0000105770-25-000013 | 10-K | XBRL Viewer | West Pharmaceutical Services INC

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Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 23.4
2026	20.7
2027	16.3
2028	14.9
2029	11.5
Thereafter	26.3
Operating lease liability payments due	113.1
Less: imputed lease interest	(13.4)
Total lease liabilities	99.7
Finance Leases
2025	0.9
2026	0.9
2027	0.9
2028	0.5
2029	0.1
Thereafter	0.0
Finance lease, liability payment due	3.3
Less: imputed lease interest	(0.3)
Total lease liabilities	$ 3.0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

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


	Balance at		Basis of Fair Value Measurements
($ in millions)	December 31, 2024		Level 1		Level 2		Level 3
Assets:

Deferred compensation assets	$	11.1	$	11.1	$	—	$	—
Money market funds	117.6		117.6		—		—
Time deposits	71.3		—		71.3		—
Foreign currency contracts	17.3		—		17.3		—
Cross-currency swap	23.6		—		23.6		—
Commodity call options	0.3		—		0.3		—
	$	241.2	$	128.7	$	112.5	$	—
Liabilities:
Contingent consideration	$	3.0	$	—	$	—	$	3.0
Deferred compensation liabilities	11.2		11.2		—		—

Foreign currency contracts	18.3		—		18.3		—
	$	32.5	$	11.2	$	18.3	$	3.0


	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		—
	$	496.7	$	424.8	$	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

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Currency Contracts

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


(in millions)		Sell
Currency	Purchase	USD	EUR	SGD
EUR	20.8	22.9	—	—
JPY	6,683.7	28.4	14.8	1.8
SGD	39.8	16.9	12.2	—

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

The following table summarizes the effects of derivative instruments designated as fair value hedges in our consolidated statements of income for the years ended December 31:


	Amount of Gain (Loss) Recognized in Income						Location on Statement of Income
($ in millions)	2024		2023		2022
Fair Value Hedges:
Hedged item (intercompany loan)	$	1.6	$	(0.3)	$	(28.3)	Other expense (income)
Derivative designated as hedging instrument	(1.6)		0.3		28.3		Other expense (income)
Amount excluded from effectiveness testing	(5.9)		(1.4)		5.2		Other expense (income)
Total	$	(5.9)	$	(1.4)	$	5.2

The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on OCI and earnings, net of tax, for the years ended December 31:


	Amount of Gain (Loss) Recognized in OCI
($ in millions)	2024		2023		2022
Fair Value Hedges:
Foreign currency hedge contracts	$	0.2	$	(2.0)	$	1.3
Total	$	0.2	$	(2.0)	$	1.3
Cash Flow Hedges:
Foreign currency hedge contracts (hedges of net sales)	$	1.1	$	(0.8)	$	0.3
Foreign currency hedge contracts (hedges of cost of goods and services sold)	(6.9)		(4.0)		(1.1)
Forward treasury locks	—		—		—
Total	$	(5.8)	$	(4.8)	$	(0.8)
Net Investment Hedges:
Cross-currency swap	$	6.8	$	8.6	$	9.1
Total	$	6.8	$	8.6	$	9.1


	Amount of (Gain) Loss Reclassified from Accumulated OCI into Income						Location of (Gain) Loss Reclassified from Accumulated OCI into Income
($ in millions)	2024		2023		2022
Fair Value Hedges:
Foreign currency hedge contracts	$	(0.7)	$	2.9	$	(1.6)	Other expense (income)
Total	$	(0.7)	$	2.9	$	(1.6)
Cash Flow Hedges:
Foreign currency hedge contracts	$	(0.5)	$	1.3	$	(1.2)	Net sales
Foreign currency hedge contracts	4.2		2.2		3.5		Cost of goods and services sold
Forward treasury locks	0.1		0.2		0.2		Interest expense
Total	$	3.8	$	3.7	$	2.5
Net Investment Hedges:
Cross-currency swap	—		—		—		Other expense (income)
Total	$	—	$	—	$	—

The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our consolidated statements of income for the years ended December 31:


($ in millions)	2024		2023		2022
Net sales	$	(0.5)	$	1.3	$	(1.2)
Cost of goods and services sold	$	4.2	$	2.2	$	3.5
Interest expense	$	0.1	$	0.2	$	0.2

Schedule of Derivatives Not Designated as Hedging Instruments

The following table summarizes the effects of derivative instruments not designated as hedges in our consolidated statements of income for the years ended December 31:


	Amount of Gain (Loss) Recognized in Income						Location on Statement of Income
($ in millions)	2024		2023		2022
Commodity call options	$	(0.7)	$	(1.3)	$	1.5	Other expense (income)
Currency forwards	(2.5)		0.1		—		Other expense (income)
Total	$	(3.2)	$	(1.2)	$	1.5

- 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

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Recently Adopted Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU") No. 2023-07, Segment Reporting, which expands annual and interim disclosure requirements for reportable segments, 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 has adopted and implemented the applicable disclosure requirements within this annual report. Standards Issued Not Yet Adopted 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. In November 2024, the FASB issued guidance that seeks to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity: (1) disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each of the Company's relevant expense captions; (2) include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. This guidance is effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of this guidance on our financial statements and disclosures.

- 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

+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 2,893.2	$ 2,949.8	$ 2,886.9
Cost of goods and services sold	1,894.7	1,820.6	1,750.7
Gross profit	998.5	1,129.2	1,136.2
Research and development	69.1	68.4	58.5
Selling, general and administrative expenses	338.5	353.4	316.9
Other expense (income) (Note 16)	21.0	31.4	26.8
Operating profit	569.9	676.0	734.0
Interest expense	3.0	9.0	7.9
Interest income	(19.6)	(28.0)	(5.1)
Other nonoperating expense (income)	1.0	(3.0)	51.3
Income before income taxes and equity in net income of affiliated companies	585.5	698.0	679.9
Income tax expense	107.5	122.3	114.7
Equity in net income of affiliated companies	(14.7)	(17.7)	(20.7)
Net income	$ 492.7	$ 593.4	$ 585.9
Net income per share:
Basic (in dollars per share)	$ 6.75	$ 7.98	$ 7.87
Diluted (in dollars per share)	$ 6.69	$ 7.88	$ 7.73
Weighted average shares outstanding:
Basic (in shares)	73.0	74.3	74.4
Diluted (in shares)	73.7	75.3	75.8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	3.0	3.0
Preferred stock, shares issued (in shares)	0.0	0.0
Preferred stock, shares outstanding (in shares)	0.0	0.0
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	200.0	200.0
Common stock, shares issued (in shares)	75.3	75.3
Common stock, shares outstanding (in shares)	72.3	73.5
Treasury stock, at cost (in shares)	3.0	1.8

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts


($ in millions)	Balance at beginning of period		Charged to costs and expenses		Deductions (1)		Balance at end of period
For the year ended December 31, 2024
Allowances deducted from assets:
Deferred tax asset valuation allowance	$	15.5	$	—	$	(2.7)	$	12.8
Allowance for credit losses	0.8		0.1		(0.1)		0.8
Total allowances deducted from assets	$	16.3	$	0.1	$	(2.8)	$	13.6

For the year ended December 31, 2023
Allowances deducted from assets:
Deferred tax asset valuation allowance	$	13.3	$	2.2	$	—	$	15.5
Allowance for credit losses	0.2		2.3		(1.7)		0.8
Total allowances deducted from assets	$	13.5	$	4.5	$	(1.7)	$	16.3

For the year ended December 31, 2022
Allowances deducted from assets:
Deferred tax asset valuation allowance	$	12.2	$	1.1	$	—	$	13.3
Allowance for credit losses	0.4		0.3		(0.5)		0.2
Total allowances deducted from assets	$	12.6	$	1.4	$	(0.5)	$	13.5

(1)Includes accounts receivable written off, the write-off or write-down of valuation allowances, and translation adjustments.

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment losses	$ 0.1
Foreign currency translation losses	(0.7)	$ (0.1)
Amortization of intangible assets	3.6	$ 3.6	$ 3.7
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated annual amortization expense, 2025	2.8
Estimated annual amortization expense, 2026	2.5
Estimated annual amortization expense, 2027	2.3
Estimated annual amortization expense, 2028	1.7
Estimated annual amortization expense, 2029	$ 0.9

Other Current Liabilities

12 Months Ended

Dec. 31, 2024

Other Current Liabilities [Abstract]

Other Current Liabilities

Other current liabilities as of December 31 included the following:


($ in millions)	2024		2023
Deferred income	$	49.6	$	41.7
Accrued commissions, rebates & royalties	24.6		22.4
Short term derivative instruments	17.4		2.1
Dividends payable	15.2		14.8
Accrued taxes other than income	12.9		9.2
Accrued retirement plans (excl. pension)	12.6		10.9
Accrued professional services	6.8		5.1
International value added tax payable	6.0		5.2
Restructuring and severance related charges	1.6		3.8
Accrued interest	1.6		2.6
Other	39.9		37.4
Total other current liabilities	$	188.2	$	155.2

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 6.1	$ 10.0
Tax credit carryforwards	2.1	1.1
Pension and deferred compensation	28.9	22.7
Royalty acceleration	0.0	15.0
Other	17.9	22.4
Capitalized R&D expenses	30.1	23.9
Leases	21.5	18.6
Valuation allowance	(12.8)	(15.5)
Total deferred tax assets	93.8	98.2
Deferred tax liabilities:
Property, plant, and equipment	60.9	61.7
Tax on undistributed earnings of subsidiaries	0.4	3.8
Leases	22.0	18.1
Other	5.0	1.6
Total deferred tax liabilities	88.3	85.2
Net deferred tax asset	$ 5.5	$ 13.0

Revenue - Contracts Assets and Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Contract With Customer, Asset [Roll Forward]
Contract assets, December 31, 2023	$ 21.5
Contract assets, December 31, 2024	23.3
Change in contract assets - increase (decrease)	1.8
Contract With Customer, Liability [Roll Forward]
Deferred income, December 31, 2023	(53.9)
Deferred income, December 31, 2024	(53.2)
Change in deferred income - decrease (increase)	$ 0.7

Benefit Plans - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Noncurrent liabilities	$ (28.2)	$ (29.6)
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Noncurrent assets	2.9	2.7
Current liabilities	(1.4)	(1.4)
Noncurrent liabilities	(25.5)	(26.5)
Total liabilities	(24.0)	(25.2)
Other retirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Noncurrent assets	0.0	0.0
Current liabilities	(0.5)	(0.6)
Noncurrent liabilities	(2.7)	(3.1)
Total liabilities	$ (3.2)	$ (3.7)

Segment Information - Segment Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 2,893.2	$ 2,949.8	$ 2,886.9
Cost of goods and services sold	1,894.7	1,820.6	1,750.7
Research and development	69.1	68.4	58.5
Selling, general and administrative expenses	338.5	353.4	316.9
Operating profit	569.9	676.0	734.0
Stock-based compensation expense	(18.7)	(23.3)	(23.7)
Amortization of intangible assets	3.6	3.6	3.7
Loss on disposal of plant	0.0	(11.6)	0.0
Interest (income) expense and other nonoperating expense (income), net	(15.6)	(22.0)	54.1
Income before income taxes and equity in net income of affiliated companies	585.5	698.0	679.9
Asset-related charges	0.0	0.0	15.3
Assets	3,643.4	3,829.5
Depreciation and Amortization	155.4	137.3	120.6
Capital Expenditures	377.0	362.0	284.6
Severance related costs	(2.5)	(2.8)	8.7
Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,893.2	2,949.8	2,887.2
Cost of goods and services sold
Research and development
Selling, general and administrative expenses
Other expense (income)
Operating profit	650.1	782.2	844.8
Corporate and Unallocated
Segment Reporting Information [Line Items]
Stock-based compensation expense	(18.7)	(23.3)	(23.7)
Corporate general costs	(58.6)	(68.3)	(59.1)
Restructuring and related charges, net	2.1	(2.0)	23.8
Amortization of intangible assets	0.8	0.7	0.7
Cost investment activity	0.0	(4.3)	(3.5)
Loss on disposal of plant	0.0	(11.6)	0.0
Asset-related charges			15.3
Assets	410.1	672.9
Depreciation and Amortization	3.8	4.0	4.7
Capital Expenditures	9.5	12.7	13.3
Severance related costs			8.7
Corporate and Unallocated \| Selling, General and Administrative Expenses
Segment Reporting Information [Line Items]
Restructuring and related charges, net	$ 4.6
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses
Corporate and Unallocated \| Other expense (income)
Segment Reporting Information [Line Items]
Restructuring and related charges, net	$ (2.5)	$ (2.8)
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other expense (income)	Other expense (income)
Corporate and Unallocated \| Cost of goods and services sold
Segment Reporting Information [Line Items]
Restructuring and related charges, net		$ 0.8
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Cost of goods and services sold
Proprietary Products \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	$ 2,334.5	$ 2,397.3	2,406.8
Cost of goods and services sold	1,434.0	1,363.3	1,353.5
Research and development	69.1	68.4	58.5
Selling, general and administrative expenses	231.5	240.6	212.6
Other expense (income)	22.1	14.9	(2.2)
Operating profit	577.8	710.1	784.4
Assets	2,621.1	2,629.1
Depreciation and Amortization	130.3	112.9	96.9
Capital Expenditures	246.5	259.1	237.3
Contract-Manufactured Products \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	558.7	552.5	480.4
Cost of goods and services sold	460.7	456.5	397.5
Research and development	0.0	0.0	0.0
Selling, general and administrative expenses	26.2	24.4	20.9
Other expense (income)	(0.5)	(0.5)	1.6
Operating profit	72.3	72.1	60.4
Assets	612.2	527.5
Depreciation and Amortization	21.3	20.4	19.0
Capital Expenditures	$ 121.0	$ 90.2	$ 34.0

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Long-term debt, fair value	$ 200.5
Long-term debt	202.6	$ 72.8
Debt, fair value		204.4
Long-term debt	$ 202.6	$ 206.8

- Definition

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

+ References + Details

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Our business operations are organized into two reportable segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery products, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our Contract-Manufactured Products reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customer.

The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM evaluates the performance of our segments based upon, among other things, segment net sales and segment 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 CODM considers budget-to-actual variances and variances against prior years within segment operating profit when making decisions about allocating resources to the segments.

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


($ in millions)	2024		2023		2022
Net sales:
Proprietary Products	$	2,334.5	$	2,397.3	$	2,406.8
Contract-Manufactured Products	558.7		552.5		480.4
Intersegment sales elimination	—		—		(0.3)
Consolidated net sales	$	2,893.2	$	2,949.8	$	2,886.9

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

In 2024, one of our customers individually accounted for more than 10% of consolidated net sales, at 12.3% or $356.4 million, contributing to net sales in both the Proprietary and Contract Manufacturing reportable segments. In 2023, one of our customers individually accounted for more than 10% of consolidated net sales, at 10.9% or $322.1 million, contributing to net sales in both the Proprietary and Contract Manufacturing reportable segments. We did not have any customers accounting for greater than 10% of consolidated net sales in 2022.

The following table presents net sales and long-lived assets, by the country in which the legal subsidiary is domiciled and assets are located:


	Net Sales						Long-Lived Assets
($ in millions)	2024		2023		2022		2024		2023
United States	$	1,230.8	$	1,238.5	$	1,286.5	$	832.0	$	757.1
Germany	372.5		406.1		398.7		191.1		176.0
Ireland	323.2		285.7		240.3		299.6		207.0
France	242.2		282.9		237.9		84.7		78.5
Other European countries	385.5		388.1		359.2		98.1		99.2
Other	339.0		348.5		364.3		210.3		194.7
	$	2,893.2	$	2,949.8	$	2,886.9	$	1,715.8	$	1,512.5


	2024						2023						2022
($ in millions)	Proprietary Products		Contract Manufacturing		Total		Proprietary Products		Contract Manufacturing		Total		Proprietary Products		Contract Manufacturing		Total
Net sales	$	2,334.5	$	558.7	$	2,893.2	$	2,397.3	$	552.5	$	2,949.8	$	2,406.8	$	480.4	$	2,887.2
Cost of goods and services sold	1,434.0		460.7				1,363.3		456.5				1,353.5		397.5


Research and development	69.1		—				68.4		—				58.5		—
Selling, general and administrative expenses	231.5		26.2				240.6		24.4				212.6		20.9
Other segment expense (income)(6)	22.1		(0.5)				14.9		(0.5)				(2.2)		1.6
Segment operating profit	$	577.8	$	72.3	$	650.1	$	710.1	$	72.1	$	782.2	$	784.4	$	60.4	$	844.8
Reconciliation of profit or loss:
Stock Based Compensation					(18.7)						(23.3)						(23.7)
Corporate general costs(1)					(58.6)						(68.3)						(59.1)
Unallocated items:
Restructuring and related charges(2)					(2.1)						2.0						(23.8)
Amortization of acquisition-related intangible assets(3)					(0.8)						(0.7)						(0.7)
Cost investment activity(4)					—						(4.3)						(3.5)
Loss on disposal of plant(5)					—						(11.6)						—


Total consolidated operating profit					569.9						676.0						734.0
Interest (income) expense and other nonoperating expense (income), net					(15.6)						(22.0)						54.1
Income before income taxes and equity in net income of affiliated companies					$	585.5					$	698.0					$	679.9

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

(2) During 2024, the Company recorded expense to restructuring and other charges of $2.1 million. The net expense represents the impact of two items, the first of which is $4.6 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. This expense was partially offset by a $2.5 million benefit recorded within other expense (income) related to revised severance estimates in connection with the Company's 2022 restructuring plan. During 2023, the Company recorded a benefit to restructuring and other charges of $2.0 million, which represents the net impact of a $2.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan and an inventory write down of $0.8 million within cost of goods and services sold. During 2022, the Company recorded expense to restructuring and other charges of $23.8 million, which primarily included a charge of $8.7 million in net severance and post-employment benefits primarily in connection with our plan to adjust our operating cost base and $15.3 million in asset-related charges associated with this plan.

(3) During 2024, 2023 and 2022, the company recorded $0.8 million, $0.7 million and $0.7 million, respectively, of amortization expense within operating profit associated with an acquisition of an intangible asset during the second quarter of 2020.

(4) During 2023, the Company recorded a cost investment impairment charge of $4.3 million. During 2022, the net cost investment activity was equal to $3.5 million.

(5) During 2023, the Company recorded expense of $11.6 million, as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023.

(6) Other segment expense (income) primarily includes foreign exchange transaction gains and losses, adjustments to contingent consideration and asset impairments attributable to the segments during the periods ended December 31, 2024, 2023 and 2022.

Please refer to Note 16, Other Expense (Income), for further discussion of unallocated items.

The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:


($ in millions)
Assets	2024		2023
Proprietary Products	$	2,621.1	$	2,629.1
Contract-Manufactured Products	612.2		527.5
Corporate and Unallocated(1)	410.1		672.9
Total consolidated	$	3,643.4	$	3,829.5

(1) Corporate and unallocated assets primarily include investments in affiliated companies, cash and cash equivalents, property, plant and equipment used in our corporate operations and deferred income taxes.


($ in millions)
Depreciation and Amortization	2024		2023		2022
Proprietary Products	$	130.3	$	112.9	$	96.9
Contract-Manufactured Products	21.3		20.4		19.0
Corporate and Unallocated	3.8		4.0		4.7
Total consolidated	$	155.4	$	137.3	$	120.6


($ in millions)
Capital Expenditures	2024		2023		2022
Proprietary Products	$	246.5	$	259.1	$	237.3
Contract-Manufactured Products	121.0		90.2		34.0
Corporate and Unallocated	9.5		12.7		13.3
Total consolidated	$	377.0	$	362.0	$	284.6

- Definition

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

+ References

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+ Details

Derivative Financial Instruments - Foreign Exchange Rate Risk (Details) - Dec. 31, 2024 - Foreign Exchange Forward - Designated as Hedging Instrument € in Millions, ¥ in Millions, $ in Millions, $ in Millions	USD ($)	SGD ($)	EUR (€)	JPY (¥)
EUR \| Purchase
Derivative [Line Items]
Derivative, notional amount \| €			€ 20.8
EUR \| Sell
Derivative [Line Items]
Derivative, notional amount	$ 22.9	$ 0.0	0.0
JPY \| Purchase
Derivative [Line Items]
Derivative, notional amount \| ¥				¥ 6,683.7
JPY \| Sell
Derivative [Line Items]
Derivative, notional amount	28.4	1.8	14.8
SGD \| Purchase
Derivative [Line Items]
Derivative, notional amount \| $		39.8
SGD \| Sell
Derivative [Line Items]
Derivative, notional amount	$ 16.9	$ 0.0	€ 12.2

Benefit Plans - Weighted Average Interest Crediting Rating by Geographic Location (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
United States
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Weighted-average interest crediting rating used to determine net periodic benefit cost	4.00%	4.00%	3.31%
International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Weighted-average interest crediting rating used to determine net periodic benefit cost	1.13%	1.13%	1.75%

Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Current Liabilities [Abstract]
Deferred income	$ 49.6	$ 41.7
Accrued commissions, rebates & royalties	24.6	22.4
Short term derivative instruments	17.4	2.1
Dividends payable	15.2	14.8	$ 14.1
Accrued taxes other than income	12.9	9.2
Accrued retirement plans (excl. pension)	12.6	10.9
Accrued professional services	6.8	5.1
International value added tax payable	6.0	5.2
Restructuring and severance related charges	1.6	3.8
Accrued interest	1.6	2.6
Other	39.9	37.4
Total other current liabilities	$ 188.2	$ 155.2

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive loss, net of tax:


($ in millions)	Derivatives		Equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2021	$	(1.2)	$	1.5	$	(31.8)	$	(128.1)	$	(159.6)
Other comprehensive (loss) income before reclassifications	0.5		0.1		(9.3)		(47.3)		(56.0)
Amounts reclassified out	0.9		—		31.7		—		32.6
Other comprehensive (loss) income, net of tax	1.4		0.1		22.4		(47.3)		(23.4)
Balance, December 31, 2022	0.2		1.6		(9.4)		(175.4)		(183.0)
Other comprehensive income (loss) before reclassifications	(6.8)		0.7		0.8		39.4		34.1
Amounts reclassified out	6.6		—		(1.5)		—		5.1
Other comprehensive income (loss), net of tax	(0.2)		0.7		(0.7)		39.4		39.2
Balance, December 31, 2023	—		2.3		(10.1)		(136.0)		(143.8)
Other comprehensive (loss) income before reclassifications	(5.6)		0.2		1.1		(112.3)		(116.6)
Amounts reclassified out	3.1		—		(0.8)		—		2.3
Other comprehensive (loss) income, net of tax	(2.5)		0.2		0.3		(112.3)		(114.3)
Balance, December 31, 2024	$	(2.5)	$	2.5	$	(9.8)	$	(248.3)	$	(258.1)

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

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


Detail of components	2024		2023		2022		Location on Statement of Income
Gains (losses) on derivatives:
Foreign currency contracts	$	0.5	$	(1.5)	$	1.4	Net sales
Foreign currency contracts	(5.5)		(3.1)		(4.1)		Cost of goods and services sold
Foreign currency contracts	1.0		(4.2)		2.4		Other expense (income)
Forward treasury locks	(0.1)		(0.3)		(0.3)		Interest expense
Total before tax	(4.1)		(9.1)		(0.6)
Tax benefit (expense)	1.0		2.5		(0.3)
Net of tax	$	(3.1)	$	(6.6)	$	(0.9)
Amortization of defined benefit pension and other postretirement plans:


Actuarial gains	$	1.0	$	1.7	$	0.6	(a)
Settlements	—		(0.1)		(52.2)		(a)
Other	—		0.4		(0.4)		(a)
Total before tax	1.0		2.0		(52.0)
Tax (expense) benefit	(0.2)		(0.5)		20.3
Net of tax	$	0.8	$	1.5	$	(31.7)
Total reclassifications for the period, net of tax	$	(2.3)	$	(5.1)	$	(32.6)

(a) These components are included in the computation of net periodic benefit cost. Please refer to Note 15, Benefit Plans, for additional details.

