0000105770-24-000081 | 10-Q | XBRL Viewer | West Pharmaceutical Services INC

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ (2.5)	$ 0.4	$ (0.8)	$ 1.9
Defined benefit pension and other postretirement plan adjustments, tax	(0.2)	0.0	(0.3)	(0.5)
Net gain (loss) on equity affiliate accumulated other comprehensive income, tax	0.0	0.0	0.0	0.0
Net gain (loss) on derivatives, tax	$ 1.1	$ 0.8	$ 0.7	$ (0.3)

Fair Value Measurements - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets:
Deferred compensation assets	$ 11.3	$ 10.2
Foreign currency contracts	19.7	5.0
Total assets at fair value	248.3	486.5
Liabilities:
Contingent consideration	3.7	3.6
Deferred compensation liabilities	11.4	10.4
Foreign currency contracts	9.9	2.2
Total liabilities at fair value	25.0	16.2
Money market funds
Assets:
Money market funds	128.5	404.4
Time deposits
Assets:
Money market funds	73.5	47.9
Cross-currency swap
Assets:
Commodity call options	15.1	18.4
Commodity call options
Assets:
Commodity call options	0.2	0.6
Level 1
Assets:
Deferred compensation assets	11.3	10.2
Foreign currency contracts	0.0	0.0
Total assets at fair value	139.8	414.6
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	11.4	10.4
Foreign currency contracts	0.0	0.0
Total liabilities at fair value	11.4	10.4
Level 1 \| Money market funds
Assets:
Money market funds	128.5	404.4
Level 1 \| Time deposits
Assets:
Money market funds	0.0	0.0
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	19.7	5.0
Total assets at fair value	108.5	71.9
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	0.0	0.0
Foreign currency contracts	9.9	2.2
Total liabilities at fair value	9.9	2.2
Level 2 \| Money market funds
Assets:
Money market funds	0.0	0.0
Level 2 \| Time deposits
Assets:
Money market funds	73.5	47.9
Level 2 \| Cross-currency swap
Assets:
Commodity call options	15.1	18.4
Level 2 \| Commodity call options
Assets:
Commodity call options	0.2	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	0.0	0.0
Total liabilities at fair value	3.7	3.6
Level 3 \| Money market funds
Assets:
Money market funds	0.0	0.0
Level 3 \| Time deposits
Assets:
Money market funds	0.0	0.0
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

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Net sales:
Proprietary Products	$	601.4	$	602.5	$	1,720.6	$	1,803.6
Contract-Manufactured Products	145.5		144.9		423.8		414.2

Consolidated net sales	$	746.9	$	747.4	$	2,144.4	$	2,217.8

The following table provides summarized financial information for our segments:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Operating profit (loss):
Proprietary Products	$	158.2	$	181.6	$	415.5	$	546.5
Contract-Manufactured Products	21.8		21.0		56.1		53.3
Total business segment operating profit	$	180.0	$	202.6	$	471.6	$	599.8
Corporate and Unallocated
Stock-based compensation expense	$	(5.1)	$	(5.9)	$	(14.4)	$	(21.9)
Corporate general costs (1)	(14.3)		(15.9)		(47.2)		(47.2)
Unallocated Items:
Loss on disposal of plant (2)	—		—		—		(11.6)
Cost investment impairment (3)	—		(3.3)		—		(3.3)
Restructuring and other charges (4)	0.9		—		0.9		(0.1)
Amortization of acquisition-related intangible assets (5)	(0.2)		(0.2)		(0.6)		(0.6)

Total Corporate and Unallocated	(18.7)		(25.3)		(61.3)		(84.7)
Total consolidated operating profit	$	161.3	$	177.3	$	410.3	$	515.1
Interest (income) expense and other nonoperating expense (income), net	(3.2)		(9.7)		(10.3)		(14.7)
Income before income taxes and equity in net income of affiliated companies	$	164.5	$	187.0	$	420.6	$	529.8

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

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

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

(4) Restructuring and other charges were a benefit of $0.9 million in the three and nine months ended September 30, 2024. The net benefit represents the impact of two items, the first of which is a $2.5 million benefit recorded within other expense (income) related to revised severance estimates in connection with the Company's 2022 restructuring plan. This benefit was partially offset by $1.6 million of expense recorded within selling, general and administrative expenses in connection with a plan to optimize the legal structure of the Company and its subsidiaries. The expense consists primarily of consulting fees, legal expenses, and other one-time costs directly attributable to this plan. Restructuring and other charges of $0.1 million for the nine months ended September 30, 2023 represent the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan.

(5) During the three and nine months ended September 30, 2024 and September 30, 2023, the Company recorded $0.2 million and $0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020.

Please refer to Note 14, Other Expense (Income), for further discussion of these items.

- Definition

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

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+ Details

Accumulated Other Comprehensive Loss - Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	$ 746.9			$ 747.4			$ 2,144.4	$ 2,217.8
Cost of goods and services sold	(482.2)			(459.1)			(1,419.5)	(1,366.8)
Other expense (income)	(4.4)			(5.6)			(10.8)	(22.5)
Income before income taxes and equity in net income of affiliated companies	164.5			187.0			420.6	529.8
Tax benefit (expense)	(32.4)			(29.4)			(70.7)	(87.8)
Total reclassifications for the period, net of tax	136.0	$ 111.3	$ 115.3	161.3	$ 155.1	$ 140.0	362.6	456.4
Reclassification out of Accumulated Other Comprehensive Loss
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Total reclassifications for the period, net of tax	(0.3)			(3.3)			(1.7)	(5.9)
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	(0.7)			(5.1)			(3.0)	(9.9)
Tax benefit (expense)	0.2			1.6			0.7	2.9
Total reclassifications for the period, net of tax	(0.5)			(3.5)			(2.3)	(7.0)
Reclassification out of Accumulated Other Comprehensive Loss \| Gains (losses) on derivatives: \| Foreign currency contracts
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	0.0			(0.2)			0.2	(1.5)
Cost of goods and services sold	(0.7)			(1.4)			(4.1)	(2.0)
Other expense (income)	0.0			(3.4)			1.0	(6.2)
Reclassification out of Accumulated Other Comprehensive Loss \| Gains (losses) on derivatives: \| Forward treasury locks
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Interest expense	0.0			(0.1)			(0.1)	(0.2)
Reclassification out of Accumulated Other Comprehensive Loss \| Amortization of defined benefit pension and other postretirement plans:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Actuarial gains	0.3			0.3			0.8	1.1
Other	0.0			0.0			0.0	0.4
Income before income taxes and equity in net income of affiliated companies	0.3			0.3			0.8	1.5
Tax benefit (expense)	(0.1)			(0.1)			(0.2)	(0.4)
Total reclassifications for the period, net of tax	$ 0.2			$ 0.2			$ 0.6	$ 1.1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 362.6	$ 456.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	112.0	99.1
Amortization	2.7	2.3
Stock-based compensation	14.4	21.9
Loss on disposal of plant	0.0	11.6
Asset impairments	1.9	6.9
Other non-cash items, net	(9.7)	(13.5)
Changes in assets and liabilities	(20.6)	(47.3)
Net cash provided by operating activities	463.3	537.4
Cash flows from investing activities:
Capital expenditures	(272.1)	(253.3)
Other, net	(1.8)	(6.6)
Net cash used in investing activities	(273.9)	(259.9)
Cash flows from financing activities:
Borrowings of long-term debt	164.7	0.0
Repayments of long-term debt	(169.0)	(1.7)
Principal repayments on finance leases	(23.2)	0.0
Dividend payments	(43.8)	(42.2)
Proceeds from stock-based compensation awards	24.0	42.6
Employee stock purchase plan contributions	5.6	5.3
Shares purchased under share repurchase programs	(506.5)	(261.3)
Shares repurchased for employee tax withholdings	(5.5)	(12.8)
Net cash used in financing activities	(553.7)	(270.1)
Effect of exchange rates on cash	1.3	(3.1)
Net (decrease) increase in cash and cash equivalents	(363.0)	4.3
Cash, including cash equivalents at beginning of period	853.9	894.3
Cash, including cash equivalents at end of period	$ 490.9	$ 898.6

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease Cost

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Operating lease cost	$	6.4	$	4.3	$	18.1	$	15.0
Finance lease - amortization of right-of-use (ROU) assets	0.3		—		0.6		—
Finance lease - interest on lease liabilities	0.1		—		0.1		—
Short-term lease cost	0.8		1.9		1.9		4.4
Variable lease cost	2.5		1.4		6.3		4.4
Total lease cost	$	10.1	$	7.6	$	27.0	$	23.8

Supplemental cash flow information related to leases were as follows:


	Nine Months Ended September 30,
($ in millions)		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	26.3	$	14.4
Financing cash flows from finance leases		$	23.2	$	—
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	36.8	$	6.6
Finance leases		$	24.3	$	—

Schedule Of Assets And Liabilities, Lessee

The following table summarizes the finance lease amounts in the condensed consolidated balance sheets as of September 30, 2024:



		September 30,
($ in millions)	Balance Sheet Classification	2024

ROU assets, net	Other noncurrent assets	$	31.9
Lease liabilities (current)	Other current liabilities	$	0.9
Lease liabilities (noncurrent)	Other long-term liabilities	$	2.2

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of the Company's lease liabilities as of September 30, 2024 were as follows:


($ in millions)
Year	Operating Leases		Finance Leases
2024 (remaining period as of September 30, 2024)	$	6.2	$	0.2
2025	23.2		0.9
2026	20.2		0.9
2027	15.5		0.8
2028	14.1		0.5
Thereafter	37.2		0.1
	116.4		3.4
Less: imputed lease interest	(14.2)		(0.3)
Total lease liabilities	$	102.2	$	3.1

Schedule of Lessee, Finance Lease, Liability, Maturity

Maturities of the Company's lease liabilities as of September 30, 2024 were as follows:


($ in millions)
Year	Operating Leases		Finance Leases
2024 (remaining period as of September 30, 2024)	$	6.2	$	0.2
2025	23.2		0.9
2026	20.2		0.9
2027	15.5		0.8
2028	14.1		0.5
Thereafter	37.2		0.1
	116.4		3.4
Less: imputed lease interest	(14.2)		(0.3)
Total lease liabilities	$	102.2	$	3.1

