0000105770-26-000049 | 10-Q | XBRL Viewer | West Pharmaceutical Services INC

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Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Net Income Per Share - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Share purchased (in shares)	1,222,019	550,281
Total cost of repurchases ($ in millions)	$ 297.6	$ 133.5
Average price per repurchased share (in dollars per share)	$ 243.57	$ 242.63

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Recently Adopted Standards In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, 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. The Company adopted and implemented the applicable disclosure requirements within its Form 10-K filed on February 17, 2026 on a prospective basis. Standards Issued Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, 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, and interim reporting periods beginning after December 15, 2027. 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.

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+ Details

Basis of Presentation

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three months ended March 31, 2026, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). The results of operations for any interim period are not necessarily indicative of results for the full year.

West Vantage: Effective in the first quarter of 2026, the Company renamed its "Contract-Manufactured Products" reportable segment to "West Vantage™" to better align with its current strategic focus and offerings. This change in name does not affect the composition of the reportable segment, nor does it impact previously reported segment financial information.

Held for Sale Assets: In December 2025, the Company entered into a definitive agreement to sell all manufacturing and supply rights for the SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie for approximately $112.5 million, subject to working capital and other adjustments. The definitive agreement, which is subject to certain closing conditions, is expected to close in mid-2026. In relation to this agreement, the carrying values of certain assets were classified as held for sale in our consolidated balance sheets as of March 31, 2026 and December 31, 2025 and recorded within other current assets. There were no liabilities classified as held for sale in relation to this agreement as of March 31, 2026 or December 31, 2025. All assets classified as held for sale as part of the agreement are within our Proprietary Products segment.

The following table presents assets classified as held for sale:


($ in millions)	March 31, 2026		December 31, 2025
Property, plant and equipment, net	$	39.1	$	39.1
Inventories	17.3		20.5
Operating lease right-of-use assets	1.2		1.2
Goodwill	0.6		0.6
	$	58.2	$	61.4

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Assets:
Deferred compensation assets	$ 8.7	$ 10.0
Foreign currency contracts	0.5	0.2
Assets at fair value	217.1	520.7
Liabilities:
Contingent consideration	3.0	2.2
Deferred compensation liabilities	8.8	10.1
Foreign currency contracts	4.8	7.6
Liabilities at fair value	16.6	19.9
Money market funds
Assets:
Money market funds	137.6	443.9
Time deposits
Assets:
Money market funds	42.6	41.6
Cross-currency swap
Assets:
Derivative asset	25.3	24.7
Commodity call options
Assets:
Derivative asset	2.4	0.3
Level 1
Assets:
Deferred compensation assets	8.7	10.0
Foreign currency contracts	0.0	0.0
Assets at fair value	146.3	453.9
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	8.8	10.1
Foreign currency contracts	0.0	0.0
Liabilities at fair value	8.8	10.1
Level 1 \| Money market funds
Assets:
Money market funds	137.6	443.9
Level 1 \| Time deposits
Assets:
Money market funds	0.0	0.0
Level 1 \| Cross-currency swap
Assets:
Derivative asset	0.0	0.0
Level 1 \| Commodity call options
Assets:
Derivative asset	0.0	0.0
Level 2
Assets:
Deferred compensation assets	0.0	0.0
Foreign currency contracts	0.5	0.2
Assets at fair value	70.8	66.8
Liabilities:
Contingent consideration	0.0	0.0
Deferred compensation liabilities	0.0	0.0
Foreign currency contracts	4.8	7.6
Liabilities at fair value	4.8	7.6
Level 2 \| Money market funds
Assets:
Money market funds	0.0	0.0
Level 2 \| Time deposits
Assets:
Money market funds	42.6	41.6
Level 2 \| Cross-currency swap
Assets:
Derivative asset	25.3	24.7
Level 2 \| Commodity call options
Assets:
Derivative asset	2.4	0.3
Level 3
Assets:
Deferred compensation assets	0.0	0.0
Foreign currency contracts	0.0	0.0
Assets at fair value	0.0	0.0
Liabilities:
Contingent consideration	3.0	2.2
Deferred compensation liabilities	0.0	0.0
Foreign currency contracts	0.0	0.0
Liabilities at fair value	3.0	2.2
Level 3 \| Money market funds
Assets:
Money market funds	0.0	0.0
Level 3 \| Time deposits
Assets:
Money market funds	0.0	0.0
Level 3 \| Cross-currency swap
Assets:
Derivative asset	0.0	0.0
Level 3 \| Commodity call options
Assets:
Derivative asset	$ 0.0	$ 0.0

Other Expense (Income) - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2025	Jan. 31, 2025
Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities, period of implementation	12 months	24 months
Restructuring and related cost	$ 15	$ 30
Effect on future earnings, amount	$ 15	$ 35
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities, period of implementation	15 months	36 months
Restructuring and related cost	$ 20	$ 32
Effect on future earnings, amount	$ 20	$ 40

- 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

Segment Information - Segment Financial Information Footnote (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) program	Mar. 31, 2025 USD ($) program
Segment Reporting Information [Line Items]
Number of restructuring program \| program	2	2
Charges related to severance and lease impairment	$ 4.0	$ 20.6
Charges related to professional services	99.5	88.0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| SmartDose® 3.5mL On-Body Delivery System And Associated Facilities
Segment Reporting Information [Line Items]
Charges related to severance and lease impairment	0.9
Charges related to professional services	1.0
Corporate And Reconciling Items
Segment Reporting Information [Line Items]
Restructuring and related charges	1.4	17.8
SmartDose® 3.5mL sale	1.9	0.0
Amortization of acquisition-related intangible assets	0.0	0.2
Corporate And Reconciling Items \| Other Income (Expense)
Segment Reporting Information [Line Items]
Restructuring and related charges	(0.9)	(16.4)
Corporate And Reconciling Items \| Selling, General and Administrative Expenses
Segment Reporting Information [Line Items]
Restructuring and related charges	$ 0.5	$ 1.4

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 172.5	$ 163.2
Work in process	108.7	103.2
Finished goods	171.4	177.5
Total inventories	$ 452.6	$ 443.9

Affiliated Companies

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Affiliated Companies

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


	March 31,		December 31,
($ in millions)	2026		2025
Aggregate carrying value of investments in affiliated companies:
Equity method affiliates	$	205.1	$	208.3
Non-equity method affiliates	4.1		4.0
Total investments in affiliated companies	$	209.2	$	212.3

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:


	March 31,		December 31,
($ in millions)	2026		2025
Payables due to affiliates	$	27.5	$	26.2
Receivables due from affiliates	$	2.3	$	2.0

The following table summarizes the Company's affiliate transactions:


	Three Months Ended March 31,
($ in millions)	2026		2025
Purchases from (and payments to) affiliates	$	34.0	$	27.7
Sales to affiliates	$	3.2	$	3.2

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Eric M. Green [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 11, 2026, Eric M. Green, our President and Chief Executive Officer and Chair of the Board of Directors, adopted a Rule 10b5-1 trading arrangement, which is intended to satisfy the affirmative defense of Rule 10b5-1(c) with respect to options that will be expiring on February 21, 2027. The Rule 10b5-1 trading arrangement provides for the acquisition by option exercise of 83,616 shares of our common stock on February 4, 2027 and then sold by February 19, 2027, in accordance with the terms specified in the trading arrangement. Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules and regulations.
Name	Eric M. Green
Title	President and Chief Executive Officer and Chair of the Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 11, 2026
Expiration Date	February 19, 2027
Arrangement Duration	15 days
Aggregate Available	83,616

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

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


($ in millions)	March 31, 2026		December 31, 2025
Raw materials	$	172.5	$	163.2
Work in process	108.7		103.2
Finished goods	171.4		177.5
	$	452.6	$	443.9

Revenue - Schedule of Change in Contract with Customer, Asset and Liability (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Contract With Customer, Asset [Roll Forward]
Contract assets, December 31, 2025	$ 11.9
Contract assets, March 31, 2026	15.4
Change in contract assets - increase (decrease)	3.5
Contract With Customer, Liability [Roll Forward]
Deferred income, December 31, 2025	(53.7)
Deferred income, March 31, 2026	(62.2)
Change in deferred income - (increase) decrease	$ (8.5)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

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


	Balance at		Basis of Fair Value Measurements
($ in millions)	March 31, 2026		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	8.7	$	8.7	$	—	$	—
Money market funds	137.6		137.6		—		—
Time deposits	42.6		—		42.6		—
Foreign currency contracts	0.5		—		0.5		—
Cross-currency swap	25.3		—		25.3		—
Commodity call options	2.4		—		2.4		—
	$	217.1	$	146.3	$	70.8	$	—
Liabilities:
Contingent consideration	$	3.0	$	—	$	—	$	3.0
Deferred compensation liabilities	8.8		8.8		—		—
Foreign currency contracts	4.8		—		4.8		—
	$	16.6	$	8.8	$	4.8	$	3.0


	Balance at		Basis of Fair Value Measurements
($ in millions)	December 31, 2025		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	10.0	$	10.0	$	—	$	—
Money market funds	443.9		443.9		—		—
Time deposits	41.6		—		41.6		—
Foreign currency contracts	0.2		—		0.2		—
Cross-currency swap	24.7		—		24.7		—
Commodity call options	0.3		—		0.3		—
	$	520.7	$	453.9	$	66.8	$	—
Liabilities:
Contingent consideration	$	2.2	$	—	$	—	$	2.2
Deferred compensation liabilities	10.1		10.1		—		—
Foreign currency contracts	7.6		—		7.6		—
	$	19.9	$	10.1	$	7.6	$	2.2

Basis of Presentation - Narrative (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - SmartDose® 3.5mL On-Body Delivery System And Associated Facilities - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Definitive agreement consideration		$ 112,500,000
Liabilities	$ 0	$ 0

- Definition

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

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+ Details

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stockholders Equity

The following table presents the changes in shareholders’ equity for the three months ended March 31, 2026:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2025	75.3	$	18.8	$	—	3.3	$	(1,112.2)	$	4,374.9	$	(105.5)	$	3,176.0
Net income	—	—		—		—	—		138.8		—		138.8

Activity related to stock-based compensation	—	—		—		(0.1)	30.7		(21.9)		—		8.8
Shares purchased under share repurchase program	—	—		—		1.2	(297.6)		—		—		(297.6)

