West Pharmaceutical Services (WST) 10-Q 25 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-8036
Entity Registrant Name	WEST PHARMACEUTICAL SERVICES, INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1210010
Entity Address, Address Line One	530 Herman O. West Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341-1147
City Area Code	610
Local Phone Number	594-2900
Title of each class	Common Stock, par value $0.25 per share
Trading Symbol	WST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,541,593
Entity Central Index Key	0000105770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 702.1	$ 753.8	$ 1,397.5	$ 1,470.4
Cost of goods and services sold	472.1	462.4	937.3	907.7
Gross profit	230	291.4	460.2	562.7
Research and development	17.5	16.5	35.1	33.6
Selling, general and administrative expenses	83	88.4	169.7	174.4
Other expense (income) (Note 14)	3.3	4	6.4	16.9
Operating profit	126.2	182.5	249	337.8
Interest expense, net	1.5	2.7	3.1	4.9
Interest income	(4)	(5)	(10.2)	(9.8)
Other nonoperating (income) expense	0	(0.1)	0	(0.1)
Income before income taxes and equity in net income of affiliated companies	128.7	184.9	256.1	342.8
Income tax expense	21.9	34.8	38.3	58.4
Equity in net income of affiliated companies	(4.5)	(5)	(8.8)	(10.7)
Net income	$ 111.3	$ 155.1	$ 226.6	$ 295.1
Net income per share:
Basic (in dollars per share)	$ 1.52	$ 2.08	$ 3.09	$ 3.96
Diluted (in dollars per share)	$ 1.51	$ 2.06	$ 3.06	$ 3.91
Weighted average shares outstanding:
Basic (in shares)	73	74.3	73.3	74.4
Diluted (in shares)	73.7	75.4	74	75.5

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 111.3	$ 155.1	$ 226.6	$ 295.1
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $0.7, $1.3, $1.7 and $1.5, respectively	(21.7)	(11.3)	(68)	4
Defined benefit pension and other postretirement plan adjustments, net of tax of $(0.1), $(0.3), $(0.1), and $(0.5), respectively	(0.2)	(0.9)	(0.4)	(1.4)
Net loss on equity affiliate accumulated other comprehensive income, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively	(0.1)	(0.1)	(0.2)	(0.1)
Net loss on derivatives, net of tax of $0.3, $(1.0), $(0.4) and $(1.1), respectively	(2.6)	(2.8)	(4.5)	(3)
Other comprehensive (loss) income, net of tax	(24.6)	(15.1)	(73.1)	(0.5)
Comprehensive income	$ 86.7	$ 140	$ 153.5	$ 294.6

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0.7	$ 1.3	$ 1.7	$ 1.5
Defined benefit pension and other postretirement plan adjustments, tax	(0.1)	(0.3)	(0.1)	(0.5)
Net loss on equity affiliate accumulated other comprehensive income, tax	0	0	0	0
Net loss on derivatives, tax	$ 0.3	$ (1)	$ (0.4)	$ (1.1)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 446.2	$ 853.9
Accounts receivable, net	479.4	512
Inventories	419.2	434.7
Other current assets	138.2	135.8
Total current assets	1,483	1,936.4
Property, plant and equipment	2,863.6	2,738
Less: accumulated depreciation and amortization	1,369.9	1,324.7
Property, plant and equipment, net	1,493.7	1,413.3
Operating lease right-of-use assets	110.3	99.2
Investments in affiliated companies	198.2	210
Goodwill	107.3	108.5
Intangible assets, net	12.9	15.1
Deferred income taxes	33.9	25.7
Other noncurrent assets	50.1	21.3
Total Assets	3,489.4	3,829.5
Current liabilities:
Notes payable and other current debt	132.9	134
Accounts payable	211.7	242.4
Accrued salaries, wages and benefits	82.9	105.9
Income taxes payable	16.9	16.6
Operating lease liabilities	20.3	17.7
Other current liabilities	169	155.2
Total current liabilities	633.7	671.8
Long-term debt	72.9	72.8
Deferred income taxes	13.7	12.7
Pension and other postretirement benefits	29.1	29.6
Operating lease liabilities	84.6	84.5
Deferred compensation benefits	15.5	18.6
Other long-term liabilities	63.1	58.5
Total Liabilities	912.6	948.5
Commitments and contingencies (Note 16)
Equity:
Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding	0	0
Common stock, par value $0.25 per share; 200.0 million shares authorized; shares issued: 75.3 million and 75.3 million as of June 30,2024 and December 31, 2023, respectively; shares outstanding: 72.6 million and 73.5 million as of June 30, 2024 and December 31, 2023, respectively	18.8	18.8
Capital in excess of par value	33.5	120.2
Retained earnings	3,720.9	3,523.4
Accumulated other comprehensive loss	(216.9)	(143.8)
Treasury stock, at cost (2.7 million and 1.8 million shares)	(979.5)	(637.6)
Total Equity	2,576.8	2,881
Total Liabilities and Equity	$ 3,489.4	$ 3,829.5

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2024	Dec. 31, 2023
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)	72.6	73.5
Treasury stock, at cost (in shares)	2.7	1.8

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 226.6	$ 295.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	72.7	64.3
Amortization	1.8	1.4
Stock-based compensation	9.3	16
Loss on disposal of plant	0	11.6
Asset impairments	0.9	3.4
Other non-cash items, net	(7.6)	(12.4)
Changes in assets and liabilities	(20.5)	(72.1)
Net cash provided by operating activities	283.2	307.3
Cash flows from investing activities:
Capital expenditures	(190.8)	(157.5)
Other, net	(1)	(6.7)
Net cash used in investing activities	(191.8)	(164.2)
Cash flows from financing activities:
Borrowings of long-term debt	35	0
Repayments of long-term debt	(36.1)	(1.1)
Principal repayments on finance leases	(22.9)	0
Dividend payments	(29.3)	(28.2)
Proceeds from stock-based compensation awards	19.9	24
Employee stock purchase plan contributions	3.7	3.5
Shares purchased under share repurchase programs	(454.1)	(233.5)
Shares repurchased for employee tax withholdings	(5.5)	(12.5)
Net cash used in financing activities	(489.3)	(247.8)
Effect of exchange rates on cash	(9.8)	6.7
Net decrease in cash and cash equivalents	(407.7)	(98)
Cash, including cash equivalents at beginning of period	853.9	894.3
Cash, including cash equivalents at end of period	$ 446.2	$ 796.3

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation : The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three and six months ended June 30, 2024, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “ 2023 Annual Report ”). The results of operations for any interim period are not necessarily indicative of results for the full year.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Standards Issued Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("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 and interim periods beginning after December 15, 2024. We are currently evaluating the impact of this guidance on our financial statements and disclosures. The Company does not expect the adoption to have a material impact on the consolidated financial statements and disclosures.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service. The following table presents the approximate percentage of our net sales by market group: Three Months Ended Six Months Ended 2024 2023 2024 2023 Biologics 36 % 37 % 37 % 36 % Generics 18 % 20 % 18 % 20 % Pharma 26 % 25 % 25 % 26 % Contract-Manufactured Products 20 % 18 % 20 % 18 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: Three Months Ended Six Months Ended 2024 2023 2024 2023 High-Value Product Components 46 % 49 % 46 % 50 % High-Value Product Delivery Devices 11 % 12 % 11 % 10 % Standard Packaging 23 % 21 % 23 % 22 % Contract-Manufactured Products 20 % 18 % 20 % 18 % 100 % 100 % 100 % 100 % Due to the Company's reassessment of product categories, beginning in the second quarter of 2023 certain product types have been moved from High-Value Product Components to High-Value Product Delivery Devices. No adjustments were made to the product categorization prior to the second quarter of 2023. The following table presents the approximate percentage of our net sales by geographic location: Three Months Ended Six Months Ended 2024 2023 2024 2023 Americas 43 % 44 % 43 % 44 % Europe, Middle East, Africa 48 % 46 % 48 % 47 % Asia Pacific 9 % 10 % 9 % 9 % 100 % 100 % 100 % 100 % Contract Assets and Liabilities The following table summarizes our contract assets and liabilities: ($ in millions) Contract assets, December 31, 2023 $ 21.5 Contract assets, June 30, 2024 22.6 Change in contract assets - increase (decrease) $ 1.1 Deferred income, December 31, 2023 $ (53.9) Deferred income, June 30, 2024 (52.2) Change in deferred income - decrease (increase) $ 1.7 Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the six months ended June 30, 2024, $24.2 million of revenue was recognized that was included in deferred income at the beginning of the year. The majority of the performance obligations within our contracts are satisfied within one year or less. Performance obligations satisfied beyond one year are not material as of June 30, 2024.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The following table reconciles the shares used in the calculation of basic net income per share to those used for diluted net income per share: Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Net income $ 111.3 $ 155.1 $ 226.6 $ 295.1 Weighted average common shares outstanding 73.0 74.3 73.3 74.4 Dilutive effect of equity awards, based on the treasury stock method 0.7 1.1 0.7 1.1 Weighted average shares assuming dilution 73.7 75.4 74.0 75.5 During the three months ended June 30, 2024 and 2023, there were 0.3 million and 0.1 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive. There were 0.3 million and 0.1 million antidilutive shares outstanding during the six months ended June 30, 2024 and 2023, respectively. In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase up to $1.0 billion in shares of common stock. The share repurchase program does not have an expiration date under which we may repurchase common stock on the open market or in privately-negotiated transactions. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions. During the three months ended June 30, 2024, we purchased 509,336 shares of our common stock under the program at a cost of $187.1 million, or an average price of $367.48 per share. During the six months ended June 30, 2024, we purchased 1,239,015 shares of our common stock under the program at a cost of $454.1 million, or an average price of $366.53 per share.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. Inventory balances were as follows: ($ in millions) June 30, December 31, Raw materials $ 173.7 $ 172.3 Work in process 81.1 87.3 Finished goods 164.4 175.1 $ 419.2 $ 434.7