Net Income Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Net income	$	136.0	$	161.3	$	362.6	$	456.4
Weighted average common shares outstanding	72.8		74.3		73.1		74.4
Dilutive effect of equity awards, based on the treasury stock method	0.6		1.0		0.7		1.1
Weighted average shares assuming dilution	73.4		75.3		73.8		75.5

During the three months ended September 30, 2024 and 2023, there were 0.3 million and less than 0.1 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive. There were 0.3 million and 0.1 million antidilutive shares excluded during the nine months ended September 30, 2024 and 2023, respectively.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Shares repurchased	170,771		77,329		1,409,786		753,399
Total cost of repurchases ($ in millions)	$	52.4	$	27.8	$	506.5	$	261.3
Average price per repurchased share	$	306.34	$	360.25	$	359.24	$	346.86

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the nine months ended September 30, 2024:


($ in millions)	Derivatives		Change in 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 income (loss) before reclassifications	(0.3)		—		(0.6)		6.7		5.8
Amounts reclassified out from accumulated other comprehensive income (loss)	2.3		—		(0.6)		—		1.7
Other comprehensive income (loss), net of tax	2.0		—		(1.2)		6.7		7.5
Balance, September 30, 2024	$	2.0	$	2.3	$	(11.3)	$	(129.3)	$	(136.3)

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


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

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

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


($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
Detail of components	2024		2023		2024		2023
Gains (losses) on derivatives:
Foreign currency contracts	$	—	$	(0.2)	$	0.2	$	(1.5)	Net sales
Foreign currency contracts	(0.7)		(1.4)		(4.1)		(2.0)		Cost of goods and services sold
Foreign currency contracts	—		(3.4)		1.0		(6.2)		Other expense (income)
Forward treasury locks	—		(0.1)		(0.1)		(0.2)		Interest expense
Total before tax	(0.7)		(5.1)		(3.0)		(9.9)
Tax benefit	0.2		1.6		0.7		2.9
Net of tax	$	(0.5)	$	(3.5)	$	(2.3)	$	(7.0)
Amortization of defined benefit pension and other postretirement plans:


Actuarial gains	$	0.3	$	0.3	$	0.8	$	1.1	(a)

Other	—		—		—		0.4
Total before tax	0.3		0.3		0.8		1.5
Tax expense	(0.1)		(0.1)		(0.2)		(0.4)
Net of tax	$	0.2	$	0.2	$	0.6	$	1.1
Total reclassifications for the period, net of tax	$	(0.3)	$	(3.3)	$	(1.7)	$	(5.9)

(a) This component is included in the computation of net periodic benefit cost.

Revenue

9 Months Ended

Sep. 30, 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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Biologics	40 %	40 %	38 %	37 %
Generics	18 %	19 %	17 %	20 %
Pharma	23 %	22 %	25 %	24 %
Contract-Manufactured Products	19 %	19 %	20 %	19 %
	100 %	100 %	100 %	100 %

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
High-Value Product ("HVP") Components	45 %	50 %	46 %	50 %
High-Value Product ("HVP") Delivery Devices	16 %	11 %	12 %	10 %
Standard Packaging	20 %	20 %	22 %	21 %
Contract-Manufactured Products	19 %	19 %	20 %	19 %
	100 %	100 %	100 %	100 %

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

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Americas	48 %	46 %	44 %	45 %
Europe, Middle East, Africa	44 %	46 %	47 %	46 %
Asia Pacific	8 %	8 %	9 %	9 %
	100 %	100 %	100 %	100 %

Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities:


	($ in millions)
Contract assets, December 31, 2023	$	21.5
Contract assets, September 30, 2024	42.3
Change in contract assets - increase (decrease)	$	20.8

Deferred income, December 31, 2023	$	(53.9)
Deferred income, September 30, 2024	(53.8)
Change in deferred income - decrease (increase)	$	0.1

Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the nine months ended September 30, 2024, $32.8 million of revenue was recognized that was included in deferred income at the beginning of the year.

The majority of the performance obligations within our contracts are satisfied within one year or less. Performance obligations satisfied beyond one year are not material as of September 30, 2024.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

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


($ in millions)	September 30, 2024		December 31, 2023
Raw materials	$	170.3	$	172.3
Work in process	80.0		87.3
Finished goods	150.9		175.1
	$	401.2	$	434.7

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 170.3	$ 172.3
Work in process	80.0	87.3
Finished goods	150.9	175.1
Total inventories	$ 401.2	$ 434.7

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under the 2016 Plan (in shares)	1,338,673		1,338,673
Stock options, granted (in shares)			88,588
Stock options, weighted average exercise price (in dollars per share)			$ 348.50
Stock options, weighted average grant date fair value (in dollars per share)			$ 134.33
Risk-free interest rate (in hundredths)			4.30%
Expected life (in years)			6 years
Stock volatility (in hundredths)			32.00%
Dividend yield (in hundredths)			0.30%
Stock-based compensation expense	$ 5.1	$ 5.9	$ 14.4	$ 21.9
Performance Share Unit (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			34,188
Grant date fair value (in dollars per share)			$ 348.46
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)			8,302
Grant date fair value (in dollars per share)			$ 342.74

Debt - Narrative (Details) - USD ($)		9 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 02, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jul. 05, 2012
Debt Instrument [Line Items]
Repayments of long-term debt		$ 169,000,000.0	$ 1,700,000
Long-term debt, gross		203,000,000.0		$ 207,000,000.0
Term Loans
Debt Instrument [Line Items]
Long-term debt, gross		$ 130,000,000.0
Term Loan, due July 2, 2027 (6.67%)
Debt Instrument [Line Items]
Principal amount	$ 130,000,000
Debt instrument, stated interest rate		6.67%
Long-term debt, gross		$ 130,000,000.0		0
Term Loan, due December 31, 2024 (6.32%)
Debt Instrument [Line Items]
Repayments of long-term debt	79,900,000
Debt instrument, stated interest rate		6.32%
Long-term debt, gross		$ 0		81,000,000.0
Series B notes, due July 5, 2024 (3.82%)
Debt Instrument [Line Items]
Repayments of long-term debt	$ 53,000,000
Debt instrument, stated interest rate		3.82%			3.82%
Long-term debt, gross		$ 0		$ 53,000,000.0
Revolving credit facility, Due 2024 \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity		500,000,000
Line of credit facility, unused commitment level		497,600,000
Revolving credit facility, Due 2024 \| Letter of Credit
Debt Instrument [Line Items]
Long-term line of credit		$ 2,400,000

Net Income Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Net Income Per Share - Narrative (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 28, 2023
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of diluted net income per share (in shares)	300,000	100,000	300,000	100,000
Stock repurchase program, shares authorized (in shares)					1,000,000,000

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

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

The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of the corresponding balance sheet date reflected in the table below.


($ in millions)	September 30, 2024		December 31, 2023




Term Loan, due July 2, 2027 (6.67%)	$	130.0	$	—
Term Loan, due December 31, 2024 (6.32%)	—		81.0
Series B notes, due July 5, 2024 (3.82%)	—		53.0
Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	203.0		207.0
Less: unamortized debt issuance costs	0.4		0.2
Total debt	202.6		206.8
Less: current portion of long-term debt	—		134.0
Long-term debt, net	$	202.6	$	72.8

Derivative Financial Instruments - Effects of Derivative Instruments on OCI and Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss) recognized in income, fair value hedges	$ (1.8)	$ (2.0)	$ (5.3)	$ (1.7)
Cash flow hedges, amount of gain (loss) recognized in OCI	5.5	(2.0)	(1.0)	(6.5)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.5	1.2	3.0	2.8
Net investment hedges, amount of gain (loss) recognized in OCI	(8.1)	2.9	0.3	10.1
Net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0	0.0	0.0
Forward treasury locks
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	0.0	0.0	0.0	0.0
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0	0.1	0.1
Cross-currency swap
Derivative Instruments, Gain (Loss) [Line Items]
Net investment hedges, amount of gain (loss) recognized in OCI	(8.1)	2.9	0.3	10.1
Net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0	0.0	0.0
Fair Value Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, forward point components, (loss) gain, recognized in earnings	(1.8)	0.2	(5.3)	1.6
Fair value hedges, amount of gain (loss) recognized in OCI	0.5	(0.3)	0.7	(2.3)
Fair value hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	2.3	(0.7)	4.2
Fair Value Hedges: \| Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Fair value hedges, amount of gain (loss) recognized in OCI	0.5	(0.3)	0.7	(2.3)
Fair value hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	2.3	(0.7)	4.2
Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss) on hedged item, fair value hedges	(16.6)	(1.2)	(6.2)	8.7
Change in unrealized gain (loss) on fair value hedging instruments	16.6	0.7	6.2	(10.0)
Amount excluded from effectiveness testing, fair value hedges	(1.8)	(1.5)	(5.3)	(0.4)
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.0	0.1	(0.2)	1.2
Net sales \| Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	0.2	0.5	0.3	(0.4)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.1	(0.2)	1.2
Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.5	1.1	3.1	1.5
Cost of goods and services sold \| Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	5.3	(2.5)	(1.3)	(6.1)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.5	1.1	3.1	1.5
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	$ 0.0	$ 0.0	$ 0.1	$ 0.1

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. The provision for income taxes was $32.4 million and $29.4 million for the three months ended September 30, 2024 and 2023, respectively, and the effective tax rate was 19.7% and 15.7%, respectively. The increase in the effective tax rate is primarily due to a decrease in the tax benefit related to stock-based compensation in the three months ended September 30, 2024 as compared to the same period in 2023, partially offset by a shift in the forecasted geographic earnings mix. The provision for income taxes was $70.7 million and $87.8 million for the nine months ended September 30, 2024 and 2023, respectively, and the effective tax rate was 16.8% and 16.6%, respectively. The increase in the effective tax rate is primarily due to a decrease in the tax benefit related to stock-based compensation in the nine months ended September 30, 2024, as compared to the same period in 2023, partially offset by a shift in the forecasted geographic earnings mix. 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 136.0	$ 161.3	$ 362.6	$ 456.4
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax of $(2.5), $0.4, $(0.8) and $1.9, respectively	74.7	(40.9)	6.7	(36.9)
Defined benefit pension and other postretirement plan adjustments, net of tax of $(0.2), $0.0, $(0.3), and $(0.5), respectively	(0.8)	0.2	(1.2)	(1.2)
Net gain (loss) on equity affiliate accumulated other comprehensive income, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively	0.2	0.0	0.0	(0.1)
Net gain (loss) on derivatives, net of tax of $1.1, $0.8, $0.7 and $(0.3), respectively	6.5	1.2	2.0	(1.8)
Other comprehensive income (loss), net of tax	80.6	(39.5)	7.5	(40.0)
Comprehensive income	$ 216.6	$ 121.8	$ 370.1	$ 416.4