Dividends declared ($0.22 per share)	—	—		—		—	—		(15.9)		—		(15.9)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(19.7)		(19.7)
Balance, March 31, 2026	75.3	$	18.8	$	—	4.4	$	(1,379.1)	$	4,475.9	$	(125.2)	$	2,990.4

The following table presents the changes in shareholders’ equity for the three months ended March 31, 2025:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2024	75.3	$	18.8	$	22.1	3.0	$	(1,057.1)	$	3,956.6	$	(258.1)	$	2,682.3
Net income	—	—		—		—	—		89.8		—		89.8
Activity related to stock-based compensation	—	—		(20.3)		(0.1)	27.4		—		—		7.1
Shares purchased under share repurchase program	—	—		—		0.6	(133.5)		—		—		(133.5)
Dividends declared ($0.21 per share)	—	—		—		—	—		(15.2)		—		(15.2)
Other comprehensive income, net of tax	—	—		—		—	—		—		52.6		52.6
Balance, March 31, 2025	75.3	$	18.8	$	1.8	3.5	$	(1,163.2)	$	4,031.2	$	(205.5)	$	2,683.1

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the three months ended March 31, 2026:


($ in millions)	Derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2025	$	(1.5)	$	3.2	$	(8.1)	$	(99.1)	$	(105.5)
Other comprehensive income (loss) before reclassifications	(0.8)		—		0.1		(19.5)		(20.2)
Amounts reclassified out from accumulated other comprehensive income (loss)	0.7		—		(0.2)		—		0.5
Other comprehensive income (loss), net of tax	(0.1)		—		(0.1)		(19.5)		(19.7)
Balance, March 31, 2026	$	(1.6)	$	3.2	$	(8.2)	$	(118.6)	$	(125.2)

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the three months ended March 31, 2025:


($ in millions)	Derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2024	$	(2.5)	$	2.5	$	(9.8)	$	(248.3)	$	(258.1)
Other comprehensive income (loss) before reclassifications	2.1		0.1		(0.3)		50.4		52.3
Amounts reclassified out from accumulated other comprehensive income (loss)	0.4		—		(0.1)		—		0.3
Other comprehensive income (loss), net of tax	2.5		0.1		(0.4)		50.4		52.6
Balance, March 31, 2025	$	—	$	2.6	$	(10.2)	$	(197.9)	$	(205.5)

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

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


($ in millions)	Three Months Ended March 31,
Detail of components	2026		2025		Location on Statement of Income
(Losses) gains on derivatives:
Foreign currency contracts	$	(0.3)	$	0.2	Net sales
Foreign currency contracts	(0.6)		(0.8)		Cost of goods and services sold


Total before tax	(0.9)		(0.6)
Tax benefit	0.2		0.2
Net of tax	$	(0.7)	$	(0.4)
Amortization of defined benefit pension and other postretirement plans:


Actuarial gains	$	0.1	$	0.1	(a)

Other	0.1		—
Total before tax	0.2		0.1
Tax expense	—		—
Net of tax	$	0.2	$	0.1
Total reclassifications for the period, net of tax	$	(0.5)	$	(0.3)

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

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service.

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


	Three Months Ended March 31,
	2026	2025
Biologics	42 %	39 %
Generics	15 %	16 %
Pharma	25 %	26 %
West Vantage	18 %	19 %
	100 %	100 %

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


	Three Months Ended March 31,
	2026	2025
High-Value Product ("HVP") Components	48 %	45 %
High-Value Product ("HVP") Delivery Devices	15 %	14 %
Standard Packaging	19 %	22 %
West Vantage	18 %	19 %
	100 %	100 %

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


	Three Months Ended March 31,
	2026	2025
Americas	45 %	49 %
Europe, Middle East, Africa	47 %	44 %
Asia Pacific	8 %	7 %
	100 %	100 %

Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities:


	($ in millions)
Contract assets, December 31, 2025	$	11.9
Contract assets, March 31, 2026	15.4
Change in contract assets - increase (decrease)	$	3.5

Deferred income, December 31, 2025	$	(53.7)
Deferred income, March 31, 2026	(62.2)
Change in deferred income - (increase) decrease	$	(8.5)

Contract assets are included within other current assets and deferred income is included within other current liabilities and other long-term liabilities. During the three months ended March 31, 2026, $23.1 million of revenue was recognized that was included in deferred income at the beginning of the year.

As of March 31, 2026, performance obligations expected to be satisfied beyond one year were $3.8 million. The remaining $58.4 million of performance obligations are expected to be satisfied within one year or less.

- 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: 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
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Affiliated Companies (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Aggregate Carrying Amount and Amounts Due to Affiliates in the Condensed Consolidated Balance Sheets and Company's Affiliate Transactions


	March 31,		December 31,
($ in millions)	2026		2025
Aggregate carrying value of investments in affiliated companies:
Equity method affiliates	$	205.1	$	208.3
Non-equity method affiliates	4.1		4.0
Total investments in affiliated companies	$	209.2	$	212.3

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


	March 31,		December 31,
($ in millions)	2026		2025
Payables due to affiliates	$	27.5	$	26.2
Receivables due from affiliates	$	2.3	$	2.0

The following table summarizes the Company's affiliate transactions:


	Three Months Ended March 31,
($ in millions)	2026		2025
Purchases from (and payments to) affiliates	$	34.0	$	27.7
Sales to affiliates	$	3.2	$	3.2

Basis of Presentation - Schedule of Assets Classified as Held for Sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - SmartDose® 3.5mL On-Body Delivery System And Associated Facilities - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Property, plant and equipment, net	$ 39.1	$ 39.1
Inventories	17.3	20.5
Operating lease right-of-use assets	1.2	1.2
Goodwill	0.6	0.6
Total assets classified as held for sale	$ 58.2	$ 61.4

- 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

Net Income Per Share - Narrative (Details) - shares	3 Months Ended
Net Income Per Share - Narrative (Details) - shares	Mar. 31, 2026	Mar. 31, 2025	Feb. 28, 2026	Dec. 31, 2024	Feb. 28, 2023
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of diluted net income per share (in shares)	400,000	300,000
Stock repurchase program, shares authorized (in shares)			1,000,000,000.0	550,000	1,000,000,000.0

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic to Diluted Net Income Per Share

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


	Three Months Ended March 31,
($ in millions)	2026		2025
Net income	$	138.8	$	89.8
Weighted average common shares outstanding	72.0		72.5
Dilutive effect of equity awards, based on the treasury stock method	0.4		0.5
Weighted average shares assuming dilution	72.4		73.0

Schedule of Repurchase of Common Stock

The following table summarizes the details of the Company's repurchases of common stock under these programs:


	Three Months Ended March 31,
	2026		2025
Shares repurchased	1,222,019		550,281
Total cost of repurchases ($ in millions)	$	297.6	$	133.5
Average price per repurchased share	$	243.57	$	242.63

Derivative Financial Instruments - Schedule of Derivative Instruments Not Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 1.9	$ (0.2)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	3.4	(0.2)
Commodity call options \| Not Designated as Hedging Instrument \| Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	1.9	(0.2)
Currency Forwards \| Not Designated as Hedging Instrument \| Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 1.5	$ 0.0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
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+ Details

Accumulated Other Comprehensive Loss - Schedule of Reclassification out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	$ 844.9	$ 698.0
Cost of goods and services sold	(548.5)	(466.1)
Income before income taxes and equity in net income of affiliated companies	180.1	110.5
Tax benefit (expense)	(44.7)	(24.1)
Total reclassifications for the period, net of tax	138.8	89.8
Reclassification out of Accumulated Other Comprehensive Loss
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Total reclassifications for the period, net of tax	(0.5)	(0.3)
Reclassification out of Accumulated Other Comprehensive Loss \| (Losses) gains on derivatives:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Income before income taxes and equity in net income of affiliated companies	(0.9)	(0.6)
Tax benefit (expense)	0.2	0.2
Total reclassifications for the period, net of tax	(0.7)	(0.4)
Reclassification out of Accumulated Other Comprehensive Loss \| (Losses) gains on derivatives: \| Foreign currency contracts
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Net sales	(0.3)	0.2
Cost of goods and services sold	(0.6)	(0.8)
Reclassification out of Accumulated Other Comprehensive Loss \| Amortization of defined benefit pension and other postretirement plans:
Reclassification out of Accumulated Other Comprehensive Loss [Line Items]
Actuarial gains	0.1	0.1
Other	0.1	0.0
Income before income taxes and equity in net income of affiliated companies	0.2	0.1
Tax benefit (expense)	0.0	0.0
Total reclassifications for the period, net of tax	$ 0.2	$ 0.1

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Our business operations are organized into two reportable segments, Proprietary Products and West Vantage. Effective in the first quarter of 2026, the Company renamed its "Contract-Manufactured Products" reportable segment to "West Vantage™" to better align with its current strategic focus and offerings. This change in name does not affect the composition of the reportable segment, nor does it impact previously reported segment financial information. 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 West Vantage reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers.