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset. Lease payments included in the measurement of the lease right-of-use assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise. The components of lease expense were as follows: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Operating lease cost $ 6.1 $ 4.8 $ 11.7 $ 10.7 Finance lease - amortization of right-of-use (ROU) assets 0.3 — 0.3 — Short-term lease cost 0.6 1.2 1.1 2.5 Variable lease cost 1.9 1.3 3.8 3.0 Total lease cost $ 8.9 $ 7.3 $ 16.9 $ 16.2 The following table summarizes the finance lease amounts in the Consolidated Balance Sheets: Finance Leases ($ in millions) Balance Sheet Classification June 30, 2024 ROU assets, net Other noncurrent assets $ 31.0 Lease liabilities (current) Other current liabilities $ 0.9 Lease liabilities (noncurrent) Other long-term liabilities $ 2.4 Supplemental cash flow information related to leases were as follows: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 15.0 $ 5.0 $ 20.3 $ 9.9 Financing cash flows from finance leases $ 22.9 $ — $ 22.9 $ — Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 29.9 $ 2.9 $ 34.1 $ 3.5 Finance Leases $ 24.3 $ — $ 24.3 $ — As of June 30, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 8.6 years and 9.8 years, respectively. As of June 30, 2024, the weighted average remaining lease term for finance leases was 7.6 years. As of December 31, 2023, finance leases were not material. As of June 30, 2024 and December 31, 2023, the weighted average discount rate for operating leases was 3.96% and 3.55%, respectively. As of June 30, 2024, the weighted average discount rate for finance leases was 4.94%. As of December 31, 2023, finance leases were not material. Maturities of operating lease liabilities were as follows: ($ in millions) June 30, December 31, Year 2024 2023 2024 (remaining period as of) $ 12.1 $ 20.9 2025 22.7 18.7 2026 19.8 15.7 2027 15.3 11.2 2028 13.8 9.5 Thereafter 36.2 42.1 119.9 118.1 Less: imputed lease interest (15.0) (15.9) Total lease liabilities $ 104.9 $ 102.2 Maturities of finance lease liabilities were as follows: ($ in millions) June 30, Year 2024 2024 (remaining period as of) $ 0.4 2025 0.9 2026 0.9 2027 0.8 2028 0.5 Thereafter 0.1 3.6 Less: imputed lease interest (0.3) Total lease liabilities $ 3.3 As of December 31, 2023, finance leases were not material.
Leases	Leases A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset. Lease payments included in the measurement of the lease right-of-use assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise. The components of lease expense were as follows: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Operating lease cost $ 6.1 $ 4.8 $ 11.7 $ 10.7 Finance lease - amortization of right-of-use (ROU) assets 0.3 — 0.3 — Short-term lease cost 0.6 1.2 1.1 2.5 Variable lease cost 1.9 1.3 3.8 3.0 Total lease cost $ 8.9 $ 7.3 $ 16.9 $ 16.2 The following table summarizes the finance lease amounts in the Consolidated Balance Sheets: Finance Leases ($ in millions) Balance Sheet Classification June 30, 2024 ROU assets, net Other noncurrent assets $ 31.0 Lease liabilities (current) Other current liabilities $ 0.9 Lease liabilities (noncurrent) Other long-term liabilities $ 2.4 Supplemental cash flow information related to leases were as follows: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 15.0 $ 5.0 $ 20.3 $ 9.9 Financing cash flows from finance leases $ 22.9 $ — $ 22.9 $ — Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 29.9 $ 2.9 $ 34.1 $ 3.5 Finance Leases $ 24.3 $ — $ 24.3 $ — As of June 30, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 8.6 years and 9.8 years, respectively. As of June 30, 2024, the weighted average remaining lease term for finance leases was 7.6 years. As of December 31, 2023, finance leases were not material. As of June 30, 2024 and December 31, 2023, the weighted average discount rate for operating leases was 3.96% and 3.55%, respectively. As of June 30, 2024, the weighted average discount rate for finance leases was 4.94%. As of December 31, 2023, finance leases were not material. Maturities of operating lease liabilities were as follows: ($ in millions) June 30, December 31, Year 2024 2023 2024 (remaining period as of) $ 12.1 $ 20.9 2025 22.7 18.7 2026 19.8 15.7 2027 15.3 11.2 2028 13.8 9.5 Thereafter 36.2 42.1 119.9 118.1 Less: imputed lease interest (15.0) (15.9) Total lease liabilities $ 104.9 $ 102.2 Maturities of finance lease liabilities were as follows: ($ in millions) June 30, Year 2024 2024 (remaining period as of) $ 0.4 2025 0.9 2026 0.9 2027 0.8 2028 0.5 Thereafter 0.1 3.6 Less: imputed lease interest (0.3) Total lease liabilities $ 3.3 As of December 31, 2023, finance leases were not material.

