West Pharmaceutical Services (WST) 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 19, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-8036
Entity Registrant Name	WEST PHARMACEUTICAL SERVICES, INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1210010
Entity Address, Address Line One	530 Herman O. West Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341-0645
City Area Code	610
Local Phone Number	594-2900
Title of each class	Common Stock, par value $0.25 per share
Trading Symbol	WST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,979,087
Entity Central Index Key	0000105770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 723.6	$ 527.2	$ 1,394.3	$ 1,018.7
Cost of goods and services sold	408.5	332.1	807.3	656.6
Gross profit	315.1	195.1	587	362.1
Research and development	13.8	10.8	26	21.5
Selling, general and administrative expenses	92.7	77.7	172.9	149.5
Other expense (income) (Note 15)	(2.7)	3	1.2	(0.5)
Operating profit	211.3	103.6	386.9	191.6
Interest expense	1.9	2	3.8	4
Interest income	(0.2)	(0.2)	(0.3)	(1)
Other nonoperating (income) expense	(1.4)	(0.2)	(2.5)	0.1
Income before income taxes	211	102	385.9	188.5
Income tax expense	32.3	16	61	31
Equity in net income of affiliated companies	(8.6)	(5.2)	(13.6)	(8)
Net income	$ 187.3	$ 91.2	$ 338.5	$ 165.5
Net income per share:
Basic (in dollars per share)	$ 2.53	$ 1.24	$ 4.58	$ 2.24
Diluted (in dollars per share)	$ 2.47	$ 1.21	$ 4.47	$ 2.19
Weighted average shares outstanding:
Basic (in shares)	74	73.8	74	73.8
Diluted (in shares)	75.7	75.5	75.8	75.5

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 187.3	$ 91.2	$ 338.5	$ 165.5
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	5.7	13	(22.7)	(34.3)
Defined benefit pension and other postretirement plan adjustments, net of tax of $0, $(1.7), $0.2, and $(1.1), respectively	0.1	(5.8)	0.7	(3.8)
Net (loss) gain on derivatives, net of tax of $0.8, $(1.5), $0 and $(0.2), respectively	1.2	(2.7)	(0.6)	(0.1)
Other comprehensive income (loss), net of tax	7	4.5	(22.6)	(38.2)
Comprehensive income	$ 194.3	$ 95.7	$ 315.9	$ 127.3

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Defined benefit pension and other postretirement plan adjustments, tax	$ 0	$ (1.7)	$ 0.2	$ (1.1)
Net gain (loss) on derivatives, tax	$ 0.8	$ (1.5)	$ 0	$ (0.2)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 576.2	$ 615.5
Accounts receivable, net	480.5	385.3
Inventories	345.2	321.3
Other current assets	75.1	51.6
Total current assets	1,477	1,373.7
Property, plant and equipment	2,098.4	2,035.5
Less: accumulated depreciation and amortization	1,125.3	1,092.3
Property, plant and equipment, net	973.1	943.2
Operating lease right-of-use assets	62.8	68.3
Investments in affiliated companies	211.7	214.7
Goodwill	110	111.1
Intangible assets, net	27.8	30.5
Deferred income taxes	28.8	16
Pension and other postretirement benefits	16	12.9
Other noncurrent assets	26.3	23.4
Total Assets	2,933.5	2,793.8
Current liabilities:
Notes payable and other current debt	2.3	2.3
Accounts payable	205.1	213.1
Pension and other postretirement benefits	2.4	2.3
Accrued salaries, wages and benefits	87.7	106
Income taxes payable	17.7	26
Operating lease liabilities	9.3	10.1
Other current liabilities	148.1	143.6
Total current liabilities	472.6	503.4
Long-term debt	251.8	252.9
Deferred income taxes	12.2	10.4
Pension and other postretirement benefits	54	57.5
Operating lease liabilities	56	60.4
Deferred compensation benefits	24.7	22.9
Other long-term liabilities	29.6	31.8
Total Liabilities	900.9	939.3
Commitments and contingencies (Note 17)
Equity:
Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding	0	0
Common stock, par value $0.25 per share; 200.0 million shares authorized; shares issued: 75.3 million and 75.3 million; shares outstanding: 74.0 million and 74.0 million	18.8	18.8
Capital in excess of par value	248	267.3
Retained earnings	2,160.2	1,846.7
Accumulated other comprehensive loss	(133.2)	(110.6)
Treasury stock, at cost (1.3 million and 1.3 million shares)	(261.2)	(167.7)
Total Equity	2,032.6	1,854.5
Total Liabilities and Equity	$ 2,933.5	$ 2,793.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	75,300,000	75,300,000
Common stock, shares outstanding (in shares)	74,000,000	74,000,000
Treasury stock, at cost (in shares)	1,300,000	1,300,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 338.5	$ 165.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	55.7	50.1
Amortization	2.2	2.1
Stock-based compensation	16.2	17.7
Pension settlement charge	0.7	2.3
Contingent consideration payments in excess of acquisition-date liability	(0.8)	(0.3)
Other non-cash items, net	(10.9)	(4.9)
Changes in assets and liabilities	(168.5)	(27.3)
Net cash provided by operating activities	233.1	205.2
Cash flows from investing activities:
Capital expenditures	(111.6)	(69.2)
Purchase of intangibles	0	(3.8)
Other, net	1.2	0.2
Net cash used in investing activities	(110.4)	(72.8)
Cash flows from financing activities:
Repayments of long-term debt	(1.1)	(1.1)
Dividend payments	(25.2)	(23.6)
Proceeds from stock-based compensation awards	17.8	18.4
Employee stock purchase plan contributions	3.9	2.9
Shares purchased under share repurchase programs	(137.1)	(115.5)
Shares repurchased for employee tax withholdings	(14.4)	(2.3)
Net cash used in financing activities	(156.1)	(121.2)
Effect of exchange rates on cash	(5.9)	(4.4)
Net (decrease) increase in cash and cash equivalents	(39.3)	6.8
Cash, including cash equivalents at beginning of period	615.5	439.1
Cash, including cash equivalents at end of period	$ 576.2	$ 445.9

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation : The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three and six months ended June 30, 2021, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “ 2020 Annual Report ”). The results of operations for any interim period are not necessarily indicative of results for the full year. West has been actively monitoring the novel coronavirus (“COVID-19”) situation and its impact globally. Throughout the COVID-19 pandemic, production facilities have continued to operate as they had prior to the pandemic, other than for enhanced safety measures intended to prevent the spread of the virus and higher levels of production at certain plant locations to meet additional customer demand. The remote working arrangements and travel restrictions imposed by various governments have had limited impact on our ability to maintain operations, as our manufacturing operations have generally been exempted from stay-at-home orders.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Standards Issued Not Yet Adopted In March 2020, the FASB issued guidance which provides optional expedients and exceptions to address the impact of reference rate reform where contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate need to be discontinued. This guidance was effective upon issuance and generally can be applied through December 31, 2022. We are currently evaluating the impact to our financial statements, the transition, and disclosure requirements of this guidance.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	RevenueOur 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 ASC Topic 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 Six Months Ended 2021 2020 2021 2020 Biologics 41 % 28 % 40 % 28 % Generics 16 % 21 % 17 % 20 % Pharma 24 % 27 % 24 % 28 % Contract-Manufactured Products 19 % 24 % 19 % 24 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: Three Months Ended Six Months Ended 2021 2020 2021 2020 High-Value Product Components 55 % 44 % 54 % 44 % High-Value Product Delivery Devices 4 % 6 % 4 % 5 % Standard Packaging 22 % 26 % 23 % 27 % Contract-Manufactured Products 19 % 24 % 19 % 24 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by geographic location: Three Months Ended Six Months Ended 2021 2020 2021 2020 Americas 43 % 50 % 45 % 49 % Europe, Middle East, Africa 47 % 42 % 45 % 43 % Asia Pacific 10 % 8 % 10 % 8 % 100 % 100 % 100 % 100 % Contract Assets and Liabilities The following table summarizes our contract assets and liabilities, excluding contract assets included in accounts receivable, net: ($ in millions) Contract assets, December 31, 2020 $ 10.9 Contract assets, June 30, 2021 10.1 Change in contract assets - increase (decrease) $ (0.8) Deferred income, December 31, 2020 $ (57.1) Deferred income, June 30, 2021 (40.0) Change in deferred income - decrease (increase) $ 17.1 Starting in the third quarter of 2020, the Company entered into new capacity reservation agreements, which include the receipt of up-front cash. The decrease in the deferred income balance is primarily due to the revenue recognition associated with the capacity reservation agreements, which is to be recognized over the next 1 to 2 years. During the six months ended June 30, 2021, $28.4 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 June 30, 2021, there was $4.3 million of unearned income related to this payment, of which $0.9 million was included in other current liabilities and $3.4 million was included in other long-term liabilities. The unearned 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.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The following table reconciles the shares used in the calculation of basic net income per share to those used for diluted net income per share: Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Net income $ 187.3 $ 91.2 $ 338.5 $ 165.5 Weighted average common shares outstanding 74.0 73.8 74.0 73.8 Dilutive effect of equity awards, based on the treasury stock method 1.7 1.7 1.8 1.7 Weighted average shares assuming dilution 75.7 75.5 75.8 75.5 During the three months ended June 30, 2021 and 2020, there were 0.1 million and 0.2 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive. There were 0.1 million and 0.2 million antidilutive shares outstanding during the six months ended June 30, 2021 and 2020, respectively. In December 2020, we announced a share repurchase program for calendar-year 2021 authorizing the repurchase of up to 631,000 shares of our common stock from time to time on the open market or in privately-negotiated transactions as permitted under Exchange Act Rule 10b-18. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions. There were no shares purchased during the three months ended June 30, 2021. During the six months ended June 30, 2021, we purchased 479,000 shares of our common stock under the program at a cost of $137.1 million, or an average price of $286.23 per share. This share repurchase program is expected to be completed by December 31, 2021.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are valued at the lower of cost (on a first-in, first-out basis) and net realizable value. Inventory balances were as follows: ($ in millions) June 30, December 31, Raw materials $ 130.2 $ 133.5 Work in process 65.8 54.9 Finished goods 149.2 132.9 $ 345.2 $ 321.3

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset. Lease payments included in the measurement of the operating lease right-of-use assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise. The components of lease expense were as follows: Three Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Operating lease cost $ 3.1 $ 3.1 $ 6.2 $ 6.2 Short-term lease cost 0.3 0.1 0.5 0.3 Variable lease cost 1.4 0.8 2.2 1.6 Total lease cost $ 4.8 $ 4.0 $ 8.9 $ 8.1 Supplemental cash flow information related to leases were as follows: Three Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3.1 $ 3.2 $ 6.3 $ 6.4 Right-of-use assets obtained in exchange for new operating lease liabilities $ 0.3 $ 1.8 $ 0.8 $ 4.3 As of June 30, 2021 and December 31, 2020, the weighted average remaining lease term for operating leases was 11.0 and 11.1 years, respectively. As of June 30, 2021 and December 31, 2020, the weighted average discount rate was 3.66% and 3.68%, respectively. Maturities of operating lease liabilities were as follows: ($ in millions) June 30, December 31, Year 2021 2020 2021 (remaining period as of ) $ 6.0 $ 12.4 2022 10.5 10.4 2023 9.4 9.3 2024 8.7 8.7 2025 6.9 6.9 Thereafter 37.1 37.5 78.6 85.2 Less: imputed lease interest (13.3) (14.7) Total lease liabilities $ 65.3 $ 70.5

