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Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service.

The following table presents the approximate percentage of our net sales by market group:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Biologics
40 %
40 %
38 %
37 %
Generics
 18 %
19 %
17 %
20 %
Pharma
23 %
22 %
25 %
24 %
Contract-Manufactured Products
19 %
19 %
20 %
19 %
100 %
100 %
100 %
100 %

The following table presents the approximate percentage of our net sales by product category:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
High-Value Product ("HVP") Components
45 %
50 %
46 %
50 %
High-Value Product ("HVP") Delivery Devices
16 %
11 %
12 %
10 %
Standard Packaging
20 %
20 %
22 %
21 %
Contract-Manufactured Products
19 %
19 %
20 %
19 %
100 %
100 %
100 %
100 %

Due to the Company's reassessment of product categories, beginning in the second quarter of 2023, certain product types have been moved from HVP Components to HVP Delivery Devices. No adjustments were made to the product categorization prior to the second quarter of 2023.

The following table presents the approximate percentage of our net sales by geographic location:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Americas
48 %
46 %
44 %
45 %
Europe, Middle East, Africa
44 %
46 %
47 %
46 %
Asia Pacific
8 %
8 %
9 %
9 %
100 %
100 %
100 %
100 %
Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities:
($ in millions)
Contract assets, December 31, 2023
$21.5 
Contract assets, September 30, 2024
42.3 
Change in contract assets - increase (decrease)$20.8 
Deferred income, December 31, 2023
$(53.9)
Deferred income, September 30, 2024
(53.8)
Change in deferred income - decrease (increase)$0.1 

Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the nine months ended September 30, 2024, $32.8 million of revenue was recognized that was included in deferred income at the beginning of the year.

The majority of the performance obligations within our contracts are satisfied within one year or less. Performance obligations satisfied beyond one year are not material as of September 30, 2024.