0000105770-24-000031 | 10-Q | XBRL Viewer | West Pharmaceutical Services INC

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 115.3	$ 140.0
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $1.0 and $0.2	(46.3)	15.3
Defined benefit pension and other postretirement plan adjustments, net of tax of $0.0 and $(0.2)	(0.2)	(0.5)
Net loss on equity affiliate accumulated other comprehensive income, net of tax of $0.0 and $0.0	(0.1)	0.0
Net loss on derivatives, net of tax of $(0.7) and $(0.1)	(1.9)	(0.2)
Other comprehensive (loss) income, net of tax	(48.5)	14.6
Comprehensive income	$ 66.8	$ 154.6

- Definition

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

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+ Details

Affiliated Companies	3 Months Ended
Affiliated Companies	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Affiliated Companies	Affiliated Companies At March 31, 2024 and December 31, 2023, the aggregate carrying amount of our investment in affiliated companies that are accounted for under the equity method was $195.9 million and $203.2 million, respectively, and the aggregate carrying amount of our investment in affiliated companies that are not accounted for under the equity method was $6.6 million and $6.8 million at March 31, 2024 and December 31, 2023, respectively. We have elected to record these investments, for which fair value was not readily determinable, at cost, less impairment, adjusted for subsequent observable price changes. We test these investments for impairment whenever circumstances indicate that the carrying value of the investments may not be recoverable. Our purchases from, and royalty payments made to, affiliates totaled $28.6 million for the three months ended March 31, 2024, as compared to $44.2 million for the same period in 2023. As of March 31, 2024 and December 31, 2023, the payable balance due to affiliates was $26.7 million and $25.9 million, respectively. The majority of these transactions related to a distributorship agreement with Daikyo Seiko, LTD ("Daikyo") that allows us to purchase and re-sell Daikyo products. Sales to affiliates were $3.2 million for the three months ended March 31, 2024, as compared to $3.3 million for the same period in 2023. As of March 31, 2024 and December 31, 2023, the receivable balance due from affiliates was $2.1 million and $1.6 million, respectively.

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other Financial Instruments [Abstract]
Long-term debt, fair value	$ 70.3	$ 70.8
Long-term debt	$ 72.8	$ 72.8

Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following table presents the changes in shareholders’ equity for the three months ended March 31, 2024:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2023	75.3	$	18.8	$	120.2	1.8	$	(637.6)	$	3,523.4	$	(143.8)	$	2,881.0
Net income	—	—		—		—	—		115.3		—		115.3
Activity related to stock-based compensation	—	—		(65.0)		(0.2)	79.4		—		—		14.4
Shares purchased under share repurchase program	—	—		—		0.7	(267.0)		—		—		(267.0)
Dividends declared ($0.20 per share)	—	—		—		—	—		(14.6)		—		(14.6)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(48.5)		(48.5)
Balance, March 31, 2024	75.3	$	18.8	$	55.2	2.3	$	(825.2)	$	3,624.1	$	(192.3)	$	2,680.6

The following table presents the changes in shareholders’ equity for the three months ended March 31, 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

- Definition

The entire disclosure for equity.

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+ Details

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under the 2016 Plan (in shares)	1,357,302
Stock options, granted (in shares)	84,140
Stock options, weighted average exercise price (in dollars per share)	$ 350.18
Stock options, weighted average grant date fair value (in dollars per share)	$ 134.81
Risk-free interest rate	4.30%
Expected life	6 years
Stock volatility	32.00%
Dividend yield	0.30%
Stock-based compensation expense	$ 5.0	$ 8.5
Performance Share Unit (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	32,424
Grant date fair value (in dollars per share)	$ 350.18
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)	6,571
Grant date fair value (in dollars per share)	$ 350.18

Derivative Financial Instruments - Effects of Derivative Instruments on OCI and Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative (gain) loss recognized in income, fair value hedges	$ (1.8)	$ 1.2
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	(0.3)	0.2
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(2.8)	(1.1)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.2	0.7
Cash Flow Hedges \| Forward treasury locks
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	0.0	0.0
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.1	0.0
Net Investment Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	4.6	1.7
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0
Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative (gain) loss on hedged item, fair value hedges	7.5	2.5
Change in unrealized gain (loss) on fair value hedging instruments	(7.5)	(2.5)
Derivative (gain) loss on amount excluded from effectiveness testing, fair value hedges	(1.8)	1.2
Other expense (income) \| Fair Value Hedges \| Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	(0.3)	0.2
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0
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	4.6	1.7
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	(0.1)	0.7
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	0.1	(0.1)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	(0.1)	0.7
Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	1.2	0.0
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	(2.9)	(1.0)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	1.2	0.0
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	$ 0.1	$ 0.0

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	$ 2,881.0	$ 2,684.9
Other comprehensive (loss) income before reclassifications	(49.5)	14.2
Amounts reclassified out from accumulated other comprehensive income (loss)	1.0	0.4
Other comprehensive (loss) income, net of tax	(48.5)	14.6
Balance, end of period	2,680.6	2,776.2
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	0.0	0.2
Other comprehensive (loss) income before reclassifications	(3.1)	(0.9)
Amounts reclassified out from accumulated other comprehensive income (loss)	1.2	0.7
Other comprehensive (loss) income, net of tax	(1.9)	(0.2)
Balance, end of period	(1.9)	0.0
Equity affiliate investment AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	2.3	1.6
Other comprehensive (loss) income before reclassifications	(0.1)	0.0
Amounts reclassified out from accumulated other comprehensive income (loss)	0.0	0.0
Other comprehensive (loss) income, net of tax	(0.1)	0.0
Balance, end of period	2.2	1.6
Defined benefit pension and other postretirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(10.1)	(9.4)
Other comprehensive (loss) income before reclassifications	0.0	(0.2)
Amounts reclassified out from accumulated other comprehensive income (loss)	(0.2)	(0.3)
Other comprehensive (loss) income, net of tax	(0.2)	(0.5)
Balance, end of period	(10.3)	(9.9)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(136.0)	(175.4)
Other comprehensive (loss) income before reclassifications	(46.3)	15.3
Amounts reclassified out from accumulated other comprehensive income (loss)	0.0	0.0
Other comprehensive (loss) income, net of tax	(46.3)	15.3
Balance, end of period	(182.3)	(160.1)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(143.8)	(183.0)
Other comprehensive (loss) income, net of tax	(48.5)	14.6
Balance, end of period	$ (192.3)	$ (168.4)

Other Expense (Income) - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
Other Expense (Income) - Narrative (Details) $ in Millions	Dec. 31, 2022	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) facility
Summary of Investment Holdings [Line Items]
Loss on disposal of plant		$ 0.0	$ 9.4
Number of facilities sold \| facility			1
2022 Restructuring Plan \| Minimum
Summary of Investment Holdings [Line Items]
Restructuring and related cost, expected cost		22.0
Effect on future earnings, amount		22.0
2022 Restructuring Plan \| Maximum
Summary of Investment Holdings [Line Items]
Restructuring plan, implementation period	24 months
Restructuring and related cost, expected cost		24.0
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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483580/946-220-50-3

