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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Sales by Significant Product Group | The following table presents information about our reportable segments, reconciled to consolidated totals:
|  | Three Months Ended March 31,
($ in millions) |  | 2023 |  | 2022
Net sales: |  |  |  |
Proprietary Products |  | $ | 583.1 |  |  | $ | 601.3 |
Contract-Manufactured Products |  | 133.5 |  |  | 118.7 |
Intersegment sales elimination |  | — |  |  | — |
Consolidated net sales |  | $ | 716.6 |  |  | $ | 720.0 |
Schedule of Segment Reporting Information, by Segment | The following table provides summarized financial information for our segments:
| Three Months Ended March 31, |  |
($ in millions) | 2023 |  | 2022 |  |  |  |
Proprietary Products | $ | 170.7 |  |  | $ | 193.4 |  |  |  |  |
Contract-Manufactured Products | 17.4 |  |  | 19.1 |  |  |  |  |
Total business segment operating profit | $ | 188.1 |  |  | $ | 212.5 |  |  |  |  |
Corporate and Unallocated |  |  |  |  |  |  |
Stock-based compensation expense | $ | (8.5) |  |  | $ | (5.5) |  |  |  |  |
Corporate general costs (1) | (14.7) |  |  | (17.1) |  |  |  |  |
Unallocated Items: |  |  |  |  |  |  |
Asset impairment for planned sale of plant (2) | (9.4) |  |  | — |  |  |  |  |
Amortization of acquisition-related intangible assets (3) | (0.2) |  |  | (0.2) |  |  |  |  |
Total Corporate and Unallocated | (32.8) |  |  | (22.8) |  |  |  |  |
Total consolidated operating profit | $ | 155.3 |  |  | $ | 189.7 |  |  |  |  |
Interest (income) expense, net | (2.6) |  |  | 1.9 |  |  |  |  |
Income before income taxes and equity in net income of affiliated companies | $ | 157.9 |  |  | $ | 187.8 |  |  |  |  |
(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 the three months ended March 31, 2023, in preparation for the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment, the Company recorded an impairment expense of $9.4 million within other expense (income) and a corresponding reduction to the disposal group net assets to its fair value less cost to sell. The transaction is expected to close during the second quarter of 2023. (3) During the three months ended March 31, 2023 and 2022, we recorded $0.2 million of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. Please refer to Note 15, Other Expense (Income), for further discussion of certain unallocated items referenced above.

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- 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
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- 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
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