Affiliated Companies

Affiliated Companies	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Affiliated Companies	Affiliated Companies At June 30, 2021 and December 31, 2020, the aggregate carrying amount of our investment in affiliated companies that are accounted for under the equity method was $203.1 million and $201.9 million, respectively, and the aggregate carrying amount of our investment in affiliated companies that are not accounted for under the equity method was $8.6 million and $12.8 million, respectively. We have elected to record these investments, for which fair value was not readily determinable, at cost, less impairment, adjusted for subsequent observable price changes. We test these investments for impairment whenever circumstances indicate that the carrying value of the investments may not be recoverable. Our purchases from, and royalty payments made to, affiliates totaled $47.6 million and $85.6 million, respectively, for the three and six months ended June 30, 2021, as compared to $27.9 million and $60.4 million, respectively, for the same period in 2020. As of June 30, 2021 and December 31, 2020, the payable balance due to affiliates was $18.9 million and $33.6 million, respectively. The majority of these transactions related to a distributorship agreement with Daikyo that allows us to purchase and re-sell Daikyo products. Sales to affiliates were $3.1 million and $6.0 million, respectively, for the three and six months ended June 30, 2021, as compared to $2.8 million and $5.0 million, respectively, for the same periods in 2020. As of June 30, 2021 and December 31, 2020, the receivable balance due from affiliates was $2.5 million and $1.4 million, respectively. Please refer to Note 7, Affiliated Companies , to the consolidated financial statements in our 2020 Annual Report for additional details.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of June 30, 2021. ($ in millions) June 30, December 31, Term Loan, due December 31, 2024 (1.02%) $ 86.6 $ 87.7 Series A notes, due July 5, 2022 (3.67%) 42.0 42.0 Series B notes, due July 5, 2024 (3.82%) 53.0 53.0 Series C notes, due July 5, 2027 (4.02%) 73.0 73.0 254.6 255.7 Less: unamortized debt issuance costs 0.5 0.5 Total debt 254.1 255.2 Less: current portion of long-term debt 2.3 2.3 Long-term debt, net $ 251.8 $ 252.9 Please refer to Note 8, Debt , to the consolidated financial statements in our 2020 Annual Report for additional details regarding our debt agreements. Credit Agreement - Credit Facility At June 30, 2021, the borrowing capacity available under our $300.0 million multi-currency revolving credit facility (the “Credit Facility”), including outstanding letters of credit of $2.4 million, was $297.6 million. Credit Agreement Amendment - Term Loan At June 30, 2021, we had $86.6 million in borrowings under the Term Loan, of which $2.3 million was classified as current and $84.3 million was classified as long-term. Please refer to Note 9, Derivative Financial Instruments , for a discussion of the foreign currency hedge associated with the Term Loan.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Our ongoing business operations expose us to various risks, such as fluctuating interest rates, foreign currency exchange rates and increasing commodity prices. To manage these market risks, we periodically enter into derivative financial instruments, such as interest rate swaps, options and foreign exchange contracts for periods consistent with, and for notional amounts equal to or less than, the related underlying exposures. We do not purchase or hold any derivative financial instruments for investment or trading purposes. All derivatives are recorded in our condensed consolidated balance sheet at fair value. Foreign Exchange Rate Risk We have entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany loans. As of both June 30, 2021 and December 31, 2020, the total amount of these forward exchange contracts was Singapore Dollar (“SGD”) 601.5 million and $13.4 million. In addition, we have entered into several foreign currency contracts, designated as cash flow hedges, for periods of up to eighteen months, intended to hedge the currency risk associated with a portion of our forecasted transactions denominated in foreign currencies. As of June 30, 2021, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows: (in millions) Sell Currency Purchase USD Euro USD 38.7 — 32.6 Yen 8,568.0 35.5 38.0 SGD 47.8 28.6 5.8 In December 2019, we entered into a cross-currency swap for $90 million, which we designated as a hedge of our net investment in Daikyo. The notional amount of the cross-currency swap is ¥9.5 billion ($86.6 million) and the swap termination date is December 31, 2024. Under the cross-currency swap, we receive floating interest rate payments based on three-month U.S. Dollar (“USD”) LIBOR plus a margin, in return for paying floating interest rate payments based on three-month Japanese Yen (“Yen”) LIBOR plus a margin. Commodity Price Risk Many of our proprietary products are made from synthetic elastomers, which are derived from the petroleum refining process. We purchase the majority of our elastomers via long-term supply contracts, some of which contain clauses that provide for surcharges related to fluctuations in crude oil prices. The following economic hedges did not qualify for hedge accounting treatment since they did not meet the highly effective requirement at inception. From November 2017 through June 2021, we purchased several series of call options for a total of 552,686 barrels of crude oil to mitigate our exposure to such oil-based surcharges and protect operating cash flows with regard to a portion of our forecasted elastomer purchases. As of June 30, 2021, we had outstanding contracts to purchase 171,634 barrels of crude oil from July 2021 to December 2022, at a weighted-average strike price of $65.77 per barrel. Effects of Derivative Instruments on Financial Position and Results of Operations Please refer to Note 10, Fair Value Measurements , for the balance sheet location and fair values of our derivative instruments as of June 30, 2021 and December 31, 2020. The following table summarizes the effects of derivative instruments designated as fair value hedges on the condensed consolidated statements of income: Amount of (Gain) Loss Recognized in Income for the Amount of (Gain) Loss Recognized in Income for the Three Months Ended Six Months Ended Location on Statement of Income ($ in millions) 2021 2020 2021 2020 Fair Value Hedges: Hedged item (intercompany loan) $ 4.8 $ (1.2) $ (5.1) $ 15.9 Other expense (income) Derivative designated as hedging instrument (4.8) 1.2 5.1 (15.9) Other expense (income) Amount excluded from effectiveness testing (0.6) (2.0) (1.2) (3.9) Other expense (income) Total $ (0.6) $ (2.0) $ (1.2) $ (3.9) We recognize in earnings the initial value of forward point components on a straight-line basis over the life of the fair value hedge. The amounts recognized in earnings, pre-tax, for forward point components for the three and six months ended June 30, 2021 and 2020 were $0.6 million, $1.2 million, and $1.7 million, $3.7 million, respectively. The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax: Amount of Gain (Loss) Recognized in OCI for the Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the Location of (Gain) Loss Reclassified from Accumulated OCI into Income Three Months Ended Three Months Ended ($ in millions) 2021 2020 2021 2020 Fair Value Hedges Foreign currency hedge contracts $ 0.2 $ (0.7) $ 0.4 $ (1.3) Other expense (income) Total $ 0.2 $ (0.7) $ 0.4 $ (1.3) Cash Flow Hedges: Foreign currency hedge contracts $ (0.4) $ 0.4 $ 0.5 $ (0.3) Net sales Foreign currency hedge contracts (0.9) (0.7) 1.5 (0.2) Cost of goods and services sold Forward treasury locks — — — 0.1 Interest expense Total $ (1.3) $ (0.3) $ 2.0 $ (0.4) Net Investment Hedges: Cross-currency swap $ 0.4 $ 0.6 $ — $ — Other expense (income) Total $ 0.4 $ 0.6 $ — $ — Amount of Gain (Loss) Recognized in OCI for the Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the Location of (Gain) Loss Reclassified from Accumulated OCI into Income Six Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Fair Value Hedges Foreign currency hedge contracts $ (0.4) $ 2.9 $ 0.8 $ (2.6) Other expense (income) Total $ (0.4) $ 2.9 $ 0.8 $ (2.6) Cash Flow Hedges: Foreign currency hedge contracts $ (0.7) $ 0.5 $ 0.9 $ (0.5) Net sales Foreign currency hedge contracts (2.8) (0.3) 1.5 (0.2) Cost of goods and services sold Forward treasury locks — — 0.1 0.1 Interest expense Total $ (3.5) $ 0.2 $ 2.5 $ (0.6) Net Investment Hedges: Cross-currency swap $ 5.4 $ (0.6) $ — $ — Other expense (income) Total $ 5.4 $ (0.6) $ — $ — The following table summarizes the effects of derivative instruments designated as fair value, cash flow, and net investment hedges by line item in our condensed consolidated statements of income: Three Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Net sales $ 0.5 $ (0.3) $ 0.9 $ (0.5) Cost of goods and services sold 1.5 (0.2) 1.5 (0.2) Interest expense — 0.1 0.1 0.1 Other expense (income) 0.4 (1.3) 0.8 (2.6) The following table summarizes the effects of derivative instruments not designated as hedges on the condensed consolidated statements of income: Amount of Gain (Loss) Recognized in Income for the Amount of Gain (Loss) Recognized in Income for the Three Months Ended Six Months Ended Location on Statement of Income ($ in millions) 2021 2020 2021 2020 Commodity call options $ 0.7 $ — $ 1.1 $ (0.2) Other expense (income) Total $ 0.7 $ — $ 1.1 $ (0.2) For the three and six months ended June 30, 2021 and 2020, there was no material ineffectiveness related to our hedges.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: • Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 : Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3 : Unobservable inputs that reflect the reporting entity’s own assumptions. The following tables present the assets and liabilities recorded at fair value on a recurring basis: Balance at Basis of Fair Value Measurements ($ in millions) June 30, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 14.6 $ 14.6 $ — $ — Foreign currency contracts 7.0 — 7.0 — Cross-currency swap 1.4 — 1.4 — Commodity call options 1.7 — 1.7 — $ 24.7 $ 14.6 $ 10.1 $ — Liabilities: Contingent consideration $ 3.6 $ — $ — $ 3.6 Deferred compensation liabilities 15.5 15.5 — — Foreign currency contracts 3.6 — 3.6 — $ 22.7 $ 15.5 $ 3.6 $ 3.6 Balance at Basis of Fair Value Measurements ($ in millions) December 31, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 12.8 $ 12.8 $ — $ — Foreign currency contracts 3.0 — 3.0 — Commodity call options 0.3 0.3 $ 16.1 $ 12.8 $ 3.3 $ — Liabilities: Contingent consideration $ 3.6 $ — $ — $ 3.6 Deferred compensation liabilities 14.5 14.5 — — Cross-currency swap 5.6 — 5.6 — Foreign currency contracts 9.7 — 9.7 — $ 33.4 $ 14.5 $ 15.3 $ 3.6 Deferred compensation assets are included within other noncurrent assets and are valued using a market approach based on quoted market prices in an active market. The fair value of our foreign currency contracts, included within other current and other noncurrent assets, as well as other current and other long-term liabilities, is valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting date. The fair value of our commodity call options, included within other current and other noncurrent assets, is valued using a market approach. The fair value of our contingent consideration, included within other current and other long-term liabilities, is discussed further in the section related to Level 3 fair value measurements. The fair value of deferred compensation liabilities is based on quoted prices of the underlying employees’ investment selections and is included within other long-term liabilities. The fair value of the cross-currency swap, included within other non-current assets, is valued using a market approach. Please refer to Note 9, Derivative Financial Instruments , for further discussion of our derivatives. All derivatives are recognized on a gross basis as either assets or liabilities in the balance sheet. Level 3 Fair Value Measurements The fair value of the contingent consideration liability related to the SmartDose technology platform (the “SmartDose contingent consideration”) was initially determined using a probability-weighted income approach, and is revalued at each reporting date or more frequently if circumstances dictate. Changes in the fair value of this obligation are recorded as income or expense within other expense (income) in our condensed consolidated statements of income. The significant unobservable inputs used in the fair value measurement of the SmartDose contingent consideration are the sales projections, the probability of success factors, and the discount rate. Significant increases or decreases in any of those inputs in isolation would result in a significantly lower or higher fair value measurement. Sales projections were derived using upside, base and downside forecasted cases for each partnership and applying probability-weighted scenarios of 10%, 50% and 40% to the three cases, respectively, to reflect the likelihood of West meeting the estimated sales projection targets. The probability of success factors included the probabilities of successful FDA approval for each partnership drug, which was estimated in a range of 19% to 100% based on the development phase of each respective drug, and the probability of the successful execution of supply agreements with each partnership, which was estimated in the range of 25% to 100% based on historical, current, and future supply agreements with the respective partnerships. The fair value of this liability utilized a risk-adjusted discount rate of 19% to present value the cash flows. The discount rate is calculated by determining the after-tax required returns on debt and equity and weighting each return by the respective percent of debt and equity to total capital. Key inputs for the discount rate include the risk-free rate on the 20-Year United States Treasury maturity, equity risk premium, company-specific risk premium, pre-tax cost of debt, and U.S. tax rate, among others. As development and commercialization of the SmartDose technology platform progresses, we may need to update the sales projections, the probability of success factors, and the discount rate used. This could result in an increase or decrease to the SmartDose contingent consideration. The following table provides a summary of changes in our Level 3 fair value measurements: ($ in millions) Balance, December 31, 2019 $ 3.3 Increase in fair value recorded in earnings 1.2 Payments (0.9) Balance, December 31, 2020 3.6 Increase in fair value recorded in earnings 0.8 Payments (0.8) Balance, June 30, 2021 $ 3.6 Other Financial Instruments We believe that the carrying amounts of our cash and cash equivalents and accounts receivable approximate their fair values due to their near-term maturities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2021: ($ in millions) (Losses) gains on Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2020 $ (1.9) $ 0.6 $ (40.5) $ (68.8) $ (110.6) Other comprehensive income (loss) before reclassifications (3.9) — 0.1 (22.7) (26.5) Amounts reclassified out from accumulated other comprehensive income (loss) 3.3 — 0.6 — 3.9 Other comprehensive income (loss), net of tax (0.6) — 0.7 (22.7) (22.6) Balance, June 30, 2021 $ (2.5) $ 0.6 $ (39.8) $ (91.5) $ (133.2) A summary of the reclassifications out of accumulated other comprehensive loss is presented in the following table: ($ in millions) Three Months Ended Six Months Ended Location on Statement of Income Detail of components 2021 2020 2021 2020 Gains (losses) on derivatives: Foreign currency contracts $ (0.5) $ 0.3 $ (1.0) $ 0.6 Net sales Foreign currency contracts (2.3) 0.3 (2.3) 0.4 Cost of goods and services sold Foreign currency contracts (0.6) 2.0 (1.2) 4.0 Other expense (income) Forward treasury locks (0.1) (0.1) (0.2) (0.2) Interest expense Total before tax (3.5) 2.5 (4.7) 4.8 Tax benefit (expense) 1.2 (0.8) 1.4 (1.6) Net of tax $ (2.3) $ 1.7 $ (3.3) $ 3.2 Amortization of defined benefit pension and other postretirement plans: Prior service credit $ — $ 0.1 $ 0.1 $ 0.3 (a) Actuarial losses (0.1) (0.1) (0.2) (0.2) (a) Settlements (0.1) (0.9) (0.7) (2.3) (a) Total before tax (0.2) (0.9) (0.8) (2.2) Tax benefit (expense) 0.1 0.3 0.2 0.6 Net of tax $ (0.1) $ (0.6) $ (0.6) $ (1.6) Total reclassifications for the period, net of tax $ (2.4) $ 1.1 $ (3.9) $ 1.6 (a) These components are included in the computation of net periodic benefit cost. Please refer to Note 14, Benefit Plans , for additional details.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders ’ Equity The following table presents the changes in shareholders’ equity for the six months ended June 30, 2021: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained earnings Accumulated other comprehensive loss Total (in millions) Balance, December 31, 2020 75.3 $ 18.8 $ 267.3 1.3 $ (167.7) $ 1,846.7 $ (110.6) $ 1,854.5 Net income — — — — — 151.2 — 151.2 Activity related to stock-based compensation — — (20.6) (0.3) 23.1 — — 2.5 Shares purchased under share repurchase program — — — 0.5 (137.1) — — (137.1) Dividends declared ($0.17 per share) — — — — — (12.5) — (12.5) Other comprehensive loss, net of tax — — — — — — (29.6) (29.6) Balance, March 31, 2021 75.3 $ 18.8 $ 246.7 1.5 $ (281.7) $ 1,985.4 $ (140.2) $ 1,829.0 Net income — — — — — 187.3 — 187.3 Activity related to stock-based compensation — — 1.3 (0.2) 20.5 — — 21.8 Dividends declared ($0.17 per share) — — — — — (12.5) — (12.5) Other comprehensive income, net of tax — — — — — — 7.0 7.0 Balance, June 30, 2021 75.3 $ 18.8 $ 248.0 1.3 $ (261.2) $ 2,160.2 $ (133.2) $ 2,032.6 The following table presents the changes in shareholders’ equity for the six months ended June 30, 2020: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained earnings Accumulated other comprehensive loss Total (in millions) Balance, December 31, 2019 75.3 $ 18.8 $ 272.7 1.2 $ (118.1) $ 1,549.4 $ (149.6) $ 1,573.2 Effect of modified retrospective application of a new accounting standard — — — — — (0.1) — (0.1) Net income — — — — — 74.3 — 74.3 Activity related to stock-based compensation — — (5.1) (0.3) 17.9 — — 12.8 Shares purchased under share repurchase program — — — 0.8 (115.5) — — (115.5) Dividends declared ($0.16 per share) — — — — — (11.8) — (11.8) Other comprehensive loss, net of tax — — — — — — (42.7) (42.7) Balance, March 31, 2020 75.3 $ 18.8 $ 267.6 1.7 $ (215.7) $ 1,611.8 $ (192.3) $ 1,490.2 Net income — — — — — 91.2 — 91.2 Activity related to stock-based compensation — — (4.5) (0.2) 24.9 — — 20.4 Other comprehensive income, net of tax — — — — — — 4.5 4.5 Balance, June 30, 2020 75.3 $ 18.8 $ 263.1 1.5 $ (190.8) $ 1,703.0 $ (187.8) $ 1,606.3