Affiliated Companies

Affiliated Companies	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Affiliated Companies	Affiliated Companies At June 30, 2024 and December 31, 2023, the aggregate carrying amount of our investment in affiliated companies that are accounted for under the equity method was $191.0 million and $203.2 million, respectively, and the aggregate carrying amount of our investment in affiliated companies that are not accounted for under the equity method was $7.2 million and $6.8 million, respectively. We have elected to record these investments, for which fair value was not readily determinable, at cost, less impairment, adjusted for subsequent observable price changes. We test these investments for impairment whenever circumstances indicate that the carrying value of the investments may not be recoverable. Our purchases from, and royalty payments made to, affiliates totaled $24.9 million and $53.5 million, respectively, for the three and six months ended June 30, 2024, as compared to $39.9 million and $84.1 million, respectively, for the same period in 2023. As of June 30, 2024 and December 31, 2023, the payable balance due to affiliates was $20.4 million and $25.9 million, respectively. The majority of these transactions related to a distributorship agreement with Daikyo Seiko, Ltd. ("Daikyo") that allows us to purchase and re-sell Daikyo products. Sales to affiliates were $4.0 million and $7.2 million, respectively, for the three and six months ended June 30, 2024, as compared to $2.7 million and $6.0 million, respectively, for the same periods in 2023. As of June 30, 2024 and December 31, 2023, the receivable balance due from affiliates was $2.4 million and $1.6 million, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of June 30, 2024. ($ in millions) June 30, December 31, Term Loan, due December 31, 2024 (8.50%) $ 79.9 $ 81.0 Series B notes, due July 5, 2024 (3.82%) 53.0 53.0 Series C notes, due July 5, 2027 (4.02%) 73.0 73.0 205.9 207.0 Less: unamortized debt issuance costs 0.1 0.2 Total debt 205.8 206.8 Less: current portion of long-term debt 132.9 134.0 Long-term debt, net $ 72.9 $ 72.8 Credit Facility At June 30, 2024, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility (the “Credit Facility”), including outstanding letters of credit of $2.4 million, was $497.6 million. Term Loan At June 30, 2024, we had $79.9 million in borrowings under the Term Loan, of which $79.9 million was classified as current. Please refer to Note 9, Derivative Financial Instruments , for a discussion of the foreign currency hedge associated with the Term Loan. Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At June 30, 2024, we were in compliance with all of our debt covenants.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Our ongoing business operations expose us to various risks, such as fluctuating interest rates, foreign currency exchange rates and increasing commodity prices. To manage these market risks, we periodically enter into derivative financial instruments, such as interest rate swaps, options and foreign exchange contracts for periods consistent with, and for notional amounts equal to or less than, the related underlying exposures. We do not purchase or hold any derivative financial instruments for investment or trading purposes. All derivatives are recorded in our condensed consolidated balance sheet at fair value. Foreign Exchange Rate Risk We have entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany loans. As of both June 30, 2024 and December 31, 2023, 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 at various times throughout 2023 and 2024. As of June 30, 2024, the total amount of these forward exchange contracts was Euro ("EUR") 290.2 million, SGD 98.1 million, $178.3 million, and EUR 23.5 million. As of December 31, 2023, the total amount of these forward exchange contracts was EUR 278.6 million and SGD 94.0 million. In addition, we have entered into several foreign currency contracts, designated as cash flow hedges, for periods of up to eighteen months, intended to hedge the currency risk associated with a portion of our forecasted transactions denominated in foreign currencies. As of June 30, 2024, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows: (in millions) Sell Currency Purchase USD EUR SGD EUR 30.5 33.4 — — Yen 5,750.0 27.6 11.2 1.4 SGD 41.1 14.9 14.6 — In December 2019, we entered into a cross-currency swap for $90 million, which we designated as a hedge of our net investment in Daikyo. As of June 30, 2024, the notional amount of the cross-currency swap is ¥8.7 billion ($79.9 million) and the swap termination date is December 31, 2024. Under the cross-currency swap, we receive floating interest rate payments based on USD compounded Secured Overnight Financing Rate ("SOFR") plus a margin, in return for paying floating interest rate payments based on Japanese Yen (“Yen”) Tokyo Overnight Average Rate ("TONAR") plus a margin. Additionally, we will periodically enter into forward exchange contracts to mitigate our exposure to fluctuating foreign exchange rates on assets and liabilities, other than the intercompany loans and demand notes referenced above, which are denominated in foreign currencies. The Company has elected not to designate these forward contracts in hedging relationships, and any change in the value of the contracts is recognized in income. Commodity Price Risk Many of our proprietary products are made from synthetic elastomers, which are derived from the petroleum refining process. We purchase the majority of our elastomers via long-term supply contracts, some of which contain clauses that provide for surcharges related to fluctuations in crude oil prices. The following economic hedges did not qualify for hedge accounting treatment since they did not meet the highly effective requirement at inception. From November 2017 through June 2024, we purchased several series of call options for a total of 1,079,145 barrels of crude oil to mitigate our exposure to such oil-based surcharges and protect operating cash flows with regard to a portion of our forecasted elastomer purchases. As of June 30, 2024, we had outstanding contracts to purchase 201,801 barrels of crude oil from June 2024 to December 2025, at a weighted-average strike price of $86.26 per barrel. Effects of Derivative Instruments on Financial Position and Results of Operations Please refer to Note 10, Fair Value Measurements , for the balance sheet location and fair values of our derivative instruments as of June 30, 2024 and December 31, 2023. The following table summarizes the effects of derivative instruments designated as fair value hedges on the condensed consolidated statements of income: Amount of Gain (Loss) Recognized in Income for the Amount of Gain (Loss) Recognized in Income for the Three Months Ended Six Months Ended Location on Statement of Income ($ in millions) 2024 2023 2024 2023 Fair Value Hedges: Hedged item (intercompany loan) $ 2.9 $ 7.4 $ 10.4 $ 9.9 Other expense (income) Derivative designated as hedging instrument (2.9) (8.2) (10.4) (10.7) Other expense (income) Amount excluded from effectiveness testing (1.7) (0.1) (3.5) 1.1 Other expense (income) Total $ (1.7) $ (0.9) $ (3.5) $ 0.3 We recognize in earnings the initial value of forward point components for hedges of intercompany loans on a straight-line basis over the life of the fair value hedge. The value of forward point components for hedges of intercompany demand notes is recognized currently in earnings using a market approach. The expense recognized in earnings, pre-tax, for forward point components for the three and six months ended June 30, 2024 was $1.7 million and $3.5 million, respectively. The income recognized in earnings, pre-tax, for forward point components for the three and six months ended June 30, 2023 was $0.2 million and $1.4 million, respectively. The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax: Amount of Gain (Loss) Recognized in OCI for the Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the Location of (Gain) Loss Reclassified from Accumulated OCI into Income Three Months Ended Three Months Ended ($ in millions) 2024 2023 2024 2023 Fair Value Hedges Foreign currency hedge contracts $ 0.5 $ (2.2) $ (0.7) $ 1.9 Other expense (income) Total $ 0.5 $ (2.2) $ (0.7) $ 1.9 Cash Flow Hedges: Foreign currency hedge contracts $ — $ (0.8) $ (0.1) $ 0.4 Net sales Foreign currency hedge contracts (3.7) (2.6) 1.4 0.4 Cost of goods and services sold Forward treasury locks — — — 0.1 Interest expense Total $ (3.7) $ (3.4) $ 1.3 $ 0.9 Net Investment Hedges: Cross-currency swap $ 3.8 $ 5.5 $ — $ — Other expense (income) Total $ 3.8 $ 5.5 $ — $ — Amount of Gain (Loss) Recognized in OCI for the Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the Location of (Gain) Loss Reclassified from Accumulated OCI into Income Six Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Fair Value Hedges Foreign currency hedge contracts $ 0.2 $ (2.0) $ (0.7) $ 1.9 Other expense (income) Total $ 0.2 $ (2.0) $ (0.7) $ 1.9 Cash Flow Hedges: Foreign currency hedge contracts $ 0.1 $ (0.9) $ (0.2) $ 1.1 Net sales Foreign currency hedge contracts (6.6) (3.6) 2.6 0.4 Cost of goods and services sold Forward treasury locks — — 0.1 0.1 Interest expense Total $ (6.5) $ (4.5) $ 2.5 $ 1.6 Net Investment Hedges: Cross-currency swap $ 8.4 $ 7.2 $ — $ — Other expense (income) Total $ 8.4 $ 7.2 $ — $ — Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges within the other expense (income) line in our condensed consolidated statements of income for the three and six months ended June 30, 2024 and June 30, 2023. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our condensed consolidated statements of income: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Net sales $ (0.1) $ 0.4 $ (0.2) $ 1.1 Cost of goods and services sold 1.4 0.4 2.6 0.4 Interest expense — 0.1 0.1 0.1 The following table summarizes the effects of derivative instruments not designated as hedges on the condensed consolidated statements of income: Amount of Gain (Loss) Recognized in Income for the Amount of Gain (Loss) Recognized in Income for the Three Months Ended Six Months Ended Location on Statement of Income ($ in millions) 2024 2023 2024 2023 Commodity call options $ (0.2) $ (0.4) $ (0.1) $ (1.0) Other expense (income) Currency forwards 0.1 (0.2) 0.5 (0.2) Other expense (income) Total $ (0.1) $ (0.6) $ 0.4 $ (1.2) For the three and six months ended June 30, 2024 and 2023, there was no material ineffectiveness related to our hedges.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: • Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 : Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3 : Unobservable inputs that reflect the reporting entity’s own assumptions. The following tables present the assets and liabilities recorded at fair value on a recurring basis: Balance at Basis of Fair Value Measurements ($ in millions) June 30, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 10.4 $ 10.4 $ — $ — Foreign currency contracts 7.4 — 7.4 — Cross-currency swap 25.7 — 25.7 — Commodity call options 0.7 — 0.7 $ 44.2 $ 10.4 $ 33.8 $ — Liabilities: Contingent consideration $ 3.8 $ — $ — $ 3.8 Deferred compensation liabilities 10.6 10.6 — — Foreign currency contracts 14.7 — 14.7 — $ 29.1 $ 10.6 $ 14.7 $ 3.8 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 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 as of June 30, 2024, is valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting date. The fair value of the cross-currency swap, included within other current assets, is valued using a market approach. Please refer to Note 9, Derivative Financial Instruments , for further discussion of our derivatives. The fair value of our commodity call options, included within other current and other noncurrent assets, is valued using a market approach. The fair value of the contingent consideration liability, within current and long-term liabilities, related to the SmartDose ® technology platform (the “SmartDose ® contingent consideration”) was initially determined using a probability-weighted income approach, and is revalued at each reporting date or more frequently if circumstances dictate. Changes in the fair value of this obligation are recorded as income or expense within other expense (income) in our condensed consolidated statements of income. The fair value of deferred compensation liabilities is based on quoted prices of the underlying employees’ investment selections and is included within other long-term liabilities. Other Financial Instruments We believe that the carrying amounts of our cash and cash equivalents and accounts receivable approximate their fair values due to their near-term maturities. The estimated fair value of short-term and long-term debt is based on quoted market prices for debt issuances with similar terms and maturities and is classified as Level 2 within the fair value hierarchy. At June 30, 2024, the estimated fair value of short-term and long-term debt was $203.0 million compared to a carrying amount of $205.8 million. At December 31, 2023, the estimated fair value of short-term and long-term debt was $204.4 million and the carrying amount was $206.8 million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2024: ($ in millions) Derivatives Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2023 $ — $ 2.3 $ (10.1) $ (136.0) $ (143.8) Other comprehensive (loss) income before reclassifications (6.3) (0.2) — (68.0) (74.5) Amounts reclassified out from accumulated other comprehensive (loss) income 1.8 — (0.4) — 1.4 Other comprehensive (loss) income, net of tax (4.5) (0.2) (0.4) (68.0) (73.1) Balance, June 30, 2024 $ (4.5) $ 2.1 $ (10.5) $ (204.0) $ (216.9) The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2023: ($ in millions) Derivatives Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2022 $ 0.2 $ 1.6 $ (9.4) $ (175.4) $ (183.0) Other comprehensive (loss) income before reclassifications (6.5) (0.1) (0.5) 4.0 (3.1) Amounts reclassified out from accumulated other comprehensive (loss) income 3.5 — (0.9) — 2.6 Other comprehensive (loss) income, net of tax (3.0) (0.1) (1.4) 4.0 (0.5) Balance, June 30, 2023 $ (2.8) $ 1.5 $ (10.8) $ (171.4) $ (183.5) A summary of the reclassifications out from accumulated other comprehensive loss is presented in the following table: ($ in millions) Three Months Ended Six Months Ended Location on Statement of Income Detail of components 2024 2023 2024 2023 (Losses) gains on derivatives: Foreign currency contracts $ 0.1 $ (0.6) $ 0.2 $ (1.3) Net sales Foreign currency contracts (1.8) (0.6) (3.4) (0.6) Cost of goods and services sold Foreign currency contracts 1.0 (2.8) 1.0 (2.8) Other expense (income) Forward treasury locks — — (0.1) (0.1) Interest expense Total before tax (0.7) (4.0) (2.3) (4.8) Tax benefit 0.1 1.2 0.5 1.3 Net of tax $ (0.6) $ (2.8) $ (1.8) $ (3.5) Amortization of defined benefit pension and other postretirement plans: Actuarial gains $ 0.2 $ 0.4 $ 0.5 $ 0.8 (a) Other — 0.4 — 0.4 Total before tax 0.2 0.8 0.5 1.2 Tax expense — (0.2) (0.1) (0.3) Net of tax $ 0.2 $ 0.6 $ 0.4 $ 0.9 Total reclassifications for the period, net of tax $ (0.4) $ (2.2) $ (1.4) $ (2.6) (a) This component is included in the computation of net periodic benefit cost.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders ’ Equity The following table presents the changes in shareholders’ equity for the six months ended June 30, 2024: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained Earnings Accumulated Other Comprehensive Loss Total (in millions) Balance, December 31, 2023 75.3 $ 18.8 $ 120.2 1.8 $ (637.6) $ 3,523.4 $ (143.8) $ 2,881.0 Net income — — — — — 115.3 — 115.3 Activity related to stock-based compensation — — (65.0) (0.2) 79.4 — — 14.4 Shares purchased under share repurchase program — — — 0.7 (267.0) — — (267.0) Dividends declared ($0.20 per share) — — — — — (14.6) — (14.6) Other comprehensive loss, net of tax — — — — — — (48.5) (48.5) Balance, March 31, 2024 75.3 $ 18.8 $ 55.2 2.3 $ (825.2) $ 3,624.1 $ (192.3) $ 2,680.6 Net income — — — — — 111.3 — 111.3 Activity related to stock-based compensation — — (21.7) (0.1) 32.8 — — 11.1 Shares purchased under share repurchase program — — — 0.5 (187.1) — — (187.1) Dividends declared ($0.20 per share) — — — — — (14.5) — (14.5) Other comprehensive loss, net of tax — — — — — — (24.6) (24.6) Balance, June 30, 2024 75.3 $ 18.8 $ 33.5 2.7 $ (979.5) $ 3,720.9 $ (216.9) $ 2,576.8 The following table presents the changes in shareholders’ equity for the six months ended June 30, 2023: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained Earnings Accumulated Other Comprehensive Loss Total (in millions) Balance, December 31, 2022 75.3 $ 18.8 $ 232.2 1.2 $ (370.9) $ 2,987.8 $ (183.0) $ 2,684.9 Net income — — — — — 140.0 — 140.0 Activity related to stock-based compensation — — (50.8) (0.3) 61.8 — — 11.0 Shares purchased under share repurchase program — — — 0.2 (60.1) — — (60.1) Dividends declared ($0.19 per share) — — — — — (14.2) — (14.2) Other comprehensive income, net of tax — — — — — — 14.6 14.6 Balance, March 31, 2023 75.3 $ 18.8 $ 181.4 1.1 $ (369.2) $ 3,113.6 $ (168.4) $ 2,776.2 Net income — — — — — 155.1 — 155.1 Activity related to stock-based compensation — — (23.2) (0.2) 41.2 — — 18.0 Shares purchased under share repurchase program — — — 0.5 (173.4) — — (173.4) Dividends declared ($0.19 per share) — — — — — (14.1) — (14.1) Other comprehensive loss, net of tax — — — — — — (15.1) (15.1) Balance, June 30, 2023 75.3 $ 18.8 $ 158.2 1.4 $ (501.4) $ 3,254.6 $ (183.5) $ 2,746.7

