0000105770-23-000068 | 10-Q | XBRL Viewer | West Pharmaceutical Services INC

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Net Income Per Share - Schedule of Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 161.3	$ 155.1	$ 140.0	$ 120.6	$ 188.5	$ 173.8	$ 456.4	$ 482.9
Weighted average common shares outstanding (in shares)	74.3			74.4			74.4	74.4
Dilutive effect of equity awards, based on the treasury stock method (in shares)	1.0			1.3			1.1	1.5
Weighted average shares assuming dilution (in shares)	75.3			75.7			75.5	75.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Leases - Lease Weighted Average (Details)	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term	10 years 1 month 6 days	9 years 3 months 18 days
Weighted average discount rate	3.46%	3.25%

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,746.7	$ 2,776.2	$ 2,684.9	$ 2,424.4	$ 2,326.2	$ 2,335.4	$ 2,684.9	$ 2,335.4
Other comprehensive (loss) income before reclassifications							(45.9)	(163.3)
Amounts reclassified out from accumulated other comprehensive (loss) income							5.9	14.4
Other comprehensive (loss) income, net of tax	(39.5)	(15.1)	14.6	(62.6)	(63.5)	(22.8)	(40.0)	(148.9)
Ending balance	2,868.2	2,746.7	2,776.2	2,470.8	2,424.4	2,326.2	2,868.2	2,470.8
(Losses) gains on derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0.2			(1.2)	0.2	(1.2)
Other comprehensive (loss) income before reclassifications							(8.8)	(3.5)
Amounts reclassified out from accumulated other comprehensive (loss) income							7.0	0.9
Other comprehensive (loss) income, net of tax							(1.8)	(2.6)
Ending balance	(1.6)			(3.8)			(1.6)	(3.8)
Change in equity affiliate investment AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			1.6			1.5	1.6	1.5
Other comprehensive (loss) income before reclassifications							(0.1)	(0.2)
Amounts reclassified out from accumulated other comprehensive (loss) income							0.0	0.0
Other comprehensive (loss) income, net of tax							(0.1)	(0.2)
Ending balance	1.5			1.3			1.5	1.3
Defined benefit pension and other postretirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(9.4)			(31.8)	(9.4)	(31.8)
Other comprehensive (loss) income before reclassifications							(0.1)	2.9
Amounts reclassified out from accumulated other comprehensive (loss) income							(1.1)	13.5
Other comprehensive (loss) income, net of tax							(1.2)	16.4
Ending balance	(10.6)			(15.4)			(10.6)	(15.4)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(175.4)			(128.1)	(175.4)	(128.1)
Other comprehensive (loss) income before reclassifications							(36.9)	(162.5)
Amounts reclassified out from accumulated other comprehensive (loss) income							0.0	0.0
Other comprehensive (loss) income, net of tax							(36.9)	(162.5)
Ending balance	(212.3)			(290.6)			(212.3)	(290.6)
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(183.5)	(168.4)	(183.0)	(245.9)	(182.4)	(159.6)	(183.0)	(159.6)
Other comprehensive (loss) income, net of tax	(39.5)	(15.1)	14.6	(62.6)	(63.5)	(22.8)
Ending balance	$ (223.0)	$ (183.5)	$ (168.4)	$ (308.5)	$ (245.9)	$ (182.4)	$ (223.0)	$ (308.5)

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in product liability matters and other legal proceedings and claims generally incidental to our normal business activities. We accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. While the outcome of current proceedings cannot be accurately predicted, we believe their ultimate resolution should not have a material adverse effect on our business, financial condition, results of operations or liquidity. There have been no significant changes to the commitments and contingencies included in our 2022 Annual Report.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 29.4	$ 20.4	$ 87.8	$ 85.8
Effective income tax rate	15.70%	15.00%	16.60%	15.60%
Tax benefit from termination of pension plans		$ 20.0		$ 20.3
Effective income tax rate reconciliation tax benefit				$ 5.9

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Derivative Financial Instruments - Derivative Instruments Not Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on oil hedges	$ 0.5	$ (1.5)	$ (0.5)	$ 1.6
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on oil hedges	0.5	(1.5)	(0.7)	1.6
Commodity call options \| Not Designated as Hedging Instrument \| Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on oil hedges	0.5	(1.5)	(0.5)	1.6
Currency Forwards \| Not Designated as Hedging Instrument \| Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on oil hedges	$ 0.0	$ 0.0	$ (0.2)	$ 0.0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 898.6	$ 894.3
Accounts receivable, net	519.1	507.4
Inventories	431.8	414.8
Other current assets	122.8	103.0
Total current assets	1,972.3	1,919.5
Property, plant and equipment	2,607.1	2,386.6
Less: accumulated depreciation and amortization	1,295.5	1,228.3
Property, plant and equipment, net	1,311.6	1,158.3
Operating lease right-of-use assets	96.8	104.4
Investments in affiliated companies	195.4	204.9
Goodwill	106.8	107.3
Intangible assets, net	15.7	18.4
Deferred income taxes	17.3	65.6
Other noncurrent assets	38.8	38.4
Total Assets	3,754.7	3,616.8
Current liabilities:
Notes payable and other current debt	55.2	2.2
Accounts payable	219.8	215.4
Accrued salaries, wages and benefits	90.5	76.8
Income taxes payable	15.0	24.8
Operating lease liabilities	16.5	16.0
Other current liabilities	136.5	183.8
Total current liabilities	533.5	519.0
Long-term debt	152.1	206.7
Deferred income taxes	16.5	14.3
Pension and other postretirement benefits	28.4	28.2
Operating lease liabilities	83.0	93.0
Deferred compensation benefits	17.9	19.1
Other long-term liabilities	55.1	51.6
Total Liabilities	886.5	931.9
Commitments and contingencies (Note 17)
Equity:
Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding	0.0	0.0
Common stock, par value $0.25 per share; 200.0 million shares authorized; shares issued: 75.3 million and 75.3 million, respectively; shares outstanding: 74.0 million and 74.1 million, respectively	18.8	18.8
Capital in excess of par value	122.6	232.2
Retained earnings	3,415.9	2,987.8
Accumulated other comprehensive loss	(223.0)	(183.0)
Treasury stock, at cost (1.3 million and 1.2 million shares, respectively)	(466.1)	(370.9)
Total Equity	2,868.2	2,684.9
Total Liabilities and Equity	$ 3,754.7	$ 3,616.8

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 4.3	$ 3.7	$ 15.0	$ 10.4
Short-term lease cost	1.9	0.3	4.4	1.1
Variable lease cost	1.4	2.3	4.4	4.7
Total lease cost	$ 7.6	$ 6.3	$ 23.8	$ 16.2

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income ("AOCI") (Loss)

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the nine months ended September 30, 2023:


($ in millions)	(Losses) gains on derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2022	$	0.2	$	1.6	$	(9.4)	$	(175.4)	$	(183.0)
Other comprehensive (loss) income before reclassifications	(8.8)		(0.1)		(0.1)		(36.9)		(45.9)
Amounts reclassified out from accumulated other comprehensive (loss) income	7.0		—		(1.1)		—		5.9
Other comprehensive (loss) income, net of tax	(1.8)		(0.1)		(1.2)		(36.9)		(40.0)
Balance, September 30, 2023	$	(1.6)	$	1.5	$	(10.6)	$	(212.3)	$	(223.0)

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the nine months ended September 30, 2022:


($ in millions)	(Losses) gains on derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2021	$	(1.2)	$	1.5	$	(31.8)	$	(128.1)	$	(159.6)
Other comprehensive (loss) income before reclassifications	(3.5)		(0.2)		2.9		(162.5)		(163.3)
Amounts reclassified out from accumulated other comprehensive (loss) income	0.9		—		13.5		—		14.4
Other comprehensive (loss) income, net of tax	(2.6)		(0.2)		16.4		(162.5)		(148.9)
Balance, September 30, 2022	$	(3.8)	$	1.3	$	(15.4)	$	(290.6)	$	(308.5)

Schedule of Reclassification Out of Accumulated Other Comprehensive Loss

A summary of the reclassifications out of accumulated other comprehensive loss is presented in the following table:


($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
Detail of components	2023		2022		2023		2022
Gains (losses) on derivatives:
Foreign currency contracts	$	(0.2)	$	0.5	$	(1.5)	$	1.2	Net sales
Foreign currency contracts	(1.4)		(1.2)		(2.0)		(2.9)		Cost of goods and services sold
Foreign currency contracts	(3.4)		(0.7)		(6.2)		1.1		Other expense (income)
Forward treasury locks	(0.1)		(0.1)		(0.2)		(0.3)		Interest expense
Total before tax	(5.1)		(1.5)		(9.9)		(0.9)
Tax benefit (expense)	1.6		0.4		2.9		—
Net of tax	$	(3.5)	$	(1.1)	$	(7.0)	$	(0.9)
Amortization of defined benefit pension and other postretirement plans:


Actuarial gains	$	0.3	$	1.1	$	1.1	$	1.1	(a)
Settlements	—		(27.6)		—		(28.8)		(a)
Other	—		—		0.4		(0.4)
Total before tax	0.3		(26.5)		1.5		(28.1)
Tax (expense) benefit	(0.1)		14.2		(0.4)		14.6
Net of tax	$	0.2	$	(12.3)	$	1.1	$	(13.5)
Total reclassifications for the period, net of tax	$	(3.3)	$	(13.4)	$	(5.9)	$	(14.4)

(a) These components are included in the computation of net periodic benefit cost. Please refer to Note 14, Benefit Plans, for additional details.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	75,300,000	75,300,000
Common stock, shares outstanding (in shares)	74,000,000	74,100,000
Treasury stock, at cost (in shares)	1,300,000	1,200,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0.4	$ 1.1	$ 1.9	$ 3.8
Defined benefit pension and other postretirement plan adjustments, tax	0.0	14.6	(0.5)	15.5
Net loss on equity affiliate accumulated other comprehensive income, tax	0.0	0.0	0.0	0.0
Net gain (loss) on derivatives, tax	$ 0.8	$ 0.0	$ (0.3)	$ (0.8)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 456.4	$ 482.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	99.1	86.8
Amortization	2.3	2.7
Stock-based compensation	21.9	17.0
Loss on disposal of plant	11.6	0.0
Asset impairments	6.9	1.6
Pension settlement charge	0.0	50.8
Other non-cash items, net	(13.5)	(17.9)
Changes in assets and liabilities	(47.3)	(130.7)
Net cash provided by operating activities	537.4	493.2
Cash flows from investing activities:
Capital expenditures	(253.3)	(189.7)
Other, net	(6.6)	(3.7)
Net cash used in investing activities	(259.9)	(193.4)
Cash flows from financing activities:
Repayments of long-term debt	(1.7)	(43.7)
Debt issuance costs	0.0	(1.3)
Dividend payments	(42.2)	(40.0)
Proceeds from stock-based compensation awards	42.6	17.1
Employee stock purchase plan contributions	5.3	6.1
Shares purchased under share repurchase programs	(261.3)	(202.9)
Shares repurchased for employee tax withholdings	(12.8)	(19.4)
Net cash used in financing activities	(270.1)	(284.1)
Effect of exchange rates on cash	(3.1)	(49.3)
Net increase (decrease) in cash and cash equivalents	4.3	(33.6)
Cash, including cash equivalents at beginning of period	894.3	762.6
Cash, including cash equivalents at end of period	$ 898.6	$ 729.0

Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Benefit Plans - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Settlements	$ 0.0	$ 49.6	$ 0.0	$ 50.8
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Settlements	$ 0.0	$ 49.6	0.0	$ 50.8
U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Contributions by employer			$ 6.5

Accumulated Other Comprehensive Loss - Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Cost of goods and services sold	$ (459.1)			$ (418.9)			$ (1,366.8)	$ (1,304.1)
Interest expense	(2.9)			(2.2)			(7.8)	(6.2)
Actuarial gains	0.3			0.1			1.1	0.1
Settlements	0.0			(49.6)			0.0	(50.8)
Income before income taxes and equity in net income of affiliated companies	187.0			136.2			529.8	551.2
Tax (expense) benefit	(29.4)			(20.4)			(87.8)	(85.8)
Net income	161.3	$ 155.1	$ 140.0	120.6	$ 188.5	$ 173.8	456.4	482.9
Reclassification out of Accumulated Other Comprehensive Loss
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net income	(3.3)			(13.4)			(5.9)	(14.4)
Reclassification out of Accumulated Other Comprehensive Loss \| Gains (losses) on derivatives:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Income before income taxes and equity in net income of affiliated companies	(5.1)			(1.5)			(9.9)	(0.9)
Tax (expense) benefit	1.6			0.4			2.9	0.0
Net income	(3.5)			(1.1)			(7.0)	(0.9)
Reclassification out of Accumulated Other Comprehensive Loss \| Gains (losses) on derivatives: \| Foreign currency contracts
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	(0.2)			0.5			(1.5)	1.2
Cost of goods and services sold	(1.4)			(1.2)			(2.0)	(2.9)
Other expense (income)	(3.4)			(0.7)			(6.2)	1.1
Reclassification out of Accumulated Other Comprehensive Loss \| Gains (losses) on derivatives: \| Forward treasury locks
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Interest expense	(0.1)			(0.1)			(0.2)	(0.3)
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	0.3			1.1			1.1	1.1
Settlements	0.0			(27.6)			0.0	(28.8)
Other	0.0			0.0			0.4	(0.4)
Income before income taxes and equity in net income of affiliated companies	0.3			(26.5)			1.5	(28.1)
Tax (expense) benefit	(0.1)			14.2			(0.4)	14.6
Net income	$ 0.2			$ (12.3)			$ 1.1	$ (13.5)

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial InstrumentsOur 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 September 30, 2023 and December 31, 2022, the notional amount of these forward exchange contracts was Singapore Dollar (“SGD”) 601.5 million and $13.4 million. We have also entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany demand notes which were executed in June 2023. As of September 30, 2023, the total amount of these forward exchange contracts was Euro ("EUR") 278.6 million and SGD 94.0 million.

In addition, we have entered into several foreign currency contracts, designated as cash flow hedges, for periods of up to eighteen months, intended to hedge the currency risk associated with a portion of our forecasted transactions denominated in foreign currencies. As of September 30, 2023, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:


(in millions)		Sell
Currency	Purchase	USD	Euro
EUR	20.3	22.3	—
Yen	5,159.3	29.8	9.0
SGD	44.7	15.2	16.8

In December 2019, we entered into a cross-currency swap for $90 million, which we designated as a hedge of our net investment in Daikyo. As of September 30, 2023, the notional amount of the cross-currency swap is ¥8.9 billion ($81.5 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 SOFR plus a margin, in return for paying floating interest rate payments based on Japanese Yen (“Yen”) Tokyo Overnight Average Rate ("TONAR") plus a margin. In addition, we receive periodic fixed principal payments of USD in return for paying fixed principal payments of Yen.

Commodity Price Risk

Many of our proprietary products are made from synthetic elastomers, which are derived from the petroleum refining process. We purchase the majority of our elastomers via long-term supply contracts, some of which contain clauses that provide for surcharges related to fluctuations in crude oil prices. The following economic hedges did not qualify for hedge accounting treatment since they did not meet the highly effective requirement at inception.

From November 2017 through September 2023, we purchased several series of call options for a total of 975,206 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 September 30, 2023, we had outstanding contracts to purchase 229,397 barrels of crude oil from September 2023 to March 2025, at a weighted-average strike price of $94.93 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 September 30, 2023 and December 31, 2022.

The following table summarizes the effects of derivative instruments designated as fair value hedges on the condensed consolidated statements of income:


	Amount of Gain (Loss) Recognized in Income for the				Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
($ in millions)	2023		2022		2023		2022
Fair Value Hedges:
Hedged item (intercompany loan)	$	(1.2)	$	(14.1)	$	8.7	$	(35.4)	Other expense (income)
Derivative designated as hedging instrument	0.7		14.1		(10.0)		35.4		Other expense (income)
Amount excluded from effectiveness testing	(1.5)		2.2		(0.4)		4.4		Other expense (income)
Total	$	(2.0)	$	2.2	$	(1.7)	$	4.4

We recognize in earnings the initial value of forward point components on a straight-line basis over the life of the fair value hedge. The amounts recognized in earnings, pre-tax, for forward point components for the three and nine months ended September 30, 2023 were $0.2 million and $1.6 million, respectively. The amounts recognized in earnings, pre-tax, for forward point components for the three and nine months ended September 30, 2022 were $1.1 million and $2.8 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 September 30,				Three Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Fair Value Hedges:
Foreign currency hedge contracts	$	(0.3)	$	(0.4)	$	2.3	$	0.5	Other expense (income)
Total	$	(0.3)	$	(0.4)	$	2.3	$	0.5
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.5	$	0.7	$	0.1	$	(0.5)	Net sales
Foreign currency hedge contracts	(2.5)		(1.5)		1.1		1.0		Cost of goods and services sold

Forward treasury locks	—		—		—		0.1		Interest expense
Total	$	(2.0)	$	(0.8)	$	1.2	$	0.6
Net Investment Hedges:

Cross-currency swap	$	2.9	$	4.3	$	—	$	—	Other expense (income)
Total	$	2.9	$	4.3	$	—	$	—


	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
	Nine Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Fair Value Hedges:
Foreign currency hedge contracts	$	(2.3)	$	0.3	$	4.2	$	(0.7)	Other expense (income)
Total	$	(2.3)	$	0.3	$	4.2	$	(0.7)
Cash Flow Hedges:
Foreign currency hedge contracts	$	(0.4)	$	1.1	$	1.2	$	(1.1)	Net sales
Foreign currency hedge contracts	(6.1)		(4.9)		1.5		2.5		Cost of goods and services sold

Forward treasury locks	—		—		0.1		0.2		Interest expense
Total	$	(6.5)	$	(3.8)	$	2.8	$	1.6
Net Investment Hedges:

Cross-currency swap	$	10.1	$	13.2	$	—	$	—	Other expense (income)
Total	$	10.1	$	13.2	$	—	$	—

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 nine months ended September 30, 2023 and September 30, 2022. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our condensed consolidated statements of income:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Net sales	$	0.1	$	(0.5)	$	1.2	$	(1.1)
Cost of goods and services sold	1.1		1.0		1.5		2.5
Interest expense	—		0.1		0.1		0.2

The following table summarizes the effects of derivative instruments not designated as hedges on the condensed consolidated statements of income:


	Amount of (Loss) Gain Recognized in Income for the				Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
($ in millions)	2023		2022		2023		2022
Commodity call options	$	0.5	$	(1.5)	$	(0.5)	$	1.6	Other expense (income)
Currency Forwards	—		—		(0.2)		—		Other expense (income)
Total	$	0.5	$	(1.5)	$	(0.7)	$	1.6

For the three and nine months ended September 30, 2023 and 2022, there was no material ineffectiveness related to our hedges.

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 180.2	$ 170.7
Work in process	93.8	79.0
Finished goods	157.8	165.1
Total inventories	$ 431.8	$ 414.8

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

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)	September 30, 2023		December 31, 2022
Raw materials	$	180.2	$	170.7
Work in process	93.8		79.0
Finished goods	157.8		165.1
	$	431.8	$	414.8

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic to Diluted Net Income Per Share

The following table reconciles the shares used in the calculation of basic net income per share to those used for diluted net income per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Net income	$	161.3	$	120.6	$	456.4	$	482.9
Weighted average common shares outstanding	74.3		74.4		74.4		74.4
Dilutive effect of equity awards, based on the treasury stock method	1.0		1.3		1.1		1.5
Weighted average shares assuming dilution	75.3		75.7		75.5		75.9

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) facility segment	Sep. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			2
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 747.4	$ 686.9	$ 2,217.8	$ 2,178.2
Operating profit	177.3	186.2	515.1	604.3
Stock-based compensation expense			(21.9)	(17.0)
Loss on disposal of plant	0.0	0.0	(11.6)	0.0
Interest (income) expense and other nonoperating (income) expense, net	(9.7)	50.0	(14.7)	53.1
Income before income taxes and equity in net income of affiliated companies	187.0	136.2	$ 529.8	551.2
Number of loss on disposal manufacturing facility \| facility			1
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	202.6	203.3	$ 599.8	663.9
Intersegment sales elimination
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	0.0	(0.1)	0.0	(0.3)
Corporate and Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating profit	(25.3)	(17.1)	(84.7)	(59.6)
Stock-based compensation expense	(5.9)	(6.0)	(21.9)	(17.0)
Corporate general costs	(15.9)	(10.9)	(47.2)	(43.6)
Loss on disposal of plant	0.0	0.0	(11.6)	0.0
Cost investment impairment	(3.3)	0.0	(3.3)	0.0
Amortization of acquisition-related intangible assets	(0.2)	(0.2)	(0.6)	(0.6)
Corporate and Unallocated \| 2022 Restructuring Plan
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Restructuring and other charges	0.0	0.0	(0.1)	1.6
Inventory write-down			0.9
Corporate and Unallocated \| 2022 Restructuring Plan \| Other Operating Income (Expense)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Benefit within other expense (income) for revised severance estimates			0.8
Proprietary Products \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	602.5	567.0	1,803.6	1,822.0
Operating profit	181.6	188.6	546.5	615.9
Contract-Manufactured Products \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	144.9	120.0	414.2	356.5
Operating profit	$ 21.0	$ 14.7	$ 53.3	$ 48.0

