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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
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) |  | 2024 |  | 2023
Net sales: |  |  |  |
Proprietary Products |  | $ | 559.5 |  |  | $ | 583.1 |
Contract-Manufactured Products |  | 135.9 |  |  | 133.5 |
Consolidated net sales |  | $ | 695.4 |  |  | $ | 716.6 |
Schedule of Segment Reporting Information, by Segment | The following table provides summarized financial information for our segments:
| Three Months Ended March 31, |  |
($ in millions) | 2024 |  | 2023 |  |  |  |
Proprietary Products | $ | 126.3 |  |  | $ | 170.7 |  |  |  |  |
Contract-Manufactured Products | 17.1 |  |  | 17.4 |  |  |  |  |
Total business segment operating profit | $ | 143.4 |  |  | $ | 188.1 |  |  |  |  |
Corporate and Unallocated |  |  |  |  |  |  |
Stock-based compensation expense | $ | (5.0) |  |  | $ | (8.5) |  |  |  |  |
Corporate general costs (1) | (15.4) |  |  | (14.7) |  |  |  |  |
Unallocated Items: |  |  |  |  |  |  |
Loss on disposal of plant (2) | — |  |  | (9.4) |  |  |  |  |
Amortization of acquisition-related intangible assets (3) | (0.2) |  |  | (0.2) |  |  |  |  |
Total Corporate and Unallocated | (20.6) |  |  | (32.8) |  |  |  |  |
Total consolidated operating profit | $ | 122.8 |  |  | $ | 155.3 |  |  |  |  |
Interest (income) expense, net | (4.6) |  |  | (2.6) |  |  |  |  |
Income before income taxes and equity in net income of affiliated companies | $ | 127.4 |  |  | $ | 157.9 |  |  |  |  |
(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, the Company recorded expense of $9.4 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 months ended March 31, 2024 and 2023, 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 14, 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 + 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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