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The West Pharmaceutical Services, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Plan”) provides for the granting of stock options, stock appreciation rights, restricted stock awards and performance awards to employees and non-employee directors. A committee of the Board of Directors determines the terms and conditions of awards to be granted. Vesting requirements vary by award. At June 30, 2024, there were 1,339,458 shares remaining in the 2016 Plan for future grants. During the six months ended June 30, 2024, we granted 85,263 stock options at a weighted average exercise price of $350.28 per share based on the grant-date fair value of our stock to employees under the 2016 Plan. The weighted average grant date fair value of options granted was $134.93 per share as determined by the Black-Scholes option valuation model using the following weighted average assumptions: a risk-free interest rate of 4.3%; expected life of 6.0 years based on prior experience; stock volatility of 32.0% based on historical data; and a dividend yield of 0.3%. Stock option expense is recognized over the vesting period, net of forfeitures. During the six months ended June 30, 2024, we granted 32,876 stock-settled performance share unit (“PSU”) awards at a weighted average grant-date fair value of $350.28 per share to eligible employees. These awards are earned based on the Company’s performance against pre-established targets, including annual growth rate of revenue and return on invested capital, over a specified performance period. Depending on the achievement of the targets, recipients of stock-settled PSU awards are entitled to receive a certain number of shares of common stock. Shares earned under PSU awards may vary from 0% to 200% of an employee’s targeted award. The fair value of stock-settled PSU awards is based on the market price of our stock at the grant date and is recognized as expense over the performance period, adjusted for estimated target outcomes and net of forfeitures. During the six months ended June 30, 2024, we granted 7,019 stock-settled restricted share unit (“RSU”) awards at a weighted average grant-date fair value of $350.65 per share to eligible employees. These awards are earned over a specified performance period. The fair value of stock-settled RSU awards is based on the market price of our stock at the grant date and is recognized as expense over the vesting period, net of forfeitures.

Other Expense (Income)

Other Expense (Income)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other Expense (Income)	Other Expense (Income) Other expense (income) consists of: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Loss on disposal of plant $ — $ 2.2 $ — $ 11.6 Foreign exchange transaction losses 2.0 0.3 3.2 1.2 Contingent consideration 1.0 0.5 2.0 0.8 Asset impairments 0.3 1.5 0.9 3.4 Restructuring and related charges — (0.8) — (0.8) Other items — 0.3 0.3 0.7 Total other expense (income) $ 3.3 $ 4.0 $ 6.4 $ 16.9 Loss on Disposal of Plant During the three and six months ended June 30, 2023, the Company recorded expense of $2.2 million and $11.6 million, respectively, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. Contingent Consideration Contingent consideration represents changes in the fair value of the SmartDose ® contingent consideration. Please refer to Note 10, Fair Value Measurements , for additional details. 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 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 Other charges Total Balance, December 31, 2023 $ 3.0 $ — $ 3.0 (Credits) Charges — — — Cash payments (0.3) — (0.3) Balance, June 30, 2024 $ 2.7 $ — $ 2.7

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. The provision for income taxes was $21.9 million and $34.8 million for the three months ended June 30, 2024 and 2023, respectively, and the effective tax rate was 17.0% and 18.8%, respectively. The decrease in the effective tax rate is primarily due to a shift in the forecasted geographic earnings mix, offset by a decrease in the tax benefit related to stock-based compensation for three months ended June 30, 2024 as compared to the same period in 2023. The provision for income taxes was $38.3 million and $58.4 million for the six months ended June 30, 2024 and 2023, respectively, and the effective tax rate was 15.0% and 17.0%, respectively. The decrease in the effective tax rate is primarily due to a shift in the forecasted geographic earnings mix, offset by a decrease in the tax benefit related to stock-based compensation for six months ended June 30, 2024, as compared to the same period in 2023. The Company continues to address the change in tax laws enacted pursuant to the Organization for Economic Cooperation and Development (OECD)’s 15% global minimum tax initiative (Pillar 2). The 2024 forecasted impact of Pillar 2 is not expected to be material to the Company.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in product liability matters and other legal proceedings and claims generally incidental to our normal business activities. We accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. While the outcome of current proceedings cannot be accurately predicted, we believe their ultimate resolution should not have a material adverse effect on our business, financial condition, results of operations or liquidity. There have been no significant changes to commitments and contingencies since December 31, 2023.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Our business operations are organized into two reportable segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery products, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our Contract-Manufactured Products reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers. The Chief Operating Decision Maker ("CODM") evaluates the performance of our segments based upon, among other things, segment net sales and operating profit. Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that the CODM considers not representative of ongoing operations. Such items are referred to as other unallocated items and generally include restructuring and related charges, certain asset impairments and other specifically-identified income or expense items. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides a valuable insight into our overall performance and financial position. The following table presents information about our reportable segments, reconciled to consolidated totals: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Net sales: Proprietary Products $ 559.7 $ 618.0 $ 1,119.2 $ 1,201.1 Contract-Manufactured Products 142.4 135.8 278.3 269.3 Consolidated net sales $ 702.1 $ 753.8 $ 1,397.5 $ 1,470.4 The following table provides summarized financial information for our segments: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Operating profit (loss): Proprietary Products $ 131.0 $ 194.2 $ 257.3 $ 364.9 Contract-Manufactured Products 17.2 14.9 34.3 32.3 Total business segment operating profit $ 148.2 $ 209.1 $ 291.6 $ 397.2 Corporate and Unallocated Stock-based compensation expense $ (4.3) $ (7.5) $ (9.3) $ (16.0) Corporate general costs (1) (17.5) (16.6) (32.9) (31.3) Unallocated Items: Amortization of acquisition-related intangible assets (2) (0.2) (0.2) (0.4) (0.4) Loss on disposal of plant (3) — (2.2) — (11.6) Restructuring and other charges (4) — (0.1) — (0.1) Total Corporate and Unallocated (22.0) (26.6) (42.6) (59.4) Total consolidated operating profit $ 126.2 $ 182.5 $ 249.0 $ 337.8 Interest (income) expense, net and other nonoperating (income) expense, net (2.5) (2.4) (7.1) (5.0) Income before income taxes and equity in net income of affiliated companies $ 128.7 $ 184.9 $ 256.1 $ 342.8 (1) Corporate general costs includes executive and director compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. (2) During the three and six months ended June 30, 2024, the Company recorded $0.2 million and $0.4 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three and six months ended June 30, 2023, the Company recorded $0.2 million and $0.4 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. (3) During the three and six months ended June 30, 2023, the Company recorded expense of $2.2 million and $11.6 million, respectively, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. (4) Restructuring and other charges of $0.1 million for both the three and six months ended June 30, 2023 represents the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan. Please refer to Note 14, Other Expense (Income) , for further discussion of certain unallocated items referenced above.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 2, 2024, the Company entered into the Third Amendment to the Credit Facility Agreement, which amended the Existing Credit Facility Agreement. Among other changes to the existing credit agreement, the Third Amendment established an incremental term loan in the stated principal amount of $130.0 million (the “New Term Loan”), which was fully drawn at closing and matures on July 2, 2027. The entire stated principal amount of the New Term Loan is due at maturity and there is no scheduled amortization prior to such date. Together with cash on hand, proceeds from the New Term Loan were used to repay an outstanding term loan under the Existing Credit Facility Agreement in the principal amount of $79.9 million and to repay an aggregate principal amount of $53.0 million of the Company’s 3.82% Series B Senior Notes due July 5, 2024 issued under that certain Note Purchase Agreement dated as of July 5, 2012.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation : The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three and six months ended June 30, 2024, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “ 2023 Annual Report ”). The results of operations for any interim period are not necessarily indicative of results for the full year.
Standards Issued Not Yet Adopted	Standards Issued Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("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 and interim periods beginning after December 15, 2024. We are currently evaluating the impact of this guidance on our financial statements and disclosures. The Company does not expect the adoption to have a material impact on the consolidated financial statements and disclosures.
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.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the approximate percentage of our net sales by market group: Three Months Ended Six Months Ended 2024 2023 2024 2023 Biologics 36 % 37 % 37 % 36 % Generics 18 % 20 % 18 % 20 % Pharma 26 % 25 % 25 % 26 % Contract-Manufactured Products 20 % 18 % 20 % 18 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by product category: Three Months Ended Six Months Ended 2024 2023 2024 2023 High-Value Product Components 46 % 49 % 46 % 50 % High-Value Product Delivery Devices 11 % 12 % 11 % 10 % Standard Packaging 23 % 21 % 23 % 22 % Contract-Manufactured Products 20 % 18 % 20 % 18 % 100 % 100 % 100 % 100 % The following table presents the approximate percentage of our net sales by geographic location: Three Months Ended Six Months Ended 2024 2023 2024 2023 Americas 43 % 44 % 43 % 44 % Europe, Middle East, Africa 48 % 46 % 48 % 47 % Asia Pacific 9 % 10 % 9 % 9 % 100 % 100 % 100 % 100 %
Schedule of Change in Contract with Customer, Asset and Liability	The following table summarizes our contract assets and liabilities: ($ in millions) Contract assets, December 31, 2023 $ 21.5 Contract assets, June 30, 2024 22.6 Change in contract assets - increase (decrease) $ 1.1 Deferred income, December 31, 2023 $ (53.9) Deferred income, June 30, 2024 (52.2) Change in deferred income - decrease (increase) $ 1.7

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic to Diluted Net Income Per Share	The following table reconciles the shares used in the calculation of basic net income per share to those used for diluted net income per share: Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Net income $ 111.3 $ 155.1 $ 226.6 $ 295.1 Weighted average common shares outstanding 73.0 74.3 73.3 74.4 Dilutive effect of equity awards, based on the treasury stock method 0.7 1.1 0.7 1.1 Weighted average shares assuming dilution 73.7 75.4 74.0 75.5