The Chief Operating Decision Maker ("CODM") 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 information about our reportable segments, reconciled to consolidated totals:


	Three Months Ended March 31,
($ in millions)	2026		2025
Net sales:
Proprietary Products	$	694.3	$	563.0
West Vantage	150.6		135.0

Consolidated net sales	$	844.9	$	698.0

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


($ in millions)	March 31, 2026		December 31, 2025
Assets
Proprietary Products	$	2,931.8	$	2,987.0
West Vantage	739.6		718.1
Corporate and Unallocated (1)	438.4		564.9
Total consolidated	$	4,109.8	$	4,270.0

(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)	Three Months Ended March 31,
Depreciation and Amortization	2026		2025
Proprietary Products	$	36.4	$	32.7
West Vantage	8.0		6.4
Corporate and Unallocated	0.8		0.9
Total consolidated	$	45.2	$	40.0


($ in millions)	Three Months Ended March 31,
Capital Expenditures	2026		2025
Proprietary Products	$	36.5	$	51.9
West Vantage	5.6		18.1
Corporate and Unallocated	0.6		1.3
Total consolidated	$	42.7	$	71.3

The following table provides summarized financial information for our segments:


	Three months ended March 31, 2026						Three months ended March 31, 2025
($ in millions)	Proprietary Products		West Vantage		Total		Proprietary Products		West Vantage		Total
Net sales	$	694.3	$	150.6	$	844.9	$	563.0	$	135.0	$	698.0
Cost of goods and services sold	421.2		127.3				352.8		113.3
Research and development	15.8		—				16.3		—
Selling, general and administrative expenses	65.0		7.8				60.3		7.6
Other segment expense (income)(1)	3.1		(0.1)				3.0		0.6
Segment operating profit	$	189.2	$	15.6	$	204.8	$	130.6	$	13.5	$	144.1
Reconciliation of profit or loss:
Stock-based compensation					(6.6)						(1.3)
Corporate general costs(2)					(17.2)						(17.8)
Unallocated items:
Restructuring and other charges(3)					(1.4)						(17.8)
SmartDose® 3.5mL sale(4)					(1.9)						—
Amortization of acquisition-related intangible assets(5)					—						(0.2)
Other					(0.6)						—
Total consolidated operating profit					177.1						107.0
Interest (income) expense and other nonoperating expense (income), net					(3.0)						(3.5)
Income before income taxes and equity in net income of affiliated companies					$	180.1					$	110.5

(1) Other segment expense (income) primarily includes foreign exchange transaction gains and losses, adjustments to contingent consideration and (gain) loss on oil hedges attributable to the segments during the three months ended March 31, 2026 and 2025.

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

(3) During the three months ended March 31, 2026 and 2025, the Company recorded pre-tax charges of $1.4 million and $17.8 million, respectively, related to our two existing restructuring programs: (i) $0.9 million and $16.4 million in the three months ended March 31, 2026 and 2025, respectively, within other expense (income), related to acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $1.4 million in the three months ended March 31, 2026 and 2025, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries.

(4) During the three months ended March 31, 2026, the Company recorded charges of $1.9 million related to the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $0.9 million of the charges within other expense (income), related to employee benefit costs in connection with the sale agreement. The Company recorded the remaining $1.0 million within selling, general and administrative expenses, relating to professional services in connection with the sale agreement.

(5) During the three months ended March 31, 2025, we recorded $0.2 million of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired during the second quarter of 2020.

- Definition

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

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+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Sales by Significant Product Group

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


	Three Months Ended March 31,
($ in millions)	2026		2025
Net sales:
Proprietary Products	$	694.3	$	563.0
West Vantage	150.6		135.0

Consolidated net sales	$	844.9	$	698.0

Schedule of Segment Reporting Information, by Segment

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


($ in millions)	March 31, 2026		December 31, 2025
Assets
Proprietary Products	$	2,931.8	$	2,987.0
West Vantage	739.6		718.1
Corporate and Unallocated (1)	438.4		564.9
Total consolidated	$	4,109.8	$	4,270.0


($ in millions)	Three Months Ended March 31,
Depreciation and Amortization	2026		2025
Proprietary Products	$	36.4	$	32.7
West Vantage	8.0		6.4
Corporate and Unallocated	0.8		0.9
Total consolidated	$	45.2	$	40.0


($ in millions)	Three Months Ended March 31,
Capital Expenditures	2026		2025
Proprietary Products	$	36.5	$	51.9
West Vantage	5.6		18.1
Corporate and Unallocated	0.6		1.3
Total consolidated	$	42.7	$	71.3

The following table provides summarized financial information for our segments:


	Three months ended March 31, 2026						Three months ended March 31, 2025
($ in millions)	Proprietary Products		West Vantage		Total		Proprietary Products		West Vantage		Total
Net sales	$	694.3	$	150.6	$	844.9	$	563.0	$	135.0	$	698.0
Cost of goods and services sold	421.2		127.3				352.8		113.3
Research and development	15.8		—				16.3		—
Selling, general and administrative expenses	65.0		7.8				60.3		7.6
Other segment expense (income)(1)	3.1		(0.1)				3.0		0.6
Segment operating profit	$	189.2	$	15.6	$	204.8	$	130.6	$	13.5	$	144.1
Reconciliation of profit or loss:
Stock-based compensation					(6.6)						(1.3)
Corporate general costs(2)					(17.2)						(17.8)
Unallocated items:
Restructuring and other charges(3)					(1.4)						(17.8)
SmartDose® 3.5mL sale(4)					(1.9)						—
Amortization of acquisition-related intangible assets(5)					—						(0.2)
Other					(0.6)						—
Total consolidated operating profit					177.1						107.0
Interest (income) expense and other nonoperating expense (income), net					(3.0)						(3.5)
Income before income taxes and equity in net income of affiliated companies					$	180.1					$	110.5

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Long-term debt, estimated fair value	$ 202.2	$ 202.4
Long-term debt, carrying amount	$ 202.8	$ 202.8

- Definition

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

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- Definition

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

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+ Details

Leases - Schedule of Assets And Liabilities, Lessee (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
ROU assets, net	$ 34.0	$ 34.7
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets
Lease liabilities (current)	$ 1.5	1.5
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Lease liabilities (noncurrent)	$ 3.3	$ 3.6
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

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


	Balance at		Basis of Fair Value Measurements
($ in millions)	March 31, 2026		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	8.7	$	8.7	$	—	$	—
Money market funds	137.6		137.6		—		—
Time deposits	42.6		—		42.6		—
Foreign currency contracts	0.5		—		0.5		—
Cross-currency swap	25.3		—		25.3		—
Commodity call options	2.4		—		2.4		—
	$	217.1	$	146.3	$	70.8	$	—
Liabilities:
Contingent consideration	$	3.0	$	—	$	—	$	3.0
Deferred compensation liabilities	8.8		8.8		—		—
Foreign currency contracts	4.8		—		4.8		—
	$	16.6	$	8.8	$	4.8	$	3.0


	Balance at		Basis of Fair Value Measurements
($ in millions)	December 31, 2025		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets	$	10.0	$	10.0	$	—	$	—
Money market funds	443.9		443.9		—		—
Time deposits	41.6		—		41.6		—
Foreign currency contracts	0.2		—		0.2		—
Cross-currency swap	24.7		—		24.7		—
Commodity call options	0.3		—		0.3		—
	$	520.7	$	453.9	$	66.8	$	—
Liabilities:
Contingent consideration	$	2.2	$	—	$	—	$	2.2
Deferred compensation liabilities	10.1		10.1		—		—
Foreign currency contracts	7.6		—		7.6		—
	$	19.9	$	10.1	$	7.6	$	2.2

Deferred compensation assets are included within other noncurrent assets and are valued using a market approach based on quoted market prices in an active market. Money market funds are included within cash and cash equivalents and are valued based on quoted market prices in active markets, with no valuation adjustment. Time deposits are included within cash and cash equivalents and are valued using relevant observable market inputs including quoted prices for similar assets and interest rate curves. The fair value of our foreign currency contracts, included within other current and other noncurrent assets, as well as other current and other long-term liabilities, is valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting date. The fair value of the cross-currency swap, included within other noncurrent assets, is valued using a market approach. Please refer to Note 9, Derivative Financial Instruments, for further discussion of our derivatives. The fair value of our commodity call options, included within other current and other noncurrent assets, is valued using a market approach. The fair value of the contingent consideration liability, within current and long-term liabilities, related to the SmartDose® technology platform (the “SmartDose® contingent consideration”) was initially determined using a probability-weighted income approach, and is revalued at each reporting date or more frequently if circumstances dictate. Changes in the fair value of this obligation are recorded as income or expense within other expense (income) in our condensed consolidated statements of income. The fair value of deferred compensation liabilities is based on quoted prices of the underlying employees’ investment selections and is included within other long-term liabilities.

Other Financial Instruments

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

The estimated fair value of long-term debt is based on quoted market prices for debt issuances with similar terms and maturities and is classified as Level 2 within the fair value hierarchy. At March 31, 2026, the estimated fair value of long-term debt was $202.2 million compared to a carrying amount of $202.8 million. At December 31, 2025, the estimated fair value of long-term debt was $202.4 million and the carrying amount was $202.8 million. As of March 31, 2026, and December 31, 2025, 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.

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+ Details

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized that was included in the deferred income balance	$ 23.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 58.4
Revenue, remaining performance obligation, period (in years)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 3.8
Revenue, remaining performance obligation, period (in years)

Derivative Financial Instruments - Narrative (Details) $ in Millions, ¥ in Billions	3 Months Ended
	Mar. 31, 2026 USD ($) $ / bbl bbl	Mar. 31, 2025 USD ($)	Mar. 31, 2026 JPY (¥) $ / bbl	Jul. 31, 2024 USD ($)
Fair Value Hedging
Derivative [Line Items]
Derivative, forward point components, expense recognized in earnings, pre-tax	$ 1.2	$ 0.4
Foreign Exchange Forward
Derivative [Line Items]
Derivative contract term	18 months
Options Held
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| bbl	207,637
Derivative, average price risk option strike price \| $ / bbl	81.61		81.61
USD \| Cross Currency Interest Rate Contract \| Net Investment Hedging
Derivative [Line Items]
Derivative, notional amount	$ 130.0			$ 130.0
JPY \| Cross Currency Interest Rate Contract \| Net Investment Hedging
Derivative [Line Items]
Derivative, notional amount \| ¥			¥ 17.0

Affiliated Companies - Schedule of Aggregate Carrying Amount (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Total investments in affiliated companies	$ 209.2	$ 212.3
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Equity method affiliates	205.1	208.3
Non-equity method affiliates	$ 4.1	$ 4.0

- 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

- 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

Debt - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 203.0	$ 203.0
Term Loans
Debt Instrument [Line Items]
Long-term debt, gross	130.0
Revolving credit facility, Due 2024 \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	500.0
Line of credit facility, unused commitment level	497.7
Revolving credit facility, Due 2024 \| Letter of Credit
Debt Instrument [Line Items]
Long-term line of credit	$ 2.3

- 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.