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The West Pharmaceutical Services, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Plan”) provides for the granting of stock options, stock appreciation rights, restricted stock awards and performance awards to employees and non-employee directors. A committee of the Board of Directors determines the terms and conditions of awards to be granted. Vesting requirements vary by award. At June 30, 2021, there were 2,484,562 shares remaining in the 2016 Plan for future grants. During the six months ended June 30, 2021, we granted 157,416 stock options at a weighted average exercise price of $275.02 per share based on the grant-date fair value of our stock to employees under the 2016 Plan. The weighted average grant date fair value of options granted was $63.19 per share as determined by the Black-Scholes option valuation model using the following weighted average assumptions: a risk-free interest rate of 0.7%; expected life of 5.6 years based on prior experience; stock volatility of 23.9% based on historical data; and a dividend yield of 0.3%. Stock option expense is recognized over the vesting period, net of forfeitures. During the six months ended June 30, 2021, we granted 36,174 stock-settled performance share unit (“PSU”) awards at a weighted average grant-date fair value of $329.88 per share to eligible employees. These awards are earned based on the Company’s performance against pre-established targets, including annual growth rate of revenue and return on invested capital, over a specified performance period. Depending on the achievement of the targets, recipients of stock-settled PSU awards are entitled to receive a certain number of shares of common stock. Shares earned under PSU awards may vary from 0% to 200% of an employee’s targeted award. The fair value of stock-settled PSU awards is based on the market price of our stock at the grant date and is recognized as expense over the performance period, adjusted for estimated target outcomes and net of forfeitures. During the six months ended June 30, 2021, we granted 4,637 stock-settled restricted share unit (“RSU”) awards at a weighted average grant-date fair value of $279.92 per share to eligible employees. These awards are earned over a specified performance period. The fair value of stock-settled RSU awards is based on the market price of our stock at the grant date and is recognized as expense over the vesting period, net of forfeitures.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Benefit Plans	Benefit Plans The components of net periodic benefit cost for the three months ended June 30 were as follows: Pension benefits Other retirement benefits Total ($ in millions) 2021 2020 2021 2020 2021 2020 Service cost $ 0.4 $ 0.3 $ — $ — $ 0.4 $ 0.3 Interest cost 1.5 1.9 — — 1.5 1.9 Expected return on assets (3.0) (3.0) — — (3.0) (3.0) Amortization of prior service credit 0.1 — (0.1) (0.1) — (0.1) Recognized actuarial losses (gains) 0.5 0.5 (0.4) (0.4) 0.1 0.1 Settlements 0.1 0.9 — — 0.1 0.9 Net periodic benefit cost $ (0.4) $ 0.6 $ (0.5) $ (0.5) $ (0.9) $ 0.1 Pension benefits Other retirement benefits Total ($ in millions) 2021 2020 2021 2020 2021 2020 U.S. plans $ (1.0) $ 0.2 $ (0.5) $ (0.5) $ (1.5) $ (0.3) International plans 0.6 0.4 — — 0.6 0.4 Net periodic benefit cost $ (0.4) $ 0.6 $ (0.5) $ (0.5) $ (0.9) $ 0.1 The components of net periodic benefit cost for the six months ended June 30 were as follows: Pension benefits Other retirement benefits Total ($ in millions) 2021 2020 2021 2020 2021 2020 Service cost $ 0.8 $ 0.6 $ — $ — $ 0.8 $ 0.6 Interest cost 2.9 3.9 0.1 0.1 3.0 4.0 Expected return on assets (6.1) (6.0) — — (6.1) (6.0) Amortization of prior service credit 0.1 — (0.2) (0.3) (0.1) (0.3) Recognized actuarial losses (gains) 1.0 1.0 (0.8) (0.8) 0.2 0.2 Settlements 0.7 2.3 — — 0.7 2.3 Net periodic benefit cost $ (0.6) $ 1.8 $ (0.9) $ (1.0) $ (1.5) $ 0.8 Pension benefits Other retirement benefits Total ($ in millions) 2021 2020 2021 2020 2021 2020 U.S. plans $ (1.6) $ 1.1 $ (0.9) $ (1.0) $ (2.5) $ 0.1 International plans 1.0 0.7 — — 1.0 0.7 Net periodic benefit cost $ (0.6) $ 1.8 $ (0.9) $ (1.0) $ (1.5) $ 0.8 During the three and six months ended June 30, 2021, we recorded a $0.1 million and $0.7 million pension settlement charge, respectively, within other nonoperating (income) expense, as we determined that normal-course lump-sum payments for our U.S. qualified defined benefit pension plan exceeded the threshold for settlement accounting under U.S. GAAP for the year.