Affiliated Companies-Schedule of Aggregate Carrying Amount (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity method affiliates	$ 194.9	$ 203.2
Non-equity method affiliates	7.2	6.8
Total investments in affiliated companies	$ 202.1	$ 210.0

- 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

Property, Plant and Equipment - Property, Plant and Equipment, Gross (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,985.8	$ 2,738.0
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	27.9	33.7
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 916.1	771.5
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	15 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	35 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,229.0	1,136.5
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	12 years
Molds and dies
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 169.5	164.5
Molds and dies \| Minimum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	4 years
Molds and dies \| Maximum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	7 years
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 232.5	216.6
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	3 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Expected useful lives (years)	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 410.8	$ 415.2

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Income Tax Contingency [Line Items]
Accrued liabilities for interest and penalties	$ 6.6	$ 3.8
Total gross unrecognized tax benefits	43.6	38.8	$ 36.5	$ 24.9
Estimated increase (decrease) in the liability for unrecognized tax benefits	3.3
Tax benefit from stock-based compensation	19.5	32.0	16.5
Tax benefit related to a reduction in the liability on the unremitted earnings	2.3	2.8
Tax benefit from recent court case		3.0
Tax expense (benefit) from impact of tax law changes enacted			5.7
Tax expense from recognition of reserves for unrecognized tax benefits			19.8
Tax benefit from termination of pension plans			20.6
Deferred tax benefit			$ 8.0
Operating loss carryforwards, state and local	5.4
Operating loss carryforwards, foreign	0.7				$ 2.1
Tax on undistributed earnings of subsidiaries	0.4	$ 3.8
Undistributed earnings of foreign subsidiaries	651.0
Germany
Income Tax Contingency [Line Items]
Tax on undistributed earnings of subsidiaries	0.3
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	98.8
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	0.4				$ 2.7
State and Local Jurisdiction \| Year 2025
Income Tax Contingency [Line Items]
Operating loss carryforwards, subject to expiration	35.7
State and Local Jurisdiction \| Thereafter
Income Tax Contingency [Line Items]
Operating loss carryforwards, subject to expiration	63.1
Foreign Tax Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	2.3
Operating loss carryforwards, not subject to expiration	$ 0.2

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Raw materials	$ 166.9	$ 172.3
Work in process	65.2	87.3
Finished goods	144.9	175.1
Total inventories	$ 377.0	$ 434.7

Net Income Per Share - Narratives (Details) - shares	12 Months Ended
Net Income Per Share - Narratives (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2023
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of diluted net income per share (in shares)	300,000	200,000	200,000
Stock repurchase program, shares authorized (in shares)	550,000			1,000,000,000

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Outstanding unconditional contractual commitments for the purchase of raw materials, utilities and equipment	$ 200.7
Unrecorded Unconditional Purchase Obligation, Term	4 years
Outstanding unconditional contractual commitments due to be paid in 2024	$ 46.7
Insurance Claims
Loss Contingencies [Line Items]
Accrual for insurance obligations	1.6
Amount reimbursable by the insurance company	0.4
Letter of Credit \| Revolving Credit Facility, Due 2024
Loss Contingencies [Line Items]
Letters of credit supporting the reimbursement of workers' compensation and other claims	$ 2.4

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 492.7	$ 593.4	$ 585.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	151.8	133.7	116.9
Amortization	3.6	3.6	3.7
Stock-based compensation	18.7	23.3	23.7
Non-cash restructuring charges	0.0	0.0	15.3
Pension settlement charges	0.0	0.1	52.2
Loss on disposal of plant	0.0	11.6	0.0
Asset impairments	7.3	9.6	6.2
Deferred income taxes	(3.5)	37.5	(30.8)
Pension and other retirement plans, net	(2.0)	(2.6)	(14.0)
Equity in undistributed earnings of affiliates, net of dividends	(13.4)	(14.3)	(18.1)
Other, net	(4.7)	1.0	(2.0)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	(58.8)	4.0	(35.6)
Decrease (increase) in inventories	42.0	(13.5)	(49.8)
(Increase) decrease in other current assets	(5.8)	(21.3)	18.5
Increase (decrease) in accounts payable	2.9	4.4	(2.8)
Changes in other assets and liabilities	22.6	6.0	54.7
Net cash provided by operating activities	653.4	776.5	724.0
Cash flows from investing activities:
Capital expenditures	(377.0)	(362.0)	(284.6)
Other, net	(1.7)	(6.7)	(3.6)
Net cash used in investing activities	(378.7)	(368.7)	(288.2)
Cash flows from financing activities:
Borrowings of long-term debt	164.7	0.0	0.0
Repayments of long-term debt	(169.0)	(2.3)	(44.3)
Debt issuance cost	0.0	0.0	(1.2)
Principal repayments on finance leases	(23.3)	(0.1)	0.0
Dividend payments	(59.1)	(57.0)	(54.1)
Excise tax payments	(2.0)	0.0	0.0
Proceeds from stock-based compensation awards	25.5	43.9	20.9
Employee stock purchase plan contributions	7.2	7.1	7.3
Shares purchased under share repurchase programs	(560.9)	(438.3)	(202.8)
Shares repurchased for employee tax withholdings	(5.7)	(12.9)	(19.4)
Net cash used in financing activities	(622.6)	(459.6)	(293.6)
Effect of exchange rates on cash	(21.4)	11.4	(10.5)
Net (decrease) increase in cash and cash equivalents	(369.3)	(40.4)	131.7
Cash, including cash equivalents at beginning of period	853.9	894.3	762.6
Cash, including cash equivalents at end of period	484.6	853.9	894.3
Supplemental cash flow information:
Interest paid, net of amounts capitalized	0.5	6.0	6.6
Income taxes paid, net	71.4	90.8	109.7
Accrued capital expenditures	53.0	53.3	33.2
Dividends declared, not paid	$ 15.2	$ 14.8	$ 14.1

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 151.8	$ 133.7	$ 116.9
Capitalized interest	$ 13.2	$ 5.8	$ 3.7

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities, at December 31. The interest rates shown in parentheses are as of the corresponding balance sheet date reflected in the table below.


($ in millions)	2024		2023





Term Loan, due July 2, 2027 (5.68%)	$	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 for Term Loan and Series notes	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

Multi-Currency Revolving Credit Facility

In March 2022, we amended and extended the existing multi-currency revolving credit facility (entered into in March 2019), which was scheduled to expire in March 2024, from $300.0 million to a $500.0 million senior unsecured revolving credit facility by entering into a Second Amendment and Joinder and Assumption Agreement (the "Amended Credit Agreement"). The Amended Credit Agreement, which expires March 2027, contains a senior unsecured, multi-currency revolving credit facility of $500.0 million, with sublimits of up to $50.0 million for swing line loans for Domestic Borrowers in U.S. dollars and a $40.0 million swing line loan for West Pharmaceuticals Services Holding GmbH and up to $50.0 million for the issuance of standby letters of credit. The multi-currency revolving credit facility may be increased from time-to-time by the greater of (a) $929.0 million or (b) EBITDA for the preceding twelve-month period in the aggregate through an increase in the multi-currency revolving credit facility, subject to the satisfaction of certain conditions. Borrowings under the credit facility bear interest, at the Company’s option, at either: (a) the Term Secured Overnight Financing Rate (“SOFR”) plus 0.10% plus an applicable margin; or (b) a base rate defined as the highest of: (i) the Bank of America “prime rate”; (ii) the Federal Funds effective rate plus 0.50%; and (iii) Term SOFR plus 1.00%. The applicable margin is based on the ratio of the Company’s Net Consolidated Debt to its modified EBITDA, ranging from 0 to 37.5 basis points for base rate loans and 87.5 to 137.5 basis points for Term SOFR loans. The Amended Credit Agreement contains financial covenants providing that the Company shall not permit the ratio of the Company’s Net Consolidated Debt to its Modified EBITDA to be greater than 3.5 to 1; provided that, no more than three times during the term of the Amended Credit Agreement, upon the occurrence of a Qualified Acquisition for each of the four fiscal quarters of the Company immediately following such Qualified Acquisition, the ratio set forth above shall be increased to 4.0 to 1. The Amended Credit Agreement also contains customary limitations on liens securing indebtedness of the Company and its subsidiaries, fundamental changes (mergers, consolidations, liquidations and dissolutions), asset sales, distributions and acquisitions. As of December 31, 2024 and 2023, total unamortized debt issuance costs of $1.0 million and $1.0 million, respectively, were recorded in other current assets and other noncurrent assets and are being amortized as additional interest expense over the term of the multi-currency revolving credit facility.

At December 31, 2024, we had no outstanding borrowings under the multi-currency revolving credit facility. At December 31, 2024, the borrowing capacity available under the multi-currency revolving credit facility, including outstanding letters of credit of $2.4 million, was $497.6 million.

Term Loan

On July 2, 2024, the Company entered into the Third Amendment to the Credit Facility Agreement, which amended the Existing Credit Facility Agreement (entered into in December 2019). 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. Interest accrues on the New Term Loan based on a term secured overnight financing rate (“SOFR”) or a base rate, at the Company’s option, plus a margin ranging from 1.250% to 1.625% for SOFR interest rates and 0.250% to 0.625% for base rates according to the Company’s net leverage ratio as defined in the Amended Credit Agreement. Interest rates based on a term SOFR rate is also subject to a credit spread adjustment of 10 basis points. At closing, the Company elected for the New Term Loan to accrue interest at a 3-month term SOFR rate plus a margin of 1.250%. As of December 31, 2024, there were unamortized debt issuance costs remaining of $0.3 million which are being amortized as additional interest expense over the term of the New Term Loan. As of December 31, 2023, there were unamortized debt issuance costs remaining of $0.1 million, which were amortized as additional interest expense over the term of the Term Loan (entered into in December 2019).

At December 31, 2024, we had $130.0 million in borrowings under the New Term Loan which were classified as long-term. Please refer to Note 11, Derivative Financial Instruments, for a discussion of the foreign currency hedge associated with the Term Loan.

Private Placement

In 2012, we concluded a private placement issuance of $168.0 million in senior unsecured notes. The total amount of the private placement issuance was divided into three tranches - $42.0 million 3.67% Series A Notes due July 5, 2022, $53.0 million 3.82% Series B Notes due July 5, 2024, and $73.0 million 4.02% Series C Notes due July 5, 2027 (the “Notes”). The Notes rank pari passu with our other senior unsecured debt. The weighted average of the coupon interest rates on the Notes outstanding as of December 31, 2024 is 3.94%. As of December 31, 2024 and 2023, there were unamortized debt issuance costs remaining of $0.1 million and $0.1 million, respectively, which are being amortized as additional interest expense over the term of the Notes.

Covenants

Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At December 31, 2024, we were in compliance with all of our debt covenants.

Interest costs incurred during 2024, 2023 and 2022 were $16.2 million, $14.8 million and $11.6 million, respectively. The aggregate annual maturities of long-term debt, excluding unamortized debt issuance costs, are as follows: $0.0 million in 2025 and 2026, $203.0 million in 2027 and $0.0 million in 2028 and thereafter.

- 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
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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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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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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(c))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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
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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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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 484.6	$ 853.9
Accounts receivable, net	552.5	512.0
Inventories	377.0	434.7
Other current assets	124.0	135.8
Total current assets	1,538.1	1,936.4
Property, plant and equipment	2,985.8	2,738.0
Less: accumulated depreciation and amortization	1,404.2	1,324.7
Property, plant and equipment, net	1,581.6	1,413.3
Operating lease right-of-use assets	104.5	99.2
Investments in affiliated companies	202.1	210.0
Goodwill	106.0	108.5
Intangible assets, net	10.8	15.1
Deferred income taxes	26.0	25.7
Other noncurrent assets	74.3	21.3
Total Assets	3,643.4	3,829.5
Current liabilities:
Notes payable and other current debt	0.0	134.0
Accounts payable	239.3	242.4
Accrued salaries, wages and benefits	73.5	105.9
Income taxes payable	31.5	16.6
Operating lease liabilities	17.9	17.7
Other current liabilities	188.2	155.2
Total current liabilities	550.4	671.8
Long-term debt	202.6	72.8
Deferred income taxes	20.5	12.7
Pension and other postretirement benefits	28.2	29.6
Operating lease liabilities	81.8	84.5
Deferred compensation benefits	15.4	18.6
Other long-term liabilities	62.2	58.5
Total Liabilities	961.1	948.5
Commitments and contingencies (Note 18)
Equity:
Preferred stock, 3.0 million shares authorized; 0.0 shares issued and outstanding in 2024 and 2023	0.0	0.0
Common stock, par value $0.25 per share; 200 million shares authorized; shares issued: 75.3 million in 2024 and 2023; shares outstanding: 72.3 million and 73.5 million in 2024 and 2023	18.8	18.8
Capital in excess of par value	22.1	120.2
Retained earnings	3,956.6	3,523.4
Accumulated other comprehensive loss	(258.1)	(143.8)
Treasury stock, at cost (3.0 million and 1.8 million shares in 2024 and 2023)	(1,057.1)	(637.6)
Total Equity	2,682.3	2,881.0
Total Liabilities and Equity	$ 3,643.4	$ 3,829.5

Derivative Financial Instruments - Effects of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ (5.9)	$ (1.4)	$ 5.2
Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Hedged item (intercompany loan)	1.6	(0.3)	(28.3)
Derivative designated as hedging instrument	(1.6)	0.3	28.3
Amount excluded from effectiveness testing	$ (5.9)	$ (1.4)	$ 5.2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 16.3	$ 13.5	$ 12.6
Charged to costs and expenses	0.1	4.5	1.4
Deductions	(2.8)	(1.7)	(0.5)
Balance at end of period	13.6	16.3	13.5
Deferred tax asset valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	15.5	13.3	12.2
Charged to costs and expenses	0.0	2.2	1.1
Deductions	(2.7)	0.0	0.0
Balance at end of period	12.8	15.5	13.3
Allowance for credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	0.8	0.2	0.4
Charged to costs and expenses	0.1	2.3	0.3
Deductions	(0.1)	(1.7)	(0.5)
Balance at end of period	$ 0.8	$ 0.8	$ 0.2

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The West Pharmaceutical Services, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Plan”) provides for the granting of stock options, stock appreciation rights, restricted stock awards and performance awards to employees and non-employee directors. A committee of the Board of Directors determines the terms and conditions of awards to be granted. Vesting requirements vary by award. At December 31, 2024, there were 1.3 million shares remaining in the 2016 Plan for future grants.

Stock options and stock appreciation rights reduce the number of shares available by one share for each award granted. All other awards under the 2016 Plan will reduce the total number of shares available for grant by an amount equal to 2.5 times the number of shares awarded. If awards made under previous plans would entitle a plan participant to an amount of West stock in excess of the target amount, the additional shares (up to a maximum threshold amount) will be distributed under the 2016 Plan.

The following table summarizes our stock-based compensation expense recorded within selling, general and administrative expenses for the years ended December 31:


($ in millions)	2024		2023		2022
Stock option and appreciation rights	$	11.0	$	11.3	$	5.6
Performance share units	2.2		5.9		15.6


Employee stock purchase plan	1.3		1.3		1.3
Deferred compensation plans and restricted share awards	4.2		4.8		1.2
Total stock-based compensation expense	$	18.7	$	23.3	$	23.7

The Company estimates expected forfeitures. The amount of unrecognized compensation expense for all non-vested awards as of December 31, 2024 was $25.8 million, which is expected to be recognized over a weighted average period of 1.6 years.

Stock Options

Stock options granted to employees vest in equal increments. All awards expire 10 years from the date of grant. Upon the exercise of stock options, shares are issued in exchange for the exercise price of the options.

The following table summarizes changes in outstanding options:


(in millions, except per share data)	Stock Options	Weighted Average Exercise Price
Options outstanding, January 1, 2024	1.4	$	145.40
Granted	0.1	348.25
Exercised	(0.3)	77.88
Forfeited	0.0	331.97
Options outstanding, December 31, 2024	1.2	$	176.37

Options vested and expected to vest, December 31, 2024	1.1	$	172.07
Options vested and exercisable, December 31, 2024	0.9	$	137.48

As of December 31, 2024, the weighted average remaining contractual life of options outstanding and of options exercisable was 4.6 years and 3.7 years, respectively. As of December 31, 2024, the aggregate intrinsic value of total options outstanding was $182.0 million, of which $178.7 million represented vested options.

The fair value of the options was estimated on the date of grant using a Black-Scholes option valuation model that used the following weighted average assumptions in 2024, 2023 and 2022: a risk-free interest rate of 4.3%, 4.1%, and 1.8%, respectively; stock volatility of 32.0%, 29.8%, and 25.1%, respectively; and dividend yields of 0.3%, 0.3%, and 0.2%, respectively. Stock volatility is estimated based on historical data and the impact from expected future trends. Expected lives, which are based on prior experience, averaged 6.0 years for 2024, 5.7 years for 2023 and 5.6 years for 2022. The weighted average grant date fair value of options granted in 2024, 2023 and 2022 was $134.25, $108.95 and $96.43, respectively. Stock option expense is recognized over the vesting period, net of forfeitures.

For the years ended December 31, 2024, 2023 and 2022, the intrinsic value of options exercised was $90.5 million, $151.0 million and $60.1 million, respectively. The grant date fair value of options vested during those same periods was $10.8 million, $8.6 million and $8.8 million, respectively.

Performance Awards

In addition to stock options, we grant performance share unit (“PSU”) awards to eligible employees. These awards are earned based on the Company’s performance against pre-established targets, including annual growth rate of revenue and return on invested capital, over a specified performance period. Depending on the achievement of the targets, recipients of stock-settled PSU awards are entitled to receive a certain number of shares of common stock, whereas recipients of cash-settled PSU awards are entitled to receive a payment in cash per unit based on the fair market value of a share of our common stock at the end of the performance period.

The following table summarizes changes in our outstanding stock-settled PSU awards:


	Units	Weighted Average Fair Value
Non-vested stock-settled PSU awards, January 1, 2024	98,441	$	334.03
Granted at target level	34,484	348.20
Adjustments above/(below) target	2,523	339.07
Vested and converted	(35,388)	350.18
Forfeited	(6,686)	331.62
Non-vested stock-settled PSU awards, December 31, 2024	93,374	$	326.56

Shares earned under PSU awards may vary from 0% to 200% of an employee’s targeted award. The fair value of stock-settled PSU awards is based on the market price of our stock at the grant date and is recognized as expense over the performance period, adjusted for estimated target outcomes and net of forfeitures. The weighted average grant date fair value of stock-settled PSU awards granted during the years 2024, 2023 and 2022 was $348.20, $306.97 and $362.40, respectively. Including forfeiture and target achievement expectations, we expect that the stock-settled PSU awards, for which the performance period has completed, will convert to 7,946 shares to be issued during 2025.

As described above, certain eligible employees are entitled to cash-settled PSU awards. The fair value of these cash-settled PSU awards is also based on the market price of our stock at the grant date. These awards are revalued at the end of each quarter based on changes in our stock price. As a result of the cash settlement feature, cash-settled PSU awards are recorded within other long-term liabilities. The amount of cash-settled PSU awards granted during the years 2024, 2023 and 2022 were immaterial.

Employee Stock Purchase Plan

We also offer an Employee Stock Purchase Plan (“ESPP”), which provides for the sale of our common stock to eligible employees at 85% of the current market price on the last trading day of each quarterly offering period. Payroll deductions are limited to 25% of the employee’s base salary, not to exceed $25,000 in any one calendar year. In addition, employees may not buy more than 2,000 shares during any offering period (8,000 shares per year). Purchases under the ESPP were 25,237 shares, 23,955 shares and 27,894 shares for the years 2024, 2023 and 2022, respectively. At December 31, 2024, there were 3.7 million shares available for issuance under the ESPP.

Deferred Compensation Plans and Restricted Share Awards

Our deferred compensation plans include a Non-Qualified Deferred Compensation Plan for Non-Employee Directors, under which non-employee directors may defer all or part of their annual cash or stock retainers. The deferred fees may be credited to a stock-equivalent account. Amounts credited to this account are converted into deferred stock units based on the fair market value of one share of our common stock on the last day of the quarter. For deferred stock units ultimately paid in cash, a liability is calculated at an amount determined by multiplying the number of units by the fair market value of our common stock at the end of each reporting period. In addition, annual stock awards are granted on the date of our annual meeting and are distributed in shares of common stock at the next annual meeting, unless deferred. In 2024, 2023 and 2022, we granted 6,064, 6,160 and 4,827 deferred stock awards with weighted average grant-date fair values of $386.03, $357.00 and $300.78, respectively.

