West Pharmaceutical Services (WST) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 19, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	19341-1147
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		73,861,212
Entity Central Index Key	0000105770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 753.8	$ 771.3	$ 1,470.4	$ 1,491.3
Cost of goods and services sold	462.4	449.8	907.7	885.2
Gross profit	291.4	321.5	562.7	606.1
Research and development	16.5	14.4	33.6	29
Selling, general and administrative expenses	88.4	81.5	174.4	164.9
Other expense (income) (Note 15)	4	(2.8)	16.9	(5.9)
Operating profit	182.5	228.4	337.8	418.1
Interest expense, net	2.7	1.8	4.9	4
Interest income	(5)	(0.4)	(9.8)	(0.7)
Other nonoperating (income) expense	(0.1)	(0.2)	(0.1)	(0.2)
Income before income taxes and equity in net income of affiliated companies	184.9	227.2	342.8	415
Income tax expense	34.8	44.2	58.4	65.4
Equity in net income of affiliated companies	(5)	(5.5)	(10.7)	(12.7)
Net income	$ 155.1	$ 188.5	$ 295.1	$ 362.3
Net income per share:
Basic (in dollars per share)	$ 2.08	$ 2.53	$ 3.96	$ 4.87
Diluted (in dollars per share)	$ 2.06	$ 2.48	$ 3.91	$ 4.77
Weighted average shares outstanding:
Basic (in shares)	74.3	74.4	74.4	74.4
Diluted (in shares)	75.4	75.8	75.5	75.9

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 155.1	$ 188.5	$ 295.1	$ 362.3
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $1.3, $1.7, $1.5 and $2.7, respectively	(11.3)	(64.4)	4	(86.5)
Defined benefit pension and other postretirement plan adjustments, net of tax of $(0.3), $0.6, $(0.5), and $0.9, respectively	(0.9)	1.9	(1.4)	2.8
Net loss on equity affiliate accumulated other comprehensive income, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively	(0.1)	(0.1)	(0.1)	(0.1)
Net loss on derivatives, net of tax of $(1.0), $0.0, $(1.1) and $(0.8), respectively	(2.8)	(0.9)	(3)	(2.5)
Other comprehensive (loss) income, net of tax	(15.1)	(63.5)	(0.5)	(86.3)
Comprehensive income	$ 140	$ 125	$ 294.6	$ 276

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 1.3	$ 1.7	$ 1.5	$ 2.7
Defined benefit pension and other postretirement plan adjustments, tax	(0.3)	0.6	(0.5)	0.9
Net loss on equity affiliate accumulated other comprehensive income, tax	0	0	0	0
Net loss on derivatives, tax	$ (1)	$ 0	$ (1.1)	$ (0.8)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 796.3	$ 894.3
Accounts receivable, net	534.4	507.4
Inventories	449.4	414.8
Other current assets	94.1	103
Total current assets	1,874.2	1,919.5
Property, plant and equipment	2,543.3	2,386.6
Less: accumulated depreciation and amortization	1,282	1,228.3
Property, plant and equipment, net	1,261.3	1,158.3
Operating lease right-of-use assets	99.2	104.4
Investments in affiliated companies	202.8	204.9
Goodwill	108	107.3
Intangible assets, net	16.8	18.4
Deferred income taxes	67	65.6
Other noncurrent assets	40.3	38.4
Total Assets	3,669.6	3,616.8
Current liabilities:
Notes payable and other current debt	2.2	2.2
Accounts payable	218	215.4
Accrued salaries, wages and benefits	85.4	76.8
Income taxes payable	26.7	24.8
Operating lease liabilities	16.2	16
Other current liabilities	163.1	183.8
Total current liabilities	511.6	519
Long-term debt	205.6	206.7
Deferred income taxes	15.4	14.3
Pension and other postretirement benefits	27.3	28.2
Operating lease liabilities	87.3	93
Deferred compensation benefits	20.6	19.1
Other long-term liabilities	55.1	51.6
Total Liabilities	922.9	931.9
Commitments and contingencies
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: 73.9 million and 74.1 million	18.8	18.8
Capital in excess of par value	158.2	232.2
Retained earnings	3,254.6	2,987.8
Accumulated other comprehensive loss	(183.5)	(183)
Treasury stock, at cost (1.4 million and 1.2 million shares)	(501.4)	(370.9)
Total Equity	2,746.7	2,684.9
Total Liabilities and Equity	$ 3,669.6	$ 3,616.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	3	3
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	200
Common stock, shares issued (in shares)	75.3	75.3
Common stock, shares outstanding (in shares)	73.9	74.1
Treasury stock, at cost (in shares)	1.4	1.2

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 295.1	$ 362.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	64.3	57.9
Amortization	1.4	1.8
Stock-based compensation	16	11
Loss on disposal of plant	11.6	0
Asset impairments	3.4	0.2
Pension settlement charge	0	1.2
Other non-cash items, net	(12.4)	(11.6)
Changes in assets and liabilities	(72.1)	(98.5)
Net cash provided by operating activities	307.3	324.3
Cash flows from investing activities:
Capital expenditures	(157.5)	(131.9)
Other, net	(6.7)	(2.4)
Net cash used in investing activities	(164.2)	(134.3)
Cash flows from financing activities:
Repayments of long-term debt	(1.1)	(1.1)
Debt issuance costs	0	(1.3)
Dividend payments	(28.2)	(26.5)
Proceeds from stock-based compensation awards	24	10.7
Employee stock purchase plan contributions	3.5	4.1
Shares purchased under share repurchase programs	(233.5)	(175.7)
Shares repurchased for employee tax withholdings	(12.5)	(19.1)
Net cash used in financing activities	(247.8)	(208.9)
Effect of exchange rates on cash	6.7	(25.2)
Net (decrease) increase in cash and cash equivalents	(98)	(44.1)
Cash, including cash equivalents at beginning of period	894.3	762.6
Cash, including cash equivalents at end of period	$ 796.3	$ 718.5

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2023, 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, 2022 (the “ 2022 Annual Report ”). The results of operations for any interim period are not necessarily indicative of results for the full year.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Recently Adopted Standards In September 2022, the Financial Accounting Standards Board ("FASB") issued guidance that seeks to enhance transparency around entities' use of supplier finance programs. The amendment requires the buyer in a supplier finance program to disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. This guidance is effective for fiscal years beginning after December 15, 2022. We adopted this guidance as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on our financial statements, as supplier finance programs are not material to the Company as of June 30, 2023.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service. The following table presents the approximate percentage of our net sales by market group: Three Months Ended Six Months Ended 2023 2022 2023 2022 Biologics 37 % 43 % 36 % 43 % Generics 20 % 18 % 20 % 17 % Pharma 25 % 24 % 26 % 24 % Contract-Manufactured Products 18 % 15 % 18 % 16 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: Three Months Ended Six Months Ended 2023 2022 2023 2022 High-Value Product Components 49 % 57 % 50 % 56 % High-Value Product Delivery Devices 12 % 5 % 10 % 5 % Standard Packaging 21 % 23 % 22 % 23 % Contract-Manufactured Products 18 % 15 % 18 % 16 % 100 % 100 % 100 % 100 % Due to the Company's reassessment of product categories, beginning in the second quarter of 2023 certain product types have been moved from High-Value Product Components to High-Value Product Delivery Devices. No adjustments were made to the product categorization prior to the second quarter of 2023. The following table presents the approximate percentage of our net sales by geographic location: Three Months Ended Six Months Ended 2023 2022 2023 2022 Americas 44 % 47 % 44 % 46 % Europe, Middle East, Africa 46 % 45 % 47 % 45 % Asia Pacific 10 % 8 % 9 % 9 % 100 % 100 % 100 % 100 % Contract Assets and Liabilities The following table summarizes our contract assets and liabilities: ($ in millions) Contract assets, December 31, 2022 $ 16.3 Contract assets, June 30, 2023 21.4 Change in contract assets - increase (decrease) $ 5.1 Deferred income, December 31, 2022 $ (68.2) Deferred income, June 30, 2023 (56.7) Change in deferred income - decrease (increase) $ 11.5 Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the six months ended June 30, 2023, $27.4 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, 2023, there was $2.6 million of deferred income related to this payment, of which $0.9 million was included in other current liabilities and $1.7 million was included in other long-term liabilities. The deferred income is being recognized as income on a straight-line basis over the remaining term of the agreement. The agreement does not include a future minimum purchase commitment from the customer.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Net income $ 155.1 $ 188.5 $ 295.1 $ 362.3 Weighted average common shares outstanding 74.3 74.4 74.4 74.4 Dilutive effect of equity awards, based on the treasury stock method 1.1 1.4 1.1 1.5 Weighted average shares assuming dilution 75.4 75.8 75.5 75.9 During the three months ended June 30, 2023 and 2022, there were 0.1 million and 0.1 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 0.1 million antidilutive shares outstanding during the six months ended June 30, 2023 and 2022, respectively. In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase up to $1.0 billion in shares of common stock. The share repurchase program does not have an expiration date under which we may repurchase common stock on the open market or in privately-negotiated transactions. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions. During the three months ended June 30, 2023, we purchased 492,710 shares of our common stock under the program at a cost of $173.4 million, or an average price of $351.82 per share. During the six months ended June 30, 2023, we purchased 676,070 shares of our common stock under the program at a cost of $233.5 million, or an average price of $345.33 per share. In December 2021, our Board of Directors approved a share repurchase program for calendar-year 2022 authorizing the repurchase of up to 650,000 shares of our common stock from time to time on the open market or in privately-negotiated transactions. The number of shares to be repurchased and the timing of such transactions was dependent on a variety of factors, including market conditions. This share repurchase program was completed by December 2022. During the three months ended June 30, 2022, we purchased 86,667 shares of our common stock under the calendar-year 2022 program at a cost of $28.6 million, or an average price of $329.40 per share. During the six months ended June 30, 2022, we purchased 476,667 shares of our common stock under the calendar-year 2022 program at a cost of $175.7 million, or an average price of $368.54 per share.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. Inventory balances were as follows: ($ in millions) June 30, December 31, Raw materials $ 185.3 $ 170.7 Work in process 93.8 79.0 Finished goods 170.3 165.1 $ 449.4 $ 414.8

