Segment Results (Tables)

9 Months Ended

Sep. 30, 2021

The following table provides summarized information about the Company’s operations by reportable segment and reconciles Segment Adjusted EBITDA to Income (Loss) from Continuing Operations Before Income Taxes for the three and nine month periods ended September 30, 2021 and 2020.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2021		2020		2021		2020
Revenue
Industrial Technologies and Services	$	1,070.7	$	902.6	$	3,032.0	$	2,236.2
Precision and Science Technologies	254.3		209.9		701.6		518.5


Total Revenue	$	1,325.0	$	1,112.5	$	3,733.6	$	2,754.7
Segment Adjusted EBITDA
Industrial Technologies and Services	$	272.9	$	216.8	$	743.0	$	495.4
Precision and Science Technologies	75.5		64.5		213.8		156.7


Total Segment Adjusted EBITDA	$	348.4	$	281.3	$	956.8	$	652.1
Less items to reconcile Segment Adjusted EBITDA to Income (Loss) Before Income Taxes:
Corporate expenses not allocated to segments	$	34.7	$	29.6	$	107.0	$	70.7
Interest expense	22.5		28.8		68.3		86.7
Depreciation and amortization expense (a)	101.5		116.8		307.3		294.7
Impairment of intangible assets	—		19.9		—		19.9
Restructuring and related business transformation costs (b)	3.1		10.0		12.5		79.6
Acquisition and other transaction related expenses and non-cash charges (c)	14.4		14.7		39.2		194.5
Stock-based compensation (d)	29.8		11.9		72.9		26.8
Foreign currency transaction losses (gains), net	1.1		5.8		(13.6)		12.7

Loss on extinguishment of debt (e)	9.0		—		9.0		2.0
Gain on settlement of post-acquisition contingencies (f)	—		—		(30.1)		—
Other adjustments (g)	(3.6)		1.0		(3.8)		3.4
Income (Loss) from Continuing Operations Before Income Taxes	135.9		42.8		388.1		(138.9)
Provision for income taxes	2.7		12.8		25.8		24.3
Loss on equity method investments	(2.2)		—		(2.9)		—
Income (Loss) from Continuing Operations	131.0		30.0		359.4		(163.2)
Loss from discontinued operations, net of tax	(4.2)		(0.1)		(88.1)		(20.3)
Net Income (Loss)	$	126.8	$	29.9	$	271.3	$	(183.5)

a)Depreciation and amortization expense excludes $1.0 million and $0.5 million of depreciation of rental equipment for the three month periods ended September 30, 2021 and 2020, respectively, and excludes $3.0 million and $1.4 million for the nine month periods ended September 30, 2021 and 2020, respectively.

b)Restructuring and related business transformation costs consist of the following.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2021		2020		2021		2020
Restructuring charges	$	1.1	$	10.0	$	10.3	$	77.4
Facility reorganization, relocation and other costs	2.0		—		2.0		0.5
Other, net	—		—		0.2		1.7
Total restructuring and related business transformation costs	$	3.1	$	10.0	$	12.5	$	79.6

c)Represents costs associated with successful and/or abandoned acquisitions and divestitures, including third-party expenses, post-closure integration costs (including certain incentive and non-incentive cash compensation costs) and non-cash charges and credits arising from fair value purchase accounting adjustments.

d)Represents stock-based compensation expense recognized for the three and nine month periods ended September 30, 2021 of $21.9 million and $65.0 million, respectively, and increased by $7.9 million for the three and nine month periods ended September 30, 2021, due to costs associated with employer taxes related to the All-Employee Equity Grant.

Represents stock-based compensation expense recognized for the three and nine month periods ended September 30, 2020 of $11.9 million and $27.3 million, respectively, and decreased by $0.5 million for the nine month period ended September 30, 2020, due to costs associated with employer taxes.

e)Represents a loss on extinguishment of a portion of the U.S. term loan and the amendment of the revolving credit facility.

f)Represents a gain on settlement of post-acquisition contingencies outside of the measurement period related to adjustments to the transaction price for retirement plan funding and net working capital.

g)Includes (i) effects of amortization of prior service costs and amortization of losses in pension and other postemployment (“OPEB”) expense, (ii) certain legal and compliance costs and (iii) other miscellaneous adjustments.