Revenue - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2013
Disaggregation of Revenue [Line Items]
Revenue recognized that was included in the deferred income balance	$ 33.2
Deferred income	50.0	$ 68.2	$ 20.0
SmartDose
Disaggregation of Revenue [Line Items]
Deferred income	2.4
Deferred income, current	0.9
Deferred income, noncurrent	$ 1.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 16, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-8036
Entity Registrant Name	WEST PHARMACEUTICAL SERVICES, INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1210010
Entity Address, Address Line One	530 Herman O. West Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341-1147
City Area Code	610
Local Phone Number	594-2900
Title of each class	Common Stock, par value $0.25 per share
Trading Symbol	WST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,989,670
Entity Central Index Key	0000105770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Other Expense (Income) - Summary (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Loss on disposal of plant	$ 0.0	$ 0.0	$ 11.6	$ 0.0
Asset impairments	3.5	1.4	6.9	1.6
Restructuring and related charges	0.0	0.0	(0.8)	(1.6)
(Gain) loss on oil hedges	(0.5)	1.5	0.5	(1.6)
Contingent consideration	0.7	1.5	1.5	2.6
Foreign exchange transaction losses (gains)	1.8	(2.2)	3.0	(4.6)
Other items	0.1	(0.3)	(0.2)	(0.4)
Total other expense (income)	$ 5.6	$ 1.9	$ 22.5	$ (4.0)

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of fiscal year	$ 4.8
Year one	19.1	$ 19.0
Year two	17.1	18.1
Year three	14.1	16.0
Year four	9.8	13.4
Year five		9.4
Thereafter	50.6
Thereafter		50.8
Operating leases liabilities payments due	115.5	126.7
Less: imputed lease interest	(16.0)	(17.7)
Total lease liabilities	$ 99.5	$ 109.0

Leases - Lease Cash Flow and Supplemental Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 4.5	$ 3.7	$ 14.4	$ 10.0
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3.1	$ 14.0	$ 6.6	$ 29.5

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Operating lease cost	$	4.3	$	3.7	$	15.0	$	10.4
Short-term lease cost	1.9		0.3		4.4		1.1
Variable lease cost	1.4		2.3		4.4		4.7
Total lease cost	$	7.6	$	6.3	$	23.8	$	16.2

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022			2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4.5	$	3.7		$	14.4	$	10.0

Right-of-use assets obtained in exchange for new operating lease liabilities	$	3.1	$	14.0		$	6.6	$	29.5

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows:


($ in millions)	September 30,		December 31,
Year	2023		2022
2023 (remaining period as of)	$	4.8	$	19.0
2024	19.1		18.1
2025	17.1		16.0
2026	14.1		13.4
2027	9.8		9.4
Thereafter	50.6		50.8
	115.5		126.7
Less: imputed lease interest	(16.0)		(17.7)
Total lease liabilities	$	99.5	$	109.0

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

The following table presents information about our reportable segments, reconciled to consolidated totals:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Net sales:
Proprietary Products	$	602.5	$	567.0	$	1,803.6	$	1,822.0
Contract-Manufactured Products	144.9		120.0		414.2		356.5
Intersegment sales elimination	—		(0.1)		—		(0.3)
Consolidated net sales	$	747.4	$	686.9	$	2,217.8	$	2,178.2

The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the elimination of components sold between our segments.

The following table provides summarized financial information for our segments:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Operating profit (loss):
Proprietary Products	$	181.6	$	188.6	$	546.5	$	615.9
Contract-Manufactured Products	21.0		14.7		53.3		48.0
Total business segment operating profit	$	202.6	$	203.3	$	599.8	$	663.9
Corporate and Unallocated
Stock-based compensation expense	$	(5.9)	$	(6.0)	$	(21.9)	$	(17.0)
Corporate general costs (1)	(15.9)		(10.9)		(47.2)		(43.6)
Unallocated Items:
Loss on disposal of plant (2)	—		—		(11.6)		—
Cost investment impairment (3)	(3.3)		—		(3.3)		—
Restructuring and other charges (4)	—		—		(0.1)		1.6
Amortization of acquisition-related intangible assets (5)	(0.2)		(0.2)		(0.6)		(0.6)

Total Corporate and Unallocated	(25.3)		(17.1)		(84.7)		(59.6)
Total consolidated operating profit	$	177.3	$	186.2	$	515.1	$	604.3
Interest (income) expense and other nonoperating (income) expense, net	(9.7)		50.0		(14.7)		53.1
Income before income taxes and equity in net income of affiliated companies	$	187.0	$	136.2	$	529.8	$	551.2

(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 nine months ended September 30, 2023, the Company recorded expense of $11.6 million within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023.

(3) During the three and nine months ended September 30, 2023, the Company recorded expense of $3.3 million within other expense (income), as a result of an impairment of one of the Company's cost investments.

(4) Restructuring and other charges of $0.1 million for the nine months ended September 30, 2023 represents the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan. During the nine months ended September 30, 2022, the Company recorded a benefit within other expense (income) of $1.6 million for restructuring and severance related costs in connection with its 2020 plan related to revised severance estimates.

(5) During the three and nine months ended September 30, 2023, the Company recorded $0.2 million and $0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three and nine months ended September 30, 2022, the Company recorded $0.2 million and $0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020.

Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the three months ended September 30 were as follows:


	Pension benefits				Other retirement benefits				Total
($ in millions)	2023		2022		2023		2022		2023		2022
Service cost	$	0.2	$	0.3	$	—	$	—	$	0.2	$	0.3
Interest cost	0.6		0.5		0.1		0.1		0.7		0.6
Expected return on assets	(0.4)		(0.8)		—		—		(0.4)		(0.8)


Recognized actuarial losses (gains)	0.2		0.3		(0.5)		(0.4)		(0.3)		(0.1)
Settlements	—		49.6		—		—		—		49.6
Net periodic benefit cost	$	0.6	$	49.9	$	(0.4)	$	(0.3)	$	0.2	$	49.6


	Pension benefits				Other retirement benefits				Total
($ in millions)	2023		2022		2023		2022		2023		2022
U.S. plans	$	—	$	49.6	$	(0.4)	$	(0.3)	$	(0.4)	$	49.3
International plans	0.6		0.3		—		—		0.6		0.3
Net periodic benefit cost	$	0.6	$	49.9	$	(0.4)	$	(0.3)	$	0.2	$	49.6

The components of net periodic benefit cost for the nine months ended September 30 were as follows:


	Pension benefits				Other retirement benefits				Total
($ in millions)	2023		2022		2023		2022		2023		2022
Service cost	$	0.8	$	1.0	$	—	$	—	$	0.8	$	1.0
Interest cost	1.8		3.7		0.2		0.1		2.0		3.8
Expected return on assets	(1.0)		(5.4)		—		—		(1.0)		(5.4)


Recognized actuarial losses (gains)	0.5		1.0		(1.6)		(1.1)		(1.1)		(0.1)
Settlements	—		50.8		—		—		—		50.8
Net periodic benefit cost	$	2.1	$	51.1	$	(1.4)	$	(1.0)	$	0.7	$	50.1


	Pension benefits				Other retirement benefits				Total
($ in millions)	2023		2022		2023		2022		2023		2022
U.S. plans	$	0.3	$	50.3	$	(1.4)	$	(1.0)	$	(1.1)	$	49.3
International plans	1.8		0.8		—		—		1.8		0.8
Net periodic benefit cost	$	2.1	$	51.1	$	(1.4)	$	(1.0)	$	0.7	$	50.1

Other Expense (Income)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Other Expense (Income)

Other expense (income) consists of:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Loss on disposal of plant	$	—	$	—	$	11.6	$	—
Asset impairments	3.5		1.4		6.9		1.6
Restructuring and related charges	—		—		(0.8)		(1.6)

(Gain) loss on oil hedges	(0.5)		1.5		0.5		(1.6)
Contingent consideration	0.7		1.5		1.5		2.6
Foreign exchange transaction losses (gains)	1.8		(2.2)		3.0		(4.6)
Other items	0.1		(0.3)		(0.2)		(0.4)
Total other expense (income)	$	5.6	$	1.9	$	22.5	$	(4.0)

Loss on Disposal of Plant

During the nine months ended September 30, 2023, the Company recorded expense of $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.

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 $25 million to $27 million, with annualized savings in the range of $22 million to $24 million. The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan:


($ in millions)	Severance and benefits		Other charges		Total
Balance, December 31, 2022	$	10.1	$	15.3	$	25.4
(Credits) Charges	(0.8)		—		(0.8)
Cash payments	(3.7)		—		(3.7)
Non-cash asset write downs	—		(15.3)		(15.3)
Balance, September 30, 2023	$	5.6	$	—	$	5.6

Oil Hedges

During the three and nine months ended September 30, 2023, we recorded a gain of $0.5 million and a loss of $0.5 million, respectively, related to oil hedges. During the three and nine months ended September 30, 2022, we recorded a loss of $1.5 million and a gain of $1.6 million, respectively, related to oil hedges. Please refer to Note 9, Derivative Financial Instruments, for further discussion of our hedging activity.

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.

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

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 September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Net sales:
Proprietary Products	$	602.5	$	567.0	$	1,803.6	$	1,822.0
Contract-Manufactured Products	144.9		120.0		414.2		356.5
Intersegment sales elimination	—		(0.1)		—		(0.3)
Consolidated net sales	$	747.4	$	686.9	$	2,217.8	$	2,178.2

The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the elimination of components sold between our segments.

The following table provides summarized financial information for our segments:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Operating profit (loss):
Proprietary Products	$	181.6	$	188.6	$	546.5	$	615.9
Contract-Manufactured Products	21.0		14.7		53.3		48.0
Total business segment operating profit	$	202.6	$	203.3	$	599.8	$	663.9
Corporate and Unallocated
Stock-based compensation expense	$	(5.9)	$	(6.0)	$	(21.9)	$	(17.0)
Corporate general costs (1)	(15.9)		(10.9)		(47.2)		(43.6)
Unallocated Items:
Loss on disposal of plant (2)	—		—		(11.6)		—
Cost investment impairment (3)	(3.3)		—		(3.3)		—
Restructuring and other charges (4)	—		—		(0.1)		1.6
Amortization of acquisition-related intangible assets (5)	(0.2)		(0.2)		(0.6)		(0.6)

Total Corporate and Unallocated	(25.3)		(17.1)		(84.7)		(59.6)
Total consolidated operating profit	$	177.3	$	186.2	$	515.1	$	604.3
Interest (income) expense and other nonoperating (income) expense, net	(9.7)		50.0		(14.7)		53.1
Income before income taxes and equity in net income of affiliated companies	$	187.0	$	136.2	$	529.8	$	551.2

Please refer to Note 15, Other Expense (Income), for further discussion of these items.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

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

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting PoliciesBasis 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 nine months ended September 30, 2023, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”). The results of operations for any interim period are not necessarily indicative of results for the full year.