Leases

Leases	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Operating lease cost $ 4.8 $ 3.4 $ 10.7 $ 6.7 Short-term lease cost 1.2 0.4 2.5 0.8 Variable lease cost 1.3 1.0 3.0 2.4 Total lease cost $ 7.3 $ 4.8 $ 16.2 $ 9.9 Supplemental cash flow information related to leases were as follows: Three Months Ended Six Months Ended ($ in millions) 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5.0 $ 3.1 $ 9.9 $ 6.3 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2.9 $ 5.8 $ 3.5 $ 15.5 As of June 30, 2023 and December 31, 2022, the weighted average remaining lease term for operating leases was 9.0 years and 9.3 years, respectively. As of June 30, 2023 and December 31, 2022, the weighted average discount rate was 3.30% and 3.25%, respectively. Maturities of operating lease liabilities were as follows: ($ in millions) June 30, December 31, Year 2023 2022 2023 (remaining period as of) $ 9.9 $ 19.0 2024 18.6 18.1 2025 16.7 16.0 2026 13.8 13.4 2027 9.4 9.4 Thereafter 51.5 50.8 119.9 126.7 Less: imputed lease interest (16.4) (17.7) Total lease liabilities $ 103.5 $ 109.0

Affiliated Companies

Affiliated Companies	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Affiliated Companies	Affiliated Companies At June 30, 2023 and December 31, 2022, the aggregate carrying amount of our investment in affiliated companies that are accounted for under the equity method was $193.6 million and $197.0 million, respectively, and the aggregate carrying amount of our investment in affiliated companies that are not accounted for under the equity method was $9.2 million and $7.9 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 $39.9 million and $84.1 million, respectively, for the three and six months ended June 30, 2023, as compared to $50.6 million and $97.6 million, respectively, for the same period in 2022. As of June 30, 2023 and December 31, 2022, the payable balance due to affiliates was $24.4 million and $31.2 million, respectively. The majority of these transactions related to a distributorship agreement with Daikyo Seiko, Ltd. ("Daikyo") that allows us to purchase and re-sell Daikyo products. Sales to affiliates were $2.7 million and $6.0 million, respectively, for the three and six months ended June 30, 2023, as compared to $3.6 million and $7.6 million, respectively, for the same periods in 2022. As of June 30, 2023 and December 31, 2022, the receivable balance due from affiliates was $1.9 million and $2.2 million, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
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, 2023. ($ in millions) June 30, December 31, Term Loan, due December 31, 2024 (6.22%) $ 82.1 $ 83.2 Series B notes, due July 5, 2024 (3.82%) 53.0 53.0 Series C notes, due July 5, 2027 (4.02%) 73.0 73.0 208.1 209.2 Less: unamortized debt issuance costs 0.3 0.3 Total debt 207.8 208.9 Less: current portion of long-term debt 2.2 2.2 Long-term debt, net $ 205.6 $ 206.7 Credit Facility At June 30, 2023, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility (the “Credit Facility”), including outstanding letters of credit of $2.4 million, was $497.6 million. Term Loan At June 30, 2023, we had $82.1 million in borrowings under the Term Loan, of which $2.2 million was classified as current and $79.9 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. Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At June 30, 2023, we were in compliance with all of our debt covenants.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022, the total amount of these forward exchange contracts was Singapore Dollar (“SGD”) 601.5 million and $13.4 million. We have also entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany demand notes which were executed in June 2023. As of June 30, 2023, the total amount of these forward exchange contracts was Euro ("EUR") 278.6 million and SGD 94.0 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, 2023, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows: (in millions) Sell Currency Purchase USD EUR EUR 24.6 26.5 — Yen 5,434.8 30.0 11.2 SGD 41.3 15.0 14.8 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. As of June 30, 2023, the notional amount of the cross-currency swap is ¥9.0 billion ($82.1 million) and the swap termination date is December 31, 2024. Under the cross-currency swap, we receive floating interest rate payments based on USD compounded Secured Overnight Financing Rate ("SOFR") plus a margin, in return for paying floating interest rate payments based on Japanese Yen (“Yen”) Tokyo Overnight Average Rate ("TONAR") plus a margin. Additionally, we will periodically enter into forward exchange contracts to mitigate our exposure to fluctuating foreign exchange rates on assets and liabilities, other than the intercompany loans and demand notes referenced above, which are denominated in foreign currencies. The Company has elected not to designate these forward contracts in hedging relationships, and any change in the value of the contracts is recognized in income. 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 2023, we purchased several series of call options for a total of 943,274 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, 2023, we had outstanding contracts to purchase 241,491 barrels of crude oil from June 2023 to December 2024, at a weighted-average strike price of $99.01 per barrel. Effects of Derivative Instruments on Financial Position and Results of Operations Please refer to Note 10, Fair Value Measurements , for the balance sheet location and fair values of our derivative instruments as of June 30, 2023 and December 31, 2022. The following table summarizes the effects of derivative instruments designated as fair value hedges on the condensed consolidated statements of income: Amount of Gain (Loss) Recognized in Income for the Amount of Gain (Loss) Recognized in Income for the Three Months Ended Six Months Ended Location on Statement of Income ($ in millions) 2023 2022 2023 2022 Fair Value Hedges: Hedged item (intercompany loan) $ 7.4 $ (11.7) $ 9.9 $ (21.3) Other expense (income) Derivative designated as hedging instrument (8.2) 11.7 (10.7) 21.3 Other expense (income) Amount excluded from effectiveness testing (0.1) 1.4 1.1 2.2 Other expense (income) Total $ (0.9) $ 1.4 $ 0.3 $ 2.2 We recognize in earnings the initial value of forward point components for hedges of intercompany loans on a straight-line basis over the life of the fair value hedge. The value of forward point components for hedges of intercompany demand notes is recognized currently in earnings using a market approach. The amounts recognized in earnings, pre-tax, for forward point components for the three and six months ended June 30, 2023 and 2022 were $0.2 million, $1.4 million, and $0.9 million, $1.7 million, respectively. The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax: Amount of Gain (Loss) Recognized in OCI for the Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the Location of (Gain) Loss Reclassified from Accumulated OCI into Income Three Months Ended Three Months Ended ($ in millions) 2023 2022 2023 2022 Fair Value Hedges Foreign currency hedge contracts $ (2.2) $ 1.9 $ 1.9 $ (1.2) Other expense (income) Total $ (2.2) $ 1.9 $ 1.9 $ (1.2) Cash Flow Hedges: Foreign currency hedge contracts $ (0.8) $ — $ 0.4 $ (0.3) Net sales Foreign currency hedge contracts (2.6) (2.3) 0.4 1.0 Cost of goods and services sold Forward treasury locks — — 0.1 — Interest expense Total $ (3.4) $ (2.3) $ 0.9 $ 0.7 Net Investment Hedges: Cross-currency swap $ 5.5 $ 5.6 $ — $ — Other expense (income) Total $ 5.5 $ 5.6 $ — $ — 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) 2023 2022 2023 2022 Fair Value Hedges Foreign currency hedge contracts $ (2.0) $ 0.7 $ 1.9 $ (1.2) Other expense (income) Total $ (2.0) $ 0.7 $ 1.9 $ (1.2) Cash Flow Hedges: Foreign currency hedge contracts $ (0.9) $ 0.4 $ 1.1 $ (0.6) Net sales Foreign currency hedge contracts (3.6) (3.4) 0.4 1.5 Cost of goods and services sold Forward treasury locks — — 0.1 0.1 Interest expense Total $ (4.5) $ (3.0) $ 1.6 $ 1.0 Net Investment Hedges: Cross-currency swap $ 7.2 $ 8.9 $ — $ — Other expense (income) Total $ 7.2 $ 8.9 $ — $ — Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges within the other expense (income) line in our condensed consolidated statements of income for the three and six months ended June 30, 2023 and June 30, 2022. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our condensed consolidated statements of income: Three Months Ended Six Months Ended ($ in millions) 2023 2022 2023 2022 Net sales $ 0.4 $ (0.3) $ 1.1 $ (0.6) Cost of goods and services sold 0.4 1.0 0.4 1.5 Interest expense 0.1 — 0.1 0.1 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) 2023 2022 2023 2022 Commodity call options $ (0.4) $ 0.3 $ (1.0) $ 3.1 Other expense (income) Currency forwards (0.2) — (0.2) — Other expense (income) Total $ (0.6) $ 0.3 $ (1.2) $ 3.1 For the three and six months ended June 30, 2023 and 2022, there was no material ineffectiveness related to our hedges.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
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 $ 11.1 $ 11.1 $ — $ — Foreign currency contracts 5.1 — 5.1 — Cross-currency swap 20.1 — 20.1 — Commodity call options 0.6 — 0.6 $ 36.9 $ 11.1 $ 25.8 $ — Liabilities: Contingent consideration $ 4.3 $ — $ — $ 4.3 Deferred compensation liabilities 11.3 11.3 — — Foreign currency contracts 20.8 — 20.8 — $ 36.4 $ 11.3 $ 20.8 $ 4.3 Balance at Basis of Fair Value Measurements ($ in millions) December 31, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 12.5 $ 12.5 $ — $ — Foreign currency contracts 4.5 — 4.5 — Cross-currency swap 13.9 — 13.9 — Commodity call options 1.2 — 1.2 — $ 32.1 $ 12.5 $ 19.6 $ — Liabilities: Contingent consideration $ 4.7 $ — $ — $ 4.7 Deferred compensation liabilities 12.7 12.7 — — Foreign currency contracts 1.4 — 1.4 — $ 18.8 $ 12.7 $ 1.4 $ 4.7 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 assets, as well as other current and other long-term liabilities as of June 30, 2023, is valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting date. As of December 31, 2022, the fair value of our foreign currency contracts was included within other current and other noncurrent assets, as well as other current and other long-term liabilities. The fair value of the cross-currency swap, included within other noncurrent assets, is valued using a market approach. Please refer to Note 9, Derivative Financial Instruments , for further discussion of our derivatives. 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 the contingent consideration liability, within current and long-term liabilities, 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 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. 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. The estimated fair value of long-term debt is based on quoted market prices for debt issuances with similar terms and maturities and is classified as Level 2 within the fair value hierarchy. At June 30, 2023, the estimated fair value of long-term debt was $201.1 million compared to a carrying amount of $205.6 million. At December 31, 2022, the estimated fair value of long-term debt was $201.8 million and the carrying amount was $206.7 million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2023
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, 2023: ($ in millions) (Losses) gains on Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2022 $ 0.2 $ 1.6 $ (9.4) $ (175.4) $ (183.0) Other comprehensive (loss) income before reclassifications (6.5) (0.1) (0.5) 4.0 (3.1) Amounts reclassified out from accumulated other comprehensive (loss) income 3.5 — (0.9) — 2.6 Other comprehensive (loss) income, net of tax (3.0) (0.1) (1.4) 4.0 (0.5) Balance, June 30, 2023 $ (2.8) $ 1.5 $ (10.8) $ (171.4) $ (183.5) 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, 2022: ($ in millions) (Losses) gains on Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2021 $ (1.2) $ 1.5 $ (31.8) $ (128.1) $ (159.6) Other comprehensive (loss) income before reclassifications (2.3) (0.1) 1.6 (86.5) (87.3) Amounts reclassified out from accumulated other comprehensive (loss) income (0.2) — 1.2 — 1.0 Other comprehensive (loss) income, net of tax (2.5) (0.1) 2.8 (86.5) (86.3) Balance, June 30, 2022 $ (3.7) $ 1.4 $ (29.0) $ (214.6) $ (245.9) A summary of the reclassifications out from 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 2023 2022 2023 2022 Gains (losses) on derivatives: Foreign currency contracts $ (0.6) $ 0.4 $ (1.3) $ 0.7 Net sales Foreign currency contracts (0.6) (1.2) (0.6) (1.7) Cost of goods and services sold Foreign currency contracts (2.8) 1.8 (2.8) 1.8 Other expense (income) Forward treasury locks — (0.1) (0.1) (0.2) Interest expense Total before tax (4.0) 0.9 (4.8) 0.6 Tax benefit (expense) 1.2 (0.4) 1.3 (0.4) Net of tax $ (2.8) $ 0.5 $ (3.5) $ 0.2 Amortization of defined benefit pension and other postretirement plans: Actuarial gains $ 0.4 $ — $ 0.8 $ — (a) Settlements — (0.6) — (1.2) (a) Other 0.4 (0.4) 0.4 (0.4) Total before tax 0.8 (1.0) 1.2 (1.6) Tax (expense) benefit (0.2) 0.3 (0.3) 0.4 Net of tax $ 0.6 $ (0.7) $ 0.9 $ (1.2) Total reclassifications for the period, net of tax $ (2.2) $ (0.2) $ (2.6) $ (1.0) (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, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders ’ Equity The following table presents the changes in shareholders’ equity for the six months ended June 30, 2023: 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, 2022 75.3 $ 18.8 $ 232.2 1.2 $ (370.9) $ 2,987.8 $ (183.0) $ 2,684.9 Net income — — — — — 140.0 — 140.0 Activity related to stock-based compensation — — (50.8) (0.3) 61.8 — — 11.0 Shares purchased under share repurchase program — — — 0.2 (60.1) — — (60.1) Dividends declared ($0.19 per share) — — — — — (14.2) — (14.2) Other comprehensive income, net of tax — — — — — — 14.6 14.6 Balance, March 31, 2023 75.3 $ 18.8 $ 181.4 1.1 $ (369.2) $ 3,113.6 $ (168.4) $ 2,776.2 Net income — — — — — 155.1 — 155.1 Activity related to stock-based compensation — — (23.2) (0.2) 41.2 — — 18.0 Shares purchased under share repurchase program — — — 0.5 (173.4) — — (173.4) Dividends declared ($0.19 per share) — — — — — (14.1) — (14.1) Other comprehensive loss, net of tax — — — — — — (15.1) (15.1) Balance, June 30, 2023 75.3 $ 18.8 $ 158.2 1.4 $ (501.4) $ 3,254.6 $ (183.5) $ 2,746.7 The following table presents the changes in shareholders’ equity for the six months ended June 30, 2022: 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, 2021 75.3 $ 18.8 $ 249.0 1.1 $ (229.5) $ 2,456.7 $ (159.6) $ 2,335.4 Net income — — — — — 173.8 — 173.8 Activity related to stock-based compensation — — (29.1) (0.3) 29.2 — — 0.1 Shares purchased under share repurchase program — — — 0.4 (147.1) — — (147.1) Dividends declared ($0.18 per share) — — — — — (13.2) — (13.2) Other comprehensive loss, net of tax — — — — — — (22.8) (22.8) Balance, March 31, 2022 75.3 $ 18.8 $ 219.9 1.2 $ (347.4) $ 2,617.3 $ (182.4) $ 2,326.2 Net income — — — — — 188.5 — 188.5 Activity related to stock-based compensation — — 5.4 — 9.7 — — 15.1 Shares purchased under share repurchase program — — — 0.1 (28.6) — — (28.6) Dividends declared ($0.18 per share) — — — — — (13.3) — (13.3) Other comprehensive loss, net of tax — — — — — — (63.5) (63.5) Balance, June 30, 2022 75.3 $ 18.8 $ 225.3 1.3 $ (366.3) $ 2,792.5 $ (245.9) $ 2,424.4