As of December 31, 2024, the two deferred compensation plans held a total of 332,897 deferred stock units, including 8,851 units to be paid in cash. As of December 31, 2023, the two deferred compensation plans held a total of 352,541 deferred stock units, including 8,931 units to be paid in cash.

During 2024, 2023 and 2022, we granted 9,660, 8,343 and 9,648 stock-settled restricted share unit (“RSU”) awards, respectively, at weighted grant-date fair values of $339.32, $314.06 and $310.52 per share, respectively, to employees under the 2016 Plan. 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.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 3.6	$ 1.0	$ 2.2
Net actuarial gain (loss) arising during period, tax	0.3	0.4	(2.4)
Settlement effects arising during period, tax	0.0	0.0	20.3
Amortization of actuarial (gain) loss, tax	(0.2)	(0.4)	(0.1)
Amortization of other, tax	0.0	(0.1)	0.1
Net gain (loss) on equity affiliate accumulated other comprehensive income, tax	0.0	0.0	0.0
Net (loss) gain on derivatives, tax	$ (0.9)	$ 0.0	$ 0.2

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

As of December 31, 2024, we had leases primarily related to land, buildings, and machinery and equipment, with lease terms through 2269. Certain of our leases provide us with an option, exercisable at our sole discretion, to terminate the lease or extend the lease term for one year or more. At this time, the Company is not able to assert whether any of these options will be exercised.

Judgments used in applying ASC 842 include determining: i) whether a contract is, or contains, a lease; ii) the discount rate to be used to discount the unpaid lease payments to present value; iii) the lease term; and iv) the lease payments. We determine if a contract is, or contains, a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset.

ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As all of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of our leases includes the noncancellable period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Lease payments included in the measurement of the lease right-of-use assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise.

The components of lease expense were as follows:


($ in millions)	2024		2023		2022
Operating lease cost	$	24.2	$	20.3	$	15.5
Finance lease - amortization of right-of-use (ROU) assets	0.9		—		—
Finance lease - interest on lease liabilities	0.1		—		—
Short-term lease cost	2.5		6.1		1.3
Variable lease cost	9.0		5.5		6.8
Total lease cost	$	36.7	$	31.9	$	23.6

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


		December 31,
($ in millions)	Balance Sheet Classification	2024

ROU assets, net	Other noncurrent assets	$	29.7
Lease liabilities (current)	Other current liabilities	$	0.9
Lease liabilities (noncurrent)	Other long-term liabilities	$	2.1

Supplemental information related to leases was as follows:


($ in millions)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32.5	$	19.1	$	13.3
Operating cash flows from finance leases	$	0.1	$	—	$	—
Financing cash flows from finance leases	$	23.3	$	0.1	$	—
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	41.2	$	10.7	$	47.6
Finance leases	$	24.6	$	—	$	—

As of December 31, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 8.3 years and 9.8 years. As of December 31, 2024, the weighted average remaining lease term for finance leases was 6.3 years. As of December 31, 2023, finance leases were not material.

As of December 31, 2024 and December 31, 2023, the weighted average discount rate for operating leases was 3.99% and 3.55%, respectively. As of December 31, 2024, the weighted average discount rate for finance leases was 4.80%. As of December 31, 2023, finance leases were not material.

Maturities of lease liabilities as of December 31, 2024 were as follows:


($ in millions)	Operating		Finance
Year	Leases		Leases
2025	$	23.4	$	0.9
2026	20.7		0.9
2027	16.3		0.9
2028	14.9		0.5
2029	11.5		0.1
Thereafter	26.3		—
	113.1		3.3
Less: imputed lease interest	(13.4)		(0.3)
Total lease liabilities	$	99.7	$	3.0

Practical Expedients and Exemptions

We have elected to adopt practical expedients around the combination of lease and non-lease components and the portfolio approach relating to discount rates. These practical expedients were applied consistently to all leases.

We have elected not to recognize lease right-of-use assets and lease liabilities for all short-term leases (leases with an initial lease term of 12 months or less). We recognize the lease payments associated with our short-term leases as an expense over the lease term.

Leases

The components of lease expense were as follows:


($ in millions)	2024		2023		2022
Operating lease cost	$	24.2	$	20.3	$	15.5
Finance lease - amortization of right-of-use (ROU) assets	0.9		—		—
Finance lease - interest on lease liabilities	0.1		—		—
Short-term lease cost	2.5		6.1		1.3
Variable lease cost	9.0		5.5		6.8
Total lease cost	$	36.7	$	31.9	$	23.6

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


		December 31,
($ in millions)	Balance Sheet Classification	2024

ROU assets, net	Other noncurrent assets	$	29.7
Lease liabilities (current)	Other current liabilities	$	0.9
Lease liabilities (noncurrent)	Other long-term liabilities	$	2.1

Supplemental information related to leases was as follows:


($ in millions)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32.5	$	19.1	$	13.3
Operating cash flows from finance leases	$	0.1	$	—	$	—
Financing cash flows from finance leases	$	23.3	$	0.1	$	—
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	41.2	$	10.7	$	47.6
Finance leases	$	24.6	$	—	$	—

Maturities of lease liabilities as of December 31, 2024 were as follows:


($ in millions)	Operating		Finance
Year	Leases		Leases
2025	$	23.4	$	0.9
2026	20.7		0.9
2027	16.3		0.9
2028	14.9		0.5
2029	11.5		0.1
Thereafter	26.3		—
	113.1		3.3
Less: imputed lease interest	(13.4)		(0.3)
Total lease liabilities	$	99.7	$	3.0

Practical Expedients and Exemptions

Revenue - Narrative (Details) $ in Millions	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized during the period	$ 94.8
Revenue recognized that was included in the deferred income balance	37.7
Cash payments received in advance	$ 132.8

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2024	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, operating lease, terminate term (in years)	1 year
Weighted average remaining lease term (in years)	8 years 3 months 18 days	9 years 9 months 18 days
Weighted average remaining lease term (years)	6 years 3 months 18 days
Weighted average discount rate (as a percent)	3.99%	3.55%
Weighted average discount rate	4.80%
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, term of contract (in months)	12 months

- 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

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Reference 92: http://www.xbrl.org/2003/role/disclosureRef
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Reference 93: http://www.xbrl.org/2003/role/disclosureRef
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Reference 94: http://www.xbrl.org/2003/role/disclosureRef
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Reference 95: http://www.xbrl.org/2003/role/disclosureRef
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Reference 96: http://www.xbrl.org/2003/role/disclosureRef
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Reference 97: http://www.xbrl.org/2003/role/disclosureRef
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Reference 100: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Other Current Liabilities [Abstract]

Schedule of Other Current Liabilities

Other current liabilities as of December 31 included the following:


($ in millions)	2024		2023
Deferred income	$	49.6	$	41.7
Accrued commissions, rebates & royalties	24.6		22.4
Short term derivative instruments	17.4		2.1
Dividends payable	15.2		14.8
Accrued taxes other than income	12.9		9.2
Accrued retirement plans (excl. pension)	12.6		10.9
Accrued professional services	6.8		5.1
International value added tax payable	6.0		5.2
Restructuring and severance related charges	1.6		3.8
Accrued interest	1.6		2.6
Other	39.9		37.4
Total other current liabilities	$	188.2	$	155.2

Benefit Plans - Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2025	$ 3.8
2026	4.2
2027	4.6
2028	4.2
2029	4.9
2030 to 2034	20.8
Total benefit payments expected	42.5
United States
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2025	1.3
2026	1.1
2027	1.0
2028	1.0
2029	0.9
2030 to 2034	3.6
Total benefit payments expected	8.9
International plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2025	2.5
2026	3.1
2027	3.6
2028	3.2
2029	4.0
2030 to 2034	17.2
Total benefit payments expected	$ 33.6

Benefit Plans - Changes in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in plan assets:
Balance	$ 32.3
Balance	29.2	$ 32.3
Pension benefits
Change in benefit obligation:
Balance	(57.5)	(55.5)
Service cost	(1.2)	(1.1)	$ (1.5)
Interest cost	(2.1)	(2.4)	(4.2)
Participants’ contributions	(0.1)	(0.2)
Actuarial gain	2.2	0.7
Benefits paid	3.4	2.5
Settlement loss	0.0	0.5
Foreign currency translation	2.1	(2.0)
Balance	(53.2)	(57.5)	(55.5)
Change in plan assets:
Balance	32.3	29.4
Actual return on plan assets	(0.6)	2.4
Employer contribution	0.7	1.1
Participants’ contributions	0.1	0.2
Benefits paid	(2.5)	(1.8)
Settlement loss	0.0	(0.5)
Foreign currency translation	(0.8)	1.5
Balance	29.2	32.3	29.4
Funded status at end of year	(24.0)	(25.2)
Other retirement benefits
Change in benefit obligation:
Balance	(3.7)	(3.9)
Service cost	0.0	0.0	0.0
Interest cost	(0.2)	(0.2)	(0.2)
Participants’ contributions	(0.2)	(0.4)
Actuarial gain	0.6	0.5
Benefits paid	0.3	0.3
Settlement loss	0.0	0.0
Foreign currency translation	0.0	0.0
Balance	(3.2)	(3.7)	(3.9)
Change in plan assets:
Balance	0.0	0.0
Actual return on plan assets	0.0	0.0
Employer contribution	0.1	(0.1)
Participants’ contributions	0.2	0.4
Benefits paid	(0.3)	(0.3)
Settlement loss	0.0	0.0
Foreign currency translation	0.0	0.0
Balance	0.0	0.0	$ 0.0
Funded status at end of year	$ (3.2)	$ (3.7)

Leases - Assets And Liabilities, Lessee (Details) $ in Millions	Dec. 31, 2024 USD ($)
Leases [Abstract]
ROU assets, net	$ 29.7
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)	$ 2.1
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

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


($ in millions)	2024		2023





Term Loan, due July 2, 2027 (5.68%)	$	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 for Term Loan and Series notes	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

Cover - USD ($)
$ in Billions

12 Months Ended

Dec. 31, 2024

Feb. 06, 2025

Jun. 30, 2024

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2024

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

1-8036

Entity Registrant Name

WEST PHARMACEUTICAL SERVICES, INC.

Entity Incorporation, State or Country Code

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

Entity Address, Postal Zip Code

19341-1147

City Area Code

610

Local Phone Number

594-2900

Title of 12(b) Security

Common Stock, par value $.25 per share

Trading Symbol

WST

Security Exchange Name

NYSE

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Entity Shell Company

false

Document Financial Statement Error Correction

false

Entity Public Float

$ 23.9

Entity Common Stock, Shares Outstanding

72,303,766

Documents Incorporated by Reference


Document			Parts Into Which Incorporated
Proxy Statement for the 2025 Annual Meeting of Shareholders to be filed not later than 120 days after the end of the fiscal year covered by this Form 10-K.			Part III

Entity Central Index Key

0000105770

Document Fiscal Year Focus

2024

Document Fiscal Period Focus

Amendment Flag

false

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive loss, net of tax:


($ in millions)	Derivatives		Equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2021	$	(1.2)	$	1.5	$	(31.8)	$	(128.1)	$	(159.6)
Other comprehensive (loss) income before reclassifications	0.5		0.1		(9.3)		(47.3)		(56.0)
Amounts reclassified out	0.9		—		31.7		—		32.6
Other comprehensive (loss) income, net of tax	1.4		0.1		22.4		(47.3)		(23.4)
Balance, December 31, 2022	0.2		1.6		(9.4)		(175.4)		(183.0)
Other comprehensive income (loss) before reclassifications	(6.8)		0.7		0.8		39.4		34.1
Amounts reclassified out	6.6		—		(1.5)		—		5.1
Other comprehensive income (loss), net of tax	(0.2)		0.7		(0.7)		39.4		39.2
Balance, December 31, 2023	—		2.3		(10.1)		(136.0)		(143.8)
Other comprehensive (loss) income before reclassifications	(5.6)		0.2		1.1		(112.3)		(116.6)
Amounts reclassified out	3.1		—		(0.8)		—		2.3
Other comprehensive (loss) income, net of tax	(2.5)		0.2		0.3		(112.3)		(114.3)
Balance, December 31, 2024	$	(2.5)	$	2.5	$	(9.8)	$	(248.3)	$	(258.1)

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


Detail of components	2024		2023		2022		Location on Statement of Income
Gains (losses) on derivatives:
Foreign currency contracts	$	0.5	$	(1.5)	$	1.4	Net sales
Foreign currency contracts	(5.5)		(3.1)		(4.1)		Cost of goods and services sold
Foreign currency contracts	1.0		(4.2)		2.4		Other expense (income)
Forward treasury locks	(0.1)		(0.3)		(0.3)		Interest expense
Total before tax	(4.1)		(9.1)		(0.6)
Tax benefit (expense)	1.0		2.5		(0.3)
Net of tax	$	(3.1)	$	(6.6)	$	(0.9)
Amortization of defined benefit pension and other postretirement plans:


Actuarial gains	$	1.0	$	1.7	$	0.6	(a)
Settlements	—		(0.1)		(52.2)		(a)
Other	—		0.4		(0.4)		(a)
Total before tax	1.0		2.0		(52.0)
Tax (expense) benefit	(0.2)		(0.5)		20.3
Net of tax	$	0.8	$	1.5	$	(31.7)
Total reclassifications for the period, net of tax	$	(2.3)	$	(5.1)	$	(32.6)

(a) These components are included in the computation of net periodic benefit cost. Please refer to Note 15, Benefit Plans, for additional details.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

A summary of gross property, plant and equipment at December 31 is presented in the following table:


($ in millions)	Expected useful lives (years)	2024		2023
Land		$	27.9	$	33.7
Buildings and improvements	15-35	916.1		771.5
Machinery and equipment	5-12	1,229.0		1,136.5
Molds and dies	4-7	169.5		164.5
Computer hardware and software	3-10	232.5		216.6
Construction in progress		410.8		415.2
		$	2,985.8	$	2,738.0

Net Income Per Share - Schedule of Reconciliation of Shares (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 492.7	$ 593.4	$ 585.9
Weighted average common shares outstanding (in shares)	73.0	74.3	74.4
Dilutive effect of equity awards, based on the treasury stock method (in shares)	0.7	1.0	1.4
Weighted average shares assuming dilution (in shares)	73.7	75.3	75.8

- 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
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+ Details

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost and other amounts recognized in OCI were as follows:


	Pension benefits						Other retirement benefits
($ in millions)	2024		2023		2022		2024		2023		2022
Net periodic benefit cost:
Service cost	$	1.2	$	1.1	$	1.5	$	—	$	—	$	—
Interest cost	2.1		2.4		4.2		0.2		0.2		0.2
Expected return on plan assets	(1.3)		(1.2)		(6.1)		—		—		—


Amortization of actuarial loss (gain)	0.6		0.6		1.3		(1.6)		(2.0)		(1.9)
Settlement loss	—		0.1		52.2		—		—		—
Other	1.0		0.3		1.0		—		0.4		0.4
Net periodic benefit cost	$	3.6	$	3.3	$	54.1	$	(1.4)	$	(1.4)	$	(1.3)
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
Net (gain) loss arising during period	$	(0.7)	$	(1.4)	$	16.0	$	(0.5)	$	(0.5)	$	(2.0)



Amortization of actuarial (loss) gain	(0.6)		(0.3)		(1.3)		1.6		2.0		1.9
Settlement loss	—		(0.1)		(52.2)		—		—		—
Foreign currency translation	(0.2)		0.7		(2.3)		—		—		—
Other	—		0.4		—		—		—		(0.4)
Total recognized in OCI	$	(1.5)	$	(0.7)	$	(39.8)	$	1.1	$	1.5	$	(0.5)
Total recognized in net periodic benefit cost and OCI	$	2.1	$	2.6	$	14.3	$	(0.3)	$	0.1	$	(1.8)

Net periodic benefit cost by geographic location is as follows:


	Pension benefits						Other retirement benefits
($ in millions)	2024		2023		2022		2024		2023		2022
U.S. plans	$	1.1	$	0.8	$	51.7	$	(1.4)	$	(1.4)	$	(1.3)
International plans	2.5		2.5		2.4		—		—		—
Net periodic benefit cost	$	3.6	$	3.3	$	54.1	$	(1.4)	$	(1.4)	$	(1.3)

Schedule of Changes in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status

The following table presents the changes in the benefit obligation and the fair value of plan assets, as well as the funded status of the plans:


	Pension benefits				Other retirement benefits
($ in millions)	2024		2023		2024		2023
Change in benefit obligation:
Benefit obligation, January 1	$	(57.5)	$	(55.5)	$	(3.7)	$	(3.9)
Service cost	(1.2)		(1.1)		—		—
Interest cost	(2.1)		(2.4)		(0.2)		(0.2)
Participants’ contributions	(0.1)		(0.2)		(0.2)		(0.4)
Actuarial gain	2.2		0.7		0.6		0.5

Benefits paid	3.4		2.5		0.3		0.3

Settlement loss	—		0.5		—		—
Foreign currency translation	2.1		(2.0)		—		—
Benefit obligation, December 31	$	(53.2)	$	(57.5)	$	(3.2)	$	(3.7)

Change in plan assets:
Fair value of assets, January 1	$	32.3	$	29.4	$	—	$	—
Actual return on plan assets	(0.6)		2.4		—		—
Employer contribution	0.7		1.1		0.1		(0.1)
Participants’ contributions	0.1		0.2		0.2		0.4
Benefits paid	(2.5)		(1.8)		(0.3)		(0.3)

Settlement loss	—		(0.5)		—		—
Foreign currency translation	(0.8)		1.5		—		—
Fair value of assets, December 31	$	29.2	$	32.3	$	—	$	—

Funded status at end of year	$	(24.0)	$	(25.2)	$	(3.2)	$	(3.7)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the balance sheet were as follows:


	Pension benefits				Other retirement benefits
($ in millions)	2024		2023		2024		2023
Noncurrent assets	$	2.9	$	2.7	$	—	$	—
Current liabilities	(1.4)		(1.4)		(0.5)		(0.6)
Noncurrent liabilities	(25.5)		(26.5)		(2.7)		(3.1)
	$	(24.0)	$	(25.2)	$	(3.2)	$	(3.7)

Schedule of Amounts Recognized in Other Comprehensive Loss

The amounts in accumulated other comprehensive loss, pre-tax, consisted of:


	Pension benefits				Other retirement benefits
($ in millions)	2024		2023		2024		2023
Net actuarial loss (gain)	$	14.4	$	15.8	$	(2.6)	$	(3.6)

Prior service credit	(1.2)		(1.1)		—		—
Total	$	13.2	$	14.7	$	(2.6)	$	(3.6)

Schedule of Expected Benefit Payments

Benefit payments expected to be paid under our defined benefit pension and other retirement benefit plans in the next ten years are as follows. The expected benefit payments listed correspond to regular ongoing benefit payments expected to be made by the plans during future years.


($ in millions)	Domestic		International		Total
2025	$	1.3	$	2.5	$	3.8
2026	1.1		3.1		4.2
2027	1.0		3.6		4.6
2028	1.0		3.2		4.2
2029	0.9		4.0		4.9
2030 to 2034	3.6		17.2		20.8
	$	8.9	$	33.6	$	42.5

Schedule of Assumptions Used

Weighted average assumptions used to determine net periodic benefit cost were as follows:


	Pension benefits						Other retirement benefits
	2024		2023		2022		2024		2023		2022
Discount rate	3.95	%	4.35	%	2.48	%	5.20	%	5.55	%	2.75	%
Rate of compensation increase	3.08	%	3.09	%	2.79	%	—		—		—
Expected long-term rate of return on assets	4.01	%	4.22	%	4.14	%	—		—		—

Weighted average assumptions used to determine the benefit obligations were as follows:


	Pension benefits				Other retirement benefits
	2024		2023		2024		2023
Discount rate	4.38	%	3.95	%	5.60	%	5.20	%
Rate of compensation increase	3.07	%	3.08	%	—		—

The weighted average interest crediting rating used to determine net periodic benefit cost by geographic location for our pension plans, at December 31, were as follows:


	2024		2023		2022
U.S. plans	4.00	%	4.00	%	3.31	%
International plans	1.13	%	1.13	%	1.75	%

Schedule of Allocation of Plan Assets

The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:


	2024		2023
Equity securities	21	%	16	%
Debt securities	75	%	80	%
Other	4	%	4	%
	100	%	100	%

The following are the target asset allocations and acceptable allocation ranges across:


	Target allocation	Allocation range
Equity securities	19%	15% - 20%
Debt securities	79%	75% - 85%
Other	2%	2% - 5%

The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 12, Fair Value Measurements. In accordance with U.S. GAAP, certain pension plan assets measured at net asset value (“NAV”) have not been classified in the fair value hierarchy.


	Balance at
	December 31,		Basis of Fair Value Measurements
($ in millions)	2024		Level 1		Level 2		Level 3
Cash	$	0.6	$	0.6	$	—	$	—
Equity securities:

International mutual funds	6.2		—		6.2		—
Fixed income securities:
International mutual funds	21.8		—		21.8		—


Other mutual funds	0.6		—		0.6		—
Pension plan assets in the fair value hierarchy	$	29.2	$	0.6	$	28.6	$	—
Pension plan assets measured at NAV	—
Pension plan assets at fair value	$	29.2


	Balance at
	December 31,		Basis of Fair Value Measurements
($ in millions)	2023		Level 1		Level 2		Level 3
Cash	$	0.6	$	0.6	$	—	$	—
Equity securities:

International mutual funds	5.3		—		5.3		—
Fixed income securities:
International mutual funds	25.9		—		25.9		—

Other mutual funds	0.5		—		0.5		—

Pension plan assets in the fair value hierarchy	$	32.3	$	0.6	$	31.7	$	—
Pension plan assets measured at NAV	—
Pension plan assets at fair value	$	32.3

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2024, we were obligated under various operating lease agreements. Please refer to Note 6, Leases, for additional details. At December 31, 2024, we were obligated under debt agreements, net of unamortized debt issuance costs including fixed and variable-rate debt. Please refer to Note 10, Debt, for additional details. At December 31, 2024, we were obligated under various tax-qualified and non-qualified defined benefit pension plans in the U.S. and other countries that cover employees and former employees who meet eligibility requirements. Please refer to Note 15, Benefit Plans, for additional details. At December 31, 2024, our outstanding unconditional contractual commitments, including for the purchase of raw materials and finished goods, amounted to $200.7 million, the majority of which is to be paid over the next four years, with $46.7 million due to be paid in 2025. We have letters of credit totaling $2.4 million supporting the reimbursement of workers’ compensation and other claims paid on our behalf by insurance carriers. Our accrual for insurance obligations was $1.6 million at December 31, 2024, of which $0.4 million is in excess of our deductible and, therefore, is reimbursable by the insurance company.