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. Inventory balances were as follows: ($ in millions) June 30, December 31, Raw materials $ 173.7 $ 172.3 Work in process 81.1 87.3 Finished goods 164.4 175.1 $ 419.2 $ 434.7

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Lease, Cost	The components of lease expense were as follows: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Operating lease cost $ 6.1 $ 4.8 $ 11.7 $ 10.7 Finance lease - amortization of right-of-use (ROU) assets 0.3 — 0.3 — Short-term lease cost 0.6 1.2 1.1 2.5 Variable lease cost 1.9 1.3 3.8 3.0 Total lease cost $ 8.9 $ 7.3 $ 16.9 $ 16.2 Supplemental cash flow information related to leases were as follows: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 15.0 $ 5.0 $ 20.3 $ 9.9 Financing cash flows from finance leases $ 22.9 $ — $ 22.9 $ — Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 29.9 $ 2.9 $ 34.1 $ 3.5 Finance Leases $ 24.3 $ — $ 24.3 $ —
Schedule Of Assets And Liabilities, Lessee	The following table summarizes the finance lease amounts in the Consolidated Balance Sheets: Finance Leases ($ in millions) Balance Sheet Classification June 30, 2024 ROU assets, net Other noncurrent assets $ 31.0 Lease liabilities (current) Other current liabilities $ 0.9 Lease liabilities (noncurrent) Other long-term liabilities $ 2.4
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of operating lease liabilities were as follows: ($ in millions) June 30, December 31, Year 2024 2023 2024 (remaining period as of) $ 12.1 $ 20.9 2025 22.7 18.7 2026 19.8 15.7 2027 15.3 11.2 2028 13.8 9.5 Thereafter 36.2 42.1 119.9 118.1 Less: imputed lease interest (15.0) (15.9) Total lease liabilities $ 104.9 $ 102.2
Schedule of Lessee, Finance Lease, Liability, Maturity	Maturities of finance lease liabilities were as follows: ($ in millions) June 30, Year 2024 2024 (remaining period as of) $ 0.4 2025 0.9 2026 0.9 2027 0.8 2028 0.5 Thereafter 0.1 3.6 Less: imputed lease interest (0.3) Total lease liabilities $ 3.3

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Obligations, Net of Current Maturities	The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of June 30, 2024. ($ in millions) June 30, December 31, Term Loan, due December 31, 2024 (8.50%) $ 79.9 $ 81.0 Series B notes, due July 5, 2024 (3.82%) 53.0 53.0 Series C notes, due July 5, 2027 (4.02%) 73.0 73.0 205.9 207.0 Less: unamortized debt issuance costs 0.1 0.2 Total debt 205.8 206.8 Less: current portion of long-term debt 132.9 134.0 Long-term debt, net $ 72.9 $ 72.8

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Contracts	As of June 30, 2024, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows: (in millions) Sell Currency Purchase USD EUR SGD EUR 30.5 33.4 — — Yen 5,750.0 27.6 11.2 1.4 SGD 41.1 14.9 14.6 —
Schedule of Effects of Derivative Instruments on Other Comprehensive Income ('OCI') and Earnings	The following table summarizes the effects of derivative instruments designated as fair value hedges on the condensed consolidated statements of income: Amount of Gain (Loss) Recognized in Income for the Amount of Gain (Loss) Recognized in Income for the Three Months Ended Six Months Ended Location on Statement of Income ($ in millions) 2024 2023 2024 2023 Fair Value Hedges: Hedged item (intercompany loan) $ 2.9 $ 7.4 $ 10.4 $ 9.9 Other expense (income) Derivative designated as hedging instrument (2.9) (8.2) (10.4) (10.7) Other expense (income) Amount excluded from effectiveness testing (1.7) (0.1) (3.5) 1.1 Other expense (income) Total $ (1.7) $ (0.9) $ (3.5) $ 0.3 The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax: Amount of Gain (Loss) Recognized in OCI for the Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the Location of (Gain) Loss Reclassified from Accumulated OCI into Income Three Months Ended Three Months Ended ($ in millions) 2024 2023 2024 2023 Fair Value Hedges Foreign currency hedge contracts $ 0.5 $ (2.2) $ (0.7) $ 1.9 Other expense (income) Total $ 0.5 $ (2.2) $ (0.7) $ 1.9 Cash Flow Hedges: Foreign currency hedge contracts $ — $ (0.8) $ (0.1) $ 0.4 Net sales Foreign currency hedge contracts (3.7) (2.6) 1.4 0.4 Cost of goods and services sold Forward treasury locks — — — 0.1 Interest expense Total $ (3.7) $ (3.4) $ 1.3 $ 0.9 Net Investment Hedges: Cross-currency swap $ 3.8 $ 5.5 $ — $ — Other expense (income) Total $ 3.8 $ 5.5 $ — $ — Amount of Gain (Loss) Recognized in OCI for the Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the Location of (Gain) Loss Reclassified from Accumulated OCI into Income Six Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Fair Value Hedges Foreign currency hedge contracts $ 0.2 $ (2.0) $ (0.7) $ 1.9 Other expense (income) Total $ 0.2 $ (2.0) $ (0.7) $ 1.9 Cash Flow Hedges: Foreign currency hedge contracts $ 0.1 $ (0.9) $ (0.2) $ 1.1 Net sales Foreign currency hedge contracts (6.6) (3.6) 2.6 0.4 Cost of goods and services sold Forward treasury locks — — 0.1 0.1 Interest expense Total $ (6.5) $ (4.5) $ 2.5 $ 1.6 Net Investment Hedges: Cross-currency swap $ 8.4 $ 7.2 $ — $ — Other expense (income) Total $ 8.4 $ 7.2 $ — $ — Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges within the other expense (income) line in our condensed consolidated statements of income for the three and six months ended June 30, 2024 and June 30, 2023. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our condensed consolidated statements of income: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Net sales $ (0.1) $ 0.4 $ (0.2) $ 1.1 Cost of goods and services sold 1.4 0.4 2.6 0.4 Interest expense — 0.1 0.1 0.1
Schedule of Derivatives Not Designated as Hedging Instruments	The following table summarizes the effects of derivative instruments not designated as hedges on the condensed consolidated statements of income: Amount of Gain (Loss) Recognized in Income for the Amount of Gain (Loss) Recognized in Income for the Three Months Ended Six Months Ended Location on Statement of Income ($ in millions) 2024 2023 2024 2023 Commodity call options $ (0.2) $ (0.4) $ (0.1) $ (1.0) Other expense (income) Currency forwards 0.1 (0.2) 0.5 (0.2) Other expense (income) Total $ (0.1) $ (0.6) $ 0.4 $ (1.2)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	The following tables present the assets and liabilities recorded at fair value on a recurring basis: Balance at Basis of Fair Value Measurements ($ in millions) June 30, Level 1 Level 2 Level 3 Assets: Deferred compensation assets $ 10.4 $ 10.4 $ — $ — Foreign currency contracts 7.4 — 7.4 — Cross-currency swap 25.7 — 25.7 — Commodity call options 0.7 — 0.7 $ 44.2 $ 10.4 $ 33.8 $ — Liabilities: Contingent consideration $ 3.8 $ — $ — $ 3.8 Deferred compensation liabilities 10.6 10.6 — — Foreign currency contracts 14.7 — 14.7 — $ 29.1 $ 10.6 $ 14.7 $ 3.8 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

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2024: ($ in millions) Derivatives Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2023 $ — $ 2.3 $ (10.1) $ (136.0) $ (143.8) Other comprehensive (loss) income before reclassifications (6.3) (0.2) — (68.0) (74.5) Amounts reclassified out from accumulated other comprehensive (loss) income 1.8 — (0.4) — 1.4 Other comprehensive (loss) income, net of tax (4.5) (0.2) (0.4) (68.0) (73.1) Balance, June 30, 2024 $ (4.5) $ 2.1 $ (10.5) $ (204.0) $ (216.9) The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2023: ($ in millions) Derivatives Change in equity affiliate investment AOCI Defined benefit Foreign Total Balance, December 31, 2022 $ 0.2 $ 1.6 $ (9.4) $ (175.4) $ (183.0) Other comprehensive (loss) income before reclassifications (6.5) (0.1) (0.5) 4.0 (3.1) Amounts reclassified out from accumulated other comprehensive (loss) income 3.5 — (0.9) — 2.6 Other comprehensive (loss) income, net of tax (3.0) (0.1) (1.4) 4.0 (0.5) Balance, June 30, 2023 $ (2.8) $ 1.5 $ (10.8) $ (171.4) $ (183.5)
Schedule of Reclassification out of Accumulated Other Comprehensive Loss	A summary of the reclassifications out from accumulated other comprehensive loss is presented in the following table: ($ in millions) Three Months Ended Six Months Ended Location on Statement of Income Detail of components 2024 2023 2024 2023 (Losses) gains on derivatives: Foreign currency contracts $ 0.1 $ (0.6) $ 0.2 $ (1.3) Net sales Foreign currency contracts (1.8) (0.6) (3.4) (0.6) Cost of goods and services sold Foreign currency contracts 1.0 (2.8) 1.0 (2.8) Other expense (income) Forward treasury locks — — (0.1) (0.1) Interest expense Total before tax (0.7) (4.0) (2.3) (4.8) Tax benefit 0.1 1.2 0.5 1.3 Net of tax $ (0.6) $ (2.8) $ (1.8) $ (3.5) Amortization of defined benefit pension and other postretirement plans: Actuarial gains $ 0.2 $ 0.4 $ 0.5 $ 0.8 (a) Other — 0.4 — 0.4 Total before tax 0.2 0.8 0.5 1.2 Tax expense — (0.2) (0.1) (0.3) Net of tax $ 0.2 $ 0.6 $ 0.4 $ 0.9 Total reclassifications for the period, net of tax $ (0.4) $ (2.2) $ (1.4) $ (2.6) (a) This component is included in the computation of net periodic benefit cost.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Stockholders Equity	The following table presents the changes in shareholders’ equity for the six months ended June 30, 2024: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained Earnings Accumulated Other Comprehensive Loss Total (in millions) Balance, December 31, 2023 75.3 $ 18.8 $ 120.2 1.8 $ (637.6) $ 3,523.4 $ (143.8) $ 2,881.0 Net income — — — — — 115.3 — 115.3 Activity related to stock-based compensation — — (65.0) (0.2) 79.4 — — 14.4 Shares purchased under share repurchase program — — — 0.7 (267.0) — — (267.0) Dividends declared ($0.20 per share) — — — — — (14.6) — (14.6) Other comprehensive loss, net of tax — — — — — — (48.5) (48.5) Balance, March 31, 2024 75.3 $ 18.8 $ 55.2 2.3 $ (825.2) $ 3,624.1 $ (192.3) $ 2,680.6 Net income — — — — — 111.3 — 111.3 Activity related to stock-based compensation — — (21.7) (0.1) 32.8 — — 11.1 Shares purchased under share repurchase program — — — 0.5 (187.1) — — (187.1) Dividends declared ($0.20 per share) — — — — — (14.5) — (14.5) Other comprehensive loss, net of tax — — — — — — (24.6) (24.6) Balance, June 30, 2024 75.3 $ 18.8 $ 33.5 2.7 $ (979.5) $ 3,720.9 $ (216.9) $ 2,576.8 The following table presents the changes in shareholders’ equity for the six months ended June 30, 2023: Common Shares Issued Common Stock Capital in Excess of Par Value Number of Treasury Shares Treasury Stock Retained Earnings Accumulated Other Comprehensive Loss Total (in millions) Balance, December 31, 2022 75.3 $ 18.8 $ 232.2 1.2 $ (370.9) $ 2,987.8 $ (183.0) $ 2,684.9 Net income — — — — — 140.0 — 140.0 Activity related to stock-based compensation — — (50.8) (0.3) 61.8 — — 11.0 Shares purchased under share repurchase program — — — 0.2 (60.1) — — (60.1) Dividends declared ($0.19 per share) — — — — — (14.2) — (14.2) Other comprehensive income, net of tax — — — — — — 14.6 14.6 Balance, March 31, 2023 75.3 $ 18.8 $ 181.4 1.1 $ (369.2) $ 3,113.6 $ (168.4) $ 2,776.2 Net income — — — — — 155.1 — 155.1 Activity related to stock-based compensation — — (23.2) (0.2) 41.2 — — 18.0 Shares purchased under share repurchase program — — — 0.5 (173.4) — — (173.4) Dividends declared ($0.19 per share) — — — — — (14.1) — (14.1) Other comprehensive loss, net of tax — — — — — — (15.1) (15.1) Balance, June 30, 2023 75.3 $ 18.8 $ 158.2 1.4 $ (501.4) $ 3,254.6 $ (183.5) $ 2,746.7

