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Segment Information
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Segment Information
Segment Information

In 2015, our business operations consisted of two reportable segments, the Pharmaceutical Packaging Systems segment (“Packaging Systems”) and the Pharmaceutical Delivery Systems segment (“Delivery Systems”). Beginning in 2016, we changed our organization and reporting structure for our next phase of growth and development, which resulted in a change to Proprietary Products and Contract-Manufactured Products as our reportable segments. The Proprietary Products reportable segment, which is a combination of the previous Packaging Systems segment and the proprietary products portion of the previous Delivery Systems segment, develops commercial, operational, and innovation strategies across our global network, with specific emphasis on product offerings to biologic, generic, and pharmaceutical customers. The Contract-Manufactured Products reportable segment, which consists of the contract manufacturing portion of the previous Delivery Systems segment, serves as a fully integrated business focused on the design, manufacture, and automated assembly of complex assemblies for pharmaceutical, diagnostic, and medical device customers.

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)
2016
 
2015
 
2016
 
2015
Net sales:
 
 
 
 
 
 
 
Proprietary Products
$
298.1

 
$
269.3

 
$
899.9

 
$
821.5

Contract-Manufactured Products
79.0

 
75.5

 
227.8

 
219.4

Intersegment sales elimination
(0.4
)
 
(0.3
)
 
(0.9
)
 
(0.8
)
Total net sales
$
376.7

 
$
344.5

 
$
1,126.8

 
$
1,040.1

Operating profit (loss):
 
 
 
 
 
 
 
Proprietary Products
$
57.5

 
$
49.5

 
$
185.6

 
$
161.3

Contract-Manufactured Products
8.9

 
8.3

 
25.6

 
22.7

Corporate
(12.8
)
 
(12.3
)
 
(42.3
)
 
(40.7
)
Other unallocated items
(2.3
)
 
(49.0
)
 
(26.4
)
 
(59.9
)
Total operating profit (loss)
$
51.3

 
$
(3.5
)
 
$
142.5

 
$
83.4

Interest expense
2.2

 
3.7

 
6.7

 
11.2

Interest income
0.2

 
0.5

 
0.8

 
1.3

Income (loss) before income taxes
$
49.3

 
$
(6.7
)
 
$
136.6

 
$
73.5



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

Other unallocated items, during the three and nine months ended September 30, 2016, consist of restructuring and related charges of $2.3 million and $23.7 million, respectively. In addition, during the nine months ended September 30, 2016, we recorded a charge of $2.7 million related to the devaluation of the Venezuelan Bolivar. During the three and nine months ended September 30, 2015, we recorded a $49.0 million pension settlement charge in connection with our purchase of a group annuity contract from MetLife. In addition, the nine months ended September 30, 2015 includes a $10.9 million charge for executive retirement and related costs. Please refer to Note 12, Other Expense, for additional details of these items.