Other Expense (Income)

Other Expense (Income)	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Other Expense (Income)	Other Expense (Income) Other expense (income) consists of: Three Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Restructuring and related charges $ 1.0 $ — $ 2.2 $ — Fixed asset impairments and loss (gain) on sale of equipment 0.2 6.3 0.3 6.5 Contingent consideration 0.2 0.1 0.9 0.1 Foreign exchange transaction gains (2.6) (2.0) (2.9) (5.5) Other items (1.5) (1.4) 0.7 (1.6) Total other expense (income) $ (2.7) $ 3.0 $ 1.2 $ (0.5) Restructuring and Related Charges In July 2020, our Board of Directors approved a restructuring plan designed to optimize certain organizational structures within the Company to better support our continued growth and business priorities. These changes are expected to be implemented over a period of up to twenty-four months from the date of approval. The plan is expected to require restructuring and related charges of approximately $15 million to $17 million. Since its approval, we recorded a net pre-tax amount equal to $6.8 million in restructuring and related charges associated with this plan. The following table presents activity related to our restructuring obligations related to our 2020 restructuring plan: ($ in millions) Severance Asset-related charges Other charges Total Balance, December 31, 2020 $ 4.6 $ — $ — $ 4.6 Charges 1.0 — 1.2 2.2 Cash payments (1.1) — (0.5) (1.6) Balance, June 30, 2021 $ 4.5 $ — $ 0.7 $ 5.2 In February 2018, our Board of Directors approved a restructuring plan designed to realign our manufacturing capacity with demand. These changes were expected to be implemented over a period of up to twenty-four months from the date of approval. The plan was expected to require restructuring and related charges of approximately $16 million. Since its approval, we have recorded $13.7 million in restructuring and related charges associated with this plan. The plan is now considered complete. The following table presents activity related to our restructuring obligations related to our 2018 restructuring plan: ($ in millions) Severance Total Balance, December 31, 2020 $ 0.1 $ 0.1 Cash payments (0.1) (0.1) Balance, June 30, 2021 $ — $ — Contingent Consideration Contingent consideration represents changes in the fair value of the SmartDose contingent consideration. Please refer to Note 10, Fair Value Measurements , for additional details. Other Items During the six months ended June 30, 2021, we recorded an impairment charge of $2.2 million for one of the Company's cost investments. During the three and six months ended June 30, 2021, we recorded a net gain of $1.3 million on the sale of one of the Company's cost investments. During both the three and six months ended June 30, 2021 and 2020, we recorded development income of $0.2 million and $0.4 million, respectively, related 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. Please refer to Note 3, Revenue

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items.The provision for income taxes was $32.3 million and $16.0 million for the three months ended June 30, 2021 and 2020, respectively, and the effective tax rate was 15.3% and 15.6%, respectively. The provision for income taxes was $61.0 million and $31.0 million for the six months ended June 30, 2021 and 2020, respectively, and the effective tax rate was 15.8% and 16.4%, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in product liability matters and other legal proceedings and claims generally incidental to our normal business activities. We accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. While the outcome of current proceedings cannot be accurately predicted, we believe their ultimate resolution should not have a material adverse effect on our business, financial condition, results of operations or liquidity. There have been no significant changes to the commitments and contingencies included in our 2020 Annual Report .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment InformationOur business operations are organized into two reportable segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment 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 Six Months Ended ($ in millions) 2021 2020 2021 2020 Net sales: Proprietary Products $ 587.3 $ 399.5 $ 1,131.0 $ 773.0 Contract-Manufactured Products 136.4 127.8 263.5 245.9 Intersegment sales elimination (0.1) (0.1) (0.2) (0.2) Consolidated net sales $ 723.6 $ 527.2 $ 1,394.3 $ 1,018.7 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 Six Months Ended 2021 2020 2021 2020 Operating profit (loss): Proprietary Products $ 216.2 $ 112.2 $ 398.8 $ 205.4 Contract-Manufactured Products 18.7 20.5 35.1 33.3 Total business and segment operating profit $ 234.9 $ 132.7 $ 433.9 $ 238.7 Corporate and Unallocated Stock-based compensation expense $ (10.3) $ (12.3) $ (16.2) $ (17.7) Corporate general costs (1) (13.4) (14.4) (27.3) (27.0) Unallocated Items: Restructuring and severance related charges (1.0) (2.2) (2.2) (2.2) Amortization of Acquisition-related Intangible Assets (2) (0.2) (0.2) (0.4) (0.2) Cost investment activity 1.3 — (0.9) — Total Corporate and Unallocated (23.6) (29.1) (47.0) (47.1) Total consolidated operating profit $ 211.3 $ 103.6 $ 386.9 $ 191.6 Other expense, net 0.3 1.6 1.0 3.1 Income before income taxes $ 211.0 $ 102.0 $ 385.9 $ 188.5 (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 and six months ended June 30, 2021, the Company recorded $0.2 million and $0.4 million, respectively, 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 these items.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation : The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three and six months ended June 30, 2021, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “ 2020 Annual Report ”). The results of operations for any interim period are not necessarily indicative of results for the full year. West has been actively monitoring the novel coronavirus (“COVID-19”) situation and its impact globally. Throughout the COVID-19 pandemic, production facilities have continued to operate as they had prior to the pandemic, other than for enhanced safety measures intended to prevent the spread of the virus and higher levels of production at certain plant locations to meet additional customer demand. The remote working arrangements and travel restrictions imposed by various governments have had limited impact on our ability to maintain operations, as our manufacturing operations have generally been exempted from stay-at-home orders.
New Accounting Standards	Standards Issued Not Yet Adopted In March 2020, the FASB issued guidance which provides optional expedients and exceptions to address the impact of reference rate reform where contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate need to be discontinued. This guidance was effective upon issuance and generally can be applied through December 31, 2022. We are currently evaluating the impact to our financial statements, the transition, and disclosure requirements of this guidance.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the approximate percentage of our net sales by market group: Three Months Ended Six Months Ended 2021 2020 2021 2020 Biologics 41 % 28 % 40 % 28 % Generics 16 % 21 % 17 % 20 % Pharma 24 % 27 % 24 % 28 % Contract-Manufactured Products 19 % 24 % 19 % 24 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: Three Months Ended Six Months Ended 2021 2020 2021 2020 High-Value Product Components 55 % 44 % 54 % 44 % High-Value Product Delivery Devices 4 % 6 % 4 % 5 % Standard Packaging 22 % 26 % 23 % 27 % Contract-Manufactured Products 19 % 24 % 19 % 24 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by geographic location: Three Months Ended Six Months Ended 2021 2020 2021 2020 Americas 43 % 50 % 45 % 49 % Europe, Middle East, Africa 47 % 42 % 45 % 43 % Asia Pacific 10 % 8 % 10 % 8 % 100 % 100 % 100 % 100 %
Schedule of Change in Contract with Customer, Asset and Liability	The following table summarizes our contract assets and liabilities, excluding contract assets included in accounts receivable, net: ($ in millions) Contract assets, December 31, 2020 $ 10.9 Contract assets, June 30, 2021 10.1 Change in contract assets - increase (decrease) $ (0.8) Deferred income, December 31, 2020 $ (57.1) Deferred income, June 30, 2021 (40.0) Change in deferred income - decrease (increase) $ 17.1

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic to Diluted Net Income Per Share	The following table reconciles the shares used in the calculation of basic net income per share to those used for diluted net income per share: Three Months Ended Six Months Ended (in millions) 2021 2020 2021 2020 Net income $ 187.3 $ 91.2 $ 338.5 $ 165.5 Weighted average common shares outstanding 74.0 73.8 74.0 73.8 Dilutive effect of equity awards, based on the treasury stock method 1.7 1.7 1.8 1.7 Weighted average shares assuming dilution 75.7 75.5 75.8 75.5

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are valued at the lower of cost (on a first-in, first-out basis) and net realizable value. Inventory balances were as follows: ($ in millions) June 30, December 31, Raw materials $ 130.2 $ 133.5 Work in process 65.8 54.9 Finished goods 149.2 132.9 $ 345.2 $ 321.3

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Lease, Cost	The components of lease expense were as follows: Three Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Operating lease cost $ 3.1 $ 3.1 $ 6.2 $ 6.2 Short-term lease cost 0.3 0.1 0.5 0.3 Variable lease cost 1.4 0.8 2.2 1.6 Total lease cost $ 4.8 $ 4.0 $ 8.9 $ 8.1 Supplemental cash flow information related to leases were as follows: Three Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3.1 $ 3.2 $ 6.3 $ 6.4 Right-of-use assets obtained in exchange for new operating lease liabilities $ 0.3 $ 1.8 $ 0.8 $ 4.3
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of operating lease liabilities were as follows: ($ in millions) June 30, December 31, Year 2021 2020 2021 (remaining period as of ) $ 6.0 $ 12.4 2022 10.5 10.4 2023 9.4 9.3 2024 8.7 8.7 2025 6.9 6.9 Thereafter 37.1 37.5 78.6 85.2 Less: imputed lease interest (13.3) (14.7) Total lease liabilities $ 65.3 $ 70.5

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Obligations, Net of Current Maturities	The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of June 30, 2021. ($ in millions) June 30, December 31, Term Loan, due December 31, 2024 (1.02%) $ 86.6 $ 87.7 Series A notes, due July 5, 2022 (3.67%) 42.0 42.0 Series B notes, due July 5, 2024 (3.82%) 53.0 53.0 Series C notes, due July 5, 2027 (4.02%) 73.0 73.0 254.6 255.7 Less: unamortized debt issuance costs 0.5 0.5 Total debt 254.1 255.2 Less: current portion of long-term debt 2.3 2.3 Long-term debt, net $ 251.8 $ 252.9