Other Expense (Income) (Tables)

Other Expense (Income) (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Expense (Income)	Other expense (income) consists of: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Loss on disposal of plant $ — $ 2.2 $ — $ 11.6 Foreign exchange transaction losses 2.0 0.3 3.2 1.2 Contingent consideration 1.0 0.5 2.0 0.8 Asset impairments 0.3 1.5 0.9 3.4 Restructuring and related charges — (0.8) — (0.8) Other items — 0.3 0.3 0.7 Total other expense (income) $ 3.3 $ 4.0 $ 6.4 $ 16.9
Schedule of Restructuring Reserve	The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan: ($ in millions) Severance Other charges Total Balance, December 31, 2023 $ 3.0 $ — $ 3.0 (Credits) Charges — — — Cash payments (0.3) — (0.3) Balance, June 30, 2024 $ 2.7 $ — $ 2.7

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Sales by Significant Product Group	The following table presents information about our reportable segments, reconciled to consolidated totals: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Net sales: Proprietary Products $ 559.7 $ 618.0 $ 1,119.2 $ 1,201.1 Contract-Manufactured Products 142.4 135.8 278.3 269.3 Consolidated net sales $ 702.1 $ 753.8 $ 1,397.5 $ 1,470.4
Schedule of Segment Reporting Information, by Segment	The following table provides summarized financial information for our segments: Three Months Ended Six Months Ended ($ in millions) 2024 2023 2024 2023 Operating profit (loss): Proprietary Products $ 131.0 $ 194.2 $ 257.3 $ 364.9 Contract-Manufactured Products 17.2 14.9 34.3 32.3 Total business segment operating profit $ 148.2 $ 209.1 $ 291.6 $ 397.2 Corporate and Unallocated Stock-based compensation expense $ (4.3) $ (7.5) $ (9.3) $ (16.0) Corporate general costs (1) (17.5) (16.6) (32.9) (31.3) Unallocated Items: Amortization of acquisition-related intangible assets (2) (0.2) (0.2) (0.4) (0.4) Loss on disposal of plant (3) — (2.2) — (11.6) Restructuring and other charges (4) — (0.1) — (0.1) Total Corporate and Unallocated (22.0) (26.6) (42.6) (59.4) Total consolidated operating profit $ 126.2 $ 182.5 $ 249.0 $ 337.8 Interest (income) expense, net and other nonoperating (income) expense, net (2.5) (2.4) (7.1) (5.0) Income before income taxes and equity in net income of affiliated companies $ 128.7 $ 184.9 $ 256.1 $ 342.8 (1) Corporate general costs includes executive and director compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. (2) During the three and six months ended June 30, 2024, the Company recorded $0.2 million and $0.4 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three and six months ended June 30, 2023, the Company recorded $0.2 million and $0.4 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. (3) During the three and six months ended June 30, 2023, the Company recorded expense of $2.2 million and $11.6 million, respectively, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023. (4) Restructuring and other charges of $0.1 million for both the three and six months ended June 30, 2023 represents the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income)

Revenue - Revenue Recognition (

Revenue - Revenue Recognition (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100%	100%	100%	100%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Biologics
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	36%	37%	37%	36%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Generics
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18%	20%	18%	20%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Pharma
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	26%	25%	25%	26%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20%	18%	20%	18%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100%	100%	100%	100%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Americas
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	43%	44%	43%	44%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Europe, Middle East, Africa
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	48%	46%	48%	47%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Asia Pacific
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	9%	10%	9%	9%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100%	100%	100%	100%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | High-Value Product Components
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	46%	49%	46%	50%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | High-Value Product Delivery Devices
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	11%	12%	11%	10%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | Standard Packaging
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	23%	21%	23%	22%
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20%	18%	20%	18%

Revenue - Contracts and Liabili

Revenue - Contracts and Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Contract With Customer, Asset [Roll Forward]
Contract assets, December 31, 2023	$ 21.5
Contract assets, June 30, 2024	22.6
Change in contract assets - increase (decrease)	1.1
Contract With Customer, Liability [Roll Forward]
Deferred income, December 31, 2023	(53.9)
Deferred income, June 30, 2024	(52.2)
Change in deferred income - decrease (increase)	$ 1.7

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in the deferred income balance	$ 24.2

Net Income Per Share - Summary

Net Income Per Share - Summary of Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 111.3	$ 115.3	$ 155.1	$ 140	$ 226.6	$ 295.1
Weighted average common shares outstanding (in shares)	73		74.3		73.3	74.4
Dilutive effect of equity awards, based on the treasury stock method (in shares)	0.7		1.1		0.7	1.1
Weighted average shares assuming dilution (in shares)	73.7		75.4		74	75.5

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 28, 2023
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of diluted net income per share (in shares)	300,000		100,000		300,000	100,000
Stock repurchase program, shares authorized (in shares)							1,000,000,000
Share purchased under share repurchase program (in shares)	509,336		492,710		1,239,015	676,070
Stock purchase program, cost of shares purchased	$ 187.1	$ 267	$ 173.4	$ 60.1	$ 454.1	$ 233.5
Stock repurchase program, average price per share (in dollars per share)	$ 367.48		$ 351.82		$ 366.53	$ 345.33

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 173.7	$ 172.3
Work in process	81.1	87.3
Finished goods	164.4	175.1
Total inventories	$ 419.2	$ 434.7

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 6.1	$ 4.8	$ 11.7	$ 10.7
Finance lease - amortization of right-of-use (ROU) assets	0.3	0	0.3	0
Short-term lease cost	0.6	1.2	1.1	2.5
Variable lease cost	1.9	1.3	3.8	3
Total lease cost	$ 8.9	$ 7.3	$ 16.9	$ 16.2

Leases - Assets And Liabilities

Leases - Assets And Liabilities, Lessee (Details) $ in Millions	Jun. 30, 2024 USD ($)
Leases [Abstract]
ROU assets, net	$ 31
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets
Lease liabilities (current)	$ 0.9
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Lease liabilities (noncurrent)	$ 2.4
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities

Leases - Lease Cash Flow and Su

Leases - Lease Cash Flow and Supplemental Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 15	$ 5	$ 20.3	$ 9.9
Financing cash flows from finance leases	22.9	0	22.9	0
Right-of-use assets obtained in exchange for new lease liabilities, Operating leases	29.9	2.9	34.1	3.5
Right-of-use assets obtained in exchange for new lease liabilities, Finance Leases	$ 24.3	$ 0	$ 24.3	$ 0

Leases - Lease Weighted Average

Leases - Lease Weighted Average (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term, operating lease	8 years 7 months 6 days	9 years 9 months 18 days
Weighted average remaining lease term, finance lease	7 years 7 months 6 days
Weighted average discount rate, operating lease	3.96%	3.55%
Weighted average discount rate, finance lease	4.94%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining period as of)	$ 12.1	$ 20.9
2025	22.7	18.7
2026	19.8	15.7
2027	15.3	11.2
2028	13.8	9.5
Thereafter	36.2	42.1
Operating leases liabilities payments due	119.9	118.1
Less: imputed lease interest	(15)	(15.9)
Total lease liabilities	$ 104.9	$ 102.2

Leases - Maturities of Finance

Leases - Maturities of Finance Lease Liabilities (Details) $ in Millions	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining period as of)	$ 0.4
2025	0.9
2026	0.9
2027	0.8
2028	0.5
Thereafter	0.1
Finance leases liabilities payments due	3.6
Less: imputed lease interest	(0.3)
Total lease liabilities	$ 3.3

Affiliated Companies (Details)

