West Pharmaceutical Services (WST) 10-K 20 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Jan. 25, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 12(b) Security	Common Stock, par value $.25 per share
Trading Symbol	WST
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 28.2
Entity Common Stock, Shares Outstanding		73,299,296
Documents Incorporated by Reference	Document Parts Into Which Incorporated Proxy Statement for the 2024 Annual Meeting of Shareholders to be filed not later than 120 days after the end of the fiscal year covered by this Form 10-K. Part III
Entity Central Index Key	0000105770
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	238

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 2,949.8	$ 2,886.9	$ 2,831.6
Cost of goods and services sold	1,820.6	1,750.7	1,655.8
Gross profit	1,129.2	1,136.2	1,175.8
Research and development	68.4	58.5	52.8
Selling, general and administrative expenses	353.4	316.9	362.8
Other expense (income) (Note 16)	31.4	26.8	7.9
Operating profit	676	734	752.3
Interest expense	9	7.9	8.2
Interest income	(28)	(5.1)	(1)
Other nonoperating (income) expense	(3)	51.3	(3.8)
Income before income taxes and equity in net income of affiliated companies	698	679.9	748.9
Income tax expense	122.3	114.7	107.2
Equity in net income of affiliated companies	(17.7)	(20.7)	(20.1)
Net income	$ 593.4	$ 585.9	$ 661.8
Net income per share:
Basic (in dollars per share)	$ 7.98	$ 7.87	$ 8.89
Diluted (in dollars per share)	$ 7.88	$ 7.73	$ 8.67
Weighted average shares outstanding:
Basic (in shares)	74.3	74.4	74.4
Diluted (in shares)	75.3	75.8	76.3

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 593.4	$ 585.9	$ 661.8
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax of $1.0, $2.2, and $2.4	39.4	(47.3)	(59.3)
Prior service cost arising during period, net of tax of $0.0, $0.0, and $0.5	0	0	1.5
Net actuarial gain (loss) arising during period, net of tax of $0.4, $(2.4), and $2.1	0.8	(9.3)	5.9
Settlement effects arising during period, net of tax of $0.0, $20.3, and $0.4	0.1	31.9	1.4
Less: amortization of actuarial (gain) loss, net of tax of $(0.4), $(0.1), and $0.1	(1.3)	(0.5)	0.1
Less: amortization of prior service credit, net of tax of $0.0, $0.0, and $(0.1)	0	0	(0.2)
Less: amortization of other, net of tax of $(0.1), $0.1, and $0.0	(0.3)	0.3	0
Net gain (loss) on equity affiliate accumulated other comprehensive income, net of tax of $0.0, $0.0, and $0.0	0.7	0.1	0.9
Net (loss) gain on derivatives, net of tax of $0.0, $0.2, and $0.5	(0.2)	1.4	0.7
Other comprehensive income (loss), net of tax	39.2	(23.4)	(49)
Comprehensive income	$ 632.6	$ 562.5	$ 612.8

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 1	$ 2.2	$ 2.4
Prior service credit arising during period, tax	0	0	0.5
Net actuarial gain (loss) arising during period, tax	0.4	(2.4)	2.1
Settlement effects arising during period, tax	0	20.3	0.4
Less: amortization of actuarial loss, tax	(0.4)	(0.1)	0.1
Less: amortization of prior service credit, tax	0	0	(0.1)
Less: amortization of other, net of tax	(0.1)	0.1	0
Net gain (loss) on investment securities, tax	0	0	0
Net gain (loss) on derivatives, tax	$ 0	$ 0.2	$ 0.5

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 853.9	$ 894.3
Accounts receivable, net	512	507.4
Inventories	434.7	414.8
Other current assets	135.8	103
Total current assets	1,936.4	1,919.5
Property, plant and equipment	2,738	2,386.6
Less: accumulated depreciation and amortization	1,324.7	1,228.3
Property, plant and equipment, net	1,413.3	1,158.3
Operating lease right-of-use assets	99.2	104.4
Investments in affiliated companies	210	204.9
Goodwill	108.5	107.3
Intangible assets, net	15.1	18.4
Deferred income taxes	25.7	65.6
Other noncurrent assets	21.3	38.4
Total Assets	3,829.5	3,616.8
Current liabilities:
Notes payable and other current debt	134	2.2
Accounts payable	242.4	215.4
Accrued salaries, wages and benefits	105.9	76.8
Income taxes payable	16.6	24.8
Operating lease liabilities	17.7	16
Other current liabilities	155.2	183.8
Total current liabilities	671.8	519
Long-term debt	72.8	206.7
Deferred income taxes	12.7	14.3
Pension and other postretirement benefits	29.6	28.2
Operating lease liabilities	84.5	93
Deferred compensation benefits	18.6	19.1
Other long-term liabilities	58.5	51.6
Total Liabilities	948.5	931.9
Commitments and contingencies (Note 18)
Equity:
Preferred stock, 3.0 million shares authorized; 0.0 shares issued and outstanding in 2023 and 2022	0	0
Common stock, par value $0.25 per share; 200 million shares authorized; shares issued: 75.3 million in 2023 and 2022; shares outstanding: 73.5 million and 74.1 million in 2023 and 2022	18.8	18.8
Capital in excess of par value	120.2	232.2
Retained earnings	3,523.4	2,987.8
Accumulated other comprehensive loss	(143.8)	(183)
Treasury stock, at cost (1.8 million and 1.2 million shares in 2023 and 2022)	(637.6)	(370.9)
Total Equity	2,881	2,684.9
Total Liabilities and Equity	$ 3,829.5	$ 3,616.8

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 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)	73.5	74.1
Treasury stock, at cost (in shares)	1.8	1.2

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common stock	Capital in excess of par value	Treasury stock	Retained earnings	Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2020		75,300,000
Beginning balance at Dec. 31, 2020	$ 1,854.5	$ 18.8	$ 267.3	$ (167.7)	$ 1,846.7	$ (110.6)
Beginning balance (in shares) at Dec. 31, 2020				1,300,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	661.8				661.8
Activity related to stock-based compensation	57		(18.3)	$ 75.3
Activity related to stock-based compensation (in shares)				(700,000)
Shares purchased under share repurchase program (in shares)				500,000
Shares purchased under share repurchase program	(137.1)			$ (137.1)
Dividends declared	(51.8)				(51.8)
Other comprehensive income (loss), net of tax	(49)					(49)
Ending balance (in shares) at Dec. 31, 2021		75,300,000
Ending balance at Dec. 31, 2021	2,335.4	$ 18.8	249	$ (229.5)	2,456.7	(159.6)
Ending balance (in shares) at Dec. 31, 2021				1,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	585.9				585.9
Activity related to stock-based compensation	$ 44.6		(16.8)	$ 61.4
Activity related to stock-based compensation (in shares)				(500,000)
Shares purchased under share repurchase program (in shares)	563,334			600,000
Shares purchased under share repurchase program	$ (202.8)			$ (202.8)
Dividends declared	(54.8)				(54.8)
Other comprehensive income (loss), net of tax	(23.4)					(23.4)
Ending balance (in shares) at Dec. 31, 2022		75,300,000
Ending balance at Dec. 31, 2022	$ 2,684.9	$ 18.8	232.2	$ (370.9)	2,987.8	(183)
Ending balance (in shares) at Dec. 31, 2022	1,200,000			1,200,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 593.4				593.4
Activity related to stock-based compensation	$ 59.6		(112)	$ 171.6
Activity related to stock-based compensation (in shares)				(700,000)
Shares purchased under share repurchase program (in shares)	1,265,661			1,300,000
Shares purchased under share repurchase program	$ (438.3)			$ (438.3)
Dividends declared	(57.8)				(57.8)
Other comprehensive income (loss), net of tax	39.2					39.2
Ending balance (in shares) at Dec. 31, 2023		75,300,000
Ending balance at Dec. 31, 2023	$ 2,881	$ 18.8	$ 120.2	$ (637.6)	$ 3,523.4	$ (143.8)
Ending balance (in shares) at Dec. 31, 2023	1,800,000			1,800,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.78	$ 0.74	$ 0.70

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 593.4	$ 585.9	$ 661.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	133.7	116.9	116.9
Amortization	3.6	3.7	5.4
Stock-based compensation	23.3	23.7	37.5
Non-cash restructuring charges	0	15.3	0
Pension settlement charge	0.1	52.2	1.8
Loss on disposal of plant	11.6	0	0
Asset impairments	9.6	6.2	5.6
Deferred income taxes	37.5	(30.8)	(42.9)
Pension and other retirement plans, net	(2.6)	(14)	14.8
Equity in undistributed earnings of affiliates, net of dividends	(14.3)	(18.1)	(17.4)
Other, net	1	(2)	(1.4)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	4	(35.6)	(123.5)
Increase in inventories	(13.5)	(49.8)	(86.5)
(Increase) decrease in other current assets	(21.3)	18.5	(7.3)
Increase (decrease) in accounts payable	4.4	(2.8)	16.8
Changes in other assets and liabilities	6	54.7	2.4
Net cash provided by operating activities	776.5	724	584
Cash flows from investing activities:
Capital expenditures	(362)	(284.6)	(253.4)
Acquisition of business	0	0	(2.2)
Other, net	(6.7)	(3.6)	2.5
Net cash used in investing activities	(368.7)	(288.2)	(253.1)
Cash flows from financing activities:
Debt issuance cost	0	(1.2)	0
Repayments of long-term debt	(2.3)	(44.3)	(2.2)
Dividend payments	(57)	(54.1)	(51.1)
Proceeds from stock-based compensation awards	43.9	20.9	29.4
Employee stock purchase plan contributions	7.1	7.3	7.7
Shares purchased under share repurchase programs	(438.3)	(202.8)	(137.1)
Shares repurchased for employee tax withholdings	(12.9)	(19.4)	(14.8)
Other, net	(0.1)	0	0
Net cash used in financing activities	(459.6)	(293.6)	(168.1)
Effect of exchange rates on cash	11.4	(10.5)	(15.7)
Net (decrease) increase in cash and cash equivalents	(40.4)	131.7	147.1
Cash, including cash equivalents at beginning of period	894.3	762.6	615.5
Cash, including cash equivalents at end of period	853.9	894.3	762.6
Supplemental cash flow information:
Interest paid, net of amounts capitalized	6	6.6	8
Income taxes paid, net	90.8	109.7	171.8
Accrued capital expenditures	53.3	33.2	41.1
Dividends declared, not paid	$ 14.8	$ 14.1	$ 13.4

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation: The consolidated financial statements include the accounts of West Pharmaceutical Services, Inc. ("West") after the elimination of intercompany transactions. We have no participation or other rights in variable interest entities. Use of Estimates: The financial statements are prepared in conformity with U.S. GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies in the financial statements. Actual amounts realized may differ from these estimates. Cash and Cash Equivalents: Cash equivalents include time deposits, certificates of deposit and all highly liquid short-term instruments with maturities of three months or less at the time of purchase. Accounts Receivable: Our accounts receivable balance was net of an allowance for credit losses of $0.8 million and $0.2 million at December 31, 2023 and 2022, respectively. Under the current expected credit loss model, we utilize a provision matrix approach, utilizing historical loss rates based on the number of days past due, adjusted to reflect current economic conditions and forecasts of future economic conditions. Inventories: Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. The Company provides for cost adjustments for excess, obsolete or slow-moving inventory based on changes in customer demand, technology developments or other economic factors. The following is a summary of inventories at December 31: ($ in millions) 2023 2022 Raw materials $ 172.3 $ 170.7 Work in process 87.3 79.0 Finished goods 175.1 165.1 $ 434.7 $ 414.8 Property, Plant and Equipment : Property, plant and equipment assets are carried at cost. Maintenance and minor repairs and renewals are charged to expense as incurred. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and immediately expensed for preliminary project activities or post-implementation activities. Upon sale or retirement of depreciable assets, costs and related accumulated depreciation are eliminated, and gains or losses are recognized in other expense (income). Depreciation and amortization are computed principally using the straight-line method over the estimated useful lives of the assets, or the remaining term of the lease, if shorter. Leases: Operating lease right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Operating lease right-of-use assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating lease liabilities are initially measured at the present value of the unpaid lease payments at the lease commencement date. We had no material finance leases as of December 31, 2023. We had no finance leases as of December 31, 2022. Please refer to Note 6, Leases , for additional information. Impairment of Long-Lived Assets : Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and finance lease right-of-use assets, are tested for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. An asset is considered impaired if the carrying value of the asset exceeds the sum of the future expected undiscounted cash flows to be derived from the asset. Once an asset is considered impaired, an impairment loss is recorded within other expense (income) for the difference between the asset’s carrying value and its fair value. For assets held and used in the business, management determines fair value using estimated future cash flows to be derived from the asset, discounted to a net present value using an appropriate discount rate. For assets held for sale or for investment purposes, management determines fair value by estimating the proceeds to be received upon sale of the asset, less disposition costs. Impairment of Goodwill and Other Intangible Assets: Goodwill is tested for impairment at least annually, following the completion of our annual budget and long-range planning process, or whenever circumstances indicate that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment at the reporting unit level, which is the same as, or one level below, our operating segments. A goodwill impairment charge represents the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Accounting guidance also allows entities to first assess qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors, and overall financial performance, to determine whether it is necessary to perform the quantitative goodwill impairment test. If, based upon our assessment, we determined that it was not more likely than not that the fair value of each of our reporting units was less than its carrying amount, then it would not be necessary to perform the quantitative goodwill impairment test. We elected to follow this guidance for our annual impairment test in the prior year, however in the current year, 2023, we performed a quantitative analysis to support our historical qualitative assessments. No impairment in the carrying value of our reporting units was evident as a result of the quantitative assessment performed. Valuing identifiable intangible assets requires judgment. For example, for recent identifiable customer relationship intangible asset acquisitions, we applied an excess earnings model, which is a form of the income approach. This approach includes projecting revenues and expenses attributable to the existing customers over the remaining economic life of the customer relationships and then subtracting the required return on net tangible assets and any intangible assets used in the business to estimate any residual excess earnings attributable to the customer relationships. The after-tax excess earnings are then discounted to present value using the respective discount rates. Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives of 3 to 25 years, and reviewed for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. Factors that could trigger an impairment review include the following: 1) significant under-performance relative to historical or projected future operating results; 2) significant changes in the manner or use of the acquired assets or the strategy of the overall business; 3) significant negative industry or economic trends; and 4) recognition of goodwill impairment charges. If we determine that the carrying value of identifiable intangibles assets may not be recoverable based on the existence of one or more of the above indicators of impairment, we measure recoverability of assets by comparing the respective carrying value of the assets to the current and expected future cash flows, on an undiscounted basis, to be generated from such assets. If such analysis indicates that the carrying value of these assets is not recoverable, we measure an impairment based on the amount in which the net carrying amount of the assets exceeds the fair values of the assets. Employee Benefits: The measurement of the obligations under our defined benefit pension and postretirement medical plans are subject to a number of assumptions. These include the rate of return on plan assets (for funded plans) and the rate at which the future obligations are discounted to present value. For our funded plans, we consider the current and expected asset allocations of our plan assets, as well as historical and expected rates of return, in estimating the long-term rate of return on plan assets. U.S. GAAP requires the recognition of an asset or liability for the funded status of a defined benefit postretirement plan, as measured by the difference between the fair value of plan assets, if any, and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement plan, such as a retiree health plan, the benefit obligation is the accumulated postretirement benefit obligation. Please refer to Note 15, Benefit Plans , for a more detailed discussion of our pension and other retirement plans. Financial Instruments : All derivatives are recognized as either assets or liabilities in the balance sheet and recorded at their fair value. For a derivative designated as a hedge of the exposure to variable cash flows of a forecasted transaction (referred to as a cash flow hedge), the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (“OCI”), net of tax, and subsequently reclassified into earnings when the forecasted transaction affects earnings. For a derivative designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability or a firm commitment (referred to as a fair value hedge), the derivative’s gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item. For a derivative designated as a hedge of the foreign currency exposure of a net investment in a foreign operation, the gain or loss is reported in OCI, net of tax, as part of the cumulative translation adjustment. The ineffective portion of any derivative used in a hedging transaction is recognized immediately into earnings. Derivative financial instruments that are not designated as hedges are also recorded at fair value, with the change in fair value recognized immediately into earnings. We do not purchase or hold any derivative financial instrument for investment or trading purposes. Foreign Currency Translation : Foreign currency transaction gains and losses are recognized in the determination of net income. Foreign currency translation adjustments of subsidiaries and affiliates operating outside of the U.S. are accumulated in other comprehensive loss, a separate component of equity. Revenue Recognition: 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. We have elected to disregard the effects of a significant financing component, as we expect, at the inception of our contracts, that the period between when we transfer a promised good or service to the customer and when the customer pays for that good or service will be one year or less. In addition, we have elected to omit the disclosure of the majority of our remaining performance obligations, which are satisfied within one year or less. Please refer to Note 3, Revenue , for additional information. Shipping and Handling Costs : Shipping and handling costs are included in cost of goods and services sold. Shipping and handling costs billed to customers in connection with the sale are included in net sales. Research and Development : Research and development expenditures are for the creation, engineering and application of new or improved products and processes. Expenditures include primarily salaries and outside services for those directly involved in research and development activities and are primarily expensed as incurred. Litigation : From time to time, we are involved in legal proceedings, investigations and claims generally incidental to our normal business activities. In accordance with U.S. GAAP, 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. These estimates are based on an analysis made by internal and external legal counsel considering information known at the time. Legal costs in connection with loss contingencies are expensed as incurred. Income Taxes: Deferred income taxes are recognized by applying enacted statutory tax rates to tax loss carryforwards and temporary differences between the tax basis and financial statement carrying values of our assets and liabilities. The enacted statutory tax rate applied is based on the rate expected to be applicable at the time of the forecasted utilization of the loss carryforward or reversal of the temporary difference. Valuation allowances on deferred tax assets are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The realizability of deferred tax assets is subject to our estimates of future taxable income, generally at the respective subsidiary company and the country level. Please refer to Note 17, Income Taxes , for additional information. We recognize interest costs related to income taxes in interest expense and penalties within other expense (income). The tax law ordering approach is used for purposes of determining whether an excess tax benefit has been realized during the year. Stock-Based Compensation : Under the fair value provisions of U.S. GAAP, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the vesting period. In order to determine the fair value of stock options on the grant date, we use the Black-Scholes valuation model. Please refer to Note 14, Stock-Based Compensation , for a more detailed discussion of our stock-based compensation plans. Net Income Per Share : Basic net income per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during each period. Net income per share assuming dilution considers the dilutive effect of outstanding stock options and other stock awards based on the treasury stock method. The treasury stock method assumes the use of exercise proceeds to repurchase common stock at the average fair market value in the period.