+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended March 31,
	2024	2023
Biologics	37 %	34 %
Generics	18 %	20 %
Pharma	25 %	27 %
Contract-Manufactured Products	20 %	19 %
	100 %	100 %

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


	Three Months Ended March 31,
	2024	2023
High-Value Product Components	47 %	51 %
High-Value Product Delivery Devices	11 %	7 %
Standard Packaging	22 %	23 %
Contract-Manufactured Products	20 %	19 %
	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 March 31,
	2024	2023
Americas	43 %	44 %
Europe, Middle East, Africa	48 %	47 %
Asia Pacific	9 %	9 %
	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, 2023	$	21.5
Contract assets, March 31, 2024	19.9
Change in contract assets - (decrease) increase	$	(1.6)

Deferred income, December 31, 2023	$	(53.9)
Deferred income, March 31, 2024	(57.9)
Change in deferred income - (increase) decrease	$	(4.0)

Accumulated Other Comprehensive Loss - Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	$ 695.4	$ 716.6
Cost of goods and services sold	(465.2)	(445.3)
Interest expense	(1.6)	(2.2)
Income before income taxes and equity in net income of affiliated companies	127.4	157.9
Tax expense	(16.4)	(23.6)
Net income	115.3	140.0
Reclassification out of Accumulated Other Comprehensive Loss
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net income	(1.0)	(0.4)
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	(1.6)	(0.8)
Tax expense	0.4	0.1
Net income	(1.2)	(0.7)
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	0.4
Income before income taxes and equity in net income of affiliated companies	0.3	0.4
Tax expense	(0.1)	(0.1)
Net income	0.2	0.3
Foreign currency contracts \| Reclassification out of Accumulated Other Comprehensive Loss \| Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	0.1	(0.7)
Cost of goods and services sold	(1.6)	0.0
Forward treasury locks \| Reclassification out of Accumulated Other Comprehensive Loss \| Gains (Losses) on Derivatives
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Interest expense	$ (0.1)	$ (0.1)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

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


	Balance at		Basis of Fair Value Measurements
($ in millions)	March 31, 2024		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	9.9	$	9.9	$	—	$	—
Foreign currency contracts	0.5		—		0.5		—
Cross-currency swap	22.5		—		22.5		—
Commodity call options	0.9		—		0.9		—
	$	33.8	$	9.9	$	23.9	$	—
Liabilities:
Contingent consideration	$	3.7	$	—	$	—	$	3.7
Deferred compensation liabilities	10.1		10.1		—		—

Foreign currency contracts	10.3		—		10.3		—
	$	24.1	$	10.1	$	10.3	$	3.7


	Balance at		Basis of Fair Value Measurements
($ in millions)	December 31, 2023		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	10.2	$	10.2	$	—	$	—
Foreign currency contracts	5.0		—		5.0		—
Cross-currency swap	18.4		—		18.4		—
Commodity call options	0.6		—		0.6		—
	$	34.2	$	10.2	$	24.0	$	—
Liabilities:
Contingent consideration	$	3.6	$	—	$	—	$	3.6
Deferred compensation liabilities	10.4		10.4		—		—
Foreign currency contracts	2.2		—		2.2		—
	$	16.2	$	10.4	$	2.2	$	3.6

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Obligations, Net of Current Maturities

The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of March 31, 2024.


($ in millions)	March 31, 2024		December 31, 2023
Term Loan, due December 31, 2024 (6.28%)	$	80.4	$	81.0
Series B notes, due July 5, 2024 (3.82%)	53.0		53.0
Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	206.4		207.0
Less: unamortized debt issuance costs for Term Loan and Series Notes	0.2		0.2
Total debt	206.2		206.8
Less: current portion of long-term debt	133.4		134.0
Long-term debt, net	$	72.8	$	72.8

Revenue - Contracts and Liabilities (Details) $ in Millions	3 Months Ended
Revenue - Contracts and Liabilities (Details) $ in Millions	Mar. 31, 2024 USD ($)
Contract With Customer, Asset [Roll Forward]
Contract assets, December 31, 2023	$ 21.5
Contract assets, March 31, 2024	19.9
Change in contract assets - (decrease) increase	(1.6)
Contract With Customer, Liability [Roll Forward]
Deferred income, December 31, 2023	(53.9)
Deferred income, March 31, 2024	(57.9)
Change in deferred income - (increase) decrease	$ (4.0)

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024:


($ in millions)	Derivatives		Equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2023	$	—	$	2.3	$	(10.1)	$	(136.0)	$	(143.8)
Other comprehensive (loss) income before reclassifications	(3.1)		(0.1)		—		(46.3)		(49.5)
Amounts reclassified out from accumulated other comprehensive income (loss)	1.2		—		(0.2)		—		1.0
Other comprehensive (loss) income, net of tax	(1.9)		(0.1)		(0.2)		(46.3)		(48.5)
Balance, March 31, 2024	$	(1.9)	$	2.2	$	(10.3)	$	(182.3)	$	(192.3)

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the three months ended March 31, 2023:


($ in millions)	Derivatives		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 income (loss) before reclassifications	(0.9)		—		(0.2)		15.3		14.2
Amounts reclassified out from accumulated other comprehensive income (loss)	0.7		—		(0.3)		—		0.4
Other comprehensive income (loss), net of tax	(0.2)		—		(0.5)		15.3		14.6
Balance, March 31, 2023	$	—	$	1.6	$	(9.9)	$	(160.1)	$	(168.4)

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


($ in millions)	Three Months Ended March 31,				Location on Statement of Income
Detail of components	2024		2023
(Losses) gains on derivatives:
Foreign currency contracts	$	0.1	$	(0.7)		Net sales
Foreign currency contracts	(1.6)		—			Cost of goods and services sold

Forward treasury locks	(0.1)		(0.1)			Interest expense
Total before tax	(1.6)		(0.8)
Tax benefit	0.4		0.1
Net of tax	$	(1.2)	$	(0.7)
Amortization of defined benefit pension and other postretirement plans:

Actuarial gains	0.3		0.4			(a)

Total before tax	0.3		0.4
Tax expense	(0.1)		(0.1)
Net of tax	$	0.2	$	0.3
Total reclassifications for the period, net of tax	$	(1.0)	$	(0.4)

(a) These components are included in the computation of net periodic benefit cost.

