Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023		2022		2023		2022
Net sales:
Proprietary Products	$	602.5	$	567.0	$	1,803.6	$	1,822.0
Contract-Manufactured Products	144.9		120.0		414.2		356.5
Intersegment sales elimination	—		(0.1)		—		(0.3)
Consolidated net sales	$	747.4	$	686.9	$	2,217.8	$	2,178.2

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

The following table provides summarized financial information for our segments:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Operating profit (loss):
Proprietary Products	$	181.6	$	188.6	$	546.5	$	615.9
Contract-Manufactured Products	21.0		14.7		53.3		48.0
Total business segment operating profit	$	202.6	$	203.3	$	599.8	$	663.9
Corporate and Unallocated
Stock-based compensation expense	$	(5.9)	$	(6.0)	$	(21.9)	$	(17.0)
Corporate general costs (1)	(15.9)		(10.9)		(47.2)		(43.6)
Unallocated Items:
Loss on disposal of plant (2)	—		—		(11.6)		—
Cost investment impairment (3)	(3.3)		—		(3.3)		—
Restructuring and other charges (4)	—		—		(0.1)		1.6
Amortization of acquisition-related intangible assets (5)	(0.2)		(0.2)		(0.6)		(0.6)

Total Corporate and Unallocated	(25.3)		(17.1)		(84.7)		(59.6)
Total consolidated operating profit	$	177.3	$	186.2	$	515.1	$	604.3
Interest (income) expense and other nonoperating (income) expense, net	(9.7)		50.0		(14.7)		53.1
Income before income taxes and equity in net income of affiliated companies	$	187.0	$	136.2	$	529.8	$	551.2

(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 nine months ended September 30, 2023, the Company recorded expense of $11.6 million within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023.

(3) During the three and nine months ended September 30, 2023, the Company recorded expense of $3.3 million within other expense (income), as a result of an impairment of one of the Company's cost investments.

(4) Restructuring and other charges of $0.1 million for the nine months ended September 30, 2023 represents the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan. During the nine months ended September 30, 2022, the Company recorded a benefit within other expense (income) of $1.6 million for restructuring and severance related costs in connection with its 2020 plan related to revised severance estimates.

(5) During the three and nine months ended September 30, 2023, the Company recorded $0.2 million and $0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three and nine months ended September 30, 2022, the Company recorded $0.2 million and $0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020.