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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+ Details

Affiliated Companies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Affiliated Companies (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total investments in affiliated companies	$ 217.5		$ 217.5		$ 210.0
Payables due to affiliates	159.3		159.3		155.2
Receivables due from affiliates	134.2		134.2		135.8
Purchases from (and payments to) affiliates	30.1	$ 34.4	83.6	$ 118.5
Sales to affiliates	746.9	747.4	2,144.4	2,217.8
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Equity method affiliates	210.3		210.3		203.2
Non-equity method affiliates	7.2		7.2		6.8
Payables due to affiliates	24.8		24.8		25.9
Receivables due from affiliates	2.7		2.7		$ 1.6
Sales to affiliates	$ 3.5	$ 2.5	$ 10.7	$ 8.5

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- 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
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+ Details

Other Expense (Income) - Schedule of Other Expense (Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Foreign exchange transaction losses	$ 4.1	$ 1.8	$ 7.3	$ 3.0
Contingent consideration	1.2	0.7	3.2	1.5
Asset impairments	1.0	3.5	1.9	6.9
Restructuring and related charges	(2.5)	0.0	(2.5)	(0.8)
Loss on disposal of plant	0.0	0.0	0.0	11.6
Other items	0.6	(0.4)	0.9	0.3
Total other expense (income)	$ 4.4	$ 5.6	$ 10.8	$ 22.5

Other Expense (Income)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Other Expense (Income)

Other expense (income) consists of:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Foreign exchange transaction losses	$	4.1	$	1.8	$	7.3	$	3.0
Contingent consideration	1.2		0.7		3.2		1.5
Asset impairments	1.0		3.5		1.9		6.9
Restructuring and related charges	(2.5)		—		(2.5)		(0.8)

Loss on disposal of plant	—		—		—		11.6
Other items	0.6		(0.4)		0.9		0.3
Total other expense (income)	$	4.4	$	5.6	$	10.8	$	22.5

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 were implemented over a period of approximately twenty-four months from the date of approval. The plan is expected to have annualized savings in the range of $17 million to $19 million. As of September 30, 2024, the Company does not expect additional expenses or payments associated with our 2022 restructuring plan. 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	(2.5)		—		(2.5)
Cash payments	(0.5)		—		(0.5)

Balance, September 30, 2024	$	—	$	—	$	—

Loss on Disposal of Plant

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

Segment Information - Segment Financial Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility
Segment Reporting Information [Line Items]
Operating profit	$ 161.3	$ 177.3	$ 410.3	$ 515.1
Stock-based compensation expense			(14.4)	(21.9)
Loss on disposal of plant	0.0	0.0	0.0	(11.6)
Restructuring and other charges	2.5	0.0	2.5	0.8
Interest (income) expense and other nonoperating expense (income), net	(3.2)	(9.7)	(10.3)	(14.7)
Income before income taxes and equity in net income of affiliated companies	164.5	187.0	$ 420.6	$ 529.8
Number of loss on disposal manufacturing facility \| facility			1	1
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	180.0	202.6	$ 471.6	$ 599.8
Operating Segments \| Proprietary Products
Segment Reporting Information [Line Items]
Operating profit	158.2	181.6	415.5	546.5
Operating Segments \| Contract-Manufactured Products
Segment Reporting Information [Line Items]
Operating profit	21.8	21.0	56.1	53.3
Corporate and Unallocated
Segment Reporting Information [Line Items]
Operating profit	(18.7)	(25.3)	(61.3)	(84.7)
Stock-based compensation expense	(5.1)	(5.9)	(14.4)	(21.9)
Corporate general costs	(14.3)	(15.9)	(47.2)	(47.2)
Loss on disposal of plant	0.0	0.0	0.0	(11.6)
Cost investment impairment	0.0	(3.3)	0.0	(3.3)
Restructuring and other charges	0.9	0.0	0.9	(0.1)
Amortization of acquisition-related intangible assets	(0.2)	$ (0.2)	(0.6)	(0.6)
Corporate and Unallocated \| 2022 Restructuring Plan \| Other Income (Expense)
Segment Reporting Information [Line Items]
Restructuring and other charges	2.5		2.5	0.8
Corporate and Unallocated \| 2022 Restructuring Plan \| Selling, General and Administrative Expenses
Segment Reporting Information [Line Items]
Restructuring and other charges	$ (1.6)		$ (1.6)
Corporate and Unallocated \| 2022 Restructuring Plan \| Cost of goods and services sold
Segment Reporting Information [Line Items]
Restructuring and other charges				$ (0.9)

Affiliated Companies (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Affiliated Companies

The following table summarizes the aggregate carrying amounts of our investments in affiliated companies that are accounted for under the equity method and our investments in affiliated companies that are not accounted for under the equity method:


	September 30,		December 31,
($ in millions)	2024		2023
Aggregate carrying value of investments in affiliated companies:
Equity method affiliates	$	210.3	$	203.2
Non-equity method affiliates	7.2		6.8
Total investments in affiliated companies	$	217.5	$	210.0

The following table summarizes the amounts due to and from affiliates in the condensed consolidated balance sheets:


	September 30,		December 31,
($ in millions)	2024		2023
Payables due to affiliates	$	24.8	$	25.9

Receivables due from affiliates	$	2.7	$	1.6

The following table summarizes the Company's affiliate transactions:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Purchases from (and payments to) affiliates	$	30.1	$	34.4	$	83.6	$	118.5

Sales to affiliates	$	3.5	$	2.5	$	10.7	$	8.5

Other Expense (Income) - Schedule of Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023			$ 3.0
Restructuring and other charges	$ (2.5)	$ 0.0	(2.5)	$ (0.8)
Cash payments			(0.5)
Balance, September 30, 2024	0.0		0.0
Severance and benefits
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023			3.0
Restructuring and other charges			(2.5)
Cash payments			(0.5)
Balance, September 30, 2024	0.0		0.0
Other charges
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023			0.0
Restructuring and other charges			0.0
Cash payments			0.0
Balance, September 30, 2024	$ 0.0		$ 0.0

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stockholders Equity

The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2024:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2023	75.3	$	18.8	$	120.2	1.8	$	(637.6)	$	3,523.4	$	(143.8)	$	2,881.0
Net income	—	—		—		—	—		115.3		—		115.3

Activity related to stock-based compensation	—	—		(65.0)		(0.2)	79.4		—		—		14.4
Shares purchased under share repurchase program	—	—		—		0.7	(267.0)		—		—		(267.0)

Dividends declared ($0.20 per share)	—	—		—		—	—		(14.6)		—		(14.6)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(48.5)		(48.5)
Balance, March 31, 2024	75.3	$	18.8	$	55.2	2.3	$	(825.2)	$	3,624.1	$	(192.3)	$	2,680.6
Net income	—	—		—		—	—		111.3		—		111.3

Activity related to stock-based compensation	—	—		(21.7)		(0.1)	32.8		—		—		11.1
Shares purchased under share repurchase program	—	—		—		0.5	(187.1)		—		—		(187.1)

Dividends declared ($0.20 per share)	—	—		—		—	—		(14.5)		—		(14.5)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(24.6)		(24.6)
Balance, June 30, 2024	75.3	$	18.8	$	33.5	2.7	$	(979.5)	$	3,720.9	$	(216.9)	$	2,576.8
Net income	—	—		—		—	—		136.0		—		136.0

Activity related to stock-based compensation	—	—		(10.2)		(0.1)	21.3		—		—		11.1
Shares purchased under share repurchase program	—	—		—		0.2	(52.4)		—		—		(52.4)
Other comprehensive income, net of tax	—	—		—		—	—		—		80.6		80.6
Balance, September 30, 2024	75.3	$	18.8	$	23.3	2.8	$	(1,010.6)	$	3,856.9	$	(136.3)	$	2,752.1

The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2023:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2022	75.3	$	18.8	$	232.2	1.2	$	(370.9)	$	2,987.8	$	(183.0)	$	2,684.9


Net income	—	—		—		—	—		140.0		—		140.0

Activity related to stock-based compensation	—	—		(50.8)		(0.3)	61.8		—		—		11.0
Shares purchased under share repurchase program	—	—		—		0.2	(60.1)		—		—		(60.1)

Dividends declared ($0.19 per share)	—	—		—		—	—		(14.2)		—		(14.2)
Other comprehensive income, net of tax	—	—		—		—	—		—		14.6		14.6
Balance, March 31, 2023	75.3	$	18.8	$	181.4	1.1	$	(369.2)	$	3,113.6	$	(168.4)	$	2,776.2
Net income	—	—		—		—	—		155.1		—		155.1
Activity related to stock-based compensation	—	—		(23.2)		(0.2)	41.2		—		—		18.0
Shares purchased under share repurchase program	—	—		—		0.5	(173.4)		—		—		(173.4)


Dividends declared ($0.19 per share)	—	—		—		—	—		(14.1)		—		(14.1)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(15.1)		(15.1)
Balance, June 30, 2023	75.3	$	18.8	$	158.2	1.4	$	(501.4)	$	3,254.6	$	(183.5)	$	2,746.7
Net income	—	—		—		—	—		161.3		—		161.3
Activity related to stock-based compensation	—	—		(35.6)		(0.2)	63.1		—		—		27.5
Shares purchased under share repurchase program	—	—		—		0.1	(27.8)		—		—		(27.8)


Other comprehensive loss, net of tax	—	—		—		—	—		—		(39.5)		(39.5)
Balance, September 30, 2023	75.3	$	18.8	$	122.6	1.3	$	(466.1)	$	3,415.9	$	(223.0)	$	2,868.2

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic to Diluted Net Income Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Net income	$	136.0	$	161.3	$	362.6	$	456.4
Weighted average common shares outstanding	72.8		74.3		73.1		74.4
Dilutive effect of equity awards, based on the treasury stock method	0.6		1.0		0.7		1.1
Weighted average shares assuming dilution	73.4		75.3		73.8		75.5

Schedule of Repurchase of Common Stock

The below table summarizes the details of the Company's repurchases of common stock under this program:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Shares repurchased	170,771		77,329		1,409,786		753,399
Total cost of repurchases ($ in millions)	$	52.4	$	27.8	$	506.5	$	261.3
Average price per repurchased share	$	306.34	$	360.25	$	359.24	$	346.86

Leases - Narrative (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (years)	8 years 6 months	9 years 9 months 18 days
Weighted average remaining lease term (years)	7 years
Weighted average discount rate	3.84%	3.55%
Weighted average discount rate	4.92%

Leases

9 Months Ended

Sep. 30, 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 lease right-of-use assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise.