Affiliated Companies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying amount, equity-method investments	$ 191		$ 191		$ 203.2
Carrying amount, investments not accounted for under the equity method	7.2		7.2		6.8
Amount due to affiliates	169		169		155.2
Net sales	702.1	$ 753.8	1,397.5	$ 1,470.4
Amount receivable from affiliates	138.2		138.2		135.8
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Amount due to affiliates	20.4		20.4		25.9
Net sales	4	2.7	7.2	6
Amount receivable from affiliates	2.4		2.4		$ 1.6
Distributorship Agreement
Schedule of Equity Method Investments [Line Items]
Related party transaction, purchases from related party	$ 24.9	$ 39.9	$ 53.5	$ 84.1

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jul. 05, 2012
Debt Instrument [Line Items]
Long-term debt, gross	$ 205.9	$ 207
Less: unamortized debt issuance costs	0.1	0.2
Total debt	205.8	206.8
Less: current portion of long-term debt	132.9	134
Long-term debt, net	$ 72.9	72.8
Term Loan, due December 31, 2024 (8.50%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	8.50%
Long-term debt, gross	$ 79.9	81
Less: current portion of long-term debt	$ 79.9
Series B notes, due July 5, 2024 (3.82%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.82%		3.82%
Long-term debt, gross	$ 53	53
Series C notes, due July 5, 2027 (4.02%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.02%
Long-term debt, gross	$ 73	$ 73

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 205.9	$ 207
Current portion of long-term debt	132.9	134
Revolving Credit Facility, Due 2024 | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	500
Line of credit Facility, unused commitment level	497.6
Revolving Credit Facility, Due 2024 | Letter of Credit
Line of Credit Facility [Line Items]
Long-term line of credit	2.4
Term Loan Due 2024
Line of Credit Facility [Line Items]
Long-term debt, gross	79.9	$ 81
Current portion of long-term debt	$ 79.9

Derivative Financial Instrume_3

Derivative Financial Instruments - Foreign Exchange Rate and Commodity Price Risk (Details) € in Millions, ¥ in Millions, $ in Millions, $ in Millions	6 Months Ended	80 Months Ended
	Jun. 30, 2024 SGD ($) $ / bbl bbl	Jun. 30, 2024 SGD ($) $ / bbl bbl	Jun. 30, 2024 USD ($) $ / bbl	Jun. 30, 2024 EUR (€) $ / bbl	Jun. 30, 2024 JPY (¥) $ / bbl	Dec. 31, 2023 SGD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2019 USD ($)
Currency forwards | EUR | Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount | €								€ 278.6
Currency forwards | SGD | Intercompany Loans
Derivative [Line Items]
Derivative, notional amount	$ 601.5	$ 601.5				$ 601.5
Currency forwards | SGD | Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount	$ 98.1	98.1				$ 94
Currency forwards | USD | Intercompany Loans
Derivative [Line Items]
Derivative, notional amount			$ 13.4				$ 13.4
Currency forwards | USD | Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount			178.3
Forward Contracts, One | EUR | Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount | €				€ 290.2
Forward Contracts, Two | EUR | Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount | €				23.5
Foreign Exchange Forward
Derivative [Line Items]
Derivative contract term	18 months
Foreign Exchange Forward | Purchase | Designated as Hedging Instrument | EUR
Derivative [Line Items]
Derivative, notional amount | €				30.5
Foreign Exchange Forward | Purchase | Designated as Hedging Instrument | Yen
Derivative [Line Items]
Derivative, notional amount | ¥					¥ 5,750
Foreign Exchange Forward | Purchase | Designated as Hedging Instrument | SGD
Derivative [Line Items]
Derivative, notional amount	$ 41.1	41.1
Foreign Exchange Forward | Sell | Designated as Hedging Instrument | EUR
Derivative [Line Items]
Derivative, notional amount	0	0	33.4	0
Foreign Exchange Forward | Sell | Designated as Hedging Instrument | Yen
Derivative [Line Items]
Derivative, notional amount	1.4	1.4	27.6	11.2
Foreign Exchange Forward | Sell | Designated as Hedging Instrument | SGD
Derivative [Line Items]
Derivative, notional amount	$ 0	$ 0	14.9	€ 14.6
Cross Currency Interest Rate Contract | Net Investment Hedges: | Yen
Derivative [Line Items]
Derivative, notional amount | ¥					¥ 8,700
Cross Currency Interest Rate Contract | Net Investment Hedges: | USD
Derivative [Line Items]
Derivative, notional amount			$ 79.9						$ 90
Options Held
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | bbl	201,801	1,079,145
Derivative, average price risk option strike price | $ / bbl	86.26	86.26	86.26	86.26	86.26

Derivative Financial Instrume_4

Derivative Financial Instruments - Effects of Derivative Instruments on OCI and Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss) recognized in income, fair value hedges	$ (1.7)	$ (0.9)	$ (3.5)	$ 0.3
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, forward point components, gain (loss), recognized in earnings	(1.7)	0.2	(3.5)	1.4
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	0.5	(2.2)	0.2	(2)
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	(0.7)	1.9	(0.7)	1.9
Cash Flow Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(3.7)	(3.4)	(6.5)	(4.5)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.3	0.9	2.5	1.6
Cash Flow Hedges: | Forward treasury locks
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	0	0	0	0
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0	0.1	0.1	0.1
Net Investment Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	3.8	5.5	8.4	7.2
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0	0	0	0
Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss) on hedged item, fair value hedges	2.9	7.4	10.4	9.9
Change in unrealized gain (loss) on fair value hedging instruments	(2.9)	(8.2)	(10.4)	(10.7)
Derivative gain (loss) on amount excluded from effectiveness testing, fair value hedges	(1.7)	(0.1)	(3.5)	1.1
Other expense (income) | Fair Value Hedges | Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	0.5	(2.2)	0.2	(2)
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	(0.7)	1.9	(0.7)	1.9
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	3.8	5.5	8.4	7.2
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0	0	0	0
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	(0.1)	0.4	(0.2)	1.1
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	(0.8)	0.1	(0.9)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	(0.1)	0.4	(0.2)	1.1
Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	1.4	0.4	2.6	0.4
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	(3.7)	(2.6)	(6.6)	(3.6)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.4	0.4	2.6	0.4
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	$ 0	$ 0.1	$ 0.1	$ 0.1

Derivative Financial Instrume_5

Derivative Financial Instruments - Derivative Instruments Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (0.1)	$ (0.6)	$ 0.4	$ (1.2)
Commodity call options | Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(0.2)	(0.4)	(0.1)	(1)
Currency forwards | Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 0.1	$ (0.2)	$ 0.5	$ (0.2)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets:
Deferred compensation assets	$ 10.4	$ 10.2
Foreign currency contracts	7.4	5
Total assets at fair value	44.2	34.2
Liabilities:
Contingent consideration	3.8	3.6
Deferred compensation liabilities	10.6	10.4
Foreign currency contracts	14.7	2.2
Total liabilities at fair value	29.1	16.2
Cross-currency swap
Assets:
Commodity call options	25.7	18.4
Commodity
Assets:
Commodity call options	0.7	0.6
Level 1
Assets:
Deferred compensation assets	10.4	10.2
Foreign currency contracts	0	0
Total assets at fair value	10.4	10.2
Liabilities:
Contingent consideration	0	0
Deferred compensation liabilities	10.6	10.4
Foreign currency contracts	0	0
Total liabilities at fair value	10.6	10.4
Level 1 | Cross-currency swap
Assets:
Commodity call options	0	0
Level 1 | Commodity
Assets:
Commodity call options	0	0
Level 2
Assets:
Deferred compensation assets	0	0
Foreign currency contracts	7.4	5
Total assets at fair value	33.8	24
Liabilities:
Contingent consideration	0	0
Deferred compensation liabilities	0	0
Foreign currency contracts	14.7	2.2
Total liabilities at fair value	14.7	2.2
Level 2 | Cross-currency swap
Assets:
Commodity call options	25.7	18.4
Level 2 | Commodity
Assets:
Commodity call options	0.7	0.6
Level 3
Assets:
Deferred compensation assets	0	0
Foreign currency contracts	0	0
Total assets at fair value	0	0
Liabilities:
Contingent consideration	3.8	3.6
Deferred compensation liabilities	0	0
Foreign currency contracts	0	0
Total liabilities at fair value	3.8	3.6
Level 3 | Cross-currency swap
Assets:
Commodity call options	0	0
Level 3 | Commodity
Assets:
Commodity call options		$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other Financial Instruments [Abstract]
Estimated fair value	$ 203	$ 204.4
Carrying amount	$ 205.8	$ 206.8