Other Expense (Income) - Schedule of Restructuring and Related Charges (Details) - 2022 Restructuring Plan $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	$ 3.0
(Credits) charges	0.0
Cash payments	(0.3)
Balance, March 31, 2024	2.7
Severance and benefits
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	3.0
(Credits) charges	0.0
Cash payments	(0.3)
Balance, March 31, 2024	2.7
Other charges
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	0.0
(Credits) charges	0.0
Cash payments	0.0
Balance, March 31, 2024	$ 0.0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 1.0	$ 0.2
Defined benefit pension and other postretirement plan adjustments, tax	0.0	(0.2)
Net loss on equity affiliate accumulated other comprehensive income, net of tax	0.0	0.0
Net gain (loss) on derivatives, tax	$ (0.7)	$ (0.1)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2013
Disaggregation of Revenue [Line Items]
Revenue recognized that was included in the deferred income balance	$ 15.5
Deferred income	57.9	$ 53.9
Smart Dose
Disaggregation of Revenue [Line Items]
Deferred income	1.9		$ 20.0
Deferred income, current	0.9
Deferred income, noncurrent	$ 1.0

- 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

Derivative Financial Instruments - Foreign Exchange Rate Risk (Details) € in Millions, $ in Millions, $ in Millions, ¥ in Billions	3 Months Ended		77 Months Ended
	Mar. 31, 2024 USD ($) $ / bbl bbl	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) $ / bbl bbl	Mar. 31, 2024 SGD ($) $ / bbl	Mar. 31, 2024 EUR (€) $ / bbl	Mar. 31, 2024 JPY (¥) $ / bbl	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SGD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2019 USD ($)
Fair Value Hedges
Derivative [Line Items]
Derivative, forward point components, gain (loss), recognized in earnings	$ (1.8)	$ 1.2
Foreign Exchange Forward
Derivative [Line Items]
Derivative contract term	18 months
Options Held
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| bbl	229,501		1,062,239
Derivative, average price risk option strike price \| $ / bbl	87.00		87.00	87.00	87.00	87.00
SGD \| Forward Contracts
Derivative [Line Items]
Derivative, notional amount				$ 601.5
SGD \| Forward Contracts \| Net Investment Hedges
Derivative [Line Items]
Derivative, notional amount				$ 94.0				$ 94.0
United States of America, Dollars \| Forward Contracts
Derivative [Line Items]
Derivative, notional amount							$ 13.4
United States of America, Dollars \| Forward Contracts \| Fair Value Hedges
Derivative [Line Items]
Derivative, notional amount	$ 175.0		$ 175.0
United States of America, Dollars \| Cross Currency Interest Rate Contract \| Net Investment Hedges
Derivative [Line Items]
Derivative, notional amount	$ 80.4		$ 80.4			¥ 8.8				$ 90.0
EUR \| Forward Contracts \| Net Investment Hedges
Derivative [Line Items]
Derivative, notional amount \| €					€ 278.6				€ 278.6

Debt

3 Months Ended

Mar. 31, 2024

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 March 31, 2024.


($ in millions)	March 31, 2024		December 31, 2023
Term Loan, due December 31, 2024 (6.28%)	$	80.4	$	81.0
Series B notes, due July 5, 2024 (3.82%)	53.0		53.0
Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	206.4		207.0
Less: unamortized debt issuance costs for Term Loan and Series Notes	0.2		0.2
Total debt	206.2		206.8
Less: current portion of long-term debt	133.4		134.0
Long-term debt, net	$	72.8	$	72.8

Credit Facility

At March 31, 2024, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility, including outstanding letters of credit of $2.4 million, was $497.6 million.

Term Loan

At March 31, 2024, we had $80.4 million in borrowings under the Term Loan, of which $80.4 million was classified as current. Please refer to Note 9, Derivative Financial Instruments, for a discussion of the foreign currency hedge associated with the Term Loan.

Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At March 31, 2024, 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
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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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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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Other Expense (Income) (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Expense (Income)

Other expense (income) consists of:


	Three Months Ended March 31,
($ in millions)	2024		2023

Loss on disposal of plant	$	—	$	9.4
Foreign exchange transaction losses	1.2		0.9
Contingent consideration	1.0		0.3
Asset impairments	0.6		1.9



Other items	0.3		0.4
Total other expense (income)	$	3.1	$	12.9

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, 2023	$	3.0	$	—	$	3.0
(Credits) charges	—		—		—
Cash payments	(0.3)		—		(0.3)

Balance, March 31, 2024	$	2.7	$	—	$	2.7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 115.3	$ 140.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	34.7	30.7
Amortization	0.9	0.9
Stock-based compensation	5.0	8.5
Loss on disposal of plant	0.0	9.4
Asset impairments	0.6	1.9
Other non-cash items, net	(3.7)	(6.5)
Changes in assets and liabilities	(34.6)	(46.8)
Net cash provided by operating activities	118.2	138.1
Cash flows from investing activities:
Capital expenditures	(90.6)	(82.1)
Net cash used in investing activities	(90.6)	(82.1)
Cash flows from financing activities:
Repayments of long-term debt	(0.6)	(0.6)
Dividend payments	(14.7)	(14.1)
Proceeds from stock-based compensation awards	14.8	13.5
Employee stock purchase plan contributions	2.0	1.8
Shares purchased under share repurchase program	(267.0)	(60.1)
Shares repurchased for employee tax withholdings	(5.4)	(11.5)
Other, net	(0.1)	0.0
Net cash used in financing activities	(271.0)	(71.0)
Effect of exchange rates on cash	(8.7)	7.0
Net decrease in cash and cash equivalents	(252.1)	(8.0)
Cash, including cash equivalents at beginning of period	853.9	894.3
Cash, including cash equivalents at end of period	$ 601.8	$ 886.3

Leases - Lease Weighted Average (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	9 years 4 months 24 days	9 years 9 months 18 days
Weighted average discount rate	3.55%	3.55%

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. The provision for income taxes was $16.4 million and $23.6 million for the three months ended March 31, 2024 and 2023, respectively, and the effective tax rate was 12.9% and 14.9%, respectively. The decrease in the effective tax rate is primarily due to a shift in the forecasted geographic earnings mix, offset by a decrease in the tax benefit related to stock-based compensation for the three months ended March 31, 2024, as compared to the same period in 2023. During the three months ended March 31, 2024 and 2023, we recorded a tax benefit of $10.9 million and $11.6 million, respectively, associated with stock-based compensation. The Company continues to address the change in tax laws enacted pursuant to the Organization for Economic Cooperation and Development (OECD)’s 15% global minimum tax initiative (Pillar 2). The 2024 forecasted impact of Pillar 2 is not expected to be material to the Company.

- 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
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Reference 3: 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//1943274/2147482603/740-30-50-2

+ Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

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


($ in millions)	March 31, 2024		December 31, 2023
Raw materials	$	174.0	$	172.3
Work in process	81.6		87.3
Finished goods	174.3		175.1
	$	429.9	$	434.7

Segment Information - Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Operating profit	$ 122.8	$ 155.3
Stock-based compensation expense	(5.0)	(8.5)
Loss on disposal of plant	0.0	(9.4)
Interest (income) expense, net	(4.6)	(2.6)
Income before income taxes and equity in net income of affiliated companies	127.4	157.9
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	143.4	188.1
Corporate and Unallocated
Segment Reporting Information [Line Items]
Operating profit	(20.6)	(32.8)
Stock-based compensation expense	(5.0)	(8.5)
Corporate general costs	(15.4)	(14.7)
Loss on disposal of plant	0.0	(9.4)
Amortization of acquisition-related intangible assets	(0.2)	(0.2)
Proprietary Products \| Operating Segments
Segment Reporting Information [Line Items]
Operating profit	126.3	170.7
Contract-Manufactured Products \| Operating Segments
Segment Reporting Information [Line Items]
Operating profit	$ 17.1	$ 17.4