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Operating lease cost	$	6.4	$	4.3	$	18.1	$	15.0
Finance lease - amortization of right-of-use (ROU) assets	0.3		—		0.6		—
Finance lease - interest on lease liabilities	0.1		—		0.1		—
Short-term lease cost	0.8		1.9		1.9		4.4
Variable lease cost	2.5		1.4		6.3		4.4
Total lease cost	$	10.1	$	7.6	$	27.0	$	23.8

As of December 31, 2023, finance leases were not material. The following table summarizes the finance lease amounts in the condensed consolidated balance sheets as of September 30, 2024:



		September 30,
($ in millions)	Balance Sheet Classification	2024

ROU assets, net	Other noncurrent assets	$	31.9
Lease liabilities (current)	Other current liabilities	$	0.9
Lease liabilities (noncurrent)	Other long-term liabilities	$	2.2

Supplemental cash flow information related to leases were as follows:


	Nine Months Ended September 30,
($ in millions)		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	26.3	$	14.4
Financing cash flows from finance leases		$	23.2	$	—
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	36.8	$	6.6
Finance leases		$	24.3	$	—

As of September 30, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 8.5 years and 9.8 years, respectively. As of September 30, 2024, the weighted average remaining lease term for finance leases was 7.0 years. As of December 31, 2023, finance leases were not material.

As of September 30, 2024 and December 31, 2023, the weighted average discount rate for operating leases was 3.84% and 3.55%, respectively. As of September 30, 2024, the weighted average discount rate for finance leases was 4.92%. As of December 31, 2023, finance leases were not material.

Maturities of the Company's lease liabilities as of September 30, 2024 were as follows:


($ in millions)
Year	Operating Leases		Finance Leases
2024 (remaining period as of September 30, 2024)	$	6.2	$	0.2
2025	23.2		0.9
2026	20.2		0.9
2027	15.5		0.8
2028	14.1		0.5
Thereafter	37.2		0.1
	116.4		3.4
Less: imputed lease interest	(14.2)		(0.3)
Total lease liabilities	$	102.2	$	3.1

Leases

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Operating lease cost	$	6.4	$	4.3	$	18.1	$	15.0
Finance lease - amortization of right-of-use (ROU) assets	0.3		—		0.6		—
Finance lease - interest on lease liabilities	0.1		—		0.1		—
Short-term lease cost	0.8		1.9		1.9		4.4
Variable lease cost	2.5		1.4		6.3		4.4
Total lease cost	$	10.1	$	7.6	$	27.0	$	23.8

As of December 31, 2023, finance leases were not material. The following table summarizes the finance lease amounts in the condensed consolidated balance sheets as of September 30, 2024:



		September 30,
($ in millions)	Balance Sheet Classification	2024

ROU assets, net	Other noncurrent assets	$	31.9
Lease liabilities (current)	Other current liabilities	$	0.9
Lease liabilities (noncurrent)	Other long-term liabilities	$	2.2

Supplemental cash flow information related to leases were as follows:


	Nine Months Ended September 30,
($ in millions)		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	26.3	$	14.4
Financing cash flows from finance leases		$	23.2	$	—
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	36.8	$	6.6
Finance leases		$	24.3	$	—

Maturities of the Company's lease liabilities as of September 30, 2024 were as follows:


($ in millions)
Year	Operating Leases		Finance Leases
2024 (remaining period as of September 30, 2024)	$	6.2	$	0.2
2025	23.2		0.9
2026	20.2		0.9
2027	15.5		0.8
2028	14.1		0.5
Thereafter	37.2		0.1
	116.4		3.4
Less: imputed lease interest	(14.2)		(0.3)
Total lease liabilities	$	102.2	$	3.1

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 136.0	$ 111.3	$ 115.3	$ 161.3	$ 155.1	$ 140.0	$ 362.6	$ 456.4

- Definition

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

+ References

+ Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation: The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three and nine months ended September 30, 2024, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “202 3 Annual Report”). The results of operations for any interim period are not necessarily indicative of results for the full year.

Other Expense (Income) - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Other Expense (Income) - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities, period of implementation	24 months
Loss on disposal of plant		$ 0.0	$ 0.0	$ 0.0	$ 11.6
Number of loss on disposal manufacturing facility \| facility				1	1
Minimum
Restructuring Cost and Reserve [Line Items]
Effect on future earnings, amount	$ 17.0
Maximum
Restructuring Cost and Reserve [Line Items]
Effect on future earnings, amount	$ 19.0

- 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

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

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


	Balance at		Basis of Fair Value Measurements
($ in millions)	September 30, 2024		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	11.3	$	11.3	$	—	$	—
Money market funds	128.5		128.5		—		—
Time deposits	73.5		—		73.5		—
Foreign currency contracts	19.7		—		19.7		—
Cross-currency swap	15.1		—		15.1		—
Commodity call options	0.2		—		0.2		—
	$	248.3	$	139.8	$	108.5	$	—
Liabilities:
Contingent consideration	$	3.7	$	—	$	—	$	3.7
Deferred compensation liabilities	11.4		11.4		—		—
Foreign currency contracts	9.9		—		9.9		—
	$	25.0	$	11.4	$	9.9	$	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	$	—	$	—
Money market funds	404.4		404.4		—		—
Time deposits	47.9		—		47.9		—
Foreign currency contracts	5.0		—		5.0		—
Cross-currency swap	18.4		—		18.4		—
Commodity call options	0.6		—		0.6		—
	$	486.5	$	414.6	$	71.9	$	—
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

Revenue - Contracts and Liabilities (Details) $ in Millions	9 Months Ended
Revenue - Contracts and Liabilities (Details) $ in Millions	Sep. 30, 2024 USD ($)
Contract With Customer, Asset [Roll Forward]
Contract assets, December 31, 2023	$ 21.5
Contract assets, September 30, 2024	42.3
Change in contract assets - increase (decrease)	20.8
Contract With Customer, Liability [Roll Forward]
Deferred income, December 31, 2023	(53.9)
Deferred income, September 30, 2024	(53.8)
Change in deferred income - decrease (increase)	$ 0.1

Revenue - Narrative (Details) $ in Millions	9 Months Ended
Revenue - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in the deferred income balance	$ 32.8

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 32.4	$ 29.4	$ 70.7	$ 87.8
Effective income tax rate	19.70%	15.70%	16.80%	16.60%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2024:


($ in millions)	Derivatives		Change in 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 income (loss) before reclassifications	(0.3)		—		(0.6)		6.7		5.8
Amounts reclassified out from accumulated other comprehensive income (loss)	2.3		—		(0.6)		—		1.7
Other comprehensive income (loss), net of tax	2.0		—		(1.2)		6.7		7.5
Balance, September 30, 2024	$	2.0	$	2.3	$	(11.3)	$	(129.3)	$	(136.3)

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


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

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


($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
Detail of components	2024		2023		2024		2023
Gains (losses) on derivatives:
Foreign currency contracts	$	—	$	(0.2)	$	0.2	$	(1.5)	Net sales
Foreign currency contracts	(0.7)		(1.4)		(4.1)		(2.0)		Cost of goods and services sold
Foreign currency contracts	—		(3.4)		1.0		(6.2)		Other expense (income)
Forward treasury locks	—		(0.1)		(0.1)		(0.2)		Interest expense
Total before tax	(0.7)		(5.1)		(3.0)		(9.9)
Tax benefit	0.2		1.6		0.7		2.9
Net of tax	$	(0.5)	$	(3.5)	$	(2.3)	$	(7.0)
Amortization of defined benefit pension and other postretirement plans:


Actuarial gains	$	0.3	$	0.3	$	0.8	$	1.1	(a)

Other	—		—		—		0.4
Total before tax	0.3		0.3		0.8		1.5
Tax expense	(0.1)		(0.1)		(0.2)		(0.4)
Net of tax	$	0.2	$	0.2	$	0.6	$	1.1
Total reclassifications for the period, net of tax	$	(0.3)	$	(3.3)	$	(1.7)	$	(5.9)

(a) This component is included in the computation of net periodic benefit cost.