Affiliated Companies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Affiliated Companies (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carrying amount, equity-method investments	$ 189.7		$ 189.7		$ 197.0
Carrying amount, investments not accounted for under the equity method	5.7		5.7		7.9
Amount due to affiliates	136.5		136.5		183.8
Net sales	747.4	$ 686.9	2,217.8	$ 2,178.2
Amount receivable from affiliates	122.8		122.8		103.0
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Amount due to affiliates	20.6		20.6		31.2
Net sales	2.5	2.6	8.5	10.2
Amount receivable from affiliates	1.3		1.3		$ 2.2
Distributorship Agreement
Schedule of Equity Method Investments [Line Items]
Related party transaction, purchases from related party	$ 34.4	$ 33.6	$ 118.5	$ 131.2

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Obligations, Net of Unamortized Debt Issuance Costs and 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 September 30, 2023.


($ in millions)	September 30, 2023		December 31, 2022




Term Loan, due December 31, 2024 (6.37%)	$	81.5	$	83.2
Series B notes, due July 5, 2024 (3.82%)	53.0		53.0
Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	207.5		209.2
Less: unamortized debt issuance costs	0.2		0.3
Total debt	207.3		208.9
Less: current portion of long-term debt	55.2		2.2
Long-term debt, net	$	152.1	$	206.7

Other Expense (Income) (Tables)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Other Expense (Income)

Other expense (income) consists of:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Loss on disposal of plant	$	—	$	—	$	11.6	$	—
Asset impairments	3.5		1.4		6.9		1.6
Restructuring and related charges	—		—		(0.8)		(1.6)

(Gain) loss on oil hedges	(0.5)		1.5		0.5		(1.6)
Contingent consideration	0.7		1.5		1.5		2.6
Foreign exchange transaction losses (gains)	1.8		(2.2)		3.0		(4.6)
Other items	0.1		(0.3)		(0.2)		(0.4)
Total other expense (income)	$	5.6	$	1.9	$	22.5	$	(4.0)

Schedule of Restructuring Reserve

The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan:


($ in millions)	Severance and benefits		Other charges		Total
Balance, December 31, 2022	$	10.1	$	15.3	$	25.4
(Credits) Charges	(0.8)		—		(0.8)
Cash payments	(3.7)		—		(3.7)
Non-cash asset write downs	—		(15.3)		(15.3)
Balance, September 30, 2023	$	5.6	$	—	$	5.6

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. Inventory balances were as follows:


($ in millions)	September 30, 2023		December 31, 2022
Raw materials	$	180.2	$	170.7
Work in process	93.8		79.0
Finished goods	157.8		165.1
	$	431.8	$	414.8

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 207.5	$ 209.2
Less: unamortized debt issuance costs	0.2	0.3
Total debt	207.3	208.9
Less: current portion of long-term debt	55.2	2.2
Long-term debt, net	$ 152.1	206.7
Term Loan, due December 31, 2024 (6.37%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.37%
Long-term debt, gross	$ 81.5	83.2
Series B notes, due July 5, 2024 (3.82%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.82%
Long-term debt, gross	$ 53.0	53.0
Series C notes, due July 5, 2027 (4.02%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.02%
Long-term debt, gross	$ 73.0	$ 73.0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 161.3	$ 155.1	$ 140.0	$ 120.6	$ 188.5	$ 173.8	$ 456.4	$ 482.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following table presents the changes in shareholders’ equity for the nine months ended September 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
Net income	—	—		—		—	—		161.3		—		161.3

Activity related to stock-based compensation	—	—		(35.6)		(0.2)	63.1		—		—		27.5
Shares purchased under share repurchase program	—	—		—		0.1	(27.8)		—		—		(27.8)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(39.5)		(39.5)
Balance, September 30, 2023	75.3	$	18.8	$	122.6	1.3	$	(466.1)	$	3,415.9	$	(223.0)	$	2,868.2

The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2022:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2021	75.3	$	18.8	$	249.0	1.1	$	(229.5)	$	2,456.7	$	(159.6)	$	2,335.4


Net income	—	—		—		—	—		173.8		—		173.8

Activity related to stock-based compensation	—	—		(29.1)		(0.3)	29.2		—		—		0.1
Shares purchased under share repurchase program	—	—		—		0.4	(147.1)		—		—		(147.1)

Dividends declared ($0.18 per share)	—	—		—		—	—		(13.2)		—		(13.2)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(22.8)		(22.8)
Balance, March 31, 2022	75.3	$	18.8	$	219.9	1.2	$	(347.4)	$	2,617.3	$	(182.4)	$	2,326.2
Net income	—	—		—		—	—		188.5		—		188.5
Activity related to stock-based compensation	—	—		5.4		—	9.7		—		—		15.1
Shares purchased under share repurchase program	—	—		—		0.1	(28.6)		—		—		(28.6)


Dividends declared ($0.18 per share)	—	—		—		—	—		(13.3)		—		(13.3)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(63.5)		(63.5)
Balance, June 30, 2022	75.3	$	18.8	$	225.3	1.3	$	(366.3)	$	2,792.5	$	(245.9)	$	2,424.4
Net income	—	—		—		—	—		120.6		—		120.6
Activity related to stock-based compensation	—	—		5.3		(0.1)	10.3		—		—		15.6
Shares purchased under share repurchase program	—	—		—		0.1	(27.2)		—		—		(27.2)


Other comprehensive loss, net of tax	—	—		—		—	—		—		(62.6)		(62.6)
Balance, September 30, 2022	75.3	$	18.8	$	230.6	1.3	$	(383.2)	$	2,913.1	$	(308.5)	$	2,470.8

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The West Pharmaceutical Services, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Plan”) provides for the granting of stock options, stock appreciation rights, restricted stock awards and performance awards to employees and non-employee directors. A committee of the Board of Directors determines the terms and conditions of awards to be granted. Vesting requirements vary by award. At September 30, 2023, there were 1,438,454 shares remaining in the 2016 Plan for future grants. During the nine months ended September 30, 2023, we granted 105,640 stock options at a weighted average exercise price of $306.92 per share based on the grant-date fair value of our stock to employees under the 2016 Plan. The weighted average grant date fair value of options granted was $108.88 per share as determined by the Black-Scholes option valuation model using the following weighted average assumptions: a risk-free interest rate of 4.1%; expected life of 5.7 years based on prior experience; stock volatility of 29.8% based on historical data; and a dividend yield of 0.3%. Stock option expense is recognized over the vesting period, net of forfeitures. During the nine months ended September 30, 2023, we granted 37,536 stock-settled performance share unit (“PSU”) awards at a weighted average grant-date fair value of $306.91 per share to eligible employees. These awards are earned based on the Company’s performance against pre-established targets, including annual growth rate of revenue and return on invested capital, over a specified performance period. Depending on the achievement of the targets, recipients of stock-settled PSU awards are entitled to receive a certain number of shares of common stock. Shares earned under PSU awards may vary from 0% to 200% of an employee’s targeted award. The fair value of stock-settled PSU awards is based on the market price of our stock at the grant date and is recognized as expense over the performance period, adjusted for estimated target outcomes and net of forfeitures. During the nine months ended September 30, 2023, we granted 4,563 stock-settled restricted share unit (“RSU”) awards at a weighted average grant-date fair value of $310.56 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. Stock-based compensation expense was $5.9 million and $21.9 million for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2022, stock-based compensation expense was $6.0 million and $17.0 million, respectively.

Derivative Financial Instruments - Foreign Exchange Rate Risk and Commodity Price Risk (Details) € in Millions, ¥ in Millions, $ in Millions, $ in Millions	9 Months Ended	71 Months Ended
	Sep. 30, 2023 USD ($) $ / bbl bbl	Sep. 30, 2023 USD ($) $ / bbl bbl	Sep. 30, 2023 SGD ($) $ / bbl	Sep. 30, 2023 EUR (€) $ / bbl	Sep. 30, 2023 JPY (¥) $ / bbl	Dec. 31, 2022 SGD ($)	Dec. 31, 2019 USD ($)
Foreign Exchange Forward
Derivative [Line Items]
Derivative contract term	18 months
Options Held
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| bbl	229,397	975,206
Derivative, average price risk option strike price \| $ / bbl	94.93	94.93	94.93	94.93	94.93
SGD \| Currency Forwards
Derivative [Line Items]
Derivative, notional amount			$ 601.5			$ 13.4
SGD \| Currency Forwards \| Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount			94.0
SGD \| Foreign Exchange Forward \| Long \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount			$ 44.7
SGD \| Foreign Exchange Forward \| Short \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 15.2	$ 15.2		€ 16.8
USD \| Cross Currency Interest Rate Contract \| Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount	81.5	81.5					$ 90.0
EUR \| Currency Forwards \| Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount \| €				278.6
EUR \| Foreign Exchange Forward \| Long \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount \| €				20.3
EUR \| Foreign Exchange Forward \| Short \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	22.3	22.3		0.0
Yen \| Foreign Exchange Forward \| Long \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount \| ¥					¥ 5,159.3
Yen \| Foreign Exchange Forward \| Short \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 29.8	$ 29.8		€ 9.0
Yen \| Cross Currency Interest Rate Contract \| Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount \| ¥					¥ 8,900.0