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The West Pharmaceutical Services, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Plan”) provides for the granting of stock options, stock appreciation rights, restricted stock awards and performance awards to employees and non-employee directors. A committee of the Board of Directors determines the terms and conditions of awards to be granted. Vesting requirements vary by award. At March 31, 2024, there were 1,357,302 shares remaining in the 2016 Plan for future grants. During the three months ended March 31, 2024, we granted 84,140 stock options at a weighted average exercise price of $350.18 per share based on the grant-date fair value of our stock to employees under the 2016 Plan. The weighted average grant date fair value of options granted was $134.81 per share as determined by the Black-Scholes option valuation model using the following weighted average assumptions: a risk-free interest rate of 4.3%; expected life of 6.0 years based on prior experience; stock volatility of 32.0% based on historical data; and a dividend yield of 0.3%. Stock option expense is recognized over the vesting period, net of forfeitures. During the three months ended March 31, 2024, we granted 32,424 stock-settled performance share unit ("PSU") awards at a weighted average grant-date fair value of $350.18 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 numbers 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 three months ended March 31, 2024, we granted 6,571 stock-settled restricted share unit (“RSU”) awards at a weighted average grant-date fair value of $350.18 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 $5.0 million and $8.5 million for the three months ended March 31, 2024 and 2023, respectively.

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Standards Issued Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance that seeks to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendment enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. We are currently evaluating the impact of this guidance on our financial statements and disclosures. The Company does not expect such adoption to cause a material impact to the consolidated financial statements and disclosures. In December 2023, the FASB issued guidance that seeks to enhance income tax disclosures to provide information to better assess how an entity's operations and related tax risks affect its tax rate and prospects for future cash flows. Within the income tax rate reconciliation, the amendment requires disclosure of additional categories and greater detail about individual reconciling items over a specified threshold. It also requires information pertaining to taxes paid to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions over a specified threshold. This guidance is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of this guidance on our financial statements and disclosures, but we expect adoption will cause a significant impact to our Income Taxes footnote disclosure.

- 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
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-Section 65
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
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-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
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-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Our ongoing business operations expose us to various risks, such as fluctuating interest rates, foreign currency exchange rates and increasing commodity prices. To manage these market risks, we periodically enter into derivative financial instruments, such as interest rate swaps, options and foreign exchange contracts for periods consistent with, and for notional amounts equal to or less than, the related underlying exposures. We do not purchase or hold any derivative financial instruments for investment or trading purposes. All derivatives are recorded in our condensed consolidated balance sheet at fair value.

Foreign Exchange Rate Risk

We have entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany loans. As of both March 31, 2024 and December 31, 2023, the total amount of these forward exchange contracts was Singapore Dollar ("SGD") 601.5 million and $13.4 million. We have also entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany demand notes which were executed in June 2023. As of both March 31, 2024 and December 31, 2023, the total amount of these forward exchange contracts was Euro ("EUR") 278.6 million and SGD 94.0 million. We have also entered into a forward exchange contract, designated as a fair value hedge, to manage our exposure to fluctuating foreign exchange rates on a cross-currency intercompany demand note which was executed in February 2024. As of March 31, 2024, the total amount of this forward exchange contract was $175.0 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 March 31, 2024, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:


(in millions)		Sell
Currency	Purchase	USD	EUR	SGD
EUR	25.9	28.6	—	—
Yen	6,006.8	28.8	13.0	1.1
SGD	40.1	14.7	14.2	—

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 March 31, 2024, the notional amount of the cross-currency swap was ¥8.8 billion ($80.4 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 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 March 2024, we purchased several series of call options for a total of 1,062,239 barrels of crude oil to mitigate our exposure to such oil-based surcharges and protect operating cash flows with regards to a portion of our forecasted elastomer purchases.

As of March 31, 2024, we had outstanding contracts to purchase 229,501 barrels of crude oil from March 2024 to September 2025, at a weighted-average strike price of $87.00 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 March 31, 2024 and December 31, 2023.

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


	Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2024		2023
Fair Value Hedges:
Hedged item (intercompany loan)	$	7.5	$	2.5		Other expense (income)
Derivative designated as hedging instrument	(7.5)		(2.5)			Other expense (income)
Amount excluded from effectiveness testing	(1.8)		1.2			Other expense (income)
Total	$	(1.8)	$	1.2

We recognize in earnings the initial value of forward point components on a straight-line basis over the life of the fair value hedge. The expense recognized in earnings, pre-tax, for forward point components for the three months ended March 31, 2024 was $1.8 million. The income recognized in earnings, pre-tax, for forward point components for the three months ended March 31, 2023 was $1.2 million.

The following table summarizes 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 March 31,				Three Months Ended March 31,
($ in millions)	2024		2023		2024		2023
Fair Value Hedges:
Foreign currency hedge contracts	$	(0.3)	$	0.2	$	—	$	—	Other expense (income)
Total	$	(0.3)	$	0.2	$	—	$	—
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.1	$	(0.1)	$	(0.1)	$	0.7	Net sales
Foreign currency hedge contracts	(2.9)		(1.0)		1.2		—		Cost of goods and services sold

Forward treasury locks	—		—		0.1		—		Interest expense
Total	$	(2.8)	$	(1.1)	$	1.2	$	0.7
Net Investment Hedges:

Cross-currency swap	$	4.6	$	1.7	$	—	$	—	Other expense (income)
Total	$	4.6	$	1.7	$	—	$	—

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 months ended March 31, 2024 and 2023. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our condensed consolidated statements of income:


	Three Months Ended March 31,
($ in millions)	2024		2023
Net sales	$	(0.1)	$	0.7
Cost of goods and services sold	1.2		—
Interest expense	0.1		—

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


	Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2024		2023
Commodity call options	$	0.1	$	(0.6)		Other expense (income)
Currency forwards	0.4		0.0			Other expense (income)
Total	$	0.5	$	(0.6)

For the three months ended March 31, 2024 and 2023, there was no material ineffectiveness related to our hedges.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in product liability matters and other legal proceedings and claims generally incidental to our normal business activities. We accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. While the outcome of current proceedings cannot be accurately predicted, we believe their ultimate resolution should not have a material adverse effect on our business, financial condition, results of operations or liquidity. There have been no significant changes to the commitments and contingencies included in our 2023 Annual Report.