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
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, 2023, there were 1,437,197 shares remaining in the 2016 Plan for future grants. During the six months ended June 30, 2023, we granted 105,640 stock options at a weighted average exercise price of $306.92 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 $108.88 per share as determined by the Black-Scholes option valuation model using the following weighted average assumptions: a risk-free interest rate of 4.1%; expected life of 5.7 years based on prior experience; stock volatility of 29.8% 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, 2023, we granted 37,536 stock-settled performance share unit (“PSU”) awards at a weighted average grant-date fair value of $306.91 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, 2023, we granted 4,479 stock-settled restricted share unit (“RSU”) awards at a weighted average grant-date fair value of $309.42 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, 2023
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) 2023 2022 2023 2022 2023 2022 Service cost $ 0.3 $ 0.3 $ — $ — $ 0.3 $ 0.3 Interest cost 0.6 1.6 — — 0.6 1.6 Expected return on assets (0.3) (2.4) — — (0.3) (2.4) Recognized actuarial losses (gains) 0.2 0.3 (0.6) (0.3) (0.4) — Settlements — 0.6 — — — 0.6 Net periodic benefit cost $ 0.8 $ 0.4 $ (0.6) $ (0.3) $ 0.2 $ 0.1 Pension benefits Other retirement benefits Total ($ in millions) 2023 2022 2023 2022 2023 2022 U.S. plans $ 0.2 $ 0.3 $ (0.6) $ (0.3) $ (0.4) $ — International plans 0.6 0.1 — — 0.6 0.1 Net periodic benefit cost $ 0.8 $ 0.4 $ (0.6) $ (0.3) $ 0.2 $ 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) 2023 2022 2023 2022 2023 2022 Service cost $ 0.6 $ 0.7 $ — $ — $ 0.6 $ 0.7 Interest cost 1.2 3.2 0.1 — 1.3 3.2 Expected return on assets (0.6) (4.6) — — (0.6) (4.6) Recognized actuarial losses (gains) 0.3 0.7 (1.1) (0.7) (0.8) — Settlements — 1.2 — — — 1.2 Net periodic benefit cost $ 1.5 $ 1.2 $ (1.0) $ (0.7) $ 0.5 $ 0.5 Pension benefits Other retirement benefits Total ($ in millions) 2023 2022 2023 2022 2023 2022 U.S. plans $ 0.3 $ 0.7 $ (1.0) $ (0.7) $ (0.7) $ — International plans 1.2 0.5 — — 1.2 0.5 Net periodic benefit cost $ 1.5 $ 1.2 $ (1.0) $ (0.7) $ 0.5 $ 0.5 During the three and six months ended June 30, 2022, we recorded a $0.6 million and $1.2 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, 2023
Other Income and Expenses [Abstract]
Other Expense (Income)	Other Expense (Income) Other expense (income) consists of: Three Months Ended Six Months Ended ($ in millions) 2023 2022 2023 2022 Loss on disposal of plant $ 2.2 $ — $ 11.6 $ — Asset impairments 1.5 0.2 3.4 0.2 Restructuring and related charges (0.8) (1.6) (0.8) (1.6) Loss (gain) on oil hedges 0.4 (0.3) 1.0 (3.1) Contingent consideration 0.5 0.3 0.8 1.1 Foreign exchange transaction losses (gains) 0.3 (1.3) 1.2 (2.4) Other items (0.1) (0.1) (0.3) (0.1) Total other expense (income) $ 4.0 $ (2.8) $ 16.9 $ (5.9) Restructuring and Related Charges In December 2022, the Company approved a restructuring plan to adjust our operating cost base to better respond to the macroeconomic factors influencing our business. These changes are expected to be implemented over a period of up to twelve months from the date of approval. The plan is expected to require restructuring and related charges of approximately $25 million to $27 million, with annualized savings in the range of $22 million to $24 million. The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan: ($ in millions) Severance Asset-related charges Total Balance, December 31, 2022 $ 10.1 $ 15.3 $ 25.4 (Credits) Charges (0.8) — (0.8) Cash payments (2.6) — (2.6) Non-cash asset write downs — (15.3) (15.3) Balance, June 30, 2023 $ 6.7 $ — $ 6.7 Loss on Disposal of Plant During the three and six months ended June 30, 2023, the Company recorded expense of $2.2 million and $11.6 million, respectively, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. 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. Oil Hedges During the three and six months ended June 30, 2023, we recorded a loss of $0.4 million and $1.0 million, respectively, related to oil hedges. During the three and six months ended June 30, 2022, we recorded a gain of $0.3 million and $3.1 million, respectively, related to oil hedges. Please refer to Note 9, Derivative Financial Instruments , for further discussion of our hedging activity.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The 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 $34.8 million and $44.2 million for the three months ended June 30, 2023 and 2022, respectively, and the effective tax rate was 18.8% and 19.5%, respectively. The decrease in the effective tax rate is primarily due to an increase in the tax benefit related to stock-based compensation for the three months ended June 30, 2023 as compared to the same period in 2022. The provision for income taxes was $58.4 million and $65.4 million for the six months ended June 30, 2023 and 2022, respectively, and the effective tax rate was 17.0% and 15.8%, respectively. The increase in the effective tax rate is primarily due to a shift in the geographic earnings mix and a $5.9 million tax benefit recorded as the result of a state tax valuation allowance reversal in the six months ended June 30, 2022 that was not repeated in 2023. This was offset by an increase in the tax benefit related to stock-based compensation for the six months ended June 30, 2023, as compared to the same period in 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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 2022 Annual Report .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Our business operations are organized into two reportable segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery products, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our Contract-Manufactured Products reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers. The Chief Operating Decision Maker ("CODM") evaluates the performance of our segments based upon, among other things, segment net sales and operating profit. Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that the CODM considers not representative of ongoing operations. Such items are referred to as other unallocated items and generally include restructuring and related charges, certain asset impairments and other specifically-identified income or expense items. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides a valuable insight into our overall performance and financial position. The following table presents information about our reportable segments, reconciled to consolidated totals: Three Months Ended Six Months Ended ($ in millions) 2023 2022 2023 2022 Net sales: Proprietary Products $ 618.0 $ 653.7 $ 1,201.1 $ 1,255.0 Contract-Manufactured Products 135.8 117.8 269.3 236.5 Intersegment sales elimination — (0.2) — (0.2) Consolidated net sales $ 753.8 $ 771.3 $ 1,470.4 $ 1,491.3 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 ($ in millions) 2023 2022 2023 2022 Operating profit (loss): Proprietary Products $ 194.2 $ 233.9 $ 364.9 $ 427.3 Contract-Manufactured Products 14.9 14.2 32.3 33.3 Total business segment operating profit $ 209.1 $ 248.1 $ 397.2 $ 460.6 Corporate and Unallocated Stock-based compensation expense $ (7.5) $ (5.5) $ (16.0) $ (11.0) Corporate general costs (1) (16.6) (15.6) (31.3) (32.7) Unallocated Items: Loss on disposal of plant (2) (2.2) — (11.6) — Restructuring and other charges (3) (0.1) 1.6 (0.1) 1.6 Amortization of acquisition-related intangible assets (4) (0.2) (0.2) (0.4) (0.4) Total Corporate and Unallocated (26.6) (19.7) (59.4) (42.5) Total consolidated operating profit $ 182.5 $ 228.4 $ 337.8 $ 418.1 Interest (income) expense, net and other nonoperating (income) expense, net (2.4) 1.2 (5.0) 3.1 Income before income taxes and equity in net income of affiliated companies $ 184.9 $ 227.2 $ 342.8 $ 415.0 (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, 2023, the Company recorded expense of $2.2 million and $11.6 million, respectively, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. (3) Restructuring and other charges of $0.1 million for both the three and six months ended June 30, 2023 represents the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan. During the three and six months ended June 30, 2022, the Company recorded a benefit within other expense (income) of $1.6 million for restructuring and severance related costs in connection with its 2020 plan related to revised severance estimates. (4) During the three and six months ended June 30, 2023, 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. During the three and six months ended June 30, 2022, 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 155.1	$ 140	$ 188.5	$ 173.8	$ 295.1	$ 362.3

