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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Sales by Significant Product Group | 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 |
Schedule of Sales and Long-Lived Assets, by Geographical Areas | 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 |
Schedule of Segment Reporting Information, by Segment |
| 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 $11.6 million, as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. (6) Other segment expense (income) primarily includes foreign exchange transaction gains and losses, adjustments to contingent consideration and asset impairments attributable to the segments during the periods ended December 31, 2024, 2023 and 2022. The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:
($ 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 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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