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Segment Information | 12 Months Ended
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Dec. 31, 2024
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 customer. The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM evaluates the performance of our segments based upon, among other things, segment net sales and segment 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 CODM considers budget-to-actual variances and variances against prior years within segment operating profit when making decisions about allocating resources to the segments. The following table presents net sales information about our reportable segments, reconciled to consolidated totals:
($ in millions) | 2024 |  | 2023 |  | 2022
Net sales: |  |  |  |  |
Proprietary Products | $ | 2,334.5 |  |  | $ | 2,397.3 |  |  | $ | 2,406.8 |
Contract-Manufactured Products | 558.7 |  |  | 552.5 |  |  | 480.4 |
Intersegment sales elimination | — |  |  | — |  |  | (0.3) |
Consolidated net sales | $ | 2,893.2 |  |  | $ | 2,949.8 |  |  | $ | 2,886.9 |
The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the elimination of components sold between our segments. In 2024, one of our customers individually accounted for more than 10% of consolidated net sales, at 12.3% or $356.4 million, contributing to net sales in both the Proprietary and Contract Manufacturing reportable segments. In 2023, one of our customers individually accounted for more than 10% of consolidated net sales, at 10.9% or $322.1 million, contributing to net sales in both the Proprietary and Contract Manufacturing reportable segments. We did not have any customers accounting for greater than 10% of consolidated net sales in 2022. The following table presents net sales and long-lived assets, by the country in which the legal subsidiary is domiciled and assets are located:
| Net Sales |  | Long-Lived Assets
($ in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023
United States | $ | 1,230.8 |  |  | $ | 1,238.5 |  |  | $ | 1,286.5 |  |  | $ | 832.0 |  |  | $ | 757.1 |
Germany | 372.5 |  |  | 406.1 |  |  | 398.7 |  |  | 191.1 |  |  | 176.0 |
Ireland | 323.2 |  |  | 285.7 |  |  | 240.3 |  |  | 299.6 |  |  | 207.0 |
France | 242.2 |  |  | 282.9 |  |  | 237.9 |  |  | 84.7 |  |  | 78.5 |
Other European countries | 385.5 |  |  | 388.1 |  |  | 359.2 |  |  | 98.1 |  |  | 99.2 |
Other | 339.0 |  |  | 348.5 |  |  | 364.3 |  |  | 210.3 |  |  | 194.7 |
| $ | 2,893.2 |  |  | $ | 2,949.8 |  |  | $ | 2,886.9 |  |  | $ | 1,715.8 |  |  | $ | 1,512.5 |
| 2024 |  | 2023 |  | 2022
($ in millions) | Proprietary Products |  | Contract Manufacturing |  | Total |  | Proprietary Products |  | Contract Manufacturing |  | Total |  | Proprietary Products |  | Contract Manufacturing |  | Total
Net sales | $ | 2,334.5 |  |  | $ | 558.7 |  |  | $ | 2,893.2 |  |  | $ | 2,397.3 |  |  | $ | 552.5 |  |  | $ | 2,949.8 |  |  | $ | 2,406.8 |  |  | $ | 480.4 |  |  | $ | 2,887.2 |
Cost of goods and services sold | 1,434.0 |  |  | 460.7 |  |  |  |  | 1,363.3 |  |  | 456.5 |  |  |  |  | 1,353.5 |  |  | 397.5 |  |  |
Research and development | 69.1 |  |  | — |  |  |  |  | 68.4 |  |  | — |  |  |  |  | 58.5 |  |  | — |  |  |
Selling, general and administrative expenses | 231.5 |  |  | 26.2 |  |  |  |  | 240.6 |  |  | 24.4 |  |  |  |  | 212.6 |  |  | 20.9 |  |  |
Other segment expense (income)(6) | 22.1 |  |  | (0.5) |  |  |  |  | 14.9 |  |  | (0.5) |  |  |  |  | (2.2) |  |  | 1.6 |  |  |
Segment operating profit | $ | 577.8 |  |  | $ | 72.3 |  |  | $ | 650.1 |  |  | $ | 710.1 |  |  | $ | 72.1 |  |  | $ | 782.2 |  |  | $ | 784.4 |  |  | $ | 60.4 |  |  | $ | 844.8 |
Reconciliation of profit or loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock Based Compensation |  |  |  |  | (18.7) |  |  |  |  |  |  | (23.3) |  |  |  |  |  |  | (23.7) |
Corporate general costs(1) |  |  |  |  | (58.6) |  |  |  |  |  |  | (68.3) |  |  |  |  |  |  | (59.1) |