Other Expense (Income) - Schedule of Other (Income) Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Severance and benefits	$ (2.5)	$ (2.8)	$ 8.7
Asset-related charges	0.0	0.0	15.3
Other charges	0.0	0.0	(0.2)
Total restructuring and related charges	(2.5)	(2.8)	23.8
Asset impairments	7.3	9.6	6.2
Foreign exchange transaction losses (gains)	10.2	9.4	(4.1)
Contingent consideration	5.1	2.3	3.0
Loss on disposal of plant	0.0	11.6	0.0
Other items	0.9	1.3	(2.1)
Total other expense (income)	$ 21.0	$ 31.4	$ 26.8

Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Net periodic benefit cost:
Service cost	$ 1.2	$ 1.1	$ 1.5
Interest cost	2.1	2.4	4.2
Expected return on plan assets	(1.3)	(1.2)	(6.1)
Amortization of actuarial loss (gain)	0.6	0.6	1.3
Settlement loss	0.0	0.1	52.2
Other	1.0	0.3	1.0
Net periodic benefit cost	3.6	3.3	54.1
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
Net (gain) loss arising during period	(0.7)	(1.4)	16.0
Amortization of actuarial (loss) gain	(0.6)	(0.3)	(1.3)
Settlement loss	0.0	(0.1)	(52.2)
Foreign currency translation	(0.2)	0.7	(2.3)
Other	0.0	0.4	0.0
Total recognized in OCI	(1.5)	(0.7)	(39.8)
Total recognized in net periodic benefit cost and OCI	2.1	2.6	14.3
Pension benefits \| United States
Net periodic benefit cost:
Net periodic benefit cost	1.1	0.8	51.7
Pension benefits \| International plans
Net periodic benefit cost:
Net periodic benefit cost	2.5	2.5	2.4
Other retirement benefits
Net periodic benefit cost:
Service cost	0.0	0.0	0.0
Interest cost	0.2	0.2	0.2
Expected return on plan assets	0.0	0.0	0.0
Amortization of actuarial loss (gain)	(1.6)	(2.0)	(1.9)
Settlement loss	0.0	0.0	0.0
Other	0.0	0.4	0.4
Net periodic benefit cost	(1.4)	(1.4)	(1.3)
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
Net (gain) loss arising during period	(0.5)	(0.5)	(2.0)
Amortization of actuarial (loss) gain	1.6	2.0	1.9
Settlement loss	0.0	0.0	0.0
Foreign currency translation	0.0	0.0	0.0
Other	0.0	0.0	(0.4)
Total recognized in OCI	1.1	1.5	(0.5)
Total recognized in net periodic benefit cost and OCI	(0.3)	0.1	(1.8)
Other retirement benefits \| United States
Net periodic benefit cost:
Net periodic benefit cost	(1.4)	(1.4)	(1.3)
Other retirement benefits \| International plans
Net periodic benefit cost:
Net periodic benefit cost	$ 0.0	$ 0.0	$ 0.0

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation: The consolidated financial statements include the accounts of West Pharmaceutical Services, Inc. ("West") after the elimination of intercompany transactions. We have no participation or other rights in variable interest entities.
Use of Estimates	Use of Estimates: The financial statements are prepared in conformity with U.S. GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies in the financial statements. Actual amounts realized may differ from these estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash equivalents include money market funds, time deposits and all highly liquid short-term instruments with maturities of three months or less at the time of purchase.
Accounts Receivable	Accounts Receivable: Our accounts receivable balance was net of an allowance for credit losses of $0.8 million at both December 31, 2024 and 2023. Under the current expected credit loss model, we utilize a provision matrix approach, utilizing historical loss rates based on the number of days past due, adjusted to reflect current economic conditions and forecasts of future economic conditions.
Inventories	Inventories: Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value.
Property, Plant and Equipment	Property, Plant and Equipment: Property, plant and equipment assets are carried at cost. Maintenance and minor repairs and renewals are charged to expense as incurred. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and immediately expensed for preliminary project activities or post-implementation activities. Upon sale or retirement of depreciable assets, costs and related accumulated depreciation are eliminated, and gains or losses are recognized in other expense (income). Depreciation and amortization are computed principally using the straight-line method over the estimated useful lives of the assets, or the remaining term of the lease, if shorter.
Leases	Leases: Lease right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Lease right-of-use assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Conversely, lease expense for finance leases is a front loaded expense recognition pattern over the lease term. Lease liabilities are initially measured at the present value of the unpaid lease payments at the lease commencement date.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets: Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and finance lease right-of-use assets, are tested for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. An asset is considered impaired if the carrying value of the asset exceeds the sum of the future expected undiscounted cash flows to be derived from the asset. Once an asset is considered impaired, an impairment loss is recorded within other expense (income) for the difference between the asset’s carrying value and its fair value. For assets held and used in the business, management determines fair value using estimated future cash flows to be derived from the asset, discounted to a net present value using an appropriate discount rate. For assets held for sale or for investment purposes, management determines fair value by estimating the proceeds to be received upon sale of the asset, less disposition costs.
Impairment of Goodwill and Other Intangible Assets	Impairment of Goodwill and Other Intangible Assets: Goodwill is tested for impairment at least annually, following the completion of our annual budget and long-range planning process, or whenever circumstances indicate that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment at the reporting unit level, which is the same as, or one level below, our operating segments. A goodwill impairment charge represents the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Accounting guidance also allows entities to first assess qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors, and overall financial performance, to determine whether it is necessary to perform the quantitative goodwill impairment test. If, based upon our assessment, we determined that it was not more likely than not that the fair value of each of our reporting units was less than its carrying amount, then it would not be necessary to perform the quantitative goodwill impairment test. We elected to follow this guidance for our annual impairment test. Based upon our assessment, we determined that it was not more likely than not that the fair value of each of our reporting units was less than its carrying amount and determined that it was not necessary to perform the quantitative goodwill impairment test in the current year. Valuing identifiable intangible assets requires judgment. For example, for recent identifiable customer relationship intangible asset acquisitions, we applied an excess earnings model, which is a form of the income approach. This approach includes projecting revenues and expenses attributable to the existing customers over the remaining economic life of the customer relationships and then subtracting the required return on net tangible assets and any intangible assets used in the business to estimate any residual excess earnings attributable to the customer relationships. The after-tax excess earnings are then discounted to present value using the respective discount rates. Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives of 3 to 25 years and reviewed for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. Factors that could trigger an impairment review include the following: 1) significant under-performance relative to historical or projected future operating results; 2) significant changes in the manner or use of the acquired assets or the strategy of the overall business; 3) significant negative industry or economic trends; and 4) recognition of goodwill impairment charges. If we determine that the carrying value of identifiable intangibles assets may not be recoverable based on the existence of one or more of the above indicators of impairment, we measure recoverability of assets by comparing the respective carrying value of the assets to the current and expected future cash flows, on an undiscounted basis, to be generated from such assets. If such analysis indicates that the carrying value of these assets is not recoverable, we measure an impairment based on the amount in which the net carrying amount of the assets exceeds the fair values of the assets.
Employee Benefits	Employee Benefits: The measurement of the obligations under our defined benefit pension and postretirement medical plans are subject to a number of assumptions. These include the rate of return on plan assets (for funded plans) and the rate at which the future obligations are discounted to present value. For our funded plans, we consider the current and expected asset allocations of our plan assets, as well as historical and expected rates of return, in estimating the long-term rate of return on plan assets. U.S. GAAP requires the recognition of an asset or liability for the funded status of a defined benefit postretirement plan, as measured by the difference between the fair value of plan assets, if any, and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement plan, such as a retiree health plan, the benefit obligation is the accumulated postretirement benefit obligation. Please refer to Note 15, Benefit Plans, for a more detailed discussion of our pension and other retirement plans.
Financial Instruments	Financial Instruments: All derivatives are recognized as either assets or liabilities in the balance sheet and recorded at their fair value. For a derivative designated as a hedge of the exposure to variable cash flows of a forecasted transaction (referred to as a cash flow hedge), the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (“OCI”), net of tax, and subsequently reclassified into earnings when the forecasted transaction affects earnings. For a derivative designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability or a firm commitment (referred to as a fair value hedge), the derivative’s gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item. For a derivative designated as a hedge of the foreign currency exposure of a net investment in a foreign operation, the gain or loss is reported in OCI, net of tax, as part of the cumulative translation adjustment. The ineffective portion of any derivative used in a hedging transaction is recognized immediately into earnings. Derivative financial instruments that are not designated as hedges are also recorded at fair value, with the change in fair value recognized immediately into earnings. We do not purchase or hold any derivative financial instrument for investment or trading purposes.
Foreign Currency Translation	Foreign Currency Translation: Foreign currency transaction gains and losses are recognized in the determination of net income. Foreign currency translation adjustments of subsidiaries and affiliates operating outside of the U.S. are accumulated in other comprehensive loss, a separate component of equity.
Revenue Recognition	Revenue Recognition: Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service. We have elected to disregard the effects of a significant financing component, as we expect, at the inception of our contracts, that the period between when we transfer a promised good or service to the customer and when the customer pays for that good or service will be one year or less. In addition, we have elected to omit the disclosure of the majority of our remaining performance obligations, which are satisfied within one year or less. We recognize the majority of our revenue, primarily relating to Proprietary Products product sales, at a point in time, following the transfer of control of our products to our customers, which typically occurs upon shipment or delivery, depending on the terms of the related agreements. We recognize revenue relating to our Contract-Manufactured Products product sales and certain Proprietary Products product sales over time, as our performance does not create an asset with an alternative use to us and we have an enforceable right to payment for performance completed to date. We recognize revenue relating to our development and tooling agreements over time, as our performance creates or enhances an asset that the customer controls as the asset is created or enhanced. For revenue recognized over time, revenue is recognized by applying a method of measuring progress toward complete satisfaction of the related performance obligation. When selecting the method for measuring progress, we select the method that best depicts the transfer of control of goods or services promised to our customers. Revenue for our Contract-Manufactured Products product sales, certain Proprietary Products product sales, and our development and tooling agreements is recorded under an input method, which recognizes revenue on the basis of our efforts or inputs to the satisfaction of a performance obligation (for example, resources consumed, labor hours expended, costs incurred, time elapsed, or machine hours used) relative to the total expected inputs to the satisfaction of that performance obligation. The input method that we use is based on costs incurred.
Shipping and Handling Costs	Shipping and Handling Costs: Shipping and handling costs are included in cost of goods and services sold. Shipping and handling costs billed to customers in connection with the sale are included in net sales.
Research and Development	Research and Development: Research and development expenditures are for the creation, engineering and application of new or improved products and processes. Expenditures include salaries and outside services for those directly involved in research and development activities and are primarily expensed as incurred.
Litigation	Litigation: From time to time, we are involved in legal proceedings, investigations and claims generally incidental to our normal business activities. In accordance with U.S. GAAP, we accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These estimates are based on an analysis made by internal and external legal counsel considering information known at the time. Legal costs in connection with loss contingencies are expensed as incurred.
Income Taxes	Income Taxes: Deferred income taxes are recognized by applying enacted statutory tax rates to tax loss carryforwards and temporary differences between the tax basis and financial statement carrying values of our assets and liabilities. The enacted statutory tax rate applied is based on the rate expected to be applicable at the time of the forecasted utilization of the loss carryforward or reversal of the temporary difference. Valuation allowances on deferred tax assets are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The realizability of deferred tax assets is subject to our estimates of future taxable income, generally at the respective subsidiary company and the country level. Please refer to Note 17, Income Taxes, for additional information. We recognize interest costs related to income taxes in interest expense and penalties within other expense (income). The tax law ordering approach is used for purposes of determining whether an excess tax benefit has been realized during the year.
Stock-Based Compensation	Stock-Based Compensation: Under the fair value provisions of U.S. GAAP, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the vesting period. In order to determine the fair value of stock options on the grant date, we use the Black-Scholes valuation model.
Net Income Per Share	Net Income Per Share: Basic net income per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during each period. Net income per share assuming dilution considers the dilutive effect of outstanding stock options and other stock awards based on the treasury stock method. The treasury stock method assumes the use of exercise proceeds to repurchase common stock at the average fair market value in the period.
Recently Adopted Standards and Standards Issued Not Yet Adopted	Recently Adopted Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU") No. 2023-07, Segment Reporting, which expands annual and interim disclosure requirements for reportable segments, 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 has adopted and implemented the applicable disclosure requirements within this annual report. Standards Issued Not Yet Adopted 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. In November 2024, the FASB issued guidance that seeks to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity: (1) disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each of the Company's relevant expense captions; (2) include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. This guidance is effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of this guidance on our financial statements and disclosures.
Fair Value Measurement	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.

Accumulated Other Comprehensive Loss - Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	$ 2,893.2	$ 2,949.8	$ 2,886.9
Cost of goods and services sold	(1,894.7)	(1,820.6)	(1,750.7)
Other expense (income)	(21.0)	(31.4)	(26.8)
Interest expense	(3.0)	(9.0)	(7.9)
Total before tax	585.5	698.0	679.9
Tax (expense) benefit	(107.5)	(122.3)	(114.7)
Total reclassifications for the period, net of tax	492.7	593.4	585.9
Reclassification out of Accumulated Other Comprehensive Loss
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Total reclassifications for the period, net of tax	(2.3)	(5.1)	(32.6)
Reclassification out of Accumulated Other Comprehensive Loss \| Gains (losses) on derivatives:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Total before tax	(4.1)	(9.1)	(0.6)
Tax (expense) benefit	1.0	2.5	(0.3)
Total reclassifications for the period, net of tax	(3.1)	(6.6)	(0.9)
Reclassification out of Accumulated Other Comprehensive Loss \| Gains (losses) on derivatives: \| Foreign currency contracts
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	0.5	(1.5)	1.4
Cost of goods and services sold	(5.5)	(3.1)	(4.1)
Other expense (income)	1.0	(4.2)	2.4
Reclassification out of Accumulated Other Comprehensive Loss \| Gains (losses) on derivatives: \| Forward treasury locks
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Interest expense	(0.1)	(0.3)	(0.3)
Reclassification out of Accumulated Other Comprehensive Loss \| Amortization of defined benefit pension and other postretirement plans:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Actuarial gains	1.0	1.7	0.6
Settlements	0.0	(0.1)	(52.2)
Other	0.0	0.4	(0.4)
Total before tax	1.0	2.0	(52.0)
Tax (expense) benefit	(0.2)	(0.5)	20.3
Total reclassifications for the period, net of tax	$ 0.8	$ 1.5	$ (31.7)

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common stock	Capital in excess of par value	Treasury stock	Retained earnings	Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2021		75,300,000
Beginning balance at Dec. 31, 2021	$ 2,335.4	$ 18.8	$ 249.0	$ (229.5)	$ 2,456.7	$ (159.6)
Beginning balance (in shares) at Dec. 31, 2021				1,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	585.9				585.9
Activity related to stock-based compensation	44.6		(16.8)	$ 61.4
Activity related to stock-based compensation (in shares)				(500,000)
Shares purchased under share repurchase program (in shares)				600,000
Shares purchased under share repurchase program	(202.8)			$ (202.8)
Dividends declared	(54.8)				(54.8)
Other comprehensive income (loss), net of tax	(23.4)					(23.4)
Ending balance (in shares) at Dec. 31, 2022		75,300,000
Ending balance at Dec. 31, 2022	2,684.9	$ 18.8	232.2	$ (370.9)	2,987.8	(183.0)
Ending balance (in shares) at Dec. 31, 2022				1,200,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	593.4				593.4
Activity related to stock-based compensation	$ 59.6		(112.0)	$ 171.6
Activity related to stock-based compensation (in shares)				(700,000)
Shares purchased under share repurchase program (in shares)	1,265,661			1,300,000
Shares purchased under share repurchase program	$ (438.3)			$ (438.3)
Dividends declared	(57.8)				(57.8)
Other comprehensive income (loss), net of tax	$ 39.2					39.2
Ending balance (in shares) at Dec. 31, 2023	75,300,000	75,300,000
Ending balance at Dec. 31, 2023	$ 2,881.0	$ 18.8	120.2	$ (637.6)	3,523.4	(143.8)
Ending balance (in shares) at Dec. 31, 2023	1,800,000			1,800,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 492.7				492.7
Activity related to stock-based compensation	$ 43.3		(98.1)	$ 141.4
Activity related to stock-based compensation (in shares)				(400,000)
Shares purchased under share repurchase program (in shares)	1,583,032			1,600,000
Shares purchased under share repurchase program	$ (560.9)			$ (560.9)
Dividends declared	(59.5)				(59.5)
Other comprehensive income (loss), net of tax	$ (114.3)					(114.3)
Ending balance (in shares) at Dec. 31, 2024	75,300,000	75,300,000
Ending balance at Dec. 31, 2024	$ 2,682.3	$ 18.8	$ 22.1	$ (1,057.1)	$ 3,956.6	$ (258.1)
Ending balance (in shares) at Dec. 31, 2024	3,000,000.0			3,000,000.0

Income Taxes - Effective Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal corporate tax rate	21.00%	21.00%	21.00%
Tax on international operations other than U.S. tax rate	1.50%	1.20%	(1.50%)
Adjustments to reserves for unrecognized tax benefits	0.80%	0.30%	2.90%
U.S. tax on international earnings, net of foreign tax credits	0.10%	0.50%	(0.30%)
Foreign-Derived Intangible Income Deductions (FDII)	(1.20%)	(1.60%)	(2.10%)
State income taxes, net of federal tax effect	0.30%	0.10%	1.00%
U.S. research and development credits	(0.60%)	(0.70%)	(0.60%)
Excess tax benefits on share-based payments	(3.30%)	(4.60%)	(2.40%)
Royalty acceleration	0.00%	0.50%	0.00%
Pension settlement	0.00%	0.00%	(1.20%)
Tax on undistributed earnings of subsidiaries	(0.50%)	0.30%	0.00%
Other	0.30%	0.50%	0.10%
Effective tax rate	18.40%	17.50%	16.90%

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
Deferred compensation assets	$ 11.1	$ 10.2
Foreign currency contracts	17.3	5.0
Total assets at fair value	241.2	496.7
Liabilities:
Contingent consideration	3.0	3.6
Deferred compensation liabilities	11.2	10.4
Total liabilities at fair value	32.5	16.2
Cross-currency swap
Assets:
Commodity call options	23.6	18.4
Commodity call options
Assets:
Commodity call options	0.3	0.6
Foreign currency hedge contracts
Liabilities:
Foreign currency contracts	18.3	2.2
Money market funds
Assets:
Money market funds	117.6	404.4
Time deposits
Assets:
Money market funds	71.3	47.9
Level 1
Assets:
Deferred compensation assets	11.1	10.2
Foreign currency contracts	0.0	0.0
Total assets at fair value	128.7	424.8
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	11.2	10.4
Total liabilities at fair value	11.2	10.4
Level 1 \| Cross-currency swap
Assets:
Commodity call options	0.0	0.0
Level 1 \| Commodity call options
Assets:
Commodity call options	0.0	0.0
Level 1 \| Foreign currency hedge contracts
Liabilities:
Foreign currency contracts	0.0	0.0
Level 1 \| Money market funds
Assets:
Money market funds	117.6	404.4
Level 1 \| Time deposits
Assets:
Money market funds	0.0	0.0
Level 2
Assets:
Deferred compensation assets	0.0	0.0
Foreign currency contracts	17.3	5.0
Total assets at fair value	112.5	71.9
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	0.0	0.0
Total liabilities at fair value	18.3	2.2
Level 2 \| Cross-currency swap
Assets:
Commodity call options	23.6	18.4
Level 2 \| Commodity call options
Assets:
Commodity call options	0.3	0.6
Level 2 \| Foreign currency hedge contracts
Liabilities:
Foreign currency contracts	18.3	2.2
Level 2 \| Money market funds
Assets:
Money market funds	0.0	0.0
Level 2 \| Time deposits
Assets:
Money market funds	71.3	47.9
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	3.0	3.6
Deferred compensation liabilities	0.0	0.0
Total liabilities at fair value	3.0	3.6
Level 3 \| Cross-currency swap
Assets:
Commodity call options	0.0	0.0
Level 3 \| Commodity call options
Assets:
Commodity call options	0.0	0.0
Level 3 \| Foreign currency hedge contracts
Liabilities:
Foreign currency contracts	0.0	0.0
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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Affiliated Companies

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Affiliated Companies

At December 31, 2024, the following affiliated companies were accounted for under the equity method:


	Location	Ownership interest
The West Company Mexico, S.A. de C.V.	Mexico	49%
Aluplast S.A. de C.V.	Mexico	49%
Pharma Tap S.A. de C.V.	Mexico	49%
Pharma Rubber S.A. de C.V.	Mexico	49%
Daikyo Seiko, Ltd. ("Daikyo")	Japan	49%

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:


	December 31,		December 31
($ in millions)	2024		2023
Aggregate carrying value of investments in affiliated companies:
Equity method affiliates	$	194.9	$	203.2
Non-equity method affiliates	7.2		6.8
Total investments in affiliated companies	$	202.1	$	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:


	December 31,		December 31
($ in millions)	2024		2023
Payables due to affiliates	$	18.7	$	25.9
Receivables due from affiliates	$	2.5	$	1.6

The following table summarizes the Company's affiliate transactions:


(in millions)	2024		2023		2022
Purchases from (and payments to) affiliates	$	110.0	$	142.5	$	167.6
Sales to affiliates	$	15.3	$	11.2	$	14.2
Unremitted income of affiliates	$	161.4	$	148.0	$	133.6
Dividends received from affiliates	$	1.3	$	3.4	$	2.6
Equity in unrealized (gains) losses of Daikyo's investments & derivatives	$	2.4	$	2.2	$	1.6

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

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill by reportable segment were as follows:


($ in millions)	Proprietary Products		Contract-Manufactured Products		Total
Balance, December 31, 2022	$	77.9	$	29.4	$	107.3


Foreign currency translation	1.0		0.2		1.2
Balance, December 31, 2023	78.9		29.6		108.5


Foreign currency translation	(2.1)		(0.4)		(2.5)
Balance, December 31, 2024	$	76.8	$	29.2	$	106.0

As of December 31, 2024, we had $0.1 million of accumulated goodwill impairment losses.