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+ Details

- Definition

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

+ References + Details

Leases - Schedule of Lease Terms and Discount Rates (Details)	Mar. 31, 2026	Dec. 31, 2025
Weighted average remaining lease term (in years):
Operating leases	8 years 3 months 18 days	8 years 3 months 18 days
Finance leases	4 years 2 months 12 days	4 years 4 months 24 days
Weighted average discount rate:
Operating leases	4.70%	4.67%
Finance leases	4.10%	4.15%

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

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

Foreign Exchange Rate Risk

We have entered into forward exchange contracts, designated as fair value hedges, to manage our exposure to fluctuating foreign exchange rates on cross-currency intercompany loans in Singapore Dollar (“SGD”) and on cross-currency intercompany demand notes in Euro ("EUR"), which were executed at various times throughout 2025 and 2026. The following table summarizes the total amount of the following forward exchange contracts as fair value hedges at the following dates:


(in millions)		March 31,		December 31,
Forward Exchange Contracts	Currency	2026		2025
Cross-Currency Intercompany Loans	SGD	SGD	263.3	SGD	421.9

Cross-Currency Intercompany Demand Notes	EUR	€	23.5	€	23.5

In addition, we have entered into several foreign currency contracts, designated as cash flow hedges, for periods of up to eighteen months, intended to hedge the currency risk associated with a portion of our forecasted transactions denominated in foreign currencies. As of March 31, 2026, 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	26.6	31.4	—	—
JPY	5,092.5	19.9	12.7	0.2
SGD	46.1	33.0	3.1	—

In July 2024, we entered into a cross-currency swap for $130 million, which we designated as a hedge of our net investment in Daikyo. As of March 31, 2026, the notional amount of the cross-currency swap is ¥17.0 billion ($130.0 million) and the swap termination date is July 2, 2027. Under the cross-currency swap, we receive fixed USD interest rate payments in return for paying fixed JPY interest rate payments.

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

Commodity Price Risk

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

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 March 31, 2026, we had outstanding contracts to purchase 207,637 barrels of crude oil from March 2026 to September 2027, at a weighted-average strike price of $81.61 per barrel.

Effects of Derivative Instruments on Financial Position and Results of Operations

Please refer to Note 10, Fair Value Measurements, for the balance sheet location and fair values of our derivative instruments as of March 31, 2026 and December 31, 2025.

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


	Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2026		2025
Fair Value Hedges:
Hedged item (intercompany loan)	$	(4.5)	$	3.3		Other expense (income)
Derivative designated as hedging instrument	4.5		(3.3)			Other expense (income)
Amount excluded from effectiveness testing	(1.2)		(0.4)			Other expense (income)
Total	$	(1.2)	$	(0.4)

We recognize in earnings the initial value of forward point components for hedges of intercompany loans on a straight-line basis over the life of the fair value hedge. The value of forward point components for hedges of intercompany demand notes is recognized currently in earnings using a market approach. The expense recognized in earnings, pre-tax, for forward point components for the three months ended March 31, 2026 and 2025 was $1.2 million and 0.4 million, respectively.

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


	Amount of Gain (Loss) Recognized in OCI for the				Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the				Location of (Gain) Loss Reclassified from Accumulated OCI into Income
	Three Months Ended March 31,				Three Months Ended March 31,
($ in millions)	2026		2025		2026		2025
Fair Value Hedges:
Foreign currency hedge contracts	$	0.3	$	0.4	$	—	$	—	Other expense (income)
Total	$	0.3	$	0.4	$	—	$	—
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.2	$	(0.7)	$	0.3	$	(0.2)	Net sales
Foreign currency hedge contracts	(1.3)		2.4		0.4		0.6		Cost of goods and services sold


Total	$	(1.1)	$	1.7	$	0.7	$	0.4
Net Investment Hedges:

Cross-currency swap	$	0.4	$	(2.8)	$	—	$	—	Other expense (income)
Total	$	0.4	$	(2.8)	$	—	$	—

Refer to the above table which summarizes the effects of derivative instruments designated as fair value hedges within the other expense (income) line in our condensed consolidated statements of income for the three months ended March 31, 2026 and March 31, 2025.

The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in the condensed consolidated statements of income:


	Three Months Ended March 31,
($ in millions)	2026		2025
Net sales	$	0.3	$	(0.2)
Cost of goods and services sold	$	0.4	$	0.6
Interest expense	$	—	$	—

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


	Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2026		2025
Commodity call options	$	1.9	$	(0.2)		Other expense (income)
Currency Forwards	1.5		—			Other expense (income)
Total	$	3.4	$	(0.2)

For the three months ended March 31, 2026 and 2025, there was no material ineffectiveness related to these hedges.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2026	Apr. 20, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-8036
Entity Registrant Name	WEST PHARMACEUTICAL SERVICES, INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1210010
Entity Address, Address Line One	530 Herman O. West Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341-1147
City Area Code	610
Local Phone Number	594-2900
Title of each class	Common Stock, par value $0.25 per share
Trading Symbol	WST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,647,595
Entity Central Index Key	0000105770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease cost	$ 7.2	$ 6.6
Finance lease - amortization of right-of-use (ROU) assets	0.5	0.3
Finance lease - interest on lease liabilities	0.1	0.0
Short-term lease cost	0.9	0.8
Variable lease cost	2.5	2.9
Total lease cost	$ 11.2	$ 10.6

Shareholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following table presents the changes in shareholders’ equity for the three months ended March 31, 2026:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2025	75.3	$	18.8	$	—	3.3	$	(1,112.2)	$	4,374.9	$	(105.5)	$	3,176.0
Net income	—	—		—		—	—		138.8		—		138.8

Activity related to stock-based compensation	—	—		—		(0.1)	30.7		(21.9)		—		8.8
Shares purchased under share repurchase program	—	—		—		1.2	(297.6)		—		—		(297.6)

Dividends declared ($0.22 per share)	—	—		—		—	—		(15.9)		—		(15.9)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(19.7)		(19.7)
Balance, March 31, 2026	75.3	$	18.8	$	—	4.4	$	(1,379.1)	$	4,475.9	$	(125.2)	$	2,990.4

The following table presents the changes in shareholders’ equity for the three months ended March 31, 2025:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2024	75.3	$	18.8	$	22.1	3.0	$	(1,057.1)	$	3,956.6	$	(258.1)	$	2,682.3
Net income	—	—		—		—	—		89.8		—		89.8
Activity related to stock-based compensation	—	—		(20.3)		(0.1)	27.4		—		—		7.1
Shares purchased under share repurchase program	—	—		—		0.6	(133.5)		—		—		(133.5)
Dividends declared ($0.21 per share)	—	—		—		—	—		(15.2)		—		(15.2)
Other comprehensive income, net of tax	—	—		—		—	—		—		52.6		52.6
Balance, March 31, 2025	75.3	$	18.8	$	1.8	3.5	$	(1,163.2)	$	4,031.2	$	(205.5)	$	2,683.1

- Definition

The entire disclosure for equity.

+ References

+ Details

Leases - Schedule of Lease Cash Flow and Supplemental Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 6.4	$ 6.1
Operating cash flows from finance leases	0.1	0.0
Financing cash flows from finance leases	0.3	0.2
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	0.0	4.2
Finance leases	$ 0.2	$ 1.3

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in various proceedings, lawsuits, disputes and claims arising in the ordinary course of the Company’s business, whether that be matters involving commercial operations, product liability, intellectual property or employment actions, including class action lawsuits. 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 based on circumstances and assumptions existing at the time. Unless otherwise disclosed below, while the outcome of such claims cannot be predicted with certainty, we believe their ultimate resolution is not expected to have a material adverse effect on our business, financial condition, results of operations or liquidity. However, if an unfavorable ruling were to occur in any specific case, a material impact on the results of operations could be possible for that period. Securities Class Action On May 5, 2025, New England Teamsters Pension Fund filed a class action against us and certain of our current and former officers in the United States District Court for the Eastern District of Pennsylvania, purportedly on behalf of a class of the Company’s investors who purchased or otherwise acquired the Company’s common stock between February 16, 2023 and February 12, 2025. On July 23, 2025, the court appointed lead plaintiffs in the action. On October 15, 2025, the lead plaintiffs filed an amended complaint. The amended complaint alleges violations of Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder in connection with 1) various public statements made by the Company and certain current and former officers regarding its business, operations and prospects and 2) certain current and former officers' transactions in the Company's stock. The action seeks unspecified damages, costs and expenses, including attorneys’ fees. On December 18, 2025, the defendants filed their first motion to dismiss the amended complaint. Pursuant to the scheduling order entered by the court, the lead plaintiffs’ opposition to the motion to dismiss was filed on February 24, 2026, and the defendants filed their reply on March 31, 2026. We believe the claims in the amended complaint are without merit and we intend to vigorously defend against such claims. Given the nature of the case, including that the proceedings are in their early stages, we are unable at this time to reasonably estimate losses, if any, or form a judgment that an unfavorable outcome is either probable or remote. There have been no significant changes to commitments and contingencies since December 31, 2025.

Revenue - Schedule of Disaggregation of Revenue (Details) - Revenue Benchmark	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Customer Concentration Risk \| Biologics
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	42.00%	39.00%
Customer Concentration Risk \| Generics
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	15.00%	16.00%
Customer Concentration Risk \| Pharma
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	25.00%	26.00%
Customer Concentration Risk \| West Vantage
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.00%	19.00%
Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Product Concentration Risk \| High-Value Product ("HVP") Components
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	48.00%	45.00%
Product Concentration Risk \| High-Value Product ("HVP") Delivery Devices
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	15.00%	14.00%
Product Concentration Risk \| Standard Packaging
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	19.00%	22.00%
Product Concentration Risk \| West Vantage
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.00%	19.00%
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Geographic Concentration Risk \| Americas
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	45.00%	49.00%
Geographic Concentration Risk \| Europe, Middle East, Africa
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	47.00%	44.00%
Geographic Concentration Risk \| Asia Pacific
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	8.00%	7.00%

Net Income Per Share - Schedule of Reconciliation of Basic to Diluted Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net income	$ 138.8	$ 89.8
Weighted average common shares outstanding (in shares)	72.0	72.5
Dilutive effect of equity awards, based on the treasury stock method (in shares)	0.4	0.5
Weighted average shares assuming dilution (in shares)	72.4	73.0