Derivative Financial Instruments - Derivative Instruments Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 0.5	$ (0.6)
Commodity call options \| Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	0.1	(0.6)
Forward Contracts \| Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 0.4	$ 0.0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 16.4	$ 23.6
Effective income tax rate	12.90%	14.90%
Tax benefit associated with stock-based compensation	$ 10.9	$ 11.6

- Definition

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

+ References + Details

Inventories

3 Months Ended

Mar. 31, 2024

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)	March 31, 2024		December 31, 2023
Raw materials	$	174.0	$	172.3
Work in process	81.6		87.3
Finished goods	174.3		175.1
	$	429.9	$	434.7

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 174.0	$ 172.3
Work in process	81.6	87.3
Finished goods	174.3	175.1
Total inventories	$ 429.9	$ 434.7

Fair Value Measurements - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Deferred compensation assets	$ 9.9	$ 10.2
Foreign currency contracts	0.5	5.0
Total assets at fair value	33.8	34.2
Liabilities:
Contingent consideration	3.7	3.6
Deferred compensation liabilities	10.1	10.4
Foreign currency contracts and swaps	10.3	2.2
Total liabilities at fair value	24.1	16.2
Cross-currency swap
Assets:
Commodity call options	22.5	18.4
Commodity call options
Assets:
Commodity call options	0.9	0.6
Level 1
Assets:
Deferred compensation assets	9.9	10.2
Foreign currency contracts	0.0	0.0
Total assets at fair value	9.9	10.2
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	10.1	10.4
Foreign currency contracts and swaps	0.0	0.0
Total liabilities at fair value	10.1	10.4
Level 1 \| Cross-currency swap
Assets:
Commodity call options	0.0	0.0
Level 1 \| Commodity call options
Assets:
Commodity call options	0.0	0.0
Level 2
Assets:
Deferred compensation assets	0.0	0.0
Foreign currency contracts	0.5	5.0
Total assets at fair value	23.9	24.0
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	0.0	0.0
Foreign currency contracts and swaps	10.3	2.2
Total liabilities at fair value	10.3	2.2
Level 2 \| Cross-currency swap
Assets:
Commodity call options	22.5	18.4
Level 2 \| Commodity call options
Assets:
Commodity call options	0.9	0.6
Level 3
Assets:
Deferred compensation assets	0.0	0.0
Foreign currency contracts	0.0	0.0
Total assets at fair value	0.0	0.0
Liabilities:
Contingent consideration	3.7	3.6
Deferred compensation liabilities	0.0	0.0
Foreign currency contracts and swaps	0.0	0.0
Total liabilities at fair value	3.7	3.6
Level 3 \| Cross-currency swap
Assets:
Commodity call options	0.0	0.0
Level 3 \| Commodity call options
Assets:
Commodity call options	$ 0.0	$ 0.0

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Sales by Significant Product Group

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


	Three Months Ended March 31,
($ in millions)	2024		2023
Net sales:
Proprietary Products	$	559.5	$	583.1
Contract-Manufactured Products	135.9		133.5

Consolidated net sales	$	695.4	$	716.6

Schedule of Segment Reporting Information, by Segment

The following table provides summarized financial information for our segments:


	Three Months Ended March 31,
($ in millions)	2024		2023
Proprietary Products	$	126.3	$	170.7
Contract-Manufactured Products	17.1		17.4
Total business segment operating profit	$	143.4	$	188.1
Corporate and Unallocated
Stock-based compensation expense	$	(5.0)	$	(8.5)
Corporate general costs (1)	(15.4)		(14.7)
Unallocated Items:
Loss on disposal of plant (2)	—		(9.4)
Amortization of acquisition-related intangible assets (3)	(0.2)		(0.2)

Total Corporate and Unallocated	(20.6)		(32.8)
Total consolidated operating profit	$	122.8	$	155.3
Interest (income) expense, net	(4.6)		(2.6)
Income before income taxes and equity in net income of affiliated companies	$	127.4	$	157.9

(1) Corporate general costs includes executive and director compensation, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments.

(2) During the three months ended March 31, 2023, the Company recorded expense of $9.4 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 months ended March 31, 2024 and 2023, we recorded $0.2 million of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020.

Please refer to Note 14, Other Expense (Income), for further discussion of certain unallocated items referenced above.

Leases - Lease Cash Flow and Supplemental Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 5.3	$ 4.9
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 4.2	$ 0.6

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic to Diluted Net Income Per Share

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


	Three Months Ended March 31,
(in millions)	2024		2023
Net income	$	115.3	$	140.0
Weighted average common shares outstanding	73.5		74.5
Dilutive effect of equity awards, based on the treasury stock method	0.8		1.2
Weighted average shares assuming dilution	74.3		75.7

Segment Information

3 Months Ended

Mar. 31, 2024

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 March 31,
($ in millions)	2024		2023
Net sales:
Proprietary Products	$	559.5	$	583.1
Contract-Manufactured Products	135.9		133.5

Consolidated net sales	$	695.4	$	716.6

The following table provides summarized financial information for our segments:


	Three Months Ended March 31,
($ in millions)	2024		2023
Proprietary Products	$	126.3	$	170.7
Contract-Manufactured Products	17.1		17.4
Total business segment operating profit	$	143.4	$	188.1
Corporate and Unallocated
Stock-based compensation expense	$	(5.0)	$	(8.5)
Corporate general costs (1)	(15.4)		(14.7)
Unallocated Items:
Loss on disposal of plant (2)	—		(9.4)
Amortization of acquisition-related intangible assets (3)	(0.2)		(0.2)

Total Corporate and Unallocated	(20.6)		(32.8)
Total consolidated operating profit	$	122.8	$	155.3
Interest (income) expense, net	(4.6)		(2.6)
Income before income taxes and equity in net income of affiliated companies	$	127.4	$	157.9

Please refer to Note 14, Other Expense (Income), for further discussion of certain unallocated items referenced above.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

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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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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-Section 50
-Paragraph 21
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Other Expense (Income)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Expense (Income)

Other expense (income) consists of:


	Three Months Ended March 31,
($ in millions)	2024		2023

Loss on disposal of plant	$	—	$	9.4
Foreign exchange transaction losses	1.2		0.9
Contingent consideration	1.0		0.3
Asset impairments	0.6		1.9



Other items	0.3		0.4
Total other expense (income)	$	3.1	$	12.9

Loss on Disposal of Plant

During the three months ended March 31, 2023, the Company recorded expense of $9.4 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.

Contingent Consideration

Contingent consideration represents changes in the fair value of the SmartDose® contingent consideration. Please refer to Note 10, Fair Value Measurements, for additional details.

Restructuring and Related Charges

In December 2022, the Company approved a restructuring plan to adjust our operating cost base to better respond to the macroeconomic factors influencing our business. These changes are expected to be implemented over a period of up to twenty-four months from the date of approval. The plan is expected to require restructuring and related charges of approximately $22 million to $24 million, with annualized savings in the range of $22 million to $24 million.

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


($ in millions)	Severance and benefits		Other charges		Total
Balance, December 31, 2023	$	3.0	$	—	$	3.0
(Credits) charges	—		—		—
Cash payments	(0.3)		—		(0.3)

Balance, March 31, 2024	$	2.7	$	—	$	2.7

Other Expense (Income) - Schedule of Other (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Loss on disposal of plant	$ 0.0	$ 9.4
Foreign exchange transaction losses	1.2	0.9
Contingent consideration	1.0	0.3
Asset impairments	0.6	1.9
Other items	0.3	0.4
Total other expense (income)	$ 3.1	$ 12.9

Leases

3 Months Ended

Mar. 31, 2024

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 March 31,
($ in millions)	2024		2023
Operating lease cost	$	5.6	$	5.9
Short-term lease cost	0.5		1.3
Variable lease cost	1.9		1.7
Total lease cost	$	8.0	$	8.9

Supplemental cash flow information related to leases was as follows:


	Three Months Ended March 31,
($ in millions)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5.3	$	4.9
Right-of-use assets obtained in exchange for new operating lease liabilities	$	4.2	$	0.6

As of March 31, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 9.4 years and 9.8 years, respectively.

