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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, |  | Nine Months Ended September 30,
($ in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |  |
Proprietary Products | $ | 601.4 |  |  | $ | 602.5 |  |  | $ | 1,720.6 |  |  | $ | 1,803.6 |
Contract-Manufactured Products | 145.5 |  |  | 144.9 |  |  | 423.8 |  |  | 414.2 |
Consolidated net sales | $ | 746.9 |  |  | $ | 747.4 |  |  | $ | 2,144.4 |  |  | $ | 2,217.8 |
Schedule of Segment Reporting Information, by Segment | The following table provides summarized financial information for our segments:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating profit (loss): |  |  |  |  |  |  |
Proprietary Products | $ | 158.2 |  |  | $ | 181.6 |  |  | $ | 415.5 |  |  | $ | 546.5 |
Contract-Manufactured Products | 21.8 |  |  | 21.0 |  |  | 56.1 |  |  | 53.3 |
Total business segment operating profit | $ | 180.0 |  |  | $ | 202.6 |  |  | $ | 471.6 |  |  | $ | 599.8 |
Corporate and Unallocated |  |  |  |  |  |  |
Stock-based compensation expense | $ | (5.1) |  |  | $ | (5.9) |  |  | $ | (14.4) |  |  | $ | (21.9) |
Corporate general costs (1) | (14.3) |  |  | (15.9) |  |  | (47.2) |  |  | (47.2) |
Unallocated Items: |  |  |  |  |  |  |
Loss on disposal of plant (2) | — |  |  | — |  |  | — |  |  | (11.6) |
Cost investment impairment (3) | — |  |  | (3.3) |  |  | — |  |  | (3.3) |
Restructuring and other charges (4) | 0.9 |  |  | — |  |  | 0.9 |  |  | (0.1) |
Amortization of acquisition-related intangible assets (5) | (0.2) |  |  | (0.2) |  |  | (0.6) |  |  | (0.6) |
Total Corporate and Unallocated | (18.7) |  |  | (25.3) |  |  | (61.3) |  |  | (84.7) |
Total consolidated operating profit | $ | 161.3 |  |  | $ | 177.3 |  |  | $ | 410.3 |  |  | $ | 515.1 |
Interest (income) expense and other nonoperating expense (income), net | (3.2) |  |  | (9.7) |  |  | (10.3) |  |  | (14.7) |
Income before income taxes and equity in net income of affiliated companies | $ | 164.5 |  |  | $ | 187.0 |  |  | $ | 420.6 |  |  | $ | 529.8 |
(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 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 were a benefit of $0.9 million in the three and nine months ended September 30, 2024. The net benefit represents the impact of two items, the first of which is a $2.5 million benefit recorded within other expense (income) related to revised severance estimates in connection with the Company's 2022 restructuring plan. This benefit was partially offset by $1.6 million of expense recorded within selling, general and administrative expenses in connection with a plan to optimize the legal structure of the Company and its subsidiaries. The expense consists primarily of consulting fees, legal expenses, and other one-time costs directly attributable to this plan. Restructuring and other charges of $0.1 million for the nine months ended September 30, 2023 represent 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. (5) During the three and nine months ended September 30, 2024 and 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.

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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