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Segment Information
 3 Months Ended
Mar. 31, 2024
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 information about our reportable segments, reconciled to consolidated totals:
Three Months Ended
March 31,
($ in millions)20242023
Net sales:
Proprietary Products$559.5 $583.1 
Contract-Manufactured Products135.9 133.5 
Consolidated net sales$695.4 $716.6 
The following table provides summarized financial information for our segments:
Three Months Ended
March 31,
($ in millions)20242023
Proprietary Products$126.3 $170.7 
Contract-Manufactured Products17.1 17.4 
Total business segment operating profit$143.4 $188.1 
Corporate and Unallocated
Stock-based compensation expense$(5.0)$(8.5)
Corporate general costs (1)
(15.4)(14.7)
Unallocated Items:
Loss on disposal of plant (2)
— (9.4)
Amortization of acquisition-related intangible assets (3)
(0.2)(0.2)
Total Corporate and Unallocated(20.6)(32.8)
Total consolidated operating profit$122.8 $155.3 
Interest (income) expense, net(4.6)(2.6)
Income before income taxes and equity in net income of affiliated companies$127.4 $157.9 

(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 the three months ended March 31, 2023, the Company recorded expense of $9.4 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 months ended March 31, 2024 and 2023, 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 14, Other Expense (Income), for further discussion of certain unallocated items referenced above.