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Segment Information
 9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Segment Information
Segment Information

Our business operations are organized into two reportable segments, which are aligned with the underlying markets and customers they serve. Our reportable segments are the Pharmaceutical Packaging Systems segment (“Packaging Systems”) and Delivery Systems. Packaging Systems develops, manufactures and sells primary packaging components and systems for injectable drug delivery, including stoppers and seals for vials, closures and other components used in syringe, intravenous and blood collection systems, and prefillable syringe components. Delivery Systems develops, manufactures and sells safety and administration systems, multi-component systems for drug administration, and a variety of custom contract-manufacturing solutions targeted to the healthcare and consumer-products industries. In addition, Delivery Systems is responsible for the continued development and commercialization of our line of proprietary, multi-component systems for injectable drug administration and other healthcare applications.

Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, adjustments to annual incentive plan expense for over- or under-attainment of targets, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management 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 following table presents information about our reportable segments, reconciled to consolidated totals:

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
($ in millions)
2015
 
2014
 
2015
 
2014
Net sales:
 
 
 
 
 
 
 
Packaging Systems
$
247.2

 
$
251.7

 
$
749.3

 
$
772.6

Delivery Systems
97.6

 
104.4

 
291.7

 
299.5

Intersegment sales elimination
(0.3
)
 
(0.2
)
 
(0.9
)
 
(0.5
)
Total net sales
$
344.5

 
$
355.9

 
$
1,040.1

 
$
1,071.6

Operating profit (loss):
 
 
 
 
 
 
 
Packaging Systems
$
56.5

 
$
52.8

 
$
179.2

 
$
167.1

Delivery Systems
1.3

 
4.8

 
4.8

 
8.3

Corporate
(12.3
)
 
(12.4
)
 
(40.7
)
 
(36.8
)
Other unallocated items
(49.0
)
 
(1.2
)
 
(59.9
)
 
(1.2
)
Total operating (loss) profit
$
(3.5
)
 
$
44.0

 
$
83.4

 
$
137.4

Interest expense
3.7

 
4.5

 
11.2

 
12.7

Interest income
0.5

 
1.8

 
1.3

 
2.7

(Loss) income before income taxes
$
(6.7
)
 
$
41.3

 
$
73.5

 
$
127.4



The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the elimination of components sold between our segments.

During the third quarter of 2015, we recorded a $49.0 million pension settlement charge related to our purchase of a group annuity contract from MetLife. Please refer to Note 9, Benefit Plans, for additional details. In addition, the nine month period ended September 30, 2015 includes a $10.9 million charge for executive retirement and related costs. Please refer to Note 11, Other Expense, for additional details regarding this charge.

During the three and nine months ended September 30, 2014, we recorded a $1.2 million charge for license costs associated with acquired in-process research.