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Eric M. Green [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Eric M. Green, President and Chief Executive Officer, Chair of the Board of Directors, entered into a prearranged stock trading arrangement on May 5, 2023. Mr. Green’s plan provides for the purchase and sale of an aggregate number of 234,864 shares of the Company's common stock (of which Mr. Green will sell 204,864 shares and retain the rest immediately following the exercise) between August 8, 2023 and August 6, 2024. The trading plan was entered into during an open insider trading window and is intended to satisfy Rule 10b5-1(c) under the Exchange Act and the Company’s policies regarding insider transactions.
Name	Eric M. Green
Title	President and Chief Executive Officer, Chair of the Board of Directors
Adoption Date	May 5, 2023
Arrangement Duration	364 days
Aggregate Available	234,864	234,864

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2023, 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, 2022 (the “ 2022 Annual Report ”). The results of operations for any interim period are not necessarily indicative of results for the full year.
New Accounting Standards	Recently Adopted Standards In September 2022, the Financial Accounting Standards Board ("FASB") issued guidance that seeks to enhance transparency around entities' use of supplier finance programs. The amendment requires the buyer in a supplier finance program to disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. This guidance is effective for fiscal years beginning after December 15, 2022. We adopted this guidance as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on our financial statements, as supplier finance programs are not material to the Company as of June 30, 2023.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Biologics 37 % 43 % 36 % 43 % Generics 20 % 18 % 20 % 17 % Pharma 25 % 24 % 26 % 24 % Contract-Manufactured Products 18 % 15 % 18 % 16 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: Three Months Ended Six Months Ended 2023 2022 2023 2022 High-Value Product Components 49 % 57 % 50 % 56 % High-Value Product Delivery Devices 12 % 5 % 10 % 5 % Standard Packaging 21 % 23 % 22 % 23 % Contract-Manufactured Products 18 % 15 % 18 % 16 % 100 % 100 % 100 % 100 % Due to the Company's reassessment of product categories, beginning in the second quarter of 2023 certain product types have been moved from High-Value Product Components to High-Value Product Delivery Devices. No adjustments were made to the product categorization prior to the second quarter of 2023. The following table presents the approximate percentage of our net sales by geographic location: Three Months Ended Six Months Ended 2023 2022 2023 2022 Americas 44 % 47 % 44 % 46 % Europe, Middle East, Africa 46 % 45 % 47 % 45 % Asia Pacific 10 % 8 % 9 % 9 % 100 % 100 % 100 % 100 %
Schedule of Change in Contract with Customer, Asset and Liability	The following table summarizes our contract assets and liabilities: ($ in millions) Contract assets, December 31, 2022 $ 16.3 Contract assets, June 30, 2023 21.4 Change in contract assets - increase (decrease) $ 5.1 Deferred income, December 31, 2022 $ (68.2) Deferred income, June 30, 2023 (56.7) Change in deferred income - decrease (increase) $ 11.5

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Net income $ 155.1 $ 188.5 $ 295.1 $ 362.3 Weighted average common shares outstanding 74.3 74.4 74.4 74.4 Dilutive effect of equity awards, based on the treasury stock method 1.1 1.4 1.1 1.5 Weighted average shares assuming dilution 75.4 75.8 75.5 75.9

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. Inventory balances were as follows: ($ in millions) June 30, December 31, Raw materials $ 185.3 $ 170.7 Work in process 93.8 79.0 Finished goods 170.3 165.1 $ 449.4 $ 414.8

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease, Cost	The components of lease expense were as follows: Three Months Ended Six Months Ended ($ in millions) 2023 2022 2023 2022 Operating lease cost $ 4.8 $ 3.4 $ 10.7 $ 6.7 Short-term lease cost 1.2 0.4 2.5 0.8 Variable lease cost 1.3 1.0 3.0 2.4 Total lease cost $ 7.3 $ 4.8 $ 16.2 $ 9.9
Schedule of Cash Flow and Supplemental Information	Supplemental cash flow information related to leases were as follows: Three Months Ended Six Months Ended ($ in millions) 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5.0 $ 3.1 $ 9.9 $ 6.3 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2.9 $ 5.8 $ 3.5 $ 15.5
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of operating lease liabilities were as follows: ($ in millions) June 30, December 31, Year 2023 2022 2023 (remaining period as of) $ 9.9 $ 19.0 2024 18.6 18.1 2025 16.7 16.0 2026 13.8 13.4 2027 9.4 9.4 Thereafter 51.5 50.8 119.9 126.7 Less: imputed lease interest (16.4) (17.7) Total lease liabilities $ 103.5 $ 109.0

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023. ($ in millions) June 30, December 31, Term Loan, due December 31, 2024 (6.22%) $ 82.1 $ 83.2 Series B notes, due July 5, 2024 (3.82%) 53.0 53.0 Series C notes, due July 5, 2027 (4.02%) 73.0 73.0 208.1 209.2 Less: unamortized debt issuance costs 0.3 0.3 Total debt 207.8 208.9 Less: current portion of long-term debt 2.2 2.2 Long-term debt, net $ 205.6 $ 206.7

