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Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service.
The following table presents the approximate percentage of our net sales by market group:
Three Months Ended
March 31,
20242023
Biologics
37 %
34 %
Generics
 18 %
20 %
Pharma
25 %
27 %
Contract-Manufactured Products
20 %
19 %
100 %
100 %

The following table presents the approximate percentage of our net sales by product category:
Three Months Ended
March 31,
20242023
High-Value Product Components
47 %
51 %
High-Value Product Delivery Devices
11 %
7 %
Standard Packaging
22 %
23 %
Contract-Manufactured Products
20 %
19 %
100 %
100 %

Due to the Company's reassessment of product categories, beginning in the second quarter of 2023, certain product types have been moved from High-Value Product Components to High-Value Product Delivery Devices. No adjustments were made to the product categorization prior to the second quarter of 2023.

The following table presents the approximate percentage of our net sales by geographic location:
Three Months Ended
March 31,
20242023
Americas
43 %
44 %
Europe, Middle East, Africa
48 %
47 %
Asia Pacific
9 %
9 %
100 %
100 %
Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities, excluding amounts included in accounts receivable, net:
($ in millions)
Contract assets, December 31, 2023$21.5 
Contract assets, March 31, 2024
19.9 
Change in contract assets - (decrease) increase$(1.6)
Deferred income, December 31, 2023$(53.9)
Deferred income, March 31, 2024
(57.9)
Change in deferred income - (increase) decrease$(4.0)

Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the three months ended March 31, 2024, $15.5 million of revenue was recognized that was included in deferred income at the beginning of the year.

The majority of the performance obligations within our contracts are satisfied within one year or less. Performance obligations satisfied beyond one year include those relating to a nonrefundable customer payment of $20.0 million received in June 2013 in return for the exclusive use of the SmartDose® technology platform within a specific therapeutic area. As of March 31, 2024, there was $1.9 million of deferred income related to this payment, of which $0.9 million was included in other current liabilities and $1.0 million was included in other long-term liabilities. The deferred income is being recognized as income on a straight-line basis over the remaining term of the agreement. The agreement does not include a future minimum purchase commitment from the customer.