New Accounting Standards

New Accounting Standards	12 Months Ended
	Dec. 31, 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 December 31, 2023. Standards Issued Not Yet Adopted In November 2023, the FASB issued guidance that seeks to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendment enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2023. We are currently evaluating the impact of this guidance on our financial statements and disclosures. The Company does not expect such adoption to cause a material impact to the consolidated financial statements. In December 2023, the FASB issued guidance that seeks to enhance income tax disclosures to provide information to better assess how an entity's operations and related tax risks affect its tax rate and prospects for future cash flows. Within the income tax rate reconciliation, the amendment requires disclosure of additional categories and greater detail about individual reconciling items over a specified threshold. It also requires information pertaining to taxes paid to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions over a specified threshold. This guidance is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of this guidance on our financial statements and disclosures, but we expect adoption will cause a significant impact to our Income Taxes footnote disclosure.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition We recognize the majority of our revenue, primarily relating to Proprietary Products product sales, at a point in time, following the transfer of control of our products to our customers, which typically occurs upon shipment or delivery, depending on the terms of the related agreements. We recognize revenue relating to our Contract-Manufactured Products product sales and certain Proprietary Products product sales over time, as our performance does not create an asset with an alternative use to us and we have an enforceable right to payment for performance completed to date. We recognize revenue relating to our development and tooling agreements over time, as our performance creates or enhances an asset that the customer controls as the asset is created or enhanced. For revenue recognized over time, revenue is recognized by applying a method of measuring progress toward complete satisfaction of the related performance obligation. When selecting the method for measuring progress, we select the method that best depicts the transfer of control of goods or services promised to our customers. Revenue for our Contract-Manufactured Products product sales, certain Proprietary Products product sales, and our development and tooling agreements is recorded under an input method, which recognizes revenue on the basis of our efforts or inputs to the satisfaction of a performance obligation (for example, resources consumed, labor hours expended, costs incurred, time elapsed, or machine hours used) relative to the total expected inputs to the satisfaction of that performance obligation. The input method that we use is based on costs incurred. 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 December 31, 2023, there was $2.2 million of deferred income related to this payment, of which $0.9 million was included in other current liabilities and $1.3 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. Our revenue can be generated from contracts with multiple performance obligations. When a sales agreement involves multiple performance obligations, each obligation is separately identified and the transaction price is allocated based on the amount of consideration we expect to be entitled in exchange for transferring the promised good or service to the customer. Some customers receive pricing rebates upon attaining established sales volumes. We record rebate costs when sales occur based on our assessment of the likelihood that the required volumes will be attained. We also maintain an allowance for product returns, as we believe that we are able to reasonably estimate the amount of returns based on our substantial historical experience and specific identification of customer claims. The following table presents the approximate percentage of our net sales by market group: 2023 2022 2021 Biologics 37 % 41 % 41 % Generics 20 % 18 % 17 % Pharma 24 % 24 % 24 % Contract-Manufactured Products 19 % 17 % 18 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: 2023 2022 2021 High-Value Product Components 50 % 55 % 54 % High-Value Product Delivery Devices 10 % 5 % 5 % Standard Packaging 21 % 23 % 23 % Contract-Manufactured Products 19 % 17 % 18 % 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: 2023 2022 2021 Americas 45 % 48 % 45 % Europe, Middle East, Africa 46 % 43 % 45 % Asia Pacific 9 % 9 % 10 % 100 % 100 % 100 % Contract Assets and Liabilities Contract assets and liabilities result from transactions with revenue primarily recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, we record a contract asset. Contract assets are recorded on the consolidated balance sheet in accounts receivable, net, and other assets (current and noncurrent portions, respectively). Contract assets included in accounts receivable, net, relate to the unbilled amounts of our product sales for which we have recognized revenue over time. Contract assets included in other assets represent the remaining performance obligations of our development and tooling agreements. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, we record a contract liability. Contract liabilities are recorded on the consolidated balance sheet within other liabilities (current and noncurrent portions, respectively) and represent cash payments received in advance of our performance. The following table summarizes our contract assets and liabilities, excluding amounts included in accounts receivable, net: ($ in millions) Contract assets, December 31, 2022 $ 16.3 Contract assets, December 31, 2023 21.5 Change in contract assets - increase (decrease) $ 5.2 Deferred income, December 31, 2022 $ (68.2) Deferred income, December 31, 2023 (53.9) Change in deferred income - decrease (increase) $ 14.3 Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. The decrease in deferred income during 2023 was primarily due to the recognition of current year revenue of $47.2 million and the recognition of $37.4 million of revenue that was included in deferred income at the beginning of the year, partially offset by additional cash payments of $72.6 million received in advance of satisfying future performance obligations.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 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: (in millions) 2023 2022 2021 Net income $ 593.4 $ 585.9 $ 661.8 Weighted average common shares outstanding 74.3 74.4 74.4 Dilutive effect of equity awards, based on the treasury stock method 1.0 1.4 1.9 Weighted average shares assuming dilution 75.3 75.8 76.3 During 2023, 2022 and 2021, there were 0.2 million, 0.2 million, and 0.0 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive. 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 December 31, 2023, we purchased 512,262 shares of our common stock under the program at a cost of $177.0 million, or an average price of $345.56 per share. During the year ended December 31, 2023, we purchased 1,265,661 shares of our common stock under the program at a cost of $438.3 million, or an average price of $346.34 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 depended on a variety of factors, including market conditions. This share repurchase program was completed by December 31, 2022. There were no shares purchased during the three months ended December 31, 2022 under the calendar-year 2022 program. During the year ended December 31, 2022, we purchased 563,334 shares of our common stock under the calendar-year 2022 program at a cost of $202.8 million, or an average price of $360.03 per share.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment A summary of gross property, plant and equipment at December 31 is presented in the following table: ($ in millions) Expected useful lives (years) 2023 2022 Land $ 33.7 $ 29.0 Buildings and improvements 15-35 771.5 663.6 Machinery and equipment 5-12 1,136.5 1,039.7 Molds and dies 4-7 164.5 154.5 Computer hardware and software 3-10 216.6 193.9 Construction in progress 415.2 305.9 $ 2,738.0 $ 2,386.6 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $133.7 million, $116.9 million and $116.9 million, respectively. We capitalize interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. Capitalized interest for the years ended December 31, 2023, 2022 and 2021 was $5.8 million, $3.7 million and $2.0 million, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases As of December 31, 2023, we had operating leases primarily related to land, buildings, and machinery and equipment, with lease terms through 2047. Certain of our operating leases provide us with an option, exercisable at our sole discretion, to terminate the lease or extend the lease term for one year or more. At this time, the Company is not able to assert whether any of these options will be exercised. We had no material finance leases as of December 31, 2023. We had no finance leases as of December 31, 2022. Judgments used in applying ASC 842 include determining: i) whether a contract is, or contains, a lease; ii) the discount rate to be used to discount the unpaid lease payments to present value; iii) the lease term; and iv) the lease payments. We determine if a contract is, or contains, a lease at contract inception. 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. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As all of our operating leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of our operating leases includes the noncancellable period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. 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: ($ in millions) 2023 2022 2021 Operating lease cost $ 20.3 $ 15.5 $ 12.7 Short-term lease cost 6.1 1.3 1.3 Variable lease cost 5.5 6.8 4.8 Total lease cost $ 31.9 $ 23.6 $ 18.8 Supplemental information related to leases was as follows: ($ in millions) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19.1 $ 13.3 $ 12.1 Right-of-use assets obtained in exchange for new operating lease liabilities $ 10.7 $ 47.6 $ 13.3 As of December 31, 2023 and December 31, 2022, the weighted average remaining lease term for operating leases was 9.8 years and 9.3 years and the weighted average discount rate was 3.55% and 3.25%, respectively. Maturities of lease liabilities as of December 31, 2023 were as follows: ($ in millions) Operating Year Leases 2024 $ 20.9 2025 18.7 2026 15.7 2027 11.2 2028 9.5 Thereafter 42.1 118.1 Less: imputed lease interest (15.9) Total lease liabilities $ 102.2 Practical Expedients and Exemptions We have elected to adopt practical expedients around the combination of lease and non-lease components and the portfolio approach relating to discount rates. These practical expedients were applied consistently to all leases. We have elected not to recognize operating lease right-of-use assets and operating lease liabilities for all short-term leases (leases with an initial lease term of 12 months or less). We recognize the lease payments associated with our short-term leases as an expense over the lease term.

Affiliated Companies

Affiliated Companies	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Affiliated Companies	Affiliated Companies At December 31, 2023, the following affiliated companies were accounted for under the equity method: Location Ownership interest The West Company Mexico, S.A. de C.V. Mexico 49% Aluplast S.A. de C.V. Mexico 49% Pharma Tap S.A. de C.V. Mexico 49% Pharma Rubber S.A. de C.V. Mexico 49% Daikyo Japan 49% Unremitted income of affiliated companies included in consolidated retained earnings amounted to $148.0 million, $133.6 million and $115.6 million at December 31, 2023, 2022 and 2021, respectively. Dividends received from affiliated companies were $3.4 million in 2023, $2.6 million in 2022 and $2.7 million in 2021. Our equity in net unrealized gains of Daikyo’s investment securities and derivative instruments, as well as pension adjustments, included in accumulated other comprehensive loss was $2.2 million, $1.6 million and $1.5 million at December 31, 2023, 2022 and 2021, respectively. Our purchases from, and royalty payments made to, affiliates totaled $142.5 million, $167.6 million and $155.0 million, respectively, in 2023, 2022 and 2021, of which $25.9 million and $31.2 million was due and payable as of December 31, 2023 and 2022, respectively. The majority of these transactions related to a distributorship agreement with Daikyo that allows us to purchase and re-sell Daikyo products. Sales to affiliates were $11.2 million, $14.2 million and $12.0 million, respectively, in 2023, 2022 and 2021, of which $1.6 million and $2.2 million was receivable as of December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, the aggregate carrying amount of our investment in affiliated companies that are accounted for under the equity method was $203.2 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 $6.8 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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying amount of goodwill by reportable segment were as follows: ($ in millions) Proprietary Products Contract-Manufactured Products Total Balance, December 31, 2021 $ 80.1 $ 29.8 $ 109.9 Foreign currency translation (2.2) (0.4) (2.6) Balance, December 31, 2022 77.9 29.4 107.3 Foreign currency translation 1.0 0.2 1.2 Balance, December 31, 2023 $ 78.9 $ 29.6 $ 108.5 As of December 31, 2023, we had $0.1 million of accumulated goodwill impairment losses. Intangible assets and accumulated amortization as of December 31 were as follows: 2023 2022 ($ in millions) Cost Accumulated amortization Net Cost Accumulated amortization Net Patents and licensing $ 24.8 $ (21.8) $ 3.0 $ 24.5 $ (20.6) $ 3.9 Technology 3.3 (2.5) 0.8 3.3 (2.2) 1.1 Trademarks 1.2 (1.2) — 1.9 (1.8) 0.1 Customer relationships 39.5 (29.0) 10.5 39.6 (27.2) 12.4 Customer contracts 8.0 (7.2) 0.8 10.9 (10.0) 0.9 $ 76.8 $ (61.7) $ 15.1 $ 80.2 $ (61.8) $ 18.4

Other Current Liabilities

Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Other Current Liabilities [Abstract]
Other Current Liabilities	Other Current Liabilities Other current liabilities as of December 31 included the following: ($ in millions) 2023 2022 Deferred income $ 41.7 $ 57.3 Dividends payable 14.8 14.1 Accrued commissions, rebates and royalties 22.4 32.1 Accrued retirement plans (excluding pension) 10.9 10.6 Accrued taxes other than income 9.2 13.7 Accrued professional services 5.1 5.4 Accrued interest 2.6 2.5 Restructuring and severance related charges 3.8 11.3 Short term derivative instruments 2.1 1.3 International value added tax payable 5.2 4.7 Other 37.4 30.8 Total other current liabilities $ 155.2 $ 183.8

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities, at December 31. ($ in millions) 2023 2022 Term Loan, due December 31, 2024 (6.32%) $ 81.0 $ 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 73.0 207.0 209.2 Less: unamortized debt issuance costs for Term Loan and Series notes 0.2 0.3 Total debt 206.8 208.9 Less: current portion of long-term debt 134.0 2.2 Long-term debt, net $ 72.8 $ 206.7 Credit Facility In March 2022, we amended and extended the existing credit facility (entered into in March 2019), which was scheduled to expire in March 2024, from $300.0 million to a $500.0 million senior unsecured revolving credit facility by entering into a Second Amendment and Joinder and Assumption Agreement (the "Amended Credit Agreement"). The Amended Credit Agreement, which expires March 2027, contains a senior unsecured, multi-currency revolving credit facility of $500.0 million, with sublimits of up to $50.0 million for swing line loans for Domestic Borrowers in U.S. dollars and a $40.0 million swing line loan for West Pharmaceuticals Services Holding GmbH and up to $50.0 million for the issuance of standby letters of credit. The credit facility may be increased from time-to-time by the greater of (a) $929.0 million or (b) EBITDA for the preceding twelve month period in the aggregate through an increase in the revolving credit facility, subject to the satisfaction of certain conditions. Borrowings under the credit facility bear interest, at the Company’s option, at either: (a) the Term Secured Overnight Financing Rate (“SOFR”) plus 0.10% plus an applicable margin; or (b) a base rate defined as the highest of: (i) the Bank of America “prime rate”; (ii) the Federal Funds effective rate plus 0.50%; and (iii) Term SOFR plus 1.00%. The applicable margin is based on the ratio of the Company’s Net Consolidated Debt to its modified EBITDA, ranging from 0 to 37.5 basis points for base rate loans and 87.5 to 137.5 basis points for Term SOFR loans. The Amended Credit Agreement contains financial covenants providing that the Company shall not permit the ratio of the Company’s Net Consolidated Debt to its Modified EBITDA to be greater than 3.5 to 1; provided that, no more than three times during the term of the Amended Credit Agreement, upon the occurrence of a Qualified Acquisition for each of the four fiscal quarters of the Company immediately following such Qualified Acquisition, the ratio set forth above shall be increased to 4.0 to 1. The Amended Credit Agreement also contains customary limitations on liens securing indebtedness of the Company and its subsidiaries, fundamental changes (mergers, consolidations, liquidations and dissolutions), asset sales, distributions and acquisitions. As of December 31, 2023 and 2022, total unamortized debt issuance costs of $1.0 million and $1.3 million, respectively, were recorded in other current assets and other noncurrent assets and are being amortized as additional interest expense over the term of the Credit Facility. At December 31, 2023, we had no outstanding borrowings under the Credit Facility. At December 31, 2023, the borrowing capacity available under the Credit Facility, including outstanding letters of credit of $2.4 million, was $497.6 million. Term Loan In December 2019, we entered into a First Amendment and Incremental Facility Amendment (the “First Amendment”) to the Credit Agreement. Pursuant to the First Amendment and the Credit Agreement, we established the Term Loan in the amount of $90.0 million, which is due on December 31, 2024. Borrowings under the Term Loan bear interest at the three-month Term SOFR plus 87.5 basis points. As of December 31, 2023 and 2022, there were unamortized debt issuance costs remaining of $0.1 million and $0.1 million, respectively, which are being amortized as additional interest expense over the term of the Term Loan. At December 31, 2023, we had $81.0 million in borrowings under the Term Loan, of which $81.0 million was classified as current. Please refer to Note 11, Derivative Financial Instruments , for a discussion of the foreign currency hedge associated with the Term Loan. Private Placement In 2012, we concluded a private placement issuance of $168.0 million in senior unsecured notes. The total amount of the private placement issuance was divided into three tranches - $42.0 million 3.67% Series A Notes due July 5, 2022, $53.0 million 3.82% Series B Notes due July 5, 2024, and $73.0 million 4.02% Series C Notes due July 5, 2027 (the “Notes”). The Notes rank pari passu with our other senior unsecured debt. The weighted average of the coupon interest rates on the Notes outstanding as of December 31, 2023 is 3.94%. As of December 31, 2023 and 2022, there were unamortized debt issuance costs remaining of $0.1 million and $0.2 million, respectively, which are being amortized as additional interest expense over the term of the Notes. Covenants 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 December 31, 2023, we were in compliance with all of our debt covenants. Interest costs incurred during 2023, 2022 and 2021 were $14.8 million, $11.6 million and $10.2 million, respectively. The aggregate annual maturities of long-term debt, excluding unamortized debt issuance costs, are as follows: $134.0 million in 2024, 2025 - $0.0 million, 2026 - $0.0 million, 2027 - $73.0 million, 2028 - $0.0 million, and thereafter - $0.0 million.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 consolidated balance sheet at fair value. Foreign Currency 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 December 31, 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 December 31, 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 December 31, 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 19.8 21.6 — Yen 6,065.2 30.7 13.2 SGD 41.6 13.9 15.8 In November and December 2019, in conjunction with the repayment of the outstanding long-term borrowings under our Credit Facility denominated in Euro and Japanese Yen, we de-designated these borrowings as hedges of our net investments in certain European subsidiaries and Daikyo. The amounts recorded as cumulative translation adjustments within accumulated other comprehensive loss related to these borrowings (prior to de-designation) will remain in accumulated other comprehensive loss indefinitely, unless certain future events occur, such as the disposition of the operations for which the net investment hedges relate. In December 2019, we entered into a five-year floating-to-floating forward-starting cross-currency swap (the “cross-currency swap”) for $90 million, which we designated as a hedge of our net investment in Daikyo. The notional amount of the cross-currency swap is ¥8.9 billion ($81.0 million) as of December 31, 2023. Under the cross-currency swap, we receive floating interest rate payments based on USD compounded 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. In addition, we receive periodic fixed payments of USD in return for paying fixed principal payments of Yen. 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 December 2023, we purchased several series of call options for a total of 995,426 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 December 31, 2023, we had outstanding contracts to purchase 206,316 barrels of crude oil from December 2023 to June 2025, at a weighted-average strike price of $88.78 per barrel. Effects of Derivative Instruments on Financial Position and Results of Operations Please refer to Note 12, Fair Value Measurements , for the balance sheet location and fair values of our derivative instruments as of December 31, 2023 and 2022. The following table summarizes the effects of derivative instruments designated as fair value hedges in our consolidated statements of income for the years ended December 31: Amount of Gain (Loss) Recognized in Income Location on Statement of Income ($ in millions) 2023 2022 2021 Fair Value Hedges: Hedged item (intercompany loan) $ (0.3) $ (28.3) $ (22.1) Other expense (income) Derivative designated as hedging instrument 0.3 28.3 22.1 Other expense (income) Amount excluded from effectiveness testing (1.4) 5.2 3.0 Other expense (income) Total $ (1.4) $ 5.2 $ 3.0 We recognize in earnings the initial value of forward point components on a straight-line basis over the life of the fair value hedge. The expense recognized in earnings, pre-tax, for forward point components for the year ended December 31, 2023 was $0.2 million. The income recognized in earnings, pre-tax, for forward point components for the years ended December 31, 2022 and 2021 was $4.0 million and $2.6 million, respectively. We expect to recognize a loss of $2.5 million in earnings, pre-tax, for forward point components in 2024. The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on OCI and earnings, net of tax, for the years ended December 31: Amount of Gain (Loss) Recognized in OCI ($ in millions) 2023 2022 2021 Fair Value Hedges: Foreign currency hedge contracts $ (2.0) $ 1.3 $ 0.6 Total $ (2.0) $ 1.3 $ 0.6 Cash Flow Hedges: Foreign currency hedge contracts (hedges of net sales) $ (0.8) $ 0.3 $ (0.2) Foreign currency hedge contracts (hedges of cost of goods and services sold) (4.0) (1.1) (1.8) Forward treasury locks — — — Total $ (4.8) $ (0.8) $ (2.0) Net Investment Hedges: Cross-currency swap $ 8.6 $ 9.1 $ 7.7 Total $ 8.6 $ 9.1 $ 7.7 Amount of (Gain) Loss Reclassified from Accumulated OCI into Income Location of (Gain) Loss Reclassified from Accumulated OCI into Income ($ in millions) 2023 2022 2021 Fair Value Hedges: Foreign currency hedge contracts $ 2.9 $ (1.6) $ (0.8) Other expense (income) Total $ 2.9 $ (1.6) $ (0.8) Cash Flow Hedges: Foreign currency hedge contracts $ 1.3 $ (1.2) $ 0.9 Net sales Foreign currency hedge contracts 2.2 3.5 1.7 Cost of goods and services sold Forward treasury locks 0.2 0.2 0.3 Interest expense Total $ 3.7 $ 2.5 $ 2.9 Net Investment Hedges: Cross-currency swap — — — Other expense (income) Total $ — $ — $ — 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 consolidated statements of income for the years ended December 31. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our consolidated statements of income for the years ended December 31: ($ in millions) 2023 2022 2021 Net sales $ 1.3 $ (1.2) $ 0.9 Cost of goods and services sold 2.2 3.5 1.7 Interest expense 0.2 0.2 0.3 The following table summarizes the effects of derivative instruments not designated as hedges in our consolidated statements of income for the years ended December 31: Amount of Gain (Loss) Recognized in Income Location on Statement of Income ($ in millions) 2023 2022 2021 Commodity call options $ (1.3) $ 1.5 $ 1.7 Other expense (income) Currency forwards 0.1 0.0 0.0 Other expense (income) Total $ (1.2) $ 1.5 $ 1.7 During 2023, 2022 and 2021 there was no material ineffectiveness related to our hedges.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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) December 31, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 10.2 $ 10.2 $ — $ — Foreign currency contracts 5.0 — 5.0 — Cross-currency swap 18.4 — 18.4 — Commodity call options 0.6 — 0.6 — $ 34.2 $ 10.2 $ 24.0 $ — Liabilities: Contingent consideration $ 3.6 $ — $ — $ 3.6 Deferred compensation liabilities 10.4 10.4 — — Foreign currency contracts 2.2 — 2.2 — $ 16.2 $ 10.4 $ 2.2 $ 3.6 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 and other noncurrent assets, as well as other current and other long-term liabilities, is valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting date. The fair value of our commodity call options, included within other current and other noncurrent assets, is valued using a market approach. The fair value of 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. The fair value of deferred compensation liabilities is based on quoted prices of the underlying employees’ investment selections and is included within other long-term liabilities. The fair value of the cross-currency swap, included within other current assets as of December 31, 2023 and other non-current assets as of December 31, 2022, is valued using a market approach. Please refer to Note 11, Derivative Financial Instruments , for further discussion of our derivatives. 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 December 31, 2023, the estimated fair value of long-term debt was $70.8 million compared to a carrying amount of $72.8 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	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table presents the changes in the components of accumulated other comprehensive loss, net of tax: ($ in millions) Derivatives Equity affiliate investment AOCI Defined benefit pension and other postretirement plans Foreign currency translation Total Balance, December 31, 2020 $ (1.9) $ 0.6 $ (40.5) $ (68.8) $ (110.6) Other comprehensive income (loss) before reclassifications (1.4) 0.9 7.4 (59.3) (52.4) Amounts reclassified out 2.1 — 1.3 — 3.4 Other comprehensive income (loss), net of tax 0.7 0.9 8.7 (59.3) (49.0) Balance, December 31, 2021 (1.2) 1.5 (31.8) (128.1) (159.6) Other comprehensive (loss) income before reclassifications 0.5 0.1 (9.3) (47.3) (56.0) Amounts reclassified out 0.9 — 31.7 — 32.6 Other comprehensive (loss) income, net of tax 1.4 0.1 22.4 (47.3) (23.4) Balance, December 31, 2022 0.2 1.6 (9.4) (175.4) (183.0) Other comprehensive income (loss) before reclassifications (6.8) 0.7 0.8 39.4 34.1 Amounts reclassified out 6.6 — (1.5) — 5.1 Other comprehensive income (loss), net of tax (0.2) 0.7 (0.7) 39.4 39.2 Balance, December 31, 2023 $ — $ 2.3 $ (10.1) $ (136.0) $ (143.8) A summary of the reclassifications out of accumulated other comprehensive loss is presented in the following table ($ in millions): Detail of components 2023 2022 2021 Location on Statement of Income Gains (losses) on derivatives: Foreign currency contracts $ (1.5) $ 1.4 $ (1.1) Net sales Foreign currency contracts (3.1) (4.1) (2.4) Cost of goods and services sold Foreign currency contracts (4.2) 2.4 1.2 Other expense (income) Forward treasury locks (0.3) (0.3) (0.4) Interest expense Total before tax (9.1) (0.6) (2.7) Tax benefit (expense) 2.5 (0.3) 0.6 Net of tax $ (6.6) $ (0.9) $ (2.1) Amortization of defined benefit pension and other postretirement plans: Prior service credit $ — $ — $ 0.3 (a) Actuarial gains (losses) 1.7 0.6 (0.2) (a) Settlements (0.1) (52.2) (1.8) (a) Other 0.4 (0.4) — (a) Total before tax 2.0 (52.0) (1.7) Tax (expense) benefit (0.5) 20.3 0.4 Net of tax $ 1.5 $ (31.7) $ (1.3) Total reclassifications for the period, net of tax $ (5.1) $ (32.6) $ (3.4) (a) These components are included in the computation of net periodic benefit cost. Please refer to Note 15, Benefit Plans , for additional details.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 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 December 31, 2023, there were 1,434,547 shares remaining in the 2016 Plan for future grants. Stock options and stock appreciation rights reduce the number of shares available by one share for each award granted. All other awards under the 2016 Plan will reduce the total number of shares available for grant by an amount equal to 2.5 times the number of shares awarded. If awards made under previous plans would entitle a plan participant to an amount of West stock in excess of the target amount, the additional shares (up to a maximum threshold amount) will be distributed under the 2016 Plan. The following table summarizes our stock-based compensation expense recorded within selling, general and administrative expenses for the years ended December 31: ($ in millions) 2023 2022 2021 Stock option and appreciation rights $ 11.3 $ 5.6 $ 12.5 Performance share units, stock-settled 5.5 15.6 17.6 Performance share units, cash-settled 0.3 (0.1) 1.0 Performance share units, dividend equivalents 0.1 0.1 0.2 Employee stock purchase plan 1.3 1.3 1.4 Deferred compensation plans and restricted share awards 4.8 1.2 4.8 Total stock-based compensation expense $ 23.3 $ 23.7 $ 37.5 The Company estimates expected forfeitures. The amount of unrecognized compensation expense for all non-vested awards as of December 31, 2023 was $28.2 million, which is expected to be recognized over a weighted average period of 1.6 years. Stock Options Stock options granted to employees vest in equal increments. All awards expire 10 years from the date of grant. Upon the exercise of stock options, shares are issued in exchange for the exercise price of the options. The following table summarizes changes in outstanding options: (in millions, except per share data) 2023 Options outstanding, January 1 1.9 Granted 0.1 Exercised (0.6) Forfeited 0.0 Options outstanding, December 31 1.4 Options vested and expected to vest, December 31 1.4 Options vested and exercisable, December 31 1.1 Weighted Average Exercise Price 2023 Options outstanding, January 1 $ 118.72 Granted 306.97 Exercised 80.18 Forfeited 289.70 Options outstanding, December 31 $ 145.40 Options vested and expected to vest, December 31 $ 143.46 Options vested and exercisable, December 31 $ 105.08 As of December 31, 2023, the weighted average remaining contractual life of options outstanding and of options exercisable was 4.7 years and 3.8 years, respectively. As of December 31, 2023, the aggregate intrinsic value of total options outstanding was $296.0 million, of which $276.9 million represented vested options. The fair value of the options was estimated on the date of grant using a Black-Scholes option valuation model that used the following weighted average assumptions in 2023, 2022 and 2021: a risk-free interest rate of 4.1%, 1.8%, and 0.8%, respectively; stock volatility of 29.8%, 25.1%, and 23.9%, respectively; and dividend yields of 0.3%, 0.2%, and 0.3%, respectively. Stock volatility is estimated based on historical data and the impact from expected future trends. Expected lives, which are based on prior experience, averaged 5.7 years for 2023 and 5.6 years for 2022 and 2021. The weighted average grant date fair value of options granted in 2023, 2022 and 2021 was $108.95, $96.43 and $64.51, respectively. Stock option expense is recognized over the vesting period, net of forfeitures. For the years ended December 31, 2023, 2022 and 2021, the intrinsic value of options exercised was $151.0 million, $60.1 million and $147.3 million, respectively. The grant date fair value of options vested during those same periods was $8.6 million, $8.8 million and $8.3 million, respectively. Stock Appreciation Rights Stock appreciation rights (“SARs”) granted to eligible international employees vest in equal annual increments over 4 years of continuous service. All awards expire 10 years from the date of grant. The fair value of each cash-settled SAR is adjusted at the end of each reporting period, with the resulting change reflected in expense. As of December 31, 2023, SARs outstanding were 15,407, all of which were cash-settled. Upon exercise of a cash-settled SAR, the employee receives cash for the difference between the grant date price and the fair market value of the Company’s stock on the date of exercise. As a result of the cash settlement feature, cash-settled SARs are recorded within other long-term liabilities. The following table summarizes changes in outstanding SARs: 2023 SARs outstanding, January 1 20,402 Granted 228 Exercised (4,646) Forfeited (577) SARs outstanding, December 31 15,407 SARs vested and expected to vest, December 31 15,407 SARs vested and exercisable, December 31 14,355 Weighted Average Exercise Price 2023 SARs outstanding, January 1 $ 97.28 Granted 306.68 Exercised 67.89 Forfeited 287.26 SARs outstanding, December 31 $ 102.12 SARs vested and expected to vest, December 31 $ 102.12 SARs vested and exercisable, December 31 $ 89.44 Performance Awards In addition to stock options and SAR awards, we grant performance share unit (“PSU”) awards 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, whereas recipients of cash-settled PSU awards are entitled to receive a payment in cash per unit based on the fair market value of a share of our common stock at the end of the performance period. The following table summarizes changes in our outstanding stock-settled PSU awards: 2023 Non-vested stock-settled PSU awards, January 1 112,553 Granted at target level 37,736 Adjustments above/(below) target 47,154 Vested and converted (93,902) Forfeited (5,100) Non-vested stock-settled PSU awards, December 31 98,441 Weighted Average Fair Value 2023 Non-vested stock-settled PSU awards, January 1 $ 278.38 Granted at target level 306.97 Adjustments above/(below) target 181.31 Vested and converted 306.68 Forfeited 317.85 Non-vested stock-settled PSU awards, December 31 $ 334.03 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. The weighted average grant date fair value of stock-settled PSU awards granted during the years 2023, 2022 and 2021 was $306.97, $362.40 and $333.58, respectively. Including forfeiture and target achievement expectations, we expect that the stock-settled PSU awards will convert to 36,080 shares to be issued over an average remaining term of one year. The fair value of cash-settled PSU awards is also based on the market price of our stock at the grant date. These awards are revalued at the end of each quarter based on changes in our stock price. As a result of the cash settlement feature, cash-settled PSU awards are recorded within other long-term liabilities. The following table summarizes changes in our outstanding cash-settled PSU awards: 2023 Non-vested cash-settled PSU awards, January 1 890 Granted at target level 82 Adjustments above/(below) target 591 Vested and converted (1,181) Forfeited (178) Non-vested cash-settled PSU awards, December 31 204 Weighted Average Fair Value 2023 Non-vested cash-settled PSU awards, January 1 $ 242.29 Granted at target level 306.68 Adjustments above/(below) target 191.43 Vested and converted 306.68 Forfeited 310.52 Non-vested cash-settled PSU awards, December 31 $ 355.74 Employee Stock Purchase Plan We also offer an Employee Stock Purchase Plan (“ESPP”), which provides for the sale of our common stock to eligible employees at 85% of the current market price on the last trading day of each quarterly offering period. Payroll deductions are limited to 25% of the employee’s base salary, not to exceed $25,000 in any one calendar year. In addition, employees may not buy more than 2,000 shares during any offering period (8,000 shares per year). Purchases under the ESPP were 23,955 shares, 27,894 shares and 27,016 shares for the years 2023, 2022 and 2021, respectively. At December 31, 2023, there were 3,714,353 shares available for issuance under the ESPP. Deferred Compensation Plans and Restricted Share Awards Our deferred compensation plans include a Non-Qualified Deferred Compensation Plan for Non-Employee Directors, under which non-employee directors may defer all or part of their annual cash or stock retainers. The deferred fees may be credited to a stock-equivalent account. Amounts credited to this account are converted into deferred stock units based on the fair market value of one share of our common stock on the last day of the quarter. For deferred stock units ultimately paid in cash, a liability is calculated at an amount determined by multiplying the number of units by the fair market value of our common stock at the end of each reporting period. In addition, annual stock awards are granted on the date of our annual meeting and are distributed in shares of common stock at the next annual meeting, unless deferred. In 2023, we granted 6,160 deferred stock awards, with a weighted grant date fair value of $357.00. In 2022, we granted 4,827 deferred stock awards, with a grant date fair value of $300.78. As of December 31, 2023, the two deferred compensation plans held a total of 352,541 deferred stock units, including 8,931 units to be paid in cash. In addition, during 2023, we granted 8,343 restricted share awards at a weighted grant-date fair value of $314.06 per share to employees under the 2016 Plan. During 2022, we granted 9,648 restricted share awards at a weighted grant-date fair value of $310.52 per share to employees under the 2016 Plan. During 2021, we granted 6,002 restricted share awards at a weighted grant-date fair value of $312.41 per share to employees under the 2016 Plan. The fair value of these awards is based on the market price of our stock at the grant date and is recognized as expense over the vesting period.