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Contracts	As of June 30, 2023, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows: (in millions) Sell Currency Purchase USD EUR EUR 24.6 26.5 — Yen 5,434.8 30.0 11.2 SGD 41.3 15.0 14.8
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) 2023 2022 2023 2022 Fair Value Hedges: Hedged item (intercompany loan) $ 7.4 $ (11.7) $ 9.9 $ (21.3) Other expense (income) Derivative designated as hedging instrument (8.2) 11.7 (10.7) 21.3 Other expense (income) Amount excluded from effectiveness testing (0.1) 1.4 1.1 2.2 Other expense (income) Total $ (0.9) $ 1.4 $ 0.3 $ 2.2 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) 2023 2022 2023 2022 Fair Value Hedges Foreign currency hedge contracts $ (2.2) $ 1.9 $ 1.9 $ (1.2) Other expense (income) Total $ (2.2) $ 1.9 $ 1.9 $ (1.2) Cash Flow Hedges: Foreign currency hedge contracts $ (0.8) $ — $ 0.4 $ (0.3) Net sales Foreign currency hedge contracts (2.6) (2.3) 0.4 1.0 Cost of goods and services sold Forward treasury locks — — 0.1 — Interest expense Total $ (3.4) $ (2.3) $ 0.9 $ 0.7 Net Investment Hedges: Cross-currency swap $ 5.5 $ 5.6 $ — $ — Other expense (income) Total $ 5.5 $ 5.6 $ — $ — 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) 2023 2022 2023 2022 Fair Value Hedges Foreign currency hedge contracts $ (2.0) $ 0.7 $ 1.9 $ (1.2) Other expense (income) Total $ (2.0) $ 0.7 $ 1.9 $ (1.2) Cash Flow Hedges: Foreign currency hedge contracts $ (0.9) $ 0.4 $ 1.1 $ (0.6) Net sales Foreign currency hedge contracts (3.6) (3.4) 0.4 1.5 Cost of goods and services sold Forward treasury locks — — 0.1 0.1 Interest expense Total $ (4.5) $ (3.0) $ 1.6 $ 1.0 Net Investment Hedges: Cross-currency swap $ 7.2 $ 8.9 $ — $ — Other expense (income) Total $ 7.2 $ 8.9 $ — $ — Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges within the other expense (income) line in our condensed consolidated statements of income for the three and six months ended June 30, 2023 and June 30, 2022. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our condensed consolidated statements of income: Three Months Ended Six Months Ended ($ in millions) 2023 2022 2023 2022 Net sales $ 0.4 $ (0.3) $ 1.1 $ (0.6) Cost of goods and services sold 0.4 1.0 0.4 1.5 Interest expense 0.1 — 0.1 0.1
Schedule of Derivatives Not Designated as Hedging Instruments	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) 2023 2022 2023 2022 Commodity call options $ (0.4) $ 0.3 $ (1.0) $ 3.1 Other expense (income) Currency forwards (0.2) — (0.2) — Other expense (income) Total $ (0.6) $ 0.3 $ (1.2) $ 3.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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 $ 11.1 $ 11.1 $ — $ — Foreign currency contracts 5.1 — 5.1 — Cross-currency swap 20.1 — 20.1 — Commodity call options 0.6 — 0.6 $ 36.9 $ 11.1 $ 25.8 $ — Liabilities: Contingent consideration $ 4.3 $ — $ — $ 4.3 Deferred compensation liabilities 11.3 11.3 — — Foreign currency contracts 20.8 — 20.8 — $ 36.4 $ 11.3 $ 20.8 $ 4.3 Balance at Basis of Fair Value Measurements ($ in millions) December 31, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 12.5 $ 12.5 $ — $ — Foreign currency contracts 4.5 — 4.5 — Cross-currency swap 13.9 — 13.9 — Commodity call options 1.2 — 1.2 — $ 32.1 $ 12.5 $ 19.6 $ — Liabilities: Contingent consideration $ 4.7 $ — $ — $ 4.7 Deferred compensation liabilities 12.7 12.7 — — Foreign currency contracts 1.4 — 1.4 — $ 18.8 $ 12.7 $ 1.4 $ 4.7

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023: ($ in millions) (Losses) gains on Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2022 $ 0.2 $ 1.6 $ (9.4) $ (175.4) $ (183.0) Other comprehensive (loss) income before reclassifications (6.5) (0.1) (0.5) 4.0 (3.1) Amounts reclassified out from accumulated other comprehensive (loss) income 3.5 — (0.9) — 2.6 Other comprehensive (loss) income, net of tax (3.0) (0.1) (1.4) 4.0 (0.5) Balance, June 30, 2023 $ (2.8) $ 1.5 $ (10.8) $ (171.4) $ (183.5) 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, 2022: ($ in millions) (Losses) gains on Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2021 $ (1.2) $ 1.5 $ (31.8) $ (128.1) $ (159.6) Other comprehensive (loss) income before reclassifications (2.3) (0.1) 1.6 (86.5) (87.3) Amounts reclassified out from accumulated other comprehensive (loss) income (0.2) — 1.2 — 1.0 Other comprehensive (loss) income, net of tax (2.5) (0.1) 2.8 (86.5) (86.3) Balance, June 30, 2022 $ (3.7) $ 1.4 $ (29.0) $ (214.6) $ (245.9)
Schedule of Reclassification out of Accumulated Other Comprehensive Loss	A summary of the reclassifications out from 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 2023 2022 2023 2022 Gains (losses) on derivatives: Foreign currency contracts $ (0.6) $ 0.4 $ (1.3) $ 0.7 Net sales Foreign currency contracts (0.6) (1.2) (0.6) (1.7) Cost of goods and services sold Foreign currency contracts (2.8) 1.8 (2.8) 1.8 Other expense (income) Forward treasury locks — (0.1) (0.1) (0.2) Interest expense Total before tax (4.0) 0.9 (4.8) 0.6 Tax benefit (expense) 1.2 (0.4) 1.3 (0.4) Net of tax $ (2.8) $ 0.5 $ (3.5) $ 0.2 Amortization of defined benefit pension and other postretirement plans: Actuarial gains $ 0.4 $ — $ 0.8 $ — (a) Settlements — (0.6) — (1.2) (a) Other 0.4 (0.4) 0.4 (0.4) Total before tax 0.8 (1.0) 1.2 (1.6) Tax (expense) benefit (0.2) 0.3 (0.3) 0.4 Net of tax $ 0.6 $ (0.7) $ 0.9 $ (1.2) Total reclassifications for the period, net of tax $ (2.2) $ (0.2) $ (2.6) $ (1.0) (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, 2023
Equity [Abstract]
Schedule of Stockholders Equity	The following table presents the changes in shareholders’ equity for the six months ended June 30, 2023: 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, 2022 75.3 $ 18.8 $ 232.2 1.2 $ (370.9) $ 2,987.8 $ (183.0) $ 2,684.9 Net income — — — — — 140.0 — 140.0 Activity related to stock-based compensation — — (50.8) (0.3) 61.8 — — 11.0 Shares purchased under share repurchase program — — — 0.2 (60.1) — — (60.1) Dividends declared ($0.19 per share) — — — — — (14.2) — (14.2) Other comprehensive income, net of tax — — — — — — 14.6 14.6 Balance, March 31, 2023 75.3 $ 18.8 $ 181.4 1.1 $ (369.2) $ 3,113.6 $ (168.4) $ 2,776.2 Net income — — — — — 155.1 — 155.1 Activity related to stock-based compensation — — (23.2) (0.2) 41.2 — — 18.0 Shares purchased under share repurchase program — — — 0.5 (173.4) — — (173.4) Dividends declared ($0.19 per share) — — — — — (14.1) — (14.1) Other comprehensive loss, net of tax — — — — — — (15.1) (15.1) Balance, June 30, 2023 75.3 $ 18.8 $ 158.2 1.4 $ (501.4) $ 3,254.6 $ (183.5) $ 2,746.7 The following table presents the changes in shareholders’ equity for the six months ended June 30, 2022: 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, 2021 75.3 $ 18.8 $ 249.0 1.1 $ (229.5) $ 2,456.7 $ (159.6) $ 2,335.4 Net income — — — — — 173.8 — 173.8 Activity related to stock-based compensation — — (29.1) (0.3) 29.2 — — 0.1 Shares purchased under share repurchase program — — — 0.4 (147.1) — — (147.1) Dividends declared ($0.18 per share) — — — — — (13.2) — (13.2) Other comprehensive loss, net of tax — — — — — — (22.8) (22.8) Balance, March 31, 2022 75.3 $ 18.8 $ 219.9 1.2 $ (347.4) $ 2,617.3 $ (182.4) $ 2,326.2 Net income — — — — — 188.5 — 188.5 Activity related to stock-based compensation — — 5.4 — 9.7 — — 15.1 Shares purchased under share repurchase program — — — 0.1 (28.6) — — (28.6) Dividends declared ($0.18 per share) — — — — — (13.3) — (13.3) Other comprehensive loss, net of tax — — — — — — (63.5) (63.5) Balance, June 30, 2022 75.3 $ 18.8 $ 225.3 1.3 $ (366.3) $ 2,792.5 $ (245.9) $ 2,424.4

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 2023 2022 Service cost $ 0.3 $ 0.3 $ — $ — $ 0.3 $ 0.3 Interest cost 0.6 1.6 — — 0.6 1.6 Expected return on assets (0.3) (2.4) — — (0.3) (2.4) Recognized actuarial losses (gains) 0.2 0.3 (0.6) (0.3) (0.4) — Settlements — 0.6 — — — 0.6 Net periodic benefit cost $ 0.8 $ 0.4 $ (0.6) $ (0.3) $ 0.2 $ 0.1 Pension benefits Other retirement benefits Total ($ in millions) 2023 2022 2023 2022 2023 2022 U.S. plans $ 0.2 $ 0.3 $ (0.6) $ (0.3) $ (0.4) $ — International plans 0.6 0.1 — — 0.6 0.1 Net periodic benefit cost $ 0.8 $ 0.4 $ (0.6) $ (0.3) $ 0.2 $ 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) 2023 2022 2023 2022 2023 2022 Service cost $ 0.6 $ 0.7 $ — $ — $ 0.6 $ 0.7 Interest cost 1.2 3.2 0.1 — 1.3 3.2 Expected return on assets (0.6) (4.6) — — (0.6) (4.6) Recognized actuarial losses (gains) 0.3 0.7 (1.1) (0.7) (0.8) — Settlements — 1.2 — — — 1.2 Net periodic benefit cost $ 1.5 $ 1.2 $ (1.0) $ (0.7) $ 0.5 $ 0.5 Pension benefits Other retirement benefits Total ($ in millions) 2023 2022 2023 2022 2023 2022 U.S. plans $ 0.3 $ 0.7 $ (1.0) $ (0.7) $ (0.7) $ — International plans 1.2 0.5 — — 1.2 0.5 Net periodic benefit cost $ 1.5 $ 1.2 $ (1.0) $ (0.7) $ 0.5 $ 0.5