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Recently Adopted Standards In September 2022, the Financial Accounting Standards Board ("FASB") issued guidance that seeks to enhance transparency around entities' use of supplier finance programs. The amendment requires the buyer in a supplier finance program to disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. This guidance is effective for fiscal years beginning after December 15, 2022. We adopted this guidance as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on our financial statements, as supplier finance programs are not material to the Company as of September 30, 2023.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 4
-Subparagraph (e)(2)
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-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
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-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Shareholder's Equity - Change in Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			75,300,000				75,300,000
Beginning balance	$ 2,746.7	$ 2,776.2	$ 2,684.9	$ 2,424.4	$ 2,326.2	$ 2,335.4	$ 2,684.9	$ 2,335.4
Beginning balance (in shares)			1,200,000				1,200,000
Net income	161.3	155.1	$ 140.0	120.6	188.5	173.8	$ 456.4	$ 482.9
Activity related to stock-based compensation	$ 27.5	18.0	11.0	$ 15.6	15.1	0.1
Share purchased under share repurchase program (in shares)	77,329			86,667			753,399	563,334
Shares purchased under share repurchase program	$ (27.8)	(173.4)	(60.1)	$ (27.2)	(28.6)	(147.1)	$ (261.3)	$ (202.9)
Dividends declared		(14.1)	(14.2)		(13.3)	(13.2)
Other comprehensive income (loss), net of tax	$ (39.5)	(15.1)	14.6	(62.6)	(63.5)	(22.8)	$ (40.0)	(148.9)
Ending balance (in shares)	75,300,000						75,300,000
Ending balance	$ 2,868.2	$ 2,746.7	$ 2,776.2	$ 2,470.8	$ 2,424.4	$ 2,326.2	$ 2,868.2	$ 2,470.8
Ending balance (in shares)	1,300,000						1,300,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000
Beginning balance	$ 18.8	$ 18.8	$ 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	75,300,000	75,300,000
Ending balance	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	158.2	181.4	232.2	225.3	219.9	249.0	232.2	249.0
Activity related to stock-based compensation	(35.6)	(23.2)	(50.8)	5.3	5.4	(29.1)
Ending balance	122.6	158.2	181.4	230.6	225.3	219.9	122.6	230.6
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (501.4)	$ (369.2)	$ (370.9)	$ (366.3)	$ (347.4)	$ (229.5)	$ (370.9)	$ (229.5)
Beginning balance (in shares)	1,400,000	1,100,000	1,200,000	1,300,000	1,200,000	1,100,000	1,200,000	1,100,000
Activity related to stock-based compensation	$ 63.1	$ 41.2	$ 61.8	$ 10.3	$ 9.7	$ 29.2
Activity related to stock -based compensation (in shares)	(200,000)	(200,000)	(300,000)	(100,000)		(300,000)
Share purchased under share repurchase program (in shares)	100,000	500,000	200,000	100,000	100,000	400,000
Shares purchased under share repurchase program	$ (27.8)	$ (173.4)	$ (60.1)	$ (27.2)	$ (28.6)	$ (147.1)
Ending balance	$ (466.1)	$ (501.4)	$ (369.2)	$ (383.2)	$ (366.3)	$ (347.4)	$ (466.1)	$ (383.2)
Ending balance (in shares)	1,300,000	1,400,000	1,100,000	1,300,000	1,300,000	1,200,000	1,300,000	1,300,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 3,254.6	$ 3,113.6	$ 2,987.8	$ 2,792.5	$ 2,617.3	$ 2,456.7	$ 2,987.8	$ 2,456.7
Net income	161.3	155.1	140.0	120.6	188.5	173.8
Dividends declared		(14.1)	(14.2)		(13.3)	(13.2)
Ending balance	3,415.9	3,254.6	3,113.6	2,913.1	2,792.5	2,617.3	3,415.9	2,913.1
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(183.5)	(168.4)	(183.0)	(245.9)	(182.4)	(159.6)	(183.0)	(159.6)
Other comprehensive income (loss), net of tax	(39.5)	(15.1)	14.6	(62.6)	(63.5)	(22.8)
Ending balance	$ (223.0)	$ (183.5)	$ (168.4)	$ (308.5)	$ (245.9)	$ (182.4)	$ (223.0)	$ (308.5)

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

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 September 30, 2023.


($ in millions)	September 30, 2023		December 31, 2022




Term Loan, due December 31, 2024 (6.37%)	$	81.5	$	83.2
Series B notes, due July 5, 2024 (3.82%)	53.0		53.0
Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	207.5		209.2
Less: unamortized debt issuance costs	0.2		0.3
Total debt	207.3		208.9
Less: current portion of long-term debt	55.2		2.2
Long-term debt, net	$	152.1	$	206.7

Credit Facility

At September 30, 2023, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility (the “Credit Facility”), including outstanding letters of credit of $2.4 million, was $497.6 million.

Term Loan

At September 30, 2023, we had $81.5 million in borrowings under the Term Loan, of which $2.2 million was classified as current and $79.3 million was classified as long-term. Please refer to Note 9, Derivative Financial Instruments, for a discussion of the foreign currency hedge associated with the Term Loan.

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 September 30, 2023, we were in compliance with all of our debt covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Other Expense (Income) - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Other Expense (Income) - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) facility	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Loss on disposal of plant		$ 0.0	$ 0.0	$ 11.6	$ 0.0
Number of loss on disposal manufacturing facility \| facility				1
Restructuring and related activities, period of implementation	24 months
Gain (loss) on oil hedges		$ 0.5	$ (1.5)	$ (0.5)	$ 1.6
Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 25.0
Effect on future earnings, amount	22.0
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	27.0
Effect on future earnings, amount	$ 24.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

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 nine months ended September 30, 2023:


($ in millions)	(Losses) gains on derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2022	$	0.2	$	1.6	$	(9.4)	$	(175.4)	$	(183.0)
Other comprehensive (loss) income before reclassifications	(8.8)		(0.1)		(0.1)		(36.9)		(45.9)
Amounts reclassified out from accumulated other comprehensive (loss) income	7.0		—		(1.1)		—		5.9
Other comprehensive (loss) income, net of tax	(1.8)		(0.1)		(1.2)		(36.9)		(40.0)
Balance, September 30, 2023	$	(1.6)	$	1.5	$	(10.6)	$	(212.3)	$	(223.0)

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the nine months ended September 30, 2022:


($ in millions)	(Losses) gains on derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2021	$	(1.2)	$	1.5	$	(31.8)	$	(128.1)	$	(159.6)
Other comprehensive (loss) income before reclassifications	(3.5)		(0.2)		2.9		(162.5)		(163.3)
Amounts reclassified out from accumulated other comprehensive (loss) income	0.9		—		13.5		—		14.4
Other comprehensive (loss) income, net of tax	(2.6)		(0.2)		16.4		(162.5)		(148.9)
Balance, September 30, 2022	$	(3.8)	$	1.3	$	(15.4)	$	(290.6)	$	(308.5)

A summary of the reclassifications out of accumulated other comprehensive loss is presented in the following table:


($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
Detail of components	2023		2022		2023		2022
Gains (losses) on derivatives:
Foreign currency contracts	$	(0.2)	$	0.5	$	(1.5)	$	1.2	Net sales
Foreign currency contracts	(1.4)		(1.2)		(2.0)		(2.9)		Cost of goods and services sold
Foreign currency contracts	(3.4)		(0.7)		(6.2)		1.1		Other expense (income)
Forward treasury locks	(0.1)		(0.1)		(0.2)		(0.3)		Interest expense
Total before tax	(5.1)		(1.5)		(9.9)		(0.9)
Tax benefit (expense)	1.6		0.4		2.9		—
Net of tax	$	(3.5)	$	(1.1)	$	(7.0)	$	(0.9)
Amortization of defined benefit pension and other postretirement plans:


Actuarial gains	$	0.3	$	1.1	$	1.1	$	1.1	(a)
Settlements	—		(27.6)		—		(28.8)		(a)
Other	—		—		0.4		(0.4)
Total before tax	0.3		(26.5)		1.5		(28.1)
Tax (expense) benefit	(0.1)		14.2		(0.4)		14.6
Net of tax	$	0.2	$	(12.3)	$	1.1	$	(13.5)
Total reclassifications for the period, net of tax	$	(3.3)	$	(13.4)	$	(5.9)	$	(14.4)

(a) These components are included in the computation of net periodic benefit cost. Please refer to Note 14, Benefit Plans, for additional details.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three and nine months ended September 30, 2023, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”). The results of operations for any interim period are not necessarily indicative of results for the full year.
New Accounting Standards	New Accounting Standards Recently Adopted Standards In September 2022, the Financial Accounting Standards Board ("FASB") issued guidance that seeks to enhance transparency around entities' use of supplier finance programs. The amendment requires the buyer in a supplier finance program to disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. This guidance is effective for fiscal years beginning after December 15, 2022. We adopted this guidance as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on our financial statements, as supplier finance programs are not material to the Company as of September 30, 2023.

Debt - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 207.5	$ 209.2
Long-term debt	152.1	$ 206.7
Revolving credit facility, Due 2024
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	500.0
Line of credit facility, unused commitment level	497.6
Revolving credit facility, Due 2024 \| Letter of Credit
Debt Instrument [Line Items]
Long-term line of credit	2.4
Secured Debt \| Term Loan, due December 31, 2024 (6.37%)
Debt Instrument [Line Items]
Long-term debt, gross	81.5
Long-term debt, current	2.2
Long-term debt	$ 79.3

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset. Lease payments included in the measurement of the operating lease right-of-use assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise.

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Operating lease cost	$	4.3	$	3.7	$	15.0	$	10.4
Short-term lease cost	1.9		0.3		4.4		1.1
Variable lease cost	1.4		2.3		4.4		4.7
Total lease cost	$	7.6	$	6.3	$	23.8	$	16.2

Supplemental cash flow information related to leases were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022			2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4.5	$	3.7		$	14.4	$	10.0

Right-of-use assets obtained in exchange for new operating lease liabilities	$	3.1	$	14.0		$	6.6	$	29.5

As of September 30, 2023 and December 31, 2022, the weighted average remaining lease term for operating leases was 10.1 years and 9.3 years, respectively.

As of September 30, 2023 and December 31, 2022, the weighted average discount rate was 3.46% and 3.25%, respectively.