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans Certain of our U.S. and international subsidiaries sponsor defined benefit pension plans. In addition, we pay a portion of healthcare costs for retired U.S. salaried employees and their dependents. We also sponsor a defined contribution plan for certain salaried and hourly U.S. employees. Our 401(k) plan contributions were $22.7 million for 2023, $22.8 million for 2022 and $19.5 million for 2021. Pension and Other Retirement Benefits The components of net periodic benefit cost and other amounts recognized in OCI were as follows: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2021 2023 2022 2021 Net periodic benefit cost: Service cost $ 1.1 $ 1.5 $ 1.6 $ — $ — $ — Interest cost 2.4 4.2 6.2 0.2 0.2 0.2 Expected return on plan assets (1.2) (6.1) (11.9) — — — Amortization of prior service credit — — 0.1 — — (0.4) Amortization of actuarial loss (gain) 0.6 1.3 1.8 (2.0) (1.9) (1.6) Settlement loss 0.1 52.2 1.8 — — — Other 0.3 1.0 — 0.4 0.4 — Net periodic benefit cost $ 3.3 $ 54.1 $ (0.4) $ (1.4) $ (1.3) $ (1.8) Other changes in plan assets and benefit obligations recognized in OCI, pre-tax: Net (gain) loss arising during period $ (1.4) $ 16.0 $ (6.3) $ (0.5) $ (2.0) $ (0.9) Prior service credit arising during period — — (2.0) — — — Amortization of prior service credit — — (0.1) — — 0.4 Amortization of actuarial (loss) gain (0.3) (1.3) (1.8) 2.0 1.9 1.6 Settlement loss (0.1) (52.2) (1.8) — — — Foreign currency translation 0.7 (2.3) (0.9) — — — Other 0.4 — — — (0.4) — Total recognized in OCI $ (0.7) $ (39.8) $ (12.9) $ 1.5 $ (0.5) $ 1.1 Total recognized in net periodic benefit cost and OCI $ 2.6 $ 14.3 $ (13.3) $ 0.1 $ (1.8) $ (0.7) Net periodic benefit cost by geographic location is as follows: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2021 2023 2022 2021 U.S. plans $ 0.8 $ 51.7 $ (2.3) $ (1.4) $ (1.3) $ (1.8) International plans 2.5 2.4 1.9 — — — Net periodic benefit cost $ 3.3 $ 54.1 $ (0.4) $ (1.4) $ (1.3) $ (1.8) The service cost component included within net periodic benefit cost is considered employee compensation and is therefore presented within the selling, general, and administrative and costs of goods and services sold financial statement line items of our consolidated statements of income. The remaining components of net periodic benefit cost are reported separately and are therefore presented within the other nonoperating (income) expense financial statement line item of our consolidated statements of income. During 2021, the Company approved the termination of our U.S. qualified defined benefit pension plan (the "U.S. pension plan"). During 2021, a Notice of Intent to Terminate was sent to all interested parties and in 2022 a favorable determination letter was received from the Internal Revenue Service. During 2022, lump sum payments were offered to all current employees and former employees with vested benefits under the U.S. pension plan. A cash contribution of $7.1 million was made by the Company to ensure the U.S. pension plan was fully funded in preparation for the group annuity contract purchase which was executed in August of 2022 to settle the outstanding benefit obligations, as well as to cover any ancillary benefits and expenses remaining. During 2022, we recorded a $52.2 million pension settlement charge within other nonoperating (income) expense other nonoperating (income) expense During 2023, we did not contribute to our U.S. pension plan due to the termination of the plan in 2022. During 2022, we contributed $7.1 million to our U.S. pension plan. During 2021, we did not contribute to our U.S. pension plan. The following table presents the changes in the benefit obligation and the fair value of plan assets, as well as the funded status of the plans: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation, January 1 $ (55.5) $ (269.8) $ (3.9) $ (5.6) Service cost (1.1) (1.5) — — Interest cost (2.4) (4.2) (0.2) (0.2) Participants’ contributions (0.2) (0.4) (0.4) (0.4) Actuarial gain (loss) 0.7 33.0 0.5 2.0 Benefits paid 2.5 6.9 0.3 0.3 Settlement loss 0.5 174.4 — — Foreign currency translation (2.0) 6.1 — — Benefit obligation, December 31 $ (57.5) $ (55.5) $ (3.7) $ (3.9) Change in plan assets: Fair value of assets, January 1 $ 29.4 $ 249.2 $ — $ — Actual return on plan assets 2.4 (42.4) — — Employer contribution 1.1 8.4 (0.1) (0.1) Participants’ contributions 0.2 0.4 0.4 0.4 Benefits paid (1.8) (7.2) (0.3) (0.3) Settlement loss (0.5) (174.4) — — Foreign currency translation 1.5 (4.6) — — Fair value of assets, December 31 $ 32.3 $ 29.4 $ — $ — Funded status at end of year $ (25.2) $ (26.1) $ (3.7) $ (3.9) International pension plan assets, at fair value, included in the preceding table were $32.3 million and $29.4 million at December 31, 2023 and 2022, respectively. Amounts recognized in the balance sheet were as follows: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2023 2022 Noncurrent assets $ 2.7 $ 0.3 $ — $ — Current liabilities (1.4) (1.5) (0.6) (0.6) Noncurrent liabilities (26.5) (24.9) (3.1) (3.3) $ (25.2) $ (26.1) $ (3.7) $ (3.9) The amounts in accumulated other comprehensive loss, pre-tax, consisted of: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2023 2022 Net actuarial loss (gain) $ 15.8 $ 16.7 $ (3.6) $ (5.2) Prior service cost (credit) (1.1) (1.1) — — Total $ 14.7 $ 15.6 $ (3.6) $ (5.2) The accumulated benefit obligation for all defined benefit pension plans was $53.7 million and $52.4 million at December 31, 2023 and 2022, respectively, including $47.7 million and $46.0 million, respectively, for international pension plans. As of December 31, 2023 and December 31, 2022, our United Kingdom qualified defined benefit pension plan had plan assets in excess of its obligations. As of December 31, 2023 and December 31, 2022, our other defined benefit pension plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. Benefit payments expected to be paid under our defined benefit pension and other retirement benefit plans in the next ten years are as follows. The expected benefit payments listed correspond to regular ongoing benefit payments expected to be made by the plans during future years. ($ in millions) Domestic International Total 2024 $ 1.4 $ 2.5 $ 3.9 2025 1.3 2.5 3.8 2026 1.1 3.2 4.3 2027 1.0 3.8 4.8 2028 1.0 3.2 4.2 2029 to 2033 3.8 17.4 21.2 $ 9.6 $ 32.6 $ 42.2 In 2024, we expect to contribute $0.6 million to pension plans, all of which is in the U.S. In addition, we expect to contribute $0.5 million for other retirement benefits in 2024. We periodically consider additional, voluntary contributions depending on the investment returns generated by pension plan assets, changes in benefit obligation projections and other factors. Weighted average assumptions used to determine net periodic benefit cost were as follows: Pension benefits Other retirement benefits 2023 2022 2021 2023 2022 2021 Discount rate 4.35 % 2.48 % 2.29 % 5.55 % 2.75 % 2.30 % Rate of compensation increase 3.09 % 2.79 % 2.41 % — — — Expected long-term rate of return on assets 4.22 % 4.14 % 4.93 % — — — Weighted average assumptions used to determine the benefit obligations were as follows: Pension benefits Other retirement benefits 2023 2022 2023 2022 Discount rate 3.95 % 4.35 % 5.20 % 5.55 % Rate of compensation increase 3.08 % 3.09 % — — The discount rate used to determine the benefit obligations for U.S. pension plans was 5.20% and 5.55% as of December 31, 2023 and 2022, respectively. The weighted average discount rate used to determine the benefit obligations for all international plans was 3.80% and 4.20% as of December 31, 2023 and 2022, respectively. The weighted average rate of compensation increase for all international plans was 3.08% for 2023 and 3.09% for 2022, while there was no rate increase for the U.S. plans since they are frozen. Other retirement benefits were only available to U.S. employees. The expected long-term rate of return for U.S. plans was not applicable for 2023, 3.70% for 2022 and 5.10% for 2021. The assumed healthcare cost trend rate used to determine benefit obligations and net periodic benefit cost was 6.75% for all participants in 2023, decreasing to 5.00% by 2030. The defined pension plan benefit obligation increased for the year ended December 31, 2023 primarily due to a decrease in the discount rate used to calculate the obligation. The net actuarial losses will be impacted in future periods by actual asset returns, discount rate changes, currency exchange rate fluctuations, actual demographic experience, and certain other factors. The other retirement plan benefit obligation decreased due to actuarial gains and benefit payments during the period. The Company has cash balance plans and other plans with promised interest crediting rates. For these plans, the interest crediting rates are set in line with plan rules or country legislation and do not change with market conditions. The weighted average interest crediting rating used to determine net periodic benefit cost by geographic location for our pension plans, at December 31, were as follows: 2023 2022 2021 U.S. plans 4.00 % 3.31 % 3.31 % International plans 1.13 % 1.75 % 0.67 % The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows: 2023 2022 Equity securities 16 % 28 % Debt securities 80 % 68 % Other 4 % 4 % 100 % 100 % Diversification across and within asset classes is the primary means by which we mitigate risk. We maintain guidelines for all asset and sub-asset categories in order to avoid excessive investment concentrations. Fund assets are monitored on a regular basis. If at any time the fund asset allocation is not within the acceptable allocation range, funds will be reallocated. We also review the fund on a regular basis to ensure that the investment returns received are consistent with the short-term and long-term goals of the fund and with comparable market returns. We are prohibited from pledging fund securities and from investing pension fund assets in our own stock, securities on margin or derivative securities. The following are the target asset allocations and acceptable allocation ranges across: Target allocation Allocation range Equity securities 19% 15% - 20% Debt securities 79% 75% - 85% Other 2% 2% - 5% The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 12, Fair Value Measurements . In accordance with U.S. GAAP, certain pension plan assets measured at net asset value (“NAV”) have not been classified in the fair value hierarchy. Balance at December 31, Basis of Fair Value Measurements ($ in millions) 2023 Level 1 Level 2 Level 3 Cash $ 0.6 $ 0.6 $ — $ — Equity securities: International mutual funds 5.3 — 5.3 — Fixed income securities: International mutual funds 25.9 — 25.9 — Other mutual funds 0.5 — 0.5 — Pension plan assets in the fair value hierarchy $ 32.3 $ 0.6 $ 31.7 $ — Pension plan assets measured at NAV — Pension plan assets at fair value $ 32.3 Balance at December 31, Basis of Fair Value Measurements ($ in millions) 2022 Level 1 Level 2 Level 3 Cash $ 0.7 $ 0.7 $ — $ — Equity securities: International mutual funds 8.2 — 8.2 — Fixed income securities: International mutual funds 20.4 — 20.4 — Other mutual funds 0.1 — 0.1 — Pension plan assets in the fair value hierarchy $ 29.4 $ 0.7 $ 28.7 $ — Pension plan assets measured at NAV — Pension plan assets at fair value $ 29.4

Other Expense (Income)