Other Expense (Income) (Tables)

Other Expense (Income) (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other Expense (Income)	Other expense (income) consists of: Three Months Ended Six Months Ended ($ in millions) 2023 2022 2023 2022 Loss on disposal of plant $ 2.2 $ — $ 11.6 $ — Asset impairments 1.5 0.2 3.4 0.2 Restructuring and related charges (0.8) (1.6) (0.8) (1.6) Loss (gain) on oil hedges 0.4 (0.3) 1.0 (3.1) Contingent consideration 0.5 0.3 0.8 1.1 Foreign exchange transaction losses (gains) 0.3 (1.3) 1.2 (2.4) Other items (0.1) (0.1) (0.3) (0.1) Total other expense (income) $ 4.0 $ (2.8) $ 16.9 $ (5.9)
Schedule of Restructuring Reserve	The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan: ($ in millions) Severance Asset-related charges Total Balance, December 31, 2022 $ 10.1 $ 15.3 $ 25.4 (Credits) Charges (0.8) — (0.8) Cash payments (2.6) — (2.6) Non-cash asset write downs — (15.3) (15.3) Balance, June 30, 2023 $ 6.7 $ — $ 6.7

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Net sales: Proprietary Products $ 618.0 $ 653.7 $ 1,201.1 $ 1,255.0 Contract-Manufactured Products 135.8 117.8 269.3 236.5 Intersegment sales elimination — (0.2) — (0.2) Consolidated net sales $ 753.8 $ 771.3 $ 1,470.4 $ 1,491.3 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 ($ in millions) 2023 2022 2023 2022 Operating profit (loss): Proprietary Products $ 194.2 $ 233.9 $ 364.9 $ 427.3 Contract-Manufactured Products 14.9 14.2 32.3 33.3 Total business segment operating profit $ 209.1 $ 248.1 $ 397.2 $ 460.6 Corporate and Unallocated Stock-based compensation expense $ (7.5) $ (5.5) $ (16.0) $ (11.0) Corporate general costs (1) (16.6) (15.6) (31.3) (32.7) Unallocated Items: Loss on disposal of plant (2) (2.2) — (11.6) — Restructuring and other charges (3) (0.1) 1.6 (0.1) 1.6 Amortization of acquisition-related intangible assets (4) (0.2) (0.2) (0.4) (0.4) Total Corporate and Unallocated (26.6) (19.7) (59.4) (42.5) Total consolidated operating profit $ 182.5 $ 228.4 $ 337.8 $ 418.1 Interest (income) expense, net and other nonoperating (income) expense, net (2.4) 1.2 (5.0) 3.1 Income before income taxes and equity in net income of affiliated companies $ 184.9 $ 227.2 $ 342.8 $ 415.0 (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, 2023, the Company recorded expense of $2.2 million and $11.6 million, respectively, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. (3) Restructuring and other charges of $0.1 million for both the three and six months ended June 30, 2023 represents the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan. During the three and six months ended June 30, 2022, the Company recorded a benefit within other expense (income) of $1.6 million for restructuring and severance related costs in connection with its 2020 plan related to revised severance estimates. (4) During the three and six months ended June 30, 2023, 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. During the three and six months ended June 30, 2022, 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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100%	100%	100%	100%
Customer Concentration Risk | Biologics
Disaggregation of Revenue [Line Items]
Percentage of net sales	37%	43%	36%	43%
Customer Concentration Risk | Generics
Disaggregation of Revenue [Line Items]
Percentage of net sales	20%	18%	20%	17%
Customer Concentration Risk | Pharma
Disaggregation of Revenue [Line Items]
Percentage of net sales	25%	24%	26%	24%
Customer Concentration Risk | Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	18%	15%	18%	16%
Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100%	100%	100%	100%
Product Concentration Risk | High-Value Product Components
Disaggregation of Revenue [Line Items]
Percentage of net sales	49%	57%	50%	56%
Product Concentration Risk | High-Value Product Delivery Devices
Disaggregation of Revenue [Line Items]
Percentage of net sales	12%	5%	10%	5%
Product Concentration Risk | Standard Packaging
Disaggregation of Revenue [Line Items]
Percentage of net sales	21%	23%	22%	23%
Product Concentration Risk | Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	18%	15%	18%	16%
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100%	100%	100%	100%
Geographic Concentration Risk | Americas
Disaggregation of Revenue [Line Items]
Percentage of net sales	44%	47%	44%	46%
Geographic Concentration Risk | Europe, Middle East, Africa
Disaggregation of Revenue [Line Items]
Percentage of net sales	46%	45%	47%	45%
Geographic Concentration Risk | Asia Pacific
Disaggregation of Revenue [Line Items]
Percentage of net sales	10%	8%	9%	9%

Revenue - Contracts and Liabili

Revenue - Contracts and Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Contract With Customer, Asset [Roll Forward]
Contract assets, December 31, 2022	$ 16.3
Contract assets, June 30, 2023	21.4
Change in contract assets - increase (decrease)	5.1
Contract With Customer, Liability [Roll Forward]
Deferred income, December 31, 2022	(68.2)
Deferred income, June 30, 2023	(56.7)
Change in deferred income - decrease (increase)	$ 11.5

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2013
Disaggregation of Revenue [Line Items]
Revenue recognized that was included in the deferred income balance	$ 27.4
Deferred income	56.7	$ 68.2
SmartDose
Disaggregation of Revenue [Line Items]
Deferred income	2.6		$ 20
Deferred income, current	0.9
Deferred income, noncurrent	$ 1.7

Net Income Per Share - Summary

Net Income Per Share - Summary of Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 155.1	$ 140	$ 188.5	$ 173.8	$ 295.1	$ 362.3
Weighted average common shares outstanding (in shares)	74.3		74.4		74.4	74.4
Dilutive effect of equity awards, based on the treasury stock method (in shares)	1.1		1.4		1.1	1.5
Weighted average shares assuming dilution (in shares)	75.4		75.8		75.5	75.9

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2023	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of diluted net income per share (in shares)	100,000		100,000		100,000	100,000
Stock repurchase program, shares authorized (in shares)							1,000,000,000	650,000
Share purchased under share repurchase program (in shares)	492,710		86,667		676,070	476,667
Stock purchase program, cost of shares purchased	$ 173.4	$ 60.1	$ 28.6	$ 147.1	$ 233.5	$ 175.7
Stock repurchase program, average price per share (in dollars per share)	$ 351.82		$ 329.40		$ 345.33	$ 368.54

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 185.3	$ 170.7
Work in process	93.8	79
Finished goods	170.3	165.1
Total inventories	$ 449.4	$ 414.8

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 4.8	$ 3.4	$ 10.7	$ 6.7
Short-term lease cost	1.2	0.4	2.5	0.8
Variable lease cost	1.3	1	3	2.4
Total lease cost	$ 7.3	$ 4.8	$ 16.2	$ 9.9

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 5	$ 3.1	$ 9.9	$ 6.3
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2.9	$ 5.8	$ 3.5	$ 15.5

Leases - Lease Weighted Average

Leases - Lease Weighted Average (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term	9 years	9 years 3 months 18 days
Weighted average discount rate	3.30%	3.25%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of fiscal year	$ 9.9
Year one	18.6	$ 19
Year two	16.7	18.1
Year three	13.8	16
Year four	9.4	13.4
Year five		9.4
Thereafter	51.5
Thereafter		50.8
Operating leases liabilities payments due	119.9	126.7
Less: imputed lease interest	(16.4)	(17.7)
Total lease liabilities	$ 103.5	$ 109

Affiliated Companies (Details)

Affiliated Companies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carrying amount, equity-method investments	$ 193.6		$ 193.6		$ 197
Carrying amount, investments not accounted for under the equity method	9.2		9.2		7.9
Amount due to affiliates	163.1		163.1		183.8
Net sales	753.8	$ 771.3	1,470.4	$ 1,491.3
Amount receivable from affiliates	94.1		94.1		103
Distributorship Agreement
Schedule of Equity Method Investments [Line Items]
Related party transaction, purchases from related party	39.9	50.6	84.1	97.6
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Amount due to affiliates	24.4		24.4		31.2
Net sales	2.7	$ 3.6	6	$ 7.6
Amount receivable from affiliates	$ 1.9		$ 1.9		$ 2.2

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 208.1	$ 209.2
Less: unamortized debt issuance costs	0.3	0.3
Total debt	207.8	208.9
Less: current portion of long-term debt	2.2	2.2
Long-term debt, net	$ 205.6	206.7
Term Loan, due December 31, 2024 (6.22%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.22%
Long-term debt, gross	$ 82.1	83.2
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 - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 208.1	$ 209.2
Long-term debt	205.6	$ 206.7
Revolving Credit Facility, Due 2024
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	500
Letter of Credit | Revolving Credit Facility, Due 2024
Line of Credit Facility [Line Items]
Long-term line of credit	2.4
Line of credit Facility, unused commitment level	497.6
Secured Debt | Term Loan, due December 31, 2024 (6.22%)
Line of Credit Facility [Line Items]
Long-term debt, gross	82.1
Long-term debt, current	2.2
Long-term debt	$ 79.9