- Definition

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

+ References

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+ Details

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The West Pharmaceutical Services, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Plan”) provides for the granting of stock options, stock appreciation rights ("SARs"), 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. In March 2025, the Board of Directors approved, and our stockholders subsequently approved in May 2025, an amendment to the 2016 Plan ("the Amended and Restated 2016 Plan"), which, among other things, added 2.0 million shares of common stock to the maximum number of shares of common stock as to which awards may be granted. Following the approval of the Amended and Restated 2016 Plan, all stock options or SARs that are not forfeited or cancelled will reduce the number of shares available for issuance under the Amended and Restated 2016 Plan by one share for each share subject to the award. Awards issued following the amendment that are payable in common stock (other than stock options or SARs) will reduce the total number of shares available for grant under the Amended and Restated 2016 Plan by an amount equal to 2.0 times the number of shares subject to the award. The reduction was previously equal to 2.5 times the number of shares subject to the award under the 2016 Plan. At March 31, 2026, there were approximately 2.8 million shares remaining in the Amended and Restated 2016 Plan for future grants. During the three months ended March 31, 2026, the Company granted 65,030 stock options at a weighted average exercise price of $254.34 per share based on the grant-date fair value of our stock to employees under the 2016 Plan. The weighted average grant date fair value of options granted was $107.06 per share as determined by the Black-Scholes option valuation model using the following weighted average assumptions: a risk-free interest rate of 3.7%; expected life of 6.8 years based on prior experience; stock volatility of 35.5% based on historical data; and a dividend yield of 0.4%. Stock option expense is recognized over the vesting period, net of forfeitures. During the three months ended March 31, 2026, the Company granted 58,042 stock-settled performance share unit (“PSU”) awards at a weighted average grant-date fair value of $254.34 per share to eligible employees. These awards are earned based on the Company’s performance against pre-established targets, including annual growth rate of revenue and return on invested capital, over a specified performance period. Depending on the achievement of the targets, recipients of stock-settled PSU awards are entitled to receive a certain number of shares of common stock. Shares earned under PSU awards may vary from 0% to 200% of an employee’s targeted award. The fair value of stock-settled PSU awards is based on the market price of our stock at the grant date and is recognized as expense over the performance period, adjusted for estimated target outcomes and net of forfeitures. During the three months ended March 31, 2026, the Company granted 37,363 stock-settled restricted share unit (“RSU”) awards at a weighted average grant-date fair value of $254.34 per share to eligible employees. These awards are earned over a specified performance period. The fair value of stock-settled RSU awards is based on the market price of our stock at the grant date and is recognized as expense over the vesting period, net of forfeitures. Stock-based compensation expense was $6.6 million and $1.3 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lease Cost and Lease Cash Flow and Supplemental Information and Lease Terms and Discount Rates

The components of lease expense were as follows:


	Three Months Ended March 31,
($ in millions)	2026		2025
Operating lease cost	$	7.2	$	6.6
Finance lease - amortization of right-of-use (ROU) assets	0.5		0.3
Finance lease - interest on lease liabilities	0.1		—
Short-term lease cost	0.9		0.8
Variable lease cost	2.5		2.9
Total lease cost	$	11.2	$	10.6

Supplemental cash flow information related to leases was as follows:


	Three Months Ended March 31,
($ in millions)		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	6.4	$	6.1
Operating cash flows from finance leases		$	0.1	$	—
Financing cash flows from finance leases		$	0.3	$	0.2
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	—	$	4.2
Finance leases		$	0.2	$	1.3

The following table shows the weighted average remaining lease terms and discount rates for our operating and finance leases as of the periods ended:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term (in years):
Operating leases	8.3		8.3
Finance leases	4.2		4.4
Weighted average discount rate:
Operating leases	4.70	%	4.67	%
Finance leases	4.10	%	4.15	%

Schedule of Assets And Liabilities, Lessee

The following table summarizes the finance lease amounts in the condensed consolidated balance sheets:



		March 31,		December 31,
($ in millions)	Balance Sheet Classification	2026		2025

ROU assets, net	Other noncurrent assets	$	34.0	$	34.7
Lease liabilities (current)	Other current liabilities	$	1.5	$	1.5
Lease liabilities (noncurrent)	Other long-term liabilities	$	3.3	$	3.6

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of the Company's lease liabilities as of March 31, 2026 were as follows:


($ in millions)
Year	Operating Leases		Finance Leases
2026 (remaining period as of March 31, 2026)	$	21.0	$	1.1
2027	21.1		1.5
2028	20.2		1.1
2029	15.0		0.6
2030	10.4		0.4
Thereafter	52.6		0.5
	140.3		5.2
Less: imputed lease interest	(26.9)		(0.4)
Total lease liabilities	$	113.4	$	4.8

Schedule of Lessee, Finance Lease, Liability, Maturity

Maturities of the Company's lease liabilities as of March 31, 2026 were as follows:


($ in millions)
Year	Operating Leases		Finance Leases
2026 (remaining period as of March 31, 2026)	$	21.0	$	1.1
2027	21.1		1.5
2028	20.2		1.1
2029	15.0		0.6
2030	10.4		0.4
Thereafter	52.6		0.5
	140.3		5.2
Less: imputed lease interest	(26.9)		(0.4)
Total lease liabilities	$	113.4	$	4.8

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

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


($ in millions)	March 31, 2026		December 31, 2025
Raw materials	$	172.5	$	163.2
Work in process	108.7		103.2
Finished goods	171.4		177.5
	$	452.6	$	443.9

Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 3,176.0	$ 2,682.3
Other comprehensive income (loss) before reclassifications	(20.2)	52.3
Amounts reclassified out from accumulated other comprehensive income (loss)	0.5	0.3
Other comprehensive (loss) income, net of tax	(19.7)	52.6
Ending balance	2,990.4	2,683.1
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(105.5)	(258.1)
Other comprehensive (loss) income, net of tax	(19.7)	52.6
Ending balance	(125.2)	(205.5)
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1.5)	(2.5)
Other comprehensive income (loss) before reclassifications	(0.8)	2.1
Amounts reclassified out from accumulated other comprehensive income (loss)	0.7	0.4
Other comprehensive (loss) income, net of tax	(0.1)	2.5
Ending balance	(1.6)	0.0
Change in equity affiliate investment AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3.2	2.5
Other comprehensive income (loss) before reclassifications	0.0	0.1
Amounts reclassified out from accumulated other comprehensive income (loss)	0.0	0.0
Other comprehensive (loss) income, net of tax	0.0	0.1
Ending balance	3.2	2.6
Defined benefit pension and other postretirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(8.1)	(9.8)
Other comprehensive income (loss) before reclassifications	0.1	(0.3)
Amounts reclassified out from accumulated other comprehensive income (loss)	(0.2)	(0.1)
Other comprehensive (loss) income, net of tax	(0.1)	(0.4)
Ending balance	(8.2)	(10.2)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(99.1)	(248.3)
Other comprehensive income (loss) before reclassifications	(19.5)	50.4
Amounts reclassified out from accumulated other comprehensive income (loss)	0.0	0.0
Other comprehensive (loss) income, net of tax	(19.5)	50.4
Ending balance	$ (118.6)	$ (197.9)

Leases - Schedule of Lessee, Operating and Finance Lease, Liability, Maturity (Details) $ in Millions	Mar. 31, 2026 USD ($)
Operating Leases
2026 (remaining period as of March 31, 2026)	$ 21.0
2027	21.1
2028	20.2
2029	15.0
2030	10.4
Thereafter	52.6
Operating leases liabilities payments due	140.3
Less: imputed lease interest	(26.9)
Total lease liabilities	113.4
Finance Leases
2026 (remaining period as of March 31, 2026)	1.1
2027	1.5
2028	1.1
2029	0.6
2030	0.4
Thereafter	0.5
Finance leases liabilities payments due	5.2
Less: imputed lease interest	(0.4)
Total lease liabilities	$ 4.8

Shareholder's Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	75,300,000
Beginning balance	$ 3,176.0	$ 2,682.3
Beginning balance (in shares)	3,300,000
Net income	$ 138.8	89.8
Activity related to stock-based compensation	$ 8.8	$ 7.1
Shares purchased under share repurchase program (in shares)	1,222,019	550,281
Shares purchased under share repurchase program	$ (297.6)	$ (133.5)
Dividends declared	(15.9)	(15.2)
Other comprehensive income (loss), net of tax	$ (19.7)	52.6
Ending balance (in shares)	75,300,000
Ending balance	$ 2,990.4	$ 2,683.1
Ending balance (in shares)	4,400,000
Dividends declared per share (in dollars per share)	$ 0.22	$ 0.21
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	75,300,000	75,300,000
Beginning balance	$ 18.8	$ 18.8
Ending balance (in shares)	75,300,000	75,300,000
Ending balance	$ 18.8	$ 18.8
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0.0	22.1
Activity related to stock-based compensation		(20.3)
Ending balance	0.0	1.8
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (1,112.2)	$ (1,057.1)
Beginning balance (in shares)	3,300,000	3,000,000.0
Activity related to stock-based compensation	$ 30.7	$ 27.4
Activity related to stock -based compensation (in shares)	(100,000)	(100,000)
Shares purchased under share repurchase program (in shares)	1,200,000	600,000
Shares purchased under share repurchase program	$ (297.6)	$ (133.5)
Ending balance	$ (1,379.1)	$ (1,163.2)
Ending balance (in shares)	4,400,000	3,500,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 4,374.9	$ 3,956.6
Net income	138.8	89.8
Activity related to stock-based compensation	(21.9)
Dividends declared	(15.9)	(15.2)
Ending balance	4,475.9	4,031.2
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(105.5)	(258.1)
Other comprehensive income (loss), net of tax	(19.7)	52.6
Ending balance	$ (125.2)	$ (205.5)

Affiliated Companies- Schedule of Amounts Due to Affiliates in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Payables due to affiliates	$ 202.2	$ 175.3
Receivables due from affiliates	167.2	168.6
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Payables due to affiliates	27.5	26.2
Receivables due from affiliates	$ 2.3	$ 2.0

- Definition

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

+ References + Details

Affiliated Companies - Schedule of Company's Affiliate Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]
Purchases from (and payments to) affiliates	$ 34.0	$ 27.7
Sales to affiliates	844.9	698.0
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Sales to affiliates	$ 3.2	$ 3.2