Intangible assets and accumulated amortization as of December 31 were as follows:


	2024						2023
($ in millions)	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Patents and licensing	$	24.7	$	(23.0)	$	1.7	$	24.8	$	(21.8)	$	3.0
Technology	3.3		(2.7)		0.6		3.3		(2.5)		0.8
Trademarks	1.2		(1.2)		—		1.2		(1.2)		—
Customer relationships	38.9		(30.8)		8.1		39.5		(29.0)		10.5
Customer contracts	8.0		(7.6)		0.4		8.0		(7.2)		0.8
	$	76.1	$	(65.3)	$	10.8	$	76.8	$	(61.7)	$	15.1

The cost basis of intangible assets includes a foreign currency translation loss of $0.7 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $3.6 million, $3.6 million and $3.7 million, respectively. Estimated annual amortization expense for the next five years is as follows: 2025 - $2.8 million, 2026 - $2.5 million, 2027 - $2.3 million, 2028 - $1.7 million and 2029 - $0.9 million.

Affiliated Companies - Schedule of Company's Affiliate Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net sales	$ 2,893.2	$ 2,949.8	$ 2,886.9
Unremitted income of affiliates	161.4	148.0	133.6
Dividends received from affiliates	1.3	3.4	2.6
Distributorship Agreement
Schedule of Equity Method Investments [Line Items]
Purchases from (and payments to) affiliates	110.0	142.5	167.6
Daikyo Seiko, Ltd. ("Daikyo")
Schedule of Equity Method Investments [Line Items]
Equity in unrealized (gains) losses of Daikyo's investments & derivatives	2.4	2.2	1.6
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Net sales	$ 15.3	$ 11.2	$ 14.2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: 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 3: 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 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Affiliated Companies - Schedule of Investments (Details)	Dec. 31, 2024
The West Company Mexico, S.A. de C.V.
Schedule of Equity Method Investments [Line Items]
Ownership interest	49.00%
Aluplast S.A. de C.V.
Schedule of Equity Method Investments [Line Items]
Ownership interest	49.00%
Pharma Tap S.A. de C.V.
Schedule of Equity Method Investments [Line Items]
Ownership interest	49.00%
Pharma Rubber S.A. de C.V.
Schedule of Equity Method Investments [Line Items]
Ownership interest	49.00%
Daikyo Seiko, Ltd. ("Daikyo")
Schedule of Equity Method Investments [Line Items]
Ownership interest	49.00%

Affiliated Companies- Schedule of Amounts Due to Affiliates in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Payables due to affiliates	$ 188.2	$ 155.2
Receivables due from affiliates	124.0	135.8
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Payables due to affiliates	18.7	25.9
Receivables due from affiliates	$ 2.5	$ 1.6

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 38.8	$ 36.5	$ 24.9
Increase due to current year position	5.3	6.4	11.4
Decrease due to prior year position		(1.0)
Increase due to prior year position	0.7		0.6
Reduction for expiration of statute of limitations/audits	(1.2)	(3.1)	(0.4)
Balance at December 31	$ 43.6	$ 38.8	$ 36.5

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

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

Foreign Currency Exchange Rate Risk

We have entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany loans. As of December 31, 2024 the total amount of these forward exchange contracts was Singapore Dollar ("SGD") 421.9 million and $13.4 million. As of December 31, 2023 the total 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 December 31, 2024, the total amount of these forward exchange contracts was Euro ("EUR") 145.3 million and $47.1 million. As of December 31, 2023, the total amount of these forward exchange contracts was EUR 278.6 million and SGD 94.0 million.

In addition, we have entered into several foreign currency contracts, designated as cash flow hedges, for periods of up to eighteen months, intended to hedge the currency risk associated with a portion of our forecasted transactions denominated in foreign currencies.

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


(in millions)		Sell
Currency	Purchase	USD	EUR	SGD
EUR	20.8	22.9	—	—
JPY	6,683.7	28.4	14.8	1.8
SGD	39.8	16.9	12.2	—

In December 2019, we entered into a five-year floating-to-floating forward-starting cross-currency swap for $90 million, which we designated as a hedge of our net investment in Daikyo. This 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 December 31, 2024, the notional amount of the cross-currency swap is Japanese Yen ("JPY") 17.0 billion ($130.0 million) and the swap termination date is July 2, 2027. Under the current 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.

We regularly purchase call options on crude oil to mitigate our exposure to such oil-based surcharges and protect operating cash flows with regard to a portion of our forecasted elastomer purchases. As of December 31, 2024, we had outstanding contracts to purchase 190,773 barrels of crude oil from December 2024 to June 2026, at a weighted-average strike price of $84.70 per barrel.

Effects of Derivative Instruments on Financial Position and Results of Operations

Please refer to Note 12, Fair Value Measurements, for the balance sheet location and fair values of our derivative instruments as of December 31, 2024 and 2023.

The following table summarizes the effects of derivative instruments designated as fair value hedges in our consolidated statements of income for the years ended December 31:


	Amount of Gain (Loss) Recognized in Income						Location on Statement of Income
($ in millions)	2024		2023		2022
Fair Value Hedges:
Hedged item (intercompany loan)	$	1.6	$	(0.3)	$	(28.3)	Other expense (income)
Derivative designated as hedging instrument	(1.6)		0.3		28.3		Other expense (income)
Amount excluded from effectiveness testing	(5.9)		(1.4)		5.2		Other expense (income)
Total	$	(5.9)	$	(1.4)	$	5.2

We recognize in earnings the initial value of forward point components on a straight-line basis over the life of the fair value hedge. The expense recognized in earnings, pre-tax, for forward point components for the years ended December 31, 2024 and 2023 was $5.9 million and $0.2 million, respectively. The income recognized in earnings, pre-tax, for forward point components for the year ended December 31, 2022 was $4.0 million. We expect to recognize an expense of $0.3 million in earnings, pre-tax, for forward point components in 2025.

The following tables summarize the effects of derivative instruments designated as fair value, cash flow, and net investment hedges on OCI and earnings, net of tax, for the years ended December 31:


	Amount of Gain (Loss) Recognized in OCI
($ in millions)	2024		2023		2022
Fair Value Hedges:
Foreign currency hedge contracts	$	0.2	$	(2.0)	$	1.3
Total	$	0.2	$	(2.0)	$	1.3
Cash Flow Hedges:
Foreign currency hedge contracts (hedges of net sales)	$	1.1	$	(0.8)	$	0.3
Foreign currency hedge contracts (hedges of cost of goods and services sold)	(6.9)		(4.0)		(1.1)
Forward treasury locks	—		—		—
Total	$	(5.8)	$	(4.8)	$	(0.8)
Net Investment Hedges:
Cross-currency swap	$	6.8	$	8.6	$	9.1
Total	$	6.8	$	8.6	$	9.1


	Amount of (Gain) Loss Reclassified from Accumulated OCI into Income						Location of (Gain) Loss Reclassified from Accumulated OCI into Income
($ in millions)	2024		2023		2022
Fair Value Hedges:
Foreign currency hedge contracts	$	(0.7)	$	2.9	$	(1.6)	Other expense (income)
Total	$	(0.7)	$	2.9	$	(1.6)
Cash Flow Hedges:
Foreign currency hedge contracts	$	(0.5)	$	1.3	$	(1.2)	Net sales
Foreign currency hedge contracts	4.2		2.2		3.5		Cost of goods and services sold
Forward treasury locks	0.1		0.2		0.2		Interest expense
Total	$	3.8	$	3.7	$	2.5
Net Investment Hedges:
Cross-currency swap	—		—		—		Other expense (income)
Total	$	—	$	—	$	—

Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges within the other expense (income) line in our consolidated statements of income for the years ended December 31. The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in our consolidated statements of income for the years ended December 31:


($ in millions)	2024		2023		2022
Net sales	$	(0.5)	$	1.3	$	(1.2)
Cost of goods and services sold	$	4.2	$	2.2	$	3.5
Interest expense	$	0.1	$	0.2	$	0.2

The following table summarizes the effects of derivative instruments not designated as hedges in our consolidated statements of income for the years ended December 31:


	Amount of Gain (Loss) Recognized in Income						Location on Statement of Income
($ in millions)	2024		2023		2022
Commodity call options	$	(0.7)	$	(1.3)	$	1.5	Other expense (income)
Currency forwards	(2.5)		0.1		—		Other expense (income)
Total	$	(3.2)	$	(1.2)	$	1.5

During 2024, 2023 and 2022 there was no material ineffectiveness related to our hedges.

Net Income Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

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


(in millions)	2024		2023		2022
Net income	$	492.7	$	593.4	$	585.9
Weighted average common shares outstanding	73.0		74.3		74.4
Dilutive effect of equity awards, based on the treasury stock method	0.7		1.0		1.4

Weighted average shares assuming dilution	73.7		75.3		75.8

During 2024, 2023 and 2022, there were 0.3 million, 0.2 million and 0.2 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive.

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 did 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 depended on a variety of factors, including market conditions. The below table summarizes share repurchases under this program during the years ended December 31:


	2024		2023
Shares repurchased	1,583,032		1,265,661
Total cost of repurchases ($ in millions)	$	560.9	$	438.3
Average price per repurchased share	$	354.30	$	346.34

In December 2024, the Board of Directors approved a share repurchase program authorizing the repurchase of up to 550,000 shares of our 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. This share repurchase program is expected to be completed by December 31, 2025.

Derivative Financial Instruments - Effects of Derivative Instruments on Other Comprehensive Income ('OCI') and Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	$ (5.8)	$ (4.8)	$ (0.8)
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	6.8	8.6	9.1
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	3.8	3.7	2.5
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0	0.0
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	(0.5)	1.3	(1.2)
Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	4.2	2.2	3.5
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.1	0.2	0.2
Fair Value Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), derivative, excluded component, increase (decrease), before adjustments and tax	0.2	(2.0)	1.3
Other comprehensive income (loss), derivative, excluded component, increase (decrease), adjustments, before tax	(0.7)	2.9	(1.6)
Foreign currency hedge contracts \| Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	1.1	(0.8)	0.3
Other comprehensive income (loss), cash flow hedge, reclassification for discontinuance, before tax	(0.5)	1.3	(1.2)
Foreign currency hedge contracts \| Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(6.9)	(4.0)	(1.1)
Other comprehensive income (loss), cash flow hedge, reclassification for discontinuance, before tax	4.2	2.2	3.5
Foreign currency hedge contracts \| Fair Value Hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), derivative, excluded component, increase (decrease), before adjustments and tax	0.2	(2.0)	1.3
Other comprehensive income (loss), derivative, excluded component, increase (decrease), adjustments, before tax	(0.7)	2.9	(1.6)
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
Other comprehensive income (loss), cash flow hedge, reclassification for discontinuance, before tax	0.1	0.2	0.2
Cross-currency swap
Derivative Instruments, Gain (Loss) [Line Items]
Fair value and net investment hedges, amount of gain (loss) recognized in OCI	6.8	8.6	9.1
Fair value and net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	$ 0.0	$ 0.0	$ 0.0

Other Expense (Income) (Tables)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Expense (Income)

Other expense (income) consisted of:


($ in millions)	2024		2023		2022
Restructuring and related charges:
Severance and benefits	$	(2.5)	$	(2.8)	$	8.7
Asset-related charges	—		—		15.3
Other charges	—		—		(0.2)
Total restructuring and related charges	$	(2.5)	$	(2.8)	$	23.8


Asset impairments	7.3		9.6		6.2

Foreign exchange transaction losses (gains)	10.2		9.4		(4.1)
Contingent consideration	5.1		2.3		3.0
Loss on disposal of plant	—		11.6		—
Other items	0.9		1.3		(2.1)
Total other expense (income)	$	21.0	$	31.4	$	26.8

Schedule of Restructuring Obligations

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


($ in millions)	Severance and benefits		Other charges		Total
Balance, December 31, 2023	$	3.0	$	—	$	3.0
(Credits) charges	(2.5)		—		(2.5)
Cash payments	(0.5)		—		(0.5)

Balance, December 31, 2024	$	—	$	—	$	—

Details of Impairment of Long-Lived Assets Held and Used by Asset

During the periods ended December 31, asset impairments consisted of:


($ in millions)	2024		2023		2022
Cost method investment impairment charges	$	0.3	$	4.3	$	3.5
Fixed asset impairment expense	7.0		5.3		2.7
Total asset impairments	$	7.3	$	9.6	$	6.2

Debt - Narrative (Details)		1 Months Ended	12 Months Ended
Debt - Narrative (Details)	Jul. 02, 2024 USD ($)	Mar. 31, 2022 USD ($) instance fiscal_quarter	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2012 USD ($) tranche	Jul. 05, 2012
Line of Credit Facility [Line Items]
Long-term debt, gross			$ 203,000,000.0	$ 207,000,000.0
Number of tranches \| tranche							3
Unamortized debt issuance costs remaining			400,000	200,000
Interest expense			16,200,000	14,800,000	$ 11,600,000
Aggregate annual maturities of long-term debt [Abstract]
2025			0.0
2026			0.0
2027			203,000,000.0
2028 and thereafter			0.0
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)	1.25%
Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)	1.25%
Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)	1.625%
Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)	0.25%
Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)	0.625%
Revolving Credit Facility, Due 2024
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity		$ 500,000,000				$ 300,000,000
Amount available for issuance of letters of credit		50,000,000
Line of credit facility, additional borrowing capacity		$ 929,000,000
Preceding period (in months)		12 months
Ratio of debt to EBITDA		3.5
Number of instances ratio of debt to EBITDA not to exceed threshold \| instance		3
Number of quarters following acquisition \| fiscal_quarter		4
Ratio of debt to EBITDA after acquisition		4.0
Debt issuance costs			1,000,000	1,000,000
Line of credit, noncurrent			0
Line of credit facility, unused commitment level			497,600,000
Revolving Credit Facility, Due 2024 \| Applicable Margin
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)		0.10%
Revolving Credit Facility, Due 2024 \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)		0.50%
Revolving Credit Facility, Due 2024 \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)		1.00%
Revolving Credit Facility, Due 2024 \| Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Applicable margin ratio		0.00875
Revolving Credit Facility, Due 2024 \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Applicable margin ratio		0.01375
Revolving Credit Facility, Due 2024 \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Applicable margin ratio		0
Revolving Credit Facility, Due 2024 \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Applicable margin ratio		0.00375
Revolving Credit Facility, Due 2024 \| Domestic Line of Credit
Line of Credit Facility [Line Items]
Credit facility is available for swing-line loans		$ 50,000,000
Revolving Credit Facility, Due 2024 \| Foreign Line of Credit
Line of Credit Facility [Line Items]
Credit facility is available for swing-line loans		$ 40,000,000
Revolving Credit Facility, Due 2024 \| Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit supporting the reimbursement of workers' compensation and other claims			$ 2,400,000
Term Loan, due July 2, 2027 (5.68%)
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 130,000,000.0
Debt instrument, stated interest rate (as a percent)			5.68%
Long-term debt, gross			$ 130,000,000.0	0
Term Loan, due December 31, 2024 (6.32%)
Line of Credit Facility [Line Items]
Debt issuance costs			$ 300,000	100,000
Repayments of other long-term debt	79,900,000
Debt instrument, stated interest rate (as a percent)			6.32%
Long-term debt, gross			$ 0	81,000,000.0
Series B notes, due July 5, 2024 (3.82%)
Line of Credit Facility [Line Items]
Repayments of other long-term debt	$ 53,000,000.0
Debt instrument, stated interest rate (as a percent)			3.82%					3.82%
Long-term debt, gross			$ 0	53,000,000.0
Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount							$ 168,000,000.0
Weighted average of the coupon interest rate (as a percent)			3.94%
Unamortized debt issuance costs remaining			$ 100,000	$ 100,000
Senior Notes \| Series A notes, due July 5, 2022 (3.67%)
Line of Credit Facility [Line Items]
Debt instrument, face amount							$ 42,000,000.0
Debt instrument, stated interest rate (as a percent)							3.67%
Senior Notes \| Series B notes, due July 5, 2024 (3.82%)
Line of Credit Facility [Line Items]
Debt instrument, face amount							$ 53,000,000.0
Debt instrument, stated interest rate (as a percent)							3.82%
Senior Notes \| Series C notes, due July 5, 2027 (4.02%)
Line of Credit Facility [Line Items]
Debt instrument, face amount							$ 73,000,000.0
Debt instrument, stated interest rate (as a percent)							4.02%

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Allowance for doubtful accounts	$ 0.8	$ 0.8
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite-lived intangible assets (in years)	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite-lived intangible assets (in years)	25 years

- 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

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition

We recognize the majority of our revenue, primarily relating to Proprietary Products product sales, at a point in time, following the transfer of control of our products to our customers, which typically occurs upon shipment or delivery, depending on the terms of the related agreements.

We recognize revenue relating to our Contract-Manufactured Products product sales and certain Proprietary Products product sales over time, as our performance does not create an asset with an alternative use to us and we have an enforceable right to payment for performance completed to date.

We recognize revenue relating to our development and tooling agreements over time, as our performance creates or enhances an asset that the customer controls as the asset is created or enhanced.

For revenue recognized over time, revenue is recognized by applying a method of measuring progress toward complete satisfaction of the related performance obligation. When selecting the method for measuring progress, we select the method that best depicts the transfer of control of goods or services promised to our customers.

Revenue for our Contract-Manufactured Products product sales, certain Proprietary Products product sales, and our development and tooling agreements is recorded under an input method, which recognizes revenue on the basis of our efforts or inputs to the satisfaction of a performance obligation (for example, resources consumed, labor hours expended, costs incurred, time elapsed, or machine hours used) relative to the total expected inputs to the satisfaction of that performance obligation. The input method that we use is based on costs incurred.

The majority of the performance obligations within our contracts are satisfied within one year or less. Performance obligations satisfied beyond one year are not material as of December 31, 2024.

Our revenue can be generated from contracts with multiple performance obligations. When a sales agreement involves multiple performance obligations, each obligation is separately identified and the transaction price is allocated based on the amount of consideration we expect to be entitled in exchange for transferring the promised good or service to the customer.

Some customers receive pricing rebates upon attaining established sales volumes. We record rebate costs when sales occur based on our assessment of the likelihood that the required volumes will be attained. We also maintain an allowance for product returns, as we believe that we are able to reasonably estimate the amount of returns based on our substantial historical experience and specific identification of customer claims.

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


	2024		2023		2022
Biologics	39	%	37	%	41	%
Generics	17	%	20	%	18	%
Pharma	25	%	24	%	24	%
Contract-Manufactured Products	19	%	19	%	17	%
	100	%	100	%	100	%

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


	2024		2023		2022
High-Value Product Components	45	%	50	%	55	%
High-Value Product Delivery Devices	14	%	10	%	5	%
Standard Packaging	22	%	21	%	23	%
Contract-Manufactured Products	19	%	19	%	17	%
	100	%	100	%	100	%

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

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


	2024		2023		2022
Americas	45	%	45	%	48	%
Europe, Middle East, Africa	46	%	46	%	43	%
Asia Pacific	9	%	9	%	9	%
	100	%	100	%	100	%

Contract Assets and Liabilities

Contract assets and liabilities result from transactions with revenue primarily recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, we record a contract asset. Contract assets are recorded on the consolidated balance sheet in accounts receivable, net, and other assets (current and noncurrent portions, respectively). Contract assets included in accounts receivable, net, relate to the unbilled amounts of our product sales for which we have recognized revenue over time. Contract assets included in other assets represent the remaining performance obligations of our development and tooling agreements. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, we record a contract liability. Contract liabilities are recorded on the consolidated balance sheet within other liabilities (current and noncurrent portions, respectively) and represent cash payments received in advance of our performance.

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


	($ in millions)
Contract assets, December 31, 2023	$	21.5
Contract assets, December 31, 2024	23.3
Change in contract assets - increase (decrease)	$	1.8

Deferred income, December 31, 2023	$	(53.9)
Deferred income, December 31, 2024	(53.2)
Change in deferred income - decrease (increase)	$	0.7

Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. The decrease in deferred income during 2024 was primarily due to the recognition of current year revenue of $94.8 million and the recognition of $37.7 million of revenue that was included in deferred income at the beginning of the year, offset by additional cash payments of $132.8 million received in advance of satisfying future performance obligations.

- 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

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 24.2	$ 20.3	$ 15.5
Finance lease - amortization of right-of-use (ROU) assets	0.9	0.0	0.0
Finance lease - interest on lease liabilities	0.1	0.0	0.0
Short-term lease cost	2.5	6.1	1.3
Variable lease cost	9.0	5.5	6.8
Total lease cost	$ 36.7	$ 31.9	$ 23.6

Other Expense (Income) - Schedule of Restructuring and Related Charges (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	$ 3.8
Balance, December 31, 2024	1.6
2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	3.0
(Credits) charges	(2.5)
Cash payments	(0.5)
Balance, December 31, 2024	0.0
2022 Restructuring Plan \| Severance and benefits
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	3.0
(Credits) charges	(2.5)
Cash payments	(0.5)
Balance, December 31, 2024	0.0
2022 Restructuring Plan \| Other charges
Restructuring Reserve [Roll Forward]
Balance, December 31, 2023	0.0
(Credits) charges	0.0
Cash payments	0.0
Balance, December 31, 2024	$ 0.0

Benefit Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Benefit Plans

Certain of our U.S. and international subsidiaries sponsor defined benefit pension plans. In addition, we pay a portion of healthcare costs for retired U.S. salaried employees and their dependents. We also sponsor a defined contribution plan for certain salaried and hourly U.S. employees. Our 401(k) plan contributions were $23.2 million for 2024, $22.7 million for 2023 and $22.8 million for 2022.

