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Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the allocation of consideration to the fair values of identifiable assets acquired and liabilities assumed at the acquisition date. The initial accounting for these acquisitions is substantially complete. Any further adjustments during the measurement period are not expected to be material.
SeepexM-D Pneumatics and Kinney Vacuum PumpsMaximus SolutionsAll Others
Accounts receivable$24.9 $4.8 $4.3 9.3 
Inventories40.5 3.8 2.9 10.5 
Other current assets1.9 0.2 0.2 0.6 
Property, plant and equipment40.7 16.2 2.1 15.2 
Goodwill245.3 80.0 75.7 78.3 
Intangible assets243.6 82.5 39.5 95.9 
Other noncurrent assets1.1 — — — 
Total current liabilities(34.4)(3.5)(2.4)(4.0)
Deferred tax liabilities(75.4)— (11.3)(4.1)
Other noncurrent liabilities(6.1)— — (1.0)
Total consideration$482.1 $184.0 $111.0 200.7 
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. These amounts include assets and liabilities of the Specialty Vehicle Technologies segment, which was divested during the year ended December 31, 2021 and is reported as a discontinued operation. Refer to Note 2 for further information on the sale of SVT.
Fair value
Cash$38.8 
Accounts receivable585.8 
Inventories625.4 
Other current assets87.2 
Property, plant and equipment516.5 
Goodwill4,899.2 
Other intangible assets3,766.6 
Other noncurrent assets270.9 
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
On February 29, 2020, Ingersoll Rand (formerly Gardner Denver Holdings, Inc.) completed the acquisition of and merger with Ingersoll Rand Industrial in exchange for non-cash consideration comprising the following:
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 awards8.6 
Fair value attributable to pre-merger service for deferred compensation plan8.9 
Total purchase consideration$6,937.0 
Schedule of Preliminary Fair Value of Property, Plant and Equipment
The fair value of property, plant and equipment was primarily calculated using replacement costs adjusted for the age and condition of the asset, with the exception of real property which was calculated using the market approach, and is summarized below.
Land and buildings$215.1 
Machinery and equipment256.9 
Office furniture and equipment13.4 
Other1.0 
Construction in progress30.1 
Total property, plant and equipment$516.5 
Schedule of Estimated Preliminary Fair Value and Weighted Average Useful Life of Identifiable Intangible Assets
The fair value and weighted average useful life of the Ingersoll Rand Industrial identifiable intangible assets are as follows.
Fair ValueWeighted Average Useful Life (Years)
Tradenames(1)
$1,312.0 Indefinite
Developed technology(2)
236.0 7
Customer relationships(3)
2,101.0 13
Backlog(4)
81.2 <1
Internal-use software and other36.4 2
Total identifiable intangible assets$3,766.6 
(1)The fair value of tradenames were determined using a relief from royalty methodology, which estimates the cost savings generated by a company related to the ownership of an asset for which it would otherwise have had to pay royalties or license fees on revenues earned through the use of the asset. Tradenames are expected to have an indefinite useful life.
(2)The fair values of developed technology were determined using a relief from royalty methodology, with similar methodology and assumptions as described in the tradename description above. The economic useful lives were determined based on the technology cycle related to each developed technology, as well as the cash flows over the forecast period.
(3)The fair values of customer relationships were determined using the Multi-Period Excess Earning Method, which involves isolating the net earnings attributable to the asset being measured based on present value of the incremental after-tax cash flows attributable solely to the intangible asset over its remaining useful life. The economic useful lives were determined based on historical customer attrition rates.
(4)The fair values of acquired backlog were determined using the Multi-Period Excess Earning Method. The economic useful lives were based on the time to fulfill the outstanding order backlog obligation.
Schedule of Pro Forma Information The pro forma results do not necessarily represent the revenue or results of operations would have been realized 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.
20202019
Revenues$5,398.0 $6,146.5 
Net Income (Loss)164.8 101.1 
Schedule of Material and Nonrecurring Adjustments to Unaudited Pro Forma Results
The table below reflects the impact of material and nonrecurring adjustments to the unaudited pro forma results for the years ended December 31, 2020 and 2019 that are directly attributable to the acquisition.
20202019
Increase (decrease) to revenue as a result of deferred revenue fair value adjustment, net of tax$13.8 $(13.8)
Increase (decrease) to expense as a result of inventory fair value adjustment, net of tax(89.6)89.6 
Increase (decrease) to expense as a result of transaction costs, net of tax(34.8)34.8