Derivative Financial Instrume_3

Derivative Financial Instruments - Foreign Exchange Rate and Commodity Price Risk (Details) € in Millions, ¥ in Millions, $ in Millions, $ in Millions	6 Months Ended	68 Months Ended
	Jun. 30, 2023 SGD ($) $ / bbl bbl	Jun. 30, 2023 SGD ($) $ / bbl bbl	Jun. 30, 2023 USD ($) $ / bbl	Jun. 30, 2023 EUR (€) $ / bbl	Jun. 30, 2023 JPY (¥) $ / bbl	Dec. 31, 2022 SGD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)
Foreign Exchange Forward
Derivative [Line Items]
Derivative contract term	18 months
Options Held
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | bbl	241,491	943,274
Derivative, average price risk option strike price | $ / bbl	99.01	99.01	99.01	99.01	99.01
SGD | Currency forwards
Derivative [Line Items]
Derivative, notional amount	$ 601.5	$ 601.5				$ 601.5
SGD | Currency forwards | Fair Value Hedges
Derivative [Line Items]
Derivative, notional amount	94	94
SGD | Foreign Exchange Forward | Purchase | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 41.3	$ 41.3
SGD | Foreign Exchange Forward | Sell | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount			$ 15	€ 14.8
USD | Currency forwards
Derivative [Line Items]
Derivative, notional amount			13.4				$ 13.4
USD | Cross Currency Interest Rate Contract | Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount			82.1					$ 90
EUR | Currency forwards | Fair Value Hedges
Derivative [Line Items]
Derivative, notional amount | €				278.6
EUR | Foreign Exchange Forward | Purchase | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount | €				24.6
EUR | Foreign Exchange Forward | Sell | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount			26.5	0
Yen | Foreign Exchange Forward | Purchase | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount | ¥					¥ 5,434.8
Yen | Foreign Exchange Forward | Sell | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount			$ 30	€ 11.2
Yen | Cross Currency Interest Rate Contract | Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount | ¥					¥ 9,000

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss) recognized in income, fair value hedges	$ (0.9)	$ 1.4	$ 0.3	$ 2.2
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, forward point components, gain (loss), recognized in earnings	0.2	0.9	1.4	1.7
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	(2.2)	1.9	(2)	0.7
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.9	(1.2)	1.9	(1.2)
Cash Flow Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(3.4)	(2.3)	(4.5)	(3)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.9	0.7	1.6	1
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	0.1	0	0.1	0.1
Net Investment Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	5.5	5.6	7.2	8.9
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	7.4	(11.7)	9.9	(21.3)
Change in unrealized gain (loss) on fair value hedging instruments	(8.2)	11.7	(10.7)	21.3
Derivative gain (loss) on amount excluded from effectiveness testing, fair value hedges	(0.1)	1.4	1.1	2.2
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	(2.2)	1.9	(2)	0.7
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.9	(1.2)	1.9	(1.2)
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	5.5	5.6	7.2	8.9
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0	0	0	0
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.4	(0.3)	1.1	(0.6)
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	(0.8)	0	(0.9)	0.4
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.4	(0.3)	1.1	(0.6)
Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.4	1	0.4	1.5
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	(2.6)	(2.3)	(3.6)	(3.4)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.4	1	0.4	1.5
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	$ 0.1	$ 0	$ 0.1	$ 0.1

Derivative Financial Instrume_5

Derivative Financial Instruments - Derivative Instruments Not Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (0.4)	$ 0.3	$ (1)	$ 3.1
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(0.6)	0.3	(1.2)	3.1
Commodity call options | Not Designated as Hedging Instrument | Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(0.4)	0.3	(1)	3.1
Currency forwards | Not Designated as Hedging Instrument | Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (0.2)	$ 0	$ (0.2)	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Deferred compensation assets	$ 11.1	$ 12.5
Commodity call options	0.6	1.2
Total assets at fair value	36.9	32.1
Liabilities:
Contingent consideration	4.3	4.7
Deferred compensation liabilities	11.3	12.7
Total liabilities at fair value	36.4	18.8
Foreign currency contracts
Assets:
Foreign currency contracts	5.1	4.5
Liabilities:
Foreign currency contracts	20.8	1.4
Cross-currency swap
Assets:
Foreign currency contracts	20.1	13.9
Level 1
Assets:
Deferred compensation assets	11.1	12.5
Commodity call options	0	0
Total assets at fair value	11.1	12.5
Liabilities:
Contingent consideration	0	0
Deferred compensation liabilities	11.3	12.7
Total liabilities at fair value	11.3	12.7
Level 1 | Foreign currency contracts
Assets:
Foreign currency contracts	0	0
Liabilities:
Foreign currency contracts	0	0
Level 1 | Cross-currency swap
Assets:
Foreign currency contracts	0	0
Level 2
Assets:
Deferred compensation assets	0	0
Commodity call options	0.6	1.2
Total assets at fair value	25.8	19.6
Liabilities:
Contingent consideration	0	0
Deferred compensation liabilities	0	0
Total liabilities at fair value	20.8	1.4
Level 2 | Foreign currency contracts
Assets:
Foreign currency contracts	5.1	4.5
Liabilities:
Foreign currency contracts	20.8	1.4
Level 2 | Cross-currency swap
Assets:
Foreign currency contracts	20.1	13.9
Level 3
Assets:
Deferred compensation assets	0	0
Commodity call options		0
Total assets at fair value	0	0
Liabilities:
Contingent consideration	4.3	4.7
Deferred compensation liabilities	0	0
Total liabilities at fair value	4.3	4.7
Level 3 | Foreign currency contracts
Assets:
Foreign currency contracts	0	0
Liabilities:
Foreign currency contracts	0	0
Level 3 | Cross-currency swap
Assets:
Foreign currency contracts	$ 0	$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Financial Instruments [Abstract]
Long-term debt, fair value	$ 201.1	$ 201.8
Long-term debt	$ 205.6	$ 206.7

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, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	$ 2,776.2	$ 2,684.9	$ 2,326.2	$ 2,335.4	$ 2,684.9	$ 2,335.4
Other comprehensive (loss) income before reclassifications					(3.1)	(87.3)
Amounts reclassified out from accumulated other comprehensive (loss) income					2.6	1
Other comprehensive (loss) income, net of tax	(15.1)	14.6	(63.5)	(22.8)	(0.5)	(86.3)
Ending balance	2,746.7	2,776.2	2,424.4	2,326.2	2,746.7	2,424.4
(Losses) gains on derivatives
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		0.2		(1.2)	0.2	(1.2)
Other comprehensive (loss) income before reclassifications					(6.5)	(2.3)
Amounts reclassified out from accumulated other comprehensive (loss) income					3.5	(0.2)
Other comprehensive (loss) income, net of tax					(3)	(2.5)
Ending balance	(2.8)		(3.7)		(2.8)	(3.7)
Change in equity affiliate investment AOCI
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		1.6		1.5	1.6	1.5
Other comprehensive (loss) income before reclassifications					(0.1)	(0.1)
Amounts reclassified out from accumulated other comprehensive (loss) income					0	0
Other comprehensive (loss) income, net of tax					(0.1)	(0.1)
Ending balance	1.5		1.4		1.5	1.4
Defined benefit pension and other postretirement plans
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		(9.4)		(31.8)	(9.4)	(31.8)
Other comprehensive (loss) income before reclassifications					(0.5)	1.6
Amounts reclassified out from accumulated other comprehensive (loss) income					(0.9)	1.2
Other comprehensive (loss) income, net of tax					(1.4)	2.8
Ending balance	(10.8)		(29)		(10.8)	(29)
Foreign currency translation
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		(175.4)		(128.1)	(175.4)	(128.1)
Other comprehensive (loss) income before reclassifications					4	(86.5)
Amounts reclassified out from accumulated other comprehensive (loss) income					0	0
Other comprehensive (loss) income, net of tax					4	(86.5)
Ending balance	(171.4)		(214.6)		(171.4)	(214.6)
Accumulated other comprehensive loss
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(168.4)	(183)	(182.4)	(159.6)	(183)	(159.6)
Other comprehensive (loss) income, net of tax	(15.1)	14.6	(63.5)	(22.8)
Ending balance	$ (183.5)	$ (168.4)	$ (245.9)	$ (182.4)	$ (183.5)	$ (245.9)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Cost of goods and services sold	$ (462.4)		$ (449.8)		$ (907.7)	$ (885.2)
Interest expense	(2.7)		(1.8)		(4.9)	(4)
Actuarial gains	0.4		0		0.8	0
Settlements	0		(0.6)		0	(1.2)
Income before income taxes and equity in net income of affiliated companies	184.9		227.2		342.8	415
Tax (expense) benefit	(34.8)		(44.2)		(58.4)	(65.4)
Total reclassifications for the period, net of tax	155.1	$ 140	188.5	$ 173.8	295.1	362.3
Reclassification out of Accumulated Other Comprehensive Loss
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Total reclassifications for the period, net of tax	(2.2)		(0.2)		(2.6)	(1)
Reclassification out of Accumulated Other Comprehensive Loss | Gains (losses) on derivatives:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Income before income taxes and equity in net income of affiliated companies	(4)		0.9		(4.8)	0.6
Tax (expense) benefit	1.2		(0.4)		1.3	(0.4)
Total reclassifications for the period, net of tax	(2.8)		0.5		(3.5)	0.2
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	(0.6)		0.4		(1.3)	0.7
Cost of goods and services sold	(0.6)		(1.2)		(0.6)	(1.7)
Other expense (income)	(2.8)		1.8		(2.8)	1.8
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		(0.1)		(0.1)	(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]
Actuarial gains	0.4		0		0.8	0
Settlements	0		(0.6)		0	(1.2)
Other	0.4		(0.4)		0.4	(0.4)
Income before income taxes and equity in net income of affiliated companies	0.8		(1)		1.2	(1.6)
Tax (expense) benefit	(0.2)		0.3		(0.3)	0.4
Total reclassifications for the period, net of tax	$ 0.6		$ (0.7)		$ 0.9	$ (1.2)