- 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

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+ Details

- 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

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net sales	$ 844.9	$ 698.0
Cost of goods and services sold	548.5	466.1
Gross profit	296.4	231.9
Research and development	15.8	16.3
Selling, general and administrative expenses	99.5	88.0
Other expense (income) (Note 14)	4.0	20.6
Operating profit	177.1	107.0
Interest expense, net	1.9	0.4
Interest income	(5.1)	(4.1)
Other nonoperating expense (income)	0.2	0.2
Income before income taxes and equity in net income of affiliated companies	180.1	110.5
Income tax expense	44.7	24.1
Equity in net income of affiliated companies	(3.4)	(3.4)
Net income	$ 138.8	$ 89.8
Net income per share:
Basic (in dollars per share)	$ 1.93	$ 1.24
Diluted (in dollars per share)	$ 1.92	$ 1.23
Weighted average shares outstanding:
Basic (in shares)	72.0	72.5
Diluted (in shares)	72.4	73.0

Derivative Instruments and Hedging Activities - Schedule of Foreign Exchange Contracts (Details) - Currency Forwards € in Millions, $ in Millions	Mar. 31, 2026 SGD ($)	Mar. 31, 2026 EUR (€)	Dec. 31, 2025 SGD ($)	Dec. 31, 2025 EUR (€)
SGD \| Intercompany Loans
Derivative [Line Items]
Derivative, notional amount \| $	$ 263.3		$ 421.9
EUR \| Intercompany Demand Notes
Derivative [Line Items]
Derivative, notional amount \| €		€ 23.5		€ 23.5

Other Expense (Income) - Schedule of Other Expense (Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Income and Expenses [Abstract]
Restructuring and related charges	$ 1.8	$ 16.4
Contingent consideration	3.0	2.4
Foreign exchange transaction losses	1.1	1.2
(Gain) loss on oil hedges	(1.9)	0.2
Other items	0.0	0.4
Total other expense (income)	$ 4.0	$ 20.6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0.1	$ (1.1)
Defined benefit pension and other postretirement plan adjustments, tax	(0.0)	(0.1)
Net gain (loss) on equity affiliate accumulated other comprehensive income, tax	0.0	0.0
Net gain (loss) on derivatives, tax	$ 0.1	$ 0.9

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of March 31, 2026.


($ in millions)	March 31, 2026		December 31, 2025




Term Loan, due July 2, 2027 (5.05%)	$	130.0	$	130.0


Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	203.0		203.0
Less: unamortized debt issuance costs for Term Loan and Series Notes	0.2		0.2
Total debt	202.8		202.8
Less: current portion of long-term debt	—		—
Long-term debt, net	$	202.8	$	202.8

Term Loan

At March 31, 2026, the Company had $130.0 million in borrowings under the Term Loan which were classified as long-term. Please refer to Note 9, Derivative Financial Instruments, for a discussion of the foreign currency hedge associated with the Term Loan.

Multi-Currency Revolving Credit Facility

At March 31, 2026, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility, including outstanding letters of credit of $2.3 million, was $497.7 million.

Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At March 31, 2026, we were in compliance with all of our debt covenants.

- Definition

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

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+ Details

Segment Information - Schedule of Sales by Significant Product Group (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 844.9	$ 698.0
Proprietary Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	694.3	563.0
West Vantage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 150.6	$ 135.0

- Definition

+ References

+ Details

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

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

The components of lease expense were as follows:


	Three Months Ended March 31,
($ in millions)	2026		2025
Operating lease cost	$	7.2	$	6.6
Finance lease - amortization of right-of-use (ROU) assets	0.5		0.3
Finance lease - interest on lease liabilities	0.1		—
Short-term lease cost	0.9		0.8
Variable lease cost	2.5		2.9
Total lease cost	$	11.2	$	10.6

The following table summarizes the finance lease amounts in the condensed consolidated balance sheets:



		March 31,		December 31,
($ in millions)	Balance Sheet Classification	2026		2025

ROU assets, net	Other noncurrent assets	$	34.0	$	34.7
Lease liabilities (current)	Other current liabilities	$	1.5	$	1.5
Lease liabilities (noncurrent)	Other long-term liabilities	$	3.3	$	3.6

Supplemental cash flow information related to leases was as follows:


	Three Months Ended March 31,
($ in millions)		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	6.4	$	6.1
Operating cash flows from finance leases		$	0.1	$	—
Financing cash flows from finance leases		$	0.3	$	0.2
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	—	$	4.2
Finance leases		$	0.2	$	1.3

The following table shows the weighted average remaining lease terms and discount rates for our operating and finance leases as of the periods ended:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term (in years):
Operating leases	8.3		8.3
Finance leases	4.2		4.4
Weighted average discount rate:
Operating leases	4.70	%	4.67	%
Finance leases	4.10	%	4.15	%

Maturities of the Company's lease liabilities as of March 31, 2026 were as follows:


($ in millions)
Year	Operating Leases		Finance Leases
2026 (remaining period as of March 31, 2026)	$	21.0	$	1.1
2027	21.1		1.5
2028	20.2		1.1
2029	15.0		0.6
2030	10.4		0.4
Thereafter	52.6		0.5
	140.3		5.2
Less: imputed lease interest	(26.9)		(0.4)
Total lease liabilities	$	113.4	$	4.8

Leases

The components of lease expense were as follows:


	Three Months Ended March 31,
($ in millions)	2026		2025
Operating lease cost	$	7.2	$	6.6
Finance lease - amortization of right-of-use (ROU) assets	0.5		0.3
Finance lease - interest on lease liabilities	0.1		—
Short-term lease cost	0.9		0.8
Variable lease cost	2.5		2.9
Total lease cost	$	11.2	$	10.6

The following table summarizes the finance lease amounts in the condensed consolidated balance sheets:



		March 31,		December 31,
($ in millions)	Balance Sheet Classification	2026		2025

ROU assets, net	Other noncurrent assets	$	34.0	$	34.7
Lease liabilities (current)	Other current liabilities	$	1.5	$	1.5
Lease liabilities (noncurrent)	Other long-term liabilities	$	3.3	$	3.6

Supplemental cash flow information related to leases was as follows:


	Three Months Ended March 31,
($ in millions)		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	6.4	$	6.1
Operating cash flows from finance leases		$	0.1	$	—
Financing cash flows from finance leases		$	0.3	$	0.2
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	—	$	4.2
Finance leases		$	0.2	$	1.3

The following table shows the weighted average remaining lease terms and discount rates for our operating and finance leases as of the periods ended:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term (in years):
Operating leases	8.3		8.3
Finance leases	4.2		4.4
Weighted average discount rate:
Operating leases	4.70	%	4.67	%
Finance leases	4.10	%	4.15	%

Maturities of the Company's lease liabilities as of March 31, 2026 were as follows:


($ in millions)
Year	Operating Leases		Finance Leases
2026 (remaining period as of March 31, 2026)	$	21.0	$	1.1
2027	21.1		1.5
2028	20.2		1.1
2029	15.0		0.6
2030	10.4		0.4
Thereafter	52.6		0.5
	140.3		5.2
Less: imputed lease interest	(26.9)		(0.4)
Total lease liabilities	$	113.4	$	4.8

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. The provision for income taxes was $44.7 million and $24.1 million for the three months ended March 31, 2026 and 2025, respectively, and the effective tax rate was 24.8% and 21.8%, respectively. The increase in the effective tax rate is due primarily to a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. The liability for unrecognized tax benefits was $64.7 million and $56.1 million as of March 31, 2026 and December 31, 2025, respectively, and is included within other long-term liabilities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: 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 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Derivative Financial Instruments - Schedule of Effects of Derivative Instruments on Other Comprehensive Income ('OCI') and Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ (1.2)	$ (0.4)
Cash flow hedges, amount of gain (loss) recognized in OCI	(1.1)	1.7
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.7	0.4
Net investment hedges, amount of gain (loss) recognized in OCI	0.4	(2.8)
Net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0
Fair Value Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Fair value hedges, amount of gain (loss) recognized in OCI	0.3	0.4
Fair value hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0
Foreign currency hedge contracts \| Fair Value Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Fair value hedges, amount of gain (loss) recognized in OCI	0.3	0.4
Fair value hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0
Cross-currency swap
Derivative Instruments, Gain (Loss) [Line Items]
Net investment hedges, amount of gain (loss) recognized in OCI	0.4	(2.8)
Net investment hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.0	0.0
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.3	(0.2)
Net sales \| Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	0.2	(0.7)
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.3	(0.2)
Cost of goods and services sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.4	0.6
Cost of goods and services sold \| Foreign currency hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, amount of gain (loss) recognized in OCI	(1.3)	2.4
Cash flow hedges, amount of (gain) loss reclassified from accumulated OCI into income	0.4	0.6
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net, pretax	0.0	0.0
Other expense (income)
Derivative Instruments, Gain (Loss) [Line Items]
Hedged item (intercompany loan)	(4.5)	3.3
Derivative designated as hedging instrument	4.5	(3.3)
Amount excluded from effectiveness testing	$ (1.2)	$ (0.4)

Other Expense (Income) (Tables)

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Schedule of Other Expense (Income)

Other expense (income) consists of:


	Three Months Ended March 31,
($ in millions)	2026		2025
Restructuring and related charges	$	1.8	$	16.4
Contingent consideration	3.0		2.4
Foreign exchange transaction losses	1.1		1.2

(Gain) loss on oil hedges	(1.9)		0.2

Other items	—		0.4
Total other expense (income)	$	4.0	$	20.6

Schedule of Restructuring Reserve

The following table presents activity related to our restructuring obligations related to our January 2025 restructuring plan:


($ in millions)	Severance and benefits		Asset-related charges		Total
Balance, December 31, 2025	$	6.9	$	—	$	6.9
Charges (Credits)	—		0.9		0.9
Cash payments	(0.2)		—		(0.2)
Non-cash asset write downs	—		(0.9)		(0.9)
Balance, March 31, 2026	$	6.7	$	—	$	6.7

The following table presents activity related to our restructuring obligations related to our December 2025 restructuring plan:


($ in millions)	Severance and benefits		Total
Balance, December 31, 2025	$	4.2	$	4.2
Charges (Credits)	0.9		0.9


Balance, March 31, 2026	$	5.1	$	5.1

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Exchange Contracts and Foreign Exchange Rate Risk

The following table summarizes the total amount of the following forward exchange contracts as fair value hedges at the following dates:


(in millions)		March 31,		December 31,
Forward Exchange Contracts	Currency	2026		2025
Cross-Currency Intercompany Loans	SGD	SGD	263.3	SGD	421.9

