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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
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 June 30, |  | Six Months Ended June 30,
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales: |  |  |  |  |  |  |
Proprietary Products | $ | 619.8 |  |  | $ | 559.7 |  |  | $ | 1,182.8 |  |  | $ | 1,119.2 |
Contract-Manufactured Products | 146.7 |  |  | 142.4 |  |  | 281.7 |  |  | 278.3 |
Consolidated net sales | $ | 766.5 |  |  | $ | 702.1 |  |  | $ | 1,464.5 |  |  | $ | 1,397.5 |
Schedule of Segment Reporting Information, by Segment | The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:
($ in millions) | June 30, 2025 |  | December 31, 2024
Assets |
Proprietary Products | $ | 2,829.3 |  |  | $ | 2,621.1 |
Contract-Manufactured Products | 667.9 |  |  | 612.2 |
Corporate and Unallocated(1) | 455.6 |  |  | 410.1 |
Total consolidated | $ | 3,952.8 |  |  | $ | 3,643.4 |
(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) | Three Months Ended June 30, |  | Six Months Ended June 30,
Depreciation and Amortization | 2025 |  | 2024 |  | 2025 |  | 2024
Proprietary Products | $ | 33.7 |  |  | $ | 33.0 |  |  | $ | 66.4 |  |  | $ | 63.0 |
Contract-Manufactured Products | 6.8 |  |  | 4.9 |  |  | 13.2 |  |  | 9.6 |
Corporate and Unallocated | 0.9 |  |  | 1.0 |  |  | 1.8 |  |  | 1.9 |
Total consolidated | $ | 41.4 |  |  | $ | 38.9 |  |  | $ | 81.4 |  |  | $ | 74.5 |
($ in millions) | Three Months Ended June 30, |  | Six Months Ended June 30,
Capital Expenditures | 2025 |  | 2024 |  | 2025 |  | 2024
Proprietary Products | $ | 48.5 |  |  | $ | 58.5 |  |  | $ | 100.4 |  |  | $ | 119.6 |
Contract-Manufactured Products | 25.5 |  |  | 39.2 |  |  | 43.6 |  |  | 66.8 |
Corporate and Unallocated | 1.2 |  |  | 2.5 |  |  | 2.5 |  |  | 4.4 |
Total consolidated | $ | 75.2 |  |  | $ | 100.2 |  |  | $ | 146.5 |  |  | $ | 190.8 |
The following table provides summarized financial information for our segments:
| Three months ended June 30, 2025 |  | Three months ended June 30, 2024
($ in millions) | Proprietary Products |  | Contract-Manufactured Products |  | Total |  | Proprietary Products |  | Contract-Manufactured Products |  | Total
Net sales | $ | 619.8 |  |  | $ | 146.7 |  |  | $ | 766.5 |  |  | $ | 559.7 |  |  | $ | 142.4 |  |  | $ | 702.1 |
Cost of goods and services sold | 371.5 |  |  | 121.1 |  |  |  |  | 352.7 |  |  | 119.4 |  |  |
Research and development | 19.1 |  |  | — |  |  |  |  | 17.5 |  |  | — |  |  |
Selling, general and administrative expenses | 61.5 |  |  | 7.0 |  |  |  |  | 56.1 |  |  | 6.2 |  |  |
Other segment expense (income)(4) | 6.0 |  |  | 0.8 |  |  |  |  | 2.4 |  |  | (0.4) |  |  |
Segment operating profit | $ | 161.7 |  |  | $ | 17.8 |  |  | $ | 179.5 |  |  | $ | 131.0 |  |  | $ | 17.2 |  |  | $ | 148.2 |
Reconciliation of profit or loss: |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  |  |  | (7.4) |  |  |  |  |  |  | (4.3) |
Corporate general costs(1) |  |  |  |  | (16.8) |  |  |  |  |  |  | (17.5) |
Unallocated items: |  |  |  |  |  |  |  |  |  |  |
Restructuring and related charges(2) |  |  |  |  | (1.6) |  |  |  |  |  |  | — |
Amortization of acquisition-related intangible assets(3) |  |  |  |  | — |  |  |  |  |  |  | (0.2) |
Total consolidated operating profit |  |  |  |  | 153.7 |  |  |  |  |  |  | 126.2 |
Interest (income) expense and other nonoperating expense (income), net |  |  |  |  | (3.3) |  |  |  |  |  |  | (2.5) |
Income before income taxes and equity in net income of affiliated companies |  |  |  |  | $ | 157.0 |  |  |  |  |  |  | $ | 128.7 |
| Six months ended June 30, 2025 |  | Six months ended June 30, 2024
($ in millions) | Proprietary Products |  | Contract-Manufactured Products |  | Total |  | Proprietary Products |  | Contract-Manufactured Products |  | Total
Net sales | $ | 1,182.8 |  |  | $ | 281.7 |  |  | $ | 1,464.5 |  |  | $ | 1,119.2 |  |  | $ | 278.3 |  |  | $ | 1,397.5 |
Cost of goods and services sold | 724.3 |  |  | 234.4 |  |  |  |  | 705.1 |  |  | 232.2 |  |  |
Research and development | 35.4 |  |  | — |  |  |  |  | 35.1 |  |  | — |  |  |
Selling, general and administrative expenses | 121.8 |  |  | 14.6 |  |  |  |  | 116.8 |  |  | 12.4 |  |  |
Other segment expense (income)(4) | 9.0 |  |  | 1.4 |  |  |  |  | 4.9 |  |  | (0.6) |  |  |
Segment operating profit | $ | 292.3 |  |  | $ | 31.3 |  |  | $ | 323.6 |  |  | $ | 257.3 |  |  | $ | 34.3 |  |  | $ | 291.6 |
Reconciliation of profit or loss: |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  |  |  | (8.7) |  |  |  |  |  |  | (9.3) |
Corporate general costs(1) |  |  |  |  | (34.6) |  |  |  |  |  |  | (32.9) |
Unallocated items: |  |  |  |  |  |  |  |  |  |  |
Restructuring and related charges(2) |  |  |  |  | (19.4) |  |  |  |  |  |  | — |
Amortization of acquisition-related intangible assets(3) |  |  |  |  | (0.2) |  |  |  |  |  |  | (0.4) |
Total consolidated operating profit |  |  |  |  | 260.7 |  |  |  |  |  |  | 249.0 |
Interest (income) expense and other nonoperating expense (income), net |  |  |  |  | (6.8) |  |  |  |  |  |  | (7.1) |
Income before income taxes and equity in net income of affiliated companies |  |  |  |  | $ | 267.5 |  |  |  |  |  |  | $ | 256.1 |
(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 and six months ended June 30, 2025, the Company recorded charges of $1.6 million and $19.4 million, respectively, related to restructuring programs. The Company recorded $0.2 million and $16.6 million in the three and six months ended June 30, 2025, respectively, of these charges within other expense (income), related to severance and acceleration of depreciation and lease costs in connection with the Company's 2025 restructuring plan. The remaining $1.4 million and $2.8 million, respectively, of expense, recorded within selling, general and administrative expenses, relates to our plan to optimize the legal structure of the Company and its subsidiaries. (3) During the three and six months ended June 30, 2025 and 2024, we recorded $0.0 million and $0.2 million, and $0.2 million and $0.4 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. (4) 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 three and six months ended June 30, 2025 and 2024.

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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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