Maturities of operating lease liabilities were as follows:


($ in millions)	September 30,		December 31,
Year	2023		2022
2023 (remaining period as of)	$	4.8	$	19.0
2024	19.1		18.1
2025	17.1		16.0
2026	14.1		13.4
2027	9.8		9.4
Thereafter	50.6		50.8
	115.5		126.7
Less: imputed lease interest	(16.0)		(17.7)
Total lease liabilities	$	99.5	$	109.0

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 747.4	$ 686.9	$ 2,217.8	$ 2,178.2
Cost of goods and services sold	459.1	418.9	1,366.8	1,304.1
Gross profit	288.3	268.0	851.0	874.1
Research and development	16.4	13.6	50.0	42.6
Selling, general and administrative expenses	89.0	66.3	263.4	231.2
Other expense (income) (Note 15)	5.6	1.9	22.5	(4.0)
Operating profit	177.3	186.2	515.1	604.3
Interest expense	2.9	2.2	7.8	6.2
Interest income	(8.8)	(1.5)	(18.6)	(2.2)
Other nonoperating (income) expense	(3.8)	49.3	(3.9)	49.1
Income before income taxes and equity in net income of affiliated companies	187.0	136.2	529.8	551.2
Income tax expense	29.4	20.4	87.8	85.8
Equity in net income of affiliated companies	(3.7)	(4.8)	(14.4)	(17.5)
Net income	$ 161.3	$ 120.6	$ 456.4	$ 482.9
Net income per share:
Basic (in dollars per share)	$ 2.17	$ 1.62	$ 6.13	$ 6.49
Diluted (in dollars per share)	$ 2.14	$ 1.59	$ 6.05	$ 6.36
Weighted average shares outstanding:
Basic (in shares)	74.3	74.4	74.4	74.4
Diluted (in shares)	75.3	75.7	75.5	75.9

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. The provision for income taxes was $29.4 million and $20.4 million for the three months ended September 30, 2023 and 2022, respectively, and the effective tax rate was 15.7% and 15.0%, respectively. The increase in the effective tax rate is primarily due to a tax benefit of $20.0 million related to the termination of the U.S. pension plan recorded in the three months ended September 30, 2022 that was not repeated in the same period in 2023. This was offset by an increase in the tax benefit related to stock-based compensation in the three months ended September 30, 2023, as compared to the same period in 2022. The provision for income taxes was $87.8 million and $85.8 million for the nine months ended September 30, 2023 and 2022, respectively, and the effective tax rate was 16.6% and 15.6%, respectively. The increase in the effective tax rate is primarily due to a tax benefit of $20.3 million related to the termination of the U.S. pension plan recorded in the nine months ended September 30, 2022 and a $5.9 million tax benefit recorded as the result of a state tax valuation allowance reversal in the nine months ended September 30, 2022 that were not repeated in the same period in 2023. This was offset by an increase in the tax benefit related to stock-based compensation in the nine months ended September 30, 2023, as compared to the same period in 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following tables present the assets and liabilities recorded at fair value on a recurring basis:


	Balance at		Basis of Fair Value Measurements
($ in millions)	September 30, 2023		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	9.1	$	9.1	$	—	$	—
Foreign currency contracts	2.4		—		2.4		—
Cross-currency swap	22.1		—		22.1		—
Commodity call options	1.4		—		1.4		—
	$	35.0	$	9.1	$	25.9	$	—
Liabilities:
Contingent consideration	$	4.0	$	—	$	—	$	4.0
Deferred compensation liabilities	9.3		9.3		—		—
Foreign currency contracts	12.1		—		12.1		—
	$	25.4	$	9.3	$	12.1	$	4.0


	Balance at		Basis of Fair Value Measurements
($ in millions)	December 31, 2022		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	12.5	$	12.5	$	—	$	—
Foreign currency contracts	4.5		—		4.5		—
Cross-currency swap	13.9		—		13.9		—
Commodity call options	1.2				1.2
	$	32.1	$	12.5	$	19.6	$	—
Liabilities:
Contingent consideration	$	4.7	$	—	$	—	$	4.7
Deferred compensation liabilities	12.7		12.7		—		—
Foreign currency contracts	1.4		—		1.4		—
	$	18.8	$	12.7	$	1.4	$	4.7

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Stockholders Equity

The following table presents the changes in shareholders’ equity for the nine months ended September 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
Net income	—	—		—		—	—		161.3		—		161.3

Activity related to stock-based compensation	—	—		(35.6)		(0.2)	63.1		—		—		27.5
Shares purchased under share repurchase program	—	—		—		0.1	(27.8)		—		—		(27.8)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(39.5)		(39.5)
Balance, September 30, 2023	75.3	$	18.8	$	122.6	1.3	$	(466.1)	$	3,415.9	$	(223.0)	$	2,868.2

The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2022:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2021	75.3	$	18.8	$	249.0	1.1	$	(229.5)	$	2,456.7	$	(159.6)	$	2,335.4


Net income	—	—		—		—	—		173.8		—		173.8

Activity related to stock-based compensation	—	—		(29.1)		(0.3)	29.2		—		—		0.1
Shares purchased under share repurchase program	—	—		—		0.4	(147.1)		—		—		(147.1)

Dividends declared ($0.18 per share)	—	—		—		—	—		(13.2)		—		(13.2)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(22.8)		(22.8)
Balance, March 31, 2022	75.3	$	18.8	$	219.9	1.2	$	(347.4)	$	2,617.3	$	(182.4)	$	2,326.2
Net income	—	—		—		—	—		188.5		—		188.5
Activity related to stock-based compensation	—	—		5.4		—	9.7		—		—		15.1
Shares purchased under share repurchase program	—	—		—		0.1	(28.6)		—		—		(28.6)


Dividends declared ($0.18 per share)	—	—		—		—	—		(13.3)		—		(13.3)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(63.5)		(63.5)
Balance, June 30, 2022	75.3	$	18.8	$	225.3	1.3	$	(366.3)	$	2,792.5	$	(245.9)	$	2,424.4
Net income	—	—		—		—	—		120.6		—		120.6
Activity related to stock-based compensation	—	—		5.3		(0.1)	10.3		—		—		15.6
Shares purchased under share repurchase program	—	—		—		0.1	(27.2)		—		—		(27.2)


Other comprehensive loss, net of tax	—	—		—		—	—		—		(62.6)		(62.6)
Balance, September 30, 2022	75.3	$	18.8	$	230.6	1.3	$	(383.2)	$	2,913.1	$	(308.5)	$	2,470.8

Revenue - Revenue Recognition (Details) - Revenue Benchmark	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%	100.00%
Customer Concentration Risk \| Biologics
Disaggregation of Revenue [Line Items]
Percentage of net sales	40.00%	41.00%	37.00%	42.00%
Customer Concentration Risk \| Generics
Disaggregation of Revenue [Line Items]
Percentage of net sales	19.00%	18.00%	20.00%	18.00%
Customer Concentration Risk \| Pharma
Disaggregation of Revenue [Line Items]
Percentage of net sales	22.00%	24.00%	24.00%	24.00%
Customer Concentration Risk \| Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	19.00%	17.00%	19.00%	16.00%
Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%	100.00%
Product Concentration Risk \| High-Value Product Components
Disaggregation of Revenue [Line Items]
Percentage of net sales	50.00%	54.00%	50.00%	56.00%
Product Concentration Risk \| High-Value Product Delivery Devices
Disaggregation of Revenue [Line Items]
Percentage of net sales	11.00%	6.00%	10.00%	5.00%
Product Concentration Risk \| Standard Packaging
Disaggregation of Revenue [Line Items]
Percentage of net sales	20.00%	23.00%	21.00%	23.00%
Product Concentration Risk \| Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	19.00%	17.00%	19.00%	16.00%
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%	100.00%
Geographic Concentration Risk \| Americas
Disaggregation of Revenue [Line Items]
Percentage of net sales	46.00%	53.00%	45.00%	48.00%
Geographic Concentration Risk \| Europe, Middle East, Africa
Disaggregation of Revenue [Line Items]
Percentage of net sales	46.00%	38.00%	46.00%	43.00%
Geographic Concentration Risk \| Asia Pacific
Disaggregation of Revenue [Line Items]
Percentage of net sales	8.00%	9.00%	9.00%	9.00%

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Biologics	40 %	41 %	37 %	42 %
Generics	19 %	18 %	20 %	18 %
Pharma	22 %	24 %	24 %	24 %
Contract-Manufactured Products	19 %	17 %	19 %	16 %
	100 %	100 %	100 %	100 %

The following table presents the approximate percentage of our net sales by product category:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
High-Value Product Components	50 %	54 %	50 %	56 %
High-Value Product Delivery Devices	11 %	6 %	10 %	5 %
Standard Packaging	20 %	23 %	21 %	23 %
Contract-Manufactured Products	19 %	17 %	19 %	16 %
	100 %	100 %	100 %	100 %

Due to the Company's reassessment of product categories, beginning in the second quarter of 2023, certain product types have been moved from High-Value Product Components to High-Value Product Delivery Devices. No adjustments were made to the product categorization prior to the second quarter of 2023.

The following table presents the approximate percentage of our net sales by geographic location:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Americas	46 %	53 %	45 %	48 %
Europe, Middle East, Africa	46 %	38 %	46 %	43 %
Asia Pacific	8 %	9 %	9 %	9 %
	100 %	100 %	100 %	100 %

Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities, excluding amounts included in accounts receivable, net:


	($ in millions)
Contract assets, December 31, 2022	$	16.3
Contract assets, September 30, 2023	19.9
Change in contract assets - increase (decrease)	$	3.6

Deferred income, December 31, 2022	$	(68.2)
Deferred income, September 30, 2023	(50.0)
Change in deferred income - decrease (increase)	$	18.2

Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the nine months ended September 30, 2023, $33.2 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 include those relating to a nonrefundable customer payment of $20.0 million received in June 2013 in return for the exclusive use of the SmartDose® technology platform within a specific therapeutic area. As of September 30, 2023, there was $2.4 million of deferred income related to this payment, of which $0.9 million was included in other current liabilities and $1.5 million was included in other long-term liabilities. The deferred income is being recognized as income on a straight-line basis over the remaining term of the agreement. The agreement does not include a future minimum purchase commitment from the customer.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Affiliated Companies	9 Months Ended
Affiliated Companies	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Affiliated Companies	Affiliated Companies At September 30, 2023 and December 31, 2022, the aggregate carrying amount of our investment in affiliated companies that are accounted for under the equity method was $189.7 million and $197.0 million, respectively, and the aggregate carrying amount of our investment in affiliated companies that are not accounted for under the equity method was $5.7 million and $7.9 million, respectively. We 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 $34.4 million and $118.5 million for the three and nine months ended September 30, 2023, respectively, as compared to $33.6 million and $131.2 million, respectively, for the same periods in 2022. As of September 30, 2023 and December 31, 2022, the payable balance due to affiliates was $20.6 million and $31.2 million, respectively. The majority of these transactions related to a distributorship agreement with Daikyo Seiko, Ltd. ("Daikyo") that allows us to purchase and re-sell Daikyo products. Sales to affiliates were $2.5 million and $8.5 million, respectively, for the three and nine months ended September 30, 2023, as compared to $2.6 million and $10.2 million, respectively, for the same periods in 2022. As of September 30, 2023 and December 31, 2022, the receivable balance due from affiliates was $1.3 million and $2.2 million, respectively.