Unallocated items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and related charges(2) |  |  |  |  | (2.1) |  |  |  |  |  |  | 2.0 |  |  |  |  |  |  | (23.8) |
Amortization of acquisition-related intangible assets(3) |  |  |  |  | (0.8) |  |  |  |  |  |  | (0.7) |  |  |  |  |  |  | (0.7) |
Cost investment activity(4) |  |  |  |  | — |  |  |  |  |  |  | (4.3) |  |  |  |  |  |  | (3.5) |
Loss on disposal of plant(5) |  |  |  |  | — |  |  |  |  |  |  | (11.6) |  |  |  |  |  |  | — |
Total consolidated operating profit |  |  |  |  | 569.9 |  |  |  |  |  |  | 676.0 |  |  |  |  |  |  | 734.0 |
Interest (income) expense and other nonoperating expense (income), net |  |  |  |  | (15.6) |  |  |  |  |  |  | (22.0) |  |  |  |  |  |  | 54.1 |
Income before income taxes and equity in net income of affiliated companies |  |  |  |  | $ | 585.5 |  |  |  |  |  |  | $ | 698.0 |  |  |  |  |  |  | $ | 679.9 |
(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 2024, the Company recorded expense to restructuring and other charges of $2.1 million. The net expense represents the impact of two items, the first of which is $4.6 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. This expense was partially offset by a $2.5 million benefit recorded within other expense (income) related to revised severance estimates in connection with the Company's 2022 restructuring plan. During 2023, the Company recorded a benefit to restructuring and other charges of $2.0 million, which represents the net impact of a $2.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan and an inventory write down of $0.8 million within cost of goods and services sold. During 2022, the Company recorded expense to restructuring and other 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. (3) During 2024, 2023 and 2022, the company recorded $0.8 million, $0.7 million and $0.7 million, respectively, of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020. (4) During 2023, the Company recorded a cost investment impairment charge of $4.3 million. During 2022, the net cost investment activity was equal to $3.5 million. (5) During 2023, the Company recorded expense of $11.6 million, as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. (6) Other segment expense (income) primarily includes foreign exchange transaction gains and losses, adjustments to contingent consideration and asset impairments attributable to the segments during the periods ended December 31, 2024, 2023 and 2022. Please refer to Note 16, Other Expense (Income), for further discussion of unallocated items. The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:
($ in millions) |  |  |
Assets | 2024 |  | 2023
Proprietary Products | $ | 2,621.1 |  |  | $ | 2,629.1 |
Contract-Manufactured Products | 612.2 |  |  | 527.5 |
Corporate and Unallocated(1) | 410.1 |  |  | 672.9 |
Total consolidated | $ | 3,643.4 |  |  | $ | 3,829.5 |
(1) Corporate and unallocated assets primarily include investments in affiliated companies, cash and cash equivalents, property, plant and equipment used in our corporate operations and deferred income taxes.
($ in millions) |  |  |  |  |
Depreciation and Amortization | 2024 |  | 2023 |  | 2022
Proprietary Products | $ | 130.3 |  |  | $ | 112.9 |  |  | $ | 96.9 |
Contract-Manufactured Products | 21.3 |  |  | 20.4 |  |  | 19.0 |
Corporate and Unallocated | 3.8 |  |  | 4.0 |  |  | 4.7 |
Total consolidated | $ | 155.4 |  |  | $ | 137.3 |  |  | $ | 120.6 |
($ in millions) |  |  |  |  |
Capital Expenditures | 2024 |  | 2023 |  | 2022
Proprietary Products | $ | 246.5 |  |  | $ | 259.1 |  |  | $ | 237.3 |
Contract-Manufactured Products | 121.0 |  |  | 90.2 |  |  | 34.0 |
Corporate and Unallocated | 9.5 |  |  | 12.7 |  |  | 13.3 |
Total consolidated | $ | 377.0 |  |  | $ | 362.0 |  |  | $ | 284.6 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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