As of March 31, 2024 and December 31, 2023, the weighted average discount rate was 3.55% and 3.55%, respectively.

Maturities of operating lease liabilities were as follows:


($ in millions)	March 31,		December 31,
Year	2024		2023
2024 (remaining period as of)	$	16.0	$	20.9
2025	19.5		18.7
2026	16.5		15.7
2027	11.9		11.2
2028	10.1		9.5
Thereafter	41.7		42.1
	115.7		118.1
Less: imputed lease interest	(15.3)		(15.9)
Total lease liabilities	$	100.4	$	102.2

Segment Information - Sales by Product Group (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 695.4	$ 716.6
Proprietary Products \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	559.5	583.1
Contract-Manufactured Products \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 135.9	$ 133.5

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 115.3	$ 140.0
Weighted average common shares outstanding (in shares)	73.5	74.5
Dilutive effect of equity awards, based on the treasury stock method (in shares)	0.8	1.2
Weighted average shares assuming dilution (in shares)	74.3	75.7

- Definition

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

+ References

+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Currency Contracts

As of March 31, 2024, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:


(in millions)		Sell
Currency	Purchase	USD	EUR	SGD
EUR	25.9	28.6	—	—
Yen	6,006.8	28.8	13.0	1.1
SGD	40.1	14.7	14.2	—

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
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2024		2023
Fair Value Hedges:
Hedged item (intercompany loan)	$	7.5	$	2.5		Other expense (income)
Derivative designated as hedging instrument	(7.5)		(2.5)			Other expense (income)
Amount excluded from effectiveness testing	(1.8)		1.2			Other expense (income)
Total	$	(1.8)	$	1.2

The following table summarizes 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 March 31,				Three Months Ended March 31,
($ in millions)	2024		2023		2024		2023
Fair Value Hedges:
Foreign currency hedge contracts	$	(0.3)	$	0.2	$	—	$	—	Other expense (income)
Total	$	(0.3)	$	0.2	$	—	$	—
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.1	$	(0.1)	$	(0.1)	$	0.7	Net sales
Foreign currency hedge contracts	(2.9)		(1.0)		1.2		—		Cost of goods and services sold

Forward treasury locks	—		—		0.1		—		Interest expense
Total	$	(2.8)	$	(1.1)	$	1.2	$	0.7
Net Investment Hedges:

Cross-currency swap	$	4.6	$	1.7	$	—	$	—	Other expense (income)
Total	$	4.6	$	1.7	$	—	$	—


	Three Months Ended March 31,
($ in millions)	2024		2023
Net sales	$	(0.1)	$	0.7
Cost of goods and services sold	1.2		—
Interest expense	0.1		—

Schedule of Derivatives Not Designated as Hedging Instruments

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


	Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2024		2023
Commodity call options	$	0.1	$	(0.6)		Other expense (income)
Currency forwards	0.4		0.0			Other expense (income)
Total	$	0.5	$	(0.6)

- 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

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation: The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three months ended March 31, 2024, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West,” the “Company,” “we,” “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The results of operations for any interim period are not necessarily indicative of results for the full year.

Net Income Per Share

3 Months Ended

Mar. 31, 2024

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 March 31,
(in millions)	2024		2023
Net income	$	115.3	$	140.0
Weighted average common shares outstanding	73.5		74.5
Dilutive effect of equity awards, based on the treasury stock method	0.8		1.2
Weighted average shares assuming dilution	74.3		75.7

During the three months ended March 31, 2024 and 2023, there were 0.2 million and 0.3 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive.

In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase up to $1.0 billion in shares of common stock. The share repurchase program does not have an expiration date under which we may repurchase common stock on the open market or in privately-negotiated transactions. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions.

During the three months ended March 31, 2024, we purchased 729,679 shares of our common stock under the program at a cost of $267.0 million, or an average price of $365.87 per share.

During the three months ended March 31, 2023, we purchased 183,360 shares of our common stock under the program at a cost of $60.1 million, or an average price of $327.90 per share.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	3.0	3.0
Preferred stock, shares issued (in shares)	0.0	0.0
Preferred stock, shares outstanding (in shares)	0.0	0.0
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	200.0	200.0
Common stock, shares issued (in shares)	75.3	75.3
Common stock, shares outstanding (in shares)	73.0	73.5
Treasury stock, at cost (in shares)	2.3	1.8

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Bernard J. Birkett [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Bernard J. Birkett, Senior Vice President, Chief Financial and Operations Officer, entered into a prearranged stock trading arrangement on March 15, 2024. Mr. Birkett’s plan provides for the purchase and sale of an aggregate number of 11,100 shares of the Company's common stock on June 14, 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	Bernard J. Birkett
Title	Senior Vice President, Chief Financial and Operations Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	1 day
Aggregate Available	11,100

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three months ended March 31, 2024, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West,” the “Company,” “we,” “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The results of operations for any interim period are not necessarily indicative of results for the full year.
Standards Issued Not Yet Adopted	Standards Issued Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance that seeks to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendment enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. We are currently evaluating the impact of this guidance on our financial statements and disclosures. The Company does not expect such adoption to cause a material impact to the consolidated financial statements and disclosures. In December 2023, the FASB issued guidance that seeks to enhance income tax disclosures to provide information to better assess how an entity's operations and related tax risks affect its tax rate and prospects for future cash flows. Within the income tax rate reconciliation, the amendment requires disclosure of additional categories and greater detail about individual reconciling items over a specified threshold. It also requires information pertaining to taxes paid to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions over a specified threshold. This guidance is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of this guidance on our financial statements and disclosures, but we expect adoption will cause a significant impact to our Income Taxes footnote disclosure.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: •Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Stockholders Equity

The following table presents the changes in shareholders’ equity for the three months ended March 31, 2024:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2023	75.3	$	18.8	$	120.2	1.8	$	(637.6)	$	3,523.4	$	(143.8)	$	2,881.0
Net income	—	—		—		—	—		115.3		—		115.3
Activity related to stock-based compensation	—	—		(65.0)		(0.2)	79.4		—		—		14.4
Shares purchased under share repurchase program	—	—		—		0.7	(267.0)		—		—		(267.0)
Dividends declared ($0.20 per share)	—	—		—		—	—		(14.6)		—		(14.6)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(48.5)		(48.5)
Balance, March 31, 2024	75.3	$	18.8	$	55.2	2.3	$	(825.2)	$	3,624.1	$	(192.3)	$	2,680.6

The following table presents the changes in shareholders’ equity for the three months ended March 31, 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