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Currency Contracts

As of September 30, 2023, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:


(in millions)		Sell
Currency	Purchase	USD	Euro
EUR	20.3	22.3	—
Yen	5,159.3	29.8	9.0
SGD	44.7	15.2	16.8

Schedule of Effects of Derivative Instruments on Other Comprehensive Income ('OCI') and Earnings

The following table summarizes the effects of derivative instruments designated as fair value hedges on the condensed consolidated statements of income:


	Amount of Gain (Loss) Recognized in Income for the				Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
($ in millions)	2023		2022		2023		2022
Fair Value Hedges:
Hedged item (intercompany loan)	$	(1.2)	$	(14.1)	$	8.7	$	(35.4)	Other expense (income)
Derivative designated as hedging instrument	0.7		14.1		(10.0)		35.4		Other expense (income)
Amount excluded from effectiveness testing	(1.5)		2.2		(0.4)		4.4		Other expense (income)
Total	$	(2.0)	$	2.2	$	(1.7)	$	4.4

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 September 30,				Three Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Fair Value Hedges:
Foreign currency hedge contracts	$	(0.3)	$	(0.4)	$	2.3	$	0.5	Other expense (income)
Total	$	(0.3)	$	(0.4)	$	2.3	$	0.5
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.5	$	0.7	$	0.1	$	(0.5)	Net sales
Foreign currency hedge contracts	(2.5)		(1.5)		1.1		1.0		Cost of goods and services sold

Forward treasury locks	—		—		—		0.1		Interest expense
Total	$	(2.0)	$	(0.8)	$	1.2	$	0.6
Net Investment Hedges:

Cross-currency swap	$	2.9	$	4.3	$	—	$	—	Other expense (income)
Total	$	2.9	$	4.3	$	—	$	—


	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
	Nine Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Fair Value Hedges:
Foreign currency hedge contracts	$	(2.3)	$	0.3	$	4.2	$	(0.7)	Other expense (income)
Total	$	(2.3)	$	0.3	$	4.2	$	(0.7)
Cash Flow Hedges:
Foreign currency hedge contracts	$	(0.4)	$	1.1	$	1.2	$	(1.1)	Net sales
Foreign currency hedge contracts	(6.1)		(4.9)		1.5		2.5		Cost of goods and services sold

Forward treasury locks	—		—		0.1		0.2		Interest expense
Total	$	(6.5)	$	(3.8)	$	2.8	$	1.6
Net Investment Hedges:

Cross-currency swap	$	10.1	$	13.2	$	—	$	—	Other expense (income)
Total	$	10.1	$	13.2	$	—	$	—


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Net sales	$	0.1	$	(0.5)	$	1.2	$	(1.1)
Cost of goods and services sold	1.1		1.0		1.5		2.5
Interest expense	—		0.1		0.1		0.2

Schedule of Derivative Instruments Not Designated as Hedges

The following table summarizes the effects of derivative instruments not designated as hedges on the condensed consolidated statements of income:


	Amount of (Loss) Gain Recognized in Income for the				Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
($ in millions)	2023		2022		2023		2022
Commodity call options	$	0.5	$	(1.5)	$	(0.5)	$	1.6	Other expense (income)
Currency Forwards	—		—		(0.2)		—		Other expense (income)
Total	$	0.5	$	(1.5)	$	(0.7)	$	1.6

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Fair Value Measurement - Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Long-term debt, fair value	$ 147.2	$ 201.8
Long-term debt	$ 152.1	$ 206.7

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the approximate percentage of our net sales by market group:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Biologics	40 %	41 %	37 %	42 %
Generics	19 %	18 %	20 %	18 %
Pharma	22 %	24 %	24 %	24 %
Contract-Manufactured Products	19 %	17 %	19 %	16 %
	100 %	100 %	100 %	100 %

The following table presents the approximate percentage of our net sales by product category:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
High-Value Product Components	50 %	54 %	50 %	56 %
High-Value Product Delivery Devices	11 %	6 %	10 %	5 %
Standard Packaging	20 %	23 %	21 %	23 %
Contract-Manufactured Products	19 %	17 %	19 %	16 %
	100 %	100 %	100 %	100 %

The following table presents the approximate percentage of our net sales by geographic location:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Americas	46 %	53 %	45 %	48 %
Europe, Middle East, Africa	46 %	38 %	46 %	43 %
Asia Pacific	8 %	9 %	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, excluding amounts included in accounts receivable, net:


	($ in millions)
Contract assets, December 31, 2022	$	16.3
Contract assets, September 30, 2023	19.9
Change in contract assets - increase (decrease)	$	3.6

Deferred income, December 31, 2022	$	(68.2)
Deferred income, September 30, 2023	(50.0)
Change in deferred income - decrease (increase)	$	18.2

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under the 2016 Plan (in shares)	1,438,454		1,438,454
Stock options, granted (in shares)			105,640
Stock options, weighted average exercise price (in dollars per share)			$ 306.92
Stock options, weighted average grant date fair value (in dollars per share)			$ 108.88
Risk-free interest rate (in hundredths)			4.10%
Expected life (in years)			5 years 8 months 12 days
Stock volatility (in hundredths)			29.80%
Dividend yield (in hundredths)			0.30%
Stock-based compensation expense	$ 5.9	$ 6.0	$ 21.9	$ 17.0
Performance Share Unit (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			37,536
Grant date fair value (in dollars per share)			$ 306.91
Performance Share Unit (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			0.00%
Performance Share Unit (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			200.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			4,563
Grant date fair value (in dollars per share)			$ 310.56

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Eric M. Green [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Eric M. Green, President and Chief Executive Officer, Chair of the Board of Directors, entered into a prearranged stock trading arrangement on May 5, 2023. Mr. Green’s plan provides for the purchase and sale of an aggregate number of 234,864 shares of the Company's common stock (of which Mr. Green will sell 204,864 shares and retain the rest immediately following the exercise) between August 8, 2023 and August 6, 2024. The trading plan was entered into during an open insider trading window and is intended to satisfy Rule 10b5-1(c) under the Exchange Act and the Company’s policies regarding insider transactions.
Name	Eric M. Green
Title	President and Chief Executive Officer, Chair of the Board of Directors
Adoption Date	May 5, 2023
Arrangement Duration	364 days
Aggregate Available	234,864	234,864

Net Income Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

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 September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Net income	$	161.3	$	120.6	$	456.4	$	482.9
Weighted average common shares outstanding	74.3		74.4		74.4		74.4
Dilutive effect of equity awards, based on the treasury stock method	1.0		1.3		1.1		1.5
Weighted average shares assuming dilution	75.3		75.7		75.5		75.9

During the three months ended September 30, 2023 and 2022, there were 0.0 million and 0.2 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive. There were 0.1 million and 0.1 million antidilutive shares outstanding during the nine months ended September 30, 2023 and 2022, respectively.

In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase up to $1.0 billion in shares of common stock. The share repurchase program does not have an expiration date under which we may repurchase common stock on the open market or in privately-negotiated transactions. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions. During the three months ended September 30, 2023, we purchased 77,329 shares of our common stock under the program at a cost of $27.8 million, or an average price of $360.25 per share. During the nine months ended September 30, 2023, we purchased 753,399 shares of our common stock under the program at a cost of $261.3 million, or an average price of $346.86 per share.

In December 2021, we announced a share repurchase program for calendar-year 2022 authorizing the repurchase of up to 650,000 shares of our common stock from time to time on the open market or in privately-negotiated transactions. The number of shares to be repurchased and the timing of such transactions was dependent on a variety of factors, including market conditions. This share repurchase program was completed by December 31, 2022. During the three months ended September 30, 2022, we purchased 86,667 shares of our common stock under the calendar-year 2022 program at a cost of $27.2 million, or an average price of $313.22 per share. During the nine months ended September 30, 2022, we purchased 563,334 shares of our common stock under the calendar-year 2022 program at a cost of $202.9 million, or an average price of $360.03 per share.

Revenue - Contracts and Liabilities (Details) $ in Millions	9 Months Ended
Revenue - Contracts and Liabilities (Details) $ in Millions	Sep. 30, 2023 USD ($)
Contract With Customer, Asset [Roll Forward]
Contract assets, December 31, 2022	$ 16.3
Contract assets, September 30, 2023	19.9
Change in contract assets - increase (decrease)	3.6
Contract With Customer, Liability [Roll Forward]
Deferred income, December 31, 2022	(68.2)
Deferred income, September 30, 2023	(50.0)
Change in deferred income - decrease (increase)	$ 18.2

Derivative Financial Instruments - Effects of Derivative Instruments on OCI and Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ (2.0)	$ 2.2	$ (1.7)	$ 4.4
Fair Value Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in earnings, pre-tax, for forward point	0.2	1.1	1.6	2.8
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	(0.3)	(0.4)	(2.3)	0.3
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	2.3	0.5	4.2	(0.7)
Cash Flow Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(2.0)	(0.8)	(6.5)	(3.8)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.2	0.6	2.8	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	0.0	0.0
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.1	0.1	0.2
Net Investment Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	2.9	4.3	10.1	13.2
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0	0.0	0.0
Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Hedged item (intercompany loan)	(1.2)	(14.1)	8.7	(35.4)
Derivative designated as hedging instrument	0.7	14.1	(10.0)	35.4
Amount excluded from effectiveness testing	(1.5)	2.2	(0.4)	4.4
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	(0.3)	(0.4)	(2.3)	0.3
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	2.3	0.5	4.2	(0.7)
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	2.9	4.3	10.1	13.2
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0		0.0	0.0
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.1	(0.5)	1.2	(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	0.5	0.7	(0.4)	1.1
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.1	(0.5)	1.2	(1.1)
Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	1.1	1.0	1.5	2.5
Cost of goods and services sold \| Cash Flow Hedges: \| Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(2.5)	(1.5)	(6.1)	(4.9)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.1	1.0	1.5	2.5
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	$ 0.0	$ 0.1	$ 0.1	$ 0.2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 161.3	$ 120.6	$ 456.4	$ 482.9
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $0.4, $1.1, $1.9 and $3.8, respectively	(40.9)	(76.0)	(36.9)	(162.5)
Defined benefit pension and other postretirement plan adjustments, net of tax of $0.0, $14.6, $(0.5), and $15.5, respectively	0.2	13.6	(1.2)	16.4
Net loss on equity affiliate accumulated other comprehensive income, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively	0.0	(0.1)	(0.1)	(0.2)
Net gain (loss) on derivatives, net of tax of $0.8, $0.0, $(0.3) and $(0.8), respectively	1.2	(0.1)	(1.8)	(2.6)
Other comprehensive (loss) income, net of tax	(39.5)	(62.6)	(40.0)	(148.9)
Comprehensive income	$ 121.8	$ 58.0	$ 416.4	$ 334.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Income Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Feb. 28, 2023	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of diluted net income per share (in shares)	0			200,000			100,000	100,000
Stock repurchase program, shares authorized (in shares)									1,000,000,000	650,000
Share purchased under share repurchase program (in shares)	77,329			86,667			753,399	563,334
Stock purchase program, cost of shares purchased	$ 27.8	$ 173.4	$ 60.1	$ 27.2	$ 28.6	$ 147.1	$ 261.3	$ 202.9
Stock repurchase program, average price per share (in dollars per share)	$ 360.25			$ 313.22			$ 346.86	$ 360.03