Other Expense (Income) (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Expense (Income)

Other expense (income) consists of:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Foreign exchange transaction losses	$	4.1	$	1.8	$	7.3	$	3.0
Contingent consideration	1.2		0.7		3.2		1.5
Asset impairments	1.0		3.5		1.9		6.9
Restructuring and related charges	(2.5)		—		(2.5)		(0.8)

Loss on disposal of plant	—		—		—		11.6
Other items	0.6		(0.4)		0.9		0.3
Total other expense (income)	$	4.4	$	5.6	$	10.8	$	22.5

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	(2.5)		—		(2.5)
Cash payments	(0.5)		—		(0.5)

Balance, September 30, 2024	$	—	$	—	$	—

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2024:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2023	75.3	$	18.8	$	120.2	1.8	$	(637.6)	$	3,523.4	$	(143.8)	$	2,881.0
Net income	—	—		—		—	—		115.3		—		115.3

Activity related to stock-based compensation	—	—		(65.0)		(0.2)	79.4		—		—		14.4
Shares purchased under share repurchase program	—	—		—		0.7	(267.0)		—		—		(267.0)

Dividends declared ($0.20 per share)	—	—		—		—	—		(14.6)		—		(14.6)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(48.5)		(48.5)
Balance, March 31, 2024	75.3	$	18.8	$	55.2	2.3	$	(825.2)	$	3,624.1	$	(192.3)	$	2,680.6
Net income	—	—		—		—	—		111.3		—		111.3

Activity related to stock-based compensation	—	—		(21.7)		(0.1)	32.8		—		—		11.1
Shares purchased under share repurchase program	—	—		—		0.5	(187.1)		—		—		(187.1)

Dividends declared ($0.20 per share)	—	—		—		—	—		(14.5)		—		(14.5)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(24.6)		(24.6)
Balance, June 30, 2024	75.3	$	18.8	$	33.5	2.7	$	(979.5)	$	3,720.9	$	(216.9)	$	2,576.8
Net income	—	—		—		—	—		136.0		—		136.0

Activity related to stock-based compensation	—	—		(10.2)		(0.1)	21.3		—		—		11.1
Shares purchased under share repurchase program	—	—		—		0.2	(52.4)		—		—		(52.4)
Other comprehensive income, net of tax	—	—		—		—	—		—		80.6		80.6
Balance, September 30, 2024	75.3	$	18.8	$	23.3	2.8	$	(1,010.6)	$	3,856.9	$	(136.3)	$	2,752.1

The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2023:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2022	75.3	$	18.8	$	232.2	1.2	$	(370.9)	$	2,987.8	$	(183.0)	$	2,684.9


Net income	—	—		—		—	—		140.0		—		140.0

Activity related to stock-based compensation	—	—		(50.8)		(0.3)	61.8		—		—		11.0
Shares purchased under share repurchase program	—	—		—		0.2	(60.1)		—		—		(60.1)

Dividends declared ($0.19 per share)	—	—		—		—	—		(14.2)		—		(14.2)
Other comprehensive income, net of tax	—	—		—		—	—		—		14.6		14.6
Balance, March 31, 2023	75.3	$	18.8	$	181.4	1.1	$	(369.2)	$	3,113.6	$	(168.4)	$	2,776.2
Net income	—	—		—		—	—		155.1		—		155.1
Activity related to stock-based compensation	—	—		(23.2)		(0.2)	41.2		—		—		18.0
Shares purchased under share repurchase program	—	—		—		0.5	(173.4)		—		—		(173.4)


Dividends declared ($0.19 per share)	—	—		—		—	—		(14.1)		—		(14.1)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(15.1)		(15.1)
Balance, June 30, 2023	75.3	$	18.8	$	158.2	1.4	$	(501.4)	$	3,254.6	$	(183.5)	$	2,746.7
Net income	—	—		—		—	—		161.3		—		161.3
Activity related to stock-based compensation	—	—		(35.6)		(0.2)	63.1		—		—		27.5
Shares purchased under share repurchase program	—	—		—		0.1	(27.8)		—		—		(27.8)


Other comprehensive loss, net of tax	—	—		—		—	—		—		(39.5)		(39.5)
Balance, September 30, 2023	75.3	$	18.8	$	122.6	1.3	$	(466.1)	$	3,415.9	$	(223.0)	$	2,868.2

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Affiliated Companies

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Affiliated Companies


	September 30,		December 31,
($ in millions)	2024		2023
Aggregate carrying value of investments in affiliated companies:
Equity method affiliates	$	210.3	$	203.2
Non-equity method affiliates	7.2		6.8
Total investments in affiliated companies	$	217.5	$	210.0

We have elected to record non-equity method 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.

The following table summarizes the amounts due to and from affiliates in the condensed consolidated balance sheets:


	September 30,		December 31,
($ in millions)	2024		2023
Payables due to affiliates	$	24.8	$	25.9

Receivables due from affiliates	$	2.7	$	1.6

The following table summarizes the Company's affiliate transactions:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Purchases from (and payments to) affiliates	$	30.1	$	34.4	$	83.6	$	118.5

Sales to affiliates	$	3.5	$	2.5	$	10.7	$	8.5

The majority of the purchase transactions listed above relate to a distributorship agreement with Daikyo Seiko, Ltd. ("Daikyo") that allows us to purchase and re-sell Daikyo products.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 746.9	$ 747.4	$ 2,144.4	$ 2,217.8
Cost of goods and services sold	482.2	459.1	1,419.5	1,366.8
Gross profit	264.7	288.3	724.9	851.0
Research and development	15.5	16.4	50.6	50.0
Selling, general and administrative expenses	83.5	89.0	253.2	263.4
Other expense (income) (Note 14)	4.4	5.6	10.8	22.5
Operating profit	161.3	177.3	410.3	515.1
Interest expense, net	0.7	2.9	3.8	7.8
Interest income	(4.6)	(8.8)	(14.8)	(18.6)
Other nonoperating expense (income)	0.7	(3.8)	0.7	(3.9)
Income before income taxes and equity in net income of affiliated companies	164.5	187.0	420.6	529.8
Income tax expense	32.4	29.4	70.7	87.8
Equity in net income of affiliated companies	(3.9)	(3.7)	(12.7)	(14.4)
Net income	$ 136.0	$ 161.3	$ 362.6	$ 456.4
Net income per share:
Basic (in dollars per share)	$ 1.87	$ 2.17	$ 4.96	$ 6.13
Diluted (in dollars per share)	$ 1.85	$ 2.14	$ 4.91	$ 6.05
Weighted average shares outstanding:
Basic (in shares)	72.8	74.3	73.1	74.4
Diluted (in shares)	73.4	75.3	73.8	75.5

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Estimated fair value	$ 201.6	$ 204.4
Carrying amount	$ 202.6	$ 206.8

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value Measurements

9 Months Ended

Sep. 30, 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)	September 30, 2024		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	11.3	$	11.3	$	—	$	—
Money market funds	128.5		128.5		—		—
Time deposits	73.5		—		73.5		—
Foreign currency contracts	19.7		—		19.7		—
Cross-currency swap	15.1		—		15.1		—
Commodity call options	0.2		—		0.2		—
	$	248.3	$	139.8	$	108.5	$	—
Liabilities:
Contingent consideration	$	3.7	$	—	$	—	$	3.7
Deferred compensation liabilities	11.4		11.4		—		—
Foreign currency contracts	9.9		—		9.9		—
	$	25.0	$	11.4	$	9.9	$	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	$	—	$	—
Money market funds	404.4		404.4		—		—
Time deposits	47.9		—		47.9		—
Foreign currency contracts	5.0		—		5.0		—
Cross-currency swap	18.4		—		18.4		—
Commodity call options	0.6		—		0.6		—
	$	486.5	$	414.6	$	71.9	$	—
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. Money market funds are included within cash and cash equivalents and are valued based on quoted market prices in active markets, with no valuation adjustment. Time deposits are included within cash and cash equivalents and are valued using relevant observable market inputs including quoted prices for similar assets and interest rate curves. The fair value of our foreign currency contracts, included within other current and other noncurrent assets, as well as other current and other long-term liabilities, is valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting date. The fair value of the cross-currency swap, included within other noncurrent assets, is valued using a market approach. Please refer to Note 9, Derivative Financial Instruments, for further discussion of our derivatives. The fair value of our commodity call options, included within other current and other noncurrent assets, is valued using a market approach. The fair value of the contingent consideration liability, within current and long-term liabilities, related to the SmartDose® technology platform (the “SmartDose® contingent consideration”) was initially determined using a probability-weighted income approach, and is revalued at each reporting date or more frequently if circumstances dictate. Changes in the fair value of this obligation are recorded as income or expense within other expense (income) in our condensed consolidated statements of income. The fair value of deferred compensation liabilities is based on quoted prices of the underlying employees’ investment selections and is included within other long-term liabilities.

Other Financial Instruments

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

The estimated fair value of long-term debt is based on quoted market prices for debt issuances with similar terms and maturities and is classified as Level 2 within the fair value hierarchy. At September 30, 2024, the estimated fair value of long-term debt was $201.6 million compared to a carrying amount of $202.6 million. At December 31, 2023, the estimated fair value of short-term and long-term debt was $204.4 million and the carrying amount was $206.8 million. As of September 30, 2024, all debt is long-term.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6A
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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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Jul. 05, 2012
Debt Instrument [Line Items]
Long-term debt, gross	$ 203.0	$ 207.0
Less: unamortized debt issuance costs	0.4	0.2
Total debt	202.6	206.8
Less: current portion of long-term debt	0.0	134.0
Long-term debt, net	$ 202.6	72.8
Term Loan, due July 2, 2027 (6.67%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.67%
Long-term debt, gross	$ 130.0	0.0
Term Loan, due December 31, 2024 (6.32%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.32%
Long-term debt, gross	$ 0.0	81.0
Series B notes, due July 5, 2024 (3.82%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.82%		3.82%
Long-term debt, gross	$ 0.0	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

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Standards Issued Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance that seeks to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and enhancement of interim disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company does not expect the adoption to have a material impact on 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 do not expect the adoption to have a material impact on the consolidated financial statements other than the expanded 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
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-Publisher FASB
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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 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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-Section 65
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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+ Details

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The West Pharmaceutical Services, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Plan”) provides for the granting of stock options, stock appreciation rights, restricted stock awards and performance awards to employees and non-employee directors. A committee of the Board of Directors determines the terms and conditions of awards to be granted. Vesting requirements vary by award. At September 30, 2024, there were 1,338,673 shares remaining in the 2016 Plan for future grants. During the nine months ended September 30, 2024, we granted 88,588 stock options at a weighted average exercise price of $348.50 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 $134.33 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 nine months ended September 30, 2024, we granted 34,188 stock-settled performance share unit (“PSU”) awards at a weighted average grant-date fair value of $348.46 per share to eligible employees. These awards are earned based on the Company’s performance against pre-established targets, including annual growth rate of revenue and return on invested capital, over a specified performance period. Depending on the achievement of the targets, recipients of stock-settled PSU awards are entitled to receive a certain number of shares of common stock. Shares earned under PSU awards may vary from 0% to 200% of an employee’s targeted award. The fair value of stock-settled PSU awards is based on the market price of our stock at the grant date and is recognized as expense over the performance period, adjusted for estimated target outcomes and net of forfeitures. During the nine months ended September 30, 2024, we granted 8,302 stock-settled restricted share unit (“RSU”) awards at a weighted average grant-date fair value of $342.74 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 $5.1 million and $14.4 million for the three and nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2023, stock-based compensation expense was $5.9 million and $21.9 million, respectively.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 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 September 30, 2024 the notional amount of these forward exchange contracts was Singapore Dollar (“SGD”) 421.9 million and $13.4 million. As of December 31, 2023 the notional amount of these forward exchange contracts was SGD 601.5 million and $13.4 million. We have also entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany demand notes which were executed at various times throughout 2023 and 2024. As of September 30, 2024, the total notional amounts of these forward exchange contracts were Euro ("EUR") 143.9 million and $47.1 million. As of December 31, 2023, the total notional amounts of these forward exchange contracts were EUR 278.6 million and SGD 94.0 million.