Pension and Other Retirement Benefits

The components of net periodic benefit cost and other amounts recognized in OCI were as follows:


	Pension benefits						Other retirement benefits
($ in millions)	2024		2023		2022		2024		2023		2022
Net periodic benefit cost:
Service cost	$	1.2	$	1.1	$	1.5	$	—	$	—	$	—
Interest cost	2.1		2.4		4.2		0.2		0.2		0.2
Expected return on plan assets	(1.3)		(1.2)		(6.1)		—		—		—


Amortization of actuarial loss (gain)	0.6		0.6		1.3		(1.6)		(2.0)		(1.9)
Settlement loss	—		0.1		52.2		—		—		—
Other	1.0		0.3		1.0		—		0.4		0.4
Net periodic benefit cost	$	3.6	$	3.3	$	54.1	$	(1.4)	$	(1.4)	$	(1.3)
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
Net (gain) loss arising during period	$	(0.7)	$	(1.4)	$	16.0	$	(0.5)	$	(0.5)	$	(2.0)



Amortization of actuarial (loss) gain	(0.6)		(0.3)		(1.3)		1.6		2.0		1.9
Settlement loss	—		(0.1)		(52.2)		—		—		—
Foreign currency translation	(0.2)		0.7		(2.3)		—		—		—
Other	—		0.4		—		—		—		(0.4)
Total recognized in OCI	$	(1.5)	$	(0.7)	$	(39.8)	$	1.1	$	1.5	$	(0.5)
Total recognized in net periodic benefit cost and OCI	$	2.1	$	2.6	$	14.3	$	(0.3)	$	0.1	$	(1.8)

Net periodic benefit cost by geographic location is as follows:


	Pension benefits						Other retirement benefits
($ in millions)	2024		2023		2022		2024		2023		2022
U.S. plans	$	1.1	$	0.8	$	51.7	$	(1.4)	$	(1.4)	$	(1.3)
International plans	2.5		2.5		2.4		—		—		—
Net periodic benefit cost	$	3.6	$	3.3	$	54.1	$	(1.4)	$	(1.4)	$	(1.3)

The service cost component included within net periodic benefit cost is considered employee compensation and is therefore presented within the selling, general, and administrative and costs of goods and services sold financial statement line items of our consolidated statements of income. The remaining components of net periodic benefit cost are reported separately and are therefore presented within the other nonoperating expense (income) financial statement line item of our consolidated statements of income.

During 2021, the Company approved the termination of our U.S. qualified defined benefit pension plan (the "U.S. pension plan"). During 2021, a Notice of Intent to Terminate was sent to all interested parties and in 2022 a favorable determination letter was received from the Internal Revenue Service. During 2022, lump sum payments were offered to all current employees and former employees with vested benefits under the U.S. pension plan. A cash contribution of $7.1 million was made by the Company to ensure the U.S. pension plan was fully funded in preparation for the group annuity contract purchase which was executed in August of 2022 to settle the outstanding benefit obligations, as well as to cover any ancillary benefits and expenses remaining. During 2022, we recorded a $52.2 million pension settlement charge within other nonoperating expense (income), which primarily related to the full settlement and relief of the historical balance sheet position, inclusive of accumulated other comprehensive income, of the U.S. pension plan.

During 2024 and 2023, we did not contribute to our U.S. pension plan due to the termination of the plan in 2022. During 2022, we contributed $7.1 million to our U.S. pension plan.

The following table presents the changes in the benefit obligation and the fair value of plan assets, as well as the funded status of the plans:


	Pension benefits				Other retirement benefits
($ in millions)	2024		2023		2024		2023
Change in benefit obligation:
Benefit obligation, January 1	$	(57.5)	$	(55.5)	$	(3.7)	$	(3.9)
Service cost	(1.2)		(1.1)		—		—
Interest cost	(2.1)		(2.4)		(0.2)		(0.2)
Participants’ contributions	(0.1)		(0.2)		(0.2)		(0.4)
Actuarial gain	2.2		0.7		0.6		0.5

Benefits paid	3.4		2.5		0.3		0.3

Settlement loss	—		0.5		—		—
Foreign currency translation	2.1		(2.0)		—		—
Benefit obligation, December 31	$	(53.2)	$	(57.5)	$	(3.2)	$	(3.7)

Change in plan assets:
Fair value of assets, January 1	$	32.3	$	29.4	$	—	$	—
Actual return on plan assets	(0.6)		2.4		—		—
Employer contribution	0.7		1.1		0.1		(0.1)
Participants’ contributions	0.1		0.2		0.2		0.4
Benefits paid	(2.5)		(1.8)		(0.3)		(0.3)

Settlement loss	—		(0.5)		—		—
Foreign currency translation	(0.8)		1.5		—		—
Fair value of assets, December 31	$	29.2	$	32.3	$	—	$	—

Funded status at end of year	$	(24.0)	$	(25.2)	$	(3.2)	$	(3.7)

International pension plan assets, at fair value, included in the preceding table were $29.2 million and $32.3 million at December 31, 2024 and 2023, respectively.

Amounts recognized in the balance sheet were as follows:


	Pension benefits				Other retirement benefits
($ in millions)	2024		2023		2024		2023
Noncurrent assets	$	2.9	$	2.7	$	—	$	—
Current liabilities	(1.4)		(1.4)		(0.5)		(0.6)
Noncurrent liabilities	(25.5)		(26.5)		(2.7)		(3.1)
	$	(24.0)	$	(25.2)	$	(3.2)	$	(3.7)

The amounts in accumulated other comprehensive loss, pre-tax, consisted of:


	Pension benefits				Other retirement benefits
($ in millions)	2024		2023		2024		2023
Net actuarial loss (gain)	$	14.4	$	15.8	$	(2.6)	$	(3.6)

Prior service credit	(1.2)		(1.1)		—		—
Total	$	13.2	$	14.7	$	(2.6)	$	(3.6)

The accumulated benefit obligation for all defined benefit pension plans was $49.5 million and $53.7 million at December 31, 2024 and 2023, respectively, including $44.0 million and $47.7 million, respectively, for international pension plans.

As of December 31, 2024 and December 31, 2023, our United Kingdom qualified defined benefit pension plan had plan assets in excess of its obligations. As of December 31, 2024 and December 31, 2023, our other defined benefit pension plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets.


($ in millions)	Domestic		International		Total
2025	$	1.3	$	2.5	$	3.8
2026	1.1		3.1		4.2
2027	1.0		3.6		4.6
2028	1.0		3.2		4.2
2029	0.9		4.0		4.9
2030 to 2034	3.6		17.2		20.8
	$	8.9	$	33.6	$	42.5

In 2025, we expect to contribute $0.6 million to pension plans, all of which is in the U.S. In addition, we expect to contribute $0.5 million for other retirement benefits in 2025. We periodically consider additional, voluntary contributions depending on the investment returns generated by pension plan assets, changes in benefit obligation projections and other factors.

Weighted average assumptions used to determine net periodic benefit cost were as follows:


	Pension benefits						Other retirement benefits
	2024		2023		2022		2024		2023		2022
Discount rate	3.95	%	4.35	%	2.48	%	5.20	%	5.55	%	2.75	%
Rate of compensation increase	3.08	%	3.09	%	2.79	%	—		—		—
Expected long-term rate of return on assets	4.01	%	4.22	%	4.14	%	—		—		—

Weighted average assumptions used to determine the benefit obligations were as follows:


	Pension benefits				Other retirement benefits
	2024		2023		2024		2023
Discount rate	4.38	%	3.95	%	5.60	%	5.20	%
Rate of compensation increase	3.07	%	3.08	%	—		—

The discount rate used to determine the benefit obligations for U.S. pension plans was 5.60% and 5.20% as of December 31, 2024 and 2023, respectively. The weighted average discount rate used to determine the benefit obligations for all international plans was 4.24% and 3.80% as of December 31, 2024 and 2023, respectively. The weighted average rate of compensation increase for all international plans was 3.07% for 2024 and 3.08% for 2023, while there was no rate increase for the U.S. plans since they are frozen. Other retirement benefits were only available to U.S. employees. The expected long-term rate of return for U.S. plans was not applicable for 2024 and 2023, and 3.70% for 2022.

The assumed healthcare cost trend rate used to determine benefit obligations was 6.50% for all participants in 2024, decreasing to 5.00% by 2031. The assumed healthcare cost trend rate used to determine net periodic benefit cost was 6.75% for all participants in 2024, decreasing to 5.00% by 2031.

The defined benefit pension plan benefit obligation decreased for the year ended December 31, 2024, due to actuarial gains and benefit payments during the period, as well as an increase in the discount rate used to calculate the obligation. The net actuarial losses will be impacted in future periods by actual asset returns, discount rate changes, currency exchange rate fluctuations, actual demographic experience, and certain other factors. The other retirement plan benefit obligation decreased due to actuarial gains and benefit payments during the period, as well as an increase in the discount rate used to calculate the obligation.

The Company has cash balance plans and other plans with promised interest crediting rates. For these plans, the interest crediting rates are set in line with plan rules or country legislation and do not change with market conditions.

The weighted average interest crediting rating used to determine net periodic benefit cost by geographic location for our pension plans, at December 31, were as follows:


	2024		2023		2022
U.S. plans	4.00	%	4.00	%	3.31	%
International plans	1.13	%	1.13	%	1.75	%

The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:


	2024		2023
Equity securities	21	%	16	%
Debt securities	75	%	80	%
Other	4	%	4	%
	100	%	100	%

Diversification across and within asset classes is the primary means by which we mitigate risk. We maintain guidelines for all asset and sub-asset categories in order to avoid excessive investment concentrations. Fund assets are monitored on a regular basis. If at any time the fund asset allocation is not within the acceptable allocation range, funds will be reallocated. We also review the fund on a regular basis to ensure that the investment returns received are consistent with the short-term and long-term goals of the fund and with comparable market returns. We are prohibited from pledging fund securities and from investing pension fund assets in our own stock, securities on margin or derivative securities.

The following are the target asset allocations and acceptable allocation ranges across:


	Target allocation	Allocation range
Equity securities	19%	15% - 20%
Debt securities	79%	75% - 85%
Other	2%	2% - 5%


	Balance at
	December 31,		Basis of Fair Value Measurements
($ in millions)	2024		Level 1		Level 2		Level 3
Cash	$	0.6	$	0.6	$	—	$	—
Equity securities:

International mutual funds	6.2		—		6.2		—
Fixed income securities:
International mutual funds	21.8		—		21.8		—


Other mutual funds	0.6		—		0.6		—
Pension plan assets in the fair value hierarchy	$	29.2	$	0.6	$	28.6	$	—
Pension plan assets measured at NAV	—
Pension plan assets at fair value	$	29.2


	Balance at
	December 31,		Basis of Fair Value Measurements
($ in millions)	2023		Level 1		Level 2		Level 3
Cash	$	0.6	$	0.6	$	—	$	—
Equity securities:

International mutual funds	5.3		—		5.3		—
Fixed income securities:
International mutual funds	25.9		—		25.9		—

Other mutual funds	0.5		—		0.5		—

Pension plan assets in the fair value hierarchy	$	32.3	$	0.6	$	31.7	$	—
Pension plan assets measured at NAV	—
Pension plan assets at fair value	$	32.3

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Topic 715
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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

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

+ Details

Segment Information - Sales by Product Group (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Items [Line Items]
Net sales	$ 2,893.2	$ 2,949.8	$ 2,886.9
Operating Segments
Segment Reporting, Revenue Reconciling Items [Line Items]
Net sales	2,893.2	2,949.8	2,887.2
Operating Segments \| Proprietary Products
Segment Reporting, Revenue Reconciling Items [Line Items]
Net sales	2,334.5	2,397.3	2,406.8
Operating Segments \| Contract-Manufactured Products
Segment Reporting, Revenue Reconciling Items [Line Items]
Net sales	558.7	552.5	480.4
Intersegment sales elimination
Segment Reporting, Revenue Reconciling Items [Line Items]
Net sales	$ 0.0	$ 0.0	$ (0.3)

- Definition

+ References

+ Details

Derivative Financial Instruments - Narrative (Details) € in Millions, $ in Millions, $ in Millions, ¥ in Billions	1 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) bbl $ / bbl	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 SGD ($) bbl $ / bbl	Dec. 31, 2024 EUR (€) bbl $ / bbl	Dec. 31, 2024 JPY (¥) bbl $ / bbl	Jul. 31, 2024 USD ($)	Dec. 31, 2023 SGD ($)	Dec. 31, 2023 EUR (€)
Fair Value Hedges:
Derivative [Line Items]
(Loss) gain recognized in earnings			$ (5.9)	$ (0.2)	$ 4.0
Fair Value Hedges: \| Forecast
Derivative [Line Items]
(Loss) gain recognized in earnings		$ (0.3)
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 \| United States of America, Dollars \| Intercompany Loans
Derivative [Line Items]
Derivative, notional amount			13.4	$ 13.4
Currency forwards \| United States of America, Dollars \| Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount			$ 47.1
Currency forwards \| EUR \| Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount \| €							€ 145.3				€ 278.6
Foreign Exchange Forward
Derivative [Line Items]
Derivative contract term			18 months
Cross Currency Interest Rate Contract \| United States of America, Dollars \| Net Investment Hedges:
Derivative [Line Items]
Derivative, notional amount	$ 90.0		$ 130.0					¥ 17.0	$ 130.0
Derivative contract term	5 years
Commodity Call Options
Derivative [Line Items]
Derivative, nonmonetary notional amount outstanding \| bbl			190,773			190,773	190,773	190,773
Derivative, average price risk option strike price \| $ / bbl			84.70			84.70	84.70	84.70

Benefit Plans - Narrative (Details) - USD ($)	12 Months Ended
Benefit Plans - Narrative (Details) - USD ($)	Dec. 31, 2031	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
401 (k) plan contributions		$ 23,200,000	$ 22,700,000	$ 22,800,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]				Other Nonoperating Income (Expense)
Fair value of plan assets		29,200,000	32,300,000
Accumulated benefit obligation		$ 49,500,000	53,700,000
Assumed healthcare cost trend rate used to determine benefit obligations		6.50%
Assumed healthcare cost trend rate used to determine net periodic benefit cost		6.75%
Forecast
Defined Benefit Plan Disclosure [Line Items]
Assumed healthcare cost trend rate used to determine benefit obligations	5.00%
Assumed healthcare cost trend rate used to determine net periodic benefit cost	5.00%
Other retirement benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements		$ 0	0	$ 0
Fair value of plan assets		0	$ 0	$ 0
Expected contribution to the plan		$ 500,000
Discount rate (as a percent)		5.60%	5.20%
Rate of compensation increase		0.00%	0.00%
Expected long-term rate of return on assets (as a percent)		0.00%	0.00%	0.00%
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements		$ 0	$ (100,000)	$ (52,200,000)
Fair value of plan assets		29,200,000	$ 32,300,000	$ 29,400,000
Expected contribution to the plan		$ 600,000
Discount rate (as a percent)		4.38%	3.95%
Rate of compensation increase		3.07%	3.08%
Expected long-term rate of return on assets (as a percent)		4.01%	4.22%	4.14%
United States
Defined Benefit Plan Disclosure [Line Items]
Employer contribution		$ 0	$ 0	$ 7,100,000
Discount rate (as a percent)		5.60%	5.20%
Rate of compensation increase		0.00%	0.00%
Expected long-term rate of return on assets (as a percent)				3.70%
International plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 29,200,000	$ 32,300,000
Accumulated benefit obligation		$ 44,000,000.0	$ 47,700,000
Discount rate (as a percent)		4.24%	3.80%
Rate of compensation increase		3.07%	3.08%

Leases - Lease Cash Flow and Supplemental Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 32.5	$ 19.1	$ 13.3
Operating cash flows from finance leases	0.1	0.0	0.0
Financing cash flows from finance leases	23.3	0.1	0.0
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	41.2	10.7	47.6
Finance leases	$ 24.6	$ 0.0	$ 0.0

Other Expense (Income)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Expense (Income)

Other expense (income) consisted of:


($ in millions)	2024		2023		2022
Restructuring and related charges:
Severance and benefits	$	(2.5)	$	(2.8)	$	8.7
Asset-related charges	—		—		15.3
Other charges	—		—		(0.2)
Total restructuring and related charges	$	(2.5)	$	(2.8)	$	23.8


Asset impairments	7.3		9.6		6.2

Foreign exchange transaction losses (gains)	10.2		9.4		(4.1)
Contingent consideration	5.1		2.3		3.0
Loss on disposal of plant	—		11.6		—
Other items	0.9		1.3		(2.1)
Total other expense (income)	$	21.0	$	31.4	$	26.8

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 the approval. The plan provided annualized savings of approximately $17 million. As of December 31, 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, December 31, 2024	$	—	$	—	$	—

Asset Impairments

The Company's asset impairment expense includes impairment charges to its cost method investments and expense related to fixed assets impaired or taken out of service. During the periods ended December 31, asset impairments consisted of:


($ in millions)	2024		2023		2022
Cost method investment impairment charges	$	0.3	$	4.3	$	3.5
Fixed asset impairment expense	7.0		5.3		2.7
Total asset impairments	$	7.3	$	9.6	$	6.2

Foreign Exchange Transaction Losses (Gains)

During 2024 and 2023, the Company recorded a loss on foreign exchange transactions of $10.2 million and $9.4 million, respectively. During 2024, the increase in losses on foreign exchange transactions was the result of increased expense related to exchange rate activity in Europe, partially offset by a decrease in losses related to Argentina's high inflationary environment year over year. During 2023, the loss on foreign exchange transactions was primarily driven by a highly inflationary environment in Argentina. During 2022, the Company recorded a gain on foreign exchange transactions of $4.1 million.

Contingent Consideration

Contingent consideration represents changes in the fair value of the SmartDose® contingent consideration. Please refer to Note 12, Fair Value Measurements, for additional details.

Loss on Disposal of Plant

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

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segment were as follows:


($ in millions)	Proprietary Products		Contract-Manufactured Products		Total
Balance, December 31, 2022	$	77.9	$	29.4	$	107.3


Foreign currency translation	1.0		0.2		1.2
Balance, December 31, 2023	78.9		29.6		108.5


Foreign currency translation	(2.1)		(0.4)		(2.5)
Balance, December 31, 2024	$	76.8	$	29.2	$	106.0

Schedule of Finite-Lived Intangible Assets

Intangible assets and accumulated amortization as of December 31 were as follows:


	2024						2023
($ in millions)	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Patents and licensing	$	24.7	$	(23.0)	$	1.7	$	24.8	$	(21.8)	$	3.0
Technology	3.3		(2.7)		0.6		3.3		(2.5)		0.8
Trademarks	1.2		(1.2)		—		1.2		(1.2)		—
Customer relationships	38.9		(30.8)		8.1		39.5		(29.0)		10.5
Customer contracts	8.0		(7.6)		0.4		8.0		(7.2)		0.8
	$	76.1	$	(65.3)	$	10.8	$	76.8	$	(61.7)	$	15.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Affiliated Companies (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

At December 31, 2024, the following affiliated companies were accounted for under the equity method:


	Location	Ownership interest
The West Company Mexico, S.A. de C.V.	Mexico	49%
Aluplast S.A. de C.V.	Mexico	49%
Pharma Tap S.A. de C.V.	Mexico	49%
Pharma Rubber S.A. de C.V.	Mexico	49%
Daikyo Seiko, Ltd. ("Daikyo")	Japan	49%

Schedule of Investments in and Advances to Affiliates


	December 31,		December 31
($ in millions)	2024		2023
Aggregate carrying value of investments in affiliated companies:
Equity method affiliates	$	194.9	$	203.2
Non-equity method affiliates	7.2		6.8
Total investments in affiliated companies	$	202.1	$	210.0

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


	December 31,		December 31
($ in millions)	2024		2023
Payables due to affiliates	$	18.7	$	25.9
Receivables due from affiliates	$	2.5	$	1.6

The following table summarizes the Company's affiliate transactions:


(in millions)	2024		2023		2022
Purchases from (and payments to) affiliates	$	110.0	$	142.5	$	167.6
Sales to affiliates	$	15.3	$	11.2	$	14.2
Unremitted income of affiliates	$	161.4	$	148.0	$	133.6
Dividends received from affiliates	$	1.3	$	3.4	$	2.6
Equity in unrealized (gains) losses of Daikyo's investments & derivatives	$	2.4	$	2.2	$	1.6

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	238

Revenue - Revenue Recognition (Details)	12 Months Ended
Revenue - Revenue Recognition (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Biologics
Disaggregation of Revenue [Line Items]
Percentage of net sales	39.00%	37.00%	41.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Generics
Disaggregation of Revenue [Line Items]
Percentage of net sales	17.00%	20.00%	18.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Pharma
Disaggregation of Revenue [Line Items]
Percentage of net sales	25.00%	24.00%	24.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	19.00%	19.00%	17.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Americas
Disaggregation of Revenue [Line Items]
Percentage of net sales	45.00%	45.00%	48.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Europe, Middle East, Africa
Disaggregation of Revenue [Line Items]
Percentage of net sales	46.00%	46.00%	43.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Asia Pacific
Disaggregation of Revenue [Line Items]
Percentage of net sales	9.00%	9.00%	9.00%
Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%
Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk \| High-Value Product Components
Disaggregation of Revenue [Line Items]
Percentage of net sales	45.00%	50.00%	55.00%
Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk \| High-Value Product Delivery Devices
Disaggregation of Revenue [Line Items]
Percentage of net sales	14.00%	10.00%	5.00%
Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk \| Standard Packaging
Disaggregation of Revenue [Line Items]
Percentage of net sales	22.00%	21.00%	23.00%
Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk \| Contract-Manufactured Products
Disaggregation of Revenue [Line Items]
Percentage of net sales	19.00%	19.00%	17.00%

Stock-Based Compensation - Stock Options Activity (Details) shares in Millions	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Stock Options
Options outstanding, beginning (in shares) \| shares	1.4
Granted (in shares) \| shares	0.1
Exercised (in shares) \| shares	(0.3)
Forfeited (in shares) \| shares	(0.0)
Options outstanding, ending (in shares) \| shares	1.2
Options vested and expected to vest (in shares) \| shares	1.1
Options vested and exercisable (in shares) \| shares	0.9
Weighted Average Exercise Price
Options outstanding, beginning (in dollars per share) \| $ / shares	$ 145.40
Granted (in dollars per share) \| $ / shares	348.25
Exercised (in dollars per share) \| $ / shares	77.88
Forfeited (in dollars per share) \| $ / shares	331.97
Options outstanding, ending (in dollars per share) \| $ / shares	176.37
Options vested and expected to vest (in dollars per share) \| $ / shares	172.07
Options vested and exercisable (in dollars per share) \| $ / shares	$ 137.48

Other Expense (Income) - Narrative (Details)	1 Months Ended	3 Months Ended	12 Months Ended
Other Expense (Income) - Narrative (Details)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 facility	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Other Income and Expenses [Abstract]
Restructuring and related activities, period of implementation (up to)	24 months
Effect on future earnings, amount	$ 17,000,000
Restructuring and related cost			$ 0
Foreign exchange transaction (losses) gains			(10,200,000)	$ (9,400,000)	$ 4,100,000
Loss on disposal of plant			$ 0	$ (11,600,000)	$ 0
Number of loss on disposal manufacturing facility \| facility		1

Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. operations	$ 243.4	$ 369.4	$ 394.4
International operations	342.1	328.6	285.5
Income before income taxes and equity in net income of affiliated companies	$ 585.5	$ 698.0	$ 679.9

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References + Details

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 108.5	$ 107.3
Foreign currency translation	(2.5)	1.2
Goodwill, ending balance	106.0	108.5
Proprietary Products
Goodwill [Roll Forward]
Goodwill, beginning balance	78.9	77.9
Foreign currency translation	(2.1)	1.0
Goodwill, ending balance	76.8	78.9
Contract-Manufactured Products
Goodwill [Roll Forward]
Goodwill, beginning balance	29.6	29.4
Foreign currency translation	(0.4)	0.2
Goodwill, ending balance	$ 29.2	$ 29.6

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
-Paragraph 49
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-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

As a global organization, we and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. As of December 31, 2024, the statute of limitations for the U.S. federal tax years 2018 through 2024 remain open to examination. For U.S. state and local jurisdictions, tax years 2020 through 2024 are open to examination. We are also subject to examination in various foreign jurisdictions for tax years 2017 through 2024.