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Contracts	As of June 30, 2021, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows: (in millions) Sell Currency Purchase USD Euro USD 38.7 — 32.6 Yen 8,568.0 35.5 38.0 SGD 47.8 28.6 5.8
Schedule of Effects of Derivative Instruments on Other Comprehensive Income ('OCI') and Earnings	The following table summarizes the effects of derivative instruments designated as fair value hedges on the condensed consolidated statements of income: Amount of (Gain) Loss Recognized in Income for the Amount of (Gain) Loss Recognized in Income for the Three Months Ended Six Months Ended Location on Statement of Income ($ in millions) 2021 2020 2021 2020 Fair Value Hedges: Hedged item (intercompany loan) $ 4.8 $ (1.2) $ (5.1) $ 15.9 Other expense (income) Derivative designated as hedging instrument (4.8) 1.2 5.1 (15.9) Other expense (income) Amount excluded from effectiveness testing (0.6) (2.0) (1.2) (3.9) Other expense (income) Total $ (0.6) $ (2.0) $ (1.2) $ (3.9) The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax: Amount of Gain (Loss) Recognized in OCI for the Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the Location of (Gain) Loss Reclassified from Accumulated OCI into Income Three Months Ended Three Months Ended ($ in millions) 2021 2020 2021 2020 Fair Value Hedges Foreign currency hedge contracts $ 0.2 $ (0.7) $ 0.4 $ (1.3) Other expense (income) Total $ 0.2 $ (0.7) $ 0.4 $ (1.3) Cash Flow Hedges: Foreign currency hedge contracts $ (0.4) $ 0.4 $ 0.5 $ (0.3) Net sales Foreign currency hedge contracts (0.9) (0.7) 1.5 (0.2) Cost of goods and services sold Forward treasury locks — — — 0.1 Interest expense Total $ (1.3) $ (0.3) $ 2.0 $ (0.4) Net Investment Hedges: Cross-currency swap $ 0.4 $ 0.6 $ — $ — Other expense (income) Total $ 0.4 $ 0.6 $ — $ — Amount of Gain (Loss) Recognized in OCI for the Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the Location of (Gain) Loss Reclassified from Accumulated OCI into Income Six Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Fair Value Hedges Foreign currency hedge contracts $ (0.4) $ 2.9 $ 0.8 $ (2.6) Other expense (income) Total $ (0.4) $ 2.9 $ 0.8 $ (2.6) Cash Flow Hedges: Foreign currency hedge contracts $ (0.7) $ 0.5 $ 0.9 $ (0.5) Net sales Foreign currency hedge contracts (2.8) (0.3) 1.5 (0.2) Cost of goods and services sold Forward treasury locks — — 0.1 0.1 Interest expense Total $ (3.5) $ 0.2 $ 2.5 $ (0.6) Net Investment Hedges: Cross-currency swap $ 5.4 $ (0.6) $ — $ — Other expense (income) Total $ 5.4 $ (0.6) $ — $ — The following table summarizes the effects of derivative instruments designated as fair value, cash flow, and net investment hedges by line item in our condensed consolidated statements of income: Three Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Net sales $ 0.5 $ (0.3) $ 0.9 $ (0.5) Cost of goods and services sold 1.5 (0.2) 1.5 (0.2) Interest expense — 0.1 0.1 0.1 Other expense (income) 0.4 (1.3) 0.8 (2.6) The following table summarizes the effects of derivative instruments not designated as hedges on the condensed consolidated statements of income: Amount of Gain (Loss) Recognized in Income for the Amount of Gain (Loss) Recognized in Income for the Three Months Ended Six Months Ended Location on Statement of Income ($ in millions) 2021 2020 2021 2020 Commodity call options $ 0.7 $ — $ 1.1 $ (0.2) Other expense (income) Total $ 0.7 $ — $ 1.1 $ (0.2)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	The following tables present the assets and liabilities recorded at fair value on a recurring basis: Balance at Basis of Fair Value Measurements ($ in millions) June 30, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 14.6 $ 14.6 $ — $ — Foreign currency contracts 7.0 — 7.0 — Cross-currency swap 1.4 — 1.4 — Commodity call options 1.7 — 1.7 — $ 24.7 $ 14.6 $ 10.1 $ — Liabilities: Contingent consideration $ 3.6 $ — $ — $ 3.6 Deferred compensation liabilities 15.5 15.5 — — Foreign currency contracts 3.6 — 3.6 — $ 22.7 $ 15.5 $ 3.6 $ 3.6 Balance at Basis of Fair Value Measurements ($ in millions) December 31, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 12.8 $ 12.8 $ — $ — Foreign currency contracts 3.0 — 3.0 — Commodity call options 0.3 0.3 $ 16.1 $ 12.8 $ 3.3 $ — Liabilities: Contingent consideration $ 3.6 $ — $ — $ 3.6 Deferred compensation liabilities 14.5 14.5 — — Cross-currency swap 5.6 — 5.6 — Foreign currency contracts 9.7 — 9.7 — $ 33.4 $ 14.5 $ 15.3 $ 3.6
Schedule of Changes in Level 3 Fair Value Measurements	The following table provides a summary of changes in our Level 3 fair value measurements: ($ in millions) Balance, December 31, 2019 $ 3.3 Increase in fair value recorded in earnings 1.2 Payments (0.9) Balance, December 31, 2020 3.6 Increase in fair value recorded in earnings 0.8 Payments (0.8) Balance, June 30, 2021 $ 3.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2021: ($ in millions) (Losses) gains on Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2020 $ (1.9) $ 0.6 $ (40.5) $ (68.8) $ (110.6) Other comprehensive income (loss) before reclassifications (3.9) — 0.1 (22.7) (26.5) Amounts reclassified out from accumulated other comprehensive income (loss) 3.3 — 0.6 — 3.9 Other comprehensive income (loss), net of tax (0.6) — 0.7 (22.7) (22.6) Balance, June 30, 2021 $ (2.5) $ 0.6 $ (39.8) $ (91.5) $ (133.2)
Schedule of Reclassification out of Accumulated Other Comprehensive Loss	A summary of the reclassifications out of accumulated other comprehensive loss is presented in the following table: ($ in millions) Three Months Ended Six Months Ended Location on Statement of Income Detail of components 2021 2020 2021 2020 Gains (losses) on derivatives: Foreign currency contracts $ (0.5) $ 0.3 $ (1.0) $ 0.6 Net sales Foreign currency contracts (2.3) 0.3 (2.3) 0.4 Cost of goods and services sold Foreign currency contracts (0.6) 2.0 (1.2) 4.0 Other expense (income) Forward treasury locks (0.1) (0.1) (0.2) (0.2) Interest expense Total before tax (3.5) 2.5 (4.7) 4.8 Tax benefit (expense) 1.2 (0.8) 1.4 (1.6) Net of tax $ (2.3) $ 1.7 $ (3.3) $ 3.2 Amortization of defined benefit pension and other postretirement plans: Prior service credit $ — $ 0.1 $ 0.1 $ 0.3 (a) Actuarial losses (0.1) (0.1) (0.2) (0.2) (a) Settlements (0.1) (0.9) (0.7) (2.3) (a) Total before tax (0.2) (0.9) (0.8) (2.2) Tax benefit (expense) 0.1 0.3 0.2 0.6 Net of tax $ (0.1) $ (0.6) $ (0.6) $ (1.6) Total reclassifications for the period, net of tax $ (2.4) $ 1.1 $ (3.9) $ 1.6 (a) These components are included in the computation of net periodic benefit cost. Please refer to Note 14, Benefit Plans , for additional details.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Stockholders Equity	The following table presents the changes in shareholders’ equity for the six months ended June 30, 2021: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained earnings Accumulated other comprehensive loss Total (in millions) Balance, December 31, 2020 75.3 $ 18.8 $ 267.3 1.3 $ (167.7) $ 1,846.7 $ (110.6) $ 1,854.5 Net income — — — — — 151.2 — 151.2 Activity related to stock-based compensation — — (20.6) (0.3) 23.1 — — 2.5 Shares purchased under share repurchase program — — — 0.5 (137.1) — — (137.1) Dividends declared ($0.17 per share) — — — — — (12.5) — (12.5) Other comprehensive loss, net of tax — — — — — — (29.6) (29.6) Balance, March 31, 2021 75.3 $ 18.8 $ 246.7 1.5 $ (281.7) $ 1,985.4 $ (140.2) $ 1,829.0 Net income — — — — — 187.3 — 187.3 Activity related to stock-based compensation — — 1.3 (0.2) 20.5 — — 21.8 Dividends declared ($0.17 per share) — — — — — (12.5) — (12.5) Other comprehensive income, net of tax — — — — — — 7.0 7.0 Balance, June 30, 2021 75.3 $ 18.8 $ 248.0 1.3 $ (261.2) $ 2,160.2 $ (133.2) $ 2,032.6 The following table presents the changes in shareholders’ equity for the six months ended June 30, 2020: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained earnings Accumulated other comprehensive loss Total (in millions) Balance, December 31, 2019 75.3 $ 18.8 $ 272.7 1.2 $ (118.1) $ 1,549.4 $ (149.6) $ 1,573.2 Effect of modified retrospective application of a new accounting standard — — — — — (0.1) — (0.1) Net income — — — — — 74.3 — 74.3 Activity related to stock-based compensation — — (5.1) (0.3) 17.9 — — 12.8 Shares purchased under share repurchase program — — — 0.8 (115.5) — — (115.5) Dividends declared ($0.16 per share) — — — — — (11.8) — (11.8) Other comprehensive loss, net of tax — — — — — — (42.7) (42.7) Balance, March 31, 2020 75.3 $ 18.8 $ 267.6 1.7 $ (215.7) $ 1,611.8 $ (192.3) $ 1,490.2 Net income — — — — — 91.2 — 91.2 Activity related to stock-based compensation — — (4.5) (0.2) 24.9 — — 20.4 Other comprehensive income, net of tax — — — — — — 4.5 4.5 Balance, June 30, 2020 75.3 $ 18.8 $ 263.1 1.5 $ (190.8) $ 1,703.0 $ (187.8) $ 1,606.3

