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Segment Information
 3 Months Ended
Mar. 31, 2025
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 customers.

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 information about our reportable segments, reconciled to consolidated totals:
Three Months Ended
March 31,
($ in millions)20252024
Net sales:  
Proprietary Products$563.0 $559.5 
Contract-Manufactured Products135.0 135.9 
Consolidated net sales$698.0 $695.4 

The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:

($ in millions)
AssetsMarch 31, 2025December 31, 2024
Proprietary Products$2,625.1 $2,621.1 
Contract-Manufactured Products627.7 612.2 
Corporate and Unallocated(1)
365.4 410.1 
Total consolidated$3,618.2 $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
March 31,
Depreciation and Amortization20252024
Proprietary Products$32.7 $30.0 
Contract-Manufactured Products6.4 4.7 
Corporate and Unallocated0.9 0.9 
Total consolidated$40.0 $35.6 

($ in millions)Three Months Ended
March 31,
Capital Expenditures20252024
Proprietary Products$51.9 $61.1 
Contract-Manufactured Products18.1 27.6 
Corporate and Unallocated1.3 1.9 
Total consolidated$71.3 $90.6 

The following table provides summarized financial information for our segments:

Three months ended March 31, 2025Three months ended March 31, 2024
($ in millions)Proprietary ProductsContract ManufacturingTotalProprietary ProductsContract ManufacturingTotal
Net sales$563.0 $135.0 $698.0 $559.5 $135.9 $695.4 
Cost of goods and services sold352.8 113.3 352.4 112.8 
Research and development16.3 — 17.6 — 
Selling, general and administrative expenses60.3 7.6 60.7 6.2 
Other segment expense (income)(4)
3.0 0.6 2.5 (0.2)
Segment operating profit$130.6 $13.5 $144.1 $126.3 $17.1 $143.4 
Reconciliation of profit or loss:
Stock-based compensation(1.3)(5.0)
Corporate general costs(1)
(17.8)(15.4)
Unallocated items:
Restructuring and related charges(2)
(17.8)— 
Amortization of acquisition-related intangible assets(3)
(0.2)(0.2)
Total consolidated operating profit107.0 122.8 
Interest (income) expense and other nonoperating expense (income), net(3.5)(4.6)
Income before income taxes and equity in net income of affiliated companies$110.5 $127.4 
(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 months ended March 31, 2025, the Company recorded charges of $17.8 million related to restructuring programs. The Company recorded $16.4 million of the charge 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 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 months ended March 31, 2025 and 2024, we recorded $0.2 million 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 months ended March 31, 2025 and 2024.

Please refer to Note 14, Other Expense (Income), for further discussion of these items.