Shareholder's Equity - Change i

Shareholder's Equity - Change in Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		75,300,000			75,300,000
Beginning balance	$ 2,776.2	$ 2,684.9	$ 2,326.2	$ 2,335.4	$ 2,684.9	$ 2,335.4
Beginning balance (in shares)		1,200,000			1,200,000
Net income	155.1	$ 140	188.5	173.8	$ 295.1	$ 362.3
Activity related to stock-based compensation	$ 18	11	$ 15.1	0.1
Share purchased under share repurchase program (in shares)	492,710		86,667		676,070	476,667
Shares purchased under share repurchase program	$ (173.4)	(60.1)	$ (28.6)	(147.1)	$ (233.5)	$ (175.7)
Dividends declared	(14.1)	(14.2)	(13.3)	(13.2)
Other comprehensive (loss) income, net of tax	$ (15.1)	14.6	(63.5)	(22.8)	$ (0.5)	(86.3)
Ending balance (in shares)	75,300,000				75,300,000
Ending balance	$ 2,746.7	$ 2,776.2	$ 2,424.4	$ 2,326.2	$ 2,746.7	$ 2,424.4
Ending balance (in shares)	1,400,000				1,400,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning 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
Ending balance (in shares)	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
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	181.4	232.2	219.9	249	232.2	249
Activity related to stock-based compensation	(23.2)	(50.8)	5.4	(29.1)
Ending balance	158.2	181.4	225.3	219.9	158.2	225.3
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (369.2)	$ (370.9)	$ (347.4)	$ (229.5)	$ (370.9)	$ (229.5)
Beginning balance (in shares)	1,100,000	1,200,000	1,200,000	1,100,000	1,200,000	1,100,000
Activity related to stock-based compensation	$ 41.2	$ 61.8	$ 9.7	$ 29.2
Activity related to stock -based compensation (in shares)	(200,000)	(300,000)	0	(300,000)
Share purchased under share repurchase program (in shares)	500,000	200,000	100,000	400,000
Shares purchased under share repurchase program	$ (173.4)	$ (60.1)	$ (28.6)	$ (147.1)
Ending balance	$ (501.4)	$ (369.2)	$ (366.3)	$ (347.4)	$ (501.4)	$ (366.3)
Ending balance (in shares)	1,400,000	1,100,000	1,300,000	1,200,000	1,400,000	1,300,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 3,113.6	$ 2,987.8	$ 2,617.3	$ 2,456.7	$ 2,987.8	$ 2,456.7
Net income	155.1	140	188.5	173.8
Dividends declared	(14.1)	(14.2)	(13.3)	(13.2)
Ending balance	3,254.6	3,113.6	2,792.5	2,617.3	3,254.6	2,792.5
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(168.4)	(183)	(182.4)	(159.6)	(183)	(159.6)
Other comprehensive (loss) income, net of tax	(15.1)	14.6	(63.5)	(22.8)
Ending balance	$ (183.5)	$ (168.4)	$ (245.9)	$ (182.4)	$ (183.5)	$ (245.9)

Shareholder's Equity - Suppleme

Shareholder's Equity - Supplemental Equity Information (Details) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.19	$ 0.19	$ 0.18	$ 0.18

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under the 2016 plan (in shares)	1,437,197		1,437,197
Stock options, granted (in shares)			105,640
Stock options, weighted average exercise price (in dollars per share)			$ 306.92
Stock options, weighted average grant date fair value (in dollars per share)			$ 108.88
Risk-free interest rate (in hundredths)			4.10%
Expected life (in years)			5 years 8 months 12 days
Stock volatility (in hundredths)			29.80%
Dividend yield (in hundredths)			0.30%
Stock-based compensation expense	$ 7.5	$ 5.5	$ 16	$ 11
Performance Share Unit (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			37,536
Grant date fair value (in dollars per share)			$ 306.91
Performance Share Unit (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			0%
Performance Share Unit (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			200%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			4,479
Grant date fair value (in dollars per share)			$ 309.42

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	$ 0.3	$ 0.3	$ 0.6	$ 0.7
Interest cost	0.6	1.6	1.3	3.2
Expected return on assets	(0.3)	(2.4)	(0.6)	(4.6)
Recognized actuarial losses (gains)	(0.4)	0	(0.8)	0
Settlements	0	0.6	0	1.2
Net periodic benefit cost	0.2	0.1	0.5	0.5
U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	(0.4)	0	(0.7)	0
International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	0.6	0.1	1.2	0.5
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	0.3	0.3	0.6	0.7
Interest cost	0.6	1.6	1.2	3.2
Expected return on assets	(0.3)	(2.4)	(0.6)	(4.6)
Recognized actuarial losses (gains)	0.2	0.3	0.3	0.7
Settlements	0	0.6	0	1.2
Net periodic benefit cost	0.8	0.4	1.5	1.2
Pension benefits | U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	0.2	0.3	0.3	0.7
Pension benefits | International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	0.6	0.1	1.2	0.5
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
Expected return on assets	0	0	0	0
Recognized actuarial losses (gains)	(0.6)	(0.3)	(1.1)	(0.7)
Settlements	0	0	0	0
Net periodic benefit cost	(0.6)	(0.3)	(1)	(0.7)
Other retirement benefits | U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	(0.6)	(0.3)	(1)	(0.7)
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Settlements	$ 0	$ 0.6	$ 0	$ 1.2
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Settlements	$ 0	$ 0.6	$ 0	$ 1.2

Other Expense (Income) - Schedu

Other Expense (Income) - Schedule of Other Expense (Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Loss on disposal of plant	$ 2.2	$ 0	$ 11.6	$ 0
Asset impairments	1.5	0.2	3.4	0.2
Restructuring and related charges	(0.8)	(1.6)	(0.8)	(1.6)
Loss (gain) on oil hedges	0.4	(0.3)	1	(3.1)
Contingent consideration	0.5	0.3	0.8	1.1
Foreign exchange transaction losses (gains)	0.3	(1.3)	1.2	(2.4)
Other items	(0.1)	(0.1)	(0.3)	(0.1)
Total other expense (income)	$ 4	$ (2.8)	$ 16.9	$ (5.9)

Other Expense (Income) - Narrat

Other Expense (Income) - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Loss on disposal of plant		$ (2.2)	$ 0	$ (11.6)	$ 0
Proprietary Products
Restructuring Cost and Reserve [Line Items]
Loss on disposal of plant		$ (2.2)		$ (11.6)
2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities, period of implementation	12 months
2022 Restructuring Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 25
Effect on future earnings, amount	22
2022 Restructuring Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	27
Effect on future earnings, amount	$ 24

Other Expense (Income) - Sche_2

Other Expense (Income) - Schedule of Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
(Credits) Charges	$ (0.8)	$ (1.6)	$ (0.8)	$ (1.6)
2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022			25.4
(Credits) Charges			(0.8)
Cash payments			(2.6)
Non-cash asset write downs			(15.3)
Balance, June 30, 2023	6.7		6.7
Severance and benefits | 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022			10.1
(Credits) Charges			(0.8)
Cash payments			(2.6)
Non-cash asset write downs			0
Balance, June 30, 2023	6.7		6.7
Asset-related charges | 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022			15.3
(Credits) Charges			0
Cash payments			0
Non-cash asset write downs			(15.3)
Balance, June 30, 2023	$ 0		$ 0

Other Expense (Income) - Oil He

Other Expense (Income) - Oil Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Loss (gain) on oil hedges	$ 0.4	$ (0.3)	$ 1	$ (3.1)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Loss (gain) on oil hedges	0.6	(0.3)	1.2	(3.1)
Commodity call options | Not Designated as Hedging Instrument | Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Loss (gain) on oil hedges	$ 0.4	$ (0.3)	$ 1	$ (3.1)

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 34,800,000	$ 44,200,000	$ 58,400,000	$ 65,400,000
Effective income tax rate	18.80%	19.50%	17%	15.80%
Effective income tax rate reconciliation ax benefit			$ 0	$ 5,900,000

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
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	$ 753.8	$ 771.3	$ 1,470.4	$ 1,491.3
Operating profit	182.5	228.4	337.8	418.1
Stock-based compensation expense			(16)	(11)
Loss on disposal of plant	(2.2)	0	(11.6)	0
Interest (income) expense, net and other nonoperating (income) expense, net	(2.4)	1.2	(5)	3.1
Income before income taxes and equity in net income of affiliated companies	184.9	227.2	342.8	415
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	209.1	248.1	397.2	460.6
Intersegment sales elimination
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	0	(0.2)	0	(0.2)
Corporate and Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	(26.6)	(19.7)	(59.4)	(42.5)
Stock-based compensation expense	(7.5)	(5.5)	(16)	(11)
Corporate general costs	(16.6)	(15.6)	(31.3)	(32.7)
Loss on disposal of plant	(2.2)	0	(11.6)	0
Restructuring and severance related charges		1.6	(0.1)
Amortization of acquisition-related intangible assets	(0.2)	(0.2)	(0.4)	(0.4)
Corporate and Unallocated | 2022 Restructuring Plan
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Restructuring and severance related charges	(0.1)		(0.1)
Inventory write-down	0.9
Corporate and Unallocated | 2020 Restructuring Plan
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Restructuring and severance related charges		1.6		1.6
Corporate and Unallocated | Other Operating Income (Expense)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Loss on disposal of plant	(2.2)		(11.6)
Corporate and Unallocated | Other Operating Income (Expense) | 2022 Restructuring Plan
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Restructuring and severance related charges	0.8		0.8
Proprietary Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Loss on disposal of plant	(2.2)		(11.6)
Proprietary Products | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	618	653.7	1,201.1	1,255
Operating profit	194.2	233.9	364.9	427.3
Contract-Manufactured Products | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	135.8	117.8	269.3	236.5
Operating profit	$ 14.9	$ 14.2	$ 32.3	$ 33.3