Other Expense (Income)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Other Expense (Income)	Other Expense (Income) Other expense (income) consisted of: ($ in millions) 2023 2022 2021 Restructuring and related charges: Severance and benefits $ (2.8) $ 8.7 $ 0.6 Asset-related charges — 15.3 — Other charges — (0.2) 1.6 Total restructuring and related charges $ (2.8) $ 23.8 $ 2.2 Loss on disposal of plant 11.6 — — Asset impairments 9.6 6.2 5.6 Foreign exchange transaction losses (gains) 9.4 (4.1) (1.4) Contingent consideration 2.3 3.0 1.5 Loss (gain) on oil hedges 1.3 (1.5) (1.7) Other items — (0.6) 1.7 Total other expense (income) $ 31.4 $ 26.8 $ 7.9 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 twenty-four months from the date of the approval. The plan is expected to require restructuring and related charges of approximately $22 million to $24 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 and benefits Other charges Total Balance, December 31, 2022 $ 10.1 $ 15.3 $ 25.4 (Credits) charges (2.6) — (2.6) Cash payments (4.5) — (4.5) Non-cash asset write downs — (15.3) (15.3) Balance, December 31, 2023 $ 3.0 $ — $ 3.0 Loss on Disposal of Plant During 2023, the Company recorded expense of $11.6 million, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. Asset Impairments During 2023, we recorded impairment charges of $4.3 million specific to our cost method investments and expense of $5.3 million related to fixed assets impaired and taken out of service. During 2022, we recorded an impairment charge of $3.5 million specific to our cost method investments and expense of $2.7 million related to fixed assets impaired and taken out of service. During 2021, specific to our cost method investments, we recorded a total impairment charge of $4.6 million which was offset by a net gain of $0.3 million on the sale of a cost investment. We also recorded expense of $1.3 million related to fixed assets impaired and taken out of service. Foreign Exchange Transaction Losses (Gains) During 2023, we recorded a loss on foreign exchange transactions of $9.4 million. The loss on foreign exchange transactions in 2023 was primarily driven by a highly inflationary environment in Argentina. During 2022 and 2021, we recorded a gain on foreign exchange transactions of $4.1 million and $1.4 million, respectively. Contingent Consideration Contingent consideration represents changes in the fair value of the SmartDose ® contingent consideration. Please refer to Note 12, Fair Value Measurements , for additional details. Oil Hedges During 2023, 2022 and 2021, we recorded a loss of $1.3 million, a gain of $1.5 million, and a gain of $1.7 million, respectively, related to oil hedges. Please refer to Note 11, Derivative Financial Instruments , for further discussion of our hedging activity.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a global organization, we and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. As of December 31, 2023, the statute of limitations for the U.S. federal tax years 2017 through 2023 remain open to examination. For U.S. state and local jurisdictions, tax years 2013 through 2023 are open to examination. We are also subject to examination in various foreign jurisdictions for tax years 2016 through 2023. A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows: ($ in millions) 2023 2022 2021 Balance at January 1 $ 36.5 $ 24.9 $ 10.4 Increase due to current year position 6.4 11.4 16.3 (Decrease) increase due to prior year position (1.0) 0.6 (1.0) Reduction for expiration of statute of limitations/audits (3.1) (0.4) (0.8) Balance at December 31 $ 38.8 $ 36.5 $ 24.9 In addition, we had balances in accrued liabilities for interest and penalties of $3.8 million and $1.6 million at December 31, 2023 and 2022, respectively. As of December 31, 2023, we had $38.8 million of total gross unrecognized tax benefits, which, if recognized, $38.8 million would favorably impact the effective income tax rate. It is reasonably possible that, due to the expiration of statutes and the closing of tax audits, the amount of gross unrecognized tax benefits may be reduced by approximately $0.1 million during the next twelve months, which would favorably impact our effective tax rate. The components of income before income taxes and equity in net income of affiliated companies are: ($ in millions) 2023 2022 2021 U.S. operations $ 369.4 $ 394.4 $ 420.0 International operations 328.6 285.5 328.9 Total income before income taxes and equity in net income of affiliated companies $ 698.0 $ 679.9 $ 748.9 The related provision for income taxes consists of: ($ in millions) 2023 2022 2021 Current: Federal $ 30.2 $ 75.7 $ 64.8 State (4.2) 8.4 10.9 International 58.8 61.4 74.4 Current income tax provision 84.8 145.5 150.1 Deferred: Federal and state (11.6) (20.3) 7.3 International 49.1 (10.5) (50.2) Deferred income tax provision 37.5 (30.8) (42.9) Income tax expense $ 122.3 $ 114.7 $ 107.2 Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The significant components of our deferred tax assets and liabilities at December 31 are : ($ in millions) 2023 2022 Deferred tax assets Net operating loss carryforwards $ 10.0 $ 10.3 Tax credit carryforwards 1.1 1.9 Pension and deferred compensation 22.7 31.4 Royalty acceleration 15.0 46.2 Other 13.9 18.3 Capitalized R&D expenses 23.9 8.1 Leases 18.6 20.6 Unrealized profit in inventory 8.5 7.2 Valuation allowance (15.5) (13.3) Total deferred tax assets 98.2 130.7 Deferred tax liabilities: Property, plant, and equipment 61.7 53.7 Tax on undistributed earnings of subsidiaries 3.8 1.5 Leases 18.1 19.7 Other 1.6 4.5 Total deferred tax liabilities 85.2 79.4 Net deferred tax asset $ 13.0 $ 51.3 A reconciliation of the U.S. federal corporate tax rate to our effective consolidated tax rate on income before income taxes and equity in net income of affiliated companies is as follows: 2023 2022 2021 U.S. federal corporate tax rate 21.0 % 21.0 % 21.0 % Tax on international operations other than U.S. tax rate 1.2 (1.5) 1.9 Adjustments to reserves for unrecognized tax benefits 0.3 2.9 0.1 U.S. tax on international earnings, net of foreign tax credits 0.5 (0.3) 0.3 Foreign-Derived Intangible Income Deductions (FDII) (1.6) (2.1) (1.5) State income taxes, net of federal tax effect 0.1 1.0 (0.1) U.S. research and development credits (0.7) (0.6) (0.4) Excess tax benefits on share-based payments (4.6) (2.4) (4.2) Royalty acceleration 0.5 — (2.5) Pension settlement — (1.2) — Tax on undistributed earnings of subsidiaries 0.3 — (0.6) Other 0.5 0.1 0.3 Effective tax rate 17.5 % 16.9 % 14.3 % During 2023, we recorded a tax benefit of $32.0 million associated with stock-based compensation. The Company recognized a $3.0 million state tax benefit based on the outcome of a recent court case. During 2022, we recorded tax expense of $5.7 million due to the impact of tax law changes enacted during the year, $19.8 million of tax expense due to the Company's recognition of reserves for unrecognized tax benefits, and a tax benefit of $16.5 million associated with stock-based compensation. A tax benefit of $20.6 million was recognized for the 2022 termination of our U.S. pension plan. The Company did not elect to reclassify to retained earnings the stranded tax effects on items within AOCI related to the Tax Cuts and Jobs Act of 2017, and therefore included within the $20.6 million pension termination benefit is a deferred tax benefit of $8.0 million. During 2021, we recorded a tax benefit of $1.4 million due to the impact of tax law changes enacted during 2021, a tax benefit of $18.5 million due to the Company's prepayment of future royalties from one of its subsidiaries, and a tax benefit of $31.5 million associated with stock-based compensation. State operating loss carryforwards of $118.6 million created a deferred tax asset of $6.7 million, while foreign operating loss carryforwards of $10.2 million created a deferred tax asset of $3.3 million. Management estimates that certain state and foreign operating loss carryforwards are unlikely to be utilized and the associated deferred tax assets have been appropriately reserved. State loss carryforwards expire as follows: $19.8 million in 2024 and $98.8 million thereafter. Foreign loss carryforwards will begin to expire in 2029, while $0.9 million of the total $10.2 million will not expire. During 2019, we utilized all of our remaining U.S. federal research and development credit carryforwards. State research and development credit carryforwards of $1.6 million created a deferred tax asset of $1.3 million. As of December 31, 2023, $0.4 million of state research and development credits expire in 2025. Since 2018, West has reasserted indefinite reinvestment related to all post-2017 unremitted earnings in all of our foreign subsidiaries. During 2023 and consistent with the approved plan mentioned in Note 4, Net Income Per Share , the Company began repurchasing common stock on the open market. To support the funding for this program, West may repatriate earnings from its German affiliates during 2024 and has recorded a tax liability of $2.8 million. Accordingly, West will no longer assert permanent reinvestment related to all of the earnings of its wholly owned German affiliates through 2023. West will continue to assert permanent reinvestment of earnings for all other foreign jurisdictions, and intends to only repatriate earnings when the tax impact is de minimis. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of approximately $857 million of undistributed earnings from foreign subsidiaries (except our German affiliates) to the U.S., as those earnings continue to be permanently reinvested. Further, it is impracticable for us to estimate any future tax costs for any unrecognized deferred tax liabilities associated with our indefinite reinvestment assertion, because the actual tax liability, if any, would be dependent on complex analysis and calculations considering various tax laws, exchange rates, circumstances existing when there is a repatriation, sale or liquidation, or other factors.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2023, we were obligated under various operating lease agreements. Please refer to Note 6, Leases , for additional details. At December 31, 2023, we were obligated under debt agreements, net of unamortized debt issuance costs including fixed and variable-rate debt. Please refer to Note 10, Debt , for additional details. At December 31, 2023, we were obligated under various tax-qualified and non-qualified defined benefit pension plans in the U.S. and other countries that cover employees and former employees who meet eligibility requirements. Please refer to Note 15, Benefit Plans , for additional details. At December 31, 2023, our outstanding unconditional contractual commitments, including for the purchase of raw materials and finished goods, amounted to $298.3 million, the majority of which is to be paid over the next five years, with $76.8 million due to be paid in 2024. We have letters of credit totaling $2.4 million supporting the reimbursement of workers’ compensation and other claims paid on our behalf by insurance carriers. Our accrual for insurance obligations was $2.1 million at December 31, 2023, of which $0.7 million is in excess of our deductible and, therefore, is reimbursable by the insurance company.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Our business operations are organized into two reportable segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery products, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our Contract-Manufactured Products reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers. The Chief Operating Decision Maker ("CODM") evaluates the performance of our segments based upon, among other things, segment net sales and operating profit. Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that the CODM considers not representative of ongoing operations. Such items are referred to as other unallocated items and generally include restructuring and related charges, certain asset impairments and other specifically-identified income or expense items. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides a valuable insight into our overall performance and financial position. The following table presents net sales information about our reportable segments, reconciled to consolidated totals: ($ in millions) 2023 2022 2021 Net sales: Proprietary Products $ 2,397.3 $ 2,406.8 $ 2,317.3 Contract-Manufactured Products 552.5 480.4 514.7 Intersegment sales elimination — (0.3) (0.4) Consolidated net sales $ 2,949.8 $ 2,886.9 $ 2,831.6 The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the elimination of components sold between our segments. In 2023, one of our customers individually accounted for more than 10% of consolidated net sales, at 10.9% or $322.1 million, contributing to net sales in both the Proprietary and Contract Manufacturing reportable segments. We did not have any customers accounting for greater than 10% of consolidated net sales in 2022 or 2021. The following table presents net sales and long-lived assets, by the country in which the legal subsidiary is domiciled and assets are located: Net Sales Long-Lived Assets ($ in millions) 2023 2022 2021 2023 2022 United States $ 1,238.5 $ 1,286.5 $ 1,198.0 $ 757.1 $ 611.5 Germany 406.1 398.7 474.3 176.0 139.0 Ireland 285.7 240.3 247.6 207.0 179.5 France 282.9 237.9 213.0 78.5 68.8 Other European countries 388.1 359.2 341.3 99.2 81.8 Other 348.5 364.3 357.4 194.7 182.1 $ 2,949.8 $ 2,886.9 $ 2,831.6 $ 1,512.5 $ 1,262.7 The following tables provide summarized financial information for our segments: ($ in millions) 2023 2022 2021 Operating profit (loss): Proprietary Products $ 710.1 $ 784.4 $ 796.1 Contract-Manufactured Products 72.1 60.4 67.2 Total business segment operating profit $ 782.2 $ 844.8 $ 863.3 Corporate and Unallocated Stock-based compensation expense $ (23.3) $ (23.7) $ (37.5) Corporate general costs (1) (68.3) (59.1) (63.4) Unallocated Items: Restructuring and other charges (2) 2.0 (23.8) (2.2) Amortization of acquisition-related intangible assets (3) (0.7) (0.7) (0.8) Cost investment activity (4) (4.3) (3.5) (4.3) Loss on disposal of plant (5) (11.6) — — Asset impairment (5) — — (2.8) Total Corporate and Unallocated (106.2) (110.8) (111.0) Total consolidated operating profit $ 676.0 $ 734.0 $ 752.3 Interest (income) expense and other nonoperating (income) expense, net (22.0) 54.1 3.4 Income before income taxes and equity in net income of affiliated companies $ 698.0 $ 679.9 $ 748.9 (1) Corporate general costs includes executive and director compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. (2) During 2023, the Company recorded a benefit to restructuring and other charges of $2.0 million, which represents the net impact of a $2.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan and an inventory write down of $0.8 million within cost of goods and services sold. During 2022, the Company recorded expense to restructuring and other charges of $23.8 million, which primarily included a charge of $8.7 million in net severance and post-employment benefits primarily in connection with our plan to adjust our operating cost base and $15.3 million in asset-related charges associated with this plan. During 2021, the Company recorded expense to restructuring and other charges of $2.2 million to optimize certain organizational structures within the Company. (3) During 2023, 2022 and 2021, the company recorded $0.7 million, $0.7 million and $0.8 million, respectively, of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020. (4) During 2023, the Company recorded a cost investment impairment charge of $4.3 million. During 2022, the Company recorded a cost investment impairment charge of $3.5 million. During 2021, the net cost investment activity was equal to $4.3 million, inclusive of an impairment charge of $4.6 million partially offset by a $0.3 million gain on the sale of a cost investment. (5) During 2023, the Company recorded expense of $11.6 million, as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. During 2021, the Company recorded a $2.8 million impairment charge for certain long-lived and intangible assets related to the Company's manufacturing facility within the Proprietary Products segment that was sold during the second quarter of 2023, as it determined the carrying value was not fully recoverable. $1.9 million of this charge was recorded within cost of goods and services sold and $0.9 million of the charge is recorded in selling, general, and administrative expense, due to the nature of the impaired assets. Please refer to Note 16, Other Expense (Income) , for further discussion of unallocated items. The following tables provide summarized financial information for our two reportable segments and corporate and unallocated: ($ in millions) Assets 2023 2022 Proprietary Products $ 2,629.1 $ 2,578.3 Contract-Manufactured Products 527.5 480.3 Corporate and Unallocated 672.9 558.2 Total consolidated $ 3,829.5 $ 3,616.8 ($ in millions) Depreciation and Amortization 2023 2022 2021 Proprietary Products $ 112.9 $ 96.9 $ 93.8 Contract-Manufactured Products 20.4 19.0 21.1 Corporate and Unallocated 4.0 4.7 7.4 Total consolidated $ 137.3 $ 120.6 $ 122.3 ($ in millions) Capital Expenditures 2023 2022 2021 Proprietary Products $ 259.1 $ 237.3 $ 218.0 Contract-Manufactured Products 90.2 34.0 26.6 Corporate and Unallocated 12.7 13.3 8.8 Total consolidated $ 362.0 $ 284.6 $ 253.4

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II - Valuation and Qualifying Accounts ($ in millions) Balance at beginning of period Charged to costs and expenses Deductions (1) Balance at end of period For the year ended December 31, 2023 Allowances deducted from assets: Deferred tax asset valuation allowance $ 13.3 $ 2.2 $ — $ 15.5 Allowance for credit losses 0.2 2.3 (1.7) 0.8 Total allowances deducted from assets $ 13.5 $ 4.5 $ (1.7) $ 16.3 For the year ended December 31, 2022 Allowances deducted from assets: Deferred tax asset valuation allowance $ 12.2 $ 1.1 $ — $ 13.3 Allowance for credit losses 0.4 0.3 (0.5) 0.2 Total allowances deducted from assets $ 12.6 $ 1.4 $ (0.5) $ 13.5 For the year ended December 31, 2021 Allowances deducted from assets: Deferred tax asset valuation allowance $ 15.1 $ (2.9) $ — $ 12.2 Allowance for credit losses 1.1 (0.7) — 0.4 Total allowances deducted from assets $ 16.2 $ (3.6) $ — $ 12.6 (1)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 593.4	$ 585.9	$ 661.8

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	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. This plan was terminated on October 24, 2023.
Eric M. Green May 2023 Plan [Member] | Eric M. Green [Member]
Trading Arrangements, by Individual
Name	Eric M. Green
Title	President and Chief Executive Officer, Chair of the Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 5, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	October 24, 2023
Arrangement Duration	364 days
Aggregate Available	234,864	234,864
Eric. M. Green November 2023 Plan [Member] | Eric M. Green [Member]
Trading Arrangements, by Individual
Name	Mr. Green
Title	President and Chief Executive Officer, Chair of the Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 17, 2023
Arrangement Duration	161 days
Aggregate Available	184,864	184,864

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation: The consolidated financial statements include the accounts of West Pharmaceutical Services, Inc. ("West") after the elimination of intercompany transactions. We have no participation or other rights in variable interest entities.
Use of Estimates	Use of Estimates: The financial statements are prepared in conformity with U.S. GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies in the financial statements. Actual amounts realized may differ from these estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash equivalents include time deposits, certificates of deposit and all highly liquid short-term instruments with maturities of three months or less at the time of purchase.
Accounts Receivable	Accounts Receivable:
Inventories	Inventories:
Property, Plant and Equipment	Property, Plant and Equipment : Property, plant and equipment assets are carried at cost. Maintenance and minor repairs and renewals are charged to expense as incurred. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and immediately expensed for preliminary project activities or post-implementation activities. Upon sale or retirement of depreciable assets, costs and related accumulated depreciation are eliminated, and gains or losses are recognized in other expense (income). Depreciation and amortization are computed principally using the straight-line method over the estimated useful lives of the assets, or the remaining term of the lease, if shorter.
Leases	Leases:
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets : Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and finance lease right-of-use assets, are tested for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. An asset is considered impaired if the carrying value of the asset exceeds the sum of the future expected undiscounted cash flows to be derived from the asset. Once an asset is considered impaired, an impairment loss is recorded within other expense (income) for the difference between the asset’s carrying value and its fair value. For assets held and used in the business, management determines fair value using estimated future cash flows to be derived from the asset, discounted to a net present value using an appropriate discount rate. For assets held for sale or for investment purposes, management determines fair value by estimating the proceeds to be received upon sale of the asset, less disposition costs.
Impairment of Goodwill and Other Intangible Assets	Impairment of Goodwill and Other Intangible Assets: Goodwill is tested for impairment at least annually, following the completion of our annual budget and long-range planning process, or whenever circumstances indicate that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment at the reporting unit level, which is the same as, or one level below, our operating segments. A goodwill impairment charge represents the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Accounting guidance also allows entities to first assess qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors, and overall financial performance, to determine whether it is necessary to perform the quantitative goodwill impairment test. If, based upon our assessment, we determined that it was not more likely than not that the fair value of each of our reporting units was less than its carrying amount, then it would not be necessary to perform the quantitative goodwill impairment test. We elected to follow this guidance for our annual impairment test in the prior year, however in the current year, 2023, we performed a quantitative analysis to support our historical qualitative assessments. No impairment in the carrying value of our reporting units was evident as a result of the quantitative assessment performed. Valuing identifiable intangible assets requires judgment. For example, for recent identifiable customer relationship intangible asset acquisitions, we applied an excess earnings model, which is a form of the income approach. This approach includes projecting revenues and expenses attributable to the existing customers over the remaining economic life of the customer relationships and then subtracting the required return on net tangible assets and any intangible assets used in the business to estimate any residual excess earnings attributable to the customer relationships. The after-tax excess earnings are then discounted to present value using the respective discount rates. Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives of 3 to 25 years, and reviewed for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. Factors that could trigger an impairment review include the following: 1) significant under-performance relative to historical or projected future operating results; 2) significant changes in the manner or use of the acquired assets or the strategy of the overall business; 3) significant negative industry or economic trends; and 4) recognition of goodwill impairment charges. If we determine that the carrying value of identifiable intangibles assets may not be recoverable based on the existence of one or more of the above indicators of impairment, we measure recoverability of assets by comparing the respective carrying value of the assets to the current and expected future cash flows, on an undiscounted basis, to be generated from such assets. If such analysis indicates that the carrying value of these assets is not recoverable, we measure an impairment based on the amount in which the net carrying amount of the assets exceeds the fair values of the assets.
Employee Benefits	Employee Benefits: The measurement of the obligations under our defined benefit pension and postretirement medical plans are subject to a number of assumptions. These include the rate of return on plan assets (for funded plans) and the rate at which the future obligations are discounted to present value. For our funded plans, we consider the current and expected asset allocations of our plan assets, as well as historical and expected rates of return, in estimating the long-term rate of return on plan assets. U.S. GAAP requires the recognition of an asset or liability for the funded status of a defined benefit postretirement plan, as measured by the difference between the fair value of plan assets, if any, and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement plan, such as a retiree health plan, the benefit obligation is the accumulated postretirement benefit obligation. Please refer to Note 15, Benefit Plans
Financial Instruments	Financial Instruments : All derivatives are recognized as either assets or liabilities in the balance sheet and recorded at their fair value. For a derivative designated as a hedge of the exposure to variable cash flows of a forecasted transaction (referred to as a cash flow hedge), the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (“OCI”), net of tax, and subsequently reclassified into earnings when the forecasted transaction affects earnings. For a derivative designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability or a firm commitment (referred to as a fair value hedge), the derivative’s gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item. For a derivative designated as a hedge of the foreign currency exposure of a net investment in a foreign operation, the gain or loss is reported in OCI, net of tax, as part of the cumulative translation adjustment. The ineffective portion of any derivative used in a hedging transaction is recognized immediately into earnings. Derivative financial instruments that are not designated as hedges are also recorded at fair value, with the change in fair value recognized immediately into earnings. We do not purchase or hold any derivative financial instrument for investment or trading purposes.
Foreign Currency Translation	Foreign Currency Translation : Foreign currency transaction gains and losses are recognized in the determination of net income. Foreign currency translation adjustments of subsidiaries and affiliates operating outside of the U.S. are accumulated in other comprehensive loss, a separate component of equity.
Revenue Recognition	Revenue Recognition: Revenue Recognition We recognize the majority of our revenue, primarily relating to Proprietary Products product sales, at a point in time, following the transfer of control of our products to our customers, which typically occurs upon shipment or delivery, depending on the terms of the related agreements. We recognize revenue relating to our Contract-Manufactured Products product sales and certain Proprietary Products product sales over time, as our performance does not create an asset with an alternative use to us and we have an enforceable right to payment for performance completed to date. We recognize revenue relating to our development and tooling agreements over time, as our performance creates or enhances an asset that the customer controls as the asset is created or enhanced. For revenue recognized over time, revenue is recognized by applying a method of measuring progress toward complete satisfaction of the related performance obligation. When selecting the method for measuring progress, we select the method that best depicts the transfer of control of goods or services promised to our customers. Revenue for our Contract-Manufactured Products product sales, certain Proprietary Products product sales, and our development and tooling agreements is recorded under an input method, which recognizes revenue on the basis of our efforts or inputs to the satisfaction of a performance obligation (for example, resources consumed, labor hours expended, costs incurred, time elapsed, or machine hours used) relative to the total expected inputs to the satisfaction of that performance obligation. The input method that we use is based on costs incurred.
Shipping and Handling Costs	Shipping and Handling Costs : Shipping and handling costs are included in cost of goods and services sold. Shipping and handling costs billed to customers in connection with the sale are included in net sales.
Research and Development	Research and Development
Litigation	Litigation : From time to time, we are involved in legal proceedings, investigations and claims generally incidental to our normal business activities. In accordance with U.S. GAAP, 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. These estimates are based on an analysis made by internal and external legal counsel considering information known at the time. Legal costs in connection with loss contingencies are expensed as incurred.
Income Taxes	Income Taxes: Deferred income taxes are recognized by applying enacted statutory tax rates to tax loss carryforwards and temporary differences between the tax basis and financial statement carrying values of our assets and liabilities. The enacted statutory tax rate applied is based on the rate expected to be applicable at the time of the forecasted utilization of the loss carryforward or reversal of the temporary difference. Valuation allowances on deferred tax assets are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The realizability of deferred tax assets is subject to our estimates of future taxable income, generally at the respective subsidiary company and the country level. Please refer to Note 17, Income Taxes , for additional information. We recognize interest costs related to income taxes in interest expense and penalties within other expense (income). The tax law ordering approach is used for purposes of determining whether an excess tax benefit has been realized during the year.
Stock-based Compensation	Stock-Based Compensation
Net Income Per Share	Net Income Per Share : Basic net income per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during each period. Net income per share assuming dilution considers the dilutive effect of outstanding stock options and other stock awards based on the treasury stock method. The treasury stock method assumes the use of exercise proceeds to repurchase common stock at the average fair market value in the period.
Recently Adopted Standards and Standards Issued Not Yet Adopted	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 December 31, 2023. Standards Issued Not Yet Adopted In November 2023, the FASB issued guidance that seeks to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendment enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2023. We are currently evaluating the impact of this guidance on our financial statements and disclosures. The Company does not expect such adoption to cause a material impact to the consolidated financial statements. In December 2023, the FASB issued guidance that seeks to enhance income tax disclosures to provide information to better assess how an entity's operations and related tax risks affect its tax rate and prospects for future cash flows. Within the income tax rate reconciliation, the amendment requires disclosure of additional categories and greater detail about individual reconciling items over a specified threshold. It also requires information pertaining to taxes paid to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions over a specified threshold. This guidance is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of this guidance on our financial statements and disclosures, but we expect adoption will cause a significant impact to our Income Taxes footnote disclosure.
Fair Value Measurement	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.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Inventories	The following is a summary of inventories at December 31: ($ in millions) 2023 2022 Raw materials $ 172.3 $ 170.7 Work in process 87.3 79.0 Finished goods 175.1 165.1 $ 434.7 $ 414.8