Fair Value Measurements - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets:
Deferred compensation assets	$ 9.1	$ 12.5
Commodity call options	1.4	1.2
Total assets at fair value	35.0	32.1
Liabilities:
Contingent consideration	4.0	4.7
Deferred compensation liabilities	9.3	12.7
Total liabilities at fair value	25.4	18.8
Foreign currency contracts
Assets:
Foreign currency contracts	2.4	4.5
Liabilities:
Foreign currency contracts	12.1	1.4
Cross-currency swap
Assets:
Foreign currency contracts	22.1	13.9
Level 1
Assets:
Deferred compensation assets	9.1	12.5
Commodity call options	0.0
Total assets at fair value	9.1	12.5
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	9.3	12.7
Total liabilities at fair value	9.3	12.7
Level 1 \| Foreign currency contracts
Assets:
Foreign currency contracts	0.0	0.0
Liabilities:
Foreign currency contracts	0.0	0.0
Level 1 \| Cross-currency swap
Assets:
Foreign currency contracts	0.0	0.0
Level 2
Assets:
Deferred compensation assets	0.0	0.0
Commodity call options	1.4	1.2
Total assets at fair value	25.9	19.6
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	0.0	0.0
Total liabilities at fair value	12.1	1.4
Level 2 \| Foreign currency contracts
Assets:
Foreign currency contracts	2.4	4.5
Liabilities:
Foreign currency contracts	12.1	1.4
Level 2 \| Cross-currency swap
Assets:
Foreign currency contracts	22.1	13.9
Level 3
Assets:
Deferred compensation assets	0.0	0.0
Commodity call options	0.0
Total assets at fair value	0.0	0.0
Liabilities:
Contingent consideration	4.0	4.7
Deferred compensation liabilities	0.0	0.0
Total liabilities at fair value	4.0	4.7
Level 3 \| Foreign currency contracts
Assets:
Foreign currency contracts	0.0	0.0
Liabilities:
Foreign currency contracts	0.0	0.0
Level 3 \| Cross-currency swap
Assets:
Foreign currency contracts	$ 0.0	$ 0.0

Benefit Plans

9 Months Ended

Sep. 30, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Benefit Plans

The components of net periodic benefit cost for the three months ended September 30 were as follows:


	Pension benefits				Other retirement benefits				Total
($ in millions)	2023		2022		2023		2022		2023		2022
Service cost	$	0.2	$	0.3	$	—	$	—	$	0.2	$	0.3
Interest cost	0.6		0.5		0.1		0.1		0.7		0.6
Expected return on assets	(0.4)		(0.8)		—		—		(0.4)		(0.8)


Recognized actuarial losses (gains)	0.2		0.3		(0.5)		(0.4)		(0.3)		(0.1)
Settlements	—		49.6		—		—		—		49.6
Net periodic benefit cost	$	0.6	$	49.9	$	(0.4)	$	(0.3)	$	0.2	$	49.6


	Pension benefits				Other retirement benefits				Total
($ in millions)	2023		2022		2023		2022		2023		2022
U.S. plans	$	—	$	49.6	$	(0.4)	$	(0.3)	$	(0.4)	$	49.3
International plans	0.6		0.3		—		—		0.6		0.3
Net periodic benefit cost	$	0.6	$	49.9	$	(0.4)	$	(0.3)	$	0.2	$	49.6

The components of net periodic benefit cost for the nine months ended September 30 were as follows:


	Pension benefits				Other retirement benefits				Total
($ in millions)	2023		2022		2023		2022		2023		2022
Service cost	$	0.8	$	1.0	$	—	$	—	$	0.8	$	1.0
Interest cost	1.8		3.7		0.2		0.1		2.0		3.8
Expected return on assets	(1.0)		(5.4)		—		—		(1.0)		(5.4)


Recognized actuarial losses (gains)	0.5		1.0		(1.6)		(1.1)		(1.1)		(0.1)
Settlements	—		50.8		—		—		—		50.8
Net periodic benefit cost	$	2.1	$	51.1	$	(1.4)	$	(1.0)	$	0.7	$	50.1


	Pension benefits				Other retirement benefits				Total
($ in millions)	2023		2022		2023		2022		2023		2022
U.S. plans	$	0.3	$	50.3	$	(1.4)	$	(1.0)	$	(1.1)	$	49.3
International plans	1.8		0.8		—		—		1.8		0.8
Net periodic benefit cost	$	2.1	$	51.1	$	(1.4)	$	(1.0)	$	0.7	$	50.1

During 2021, the Company approved the termination of our U.S. qualified defined benefit pension plan (the "U.S. pension plan"). Prior to the third quarter of 2022, a Notice of Intent to Terminate was sent to all interested parties and a favorable determination letter was received from the Internal Revenue Service. During the three months ended September 30, 2022, lump sum payments were offered to all current employees and former employees with vested benefits under the U.S. pension plan. A cash contribution of $6.5 million was then made by the Company to ensure the U.S. pension plan was fully funded in preparation for the group annuity contract purchase which was executed in August of 2022 to settle the outstanding benefit obligations. During the three and nine months ended September 30, 2022, we recorded $49.6 million and $50.8 million in pension settlement charges, respectively, within other nonoperating (income) expense, which for the nine months ended September 30, 2022 relieved the historical balance sheet position, inclusive of accumulated other comprehensive income, of the U.S. pension plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	$ 0.2	$ 0.3	$ 0.8	$ 1.0
Interest cost	0.7	0.6	2.0	3.8
Expected return on assets	(0.4)	(0.8)	(1.0)	(5.4)
Recognized actuarial losses (gains)	(0.3)	(0.1)	(1.1)	(0.1)
Settlements	0.0	49.6	0.0	50.8
Net periodic benefit cost	0.2	49.6	0.7	50.1
U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	(0.4)	49.3	(1.1)	49.3
International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	0.6	0.3	1.8	0.8
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	0.2	0.3	0.8	1.0
Interest cost	0.6	0.5	1.8	3.7
Expected return on assets	(0.4)	(0.8)	(1.0)	(5.4)
Recognized actuarial losses (gains)	0.2	0.3	0.5	1.0
Settlements	0.0	49.6	0.0	50.8
Net periodic benefit cost	0.6	49.9	2.1	51.1
Pension benefits \| U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	0.0	49.6	0.3	50.3
Pension benefits \| International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	0.6	0.3	1.8	0.8
Other retirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	0.0	0.0	0.0	0.0
Interest cost	0.1	0.1	0.2	0.1
Expected return on assets	0.0	0.0	0.0	0.0
Recognized actuarial losses (gains)	(0.5)	(0.4)	(1.6)	(1.1)
Settlements	0.0	0.0	0.0	0.0
Net periodic benefit cost	(0.4)	(0.3)	(1.4)	(1.0)
Other retirement benefits \| U.S. plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	(0.4)	(0.3)	(1.4)	(1.0)
Other retirement benefits \| International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net periodic benefit cost	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Other Expense (Income) - Restructuring and Related Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
(Credits) Charges	$ 0.0	$ 0.0	$ (0.8)	$ (1.6)
2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022			25.4
(Credits) Charges			(0.8)
Cash payments			(3.7)
Non-cash asset write downs			(15.3)
Balance, September 30, 2023	5.6		5.6
Severance and benefits \| 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022			10.1
(Credits) Charges			(0.8)
Cash payments			(3.7)
Non-cash asset write downs			0.0
Balance, September 30, 2023	5.6		5.6
Other charges \| 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2022			15.3
(Credits) Charges			0.0
Cash payments			0.0
Non-cash asset write downs			(15.3)
Balance, September 30, 2023	$ 0.0		$ 0.0

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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)	September 30, 2023		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	9.1	$	9.1	$	—	$	—
Foreign currency contracts	2.4		—		2.4		—
Cross-currency swap	22.1		—		22.1		—
Commodity call options	1.4		—		1.4		—
	$	35.0	$	9.1	$	25.9	$	—
Liabilities:
Contingent consideration	$	4.0	$	—	$	—	$	4.0
Deferred compensation liabilities	9.3		9.3		—		—
Foreign currency contracts	12.1		—		12.1		—
	$	25.4	$	9.3	$	12.1	$	4.0


	Balance at		Basis of Fair Value Measurements
($ in millions)	December 31, 2022		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	12.5	$	12.5	$	—	$	—
Foreign currency contracts	4.5		—		4.5		—
Cross-currency swap	13.9		—		13.9		—
Commodity call options	1.2				1.2
	$	32.1	$	12.5	$	19.6	$	—
Liabilities:
Contingent consideration	$	4.7	$	—	$	—	$	4.7
Deferred compensation liabilities	12.7		12.7		—		—
Foreign currency contracts	1.4		—		1.4		—
	$	18.8	$	12.7	$	1.4	$	4.7

Deferred compensation assets are included within other noncurrent assets and are valued using a market approach based on quoted market prices in an active market. The fair value of our foreign currency contracts, included within other current and other noncurrent assets, as well as other current and other long-term liabilities, is valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting date. The fair value of the cross-currency swap, included within other noncurrent assets, is valued using a market approach. Please refer to Note 9, Derivative Financial Instruments, for further discussion of our derivatives. The fair value of our commodity call options, included within other current and other noncurrent assets, is valued using a market approach. The fair value of the contingent consideration liability, within current and long-term liabilities, related to the SmartDose® technology platform (the “SmartDose® contingent consideration”) was initially determined using a probability-weighted income approach, and is revalued at each reporting date or more frequently if circumstances dictate. Changes in the fair value of this obligation are recorded as income or expense within other expense (income) in our condensed consolidated statements of income. The fair value of deferred compensation liabilities is based on quoted prices of the underlying employees’ investment selections and is included within other long-term liabilities.

Other Financial Instruments

We believe that the carrying amounts of our cash and cash equivalents and accounts receivable approximate their fair values due to their near-term maturities.

The estimated fair value of long-term debt is based on quoted market prices for debt issuances with similar terms and maturities and is classified as Level 2 within the fair value hierarchy. At September 30, 2023, the estimated fair value of long-term debt was $147.2 million compared to a carrying amount of $152.1 million. At December 31, 2022, the estimated fair value of long-term debt was $201.8 million and the carrying amount was $206.7 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details