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three months ended June 30 were as follows: Pension benefits Other retirement benefits Total ($ in millions) 2021 2020 2021 2020 2021 2020 Service cost $ 0.4 $ 0.3 $ — $ — $ 0.4 $ 0.3 Interest cost 1.5 1.9 — — 1.5 1.9 Expected return on assets (3.0) (3.0) — — (3.0) (3.0) Amortization of prior service credit 0.1 — (0.1) (0.1) — (0.1) Recognized actuarial losses (gains) 0.5 0.5 (0.4) (0.4) 0.1 0.1 Settlements 0.1 0.9 — — 0.1 0.9 Net periodic benefit cost $ (0.4) $ 0.6 $ (0.5) $ (0.5) $ (0.9) $ 0.1 Pension benefits Other retirement benefits Total ($ in millions) 2021 2020 2021 2020 2021 2020 U.S. plans $ (1.0) $ 0.2 $ (0.5) $ (0.5) $ (1.5) $ (0.3) International plans 0.6 0.4 — — 0.6 0.4 Net periodic benefit cost $ (0.4) $ 0.6 $ (0.5) $ (0.5) $ (0.9) $ 0.1 The components of net periodic benefit cost for the six months ended June 30 were as follows: Pension benefits Other retirement benefits Total ($ in millions) 2021 2020 2021 2020 2021 2020 Service cost $ 0.8 $ 0.6 $ — $ — $ 0.8 $ 0.6 Interest cost 2.9 3.9 0.1 0.1 3.0 4.0 Expected return on assets (6.1) (6.0) — — (6.1) (6.0) Amortization of prior service credit 0.1 — (0.2) (0.3) (0.1) (0.3) Recognized actuarial losses (gains) 1.0 1.0 (0.8) (0.8) 0.2 0.2 Settlements 0.7 2.3 — — 0.7 2.3 Net periodic benefit cost $ (0.6) $ 1.8 $ (0.9) $ (1.0) $ (1.5) $ 0.8 Pension benefits Other retirement benefits Total ($ in millions) 2021 2020 2021 2020 2021 2020 U.S. plans $ (1.6) $ 1.1 $ (0.9) $ (1.0) $ (2.5) $ 0.1 International plans 1.0 0.7 — — 1.0 0.7 Net periodic benefit cost $ (0.6) $ 1.8 $ (0.9) $ (1.0) $ (1.5) $ 0.8

Other Expense (Income) (Tables)

Other Expense (Income) (Tables)	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Schedule of Other Expense (Income)	Other expense (income) consists of: Three Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Restructuring and related charges $ 1.0 $ — $ 2.2 $ — Fixed asset impairments and loss (gain) on sale of equipment 0.2 6.3 0.3 6.5 Contingent consideration 0.2 0.1 0.9 0.1 Foreign exchange transaction gains (2.6) (2.0) (2.9) (5.5) Other items (1.5) (1.4) 0.7 (1.6) Total other expense (income) $ (2.7) $ 3.0 $ 1.2 $ (0.5)
Schedule of Restructuring Reserve	The following table presents activity related to our restructuring obligations related to our 2020 restructuring plan: ($ in millions) Severance Asset-related charges Other charges Total Balance, December 31, 2020 $ 4.6 $ — $ — $ 4.6 Charges 1.0 — 1.2 2.2 Cash payments (1.1) — (0.5) (1.6) Balance, June 30, 2021 $ 4.5 $ — $ 0.7 $ 5.2 The following table presents activity related to our restructuring obligations related to our 2018 restructuring plan: ($ in millions) Severance Total Balance, December 31, 2020 $ 0.1 $ 0.1 Cash payments (0.1) (0.1) Balance, June 30, 2021 $ — $ —

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Information	The following table presents information about our reportable segments, reconciled to consolidated totals: Three Months Ended Six Months Ended ($ in millions) 2021 2020 2021 2020 Net sales: Proprietary Products $ 587.3 $ 399.5 $ 1,131.0 $ 773.0 Contract-Manufactured Products 136.4 127.8 263.5 245.9 Intersegment sales elimination (0.1) (0.1) (0.2) (0.2) Consolidated net sales $ 723.6 $ 527.2 $ 1,394.3 $ 1,018.7 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 Six Months Ended 2021 2020 2021 2020 Operating profit (loss): Proprietary Products $ 216.2 $ 112.2 $ 398.8 $ 205.4 Contract-Manufactured Products 18.7 20.5 35.1 33.3 Total business and segment operating profit $ 234.9 $ 132.7 $ 433.9 $ 238.7 Corporate and Unallocated Stock-based compensation expense $ (10.3) $ (12.3) $ (16.2) $ (17.7) Corporate general costs (1) (13.4) (14.4) (27.3) (27.0) Unallocated Items: Restructuring and severance related charges (1.0) (2.2) (2.2) (2.2) Amortization of Acquisition-related Intangible Assets (2) (0.2) (0.2) (0.4) (0.2) Cost investment activity 1.3 — (0.9) — Total Corporate and Unallocated (23.6) (29.1) (47.0) (47.1) Total consolidated operating profit $ 211.3 $ 103.6 $ 386.9 $ 191.6 Other expense, net 0.3 1.6 1.0 3.1 Income before income taxes $ 211.0 $ 102.0 $ 385.9 $ 188.5 (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 and six months ended June 30, 2021, the Company recorded $0.2 million and $0.4 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020.

Revenue - Revenue Recognition (

Revenue - Revenue Recognition (Details) - Revenue Benchmark	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%	100.00%
Customer Concentration Risk | Biologics
Disaggregation of Revenue [Line Items]
Percentage of net sales	41.00%	28.00%	40.00%	28.00%
Customer Concentration Risk | Generics
Disaggregation of Revenue [Line Items]
Percentage of net sales	16.00%	21.00%	17.00%	20.00%
Customer Concentration Risk | Pharma
Disaggregation of Revenue [Line Items]
Percentage of net sales	24.00%	27.00%	24.00%	28.00%
Customer Concentration Risk | Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	19.00%	24.00%	19.00%	24.00%
Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%	100.00%
Product Concentration Risk | High-Value Product Components
Disaggregation of Revenue [Line Items]
Percentage of net sales	55.00%	44.00%	54.00%	44.00%
Product Concentration Risk | High-Value Product Delivery Devices
Disaggregation of Revenue [Line Items]
Percentage of net sales	4.00%	6.00%	4.00%	5.00%
Product Concentration Risk | Standard Packaging
Disaggregation of Revenue [Line Items]
Percentage of net sales	22.00%	26.00%	23.00%	27.00%
Product Concentration Risk | Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	19.00%	24.00%	19.00%	24.00%
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%	100.00%
Geographic Concentration Risk | Americas
Disaggregation of Revenue [Line Items]
Percentage of net sales	43.00%	50.00%	45.00%	49.00%
Geographic Concentration Risk | Europe, Middle East, Africa
Disaggregation of Revenue [Line Items]
Percentage of net sales	47.00%	42.00%	45.00%	43.00%
Geographic Concentration Risk | Asia Pacific
Disaggregation of Revenue [Line Items]
Percentage of net sales	10.00%	8.00%	10.00%	8.00%

Revenue - Contracts and Liabili

Revenue - Contracts and Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Contract With Customer, Asset [Roll Forward]
Contract assets, December 31, 2020	$ 10.9
Contract assets, June 30, 2021	10.1
Change in contract assets - increase (decrease)	(0.8)
Contract With Customer, Liability [Roll Forward]
Deferred income, December 31, 2020	(57.1)
Deferred income, June 30, 2021	(40)
Change in deferred income - decrease (increase)	$ 17.1

Revenue - Contracts and Liabi_2

Revenue - Contracts and Liabilities, Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2013
Disaggregation of Revenue [Line Items]
Revenue recognized that was included in the deferred income balance	$ 28.4
Deferred income	40	$ 57.1
SmartDose
Disaggregation of Revenue [Line Items]
Deferred income	4.3		$ 20
Deferred income, current	0.9
Deferred income, noncurrent	$ 3.4
Minimum
Disaggregation of Revenue [Line Items]
Contract with customer liability recognized	1 year
Maximum
Disaggregation of Revenue [Line Items]
Contract with customer liability recognized	2 years

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 187.3	$ 151.2	$ 91.2	$ 74.3	$ 338.5	$ 165.5
Weighted average common shares outstanding (in shares)	74,000,000		73,800,000		74,000,000	73,800,000
Dilutive effect of equity awards, based on the treasury stock method (in shares)	1,700,000		1,700,000		1,800,000	1,700,000
Weighted average shares assuming dilution (in shares)	75,700,000		75,500,000		75,800,000	75,500,000
Antidilutive options excluded from computation of diluted net income per share (in shares)	100,000		200,000		100,000	200,000
Stock repurchase program, shares authorized (in shares)							631,000
Share purchased under share repurchase program (in shares)	0				479,000
Stock purchase program, cost of shares purchased		$ 137.1		$ 115.5	$ 137.1
Stock repurchase program, average price per share (in dollars per share)					$ 286.23

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 130.2	$ 133.5
Work in process	65.8	54.9
Finished goods	149.2	132.9
Total inventories	$ 345.2	$ 321.3

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 3.1	$ 3.1	$ 6.2	$ 6.2
Short-term lease cost	0.3	0.1	0.5	0.3
Variable lease cost	1.4	0.8	2.2	1.6
Total lease cost	$ 4.8	$ 4	$ 8.9	$ 8.1

Leases - Lease Cash Flow and Su

Leases - Lease Cash Flow and Supplemental Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3.1	$ 3.2	$ 6.3	$ 6.4
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0.3	$ 1.8	$ 0.8	$ 4.3

Leases - Lease Weighted Average

Leases - Lease Weighted Average (Details)	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term	11 years	11 years 1 month 6 days
Weighted average discount rate	3.66%	3.68%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of fiscal year	$ 6
Year one	10.5	$ 12.4
Year two	9.4	10.4
Year three	8.7	9.3
Year four	6.9	8.7
Thereafter	37.1
Year five		6.9
Thereafter		37.5
Operating leases liabilities payments due	78.6	85.2
Less: imputed lease interest	(13.3)	(14.7)
Total lease liabilities	$ 65.3	$ 70.5

Affiliated Companies (Details)

Affiliated Companies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Carrying amount, equity-method investments	$ 203.1		$ 203.1		$ 201.9
Carrying amount, investments not accounted for under the equity method	8.6		8.6		12.8
Purchases and royalty payments made to affiliates	47.6	$ 27.9	85.6	$ 60.4
Amount due and payable to affiliates	18.9		18.9		33.6
Sales to affiliates	3.1	$ 2.8	6	$ 5
Amount receivable from affiliates	$ 2.5		$ 2.5		$ 1.4

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 254.6	$ 255.7
Less: unamortized debt issuance costs	0.5	0.5
Total debt	254.1	255.2
Less: current portion of long-term debt	2.3	2.3
Long-term debt, net	$ 251.8	252.9
Term Loan, due December 31, 2024 (1.02%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	1.02%
Long-term debt, gross	$ 86.6	87.7
Long-term debt, net	$ 84.3
Series A notes, due July 5, 2022 (3.67%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.67%
Long-term debt, gross	$ 42	42
Series B notes, due July 5, 2024 (3.82%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.82%
Long-term debt, gross	$ 53	53
Series C notes, due July 5, 2027 (4.02%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.02%
Long-term debt, gross	$ 73	$ 73

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 254.6	$ 255.7
Long-term debt, current	2.3	2.3
Long-term debt	251.8	252.9
Revolving credit facility, Due 2024
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	300
Line of credit Facility, unused commitment level	297.6
Revolving credit facility, Due 2024 | Letter of Credit
Line of Credit Facility [Line Items]
Long-term line of credit	2.4
Term Loan Due 2024
Line of Credit Facility [Line Items]
Long-term debt, gross	86.6	$ 87.7
Long-term debt, current	2.3
Long-term debt	$ 84.3