Revenue - Revenue Recognition (Details)	3 Months Ended
Revenue - Revenue Recognition (Details)	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Americas \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	43.00%	44.00%
Europe, Middle East, Africa \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	48.00%	47.00%
Asia Pacific \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	9.00%	9.00%
High-Value Product Components \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	47.00%	51.00%
High-Value Product Delivery Devices \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	11.00%	7.00%
Standard Packaging \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	22.00%	23.00%
Contract-Manufactured Products \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20.00%	19.00%
Biologics \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	37.00%	34.00%
Generics \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.00%	20.00%
Pharma \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	25.00%	27.00%
Contract-Manufactured Products \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20.00%	19.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 601.8	$ 853.9
Accounts receivable, net	524.0	512.0
Inventories	429.9	434.7
Other current assets	137.2	135.8
Total current assets	1,692.9	1,936.4
Property, plant and equipment	2,791.3	2,738.0
Less: accumulated depreciation and amortization	1,342.7	1,324.7
Property, plant and equipment, net	1,448.6	1,413.3
Operating lease right-of-use assets	96.8	99.2
Investments in affiliated companies	202.5	210.0
Goodwill	107.6	108.5
Intangible assets, net	13.9	15.1
Deferred income taxes	21.0	25.7
Other noncurrent assets	19.0	21.3
Total Assets	3,602.3	3,829.5
Current liabilities:
Notes payable and other current debt	133.4	134.0
Accounts payable	240.1	242.4
Accrued salaries, wages and benefits	66.5	105.9
Income taxes payable	16.8	16.6
Operating lease liabilities	18.0	17.7
Other current liabilities	173.6	155.2
Total current liabilities	648.4	671.8
Long-term debt	72.8	72.8
Deferred income taxes	12.7	12.7
Pension and other postretirement benefits	28.9	29.6
Long-term operating lease liabilities	82.4	84.5
Deferred compensation benefits	18.6	18.6
Other long-term liabilities	57.9	58.5
Total Liabilities	921.7	948.5
Commitments and contingencies (Note 16)
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 as of March 31, 2024 and December 31, 2023, respectively; shares outstanding: 73.0 million and 73.5 million as of March 31, 2024 and December 31, 2023, respectively	18.8	18.8
Capital in excess of par value	55.2	120.2
Retained earnings	3,624.1	3,523.4
Accumulated other comprehensive loss	(192.3)	(143.8)
Treasury stock, at cost (2.3 million and 1.8 million shares)	(825.2)	(637.6)
Total Equity	2,680.6	2,881.0
Total Liabilities and Equity	$ 3,602.3	$ 3,829.5

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease, Cost

The components of lease expense were as follows:


	Three Months Ended March 31,
($ in millions)	2024		2023
Operating lease cost	$	5.6	$	5.9
Short-term lease cost	0.5		1.3
Variable lease cost	1.9		1.7
Total lease cost	$	8.0	$	8.9

Schedule of Cash Flow and Supplemental Information

Supplemental cash flow information related to leases was as follows:


	Three Months Ended March 31,
($ in millions)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5.3	$	4.9
Right-of-use assets obtained in exchange for new operating lease liabilities	$	4.2	$	0.6

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of operating lease liabilities were as follows:


($ in millions)	March 31,		December 31,
Year	2024		2023
2024 (remaining period as of)	$	16.0	$	20.9
2025	19.5		18.7
2026	16.5		15.7
2027	11.9		11.2
2028	10.1		9.5
Thereafter	41.7		42.1
	115.7		118.1
Less: imputed lease interest	(15.3)		(15.9)
Total lease liabilities	$	100.4	$	102.2

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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)	March 31, 2024		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	9.9	$	9.9	$	—	$	—
Foreign currency contracts	0.5		—		0.5		—
Cross-currency swap	22.5		—		22.5		—
Commodity call options	0.9		—		0.9		—
	$	33.8	$	9.9	$	23.9	$	—
Liabilities:
Contingent consideration	$	3.7	$	—	$	—	$	3.7
Deferred compensation liabilities	10.1		10.1		—		—

Foreign currency contracts	10.3		—		10.3		—
	$	24.1	$	10.1	$	10.3	$	3.7


	Balance at		Basis of Fair Value Measurements
($ in millions)	December 31, 2023		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	10.2	$	10.2	$	—	$	—
Foreign currency contracts	5.0		—		5.0		—
Cross-currency swap	18.4		—		18.4		—
Commodity call options	0.6		—		0.6		—
	$	34.2	$	10.2	$	24.0	$	—
Liabilities:
Contingent consideration	$	3.6	$	—	$	—	$	3.6
Deferred compensation liabilities	10.4		10.4		—		—
Foreign currency contracts	2.2		—		2.2		—
	$	16.2	$	10.4	$	2.2	$	3.6

Deferred compensation assets are included within other noncurrent assets and are valued using a market approach based on quoted market prices in an active market. The fair value of our foreign currency contracts, included within other current and other noncurrent assets, as well as other current and other long-term liabilities, 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 March 31, 2024, the estimated fair value of long-term debt was $70.3 million compared to a carrying amount of $72.8 million. At December 31, 2023, the estimated fair value of long-term debt was $70.8 million and the carrying amount was $72.8 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

Shareholders' Equity - Supplemental Equity Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.20	$ 0.19

Shareholders' Equity - Change in Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	$ 2,881.0	$ 2,684.9
Balance (in shares)	1,800,000
Net income	$ 115.3	140.0
Activity related to stock-based compensation	$ 14.4	$ 11.0
Shares purchased under share repurchase program (in shares)	729,679	183,360
Shares purchased under share repurchase program	$ (267.0)	$ (60.1)
Dividends declared	(14.6)	(14.2)
Other comprehensive income (loss), net of tax	(48.5)	14.6
Balance, end of period	$ 2,680.6	$ 2,776.2
Balance (in shares)	2,300,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	75,300,000	75,300,000
Balance, beginning of period	$ 18.8	$ 18.8
Balance (in shares)	75,300,000	75,300,000
Balance, end of period	$ 18.8	$ 18.8
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	120.2	232.2
Activity related to stock-based compensation	(65.0)	(50.8)
Balance, end of period	55.2	181.4
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	$ (637.6)	$ (370.9)
Balance (in shares)	1,800,000	1,200,000
Activity related to stock -based compensation (in shares)	(200,000)	(300,000)
Activity related to stock-based compensation	$ 79.4	$ 61.8
Shares purchased under share repurchase program (in shares)	700,000	200,000
Shares purchased under share repurchase program	$ (267.0)	$ (60.1)
Balance, end of period	$ (825.2)	$ (369.2)
Balance (in shares)	2,300,000	1,100,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	$ 3,523.4	$ 2,987.8
Net income	115.3	140.0
Dividends declared	(14.6)	(14.2)
Balance, end of period	3,624.1	3,113.6
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(143.8)	(183.0)
Other comprehensive income (loss), net of tax	(48.5)	14.6
Balance, end of period	$ (192.3)	$ (168.4)

Net Income Per Share - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 28, 2023
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of diluted net income per share (in shares)	200,000	300,000
Stock repurchase program, shares authorized (in shares)			1,000,000,000
Stock repurchase program, shares purchased (in shares)	729,679	183,360
Stock purchase program, cost of shares purchased	$ 267.0	$ 60.1
Stock repurchase program, average price per share (in dollars per share)	$ 365.87	$ 327.90

Revenue

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024	2023
Biologics	37 %	34 %
Generics	18 %	20 %
Pharma	25 %	27 %
Contract-Manufactured Products	20 %	19 %
	100 %	100 %