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 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: 2023 2022 2021 Biologics 37 % 41 % 41 % Generics 20 % 18 % 17 % Pharma 24 % 24 % 24 % Contract-Manufactured Products 19 % 17 % 18 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: 2023 2022 2021 High-Value Product Components 50 % 55 % 54 % High-Value Product Delivery Devices 10 % 5 % 5 % Standard Packaging 21 % 23 % 23 % Contract-Manufactured Products 19 % 17 % 18 % 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: 2023 2022 2021 Americas 45 % 48 % 45 % Europe, Middle East, Africa 46 % 43 % 45 % Asia Pacific 9 % 9 % 10 % 100 % 100 % 100 %
Schedule of Change in Contract with Customer, Asset and Liability	The following table summarizes our contract assets and liabilities, excluding amounts included in accounts receivable, net: ($ in millions) Contract assets, December 31, 2022 $ 16.3 Contract assets, December 31, 2023 21.5 Change in contract assets - increase (decrease) $ 5.2 Deferred income, December 31, 2022 $ (68.2) Deferred income, December 31, 2023 (53.9) Change in deferred income - decrease (increase) $ 14.3

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 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: (in millions) 2023 2022 2021 Net income $ 593.4 $ 585.9 $ 661.8 Weighted average common shares outstanding 74.3 74.4 74.4 Dilutive effect of equity awards, based on the treasury stock method 1.0 1.4 1.9 Weighted average shares assuming dilution 75.3 75.8 76.3

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	A summary of gross property, plant and equipment at December 31 is presented in the following table: ($ in millions) Expected useful lives (years) 2023 2022 Land $ 33.7 $ 29.0 Buildings and improvements 15-35 771.5 663.6 Machinery and equipment 5-12 1,136.5 1,039.7 Molds and dies 4-7 164.5 154.5 Computer hardware and software 3-10 216.6 193.9 Construction in progress 415.2 305.9 $ 2,738.0 $ 2,386.6

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease, Cost	The components of lease expense were as follows: ($ in millions) 2023 2022 2021 Operating lease cost $ 20.3 $ 15.5 $ 12.7 Short-term lease cost 6.1 1.3 1.3 Variable lease cost 5.5 6.8 4.8 Total lease cost $ 31.9 $ 23.6 $ 18.8
Schedule of Cash Flow and Supplemental information	Supplemental information related to leases was as follows: ($ in millions) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19.1 $ 13.3 $ 12.1 Right-of-use assets obtained in exchange for new operating lease liabilities $ 10.7 $ 47.6 $ 13.3
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of December 31, 2023 were as follows: ($ in millions) Operating Year Leases 2024 $ 20.9 2025 18.7 2026 15.7 2027 11.2 2028 9.5 Thereafter 42.1 118.1 Less: imputed lease interest (15.9) Total lease liabilities $ 102.2

Affiliated Companies (Tables)

Affiliated Companies (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	At December 31, 2023, the following affiliated companies were accounted for under the equity method: Location Ownership interest The West Company Mexico, S.A. de C.V. Mexico 49% Aluplast S.A. de C.V. Mexico 49% Pharma Tap S.A. de C.V. Mexico 49% Pharma Rubber S.A. de C.V. Mexico 49% Daikyo Japan 49%

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill by reportable segment were as follows: ($ in millions) Proprietary Products Contract-Manufactured Products Total Balance, December 31, 2021 $ 80.1 $ 29.8 $ 109.9 Foreign currency translation (2.2) (0.4) (2.6) Balance, December 31, 2022 77.9 29.4 107.3 Foreign currency translation 1.0 0.2 1.2 Balance, December 31, 2023 $ 78.9 $ 29.6 $ 108.5
Schedule of Intangible Assets by Major Class	Intangible assets and accumulated amortization as of December 31 were as follows: 2023 2022 ($ in millions) Cost Accumulated amortization Net Cost Accumulated amortization Net Patents and licensing $ 24.8 $ (21.8) $ 3.0 $ 24.5 $ (20.6) $ 3.9 Technology 3.3 (2.5) 0.8 3.3 (2.2) 1.1 Trademarks 1.2 (1.2) — 1.9 (1.8) 0.1 Customer relationships 39.5 (29.0) 10.5 39.6 (27.2) 12.4 Customer contracts 8.0 (7.2) 0.8 10.9 (10.0) 0.9 $ 76.8 $ (61.7) $ 15.1 $ 80.2 $ (61.8) $ 18.4

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other Current Liabilities [Abstract]
Schedule of Other Current Liabilities	Other current liabilities as of December 31 included the following: ($ in millions) 2023 2022 Deferred income $ 41.7 $ 57.3 Dividends payable 14.8 14.1 Accrued commissions, rebates and royalties 22.4 32.1 Accrued retirement plans (excluding pension) 10.9 10.6 Accrued taxes other than income 9.2 13.7 Accrued professional services 5.1 5.4 Accrued interest 2.6 2.5 Restructuring and severance related charges 3.8 11.3 Short term derivative instruments 2.1 1.3 International value added tax payable 5.2 4.7 Other 37.4 30.8 Total other current liabilities $ 155.2 $ 183.8

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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, at December 31. ($ in millions) 2023 2022 Term Loan, due December 31, 2024 (6.32%) $ 81.0 $ 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 73.0 207.0 209.2 Less: unamortized debt issuance costs for Term Loan and Series notes 0.2 0.3 Total debt 206.8 208.9 Less: current portion of long-term debt 134.0 2.2 Long-term debt, net $ 72.8 $ 206.7

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Contracts	As of December 31, 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 19.8 21.6 — Yen 6,065.2 30.7 13.2 SGD 41.6 13.9 15.8
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 in our consolidated statements of income for the years ended December 31: Amount of Gain (Loss) Recognized in Income Location on Statement of Income ($ in millions) 2023 2022 2021 Fair Value Hedges: Hedged item (intercompany loan) $ (0.3) $ (28.3) $ (22.1) Other expense (income) Derivative designated as hedging instrument 0.3 28.3 22.1 Other expense (income) Amount excluded from effectiveness testing (1.4) 5.2 3.0 Other expense (income) Total $ (1.4) $ 5.2 $ 3.0 The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on OCI and earnings, net of tax, for the years ended December 31: Amount of Gain (Loss) Recognized in OCI ($ in millions) 2023 2022 2021 Fair Value Hedges: Foreign currency hedge contracts $ (2.0) $ 1.3 $ 0.6 Total $ (2.0) $ 1.3 $ 0.6 Cash Flow Hedges: Foreign currency hedge contracts (hedges of net sales) $ (0.8) $ 0.3 $ (0.2) Foreign currency hedge contracts (hedges of cost of goods and services sold) (4.0) (1.1) (1.8) Forward treasury locks — — — Total $ (4.8) $ (0.8) $ (2.0) Net Investment Hedges: Cross-currency swap $ 8.6 $ 9.1 $ 7.7 Total $ 8.6 $ 9.1 $ 7.7 Amount of (Gain) Loss Reclassified from Accumulated OCI into Income Location of (Gain) Loss Reclassified from Accumulated OCI into Income ($ in millions) 2023 2022 2021 Fair Value Hedges: Foreign currency hedge contracts $ 2.9 $ (1.6) $ (0.8) Other expense (income) Total $ 2.9 $ (1.6) $ (0.8) Cash Flow Hedges: Foreign currency hedge contracts $ 1.3 $ (1.2) $ 0.9 Net sales Foreign currency hedge contracts 2.2 3.5 1.7 Cost of goods and services sold Forward treasury locks 0.2 0.2 0.3 Interest expense Total $ 3.7 $ 2.5 $ 2.9 Net Investment Hedges: Cross-currency swap — — — Other expense (income) Total $ — $ — $ — ($ in millions) 2023 2022 2021 Net sales $ 1.3 $ (1.2) $ 0.9 Cost of goods and services sold 2.2 3.5 1.7 Interest expense 0.2 0.2 0.3
Schedule of Derivatives Not Designated as Hedging Instruments	The following table summarizes the effects of derivative instruments not designated as hedges in our consolidated statements of income for the years ended December 31: Amount of Gain (Loss) Recognized in Income Location on Statement of Income ($ in millions) 2023 2022 2021 Commodity call options $ (1.3) $ 1.5 $ 1.7 Other expense (income) Currency forwards 0.1 0.0 0.0 Other expense (income) Total $ (1.2) $ 1.5 $ 1.7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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) December 31, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 10.2 $ 10.2 $ — $ — Foreign currency contracts 5.0 — 5.0 — Cross-currency swap 18.4 — 18.4 — Commodity call options 0.6 — 0.6 — $ 34.2 $ 10.2 $ 24.0 $ — Liabilities: Contingent consideration $ 3.6 $ — $ — $ 3.6 Deferred compensation liabilities 10.4 10.4 — — Foreign currency contracts 2.2 — 2.2 — $ 16.2 $ 10.4 $ 2.2 $ 3.6 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)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The following table presents the changes in the components of accumulated other comprehensive loss, net of tax: ($ in millions) Derivatives Equity affiliate investment AOCI Defined benefit pension and other postretirement plans Foreign currency translation Total Balance, December 31, 2020 $ (1.9) $ 0.6 $ (40.5) $ (68.8) $ (110.6) Other comprehensive income (loss) before reclassifications (1.4) 0.9 7.4 (59.3) (52.4) Amounts reclassified out 2.1 — 1.3 — 3.4 Other comprehensive income (loss), net of tax 0.7 0.9 8.7 (59.3) (49.0) Balance, December 31, 2021 (1.2) 1.5 (31.8) (128.1) (159.6) Other comprehensive (loss) income before reclassifications 0.5 0.1 (9.3) (47.3) (56.0) Amounts reclassified out 0.9 — 31.7 — 32.6 Other comprehensive (loss) income, net of tax 1.4 0.1 22.4 (47.3) (23.4) Balance, December 31, 2022 0.2 1.6 (9.4) (175.4) (183.0) Other comprehensive income (loss) before reclassifications (6.8) 0.7 0.8 39.4 34.1 Amounts reclassified out 6.6 — (1.5) — 5.1 Other comprehensive income (loss), net of tax (0.2) 0.7 (0.7) 39.4 39.2 Balance, December 31, 2023 $ — $ 2.3 $ (10.1) $ (136.0) $ (143.8)
Schedule of Reclassification out of Accumulated Other Comprehensive Loss	A summary of the reclassifications out of accumulated other comprehensive loss is presented in the following table ($ in millions): Detail of components 2023 2022 2021 Location on Statement of Income Gains (losses) on derivatives: Foreign currency contracts $ (1.5) $ 1.4 $ (1.1) Net sales Foreign currency contracts (3.1) (4.1) (2.4) Cost of goods and services sold Foreign currency contracts (4.2) 2.4 1.2 Other expense (income) Forward treasury locks (0.3) (0.3) (0.4) Interest expense Total before tax (9.1) (0.6) (2.7) Tax benefit (expense) 2.5 (0.3) 0.6 Net of tax $ (6.6) $ (0.9) $ (2.1) Amortization of defined benefit pension and other postretirement plans: Prior service credit $ — $ — $ 0.3 (a) Actuarial gains (losses) 1.7 0.6 (0.2) (a) Settlements (0.1) (52.2) (1.8) (a) Other 0.4 (0.4) — (a) Total before tax 2.0 (52.0) (1.7) Tax (expense) benefit (0.5) 20.3 0.4 Net of tax $ 1.5 $ (31.7) $ (1.3) Total reclassifications for the period, net of tax $ (5.1) $ (32.6) $ (3.4) (a) These components are included in the computation of net periodic benefit cost. Please refer to Note 15, Benefit Plans , for additional details.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Allocation of Share-based Compensation Costs by Plan	The following table summarizes our stock-based compensation expense recorded within selling, general and administrative expenses for the years ended December 31: ($ in millions) 2023 2022 2021 Stock option and appreciation rights $ 11.3 $ 5.6 $ 12.5 Performance share units, stock-settled 5.5 15.6 17.6 Performance share units, cash-settled 0.3 (0.1) 1.0 Performance share units, dividend equivalents 0.1 0.1 0.2 Employee stock purchase plan 1.3 1.3 1.4 Deferred compensation plans and restricted share awards 4.8 1.2 4.8 Total stock-based compensation expense $ 23.3 $ 23.7 $ 37.5
Schedule of Stock Options Activity	The following table summarizes changes in outstanding options: (in millions, except per share data) 2023 Options outstanding, January 1 1.9 Granted 0.1 Exercised (0.6) Forfeited 0.0 Options outstanding, December 31 1.4 Options vested and expected to vest, December 31 1.4 Options vested and exercisable, December 31 1.1 Weighted Average Exercise Price 2023 Options outstanding, January 1 $ 118.72 Granted 306.97 Exercised 80.18 Forfeited 289.70 Options outstanding, December 31 $ 145.40 Options vested and expected to vest, December 31 $ 143.46 Options vested and exercisable, December 31 $ 105.08
Schedule of Stock Appreciation Rights Award Activity	The following table summarizes changes in outstanding SARs: 2023 SARs outstanding, January 1 20,402 Granted 228 Exercised (4,646) Forfeited (577) SARs outstanding, December 31 15,407 SARs vested and expected to vest, December 31 15,407 SARs vested and exercisable, December 31 14,355 Weighted Average Exercise Price 2023 SARs outstanding, January 1 $ 97.28 Granted 306.68 Exercised 67.89 Forfeited 287.26 SARs outstanding, December 31 $ 102.12 SARs vested and expected to vest, December 31 $ 102.12 SARs vested and exercisable, December 31 $ 89.44
Schedule of Nonvested Performance-based Share Activity	The following table summarizes changes in our outstanding stock-settled PSU awards: 2023 Non-vested stock-settled PSU awards, January 1 112,553 Granted at target level 37,736 Adjustments above/(below) target 47,154 Vested and converted (93,902) Forfeited (5,100) Non-vested stock-settled PSU awards, December 31 98,441 Weighted Average Fair Value 2023 Non-vested stock-settled PSU awards, January 1 $ 278.38 Granted at target level 306.97 Adjustments above/(below) target 181.31 Vested and converted 306.68 Forfeited 317.85 Non-vested stock-settled PSU awards, December 31 $ 334.03
Schedule of Nonvested Performance-based Units Activity	The following table summarizes changes in our outstanding cash-settled PSU awards: 2023 Non-vested cash-settled PSU awards, January 1 890 Granted at target level 82 Adjustments above/(below) target 591 Vested and converted (1,181) Forfeited (178) Non-vested cash-settled PSU awards, December 31 204 Weighted Average Fair Value 2023 Non-vested cash-settled PSU awards, January 1 $ 242.29 Granted at target level 306.68 Adjustments above/(below) target 191.43 Vested and converted 306.68 Forfeited 310.52 Non-vested cash-settled PSU awards, December 31 $ 355.74

