Segment Results (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Results

The following table provides summarized information about the Company’s operations by reportable segment and reconciles Segment Adjusted EBITDA to Income from Continuing Operations Before Income Taxes for the three and six month periods ended June 30, 2022 and 2021.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2022		2021		2022		2021
Revenue
Industrial Technologies and Services	$	1,150.5	$	1,047.5	$	2,190.1	$	1,961.3
Precision and Science Technologies	289.4		231.6		586.8		447.3
Total Revenue	$	1,439.9	$	1,279.1	$	2,776.9	$	2,408.6
Segment Adjusted EBITDA
Industrial Technologies and Services	$	292.0	$	258.6	$	539.4	$	470.1
Precision and Science Technologies	77.7		71.1		162.8		138.3
Total Segment Adjusted EBITDA	$	369.7	$	329.7	$	702.2	$	608.4
Less items to reconcile Segment Adjusted EBITDA to Income from Continuing Operations Before Income Taxes:
Corporate expenses not allocated to segments	$	34.8	$	37.6	$	63.7	$	72.3
Interest expense	23.2		22.7		42.2		45.8
Depreciation and amortization expense (a)	103.7		101.3		211.2		205.8
Restructuring and related business transformation costs (b)	9.5		6.7		23.7		9.4
Acquisition and other transaction related expenses and non-cash charges (c)	5.4		14.3		14.9		24.8
Stock-based compensation	22.4		21.5		42.2		43.1
Foreign currency transaction losses (gains), net	(1.8)		3.4		(5.6)		(14.7)
Loss on extinguishment of debt	1.1		—		1.1		—
Gain on settlement of post-acquisition contingencies (d)	—		(30.1)		—		(30.1)
Other adjustments (e)	(9.1)		0.8		(14.3)		(0.2)
Income from Continuing Operations Before Income Taxes	180.5		151.5		323.1		252.2
Provision for income taxes	41.9		12.5		74.3		23.1
Loss on equity method investments	(0.8)		(0.7)		(5.1)		(0.7)
Income from Continuing Operations	137.8		138.3		243.7		228.4
Income (loss) from discontinued operations, net of tax	1.5		96.3		0.1		(83.9)
Net Income	$	139.3	$	234.6	$	243.8	$	144.5

a)Depreciation and amortization expense excludes $0.8 million and $1.0 million of depreciation of rental equipment for the three month periods ended June 30, 2022 and 2021, respectively, and excludes $1.8 million and $2.0 million for the six month periods ended June 30, 2022 and 2021, respectively.

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

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2022		2021		2022		2021
Restructuring charges	$	8.9	$	6.8	$	21.4	$	9.2
Facility reorganization, relocation and other costs	0.6		—		2.3		—
Other, net	—		(0.1)		—		0.2
Total restructuring and related business transformation costs	$	9.5	$	6.7	$	23.7	$	9.4

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

d)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.

e)Includes (i) pension and other postemployment (“OPEB”) plan costs other than service cost, (ii) interest income from short term investments and bank deposits and (iii) other miscellaneous adjustments.