Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

 Segment Information

In 2015, our business operations consisted of two reportable segments, Packaging Systems and 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 drug 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 devices, primarily for pharmaceutical, diagnostic, and medical device customers.

We evaluate the performance of our segments based upon, among other things, segment net sales and operating profit. 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 we consider 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:

($ in millions)	2016			2015			2014
Net sales:
Proprietary Products	$	1,189.9		$	1,098.3		$	1,126.3
Contract-Manufactured Products	320.2			302.4			295.7
Intersegment sales elimination	(1.0		)	(0.9		)	(0.6		)
Consolidated net sales	$	1,509.1		$	1,399.8		$	1,421.4

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

We do not have any customers accounting for greater than 10% of consolidated net sales.

The following table presents net sales and property, plant and equipment, net, by the country in which the legal subsidiary is domiciled and assets are located:

	Net Sales						Property, Plant and Equipment, Net
($ in millions)	2016		2015		2014		2016		2015		2014
United States	$	738.3	$	667.4	$	630.7	$	329.3	$	332.3	$	327.5
Germany	200.6		194.0		219.4		96.8		102.9		110.9
France	116.3		107.6		118.2		37.1		38.6		40.4
Other European countries	268.3		252.0		285.0		192.3		117.6		91.5
Other	185.6		178.8		168.1		122.8		129.6		135.5
	$	1,509.1	$	1,399.8	$	1,421.4	$	778.3	$	721.0	$	705.8

The following tables provide summarized financial information for our segments:

($ in millions)	Proprietary Products		Contract-Manufactured Products		Corporate and Elimination			Consolidated
2016
Net sales	$	1,189.9	$	320.2	$	(1.0	)	$	1,509.1
Operating profit	$	241.9	$	38.2	$	(83.3	)	$	196.8
Interest expense, net	—		—		(7.0		)	(7.0		)
Income before income taxes	$	241.9	$	38.2	$	(90.3	)	$	189.8
Segment assets	$	1,173.9	$	261.1	$	281.7		$	1,716.7
Capital expenditures	133.2		34.0		3.0			170.2
Depreciation and amortization expense	71.7		14.9		4.1			90.7
2015
Net sales	$	1,098.3	$	302.4	$	(0.9	)	$	1,399.8
Operating profit	$	212.2	$	35.5	$	(119.1	)	$	128.6
Interest expense, net	—		—		(12.5		)	(12.5		)
Income before income taxes	$	212.2	$	35.5	$	(131.6	)	$	116.1
Segment assets	$	1,083.7	$	248.5	$	362.9		$	1,695.1
Capital expenditures	113.2		22.1		(3.7		)	131.6
Depreciation and amortization expense	69.9		14.2		5.8			89.9
2014
Net sales	$	1,126.3	$	295.7	$	(0.6	)	$	1,421.4
Operating profit	$	199.6	$	36.9	$	(54.5	)	$	182.0
Interest expense, net	—		—		(13.0		)	(13.0		)
Income before income taxes	$	199.6	$	36.9	$	(67.5	)	$	169.0
Segment assets	$	1,185.5	$	234.0	$	250.2		$	1,669.7
Capital expenditures	88.4		26.9		(3.4		)	111.9
Depreciation and amortization expense	71.6		12.7		5.7			90.0