Segment Information (Tables)

3 Months Ended

Mar. 31, 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 March 31,
($ in millions)	2025		2024
Net sales:
Proprietary Products	$	563.0	$	559.5
Contract-Manufactured Products	135.0		135.9
Consolidated net sales	$	698.0	$	695.4

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)
Assets	March 31, 2025		December 31, 2024
Proprietary Products	$	2,625.1	$	2,621.1
Contract-Manufactured Products	627.7		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 Amortization	2025		2024
Proprietary Products	$	32.7	$	30.0
Contract-Manufactured Products	6.4		4.7
Corporate and Unallocated	0.9		0.9
Total consolidated	$	40.0	$	35.6

($ in millions)	Three Months Ended March 31,
Capital Expenditures	2025		2024
Proprietary Products	$	51.9	$	61.1
Contract-Manufactured Products	18.1		27.6
Corporate and Unallocated	1.3		1.9
Total consolidated	$	71.3	$	90.6

The following table provides summarized financial information for our segments:

	Three months ended March 31, 2025						Three months ended March 31, 2024
($ in millions)	Proprietary Products		Contract Manufacturing		Total		Proprietary Products		Contract Manufacturing		Total
Net sales	$	563.0	$	135.0	$	698.0	$	559.5	$	135.9	$	695.4
Cost of goods and services sold	352.8		113.3				352.4		112.8
Research and development	16.3		—				17.6		—
Selling, general and administrative expenses	60.3		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 profit					107.0						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.