Cross-Currency Intercompany Demand Notes	EUR	€	23.5	€	23.5

As of March 31, 2026, 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	26.6	31.4	—	—
JPY	5,092.5	19.9	12.7	0.2
SGD	46.1	33.0	3.1	—

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

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


	Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2026		2025
Fair Value Hedges:
Hedged item (intercompany loan)	$	(4.5)	$	3.3		Other expense (income)
Derivative designated as hedging instrument	4.5		(3.3)			Other expense (income)
Amount excluded from effectiveness testing	(1.2)		(0.4)			Other expense (income)
Total	$	(1.2)	$	(0.4)

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


	Amount of Gain (Loss) Recognized in OCI for the				Amount of (Gain) Loss Reclassified from Accumulated OCI into Income for the				Location of (Gain) Loss Reclassified from Accumulated OCI into Income
	Three Months Ended March 31,				Three Months Ended March 31,
($ in millions)	2026		2025		2026		2025
Fair Value Hedges:
Foreign currency hedge contracts	$	0.3	$	0.4	$	—	$	—	Other expense (income)
Total	$	0.3	$	0.4	$	—	$	—
Cash Flow Hedges:
Foreign currency hedge contracts	$	0.2	$	(0.7)	$	0.3	$	(0.2)	Net sales
Foreign currency hedge contracts	(1.3)		2.4		0.4		0.6		Cost of goods and services sold


Total	$	(1.1)	$	1.7	$	0.7	$	0.4
Net Investment Hedges:

Cross-currency swap	$	0.4	$	(2.8)	$	—	$	—	Other expense (income)
Total	$	0.4	$	(2.8)	$	—	$	—

The following table summarizes the effects of derivative instruments designated as cash flow and net investment hedges by line item in the condensed consolidated statements of income:


	Three Months Ended March 31,
($ in millions)	2026		2025
Net sales	$	0.3	$	(0.2)
Cost of goods and services sold	$	0.4	$	0.6
Interest expense	$	—	$	—

Schedule of Derivative Instruments Not Designated as Hedges

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


	Amount of Gain (Loss) Recognized in Income for the
	Three Months Ended March 31,				Location on Statement of Income
($ in millions)	2026		2025
Commodity call options	$	1.9	$	(0.2)		Other expense (income)
Currency Forwards	1.5		—			Other expense (income)
Total	$	3.4	$	(0.2)

Segment Information - Segment Financial Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Assets	$ 4,109.8		$ 4,270.0
Depreciation and Amortization	45.2	$ 40.0
Capital Expenditures	42.7	71.3
Net sales	844.9	698.0
Cost of goods and services sold	548.5	466.1
Research and development	15.8	16.3
Selling, general and administrative expenses	99.5	88.0
Operating profit	177.1	107.0
Stock-based compensation	(6.6)	(1.3)
Other	0.0	(0.4)
Interest (income) expense and other nonoperating expense (income), net	(3.0)	(3.5)
Income before income taxes and equity in net income of affiliated companies	$ 180.1	110.5
Number of reportable segments \| segment	2
Proprietary Products
Segment Reporting Information [Line Items]
Net sales	$ 694.3	563.0
West Vantage
Segment Reporting Information [Line Items]
Net sales	150.6	135.0
Operating Segments
Segment Reporting Information [Line Items]
Net sales	844.9	698.0
Operating profit	204.8	144.1
Operating Segments \| Proprietary Products
Segment Reporting Information [Line Items]
Assets	2,931.8		2,987.0
Depreciation and Amortization	36.4	32.7
Capital Expenditures	36.5	51.9
Net sales	694.3	563.0
Cost of goods and services sold	421.2	352.8
Research and development	15.8	16.3
Selling, general and administrative expenses	65.0	60.3
Other segment expense (income)	3.1	3.0
Operating profit	189.2	130.6
Operating Segments \| West Vantage
Segment Reporting Information [Line Items]
Assets	739.6		718.1
Depreciation and Amortization	8.0	6.4
Capital Expenditures	5.6	18.1
Net sales	150.6	135.0
Cost of goods and services sold	127.3	113.3
Research and development	0.0	0.0
Selling, general and administrative expenses	7.8	7.6
Other segment expense (income)	(0.1)	0.6
Operating profit	15.6	13.5
Corporate And Reconciling Items
Segment Reporting Information [Line Items]
Assets	438.4		$ 564.9
Depreciation and Amortization	0.8	0.9
Capital Expenditures	0.6	1.3
Stock-based compensation	(6.6)	(1.3)
Corporate general costs	(17.2)	(17.8)
Restructuring and other charges	(1.4)	(17.8)
SmartDose® 3.5mL sale	(1.9)	0.0
Amortization of acquisition-related intangible assets	0.0	(0.2)
Other	$ (0.6)	$ 0.0

Derivative Financial Instruments - Schedule of Foreign Exchange Rate Risk (Details) - Mar. 31, 2026 - 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 \| €			€ 26.6
EUR \| Sell
Derivative [Line Items]
Derivative, notional amount	$ 31.4	$ 0.0	0.0
JPY \| Purchase
Derivative [Line Items]
Derivative, notional amount \| ¥				¥ 5,092.5
JPY \| Sell
Derivative [Line Items]
Derivative, notional amount	19.9	0.2	12.7
SGD \| Purchase
Derivative [Line Items]
Derivative, notional amount \| $		46.1
SGD \| Sell
Derivative [Line Items]
Derivative, notional amount	$ 33.0	$ 0.0	€ 3.1

Net Income Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income Per Share

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


	Three Months Ended March 31,
($ in millions)	2026		2025
Net income	$	138.8	$	89.8
Weighted average common shares outstanding	72.0		72.5
Dilutive effect of equity awards, based on the treasury stock method	0.4		0.5
Weighted average shares assuming dilution	72.4		73.0

During the three months ended March 31, 2026 and 2025, there were 0.4 million and 0.3 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive.

In February 2023, the Board of Directors approved a share repurchase program under which the Company was able repurchase up to $1.0 billion in shares of common stock. This program was completed during January 2025.

In December 2024, the Board of Directors approved a share repurchase program under which the Company was able to repurchase up to 550,000 shares of common stock. This program was completed during April 2025.

In February 2026, the Company’s Board of Directors authorized a new share repurchase program for the purchase of up to $1.0 billion of the Company’s common stock in open-market transactions, block transactions, through derivative transactions, privately negotiated transactions, or otherwise, including pursuant to any trading plan entered into by the Company under Rule 10b5-1 of the Exchange Act. The number of shares to be repurchased and the timing of any repurchases will depend on factors such as the stock price, economic and market conditions, and corporate and regulatory requirements. This share repurchase program has no expiration date and it may be suspended or terminated at any time.

The following table summarizes the details of the Company's repurchases of common stock under these programs:


	Three Months Ended March 31,
	2026		2025
Shares repurchased	1,222,019		550,281
Total cost of repurchases ($ in millions)	$	297.6	$	133.5
Average price per repurchased share	$	243.57	$	242.63

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 138.8	$ 89.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	44.6	39.1
Amortization	0.6	0.9
Stock-based compensation	6.6	1.3
Non-cash restructuring charges	0.9	0.8
Asset impairments	0.3	0.3
Other non-cash items, net	1.0	(2.9)
Changes in assets and liabilities	(102.9)	0.1
Net cash provided by operating activities	89.9	129.4
Cash flows from investing activities:
Capital expenditures	(42.7)	(71.3)
Net cash used in investing activities	(42.7)	(71.3)
Cash flows from financing activities:
Principal repayments on finance leases	(0.3)	(0.2)
Dividend payments	(15.8)	(15.2)
Proceeds from stock-based compensation awards	5.5	2.5
Employee stock purchase plan contributions	2.0	1.9
Shares purchased under share repurchase programs	(297.6)	(133.5)
Shares repurchased for employee tax withholdings	(2.5)	(2.5)
Net cash used in financing activities	(308.7)	(147.0)
Effect of exchange rates on cash	(8.4)	8.5
Net decrease in cash and cash equivalents	(269.9)	(80.4)
Cash, including cash equivalents at beginning of period	791.3	484.6
Cash, including cash equivalents at end of period	521.4	404.2
Supplemental cash flow information:
Accrued capital expenditures	$ 26.1	$ 37.5

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2026	Dec. 31, 2025
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)	70.9	72.0
Treasury stock, at cost (in shares)	4.4	3.3

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 44.7	$ 24.1
Effective income tax rate (in percent)	24.80%	21.80%
Increase in the effective tax rate primarily due to a one-time tax cost associated with an internal legal entity restructuring	$ 12.0
Unrecognized tax benefits	$ 64.7		$ 56.1

- Definition

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 138.8	$ 89.8
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $0.1 and $(1.1)	(19.5)	50.4
Defined benefit pension and other postretirement plan adjustments, net of tax of $0.0 and $(0.1)	(0.1)	(0.4)
Net gain on equity affiliate accumulated other comprehensive income, net of tax of $0.0 and $0.0	0.0	0.1
Net (loss) gain on derivatives, net of tax of $0.1 and $0.9	(0.1)	2.5
Other comprehensive (loss) income, net of tax	(19.7)	52.6
Comprehensive income	$ 119.1	$ 142.4

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended March 31,
	2026	2025
Biologics	42 %	39 %
Generics	15 %	16 %
Pharma	25 %	26 %
West Vantage	18 %	19 %
	100 %	100 %

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


	Three Months Ended March 31,
	2026	2025
High-Value Product ("HVP") Components	48 %	45 %
High-Value Product ("HVP") Delivery Devices	15 %	14 %
Standard Packaging	19 %	22 %
West Vantage	18 %	19 %
	100 %	100 %

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


	Three Months Ended March 31,
	2026	2025
Americas	45 %	49 %
Europe, Middle East, Africa	47 %	44 %
Asia Pacific	8 %	7 %
	100 %	100 %

Schedule of Change in Contract with Customer, Asset and Liability

The following table summarizes our contract assets and liabilities:


	($ in millions)
Contract assets, December 31, 2025	$	11.9
Contract assets, March 31, 2026	15.4
Change in contract assets - increase (decrease)	$	3.5

Deferred income, December 31, 2025	$	(53.7)
Deferred income, March 31, 2026	(62.2)
Change in deferred income - (increase) decrease	$	(8.5)