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	$ 2,680.6	$ 2,881	$ 2,776.2	$ 2,684.9	$ 2,881	$ 2,684.9
Other comprehensive (loss) income before reclassifications					(74.5)	(3.1)
Amounts reclassified out from accumulated other comprehensive (loss) income					1.4	2.6
Other comprehensive (loss) income, net of tax	(24.6)	(48.5)	(15.1)	14.6	(73.1)	(0.5)
Ending balance	2,576.8	2,680.6	2,746.7	2,776.2	2,576.8	2,746.7
Derivatives
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		0		0.2	0	0.2
Other comprehensive (loss) income before reclassifications					(6.3)	(6.5)
Amounts reclassified out from accumulated other comprehensive (loss) income					1.8	3.5
Other comprehensive (loss) income, net of tax					(4.5)	(3)
Ending balance	(4.5)		(2.8)		(4.5)	(2.8)
Change in equity affiliate investment AOCI
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		2.3		1.6	2.3	1.6
Other comprehensive (loss) income before reclassifications					(0.2)	(0.1)
Amounts reclassified out from accumulated other comprehensive (loss) income					0	0
Other comprehensive (loss) income, net of tax					(0.2)	(0.1)
Ending balance	2.1		1.5		2.1	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		(10.1)		(9.4)	(10.1)	(9.4)
Other comprehensive (loss) income before reclassifications					0	(0.5)
Amounts reclassified out from accumulated other comprehensive (loss) income					(0.4)	(0.9)
Other comprehensive (loss) income, net of tax					(0.4)	(1.4)
Ending balance	(10.5)		(10.8)		(10.5)	(10.8)
Foreign currency translation
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance		(136)		(175.4)	(136)	(175.4)
Other comprehensive (loss) income before reclassifications					(68)	4
Amounts reclassified out from accumulated other comprehensive (loss) income					0	0
Other comprehensive (loss) income, net of tax					(68)	4
Ending balance	(204)		(171.4)		(204)	(171.4)
Total
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(192.3)	(143.8)	(168.4)	(183)	(143.8)	(183)
Other comprehensive (loss) income, net of tax	(24.6)	(48.5)	(15.1)	14.6
Ending balance	$ (216.9)	$ (192.3)	$ (183.5)	$ (168.4)	$ (216.9)	$ (183.5)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	$ 702.1		$ 753.8		$ 1,397.5	$ 1,470.4
Cost of goods and services sold	(472.1)		(462.4)		(937.3)	(907.7)
Other expense (income)	(3.3)		(4)		(6.4)	(16.9)
Interest expense	(1.5)		(2.7)		(3.1)	(4.9)
Income before income taxes and equity in net income of affiliated companies	128.7		184.9		256.1	342.8
Tax expense	(21.9)		(34.8)		(38.3)	(58.4)
Total reclassifications for the period, net of tax	111.3	$ 115.3	155.1	$ 140	226.6	295.1
Reclassification out of Accumulated Other Comprehensive Loss
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Total reclassifications for the period, net of tax	(0.4)		(2.2)		(1.4)	(2.6)
Reclassification out of Accumulated Other Comprehensive Loss | (Losses) gains on derivatives:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Income before income taxes and equity in net income of affiliated companies	(0.7)		(4)		(2.3)	(4.8)
Tax expense	0.1		1.2		0.5	1.3
Total reclassifications for the period, net of tax	(0.6)		(2.8)		(1.8)	(3.5)
Reclassification out of Accumulated Other Comprehensive Loss | (Losses) gains on derivatives: | Foreign currency contracts
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	0.1		(0.6)		0.2	(1.3)
Cost of goods and services sold	(1.8)		(0.6)		(3.4)	(0.6)
Other expense (income)	1		(2.8)		1	(2.8)
Reclassification out of Accumulated Other Comprehensive Loss | (Losses) gains on derivatives: | Forward treasury locks
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Interest expense	0		0		(0.1)	(0.1)
Reclassification out of Accumulated Other Comprehensive Loss | Amortization of defined benefit pension and other postretirement plans:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Actuarial gains	0.2		0.4		0.5	0.8
Other	0		0.4		0	0.4
Income before income taxes and equity in net income of affiliated companies	0.2		0.8		0.5	1.2
Tax expense	0		(0.2)		(0.1)	(0.3)
Total reclassifications for the period, net of tax	$ 0.2		$ 0.6		$ 0.4	$ 0.9

Shareholder's Equity - Change i

Shareholder's Equity - Change in Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,680.6	$ 2,881	$ 2,776.2	$ 2,684.9	$ 2,881	$ 2,684.9
Beginning balance (in shares)		1,800,000			1,800,000
Net income	111.3	$ 115.3	155.1	140	$ 226.6	$ 295.1
Activity related to stock-based compensation	$ 11.1	14.4	$ 18	11
Share purchased under share repurchase program (in shares)	509,336		492,710		1,239,015	676,070
Shares purchased under share repurchase program	$ (187.1)	(267)	$ (173.4)	(60.1)	$ (454.1)	$ (233.5)
Dividends declared	(14.5)	(14.6)	(14.1)	(14.2)
Other comprehensive (loss) income, net of tax	(24.6)	(48.5)	(15.1)	14.6	(73.1)	(0.5)
Ending balance	$ 2,576.8	$ 2,680.6	$ 2,746.7	$ 2,776.2	$ 2,576.8	$ 2,746.7
Ending balance (in shares)	2,700,000				2,700,000
Dividends declared per share (in dollars per share)	$ 0.20	$ 0.20	$ 0.19	$ 0.19
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000
Beginning balance	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8
Ending balance (in shares)	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000
Ending balance	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	55.2	120.2	181.4	232.2	120.2	232.2
Activity related to stock-based compensation	(21.7)	(65)	(23.2)	(50.8)
Ending balance	33.5	55.2	158.2	181.4	33.5	158.2
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (825.2)	$ (637.6)	$ (369.2)	$ (370.9)	$ (637.6)	$ (370.9)
Beginning balance (in shares)	2,300,000	1,800,000	1,100,000	1,200,000	1,800,000	1,200,000
Activity related to stock-based compensation	$ 32.8	$ 79.4	$ 41.2	$ 61.8
Activity related to stock -based compensation (in shares)	(100,000)	(200,000)	(200,000)	(300,000)
Share purchased under share repurchase program (in shares)	500,000	700,000	500,000	200,000
Shares purchased under share repurchase program	$ (187.1)	$ (267)	$ (173.4)	$ (60.1)
Ending balance	$ (979.5)	$ (825.2)	$ (501.4)	$ (369.2)	$ (979.5)	$ (501.4)
Ending balance (in shares)	2,700,000	2,300,000	1,400,000	1,100,000	2,700,000	1,400,000
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 3,624.1	$ 3,523.4	$ 3,113.6	$ 2,987.8	$ 3,523.4	$ 2,987.8
Net income	111.3	115.3	155.1	140
Dividends declared	(14.5)	(14.6)	(14.1)	(14.2)
Ending balance	3,720.9	3,624.1	3,254.6	3,113.6	3,720.9	3,254.6
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(192.3)	(143.8)	(168.4)	(183)	(143.8)	(183)
Other comprehensive (loss) income, net of tax	(24.6)	(48.5)	(15.1)	14.6
Ending balance	$ (216.9)	$ (192.3)	$ (183.5)	$ (168.4)	$ (216.9)	$ (183.5)

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under the 2016 plan (in shares)	1,339,458		1,339,458
Stock options, granted (in shares)			85,263
Stock options, weighted average exercise price (in dollars per share)			$ 350.28
Stock options, weighted average grant date fair value (in dollars per share)			$ 134.93
Risk-free interest rate			4.30%
Expected life			6 years
Stock volatility			32%
Dividend yield			0.30%
Stock-based compensation expense	$ 4.3	$ 7.5	$ 9.3	$ 16
Performance Share Unit (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			32,876
Grant date fair value (in dollars per share)			$ 350.28
Performance Share Unit (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			0%
Performance Share Unit (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			200%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			7,019
Grant date fair value (in dollars per share)			$ 350.65

Other Expense (Income) - Schedu

Other Expense (Income) - Schedule of Other Expense (Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Loss on disposal of plant	$ 0	$ 2.2	$ 0	$ 11.6
Foreign exchange transaction losses	2	0.3	3.2	1.2
Contingent consideration	1	0.5	2	0.8
Asset impairments	0.3	1.5	0.9	3.4
Restructuring and related charges	0	(0.8)	0	(0.8)
Other items	0	0.3	0.3	0.7
Total other expense (income)	$ 3.3	$ 4	$ 6.4	$ 16.9

Other Expense (Income) - Narrat

Other Expense (Income) - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Loss on disposal of plant		$ 0	$ 2.2	$ 0	$ 11.6
2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring plan, implementation period	24 months
2022 Restructuring Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 22
Effect on future earnings, amount	22
2022 Restructuring Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	24
Effect on future earnings, amount	$ 24

Other Expense (Income) - Sche_2

Other Expense (Income) - Schedule of Restructuring Reserve (Details) - 2022 Restructuring Plan $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	$ 3
(Credits) Charges	0
Cash payments	(0.3)
Balance, June 30, 2024	2.7
Severance and benefits
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	3
(Credits) Charges	0
Cash payments	(0.3)
Balance, June 30, 2024	2.7
Other charges
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	0
(Credits) Charges	0
Cash payments	0
Balance, June 30, 2024	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 21.9	$ 34.8	$ 38.3	$ 58.4
Effective income tax rate	17%	18.80%	15%	17%

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Sales by

Segment Information - Sales by Product Group (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 702.1	$ 753.8	$ 1,397.5	$ 1,470.4
Proprietary Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	559.7	618	1,119.2	1,201.1
Contract-Manufactured Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 142.4	$ 135.8	$ 278.3	$ 269.3

Segment Information - Segment F

Segment Information - Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Operating profit	$ 126.2	$ 182.5	$ 249	$ 337.8
Stock-based compensation expense			(9.3)	(16)
Loss on disposal of plant	0	(2.2)	0	(11.6)
Interest (income) expense, net and other nonoperating (income) expense, net	(2.5)	(2.4)	(7.1)	(5)
Income before income taxes and equity in net income of affiliated companies	128.7	184.9	256.1	342.8
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	148.2	209.1	291.6	397.2
Operating Segments | Proprietary Products
Segment Reporting Information [Line Items]
Operating profit	131	194.2	257.3	364.9
Operating Segments | Contract-Manufactured Products
Segment Reporting Information [Line Items]
Operating profit	17.2	14.9	34.3	32.3
Corporate and Unallocated
Segment Reporting Information [Line Items]
Operating profit	(22)	(26.6)	(42.6)	(59.4)
Stock-based compensation expense	(4.3)	(7.5)	(9.3)	(16)
Corporate general costs	(17.5)	(16.6)	(32.9)	(31.3)
Amortization of acquisition-related intangible assets	(0.2)	(0.2)	(0.4)	(0.4)
Loss on disposal of plant	0	(2.2)	0	(11.6)
Restructuring and severance related charges	$ 0	(0.1)	$ 0	(0.1)
Corporate and Unallocated | 2022 Restructuring Plan
Segment Reporting Information [Line Items]
Inventory write-down		0.9		0.9
Benefit within other expense (income) for revised severance estimates		$ 0.8		$ 0.8

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)		6 Months Ended
	Jul. 02, 2024	Jun. 30, 2024	Jun. 30, 2023	Jul. 05, 2012
Subsequent Event [Line Items]
Repayments of long-term debt		$ 36,100,000	$ 1,100,000
Term Loan, due December 31, 2024 (8.50%)
Subsequent Event [Line Items]
Debt instrument, stated interest rate		8.50%
Series B notes, due July 5, 2024 (3.82%)
Subsequent Event [Line Items]
Debt instrument, stated interest rate		3.82%		3.82%
Subsequent Event | Term Loan, Due 2027
Subsequent Event [Line Items]
Principal amount	$ 130,000,000
Subsequent Event | Term Loan, due December 31, 2024 (8.50%)
Subsequent Event [Line Items]
Repayments of long-term debt	79,900,000
Subsequent Event | Series B notes, due July 5, 2024 (3.82%)
Subsequent Event [Line Items]
Repayments of long-term debt	$ 53,000,000