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Segment Information
 12 Months Ended
Dec. 31, 2022
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") evaluates 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, 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 following table presents net sales information about our reportable segments, reconciled to consolidated totals:
($ in millions)202220212020
Net sales:
Proprietary Products$2,406.8 $2,317.3 $1,648.6 
Contract-Manufactured Products480.4 514.7 498.6 
Intersegment sales elimination(0.3)(0.4)(0.3)
Consolidated net sales$2,886.9 $2,831.6 $2,146.9 
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 long-lived assets, by the country in which the legal subsidiary is domiciled and assets are located:
Net SalesLong-Lived Assets
($ in millions)20222021202020222021
United States$1,286.5 $1,198.0 $975.6 $611.5 $504.1 
Germany398.7 474.3 282.1 139.0 124.1 
Ireland240.3 247.6 226.0 179.5 187.3 
France237.9 213.0 172.7 68.8 86.1 
Other European countries359.2 341.3 236.8 81.8 65.1 
Other364.3 357.4 253.7 182.1 160.1 
$2,886.9 $2,831.6 $2,146.9 $1,262.7 $1,126.8 

The following tables provide summarized financial information for our segments:

($ in millions)202220212020
Operating profit (loss):
      Proprietary Products$784.4 $796.1 $434.5 
      Contract-Manufactured Products60.4 67.2 68.6 
Total business segment operating profit$844.8 $863.3 $503.1 
Corporate and Unallocated
Stock-based compensation expense$(23.7)$(37.5)$(34.0)
Corporate general costs (1)
(59.1)(63.4)(52.1)
Unallocated Items:
Restructuring and severance related charges (2)
(23.8)(2.2)(7.0)
Amortization of acquisition-related intangible assets (3)
(0.7)(0.8)(0.6)
Asset impairment (4)
— (2.8)— 
Cost investment activity (5)
(3.5)(4.3)(2.5)
Total Corporate and Unallocated$(110.8)$(111.0)$(96.2)
Total consolidated operating profit$734.0 $752.3 $406.9 
Interest expense (income) and other nonoperating expense (income), net (6)
54.1 3.4 5.6 
Income before income taxes and equity in net income of affiliated companies$679.9 $748.9 $401.3 

(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 2022, the Company recorded restructuring and related charges of $23.8 million, which primarily included a charge of $8.7 million in net severance and post-employment benefits primarily in connection with our plan to adjust our operating cost base and $15.3 million in asset-related charges associated with this plan. During 2021 and 2020, the Company recorded a restructuring and severance related charge of $2.2 million and $7.0 million, respectively, to optimize certain organizational structure within the Company.
(3) During 2022, 2021 and 2020, the company recorded $0.7 million, $0.8 million and $0.6 million, respectively, of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020.

(4) During 2021, the Company recorded a $2.8 million impairment charge for certain long-lived and intangible assets within the Proprietary Products segment as it determined the carrying value was not fully recoverable. $1.9 million of this charge is recorded in Cost of Goods and Services Sold and $0.9 million of the charge is recorded in Selling, General, and Administrative expense, due to the nature of the impaired assets.

(5) During 2022, the Company recorded a cost investment impairment charge of $3.5 million. During 2021, the net cost investment activity was equal to $4.3 million, inclusive of an impairment charge of $4.6 million partially offset by a $0.3 million gain on the sale of a cost investment. During 2020, the Company recorded a cost investment impairment charge of $2.5 million.

(6) During 2022, the Company recorded a $52.2 million pension settlement charge, which primarily related to the full settlement and relief of the historical balance sheet position, inclusive of accumulated other comprehensive income, of the U.S. pension plan. During 2021 and 2020, we recorded a $1.8 million and $3.7 million, respectively, pension settlement charge, as we determined that normal-course lump-sum payments for the U.S. pension plan exceeded the threshold for settlement accounting under U.S. GAAP for the year.

Please refer to Note 16, Other Expense (Income), for further discussion of unallocated items.

The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:
($ in millions)
Assets20222021
Proprietary Products$2,578.3 $2,152.6 
Contract-Manufactured Products480.3 443.7 
Corporate and Unallocated558.2 717.5 
Total consolidated$3,616.8 $3,313.8 

($ in millions)
Depreciation and Amortization202220212020
Proprietary Products$96.9 $93.8 $84.6 
Contract-Manufactured Products19.0 21.1 20.4 
Corporate and Unallocated4.7 7.4 4.1 
Total consolidated$120.6 $122.3 $109.1 
($ in millions)
Capital Expenditures202220212020
Proprietary Products$237.3 $218.0 $139.5 
Contract-Manufactured Products34.0 26.6 25.0 
Corporate and Unallocated13.3 8.8 9.9 
Total consolidated$284.6 $253.4 $174.4