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The components of net periodic benefit cost and other amounts recognized in OCI were as follows: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2021 2023 2022 2021 Net periodic benefit cost: Service cost $ 1.1 $ 1.5 $ 1.6 $ — $ — $ — Interest cost 2.4 4.2 6.2 0.2 0.2 0.2 Expected return on plan assets (1.2) (6.1) (11.9) — — — Amortization of prior service credit — — 0.1 — — (0.4) Amortization of actuarial loss (gain) 0.6 1.3 1.8 (2.0) (1.9) (1.6) Settlement loss 0.1 52.2 1.8 — — — Other 0.3 1.0 — 0.4 0.4 — Net periodic benefit cost $ 3.3 $ 54.1 $ (0.4) $ (1.4) $ (1.3) $ (1.8) Other changes in plan assets and benefit obligations recognized in OCI, pre-tax: Net (gain) loss arising during period $ (1.4) $ 16.0 $ (6.3) $ (0.5) $ (2.0) $ (0.9) Prior service credit arising during period — — (2.0) — — — Amortization of prior service credit — — (0.1) — — 0.4 Amortization of actuarial (loss) gain (0.3) (1.3) (1.8) 2.0 1.9 1.6 Settlement loss (0.1) (52.2) (1.8) — — — Foreign currency translation 0.7 (2.3) (0.9) — — — Other 0.4 — — — (0.4) — Total recognized in OCI $ (0.7) $ (39.8) $ (12.9) $ 1.5 $ (0.5) $ 1.1 Total recognized in net periodic benefit cost and OCI $ 2.6 $ 14.3 $ (13.3) $ 0.1 $ (1.8) $ (0.7) Net periodic benefit cost by geographic location is as follows: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2021 2023 2022 2021 U.S. plans $ 0.8 $ 51.7 $ (2.3) $ (1.4) $ (1.3) $ (1.8) International plans 2.5 2.4 1.9 — — — Net periodic benefit cost $ 3.3 $ 54.1 $ (0.4) $ (1.4) $ (1.3) $ (1.8)
Schedule of Changes in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status	The following table presents the changes in the benefit obligation and the fair value of plan assets, as well as the funded status of the plans: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation, January 1 $ (55.5) $ (269.8) $ (3.9) $ (5.6) Service cost (1.1) (1.5) — — Interest cost (2.4) (4.2) (0.2) (0.2) Participants’ contributions (0.2) (0.4) (0.4) (0.4) Actuarial gain (loss) 0.7 33.0 0.5 2.0 Benefits paid 2.5 6.9 0.3 0.3 Settlement loss 0.5 174.4 — — Foreign currency translation (2.0) 6.1 — — Benefit obligation, December 31 $ (57.5) $ (55.5) $ (3.7) $ (3.9) Change in plan assets: Fair value of assets, January 1 $ 29.4 $ 249.2 $ — $ — Actual return on plan assets 2.4 (42.4) — — Employer contribution 1.1 8.4 (0.1) (0.1) Participants’ contributions 0.2 0.4 0.4 0.4 Benefits paid (1.8) (7.2) (0.3) (0.3) Settlement loss (0.5) (174.4) — — Foreign currency translation 1.5 (4.6) — — Fair value of assets, December 31 $ 32.3 $ 29.4 $ — $ — Funded status at end of year $ (25.2) $ (26.1) $ (3.7) $ (3.9)
Schedule of Amounts Recognized in Balance Sheet	Amounts recognized in the balance sheet were as follows: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2023 2022 Noncurrent assets $ 2.7 $ 0.3 $ — $ — Current liabilities (1.4) (1.5) (0.6) (0.6) Noncurrent liabilities (26.5) (24.9) (3.1) (3.3) $ (25.2) $ (26.1) $ (3.7) $ (3.9)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	The amounts in accumulated other comprehensive loss, pre-tax, consisted of: Pension benefits Other retirement benefits ($ in millions) 2023 2022 2023 2022 Net actuarial loss (gain) $ 15.8 $ 16.7 $ (3.6) $ (5.2) Prior service cost (credit) (1.1) (1.1) — — Total $ 14.7 $ 15.6 $ (3.6) $ (5.2)
Schedule of Expected Benefit Payments	Benefit payments expected to be paid under our defined benefit pension and other retirement benefit plans in the next ten years are as follows. The expected benefit payments listed correspond to regular ongoing benefit payments expected to be made by the plans during future years. ($ in millions) Domestic International Total 2024 $ 1.4 $ 2.5 $ 3.9 2025 1.3 2.5 3.8 2026 1.1 3.2 4.3 2027 1.0 3.8 4.8 2028 1.0 3.2 4.2 2029 to 2033 3.8 17.4 21.2 $ 9.6 $ 32.6 $ 42.2
Schedule of Assumptions Used	Weighted average assumptions used to determine net periodic benefit cost were as follows: Pension benefits Other retirement benefits 2023 2022 2021 2023 2022 2021 Discount rate 4.35 % 2.48 % 2.29 % 5.55 % 2.75 % 2.30 % Rate of compensation increase 3.09 % 2.79 % 2.41 % — — — Expected long-term rate of return on assets 4.22 % 4.14 % 4.93 % — — — Weighted average assumptions used to determine the benefit obligations were as follows: Pension benefits Other retirement benefits 2023 2022 2023 2022 Discount rate 3.95 % 4.35 % 5.20 % 5.55 % Rate of compensation increase 3.08 % 3.09 % — — The weighted average interest crediting rating used to determine net periodic benefit cost by geographic location for our pension plans, at December 31, were as follows: 2023 2022 2021 U.S. plans 4.00 % 3.31 % 3.31 % International plans 1.13 % 1.75 % 0.67 %
Schedule of Allocation of Plan Assets	The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows: 2023 2022 Equity securities 16 % 28 % Debt securities 80 % 68 % Other 4 % 4 % 100 % 100 % The following are the target asset allocations and acceptable allocation ranges across: Target allocation Allocation range Equity securities 19% 15% - 20% Debt securities 79% 75% - 85% Other 2% 2% - 5% The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 12, Fair Value Measurements . In accordance with U.S. GAAP, certain pension plan assets measured at net asset value (“NAV”) have not been classified in the fair value hierarchy. Balance at December 31, Basis of Fair Value Measurements ($ in millions) 2023 Level 1 Level 2 Level 3 Cash $ 0.6 $ 0.6 $ — $ — Equity securities: International mutual funds 5.3 — 5.3 — Fixed income securities: International mutual funds 25.9 — 25.9 — Other mutual funds 0.5 — 0.5 — Pension plan assets in the fair value hierarchy $ 32.3 $ 0.6 $ 31.7 $ — Pension plan assets measured at NAV — Pension plan assets at fair value $ 32.3 Balance at December 31, Basis of Fair Value Measurements ($ in millions) 2022 Level 1 Level 2 Level 3 Cash $ 0.7 $ 0.7 $ — $ — Equity securities: International mutual funds 8.2 — 8.2 — Fixed income securities: International mutual funds 20.4 — 20.4 — Other mutual funds 0.1 — 0.1 — Pension plan assets in the fair value hierarchy $ 29.4 $ 0.7 $ 28.7 $ — Pension plan assets measured at NAV — Pension plan assets at fair value $ 29.4

Other Expense (Income) (Tables)

Other Expense (Income) (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Other Expense (Income)	Other expense (income) consisted of: ($ in millions) 2023 2022 2021 Restructuring and related charges: Severance and benefits $ (2.8) $ 8.7 $ 0.6 Asset-related charges — 15.3 — Other charges — (0.2) 1.6 Total restructuring and related charges $ (2.8) $ 23.8 $ 2.2 Loss on disposal of plant 11.6 — — Asset impairments 9.6 6.2 5.6 Foreign exchange transaction losses (gains) 9.4 (4.1) (1.4) Contingent consideration 2.3 3.0 1.5 Loss (gain) on oil hedges 1.3 (1.5) (1.7) Other items — (0.6) 1.7 Total other expense (income) $ 31.4 $ 26.8 $ 7.9
Schedule of Restructuring Obligations	The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan: ($ in millions) Severance and benefits Other charges Total Balance, December 31, 2022 $ 10.1 $ 15.3 $ 25.4 (Credits) charges (2.6) — (2.6) Cash payments (4.5) — (4.5) Non-cash asset write downs — (15.3) (15.3) Balance, December 31, 2023 $ 3.0 $ — $ 3.0

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Beginning and Ending Liability for Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows: ($ in millions) 2023 2022 2021 Balance at January 1 $ 36.5 $ 24.9 $ 10.4 Increase due to current year position 6.4 11.4 16.3 (Decrease) increase due to prior year position (1.0) 0.6 (1.0) Reduction for expiration of statute of limitations/audits (3.1) (0.4) (0.8) Balance at December 31 $ 38.8 $ 36.5 $ 24.9
Schedule of Components of Income Before Income Taxes	The components of income before income taxes and equity in net income of affiliated companies are: ($ in millions) 2023 2022 2021 U.S. operations $ 369.4 $ 394.4 $ 420.0 International operations 328.6 285.5 328.9 Total income before income taxes and equity in net income of affiliated companies $ 698.0 $ 679.9 $ 748.9
Schedule of Components of Income Tax Expense	The related provision for income taxes consists of: ($ in millions) 2023 2022 2021 Current: Federal $ 30.2 $ 75.7 $ 64.8 State (4.2) 8.4 10.9 International 58.8 61.4 74.4 Current income tax provision 84.8 145.5 150.1 Deferred: Federal and state (11.6) (20.3) 7.3 International 49.1 (10.5) (50.2) Deferred income tax provision 37.5 (30.8) (42.9) Income tax expense $ 122.3 $ 114.7 $ 107.2
Schedule of Deferred Tax Assets and Liabilities	The significant components of our deferred tax assets and liabilities at December 31 are : ($ in millions) 2023 2022 Deferred tax assets Net operating loss carryforwards $ 10.0 $ 10.3 Tax credit carryforwards 1.1 1.9 Pension and deferred compensation 22.7 31.4 Royalty acceleration 15.0 46.2 Other 13.9 18.3 Capitalized R&D expenses 23.9 8.1 Leases 18.6 20.6 Unrealized profit in inventory 8.5 7.2 Valuation allowance (15.5) (13.3) Total deferred tax assets 98.2 130.7 Deferred tax liabilities: Property, plant, and equipment 61.7 53.7 Tax on undistributed earnings of subsidiaries 3.8 1.5 Leases 18.1 19.7 Other 1.6 4.5 Total deferred tax liabilities 85.2 79.4 Net deferred tax asset $ 13.0 $ 51.3
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the U.S. federal corporate tax rate to our effective consolidated tax rate on income before income taxes and equity in net income of affiliated companies is as follows: 2023 2022 2021 U.S. federal corporate tax rate 21.0 % 21.0 % 21.0 % Tax on international operations other than U.S. tax rate 1.2 (1.5) 1.9 Adjustments to reserves for unrecognized tax benefits 0.3 2.9 0.1 U.S. tax on international earnings, net of foreign tax credits 0.5 (0.3) 0.3 Foreign-Derived Intangible Income Deductions (FDII) (1.6) (2.1) (1.5) State income taxes, net of federal tax effect 0.1 1.0 (0.1) U.S. research and development credits (0.7) (0.6) (0.4) Excess tax benefits on share-based payments (4.6) (2.4) (4.2) Royalty acceleration 0.5 — (2.5) Pension settlement — (1.2) — Tax on undistributed earnings of subsidiaries 0.3 — (0.6) Other 0.5 0.1 0.3 Effective tax rate 17.5 % 16.9 % 14.3 %

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Sales by Significant Product Group	The following table presents net sales information about our reportable segments, reconciled to consolidated totals: ($ in millions) 2023 2022 2021 Net sales: Proprietary Products $ 2,397.3 $ 2,406.8 $ 2,317.3 Contract-Manufactured Products 552.5 480.4 514.7 Intersegment sales elimination — (0.3) (0.4) Consolidated net sales $ 2,949.8 $ 2,886.9 $ 2,831.6
Schedule of Sales and Long-Lived Assets, by Geographical Areas	The following table presents net sales and long-lived assets, by the country in which the legal subsidiary is domiciled and assets are located: Net Sales Long-Lived Assets ($ in millions) 2023 2022 2021 2023 2022 United States $ 1,238.5 $ 1,286.5 $ 1,198.0 $ 757.1 $ 611.5 Germany 406.1 398.7 474.3 176.0 139.0 Ireland 285.7 240.3 247.6 207.0 179.5 France 282.9 237.9 213.0 78.5 68.8 Other European countries 388.1 359.2 341.3 99.2 81.8 Other 348.5 364.3 357.4 194.7 182.1 $ 2,949.8 $ 2,886.9 $ 2,831.6 $ 1,512.5 $ 1,262.7
Schedule of Segment Reporting Information, by Segment	The following tables provide summarized financial information for our segments: ($ in millions) 2023 2022 2021 Operating profit (loss): Proprietary Products $ 710.1 $ 784.4 $ 796.1 Contract-Manufactured Products 72.1 60.4 67.2 Total business segment operating profit $ 782.2 $ 844.8 $ 863.3 Corporate and Unallocated Stock-based compensation expense $ (23.3) $ (23.7) $ (37.5) Corporate general costs (1) (68.3) (59.1) (63.4) Unallocated Items: Restructuring and other charges (2) 2.0 (23.8) (2.2) Amortization of acquisition-related intangible assets (3) (0.7) (0.7) (0.8) Cost investment activity (4) (4.3) (3.5) (4.3) Loss on disposal of plant (5) (11.6) — — Asset impairment (5) — — (2.8) Total Corporate and Unallocated (106.2) (110.8) (111.0) Total consolidated operating profit $ 676.0 $ 734.0 $ 752.3 Interest (income) expense and other nonoperating (income) expense, net (22.0) 54.1 3.4 Income before income taxes and equity in net income of affiliated companies $ 698.0 $ 679.9 $ 748.9 (1) Corporate general costs includes executive and director compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. (2) During 2023, the Company recorded a benefit to restructuring and other charges of $2.0 million, which represents the net impact of a $2.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan and an inventory write down of $0.8 million within cost of goods and services sold. During 2022, the Company recorded expense to restructuring and other charges of $23.8 million, which primarily included a charge of $8.7 million in net severance and post-employment benefits primarily in connection with our plan to adjust our operating cost base and $15.3 million in asset-related charges associated with this plan. During 2021, the Company recorded expense to restructuring and other charges of $2.2 million to optimize certain organizational structures within the Company. (3) During 2023, 2022 and 2021, the company recorded $0.7 million, $0.7 million and $0.8 million, respectively, of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020. (4) During 2023, the Company recorded a cost investment impairment charge of $4.3 million. During 2022, the Company recorded a cost investment impairment charge of $3.5 million. During 2021, the net cost investment activity was equal to $4.3 million, inclusive of an impairment charge of $4.6 million partially offset by a $0.3 million gain on the sale of a cost investment. (5) During 2023, the Company recorded expense of $11.6 million, as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. During 2021, the Company recorded a $2.8 million impairment charge for certain long-lived and intangible assets related to the Company's manufacturing facility within the Proprietary Products segment that was sold during the second quarter of 2023, as it determined the carrying value was not fully recoverable. $1.9 million of this charge was recorded within cost of goods and services sold and $0.9 million of the charge is recorded in selling, general, and administrative expense, due to the nature of the impaired assets. The following tables provide summarized financial information for our two reportable segments and corporate and unallocated: ($ in millions) Assets 2023 2022 Proprietary Products $ 2,629.1 $ 2,578.3 Contract-Manufactured Products 527.5 480.3 Corporate and Unallocated 672.9 558.2 Total consolidated $ 3,829.5 $ 3,616.8 ($ in millions) Depreciation and Amortization 2023 2022 2021 Proprietary Products $ 112.9 $ 96.9 $ 93.8 Contract-Manufactured Products 20.4 19.0 21.1 Corporate and Unallocated 4.0 4.7 7.4 Total consolidated $ 137.3 $ 120.6 $ 122.3 ($ in millions) Capital Expenditures 2023 2022 2021 Proprietary Products $ 259.1 $ 237.3 $ 218.0 Contract-Manufactured Products 90.2 34.0 26.6 Corporate and Unallocated 12.7 13.3 8.8 Total consolidated $ 362.0 $ 284.6 $ 253.4

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.8	$ 0.2
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite-lived intangible assets (in years)	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite-lived intangible assets (in years)	25 years

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Raw materials	$ 172.3	$ 170.7
Work in process	87.3	79
Finished goods	175.1	165.1
Total inventories	$ 434.7	$ 414.8

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2013
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 53.9	$ 68.2	$ 20
Revenue recognized during the period	47.2
Revenue recognized that was included in the deferred income balance	37.4
Cash payments received in advance	72.6
SmartDose
Disaggregation of Revenue [Line Items]
Contract with customer, liability	2.2
Deferred income, current	0.9
Deferred income, noncurrent	$ 1.3

Revenue - Revenue Recognition (

Revenue - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100%	100%	100%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Biologics
Disaggregation of Revenue [Line Items]
Percentage of net sales	37%	41%	41%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Generics
Disaggregation of Revenue [Line Items]
Percentage of net sales	20%	18%	17%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Pharma
Disaggregation of Revenue [Line Items]
Percentage of net sales	24%	24%	24%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	19%	17%	18%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100%	100%	100%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Americas
Disaggregation of Revenue [Line Items]
Percentage of net sales	45%	48%	45%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Europe, Middle East, Africa
Disaggregation of Revenue [Line Items]
Percentage of net sales	46%	43%	45%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Asia Pacific
Disaggregation of Revenue [Line Items]
Percentage of net sales	9%	9%	10%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100%	100%	100%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | High-Value Product Components
Disaggregation of Revenue [Line Items]
Percentage of net sales	50%	55%	54%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | High-Value Product Delivery Devices
Disaggregation of Revenue [Line Items]
Percentage of net sales	10%	5%	5%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | Standard Packaging
Disaggregation of Revenue [Line Items]
Percentage of net sales	21%	23%	23%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	19%	17%	18%

Revenue - Contracts Assets and

Revenue - Contracts Assets and Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Contract With Customer, Asset [Roll Forward]
Contract assets, December 31, 2022	$ 16.3
Contract assets, December 31, 2023	21.5
Change in contract assets - increase (decrease)	5.2
Contract With Customer, Liability [Roll Forward]
Deferred income, December 31, 2022	(68.2)
Deferred income, December 31, 2023	(53.9)
Change in deferred income - decrease (increase)	$ 14.3

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Reconciliation of Shares (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 593.4	$ 585.9	$ 661.8
Weighted average common shares outstanding (in shares)	74.3	74.4	74.4
Dilutive effect of equity awards, based on the treasury stock method (in shares)	1	1.4	1.9
Weighted average shares assuming dilution (in shares)	75.3	75.8	76.3

Net Income Per Share - Narrativ

Net Income Per Share - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2023
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of diluted net income per share (in shares)			200,000	200,000	0
Stock repurchase program, shares authorized (in shares)		650,000		650,000		1,000,000,000
Shares purchased under share repurchase program (in shares)	512,262	0	1,265,661	563,334
Shares purchased under share repurchase program	$ 177		$ 438.3	$ 202.8	$ 137.1
Shares purchased under share repurchase program, average cost per share (in dollars per share)	$ 345.56		$ 346.34	$ 360.03

Property, Plant and Equipment -

Property, Plant and Equipment - Property, Plant and Equipment, Gross (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,738	$ 2,386.6
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	33.7	29
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 771.5	663.6
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	15 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	35 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,136.5	1,039.7
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	12 years
Molds and dies
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 164.5	154.5
Molds and dies | Minimum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	4 years
Molds and dies | Maximum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	7 years
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 216.6	193.9
Computer hardware and software | Minimum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	3 years
Computer hardware and software | Maximum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 415.2	$ 305.9

Property, Plant and Equipment_2

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 133.7	$ 116.9	$ 116.9
Capitalized interest	$ 5.8	$ 3.7	$ 2

Leases - Narrative (Details)

Leases - Narrative (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, operating lease, terminate term (in years)	1 year
Weighted average remaining lease term (in years)	9 years 9 months 18 days	9 years 3 months 18 days
Weighted average discount rate (as a percent)	3.55%	3.25%
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, term of contract (in months)	12 months

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 20.3	$ 15.5	$ 12.7
Short-term lease cost	6.1	1.3	1.3
Variable lease cost	5.5	6.8	4.8
Total lease cost	$ 31.9	$ 23.6	$ 18.8

Leases - Lease Cash Flow and Su

Leases - Lease Cash Flow and Supplemental Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 19.1	$ 13.3	$ 12.1
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 10.7	$ 47.6	$ 13.3

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 20.9
2025	18.7
2026	15.7
2027	11.2
2028	9.5
Thereafter	42.1
Operating lease liability payments due	118.1
Less: imputed lease interest	(15.9)
Total lease liabilities	$ 102.2

Affiliated Companies - Schedule

Affiliated Companies - Schedule of Investments (Details)	Dec. 31, 2023
The West Company Mexico, S.A. de C.V.
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	49%
Aluplast S.A. de C.V.
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	49%
Pharma Tap S.A. de C.V.
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	49%
Pharma Rubber S.A. de C.V.
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	49%
Daikyo
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	49%

Affiliated Companies - Narrativ

Affiliated Companies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Unremitted income of affiliated companies	$ 148	$ 133.6	$ 115.6
Dividends received from affiliated companies	3.4	2.6	2.7
Amount due to affiliates	155.2	183.8
Net sales	2,949.8	2,886.9	2,831.6
Other current assets	135.8	103
Equity method investments	203.2	197
Aggregate carrying amount of investment in affiliated companies that are not accounted for under the equity method	6.8	7.9
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Amount due to affiliates	25.9	31.2
Net sales	11.2	14.2	12
Other current assets	1.6	2.2
Distributorship Agreement
Schedule of Equity Method Investments [Line Items]
Related party transaction, purchases from related party	142.5	167.6	155
Daikyo
Schedule of Equity Method Investments [Line Items]
Equity in unrealized gains (losses) in securities available-for-sale and derivative instruments	$ 2.2	$ 1.6	$ 1.5

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 107.3	$ 109.9
Foreign currency translation	1.2	(2.6)
Goodwill, ending balance	108.5	107.3
Proprietary Products
Goodwill [Roll Forward]
Goodwill, beginning balance	77.9	80.1
Foreign currency translation	1	(2.2)
Goodwill, ending balance	78.9	77.9
Contract-Manufactured Products
Goodwill [Roll Forward]
Goodwill, beginning balance	29.4	29.8
Foreign currency translation	0.2	(0.4)
Goodwill, ending balance	$ 29.6	$ 29.4

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment losses	$ 0.1
Foreign currency translation losses	0.1	$ 0.9
Amortization of intangible assets	3.6	$ 3.7	$ 5.4
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated annual amortization expense, 2024	3.9
Estimated annual amortization expense, 2025	3.1
Estimated annual amortization expense, 2026	2.7
Estimated annual amortization expense, 2027	2.5
Estimated annual amortization expense, 2028	$ 2

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets by Major Class (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Intangible Assets by Major Class [Line Items]
Cost	$ 76.8	$ 80.2
Accumulated amortization	(61.7)	(61.8)
Net	15.1	18.4
Patents and licensing
Schedule of Intangible Assets by Major Class [Line Items]
Cost	24.8	24.5
Accumulated amortization	(21.8)	(20.6)
Net	3	3.9
Technology
Schedule of Intangible Assets by Major Class [Line Items]
Cost	3.3	3.3
Accumulated amortization	(2.5)	(2.2)
Net	0.8	1.1
Trademarks
Schedule of Intangible Assets by Major Class [Line Items]
Cost	1.2	1.9
Accumulated amortization	(1.2)	(1.8)
Net	0	0.1
Customer relationships
Schedule of Intangible Assets by Major Class [Line Items]
Cost	39.5	39.6
Accumulated amortization	(29)	(27.2)
Net	10.5	12.4
Customer contracts
Schedule of Intangible Assets by Major Class [Line Items]
Cost	8	10.9
Accumulated amortization	(7.2)	(10)
Net	$ 0.8	$ 0.9

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Current Liabilities [Abstract]
Deferred income	$ 41.7	$ 57.3
Dividends payable	14.8	14.1	$ 13.4
Accrued commissions, rebates and royalties	22.4	32.1
Accrued retirement plans (excluding pension)	10.9	10.6
Accrued taxes other than income	9.2	13.7
Accrued professional services	5.1	5.4
Accrued interest	2.6	2.5
Restructuring and severance related charges	3.8	11.3
Short term derivative instruments	2.1	1.3
International value added tax payable	5.2	4.7
Other	37.4	30.8
Total other current liabilities	$ 155.2	$ 183.8

