Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

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)	2023		2022
Net sales:
Proprietary Products	$	583.1	$	601.3
Contract-Manufactured Products	133.5		118.7
Intersegment sales elimination	—		—
Consolidated net sales	$	716.6	$	720.0

Schedule of Segment Reporting Information, by Segment

The following table provides summarized financial information for our segments:

	Three Months Ended March 31,
($ in millions)	2023		2022
Proprietary Products	$	170.7	$	193.4
Contract-Manufactured Products	17.4		19.1
Total business segment operating profit	$	188.1	$	212.5
Corporate and Unallocated
Stock-based compensation expense	$	(8.5)	$	(5.5)
Corporate general costs (1)	(14.7)		(17.1)
Unallocated Items:
Asset impairment for planned sale of plant (2)	(9.4)		—
Amortization of acquisition-related intangible assets (3)	(0.2)		(0.2)
Total Corporate and Unallocated	(32.8)		(22.8)
Total consolidated operating profit	$	155.3	$	189.7
Interest (income) expense, net	(2.6)		1.9
Income before income taxes and equity in net income of affiliated companies	$	157.9	$	187.8

(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, 2023, in preparation for the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment, the Company recorded an impairment expense of $9.4 million within other expense (income) and a corresponding reduction to the disposal group net assets to its fair value less cost to sell. The transaction is expected to close during the second quarter of 2023.

(3) During the three months ended March 31, 2023 and 2022, we recorded $0.2 million of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020.

Please refer to Note 15, Other Expense (Income), for further discussion of certain unallocated items referenced above.