Business Combinations (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of consideration to the fair values of identifiable assets acquired and liabilities assumed at the acquisition date.

	M-D Pneumatics and Kinney Vacuum Pumps		All Others
Accounts receivable	$	4.8	$	2.5
Inventories	3.8		2.7
Other current assets	0.6		—
Property, plant and equipment	16.2		2.5
Goodwill	80.0		3.5
Other intangible assets	82.5		23.9
Total current liabilities	(3.5)		(1.8)
Total noncurrent liabilities	—		(1.8)
Total consideration	$	184.4	$	31.5

The following table summarizes the allocation of consideration to the fair values of assets acquired and liabilities assumed of Ingersoll Rand Industrial as of February 29, 2020. Included in these amounts are assets and liabilities of SVT, which has been reported as a discontinued operation in these Condensed Consolidated financial statements. Refer to Note 2 for further information on the sale of SVT.

	Fair value
Cash	$	38.8
Accounts receivable	585.8
Inventories	625.4
Other current assets	87.2
Property, plant and equipment	516.5
Goodwill	4,899.2
Other intangible assets	3,766.6
Other noncurrent assets	270.9
Total current liabilities, including current maturities of long-term debt of $19.0 million	(753.0)
Deferred tax liability	(842.4)
Long-term debt, net of debt issuance costs and an original issue discount	(1,851.7)
Other noncurrent liabilities	(333.0)
Noncontrolling interest	(73.3)
Total consideration	$	6,937.0

Schedule of Aggregate Purchase Consideration

Fair value of Ingersoll Rand common stock issued for Ingersoll Rand Industrial outstanding common stock	$	6,919.5
Fair value attributable to pre-merger service for replacement equity awards	8.6
Fair value attributable to pre-merger service for deferred compensation plan	8.9
Total purchase consideration	$	6,937.0

Schedule of Pro Forma Information

The operating results of Ingersoll Rand Industrial have been included in the Company’s condensed consolidated financial statements since the date of acquisition. The results of Ingersoll Rand Industrial in the year of acquisition are shown below. These amounts include the effects of purchase accounting adjustments, primarily the amortization of intangible assets and the impacts on operating expenses of fair value adjustments to acquired inventory and property, plant and equipment. The amounts below exclude the operating results of SVT, which has been reported as a discontinued operation as a result of the transaction discussed in Note 2.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Revenues	$	609.0	$	815.7
Income (Loss) from Continuing Operations Before Income Taxes	(82.1)		(124.8)

The following unaudited pro forma financial information summarizes the combined results of operations for the Company and Ingersoll Rand Industrial as if the acquisition had been completed on January 1, 2019. The pro forma results have been prepared for comparative purposes only and do not necessarily represent what the revenue or results of operations would have been had the acquisition been completed on January 1, 2019. In addition, these results are not intended to be a projection of future operating results and do not reflect synergies that might be achieved. These amounts include revenue and net income attributable to SVT

that are reported within Income (loss) from discontinued operations, net of tax on the Condensed Consolidated Statement of Operations.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Revenues	$	1,271.6	$	2,541.3
Net Income (Loss)	7.0		6.8

The table below reflects the impact of material and nonrecurring adjustments to the unaudited pro forma results for the three and six month periods ended June 30, 2020 that are directly attributable to the acquisition.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	$	5.6	$	5.5
Decrease to expense as a result of inventory fair value adjustment, net of tax	(58.5)		(89.6)
Decrease to expense as a result of transaction costs, net of tax	—		(38.1)