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 207	$ 209.2
Less: unamortized debt issuance costs for Term Loan and Series notes	0.2	0.3
Total debt	206.8	208.9
Less: current portion of long-term debt	134	2.2
Long-term debt, net	$ 72.8	206.7
Term Loan, due December 31, 2024 (6.32%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)	6.32%
Long-term debt, gross	$ 81	83.2
Less: current portion of long-term debt	$ 81
Series B notes, due July 5, 2024 (3.82%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)	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 (as a percent)	4.02%
Long-term debt, gross	$ 73	$ 73

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) fiscal_quarter instance	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2013	Dec. 31, 2012 USD ($) tranche
Line of Credit Facility [Line Items]
Long-term debt, gross		$ 207	$ 209.2
Less: current portion of long-term debt		134	2.2
Number of tranches | tranche								3
Less: unamortized debt issuance costs for Term Loan and Series notes		0.2	0.3
Interest expense		14.8	11.6	$ 10.2
Aggregate annual maturities of long-term debt [Abstract]
2024		134
2025		0
2026		0
2027		73
2028		0
Thereafter		0
Revolving Credit Facility, Due 2024
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 500					$ 300
Amount available for issuance of letters of credit	50
Line of credit facility, additional borrowing capacity	$ 929
Preceding period (in months)	12 months
Ratio of debt to EBITDA	3.5
Number of instances not to exceed | instance	3
Number of quarters following acquisition | fiscal_quarter	4
Ratio of debt to EBITDA after acquisition	4
Debt issuance costs		1	1.3
Line of credit, noncurrent		0
Line of credit facility, unused commitment level		497.6
Revolving Credit Facility, Due 2024 | Applicable Margin
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)	0.10%
Revolving Credit Facility, Due 2024 | Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)	0.50%
Revolving Credit Facility, Due 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)	1%
Revolving Credit Facility, Due 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Line of Credit Facility [Line Items]
Applicable margin ratio	0.00875
Revolving Credit Facility, Due 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Line of Credit Facility [Line Items]
Applicable margin ratio	0.01375
Revolving Credit Facility, Due 2024 | Base Rate | Minimum
Line of Credit Facility [Line Items]
Applicable margin ratio	0
Revolving Credit Facility, Due 2024 | Base Rate | Maximum
Line of Credit Facility [Line Items]
Applicable margin ratio	0.00375
Revolving Credit Facility, Due 2024 | Domestic Line of Credit
Line of Credit Facility [Line Items]
Credit facility is available for swing-line loans	$ 50
Revolving Credit Facility, Due 2024 | Foreign Line of Credit
Line of Credit Facility [Line Items]
Credit facility is available for swing-line loans	$ 40
Revolving Credit Facility, Due 2024 | Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit supporting the reimbursement of workers' compensation and other claims		2.4
Term Loan, due December 31, 2024 (6.32%)
Line of Credit Facility [Line Items]
Debt issuance costs		0.1	0.1
Debt instrument, face amount					$ 90
Long-term debt, gross		81	83.2
Less: current portion of long-term debt		$ 81
Debt instrument, stated interest rate (as a percent)		6.32%
Term Loan, due December 31, 2024 (6.32%) | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)					87.50%
Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 168
Weighted average of the coupon interest rate (as a percent)							3.94%
Less: unamortized debt issuance costs for Term Loan and Series notes		$ 0.1	$ 0.2
Senior Notes | Series A notes, due July 5, 2022 (3.67%)
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 42
Debt instrument, stated interest rate (as a percent)								3.67%
Senior Notes | Series B notes, due July 5, 2024 (3.82%)
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 53
Debt instrument, stated interest rate (as a percent)								3.82%
Senior Notes | Series C notes, due July 5, 2027 (4.02%)
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 73
Debt instrument, stated interest rate (as a percent)								4.02%

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) € in Millions, $ in Millions, $ in Millions, ¥ in Billions	1 Months Ended	12 Months Ended				74 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 SGD ($) bbl $ / bbl	Dec. 31, 2023 USD ($) bbl $ / bbl	Dec. 31, 2023 EUR (€) bbl $ / bbl	Dec. 31, 2023 JPY (¥) bbl $ / bbl
Fair Value Hedges:
Derivative [Line Items]
(Loss) gain recognized in earnings			$ (0.2)	$ 4	$ 2.6
Fair Value Hedges: | Forecast
Derivative [Line Items]
(Loss) gain recognized in earnings		$ (2.5)
Currency forwards | SGD
Derivative [Line Items]
Derivative, notional amount						$ 601.5
Currency forwards | SGD | Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount						$ 94
Currency forwards | United States of America, Dollars
Derivative [Line Items]
Derivative, notional amount				$ 13.4
Currency forwards | EUR | Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount | €								€ 278.6
Foreign Exchange Forward
Derivative [Line Items]
Derivative contract term			18 months
Cross Currency Interest Rate Contract | United States of America, Dollars | Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount	$ 90						$ 81		¥ 8.9
Derivative contract term	5 years
Commodity Call Options
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | bbl						995,426
Derivative, nonmonetary notional amount outstanding | bbl						206,316	206,316	206,316	206,316
Derivative, average price risk option strike price | $ / bbl						88.78	88.78	88.78	88.78

Derivative Financial Instrume_4

Derivative Financial Instruments - Foreign Exchange Rate Risk (Details) - Dec. 31, 2023 - Foreign Exchange Forward - Designated as Hedging Instrument € in Millions, ¥ in Millions, $ in Millions, $ in Millions	SGD ($)	USD ($)	EUR (€)	JPY (¥)
EUR | Purchase
Derivative [Line Items]
Derivative, notional amount | €			€ 19.8
EUR | Sell
Derivative [Line Items]
Derivative, notional amount		$ 21.6	0
Yen | Purchase
Derivative [Line Items]
Derivative, notional amount | ¥				¥ 6,065.2
Yen | Sell
Derivative [Line Items]
Derivative, notional amount		30.7	13.2
SGD | Purchase
Derivative [Line Items]
Derivative, notional amount | $	$ 41.6
SGD | Sell
Derivative [Line Items]
Derivative, notional amount		$ 13.9	€ 15.8

Derivative Financial Instrume_5

Derivative Financial Instruments - Effects of Derivative Instruments on OCI and Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ (1.4)	$ 5.2	$ 3
Derivative instruments not designated as hedging instruments, gain (loss), net	(1.3)	1.5	1.7
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(1.2)	1.5	1.7
Fair Value Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	(2)	1.3	0.6
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	2.9	(1.6)	(0.8)
Cash Flow Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(4.8)	(0.8)	(2)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	3.7	2.5	2.9
Cash Flow Hedges: | Forward treasury locks
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.2	0.2	0.3
Net Investment Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	8.6	9.1	7.7
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0	0	0
Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Hedged item (intercompany loan)	(0.3)	(28.3)	(22.1)
Derivative designated as hedging instrument	0.3	28.3	22.1
Amount excluded from effectiveness testing	(1.4)	5.2	3
Other expense (income) | Commodity call options | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(1.3)	1.5	1.7
Other expense (income) | Currency forwards | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	0.1	0	0
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)	1.3	0.6
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	2.9	(1.6)	(0.8)
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	8.6	9.1	7.7
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0	0	0
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	1.3	(1.2)	0.9
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)	0.3	(0.2)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.3	(1.2)	0.9
Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	2.2	3.5	1.7
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	(4)	(1.1)	(1.8)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	2.2	3.5	1.7
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.2	0.2	0.3
Interest expense | Cash Flow Hedges: | Forward treasury locks
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	$ 0	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Deferred compensation assets	$ 10.2	$ 12.5
Foreign currency contracts	5	4.5
Total assets at fair value	34.2	32.1
Liabilities:
Contingent consideration	3.6	4.7
Deferred compensation liabilities	10.4	12.7
Total liabilities at fair value	16.2	18.8
Cross-currency swap
Assets:
Commodity call options	18.4	13.9
Commodity call options
Assets:
Commodity call options	0.6	1.2
Foreign currency hedge contracts
Liabilities:
Foreign currency contracts	2.2	1.4
Level 1
Assets:
Deferred compensation assets	10.2	12.5
Foreign currency contracts	0	0
Total assets at fair value	10.2	12.5
Liabilities:
Contingent consideration	0	0
Deferred compensation liabilities	10.4	12.7
Total liabilities at fair value	10.4	12.7
Level 1 | Cross-currency swap
Assets:
Commodity call options	0	0
Level 1 | Commodity call options
Assets:
Commodity call options	0	0
Level 1 | Foreign currency hedge contracts
Liabilities:
Foreign currency contracts	0	0
Level 2
Assets:
Deferred compensation assets	0	0
Foreign currency contracts	5	4.5
Total assets at fair value	24	19.6
Liabilities:
Contingent consideration	0	0
Deferred compensation liabilities	0	0
Total liabilities at fair value	2.2	1.4
Level 2 | Cross-currency swap
Assets:
Commodity call options	18.4	13.9
Level 2 | Commodity call options
Assets:
Commodity call options	0.6	1.2
Level 2 | Foreign currency hedge contracts
Liabilities:
Foreign currency contracts	2.2	1.4
Level 3
Assets:
Deferred compensation assets	0	0
Foreign currency contracts	0	0
Total assets at fair value	0	0
Liabilities:
Contingent consideration	3.6	4.7
Deferred compensation liabilities	0	0
Total liabilities at fair value	3.6	4.7
Level 3 | Cross-currency swap
Assets:
Commodity call options	0	0
Level 3 | Commodity call options
Assets:
Commodity call options	0	0
Level 3 | Foreign currency hedge contracts
Liabilities:
Foreign currency contracts	$ 0	$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Long-term debt, fair value	$ 70.8	$ 201.8
Long-term debt	$ 72.8	$ 206.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	$ 2,684.9	$ 2,335.4	$ 1,854.5
Other comprehensive income (loss) before reclassifications	34.1	(56)	(52.4)
Amounts reclassified out	5.1	32.6	3.4
Other comprehensive income (loss), net of tax	39.2	(23.4)	(49)
Ending balance	2,881	2,684.9	2,335.4
Derivatives
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	0.2	(1.2)	(1.9)
Other comprehensive income (loss) before reclassifications	(6.8)	0.5	(1.4)
Amounts reclassified out	6.6	0.9	2.1
Other comprehensive income (loss), net of tax	(0.2)	1.4	0.7
Ending balance	0	0.2	(1.2)
Equity affiliate investment AOCI
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	1.6	1.5	0.6
Other comprehensive income (loss) before reclassifications	0.7	0.1	0.9
Amounts reclassified out	0	0	0
Other comprehensive income (loss), net of tax	0.7	0.1	0.9
Ending balance	2.3	1.6	1.5
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)	(40.5)
Other comprehensive income (loss) before reclassifications	0.8	(9.3)	7.4
Amounts reclassified out	(1.5)	31.7	1.3
Other comprehensive income (loss), net of tax	(0.7)	22.4	8.7
Ending balance	(10.1)	(9.4)	(31.8)
Foreign currency translation
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(175.4)	(128.1)	(68.8)
Other comprehensive income (loss) before reclassifications	39.4	(47.3)	(59.3)
Amounts reclassified out	0	0	0
Other comprehensive income (loss), net of tax	39.4	(47.3)	(59.3)
Ending balance	(136)	(175.4)	(128.1)
Total
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(183)	(159.6)	(110.6)
Other comprehensive income (loss), net of tax	39.2	(23.4)	(49)
Ending balance	$ (143.8)	$ (183)	$ (159.6)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	$ 2,949.8	$ 2,886.9	$ 2,831.6
Cost of goods and services sold	(1,820.6)	(1,750.7)	(1,655.8)
Interest expense	(9)	(7.9)	(8.2)
Income before income taxes and equity in net income of affiliated companies	698	679.9	748.9
Income tax expense	(122.3)	(114.7)	(107.2)
Net income	593.4	585.9	661.8
Reclassification out of Accumulated Other Comprehensive Loss
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net income	(5.1)	(32.6)	(3.4)
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	(9.1)	(0.6)	(2.7)
Income tax expense	2.5	(0.3)	0.6
Net income	(6.6)	(0.9)	(2.1)
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	(1.5)	1.4	(1.1)
Cost of goods and services sold	(3.1)	(4.1)	(2.4)
Other expense (income)	(4.2)	2.4	1.2
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	(0.3)	(0.3)	(0.4)
Reclassification out of Accumulated Other Comprehensive Loss | Amortization of defined benefit pension and other postretirement plans:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Prior service credit	0	0	0.3
Actuarial gains (losses)	1.7	0.6	(0.2)
Settlements	(0.1)	(52.2)	(1.8)
Other	0.4	(0.4)	0
Income before income taxes and equity in net income of affiliated companies	2	(52)	(1.7)
Income tax expense	(0.5)	20.3	0.4
Net income	$ 1.5	$ (31.7)	$ (1.3)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) plan $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance under the 2016 Plan (in shares)	1,434,547
Unrecognized compensation expense for all nonvested awards | $	$ 28,200
Weighted average period for recognition (in years)	1 year 7 months 6 days
Weighted average remaining contractual life of options outstanding (in years)	4 years 8 months 12 days
Weighted average remaining contractual life of options exercisable (in years)	3 years 9 months 18 days
Aggregate intrinsic value of total options outstanding | $	$ 296,000
Aggregate intrinsic value of total options vested | $	$ 276,900
Weighted average grant date fair value of options granted (in dollars per share) | $ / shares	$ 108.95	$ 96.43	$ 64.51
Intrinsic value of options exercised | $	$ 151,000	$ 60,100	$ 147,300
Grant date fair value of options vested | $	$ 8,600	$ 8,800	$ 8,300
Deferred compensation plans and restricted share awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Deferred compensation conversion unit (in shares)	1
Number of deferred compensation plans | plan	2
Number of deferred stock units (in shares)	352,541
Number of deferred stock units payable in cash (in shares)	8,931
Deferred compensation plans and restricted share awards | Non-Employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted at target level (in dollars per share) | $ / shares	$ 357	$ 300.78
Granted at target level (in shares)	6,160	4,827
Share-based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares reduced for each award granted (in shares)	1
Awards, expiration period (in years)	10 years
Risk-free interest rate (as a percent)	4.10%	1.80%	0.80%
Stock volatility (as a percent)	29.80%	25.10%	23.90%
Dividend yield (as a percent)	0.30%	0.20%	0.30%
Expected life (in years)	5 years 8 months 12 days	5 years 7 months 6 days	5 years 7 months 6 days
Award Types Other than Stock Options and Stock Appreciation Rights
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares reduced for each award granted (in shares)	2.5
Stock Appreciation Rights (SARs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, expiration period (in years)	10 years
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number	15,407	20,402
Stock-settled PSU awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted at target level (in dollars per share) | $ / shares	$ 306.97	$ 362.40	$ 333.58
Number of shares to be issued upon conversion (in shares)	36,080
Average remaining term of shares issued at conversion	1 year
Granted at target level (in shares)	37,736
Stock-settled PSU awards | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual payout range	0%
Stock-settled PSU awards | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual payout range	200%
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance under the 2016 Plan (in shares)	3,714,353
Percentage of current market price for sales to eligible employees (as a percent)	85%
Limitation on payroll deductions of employee's base salary (as a percent)	25%
Limitation on payroll deductions of employee's base salary, amount | $	$ 25
Maximum number of shares per employee (in shares)	2,000
Maximum number of shares per employee, per year (in shares)	8,000
Purchases of shares (in shares)	23,955	27,894	27,016
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted at target level (in dollars per share) | $ / shares	$ 314.06	$ 310.52	$ 312.41
Granted at target level (in shares)	8,343	9,648	6,002

Stock-Based Compensation - Allo

Stock-Based Compensation - Allocation of Share-based Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 23.3	$ 23.7	$ 37.5
Stock option and appreciation rights
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	11.3	5.6	12.5
Performance share units, stock-settled
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	5.5	15.6	17.6
Performance share units, cash-settled
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	0.3	(0.1)	1
Performance share units, dividend equivalents
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	0.1	0.1	0.2
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	1.3	1.3	1.4
Deferred compensation plans and restricted share awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 4.8	$ 1.2	$ 4.8

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average remaining contractual life of options outstanding (in years)	4 years 8 months 12 days
Weighted average remaining contractual life of options exercisable (in years)	3 years 9 months 18 days
Aggregate intrinsic value of total options outstanding	$ 296
Aggregate intrinsic value of total options vested	$ 276.9
Weighted average grant date fair value of options granted (in dollars per share)	$ 108.95	$ 96.43	$ 64.51
Intrinsic value of options exercised	$ 151	$ 60.1	$ 147.3
Grant date fair value of options vested	$ 8.6	$ 8.8	$ 8.3
Stock Options Activity [Roll Forward]
Options outstanding, beginning (in shares)	1.9
Granted (in shares)	0.1
Exercised (in shares)	(0.6)
Forfeited (in shares)	0
Options outstanding, ending (in shares)	1.4	1.9
Options vested and expected to vest (in shares)	1.4
Options vested and exercisable (in shares)	1.1
Stock Options, Weighted Average Exercise Price [Roll Forward]
Options outstanding, beginning (in dollars per share)	$ 118.72
Granted (in dollars per share)	306.97
Exercised (in dollars per share)	80.18
Forfeited (in dollars per share)	289.70
Options outstanding, ending (in dollars per share)	145.40	$ 118.72
Options vested and expected to vest (in dollars per share)	143.46
Options vested and exercisable (in dollars per share)	$ 105.08
Share-based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards, expiration period (in years)	10 years
Risk-free interest rate (as a percent)	4.10%	1.80%	0.80%
Stock volatility (as a percent)	29.80%	25.10%	23.90%
Dividend yield (as a percent)	0.30%	0.20%	0.30%
Expected life (in years)	5 years 8 months 12 days	5 years 7 months 6 days	5 years 7 months 6 days

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Appreciation Rights Award Activity (Details) - Stock Appreciation Rights (SARs)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)	4 years
Awards, expiration period (in years)	10 years
SARs Activity [Roll Forward]
Outstanding, beginning (in shares) | shares	20,402
Granted (in shares) | shares	228
Exercised (in shares) | shares	(4,646)
Forfeited (in shares) | shares	(577)
Outstanding, ending (in shares) | shares	15,407
Vested and expected to vest (in shares) | shares	15,407
Vested and exercisable (in shares) | shares	14,355
SARs, Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning (in dollars per share) | $ / shares	$ 97.28
Granted (in dollars per share) | $ / shares	306.68
Exercised (in dollars per share) | $ / shares	67.89
Forfeited (in dollars per share) | $ / shares	287.26
Outstanding, ending (in dollars per share) | $ / shares	102.12
Vested and expected to vest (in dollars per share) | $ / shares	102.12
Vested and exercisable (in dollars per share) | $ / shares	$ 89.44

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Performance-based Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-Employee Directors | Deferred compensation plans and restricted share awards
Non-vested PSU Awards [Roll Forward]
Granted at target level (in shares)	6,160	4,827
Non-vested PSU Awards, Weighted Average Fair Value [Roll Forward]
Granted at target level (in dollars per share)	$ 357	$ 300.78
Stock-settled PSU awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares to be issued upon conversion (in shares)	36,080
Average remaining term of shares issued at conversion	1 year
Non-vested PSU Awards [Roll Forward]
Outstanding, beginning (in shares)	112,553
Granted at target level (in shares)	37,736
Adjustments above/(below) target (in shares)	47,154
Vested and converted (in shares)	(93,902)
Forfeited (in shares)	(5,100)
Outstanding, ending (in shares)	98,441	112,553
Non-vested PSU Awards, Weighted Average Fair Value [Roll Forward]
Outstanding, beginning (in dollars per share)	$ 278.38
Granted at target level (in dollars per share)	306.97	$ 362.40	$ 333.58
Adjustments above/(below) target (in dollars per share)	181.31
Vested and converted (in dollars per share)	306.68
Forfeited (in dollars per share)	317.85
Outstanding, ending (in dollars per share)	$ 334.03	$ 278.38
Stock-settled PSU awards | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual payout range	0%
Stock-settled PSU awards | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual payout range	200%
Performance share units, cash-settled
Non-vested PSU Awards [Roll Forward]
Outstanding, beginning (in shares)	890
Granted at target level (in shares)	82
Adjustments above/(below) target (in shares)	591
Vested and converted (in shares)	(1,181)
Forfeited (in shares)	(178)
Outstanding, ending (in shares)	204	890
Non-vested PSU Awards, Weighted Average Fair Value [Roll Forward]
Outstanding, beginning (in dollars per share)	$ 242.29
Granted at target level (in dollars per share)	306.68
Adjustments above/(below) target (in dollars per share)	191.43
Vested and converted (in dollars per share)	306.68
Forfeited (in dollars per share)	310.52
Outstanding, ending (in dollars per share)	$ 355.74	$ 242.29
Restricted Stock
Non-vested PSU Awards [Roll Forward]
Granted at target level (in shares)	8,343	9,648	6,002
Non-vested PSU Awards, Weighted Average Fair Value [Roll Forward]
Granted at target level (in dollars per share)	$ 314.06	$ 310.52	$ 312.41

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
401 (k) plan contributions	$ 22,700,000	$ 22,800,000	$ 19,500,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Fair value of plan assets	32,300,000	$ 29,400,000
Accumulated benefit obligation	53,700,000	52,400,000
Expected contribution to the plan	$ 600,000
Assumed healthcare cost trend rate, benefit obligation	6.75%
Ultimate healthcare cost trend rate, benefit obligation	5%
Other retirement benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements	$ 0	0	$ 0
Fair value of plan assets	0	$ 0	$ 0
Expected contribution to the plan	$ 500,000
Discount rate (as a percent)	5.20%	5.55%
Rate of compensation increase	0%	0%
Expected long-term rate of return on assets (as a percent)	0%	0%	0%
United States
Defined Benefit Plan Disclosure [Line Items]
Employer contribution	$ 0	$ 7,100,000	$ 0
Discount rate (as a percent)	5.20%	5.55%
Expected long-term rate of return on assets (as a percent)		3.70%	5.10%
International plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 32,300,000	$ 29,400,000
Accumulated benefit obligation	$ 47,700,000	$ 46,000,000
Discount rate (as a percent)	3.80%	4.20%
Rate of compensation increase	3.08%	3.09%

