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Segment Information
 12 Months Ended
Dec. 31, 2023
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)202320222021
Net sales:
Proprietary Products$2,397.3 $2,406.8 $2,317.3 
Contract-Manufactured Products552.5 480.4 514.7 
Intersegment sales elimination— (0.3)(0.4)
Consolidated net sales$2,949.8 $2,886.9 $2,831.6 

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

In 2023, one of our customers individually accounted for more than 10% of consolidated net sales, at 10.9% or $322.1 million, contributing to net sales in both the Proprietary and Contract Manufacturing reportable segments. We did not have any customers accounting for greater than 10% of consolidated net sales in 2022 or 2021.

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)20232022202120232022
United States$1,238.5 $1,286.5 $1,198.0 $757.1 $611.5 
Germany406.1 398.7 474.3 176.0 139.0 
Ireland285.7 240.3 247.6 207.0 179.5 
France282.9 237.9 213.0 78.5 68.8 
Other European countries388.1 359.2 341.3 99.2 81.8 
Other348.5 364.3 357.4 194.7 182.1 
$2,949.8 $2,886.9 $2,831.6 $1,512.5 $1,262.7 
The following tables provide summarized financial information for our segments:

($ in millions)202320222021
Operating profit (loss):
      Proprietary Products$710.1 $784.4 $796.1 
      Contract-Manufactured Products72.1 60.4 67.2 
Total business segment operating profit$782.2 $844.8 $863.3 
Corporate and Unallocated
Stock-based compensation expense$(23.3)$(23.7)$(37.5)
Corporate general costs (1)
(68.3)(59.1)(63.4)
Unallocated Items:
Restructuring and other charges (2)
2.0 (23.8)(2.2)
Amortization of acquisition-related intangible assets (3)
(0.7)(0.7)(0.8)
Cost investment activity (4)
(4.3)(3.5)(4.3)
Loss on disposal of plant (5)
(11.6)— — 
Asset impairment (5)
— — (2.8)
Total Corporate and Unallocated(106.2)(110.8)(111.0)
Total consolidated operating profit$676.0 $734.0 $752.3 
Interest (income) expense and other nonoperating (income) expense, net(22.0)54.1 3.4 
Income before income taxes and equity in net income of affiliated companies$698.0 $679.9 $748.9 

(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 2023, the Company recorded a benefit to restructuring and other charges of $2.0 million, which represents the net impact of a $2.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan and an inventory write down of $0.8 million within cost of goods and services sold. During 2022, the Company recorded expense to restructuring and other 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, the Company recorded expense to restructuring and other charges of $2.2 million to optimize certain organizational structures within the Company.

(3) During 2023, 2022 and 2021, the company recorded $0.7 million, $0.7 million and $0.8 million, respectively, of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020.

(4) During 2023, the Company recorded a cost investment impairment charge of $4.3 million. 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.

(5) During 2023, the Company recorded expense of $11.6 million, 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. During 2021, the Company recorded a $2.8 million impairment charge for certain long-lived and intangible assets related to the Company's manufacturing facility within the Proprietary Products segment that was sold during the second quarter of 2023, as it determined the carrying value was not fully recoverable. $1.9 million of this charge was recorded within 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.
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)
Assets20232022
Proprietary Products$2,629.1 $2,578.3 
Contract-Manufactured Products527.5 480.3 
Corporate and Unallocated672.9 558.2 
Total consolidated$3,829.5 $3,616.8 

($ in millions)
Depreciation and Amortization202320222021
Proprietary Products$112.9 $96.9 $93.8 
Contract-Manufactured Products20.4 19.0 21.1 
Corporate and Unallocated4.0 4.7 7.4 
Total consolidated$137.3 $120.6 $122.3 
($ in millions)
Capital Expenditures202320222021
Proprietary Products$259.1 $237.3 $218.0 
Contract-Manufactured Products90.2 34.0 26.6 
Corporate and Unallocated12.7 13.3 8.8 
Total consolidated$362.0 $284.6 $253.4