In addition, we have entered into several foreign currency contracts, designated as cash flow hedges, for periods of up to eighteen months, intended to hedge the currency risk associated with a portion of our forecasted transactions denominated in foreign currencies. As of September 30, 2024, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:


(in millions)		Sell
Currency	Purchase	USD	Euro	SGD
EUR	24.1	26.5	—	—
Yen	6,102.9	28.7	11.4	1.7
SGD	43.4	19.0	12.5	—

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. The cross-currency swap had an original maturity date of December 31, 2024, but was extinguished in July 2024. In July 2024, we entered into a new cross-currency swap for $130 million, which we designated as a hedge of our net investment in Daikyo. As of September 30, 2024, the notional amount of the cross-currency swap is ¥17.0 billion ($130.0 million) and the swap termination date is July 2, 2027. Under the cross-currency swap, we receive fixed USD interest rate payments in return for paying fixed JPY interest rate payments.

Additionally, we will periodically enter into forward exchange contracts to mitigate our exposure to fluctuating foreign exchange rates on assets and liabilities, other than the intercompany loans and demand notes referenced above, which are denominated in foreign currencies. The Company has elected not to designate these forward contracts in hedging relationships, and any change in the value of the contracts is recognized in income.

Commodity Price Risk

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

From November 2017 through September 2024, we purchased several series of call options for a total of 1,106,908 barrels of crude oil to mitigate our exposure to such oil-based surcharges and protect operating cash flows with regard to a portion of our forecasted elastomer purchases.

As of September 30, 2024, we had outstanding contracts to purchase 187,861 barrels of crude oil from September 2024 to March 2026, at a weighted-average strike price of $85.66 per barrel.

Effects of Derivative Instruments on Financial Position and Results of Operations

Please refer to Note 10, Fair Value Measurements, for the balance sheet location and fair values of our derivative instruments as of September 30, 2024 and December 31, 2023.

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


	Amount of Gain (Loss) Recognized in Income for the				Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
($ in millions)	2024		2023		2024		2023
Fair Value Hedges:
Hedged item (intercompany loan)	$	(16.6)	$	(1.2)	$	(6.2)	$	8.7	Other expense (income)
Derivative designated as hedging instrument	16.6		0.7		6.2		(10.0)		Other expense (income)
Amount excluded from effectiveness testing	(1.8)		(1.5)		(5.3)		(0.4)		Other expense (income)
Total	$	(1.8)	$	(2.0)	$	(5.3)	$	(1.7)

We recognize in earnings the initial value of forward point components for hedges of intercompany loans on a straight-line basis over the life of the fair value hedge. The value of forward point components for hedges of intercompany demand notes is recognized currently in earnings using a market approach. The expense recognized in earnings, pre-tax, for forward point components for the three and nine months ended September 30, 2024 was $1.8 million and $5.3 million, respectively. The income recognized in earnings, pre-tax, for forward point components for the three and nine months ended September 30, 2023 was $0.2 million and $1.6 million, respectively.

The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax:


	Amount of Gain (Loss) Recognized in OCI for the				Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the				Location of (Gain) Loss Reclassified from Accumulated OCI into Income
	Three Months Ended September 30,				Three Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Fair Value Hedges:
Foreign currency hedge contracts	$	0.5	$	(0.3)	$	—	$	2.3	Other expense (income)
Total	$	0.5	$	(0.3)	$	—	$	2.3
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.2	$	0.5	$	—	$	0.1	Net sales
Foreign currency hedge contracts	5.3		(2.5)		0.5		1.1		Cost of goods and services sold

Forward treasury locks	—		—		—		—		Interest expense
Total	$	5.5	$	(2.0)	$	0.5	$	1.2
Net Investment Hedges:

Cross-currency swap	$	(8.1)	$	2.9	$	—	$	—	Other expense (income)
Total	$	(8.1)	$	2.9	$	—	$	—


	Amount of Gain (Loss) Recognized in OCI for the				Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the				Location of (Gain) Loss Reclassified from Accumulated OCI into Income
	Nine Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Fair Value Hedges:
Foreign currency hedge contracts	$	0.7	$	(2.3)	$	(0.7)	$	4.2	Other expense (income)
Total	$	0.7	$	(2.3)	$	(0.7)	$	4.2
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.3	$	(0.4)	$	(0.2)	$	1.2	Net sales
Foreign currency hedge contracts	(1.3)		(6.1)		3.1		1.5		Cost of goods and services sold

Forward treasury locks	—		—		0.1		0.1		Interest expense
Total	$	(1.0)	$	(6.5)	$	3.0	$	2.8
Net Investment Hedges:

Cross-currency swap	$	0.3	$	10.1	$	—	$	—	Other expense (income)
Total	$	0.3	$	10.1	$	—	$	—

Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges within the other expense (income) line in our condensed consolidated statements of income for the three and nine months ended September 30, 2024 and September 30, 2023. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our condensed consolidated statements of income:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Net sales	$	—	$	0.1	$	(0.2)	$	1.2
Cost of goods and services sold	0.5		1.1		3.1		1.5
Interest expense	—		—		0.1		0.1

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


	Amount of (Loss) Gain Recognized in Income for the				Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
($ in millions)	2024		2023		2024		2023
Commodity call options	$	(0.5)	$	0.5	$	(0.6)	$	(0.5)	Other expense (income)
Currency Forwards	(3.2)		—		(2.7)		(0.2)		Other expense (income)
Total	$	(3.7)	$	0.5	$	(3.3)	$	(0.7)

For the three and nine months ended September 30, 2024 and 2023, there was no material ineffectiveness related to our hedges.

Leases - Lease Weighted Average (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (years)	8 years 6 months	9 years 9 months 18 days
Weighted average remaining lease term (years)	7 years
Weighted average discount rate	3.84%	3.55%
Weighted average discount rate	4.92%

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three and nine months ended September 30, 2024, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “202 3 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 and enhancement of interim disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company does not expect the adoption to have a material impact on 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 do not expect the adoption to have a material impact on the consolidated financial statements other than the expanded footnote disclosure.
Revenue	Revenue Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: •Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 20
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

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

Leases - Lease Cash Flow and Supplemental Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 26.3	$ 14.4
Financing cash flows from finance leases	23.2	0.0
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	36.8	6.6
Finance leases	$ 24.3	$ 0.0

Net Income Per Share - Schedule of Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 136.0	$ 111.3	$ 115.3	$ 161.3	$ 155.1	$ 140.0	$ 362.6	$ 456.4
Weighted average common shares outstanding (in shares)	72.8			74.3			73.1	74.4
Dilutive effect of equity awards, based on the treasury stock method (in shares)	0.6			1.0			0.7	1.1
Weighted average shares assuming dilution (in shares)	73.4			75.3			73.8	75.5

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	Sep. 30, 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)	72.5	73.5
Treasury stock, at cost (in shares)	2.8	1.8

Revenue - Revenue Recognition (Details) - Revenue Benchmark	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Customer Concentration Risk \| Biologics
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	40.00%	40.00%	38.00%	37.00%
Customer Concentration Risk \| Generics
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.00%	19.00%	17.00%	20.00%
Customer Concentration Risk \| Pharma
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	23.00%	22.00%	25.00%	24.00%
Customer Concentration Risk \| Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	19.00%	19.00%	20.00%	19.00%
Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Product Concentration Risk \| High-Value Product ("HVP") Components
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	45.00%	50.00%	46.00%	50.00%
Product Concentration Risk \| High-Value Product ("HVP") Delivery Devices
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	16.00%	11.00%	12.00%	10.00%
Product Concentration Risk \| Standard Packaging
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20.00%	20.00%	22.00%	21.00%
Product Concentration Risk \| Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	19.00%	19.00%	20.00%	19.00%
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Geographic Concentration Risk \| Americas
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	48.00%	46.00%	44.00%	45.00%
Geographic Concentration Risk \| Europe, Middle East, Africa
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	44.00%	46.00%	47.00%	46.00%
Geographic Concentration Risk \| Asia Pacific
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	8.00%	8.00%	9.00%	9.00%