A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows:


($ in millions)	2024		2023		2022
Balance at January 1	$	38.8	$	36.5	$	24.9
Increase due to current year position	5.3		6.4		11.4
Increase (decrease) due to prior year position	0.7		(1.0)		0.6
Reduction for expiration of statute of limitations/audits	(1.2)		(3.1)		(0.4)
Balance at December 31	$	43.6	$	38.8	$	36.5

In addition, we had balances in accrued liabilities for interest and penalties of $6.6 million and $3.8 million at December 31, 2024 and 2023, respectively. As of December 31, 2024, we had $43.6 million of total gross unrecognized tax benefits, which, if recognized, $43.6 million would favorably impact the effective income tax rate. It is reasonably possible that, due to the expiration of statutes and the closing of tax audits, the amount of gross unrecognized tax benefits may be reduced by approximately $3.3 million during the next twelve months, which would favorably impact our effective tax rate.

The components of income before income taxes and equity in net income of affiliated companies are:


($ in millions)	2024		2023		2022
U.S. operations	$	243.4	$	369.4	$	394.4
International operations	342.1		328.6		285.5
Total income before income taxes and equity in net income of affiliated companies	$	585.5	$	698.0	$	679.9

The related provision for income taxes consists of:


($ in millions)	2024		2023		2022
Current:
Federal	$	29.8	$	30.2	$	75.7
State	2.1		(4.2)		8.4
International	79.1		58.8		61.4
Current income tax provision	111.0		84.8		145.5
Deferred:
Federal and state	(18.3)		(11.6)		(20.3)
International	14.8		49.1		(10.5)
Deferred income tax provision	(3.5)		37.5		(30.8)
Income tax expense	$	107.5	$	122.3	$	114.7

Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes.

The significant components of our deferred tax assets and liabilities at December 31 are:


($ in millions)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	6.1	$	10.0
Tax credit carryforwards	2.1		1.1

Pension and deferred compensation	28.9		22.7
Royalty acceleration	—		15.0
Other	17.9		22.4
Capitalized R&D expenses	30.1		23.9
Leases	21.5		18.6

Valuation allowance	(12.8)		(15.5)
Total deferred tax assets	93.8		98.2
Deferred tax liabilities:
Property, plant, and equipment	60.9		61.7
Tax on undistributed earnings of subsidiaries	0.4		3.8
Leases	22.0		18.1
Other	5.0		1.6
Total deferred tax liabilities	88.3		85.2
Net deferred tax asset	$	5.5	$	13.0

A reconciliation of the U.S. federal corporate tax rate to our effective consolidated tax rate on income before income taxes and equity in net income of affiliated companies is as follows:


	2024		2023		2022
U.S. federal corporate tax rate	21.0	%	21.0	%	21.0	%
Tax on international operations other than U.S. tax rate	1.5		1.2		(1.5)


Adjustments to reserves for unrecognized tax benefits	0.8		0.3		2.9
U.S. tax on international earnings, net of foreign tax credits	0.1		0.5		(0.3)
Foreign-Derived Intangible Income Deductions (FDII)	(1.2)		(1.6)		(2.1)
State income taxes, net of federal tax effect	0.3		0.1		1.0
U.S. research and development credits	(0.6)		(0.7)		(0.6)
Excess tax benefits on share-based payments	(3.3)		(4.6)		(2.4)
Royalty acceleration	—		0.5		—
Pension settlement	—		—		(1.2)

Tax on undistributed earnings of subsidiaries	(0.5)		0.3		—


Other	0.3		0.5		0.1
Effective tax rate	18.4	%	17.5	%	16.9	%

During 2024, we recorded a tax benefit of $19.5 million associated with stock-based compensation. The Company recognized a $2.3 million tax benefit related to a reduction in the tax liability on the unremitted earnings of its Germany subsidiaries due to a law change in 2024.

During 2023, we recorded a tax benefit of $32.0 million associated with stock-based compensation. The Company recognized a $3.0 million state tax benefit based on the outcome of a recent court case. In addition, the Company recorded $2.8 million of tax expense due to a change in the permanent reinvestment assertion of its German subsidiaries.

During 2022, we recorded tax expense of $5.7 million due to the impact of tax law changes enacted during the year, $19.8 million of tax expense due to the Company's recognition of reserves for unrecognized tax benefits, and a tax benefit of $16.5 million associated with stock-based compensation. A tax benefit of $20.6 million was recognized for the 2022 termination of our U.S. pension plan. The Company did not elect to reclassify to retained earnings the stranded tax effects on items within AOCI related to the Tax Cuts and Jobs Act of 2017, and therefore included within the $20.6 million pension termination benefit is a deferred tax benefit of $8.0 million.

State operating loss carryforwards of $98.8 million created a deferred tax asset of $5.4 million, while foreign operating loss carryforwards of $2.3 million created a deferred tax asset of $0.7 million. Management estimates that certain state and foreign operating loss carryforwards are unlikely to be utilized and the associated deferred tax assets have been appropriately reserved. State loss carryforwards expire as follows: $35.7 million in 2025 and $63.1 million thereafter. Foreign loss carryforwards will begin to expire in 2028, while $0.2 million of the total $2.3 million will not expire.

During 2019, we utilized all of our remaining U.S. federal research and development credit carryforwards. State research and development credit carryforwards of $2.7 million created a deferred tax asset of $2.1 million. As of December 31, 2024, $0.4 million of state research and development credits expire in 2025.

Since 2018, West has reasserted indefinite reinvestment related to all post-2017 unremitted earnings in all of our foreign subsidiaries. Beginning in 2023 and consistent with the approved plan mentioned in Note 4, Net Income Per Share, the Company began repurchasing common stock on the open market. To support the funding for this program, West may continue to repatriate earnings from its German affiliates in the future and has recorded a tax liability of $0.3 million. Accordingly, West will continue to not assert permanent reinvestment related to all of the earnings of its wholly owned German affiliates through 2024. West will continue to assert permanent reinvestment of earnings for all other foreign jurisdictions and intends to only repatriate earnings when the tax impact is de minimis.

Accordingly, no deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of approximately $651 million of undistributed earnings from foreign subsidiaries (except our German affiliates) to the U.S., as those earnings continue to be permanently reinvested. Further, it is impracticable for us to estimate any future tax costs for any unrecognized deferred tax liabilities associated with our indefinite reinvestment assertion, because the actual tax liability, if any, would be dependent on complex analysis and calculations considering various tax laws, exchange rates, circumstances existing when there is a repatriation, sale or liquidation, or other factors.

- 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
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-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-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
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-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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 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 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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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

A summary of gross property, plant and equipment at December 31 is presented in the following table:


($ in millions)	Expected useful lives (years)	2024		2023
Land		$	27.9	$	33.7
Buildings and improvements	15-35	916.1		771.5
Machinery and equipment	5-12	1,229.0		1,136.5
Molds and dies	4-7	169.5		164.5
Computer hardware and software	3-10	232.5		216.6
Construction in progress		410.8		415.2
		$	2,985.8	$	2,738.0

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $151.8 million, $133.7 million and $116.9 million, respectively.

We capitalize interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. Capitalized interest for the years ended December 31, 2024, 2023 and 2022 was $13.2 million, $5.8 million and $3.7 million, respectively.

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) plan $ / shares shares	Dec. 31, 2023 USD ($) plan $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance under the 2016 Plan (in shares)	1,300,000
Unrecognized compensation expense for all nonvested awards \| $	$ 25,800
Weighted average period for recognition (in years)	1 year 7 months 6 days
Weighted average remaining contractual life of options outstanding (in years)	4 years 7 months 6 days
Weighted average remaining contractual life of options exercisable (in years)	3 years 8 months 12 days
Aggregate intrinsic value of total options outstanding \| $	$ 182,000
Aggregate intrinsic value of total options vested \| $	$ 178,700
Weighted average grant date fair value of options granted (in dollars per share) \| $ / shares	$ 134.25	$ 108.95	$ 96.43
Intrinsic value of options exercised \| $	$ 90,500	$ 151,000	$ 60,100
Grant date fair value of options vested \| $	$ 10,800	$ 8,600	$ 8,800
Deferred compensation plans and restricted share awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Deferred compensation conversion unit (in shares)	1
Number of deferred compensation plans \| plan	2	2
Number of deferred stock units (in shares)	332,897	352,541
Number of deferred stock units payable in cash (in shares)	8,851	8,931
Deferred compensation plans and restricted share awards \| Non-Employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted at target level (in dollars per share) \| $ / shares	$ 386.03	$ 357.00	$ 300.78
Granted at target level (in shares)	6,064	6,160	4,827
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Rate shares are reduced for each award granted	1
Awards, expiration period (in years)	10 years
Risk-free interest rate (as a percent)	4.30%	4.10%	1.80%
Stock volatility (as a percent)	32.00%	29.80%	25.10%
Dividend yield (as a percent)	0.30%	0.30%	0.20%
Expected life (in years)	6 years	5 years 8 months 12 days	5 years 7 months 6 days
Award Types Other than Stock Options and Stock Appreciation Rights
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Rate shares are reduced for each award granted	2.5
Stock-settled PSU awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted at target level (in dollars per share) \| $ / shares	$ 348.20	$ 306.97	$ 362.40
Number of shares to be issued upon conversion (in shares)	7,946
Granted at target level (in shares)	34,484
Stock-settled PSU awards \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual payout range	0.00%
Stock-settled PSU awards \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual payout range	200.00%
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance under the 2016 Plan (in shares)	3,700,000
Percentage of current market price for sales to eligible employees (as a percent)	85.00%
Limitation on payroll deductions of employee's base salary (as a percent)	25.00%
Limitation on payroll deductions of employee's base salary, amount \| $	$ 25
Maximum number of shares per employee (in shares)	2,000
Maximum number of shares per employee, per year (in shares)	8,000
Purchases of shares (in shares)	25,237	23,955	27,894
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted at target level (in dollars per share) \| $ / shares	$ 339.32	$ 314.06	$ 310.52
Granted at target level (in shares)	9,660	8,343	9,648

Derivative Financial Instruments - Derivative Instruments Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (3.2)	$ (1.2)	$ 1.5
Commodity call options
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(0.7)	(1.3)	1.5
Currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ (2.5)	$ 0.1	$ 0.0

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Principles of Consolidation: The consolidated financial statements include the accounts of West Pharmaceutical Services, Inc. ("West") after the elimination of intercompany transactions. We have no participation or other rights in variable interest entities.

Use of Estimates: The financial statements are prepared in conformity with U.S. GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies in the financial statements. Actual amounts realized may differ from these estimates.

Cash and Cash Equivalents: Cash equivalents include money market funds, time deposits and all highly liquid short-term instruments with maturities of three months or less at the time of purchase.

Accounts Receivable: Our accounts receivable balance was net of an allowance for credit losses of $0.8 million at both December 31, 2024 and 2023. Under the current expected credit loss model, we utilize a provision matrix approach, utilizing historical loss rates based on the number of days past due, adjusted to reflect current economic conditions and forecasts of future economic conditions.

Inventories: Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. The Company provides for cost adjustments for excess, obsolete or slow-moving inventory based on changes in customer demand, technology developments or other economic factors. The following is a summary of inventories at December 31:


($ in millions)	2024		2023
Raw materials	$	166.9	$	172.3
Work in process	65.2		87.3
Finished goods	144.9		175.1
	$	377.0	$	434.7

Property, Plant and Equipment: Property, plant and equipment assets are carried at cost. Maintenance and minor repairs and renewals are charged to expense as incurred. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and immediately expensed for preliminary project activities or post-implementation activities. Upon sale or retirement of depreciable assets, costs and related accumulated depreciation are eliminated, and gains or losses are recognized in other expense (income). Depreciation and amortization are computed principally using the straight-line method over the estimated useful lives of the assets, or the remaining term of the lease, if shorter.

Leases: Lease right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Lease right-of-use assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Conversely, lease expense for finance leases is a front loaded expense recognition pattern over the lease term. Lease liabilities are initially measured at the present value of the unpaid lease payments at the lease commencement date. Please refer to Note 6, Leases, for additional information.

Impairment of Long-Lived Assets: Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and finance lease right-of-use assets, are tested for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. An asset is considered impaired if the carrying value of the asset exceeds the sum of the future expected undiscounted cash flows to be derived from the asset. Once an asset is considered impaired, an impairment loss is recorded within other expense (income) for the difference between the asset’s carrying value and its fair value. For assets held and used in the business, management determines fair value using estimated future cash flows to be derived from the asset, discounted to a net present value using an appropriate discount rate. For assets held for sale or for investment purposes, management determines fair value by estimating the proceeds to be received upon sale of the asset, less disposition costs.

Impairment of Goodwill and Other Intangible Assets: Goodwill is tested for impairment at least annually, following the completion of our annual budget and long-range planning process, or whenever circumstances indicate that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment at the reporting unit level, which is the same as, or one level below, our operating segments. A goodwill impairment charge represents the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Accounting guidance also allows entities to first assess qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors, and overall financial performance, to determine whether it is necessary to perform the quantitative goodwill impairment test. If, based upon our assessment, we determined that it was not more likely than not that the fair value of each of our reporting units was less than its carrying amount, then it would not be necessary to perform the quantitative goodwill impairment test. We elected to follow this guidance for our annual impairment test. Based upon our assessment, we determined that it was not more likely than not that the fair value of each of our reporting units was less than its carrying amount and determined that it was not necessary to perform the quantitative goodwill impairment test in the current year.

Valuing identifiable intangible assets requires judgment. For example, for recent identifiable customer relationship intangible asset acquisitions, we applied an excess earnings model, which is a form of the income approach. This approach includes projecting revenues and expenses attributable to the existing customers over the remaining economic life of the customer relationships and then subtracting the required return on net tangible assets and any intangible assets used in the business to estimate any residual excess earnings attributable to the customer relationships. The after-tax excess earnings are then discounted to present value using the respective discount rates. Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives of 3 to 25 years and reviewed for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. Factors that could trigger an impairment review include the following: 1) significant under-performance relative to historical or projected future operating results; 2) significant changes in the manner or use of the acquired assets or the strategy of the overall business; 3) significant negative industry or economic trends; and 4) recognition of goodwill impairment charges. If we determine that the carrying value of identifiable intangibles assets may not be recoverable based on the existence of one or more of the above indicators of impairment, we measure recoverability of assets by comparing the respective carrying value of the assets to the current and expected future cash flows, on an undiscounted basis, to be generated from such assets. If such analysis indicates that the carrying value of these assets is not recoverable, we measure an impairment based on the amount in which the net carrying amount of the assets exceeds the fair values of the assets.

Employee Benefits: The measurement of the obligations under our defined benefit pension and postretirement medical plans are subject to a number of assumptions. These include the rate of return on plan assets (for funded plans) and the rate at which the future obligations are discounted to present value. For our funded plans, we consider the current and expected asset allocations of our plan assets, as well as historical and expected rates of return, in estimating the long-term rate of return on plan assets. U.S. GAAP requires the recognition of an asset or liability for the funded status of a defined benefit postretirement plan, as measured by the difference between the fair value of plan assets, if any, and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement plan, such as a retiree health plan, the benefit obligation is the accumulated postretirement benefit obligation. Please refer to Note 15, Benefit Plans, for a more detailed discussion of our pension and other retirement plans.

Financial Instruments: All derivatives are recognized as either assets or liabilities in the balance sheet and recorded at their fair value. For a derivative designated as a hedge of the exposure to variable cash flows of a forecasted transaction (referred to as a cash flow hedge), the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (“OCI”), net of tax, and subsequently reclassified into earnings when the forecasted transaction affects earnings. For a derivative designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability or a firm commitment (referred to as a fair value hedge), the derivative’s gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item. For a derivative designated as a hedge of the foreign currency exposure of a net investment in a foreign operation, the gain or loss is reported in OCI, net of tax, as part of the cumulative translation adjustment. The ineffective portion of any derivative used in a hedging transaction is recognized immediately into earnings. Derivative financial instruments that are not designated as hedges are also recorded at fair value, with the change in fair value recognized immediately into earnings. We do not purchase or hold any derivative financial instrument for investment or trading purposes.

Foreign Currency Translation: Foreign currency transaction gains and losses are recognized in the determination of net income. Foreign currency translation adjustments of subsidiaries and affiliates operating outside of the U.S. are accumulated in other comprehensive loss, a separate component of equity.

Revenue Recognition: Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service. We have elected to disregard the effects of a significant financing component, as we expect, at the inception of our contracts, that the period between when we transfer a promised good or service to the customer and when the customer pays for that good or service will be one year or less. In addition, we have elected to omit the disclosure of the majority of our remaining performance obligations, which are satisfied within one year or less. Please refer to Note 3, Revenue, for additional information.

Shipping and Handling Costs: Shipping and handling costs are included in cost of goods and services sold. Shipping and handling costs billed to customers in connection with the sale are included in net sales.

Research and Development: Research and development expenditures are for the creation, engineering and application of new or improved products and processes. Expenditures include salaries and outside services for those directly involved in research and development activities and are primarily expensed as incurred.

Litigation: From time to time, we are involved in legal proceedings, investigations and claims generally incidental to our normal business activities. In accordance with U.S. GAAP, we accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These estimates are based on an analysis made by internal and external legal counsel considering information known at the time. Legal costs in connection with loss contingencies are expensed as incurred.

Income Taxes: Deferred income taxes are recognized by applying enacted statutory tax rates to tax loss carryforwards and temporary differences between the tax basis and financial statement carrying values of our assets and liabilities. The enacted statutory tax rate applied is based on the rate expected to be applicable at the time of the forecasted utilization of the loss carryforward or reversal of the temporary difference. Valuation allowances on deferred tax assets are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The realizability of deferred tax assets is subject to our estimates of future taxable income, generally at the respective subsidiary company and the country level. Please refer to Note 17, Income Taxes, for additional information. We recognize interest costs related to income taxes in interest expense and penalties within other expense (income). The tax law ordering approach is used for purposes of determining whether an excess tax benefit has been realized during the year.

Stock-Based Compensation: Under the fair value provisions of U.S. GAAP, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the vesting period. In order to determine the fair value of stock options on the grant date, we use the Black-Scholes valuation model. Please refer to Note 14, Stock-Based Compensation, for a more detailed discussion of our stock-based compensation plans.

Net Income Per Share: Basic net income per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during each period. Net income per share assuming dilution considers the dilutive effect of outstanding stock options and other stock awards based on the treasury stock method. The treasury stock method assumes the use of exercise proceeds to repurchase common stock at the average fair market value in the period.

Segment Information - Sales and Long-lived Assets by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	$ 2,893.2	$ 2,949.8	$ 2,886.9
Long-Lived Assets	1,715.8	1,512.5
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	1,230.8	1,238.5	1,286.5
Long-Lived Assets	832.0	757.1
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	372.5	406.1	398.7
Long-Lived Assets	191.1	176.0
Ireland
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	323.2	285.7	240.3
Long-Lived Assets	299.6	207.0
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	242.2	282.9	237.9
Long-Lived Assets	84.7	78.5
Other European countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	385.5	388.1	359.2
Long-Lived Assets	98.1	99.2
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	339.0	348.5	$ 364.3
Long-Lived Assets	$ 210.3	$ 194.7

- Definition

+ References

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels:

•Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

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


	Balance at		Basis of Fair Value Measurements
($ in millions)	December 31, 2024		Level 1		Level 2		Level 3
Assets:

Deferred compensation assets	$	11.1	$	11.1	$	—	$	—
Money market funds	117.6		117.6		—		—
Time deposits	71.3		—		71.3		—
Foreign currency contracts	17.3		—		17.3		—
Cross-currency swap	23.6		—		23.6		—
Commodity call options	0.3		—		0.3		—
	$	241.2	$	128.7	$	112.5	$	—
Liabilities:
Contingent consideration	$	3.0	$	—	$	—	$	3.0
Deferred compensation liabilities	11.2		11.2		—		—

Foreign currency contracts	18.3		—		18.3		—
	$	32.5	$	11.2	$	18.3	$	3.0


	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		—
	$	496.7	$	424.8	$	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 our commodity call options, included within other current and other noncurrent assets, is valued using a market approach. The fair value of the contingent consideration liability, within current and long-term liabilities, related to the SmartDose® technology platform (the “SmartDose® contingent consideration”) was initially determined using a probability-weighted income approach, and is revalued at each reporting date or more frequently if circumstances dictate. The fair value of deferred compensation liabilities is based on quoted prices of the underlying employees’ investment selections and is included within other long-term liabilities. The fair value of the cross-currency swap, included within other non-current assets as of December 31, 2024 and other current assets as of December 31, 2023, is valued using a market approach. Please refer to Note 11, Derivative Financial Instruments, for further discussion of our derivatives.