Derivative Financial Instrume_3

Derivative Financial Instruments - Foreign Exchange Rate Risk (Details) € in Millions, ¥ in Millions, $ in Millions, $ in Millions	6 Months Ended	44 Months Ended
	Jun. 30, 2021SGD ($)$ / bblbbl	Jun. 30, 2021SGD ($)$ / bblbbl	Jun. 30, 2021USD ($)$ / bbl	Jun. 30, 2021EUR (€)$ / bbl	Jun. 30, 2021JPY (¥)$ / bbl	Dec. 31, 2020SGD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019JPY (¥)
Foreign Exchange Forward
Derivative [Line Items]
Derivative contract term	18 months
Options Held
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | bbl	171,634	552,686
Derivative, average price risk option strike price | $ / bbl	65.77	65.77	65.77	65.77	65.77
USD | Forward Contracts
Derivative [Line Items]
Derivative, notional amount			$ 13.4				$ 13.4
USD | Foreign Exchange Forward | Long | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount			38.7
USD | Foreign Exchange Forward | Short | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount			0	€ 32.6
USD | Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative, notional amount								$ 86.6
USD | Cross Currency Interest Rate Contract | Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount								$ 90
Yen | Foreign Exchange Forward | Long | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount | ¥					¥ 8,568
Yen | Foreign Exchange Forward | Short | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount			35.5	38
Yen | Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative, notional amount | ¥									¥ 9,500
SGD | Forward Contracts
Derivative [Line Items]
Derivative, notional amount	$ 601.5	$ 601.5				$ 601.5
SGD | Foreign Exchange Forward | Long | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 47.8	$ 47.8
SGD | Foreign Exchange Forward | Short | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount			$ 28.6	€ 5.8

Derivative Financial Instrume_4

Derivative Financial Instruments - Effects of Derivative Instruments on OCI and Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative (gain) loss recognized in income, fair value hedges	$ (0.6)	$ (2)	$ (1.2)	$ (3.9)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	0.7	0	1.1	(0.2)
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, forward point components, (gain) loss, recognized in earnings	(0.6)	1.7	(1.2)	3.7
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	0.2	(0.7)	(0.4)	2.9
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.4	(1.3)	0.8	(2.6)
Cash Flow Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(1.3)	(0.3)	(3.5)	0.2
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	2	(0.4)	2.5	(0.6)
Net Investment Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	0.4	0.6	5.4	(0.6)
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0	0	0	0
Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative (gain) loss on hedged item, fair value hedges	4.8	(1.2)	(5.1)	15.9
Derivative (gain) loss on derivative designed as hedging instrument, fair value hedges	(4.8)	1.2	5.1	(15.9)
Derivative (gain) loss on amount excluded from effectiveness testing, fair value hedges	(0.6)	(2)	(1.2)	(3.9)
Gain (loss) on derivative instruments, net, pretax	0.4	(1.3)	0.8	(2.6)
Other expense (income) | Commodity call options | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	0.7	0	1.1	(0.2)
Other expense (income) | Fair Value Hedges | Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	0.2	(0.7)	(0.4)	2.9
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.4	(1.3)	0.8	(2.6)
Other expense (income) | Net Investment Hedges: | Cross-currency swap
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	0.4	0.6	5.4	(0.6)
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0		0	0
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI		0.5
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income				(0.5)
Gain (loss) on derivative instruments, net, pretax	0.5	(0.3)	0.9	(0.5)
Net sales | Cash Flow Hedges: | Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(0.4)	0.4	(0.7)	0.5
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.5	(0.3)	0.9	(0.5)
Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI				(0.3)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income				(0.2)
Gain (loss) on derivative instruments, net, pretax	1.5	(0.2)	1.5	(0.2)
Cost of goods and services sold | Cash Flow Hedges: | Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(0.9)	(0.7)	(2.8)	(0.3)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.5	(0.2)	1.5	(0.2)
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0	0.1	0.1	0.1
Interest expense | Cash Flow Hedges: | Forward treasury locks
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	0	0	0	0
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	$ 0	$ 0.1	$ 0.1	$ 0.1

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Deferred compensation assets	$ 14.6	$ 12.8
Foreign currency contracts		3
Commodity call options	1.7	0.3
Total assets at fair value	24.7	16.1
Liabilities:
Contingent consideration	3.6	3.6
Deferred compensation liabilities	15.5	14.5
Total liabilities at fair value	22.7	33.4
Foreign currency contracts
Assets:
Foreign currency contracts	7
Liabilities:
Foreign currency contracts	3.6	9.7
Cross-currency swap
Assets:
Foreign currency contracts	1.4
Liabilities:
Foreign currency contracts		5.6
Level 1
Assets:
Deferred compensation assets	14.6	12.8
Foreign currency contracts		0
Commodity call options	0
Total assets at fair value	14.6	12.8
Liabilities:
Contingent consideration	0	0
Deferred compensation liabilities	15.5	14.5
Total liabilities at fair value	15.5	14.5
Level 1 | Foreign currency contracts
Assets:
Foreign currency contracts	0
Liabilities:
Foreign currency contracts	0	0
Level 1 | Cross-currency swap
Assets:
Foreign currency contracts	0
Liabilities:
Foreign currency contracts		0
Level 2
Assets:
Deferred compensation assets	0	0
Foreign currency contracts		3
Commodity call options	1.7	0.3
Total assets at fair value	10.1	3.3
Liabilities:
Contingent consideration	0	0
Deferred compensation liabilities	0	0
Total liabilities at fair value	3.6	15.3
Level 2 | Foreign currency contracts
Assets:
Foreign currency contracts	7
Liabilities:
Foreign currency contracts	3.6	9.7
Level 2 | Cross-currency swap
Assets:
Foreign currency contracts	1.4
Liabilities:
Foreign currency contracts		5.6
Level 3
Assets:
Deferred compensation assets	0	0
Foreign currency contracts		0
Commodity call options	0
Total assets at fair value	0	0
Liabilities:
Contingent consideration	3.6	3.6
Deferred compensation liabilities	0	0
Total liabilities at fair value	3.6	3.6
Level 3 | Foreign currency contracts
Assets:
Foreign currency contracts	0
Liabilities:
Foreign currency contracts	0	0
Level 3 | Cross-currency swap
Assets:
Foreign currency contracts	$ 0
Liabilities:
Foreign currency contracts		$ 0

Fair Value Measurement - Level

Fair Value Measurement - Level 3 Fair Value Measurements (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Level 3 Fair Value Measurements [Roll Forward]
Balance, beginning of period	$ 3.6	$ 3.3
Increase in fair value recorded in earnings	0.8	1.2
Payments	(0.8)	(0.9)
Balance, end of period	$ 3.6	$ 3.6
Sales Projections | Minimum
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Business combination, contingent consideration, measurement input	10.00%
Sales Projections | Maximum
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Business combination, contingent consideration, measurement input	50.00%
Sales Projections | Weighted Average
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Business combination, contingent consideration, measurement input	40.00%
Probabilities of Successful FDA Approval | Minimum
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Business combination, contingent consideration, measurement input	19.00%
Probabilities of Successful FDA Approval | Maximum
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Business combination, contingent consideration, measurement input	100.00%
Probabilities of Successful Execution of Agreement | Minimum
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Business combination, contingent consideration, measurement input	25.00%
Probabilities of Successful Execution of Agreement | Maximum
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Business combination, contingent consideration, measurement input	100.00%
Measurement Input, Discount Rate
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Business combination, contingent consideration, measurement input	19.00%

Fair Value Measurement - Other

Fair Value Measurement - Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other Financial Instruments [Abstract]
Long-term debt, fair value	$ 263.9	$ 265.7
Long-term debt	$ 251.8	$ 252.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	$ 1,829	$ 1,854.5	$ 1,490.2	$ 1,573.2	$ 1,854.5	$ 1,573.2
Other comprehensive income (loss) before reclassifications					(26.5)
Amounts reclassified out from accumulated other comprehensive income (loss)					3.9
Other comprehensive income (loss), net of tax	7	(29.6)	4.5	(42.7)	(22.6)	(38.2)
Ending balance	2,032.6	1,829	1,606.3	1,490.2	2,032.6	1,606.3
(Losses) gains on derivatives
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		(1.9)			(1.9)
Other comprehensive income (loss) before reclassifications					(3.9)
Amounts reclassified out from accumulated other comprehensive income (loss)					3.3
Other comprehensive income (loss), net of tax					(0.6)
Ending balance	(2.5)				(2.5)
Change in equity affiliate investment AOCI
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		0.6			0.6
Other comprehensive income (loss) before reclassifications					0
Amounts reclassified out from accumulated other comprehensive income (loss)					0
Other comprehensive income (loss), net of tax					0
Ending balance	0.6				0.6
Defined benefit pension and other postretirement plans
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		(40.5)			(40.5)
Other comprehensive income (loss) before reclassifications					0.1
Amounts reclassified out from accumulated other comprehensive income (loss)					0.6
Other comprehensive income (loss), net of tax					0.7
Ending balance	(39.8)				(39.8)
Foreign currency translation
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		(68.8)			(68.8)
Other comprehensive income (loss) before reclassifications					(22.7)
Amounts reclassified out from accumulated other comprehensive income (loss)					0
Other comprehensive income (loss), net of tax					(22.7)
Ending balance	(91.5)				(91.5)
Accumulated other comprehensive loss
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(140.2)	(110.6)	(192.3)	(149.6)	(110.6)	(149.6)
Other comprehensive income (loss), net of tax	7	(29.6)	4.5	(42.7)
Ending balance	$ (133.2)	$ (140.2)	$ (187.8)	$ (192.3)	$ (133.2)	$ (187.8)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Cost of goods and services sold	$ (408.5)		$ (332.1)		$ (807.3)	$ (656.6)
Interest expense	(1.9)		(2)		(3.8)	(4)
Prior service credit	0		0.1		0.1	0.3
Actuarial losses	(0.1)		(0.1)		(0.2)	(0.2)
Settlements	(0.1)		(0.9)		(0.7)	(2.3)
Income before income taxes	211		102		385.9	188.5
Tax benefit (expense)	(32.3)		(16)		(61)	(31)
Total reclassifications for the period, net of tax	187.3	$ 151.2	91.2	$ 74.3	338.5	165.5
Reclassification out of Accumulated Other Comprehensive Loss
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Total reclassifications for the period, net of tax	(2.4)		1.1		(3.9)	1.6
Reclassification out of Accumulated Other Comprehensive Loss | Gains (losses) on derivatives:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Income before income taxes	(3.5)		2.5		(4.7)	4.8
Tax benefit (expense)	1.2		(0.8)		1.4	(1.6)
Total reclassifications for the period, net of tax	(2.3)		1.7		(3.3)	3.2
Reclassification out of Accumulated Other Comprehensive Loss | Gains (losses) on derivatives: | Foreign currency contracts
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	(0.5)		0.3		(1)	0.6
Cost of goods and services sold	(2.3)		0.3		(2.3)	0.4
Other expense (income)	(0.6)		2		(1.2)	4
Reclassification out of Accumulated Other Comprehensive Loss | Gains (losses) on derivatives: | Forward treasury locks
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Interest expense	(0.1)		(0.1)		(0.2)	(0.2)
Reclassification out of Accumulated Other Comprehensive Loss | Amortization of defined benefit pension and other postretirement plans:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Prior service credit	0		0.1		0.1	0.3
Actuarial losses	(0.1)		(0.1)		(0.2)	(0.2)
Settlements	(0.1)		(0.9)		(0.7)	(2.3)
Income before income taxes	(0.2)		(0.9)		(0.8)	(2.2)
Tax benefit (expense)	0.1		0.3		0.2	0.6
Total reclassifications for the period, net of tax	$ (0.1)		$ (0.6)		$ (0.6)	$ (1.6)