Shareholder's Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			75,300,000				75,300,000
Beginning balance	$ 2,576.8	$ 2,680.6	$ 2,881.0	$ 2,746.7	$ 2,776.2	$ 2,684.9	$ 2,881.0	$ 2,684.9
Beginning balance (in shares)			1,800,000				1,800,000
Net income	136.0	111.3	$ 115.3	161.3	155.1	140.0	$ 362.6	$ 456.4
Activity related to stock-based compensation	$ 11.1	11.1	14.4	$ 27.5	18.0	11.0
Shares purchased under share repurchase program (in shares)	170,771			77,329			1,409,786	753,399
Shares purchased under share repurchase program	$ (52.4)	(187.1)	(267.0)	$ (27.8)	(173.4)	(60.1)	$ (506.5)	$ (261.3)
Dividends declared		(14.5)	(14.6)		(14.1)	(14.2)
Other comprehensive income (loss), net of tax	$ 80.6	(24.6)	(48.5)	(39.5)	(15.1)	14.6	$ 7.5	(40.0)
Ending balance (in shares)	75,300,000						75,300,000
Ending balance	$ 2,752.1	$ 2,576.8	$ 2,680.6	$ 2,868.2	$ 2,746.7	$ 2,776.2	$ 2,752.1	$ 2,868.2
Ending balance (in shares)	2,800,000						2,800,000
Dividends declared per share (in dollars per share)		$ 0.20	$ 0.20		$ 0.19	$ 0.19
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000
Beginning balance	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8
Ending balance (in shares)	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000	75,300,000
Ending balance	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8	$ 18.8
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	33.5	55.2	120.2	158.2	181.4	232.2	120.2	232.2
Activity related to stock-based compensation	(10.2)	(21.7)	(65.0)	(35.6)	(23.2)	(50.8)
Ending balance	23.3	33.5	55.2	122.6	158.2	181.4	23.3	122.6
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (979.5)	$ (825.2)	$ (637.6)	$ (501.4)	$ (369.2)	$ (370.9)	$ (637.6)	$ (370.9)
Beginning balance (in shares)	2,700,000	2,300,000	1,800,000	1,400,000	1,100,000	1,200,000	1,800,000	1,200,000
Activity related to stock-based compensation	$ 21.3	$ 32.8	$ 79.4	$ 63.1	$ 41.2	$ 61.8
Activity related to stock -based compensation (in shares)	(100,000)	(100,000)	(200,000)	(200,000)	(200,000)	(300,000)
Shares purchased under share repurchase program (in shares)	200,000	500,000	700,000	100,000	500,000	200,000
Shares purchased under share repurchase program	$ (52.4)	$ (187.1)	$ (267.0)	$ (27.8)	$ (173.4)	$ (60.1)
Ending balance	$ (1,010.6)	$ (979.5)	$ (825.2)	$ (466.1)	$ (501.4)	$ (369.2)	$ (1,010.6)	$ (466.1)
Ending balance (in shares)	2,800,000	2,700,000	2,300,000	1,300,000	1,400,000	1,100,000	2,800,000	1,300,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 3,720.9	$ 3,624.1	$ 3,523.4	$ 3,254.6	$ 3,113.6	$ 2,987.8	$ 3,523.4	$ 2,987.8
Net income	136.0	111.3	115.3	161.3	155.1	140.0
Dividends declared		(14.5)	(14.6)		(14.1)	(14.2)
Ending balance	3,856.9	3,720.9	3,624.1	3,415.9	3,254.6	3,113.6	3,856.9	3,415.9
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(216.9)	(192.3)	(143.8)	(183.5)	(168.4)	(183.0)	(143.8)	(183.0)
Other comprehensive income (loss), net of tax	80.6	(24.6)	(48.5)	(39.5)	(15.1)	14.6
Ending balance	$ (136.3)	$ (216.9)	$ (192.3)	$ (223.0)	$ (183.5)	$ (168.4)	$ (136.3)	$ (223.0)

Derivative Financial Instruments - Foreign Exchange Rate and Commodity Price Risk (Details) € in Millions, ¥ in Millions, $ in Millions, $ in Millions	9 Months Ended	83 Months Ended
	Sep. 30, 2024 USD ($) $ / bbl bbl	Sep. 30, 2024 USD ($) $ / bbl bbl	Sep. 30, 2024 SGD ($) $ / bbl	Sep. 30, 2024 EUR (€) $ / bbl	Sep. 30, 2024 JPY (¥) $ / bbl	Jul. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SGD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2019 USD ($)
Currency Forwards \| EUR \| Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount \| €				€ 143.9					€ 278.6
Currency Forwards \| SGD \| Intercompany Loans
Derivative [Line Items]
Derivative, notional amount			$ 421.9					$ 601.5
Currency Forwards \| SGD \| Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount								$ 94.0
Currency Forwards \| USD \| Intercompany Loans
Derivative [Line Items]
Derivative, notional amount	$ 13.4	$ 13.4					$ 13.4
Currency Forwards \| USD \| Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount	$ 47.1	47.1
Foreign Exchange Forward
Derivative [Line Items]
Derivative contract term	18 months
Foreign Exchange Forward \| Purchase \| Designated as Hedging Instrument \| EUR
Derivative [Line Items]
Derivative, notional amount \| €				24.1
Foreign Exchange Forward \| Purchase \| Designated as Hedging Instrument \| Yen
Derivative [Line Items]
Derivative, notional amount \| ¥					¥ 6,102.9
Foreign Exchange Forward \| Purchase \| Designated as Hedging Instrument \| SGD
Derivative [Line Items]
Derivative, notional amount			43.4
Foreign Exchange Forward \| Sell \| Designated as Hedging Instrument \| EUR
Derivative [Line Items]
Derivative, notional amount	$ 26.5	26.5	0.0	0.0
Foreign Exchange Forward \| Sell \| Designated as Hedging Instrument \| Yen
Derivative [Line Items]
Derivative, notional amount	28.7	28.7	1.7	11.4
Foreign Exchange Forward \| Sell \| Designated as Hedging Instrument \| SGD
Derivative [Line Items]
Derivative, notional amount	19.0	19.0	$ 0.0	€ 12.5
Cross Currency Interest Rate Contract \| Net Investment Hedges: \| Yen
Derivative [Line Items]
Derivative, notional amount \| ¥					¥ 17,000.0
Cross Currency Interest Rate Contract \| Net Investment Hedges: \| USD
Derivative [Line Items]
Derivative, notional amount	$ 130.0	$ 130.0				$ 130.0				$ 90.0
Options Held
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| bbl	187,861	1,106,908
Derivative, average price risk option strike price \| $ / bbl	85.66	85.66	85.66	85.66	85.66

Derivative Financial Instruments - Derivative Instruments Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (3.7)	$ 0.5	$ (3.3)	$ (0.7)
Commodity call options \| Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(0.5)	0.5	(0.6)	(0.5)
Currency Forwards \| Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (3.2)	$ 0.0	$ (2.7)	$ (0.2)

Segment Information - Sales by Product Group (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 746.9	$ 747.4	$ 2,144.4	$ 2,217.8
Proprietary Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	601.4	602.5	1,720.6	1,803.6
Contract-Manufactured Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 145.5	$ 144.9	$ 423.8	$ 414.2

- Definition

+ References

+ Details

Inventories

9 Months Ended

Sep. 30, 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)	September 30, 2024		December 31, 2023
Raw materials	$	170.3	$	172.3
Work in process	80.0		87.3
Finished goods	150.9		175.1
	$	401.2	$	434.7

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 6.4	$ 4.3	$ 18.1	$ 15.0
Finance lease - amortization of right-of-use (ROU) assets	0.3	0.0	0.6	0.0
Finance lease - interest on lease liabilities	0.1	0.0	0.1	0.0
Short-term lease cost	0.8	1.9	1.9	4.4
Variable lease cost	2.5	1.4	6.3	4.4
Total lease cost	$ 10.1	$ 7.6	$ 27.0	$ 23.8

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-8036
Entity Registrant Name	WEST PHARMACEUTICAL SERVICES, INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1210010
Entity Address, Address Line One	530 Herman O. West Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341-1147
City Area Code	610
Local Phone Number	594-2900
Title of each class	Common Stock, par value $0.25 per share
Trading Symbol	WST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,422,349
Entity Central Index Key	0000105770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Leases - Assets And Liabilities, Lessee (Details) $ in Millions	Sep. 30, 2024 USD ($)
Leases [Abstract]
ROU assets, net	$ 31.9
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets
Lease liabilities (current)	$ 0.9
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Lease liabilities (noncurrent)	$ 2.2
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Sales by Significant Product Group

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Net sales:
Proprietary Products	$	601.4	$	602.5	$	1,720.6	$	1,803.6
Contract-Manufactured Products	145.5		144.9		423.8		414.2

Consolidated net sales	$	746.9	$	747.4	$	2,144.4	$	2,217.8

Schedule of Segment Reporting Information, by Segment

The following table provides summarized financial information for our segments:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Operating profit (loss):
Proprietary Products	$	158.2	$	181.6	$	415.5	$	546.5
Contract-Manufactured Products	21.8		21.0		56.1		53.3
Total business segment operating profit	$	180.0	$	202.6	$	471.6	$	599.8
Corporate and Unallocated
Stock-based compensation expense	$	(5.1)	$	(5.9)	$	(14.4)	$	(21.9)
Corporate general costs (1)	(14.3)		(15.9)		(47.2)		(47.2)
Unallocated Items:
Loss on disposal of plant (2)	—		—		—		(11.6)
Cost investment impairment (3)	—		(3.3)		—		(3.3)
Restructuring and other charges (4)	0.9		—		0.9		(0.1)
Amortization of acquisition-related intangible assets (5)	(0.2)		(0.2)		(0.6)		(0.6)

Total Corporate and Unallocated	(18.7)		(25.3)		(61.3)		(84.7)
Total consolidated operating profit	$	161.3	$	177.3	$	410.3	$	515.1
Interest (income) expense and other nonoperating expense (income), net	(3.2)		(9.7)		(10.3)		(14.7)
Income before income taxes and equity in net income of affiliated companies	$	164.5	$	187.0	$	420.6	$	529.8

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Currency Contracts

As of September 30, 2024, we had outstanding foreign currency contracts to purchase and sell certain pairs of currencies, as follows:


(in millions)		Sell
Currency	Purchase	USD	Euro	SGD
EUR	24.1	26.5	—	—
Yen	6,102.9	28.7	11.4	1.7
SGD	43.4	19.0	12.5	—

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

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


	Amount of Gain (Loss) Recognized in Income for the				Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
($ in millions)	2024		2023		2024		2023
Fair Value Hedges:
Hedged item (intercompany loan)	$	(16.6)	$	(1.2)	$	(6.2)	$	8.7	Other expense (income)
Derivative designated as hedging instrument	16.6		0.7		6.2		(10.0)		Other expense (income)
Amount excluded from effectiveness testing	(1.8)		(1.5)		(5.3)		(0.4)		Other expense (income)
Total	$	(1.8)	$	(2.0)	$	(5.3)	$	(1.7)

The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on other comprehensive income (“OCI”) and earnings, net of tax:


	Amount of Gain (Loss) Recognized in OCI for the				Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the				Location of (Gain) Loss Reclassified from Accumulated OCI into Income
	Three Months Ended September 30,				Three Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Fair Value Hedges:
Foreign currency hedge contracts	$	0.5	$	(0.3)	$	—	$	2.3	Other expense (income)
Total	$	0.5	$	(0.3)	$	—	$	2.3
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.2	$	0.5	$	—	$	0.1	Net sales
Foreign currency hedge contracts	5.3		(2.5)		0.5		1.1		Cost of goods and services sold

Forward treasury locks	—		—		—		—		Interest expense
Total	$	5.5	$	(2.0)	$	0.5	$	1.2
Net Investment Hedges:

Cross-currency swap	$	(8.1)	$	2.9	$	—	$	—	Other expense (income)
Total	$	(8.1)	$	2.9	$	—	$	—