Other Financial Instruments

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

The estimated fair value of long-term debt is based on quoted market prices for debt issuances with similar terms and maturities and is classified as Level 2 within the fair value hierarchy. At December 31, 2024, the estimated fair value of long-term debt was $200.5 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 December 31, 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
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Benefit Plans - Assumptions Used (Details)	12 Months Ended
Benefit Plans - Assumptions Used (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Weighted average assumptions used in net periodic benefit cost:
Discount rate	3.95%	4.35%	2.48%
Rate of compensation increase	3.08%	3.09%	2.79%
Expected long-term rate of return on assets	4.01%	4.22%	4.14%
Weighted average assumptions used in benefit obligations:
Discount rate	4.38%	3.95%
Rate of compensation increase	3.07%	3.08%
Other retirement benefits
Weighted average assumptions used in net periodic benefit cost:
Discount rate	5.20%	5.55%	2.75%
Rate of compensation increase	0.00%	0.00%	0.00%
Expected long-term rate of return on assets	0.00%	0.00%	0.00%
Weighted average assumptions used in benefit obligations:
Discount rate	5.60%	5.20%
Rate of compensation increase	0.00%	0.00%

Net Income Per Share - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Shares repurchased (in shares)	1,583,032	1,265,661
Total cost of repurchases ($ in millions)	$ 560.9	$ 438.3	$ 202.8
Average price per repurchased share (in dollars per share)	$ 354.30	$ 346.34

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Beginning and Ending Liability for Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows:


($ in millions)	2024		2023		2022
Balance at January 1	$	38.8	$	36.5	$	24.9
Increase due to current year position	5.3		6.4		11.4
Increase (decrease) due to prior year position	0.7		(1.0)		0.6
Reduction for expiration of statute of limitations/audits	(1.2)		(3.1)		(0.4)
Balance at December 31	$	43.6	$	38.8	$	36.5

Schedule of Components of Income Before Income Taxes

The components of income before income taxes and equity in net income of affiliated companies are:


($ in millions)	2024		2023		2022
U.S. operations	$	243.4	$	369.4	$	394.4
International operations	342.1		328.6		285.5
Total income before income taxes and equity in net income of affiliated companies	$	585.5	$	698.0	$	679.9

Schedule of Components of Income Tax Expense

The related provision for income taxes consists of:


($ in millions)	2024		2023		2022
Current:
Federal	$	29.8	$	30.2	$	75.7
State	2.1		(4.2)		8.4
International	79.1		58.8		61.4
Current income tax provision	111.0		84.8		145.5
Deferred:
Federal and state	(18.3)		(11.6)		(20.3)
International	14.8		49.1		(10.5)
Deferred income tax provision	(3.5)		37.5		(30.8)
Income tax expense	$	107.5	$	122.3	$	114.7

Schedule of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities at December 31 are:


($ in millions)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	6.1	$	10.0
Tax credit carryforwards	2.1		1.1

Pension and deferred compensation	28.9		22.7
Royalty acceleration	—		15.0
Other	17.9		22.4
Capitalized R&D expenses	30.1		23.9
Leases	21.5		18.6

Valuation allowance	(12.8)		(15.5)
Total deferred tax assets	93.8		98.2
Deferred tax liabilities:
Property, plant, and equipment	60.9		61.7
Tax on undistributed earnings of subsidiaries	0.4		3.8
Leases	22.0		18.1
Other	5.0		1.6
Total deferred tax liabilities	88.3		85.2
Net deferred tax asset	$	5.5	$	13.0

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal corporate tax rate to our effective consolidated tax rate on income before income taxes and equity in net income of affiliated companies is as follows:


	2024		2023		2022
U.S. federal corporate tax rate	21.0	%	21.0	%	21.0	%
Tax on international operations other than U.S. tax rate	1.5		1.2		(1.5)


Adjustments to reserves for unrecognized tax benefits	0.8		0.3		2.9
U.S. tax on international earnings, net of foreign tax credits	0.1		0.5		(0.3)
Foreign-Derived Intangible Income Deductions (FDII)	(1.2)		(1.6)		(2.1)
State income taxes, net of federal tax effect	0.3		0.1		1.0
U.S. research and development credits	(0.6)		(0.7)		(0.6)
Excess tax benefits on share-based payments	(3.3)		(4.6)		(2.4)
Royalty acceleration	—		0.5		—
Pension settlement	—		—		(1.2)

Tax on undistributed earnings of subsidiaries	(0.5)		0.3		—


Other	0.3		0.5		0.1
Effective tax rate	18.4	%	17.5	%	16.9	%

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 29.8	$ 30.2	$ 75.7
State	2.1	(4.2)	8.4
International	79.1	58.8	61.4
Current income tax provision	111.0	84.8	145.5
Deferred:
Federal and state	(18.3)	(11.6)	(20.3)
International	14.8	49.1	(10.5)
Deferred income tax provision	(3.5)	37.5	(30.8)
Income tax expense	$ 107.5	$ 122.3	$ 114.7

Other Expense (Income) - Schedule of Impairment Expenses related to Fixed Assets Impaired (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Cost method investment impairment charges	$ 0.3	$ 4.3	$ 3.5
Fixed asset impairment expense	7.0	5.3	2.7
Asset impairments	$ 7.3	$ 9.6	$ 6.2

Segment Information - Narrative (Details) $ in Millions	12 Months Ended
Segment Information - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting, Revenue Reconciling Items [Line Items]
Number of reportable segments \| segment	2
Net sales	$ 2,893.2	$ 2,949.8	$ 2,886.9
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Segment Reporting, Revenue Reconciling Items [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| One Customer
Segment Reporting, Revenue Reconciling Items [Line Items]
Percentage of net sales	12.30%	10.90%
Net sales	$ 356.4	$ 322.1

- Definition

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 492.7	$ 593.4	$ 585.9

- Definition

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

+ References

+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Jul. 05, 2012
Debt Instrument [Line Items]
Long-term debt, gross	$ 203.0	$ 207.0
Less: unamortized debt issuance costs for Term Loan and Series notes	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 (5.68%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)	5.68%
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 (as a percent)	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 (as a percent)	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 (as a percent)	4.02%
Long-term debt, gross	$ 73.0	$ 73.0

Benefit Plans - Amounts Recognized in Other Comprehensive In Loss (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net actuarial loss (gain)	$ 14.4	$ 15.8
Prior service credit	(1.2)	(1.1)
Total	13.2	14.7
Other retirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Net actuarial loss (gain)	(2.6)	(3.6)
Prior service credit	0.0	0.0
Total	$ (2.6)	$ (3.6)

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.82	$ 0.78	$ 0.74

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	$ 2,881.0	$ 2,684.9	$ 2,335.4
Other comprehensive (loss) income before reclassifications	(116.6)	34.1	(56.0)
Amounts reclassified out	2.3	5.1	32.6
Other comprehensive (loss) income, net of tax	(114.3)	39.2	(23.4)
Ending balance	2,682.3	2,881.0	2,684.9
Derivatives
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	0.0	0.2	(1.2)
Other comprehensive (loss) income before reclassifications	(5.6)	(6.8)	0.5
Amounts reclassified out	3.1	6.6	0.9
Other comprehensive (loss) income, net of tax	(2.5)	(0.2)	1.4
Ending balance	(2.5)	0.0	0.2
Equity affiliate investment AOCI
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	2.3	1.6	1.5
Other comprehensive (loss) income before reclassifications	0.2	0.7	0.1
Amounts reclassified out	0.0	0.0	0.0
Other comprehensive (loss) income, net of tax	0.2	0.7	0.1
Ending balance	2.5	2.3	1.6
Defined benefit pension and other postretirement plans
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(10.1)	(9.4)	(31.8)
Other comprehensive (loss) income before reclassifications	1.1	0.8	(9.3)
Amounts reclassified out	(0.8)	(1.5)	31.7
Other comprehensive (loss) income, net of tax	0.3	(0.7)	22.4
Ending balance	(9.8)	(10.1)	(9.4)
Foreign currency translation
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(136.0)	(175.4)	(128.1)
Other comprehensive (loss) income before reclassifications	(112.3)	39.4	(47.3)
Amounts reclassified out	0.0	0.0	0.0
Other comprehensive (loss) income, net of tax	(112.3)	39.4	(47.3)
Ending balance	(248.3)	(136.0)	(175.4)
Total
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(143.8)	(183.0)	(159.6)
Other comprehensive (loss) income, net of tax	(114.3)	39.2	(23.4)
Ending balance	$ (258.1)	$ (143.8)	$ (183.0)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 492.7	$ 593.4	$ 585.9
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $3.6, $1.0, and $2.2	(112.3)	39.4	(47.3)
Net actuarial gain (loss) arising during period, net of tax of $0.3, $0.4, and $(2.4)	1.1	0.8	(9.3)
Settlement effects arising during period, net of tax of $0.0, $0.0, and $20.3	0.0	0.1	31.9
Less: amortization of actuarial (gain) loss, net of tax of $(0.2), $(0.4), and $(0.1)	(0.8)	(1.3)	(0.5)
Less: amortization of other, net of tax of $0.0, $(0.1), and $0.1	0.0	(0.3)	0.3
Net gain (loss) on equity affiliate accumulated other comprehensive income, net of tax of $0.0, $0.0, and $0.0	0.2	0.7	0.1
Net (loss) gain on derivatives, net of tax of $(0.9), $0.0, and $0.2	(2.5)	(0.2)	1.4
Other comprehensive (loss) income, net of tax	(114.3)	39.2	(23.4)
Comprehensive income	$ 378.4	$ 632.6	$ 562.5

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Lease, Cost

The components of lease expense were as follows:


($ in millions)	2024		2023		2022
Operating lease cost	$	24.2	$	20.3	$	15.5
Finance lease - amortization of right-of-use (ROU) assets	0.9		—		—
Finance lease - interest on lease liabilities	0.1		—		—
Short-term lease cost	2.5		6.1		1.3
Variable lease cost	9.0		5.5		6.8
Total lease cost	$	36.7	$	31.9	$	23.6

Supplemental information related to leases was as follows:


($ in millions)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32.5	$	19.1	$	13.3
Operating cash flows from finance leases	$	0.1	$	—	$	—
Financing cash flows from finance leases	$	23.3	$	0.1	$	—
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	41.2	$	10.7	$	47.6
Finance leases	$	24.6	$	—	$	—

Schedule of Assets And Liabilities, Lessee

The following table summarizes the finance lease amounts in the consolidated balance sheets as of December 31, 2024:


		December 31,
($ in millions)	Balance Sheet Classification	2024

ROU assets, net	Other noncurrent assets	$	29.7
Lease liabilities (current)	Other current liabilities	$	0.9
Lease liabilities (noncurrent)	Other long-term liabilities	$	2.1

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities as of December 31, 2024 were as follows:


($ in millions)	Operating		Finance
Year	Leases		Leases
2025	$	23.4	$	0.9
2026	20.7		0.9
2027	16.3		0.9
2028	14.9		0.5
2029	11.5		0.1
Thereafter	26.3		—
	113.1		3.3
Less: imputed lease interest	(13.4)		(0.3)
Total lease liabilities	$	99.7	$	3.0

Finance Lease, Liability, to be Paid, Maturity

Maturities of lease liabilities as of December 31, 2024 were as follows:


($ in millions)	Operating		Finance
Year	Leases		Leases
2025	$	23.4	$	0.9
2026	20.7		0.9
2027	16.3		0.9
2028	14.9		0.5
2029	11.5		0.1
Thereafter	26.3		—
	113.1		3.3
Less: imputed lease interest	(13.4)		(0.3)
Total lease liabilities	$	99.7	$	3.0

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic to Diluted Net Income Per Share

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


(in millions)	2024		2023		2022
Net income	$	492.7	$	593.4	$	585.9
Weighted average common shares outstanding	73.0		74.3		74.4
Dilutive effect of equity awards, based on the treasury stock method	0.7		1.0		1.4

Weighted average shares assuming dilution	73.7		75.3		75.8

Schedule of Repurchase of Common Stock

The below table summarizes share repurchases under this program during the years ended December 31:


	2024		2023
Shares repurchased	1,583,032		1,265,661
Total cost of repurchases ($ in millions)	$	560.9	$	438.3
Average price per repurchased share	$	354.30	$	346.34

Benefit Plans - Allocation of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Allocation range	100.00%	100.00%
Fair value of plan assets	$ 29.2	$ 32.3
Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	29.2	32.3
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.6	0.6
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	28.6	31.7
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Pension plan assets measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.0	0.0
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation	19.00%
Equity securities \| Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 6.2	5.3
Equity securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Equity securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.2	5.3
Equity securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.0	$ 0.0
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation	79.00%
Allocation range	75.00%	80.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Target allocation	2.00%
Allocation range	4.00%	4.00%
Cash \| Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.6	$ 0.6
Cash \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.6	0.6
Cash \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Cash \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International mutual funds \| Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	21.8	25.9
International mutual funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International mutual funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	21.8	25.9
International mutual funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Other mutual funds \| Pension plan assets in the fair value hierarchy
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.6	0.5
Other mutual funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Other mutual funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.6	0.5
Other mutual funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.0	$ 0.0
Minimum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Allocation range	15.00%
Minimum \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Allocation range	75.00%
Minimum \| Other
Defined Benefit Plan Disclosure [Line Items]
Allocation range	2.00%
Maximum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Allocation range	20.00%
Maximum \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Allocation range	85.00%
Maximum \| Other
Defined Benefit Plan Disclosure [Line Items]
Allocation range	5.00%
Weighted Average \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Allocation range	21.00%	16.00%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Allocation of Share-based Compensation Costs by Plan

The following table summarizes our stock-based compensation expense recorded within selling, general and administrative expenses for the years ended December 31:


($ in millions)	2024		2023		2022
Stock option and appreciation rights	$	11.0	$	11.3	$	5.6
Performance share units	2.2		5.9		15.6


Employee stock purchase plan	1.3		1.3		1.3
Deferred compensation plans and restricted share awards	4.2		4.8		1.2
Total stock-based compensation expense	$	18.7	$	23.3	$	23.7

Schedule of Stock Options Activity

The following table summarizes changes in outstanding options:


(in millions, except per share data)	Stock Options	Weighted Average Exercise Price
Options outstanding, January 1, 2024	1.4	$	145.40
Granted	0.1	348.25
Exercised	(0.3)	77.88
Forfeited	0.0	331.97
Options outstanding, December 31, 2024	1.2	$	176.37

Options vested and expected to vest, December 31, 2024	1.1	$	172.07
Options vested and exercisable, December 31, 2024	0.9	$	137.48

Schedule of Nonvested Performance-based Share Activity

The following table summarizes changes in our outstanding stock-settled PSU awards:


	Units	Weighted Average Fair Value
Non-vested stock-settled PSU awards, January 1, 2024	98,441	$	334.03
Granted at target level	34,484	348.20
Adjustments above/(below) target	2,523	339.07
Vested and converted	(35,388)	350.18
Forfeited	(6,686)	331.62
Non-vested stock-settled PSU awards, December 31, 2024	93,374	$	326.56

Stock-Based Compensation - Allocation of Share-based Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 18.7	$ 23.3	$ 23.7
Stock option and appreciation rights
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	11.0	11.3	5.6
Performance share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	2.2	5.9	15.6
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	1.3	1.3	1.3
Deferred compensation plans and restricted share awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 4.2	$ 4.8	$ 1.2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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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-Paragraph 2
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Inventories

The following is a summary of inventories at December 31:


($ in millions)	2024		2023
Raw materials	$	166.9	$	172.3
Work in process	65.2		87.3
Finished goods	144.9		175.1
	$	377.0	$	434.7

Goodwill and Intangible Assets - Intangible Assets by Major Class (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Intangible Assets by Major Class [Line Items]
Cost	$ 76.1	$ 76.8
Accumulated amortization	(65.3)	(61.7)
Net	10.8	15.1
Patents and licensing
Schedule of Intangible Assets by Major Class [Line Items]
Cost	24.7	24.8
Accumulated amortization	(23.0)	(21.8)
Net	1.7	3.0
Technology
Schedule of Intangible Assets by Major Class [Line Items]
Cost	3.3	3.3
Accumulated amortization	(2.7)	(2.5)
Net	0.6	0.8
Trademarks
Schedule of Intangible Assets by Major Class [Line Items]
Cost	1.2	1.2
Accumulated amortization	(1.2)	(1.2)
Net	0.0	0.0
Customer relationships
Schedule of Intangible Assets by Major Class [Line Items]
Cost	38.9	39.5
Accumulated amortization	(30.8)	(29.0)
Net	8.1	10.5
Customer contracts
Schedule of Intangible Assets by Major Class [Line Items]
Cost	8.0	8.0
Accumulated amortization	(7.6)	(7.2)
Net	$ 0.4	$ 0.8

Stock-Based Compensation - Nonvested Performance-based Award Activity (Details) - Stock-settled PSU awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Units
Outstanding, beginning (in shares)	98,441
Granted at target level (in shares)	34,484
Adjustments above/(below) target (in shares)	2,523
Vested and converted (in shares)	(35,388)
Forfeited (in shares)	(6,686)
Outstanding, ending (in shares)	93,374	98,441
Weighted Average Fair Value
Outstanding, beginning (in dollars per share)	$ 334.03
Granted at target level (in dollars per share)	348.20	$ 306.97	$ 362.40
Adjustments above/(below) target (in dollars per share)	339.07
Vested and converted (in dollars per share)	350.18
Forfeited (in dollars per share)	331.62
Outstanding, ending (in dollars per share)	$ 326.56	$ 334.03

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	2024		2023		2022
Biologics	39	%	37	%	41	%
Generics	17	%	20	%	18	%
Pharma	25	%	24	%	24	%
Contract-Manufactured Products	19	%	19	%	17	%
	100	%	100	%	100	%

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


	2024		2023		2022
High-Value Product Components	45	%	50	%	55	%
High-Value Product Delivery Devices	14	%	10	%	5	%
Standard Packaging	22	%	21	%	23	%
Contract-Manufactured Products	19	%	19	%	17	%
	100	%	100	%	100	%

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


	2024		2023		2022
Americas	45	%	45	%	48	%
Europe, Middle East, Africa	46	%	46	%	43	%
Asia Pacific	9	%	9	%	9	%
	100	%	100	%	100	%

Schedule of Change in Contract with Customer, Asset and Liability

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


	($ in millions)
Contract assets, December 31, 2023	$	21.5
Contract assets, December 31, 2024	23.3
Change in contract assets - increase (decrease)	$	1.8

Deferred income, December 31, 2023	$	(53.9)
Deferred income, December 31, 2024	(53.2)
Change in deferred income - decrease (increase)	$	0.7

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Sales by Significant Product Group

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


($ in millions)	2024		2023		2022
Net sales:
Proprietary Products	$	2,334.5	$	2,397.3	$	2,406.8
Contract-Manufactured Products	558.7		552.5		480.4
Intersegment sales elimination	—		—		(0.3)
Consolidated net sales	$	2,893.2	$	2,949.8	$	2,886.9

Schedule of Sales and Long-Lived Assets, by Geographical Areas

The following table presents net sales and long-lived assets, by the country in which the legal subsidiary is domiciled and assets are located:


	Net Sales						Long-Lived Assets
($ in millions)	2024		2023		2022		2024		2023
United States	$	1,230.8	$	1,238.5	$	1,286.5	$	832.0	$	757.1
Germany	372.5		406.1		398.7		191.1		176.0
Ireland	323.2		285.7		240.3		299.6		207.0
France	242.2		282.9		237.9		84.7		78.5
Other European countries	385.5		388.1		359.2		98.1		99.2
Other	339.0		348.5		364.3		210.3		194.7
	$	2,893.2	$	2,949.8	$	2,886.9	$	1,715.8	$	1,512.5

Schedule of Segment Reporting Information, by Segment


	2024						2023						2022
($ in millions)	Proprietary Products		Contract Manufacturing		Total		Proprietary Products		Contract Manufacturing		Total		Proprietary Products		Contract Manufacturing		Total
Net sales	$	2,334.5	$	558.7	$	2,893.2	$	2,397.3	$	552.5	$	2,949.8	$	2,406.8	$	480.4	$	2,887.2
Cost of goods and services sold	1,434.0		460.7				1,363.3		456.5				1,353.5		397.5


Research and development	69.1		—				68.4		—				58.5		—
Selling, general and administrative expenses	231.5		26.2				240.6		24.4				212.6		20.9
Other segment expense (income)(6)	22.1		(0.5)				14.9		(0.5)				(2.2)		1.6
Segment operating profit	$	577.8	$	72.3	$	650.1	$	710.1	$	72.1	$	782.2	$	784.4	$	60.4	$	844.8
Reconciliation of profit or loss:
Stock Based Compensation					(18.7)						(23.3)						(23.7)
Corporate general costs(1)					(58.6)						(68.3)						(59.1)
Unallocated items:
Restructuring and related charges(2)					(2.1)						2.0						(23.8)
Amortization of acquisition-related intangible assets(3)					(0.8)						(0.7)						(0.7)
Cost investment activity(4)					—						(4.3)						(3.5)
Loss on disposal of plant(5)					—						(11.6)						—


Total consolidated operating profit					569.9						676.0						734.0
Interest (income) expense and other nonoperating expense (income), net					(15.6)						(22.0)						54.1
Income before income taxes and equity in net income of affiliated companies					$	585.5					$	698.0					$	679.9

(4) During 2023, the Company recorded a cost investment impairment charge of $4.3 million. During 2022, the net cost investment activity was equal to $3.5 million.

The following tables provide summarized financial information for our two reportable segments and corporate and unallocated:


($ in millions)
Assets	2024		2023
Proprietary Products	$	2,621.1	$	2,629.1
Contract-Manufactured Products	612.2		527.5
Corporate and Unallocated(1)	410.1		672.9
Total consolidated	$	3,643.4	$	3,829.5


($ in millions)
Depreciation and Amortization	2024		2023		2022
Proprietary Products	$	130.3	$	112.9	$	96.9
Contract-Manufactured Products	21.3		20.4		19.0
Corporate and Unallocated	3.8		4.0		4.7
Total consolidated	$	155.4	$	137.3	$	120.6


($ in millions)
Capital Expenditures	2024		2023		2022
Proprietary Products	$	246.5	$	259.1	$	237.3
Contract-Manufactured Products	121.0		90.2		34.0
Corporate and Unallocated	9.5		12.7		13.3
Total consolidated	$	377.0	$	362.0	$	284.6