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


	Three Months Ended March 31,
	2024	2023
High-Value Product Components	47 %	51 %
High-Value Product Delivery Devices	11 %	7 %
Standard Packaging	22 %	23 %
Contract-Manufactured Products	20 %	19 %
	100 %	100 %

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


	Three Months Ended March 31,
	2024	2023
Americas	43 %	44 %
Europe, Middle East, Africa	48 %	47 %
Asia Pacific	9 %	9 %
	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, 2023	$	21.5
Contract assets, March 31, 2024	19.9
Change in contract assets - (decrease) increase	$	(1.6)

Deferred income, December 31, 2023	$	(53.9)
Deferred income, March 31, 2024	(57.9)
Change in deferred income - (increase) decrease	$	(4.0)

Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the three months ended March 31, 2024, $15.5 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 March 31, 2024, there was $1.9 million of deferred income related to this payment, of which $0.9 million was included in other current liabilities and $1.0 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
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: 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
-Topic 606
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-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

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 115.3	$ 140.0

- Definition

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

+ References

+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-8036
Entity Registrant Name	WEST PHARMACEUTICAL SERVICES, INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1210010
Entity Address, Address Line One	530 Herman O. West Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341-1147
City Area Code	610
Local Phone Number	594-2900
Title of each class	Common Stock, par value $0.25 per share
Trading Symbol	WST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,843,157
Entity Central Index Key	0000105770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Affiliated Companies (Details) - USD ($) $ in Millions	3 Months Ended
Affiliated Companies (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying amount, equity-method investments	$ 195.9		$ 203.2
Carrying amount, investments not accounted for under the equity method	6.6		6.8
Other current liabilities	173.6		155.2
Net sales	695.4	$ 716.6
Other current assets	137.2		135.8
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Other current liabilities	26.7		25.9
Net sales	3.2	3.3
Other current assets	2.1		$ 1.6
Distributorship Agreement
Schedule of Equity Method Investments [Line Items]
Related party transaction, purchases from related party	$ 28.6	$ 44.2

- 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)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 5
-Publisher FASB
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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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 41
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 206.4	$ 207.0
Less: unamortized debt issuance costs for Term Loan and Series Notes	0.2	0.2
Total debt	206.2	206.8
Less: current portion of long-term debt	133.4	134.0
Long-term debt, net	$ 72.8	72.8
Term Loan, due December 31, 2024 (6.28%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.28%
Long-term debt, gross	$ 80.4	81.0
Less: current portion of long-term debt	$ 80.4
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

Derivative Financial Instruments - Foreign Currency Contracts (Details) - Mar. 31, 2024 - Foreign Exchange Forward - Designated as Hedging Instrument € in Millions, ¥ in Millions, $ in Millions, $ in Millions	USD ($)	SGD ($)	EUR (€)	JPY (¥)
EUR \| Long
Derivative [Line Items]
Derivative, notional amount \| €			€ 25.9
EUR \| Short
Derivative [Line Items]
Derivative, notional amount	$ 28.6	$ 0.0	0.0
Japan, Yen \| Long
Derivative [Line Items]
Derivative, notional amount \| ¥				¥ 6,006.8
Japan, Yen \| Short
Derivative [Line Items]
Derivative, notional amount	28.8	1.1	13.0
SGD \| Long
Derivative [Line Items]
Derivative, notional amount \| $		40.1
SGD \| Short
Derivative [Line Items]
Derivative, notional amount	$ 14.7	$ 0.0	€ 14.2

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining period as of)	$ 16.0	$ 20.9
2025	19.5	18.7
2026	16.5	15.7
2027	11.9	11.2
2028	10.1	9.5
Thereafter	41.7	42.1
Operating leases liabilities payments due	115.7	118.1
Less: imputed lease interest	(15.3)	(15.9)
Total lease liabilities	$ 100.4	$ 102.2

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 5.6	$ 5.9
Short-term lease cost	0.5	1.3
Variable lease cost	1.9	1.7
Total lease cost	$ 8.0	$ 8.9

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the three months ended March 31, 2024:


($ in millions)	Derivatives		Equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2023	$	—	$	2.3	$	(10.1)	$	(136.0)	$	(143.8)
Other comprehensive (loss) income before reclassifications	(3.1)		(0.1)		—		(46.3)		(49.5)
Amounts reclassified out from accumulated other comprehensive income (loss)	1.2		—		(0.2)		—		1.0
Other comprehensive (loss) income, net of tax	(1.9)		(0.1)		(0.2)		(46.3)		(48.5)
Balance, March 31, 2024	$	(1.9)	$	2.2	$	(10.3)	$	(182.3)	$	(192.3)

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the three months ended March 31, 2023:


($ in millions)	Derivatives		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 income (loss) before reclassifications	(0.9)		—		(0.2)		15.3		14.2
Amounts reclassified out from accumulated other comprehensive income (loss)	0.7		—		(0.3)		—		0.4
Other comprehensive income (loss), net of tax	(0.2)		—		(0.5)		15.3		14.6
Balance, March 31, 2023	$	—	$	1.6	$	(9.9)	$	(160.1)	$	(168.4)

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 March 31,				Location on Statement of Income
Detail of components	2024		2023
(Losses) gains on derivatives:
Foreign currency contracts	$	0.1	$	(0.7)		Net sales
Foreign currency contracts	(1.6)		—			Cost of goods and services sold

Forward treasury locks	(0.1)		(0.1)			Interest expense
Total before tax	(1.6)		(0.8)
Tax benefit	0.4		0.1
Net of tax	$	(1.2)	$	(0.7)
Amortization of defined benefit pension and other postretirement plans:

Actuarial gains	0.3		0.4			(a)

Total before tax	0.3		0.4
Tax expense	(0.1)		(0.1)
Net of tax	$	0.2	$	0.3
Total reclassifications for the period, net of tax	$	(1.0)	$	(0.4)

(a) These components are included in the computation of net periodic benefit cost.

Debt - Credit Facility (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 206.4	$ 207.0
Long-term debt, current	133.4	134.0
Revolving Credit Facility, Due 2024
Line of Credit Facility [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
Line of Credit Facility [Line Items]
Long-term line of credit	2.4
Term Loan Due 2024
Line of Credit Facility [Line Items]
Long-term debt, gross	80.4	$ 81.0
Long-term debt, current	$ 80.4

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 695.4	$ 716.6
Cost of goods and services sold	465.2	445.3
Gross profit	230.2	271.3
Research and development	17.6	17.1
Selling, general and administrative expenses	86.7	86.0
Other expense (income) (Note 14)	3.1	12.9
Operating profit	122.8	155.3
Interest expense	1.6	2.2
Interest income	(6.2)	(4.8)
Income before income taxes and equity in net income of affiliated companies	127.4	157.9
Income tax expense	16.4	23.6
Equity in net income of affiliated companies	(4.3)	(5.7)
Net income	$ 115.3	$ 140.0
Net income per share:
Basic (in dollars per share)	$ 1.57	$ 1.88
Diluted (in dollars per share)	$ 1.55	$ 1.85
Weighted average shares outstanding:
Basic (in shares)	73.5	74.5
Diluted (in shares)	74.3	75.7