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Net periodic benefit cost:
Service cost	$ 1.1	$ 1.5	$ 1.6
Interest cost	2.4	4.2	6.2
Expected return on plan assets	(1.2)	(6.1)	(11.9)
Amortization of prior service credit	0	0	0.1
Amortization of actuarial loss (gain)	0.6	1.3	1.8
Settlement loss	0.1	52.2	1.8
Other	0.3	1	0
Net periodic benefit cost	3.3	54.1	(0.4)
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
Net (gain) loss arising during period	(1.4)	16	(6.3)
Prior service credit arising during period	0	0	(2)
Amortization of prior service credit	0	0	(0.1)
Amortization of actuarial (loss) gain	(0.3)	(1.3)	(1.8)
Settlement loss	(0.1)	(52.2)	(1.8)
Foreign currency translation	0.7	(2.3)	(0.9)
Other	0.4	0	0
Total recognized in OCI	(0.7)	(39.8)	(12.9)
Total recognized in net periodic benefit cost and OCI	2.6	14.3	(13.3)
Pension benefits | United States
Net periodic benefit cost:
Net periodic benefit cost	0.8	51.7	(2.3)
Pension benefits | International plans
Net periodic benefit cost:
Net periodic benefit cost	2.5	2.4	1.9
Other retirement benefits
Net periodic benefit cost:
Service cost	0	0	0
Interest cost	0.2	0.2	0.2
Expected return on plan assets	0	0	0
Amortization of prior service credit	0	0	(0.4)
Amortization of actuarial loss (gain)	(2)	(1.9)	(1.6)
Settlement loss	0	0	0
Other	0.4	0.4	0
Net periodic benefit cost	(1.4)	(1.3)	(1.8)
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
Net (gain) loss arising during period	(0.5)	(2)	(0.9)
Prior service credit arising during period	0	0	0
Amortization of prior service credit	0	0	0.4
Amortization of actuarial (loss) gain	2	1.9	1.6
Settlement loss	0	0	0
Foreign currency translation	0	0	0
Other	0	(0.4)	0
Total recognized in OCI	1.5	(0.5)	1.1
Total recognized in net periodic benefit cost and OCI	0.1	(1.8)	(0.7)
Other retirement benefits | United States
Net periodic benefit cost:
Net periodic benefit cost	(1.4)	(1.3)	(1.8)
Other retirement benefits | International plans
Net periodic benefit cost:
Net periodic benefit cost	$ 0	$ 0	$ 0

Benefit Plans - Changes in Proj

Benefit Plans - Changes in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in plan assets:
Balance	$ 29.4
Balance	32.3	$ 29.4
Pension benefits
Change in benefit obligation:
Balance	(55.5)	(269.8)
Service cost	(1.1)	(1.5)	$ (1.6)
Interest cost	(2.4)	(4.2)	(6.2)
Participants’ contributions	(0.2)	(0.4)
Actuarial gain (loss)	0.7	33
Benefits paid	2.5	6.9
Settlement loss	0.5	174.4
Foreign currency translation	(2)	6.1
Balance	(57.5)	(55.5)	(269.8)
Change in plan assets:
Balance	29.4	249.2
Actual return on plan assets	2.4	(42.4)
Employer contribution	1.1	8.4
Participants’ contributions	0.2	0.4
Benefits paid	(1.8)	(7.2)
Settlement loss	(0.5)	(174.4)
Foreign currency translation	1.5	(4.6)
Balance	32.3	29.4	249.2
Funded status at end of year	(25.2)	(26.1)
Other retirement benefits
Change in benefit obligation:
Balance	(3.9)	(5.6)
Service cost	0	0	0
Interest cost	(0.2)	(0.2)	(0.2)
Participants’ contributions	(0.4)	(0.4)
Actuarial gain (loss)	0.5	2
Benefits paid	0.3	0.3
Settlement loss	0	0
Foreign currency translation	0	0
Balance	(3.7)	(3.9)	(5.6)
Change in plan assets:
Balance	0	0
Actual return on plan assets	0	0
Employer contribution	(0.1)	(0.1)
Participants’ contributions	0.4	0.4
Benefits paid	(0.3)	(0.3)
Settlement loss	0	0
Foreign currency translation	0	0
Balance	0	0	$ 0
Funded status at end of year	$ (3.7)	$ (3.9)

Benefit Plans - Amounts Recogni

Benefit Plans - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Noncurrent liabilities	$ (29.6)	$ (28.2)
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Noncurrent assets	2.7	0.3
Current liabilities	(1.4)	(1.5)
Noncurrent liabilities	(26.5)	(24.9)
Total liabilities	(25.2)	(26.1)
Other retirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Noncurrent assets	0	0
Current liabilities	(0.6)	(0.6)
Noncurrent liabilities	(3.1)	(3.3)
Total liabilities	$ (3.7)	$ (3.9)

Benefit Plans - Amounts Recog_2

Benefit Plans - Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net actuarial loss (gain)	$ 15.8	$ 16.7
Prior service cost (credit)	(1.1)	(1.1)
Total	14.7	15.6
Other retirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net actuarial loss (gain)	(3.6)	(5.2)
Prior service cost (credit)	0	0
Total	$ (3.6)	$ (5.2)

Benefit Plans - Expected Benefi

Benefit Plans - Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2024	$ 3.9
2025	3.8
2026	4.3
2027	4.8
2028	4.2
2029 to 2033	21.2
Total benefit payments expected	42.2
United States
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2024	1.4
2025	1.3
2026	1.1
2027	1
2028	1
2029 to 2033	3.8
Total benefit payments expected	9.6
International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2024	2.5
2025	2.5
2026	3.2
2027	3.8
2028	3.2
2029 to 2033	17.4
Total benefit payments expected	$ 32.6

Benefit Plans - Assumptions Use

Benefit Plans - Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Weighted average assumptions used in net periodic benefit cost:
Discount rate	4.35%	2.48%	2.29%
Rate of compensation increase	3.09%	2.79%	2.41%
Expected long-term rate of return on assets	4.22%	4.14%	4.93%
Weighted average assumptions used in benefit obligations:
Discount rate	3.95%	4.35%
Rate of compensation increase	3.08%	3.09%
Other retirement benefits
Weighted average assumptions used in net periodic benefit cost:
Discount rate	5.55%	2.75%	2.30%
Rate of compensation increase	0%	0%	0%
Expected long-term rate of return on assets	0%	0%	0%
Weighted average assumptions used in benefit obligations:
Discount rate	5.20%	5.55%
Rate of compensation increase	0%	0%

Benefit Plans - Weighted Averag

Benefit Plans - Weighted Average Interest Crediting Rating by Geographic Location (Details) - Pension benefits	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Weighted-average interest crediting rating used to determine net periodic benefit cost	4%	3.31%	3.31%
International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Weighted-average interest crediting rating used to determine net periodic benefit cost	1.13%	1.75%	0.67%

Benefit Plans - Allocation of P

Benefit Plans - Allocation of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Allocation range	100%	100%
Fair value of plan assets	$ 32.3	$ 29.4
Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	32.3	29.4
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.6	0.7
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	31.7	28.7
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Pension plan assets measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Allocation range	16%	28%
Equity securities | United States
Defined Benefit Plan Disclosure [Line Items]
Target allocation	19%
Equity securities | Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 5.3	$ 8.2
Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5.3	8.2
Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Allocation range	80%	68%
Debt securities | United States
Defined Benefit Plan Disclosure [Line Items]
Target allocation	79%
Other
Defined Benefit Plan Disclosure [Line Items]
Allocation range	4%	4%
Other | United States
Defined Benefit Plan Disclosure [Line Items]
Target allocation	2%
Cash | Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.6	$ 0.7
Cash | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.6	0.7
Cash | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
International mutual funds | Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	25.9	20.4
International mutual funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
International mutual funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	25.9	20.4
International mutual funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other mutual funds | Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.5	0.1
Other mutual funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other mutual funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.5	0.1
Other mutual funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0
Minimum | Equity securities | United States
Defined Benefit Plan Disclosure [Line Items]
Allocation range	15%
Minimum | Debt securities | United States
Defined Benefit Plan Disclosure [Line Items]
Allocation range	75%
Minimum | Other | United States
Defined Benefit Plan Disclosure [Line Items]
Allocation range	2%
Maximum | Equity securities | United States
Defined Benefit Plan Disclosure [Line Items]
Allocation range	20%
Maximum | Debt securities | United States
Defined Benefit Plan Disclosure [Line Items]
Allocation range	85%
Maximum | Other | United States
Defined Benefit Plan Disclosure [Line Items]
Allocation range	5%

Other Expense (Income) - Schedu

Other Expense (Income) - Schedule of Other (Income) Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Severance and benefits	$ (2.8)	$ 8.7	$ 0.6
Asset-related charges	0	15.3	0
Other charges	0	(0.2)	1.6
Total restructuring and related charges	(2.8)	23.8	2.2
Loss on disposal of plant	11.6	0	0
Asset impairments	9.6	6.2	5.6
Foreign exchange transaction losses (gains)	9.4	(4.1)	(1.4)
Contingent consideration	2.3	3	1.5
Loss (gain) on oil hedges	1.3	(1.5)	(1.7)
Other items	0	(0.6)	1.7
Total other expense	$ 31.4	$ 26.8	$ 7.9

Other Expense (Income) - Narrat

Other Expense (Income) - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Investment Holdings [Line Items]
Restructuring and related activities, period of implementation (up to)	24 months
Loss on disposal of plant		$ (11.6)	$ 0	$ 0
Number of loss on disposal manufacturing facility | facility		1
Gain (loss) on investments		$ 4.3	3.5
Impairment charges for assets taken out of service		5.3	2.7	1.3
Asset impairments		9.6	6.2	5.6
Impairment of cost method investments				4.6
Gain on sale of investments				0.3
Foreign exchange transaction (losses) gains		(9.4)	4.1	1.4
Gain (loss) on oil hedges		$ (1.3)	1.5	$ 1.7
Minimum
Summary of Investment Holdings [Line Items]
Restructuring and related cost, expected cost	$ 22		22
Maximum
Summary of Investment Holdings [Line Items]
Restructuring and related cost, expected cost	24		$ 24
2022 Restructuring Plan | Minimum
Summary of Investment Holdings [Line Items]
Effect on future earnings, amount	22
2022 Restructuring Plan | Maximum
Summary of Investment Holdings [Line Items]
Effect on future earnings, amount	$ 24

Other Expense (Income) - Sche_2

Other Expense (Income) - Schedule of Restructuring and Related Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022	$ 11.3
Non-cash restructuring charges	0	$ (15.3)	$ 0
Balance, December 31, 2023	3.8	11.3
2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022	25.4
(Credits) charges	(2.6)
Cash payments	(4.5)
Non-cash restructuring charges	(15.3)
Balance, December 31, 2023	3	25.4
2022 Restructuring Plan | Severance and benefits
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022	10.1
(Credits) charges	(2.6)
Cash payments	(4.5)
Non-cash restructuring charges	0
Balance, December 31, 2023	3	10.1
2022 Restructuring Plan | Other charges
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022	15.3
(Credits) charges	0
Cash payments	0
Non-cash restructuring charges	(15.3)
Balance, December 31, 2023	$ 0	$ 15.3

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 36.5	$ 24.9	$ 10.4
Increase due to current year position	6.4	11.4	16.3
Decrease due to prior year position	(1)		(1)
Increase due to prior year position		0.6
Reduction for expiration of statute of limitations/audits	(3.1)	(0.4)	(0.8)
Balance at December 31	$ 38.8	$ 36.5	$ 24.9

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Accrued liabilities for interest and penalties	$ 3.8	$ 1.6
Total gross unrecognized tax benefits	38.8	36.5	$ 24.9	$ 10.4
Estimated increase (decrease) in the liability for unrecognized tax benefits	0.1
Tax expense (benefit) from impact of tax law changes enacted		5.7	(1.4)
Tax expense from recognition of reserves for unrecognized tax benefits	19.8
Tax benefit from stock-based compensation	32	16.5	$ 31.5
Tax benefit from recent court case	3
Tax benefit from termination of pension plans	20.6
Deferred tax benefit	8
Tax benefit from prepayment of future royalties		18.5
Operating loss carryforwards, state and local	6.7
Operating loss carryforwards, foreign	3.3				$ 1.3
Tax on undistributed earnings of subsidiaries	3.8	$ 1.5
Undistributed earnings of foreign subsidiaries	857
Germany
Income Tax Contingency [Line Items]
Tax on undistributed earnings of subsidiaries	2.8
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	118.6
State and Local Jurisdiction | Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	0.4				$ 1.6
State and Local Jurisdiction | Year 2024
Income Tax Contingency [Line Items]
Operating loss carryforwards, subject to expiration	19.8
State and Local Jurisdiction | Year 2025
Income Tax Contingency [Line Items]
Operating loss carryforwards, subject to expiration	98.8
Foreign Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	10.2
Operating loss carryforwards, not subject to expiration	$ 0.9

Income Taxes - Income Before In

Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. operations	$ 369.4	$ 394.4	$ 420
International operations	328.6	285.5	328.9
Income before income taxes and equity in net income of affiliated companies	$ 698	$ 679.9	$ 748.9

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 30.2	$ 75.7	$ 64.8
State	(4.2)	8.4	10.9
International	58.8	61.4	74.4
Current income tax provision	84.8	145.5	150.1
Deferred:
Federal and state	(11.6)	(20.3)	7.3
International	49.1	(10.5)	(50.2)
Deferred income tax provision	37.5	(30.8)	(42.9)
Income tax expense	$ 122.3	$ 114.7	$ 107.2

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforwards	$ 10	$ 10.3
Tax credit carryforwards	1.1	1.9
Pension and deferred compensation	22.7	31.4
Royalty acceleration	15	46.2
Other	13.9	18.3
Capitalized R&D expenses	23.9	8.1
Leases	18.6	20.6
Unrealized profit in inventory	8.5	7.2
Valuation allowance	(15.5)	(13.3)
Total deferred tax assets	98.2	130.7
Deferred tax liabilities:
Property, plant, and equipment	61.7	53.7
Tax on undistributed earnings of subsidiaries	3.8	1.5
Leases	18.1	19.7
Other	1.6	4.5
Total deferred tax liabilities	85.2	79.4
Net deferred tax asset	$ 13	$ 51.3

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal corporate tax rate	21%	21%	21%
Tax on international operations other than U.S. tax rate	1.20%	(1.50%)	1.90%
Adjustments to reserves for unrecognized tax benefits	0.30%	2.90%	0.10%
U.S. tax on international earnings, net of foreign tax credits	0.50%	(0.30%)	0.30%
Foreign-Derived Intangible Income Deductions (FDII)	(1.60%)	(2.10%)	(1.50%)
State income taxes, net of federal tax effect	0.10%	1%	(0.10%)
U.S. research and development credits	(0.70%)	(0.60%)	(0.40%)
Excess tax benefits on share-based payments	(4.60%)	(2.40%)	(4.20%)
Royalty acceleration	0.50%	0%	(2.50%)
Pension settlement	0%	(1.20%)	0%
Tax on undistributed earnings of subsidiaries	0.30%	0%	(0.60%)
Other	0.50%	0.10%	0.30%
Effective tax rate	17.50%	16.90%	14.30%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Outstanding unconditional contractual commitments for the purchase of raw materials, utilities and equipment	$ 298.3
Outstanding unconditional contractual commitments due to be paid in 2024	76.8
Insurance Claims
Loss Contingencies [Line Items]
Accrual for insurance obligations	2.1
Amount reimbursable by the insurance company	0.7
Letter of Credit | Revolving Credit Facility, Due 2024
Loss Contingencies [Line Items]
Letters of credit supporting the reimbursement of workers' compensation and other claims	$ 2.4

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting, Revenue Reconciling Items [Line Items]
Number of reportable segments | segment	2
Net sales	$ 2,949.8	$ 2,886.9	$ 2,831.6
Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Segment Reporting, Revenue Reconciling Items [Line Items]
Percentage of net sales	100%	100%	100%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | One Customer
Segment Reporting, Revenue Reconciling Items [Line Items]
Percentage of net sales	10.90%
Net sales	$ 322.1

Segment Information - Sales by

Segment Information - Sales by Product Group (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Revenue Reconciling Items [Line Items]
Net sales	$ 2,949.8	$ 2,886.9	$ 2,831.6
Operating Segments | Proprietary Products
Segment Reporting, Revenue Reconciling Items [Line Items]
Net sales	2,397.3	2,406.8	2,317.3
Operating Segments | Contract-Manufactured Products
Segment Reporting, Revenue Reconciling Items [Line Items]
Net sales	552.5	480.4	514.7
Intersegment sales elimination
Segment Reporting, Revenue Reconciling Items [Line Items]
Net sales	$ 0	$ (0.3)	$ (0.4)

Segment Information - Sales and

Segment Information - Sales and Long-lived Assets by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	$ 2,949.8	$ 2,886.9	$ 2,831.6
Long-Lived Assets	1,512.5	1,262.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	1,238.5	1,286.5	1,198
Long-Lived Assets	757.1	611.5
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	406.1	398.7	474.3
Long-Lived Assets	176	139
Ireland
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	285.7	240.3	247.6
Long-Lived Assets	207	179.5
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	282.9	237.9	213
Long-Lived Assets	78.5	68.8
Other European countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	388.1	359.2	341.3
Long-Lived Assets	99.2	81.8
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	348.5	364.3	$ 357.4
Long-Lived Assets	$ 194.7	$ 182.1

Segment Information - Segment F

Segment Information - Segment Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Operating Profit	$ 676	$ 734	$ 752.3
Stock-based compensation expense	(23.3)	(23.7)	(37.5)
Amortization of acquisition-related intangible assets	(3.6)	(3.7)	(5.4)
Loss on disposal of plant	11.6	0	0
Asset impairments	9.6	6.2	5.6
Interest expense (income) and other nonoperating expense (income), net	(22)	54.1	3.4
Income before income taxes and equity in net income of affiliated companies	698	679.9	748.9
Severance and benefits	(2.8)	8.7	0.6
Asset-related charges	0	15.3	0
Asset impairments	9.6	6.2	5.6
Impairment of cost method investments			4.6
Gain on sale of investments			0.3
Assets	3,829.5	3,616.8
Depreciation and Amortization	137.3	120.6	122.3
Capital Expenditures	362	284.6	253.4
Operating Segments
Segment Reporting Information [Line Items]
Operating Profit	782.2	844.8	863.3
Corporate and Unallocated
Segment Reporting Information [Line Items]
Operating Profit	(106.2)	(110.8)	(111)
Stock-based compensation expense	(23.3)	(23.7)	(37.5)
Corporate general costs	(68.3)	(59.1)	(63.4)
Restructuring and other charges	2	(23.8)	(2.2)
Amortization of acquisition-related intangible assets	(0.7)	(0.7)	(0.8)
Cost investment activity	4.3	3.5	4.3
Loss on disposal of plant	11.6	0	0
Asset impairments	0	0	2.8
Severance and benefits		8.7
Asset-related charges		15.3
Asset impairments	0	0	2.8
Impairment of cost method investments			4.6
Gain on sale of investments			0.3
Assets	672.9	558.2
Depreciation and Amortization	4	4.7	7.4
Capital Expenditures	12.7	13.3	8.8
Corporate and Unallocated | 2022 Restructuring Plan
Segment Reporting Information [Line Items]
Severance and benefits	(2.8)
Inventory write down	0.8
Corporate and Unallocated | Cost of goods and services sold
Segment Reporting Information [Line Items]
Asset impairments			1.9
Asset impairments			1.9
Corporate and Unallocated | Selling, General and Administrative Expenses
Segment Reporting Information [Line Items]
Asset impairments			0.9
Asset impairments			0.9
Corporate and Unallocated | Second Quarter 2020 Acquisiiton
Segment Reporting Information [Line Items]
Amortization of acquisition-related intangible assets		(0.7)	(0.8)
Proprietary Products | Operating Segments
Segment Reporting Information [Line Items]
Operating Profit	710.1	784.4	796.1
Assets	2,629.1	2,578.3
Depreciation and Amortization	112.9	96.9	93.8
Capital Expenditures	259.1	237.3	218
Contract-Manufactured Products | Operating Segments
Segment Reporting Information [Line Items]
Operating Profit	72.1	60.4	67.2
Assets	527.5	480.3
Depreciation and Amortization	20.4	19	21.1
Capital Expenditures	$ 90.2	$ 34	$ 26.6

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 13.5	$ 12.6	$ 16.2
Charged to costs and expenses	4.5	1.4	(3.6)
Deductions	(1.7)	(0.5)	0
Balance at end of period	16.3	13.5	12.6
Deferred tax asset valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	13.3	12.2	15.1
Charged to costs and expenses	2.2	1.1	(2.9)
Deductions	0	0	0
Balance at end of period	15.5	13.3	12.2
Allowance for credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	0.2	0.4	1.1
Charged to costs and expenses	2.3	0.3	(0.7)
Deductions	(1.7)	(0.5)	0
Balance at end of period	$ 0.8	$ 0.2	$ 0.4