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Segment Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information Our business operations are organized into two reportable segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions 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 information about our reportable segments, reconciled to consolidated totals:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Net sales: |  |  |  |  |  |  |
Proprietary Products | $ | 602.5 |  |  | $ | 567.0 |  |  | $ | 1,803.6 |  |  | $ | 1,822.0 |
Contract-Manufactured Products | 144.9 |  |  | 120.0 |  |  | 414.2 |  |  | 356.5 |
Intersegment sales elimination | — |  |  | (0.1) |  |  | — |  |  | (0.3) |
Consolidated net sales | $ | 747.4 |  |  | $ | 686.9 |  |  | $ | 2,217.8 |  |  | $ | 2,178.2 |
The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the elimination of components sold between our segments. The following table provides summarized financial information for our segments:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating profit (loss): |  |  |  |  |  |  |
Proprietary Products | $ | 181.6 |  |  | $ | 188.6 |  |  | $ | 546.5 |  |  | $ | 615.9 |
Contract-Manufactured Products | 21.0 |  |  | 14.7 |  |  | 53.3 |  |  | 48.0 |
Total business segment operating profit | $ | 202.6 |  |  | $ | 203.3 |  |  | $ | 599.8 |  |  | $ | 663.9 |
Corporate and Unallocated |  |  |  |  |  |  |
Stock-based compensation expense | $ | (5.9) |  |  | $ | (6.0) |  |  | $ | (21.9) |  |  | $ | (17.0) |
Corporate general costs (1) | (15.9) |  |  | (10.9) |  |  | (47.2) |  |  | (43.6) |
Unallocated Items: |  |  |  |  |  |  |
Loss on disposal of plant (2) | — |  |  | — |  |  | (11.6) |  |  | — |
Cost investment impairment (3) | (3.3) |  |  | — |  |  | (3.3) |  |  | — |
Restructuring and other charges (4) | — |  |  | — |  |  | (0.1) |  |  | 1.6 |
Amortization of acquisition-related intangible assets (5) | (0.2) |  |  | (0.2) |  |  | (0.6) |  |  | (0.6) |
Total Corporate and Unallocated | (25.3) |  |  | (17.1) |  |  | (84.7) |  |  | (59.6) |
Total consolidated operating profit | $ | 177.3 |  |  | $ | 186.2 |  |  | $ | 515.1 |  |  | $ | 604.3 |
Interest (income) expense and other nonoperating (income) expense, net | (9.7) |  |  | 50.0 |  |  | (14.7) |  |  | 53.1 |
Income before income taxes and equity in net income of affiliated companies | $ | 187.0 |  |  | $ | 136.2 |  |  | $ | 529.8 |  |  | $ | 551.2 |
(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 nine months ended September 30, 2023, the Company recorded expense of $11.6 million within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. (3) During the three and nine months ended September 30, 2023, the Company recorded expense of $3.3 million within other expense (income), as a result of an impairment of one of the Company's cost investments. (4) Restructuring and other charges of $0.1 million for the nine months ended September 30, 2023 represents the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan. During the nine months ended September 30, 2022, the Company recorded a benefit within other expense (income) of $1.6 million for restructuring and severance related costs in connection with its 2020 plan related to revised severance estimates. (5) During the three and nine months ended September 30, 2023, the Company recorded $0.2 million and $0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three and nine months ended September 30, 2022, the Company recorded $0.2 million and $0.6 million, respectively, 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 these items.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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