	Amount of Gain (Loss) Recognized in OCI for the				Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the				Location of (Gain) Loss Reclassified from Accumulated OCI into Income
	Nine Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Fair Value Hedges:
Foreign currency hedge contracts	$	0.7	$	(2.3)	$	(0.7)	$	4.2	Other expense (income)
Total	$	0.7	$	(2.3)	$	(0.7)	$	4.2
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.3	$	(0.4)	$	(0.2)	$	1.2	Net sales
Foreign currency hedge contracts	(1.3)		(6.1)		3.1		1.5		Cost of goods and services sold

Forward treasury locks	—		—		0.1		0.1		Interest expense
Total	$	(1.0)	$	(6.5)	$	3.0	$	2.8
Net Investment Hedges:

Cross-currency swap	$	0.3	$	10.1	$	—	$	—	Other expense (income)
Total	$	0.3	$	10.1	$	—	$	—


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Net sales	$	—	$	0.1	$	(0.2)	$	1.2
Cost of goods and services sold	0.5		1.1		3.1		1.5
Interest expense	—		—		0.1		0.1

Schedule of Derivative Instruments Not Designated as Hedges

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


	Amount of (Loss) Gain Recognized in Income for the				Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended September 30,				Nine Months Ended September 30,				Location on Statement of Income
($ in millions)	2024		2023		2024		2023
Commodity call options	$	(0.5)	$	0.5	$	(0.6)	$	(0.5)	Other expense (income)
Currency Forwards	(3.2)		—		(2.7)		(0.2)		Other expense (income)
Total	$	(3.7)	$	0.5	$	(3.3)	$	(0.7)

- 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

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,576.8	$ 2,680.6	$ 2,881.0	$ 2,746.7	$ 2,776.2	$ 2,684.9	$ 2,881.0	$ 2,684.9
Other comprehensive income (loss) before reclassifications							5.8	(45.9)
Amounts reclassified out from accumulated other comprehensive income (loss)							1.7	5.9
Other comprehensive income (loss), net of tax	80.6	(24.6)	(48.5)	(39.5)	(15.1)	14.6	7.5	(40.0)
Ending balance	2,752.1	2,576.8	2,680.6	2,868.2	2,746.7	2,776.2	2,752.1	2,868.2
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(216.9)	(192.3)	(143.8)	(183.5)	(168.4)	(183.0)	(143.8)	(183.0)
Other comprehensive income (loss), net of tax	80.6	(24.6)	(48.5)	(39.5)	(15.1)	14.6
Ending balance	(136.3)	$ (216.9)	(192.3)	(223.0)	$ (183.5)	(168.4)	(136.3)	(223.0)
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0.0			0.2	0.0	0.2
Other comprehensive income (loss) before reclassifications							(0.3)	(8.8)
Amounts reclassified out from accumulated other comprehensive income (loss)							2.3	7.0
Other comprehensive income (loss), net of tax							2.0	(1.8)
Ending balance	2.0			(1.6)			2.0	(1.6)
Change in equity affiliate investment AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			2.3			1.6	2.3	1.6
Other comprehensive income (loss) before reclassifications							0.0	(0.1)
Amounts reclassified out from accumulated other comprehensive income (loss)							0.0	0.0
Other comprehensive income (loss), net of tax							0.0	(0.1)
Ending balance	2.3			1.5			2.3	1.5
Defined benefit pension and other postretirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(10.1)			(9.4)	(10.1)	(9.4)
Other comprehensive income (loss) before reclassifications							(0.6)	(0.1)
Amounts reclassified out from accumulated other comprehensive income (loss)							(0.6)	(1.1)
Other comprehensive income (loss), net of tax							(1.2)	(1.2)
Ending balance	(11.3)			(10.6)			(11.3)	(10.6)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ (136.0)			$ (175.4)	(136.0)	(175.4)
Other comprehensive income (loss) before reclassifications							6.7	(36.9)
Amounts reclassified out from accumulated other comprehensive income (loss)							0.0	0.0
Other comprehensive income (loss), net of tax							6.7	(36.9)
Ending balance	$ (129.3)			$ (212.3)			$ (129.3)	$ (212.3)

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt


($ in millions)	September 30, 2024		December 31, 2023




Term Loan, due July 2, 2027 (6.67%)	$	130.0	$	—
Term Loan, due December 31, 2024 (6.32%)	—		81.0
Series B notes, due July 5, 2024 (3.82%)	—		53.0
Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	203.0		207.0
Less: unamortized debt issuance costs	0.4		0.2
Total debt	202.6		206.8
Less: current portion of long-term debt	—		134.0
Long-term debt, net	$	202.6	$	72.8

Credit Facility

On July 2, 2024, the Company entered into the Third Amendment to the Credit Facility Agreement, which amended the Existing Credit Facility Agreement. Among other changes to the existing credit agreement, the Third Amendment established an incremental term loan in the stated principal amount of $130.0 million (the “New Term Loan”), which was fully drawn at closing and matures on July 2, 2027. The entire stated principal amount of the New Term Loan is due at maturity and there is no scheduled amortization prior to such date. Together with cash on hand, proceeds from the New Term Loan were used to repay an outstanding term loan under the Existing Credit Facility Agreement in the principal amount of $79.9 million prior to its December 31, 2024 maturity date and to repay an aggregate principal amount of $53.0 million of the Company’s 3.82% Series B Senior Notes due July 5, 2024 issued under that certain Note Purchase Agreement dated as of July 5, 2012.

At September 30, 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 September 30, 2024, we had $130.0 million in borrowings under the New Term Loan which were classified as long-term. Please refer to Note 9, Derivative Financial Instruments, for a discussion of the foreign currency hedge associated with the New Term Loan.

Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At September 30, 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Leases - Maturities of Operating and Finance Lease Liabilities (Details) $ in Millions	Sep. 30, 2024 USD ($)
Operating Leases
2024 (remaining period as of September 30, 2024)	$ 6.2
2025	23.2
2026	20.2
2027	15.5
2028	14.1
Thereafter	37.2
Operating leases liabilities payments due	116.4
Less: imputed lease interest	(14.2)
Total lease liabilities	102.2
Finance Leases
2024 (remaining period as of September 30, 2024)	0.2
2025	0.9
2026	0.9
2027	0.8
2028	0.5
Thereafter	0.1
Finance leases liabilities payments due	3.4
Less: imputed lease interest	(0.3)
Total lease liabilities	$ 3.1

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Biologics	40 %	40 %	38 %	37 %
Generics	18 %	19 %	17 %	20 %
Pharma	23 %	22 %	25 %	24 %
Contract-Manufactured Products	19 %	19 %	20 %	19 %
	100 %	100 %	100 %	100 %

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
High-Value Product ("HVP") Components	45 %	50 %	46 %	50 %
High-Value Product ("HVP") Delivery Devices	16 %	11 %	12 %	10 %
Standard Packaging	20 %	20 %	22 %	21 %
Contract-Manufactured Products	19 %	19 %	20 %	19 %
	100 %	100 %	100 %	100 %

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Americas	48 %	46 %	44 %	45 %
Europe, Middle East, Africa	44 %	46 %	47 %	46 %
Asia Pacific	8 %	8 %	9 %	9 %
	100 %	100 %	100 %	100 %

Schedule of Change in Contract with Customer, Asset and Liability

The following table summarizes our contract assets and liabilities:


	($ in millions)
Contract assets, December 31, 2023	$	21.5
Contract assets, September 30, 2024	42.3
Change in contract assets - increase (decrease)	$	20.8

Deferred income, December 31, 2023	$	(53.9)
Deferred income, September 30, 2024	(53.8)
Change in deferred income - decrease (increase)	$	0.1

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 490.9	$ 853.9
Accounts receivable, net	524.3	512.0
Inventories	401.2	434.7
Other current assets	134.2	135.8
Total current assets	1,550.6	1,936.4
Property, plant and equipment	2,990.7	2,738.0
Less: accumulated depreciation and amortization	1,419.7	1,324.7
Property, plant and equipment, net	1,571.0	1,413.3
Operating lease right-of-use assets	108.0	99.2
Investments in affiliated companies	217.5	210.0
Goodwill	108.8	108.5
Intangible assets, net	12.3	15.1
Deferred income taxes	37.6	25.7
Other noncurrent assets	69.3	21.3
Total Assets	3,675.1	3,829.5
Current liabilities:
Notes payable and other current debt	0.0	134.0
Accounts payable	224.3	242.4
Accrued salaries, wages and benefits	79.6	105.9
Income taxes payable	33.4	16.6
Operating lease liabilities	19.9	17.7
Other current liabilities	159.3	155.2
Total current liabilities	516.5	671.8
Long-term debt	202.6	72.8
Deferred income taxes	9.4	12.7
Pension and other postretirement benefits	30.2	29.6
Operating lease liabilities	82.3	84.5
Deferred compensation benefits	15.2	18.6
Other long-term liabilities	66.8	58.5
Total Liabilities	923.0	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: September 30, 2024 - 75.3 million, December 31, 2023 - 75.3 million; shares outstanding: September 30, 2024 - 72.5 million, December 31, 2023 - 73.5 million	18.8	18.8
Capital in excess of par value	23.3	120.2
Retained earnings	3,856.9	3,523.4
Accumulated other comprehensive loss	(136.3)	(143.8)
Treasury stock, at cost (September 30, 2024 - 2.8 million, December 31, 2023 - 1.8 million)	(1,010.6)	(637.6)
Total Equity	2,752.1	2,881.0
Total Liabilities and Equity	$ 3,675.1	$ 3,829.5

Net Income Per Share - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Share purchased (in shares)	170,771			77,329			1,409,786	753,399
Total cost of repurchases ($ in millions)	$ 52.4	$ 187.1	$ 267.0	$ 27.8	$ 173.4	$ 60.1	$ 506.5	$ 261.3
Average price per repurchased share (in dollars per share)	$ 306.34			$ 360.25			$ 359.24	$ 346.86

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in product liability matters and other legal proceedings and claims generally incidental to our normal business activities. We accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. While the outcome of current proceedings cannot be accurately predicted, we believe their ultimate resolution should not have a material adverse effect on our business, financial condition, results of operations or liquidity. There have been no significant changes to commitments and contingencies since December 31, 2023.