Shareholder's Equity - Change i

Shareholder's Equity - Change in Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Accounting Standards Update [Extensible Enumeration]							us-gaap:AccountingStandardsUpdate201613Member
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,829	$ 1,854.5	$ 1,490.2	$ 1,573.2	$ 1,854.5	$ 1,573.2
Net income	187.3	151.2	91.2	74.3	$ 338.5	165.5
Activity related to stock-based compensation	$ 21.8	2.5	20.4	12.8
Share purchased under share repurchase program (in shares)	0				479,000
Shares purchased under share repurchase program		(137.1)		(115.5)	$ (137.1)
Dividends declared	$ (12.5)	(12.5)		(11.8)
Other comprehensive income (loss), net of tax	7	(29.6)	4.5	(42.7)	(22.6)	(38.2)
Ending balance	$ 2,032.6	$ 1,829	$ 1,606.3	1,490.2	$ 2,032.6	1,606.3	$ 1,573.2
Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				$ (0.1)		$ (0.1)
Ending balance							$ (0.1)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000
Beginning balance	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8
Balance (in shares)	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000
Ending balance	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	246.7	267.3	267.6	272.7	267.3	272.7
Activity related to stock-based compensation	1.3	(20.6)	(4.5)	(5.1)
Ending balance	$ 248	$ 246.7	$ 263.1	$ 267.6	$ 248	$ 263.1	$ 272.7
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	1,500,000	1,300,000	1,700,000	1,200,000	1,300,000	1,200,000
Beginning balance	$ (281.7)	$ (167.7)	$ (215.7)	$ (118.1)	$ (167.7)	$ (118.1)
Activity related to stock -based compensation (in shares)	(200,000)	(300,000)	(200,000)	(300,000)
Activity related to stock-based compensation	$ 20.5	$ 23.1	$ 24.9	$ 17.9
Share purchased under share repurchase program (in shares)		500,000		800,000
Shares purchased under share repurchase program		$ (137.1)		$ (115.5)
Balance (in shares)	1,300,000	1,500,000	1,500,000	1,700,000	1,300,000	1,500,000	1,200,000
Ending balance	$ (261.2)	$ (281.7)	$ (190.8)	$ (215.7)	$ (261.2)	$ (190.8)	$ (118.1)
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,985.4	1,846.7	1,611.8	1,549.4	1,846.7	1,549.4
Net income	187.3	151.2	91.2	74.3
Dividends declared	(12.5)	(12.5)		(11.8)
Ending balance	2,160.2	1,985.4	1,703	1,611.8	2,160.2	1,703	1,549.4
Retained earnings | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				(0.1)		(0.1)
Ending balance							(0.1)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(140.2)	(110.6)	(192.3)	(149.6)	(110.6)	(149.6)
Other comprehensive income (loss), net of tax	7	(29.6)	4.5	(42.7)
Ending balance	$ (133.2)	$ (140.2)	$ (187.8)	$ (192.3)	$ (133.2)	$ (187.8)	$ (149.6)

Shareholder's Equity - Suppleme

Shareholder's Equity - Supplemental Equity Information (Details) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.17	$ 0.17	$ 0.16

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under the 2016 Plan (in shares)	2,484,562		2,484,562
Stock options, granted (in shares)			157,416
Stock options, weighted average exercise price (in dollars per share)			$ 275.02
Stock options, weighted average grant date fair value (in dollars per share)			$ 63.19
Risk-free interest rate (in hundredths)			0.70%
Expected life (in years)			5 years 7 months 6 days
Stock volatility (in hundredths)			23.90%
Dividend yield (in hundredths)			0.30%
Stock-based compensation expense	$ 10.3	$ 12.3	$ 16.2	$ 17.7
Performance Share Unit (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			36,174
Grant date fair value (in dollars per share)			$ 329.88
PSU payout, minimum (in hundredths)	0.00%		0.00%
PSU payout, maximum (in hundredths)	200.00%		200.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			4,637
Grant date fair value (in dollars per share)			$ 279.92

Benefit Plans - Schedule of Com

Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	$ 0.4	$ 0.3	$ 0.8	$ 0.6
Interest cost	1.5	1.9	3	4
Expected return on assets	(3)	(3)	(6.1)	(6)
Amortization of prior service credit	0	(0.1)	(0.1)	(0.3)
Recognized actuarial losses (gains)	0.1	0.1	0.2	0.2
Settlements	0.1	0.9	0.7	2.3
Net periodic benefit cost	(0.9)	0.1	(1.5)	0.8
U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	(1.5)	(0.3)	(2.5)	0.1
International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	0.6	0.4	1	0.7
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	0.4	0.3	0.8	0.6
Interest cost	1.5	1.9	2.9	3.9
Expected return on assets	(3)	(3)	(6.1)	(6)
Amortization of prior service credit	0.1	0	0.1	0
Recognized actuarial losses (gains)	0.5	0.5	1	1
Settlements	0.1	0.9	0.7	2.3
Net periodic benefit cost	(0.4)	0.6	(0.6)	1.8
Pension benefits | U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	(1)	0.2	(1.6)	1.1
Pension benefits | International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	0.6	0.4	1	0.7
Other retirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	0	0	0	0
Interest cost	0	0	0.1	0.1
Expected return on assets	0	0	0	0
Amortization of prior service credit	(0.1)	(0.1)	(0.2)	(0.3)
Recognized actuarial losses (gains)	(0.4)	(0.4)	(0.8)	(0.8)
Settlements	0	0	0	0
Net periodic benefit cost	(0.5)	(0.5)	(0.9)	(1)
Other retirement benefits | U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	(0.5)	(0.5)	(0.9)	(1)
Other retirement benefits | International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	$ 0	$ 0	$ 0	$ 0

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Settlements	$ 0.1	$ 0.9	$ 0.7	$ 2.3
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Settlements	$ 0.1	$ 0.9	$ 0.7	$ 2.3

Other Expense (Income) - Other

Other Expense (Income) - Other Expense (Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Restructuring and related charges	$ 1	$ 0	$ 2.2	$ 0
Fixed asset impairments and loss (gain) on sale of equipment	0.2	6.3	0.3	6.5
Contingent consideration	0.2	0.1	0.9	0.1
Foreign exchange transaction gains	(2.6)	(2)	(2.9)	(5.5)
Other items	(1.5)	(1.4)	0.7	(1.6)
Total other expense (income)	$ (2.7)	$ 3	$ 1.2	$ (0.5)

Other Expense (Income) - Restru

Other Expense (Income) - Restructuring and Related Charges (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2020	Feb. 28, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Charges			$ 1	$ 0	$ 2.2	$ 0
2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities, period of implementation	24 months
Restructuring and related cost, cumulative cost incurred	$ 6.8
Restructuring Reserve [Roll Forward]
Balance, December 31, 2020					4.6
Charges					2.2
Cash payments					(1.6)
Balance, June 30, 2021			5.2		5.2
2020 Restructuring Plan | Severance and benefits
Restructuring Reserve [Roll Forward]
Balance, December 31, 2020					4.6
Charges					1
Cash payments					(1.1)
Balance, June 30, 2021			4.5		4.5
2020 Restructuring Plan | Asset-related charges
Restructuring Reserve [Roll Forward]
Balance, December 31, 2020					0
Charges					0
Cash payments					0
Balance, June 30, 2021			0		0
2020 Restructuring Plan | Other charges
Restructuring Reserve [Roll Forward]
Balance, December 31, 2020					0
Charges					1.2
Cash payments					(0.5)
Balance, June 30, 2021			0.7		0.7
2020 Restructuring Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	15
2020 Restructuring Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 17
2018 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities, period of implementation		24 months
Restructuring and related cost, expected cost		$ 16
Restructuring and related cost, cumulative cost incurred			13.7		13.7
Restructuring Reserve [Roll Forward]
Balance, December 31, 2020					0.1
Cash payments					(0.1)
Balance, June 30, 2021			0		0
2018 Restructuring Plan | Severance and benefits
Restructuring Reserve [Roll Forward]
Balance, December 31, 2020					0.1
Cash payments					(0.1)
Balance, June 30, 2021			$ 0		$ 0

Other Expense (Income) - Othe_2

Other Expense (Income) - Other Items (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Development and licensing income [Line Items]
Cost investment activity			$ 2.2
Gain on sale of investments	$ 1.3		1.3
Deferred income	40		40		$ 57.1
SmartDose
Development and licensing income [Line Items]
Development and licensing income	$ 0.2	$ 0.2	$ 0.4	$ 0.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 32.3	$ 16	$ 61	$ 31
Effective income tax rate	15.30%	15.60%	15.80%	16.40%

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			2
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 723.6	$ 527.2	$ 1,394.3	$ 1,018.7
Operating profit	211.3	103.6	386.9	191.6
Stock-based compensation expense			(16.2)	(17.7)
Cost investment activity			(2.2)
Other expense, net	0.3	1.6	1	3.1
Income before income taxes	211	102	385.9	188.5
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	234.9	132.7	433.9	238.7
Intersegment sales elimination
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	(0.1)	(0.1)	(0.2)	(0.2)
Corporate and Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	(23.6)	(29.1)	(47)	(47.1)
Stock-based compensation expense	(10.3)	(12.3)	(16.2)	(17.7)
Corporate general costs	(13.4)	(14.4)	(27.3)	(27)
Restructuring and severance related charges	(1)	(2.2)	(2.2)	(2.2)
Amortization of Acquisition-related Intangible Assets	(0.2)	(0.2)	(0.4)	(0.2)
Cost investment activity	1.3	0	(0.9)	0
Proprietary Products | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	587.3	399.5	1,131	773
Operating profit	216.2	112.2	398.8	205.4
Contract-Manufactured Products | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	136.4	127.8	263.5	245.9
Operating profit	$ 18.7	$ 20.5	$ 35.1	$ 33.3