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, cash flows and the change in equity for the periods presented. The condensed consolidated financial statements for the three months ended March 31, 2026, should be read in conjunction with the consolidated financial statements and notes thereto of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) appearing in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). The results of operations for any interim period are not necessarily indicative of results for the full year.
Recently Adopted Standards and Standards Issued Not Yet Adopted	Recently Adopted Standards In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, 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. The Company adopted and implemented the applicable disclosure requirements within its Form 10-K filed on February 17, 2026 on a prospective basis. Standards Issued Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, 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, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on our financial statements and disclosures.
Revenue	Revenue Our revenue results from the sale of goods or services and reflects the consideration to which we expect to be entitled in exchange for those goods or services. We record revenue based on a five-step model, in accordance with Accounting Standards Codification (“ASC”) 606. Following the identification of a contract with a customer, we identify the performance obligations (goods or services) in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when (or as) we satisfy the performance obligations by transferring the promised goods or services to our customers. A good or service is transferred when (or as) the customer obtains control of that good or service.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: •Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the three months ended March 31, 2026:


($ in millions)	Derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2025	$	(1.5)	$	3.2	$	(8.1)	$	(99.1)	$	(105.5)
Other comprehensive income (loss) before reclassifications	(0.8)		—		0.1		(19.5)		(20.2)
Amounts reclassified out from accumulated other comprehensive income (loss)	0.7		—		(0.2)		—		0.5
Other comprehensive income (loss), net of tax	(0.1)		—		(0.1)		(19.5)		(19.7)
Balance, March 31, 2026	$	(1.6)	$	3.2	$	(8.2)	$	(118.6)	$	(125.2)

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the three months ended March 31, 2025:


($ in millions)	Derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2024	$	(2.5)	$	2.5	$	(9.8)	$	(248.3)	$	(258.1)
Other comprehensive income (loss) before reclassifications	2.1		0.1		(0.3)		50.4		52.3
Amounts reclassified out from accumulated other comprehensive income (loss)	0.4		—		(0.1)		—		0.3
Other comprehensive income (loss), net of tax	2.5		0.1		(0.4)		50.4		52.6
Balance, March 31, 2025	$	—	$	2.6	$	(10.2)	$	(197.9)	$	(205.5)

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


($ in millions)	Three Months Ended March 31,
Detail of components	2026		2025		Location on Statement of Income
(Losses) gains on derivatives:
Foreign currency contracts	$	(0.3)	$	0.2	Net sales
Foreign currency contracts	(0.6)		(0.8)		Cost of goods and services sold


Total before tax	(0.9)		(0.6)
Tax benefit	0.2		0.2
Net of tax	$	(0.7)	$	(0.4)
Amortization of defined benefit pension and other postretirement plans:


Actuarial gains	$	0.1	$	0.1	(a)

Other	0.1		—
Total before tax	0.2		0.1
Tax expense	—		—
Net of tax	$	0.2	$	0.1
Total reclassifications for the period, net of tax	$	(0.5)	$	(0.3)

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

Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Assets Classified as Held for Sale

The following table presents assets classified as held for sale:


($ in millions)	March 31, 2026		December 31, 2025
Property, plant and equipment, net	$	39.1	$	39.1
Inventories	17.3		20.5
Operating lease right-of-use assets	1.2		1.2
Goodwill	0.6		0.6
	$	58.2	$	61.4

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 521.4	$ 791.3
Accounts receivable, net	685.6	574.4
Inventories	452.6	443.9
Other current assets	167.2	168.6
Total current assets	1,826.8	1,978.2
Property, plant and equipment	3,223.0	3,223.4
Less: accumulated depreciation and amortization	1,520.8	1,497.0
Property, plant and equipment, net	1,702.2	1,726.4
Operating lease right-of-use assets	110.2	117.0
Investments in affiliated companies	209.2	212.3
Goodwill	109.2	109.9
Intangible assets, net	7.0	7.7
Deferred income taxes	63.9	38.4
Other noncurrent assets	81.3	80.1
Total Assets	4,109.8	4,270.0
Current liabilities:
Accounts payable	252.3	253.7
Accrued salaries, wages and benefits	72.6	135.9
Income taxes payable	78.9	28.1
Operating lease liabilities	21.4	22.7
Accrued commissions, rebates and royalties	46.6	39.2
Other current liabilities	202.2	175.3
Total current liabilities	674.0	654.9
Long-term debt	202.8	202.8
Deferred income taxes	22.7	23.0
Pension and other postretirement benefits	28.5	29.0
Operating lease liabilities	92.0	95.6
Deferred compensation benefits	11.8	13.5
Other long-term liabilities	87.6	75.2
Total Liabilities	1,119.4	1,094.0
Commitments and contingencies (Note 16)
Equity:
Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding	0.0	0.0
Common stock, par value $0.25 per share; 200.0 million shares authorized; shares issued: March 31, 2026 - 75.3 million, December 31, 2025 - 75.3 million; shares outstanding: March 31, 2026 - 70.9 million, December 31, 2025 - 72.0 million	18.8	18.8
Capital in excess of par value	0.0	0.0
Retained earnings	4,475.9	4,374.9
Accumulated other comprehensive loss	(125.2)	(105.5)
Treasury stock, at cost (March 31, 2026 - 4.4 million shares, December 31, 2025 - 3.3 million shares)	(1,379.1)	(1,112.2)
Total Equity	2,990.4	3,176.0
Total Liabilities and Equity	$ 4,109.8	$ 4,270.0

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

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

The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of March 31, 2026.


($ in millions)	March 31, 2026		December 31, 2025




Term Loan, due July 2, 2027 (5.05%)	$	130.0	$	130.0


Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	203.0		203.0
Less: unamortized debt issuance costs for Term Loan and Series Notes	0.2		0.2
Total debt	202.8		202.8
Less: current portion of long-term debt	—		—
Long-term debt, net	$	202.8	$	202.8

Other Expense (Income) - Schedule of Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Reserve [Roll Forward]
Non-cash asset write downs	$ (0.9)	$ (0.8)
January 2025 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2025	6.9
Non-cash restructuring charges	0.9
Cash payments	(0.2)
Non-cash asset write downs	(0.9)
Balance, March 31, 2026	6.7
December 2025 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2025	4.2
Non-cash restructuring charges	0.9
Balance, March 31, 2026	5.1
Severance and benefits \| January 2025 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2025	6.9
Non-cash restructuring charges	0.0
Cash payments	(0.2)
Non-cash asset write downs	0.0
Balance, March 31, 2026	6.7
Severance and benefits \| December 2025 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2025	4.2
Non-cash restructuring charges	0.9
Balance, March 31, 2026	5.1
Asset-related charges \| January 2025 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance, December 31, 2025	0.0
Non-cash restructuring charges	0.9
Cash payments	0.0
Non-cash asset write downs	(0.9)
Balance, March 31, 2026	$ 0.0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Debt - Schedule of Long-term Debt Obligations, Net of Current Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 203.0	$ 203.0
Less: unamortized debt issuance costs for Term Loan and Series Notes	0.2	0.2
Total debt	202.8	202.8
Less: current portion of long-term debt	0.0	0.0
Long-term debt, net	$ 202.8	202.8
Term Loan, due July 2, 2027 (5.05%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.05%
Long-term debt, gross	$ 130.0	130.0
Series C notes, due July 5, 2027 (4.02%)
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.02%
Long-term debt, gross	$ 73.0	$ 73.0

- 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

- Definition

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

+ References

+ Details

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Feb. 28, 2025	May 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)		2,000,000.0
Shares available for issuance under the 2016 Plan (in shares)			2,800,000
Stock options, granted (in shares)			65,030
Stock options, weighted average exercise price (in dollars per share)			$ 254.34
Stock options, weighted average grant date fair value (in dollars per share)			$ 107.06
Risk-free interest rate (in hundredths)			3.70%
Expected life (in years)			6 years 9 months 18 days
Stock volatility (as a percent)			35.50%
Dividend yield (as a percent)			0.40%
Stock-based compensation expense			$ 6.6	$ 1.3
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rate shares are reduced for each award granted (in shares)		1
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 (in shares)	2.5	2.0
Performance Share Unit (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			58,042
Grant date fair value (in dollars per share)			$ 254.34
Performance Share Unit (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			0.00%
Performance Share Unit (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			200.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			37,363
Grant date fair value (in dollars per share)			$ 254.34

Other Expense (Income)

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Other Expense (Income)

Other expense (income) consists of:


	Three Months Ended March 31,
($ in millions)	2026		2025
Restructuring and related charges	$	1.8	$	16.4
Contingent consideration	3.0		2.4
Foreign exchange transaction losses	1.1		1.2

(Gain) loss on oil hedges	(1.9)		0.2

Other items	—		0.4
Total other expense (income)	$	4.0	$	20.6

Restructuring and Related Charges

In January 2025, the Company approved a restructuring plan to adjust our operating cost base to better respond to the macroeconomic factors influencing our business. These changes are expected to be implemented over a period of approximately twenty-four to thirty-six months from the date of approval. The plan is expected to require restructuring and related charges of approximately $30 million to $32 million, with annualized savings in the range of $35 million to $40 million. The following table presents activity related to our restructuring obligations related to our January 2025 restructuring plan:


($ in millions)	Severance and benefits		Asset-related charges		Total
Balance, December 31, 2025	$	6.9	$	—	$	6.9
Charges (Credits)	—		0.9		0.9
Cash payments	(0.2)		—		(0.2)
Non-cash asset write downs	—		(0.9)		(0.9)
Balance, March 31, 2026	$	6.7	$	—	$	6.7

In December 2025, the Company approved a restructuring plan related to a definitive agreement to sell all manufacturing and supply rights for the SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. These changes are expected to be implemented over a period of approximately twelve to fifteen months from the date of approval. The plan is expected to require restructuring and related charges of $15 million to $20 million, with annualized savings in the range of $15 million to $20 million. The following table presents activity related to our restructuring obligations related to our December 2025 restructuring plan:


($ in millions)	Severance and benefits		Total
Balance, December 31, 2025	$	4.2	$	4.2
Charges (Credits)	0.9		0.9


Balance, March 31, 2026	$	5.1	$	5.1

Contingent Consideration

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