restructuring and severance related charges (2) | (23.8) |  |  | (2.2) |  |  | (7.0) |  |
Amortization of acquisition-related intangible assets (3) | (0.7) |  |  | (0.8) |  |  | (0.6) |  |
Asset impairment (4) | — |  |  | (2.8) |  |  | — |  |
Cost investment activity (5) | (3.5) |  |  | (4.3) |  |  | (2.5) |  |
Total Corporate and Unallocated | $ | (110.8) |  |  | $ | (111.0) |  |  | $ | (96.2) |  |
Total consolidated operating profit | $ | 734.0 |  |  | $ | 752.3 |  |  | $ | 406.9 |  |
Interest expense (income) and other nonoperating expense (income), net (6) | 54.1 |  |  | 3.4 |  |  | 5.6 |  |
Income before income taxes and equity in net income of affiliated companies | $ | 679.9 |  |  | $ | 748.9 |  |  | $ | 401.3 |  |
(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 2022, the Company recorded restructuring and related charges of $23.8 million, which primarily included a charge of $8.7 million in net severance and post-employment benefits primarily in connection with our plan to adjust our operating cost base and $15.3 million in asset-related charges associated with this plan. 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. (3) During 2022, 2021 and 2020, the company recorded $0.7 million, $0.8 million and $0.6 million, respectively, of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020. (4) During 2021, 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 and Services 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 2022, the Company recorded a cost investment impairment charge of $3.5 million. 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 2022, the Company recorded a $52.2 million pension settlement charge, which primarily related to the full settlement and relief of the historical balance sheet position, inclusive of accumulated other comprehensive income, of the U.S. pension plan. During 2021 and 2020, we recorded a $1.8 million and $3.7 million, respectively, pension settlement charge, as we determined that normal-course lump-sum payments for the U.S. pension plan exceeded the threshold for settlement accounting under U.S. GAAP for the year. The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:
($ in millions) |  |  |
Assets | 2022 |  | 2021
Proprietary Products | $ | 2,578.3 |  |  | $ | 2,152.6 |
Contract-Manufactured Products | 480.3 |  |  | 443.7 |
Corporate and Unallocated | 558.2 |  |  | 717.5 |
Total consolidated | $ | 3,616.8 |  |  | $ | 3,313.8 |
($ in millions) |  |  |  |  |
Depreciation and Amortization | 2022 |  | 2021 |  | 2020
Proprietary Products | $ | 96.9 |  |  | $ | 93.8 |  |  | $ | 84.6 |
Contract-Manufactured Products | 19.0 |  |  | 21.1 |  |  | 20.4 |
Corporate and Unallocated | 4.7 |  |  | 7.4 |  |  | 4.1 |
Total consolidated | $ | 120.6 |  |  | $ | 122.3 |  |  | $ | 109.1 |
($ in millions) |  |  |  |  |
Capital Expenditures | 2022 |  | 2021 |  | 2020
Proprietary Products | $ | 237.3 |  |  | $ | 218.0 |  |  | $ | 139.5 |
Contract-Manufactured Products | 34.0 |  |  | 26.6 |  |  | 25.0 |
Corporate and Unallocated | 13.3 |  |  | 8.8 |  |  | 9.9 |
Total consolidated | $ | 284.6 |  |  | $ | 253.4 |  |  | $ | 174.4 |

X
- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 + Details
Name: | us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration